2023 Nine Month Results

NZX AND MEDIA RELEASE
16 August 2023
UNAUDITED FINANCIAL RESULTS FOR THE NINE MONTHS TO 30 JUNE 2023
Napier Port well positioned for cargo recovery in FY24
Napier Port (NZX.NPH), the freight gateway for the central and lower North Island, today reports reduced
earnings for the nine months ended 30 June 2023 as the impact of Cyclone Gabrielle in February
weighed on exports from our region.
The company also reports strategies focused on yield management and pricing adjustments linked to
investments in infrastructure and additional customer services have supported revenue. They also
position the company well for an anticipated recovery in cargo volumes in the new financial year.
“Off the back of a buoyant first half, we anticipated Cyclone Gabrielle would reduce third quarter export
volumes and earnings, However, adverse weather in June and July that limited access to our wharves
represented a further challenge to our nine months result,” Napier Port Chief Executive Todd Dawson
said.
“The lasting effects of the cyclone on cargo volumes are expected to persist into the fourth quarter, but
our confidence of a step up in cargo in the new financial year is growing given the progress of the
recovery efforts we are seeing in the region.
“Regional infrastructure rebuilding is well underway, assisted by the ongoing financial commitment and
prioritisation by government. We are particularly encouraged by the progress made by key customers
affected by the cyclone.
“The strong forward bookings for the upcoming cruise season suggest it could be our busiest on record.
Interest from shipping lines meanwhile remains high, which is a measure of confidence in Napier Port’s
long-term volume growth potential,” Mr Dawson said.
“Meanwhile, prudent financial management focused on the recovery of rising costs, our investments in
capacity and new services coupled with our continuing focus on efficiency, value and customer service
means we are well positioned to reap the benefits for the expected ramp up in volumes.”
HIGHLIGHTS
3rd Quarter to 30 June 2023
• Revenue for the third quarter fell 19.5% to $27.7 million from $34.4 million in the same period
last year, following post-cyclone volume decreases of 28.6% for bulk cargo and 31.6% for
container services
• The result from operating activities
1

decreased 44% to $7.5 million from $13.3 million
• Underlying net profit after tax
2

decreased 73.4% to $1.9 million from $7 million
• An initial $3.5 million of Cyclone Gabrielle insurance income recognised
• Reported net profit after tax, with the benefit of the insurance income, decreased 40.2% to $4.2
million from $7.0 million
9 Months to 30 June 2023
• Revenue for the nine months rose 5.7% to $90 million from $85.1 million in the same period last
year

1
Result from operating activities is an alternative non-NZ GAAP measure and represents core underlying operating earnings. For
further information please refer to Note 24 of the 2022 Annual Consolidated Financial Statements and the Supplemental Selected
Financial Information.
2
Underlying net profit after tax is an alternative non-NZ GAAP measure that comprises reported net profit after tax adjusted for
certain non-recurring, non-core and abnormal, and unrealised fair value revaluation items to provide consistency and
comparability of the financial information over the periods presented. For further information please refer to the Supplemental
Selected Financial Information.

• Cruise revenue of $5.3 million on the return of cruise vessels in the period
• The result from operating activities decreased 1.4% to $29.3 million from $29.8 million as the
return of cruise ship calls and revenue yield increases were offset by the post-cyclone trade
volume declines and cost inflation
• Underlying net profit after tax decreased 34.3% to $9.3 million from $14.2 million as a result of
increased depreciation and finance costs following the completion of the Te Whiti wharf
investment
• Reported net profit after tax decreased 19.5% to $12.9 million from $16.0 million
Earnings guidance
• Unchanged guidance for an underlying result from operating activities for the year to 30
September 2023 of between $34.5 million and $36.5 million. This guidance excludes insurance
recoveries (of which $3.5 million has been recognised to date)

FINANCIAL RESULTS
Container services
Container services revenue for the quarter of $17.4 million decreased 22.1% from $22.3 million in the
same period last year. For the nine months, container services revenue decreased by 1% to $51.9
million from $52.5 million as decreased container volumes were largely offset by higher revenue per
TEU
3
.
Average revenue per TEU for the nine months increased 9.9% to $297 from $270 in the same period
last year. This was driven by a number of factors including tariff increases, fuel and insurance cost
recoveries and increased utilisation of depot and storage services.
Container volumes for the quarter fell 31.6% to 56,000 TEU as the after-effects of Cyclone Gabrielle
were felt across nearly all containerised cargo types, and this fall in volume was exacerbated by
unexpected weather and swell events during June. For the nine months, container volumes decreased
10% to 175,000 TEU from 194,000 TEU in the same period last year.
Bulk cargo
Bulk cargo revenue for the quarter decreased 17.9% to $9.4 million from $11.4 million in the same period
last year, as bulk volumes decreased 28.6% from 1.0 million tonnes to 0.7 million tonnes. For the nine
months, bulk cargo revenue decreased by 2% to $30 million from $30.6 million as volumes decreased
16.4% to 2.3 million tonnes from 2.7 million tonnes in the same period a year ago.
Log export volume for the quarter decreased by 0.2 million tonnes, or 21.4%, and for the nine-month
period decreased by 16.1% to 1.8 million tonnes from 2.1 million tonnes due to adverse weather,
damaged roading infrastructure and subdued log export market conditions.
Average revenue per tonne for the nine months increased 17.3% to $13.26 from $11.31 in the same
period last year, driven by yield increases and an increased contribution from our debarking operation.
Cruise services
The cruise season completed in April with 64 vessel calls and nearly 100,000 passengers visiting the
region, contributing $5.3 million to revenue.
Operating results
The result from operating activities for the third quarter decreased 44% to $7.5 million from $13.3 million
in the prior year period, as the post-cyclone third quarter revenue reduction of $6.7 million exceeded the
fall in operating expenses of $0.8 million.

