MOVE Logistics Group Results for year ended 30 June 2023

Company Announcement
29 August 2023

MOVE FULL YEAR RESULTS FOR THE 12 MONTHS ENDED 30 JUNE 2023
CONTINUING TO RESHAPE AND STRENGTHEN THE BUSINESS TO SUPPORT GROWTH
• FY23 revenue of $347.7m and Normalised EBITDA
1
of $47.4m reflects investment in future growth
initiatives, moderating consumer demand in response to economic conditions, the ongoing Freight
improvement programme and weather events.
• Investment in future growth includes new trans-Tasman shipping service, fleet upgrade, technology and
talented people.
• New CEO commenced in February 2023 - indepth business review completed and legacy issues are being
addressed.
• Initiation of Project Blueprint in Q423, a 12 to 18 month dual pathway programme to reshape and
strengthen the business, and drive organic growth.

Transport and logistics group, MOVE Logistics Group Limited (NZX/ASX: MOV), has reported its results for
the year ending 30 June 2023 (FY23).
The FY23 financial results reflect a moderation in customer demand in response to economic conditions, a
soft performance from Freight as the improvement programme continues, and the impact of weather
events, as well as inflationary pressure increasing the cost to serve. All businesses, excluding Freight,
delivered revenue gains, with Contract Logistics, MOVE’s largest division, delivering a solid year on year
performance, helping to offset a disappointing result from the Freight division.
Following the appointment of Craig Evans as CEO in February 2023, an indepth business review was
conducted. In late FY23, MOVE embarked on Project Blueprint, a 12 to 18 month dual pathway programme
to reshape and strengthen the business, and drive organic growth.
CEO Craig Evans commented: “Project Blueprint will create a strong launch pad to support our future growth
ambitions, with a more efficient, higher margin business model, that capitalises on MOVE’s strengths. We
are focused on organic growth, through careful customer acquisition and a focus on building base volumes
while allowing capacity for higher margin business. Alongside this is our strategy to reshape our business.
This will provide more immediate financial benefit for the business and involves a comprehensive review of
our operating costs and structure to ensure we are best placed to maximise our performance while the
growth strategy takes hold.
“Initiatives already in play are delivering early benefits, including improved cost disciplines, stronger
leadership across the business and a continuing transition from silo businesses to a unified group which
allows us to better service our customers and enhances our end to end supply chain solution. The Freight
improvement programme remains in progress and the gains from this will be a key driver of improving
financial returns.”
Excluding Freight, MOVE’s businesses all delivered year on year revenue increases, with group EBITDA
reflecting inflationary pressure on costs, investment into digital tools and piloting of new initiatives,
including MOVE’s new Oceans trans-Tasman shipping service.

1
Normalised EBITDA excludes non-trading adjustments of $1.7m pre-tax related to restructuring and resetting the business as part of the strategic
plan. Further details and reconciliation included in appendix to the FY23 Results presentation.

FY23 income was down 4.5% year on year to $347.7m. Normalised EBITDA
1
was $47.4m including a $3.4m
impact from investment in future growth initiatives. MOVE reported a Net Loss After Tax of $(7.2)m
2
.
Freight was the biggest contributor to the softer result, with a decrease in revenue driven in part by the rate
realignment in FY22, as well as the unexpected loss of a customer contract of $11m in annualised revenue,
from December 2022. A key focus in 2H23 has been on rebuilding activity, with an expanded sales team
established in late FY23.
Following a review, the Specialist business was reintegrated into the Group and FY22 results have been
restated to include Specialist. It had a strong year following Covid impacts in FY22 and is a high performing
business which delivers robust margins.
Tight control of costs and disciplined working capital management supported free cash flow of $35.4m.
Under Project Blueprint, a programme has been commenced to right-size the Freight business for current
demand, while preserving the ability to scale for growth. This is expected to deliver cost benefits from FY24.
Net capital expenditure increased in FY23 with the acquisition of the new vessel ($8.5m) and continued
investment in technology. The year on year increase reflects a prudent approach to balance sheet
management during the pandemic.
Net debt reduced by 25% to $15.6m as a result of the conversion of the convertible note in June 2023 and
from strong operating cashflows. MOVE has a solid balance sheet which will support the company through
the economic cycle.
Outlook
The softer economic conditions and inflationary pressures are expected to prevail into FY24, along with the
usual slowdown of activity prior to an election. While this will inevitably lead to a reduction in activity levels
across the freight and logistics sectors, MOVE’s focus remains on embedding change, improving productivity,
driving revenue and delivering customer service excellence.
Craig said: “Businesses are telling us they want a strong alternative in the market; a provider who is focused
on New Zealand customers, with a breadth of product and service capability, and who can move quickly to
deliver a solution that is tailored to their needs. MOVE is well positioned to meet their expectations. We
remain committed to delivering exceptional value to our customers, nurturing our talented team, and
ensuring the long-term success and prosperity of our company.”
Chair of MOVE, Lorraine Witten, said: “While there is still more work to be done, we continue to steadfastly
pursue our strategy which centres around three core areas – building a better, stronger business; smart
growth and expansion; and taking care of what matters. The work we are doing is creating a more resilient
business and will lead to sustainable long term earnings growth.
“Our aim is to have a positive impact on our people, communities and environment and we are focused on
those areas where we can drive meaningful change. Health & safety remains a priority for all our people and
we are pleased to report a continuing improvement in safety metrics for the third year in a row.
“On behalf of the Board, we would like to acknowledge and thank our people for all they have done for our
business over the past year. As part of our recognition of the contribution our people make to our business,

2
Attributable to owners of the company

the Board intends to implement a company-wide cash profit sharing scheme that aligns incentives for the
MOVE team with the company’s financial performance. Details on this will be announced in due course.”
ENDS

For further information, please contact:

Craig Evans
Chief Executive Officer
Phone: +64 274 353 897
Email: craig.evans@movelogistics.com
Lee Banks
Chief Financial Officer
Phone: +64 27 525 2876
Email: Lee.Banks@movelogistics.com

For media assistance, please contact: Jackie Ellis t: + 64 27 246 2505 e: jackie@ellisandco.co.nz

About MOVE Logistics Group Limited (MOV)
MOVE is one of the largest domestic freight and logistics businesses in New Zealand, with a nationwide network of
branches, depots and warehouses.

---

MOVE LOGISTICS GROUP LIMITED
FY23 RESULTS
Craig Evans, Chief Executive Officer
Lee Banks, Chief Financial Officer
30 August 2023

INTRODUCING CRAIG EVANS
FY23 Results Presentation2
Commenced as MOVE CEO in February 2023
Extensive industry experience: 35 years with Mainfreight. Prior to
that, four years with Freightways
Leadership: From branch level to national management. Six-plus years
as Mainfreight New Zealand Country Manager
Based in Christchurch, travels the network extensively

INCOME
$347.7m
FY22: $364.0m
EBITDA
Normalised
1
$47.4m
FY22: $56.2m
EBIT
Normalised
1
$3.9m
FY22: $11.5m
NLAT
2
$(7.2)m
FY22: $(4.2)m
LTIFR
14.72
FY22: 15.81
CAPEX
$19.5m
FY22: $5.7m
GEARING
17.2%
FY22: 22.3%
FREE
CASHFLOW
$35.4m
FY22: $45.1m
FY23 PERFORMANCE SNAPSHOT
FY23 Results Presentation
3
1.NormalisedEBITDA and NormalisedEBIT exclude non-controlling interest and non-trading adjustments of $1.7m pre-tax related to asset impairment &
restructuring the business (FY22: $3.4m). FY23 EBITDA before non-trading was $45.7m.
2.Attributable to owners of the company
FY22 restated to include Specialist division following decision to retain the business
Softer result in face of headwinds,
ongoing Freight improvement
programme and as business is
reshaped to support growth
•Moderating consumer demand
in response to economic
conditions
•Impact of weather events on
customer activity and operations
•Investment in future growth
initiatives
•Soft result from Freight business
with the improvement
programme ongoing

FY23 OPERATING ENVIRONMENT
Economic headwinds driving softer demand across the industry
FY23 Results Presentation
4
•Moderation in consumer demand following the surge in activity immediately post-Covid
•Weather impact in 2H23 on customers across a range of sectors including agriculture
and infrastructure
•Weather events disrupting transport routes and delaying launch of MOVE’s shipping
service
•Ongoing inflationary pressure increasing cost to serve – tight control over fixed costs
•Some easing of supply chain issues later in 1H23 – customer inventory levels being
reduced, with flow-on effect on warehousing and freight
•Falling consumer confidence resulting in measurable down-trade and high interest rate
environment

UPDATE ON KEY STRATEGIC PRIORITIES
4Q23: Commenced Project Blueprint to reshape & strengthen the business, and drive organic growth
FY23 Results Presentation5
WORK OUR ASSETS SMARTERBUILD OUR MULTI-MODAL OFFERDELIVER FOR OUR CUSTOMERS
•Continuation of the Freight
improvement programme
•Accelerated the fleet replacement
programme
•Digital transformation continuing with
pilot of new transport management
system
•Implementation of new HRsoftware in
progress
•Investment in new digital hardware
•Increased collaboration across the
group to create a one stop shop for
end to end supply chain solutions
•Moving from silo to group mentality
•Building internal economies and
synergies
•Launch of new trans-Tasman shipping
service with encouraging early signs
•Increasing market share as customers
look for provider value
•Accelerated the rebranding
programmeto build awareness of our
unified offer
•Significant new customer partnerships
in Contract Logistics including renewal
of Z Energy agreement
•Focus on higher value, higher margin
business
UPSIZE OUR BUSINESSTAKING CARE OF WHAT MATTERSSTRONG LEADERSHIP
•Specialist division welcomed back into
the Group following review
•Investing in and expanding core
competencies to drive organic growth
•Priority focus on health & safety,
people and culture –continuing
improvement in safety metrics
•Well progressed towards CRD
reporting in FY24
•Appointment of Craig Evans as CEO
from 1 February 2023
•New leadership of Freight business
•New GM People & Culture from July 23
•New National Sales Manager to
commence October 23

FINANCIAL RESULTS
FY23 Results Presentation6

FY23 GROUP SUMMARY
FY23 Results Presentation
7
1.NormalisedEBITDA, NormalisedEBIT and NormalisedNLAT excludes NCI and non-trading adjustments of $1.7m pre-
tax related to restructuring and resetting the business as part of the strategic plan(FY22: $3.4m)
2.Attributable to owners of the company
$MillionsFY23FY22
Total Income
347.7364.0
Normalised EBITDA
1
47.456.2
Normalised EBIT
1
3.911.5
NormalisedNLAT
1
(4.3)(0.2)
Reported NLAT
2
(7.2)(4.2)
EPS (cents)
(6.18)(3.97)
Free cashflow
35.445.1
Net Debt
15.620.9
•Results impacted by softening consumer
demand in response to economic conditions
and impact of weather events
•Soft result from Freight business with the
improvement programmeongoing
•Investment into future growth initiatives
including Oceans and technology with $3.4m
impact on EBITDA
•Focus on cost control, working capital
management and customer value proposition
•Gross margin in line with prior year
•Net debt reduction from conversion of
convertible note and cashflows
Late FY23: commenced Project Blueprint to reshape
& strengthen the company, and drive organic growth

NORMALISED EBITDA
FY23 Results Presentation8
•FREIGHT: Decrease in sales, including loss of
customer contract of $11m in annualised
revenue. Result includes $1.1m of IT project
costs
•CONTRACT LOGISTICS: Improved warehouse
utilisation. Fuel business impacted by higher
driver and R&M costs
•INTERNATIONAL: Reflects start up of Ocean
initiative ($1.87m). Commenced consistent
scheduling of trans-Tasmanservices in June
2023
•SPECIALIST: Good recovery from Covid-
impacted year in FY22
•Flat corporate costs year on year
NormalisedEBITDA excludes non-trading adjustments of $1.7m pre-tax related to restructuring and resetting
the business as part of the strategic plan. Further details included in appendix to this presentation.

CASH FLOW
FY23 Results Presentation
9
•Positive working capital movement and
operating cashflows, partially offsetting lower
EBITDA and higher capex
•Free cash flow remains in good position at
$35.4m
•Net capital expenditure increased by $12.5m
YoY due to purchase of ship and prudent capital
management during Covid
•Cash conversion of 102% - exceeded goal to
improve to >90% in FY23
•Interest expense down on prior year due to
debt reduction in 2Q22
CASH CONVERSION IS THE FOCUS
$000sFY23FY22
NormalisedEBITDA excl. non cash items 48,41956,269
Non trading - cash items(701)(1,768)
Working capital movement1,172(8,396)
Net operating cashflows48,89046,105
Capital expenditure(19,491)(5,707)
Govt Grant3,0000
Sale of PPE (excluding loss/gains)3,0324,731
Net capital expenditure(13,459)(976)
Free cash flow35,43145,129
Acquisitions/Advances to Associates198200
Net cash flow before financing and tax35,62945,329
Net interest payments(9,208)(10,684)
Tax payments(920)(481)
Dividends (non-controlling interests)(624)(45)
Cash flow before movements in net debt24,87734,119
EBITDA cash conversion102.5%84.6%

BALANCE SHEET
•$5.3m reduction in net debt
following conversion of convertible
note and from cashflows
•Renegotiated bank facilities with
revised covenants which enables
runway for Project Blueprint
•Solid working capital ratio
FY23 Results Presentation
10
0
10
20
30
40
50
60
70
80
FY20FY21FY22FY23
$millions
Significant Reduction in Net Debt
FY20: FY23
$000sFY23FY22
Net Debt15,57920,889
Leverage Ratio1.86x.65x
Fixed Charge Cover Ratio1.26x1.46x
Gearing17.2%22.3%
Working Capital Ratio1.271.42

CAPEX
Catch up following prudent capital
management during Covid
•Growth investments – Oceans and
technology (FuseIT handheld scanners)
•Leased vehicle programme proceeding
well – in line with asset light strategy
•46 new prime movers and 13 trailers
were added in FY23
•Capital commitments as at June 2023
were $12.1m – multi-modal solution,
fleet and technology
•Replacement Transport Management
System project (FuseIT) is ongoing
FY23 Results Presentation
11
Sustaining capital expenditure/depreciation and software
amortisation (excluding ship)
FY23
59%
FY22
58%
Leased fleet additions
FY23
$12.6m
FY22
$4.7m
Capital Expenditure ($m)
FY23FY22
Fleet3.92.2
Ship8.5-
Technology1.5.3
Other2.63.2
TOTAL*16.55.7
* Excludes progress payment on new ship build

OPERATIONAL PERFORMANCE
FY23 Results Presentation12

FREIGHT
Soft result as economic challenges hit and
improvement programme continues
•Sales impacted by inflationary pressure and weather events on
customer demand, and rate realignment. Unexpected contract loss
of circa. $11m in annualisedrevenue from December 2022
•Review and re-set of Freight improvement programme; new
leadership from 2H23
•Restructure of business into clear LCL and FTL services, with focus on
productivity and utilisationin higher margin LCL business
•Investment in business –technology, people and branding
•FY24 Priorities: Focus on LCL business - Improve fleet utilisation and
productivity; drive sales; rollout fit for purpose technology platform;
improve data collation and analysis; establish robust process and
operational disciplines. Rebuild in activity is key focus. Infrastructure
(cost base) is now being right sized under Project Blueprint.
•Improving returns expected from 2H24 as changes are bedded in
and with renewed focus on customer value proposition
FY23 Results Presentation
13
Revenue: $146.0m, -19%
EBITDA: $9.3m, -50%
60
85
110
135
160
185
210
FY 2021FY 2022FY 2023
NZD millions
Revenue
-
3
6
9
12
15
18
21
FY 2021FY 2022FY 2023
NZD millions
Normalised EBITDA

CONTRACT LOGISTICS
Steady state with strong customer relationships and
increased utilisation of assets
FY23 Results Presentation
14
•Solid performance in Logistics & Warehousing, offsetting small
decrease in Fuels business
•Logistics & Warehousing: Capacity at high levels. Strong existing
customer renewal rate alongside increasing new customer activity.
Focus on cost control in the high inflation environment helping to
deliver consistent margin performance
•Fuel: Renewal of Z Energy long term agreement. Revenue impacted by
loss of customer contract in 2H22; offset by new customer wins.
Investment into new trucks and trailers, and exploration of sector-
specific opportunities
•FY24: Some softening anticipated as customer activity slows in
response to economic conditions. Continuing focus on utilisationof
capacity and getting the most out of the assets we own
Revenue: $159.4m, +3%
EBITDA: $34.4m, -2%
-
25
50
75
100
125
150
175
FY 2021FY 2022FY 2023
NZD millions
Revenue
-
5
10
15
20
25
30
35
40
FY 2021FY 2022FY 2023
NZD millions
Normalised EBITDA

