POT Financial Results for the Year to 30 June 2023

Distribution Notice
Updated as at 18 December 2019
Please note: all cash amounts in this form should be provided to 8 decimal places
Section 1: Issuer information
Name of issuerPort of Tauranga Limited
Financial product name/descriptionOrdinary shares
NZX ticker codePOT
ISIN (If unknown, check on NZX
website)
NZPOTE0003S0
Type of distribution
(Please mark with an X in the
relevant box/es)
Full YearXQuarterly
Half YearSpecial
DRP applies
Record date22/09/2023
Ex-Date (one business day before the
Record Date)
21/09/2023
Payment date (and allotment date for
DRP)
06/10/2023
Total monies associated with the
distribution
1
$59,872,022.50
Source of distribution (for example,
retained earnings)
Retained earnings
CurrencyNZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.12222222
Gross taxable amount
3
$0.12222222
Total cash distribution
4
$0.08800000
Excluded amount (applicable to listed
PIEs)
Not applicable
Supplementary distribution amount$0.01552941
Section 3: Imputation credits and Resident Withholding Tax
5
Is the distribution imputedFully imputed
1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This shouldinclude any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

If fully or partially imputed, please
state imputation rate as % applied
6
100%
Imputation tax credits per financial
product
$0.03422222
Resident Withholding Tax per
financial product
$0.00611111
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
%
Start date and end date for
determining market price for DRP
[dd/mm/yyyy][dd/mm/yyyy]
Date strike price to be announced (if
not available at this time)
[dd/mm/yyyy]
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
DRP strike price per financial product
$
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
[dd/mm/yyyy]
Section 5: Authority for this announcement
Name of personauthorised to make
this announcement
Simon Kebbell, Chief Financial Officer
Contact person for this
announcement
Simon Kebbell, Chief Financial Officer
Contact phone number027 482 7510
Contact email addresssimonk@port-tauranga.co.nz
Date of release through MAP25/08/2023
6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at 17 October 2019
Results for announcement to the market
Name of issuerPort of Tauranga Limited
Reporting Period12 months to 30 June 2023
Previous Reporting Period12 months to 30 June 2022
CurrencyNZD
Amount (000s)Percentage change
Revenue from continuing
operations
$420,92912.2%
Total Revenue$420,92912.2%
Net profit/(loss) from
continuing operations
$117,1365.2%
Total net profit/(loss)$117,1365.2%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.08800000
Imputed amount per Quoted
Equity Security
$0.03422222
Record Date22/09/2023
Dividend Payment Date06/10/2023
Current periodPrior comparable period
Net tangible assets per
Quoted Equity Security
$3.14$3.05
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Authority for this announcement
Name of personauthorised
to make this announcement
Simon Kebbell, Chief Financial Officer
Contact person for this
announcement
Simon Kebbell, Chief Financial Officer
Contact phone number027 482 7510
Contact email addresssimonk@port-tauranga.co.nz
Date of release through MAP25/08/2023
Audited financial statements accompany this announcement.

---

Presentation to Analysts
25 August 2023

2
The information in this presentation is for information purposes and has been prepared by
Port of Tauranga Limited with due care and attention. However, neither the Company, nor any
of its Directors, officers, employees, contractors or agents, shall have any liability whatsoever
to any person, for any loss of damage resulting from the use or reliance on this presentation.
The information contained in this presentation is not intended to be relied upon as advice to
investors and does not take into account the investment objectives, financial situation or
needs of any particular investor.
Past performance is not indicative of future performance and no guarantee of future returns
is implied or given.
The information contained in this presentation should be considered in conjunction with the
Company’s latest audited financial statements which are available in the investor section of
our website.
Disclaimer

3
Total
trade
milllion tonnes
202320222021
24.725.625.7
Imports
million tonnes
Subsidiary and
associate company
earnings
million
2021
$18.6
2022
$15.0
2023
$13.3
Total ordinary
dividend
cents per share
Final
dividend
cents per share
202320222021
8.8
8.27.5
Highlights and challenges
For the year ended 30 June 2023
GroupNetProfit
After Tax
million
202320222021202320222021
9.09.79.4
$117.1$111.3$102.4
Exports
million tonnes
Revenue
million
202320222021
202320222021
15.715.916.3
$420.9$375.3$338.3
Container
volumes
million TEUs
1
202320222021
1.181.241.20
Ship visits
202320222021
1,4321,3691,307
202320222021
15.6
14.713.5
TEUs = twenty-foot equivalent units, a standard measure of shipping containers.