3
Twenty-foot equivalent container unit

For the nine months, the result from operating activities decreased 1.4% to $29.3 million from $29.8
million in the prior year period as higher revenue arising from the return of cruise ship calls and revenue
yield increases were offset by lower trade volumes and continued cost inflation pressures.
During the third quarter, Napier Port recognised $3.5 million of insurance income receivable related to
progress claims for business interruption losses incurred following the Cyclone Gabrielle event during
February and as a result of supporting correspondence with insurers.
Underlying net profit after tax for the third quarter, after adjusting for unrealised fair value movements
on investment properties and Cyclone Gabrielle related net insurance income, fell by 73.4% to $1.9
million from $7 million in the same period last year.
For the nine months this decreased by 34.3% to $9.3 million from $14.2 million as a result of increased
depreciation and finance costs recognised in the income statement following the completion of the Te
Whiti wharf investment in the prior financial year.
Reported net profit after tax for the third quarter fell 40.2% to $4.2 million from $7.0 million in the same
period last year, and for the nine months decreased 19.5% to $12.9 million from $16.0 million.

CYCLONE GABRIELLE TRADE IMPACT UPDATE
Six months post-cyclone, all road access to Napier Port is open and KiwiRail have indicated a mid-
September reinstatement of the rail line from Hastings to Napier Port.
Once the rail line is fully operational, we expect pulp, meat and log cargoes from the central North Island
to revert back to rail mode, with a positive effect on volumes.
Pan Pac’s timber operations are expected to restart in the first quarter of our next financial year, and
pulp processing by the second quarter, with a ramp up towards normal production levels over the
subsequent quarters.
Ravensdown’s fertiliser plant in Awatoto restarted manufacturing operations in July.
The forestry sector has seen some reduction in capacity however forest-based production has been re-
established. Log volumes are steady and we are receiving some additional windthrown logs from the
central North Island. Export market conditions for logs remains subdued.
The extent of pipfruit areas that will require remediation and replanting to restore production will become
clearer in the Spring when fruit buds appear.

CAPITAL MANAGEMENT
Over the nine-month period Napier Port has invested $11 million in capital assets, including mobile
plant, planned site maintenance and post-cyclone restorative dredging.
Cash flows from operating activities increased by $7.8m, or 31.2%, to $33.0 million from $25.1 million
in the same period last year.
Napier Port ended June 2023 with total drawn debt of $132 million and undrawn bank facilities of $48
million, and with a Debt to EBITDA ratio of 3.09 times.

ENDS

For more information:

Investors Media
Kristen Lie Jo-Ann Young
Chief Financial Officer Corporate Affairs Manager
DDI: +64 6 833 4405 DDI: +64 6 833 4521
E: kristenl@napierport.co.nz E: jo-anny@napierport.co.nz
About Napier Port
Napier Port is New Zealand’s fourth largest port by container volume. We are the gateway for Hawke’s
Bay and lower North Island’s exports and operate a long-term regional infrastructure asset that supports
the regional economy. Our strategic purpose is to collaborate with the people and organisations that
have a stake in helping our region grow. View Napier Port’s investor centre:
https://www.napierport.co.nz/investor-centre/
Conference Call
Napier Port will hold a conference at 11:00am (NZT) (9.00am, AEST) today. To attend to the conference
call participants must pre-register at the following link: https://s1.c-conf.com/diamondpass/10032586-
hdg7v.html . Registrations can be taken right up to the commencement of the call.

