South Port NZ Ltd – 2023 Annual Meeting Presentations

CHAIR AND CHIEF EXECUTIVE’S ADDRESS
2023 ANNUAL SHAREHOLDERS’ MEETING

Tēnā Koutou katoa

Surplus After Tax

This year we reported an after-tax profit of $11.71 million and although this was an 8.7%
decrease on last year, it was a better result than we had expected when we provided our
interim report to shareholders in February.

Normalised profit was $11.50 million – a 3% increase on last year and this was a record result
for the company. Apart from 2020 which was Covid affected, underlying profit has shown
consistent growth over the past five years.

This year’s result was very good considering we had a 2% decrease in total cargo handled
across most of our bulk cargos, fertiliser, stock food, woodchips and also containers. The only
bright spot was log exports which increased 9% on the previous year.

We had a 14% increase in ship calls but the number of MSC container vessels calling at the
Port was still down from pre-Covid levels. This resulted in lower container volumes being
handled. It is hoped that the disruption to container services will continue to normalise, which
is the current trend.

We benefited from a 13% reduction in spending under our Asset Management Plan in line with
what has previously been forecast. This expenditure has now returned to what might be
described as a “business as usual” level.

The breakdown of our cargo remains consistent with previous years with 87% of our volume
being bulk cargos.

Our 10 year cumulative total shareholder return shows good growth in total shareholder return.
This trend was halted in the past year because of a decrease in our share price, probably
attributable to the increase in interest rates compared to our dividend yield.

As previously announced, we have maintained for a second year a total dividend of 27 cents
per share which represents a pay-out of 60% of net profit after tax.

Kia Whakaū

The undoubted highlight of this year has been the successful completion of our Kia Whakaū
Project.

As shareholders will know, this project involved the deepening of the entrance channel and
what is known as the swinging basin in the upper harbour and the berth pockets. The target
depth, officially recorded as 9.7 chart datum, allows for an operating draft at high tide of 10.7
metres. This is a full 1 metre deeper than our previous operating draft. The project was
successfully completed this month and yesterday we were able to celebrate the declaration of
the new operating draft with contractors and customers and key shareholders.

As previously reported, we were able to achieve the channel deepening using only a backhoe
dredge without the need for drilling and blasting under the resource consent we had obtained.
This resulted in the project being completed at approximately $7m less than we had budgeted.

The capital cost incurred in deepening a granite rock channel will result in an enduring benefit
for the Port. This is a tremendous result for the company and our thanks must go to all of
those who were involved in the project which included not only our Infrastructure Manager
Frank Boyle and his team, but also the wider leadership team.
The business case for this project required us to get a return on the capex of at the very least
our cost of capital. We plan to secure this through a combination of pricing and increased
volume. Provided we can achieve the expected volume increases, shareholders should in
future see a corresponding uplift in profit.

Town Wharf

A number of other projects have been completed this year including the Town Wharf
redevelopment at a cost of $11.9m. The Town Wharf services the delivery of the region’s fuel
and bitumen imports and its refurbishment will allow the wharf to be utilised for other users in
the future including appropriately sized cruise vessels.

Access Bridge

Our access bridge is a critical piece of infrastructure providing the only access to the Island
Harbour. Extending the service life of the bridge required a customised engineering solution
which involved replacement of some of the compromised reinforcing steel in the concrete
underside of the bridge. The steel reinforcement is now protected from further deterioration
from corrosion through an impressed current cathodic protection system. This project was
completed progressively in stages over a four year period without impeding bridge access and
Port operations. Once again, this project was successfully led by South Port’s infrastructure
team.

South Rail

Since 2018 the company has undertaken the paving of the previously unsealed log storage
area. The first stage, the north rail log yard was finished in 2018 and this year the paving of
the south rail log yard was completed. We now have 3.5 hectares of sealed log storage in the
centre of the Island Harbour. The sealing of the log yard brings in a range of benefits for both
the Port and our log customers with increased storage capacity and safety together with
improved environmental outcomes.

Hardstand Wind Farm

In order to service the import of wind farm equipment for the first stage of Mercury Energy’s
Kaiwera Downs Wind Farm we developed some of the last areas of vacant land on the Island
Harbour. The pavement for this area was constructed from sub-base gravel recycled from the
south rail project just referred to.

