2023 Full Year Results

2
2023 ANNUAL REPORT TE PURONGO A TAU
CONTENTS
TAHI ///Section 1
RIMA ///
S5Our Leaders
Board of Directorsp44
Senior Management Teamp46
ONO ///
S6
Governance Matters &
Financial Statements
CFO Management Discussion and Analysisp49
Strategic Risk Overviewp53
Governance Statementsp54
Other Disclosuresp66
Financial Statementsp71
WHA ///
S4Foundations
F1: Our Culture of Carep34
F2: Sustainability and Emissions Reduction in Actionp39
TORU ///
S3
Implementing our
Strategy
SG1: Connecting with our Customersp18
SG2: Harnessing Data and Technologyp24
SG3: A Networked Infrastructurep26
SG4: Collaborative Partnerships with Othersp29
RUA ///
S2About us
We are Napier Portp12
Our Trade Portfoliop13
How we Create Valuep14
How we Engage our Stakeholdersp15
Our Strategic Frameworkp16
TAHI ///
S1Welcome
Performance at a Glance P4
Chair and Chief Executive’s ReportP5

3
2023 ANNUAL REPORT TE PURONGO A TAU
CONTENTS
TAHI ///Section 1
Performance at a Glance /// p4
Chair and Chief Executive’s Report /// p5
TAHI ///
Section 1
S1

4
2023 ANNUAL REPORT TE PURONGO A TAU
CONTENTS
TAHI ///Section 1
10%
Reduction in Total
Carbon Emissions
30k
TEU handled through
Port Pack
31.9%
712
Places on health and
safety courses
2.5m
Tonnes of Log
Exports
11.3%
Viewpoint
Supply Chain
Officially Launched
$118.4m
Revenue
3.4%
$16.6m
Net Profit
18.8%
$37.2m
Result from
Operating Activities
7.1%
$10.5m
Total Dividend
5.25 cents/share
272
Charter Vessel
Calls
12.3%
251
Container Vessel
Calls
23.6%
4.6m
Tonnes of Cargo
Handled
14.4%
3.2m
Tonnes of Bulk Cargo
Handled
12.8%
$7.1m
Final Dividend
3.55 cents/share
64
Cruise Vessel
Calls
Up from 1
TAHI ///Section 1
Performance at a glance
Year on year

5
2023 ANNUAL REPORT TE PURONGO A TAU
CONTENTS
TAHI ///Section 1
Trade during the first half
showed strong growth in
revenue and operating
earnings, demonstrating our
capability to deliver under
‘normal’ operating conditions.”
The year started very well for Napier Port and our
region’s cargo owners. Pandemic pressures were
easing, including constraints on labour and supply
chain disruption. Cargo flows were buoyant supported
by the operation of our new wharf, Te Whiti, increasing
shipping services calling and new customers and
cargo arriving through the gates. Trade during the first
half showed strong growth in revenue and operating
earnings, demonstrating our capability to deliver under
‘normal’ operating conditions.
The landing of Cyclone Gabrielle on 13-14 February
resulted in damage and disruption to Hawke’s Bay.
Napier Port suffered only minimal damage and was able
to fulfil its critical role as a lifeline asset to the region and
as a core supply chain partner to our customers. Damage
to our customers’ crops, exporters’ premises and regional
infrastructure impacted on cargo volumes which softened
our overall trade volumes and financial results for the
2023 year.
Despite the challenges presented by Cyclone Gabrielle,
this year has reinforced the resilience of Napier Port, our
region and the cargo owners who produce the food and
fibre products that the world continues to demand.
TAHI ///Section 1
Chair & Chief
Executive’s
Report

6
2023 ANNUAL REPORT TE PURONGO A TAU
CONTENTS
TAHI ///Section 1
Trade Volumes
Total trade decreased 14.4% to 4.6
million tonnes, compared with 5.4
million tonnes the previous year.
Containerised volume decreased
by 12.7% to 222k TEUs from 254k
TEUs primarily due to the closure of
Pan Pac’s wood pulp and timber mills
and lower produce and other chilled
exports due to crop losses following
Cyclone Gabrielle.
Bulk cargo volume decreased by
12.8%, to 3.2 million tonnes from
3.65 million tonnes a year ago. This
was largely driven by log export
volumes, which decreased by 11.3%,
to 2.5 million tonnes compared to 2.8
million tonnes, due to less harvesting
post cyclone, damaged roading
infrastructure and the subdued log
export market conditions during the
year.
The 2022-23 season saw 64 cruise
vessel calls to Napier Port, compared
to one in the previous year. There
were 251 container ship calls, up from
203 last year and 272 charter vessel
calls down from 310 last year.
Trading volumes reflect the impact
Cyclone Gabrielle had on the second
half. This was mitigated to a degree
by a buoyant first half and the recovery
in some products in the fourth quarter.
Log exports that had been pushed
back by Cyclone Gabrielle ramped
up in the fourth quarter, resulting in
volumes on par with the same quarter
last year. Containerised cargo for
canned goods, apples and pears, meat
and fresh and other chilled produce
was also on par with the same quarter
last year, and containerised wood
pulp and timber volumes continued to
be reduced due to the closure of Pan
Pac’s wood processing facilities (which
are forecast to re-open in stages over
the coming months).
3.2m
Tonnes of Bulk
Cargo Handled
12.8%
64
Cruise Vessel Calls
from 1
(2022)
251
Container Ship Calls
from 203
(2022)

7
2023 ANNUAL REPORT TE PURONGO A TAU
CONTENTS
TAHI ///Section 1
Community, People and Safety
Immediately post Cyclone Gabrielle the most
tangible way we could support our community
and customers was being able to resume
operations as quickly as possible to ensure the
smooth flow of essential supplies and trade.
This enabled the New Zealand Defence Forces
to arrive on port within 24 hours and the first
fuel and container vessels were back in port
within days delivering essential supplies to the
region.
As a response hub for Hawke’s Bay we
supported local agencies in the community,
we provided our generators to other lifeline
services, and our people undertook specialist
roles in the Civil Defence Emergency
Management Unit.
We have remained vigilant in our commitment
to safety and wellbeing and continued to invest
in our Health & Safety management systems
to mitigate or remove risk. We are pleased to
report no incidents of serious harm during the
year and that we continue to remain vigilant in
our approach to improve safety across the port.
We introduced an extra crane team to
better manage fatigue and a fixed roster for
operational teams to support work life balance
and employees’ commitments outside of work.
We continued the roll out of ShoreTension
mooring units, which enhances safety when
working around berthed ships. Our driver safety
programme and drug and alcohol policy were
updated, with education across the port; and we
We are pleased to report no incidents of
serious harm during the year and that we
continue to remain vigilant in our approach
to improve safety across the port.”
continue to focus on building upon our culture
of care to ensure we have the right culture to
recruit and retain diversity in our workforce.
During the year, Maritime NZ (MNZ) was
appointed as the primary regulator over New
Zealand port operations effective 1 July 2024.
The Napier Port team have a positive working
relationship with MNZ and we look forward to
remaining closely involved in port sector harm
prevention initiatives.