4
For the year ended 30 June 2023
Group net profit after tax up 5.2%
$100,577
$88,679
$102,375
$111,317
$117,136
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
$80,000
$90,000
$100,000
$110,000
$120,000
20192020202120222023
$’000s

5
For the year ended 30 June 2023
Ordinary dividends increased 6.1%
13.3
12.4
13.5
14.7
15.6
5.0
0
2
4
6
8
10
12
14
16
20192020202120222023
CPS
Ordinary
Special

6
For the year ended 30 June 2023
Group underlying earnings
$117,792
$117,136
$7,215
($7,871)
$115,000
$117,500
$120,000
$122,500
$125,000
$127,500
$130,000
Underlying ProfitGain on sale of MetroBoxImpairment of CodaReported Profit
$’000s

7
For the year ended 30 June 2023
Net debt / net debt + equity
27.5%
29.2%
25.5%
17.3%
17.1%
0%
5%
10%
15%
20%
25%
30%
35%
40%
20192020202120222023

8
For the year ended 30 June 2023
Total trade down 3.6%
27,218
24,808
25,738
25,615
24,698
5,000
10,000
15,000
20,000
25,000
30,000
FY2019FY2020FY2021FY2022FY2023
000s Tonnes
Total trade down 3.6%
For the year ended June 2023

9
New Zealand’s largest port – volume
0
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
Tonnes (Millions)
Total New Zealand tonnes by port FY2023
Import
Export
Connecting New Zealand and the World
38% of New Zealand exports (tonnes)
24% of New Zealand imports (tonnes)
33% of New Zealand’s total trade
Source: STATS NZ
12 months to June 2023

10
Connecting New Zealand and the World
New Zealand’s largest port – value
50% of New Zealand exports by value
21% of New Zealand imports by value
35% New Zealand’s total trade by value
Source: STATS NZ
12 months to June 2023
-
10
20
30
40
50
NZD (Bilions)
Total New Zealand sea port cargo value FY2023
Import
Export

11
5,000
55,000
105,000
155,000
205,000
2013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q12020 Q22020 Q32020 Q42021 Q12021 Q22021 Q32021 Q42022 Q12022 Q22022 Q32022 Q42023 Q12023 Q2
Total Containers
New Zealand ports total containers handled
Auckland
Lyttelton
Napier
Otago
Tauranga
Wellington
Connecting New Zealand and the World
New Zealand’s largest container terminal
Source: FIGS, Ministry of Transport
12 months to June 2023
42% of New Zealand’s container trade

12
For the year ended 30 June 2023
Container volumes down 5.1%
1,233,177
1,251,741
1,200,831
1,241,061
1,177,350
500,000
700,000
900,000
1,100,000
1,300,000
1,500,000
FY2019FY2020FY2021FY2022FY2023
TEUs
Container volumes down 5.1%
For the year ended June 2023

13
For the year ended 30 June 2023
Transhipment TEUs up 1.2%
337,183
349,343
301,062
283,035
286,363
160,000
200,000
240,000
280,000
320,000
360,000
FY2019FY2020FY2021FY2022FY2023
TEUs
Transhipped TEUs up 1.2%
For the year ended June 2023

14
For the year ended June 2023
Bulk cargo down by 2.6%
-
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
10,000,000
11,000,000
12,000,000
13,000,000
14,000,000
FY2019FY2020FY2021FY2022FY2023
Tonnes
Overall breakbulk volumes by commodity
For the year ended June 2023
All Other Goods
Steel
Salt
Liquid Bulk
Cement
Grain
Fertilisers
Other Wood Product
KiwiFruit
Proteins & Feeds
Oil Products
Logs

15
For the year ended 30 June 2023
Log exports up 2.6%
7,062,871
5,543,632
6,338,716
6,057,851
6,215,623
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
FY2019FY2020FY2021FY2022FY2023
JAS
Log exports
For the year ended June 2023

16
•Downturn in China having significant influence on
market.
•Optimism that log prices have bottomed out – not
expecting a rapid improvement through
remainder of 2023.
•65% Tauranga export volume from forest estate
owners who manage a sustainable cut to generate
fixed income - as such less price sensitive.
•POTL upside from Lake Taupo / CNI windthrow
volume – likely to continue for 12 - 18 months.
Forestry outlook

17
For the year ended 30 June 2023
Total kiwifruit volume down 20.3%
1,500,100
1,498,091
1,648,915
1,779,173
1,417,861
0
250,000
500,000
750,000
1,000,000
1,250,000
1,500,000
1,750,000
2,000,000
FY2019FY2020FY2021FY2022FY2023
Tonnes
Kiwifruit volume down 20.3%
Year ended June 2023

18
Kiwifruit outlook
Kiwifruit has experienced two difficult seasons
(2022 fruit quality issues, 2023 low volumes).
The low volume in 2023 has put significant
financial pressure on the post-harvest industry
who had invested in infrastructure to cater for
anticipated volume growth.
Yield assumptions for Gold have been reduced
in the 2023 10-year plan.
Future license release plan expected October
2023 at the earliest.