NZAS

I had hoped that by the time of this meeting we would have had a positive decision about the
smelter’s future. As the current closure date of December 2024 comes ever closer, the need
for certainty for all stakeholders increases. The case for the continuation of the smelter is
more compelling than ever. The smelter is the only smelter in the world that is producing high
purity aluminium from renewable energy. This fact alone should count against its closure. In
the meantime, the positive engagement by NZAS with local iwi and the community on the
remediation of the Tiwai Peninsula continues, which is a commitment the smelter has made
regardless of its future and NZAS is to be commended for this.

Southern Green Hydrogen

The potential closure of the smelter has presented the region and the port with a new
opportunity. Meridian Energy announced in November last year that with the support of Ngāi
Tahu, Woodside Energy had been selected as their preferred partner to move to the
development stage of a Southern Green Hydrogen project in Southland. Mitsui & Co Limited
is also involved in the project bringing experience in the production, shipping and handling of
ammonia products.

This opportunity which was borne out of the potential closure of the smelter is now seen as an
opportunity that can co-exist along with the smelter’s continued operation. This is very positive
for Southland and the Port, and we expect in due course to be involved in the movement of
both equipment and ammonia through the Port.

Aquaculture

It is incredibly disappointing that the Ngāi Tahu project Hananui was declined fast-track
consent in August this year. This application was for an open ocean salmon farm within the
coastal marine area, comprising 2,500 hectares located approximately 2 to 6 kms off the north-
eastern coast of Stewart Island. The proposed marine farm had the potential to produce up
to 16,000 tonnes of salmon per annum which would have doubled New Zealand’s existing
production of approximately 15,000 tonnes.

In the executive summary of the 244 page decision the Expert Consent Panel acknowledged
that the proposal would have enormous benefit for Ngāi Tahu, Rakiura and the wider
Southland community and accepted Ngāi Tahu’s holistic approach used to reach the
conclusion that the cultural, economic and social benefits of the proposal outweighed the
environmental costs but the Panel went on to say that the large scale salmon farms would
result in a major step change to the receiving environment that is relatively unmodified by
human activities, with very high natural character from a notable absence of permanent marine
structures and relatively low level of human activity except for transiting and anchoring
vessels. Reference was also made to the requirement under the regulatory framework to
avoid adverse effects on marine life and also that the proposal was adjacent to the Rakiura
National Park which is an area of outstanding natural landscape and an area of outstanding
natural character.

Unfortunately the regulatory framework against which the Hananui decision was assessed
does not allow for an appropriate balance to be struck between the environment on the one
hand and cultural, economic and social benefits on the other.

The Government’s 2019 Aquaculture Strategy set a target of growing revenue generated by
the aquaculture sector from the current level of approximately $650 million per annum to $3
billion by 2035. MPI has estimated that salmon farming alone could generate $1.5 billion in
revenue – half of the $3 billion target. To achieve this, production volume would need to
increase from the current level of approximately 15,000 tonnes to 70,000-80,000 tonnes per
annum, a five-fold increase.

The Government has received advice that the one thing the Government must do to assist
and promote industry growth is to change the consenting regime to reduce uncertainty, cost
and time.

Although the RMA’s replacement, the Natural Inbuilt Environment Act does give more
recognition to aquaculture than the RMA, it will be many years before the underlying regulatory
framework is in place to make meaningful change. We should be looking to guidance from
both Norway and Tasmania where aquaculture has seen sustainable growth enabled by
specific aquaculture legislation. It is pleasing to see that Invercargill MP Penny Simmonds is

advocating for aquaculture specific legislation based on the Tasmanian model. Until we get a
fit for purpose consenting regime we will continue to deny ourselves as a country of the huge
potential that aquaculture offers. The need to address this is now a high priority.

Wind Farms

Stage 1 of Mercury Energy’s Kaiwera Downs Wind Farm saw 10 turbines discharged and
stored at the Port. The total project has been consented for 60 turbines and a decision on the
second stage is expected to be made in the next 12 months.

Contact Energy is also seeking a fast track consent for its Southland Wind Farm Project
located east of Wyndham which have the capacity to produce up to 300MW from 50 turbines.

Also announced last week was a project by Manawa and Pioneer Energy for a 70 turbine
300mw Wind Farm near Clinton.

Southland is known to have a number of locations with suitable attributes for wind farms. The
development of these will provide shorter term opportunities for the Port with the handling of
this project cargo but once developed this renewable energy will support and attract other
industry, hydrogen production being only one example.