8
2023 ANNUAL REPORT TE PURONGO A TAU
CONTENTS
TAHI ///Section 1
Prioritising Customers
Connecting customers to their
markets, understanding their needs
and helping them achieve their goals
remained a firm priority during the
year. By ensuring a good range of
shipping service calls, providing
flexible, innovative and integrated
services, and prioritising regular,
timely communications and tools for
our customers we help them manage
efficient receival and delivery of their
cargo.
It was therefore pleasing that,
following an extraordinarily challenging
period, an independent survey of our
customers rated us 8/10 for overall
customer satisfaction. This is the
third year in a row we have seen an
increase in this score and it gives
us confidence that we are offering a
premium service to our cargo owner
and shipping line customers.
The official launch of Viewpoint
Supply Chain, our landside road, rail
and warehousing logistics service,
is providing importers and exporters
across the North Island with more
options for moving their cargo. With
wharf capacity, operational flexibility,
and services on port, Napier Port is
well placed to receive and process
cargo from across the North Island and
help to ease congestion in the national
supply chain network.
Progressing Sustainability
Our drive towards embedding
sustainable practices throughout our
operations progressed well. Of the
more than 100 actions we identified two
years’ ago, more than 60% are now
complete or underway and ongoing.
We refreshed our climate change risk
assessment based on newly available
climate data, and this informed our third
climate change related disclosure, which
included updates to the ‘physical risks’
and ‘transitional impacts’ identified. This
year, our total carbon emissions reduced
by 10%, in line with reduced volumes.
60%
of our sustainable practice
actions either completed,
underway or ongoing
(100+ in total)

9
2023 ANNUAL REPORT TE PURONGO A TAU
CONTENTS
TAHI ///Section 1
$7.1m
Final Dividend
3.55 cents/share
$118.4m
Milion Revenue
3.4%
$16.6m
Net Profit After Tax
18.8%
$37.2m
Result from Operating Activities
7.1%
Financial results
and dividend
Revenue was $118.4 million, a 3.4%
increase compared with $114.5 million
the previous year. Result from Operating
Activities was $37.2 million, a 7.1%
decrease compared with $40.1 million the
previous year. Net Profit After Tax was
$16.6 million, a 18.8% decrease compared
with $20.4 million the previous year.
Operating expenses remained high due to
intense inflationary cost pressures, which
offset the increase in revenue from strong
yields and enhancement of new services
on port.
Business interruption insurance income,
as a result of insurance claims following
Cyclone Gabrielle, of $7.25 million was
recognised during the financial year.
The Board of Directors has declared a
fully imputed final dividend of 3.55 cents
per share, bringing the total dividend for
the 2023 year to 5.25 cents per share,
representing a $10.5 million total dividend.
TAHI ///Section 1
Operating expenses remained
high due to intense inflationary
cost pressures, which offset
the increase in revenue.”

10
2023 ANNUAL REPORT TE PURONGO A TAU
CONTENTS
TAHI ///Section 1
Outlook
There is a lot to be optimistic about in
the year ahead.
The 2023-2024 cruise season could
be our busiest yet with 92 current
bookings, more double and triple
ship stays than ever before, and new
cruise lines calling Napier Port.
The pick-up in logs seen in the fourth
quarter has continued into October.
The start of a new export forestry
customer, together with upgrades to
our log debarking operations, where
customer demand is already high,
gives us confidence in the outlook for
our forestry business.
Just after year end, in early October,
Pan Pac re-opened its wood chip
mill, the first part of its production
facility to become operational
again since the cyclone. Timber
mill operations are expected to
restart in January, and the pulp
mill in February, with the plant fully
operational by late 2024.
Some major apple exporters suffered
less permanent flood damage to
their trees than initially thought
and replanting of damaged areas
is already underway or completed.
Continued investment in the region
by global and local apple exporters
underscores the value of the cargo
produced and the positive confidence
in the long-term outlook for volume
growth across Hawke’s Bay’s
horticulture sector.
The rail line through to Napier Port
re-opened on 15th September 2023
and we expect this to continue to
have a positive effect on timber,
pulp, meat and log cargo volumes
from the central North Island. It has
also generated further interest in
Viewpoint Supply Chain, Napier
Port’s North Island landside logistics
and warehousing service.
A focus on cost management,
efficiency, and yield management
as a result of our investments
in infrastructure and additional
customer services on port, positions
Napier Port well for continued
earnings growth as volumes recover.
On behalf of directors and senior
management we thank our
customers who entrust us with their
valuable cargo and our entire Napier
Port team for their commitment
every day. Cyclone Gabrielle threw
up considerable challenges during
the year, for Napier Port and the
wider Hawke’s Bay community and
region. We are proud of the role we
Blair O’Keeffe
Chair
were able to play in the immediate
response phase and the role Napier
Port continues to play in the ongoing
recovery.
We look forward to providing a further
update at our annual meeting in
December.
Todd Dawson
Chief Executive Officer

2023 ANNUAL REPORT TE PURONGO A TAU
RUA ///Section 2
11
CONTENTS
RUA ///
Section 2
S2
We are Napier Port /// p12
Our Trade Portfolio /// p13
How we Create Value /// p14
How we Engage our Stakeholders /// p15
Our Strategic Framework /// p16
Ab ut us