19
For the year ended 30 June 2023
Total dairy volume up 2.7%
2,110,169
2,076,153
2,120,239
1,993,751
2,010,252
211,787
285,522
196,325
194,946
237,067
1,500,000
1,600,000
1,700,000
1,800,000
1,900,000
2,000,000
2,100,000
2,200,000
2,300,000
2,400,000
2,500,000
FY2019FY2020FY2021FY2022FY2023
Tonnes
Dairy – export and transhipment
For the year ended June 2023
ExportTranships

20
•Milk volumes continue to remain flat to declining,
Fonterra are forecasting same milk volume for the
North Island as last year with similar product mix.
•Inventory has returned to normal pre covid levels
with strong demand second half of FY23.
•Ongoing reduced import demand from Greater
China due to elevated domestic supply - forecast
payout $7.27- $6.62
•Flatter milk curve will provide opportunity to focus
on value add / commodity mix
•Expect reorientation in shipping profile to reflect
changing global markets
Dairy outlook

21
For the year ended 30 June 2023
Total meat volumes up 3.0%
368,292
410,572
413,691
439,175
451,419
288,050
293,040
241,228
156,228
161,617
100,000
250,000
400,000
550,000
700,000
850,000
FY2019FY2020FY2021FY2022FY2023
Tonnes
Meat – export and transhipment
For the year ended June 2023
ExportTranships

22
Meat outlook
•International market prices have fallen, very soft for past nine months.
Driven by low global consumer confidence and slow China post covid
recovery.
•Inflation and economic pressure moving consumers to lower value
poultry, pork or commodity red meat – not good for NZ quality
products.
•Red meat production volumes and global trade dominated by South
American volumes, particularly present in China in past two years.
•Recovery expected as underlying protein demand is strong but will
depend on pace of China resurgence and domestic situation in US
market. Trade Access to EU for beef and poor economic situation in UK
leave these markets on the fringe of driving value but UK remains an
important lamb leg market.
•Livestock volumes still reducing year on year. Labour situation a little
better with some overseas worker availability but still insufficient for
industry needs.

23
•Increased cost of rail from February 2023
•Reduced import demand second half of FY23
•Current programme 64 trains per week vs 92 PCP
MetroPort containers down 12.8%
197,585
190,032
180,404
195,404
170,422
50,000
70,000
90,000
110,000
130,000
150,000
170,000
190,000
210,000
FY2019FY2020FY2021FY2022FY2023
MetroPort rail containers
For year ended June 2023

24
Vessel calls
4.6% increase in total vessel calls FY23 vs PCP
3.4% increase in container vessel calls FY23 vs PCP
808
752
622
638
660
870
763
685
731
772
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
FY2019FY2020FY2021FY2022FY2023
Total vessel calls up 4.6%
Container VesselsAll Other Vessels

25
The return of cruise vessels
116
107
00
88
108
0
20
40
60
80
100
120
140
FY2019FY2020FY2021FY2022FY20232024
Forecast
Visits
Return of cruise vessels - total visits

26
•Berth windows reinstated 6 March 2023.
•Average yard intensity since berth window
reinstatement - 11,150 TEU.
•November 2020 – March 2023 average yard
intensity 15,900 TEU.
•Average exchange FY23 1,725 TEU (-5.7% PCP )
expect lower per vessel exchange FY24 with
greater call frequency.
•Congestion surcharges removed with berth
window reinstatement.
Pro-forma berth window reinstatement

27
For the year ended 30 June 2023
Container storage income normalising
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
JulyAugustSeptemberOctoberNovember DecemberJanuaryFebruaryMarchAprilMayJune
$000’s
Terminal container storage income
For year ended June 2023

28
Source: FIGS, Ministry of Transport
New Zealand port productivity
29.6
15.0
20.0
25.0
30.0
35.0
40.0
2018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q12020 Q22020 Q32020 Q42021 Q12021 Q22021 Q32021 Q42022 Q12022 Q22022 Q32022 Q42023 Q12023 Q2
Crane Rate
New Zealand ports - crane rate 2018 - 2023
AucklandLytteltonNapierOtagoTaurangaWellington
50.9
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
2018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q12020 Q22020 Q32020 Q42021 Q12021 Q22021 Q32021 Q42022 Q12022 Q22022 Q32022 Q42023 Q12023 Q2
Vessel Rate
New Zealand ports - vessel rate 2018 - 2023
AucklandLytteltonNapierOtagoTaurangaWellington

29
•On port labour improving from early 2023,
some benefit from access to foreign labour.
•Significant staff turnover over in some areas
over past 2 - 3 years.
•Improving productivity as staff obtain
greater levels of experience.
•Significant labour cost inflation across the
port sector.
Port sector labour challenges

30
•Consenting process underway since 2019 - direct
referral request lodged May 2021.
•July 2022 Environment Court hearing adjourned
due to covid.
•Environment Court three-week hearing March
2023.
•No decision to date or time frame provided.
•Currently unable to provide three container
services berth windows due to berth capacity
constraints.
•2-year construction once consent obtained.
•All berth developments are within the current
Port footprint.
Berth extension resource consent

31
•~70% of New Zealand’s
dairy trade (2.3M tonnes)
•~61% of NZ’s meat
exports (550,000 tonnes).
•~30% of NZ’s export logs
(6.7M tonnes).
•~85% of NZ’s kiwifruit
(530,000 tonnes).
•~ $30B in key export
commodities plus many
more.
•~40% growth in kiwifruit in
next five years.
Facilitating New Zealand’s
trade

32
Terminal automation project
•Introduction of new electric Auto Stacking
Cranes (ASC).
•Request for Tender process closed April 2023.
•Down to shortlist of two potential vendors.
•Detailed vendor evaluation and discussions
nearing completion.
•Expect to select provider Q4 2023.
•~75% reduction in emissions relative to straddle
operation.