INTERNATIONAL
Launch of new Oceans strategy
•International freight volumes and pricing have eased
•Investment into Oceans strategy:
oAcquisition of new vessel. Start-up of trans-Tasman shipping
service in January 2023; commenced consistent scheduling of
services in June 2023
oCommissioned new build ship for coastal shipping, supported
by $10m co-funding from Waka Kotahi (received $3m in FY23)
•Oceans acts as a feeder to MOVE’s freight and warehousing
businesses
FY24: Focus on building capability and expertise. Continue to build the
trans-Tasman offer. Ongoing investment into new build coastal shipping
vessel, with service expected to commence Q1 CY2025. Long term
potential to build Oceans offer.
FY23 Results Presentation15
Revenue: $19.8m, +82%
EBITDA: $2.2m, -42%
2
4
5
7
8
10
11
FY 2021FY 2022FY 2023
NZD millions
Revenue
-
1
2
2
3
4
5
FY 2021FY 2022FY 2023
NZD millions
NormalisedEBITDA

SPECIALIST
High performing business, delivering strong margins
•Recovery from FY22 Covid-impacted year
•TranzcarrHeavy Haulage activity is mainly project based –lumpier
revenue and susceptible to changes in project timelines. Weather
related events has pushed out some activity into 1H24
•Machinery Movers –very busy FY22 and early FY23, with
slowdown in 2H23 as construction activity softened
•FY24: Strong pipeline of work in place
Opportunities:
oGrow existing market share
oExpand into other sectors and regions
oSynergy across MOVE’s customer base
oNZ infrastructure rebuild activity following weather events
oLarge projects in areas where MOVE has expertise eg
alternative energy projects, commercial construction
FY23 Results Presentation16
Revenue: $18.7m, +32%
EBITDA: $4.3m, +132%
-
5
10
15
20
25
FY 2021FY 2022FY 2023
NZD millions
Revenue
-
1
2
3
4
5
6
7
8
FY 2021FY 2022FY 2023
NZD millions
Normalised EBITDA

SUSTAINABILITY
People, communities, environment
0
10
20
30
40
50
60
70
LTIFRTRIFR
Key safety indicators continue to
improve
FY20: FY23
FY23 Results Presentation
17
•Appointed a Group Sustainability Lead in July
2022
•Monthly and annual safety awards
•Commitment through the business to
decarbonisation – 3% YOY reduction in total
gross emissions to 146k tonnes (includes full
scope 3)
•Progressed multi-modal strategy to reduce
number of trucks on the road through use of
coastal shipping and rail
•Technology driving improvements in driver
behaviour, fuel consumption and route
optimisation
•Significant work done towards Climate Related
reporting in FY24
•Appointment of GM People & Culture from
1 July 2023

LOOKING FORWARD
FY23 Results Presentation18

STRONG LEADERSHIP TEAM
Leading our pathway to success
FY23 Results Presentation19
Craig Evans
CEO
Appointed Feb 2023
Lee Banks
CFO
Appointed Jul 2013
Dale Slade
GM Oceans
Appointed May 2020
Justin Marshall
National Freight Manager
Appointed Mar 2022
James Watters
COO Contract Logistics
Appointed Nov 2021
Anthony Barrett
CIO
Appointed Apr 2022
Rachel Hustler
GM People & Culture
Appointed Jul 2023
Warwick Bell
GM Specialist Lifting
Appointed Dec 2018
Ricky Clark
National Sales Manger
Commencing Oct 2023

STRATEGY FOR GROWTH
20FY23 Results Presentation
Our Vision: To be the
preferred freight and
logistics provider in
Australasia
Our Mission: To keep our
customers moving
Our Mantra: Customer,
Safety, Team

RESHAPE AND STRENGTHEN THE BUSINESS
Immediate benefit
•Comprehensive review of operating costs
and structure
•Remove cost from the organisation
•Maximise performance, productivity and
utilisation
FY23 Results Presentation21
PROJECT BLUEPRINT
DRIVE ORGANIC GROWTH
Short to medium term benefit
•Investment in sales resource
•Careful customer acquisition
•Focus on building base volumes while
allowing capacity for higher margin business
•Primary focus on organic growth and
collaboration across the industry
PRIORITIES
12 – 18 month dual pathway programme to reshape and strengthen the business, and drive
organic growth

PROJECT BLUEPRINT: GREENSHOOTS
FY23 Results Presentation22
We have identified what needs to be done across the business to achieve success and have a clear plan in place.
Early benefits are being seen from the work underway.
BETTER, STRONGER
BUSINESS
✓
Creating higher levels of accountability and measurability across the business, particularly at
regional branch level
✓
FuseIT piloted and being refined with rollout targeted for completion in 1H CY2024
✓
Implementing robust processes and operational disciplines
✓
Priority focus on productivity and utilisation
✓
Standardisation of rates, operating costs and processes across the different Freight businesses
SMART GROWTH &
EXPANSION
✓
Increasing awareness of MOVE’s end to end supply chain solution – more customer enquiries
and invitations to tender
✓
Transition to a sales-led organisation including appointment of a new National Sales manager
and investment into an expanded sales team
TAKING CARE OF
WHAT MATTERS
✓
Established a strong leadership team with the right people in the right roles
✓
Engaging with our people and taking them on the journey
✓
Attracting and developing our pool of quality people – new GM P&C; development of Graduate
Programme
✓
Sense of excitement across the organisation

LOOKING AHEAD
FY23 Results Presentation
23
Market outlook:
•Anticipate moderation in customer activity due
to economic conditions, and election year
uncertainty
•Increased market competition has emerged as
the economy continues to tighten
•Inflationary pressures expected to continue
Business Outlook:
•Focus on Project Blueprint -embedding change,
improving productivity, driving revenue and
delivering customer service excellence
•Opportunity to build market share as customers
consider alternatives and as competitors wane in
softer economic climate
RESILIENCE
Prepared for economic and market changes
•Robust Freight, Fuel and Warehouse networks,
providing customers with certainty despite
weather events
•Oceans strategy supporting increased role of
coastal shipping in New Zealand’s transport
network; will provide optionality during road
closures and remediation
•Ability to mobilise a large fleet enables MOVE
to work around network outages, such as
derailments and line closure
•Strong investment in technology
•Diversified customer base and new client
relations across the Tasman as a result of
Oceans strategy
•Refreshed leadership team and Board with
significant industry experience and expertise

DISCUSSION
FY23 Results Presentation24

FY23 Results Presentation25
APPENDICES
Craig Evans
Chief Executive Officer
Phone: +64 274 353 897
Email: craig.evans@movelogistics.com
Lee Banks
Chief Financial Officer
Phone: +64 27 525 2876
Email: Lee.Banks@movelogistics.com

Non-GAAP Reconciliation
$MillionsFY23FY22
Net profit/(loss) before income tax (GAAP measure)(7.59)(3.21)
Add back:
Share of loss of associates.07.10
Net finance costs9.6611.18
Loss in investment in associates-.06
Restructuring costs.591.63
Share acquisition costs.11.14
Goodwill and asset impairment1.031.62
Depreciation & Amortisation43.4844.67
EBITDA excluding non-trading items (non-GAAP measure)47.3556.19
Net profit/(loss) after income tax (GAAP measure)
attributable to owners
(7.19)(4.21)
Add back:
Non-controlling interests1.351.10
Other non-trading expenses, net of tax:
Goodwill and asset impairment1.031.62
Restructuring costs.431.18
Share acquisition costs.11.14
Net profit/(loss) after tax excluding non-trading items
(non-GAAP measure)
(4.27)(.17)
FY23 Results Presentation26
MOVE Logistics Group uses several non-GAAP measures when
discussing financial performance and the Board and
Management believes this provides a better reflection of the
company’s underlying performance.
Glossary:
•EBITDA: Earnings before interest, tax, depreciation,
amortisation excluding income and impairment from
associates
•Normalised EBITDA: EBITDA before non trading costs
•Normalised EBIT: Normalised EBITDA less depreciation and
amortisation
•Free cash flow: EBITDA excluding non-cash items plus
movements in working capital, less net capital expenditure
•Net debt: interest bearing liabilities less cash and cash
equivalents
•Operating cash conversion: cash generated from
operations as a %age of EBITDA less non-cash items
•Working Capital Ratio: Current Assets excluding held for
sale / Current Liabilities excluding borrowings and held for
sale
•LTIFR: Lost time injury frequency rate
•TRIFR: Total recordable injury frequency rate

Disclaimer
FY23 Results Presentation27
This presentation has been prepared by MOVE Logistics Group Limited (“MOV”). The information in this presentation is of a general nature only. It is not a complete
description of MOV.
This presentation is not a recommendation or offer of financial products for subscription, purchase or sale, or an invitation or solicitation for such offers.
This presentation is not intended as investment, financial or other advice and must not be relied on by any prospective investor. It does not take into account any
particular prospective investor’s objectives, financial situation, circumstances or needs, and does not purport to contain all the information that a prospective
investor may require. Any person who is considering an investment in MOV securities should obtain independent professional advice prior to making an investment
decision, and should make any investment decision having regard to that person’s own objectives, financial situation, circumstances and needs.
Past performance information contained in this presentation should not be relied upon as (and is not) an indication of future performance. This presentation may
also contain forward looking statements with respect to the financial condition, results of operations and business, and business strategy of MOV. Information about
the future, by its nature, involves inherent risks and uncertainties. Accordingly, nothing in this presentation is a promise or representation as to the future or a
promise or representation that an transaction or outcome referred to in this presentation will proceed or occur on the basis described in this presentation.
Statements or assumptions in this presentation as to future matters may prove to be incorrect.
A number of financial measures are used in this presentation and should not be considered in isolation from, or as a substitute for, the information provided in the
MOV Listing Profile.
MOV and its related companies and their respective directors, employees and representatives make no representation or warranty of any nature (including as to
accuracy or completeness) in respect of this presentation and will have no liability (including for negligence) for any errors in or omissions from, or for any loss
(whether foreseeable or not) arising in connection with the use of or reliance on, information in this presentation.

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Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)


Results for announcement to the market
Name of issuer MOVE Logistics Group Limited (MOV)
Reporting Period 12 months to 30 June 2023
Previous Reporting Period 12 months to 30 June 2022
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$343,873 (4.5%)
Total Revenue $343,873 (4.5%)
Net profit/(loss) from
continuing operations
($7,190) (70.9%)
Total net profit/(loss) ($7,190) (70.9%)
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.00
Imputed amount per Quoted
Equity Security
$0.00
Record Date Not Applicable
Dividend Payment Date Not Applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.44 $0.45
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer audited financial statements as included in the annual
report.
Authority for this announcement
Name of person

authorised
to make this announcement
Lee Banks, CFO
Contact person for this
announcement
Lee Banks
Contact phone number 06 755 9405
Contact email address lee.banks@movelogistics.com
Date of release through MAP

29 August 2023

Audited financial statements accompany this announcement.

---

Preparing
to unleash
our
potential.
Annual Report 2023

We‘re
preparing to
unleash our
potential.
With a legacy of over 150 years,
we’ve cemented our position
as one of New Zealand’s
premier transport and logistics
providers. More recently, we’ve
grown our business, bringing
in new capability and services.
Now a new chapter begins,
one that will define our future.
We’re getting ready to unleash
our potential – delivering
innovative solutions that meet
our customers’ needs and
creating value for our people
and our shareholders.
2

3
ANNUAL REPORT 2023

4

Business
with a
smile.
We believe in doing business
with a smile. It’s not just the
expertise, unique skills and
commitment to excellence
that fuel our success, it’s
the genuine connection
that our people forge with
our customers that sets
us apart. Our people are
passionate about our industry
and excited about the
transformation underway in
our business. Together, we
are driving positive change
that will benefit our team,
our customers and our
shareholders.
With a bubbly personality and a strong work ethic,
Pearl Henshaw is a valued driver for MOVE’s Fuel
business. She loves being out and about, delivering
fuel to customers across the region. Having top-of-
the-line trucks to drive and a great team to work
with are added bonuses. Initially from the West
Coast, Pearl has worked her way up through the
industry, from class 2 to class 5 trucks. Now based in
Christchurch, she is one of the few female fuel drivers
in the region. She recommends it as a great career
pathway for young people leaving school, saying it is
ideal for those not wanting a desk job and provides
good hours and pay.
5
ANNUAL REPORT 2023

Connecting
the dots.
We are connecting the
dots to create a seamless
and efficient end to end
supply chain solution for
our customers. Through our
extensive network, specialised
services and sector-specific
expertise, we have the ability
to meet our customers’ needs
and exceed their expectations.
Ian Pascoe is one of MOVE’s specialised aquaculture
drivers, transporting mussels around the country for
some of New Zealand’s biggest suppliers.
With more than 30 years of driving under his belt, in
both Australia and New Zealand, Ian always had a
fascination for trucks and got his Heavy Vehicle licence
not long after leaving school. His career has spanned
the dairy, mining and fresh food sectors, with jobs in the
past two decades revolving around his role as a solo
parent. But now his young family has grown up, Ian has
moved back to his first love, line haul driving across
the country. He can often be found travelling between
Nelson, Tauranga and the Coromandel, picking up and
delivering loads of live mussels. The job is a specialised
one, with MPI-certified trucks, and drivers trained in the
secure, quality transportation of live seafood.
Ian says driving is a passion, not a job. “It’s interesting
and challenging. It’s not just driving – it’s loading,
strapping and unloading, and ensuring your truck is
in top condition. I like the variety of going to different
places each day and being personally responsible for
delivering a great service for MOVE and our customers.”
Ian is a valued member of the MOVE team and his
experience and passion are much appreciated.
6

7
ANNUAL REPORT 2023

Welcome.
The Board and Management of MOVE Logistics Group Limited are
pleased to present our Annual Report for the year ended 30 June 2023.
Lorraine Witten Craig Evans
Chair Chief Executive Officer
10
About us
15
From the Chair
21
Management report
11
Our network
17
Our strategy
29
Project Blueprint
12
FY23 at a glance
18
Introducing MOVE’s
new CEO
32
Taking care of what
matters
33
MOVE’s sustainability
journey
40
MOVE Board
37
Our community
42
MOVE Leadership
team
38
Our team
44
Financial measures
8

47
Financial statements
53
Notes to the
concolidated financial
statements
85
Independent auditor’s
report
89
Additional statutory
information
98
Corporate governance
9
ANNUAL REPORT 2023

OUR VISION
To be the preferred freight and logistics provider in Australasia.
This means delivering the best solution and service for our customers, providing secure and rewarding work
opportunities for our people, and generating value for our shareholders.
OUR MISSION
To keep our customers moving.
Our expert term provides comprehensive freight and logistics solutions to help our clients stay ahead and
succeed.
OUR MANTRA
Customer, Safety, Team
We work together to deliver the best possible customer experience and business performance, strive to exceed
our customer’s expectations and remain unwavering in our dedication to ensuring the well-being and safety of
our people, partners and communities in our work.
WHAT WE DO
MOVE is a one stop shop for all logistics services. We can provide a solution for supply chain challenges of all kinds.
Store your goods with us and transport them where you need with our domestic and international networks.
About us.
FREIGHTCONTRACT LOGISTICS
WAREHOUSING/
BULK LIQUIDS
SPECIALISTINTERNATIONAL
We are one of the
largest domestic
freight providers in New
Zealand.
Our services include
general freight,
household relocations,
temperature-controlled
goods, project cargo
and full truck loads.
There’s nothing we can’t
move.
We offer contracted
solutions for customers
including warehousing
and supply chain
capability. Our
warehouses are central
to main routes and
easy for port access.
Our specialist road
tanker division is one of
the largest operators
in the New Zealand fuel
delivery market.
We move oversized and
large items that require
specialist haulage.
From heavy haulage,
and machinery
transports to oversized
freight movements –
we can move anything.
We are global logistics
specialists, moving all
kinds of goods to and
from anywhere. We
provide international
freight forwarding
and shipping agency
services across a broad
range of industries.
Our new trans-Tasman
shipping service adds
another valued service
to our offer.
10