2023 ANNUAL REPORT TE PURONGO A TAU
RUA ///Section 2
12
CONTENTS
We are
Napier Port
Napier Port has been connecting
Hawke’s Bay and its surrounding regions
with the people and markets of the world
for over 150 years.
Located on the East Coast of New Zealand, we
are the gateway for the central and lower North
Island’s exports and operate a long-term regional
infrastructure asset that supports the regional
economy. We employ over 300 people directly and
our operations indirectly support many thousands of
jobs and businesses across the region.
We plan, operate and maintain port land and
shipping channels, and we have the cargo handling
capacity, facilities and infrastructure to get our
customers’ cargo efficiently across our wharves
and en route to market. Napier Port is on the main
transit route for international shipping services, is
connected to inland freight hubs and core national
road and rail networks, operating 24 hours a day,
364 days a year.
While our strategic location and cargo-handling
capacity make us a key connection in New
Zealand’s supply chain, it’s our culture and
service that are the foundation to our success.
We take pride in delivering for our customers,
building collaborative relationships, supporting
the local community and looking after our marine
environment.
Our future success is forged side by side with the
success of our customers and our community.
Collectively, we can drive growth that benefits our
region, our people and our environment.
150
years working
for Hawke’s Bay
39
heavy container
handling
machines in
the fleet
16
hectares of container
terminal space
2
container depots
offering full services
to international
shipping lines
321
permanent
employees
50
hectares of on-
site port land
110+
countries that
product is shipped
to globally
6
mobile harbour
cranes
6
wharves
including our
new 350m
wharf, Te Whiti
3
Tugs
3
trains/day to
and from Central
North Island
36.6k
square metres of
warehousing
10
hectares of
dedicated
log storage,
working 24/7
1
mobile log
debarker
Viewpoint
Supply Chain
service
12.3
hectares of
land in whakatu
for future
development
4th
largest port in NZ by
container volume
1,123
connection
points for
refrigerated
cargo
5M+
tonnes of cargo
handled annually
inland freight hub joint
venture in Manawatu with
a 1.9 hectare container
yard and a warehousing
facility with road and rail
connections to
Napier Port

2023 ANNUAL REPORT TE PURONGO A TAU
RUA ///Section 2
13
CONTENTS
Our Trade
Portfolio
The mix of products flowing in and out
of Napier Port reflects our diversified
regional trade base.
The Hawke’s Bay region is home to many of
New Zealand’s major producers, processors and
exporters of primary produce, and Napier Port
is proud to be their gateway to global markets.
The majority of businesses exporting through
Napier Port are located within 100 kilometres
of the port. Exports comprise 81% (by weight)
of cargo, and include logs, wood pulp, pipfruit,
timber, meat and fresh produce.
Napier Port receives imports for the Hawke’s
Bay region and the central and lower North
Island, and has the capacity and landside
logistics capability in place to increase import
volumes, relieving pressure from other
congested northern New Zealand ports. Imports
represent 19% (by weight) of cargo, and include
fertiliser, oil products, general cargo, foodstuffs,
cement and bitumen.
Container
Services
Bulk Cargo
Cruise
Other
Export
Import
Fertiliser
Oil products
General cargo
Foodstuffs
Cement
Other
Logs
Wood Pulp
Pipfruit
Timber
Meat
Fresh
Produce
Other
Import
Product Mix
FY2023 by weight
Export
Product Mix
FY2023 by weight
Revenue
Breakdown
FY2023
Export/
Import Split
FY2023 by weight

2023 ANNUAL REPORT TE PURONGO A TAU
RUA ///Section 2
14
CONTENTS
Services Provided
Container
operations
services
Landside
logistics
services
Warehousing
services
Marine
services
Bulk
cargo
services
People
Our motivated and engaged workforce, who
have pride in their work keeping the cargo
flowing across our wharves.
Financial
Financial capital provided by
our shareholders and debt
funders.
Skills and knowledge
Our deep expertise in port operations and
logistics, and the creation of technology
solutions for our business and our
customers.
Relationships
Our strong relationships with stakeholders
– cargo owners, shipping lines, transport
partners, local community, iwi – give us our
social licence to operate and grow.
Physical assets
Our assets and infrastructure, including
port land, wharves, sea defences, dredged
shipping areas, marine and heavy plant fleet,
and inland ports.
Natural environment
The marine and natural environment and
how we work within it alongside stakeholders
and our community is fundamental to our
business.
People
We provide purposeful and safe
employment and development
opportunities for our people.
Financial
We provide economic returns to our
financial capital providers.
Economic
We enable and enhance our
regional economy, including
significant industries, businesses
and individual operators.
Community
We enhance our local community
by being a good corporate citizen,
providing employment and supporting
community and iwi initiatives.
Infrastructure
We maintain and add to our
infrastructure for the benefit of
current and future generations.
Environment
We support the maintenance
and enhancement of our marine
environment and our environmental
stewardship and impact.
(Inputs)
O
u
r

F
o
u
n
d
a
t
i
o
n
O
u
r

S
t
r
a
t
e
g
y

G
o
a
l
s
How we Create Value
Culture
of care
Networked
Infrastructure
Collaborative
Partnerships
Connecting
with our
customers
Sustainability
focus
Harnessing
data &
technology

2023 ANNUAL REPORT TE PURONGO A TAU
RUA ///Section 2
15
CONTENTS
Engaging
with our
stakeholders
and issues
important to
them
Maintaining relationships with
stakeholders is critical to Napier
Port building a thriving region.
In the lead up to publicly listing in 2019
and resource consent preparation for
the development of Te Whiti Wharf,
extensive Master Planning and
consultation was undertaken to identify
what issues were most important to
stakeholders. This was important as we
looked to develop port infrastructure to
support trade and regional growth over
the next 50 years.
The key issues identified were:
• Growing the regional economy
• Our vision and planning for the future
• Infrastructure for capacity and on port efficiency
• Protecting supply chains and access to the port – sea channels, rail corridors
and road corridors
• Port security and safety of people who work here
• Growing cargo volumes
• Protecting our environment and minimising any impacts of our operations
Each year since, we have engaged in formal and informal reviews of our
stakeholder relationships and priorities to ensure we remain connected with
their views and factor those views into our planning for the future.
We utilise a variety of methods to ensure we hear
widespread opinions, including a combination of:
• Annual customer satisfaction surveys – cargo customers, shipping lines,
transport operators, freight forwarders
• Annual employee engagement surveys
• Forums with employees, unions and other port users
• Investor open days, results conference calls, roadshows and ad hoc investor
surveys
• Community engagement surveys and deep dive interviews with a cross-section
of stakeholder groups including local government, business and iwi leadership
• Liaison groups and community meetings
• Participation in central, regional and local government and industry working groups, and
• Our own long-term strategy and short-term business planning, incorporating insights from our
risks and opportunities assessments
Key groups we work
with include:
Employees, Unions
and Port users
Investors
Cargo
Customers
Shipping Line
Customers
Community &
Neighbours
Industry
Associates
Central and Local
Government &
Regulators
Suppliers
Partners
During FY23, the key issues identified remain the same, with a sharpened
focus on resilience and protection of supply chains, together with growth
opportunities and our vision and planning for the future.
Starting in FY24, we will undertake a refresh of
our materiality assessment, as part of our Master
Planning review.