33
A resilient upper North Island supply chain

34
Bigger ships = lower carbon supply chain
CO2e calculations are based on a 20’ 15 tonne container shipped on a typical
container vessel size of 3,000-4,000 TEUs (via Auckland) and 8,000+ TEUs (via
Tauranga)

35
Tauranga berth extension crucial to enabling coastal shipping
Coastal shipping = lower carbon supply chain
Grams of CO
2
per
tonne-kilometre
Mode
123.1Road
92.0Heavy duty road vehicles
22.8Rail
13.9Coastal shipping

36
$11,885
$12,728
$17,840
$14,952
$13,347
$0
$5,000
$10,000
$15,000
$20,000
20192020202120222023
000s
For the year ended 30 June 2023
Subsidiaries and associates net profit after tax down
10.7%

37
•Profit down 5.7% to $7.096 million.
•Breakbulk volumes down 11.3% to
2.591 million tonnes.
•Log volumes down 12.6% to 2.027
million tonnes.
•Container volumes down 11.4% to
16,925 TEU.
•Strong contribution once again from
NorthTugz.

38
•Profit down 15.9% to $1.899 million.
•Bulk trade volumes down 14.5% to
1.771 million tonnes.
•Log volumes down 30.8% to 0.335
million tonnes.
•Vessel calls increased by 0.2% to
433 including 14 cruise vessels.
•Significant investment being
undertaken to upgrading wharf
infrastructure.

39
•Reported an underlying operating loss of
$0.245 million vs $1.283 million profit in the
prior corresponding period.
•Weakness in distribution centres and 3PL
transport division.
•Challenging trading environment with
inflationary costs and the import slow down
seen in 2023.
•Concentrating on simplifying and right
sizing the business.
•Sale of MetroBox and consolidation of
operational sites part of simplification of
business.
•Board and management focused on turning
around this business.

40
•Profit of $1.537 million up 212.4%
from $0.492 million in the prior
year.
•Container volumes up 2.4% to
78,650 TEU.
•New contracted rates and
increased storage income driving
result.
•New mobile harbour crane
ordered.

41
•Profit of $2.919 million down 9.7%
on the prior year.
•Profits impacted by lower TEU
volumes at Tauranga.
•Reefer and generator revenue
impacted by lower kiwifruit
volumes.
•Quality Marshalling appointed as
operator of the Ruakura Inland
Port.

42
•Inland Port construction completed.
•Total Investment to 30 June 2023
$24.300 million.
•Expect total investment circa $28.000
million.
•Opened on 1 August 2023.
•Waikato expressway opened July
2022.
•Kmart distribution centre opening on
6 September 2023.
•Maersk cool store opening early
November 2023.

43
For year ended June 2023
Total greenhouse gas emissions down 7.3%
GHG emissions reported for the 2022-23 year are yet to be certified
47,749
40,973
44,223
43,156
40,021
25,000
30,000
35,000
40,000
45,000
50,000
FY2019FY2020FY2021FY2022FY2023
Tonnes of CO2e
Greenhouse Gas Emissions - Total C02e down 7.3%
1.75
1.65
1.72
1.68
1.62
1.00
1.20
1.40
1.60
1.80
2.00
FY2019FY2020FY2021FY2022FY2023
Kilograms CO2e per tonne of cargo
Kilograms of CO2e per tonne of cargo down 3.8%

44
•Port of Tauranga assisted with funding in
conjunction with BOPRC of 12 air quality
sensors located in key points in the Mount
Maunganui residential area.
•Provides residents the ability to check the air
quality in real-time and measures PM10, PM2.5
and NO2 particles.
Air quality initiatives and improvements
17
3
1
0
0
2
4
6
8
10
12
14
16
18
2019-202020-212021-222022-23
Number of PM10 exceedances
immediately adjacent to the Port

45
Air quality initiatives and improvements
ENVIROMENTAL GRAB
NEW WIND FENCING
BULK HOPPER WATER MISTING
VISUAL WIND MONITOR ALARMS

46
Water quality - stormwater and harbour health
•Comprehensive stormwater monitoring.
•Compliant with all stormwater consented water quality
limits.
•Regular harbour water monitoring.
•Harbour water quality meets Aus NZ Environment &
Conservation Council (ANZECC) guidelines for marine
water quality.