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NINE MONTH
FINANCIAL
STATEMENTS
FOR THE NINE MONTHS ENDED 30 JUNE 2023

CONTENTS
CONSOLIDATED INCOME STATEMENT 1
CONSOLIDATED STATEMENT
OF COMPREHENSIVE INCOME 2
CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY 3
CONSOLIDATED STATEMENT
OF FINANCIAL POSITION 4
CONSOLIDATED STATEMENT
OF CASH FLOWS 5
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS 7
INDEPENDENT AUDITOR’S
REVIEW REPORT 11
DIRECTORY 12

The above income statement should be read in conjunction with the accompanying notes.
NAPIER PORT HOLDINGS LIMITED
CONSOLIDATED
INCOME STATEMENT
FOR THE NINE MONTHS ENDED 30 JUNE 2023
30 June 30 June
2023 2022
Notes Unaudited Unaudited
$000 $000
Revenue 6 89,980 85,133
Employee benefit expenses 32,986 30,027
Property and plant expenses 12,125 11,310
Other operating expenses 15,536 14,039
Operating expenses 60,647 55,376
Result from operating activities 29,333 29,757
Depreciation, amortisation and impairment expenses 12,119 9,886
Other (income) and expenses 7 (4,443) (1,784)
Profit before finance costs and tax 21,657 21,655
Net finance costs 8 5,022 38
Profit before income tax 16,635 21,617
Income tax expense 9 3,752 5,623
Profit for the period attributable to the shareholders of the Company 12,883 15,994
EARNINGS PER SHARE:
Basic earnings per share 0.06 0.08
Diluted earnings per share 0.06 0.08
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The above statement of comprehensive income should be read in conjunction with the accompanying notes.
NAPIER PORT HOLDINGS LIMITED
CONSOLIDATED STATEMENT
OF COMPREHENSIVE INCOME
FOR THE NINE MONTHS ENDED 30 JUNE 2023
30 June 30 June
2023 2022
Unaudited Unaudited
$000 $000
Profit for the period attributable to the shareholders of the Company 12,883 15,994
Other comprehensive income
Items that will be reclassified to profit or loss:
Changes in fair value of cash flow hedges 947 4,268
Cash flow hedges transferred to profit or loss (1,252) (123)
Deferred tax on changes in fair value of cash flow hedges 85 (1,161)
Items that will not be reclassified to profit or loss:
Changes in fair value of cash flow hedges - (78)
Deferred tax on changes in fair value of cash flow hedges - 22
Revaluation of sea defences - 29,988
Deferred tax on revaluation of sea defences - (1,856)
Other comprehensive income for the period, net of tax (220) 31,060
Total comprehensive income for the period attributable
to the shareholders of the Company 12,663 47,054
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The above statement of changes in equity should be read in conjunction with the accompanying notes.
NAPIER PORT HOLDINGS LIMITED
CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY
FOR THE NINE MONTHS ENDED 30 JUNE 2023
Share CapitalRevaluation ReserveHedging

ReserveShare-based

Payment ReserveRetained

EarningsTotal Equity
$000 $000 $000 $000 $000 $000
Balance at 1 October 2022 246,209 97,519 4,642 729 42,878 391,977
Profit for the period - - - - 12,883 12,883
Other comprehensive income - - (220) - - (220)
Total comprehensive income for the period - - (220) - 12,883 12,663
Dividends 22 - - - (12,761) (12,739)
Share-based payments - - - 149 - 149
Acquisition of treasury shares (353) - - - - (353)
Settlement of long term incentive plan shares 175 - - (175) - -
Fair share loans - employee repayments 88 - - - - 88
Total transactions with owners in their capacity as owners (68) - - (26) (12,761) (12,855)
Total movement in equity (68) - (220) (26) 122 (192)
Balance at 30 June 2023 (Unaudited) 246,141 97,519 4,422 703 43,000 391,785
Share CapitalRevaluation ReserveHedging