Our strategic
framework
Our
Foundations
Our
Strategy Goals
Our reason for being is to build a
thriving region by connecting you
to the world.
To achieve this outcome, four long-term
goals form the basis of our strategy guide
our business planning year on year.
Each year, we refresh our team plans to
incorporate what we expect, as well as
adapt to the unexpected or take advantage
of opportunities when they arise.
This annual business planning process
reviews our current strategic projects, as
well as identifying new ones, allocates
resource, targets and accountability for
each, so our teams understand what
the business is wanting to achieve each
year. This ensures we are all aligned and
working in the same direction to achieve
our stated goals and deliver stakeholder
value.
During 2023 our core purpose and goals
were again tested by the impact of Cyclone
Gabrielle and shown to be just as relevant
for our business today as they have been
since we developed them in 2018.
16
MENU
Culture of Care
Actively building a strong, resilient and agile
workplace culture with a focus on health and safety
attracts and retains our high-performing workforce.







F
1
:

C
u
l
t
u
r
e

o
f

c
a
r
e
Sustainability Focus
Enables us to create a positive legacy for future
generations by nurturing people, planet, prosperity
and partnerships actions.







F
2
:

S
u
s
t
a
i
n
a
b
i
l
i
t
y

f
o
c
u
s
Connecting with our Customers
A close connection with our customers enables us to know them, their
businesses and the environment they are operating in, so we can
develop innovative and efficient cargo solutions.
S
G
1
:

C
o
n
n
e
c
t
i
n
g

w
i
t
h

o
u
r

C
u
s
t
o
m
e
r
s
Networked Infrastructure
Connecting customers’ cargo to market and enhancing end-to-end supply-chain
solutions via an integrated network of infrastructure assets, connecting the port
with road, rail, sea and warehousing across New Zealand.
S
G
2
:

N
e
t
w
o
r
k
e
d

I
n
f
r
a
s
t
r
u
c
t
u
r
e
O
u
r

O
b
j
e
c
t
i
v
e
s
O
u
r

T
e
a
m

P
l
a
n
s
Harnessing our Data & Technology
Our innovative technology delivers value to our business, our customers and
others outside the port gate enabling the smooth flow of information and the
optimisation of our operations and customers’ supply chain with enhanced visibility.
S
G
3
:

H
a
r
n
e
s
s
i
n
g

o
u
r

D
a
t
a

&

T
e
c
h
n
o
l
o
g
y
S
G
4
:

C
o
l
l
a
b
o
r
a
t
i
v
e

P
a
r
t
n
e
r
s
h
i
p
s
Collaborative Partnerships
Partnerships with others help us achieve a better outcome than
we would on our own. Forming and fostering strong collaborative
partnerships means we can deliver more for our customers and
region than we could on our own.
RUA ///Section 2
2023 ANNUAL REPORT TE PURONGO A TAU
CONTENTS
16

2023 ANNUAL REPORT TE PURONGO A TAU
TORU ///Section 3
17
CONTENTS
TORU ///
Section 3
Connecting with our Customers /// p18
Harnessing Data and Technology /// p24
Networked Infrastructure /// p26
Collaborative Partnerships with Others /// p29
S3
Implementing
ur Strategy

2023 ANNUAL REPORT TE PURONGO A TAU
TORU ///Section 3
18
CONTENTS
Strategy Goal 1:
Connecting
with our
customers
There is much that we are proud of in
terms of our customer relationships
over a very challenging year and, as
many customers continue to recover,
there is continued opportunity for
Napier Port to support them by
providing flexible, innovative and
integrated services, in response
to the changing macroeconomic
environment and locally based
regional challenges post cyclone.
Our focus remains on connecting our customers
to their markets, understanding their needs, and
helping them achieve their goals.”

2023 ANNUAL REPORT TE PURONGO A TAU
TORU ///Section 3
19
CONTENTS
Supporting customers
after the Cyclone
Protecting our customers’ cargo on port and
being able to resume operations as quickly as
possible to ensure the smooth flow of supplies
and trade, was the most tangible way we could
immediately support our customers and region.
Napier Port’s solid, well-engineered
infrastructure assets are designed to cope with
adverse weather events and our port performed
well during Cyclone Gabrielle, suffering minimal
damage.
This meant the first container vessel was back
in port within one week of the Cyclone and the
Port was ready for cruise vessels around the
same time.
With our on-site generators, Napier Port was
not adversely impacted by power cuts taking
place across the region and was able to keep
our customers’ on-port inventory chilled for
export. One of Napier Port’s biggest customers,
Pan Pac, was able to set up and run its
emergency operations function from Napier
Port’s offices and the port opened its doors to
many in the community during the initial period
of emergency response activities. (See page
35 for our team’s people-focused cyclone
response).
We prioritise regular, timely communications
with customers. In the immediate aftermath of
Napier Port’s solid, well-engineered
infrastructure assets are designed to cope
with adverse weather events and our port
performed well during Cyclone Gabrielle,
suffering minimal damage.”
the cyclone we were communicating with our
customers several times per day with updates
on port infrastructure and logistics, receipt and
delivery times and the management of cargo
already on port.
The feedback we received was that our
customers particularly value Napier Port’s
transparency and communication.