AUCKLAND
NELSON
HAMILTON
WANGANUI
PALMERSTON NORTH
NEW PLYMOUTH
WHANGAREI
GISBORNE
MT MAUNGANUI
TAURANGA
NAPIER
HASTINGS
FREIGHT
WAREHOUSING
INTERNATIONAL
BULK LIQUIDS
SPECIALIST
OCEANS
BLENHEIM
MASTERTON
WELLINGTON
RAI VALLEY
CHRISTCHURCH
ASHBURTON
DUNEDIN
CROMWELL
TIMARU
INVERCARGILL
WESTPORT
AUCKLAND
NELSON
HAMILTON
WANGANUI
PALMERSTON NORTH
NEW PLYMOUTH
WHANGAREI
GISBORNE
MT MAUNGANUI
TAURANGA
NAPIER
HASTINGS
FREIGHT
WAREHOUSING
INTERNATIONAL
BULK LIQUIDS
SPECIALIST
OCEANS
BLENHEIM
MASTERTON
WELLINGTON
RAI VALLEY
CHRISTCHURCH
ASHBURTON
DUNEDIN
CROMWELL
TIMARU
INVERCARGILL
WESTPORT
TEAM
1,147team members
19% of our team are female
71% of our team are based outside
of Auckland
34% of our our Freight fleet drivers
are Owner Drivers
NETWORK
41 branches, depots, crossdocks,
warehouses and support offices
across New Zealand
197,000 square metres of
warehouse capacity
1,104 owned trucks, trailers and
forklifts
CORPORATE
1,900 shareholders
23% of issued capital held by
Australian shareholders
Our network.
“Our network connects us to
our customers and allows
us to deliver the best supply
chain solution. We work with
customers across Australasia
and in a diverse range of
sectors.”
11
ANNUAL REPORT 2023

Operating
Environment
Reduced volatility as pandemic and freight congestion issues ease
Moderation in customer demand following post-Covid surge - increasing
economic headwinds putting pressure on demand across most sectors
Severe weather events in 2H23 created freight movement challenges and
impacted customers
Inflationary cost escalation increasing the cost to serve and putting pressure on
margins
Work our assets
smarter
Progressed the Freight improvement programme
Accelerated the fleet replacement programme and optimised fleet to improve
utilisation
Digital transformation continuing with successful pilot of new transport
management system and investment in hardware
Optimise our
earnings
Results reflect investment in growth initiatives, moderation in customer demand in
response to economic conditions, ongoing freight improvement programme and
weather events
Tight cost control with gross margin in line with prior year
Transitioning towards higher margin customers
Build our multi-
modal offer
Increased collaboration across the group to create a one stop shop for end to end
supply chain solutions
Launch of new trans-Tasman shipping service with encouraging early signs
Deliver for our
customers
Increasing market share as businesses look for alternative provider to add value
Accelerated the rebranding programme to build awareness of MOVE’s unified offer
Focus on higher value, higher margin business
Upsize our
business
Specialist division welcomed back into the group following review
Investing in and expanding core competencies to drive organic growth
Taking care of
what matters
Appointment of Craig Evans as CEO from February 2023
Appointment of Rachel Hustler as the new GM People & Culture from 1 July 2023
Appointment of new National Sales Manager from October 2023
Priority focus on health & safety, people and culture
Well progressed towards CRD reporting in FY24
FY23 at a glance.
Continuing to reshape and strengthen our business as we
look to unleash our potential.
12

1
Normalised EBITDA and Normalised EBIT exclude non-controlling interest and non-trading adjustments of $1.7m pre-tax related
to asset impairment & restructuring the business (FY22: $3.4m). FY23 EBITDA before non-trading was $45.7m.
2
Attributable to owners of the company.
INCOME
$
347.7M
FY22: $364.0M
NORMALISED EBITDA
1

$
47.4M
FY22: $56.2M
NORMALISED EBIT
1

$
3.9M
FY22: $11.5M
NLAT
2

$
(7.2)M
FY22: $(4.2)M
LTIFR
14.72
FY22: 15.81
CAPEX
$19.5M
FY22: $5.7M
GEARING
17.2%
FY22: 22.3%
FREE CASHFLOW
$
35.4M
FY22: $45.1M
FREIGHT
CONTRACT LOGISTICS
INTERNATIONAL
SPECIALIST
FREIGHT
CONTRACT LOGISTICS
INTERNATIONAL
SPECIALIST
FREIGHT
CONTRACT LOGISTICS
INTERNATIONAL
SPECIALIST
REVENUE BY DIVISIONNORMALISED EBITDA BY DIVISION
13
ANNUAL REPORT 2023

MOVE CEO, Craig Evans & Chair, Lorraine Witten
14

From the Chair.
In a world where the economic
and market landscape is
constantly being reshaped,
adaptability is the key to
survival. Over the past two
years, we have embraced this
wholeheartedly, navigating
through a transformative
period in which we redefined
our goals, charted our course
and developed strategies to
enable us to thrive in an ever-
evolving market.
Lorraine Witten, Chair
MOVE was founded more than 150 years ago.
Built on a nationwide network of leading regional
brands and businesses, we have now brought these
together into one cohesive group. By leveraging
the strength and expertise of each entity within our
organisation, we have created an end to end supply
chain solution with capability across a wide range of
sectors and industries.
Innovative customer solutions have been a
cornerstone of our approach, as we seek to meet
our clients’ evolving needs. From MOVE’s new
trans-Tasman shipping service, which we have been
piloting this year, through to how, when and where
we freight and store our customer’s goods, our focus
is always on delivering value for our clients. This
ethos is enabling us to forge strong relationships
and establish ourselves as a trusted partner in the
industry.
Beyond the strategic decisions that drive our
business, it is MOVE’s people who truly set us
apart. We firmly believe that a company is only as
strong as its workforce and we are proud to have
a dedicated team of more than 1,100 professionals
who embody our values, are passionate about
our industry and believe in MOVE’s potential.
We value the diverse skills and perspectives our
team members bring, and our aim is to foster an
inclusive and supportive environment where they
can thrive. On behalf of the Board, we would like to
acknowledge and thank our people for all they have
done for our business over the past year. We know
that change can be challenging and we thank them
for staying the course.
Our commitment to Environmental, Social and
Governance principles remains steadfast. We
recognise that to earn our social licence to operate,
we must act responsibly and for a wider purpose
than simply profit. Our ideal is to not just reduce
our impact, but to contribute positively for our
people, our communities and the environment. We
believe this will have beneficial outcomes for our
business, thereby creating long term value for our
shareholders. More can be read on our approach
in the Taking Care of What Matters section of this
report.
15
ANNUAL REPORT 2023

MOVE’s financial results for FY23 reflect the
investments made into our business and new
initiatives, the ongoing reset of our Freight division,
and the transition towards higher margin business
as well as the more challenging economic
conditions. We recognise that there is more work to
be done to unleash the potential of our business and
achieve the results our shareholders are looking for.
Central to the next stage of our journey has been
the appointment of our new CEO, Craig Evans,
whose significant industry expertise and experience
have brought a fresh perspective to our business.
We welcomed Craig to our company in early 2023
and already he has infused the organisation with a
renewed sense of purpose, positivity and passion.
Following his appointment, Craig undertook an
indepth business review which has resulted in
Project Blueprint, a 12 to 18 month dual pathway
to reshape and strengthen the business, and
drive growth.
We continue to steadfastly pursue our strategy,
which centres around three core areas – building
a better, stronger business; smart growth and
expansion; and taking care of what matters. Under
Craig’s direction, new priorities have been set, with
our focus sharpened on our customers, our offer,
our people and driving revenue and returns. These
priorities reflect our commitment to delivering
exceptional value to our customers, nurturing our
talented team, and ensuring the long-term success
and prosperity of our company.
As part of our recognition of the contribution our
people make to our business, the Board intends to
implement a company-wide cash profit sharing
scheme that aligns incentives for the MOVE team
directly with Company’s financial performance.
Craig is a big supporter of this and has surrendered
the 1 million restricted share units (RSUs) he was
issued upon commencing his role, to ensure that his
incentives are aligned with those offered to the wider
MOVE team.
As Chair of the Board, I would like to thank my fellow
Directors for their support, strategic guidance,
diverse perspectives and governance as we steer
MOVE in the right direction. In particular, I would like
to acknowledge and thank director, Chris Dunphy,
who took on the role of Executive Director over the
last 18 months. With Craig’s appointment as CEO in
February 2023, Chris has now stepped back into a
non-executive board role.
We were pleased to welcome Julia Raue as an
independent director from 3 May 2023. Julia has a
strong background in business transformation and
digital change, which is of significant value as MOVE
continues its digital transformation. Her appointment
is in line with the Board’s succession planning, with
Danny Chan intending to step down at this year’s
Shareholder Meeting. Danny joined the Board when
MOVE first listed in 2017 and has provided valued
governance and advice as the company has
evolved.
I would also like to express my appreciation for
MOVE’s leadership team who have embraced
change and worked collaboratively together to lay
the foundations for our future growth.
In this annual report, we share our journey and the
pathways we have chosen to propel us forward. We
thank our shareholders for your ongoing support
and trust in our abilities. Together, we will continue
moving the dial as we unlock our potential and
chart a clear path toward long-term profitability and
shareholder value.
Lorraine Witten
Chair
16

BETTER, STRONGER BUSINESS
Work our assets smarter:
Investing in what matters and
driving better returns on our
businesses and assets
Optimise earnings:
Focused on optimising our
earnings and delivering strong
earnings growth and value for
shareholders
SMART GROWTH & EXPANSION
Deliver for our customers: Putting
our customers at the heart of all
we do and delivering the best
customer solution and service
Upsize our business:
Maximising organic and
acquisition opportunities to
expand our market presence
across Australasia, extend our
offer and grow our customer base
Build our multi-modal offer:
Creating a multi-modal offer that
utilises the best freight modes
to deliver our customers’ goods
where and when needed
Industry collaboration and
partnerships:
Work in partnership with best-
in-class providers to ensure the
optimal solution for our customers
and help us grow while preserving
our capital
TAKING CARE OF WHAT
MATTERS
Having a positive impact on our
people, communities and the
environment
Passionate
and Talented
People
Operational

Excellence
Technology

and
Innovation
Superior

Financial
Performance
Funding

for Growth
B
E
T
T
E
R
,

S
T
R
O
N
G
E
R

B
U
S
I
N
E
S
S
S
M
A
R
T

G
R
O
W
T
H

&

E
X
P
A
N
S
I
O
N
T
A
K
I
N
G

C
A
R
E

O
F

W
H
A
T

M
A
T
T
E
R
S
Our strategy.
17
ANNUAL REPORT 2023

Introducing MOVE’s
new CEO, Craig Evans.
Craig Evans joined MOVE on
1 February 2023, with a remit to
rejuvenate our 150-plus year
old company and establish
a strong business positioned
for the future. Craig comes
with an impeccable pedigree,
having worked in the transport
industry since leaving school,
including a 35-year stint with
Mainfreight where he held the
role of New Zealand country
manager for the last seven
years. He’s now applying his
skills and experience to one
of New Zealand’s longest
standing freight and logistics
companies, MOVE Logistics
Group.
My colleagues would describe me as a people
person, very approachable and keen to hear
what others have to say. I’m also very energetic,
particularly when I’m passionate about something.
I’m always thinking two or three years ahead, about
cause and effect, and that often takes me down a
whole lot of different tangents.
I always told my kids two things; Be the best you
can be and be considerate to others. They’re
not really kids anymore. I’ve got three children
and 11 mokopuna. So now I tell those things to my
grandchildren. People do business with people they
like. Being courteous and considerate gets you a
long way in life.
Every kid should do sport. It’s a great way to learn
teamwork, competition and sportsmanship. I was
pretty good at sport at school and considered going
to the States to pursue an athletics career. I’ve also
got a Black Belt in Zen Do Kai, which is a freestyle
martial art.
My first job was cleaning toilets. I worked a variety
of jobs while I was growing up, my brothers and I
were all expected to pay our own way for the things
that we wanted, there were no handouts. I’m a
big believer in looking at people’s experience and
attitude towards work, rather than the degrees they
hold.
I was made redundant when I was 23 years old and
on my honeymoon. I’d been managing the bulk line
haul business for a transport company, one that
I’d joined straight out of school. A few days after
I was made redundant, I met Bruce Plested from
Mainfreight, which was an emerging company at
the time. He offered me a store manager job. When
I turned that down, he offered me a management
role instead.
I did the equivalent of an MBA at Macquarie
University. I was a guinea pig for their accelerated
programme. We completed it over 31 days’ straight,
no breaks, 12 hour days, 320 hours in total. It nearly
broke us but it was an incredible learning experience.
18

I love to see people grow and excel. The biggest
joy I get in business is seeing people recognise and
then work towards realising their potential. If we can
create a sense of unity, achievement and a strong
culture, then that will translate to business success.
The secret to being a good CEO is to recognise
you’re not an expert at everything and listen to
people. CEOs are not here to make decisions, we’re
here to find the right answers. People need to feel
safe to provide ideas. Collaboration is a word I’m big
on.
Tackling climate change is a journey. We all need
to be on it if we want our planet to survive. However,
we need to keep it real and do-able, and not get
caught up in the PR hype. At MOVE, we’re looking at
new technologies and alternative fuels and how we
can operate our business more sustainably, but we
recognise it’s not a quick fix.
Skilled labour is one of the biggest issues for our
industry. We need a robust, skilled workforce – and
to do that, we need to make our industry fun and a
great place to work. Our young people need to see a
career and opportunities for themselves. We’re very
focused on growing our own talent and developing
people within our business.
Reputation is everything. When people talk about
MOVE Logistics Group, I want them to think three
things – we are problem solvers, we are great to do
business with and our word is our bond. I want every
one of our people to be proud of who they work
for and to take pride in doing the best possible job.
That’s my focus for now and I’m bringing everyone in
our company along on the journey with me.
19
ANNUAL REPORT 2023

20

Management
report.
Craig Evans, Chief Executive Officer
I am delighted to be reporting to shareholders for
the first time since taking on the mantle of MOVE’s
CEO earlier this year. It has been an interesting
first few months as I have travelled our network,
listening to our people, talking to our customers and
understanding the challenges we are facing, but
more exciting for us all, the huge potential for our
business.
The initiatives undertaken over the past two years,
some of which are still in progress, are creating a
step change for this organisation. My priority now
is to continue that transformational change and
strengthen our value proposition.
The company has been in survival mode for some
time. Now we are moving to a new mindset as
we reshape and strengthen our business, create
a unified platform and start hunting for new
opportunities and prospects.
The demand is out there – businesses are telling
us they want a strong alternative in the market; a
provider who is focused on New Zealand customers,
with a breadth of product and service capability,
and who can move quickly to deliver a solution that
is tailored to their needs.
However, we are not just hunting for any business. For
many years, MOVE was predominantly a low margin
bulk freight business. The business grew through
strategic acquisitions, particularly in recent years,
and as these businesses have been integrated into
the group, our ability to offer an end to end solution
has been enhanced, along with specialised services
and industry-specific expertise. This evolution has
paved the way to establishing a higher margin
business model, built upon a compelling customer
value proposition that capitalises on MOVE’s
strengths. There is still work to do in this area as we
untangle years of siloed regional-focused behaviour
to create a single unified group.
MOVE has one of New Zealand’s largest freight
networks, well located warehouses, a fledgling trans-
Tasman shipping service that is already performing
well, and international freight forwarding services.
We will continue to strengthen, invest in and expand
these core competencies as we grow our business.
21
ANNUAL REPORT 2023