ReserveShare-based

Payment ReserveRetained

EarningsTotal Equity
$000 $000 $000 $000 $000 $000

Balance at 1 October 2021 245,850 70,308 714 525 37,450 354,847
Profit for the period - - - - 15,994 15,994
Other comprehensive income - 28,132 2,928 - - 31,060
Total comprehensive income for the period - 28,132 2,928 - 15,994 47,054
Dividends 28 - - - (14,931) (14,903)
Share-based payments - - - 155 - 155
Transfers from treasury stock - employee recognition scheme 249 - - - - 249
Fair share loans - employee repayments 63 - - - - 63
Total transactions with owners in their capacity as owners 340 - - 155 (14,931) (14,436)
Total movement in equity 340 28,132 2,928 155 1,063 32,618
Balance at 30 June 2022 (Unaudited) 246,190 98,440 3,642 680 38,513 387,465
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The above statement of financial position should be read in conjunction with the accompanying notes.
NAPIER PORT HOLDINGS LIMITED
CONSOLIDATED STATEMENT
OF FINANCIAL POSITION
AS AT 30 JUNE 2023
30 June 30 Sept
2023 2022
Unaudited Audited
$000 $000
EQUITY
Share capital 246,141 246,209
Reserves 102,644 102,890
Retained earnings 43,000 42,878
391,785 391,977
NON-CURRENT LIABILITIES
Loans and borrowings 128,946 131,180
Deferred tax liability 22,167 22,552
Lease liabilities 40 197
Derivative financial instruments 948 1,405
Provision for employee entitlements 567 490
152,668 155,824
CURRENT LIABILITIES
Taxation payable 486 -
Lease liabilities 209 200
Derivative financial instruments 1,132 319
Trade and other payables 14,020 14,394
15,847 14,913
560,300 562,714
NON-CURRENT ASSETS
Property, plant and equipment 521,347 523,248
Intangible assets 834 1,191
Derivative financial instruments 3,613 4,791
Investment in joint venture 250 -
Investment properties 13,501 12,200
539,545 541,430
CURRENT ASSETS
Cash and cash equivalents 3,282 1,942
Derivative financial instruments 2,529 1,619
Taxation receivable - 739
Trade and other receivables 14,944 16,984
20,755 21,284
560,300 562,714
On behalf of the Board of Directors, who authorised the issue of the financial statements on 15 August 2023.
Chair Director
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NAPIER PORT HOLDINGS LIMITED
CONSOLIDATED STATEMENT
OF CASH FLOWS
FOR THE NINE MONTHS ENDED 30 JUNE 2023
30 June 30 June
2023 2022
Unaudited Unaudited
$000 $000
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from:
Receipts from customers 91,223 82,175
Net GST received 23 1,550

Cash was applied to:
Payments to suppliers and employees (55,466) (50,091)
Income taxes paid (2,827) (8,526)

Net cash flows generated from operating activities 32,953 25,108
CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided from:
Proceeds from sale of property, plant and equipment 4 143

Cash was applied to:
Investment in joint venture (250) -
Acquisition of property, plant and equipment and intangible assets (11,002) (61,494)
Net cash flows used in investing activities (11,248) (61,351)
CASH FLOWS FROM FINANCING ACTIVITIES

Cash was provided from:
Proceeds from loans and borrowings - 52,000
Repayment of fair share loans by employees 110 91

Cash was applied to:
Repayment of lease liabilities (149) (165)
Repayments of loans and borrowings (2,005) -
Net finance costs paid (5,207) (32)
Purchase of treasury stock (353) -
Dividends paid (12,761) (14,931)

Net cash flows generated from financing activities (20,365) 36,963
Net increase in cash and cash equivalents 1,340 720

Cash and cash equivalents at beginning of the period 1,942 1,403
Effect of exchange rate changes on foreign currency balances - (79)