2023 ANNUAL REPORT TE PURONGO A TAU
TORU ///Section 3
20
CONTENTS
5/6
Customer groups improved
satisfaction from 2022
12%
Dissatisfied customers
from 23% in 2022
10/10
Service and communication
are the main elements of
highly satisfied customers
5/6
Customer delivery metrics
from 2022
Value for money
perceptions
from 2022
8/10
Overall satisfaction
0.5 from 2022
Customer
Survey
Results
Best port I deal with by a
Country Mile.”
Shipping Line
Napier Port continues to remain
customer focussed in our case
and a solution rather than cost
focussed organisation.”
Container Cargo
Because of their efficiency.”
Container Cargo
Team are easy to deal with, and
a great website, very easy to
get around and use.”
Freight Forwarder
Great service and response.
Overall, an excellent supplier to
work with and impressed with
communications.”
Container Cargo
What our customers say
While we’re proud of our team and our contribution
to our customers’ success, ultimately what we think
doesn’t count for much. It’s what our customers think
and say that matters. So, we go to great lengths to
ask them and to learn from their feedback.
In July we conducted a detailed anonymous survey
of our customers – shipping lines, importers and
exporters, freight forwarders, bulk cargo owners -
through an independent agency. Just after Cyclone
Gabrielle the time was right for some serious
feedback. We’ve been encouraged with what we’ve
been told and are committed to continuing to build
upon these results:
Our satisfied customers tell us we’re
providing high levels of service and
communication
Our areas for improvement generally relate
to a specific issue or instance they want
addressed rather than any common themes
Open longer in the squash season.”
Container Cargo
Be open 24/7.”
Container
Keep costs lower and recognise
longer term customers.”
Bulk Cargo
Reward exporters that behave in a
transparent consistent fashion rather
than a volume turnover equation.”
Bulk Cargo
Communication between
departments.”
Shipping Agent

2023 ANNUAL REPORT TE PURONGO A TAU
TORU ///Section 3
21
CONTENTS
Shipping services add value
In March, following two years of Covid-related
supply chain and shipping disruptions, Napier
Port reinstated berth windows alongside the
ports of Auckland, Tauranga and Lyttelton.
Coordination of these berth windows between
the ports allows shipping lines – and customers
– to plan multi-port visits efficiently. Aside from
the impact of Cyclone Gabrielle and some
heavy, swell periods during June and July,
Napier Port kept a tight schedule with its berth
windows, avoiding delays that would otherwise
cause ripple effects for shipping and cargo
owners through other New Zealand ports.
Over the year we welcomed several shipping
services that support customers to move cargo
to and from global marketplaces – direct lines
to Australia and China, as well as the Rangitata
coastal shipping service between Gisborne
and Napier post-cyclone for a period of three
months.
Consolidation and joint ventures between
international shipping lines is dynamic and
Napier Port works hard to maintain good
relationships with shipping customers and open
opportunities for our importers and exporters.
In September, we visited a number of our
key international carriers across Asia-Pacific
to discuss the future plans of Napier Port, a
range of business development initiatives, as
well as progress a number of contract renewal
negotiations. Our team also had the opportunity
to look at the deployment of technology by a
number of the lines including fleet management
and optimisation, and ongoing pre-emptive hull
maintenance (bio fouling) activities.
Over the year we’ve continued to invest in
mobile crane and berthing equipment to
maximise berth utilisation for customers,
including in periods of adverse weather.
Previous investments in berth capacity,
including Te Whiti Wharf, also support efficient
access for shipping customers. The re-
fendering project on 3 Wharf (see page 27) will
improve berth access for bulk cargo customers
who predominantly use this wharf, and
accommodate the larger vessels progressively
calling for this purpose.

2023 ANNUAL REPORT TE PURONGO A TAU
22
CONTENTS
92
vessel calls already
confirmed
from 64 in 2022
Forestry remains
consistent
Timber and pulp are a significant export
volume through Napier Port and we’re
confident in the outlook for forestry.
Cyclone Gabrielle pushed log volumes
back, but long-established corporate
forests in the region, together with
a significant supply of small woodlot
harvesting, has provided a solid,
consistent baseload of timber volumes
through the port. Local volumes
resumed promptly through the Port and
other mills in our wider catchment area
continued to process wood products.
Additionally, storm-damaged timber
(windthrow) in the central North Island
has crossed Napier Port’s wharves in
the months following.
During the year we confirmed a new
export forestry customer, and we
were also able to respond quickly to
customers’ need to store wood chip
on port for export, as well as freeing
up space on port as logs surged in the
last quarter of the financial year. The
responsiveness and customer focus of
our teams meant we can accommodate
operational needs in a tight timeframe
without impacting on other port
operations or customer space on port.
We are increasingly adding value
to timber exports through ongoing
enhancements to our debarking
operations, for which customer demand
is high and where there is a financial
return for the Port.
Apples and cruise eye on
Spring
This is an important spring for Hawke’s
Bay’s apple industry but there is a lot of
optimism about its recovery and return.
Some of our major exporters suffered less
permanent flood damage than initially feared
and replanting of damaged areas is already
underway or complete.
Volumes for FY23 were down around 18%
compared to FY22. We are ready to support
the region’s apple industry as it regains lost
ground and our confidence in the sector is
reinforced by customers’ ongoing investments
in orchards and warehousing, as well as new
crop varieties and market expansion.
Over the year Napier Port hosted 64 cruise
vessel calls, with two triple ship and six
double ship stays. We have built strong
expertise and capacity in servicing the cruise
industry and have managed the return of
the industry seamlessly in partnership with
a range of tourism partners. Bookings this
coming 2024 season are looking very strong
with 92 vessels already confirmed.
TORU ///Section 3

2023 ANNUAL REPORT TE PURONGO A TAU
TORU ///Section 3
23
CONTENTS
TORU ///Section 3
Viewpoint Supply
Chain launches
As regional recovery progressed, with road
and rail infrastructure re-opening, together
with businesses re-establishing operations,
it was appropriate at year end, to formally
launch our landside warehousing and
transport service, Viewpoint Supply Chain.
Eighteen months ago, Napier Port began
testing customer demand for a North
Island-focused supply chain service that
offered a personalised, tailored approach to
warehousing and logistics.
Off the back of recent years’ supply chain
disruptions, importers, exporters and freight
forwarders had been telling us for a long time
that their pain points were around efficiency,
wasted time and cost, and lack of flexibility
and responsiveness when moving cargo
between distribution centres and ports.
We set out to change that by matching
the visibility Napier Port has over shipping
logistics, such as the real time arrivals
and departures of vessels, with timings for
road and rail transport. This is the visible
advantage Viewpoint has. Because we
match customers’ full and empty containers
with shipping calls, warehousing and other
transport operators, we can move full train
loads both ways. It removes waste from the
rail component of the supply chain, shares
the value created and more efficiently
moves freight around the North Island with
lower emissions.
Customers and freight forwarders know
every time they pick up the phone to call
Viewpoint, one of our team will answer and
will find a solution that saves them time,
cost or removes waste.
Viewpoint is introducing
a new level of integrated
logistics across this
half of the North Island
and paving the way
for projects like our
Regional Freight Hub
near Palmerston North
and CEDA’s Te Utanganui,
the Central New Zealand
Distribution Hub”
Peter Reidy, KiwiRail CEO.
Viewpoint provides supply chain
solutions for export and import
cargo connected to Napier
Port. Our solutions are fully
integrated and coordinated,
including landside road and
rail transport, domestic coastal
shipping, freight warehousing,
bulk storage, container
storage, product packing, de-
vanning and cross-dock, as
well as solutions for bulk and
containerised cargo.