We are also looking to collaborate more across our
industry, working in partnership with best-in-class
providers to ensure the optimal solution for our
customers and help us grow while preserving our
capital.
Our people will be the driving force for our success
and we are taking them with us on our journey.
During my visits to MOVE’s branches, depots and
warehouses across the country, I have been truly
impressed by the remarkable individuals who make
up MOVE’s team. Their passion, professionalism and
unwavering dedication to excellence are the pillars
upon which we will build our future success. If we do
right by our people, we believe they will do right by us
as we work together to deliver the ultimate customer
experience.
We have recently appointed Rachel Hustler as GM
of People and Culture and are building a strategy
that will create a unified culture with a high level
of trust and accountability, where people are
empowered and believe in our MOVE brand. Rachel
was an integral leader within Mainfreight NZ, heading
compliance, training and development.
We recognise that there is still work to be done as
we reshape our business, particularly in our Freight
division. As has been said previously, this is the
division that needs the most work, however, it also
offers a key opportunity to drive revenue and profit
for our group.
Over the next few pages, you can read about the
progress and performance in each of our divisions
over FY23, and the work we are doing in the areas
which enable our business.
PROJECT BLUEPRINT
We are stepping up the work commenced last
year, to significantly improve MOVE’s financial and
operating performance. Project Blueprint will create
a strong launch pad to support our future growth
ambitions, with a more efficient, higher margin
business model, that capitalises on MOVE’s strengths.
We are focused on organic growth, through careful
customer acquisition and a focus on building base
volumes while allowing capacity for higher margin
business. Alongside this is our pathway to reshape
our business. This will provide more immediate
financial benefit for the business and involves a
comprehensive review of our operating costs and
structure to ensure we are best placed to maximise
our performance while the growth strategy takes hold.
Initiatives already in play are delivering early benefits,
including improved cost disciplines, stronger
leadership across the business and a continuing
transition from silo businesses to a unified group
which allows us to better service our customers
and enhances our end to end supply chain solution.
The Freight improvement programme remains in
progress and the gains from this will a key driver of
improving financial returns.
TRADING CONDITIONS
Challenging economic conditions, extreme weather
events and softening customer demand following
the post-Covid surge in activity all affected our
business over FY23.
Customer activity softened from the peaks seen in
FY22 in response to slowing economic conditions,
particularly in the second half of the year. This has
been felt across both Warehousing and Freight.
In addition, our realignment of Freight rates to
market, which was undertaken in FY22, saw a
contraction of the customer base. We have
maintained our existing infrastructure during this
period, ensuring the capacity to deliver for our
customers as demand grows.
Inflationary pressures have increased the cost to
serve. To mitigate this, there has been tight control
over fixed costs which remained in line with the
previous year.
Weather events affected the Freight business in
particular, with road closures and Cook Strait ferry
delays causing delays and blockages in the supply
chain. Again this increased the cost to serve, with
additional driver hours and costs incurred.
Large commercial and infrastructure projects have
also been affected by the weather, which in turn
has impacted on our Specialist business, which
22

3
Normalised EBITDA excludes non-trading adjustments of $1.7m pre-tax related to restructuring and resetting the business
as part of the strategic plan. Further details included in appendix to the FY23 Results presentation
does a lot of work in the energy and commercial
construction sectors. Projects have been delayed,
with activity pushed out into FY24. Likewise, the
launch of MOVE’s new trans-Tasman shipping
route was also delayed due to weather events, as
well as the difficulty in getting parts for repairs and
maintenance over the Christmas/New Year period
prior to the service being launched.
FINANCIAL RESULTS
This year’s results reflect the operating conditions
noted above as well as the ongoing work to
strengthen our business, build resilience for the
ongoing economic cycle and prepare for growth.
The business transformation, which started in FY22,
has seen good progress being made in some areas,
however, there is still work to be done ahead of
improving results. The company has now embarked
on Project Blueprint to drive organic growth
and improvements in operational and financial
performance over the next 12 to 18 months.
Excluding Freight, MOVE’s businesses all delivered
year on year revenue increases, with EBITDA
reflecting inflationary pressure on costs, investment
into digital tools and piloting of new initiatives,
including MOVE’s new Oceans trans-Tasman
shipping service. Pleasingly, Contract Logistics,
MOVE’s largest division, delivered a solid year on year
performance, helping to offset a disappointing result
from the Freight division.
FY23 income was down 4.5% year on year to $347.7m.
Normalised EBITDA
3
was $47.4m including a $3.4m
impact from investment in growth initiatives. MOVE
reported a Net Loss After Tax of $(7.2)m.
Freight was the biggest contributor to the softer
result, with a decrease in revenue driven in part by
the rate realignment, as well as the unexpected
loss of a customer contract of $11m in annualised
revenue, from December 2022. A key focus has been
on rebuilding activity.
Following a review, the Specialist business was
reintegrated into the Group and FY22 results have
been restated to include Specialist. It had a strong
year in FY23 following Covid impacts in FY22 and is
a high performing business which delivers robust
margins.
Tight control of costs and disciplined working capital
management supported free cash flow of $35.4m,
which reflects the acquisition of the new trans-
Tasman vessel. Under Project Blueprint, we have
commenced a programme to rightsize our Freight
business for current trading, while preserving the
ability to quickly scale for growth, with cost benefits
expected from FY24.
Net capital expenditure increased in FY23 with the
acquisition of the new vessel ($8.5m) and continued
investment in technology. The year on year increase
reflects a catch-up on lower spending in prior
years and a prudent approach to balance sheet
management during the pandemic.
Net debt reduced by 25% to $15.6m as a result of
the conversion of the convertible note in June 2023
and from cashflows. MOVE has a solid balance
sheet which will support the company through the
economic cycle.
BUSINESS PERFORMANCE
FREIGHT
Revenue $146.0m ▼19%
EBITDA $9.3m ▼50%
EBITDA Margin 6.3%
MOVE is one of the largest domestic freight providers
in New Zealand, offering both general freight and
specialised services. This is MOVE’s heritage business
and has been built up over 150 years, through both
organic growth and acquisitions.
The Freight improvement programme is driving
change across the business, however, there is more
work to be done. It took some time to get traction
following the rate realignment in FY22 and customer
demand has also been impacted by wet weather
and economic headwinds. Over the last six months,
the focus has been on stabilising the team and
focusing on higher margin business.
MOVE is seen as a very credible alternative to
other large providers in the market, and our team
culture and focus on building relationships with
23
ANNUAL REPORT 2023

our customers appeals to businesses looking for a
partnership approach. We are moving into FY24 with
an expanded sales team as we continue to enhance
our customer value proposition.
The division has been restructured into two clear
offers - LCL (less than a container load) and FTL (full
truck load). LCL provides the most opportunity for
our business, with higher margins and increased
opportunity for value-add services. MOVE also has a
specialised fleet of trucks, tankers and hi-ab trucks
servicing the apiary, aquaculture, construction, wine
and other sectors.
The LCL branch network is very robust, with capacity
to take on new business with limited extra cost. In
Napier and Tauranga, we have combined Freight
and Contract Logistics onto one site, providing
synergies and cost benefits. This is something we will
continue to look at in other cities and regions. We
have significant talent within our business and are
building the capability of our branch leaders as we
entrust them with responsibility for the financial and
operational performance of their branch. Our priority
is to improve productivity and utilisation in the LCL
business.
The digital journey is underway, with the new
Transport Management System (FuseIT) piloted and
due to be rolled out over the coming year. A $1.1m
investment cost was included in the FY23 result.
This year’s Freight results were disappointing,
reflecting the continuation of the improvement
programme, with a weak first half year as the
customer base was reset and stabilised as well as
the impact of weather and economic conditions
in Q1 2023. The unexpected contract loss of $11m in
annualised revenue also impacted on results from
December 2022.
Our priorities in FY24 are focused around our
LCL business - improving fleet utilisation and
productivity, driving sales, the rollout of a fit for
purpose technology platform, improved data
collation and analysis, and robust processes and
operational disciplines.
We expect improving returns from 2H24 as changes
are bedded in and with a renewed focus on our
customer value proposition.
FREIGHT IMPROVEMENT PROGRAMME
COMPLETED
• New leadership
• Business review to identify areas of
strength and opportunity
• Restructure into separate LCL and FTL offers
• Customer review and realignment of rates
to market
• Devolve operational and profit
responsibility to branch level
• Exited low margin activity
• Optimise branch network
• Establish a robust and reliable Freight
network
ONGOING
• Ongoing focus on margin improvement
• Significant sales push
• Strengthen branch leadership
• Continue to grow Owner Driver team
• Continued fleet replacement programme,
with MOVE to leased vehicles
• Optimisation of fleet to improve utilisation
• Look for synergies within the branch
network
24

CONTRACT LOGISTICS
Revenue $159.4m ▲3%
EBITDA $34.4m ▼2%
EBITDA Margin 21.6%
Contract Logistics provides solutions for large
customers and is built on long term relationships. It
comprises our warehousing and fuels assets and
works with the other businesses within our group to
provide end to end supply chain solutions.
The focus in FY23 was on utilisation of capacity and
getting the most out of the assets which we already
own. This has largely been achieved, with strong
warehousing demand and activity despite the
economic conditions. While there has been some
customer churn, this has been more than made up
for with contract renewals and new customer wins.
The business has been stabilised and delivered a
solid EBITDA result in line with the prior year. A focus
on cost control in the high inflation environment is
helping to deliver consistent margin performance.
MOVE’s specialist road tanker division is one of
the largest operators in the New Zealand fuel
delivery market. A highlight for the Fuels business
was the renewal of the Z Energy fuel transport and
distribution contract. This covers delivery of fuel
from Z’s terminals to its nationwide network of retail
and truck stops, which includes Caltex branded
sites. Investment has been made in new trucks and
trailers, ensuring a safe and modern fleet. Results
were down slightly year on year due to the loss of
a customer contract in 2H22, and higher driver and
R&M costs.
While there is still positive momentum, a softer year
is expected in FY24 as customer activity slows in
response to economic conditions. The continuing
focus is on customer service, utilisation of capacity
and getting the most out of the assets we own.

INTERNATIONAL
Revenue $19.8m ▲82%
EBITDA $2.2m ▼42%
EBITDA Margin 11.1%
While small, MOVE’s International division provides
valuable freight forwarding and shipping agency
services through a number of joint ventures and
partnerships. It is also home to our latest initiative,
MOVE’s new shipping service, which commenced in
January 2023.
The costs associated with the start-up of the new
trans-Tasman shipping route, as well as lower
international freight demand has seen across the
industry, resulted in a year on year reduction in
EBITDA for the division.
The launch of the new trans-Tasman service was
not without its challenges, with weather delaying the
arrival of the vessel and then difficulties sourcing
parts over the New Year period for maintenance prior
to the first voyage. A charter vessel was contracted
for January to meet customer obligations prior to the
Atlas Wind starting her maiden voyage. It has been
smooth sailing since then, and we are now onto our
eighth voyage.
The first six months of this start-up have provided
us with the opportunity to refine our offer, including
our port schedule and frequency. Our focus on
secondary ports provides a unique advantage,
helping to avoid the congestion at bigger ports. We
have had positive feedback from customers, with a
number of new opportunities opening up.
The shipping service also provides valuable add-
on services for the MOVE group, with our trucks,
crossdocks and warehouses used to deliver cargo
once it arrives in New Zealand. Our people are
excited and engaged with this new initiative with
useful input being provided from across the group.
There is potential to build this part of MOVE’s supply
chain and we are looking to grow our team and
capability to increase efficiency and make the most
of the opportunity available to us.
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ANNUAL REPORT 2023

26

SPECIALIST
Revenue $18.7m ▲32%
EBITDA $4.3m ▲132%
EBITDA Margin 23.0%
The Specialist business comprises Tranzcarr Heavy
Haulage and Machinery Movers, both offering
specialised services, with a focus on project work.
MOVE’s breadth, scale and expertise in this area is
unsurpassed by any other provider in New Zealand.
After a strategic review of the business in FY22, it
has now been removed from sale and reintegrated
back into the group. The Specialist division is high
performing and delivers strong margins.
Much of the work undertaken by Tranzcarr Heavy
Haulage is project-based and therefore revenue is
lumpier than our other businesses, and we are more
impacted by changes to project timelines. After
being severely impacted by Covid-related delays
and disruption in FY21/22, projects have been coming
back on stream, however, this year we have seen
road closures affecting large windfarm projects, as
well as solar energy and geothermal developments.
This has seen some project timelines extended
further, with activity and the corresponding revenue
pushed out into 1H24.
Machinery Movers carries large and oversize
items, and is one of the largest carriers of pre-cast
concrete panels for the construction industry. After
a very busy period in FY22 and early FY23, activity is
now slowing, driven by a moderation in apartment
buildings under construction in Auckland at this
time. However, a strong pipeline of work in is in place
over the next 12 months, especially in the power
generation sector, where Specialist is recognised as
a market leader, with significant expertise.
There are good opportunities to grow market share
and expand into other sectors. The dismantling of
Marsden Point, expansion of the Tiwai alumunium
smelter, wind energy and the potential for offshore
windfarms all offer opportunities for our business.
The FY23 results were a strong rebound from the
prior year, and a substantial pipeline of work is in
place for FY24.
ENABLING OUR GROWTH
Passionate and Talented People
MOVE has a team of extraordinary people. Our
culture revolves around “We MOVE as One” and this
has been increasingly important as we have moved
away from silo businesses into an integrated group.
The biggest change over the last six months has
been in how we engage with our people. Their own
insights into their roles and their businesses are key
to making MOVE a better company, and we are
putting more trust in our people to solve problems
and deliver solutions that drive positive outcomes.
A new general manager has been appointed to
lead our People & Culture focus. Rachel Hustler has
significant industry experience and is a talented
leader. Her goal is to develop a long term strategy
where our people are united, engaged, believe in
our brand and are provided with career pathways
and opportunities for growth. She has hit the ground
running and already a number of exciting new
initiatives are in the planning stages.
Technology and Innovation
We are making good progress on our journey to
digitally transform our business. The first phase,
to standardise the various IT systems across the
group, is complete. The focus for 2023/4 is now
on optimising the environment which will enable
our extended MOVE team to work and collaborate
effectively.
A significant investment in new, fit for purpose
scanners has resulted in a significant improvement
in real time visibility of our customer’s freight,
especially Proof of Delivery. This has resulted in more
accurate tracking and reporting, timely invoicing,
and better support and engagement with our
drivers.
We have continued the roll out of the real time
fatigue alert monitoring system across our fleet, as
part of our commitment to ensuring safety on New
Zealand roads.
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ANNUAL REPORT 2023

Phase 1 of our transport management system
(FuseIT) program is complete, and we are on track to
commence the deployment to the rest of the MOVE
Freight business in the first half of 2024. Logistics will
follow in mid-2024. FuseIT will allow us to provide
a superior customer experience and operating
efficiencies.
The payroll functionality of our new People & Culture
platform (Ready Workforce) will be rolled out
across the group late this calendar year. From 2024
onwards, we will be leveraging the onboarding and
training functionality of system.
OUTLOOK
We expect the slowing economic conditions to
prevail into FY24, along with the usual slowdown of
activity prior to an election. While this will inevitably
lead to a reduction in activity levels across the
freight and logistics sectors, our focus is on
embedding change, building our market share and
improving margins.
Inflationary pressures are expected to continue and
will demand regular interaction with clients as to rate
levels and sustainability. The Freight improvement
remains in progress and the gains from this will be
a key driver of improving financial returns. Our new
trans-Tasman shipping route is also opening up new
opportunities for us and we will be building on these
over the next year. We are pleased to be welcoming
a new National Sales Manager from October 2023.
Ricky Clark has a strong operational and sales
background in the logistics sector and will lead our
sales team as we promote our end to end supply
chain offer and position MOVE as the preferred
supplier for New Zealand and Australian businesses.
The work we have been doing, and continue to do,
to strengthen our business stands us in good stead
in the more challenging economic cycle with a
better understanding of our drivers, more efficient
management of our businesses, and a strong
and engaged workforce. We now have a more
resilient business and are prepared for economic
and market changes. We will continue to drive
improvement under Project Blueprint as we reshape
and strengthen our business and drive growth. We
have identified the opportunities in our business and
are looking forward to unlocking our potential.
MOVE is an iconic New Zealand company, which has
been operating for over 150 years. I am privileged to
be leading the MOVE team as we focus on excellent
customer service, providing a rewarding workplace
and delivering improving value for our shareholders.
Craig Evans
Chief Executive Officer
28

Project Blueprint:
Greenshoots.
We have identified what needs
to be done across the business
to achieve success and have
a clear plan in place. Early
benefits are being seen from
the work underway.
BETTER, STRONGER BUSINESS
• Creating higher levels of accountability and
measurability across the business, particularly
at regional branch level
• FuseIT piloted and being refined, with rollout
targeted for completion in 1H CY2024
• Implementing robust processes and
operational disciplines
• Priority focus on productivity and utilisation
• Standardisation of rates, operating costs
and processes across the different Freight
businesses
SMART GROWTH & EXPANSION
• Increasing awareness of MOVE’s end to
end supply chain solution – more customer
enquiries and invitations to tender (up to six
month lag between initial discussions and
contract)
• Transition to a sales-led organisation, inlcuding
appointment of a new National Sales manager
and investment into an expanded sales team
TAKING CARE OF WHAT MATTERS
• Established a strong leadership team, with the
right people in the right roles
• Engaging with our people and taking them on
the journey
• Attracting and developing our pool of quality
people – new GM P&C, development of
Graduate Programme
• Sense of excitement across the organisationn
29
ANNUAL REPORT 2023ANNUAL REPORT 2023