Cruise

The cruise industry has bounced back strongly post Covid. Although South Port is a very
minor player we did receive 12 cruise ships last year and we do see opportunities to grow this,
noting that for this season we already have 18 vessels booked to call at Bluff.

Climate-Related Disclosures

For the year ended 30 June 2024 it will be mandatory for us as a listed company to produce
climate statements which comply with the disclosure requirements in the External Reporting
Board Standards. The standards provide a framework for companies to consider and assess
climate related risks and opportunities. The climate related disclosures cover four pillars being
governance, strategy, risk management and metrics and targets. There is a substantial body
of work that is required in order to comply with the reporting standards. Our annual report
provides further details of the governance framework that we have put in place to meet our
obligations under the standards which includes the establishment of a sustainability
committee.

South Port has been recording and reporting its greenhouse gas emissions since 2019. These
emissions are divided into three scopes covering direct and indirect emissions and emission
occurring as a consequence of the activities of the company such as air travel.

Carbon intensity is the most useful performance indicator in assessing carbon efficiency and
is our Key Performance Indicator. The Company monitors this in relation to total carbon
emissions per tonne, litres of fuel per tonne and energy consumption per tonne.

LTI

Last week we announced to the market that we had adopted a Performance Share Rights
Plan commonly referred to as a Long Term Incentive Plan or LTI. The Plan is designed to
retain and incentivise eligible employees. The Plan grants participants the right to be issued
with shares in three years’ time subject to certain vesting conditions being met. These
conditions are:

• Total shareholder return exceeding a cost of equity target;
• Total shareholder return being above a target percentile of an NZX top 50 peer group of
companies; and
• Earnings per share compound growth exceeding a target rate.

The rights will automatically lapse if the vesting hurdles are not satisfied by the end of the
three year vesting period.

In adopting this Long Term Incentive Plan, the Board wanted to ensure that the incentive and
reward for the eligible employees was completely aligned with the creation and growth of
shareholder value.
I mentioned earlier the expectation that our increased operating draft would see an uplift in
profit through in the most part, increased volumes. As a Board, we wanted to incentivise the
achievement of volume increases and shareholder returns through a Long Term Incentive Plan
that would reward both key staff and shareholders appropriately where success has been
achieved.

Chief Executive’s Address:

Tēnā Koutou katoa

Today I am going to cover off safety health and wellbeing, our operations, our community and
finally our people.

Our values are what underpin our business. These have guided us through difficult times in
the recent past and are still very relevant to our work today.

We obviously work in a hazardous environment therefore it is essential to keep our workers
safe and this is why safety first is one of our most important core values.

As illustrated the Port recorded 251,190 inward vehicle movements during the last financial
year. The majority of these are related to heavy vehicle traffic. Note in addition to this traffic
there is a large number of machines working daily on the Port whether moving bulk cargoes
or containers which adds to the complexity.

It is very important therefore that we have robust inductions and transport management plans
to promote and improve the safety of the operations on the Port.

An important aspect of improving safety is that all employees and our Board are involved in
our safety walks and engagements to get a broad cross section of views and observations. As
shown in the above slide the Board is involved in a safety engagement night walk at berth 5
where a bulk discharge operation is underway.

Critical Risks are a key focus of these walks as these are what can cause serious harm to our
employees. One in particular that we pay close attention to is Mobile Plant versus Person.

It is important that we separate people from machinery, and we have done significant work in
our container terminal and warehouse to create a safer workplace by installing walkways and
dedicated work zones for surveying containers, labelling product and repairing containers.

At the national level the Port Health and Safety Leadership Group, made up of Ports,
Stevedores, Unions and the Regulators (WorkSafe and MNZ) has released a Fatigue Risk
Management System guideline and is currently working through an approved code of practice
for the loading and unloading of cargo on ports. These standardised systems will help create

consistency across the sector and hopefully provide positive outcomes for the safety all port
workers.

Bulk cargo represents 87% of all cargo handled at the Port and has been the backbone of our
operations for many years. 34% of this volume is related to forestry cargo, 34% related to
NZAS and the remaining % is split between fertiliser products, stock food and petroleum
products.