2023 ANNUAL REPORT TE PURONGO A TAU
TORU ///Section 3
24
CONTENTS
Strategy Goal 2:
Harnessing
data and
technology
Data and technology solutions underpin our
operations and enables us to provide new
and innovative services to our customers
and other port users.
Accurate, accessible data and the right technology
solutions drive on-port efficiency, reduce costs, and
deliver value for our customers. The right data and
scheduling systems keep our operations on time,
reducing waste and down-time. Increasingly, the
evolution of on-port technology is helping keep our
people and our operations safe.
Napier Port’s tech team is a highly strategic part of our
operations. How we adopt technology solutions and use
our data will drive our future success through continuing
to increase efficiency, cut emissions and deliver valuable
innovation to customers.
This team demonstrated its versatility and resilience over
the year, delivering solutions under trying circumstances.
All of Napier Port’s information technology systems were
kept online and maintained through Cyclone Gabrielle
and the week-long power and communications cuts that
impacted Napier.
Our ability to generate consistent power via well-
maintained on-site generators was a huge asset. Our
team helped the New Zealand Army immediately set up
on-site communications functions critical to their rescue
and recovery operations, and supported Pan Pac, one
of our major timber exporters, set up its own emergency
management and communications centre at the Port.
While networked infrastructure usually refers to
connecting the physical road, rail, port and sea
infrastructure, it applies equally to the electronic
connections across all of our operations.”

2023 ANNUAL REPORT TE PURONGO A TAU
TORU ///Section 3
25
CONTENTS
Networked assets
Another of Napier Port’s strategic pillars is
Networked Infrastructure. While this usually
refers to connecting the physical road, rail,
port and sea infrastructure, it applies equally
to the electronic connections across all of our
operations.
This year saw continued investment in
a wide range of information technology,
including improvements to CCTV (closed
circuit television), radio systems and
vehicle mounted communications terminals.
Upgrading the number and quality of
our cameras, has enabled us to begin to
utilise the benefits of machine learning to
understand and improve on-port surveillance
and monitoring. An example is monitoring
speed within the port, ensuring drivers
adhere to our 20km safety limit. New fence
perimeter alerts are an example whereby
our access team is notified automatically
if there is a perimeter breach picked up by
camera. As a customs controlled border, this
improves both safety and security on-port.
In overhauling our vehicle communications
and technology, forklift drivers, for example,
have access to the information they need
to do their job safely and efficiently. Our
tugboats now have cutting edge wireless
technology and, as required, could sail to
Auckland and still connect to the Napier Port
network.
Technology has changed the way
Napier Port is connected to our inland
freight terminals, improving efficiency
and resilience. Information technology
was critical in enabling the post-cyclone
freight bridging effort involving a collective
combined effort with our customers, and rail
and road transport suppliers (see page 30).
our most successful digital tools. We have
been able to continue upgrading its capability
to be responsive to change and adaptable
to customers’ need. This year we built in the
ability to book empty containers and bring
them on to port. We have been able to add
on a central North Island solution for our out-
of-region cargo service, which is particularly
designed to accommodate customer
requests that come from our Viewpoint
Supply Chain team. Propel was also easily
adapted to accommodate the modal changes
from rail to road following the cyclone.
On-site development
tailored for Napier Port
A unique feature of Napier Port’s
operations is software that has been
developed in house, designed by
operational and technology teams for
Napier Port application. During the year,
the focus was on adding further value to
two of our flagship software applications
– Propel and Sharewater.
Propel, our customer portal for on-port
landside logistics bookings, is one of
Sharewater is our cloud-based harbour
management system, used to plan and
optimise vessel movements. It enables
us to more efficiently deploy our people,
plant and infrastructure in the port’s
marine environment. During the year, the
marine and technology teams added new
functionality to Sharewater to support the
mooring team with the planning of their
mooring systems. The overall benefit to
ourselves and customers is more efficient
berthing operations and improved utilisation
of our port’s wharves.

2023 ANNUAL REPORT TE PURONGO A TAU
TORU ///Section 3
26
CONTENTS
Strategy Goal 3:
Networked
infrastructure
Our commitment to networked infrastructure sees
us taking a leadership position in the development of
a seamless and efficient supply chain between our
customers in the North Island and international markets.”
During 2023 our infrastructure projects
supported our strategic objectives
and added value to customers in the
following ways:
Te Whiti Wharf delivering
against plan
Te Whiti Wharf is, just a year after its official
opening, proving its value for both Hawke’s Bay
and New Zealand. During the course of this
year our pilots, mooring and operational teams
have developed a thorough understanding of the
wharf and how the advanced mooring technology
performs under different operating conditions.
Te Whiti Wharf is delivering against its strategic
business case, easing congestion and expanding
port capacity across the North Island. It is driving
on-port efficiency, reducing ship moves inside
the port, creating more berth availability, and
reducing the time vessels are spending at anchor
waiting to enter Napier Port.
As part of a wider rollout of ShoreTension across
all our wharves, we are seeing an increase in
the number of smaller vessels and vessels of
irregular shape, such as cruise ships, berthing
on Te Whiti Wharf. This further adds to the
operational flexibility, wharf availability and
efficiency that Te Whiti Wharf is unlocking at
Napier Port.