Providing
strength and
expertise
to our
customers.
MOVE’s Specialist group are
the experts in the transport,
delivery and installation of
heavy machinery and oversize
items. Using specialised
equipment and expertise, the
team recently transported and
installed a new 163 tonne Stator
at Tauhara Geothermal Power
Station, northeast of Taupo.
The generator was lifted in two stages, rising 11m
up in the air and then travelling approximately 30
metres to its final position. The 440 tonne Lift n Lock
Hydraulic Gantry Lift system utilised is a specialised
piece of equipment that has also been used on
several other jobs in New Zealand and the South
Pacific. Move Specialist Lifting and Transport are
the only company in New Zealand that operates
this special heavy lift equipment on projects for the
power industry.
30

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ANNUAL REPORT 2023

Taking care of what
matters.
We are actively seeking to
have a positive impact on our
people, communities and the
environment.
We recognise that the effects of what we do every
day go beyond our company and impact on our
people, our communities and our environment. We
are committed to ensuring that, as much as possible,
these effects are beneficial and sustainable.
Our Environmental, Social, and Governance (ESG)
practices are focused around those areas where
we can drive meaningful change. We believe that
by focusing on these areas, we will earn our social
licence to operate, secure a sustainable future
for our company and thereby create long term
shareholder value.
While we are at the early stages of our ESG journey,
we are making good progress. We have completed a
materiality assessment to identify those areas which
are most important for long term sustainability.
Over the past year, we have undertaken further
steps to understand our resilience to climate-
related impacts and prepare for the mandatory
Climate-Related Disclosures (CRD) reporting regime
in FY24. This included scenario analysis, identifying
and integrating climate related risks into our risk
framework, and measuring full Scope 3 emissions.
A Board-approved Sustainability Policy is also now
in place and available to view on MOVE’s website.
From 1 July 2023, MOVE will be implementing a new
ESG tool to provide more granular information and
reporting across the business.
32

MOVE’s sustainability
journey.
Is there a viable alternative fuel technology for the
trucking industry?
All the major truck manufacturers are investing
heavily in R&D to create viable low emissions options
for our industry, including EV, hydrogen and hybrid
technologies. While this may suit smaller metro
vehicles, at this stage there are no commercially
proven alternatives for larger, long distance trucks.
We are awaiting the delivery of two hydrogen fuel
cell trucks which will allow us to trial this technology
for long haul routes. In the meantime, we are
replacing our light vehicle and forklift fleets with
hybrid and full electric options as vehicles come up
for replacement.
How are you creating a culture of sustainability at
MOVE?
We are taking our people on the journey with us and
encourage them to be actively involved in setting
and achieving our goals. With the assistance of new
technology, we will be able to provide our teams
with information on sustainability performance that
relates directly to their area of the business. This will
increase the transparency of our actions and foster
a sense of accountability within our teams for the
delivery of our sustainability goals.
How is technology assisting with MOVE’s
sustainability strategy?
New digital tools are allowing us to capture detailed
information on carbon emissions, on a more
granular level. This provides more insight on how we
are tracking towards our goals, the impact of carbon
reduction projects and supports more accurate
reporting to stakeholders.
What is the benefit to MOVE’s customers?
Customers who prioritise sustainability appreciate
working with a supplier, like MOVE, which shares their
values. By focusing on sustainable practices such as
route optimisation, upgrading our fleet to Euro 6 and
investing in other low emissions options, we can help
our customers reduce their carbon emissions. This
alignment with sustainable values can enhance the
customer’s reputation and in turn, help them attract
environmentally conscious consumers.
Sustainable practices also promote greater supply
chain resilience. By incorporating sustainable
logistics options like coastal shipping and rail, we
can minimise disruptions and risks. Sustainability is a
long-term commitment and customers benefit from
building strong partnerships with companies that
share their values. By collaborating on sustainable
initiatives, we can foster a mutually beneficial
relationship built on trust, shared goals and a
common vision for a sustainable future.
We acknowledge the urgent need to address
climate change and are mindful that, by nature, the
transport industry is a high carbon emitter. While
alternative fuels are still many years from being
commercially accessible for the transport industry,
we are looking at other avenues to reduce our
footprint.
We have identified a number of opportunities to
help us on our journey, from investing in newer,
lower emitting trucks through to route optimisation
to reduce empty kms; collection and recycling of
waste to electrifying our forklifts. We are constantly
evaluating and improving our practices and are
proactively integrating climate considerations into
our investment decisions.
5 minutes with MOVE’s sustainability lead, Rebecca Dearden
33
ANNUAL REPORT 2023

4
Includes Scope 1, 2 and 3 carbon emissions, verified by Toitū Envirocare, an independent third-party assurance provider
5
Base year reset to FY22 to include Scope 1, 2 and full Scope 3 emissions
OPPORTUNITIES AND INITIATIVES
Energy and carbon
efficiency
Climate resilienceWaste reductionResponsible
sourcing
Route optimisation to
reduce kms travelled
and empty kms
More carbon-efficient
supply chain solutions,
such as coastal
shipping and rail
Fuel efficiency through
driver training and
technology
Transition to a lower
emitting vehicle fleet,
including electric
forklifts. Piloted EV metro
truck in Auckland
Reduce energy
consumption across
our buildings
Updating infrastructure
to incorporate
increasing electric
vehicle charging
Continue to investigate
alternative fuel options
(hydrogen and electric)
Identify risks and
integrate into risk
framework
CRD reporting
Data collection
Identification of
problem materials and
suppliers
Waste diversion
programme
Modern Slavery
Statement
Supplier Code of
Conduct
Sustainable
procurement guidelines
TONNES CO2E
EMISSIONS
4

REDUCTION IN EMISSIONS
SINCE FY22 BASE YEAR
5
EMISSIONS PER
TEAM MEMBER
145,8713%127.73
34

OUR JOURNEY TOWARDS CLIMATE-RELATED DISCLOSURES
CDR Reporting Framework
FY23FY24FY25
GOVERNANCEa. Describe the Board’s oversight of climate-related risks
and opportunities.
b. Describe management’s role in assessing and
managing climate-related risks and opportunities.
STRATEGYa. Describe the climate-related risks and opportunities
the organisation has identified over the short, medium,
and long term.
b. Describe the impact of climate-related risks and
opportunities on the organisation’s businesses,
strategy, and financial planning.
c. Describe the resilience of the organisation’s strategy,
taking into consideration different climate-related
scenarios, including a 2°C or lower scenario.
RISK MANAGEMENTa. Describe the organisation’s processes for identifying
and assessing climate-related risks.
b. Describe the organisation’s processes for managing
climate-related risks.
c. Describe how processes for identifying, assessing, and
managing climate-related risks are integrated into
the organisation’s overall risk management.
METRICS & TARGETS a. Disclose the metrics used by the organisation to
assess climate-related risks and opportunities in line
with its strategy and risk management process.
b. Disclose Scope 1, Scope 2 and, if appropriate, Scope
3 greenhouse gas (GHG) emissions and the related
risks.
c. Describe the targets used by the organisation to
manage climate-related risks and opportunities and
performance against targets.
MOVE has established an internal CRD implementation team who are responsible for developing and
implementing systems and processes relating to climate related risks and their disclosure under the Act. The team
has utilised external expertise in the first stages of developing a CRD regime. In FY23 MOVE has identified three
climate scenarios, appropriate time horizons based on asset life, undertaken a series of internal workshops to
identify physical and transitional risks and opportunities and has integrated the identified risks into the enterprise
risk management process.
MOVE Logistics Group intends to utilise the “First time adoption relief” provided under NZ Climate Standard 2 for
some climate related disclosures.
✓
●
●
●●
●
●
●
✓
✓
✓
✓
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ANNUAL REPORT 2023

36

Our community
.
“We are focused on the needs of our customers
and communities.”
OUR COMMUNITIES
MOVE was founded on regional businesses and
this connection to local New Zealand communities
remains true today. Our people live and work locally
and we support their communities through job
opportunities and support for local causes. We
provide a positive impact through work opportunities
and are investigating new training programmes,
particularly for those looking to enter the transport
industry.
OUR CUSTOMERS
The delivery of exceptional customer service is
at the heart of our business. We believe that by
actively listening to our customers, understanding
their unique needs, and consistently exceeding their
expectations, we can create an ecosystem of trust
and loyalty that benefits everyone involved.
We are taking our customers with us on our
sustainability journey, sharing with them our progress
and providing them with relevant metrics for their
own emissions reporting.
As a responsible and sustainable organisation, we
understand the importance of safeguarding our
customers’ data and ensuring the security and
privacy of their sensitive information. Over the last
few years, we have invested in our digital platform
to create a solid and secure foundation to protect
our customers and their data from potential
breaches. Our comprehensive approach involves
regular external assessments, ongoing employee
training and deploying the full Microsoft Defender
Cyber suite. By securing our digital infrastructure,
we demonstrate our dedication to ensuring our
customers’ peace of mind and protecting the
integrity of our business operations.
Our commitment to reliability ensures that our
customers can depend on us to deliver their goods
and services on time, every time, reducing potential
waste and maximising their operational efficiency.
We have taken learnings from the recent extreme
weather events to plan for future network outages.
We are also using technology to improve delivery
times, reduce carbon emissions and drive an overall
increase in customer satisfaction.
We are also committed to being innovative in
how we freight our customers’ goods around New
Zealand. Faster and smaller is not necessarily better.
While for some businesses, a Just-In-Time delivery
model makes sense, for many in New Zealand, it’s
just added cost for expensive high speed deliveries.
By utilising alternative modes of transport, such as
shipping and rail which often only take a day or
two longer, we can deliver larger loads in a timely
manner, while reducing costs to our customers and
benefitting the environment.
MOVE’S new trans-Tasman shipping service
commenced in January 2023, providing a lower
carbon, reliable transport route that connects our
customers through secondary ports in Australia and
New Zealand.
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ANNUAL REPORT 2023

Our team
.
“We MOVE as one.”
Our greatest asset lies in the people who form the
backbone of our organisation. It is their efforts,
talent and passion for our industry that will drive our
success.
Our goals are to provide a rewarding work
environment, that celebrates diversity, encourages
inclusion and recognises the contributions of our
people. Health and safety remains a priority. Our
aspiration is for all our people to excel and we are
putting in place the tools and structure to help them
realise their potential.
The appointment of a new People & Culture
Leader, Rachel Hustler, from 1 July 2023, reflects
our commitment to driving positive change and
ensuring our team members’ well being and growth.
The Covid-pandemic restricted the opportunity
to engage in person, across our network. It was
therefore even more pleasing this year to hold
our Inaugural Branch Managers’ conference,
bringing together more than 50 of our executive
team, branch managers and future leaders from
across the group, to share with them our vision and
aspirations for MOVE.
We are designing a new induction and onboarding
programme, to ensure every new team member has
a seamless transition into the MOVE family; and we
also provide mentorship, hands-on experience, and
learning opportunities for all our people.
Looking ahead, we envision a sustainable future
through knowledge transfer and fresh perspectives.
It is our plan to introduce School Leaver and
Graduate Programmes that will attract young
talented individuals, allowing them to grow and
contribute to our organisation.
Pleasingly, we have seen recruitment and retention
metrics improve, as we create a culture where our
people feel supported, empowered and where their
efforts are recognised and rewarded.
Staying safe, keeping others safe and supporting
each other are fundamental to who we are as an
organisation. Technology plays an important role,
with electronic log books and in-cab technology to
monitor fatigue and vehicle activity, and digitised
pre-start truck checks to ensure all essential checks
are carried out before a driver heads out on the
road.
MOVE was recertified for Tertiary level under the ACC
Accredited Employers Programme in FY23, and the
Specialist division was also successfully audited and
recertified under Health and Safety ISO 45001. MOVE’s
monthly safety awards continue to be popular
across the group, with team members proud to be
recognised for their contributions towards creating a
safer workplace.
MOVE’s injury frequency rates provide a lag indicator
of performance with LTIFR rates reducing for the third
year in a row and a strong improvement in TRIFR.
LOST TIME INJURY FREQUENCY RATE (LTIFR)
0
20192020202120222023
5
10
15
20
25
30
35
TOTAL RECORDABLE INJURY FREQUENCY RATE (TRIFR)
0
20
40
60
80
100
20192020202120222023
38

Hastings branch manager,
Matt Hiscock, was on the
front line during the February
cyclone. As a volunteer
fireman, he could see the
severity of the situation and
rallied his team as the Hastings
branch was cut off from Napier
by flood waters.
All line haul trucks were diverted and those team
members with access were brought back into
work to help with despatching essential items. As
generators arrived in Hastings, the warehouse team
undertook to get them out as quickly as possible,
often using their own vehicles to make deliveries. The
team mantra was ‘to get the job done’, despite all
being affected personally by the floods in some way.
Matt’s leadership style of firm but fair saw him
shortlisted for MOVE’s Branch of the Year awards in
2023. It’s a style he has developed over his career,
with the last 10 years making his way up the ranks in
the organisation. His passion for MOVE and his drive
to grow both the business and brand has seen the
Hastings branch become one of the fastest growing
in the network, with new customers and additional
capacity being added over the last 12 months.
“MOVE is an organisation that provides opportunities
for those that have the right work ethic. I’m excited
about the forward plan for our organisation and
creating a strong team that’s focused on our
customers.”
RALLYING TOGETHER FOR TEAM
AND COMMUNITY
39
ANNUAL REPORT 2023

LORRAINE WITTEN
INDEPENDENT CHAIR
Appointed 6 December 2017
Lorraine is an experienced director, executive and
entrepreneur with extensive commercial experience
in high growth and high change environments.
Her skills are in strategy and entrepreneurship, in
the technology and ICT sectors where she has 20
years’ experience in senior leadership and finance
roles. She currently sits on the board of a number
of private and public companies including NZX
listed Mercury and as Chair of Rakon. Lorraine is a
Chartered Fellow of the Institute of Directors and
a Fellow of Chartered Accountants ANZ. Lorraine
has been a director of MOVE since 2017 and was
appointed Chair in September 2021.
CHRIS DUNPHY
DIRECTOR
Appointed 1 July 2021
Chris has a deep knowledge of the transport and
logistics industry and was formerly an executive
director of Mainfreight and general manager of
Mainfreight’s international division. Chris joined
Mainfreight in 1993 and helped take it public in
1996. After ten years of senior management roles in
Mainfreight, spearheading their global growth-by-
acquisition strategy, Chris resigned as executive
director in 2003 to pursue private investments in a
number of freight, shipping and logistics businesses.
MARK NEWMAN
INDEPENDENT DIRECTOR
CHAIR OF GOVERNANCE AND REMUNERATION
COMMITTEE
Appointed 27 July 2021
Mark has extensive domestic and international
transport and logistics industry expertise, having
held senior leadership roles with Mainfreight for
over 20 years, as CEO Mainfreight Europe and
General Manager New Zealand Transport. He has a
deep understanding of the New Zealand transport
landscape along with a wealth of experience in
building successful teams and developing strong
culture. He is a Chartered Member of the Institute of
Directors (CMinstD).
GRANT DEVONPORT
INDEPENDENT DIRECTOR
CHAIR RISK ASSURANCE & AUDIT COMMITTEE
Appointed 23 November 2021
Grant was CFO of both Toll NZ (2006- 2008)
and Toll Holdings Group from late 2011 until his
departure in 2015 when the business was sold to
Japan Post. He is currently CFO of Australian Pacific
Airports Corporation – owner of both Melbourne
and Launceston Airports. As well as being CFO
of both ASX and privately owned businesses,
Grant’s responsibilities have included strategy,
procurement, technology, risk, safety & environment,
company secretariat, treasury and investor
relations.
MOVE Board.
MOVE’s Board comprises
directors with a wealth of skills,
experience and knowledge
that add value to the business
and for shareholders.
40

JULIA RAUE
INDEPENDENT DIRECTOR
Appointed 3 May 2023
Julia has a strong background in business
transformation and digital change and was
Chief Information Officer at Air New Zealand for
nine years, winning a number of global Awards
during that time, including NZ CIO of the year. She
has significant governance experience across a
variety of sectors, including current directorships
with Southern Cross, The Warehouse Group, Jade
Software and Global Women. Previously Julia
has been a director of Z Energy and TVNZ. She is
a Chartered Member of the Institute of Directors
(CMinstD).
DANNY CHAN
INDEPENDENT DIRECTOR
Appointed 6 December 2017
Danny is an experienced New Zealand director
with extensive accounting, finance and investment
management and education experience. He
holds several directorships with public and private
companies. He was a founder of Academic
Colleges Group (ACG), one of the largest education
businesses in New Zealand. Danny has announced
his intention to retire from the MOVE Board at the
2023 Annual Shareholders’ Meeting later this year.
Danny Chan, Grant Devonport, Chris Dunphy, Lorraine Witten, Mark Newman, Julia Raue
41
ANNUAL REPORT 2023
41
ANNUAL REPORT 2023