47
Sponsorship and community partnerships
Pilot Bay Boardwalk
BOP TECT Rescue
helicopter winch
Enhancements of Mauao walking
tracks
Tertiary Scholarships via
Turirangi Te Kani Memorial
Nga Matarae Charitable Trust
Port of Tauranga Rescue Centre – Surf
Lifesaving Eastern

48
Parent capital expenditure 2019 - 2025
40,073
38,228
23,796
18,612
44,322
70,000
100,000
2,850
21,450
3,700
$0
$20,000
$40,000
$60,000
$80,000
$100,000
201920202021202220232024F2025
$000s
Ruakura Inland Port

Outlook 2024
•Commodity price pressure and cost inflation
will provide challenging export conditions in
short term – some relief with lower
international shipping prices.
•Slowing domestic consumer demand translating
to lower import volumes.
•Expect to handle about 1.1 – 1.2 million TEU.
•Log volume forecast flat - circa 6.1M JAS FY24.
•Kiwifruit harvest expected to rebound from past
last season.
•FY24 earnings guidance will be provided at AGM
in October.
•Port of Tauranga remains well placed to
weather economic challenges.

Thank you
50

---

Port of Tauranga improves financial performance as cargo
volumes slow
Financial results for the year ended 30 June 2023
Port of Tauranga Limited (NZX:POT), New Zealand’s largest port, today
reported a sound full year result, despite cargo volumes decreasing in
the second half of the year.
The company reported Group Net Profit After Tax of $117.1 million, a
5.2% increase on the previous year. Total cargo volumes decreased
3.6% to 24.7 million tonnes, and container volumes decreased 5.1%
to 1.18 million TEUs
1
.
Highlights and challenges
For the year ended 30 June 2023 (compared with the previous
financial year):
Group Net Profit After Tax of $117.1 million (a 5.2% increase
from $111.3 million)
Parent earnings for the period were up 7.7%
Subsidiary and associate company earnings for the period
declined 10.7%
Total trade 24.7 million tonnes (a 3.6% decrease from 25.6
million tonnes)
Container volumes of 1.18 million TEUs (a 5.1% decrease from
1.24 million TEUs)
Revenue $420.9 million (a 12.2% increase from $375.3 million)
Imports 9.0 million tonnes (a 7.0% decrease from 9.7 million
tonnes)
Exports 15.7 million tonnes (a 1.5% decrease from 15.9
million tonnes)
Transhipment 4.1 million tonnes (a 3.3% increase)
Ship visits 1,432 (a 4.6% increase from 1,369)
Final dividend 8.8 cents per share (compared with 8.2 cents
per share in 2022)
Total ordinary dividend 15.6 cents per share (compared with
14.7 cents per share in 2022).
1
TEUs = twenty-foot equivalent units, a standard measure of shipping containers
Media Release
25 AUGUST 2023

Port of Tauranga Chair, Julia Hoare, said it was a year of two halves.
Results in the first half of the financial year were assisted by an
increase in container transhipment, as well as the return of cruise
ships over the summer.
In the second half of the year, the impacts of extreme weather events
were felt across the North Island. Port of Tauranga was fortunate to
not sustain any damage, but transport networks were disrupted, and
some cargo volumes impacted.
February’s devastating Cyclone Gabrielle caused significant damage
across the forestry sector resulting in the early harvesting of some
cyclone-damaged trees. As a result, log volumes remained strong
throughout the year. However, we have seen a significant decrease in
imported container volumes since April, said Ms. Hoare.
In March 2023, New Zealand ports reinstated proforma berthing
windows following extreme congestion since late 2020. Prior to
March, more than two thirds of vessels arriving at Tauranga were off
schedule.
“The improvement in vessel schedule integrity is helping productivity
return to normal levels,” said Ms. Hoare.
Despite the current cargo slowdown, she said Port of Tauranga
continued to invest in critical infrastructure to deliver an effective
supply chain for New Zealand.
Port of Tauranga expects new business opportunities from this
month’s opening of the Ruakura Inland Port in Hamilton, a joint
venture with Tainui Group Holdings.
“The new facility is a game changer for the upper North Island supply
chain and unlocks efficient and lower carbon pathways to
international markets for Waikato-based importers and exporters,”
said Ms. Hoare.

The new inland port and Port of Tauranga’s existing facility, MetroPort
Auckland, are connected by rail to the Tauranga Container Terminal.
Port of Tauranga is seeking a resource consent to construct a new
vessel berth at the container terminal of up to 385 metres. The new
berth would convert existing cargo storage land, accommodating the
continuing trend to bigger container vessels. All of the proposed
development is within the current operational port footprint.
The company’s resource consent application was heard in the
Environment Court in March and a decision is pending.
“The resource consenting process is complex, time-consuming and
costly for all parties involved. We are hopeful of an imminent
resolution,” said Ms. Hoare.
The extension is considered critical to the New Zealand economy.
Without it, importers and exporters are expected to face capacity
constraints within a few years.
“This project is an essential piece of national infrastructure. The
catastrophic weather events of 2023 have demonstrated that New
Zealand is in need of greater resilience and capacity in the national
supply chain,” said Ms. Hoare.
Port of Tauranga Chief Executive, Leonard Sampson, said the Port’s
diversity of cargoes and long-term freight agreements with key
customers had once again helped the company to remain resilient in
the challenging economic conditions.
“There’s no doubt that we’re seeing both a reduction in imported
volumes and a slower global economy. However, key export
commodity volumes remained strong over the past 12 months, with
the slowdown in import container volumes providing some breathing
space after an erratic couple of years,” said Mr. Sampson.