2023 ANNUAL REPORT TE PURONGO A TAU
TORU ///Section 3
27
CONTENTS
New on-port infrastructure
and equipment
Napier Port’s commitment to networked
infrastructure extends beyond our wharves to
significant and planned on-port investment in a
range of cargo processing equipment and, to
increase efficiency and the services offered to
customers and shipping lines. Investing in on-
port efficiency through the latest equipment and
technology also improves safety and reduces
environmental impacts.
During the year we continued lighting upgrades
installing LED’s that lowers overall emissions
and creates safer work environments for all port
users. We also continued the programme of
ongoing paving, which increases the amount of
space that can be utilised across the port, such
as the paving of E block enabling a new cargo
type of wood chips to be stored before export.
Fender replacement began on 3 Wharf. This
wharf is primarily used for bulk cargo, such
as cement importation which is a critical
component of the regional recovery work post-
cyclone. Replacing the fenders improves both
safety and efficiency and helps ensure security
of supply of these products to support regional
growth.
During the year we enhanced the ways Napier
Port uses heavy plant equipment, including
Investing in on-port efficiency
through the latest equipment
and technology also
improves safety and reduces
environmental impacts.”
upgrades to the log debarker which removes
bark from logs for export, and further trials
with mobile harbour cranes to move logs and
fertiliser hoppers to maximise throughput.
Following a successful trial last year, the rollout
of ShoreTension mooring units across all Napier
Port wharves is underway. ShoreTension
uses hydraulic rams to keep berthing lines
at a constant tension in changing weather
conditions. It reduces a critical risk by removing
people from close proximity to moving mooring
lines and reduces vessel surge and sway
movements while berthed, which in turn
maximises operational limits to elevate our
berth utilisation.
In April, Napier Port took possession of
four brand new Kalmar container handling
machines – two Eco Reachstackers and two
Empty Container Handlers, with one more on
order. Combined with the highest lifting and
lowering rates for improved cargo-handling
productivity, they operate with reduced running
costs per move. As one of the country’s largest
container ports, the safe, efficient handling of
large volumes of shipping containers is core
to the New Zealand supply chain as much
as to Napier Port’s business. (See page 40
for details on the machines’ reduction in fuel
consumption).

2023 ANNUAL REPORT TE PURONGO A TAU
TORU ///Section 3
28
CONTENTS
Long-term planning critical
As we continue to develop our infrastructure
and ensure it is well networked, Napier Port is
focused on long-term planning and investment
decisions that ensure flexible and resilient
infrastructure that can safely and reliably deliver
for customers.
This starts with examining infrastructure inside
the port, and extends to include how we
connect with the rest of the supply chain: the
inland ports, the coolstores, the road, rail, air
and sea connections to market.
At the same time, all of our investment
decisions are considered against our own
environmental, social and governance
(ESG) factors, and a commitment to run
an increasingly sustainable, low emissions
operation.
The Master Plan, first developed in 2019, sits
at the centre of our long-term planning and
infrastructure roadmap. It guides long-term
investment in infrastructure, equipment and
capability and develops alongside our overall
business strategy, and climate change and
sustainability workstreams.
The Master Plan’s objectives are equally
focused on Napier Port’s future growth and
continue to support the performance of the
region and of ‘NZ Inc’.
Work is ongoing in reviewing the Master Plan
and engaging with stakeholders to ensure
a wide spectrum of views inform our future
thinking.

2023 ANNUAL REPORT TE PURONGO A TAU
TORU ///Section 3
29
CONTENTS
Strategy Goal 4:
Collaborative
partnerships
with others
By working collaboratively with
others, we add value to our
customers, business partners,
external organisations, communities,
regional and national economy, and
the environment we operate within,
particularly in relation to our climate
and our ocean.
Trusted partnerships built over time, and
our ability to work together with others,
are critical to our long-term success.”

2023 ANNUAL REPORT TE PURONGO A TAU
TORU ///Section 3
30
CONTENTS
Road bridging operation
post-cyclone
One of the positive stories post-cyclone was
the partnership formed between Napier Port,
KiwiRail, Team Global Express, Heinz Watties,
and out-of-region cargo owners to set up a
road bridging solution. This enabled import and
export cargo throughout the North Island to still
come to and from Napier Port when the rail line
was out of action.
A temporary rail and container terminal was
established at the Team Global Express freight
depot in Hastings. Containerised import and
export cargo would move by rail to and from
the Team Global Express yard, be devanned
and then transported by truck for the final 20km
stretch between Hastings and Napier Port.
That operation took place during the day, and
then overnight the pulp cargo that comes from
the lower North Island would arrive into Heinz
Watties’ yard, be unloaded onto trucks and
come through to the port.
Even within Napier Port, the ability to flex
and adapt our operations, together with the
collaboration between all our teams to pull off a
temporary container operation of this size and
scope, involving so many partners, cargoes and
heavy plant equipment was a real achievement.
Our Night Rail crew relocated to the Heinz
TORU ///Section 3
Watties site in Hastings in order to keep pulp
cargo moving.
Many of our other teams contributed in some
way – health & safety ensured the high
standards we maintain on port carried through
to the temporary operations, human resources
deployed and seconded team members
whose roles had been impacted on port, IT
were tasked with setting up our operating
systems and communications technology at
these remote locations, and our supply chain,
commercial, warehousing, and operations
teams implemented the road bridging operation
on the ground and managed the necessary
contractual requirements, negotiations and
logistics.
The road bridging operation allowed us to retain
the majority of out-of-region cargo that came by
rail through to Napier Port.
It also strengthened partnerships between all
the parties involved and highlighted what is
possible when ports, customers, road and rail
transport operators work closely together on
supply chain solutions.
The partnership fostered confidence and
trust between all the parties involved
and highlighted what is possible when
ports, customers, road and rail transport
operators work closely together.”