CRAIG EVANS
CHIEF EXECUTIVE OFFICER
JOINED MOVE FEBRUARY 2023
Craig has a long and distinguished career in the
logistics sector, including 35 years at Mainfreight,
with the last six years as Mainfreight’s New
Zealand country manager. Prior to this, he was
with Freightways for four years. He has extensive
experience and knowledge across the industry and
is passionate about the positive role the sector plays
in the New Zealand economy.
ANTHONY BARRETT
CHIEF FINANCIAL OFFICER
JOINED MOVE IN APRIL 2022
Anthony is passionate about the role digital
technology can play in enhancing performance
and delivering operational and customer service
excellence. He has more than 30 years’ experience,
working at senior levels with large logistics
organisations, both internationally and in New
Zealand.
LEE BANKS
CHIEF FINANCIAL OFFICER
JOINED MOVE IN 2013
Lee has been with MOVE since 2013 and was
appointed CFO in January 2019. She is an experienced,
senior financial executive who has previously held
international roles in the USA and Australia, in both
the service and manufacturing sectors. Lee has been
involved in all areas of MOVE’s financial management,
from acquisitions and mergers through to the reverse
listing and listed company reporting.
RACHAEL HUSTLER
GM PEOPLE AND CULTURE
JOINED MOVE IN JULY 2023
Rachel Hustler has over 25 years of industry
experience, specialising in culture, leadership,
talent and transformation. Her goal is to develop
a long-term strategy where MOVE’s people are
collaboratively working together, are provided with
opportunities for growth and development and
where MOVE is seen as an employer of choice.
MOVE Leadership team.
42

JUSTIN MARSHALL
NATIONAL FREIGHT MANAGER
JOINED MOVE IN 2021
Justin started his career in the logistics sector for
more than 15 years before moving to manage an
international film logistics business and car racing
team. He has an experienced team leader with a
diversity of skills and knowledge. He joined MOVE in
2021 and moved into his current role in February 2023.
DALE SLADE
GM OCEANS
JOINED MOVE MAY 2020
Dale is focused on achieving results through
innovative thinking and an indepth understanding
of client requirements and expectations. He joined
MOVE as GM Sales & Marketing and took on the role
of GM Oceans in July 2022 to oversee the launch and
management of MOVE’s new shipping service.
JAMES WATTERS
COO CONTRACT LOGISTICS
JOINED MOVE IN NOVEMBER 2021
James has significant experience in the logistics
sector, having worked in Australia, the US and New
Zealand for global and domestic logistics brands
and businesses. He brings executive experience in
sales & marketing, supply chain management and
logistics
WARWICK BELL
GM SPECIALIST LIFTING AND TRANSPORT
JOINED MOVE IN 2018
Warwick has worked in leadership roles within the
Specialist group of companies (Tranzcarr Heavy
Haulage and Machinery Movers) for more than two
decades and joined the MOVE team in 2018 when
the Specialist group was acquired. He now leads this
division for MOVE, using his in-depth knowledge and
expertise to deliver for customers on large, oversize,
and custom jobs. Warwick is a Life Member of the NZ
Heavy Haulage Association.
43
ANNUAL REPORT 2023
43
ANNUAL REPORT 2023

Financial measures.
NON-GAAP FINANCIAL INFORMATION
MOVE uses several non-GAAP measures when
discussing financial performance. These include
normalised EBIT, normalised EBITDA and normalised
NPAT. The board and management believe these
measures provide useful underlying information on
MOVE’s business. They are used internally to evaluate
performance, analyse trends and allocate resources.
Non-GAAP financial measures should not be viewed
as a substitute for measures reported in accordance
with NZ IFRS.
NON-TRADING ADJUSTMENTS
The financial results for FY23 include transactions
considered to be non-trading in nature or size.
Unusual transactions can be as a result of
specific events or major acquisitions, disposals
or divestments that are not expected to occur
frequently. Excluding these transactions from
normalised measures can assist users in forming a
view on the underlying performance of MOVE. Pre-tax
non-trading adjustments totalled $1.7 million in FY23.
EBITDA/EBIT
EBITDA is Earnings/(Loss) before the deduction
of interest, tax, depreciation and amortisation
and excludes income and impairment from
associates. EBIT is EBITDA including depreciation and
amortisation. These are both non-GAAP financial
measures.
NORMALISED EBITDA/EBIT
This is EBITDA/EBIT excluding non-trading
adjustments and unusual transactions. Management
believe that normalised measures provide a more
appropriate measure of MOVE’s performance and
more useful information on the normalised earnings
of the company.
MOVE uses several non-GAAP
measures to report on financial
performance.
An explanation of these is in
the following column.
44

RECONCILIATION NON-GAAP TO GAAP
$MILLIONSFY23FY22
Net profit/(loss) before income tax from continuing operations (GAAP measure)(7.59)(3.21)
Add back:
Share of loss of associates.07.10
Net finance costs9.6611.18
Loss in investment in associates-.06
Restructuring costs.591.63
Share acquisition costs.11.14
Goodwill and asset impairment1.031.62
Depreciation & Amortisation43.4844.67
EBITDA excluding non-trading items (non-GAAP measure)47.3556.19
Net profit/(loss) after income tax (GAAP measure) attributable to owners(7.19)(4.21)
Add back:
Non-controlling interests1.351.10
Other non-trading expenses, net of tax:
Goodwill and asset impairment1.031.62
Restructuring costs.431.18
Share acquisition costs.11.14
Net profit/(loss) after tax excluding non-trading items (non-GAAP measure)(4.27)(.17)
45
ANNUAL REPORT 2023

46

Consolidated
annual
f inancial
statements
.
For the year ended
30 June 2023
47
ANNUAL REPORT 2023

DIRECTORS’ STATEMENT
FOR THE YEAR ENDED 30 JUNE 2023
The Directors of MOVe Logistics Group Limited are pleased to present the financial statements for MOVe Logistics Group
Limited and its subsidiaries (together the Group) for the year ended 30 June 2023 contained on pages 49-84.
Financial statements for each financial year fairly present the financial position of the Group and its financial
performance and cash flows for that period and have been prepared using appropriate accounting policies, consistently
applied and supported by reasonable judgments and estimates and all relevant financial reporting standards have been
followed.
Proper accounting records have been kept that enable, with reasonable accuracy, the determination of the financial
position of the Group and facilitate compliance of the financial statements with the Financial Markets Conduct Act 2013.
Adequate steps have been taken to safeguard the assets of the Group to prevent and detect fraud and other
irregularities.
The Directors hereby approve and authorise for issue the financial statements for the year ended 30 June 2023. They do
not have the power to amend these financial statements after issue.
For and on behalf of the Board
Lorraine Witten - Chair
29 August 2023
Grant Devonport - Director
29 August 2023
DIRECTORS’ STATEMENT
48

CONSOLIDATED STATEMENT OF PROFIT OR LOSS &
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023
NOTES
30 JUNE 2023
$000
30 JUNE 2022
$000*
Revenue 7
343,873
360,121
Gains on disposal of assets
1,587
456
Lease income
1,539
1,550
Other income
675
1,888
Total Income
347,674
364,015
Transport costs
(145,311)
(151,655)
Employee costs
(117,040)
(122,696)
Rental / lease expenses
(4,602)
(4,313)
Other operating expenses
(33,373)
(29,160)
Depreciation of right of use assets8
(29,451)
(31,113)
Other depreciation / amortisation expenses 8
(14,031)
(13,554)
Other non-operating expenses5
(1,728)
(3,387)
Impairment of investment in associates-(61)
Total Operating Expenses 8(345,536)(355,939)
Finance costs relating to lease liabilities(7,418)(8,079)
Other finance costs - interest on borrowing(2,399)(3,111)
Interest income on short term deposit16110
Operating loss before income tax(7,518)(3,104)
Share of (loss) of associates (74)(103)
Loss Before Income Tax (7,592)(3,207)
Income tax credit 91,755103
LOSS FOR THE YEAR FROM CONTINUING OPERATIONS (5,837)(3,104)
(Loss) / Profit attributable to:
Owners of the company(7,190)(4,208)
Non-controlling interests1,3531,104
(5,837)(3,104)
Other comprehensive income:
Comprehensive Income for the Period, Net of Tax --
TOTAL COMPREHENSIVE LOSS FOR THE YEAR, NET OF TAX (5,837)(3,104)
Earnings per share attributable to the ordinary equity holders of
the Company
CENTSCENTS
Basic and diluted earnings per share for profit attributable to the
ordinary equity holders of the company
11(6.18)(3.97)
The above consolidated Statement of Profit or Loss & Other Comprehensive Income should be read in conjunction with the accompanying
notes.
*Certain amounts and relevant notes have been restated to reflect adjustments relating to previously discontinued operations note 21.
CONSOLIDATED FINANCIAL STATEMENTS
49
ANNUAL REPORT 2023

CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2023
NOTES
30 JUNE 2023
$000
30 JUNE 2022
$000
ASSETS
Current Assets
Cash and cash equivalents 12.18,74414,940
Inventories 219-
Trade and other receivables 12.253,31860,294
Assets held for sale21-25,263
Total Current Assets 62,281100,497
Non-Current Assets
Property, plant and equipment 13.182,04857,761
Right of use assets13.2144,594150,381
Intangible assets 13.314,84318,058
Deferred Income tax asset13.41,152149
Other receivables318-
Investments in associates -271
Total Non-Current Assets 242,955226,620
TOTAL ASSETS 305,236327,117
EQUITY
Share capital1484,26275,188
Other reserves(615)88
Accumulated losses(12,271)(5,081)
Equity attributable to owners of the parent 71,37670,195
Non-controlling interest in equity3,5272,798
TOTAL EQUITY 74,90372,993
LIABILITIES
Current Liabilities
Trade and other payables 12.333,85238,092
Tax payable121211
Deferred revenue7341521
Borrowings 12.53,7083,713
Lease liability13.225,79326,393
Employee entitlements 12.411,02310,476
Liabilities directly associated with assets classified as held for sale21-6,149
Total Current Liabilities 74,83885,555
Non-Current Liabilities
Borrowings 12.520,61524,324
Lease liability13.2129,603133,338
Convertible note12.6-7,792
Derivative financial instrument12.6-849
Deferred revenue73,000-
Provisions for other liabilities and charges 13.52,2772,266
Total Non-Current Liabilities155,495168,569
TOTAL LIABILITIES 230,333254,124
TOTAL EQUITY & LIABILITIES 305,236327,117
The above consolidated Balance Sheet should be read in conjunction with the accompanying notes.
CONSOLIDATED FINANCIAL STATEMENTS
50

The above consolidated Balance Sheet should be read in conjunction with the accompanying notes.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
ATTRIBUTABLE TO OWNERS OF THE
COMPANY
NOTESSHARE CAPITALRETAINED EARNINGS/(ACCUM. LOSSES)OTHER RESERVESTOTAL NON-CONTROLLING INTERESTTOTAL EQUITY
$000$000$000$000$000$000
Balance as at 1 July 2021
37,054(873)4836,2291,73837,967
Comprehensive income
(Loss)/Profit for the year
-(4,208)-(4,208)1,104(3,104)
Other comprehensive income
------
Total comprehensive income
-(4,208)-(4,208)1,104(3,104)
Cumulative translation adjustment
--6767-67
Transactions with owners:
Employee share scheme20
34-(27)7-7
Issue of Ordinary Shares
38,100--38,100-38,100
Dividends
----(44)(44)
Balance as at 30 June 2022
75,188(5,081)8870,1952,79872,993
Balance as at 1 July 2022
75,188(5,081)8870,1952,79872,993
Comprehensive income
(Loss)/Profit for the year
-(7,190)-(7,190)1,353(5,837)
Other comprehensive income
------
Total comprehensive income
-(7,190)-(7,190)1,353(5,837)
Cumulative translation adjustment
--(673)(673)-(673)
Transactions with owners:
Employee share scheme20
--(30)(30)-(30)
Issue of Ordinary Shares14
9,074--9,074-9,074
Dividends
----(624)(624)
Balance as at 30 June 2023
84,262(12,271)(615)71,3763,52774,903
CONSOLIDATED FINANCIAL STATEMENTS
51
ANNUAL REPORT 2023

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023
NOTES
30 JUNE 2023
$000
30 JUNE 2022
$000*
Cash flows from operating activities
Receipts from customers 355,038349,762
Interest received 16110
Dividends received 34
Payments to suppliers and employees (306,617)(305,261)
Government subsidy received1141,197
Notional finance charge on NZ IFRS 16 leases15.2(7,418)(8,081)
Interest paid (1,950)(2,613)
Income tax paid (920)(481)
Net cash generated from operating activities 15.138,41134,537
Cash flows used in investing activities
Purchase of property, plant and equipment(19,132)(5,090)
Proceeds from sale of property, plant and equipment3,0314,731
Purchase of intangible assets(7)(214)
Government grant3,000-
Advances to associates 198200
Net cash used in investing activities (12,910)(373)
Cash flows from financing activities
Repayment of borrowings15.2(3,755)(123,869)
Proceeds from borrowings15.2-81,642
Proceeds from share issue14-38,100
Repayment of lease liability (NZ IFRS 16)15.2(27,318)(28,266)
Dividends paid to shareholders / non-controlling interests(624)(45)
Net cash flow used in financing activities(31,697)(32,438)
Net increase in cash and cash equivalents (6,196)1,726
Cash and cash equivalents at beginning of year 14,94013,214
Cash and cash equivalents 30 June8,74414,940
The above consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.
*Certain amounts and relevant notes have been restated to reflect adjustments relating to previously discontinued operations note 21.
CONSOLIDATED FINANCIAL STATEMENTS
52

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. GENERAL INFORMATION
1.1. Reporting Entity
The core operations of MOVe Logistics Group Limited (“MOVe Logistics” or the “Company”) and its subsidiaries (collectively
“the Group”) are in the New Zealand logistics sector. These include general transport, bulk liquids, heavy haulage,
shipping, warehousing and distribution, freight forwarding, national and international household removals and storage.
The Company is incorporated and domiciled in New Zealand, registered under the Companies Act 1993 and is a FMC
Reporting Entity under part 7 of the Financial Markets Conduct Act 2013. The Company is dual listed with its primary listing
of ordinary shares quoted in New Zealand on the NZX Main Board, and a secondary listing in Australia as a foreign Exempt
Entity on the Australian securities exchange (ASX).
The registered office of the Company is at 330 Devon Street East, New Plymouth, New Zealand. The consolidated financial
statements of the Company as at, and for the year ended 30 June 2023, comprise the Company and its subsidiaries (refer
note 16.1), together referred to as the “Group”.
1.2. Basis of Preparation
These financial statements have been prepared on a historical cost basis.
The preparation of financial statements in conformity with NZ IFRS requires the use of certain critical accounting
estimates. It also requires Management to exercise its judgement in the process of applying the Group’s accounting
policies. The areas where assumptions and estimates are significant to the consolidated financial statements are
disclosed in note 4.
The consolidated financial statements have been prepared in accordance with the Financial Markets Conduct Act 2013
and the Companies Act 1993.
The principal accounting policies adopted in the preparation of the financial statements are selected and applied in a
manner which ensures that the resulting financial information satisfies the concepts of relevance and reliability, thereby
ensuring that the substance of the underlying transaction and other events is reported. These policies have been
consistently applied to all the periods presented, unless otherwise stated. To ensure consistency with the current period,
comparable figures have been restated where appropriate.
1.3. Statement of Compliance
The Group is a for-profit entity. Its financial statements have been prepared in accordance with, and comply with, New
Zealand Generally Accepted Accounting Practice (NZ GAAP). They comply with New Zealand Equivalents to International
Financial Reporting Standards and other applicable Financial Reporting Standards and Authoritive Notices, as appropriate
for for-profit entities. The financial statements comply with International Financial Reporting Standards (IFRS).
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
2.1. Consolidation
a. Subsidiaries
Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to,
or has rights to, variable returns from its involvement with the entity, and has the ability to affect those returns through its
power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred
to the Group. They are de-consolidated from the date that control ceases.
The Group uses the acquisition method of accounting to account for business combinations. The consideration
transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the
equity interest issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting
from a contingent consideration arrangement and the elimination of any balances arising between the Group and the
acquiree.
If the business combination is achieved in stages, the acquisition date carrying value of the acquirer’s previously
held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gain or loss arising from
remeasurement is recognised in profit or loss.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
53
ANNUAL REPORT 2023

Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities
assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition
by acquisition basis, the Group recognises any non-controlling interest in the acquisition either at fair value or at the non-
controlling interest’s proportionate share of the acquiree’s net assets.
The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree, and the
acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the Group’s share of the
identifiable net assets acquired, is recorded as goodwill.
Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are
subsequently re-measured to fair value with changes in fair value recognised in profit or loss.
Inter-company transactions, balances and unrealised gains on transactions between Group companies are eliminated.
Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted
by the Group.
Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated Statement of
Profit or Loss & Other Comprehensive Income, Statement of Changes in Equity and Balance Sheet respectively.
b. Associates
Associates are all entities over which the Group has significant influence but not control, generally accompanying
a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the
equity method of accounting after initially being recognised at cost. The Group’s investment in associates includes
goodwill identified on acquisition, net of an accumulated impairment loss. The Group’s share of its associates post-
acquisition profits or losses is recognised under ‘Share of (loss) / profit of associates’ in the Statement of Profit or Loss &
Other Comprehensive Income, and its share of post-acquisition movements in reserves is recognised in reserves. The
cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the Group’s
share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables,
the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the
associate.
Unrealised gains on transactions between the Group and its associates are eliminated to the extent of the Group’s
interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an
impairment of the asset transferred. Accounting policies of associates have been changed where necessary to ensure
consistency with the policies adopted by the Group.
c. Assets held for sale
Non-current assets and disposal groups classified as held for sale are measured at the lower of carrying amount or fair
value less costs to sell. Non-current assets and disposal groups are classified as held for sale if their carrying amount is
expected to be recovered through a sale transaction rather than through continuing use. This condition is regarded as
met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present
condition and the sale of the asset (or disposal group) is expected to be completed within one year from the date of
classification. Impairment losses on initial classification as held for sale and subsequent gain or loss on remeasurement
is recognised in profit or loss. Once classified as held for sale, intangible assets and property, plant and equipment are no
longer amortised or depreciated.
2.2. Foreign Currency Translation
a. Functional and presentation currency
Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary
economic environment in which the entity operates (‘the functional currency’). The financial statements are presented
in New Zealand dollars (rounded to thousands), which is the functional and the presentation currency of all companies
in the Group except MOVe Oceans Singapore PTE Limited and TNL Australia Pty Limited, whose functional currencies are
United States dollars and Australian Dollars respectively.
b. Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the
dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and
from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are
recognised in profit or loss.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
54

2.3. New Accounting Standards & Interpretations
The accounting policies applied in the preparation of the consolidated financial statements are consistent with prior year.
There are no new accounting standards or interpretations during the year that have impacted on the preparation of the
financial statements.
2.4. Standards Issued But Not Yet Adopted
There are no new standards or amendments to standards and interpretations that are effective for periods beginning on
or after 1 July 2023 that will have a material impact on the consolidated financial statements.
3. FINANCIAL RISK MANAGEMENT
The Group’s principal financial instruments comprise bank loans and overdrafts, cash, trade creditors and accruals and
trade debtors. The main purpose of these financial instruments is to raise and provide working capital for the Group’s
operations.
This note explains the Group’s exposure to financial risks and how these risks affect the Group’s future financial
performance.
RiskExposure arising fromMeasurement
Credit risk
Cash and cash equivalents and trade
receivables.
Aging analysis & credit ratings
Market risk - interest rateLong term borrowing at variable ratesSensitivity analysis
Liquidity riskBorrowings and other liabilitiesRolling cash flow forecast

The Group’s risk management is carried out by a central treasury department (Group Treasury) under policies approved
by the Board of Directors. Group Treasury identifies, evaluates and manages financial risks in close co-operation with the
Group’s operating units. The Board provides written principles for overall risk management, as well as policies covering
specific areas, such as foreign exchange risk, funding risk, interest rate risk, credit risk and use of derivative financial
instruments and non-derivative financial instruments.
3.1. Credit Risk Management
In the normal course of business the Group incurs credit risk from trade debtors and transactions with financial
institutions. The Group has a credit policy that it uses to manage this risk. As part of this policy limits on exposures with
counter-parties have been set and approved by the Board of Directors and are monitored on a regular basis.
The Group has no significant concentrations of credit risk. The Group does not require any collateral or security to support
financial instruments due to the quality of the financial institutions and trade debtors dealt with. The Group normally gives
30 or 60 days credit on its trade receivables. At 30 June the Group’s credit risk exposure is equal to the carrying value of
its financial assets.
2023
$000
2022
$000
Trade and other receivables
Trade receivables50,37456,831
Credit loss provision(1,965)(1,402)
Total trade receivables48,40955,429
Accrued revenue2,9343,530
Sundry receivables176317
Cash and short term bank deposits
Bank with AA- credit rating8,74414,940
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
55
ANNUAL REPORT 2023

a. Impaired trade receivables
Individual receivables which are known to be uncollectible are written off by reducing the carrying amount directly. The
other receivables are assessed collectively to determine whether there is objective evidence that an impairment has
been incurred but not yet been identified. For these receivables the estimated impairment losses are recognised in
a separate provision for impairment. The Group considers that there is evidence of impairment if any of the following
indicators are present:
• significant financial difficulties of the debtor
• probability that the debtor will enter bankruptcy or financial reorganisation, and
• default or delinquency in payments.
Receivables for which an impairment provision was recognised are written off against the provision when there is no
expectation of recovering additional cash.
Impairment losses are recognised in profit or loss within other expenses. Subsequent recoveries of amounts previously
written off are credited against other expenses.
Movements in the provision for impairment of trade receivables that are assessed for impairment collectively are as
follows:
2023
$000
2022
$000
At 1 July1,4021,152
Provision for impairment recognised during the year629308
Provision for credit notes to revenue(57)265
Transfer to Asset held for Sale20(20)
Receivables written off during the year as uncollectible(29)(303)
At 30 June 1,9651,402
The table below sets out information about the credit quality of trade receivables net of the expected credit loss provision:
Current1 -29 days
overdue
30 - 59 days
overdue
60+ days
overdue
Total
$000$000$000$000$000
30 June 2022
Gross carrying amount48,6355,4261,7261,04456,831
Baseline1051281707341,137
Specific--120145265
Total expected credit loss rate0.2%2.4%16.8%84.2%
Credit loss provision1051282908791,402
30 June 2023
Gross carrying amount44,6443,3231,0661,34150,374
Baseline435681549841,641
Specific28446246324
Total expected credit loss rate1.0%2.2%18.8%91.7%
Credit loss provision463722001,2301,965

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
56

Critical Estimates and Judgements
a. Credit loss provision
To measure expected credit losses, trade receivables have been grouped and reviewed on the basis of the number of
days past due. The credit loss provision has been calculated by considering the impact of the following characteristics:
• The baseline loss rate takes into account the average write-off history of the Group over a two-year period as a
predictor of future conditions and applies an increasing expected credit loss estimate by trade receivables aging
profile.
• Specific credit loss provisions are made based on any specific customer collection issues that are identified.
Collections and payments from our customers are continuously monitored and a credit loss provision is maintained
to cover any specific customer credit losses anticipated.
The Group has performed an assessment of credit risk on its customer base taking into consideration the factors below:
• profile of the customer, i.e. corporate or individual customers
• region the customer is based in
• industry the customer operates within
• size and nature of the customer
• and, the Group’s understanding of and experience with the customer
As a result of this assessment, the Group has assessed its baseline provision to $1,965,000 (2022: $1,402,000), to reflect the
estimated financial impact of its assessment of the credit risk.
3.2. Interest Rate Risk
The Group’s main interest rate risk arises from long term borrowing with variable rates which exposes the Group to cash
flow interest rate risk. The Group adopts a policy of ensuring that some of its exposure to changes in interest rates on
borrowings is on a fixed rate basis by entering into interest rate swaps.
The table below summarises the Group’s current interest rate swaps:
Date effectiveFace valueMaturity dateBase Interest rate paid
29 July 201920,000,00029 April 20241.625% pa
The Group does not hedge account so all market adjustments are recognised in the Statement of Profit or Loss & Other
Comprehensive Income.
Sensitivity analysis
The effect of a 1% increase or decrease in the floating interest rates for the Group would be a decrease/increase in profit
and equity of $43,000 (2022: $80,000).
3.3. Liquidity Risk
Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through an
adequate amount of committed credit facilities. Due to the dynamic nature of the underlying businesses, the Group
maintains flexibility in funding through having flexible funding lines available to them. Management monitors rolling
forecasts of the Group’s liquidity reserve, which comprises its undrawn borrowing facility and cash and cash equivalents
(note 12.1) on the basis of expected cash flows.
The Group had access to the following undrawn borrowing facilities at the end of the reporting period:
2023
$000
2022
$000
Expiring within one year (bank overdraft)
4,5675,000
Expiring beyond one year (flexible credit facility)
15,00015,000
Total19,56720,000

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
57
ANNUAL REPORT 2023

The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal
their carrying balances or the impact of discounting is not significant.
Less than 1
year
Between 1 and
2 years
Between 2 and
5 years
Beyond 5
years
Total
contractual
cash flows
Carrying
amount
(assets)/
liabilities
$000$000$000$000$000$000
2022
Borrowings6,4176,16319,061-31,64128,037
Convertible note410410752-1,5727,792
Lease liabilities32,68528,10457,12580,058197,972159,731
Trade and other payables38,092---38,09238,092
Employee entitlements10,476---10,47610,476
Total88,08034,67776,93880,058279,753244,128
2023
Borrowings5,26320,871--26,13424,323
Lease liabilities32,65826,47861,75068,596189,482155,396
Trade and other payables33,852---33,85233,852
Employee entitlements11,023---11,02311,023
Total 82,79647,34961,75068,596260,491224,594
The Group provides guarantees, these are detailed in note 17.
3.4. Capital Management
The Group’s objectives when managing capital are to safeguard their ability to continue as a going concern, so that they
can continue to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal structure
to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders,
return capital to shareholders, issue new shares or sell assets to reduce debt.
The Group monitors capital on the basis of the gearing ratio and bank covenant compliance. The Group’s gearing ratio at
30 June is as follows:
2023
$000
2022
$000
Bank borrowings24,32328,037
Convertible note-7,792
Less: cash and cash equivalents(8,744)(14,940)
Net debt (excluding lease liabilities)15,57920,889
Equity74,95972,993
Gearing ratio17.2%22.3%

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
58

4. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition,
seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Other
critical accounting estimates will be disclosed in the relevant notes.
a. Estimated impairment of goodwill
The Group tests annually whether goodwill has suffered any impairment. The recoverable amounts of cash-generating
units have been determined based on value-in-use calculations. These calculations require the use of estimates. Refer to
note 13.3 for further details.
5. RECONCILIATION TO GAAP MEASURE

The Group results are prepared in accordance with New Zealand Generally Accepted Accounting Practice (“GAAP”) and
comply with both International Financial Reporting Standards (“IFRS”) and the New Zealand equivalents to International
Financial Reporting Standards (“NZ IFRS”).
These financial statements include non-GAAP financial measures that are not prepared in accordance with IFRS. The
non-GAAP financial measures used in this presentation are as follows:
• Adjusted EBITDA (a non-GAAP measure) represents profit or loss before income taxes from continuing operations
(a GAAP measure), excluding interest income, interest expense, depreciation and amortisation, share of loss of
associates, restructuring costs, impairment of investment in associates, asset impairment and acquisition related
costs (non operating expenses) as reported in the financial statements.
• Adjusted EBIT (a non-GAAP measure) represents profit or loss before income taxes from continuing operations
(a GAAP measure), excluding interest income, interest expense, share of loss of associates, restructuring costs,
impairment of investment in associates, asset impairment and acquisition related costs (non operating expenses)
as reported in the financial statements.
The Group believes that these non-GAAP measures provide useful information to readers to assist in the understanding
of the financial performance and position of the Group as they are used internally to evaluate the performance of
business units and to establish operational goals. They should not be viewed in isolation, nor considered as a subsitute for
measures reported in accordance with IFRS. Non-GAAP measures as reported by the Group may not be comparable to
similarly titled amounts reported by other companies.

The following is a reconciliation between these non-GAAP measures and net profit after tax:
Reconciliation to GAAP measure 12 months to
June 2023
$000
12 months to
June 2022
$000
Loss Before Income Tax (GAAP Measure)(7,592)(3,207)
Add back:
Share of loss of associates 74103
Finance costs9,65611,180
Impairment of investment in associates-61
Other non operating expenses
- Goodwill impairment1,027555
- Asset impairment-1,064
- Restructuring Costs5921,630
- Acquisition related costs109138
Depreciation & amortisation 43,48244,667
Adjusted EBITDA (non-GAAP measure) 47,34856,191
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
59
ANNUAL REPORT 2023

Reconciliation to GAAP measure 12 months to
June 2023
$000
12 months to
June 2022
$000
Loss Before Income Tax (GAAP Measure)(7,592)(3,207)
Add back:
Share of loss of associates 74103
Finance costs (net)9,65611,180
Impairment of investment in associates-61
Other non operating expenses
- Goodwill impairment1,027555
- Asset impairment-1,064
- Restructuring Costs5921,630
- Acquisition related costs109138
Adjusted EBIT (non-GAAP measure) 3,86611,524
6. SEGMENT INFORMATION
Operating segments are reported in a manner consistent with the internal reporting to the Chief Operating Decision
Maker (CODM). The CODM is responsible for allocating resources and assessing performance of the operating segments.
During the reportable period there was a change in the Chief Operating Decision Maker (CODM) assessed now as the
Group CEO.
The Group has made the decision that the eleven operating segments that form part of the reporting to the Group CEO
can be aggregated into five reporting segments. Reportable segments have been determined by having regard to the
nature of the services, the processes the various business units undertake to service customers, the allocation of capital,
the type of customers serviced, and the nature of the distribution channels.
In addition to GAAP measures, the Group CEO also uses non-GAAP measures (EBITDA and EBIT) to assess the commercial
performance of the segments. The revised reportable operating segments have been determined as:
INTERNATIONAL
This segment includes international freight forwarding and shipping agency services across a broad range of industries.
SPECIALIST
This segment provides transport and lifting solutions for oversized and large items.
FREIGHT
This segment provides nationwide general freight transport services with regional strength. It is able to transport a wide
range of freight types.
CONTRACT LOGISTICS
This segment specialises in contracted solutions providing services for customers including warehouse and supply chain
capability and delivery of bulk liquids.
CORPORATE
This segment includes our corporate services function.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
60

The segment information for the year ended 30 June is as follows:
InternationalSpecialistFreightingContract
Logistics
CorporateTotal
$000$000$000$000$000$000
Year ended 30 June 2022
Total segment revenue 10,87814,339195,354158,759-379,330
Inter-segment revenue (16)(111)(14,489)(4,593)-(19,209)
Revenue from external
customers
10,86214,228180,865154,166-360,121
EBITDA3,8521,86118,50234,981(3,005)56,191
Depreciation - tangible assets1381,6395,0723,90829111,048
Depreciation - ROU assets21781110,57419,35116131,114
Depreciation - intangible
assets
16261,8505862,505
EBIT3,496(651)2,8509,872(4,043)11,524
Assets20,46025,263130,567141,3319,496327,117
Liabilities13,7046,14995,880102,79535,596254,124
Capital expenditure
including intangibles
1,036911,4322,8812675,707
Year ended 30 June 2023
Total segment revenue 19,89418,760154,446163,192-356,292
Inter-segment revenue (133)(28)(8,449)(3,809)-(12,419)
Revenue from external
customers
19,76118,732145,997159,383-343,873
EBITDA2,2204,3249,30634,403(2,905)47,348
Depreciation - tangible assets9732,2444,5413,62024511,623
Depreciation - ROU assets24787810,74617,42215829,451
Depreciation - intangible
assets
38741,7455692,408
EBIT9971,115(5,985)11,616(3,877)3,866
Assets35,34721,388111,193134,6752,633305,236
Liabilities16,9014,83484,93997,91925,740230,333
Capital expenditure
including intangibles
12,5897472,3443,60820219,490
Interest income and expense are not allocated to segments, as this type of activity is driven by the central treasury
function, which manages the cash position of the Group.
Sales between segments are eliminated on consolidation. The amounts provided to the CODM with respect to segment
revenue are measured in a manner consistent with that of the financial statements.
Revenues of approximately $53,000,000 (2022: $47,100,000) are derived from a single external customer which exceeds
10% or more of the entity’s revenue. These revenues are attributed to the Contract Logistics segment.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
61
ANNUAL REPORT 2023