Cash and cash equivalents at end of the period 3,282 2,044

The above statement of cash flows should be read in conjunction with the accompanying notes.
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NAPIER PORT HOLDINGS LIMITED
CONSOLIDATED STATEMENT
OF CASH FLOWS (CONTINUED)
FOR THE NINE MONTHS ENDED 30 JUNE 2023
30 June 30 June
2023 2022
Unaudited Unaudited
$000 $000
Reconciliation of profit for the period to cash flows from operating activities
Profit for the period 12,883 15,994
Adjust for non-cash items:
Fair value gain on investment property (1,225) (1,800)
Depreciation, amortisation and impairment of assets 12,119 9,886
Net (gain)/ loss on disposal of property, plant and equipment 17 15
Share-based payments 149 155
Other non-cash items (28) 1
Deferred tax (311) 369
10,721 8,626
Other adjustments:
Finance costs classified as financing activities 5,022 32
(Decrease)/ increase in current tax receivable 1,225 (3,000)
Increase in non-current provision 77 28
6,324 (2,940)
Movements in working capital:
Decrease/ (increase) in trade and other receivables 2,040 (1,889)
Increase in trade and other payables 985 5,317
3,025 3,428
Net cash flows generated from operating activities 32,953 25,108
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NAPIER PORT HOLDINGS LIMITED
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED 30 JUNE 2023
1. REPORTING ENTITY
The interim financial statements presented are those
of Napier Port Holdings Limited and its subsidiaries
(together “the Group”). Napier Port Holdings Limited is
incorporated under the Companies Act 1993 and domiciled
in New Zealand. Napier Port Holdings Limited’s shares are
publicly traded on the New Zealand Stock Exchange (NZX)
and has bonds quoted on the NZX Debt Market (NZDX).
2. BASIS OF PREPARATION
STATEMENT OF COMPLIANCE
The interim financial statements have been prepared in
accordance with New Zealand equivalents to International
Accounting Standard 34, Interim Financial Reporting
(NZ IAS 34), and International Accounting Standard 34,
Interim Financial Reporting. The Group is a for-profit entity
for NZ GAAP purposes. These interim financial statements
do not include all the information normally included
in an annual financial report. Accordingly, these should
be read in conjunction with the Group's annual financial
statements for the year ended 30 September 2022.
BASIS OF MEASUREMENT
The interim financial statements have been prepared on a
historical cost basis, except for sea defences, investment
properties and derivative financial instruments, which are
measured at fair value. They are presented in New Zealand
Dollars (NZD) and all values are rounded to the nearest
thousand dollars ($'000), unless otherwise stated.
3. SIGNIFICANT
ACCOUNTING POLICIES
The accounting policies adopted are consistent with those
followed in the preparation of the Group's consolidated
financial statements for the year ended 30 September 2022.
4. UNCERTAINTIES, ESTIMATES
AND JUDGEMENTS
The preparation of the financial statements in conformity
with NZ IAS 34 requires management to make judgements,
estimates and assumptions that affect the application
of accounting policies and the reported amounts of assets,
liabilities, income and expenses. Actual results may differ
from these estimates.
5. THE EFFECTS OF
CYCLONE GABRIELLE
AND INSURANCE MATTERS
During February 2023, Cyclone Gabrielle struck
New Zealand causing widespread damage and disruption
to the Hawke's Bay region and its infrastructure.
Whilst Napier Port did not experience significant property
damage, many cargo customers of Napier Port have
experienced damage and reduced output, which impacts
Napier Port's trading. The economic consequences of this
event is negatively impacting and increases uncertainty
regarding the Group’s future trading results.
The Group had an insurance policy in place at the time
of the cyclone that its lead insurer has confirmed,
in principle, will respond to the material damage and
business interruption losses of the Group arising from
Cyclone Gabrielle, subject to the terms and limitations
of the insurance policy. The Group expects to submit
claims to its insurers as and when it determines its
recoverable losses. Under the Group's policy, the relevant
business interuption indemnity period is 18 months
following the loss event. The Group's claims are subject
to review and adjustment by the Group's insurers.
The Group's policy is to recognise insurance recovery
income when it is virtually certain insurance proceeds
will be received and the amount receivable can be
reliably estimated.
The Group has received, subsequent to the balance sheet
date, written confirmation from its insurers regarding
an interim non-specific partial payment to be paid of
$3.5m relating to the Group's progress insurance claim
for business interruption losses sustained since the
cyclone event. This sum has been recorded within Other
Income and Expenses (note 7) in the Consolidated Income
Statement for the nine-months ended 30 June 2023
and within Trade and Other Receivables within
the Consolidated Statement of Financial Position
as at 30 June 2023.


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6. REVENUE AND SEGMENT REPORTING
30 June 30 June
2023 2022
Unaudited Unaudited
$000 $000
Disaggregation of revenue
Container services 51,920 52,464
Bulk cargo 29,967 30,581
Cruise 5,321 12
Sundry income 857 253
Port operations 88,065 83,310
Property operations 1,915 1,823
Operating income 89,980 85,133
ACCOUNTING POLICIES:
PORT OPERATIONS
Port operations represents a series of services including marine, berthage and port infrastructure services
to the Group's customers which are accounted for as a single performance obligation. Revenue is recognised
over-time using the percentage of completion method.
Revenue is measured based on the service price specified in the relevant tariffs or specific customer contract.
The contract price for the services performed reflects the value transferred to the customer.
PROPERTY OPERATIONS
Investment property lease income is recognised on a straight-line basis over the period of the lease term.
OPERATING SEGMENTS
The Group determines its operating segments based on internal information that is regularly reported
to the Chief Executive, who is the Group’s Chief Operating Decision Maker (CODM).
The Group operates in one reportable segment being Port Services. This consists of providing and managing
port services and cargo handling infrastructure through Napier Port. Within the Port Services reportable segment
the following operating segments have been identified: marine services, general cargo services, container services,
port pack services and depot services. These have been aggregated on the basis of similarities in economic
characteristics, customers, nature of services and risks.
The Group operates in one geographic area, that being New Zealand. During the period the Group had two
external customers which comprise 26% of total revenue (2022: 16% - reflecting one customer).
7. OTHER INCOME AND EXPENSES
30 June 30 June
2023 2022
Unaudited Unaudited
$000 $000
Asset retirement costs 18 -
(Gain)/loss on sale of property, plant & equipment (4) 16
Cyclone Gabrielle costs incurred 268 -
Cyclone Gabrielle insurance income 5 (3,500) -
Fair value gain on investment property (1,225) (1,800)
Other (income) and expenses (4,443) (1,784)
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8. NET FINANCE COSTS
30 June 30 June
2023 2022
Unaudited Unaudited
$000 $000
Interest income (111) (7)
Finance income (111) (7)
Interest and finance charges on borrowings 6,193 3,898
(Gain)/loss realised on cashflow hedges transferred from other comprehensive income (1,215) 123
(Gain)/loss realised on fair value hedges 205 -
Change in fair value of fair value hedges 357 -
Change in fair value of loans and borrowings subject to fair value hedges (357) -
Lease imputed interest 14 20
Less: Interest capitalised to property, plant & equipment (64) (3,996)
Finance expenses 5,133 45
Net finance costs 5,022 38
9. INCOME TAX
30 June 30 June
2023 2022
Unaudited Unaudited
$000 $000
Reconciliation between income tax expense and tax expense
calculated at the statutory income tax rate
Profit before income tax 16,635 21,617
Income tax at 28% 4,658 6,053
Adjustment to prior year tax (648) 1
Tax effect of non-deductible items 107 73
Tax effect of non-assessable items (365) (504)
Income tax expense 3,752 5,623
The income tax expense is represented by:
Current income tax expense for the period 4.087 4,827
Adjustment for current tax of prior periods (24) 427
Current income tax expense 4,063 5,254
Deferred income tax expense for the period 313 795
Adjustment for deferred tax of prior periods (624) (426)
Deferred income tax (credit)/ expense (311) 369
Income tax expense 3,752 5,623
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10. RELATED PARTY TRANSACTIONS AND BALANCES
30 June 30 June
2023 2022
Unaudited Unaudited
$000 $000
Related Party
Hawke's Bay Regional Council Rates, levies, consents and services 7 10
Council services 318 238
Cost recoveries (89) (8)
Lease income (18) (16)
Accounts payable 360 238
Hawke's Bay Regional Investment Company Dividends 7,040 8,250
Cost recoveries (179) (53)
Longburn Intermodal Freight Hub Sale of plant - 120
11. COMMITMENTS & CONTINGENCIES
CAPITAL EXPENDITURE COMMITMENTS
At balance date there were commitments in respect of contracts for capital expenditure totalling $1.4 million
(30 September 2022: $0.8 million).
CONTINGENT LIABILITIES
There were no material contingent liabilities at balance date.