Containers round out the remaining 23% of our cargo base which is equal to 41,700 Twenty
foot equivalent units or TEU. This part of our business has still got lingering effects of a
disrupted supply chain in New Zealand however the schedule integrity of the MSC Capricorn
Service calling at the Port is slowly improving, which should see a lift in containers being
handled through the Port.

The marine operations were very busy this year handling 349 vessels calls, the most vessel
calls since 2019. Typically, the Port operates a 2 tug vessel model however with the recent
purchase of the Rakiwai the Company has made the decision to retain a third tug for resilience
purposes. With the deepening of the channel and the potential for larger vessels with greater
payloads we require two tugs on every transit, therefore as an insurance policy we also now
require a third tug should there be any breakdowns.

The warehousing division is an integral part of our container service offering at the Port. Our
dairy warehouses are utilised for the storage of Open Country Dairy products where we also
sort, label and pack milk powder on Port for export. This cargo is important as it alone ensures
the regular call of the MSC Capricorn container service at the Port. The cold stores on Port
predominantly service the smaller meat processors in the region with smaller volumes of fish
products. These products are received, sorted and then loaded into containers for export,
again on the MSC service calling at the Port.

The Company is proud of its efforts to connect, share information and to work in the
community. The support of the local community we work in is very important to us, especially
as 40% of our employees live with their families in Bluff. A key part of our communications is
through the issue of our biannual community newsletter Mai I Te Wapu. This provides up to
date information of what is happening on the Port and is delivered to each mail box by our
employees.

The Port is also active in the community providing donations, sponsorships, scholarships,
demonstrations at schools, Christmas gifts and our staff are provided with one day a year to
work in the local community.

It’s important that we meet with the leaders of the local community. We do this through
attending Bluff Community Board meetings from time to time and also with the Bluff Runaka,
to share information and discuss what is happening at the Port.

Due to safety reasons the Port is locked down as much as possible to protect both employees
and the public. The Port Open Day therefore has also become an important part of connecting
with the wider Southland Community and allowing access to the Port. This year 500 members
of the public attend the open day which had an entertainment centre and port tours to view all
aspect of the operations including a visit to the cold stores, a crane and forklift demonstration
and a visit to the tugs.

Our people are the most important part of our business. We continue to work on our culture,
provide leadership training and opportunities and recognise success where possible. It’s only
through the efforts of our team that the Port can continue to function at a high level, provide a
safe working environment and hopefully enjoy the journey along the way.

Retention of our employees is always front of mind. Rex has already touched on the Long
Term Incentive. Another part of our strategy to retain employees is that we have recently
opened an office in Invercargill to provide more flexibility for both our Bluff and Invercargill
based staff to split their work between Bluff and Invercargill. This has many flow-on benefits
for our staff and is one of many strategies currently under consideration.

Over Rex’s last 21 years he has played an integral part of the leadership of South Port,
especially the last 12 as Chair. The Company has achieved a lot in this time. Some of these
are listed in the annual report, however to mention a few during his tenure we have achieved
a 317% increase in net operating surplus, a corresponding 315% increase in dividends per
share and a 332% increase in share price. Not everything can be measured in monetary terms
and over this time our culture, relationships both internal and external and safety, which we
have discussed previously has improved immensely. Rex has a high intellect, has a great
way of approaching any issue and is extremely well considered, no matter the topic or what
the urgency may be. I don’t know how he finds the time, however he always manages to take
a phone call, attend Company events, functions and celebrations, which is appreciated by all
staff. These are only some of the many attributes for why he is highly respected by the
leadership team, myself and I know my predecessor Mark O’Connor would share the same
thoughts. Finally, on behalf of the Company we would like to thank Rex and wish him and Trish
all the very best for the future.

Chair’s Address Continued:

Board Composition and Staff

On behalf of the Board I would like to acknowledge the contribution of Nigel and his Leadership
Team during the past year. I have already referred to the successful completion of the Kia
Whakaū but it has also been a very busy “business as usual” year, some aspects of which I
have referred to and others that Nigel has outlined.

One of our five year goals is that South Port will be an employer of choice. With increased
competition for experienced and talented staff, this goal is even more important. The company
is focused on measures which will ensure that we continue to retain and recruit high quality
people. The LTI is one of those measures.

The company has a diversity and inclusion policy which recognises the benefits of a diverse
and inclusive workforce. This includes measurable objectives for gender diversity across our
whole workforce from the Board through to operational areas. Our progress towards achieving
these objectives is reported in our Annual Report.