7. REVENUE & OTHER SOURCES OF INCOME

Revenue comprises the fair value of the consideration received or receivable for the sale of services in the ordinary course
of the Group’s activities. Revenue is shown net of GST, rebates and after eliminating sales within the Group.
a. Sale of services
Freight Services
The Group performs transportation services. Revenue is recognised over the time of delivery, being from the time of
acceptance of the goods to delivery to the final destination.
Warehousing Services
The logistics function provides warehousing and storage services. Revenue from providing these services is recognised in
the accounting period in which the services are rendered. Some contracts include multiple deliverables. However, these
are easily identifiable and are accounted for as separate performance obligations.
Trading Services
The Group performs freight forwarding, trans tasman shipping and agency services. Revenue is recognised over the time
of delivery, being from the time of acceptance of the job to completion of the shipment. Revenue is recognised for agency
and freight forwarding on a net basis after disbursements as the Group are acting as an agent for the customer.
For fixed priced contracts, revenue is recognised based on the actual service provided to the end of the reporting period
as a proportion of the total services to be provided. This is because the customer receives and uses the benefits of the
service simultaneously.
Customers are invoiced on a daily, weekly or monthly basis and consideration is payable when invoiced. There are no
significant financing arrangements for any of the Group’s revenue streams. The Group does not offer any refunds or
warranties.
The Group derives the following types of revenue:

2023
$000
2022
$000
Freight269,884296,302
Warehousing53,36551,207
Trading20,62412,612
Total Revenue343,873360,121
Timing of revenue recognition
June 2023
$000
June 2022
$000
Over time
343,873360,121
At a point in time
--
Total Revenue
343,873360,121
b. Interest income
Interest income is recognised on a time-proportion basis using the effective interest method.
c. Dividend income
Dividend income is recognised when the right to receive payment is established.
d. Lease income
Lease income from operating leases where the Group is a lessor is recognised as rental income on a straight-line basis
over the lease term.
e. Financing component
The Group does not expect to have any contracts where the period between the transfer of the promised service to the
customer and payment by the customer exceeds one year. As a consequence, the Group does not adjust any of the
transaction prices for the time value of money.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
62

f. Contract liability
The Group recognises a contract liability (deferred revenue) when the Group has recognised consideration for
performance obligations yet to be fulfilled. The opening balance has been recognised in revenue in the current year.
In the current year, there was $341,000 (2022: $504,000) of revenue recognised relating to contract liabilities at the prior
year end. The average timing of satisfaction of performance obligation in relation to the payment of the contract liability
is between 1 and 5 days. Management expects that 100% of the revenue (transaction price) allocated to unsatisfied
performance obligations as of 30 June 2023 will be recognised as revenue during the next reporting period ($521,000).
g. Government grants
Grants from the Government are recognised at their fair value where there is reasonable assurance that the grant will be
received, and the Group will comply with the attached conditions.
COVID-19 wage subsidy grants of $114,000 (2022: $447,000) and a grant from Waka Kotahi to support a co-funded coastal
shipping initiative $0 (2022: $750,000) are both included in the ‘other income’ line item. There are no unfulfilled conditions
or other contingencies attached to these grants.
During the year the Group received $3,000,000 (remaining grant to be received of $6.25m) from Waka Kotahi to support
the co-funded coastal shipping initiative. The funding is included as deferred revenue as this relates to funding for a ship
of which the build is yet to be completed. Once completed, the grant will be recognised in profit or loss over the period
necessary to match them with the conditions they are intended to compensate (over the life of the asset).
8. OPERATING EXPENSES BY NATURE

2023
$000
2022
$000
Transport costs
1
145,311151,655
Employee costs (note 8.1)117,040122,696
Property lease expenses595618
Operating lease expenses4,0073,695
Trading and warehousing expenses9,8986,273
Communications6,2055,407
Occupancy costs7,3987,381
Travel and accommodation3,5682,916
Bad debts369425
Foreign exchange gain(363)(231)
Remuneration paid to principal auditors (PwC)
Assurance services
Audit and review of financial statements, including associated disbursements352310
Non-assurance services
Other advisory services related to:
-ASX Compliance Listing-41
Donations623
Directors fees 448471
Depreciation and amortisation43,48244,667
Impairment of investment in associates-61
Non operating expenses (refer note 5)1,7283,387
Share based payments156
Other expenses5,4776,138
Total operating expenses345,536355,939

1
Includes costs relating to transportation including road user charges (RUC), fuel, tyres, repairs and maintenance, owner driver and subcontractor costs.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
63
ANNUAL REPORT 2023

8.1. Employee Costs
a. Superannuation benefits
The Group operates a defined contribution superannuation scheme. The scheme is funded through employee and Group
contributions to a trustee-administered fund. The Group has no further payment obligations once contributions have
been paid. Contributions are recognised as an employee benefits expense when they are due.
MOV
e Freight Limited has a historic defined contribution company superannuation scheme that has been operating for a
number of years. The Company has contribution rates from 4% - 6%.
Members contribute a minimum of 4% of their salary/wage and can go as high as 15%. The Company contributions are
vested to the member at the rate of 20% per year of service with the Company i.e. 100% after five years of service.
b. Other employee benefits
Liabilities for wages and salaries, including non-monetary benefits and accumulating sick leave are expected to be
settled within 12 months. They are measured at the amounts expected to be paid when the liabilities are settled.
c. Long service leave
The liabilities for long service leave and annual leave are not expected to be settled wholly within 12 months after the
end of the period in which the employees render the related service. They are therefore measured at the present value
of expected future payments to be made in respect of services provided by employees up to the end of the reporting
period. Consideration is given to expected future wage and salary levels, experience of employee departures and periods
of service. Expected future payments are discounted using market yields at the end of the reporting period of high-quality
corporate bonds with terms and currencies that match, as closely as possible, the estimated future cash outflows. Re-
measurement as a result of experience adjustments and changes in actuarial assumptions are recognised in profit or
loss.
d. Profit-sharing and bonus plans
The Group recognises a liability and an expense for bonuses and profit-sharing based on a formula that takes into
consideration the profit attributable to the Company’s shareholders after certain adjustments. The Group recognises a
provision where contractually obliged or where there is a past practice that has created a constructive obligation.
2023
$000
2022
$000
Wages, salaries & leave costs99,636107,722
Superannuation fund contributions2,6152,831
Other employee related costs14,78912,143
Total117,040122,696
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
64

9. INCOME TAX EXPENSE

The tax expense for the year comprised current and deferred tax. Tax is recognised in the profit or loss component of the
Statement of Profit or Loss & Other Comprehensive Income except to the extent that it relates to items recognised directly
in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive
income or equity respectively.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance
sheet date in the countries where the Company and its subsidiaries operate and generate taxable income.

2023
$000
2022
$000
Current tax on loss for the year(676)(968)
Adjustments in respect to prior years26110
Deferred tax2,1701,061
1,755103

The prima facie income tax expense on pre-tax accounting profit from operations reconciles to the income tax expense
in the financial statements as follows:

2023
$000
2022
$000
Loss from operations before tax(7,592)(3,207)
Add back:
Impairment of investment in associates-61
Share of loss of associates74103
(7,518)(3,043)
Prima facie tax receivable/(payable) at 28%2,105852
Tax effects of:
Expenses not deductible(651)(540)
Effect of tax rates in foreign juristrictions4037
Tax losses utilised in prior year-(256)
Prior year adjustment26110
Income tax credit1,755103
Imputation credits
2023
$000
2022
$000
Imputation credits available for use in subsequent periods3,8843,194
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
65
ANNUAL REPORT 2023

10. DIVIDENDS PAID AND PROPOSED
Dividends to the company shareholders are recognised in the Group’s financial statements in the period in which the
dividends are declared. Intercompany dividends are eliminated on consolidation.
No dividends have been declared by the company or recognised in the current year (2022: nil).
11. EARNINGS PER SHARE
The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is computed based
on the weighted average number of ordinary shares outstanding during the period. Diluted EPS is computed based on
the weighted average number of ordinary shares plus the effect of dilutive potential ordinary shares outstanding during
the period. At balance date, the effects of the potential ordinary shares were antidilutive. The potential ordinary shares
include the share options.

12 months to
30 June 2023
12 months to
30 June 2022
$000$000
Loss attributable to the owners for the year(7,190)(4,208)
Weighted average number of shares116,370,142106,048,755
CentsCents
Basic & diluted earnings per share(6.18)(3.97)

12. FINANCIAL ASSETS AND FINANCIAL LIABILITIES
The Group classifies its financial assets at amortised cost. The classification depends on the purpose for which the
financial assets are held. Management determines the classification of its financial assets at initial recognition.
Financial assets are included in current assets, except for those with maturities greater than 12 months after the
reporting date which are classified as non-current assets. The Group’s financial assets comprise ‘Trade and other
receivables’, ‘Cash and cash equivalents’ and ‘Advances to associates’ in the Balance Sheet. Financial assets that are
stated at amortised cost are reviewed individually at balance date to determine whether there is objective evidence
of impairment. Any impairment losses are recognised in the consolidated Statement of Profit or Loss and other
comprehensive income.
This note provides information about the Group’s financial instruments, including:
• An overview of all financial instruments held by the Group
• Specific information about each type of financial instrument
• Information about determining the fair value of the instruments, including judgements and estimations of
uncertainty involved.

The Group holds the following financial instruments:
AMORTISED COST
Financial AssetsNotes
2023
$000
2022
$000
Cash and cash equivalents
12.1
8,74414,940
Trade and other receivables
1
12.2
51,51959,276
Total60,26374,216
1
excluding non financial assets

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
66

FINANCIAL LIABILITIES AT AMORTISED COST
Financial LiabilitiesNotes
2023
$000
2022
$000
Trade Payables
1
12.3
32,77836,592
Employee entitlements
12.4
11,02310,476
Borrowings
12.5
24,32328,037
Convertible note
12.5
-8,641
Total68,12483,746
1
excluding non-financial liabilities
The Group’s exposure to various risks associated with the financial instruments is discussed in note 3. The maximum
exposure to credit risk at the end of the reporting period is the carrying amount of each class of financial assets
mentioned above, other than for trade and other receivables where the maximum credit risk is the balance before
impairment, being $53,318,000 (2022: $60,678,000).
12.1. Cash and Cash Equivalents
Cash and cash equivalents includes cash on hand, deposits held on call with banks, other short-term highly liquid
investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within
borrowings in current liabilities on the Balance Sheet.
Cash and cash equivalents include the following for the purpose of the cash flow statement:
2023
$000
2022
$000
Cash9,17714,940
Bank overdrafts (undrawn, refer note 3.3)(433)-
Total8,74414,940
12.2. Trade and Other Receivables
Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using the
effective interest method less provision for expected credit loss.
The Group assesses on a forward looking basis the expected credit losses associated with trade receivables carried at
amortised cost. The Group applies the simplified approach permitted by NZ IFRS 9, which requires expected lifetime losses
to be recognised from initial recognition of the receivables. Impairment of trade receivables is recognised in profit or loss.
Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation,
and default or delinquency in payments are considered indicators that the trade receivable has been impaired. The
amount of the provision is the difference between the asset’s carrying amount and the present value of the estimated
future cash flows, discounted at the original effective interest rate.

2023
$000
2022
$000
Trade receivables50,37456,829
Trade receivables with related parties -2
Less expected credit loss (refer note 3.1(a))(1,965)(1,402)
Net trade receivables48,40955,429
Accrued revenue2,9343,530
Sundry receivables176317
Financial assets at amortised cost51,51959,276
Prepayments1,7991,018
Total trade and other receivables53,31860,294
Trade receivables are generally due for settlement within 30 to 90 days.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
67
ANNUAL REPORT 2023

12.3. Trade and Other Payables
Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective
interest method.

2023
$000
2022
$000
Trade payables16,73217,583
Trade payables related parties-74
GST payable1,0741,500
Lease incentive8612
Accrued expenses15,96018,923
Total33,85238,092

Trade payables are unsecured and are usually paid within 30 to 60 days of recognition.

12.4. Employee Entitlements
2023
$000
2022
$000
Leave provision7,3937,731
Salary and wage accruals3,6302,745
Total11,02310,476
12.5. Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at
amortised cost using the effective interest method. Any borrowings are classified as current liabilities unless the Group
has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date.

Borrowing costs are expensed as incurred, unless they relate to the acquisition, construction or production of a qualifying
asset in which case the borrowing costs are capitalised.

The ANZ Bank Limited (ANZ) facilities include a $15m flexible credit facility (undrawn at 30 June 2023), an overdraft facility
of $5m, a term loan of $24.3m and bank guarantee’s totalling $11.6m (refer note 17).
2023
$000
2022
$000
Non-Current
Secured loan ANZ 20,61524,324
20,61524,324
Current
Secured loan ANZ3,7083,708
Secured loan Mainland Capital-5
3,7083,713
Total secured borrowings24,32328,037
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
68

The Group is required to comply with a number of financial covenants. These are as follows:
• Leverage Ratio of <2.5x
• Fixed Charge Cover Ratio of >1.25x
• Net capital expenditure not exceeding 110% of budgeted capital expenditure
• Guarantor coverage Assets of >85%
• Guarantor coverage EBITDA of >90%
The Group has fully complied with the ANZ facility covenants to 30 June 2023.
Post year end the Group forecast potential covenant breaches due to the FY23 performance of Freight and the economic
headwinds being faced at the start of the 2024 financial year. Accordingly, the Group sought and obtained credit
approval from ANZ to amend the quarterly covenants as below:
• EBITDA actual > 85% of EBITDA budget on a YTD basis
• Net capital expenditure not exceeding 110% of budgeted capital expenditure (annual test)
• Guarantor coverage Assets of >85%
• Guarantor coverage EBITDA of >90%
The Group has also agreed with ANZ that the undrawn $15m flexible credit facility be reduced to $7.5m and that the
overdraft facility be adjusted from $5.0m to $2.5m as part of the credit approval process.
The revised agreements are subject to final review by the respective legal teams.
The Group is forecasting compliance with the credit approved financial covenants for at least 12 months from the date
of signing the financial statements. Accordingly, the consolidated financial statements are prepared on a going concern
basis.
12.6. Convertible Note
Convertible notes are comprised of two elements: a debt note liability component and an embedded derivative
component. At the inception, the fair value of the host liability portion of the convertible notes is determined as being the
difference between the proceeds and the fair value of any identifiable derivative contained within the note. This amount
is recorded as a liability on an amortised cost basis until extinguished on conversion or maturity of the notes.
The fair value of the embedded derivative component is calculated through a valuation model using a variety
of assumptions, with the residual value assigned to the debt host components. The estimates and associated
assumptions are based on various factors that are believed to be reasonable under the circumstances, the results for
which form the basis of making the judgements. Actual results may differ from these estimates. The estimates and
underlying assumptions are reviewed on an ongoing basis. No gain or loss on fair value changes is recognised on
inception. Valuation of the embedded derivative is calculated at each year end, with any gain or loss recognised in the
consolidated Statement of Profit or Loss and Other Comprehensive income.
The debt liability component is subsequently carried at amortised cost. Each note has a principal amount of $50k with a
maturity date of 30 April 2026. Interest of 5% per annum is paid quarterly on the convertible notes.
Embedded derivatives
Derivatives are initially recognised at fair value and are subsequently remeasured to their fair value at each reporting
date.
An embedded derivative is a component of a hybrid contract that also includes a non-derivative host (e.g. convertible
notes). Derivatives embedded in hybrid contracts that are financial liabilities are treated as separate derivatives when
they meet the definition of a derivative, their risks and characteristics are not closely related to the host contract and the
host contract is not measured at fair value through profit or loss.
The conversion option of the convertible note represents an embedded derivative which is separated from the debt host
contract on initial recognition and measured through the profit and loss. The debt component is held at amortised cost
and on initial recognition is offset by the fair value of the conversion element, this is incorporated in the effective interest
which is recognised over the term to optimal conversion date.
On 30 June 2023 in line with the option to convert, all note holders converted the total of $8.2m notes into shares. All notes
were converted to shares at a variable rate based on a 10% discount to the market price totaling 11,228,890 shares (refer
note 14).
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
69
ANNUAL REPORT 2023