Meanwhile, the Port has taken delivery of a new pilot launch, the Troy
Evans,and has four new hybrid straddle carriers on order for delivery
late in 2023. A new container crane will arrive in January 2024 to
replace the oldest crane in the fleet, which has been decommissioned
over the past few months.
Financial results
Group Net Profit After Tax was $117.1 million, a 5.2% increase from
$111.3 million in the previous financial year. Parent Net Profit After
Tax was $103.8 million, compared with $96.4 million the previous
year.
Revenue was $420.9 million, compared with $375.3 million the
previous year. EBITDA (Earnings Before Interest, Tax, Depreciation
and Amortisation) was $219.1 million, compared with $204.7 million.
Subsidiary and associate company earnings decreased by 10.7% to
$13.3 million, with other ports in the group experiencing decreased
bulk exports and Coda Group impacted by the slowdown in imports.
Labour and fuel costs again grew in the current high inflation
environment, and a renegotiation of contracts with KiwiRail led to a
significant increase in rail costs. Operating expenses increased 15.6%
to $210.6 million.
Port of Tauranga’s Board of Directors has declared a fully imputed
final dividend of 8.8 cents per share, to bring the total dividend to
15.6 cents per share. This is a 6.1% increase on the 2022 financial
year.
Cargo trends in 2023
Total trade decreased 3.6% to 24.7 million tonnes, compared with
25.6 million tonnes the previous year. Imports decreased by 7.0% to
9.0 million tonnes, while exports decreased 1.5% to 15.7 million
tonnes.
Container volumes decreased 5.1% to 1.18 million TEUs.

Log export volumes increased 2.6% to 6.2 million tonnes, with an
unexpected boost to volumes in the second half of the financial year
due to the impact of cyclone-damaged trees being harvested early.
Dairy product exports (including transhipped cargo) increased 2.7%,
while meat exports increased 3.0% in volume.
Kiwifruit volumes were impacted by weather and fruit quality issues,
decreasing 20.3% compared with the previous year. However, the
long-term outlook for the kiwifruit sector remains strong.
Oil product imports increased 1.7%.
Fertiliser imports increased 5.1%, while grain decreased 12.2% and
protein and stock feed imports decreased by 9.0%.
MetroPort Auckland container volumes decreased 12.8% as imported
container volumes slowed.
Ship visits increased by 4.6% to 1,432. Cruise ships returned to Bay of
Plenty waters for the first time since the Covid pandemic brought
international tourism to a halt in March 2020. A total of 88 cruise
vessels called over the summer season.
Safety performance
Mr Sampson said Port of Tauranga seeks to provide consistent,
reliable and efficient operational performance without compromising
safety.
He said the Port had been heavily involved in port sector safety
strategy over the past year, via the Port Industry Association and the
Port Health and Safety Leadership Group.
“Our General Manager Health and Safety, Pat Kirk, is the current Chair
of the Port Industry Association and is an industry representative on
the Leadership Group. Port of Tauranga has played a key role in
strategic industry safety initiatives such as the Fatigue Risk
Management System, and the draft Approved Code of Practice for

cargo loading and unloading,” he said. Both initiatives have been
developed in consultation with industry, unions and the regulatory
agencies, Maritime NZ and WorkSafe.
Environmental performance
Port of Tauranga has an important role in supporting local, regional
and national economies, as well as protecting and enhancing the
communities and environment in which we operate.
Port of Tauranga continues to take its environmental responsibilities
seriously, with a focus on air and water quality in and around the
port.
Although dust generation from port activities complies with the
National Environmental Standard for Air Quality, we continue to seek
ways to decrease dust even further. In the past few years, we have
installed additional wind fences, increased wharf sweeping and
improved traffic management and cargo handling, including utilising
water misting hoppers.
Port of Tauranga has recently supported and helped fund air quality
monitoring in the industrial area to enable Bay of Plenty Regional
Council to introduce supplementary air sensors into nearby
residential areas.
Port of Tauranga also has an extensive water quality monitoring
programme, with testing for suspended solids, heavy metal toxicants
and other contaminants. All monitoring results are currently well
within compliance limits.
Total greenhouse gas emissions (Scope 1, 2 and 3) for the year ended
June 2023 decreased 7.3% to 40,021 tonnes. This was primarily due to
an overall decrease in cargo tonnages and rail volumes to and from
MetroPort Auckland.
Carbon emission intensity (emissions per cargo tonne) decreased by
3.8%.