12. EVENTS SUBSEQUENT TO BALANCE DATE
There were no material events subsequent to balance date.
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INDEPENDENT AUDITOR’S
REVIEW REPORT
To the shareholders of Napier Port Holdings Limited’s interim financial statements
for the nine months ended 30 June 2023
The Auditor-General is the auditor of Napier Port Holding’s
Limited (the “Company”) and its subsidiaries (together the
“Group”). The Auditor-General has appointed me, Stuart
Mutch, using the staff and resources of Ernst & Young,
to carry out the review of the interim financial statements
of the Group on his behalf.
CONCLUSION
We have reviewed the interim financial statements of the
Group on pages 1 to 10, which comprise the consolidated
statement of financial position as at 30 June 2023
and the consolidated income statement, statement of
comprehensive income, statement of changes in equity
and statement of cash flows for the nine months ended on
that date, and the notes, including a summary of significant
accounting policies and other explanatory information.
Based on our review, nothing has come to our attention that
causes us to believe that the interim financial statements
of the Group do not present fairly, in all material respects,
the financial position of the Group as at 30 June 2023, and
its financial performance and cash flows for the nine months
ended on that date, in accordance with New Zealand
Equivalent to International Accounting Standard 34:
Interim Financial Reporting and International Accounting
Standard 34: Interim Financial Reporting.
BASIS FOR CONCLUSION
We conducted our review in accordance with
NZ SRE 2410 (Revised) Review of Financial Statements
Performed by the Independent Auditor of the Entity
(‘NZ SRE 2410 (Revised)’). Our responsibilities are further
described in the Auditor’s Responsibilities for the Review
of the Interim Financial Statements section of our report.
We are independent of the Group in accordance with
the independence requirements of the Auditor-General’s
Auditing Standards, which incorporate the independence
requirements of Professional and Ethical Standard 1
International Code of Ethics for Assurance Practitioners
issued by the New Zealand Auditing and Assurance
Standards Board.
Other than in our capacity as auditor, we have no
relationship with, or interests, in the Group.
DIRECTORS’ RESPONSIBILITY FOR THE INTERIM
FINANCIAL STATEMENTS
The Directors are responsible, on behalf of the Group,
for the preparation and fair presentation of these interim
financial statements in accordance with New Zealand
Equivalent to International Accounting Standard 34:
Interim Financial Reporting and International Accounting
Standard 34: Interim Financial Reporting and for such
internal control as the Directors determine is necessary
to enable the preparation and fair presentation of the
interim financial statements that are free from material
misstatement, whether due to fraud or error.
The Directors are also responsible for the publication
of the interim financial statements, whether in printed
or electronic form.
AUDITOR’S RESPONSIBILITIES FOR THE REVIEW
OF THE INTERIM FINANCIAL STATEMENTS
Our responsibility is to express a conclusion on the interim
financial statements based on our review. NZ SRE 2410
(Revised) requires us to conclude whether anything has
come to our attention that causes us to believe that the
interim financial statements, taken as a whole, are not
prepared, in all material respects, in accordance with
New Zealand Equivalent to International Accounting
Standard 34: Interim Financial Reporting and International
Accounting Standard 34: Interim Financial Reporting.
A review of the interim financial statements in accordance
with NZ SRE 2410 (Revised) is a limited assurance
engagement. We perform procedures, primarily consisting
of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical
and other review procedures. The procedures performed
in a review are substantially less than those performed
in an audit conducted in accordance with International
Standards on Auditing (New Zealand) and consequently
does not enable us to obtain assurance that we would
become aware of all significant matters that might be
identified in an audit. Accordingly, we do not express
an audit opinion on these interim financial statements.
STUART MUTCH
Partner
Ernst & Young
On behalf of the Auditor-General
Wellington, New Zealand
15 August 2023A member firm of Ernst & Young Global Limited
11 | NAPIER PORT
°
TE HERENGA WAKA O AHURIRI