The Port Industry has historically been male-dominated. Steady progress has been made in
addressing this and now 20% of our permanent staff are female and a determined effort has
been made to increase the number of women employed in operational roles. As of 30 June
we now have seven women in operational roles who are paving the way for others to follow.

When I became Chair in 2011, there were no women on the Board – something that I
personally wanted to see changed. We now have three female directors, shortly to become
four on the expected appointment of Cassandra Crowley.

This year, we established a Director Internship in conjunction with the Southland Business
Chamber. This gives Southlanders with governance aspirations the opportunity to join the
South Port Board for one year as a Director Intern. Interns attend all Board meetings and are
involved in all aspects of the work of the Board during the course of the year. As Southland’s
only listed company, we recognise that we should be taking the lead in providing this type of

opportunity to encourage and assist local people towards a governance career. Carla Harper
was selected this year from a strong group of applicants as our inaugural intern.

Outlook

At the time of the release of our Annual Report, we provided earnings guidance for this year
in the range of $11.70 to $12.30 million which would have been an increased profit compared
with last year.

We now have the results from our first quarter and unfortunately trade volumes are not where
we had forecast. Volumes are down 10% compared to the same period in the prior year. Port
of Tauranga last week announced their first quarter results, their total trade for the quarter was
down 9%.

Log exports have been impacted by weaker market conditions, particularly in the main export
market of China and this was signalled in our Annual Report. Predicting just when the Chinese
market for logs might improve is difficult.

The farming sector across the board is going through a difficult period due to lower export
prices, higher inflation and interest rates. We have now seen the impact of this in the first
quarter with a substantial decrease in fertiliser imports and stock food volumes are also down.
Containers are still facing some congestion and schedule reliability issues.

With so much of our volume dependent on external factors outside of our control, it is more
difficult this year for us to have confidence about our earnings outlook. As things stand at
present, our earnings could be at the lower end of $9 million after tax with any upside to this
dependent on a marked recovery in our bulk cargoes over the remainder of the year,
something that we are unable to provide any guidance on at this stage.

While we will be endeavouring to maintain the current level of dividend that will of course
depend on no further deterioration in earnings. Unfortunately, we as a company are not
immune to cyclical market conditions. Shareholders can be assured that the company will be
looking closely at its cost base and reducing costs where appropriate to minimise the financial
impact of this current slowdown in trade.

Open the time up for Questions

Reflection

As this will be the last opportunity that I have to formally address shareholders, I would like to
thank the shareholders for the opportunity and privilege to serve as a director of this company.
As my retirement from the Board has approached, I have reflected on the past 21 years and
have remarked to others that my time as a South Port director and latterly Chair has been one
of the most satisfying aspects of my professional career. I have had the very good fortune to
work with two outstanding CEOs in Mark O’Connor formerly and now Nigel, supported by a
very capable Executive Leadership Team and staff.

In my role as Chair, I had the support of a very capable and experienced Board, both present
and past, and I would like to thank them for this support.

I am proud of what we all collectively as a company have achieved.

When I joined the Board in 2002 our purpose, or ultimate goal as it was described then, was
that “South Port New Zealand Limited will be the best cost distribution option for all southern
region importers and exporters through the delivery of innovative solutions.”

Our purpose has now been re-stated in more economical language to be “to facilitate the best
logistic solution for the region.”

The essential objective remains unchanged and recognises that we exist to serve the region
and our shareholders. I would like to think that we have always had that at the forefront of
what we do and I am confident that this will continue to be the case.

Thank you.

---

Shareholders’
Annual General
Meeting
31 October 2023

•Financial and Operating Highlights
•Infrastructure Spend
•Dividends
•Kia Whakaū
•Other Port Developments
•NZAS & Opportunities
•Environmental Sustainability
•Board Composition and Staff
•Outlook
CONTENTS –CHAIR DELIVERY

SURPLUS AFTER TAX
$9.70
$9.40
$10.70
$12.80
$11.70
$-
$2.00
$4.00
$6.00
$8.00
$10.00
$12.00
$14.00
20192020202120222023
MILLIONS

NORMALISED SURPLUS AFTER TAX –RECORD RESULT
$10.10
$9.45
$10.45
$11.16
$11.50
$-
$2.00
$4.00
$6.00
$8.00
$10.00
$12.00
$14.00
20192020202120222023
MILLIONS