“Our opportunity to significantly reduce emissions in future lies in
automation,” said Mr Sampson.
He said Port of Tauranga intends to install fully-electric automated
stacking cranes to increase capacity within the current footprint of
the Tauranga Container Terminal. Proposals from potential vendors
are currently being evaluated.
Outlook
Port of Tauranga looks forward to the return of productivity and
capacity maximisation now that shipping schedule reliability is more
consistent.
In the year ahead, the company expects the current global economic
conditions and softening commodity prices to continue to affect
cargo volumes, while inflationary pressures will continue to impact
costs.
Geopolitical issues will also likely continue to impact the global supply
chain. However, Port of Tauranga is well positioned to endure these
challenges with the support of customers and partners and a strong
and diverse range of cargoes.
Port of Tauranga Limited will provide guidance for the 2024 financial
year at the Annual Shareholders Meeting on 27 October 2023.
For further details, contact:
Rochelle Lockley
GM Communications, Port of Tauranga Limited
021 865 884

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24 August 2023
NZX
Wellington
Dear Sir/Madam
Port of Tauranga Limited full year results: 30 June
2023
In accordance with the NZ Stock Exchange Listing Rules, please find
attached the following documentation for release to the market:
1Media release
2Investor presentation
3Audited financial statements
4NZX results announcement
5NZX distribution notice – full year
Yours sincerely
Simon Kebbell
Chief Financial Officer
+64 7 572 8899
port-tauranga.co.nz
2 Salisbury Avenue
Mount Maunganui
New Zealand
Private Bag 12504
Tauranga Mail Centre
Tauranga 3143
New Zealand

---

INDEPENDENT AUDITOR’S REPORT
TO THE SHAREHOLDERS OF PORT OF TAURANGA LIMITED
The Auditor-General is the auditor of Port of Tauranga Limited and its subsidiaries (the ‘Group’). The
Auditor-General has appointed me, Brent Manning, using the staff and resources KPMG, to carry out
the audit of the
consolidated financial statements of the Group on his behalf.
Opinion
We have audited the consolidated financial statements of the Group on pages 2 to 57, that comprise
the consolidated statement of financial position as at 30 June 2023 , the consolidated income
statement, the consolidated statement of other comprehensive income, consolidated statement of
changes in equity and consolidated statement of cash flows for the year then ended, and the notes
to the consolidated financial statements, including a summary of significant accounting policies.
In our opinion, the consolidated financial statements present fairly, in all material respects, the
consolidated financial position of the Group as at 30 June 2023 , and its consolidated financial
performance and its consolidated cash flows for the year then ended in accordance with New
Zealand equivalents to International Financial Reporting Standards and International Financial
Reporting Standards.
Basis for our opinion
We conducted our audit in accordance with the Auditor-General’s Auditing Standards, which
incorporate the Professional and Ethical Standards and the International Standards on Auditing
(New Zealand) issued by the New Zealand Auditing and Assurance Standards Board. Our
responsibilities under those standards are further described in the Auditor’s responsibilities for the
audit of the consolidated financial statements section of our report. We are independent of the
Group in accordance with the Auditor-General’s Auditing Standards, which incorporate
Professional and Ethical Standard 1: International Code of Ethics for Assurance Practitioners
issued by the New Zealand Auditing and Assurance Standards Board, and we have fulfilled our
other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
In addition to the audit we have carried out engagements in the area of Agreed Upon Procedures,
which are compatible with those independence requirements. Other than the audit and these
engagements, we have no relationship with or interests in the Group or any of its subsidiaries.
Key Audit Matters
Key audit matters are those matters, that, in our professional judgement, were of most significance
in our audit of the consolidated financial statements in the current period. We summarise below
those matters and our key audit procedures to address those matters in order that the shareholders
as a body may better understand the process by which we arrived at our audit opinion. Our
procedures were undertaken in the context of and solely for the purpose of our statutory audit
opinion on the consolidated financial statements as a whole and we do not express discrete
opinions on separate elements of the financial statements.
© 2023 KPMG, a New Zealand partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a
private English company limited by guarantee. All rights reserved.
58