DIRECTORY
DIRECTORS
Blair O’Keeffe (Chair)
Stephen Moir
Diana Puketapu
John Harvey
Vincent Tremaine
Kylie Clegg
Dan Druzianic
SENIOR MANAGEMENT TEAM
Todd Dawson – Chief Executive
Kristen Lie – Chief Financial Officer
David Kriel – General Manager Commercial
Viv Bull – General Manager People and Culture
Adam Harvey – Chief Operating Officer
Andrea Manley – General Manager Strategy and Supply Chain
David Broad – General Manager Assets and Infrastructure
Jo-Ann Young – Corporate Affairs Manager
REGISTERED OFFICE
Breakwater Road
PO Box 947
Napier 4140
New Zealand
Phone: +64 6 833 4400
Fax: +64 6 033 4408
Email: info@napierport.co.nz
Facebook: Napier Port
LinkedIn: Napier Port
Website: napierport.co.nz
BANKERS
Westpac New Zealand Limited
16 Takutai Square
Auckland 1010
New Zealand
Industrial and Commercial Bank
of China (New Zealand) Limited
Level 11
188 Quay Street
Auckland Central 1010
New Zealand
BOND SUPERVISOR
Public Trust
Level 16, SAP Tower
151 Queen Street
Auckland 1010
SOLICITORS
Bell Gully
171 Featherston Street
Wellington
New Zealand
AUDITORS
Ernst & Young
PO Box 490
Wellington 6140
On behalf of the Auditor-General
SHARE REGISTRY
For enquiries about share transactions, dividend payments,
or to change your address, please get in touch with:
Link Market Services Limited
Level 30, PWC Tower
15 Customs Street West
Commercial Bay
Auckland 1010
PO Box 91976
Auckland 1142
Phone: +64 9 375 5998
Fax: +64 9 375 5990
Email: napierport@linkmarketservices.co.nz
Copies of the annual report are available at:
napierport.co.nz
FINANCIAL CALENDAR
30 September 2023 Financial year end
November 2023 Annual results announcement
15 December 2023 Annual meeting
31 March 2024 2024 half year balance date
May 2024 2024 half year results announcement
August 2024 2024 third quarter results announcement
12 | NAPIER PORT
°
TE HERENGA WAKA O AHURIRI

13 | NAPIER PORT
°
TE HERENGA WAKA O AHURIRI

napierport.co.nz Napier Port Napier Port

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Napier Port Holdings Limited
Supplemental Selected Financial Information (unaudited)
The below supplemental selected financial information provides a summary of financial information for
the nine months ended 30 June 2023 (9M2023) compared to the corresponding period in 2022
(9M2022).
Except where information is denoted as being extracted directly from audited financial statements, the
supplemental selected financial information is unaudited.
Selected financial information
1