•2% decrease in cargoes
•Decreases in Fertiliser, Stock Food, Woodchips and containers
•Increase in logs
•14% increase in ship calls to the Port
RESULTS PLEASING DESPITE CHALLENGES

INFRASTRUCTURE SPEND

CARGO IN TONNES
13% 87%

10 YEAR CUMULATIVE TOTAL SHAREHOLDER RETURN

DIVIDENDS

“act of strengthening, developing, or refining an object or
people: or, in this case, arguably both & the act of landing
something from the sea”
KIA WHAKAŪ

Deepening of Channel, Swinging Basin & Berth Pockets
•Chart Datum 9.7M
•High Tide 10.7M
Success – dredging finished 30 September
KIA WHAKAŪ

DREDGING ACTIVITY

Overview

Looking down the channel from Foveaux Strait

Looking East towards entrance channel

PORT DEVELOPMENT –TOWN WHARF

PORT DEVELOPMENT –ACCESS BRIDGE

PORT DEVELOPMENT –SOUTH RAIL LOG STORAGE AREA

PORT DEVELOPMENT –HARDSTAND WIND FARM

NEW ZEALAND ALUMINIUM SMELTER

OPPORTUNITIES –SOUTHERN GREEN HYDROGEN

•Ngāi Tahu – Project Hananui
•DECLINED fast track consent
•open ocean marine farming (salmon) within a 2,500-hectare area of the coastal marine
area, approximately 2 to 6 kilometers off the north-eastern coast of Stewart
Island/Rakiura
OPPORTUNITIES –OPEN OCEAN AQUACULTURE

OPPORTUNITIES –WIND FARMS

OPPORTUNITIES –CRUISE

•Came into Effect 1 January 2023
•First mandatory reporting period – year end 30 June 2024
•Standards provide a framework to consider climate-related risks &
opportunities
•Disclosures cover four pillars
•Governance
•Strategy
•Risk Management
•Metrics and Targets
•Summary of a draft proposed framework outlined in annual report
CLIMATE-RELATED DISCLOSURES

ENVIRONMENTAL SUSTAINABILITY

ENVIRONMENTAL SUSTAINABILITY –SCOPE 3 BREAKDOWN

ENVIRONMENTAL –CARBON INTENSITY BREAKDOWN

ThePlanistoassistinthereward,retentionandmotivationofParticipantsand
aligntheinterestsofParticipantswithSPNZshareholders
IncentivecomponentconsistsofagrantofRightswhichwillhavethefollowing
vestingconditions:
•totalshareholderreturnexceedingacostofequitytarget;
•totalshareholderreturnfallingaboveatargetpercentileoftheNZX50peer
groupcompanies;and
•earningspersharecompoundannualgrowthrateexceedingatargetrate,
overathree-yearvestingperiod.
Long Term Incentive (LTI)

•Safety, Health and Wellbeing
•Operations
•Our Community
•Our People
CONTENTS –CEO DELIVERY

VALUES

SAFETY, HEALTH AND WELLBEING

SAFETY ENGAGEMENT WALKS

SAFETY, HEALTH AND WELLBEING –CRITICAL RISKS

SAFETY, HEALTH AND WELLBEING –MOBILE PLANT vs PERSON

SAFETY, HEALTH AND WELLBEING –MOBILE PLANT vs PERSON

PORT HEALTH & SAFETY LEADERSHIP GROUP

OPERATIONS –BULK & BREAKBULK

OPERATIONS –CONTAINERS

OPERATIONS –MARINE

OPERATIONS –WAREHOUSING

OUR COMMUNITY

OUR COMMUNITY
ScholarshipsSchool Demonstrations

OUR COMMUNITY
Christmas gifts – Bluff School
Planting Trees on Motupōhue – Bluff Hill

OUR COMMUNITY –PORT OPEN DAY

OUR COMMUNITY –PORT OPEN DAY
Cold Store Visit
Crane and forklift demonstration
Tug Visit

PEOPLE

REX CHAPMAN

BOARD COMPOSITION AND STAFF

First Quarter Results
•Trade volumes are tracking in line with FY2022
•Logs impacted by weaker market conditions
•Containers still facing some congestion and schedule reliability issues
•All other cargoes remain consistent or slightly ahead of FY2022
•Aim to maintain current level of dividend
OUTLOOK

QUESTIONS?