59

The Key Audit MatterHow The Matter Was Addressed in Our Audit
Value of property, plant and equipment.
Refer note 10 of the financial
statements.
The Group has property,
plant and equipment
(“PP&E”) of $2,607 million.
The Group has a policy of
valuing land, buildings,
wharves, hardstanding and
harbour improvements
(“Revalued PP&E”) at fair
value. Full Independent
valuations are obtained at
least every 3 years (by an
independent valuer) over
these asset classes.
In the current year, the fair
value of land was revalued
by an independent valuer.
Buildings, wharves and
hardstandings and harbour
Improvementswere
assessed for material
movements in their fair
values.
The Revalued PP&E is
considered a key audit
matter due to the judgement
involved in the assessment
of the fair value and the
material value of PP&E on
the balance sheet.
Our procedures focused on the appropriateness of the Group’s
assessment as to whether the carrying values of Revalued PP&E
materially represent their fair values, and if a revaluation of a class of
asset was required, that the revalued assets have been accurately
reflected in the financial statements.
For land we have:
-Assessed the competence and objectivity of the valuer used;
-Assessed the methodology applied by the valuer and
assessed whether the valuation approach was in accordance
with professional valuation standards and suitable for
determining the fair value of identified assets;
-Compared the asset holdings in the fixed asset register to
those valued to ensure all relevant property was captured;
-Compared the key assumptions within each assessment to
market evidence;
-Assessed the reasonableness of valuation movements
between financial years with consideration to broader
sector/local market evidence (where available); and
-Assessed whether the increase in valuation was correctly
accounted for within the Revaluation Reserve and Statement
of Comprehensive Income.
For buildings, wharves, hardstandings and harbour improvements we
have:
-Assessed the competence and objectivity of the valuers or
experts used by the Group;
-Compared and recalculated the valuer’s fair value
assessment against publicly available data (including relevant
price indices); and
As a result of the above procedures, we are satisfied the carrying
value of property, plant and equipment is reasonable and supportable.
We are also satisfied with the adequacy of disclosures.
Impairment of investment in Equity Accounted Investees
Refer note 14 of the financial
statements.
The Group has a 50 percent
investment in Coda Group
Limited Partnership which is
accounted for as an equity
accounted investee.
Our audit procedures included
-Assessing whether the methodology for impairment testing
adopted by the Group is inline with the applicable financial
reporting standards.
-Engaging our internal valuation specialists to review the
approach to determining the recoverable amount and

The investment in Coda
Group Limited Partnership
was tested for impairment at
30 June 2023 which involved
determining the recoverable
amount of the investment,
being the higher of fair value
and value in use.
An impairment of $7.9 million
was recognised.
This is considered to be a
key audit matter due to the
judgement involved,
including:
- forecasting future
performance; and
- selecting relevant
assumptions such as
EBITDA multiples and
the weighted average
cost of capital (WACC).
challenge the assumptions adopted by the Group, including
but not limited to the WACC rate and EBITDA multiple.
̶ Performing retrospective analysis over the accuracy of
previous forecasts prepared by the Group.
̶ Preparing alternative scenarios for assumptions and
comparing these to the Group’s adopted assumptions.
̶ Assessing the adequacy and accuracy of the disclosures
made by the Group.
As a result of the above procedures, we are satisfied the impairment
recognised is reasonable and supportable. We are also satisfied with
the adequacy and accuracy of disclosures.
Directors’ r esponsibilities for the consolidated financial statements
The Directors are responsible on behalf of the Group for the preparation and fair presentation of
the consolidated financial statements in accordance with New Zealand equivalents to International
Financial Reporting Standards and International Financial Reporting Standards, and for such
internal control as the Directors determine is necessary to enable the preparation of consolidated
financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the Directors are responsible on behalf of the
Group for assessing the Group’s ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless the
Directors either intend to liquidate the Group or to cease operations, or have no realistic alternative
but to do so.
The Directors’ responsibilities arise from the Financial Markets Conduct Act 2013.
Auditor’s responsibilities for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial
statements as a whole are free from material misstatement, whether due to fraud or error, and to
issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with the Auditor-General’s Auditing Standards will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of shareholders taken on the basis of these consolidated financial statements.
As part of an audit in accordance with the Auditor-General’s Auditing Standards, we exercise
professional judgement and maintain professional scepticism throughout the audit. We also:
60

•Identify and assess the risks of material misstatement of the consolidated financial
statements, whether due to fraud or error, design and perform audit procedures responsive
to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis
for our opinion. The risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.
•Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the Group’s internal control.
•Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
•Conclude on the appropriateness of the use of the going concern basis of accounting by
the Directors and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Group’s ability
to continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor’s report to the related disclosures in the
consolidated financial statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditor’s report. However, future events or conditions may cause the Group to cease to
continue as a going concern.
•Evaluate the overall presentation, structure and content of the consolidated financial
statements, including the disclosures, and whether the consolidated financial statements
represent the underlying transactions and events in a manner that achieves fair
presentation.
•Obtain sufficient appropriate audit evidence regarding the financial information of the
entities or business activities within the Group to express an opinion on the consolidated
financial statements. We are responsible for the direction, supervision and performance of
the group audit. We remain solely responsible for our audit opinion.
We communicate with the Directors regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
We also provide the Directors with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable,
related safeguards.
From the matters communicated with the Directors, we determine those matters that were of most
significance in the audit of the consolidated financial statements of the current period and are
therefore the key audit matters. We describe these matters in our auditor’s report unless law or
regulation precludes public disclosure about the matter or when, in extremely rare circumstances,
we determine that a matter should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to outweigh the public interest benefits
of such communication.
Our responsibilities arise from the Public Audit Act 2001.
Brent Manning
KPMG
On behalf of the Auditor-General
Wellington, New Zealand
24 AUGUST 2023
61