Notes:
1.
The selected financial information (excluding any financial information in the selected financial information table that is identified as
being underlying financial information) is extracted from unaudited financial statements of Napier Port Holdings Limited (‘Napier
Port’) for 9M2023. Some line items in the selected financial information include adjustments applied by Napier Port (denoted
‘underlying’). An explanation of these adjustments is contained in section 1.1 below.
2.
Revenue relates to operating income as disclosed in the financial statements for Napier Port.
3.
Result from operating activities is a non-NZ GAAP measure and is as disclosed in the financial statements for Napier Port. The
measure is calculated as operating income less operating expenses. The measure excludes income and expenses related to finance
costs, taxes, depreciation, amortisation, impairment, and retirement of operating and other assets, income and expenses arising from
fair value changes, non-recurring and abnormal, and joint-venture and other investment activity.
4.
Underlying net profit after tax is a non-NZ GAAP measure that comprises reported net profit after tax adjusted for certain non-
recurring, non-core and abnormal items, and unrealised fair value movements as described in section 1.1 below. Tax expense has
been adjusted to reflect the tax implications of the adjustments. A reconciliation to reported net profit after tax is included in section
1.2 below.
5.
Underlying cash flows from operating activities is a non-NZ GAAP measure that comprises net cash flows from operating activities
adjusted for certain non-recurring, non-core and abnormal items and the tax implications of these adjustments on the basis that cash
taxes would be paid in the corresponding reporting period. A reconciliation to reported cash flows from operating activities is
included in section 1.3 below.
NZ$000
3Q2023
3Q2022
9M2023
9M2022
Financial period
3 months
ending
30 Jun 23
3 months
ending
30 Jun 22
9 months
ending
30 Jun 23
9 months
ending
30 Jun 22
Financial performance:
Revenue
(2)
27,725
34,421
89,980
85,133
Result from operating activities
(3)
7,463
13,316
29,333
29,757
Net profit after tax
4,193
7,010
12,883
15,994
Underlying net profit after tax
(4)
1,866
7,010
9,331
14,194
Balance sheet and cash flow items:
Dividends paid
3,400
5,600
12,800
15,000
Total assets
560,300
556,218
560,300
556,218
Cash and cash equivalents
3,282
2,044
3,282
2,044
Total liabilities
168,515
168,753
168,515
168,753
Total debt
128,946
129,380
128,946
129,380
Net cash flows from operating activities
11,584
12,130
32,953
25,108
Underlying net cash flows from operating activities
(5)
12,757
12,130
34,126
25,108

1.1 Description of adjustments
In determining the use of adjustments, the Directors have considered only those items that they
believe are required to ensure consistency and comparability of the financial information over the
periods presented.
The adjustments that Napier Port considers appropriate are explained below:
(i) removal of unrealised fair value movements on investment properties as this relates to
non-core activity; and
(ii) removal of expenses and insurance income attributable to the extraordinary Cyclone
Gabrielle event that occurred during February 2023.
Insurance income receivable for insured business interruption losses indemnifies the
Group for reduced operating profits following Cyclone Gabrielle. The recognition of
insurance income does not necessarily match the accounting period of the reduced
operating profits, as this income recognition is determined according to the Group’s
accounting policy for recognising insurance recovery income and is dependent upon the
timing of the lodgement of claims with insurers and the timing of their review processes.
The adjustment removes this timing effect and the potential variability in income
recognition.

1.2 Reconciliation of underlying net profit after tax


1.3 Reconciliation of underlying net cash flows from operating activities


NZ$0003Q20233Q20229M20239M2022
Reported net profit after tax4,1937,01012,88315,994
Adjustments:
Fair value movements on investment properties--(1,225)(1,800)
Cyclone Gabrielle related expenses268-268-
Cyclone Gabrielle insurance income(3,500)-(3,500)-
Tax impact of adjustments905-905
-
Underlying net profit after tax1,8667,0109,33114,194
NZ$0003Q20233Q20229M2023
9M2022
Reported net cash flows from operating activities11,58412,13032,953
25,108
Adjustments
Cyclone Gabrielle related expenses 268-268
-
Tax impact of adjustments905-905
-
Underlying net cash flows from operating activities12,75712,13034,126
25,108

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Napier Port Holdings Limited
2023 Third Quarter Trade Volume Data
The below trade volume data provides a summary of third quarter (Q3 FY2023) and nine
months ended 30 June 2023 (9 Months FY2023) results compared to the prior periods.

1.1 Container Services
Container Services
TEU (000s)^
Q3
FY2023
Actual
Q3
FY2022
Actual
9 Months
FY2023
Actual
9 Months
FY2022
Actual
Exports



Wood pulp & timber 5 11 27 34

Canned food / other food & beverage 2 2 6 6

Other dry 2 2 7 7

Total dry 10 16 40 47


Apples & pears 9 12 12 16

Meat 3 4 10 12

Fresh & other chilled produce 2 3 7 10

Total reefer 14 20 29 37


Empty 6 2 11 6

Total exports 30 37 80 90

Imports



Dry 5 8 19 23

Reefer 1 1 3 3

Empty 15 30 57 67

Total imports 21 39 78 93


Other container movements (‘DLRs
and Tranships’)
5 6 17 12

Total Container Services volume 56 82 175 194

Vessels



Container ship calls 72 54 182 156

^Rounded to nearest thousand TEU

1.2 Bulk Cargo
Bulk Cargo
Kilotonnes
Q3
FY2023
Actual
Q3
FY2022
Actual
9 Months
FY2023
Actual
9 Months
FY2022
Actual

Log exports 609 774 1,753 2,090

Other exports 13 54 84 135

Imports 89 168 423 479

Total Bulk Cargo volume 711 996 2,259 2,703

Vessels

Charter vessel calls 58 81 207 236


1.3 Cruise Services
Cruise Services

Q3
FY2023
Actual
Q3
FY2022
Actual
9 Months
FY2023
Actual
9 Months
FY2022
Actual
Vessels



Cruise vessel calls 2 - 64 1