2023 ANNUAL REPORT TE PURONGO A TAU
TORU ///Section 3
31
CONTENTS
Strategic partnerships allows us
to achieve more together
With the supply chain so interconnected, it is
increasingly important to form partnerships with
others for mutually beneficial outcomes.
This year Napier Port strengthened its
partnership with Halls Group in the Manawatū
Inland Port, becoming an equal joint owner
in the facility. Strategically this is important
for Napier Port’s growth strategy, but also our
commitment to working towards an efficient,
safe, reliable and resilient supply chain for
customers with an NZ Inc. focus.
The Manawatū Inland Port is a 1.9 hectare
container yard and 2,170 square metre
warehousing facility in the lower North Island
that provides a range of services including
container depot and shipping line point of
acceptance for import and export containers,
Ministry for Primary Industries inspections,
cross-dock facilities, dry storage, packing and
unpacking facilities, fumigation and container
repair. As a one-stop shop for the central
Contributing insights and
leadership into transport, freight,
infrastructure
As one of the country’s largest container ports,
we had an inside perspective as to where the
supply chain was falling down during Covid-19
and a particularly direct role during the aftermath
of Cyclone Gabrielle. This sees us increasingly
engaged on transport and infrastructure at a
local, national and industry level.
Napier Port participated as an advisory panel
member, to be consulted as required, in the
Ministry of Transport’s national freight strategy,
which was released in August 2023.
Hawke’s Bay’s five territorial authorities
appointed Napier Port to lead the development
of a regional integrated and intermodal transport
freight strategy. This required extensive
consultation with stakeholders, with a particular
focus on ensuring a long-term transport
strategy for the wider Hawke’s Bay was tightly
aligned with the post-cyclone regional recovery
efforts. This draft 30-year strategy document
was under review by key stakeholders at the
end of our financial year.
Through a number of forums, particularly
the Port Industry Association, Port Chief
Executives’ Forum, Cruise Associations,
transport committees, and with industry
regulators, our people are involved in shaping
and contributing to ongoing improvements
to our sector. Safety, wellbeing, and training
initiatives are amongst the top priorities,
with Napier Port’s experience in critical risk
management and fatigue management
providing valuable insights for others.
and lower North Island, it creates greater
efficiencies for customers and helps alleviate
congestion at busy seaports.
Our teams also worked closely with Eastland
Port’s team in Gisborne to get the dedicated
coastal shipping service up and running in a
matter of weeks. This service delivered goods
from Napier to the cut-off Tairāwhiti region and
kept cargo moving for the East Coast, while the
roading network was under repair.
2,170m
2
Warehousing facility in
the lower North Island
1.9h
Container yard at The
Manawatu Inland Port

2023 ANNUAL REPORT TE PURONGO A TAU
32
CONTENTS
Partnerships for
healthy oceans
This year, a multi-year
partnership to develop two
artificial reefs between Napier
Port, LegaSea Hawke’s Bay, the
Mana Whenua Steering Komiti,
and the wider Fisheries Liaison
Group, saw a two-year rāhui - or
temporary closure – actioned
by the Minister for Oceans and
Fisheries.
The first rocks used to construct
the reefs were laid in 2020
and sourced from naturally
occurring limestone boulders in
a revetment wall at the port that
was dismantled as part of the Te
Whiti Wharf build.
The rāhui is an excellent
result to help the reef flourish
and grow, and achieve the
goal of enhancing the habitat
and health of the marine
environment in the area. Napier
Port will continue to be actively
involved through dive surveys
to document the establishment
of the reef and the health of fish
that live in the area.
Sharing our time and resources to
support our community
Strong partnerships drive Napier Port’s sponsorship
and community engagement programmes to ensure we
also contribute to the region’s wellbeing. Some of our
highlights during 2023:
• We are again proud to be the principal sponsor of the
Napier Port Hawke’s Bay Primary Sector awards and
the Unsung Hero Award at the ExportNZ Hawke’s
Bay Export Awards. With exports the lifeblood of our
region, we are committed long-term to supporting
events that promote the primary sector industry that
underpins the success of our port.
• In its second year, the Hawke’s Bay Future
Farming Trust is one of our younger partnerships,
but increasingly important with its approach to
championing sustainable agriculture in the region.
As a parallel to the work we do in support of healthy
oceans, our partnership with the Trust extends to the
health of the region’s soil and water for communities,
farmers and growers.
• Cape Sanctuary made significant progress on
their sea bird site, sponsored by Napier Port. The
Sanctuary is home to many endangered species,
including the Shearwater bird, which has parallels
with our harbour management system, Sharewater.
Our partnership with Cape Sanctuary aligns with our
commitment to supporting marine life, including our
own on-port Kororā (little blue penguin) Sanctuary.
• Many of our partnerships are focused on activities
on or near the water, with a focus on safety and the
environment. Unfortunately following the cyclone,
some of our ocean-based events were unable to
take place. The Napier Port Ocean Swim and the
Napier Port Family Fishing Classic were postponed
until 2024 and the educational activities of the Ātea
a Rangi Educational Trust’s waka taurua sailing and
navigational programme were curtailed.
We thank our sponsorship partners
this year for choosing us as a partner:
Napier Port Multisport Youth Squad -
Triathlon Hawke’s Bay
2023 North Island Optimist
Championship
Big Brothers Big Sisters Hawke’s Bay
Innovate Napier - Business Breakfast
Series, switch around
Craggy Range Children’s Christmas
Salvation Army Christmas boxes
House of Science
CILT Safety Made Simple Award
Napier Port Hawke’s Bay Primary
Sector Awards
Napier Port Ocean Swim
Napier Port Family Fishing Classic
Cape Sanctuary
Hawke’s Bay Future Farming Trust
Ātea a Rangi Educational Trust -
Waka Sailing Programme
Hawke’s Bay Export Awards
Red Meat Sector Conference
Apples and Pears Conference
TORU ///Section 3

2023 ANNUAL REPORT TE PURONGO A TAU
WHA ///Section 4
33
CONTENTS
WHA ///
Section 4
S4
Our Culture of Care /// p34
Sustainability and Emissions Reduction in Action /// p39

2023 ANNUAL REPORT TE PURONGO A TAU
WHA ///Section 4
34
CONTENTS
Foundation 1:
Our culture
of Care
Napier Port’s people are its
greatest strength, and our Culture
of Care is the foundation of our
business, underpinning everything
we do.
Our people have a deep sense
of responsibility to the community
and our region’s reliance on us,
and this has never been more
apparent than during the past year
.
Actively building a strong, resilient and agile
workplace culture with a focus on health and
safety attracts and retains our high-performing
workforce.”

2023 ANNUAL REPORT TE PURONGO A TAU
WHA ///Section 4
35
CONTENTS
resources, emergency management, and
GIS/CAD design helping to map flood-
affected areas.
Some of our teams were more impacted
than others. With production temporarily
ceasing at Pan Pac following the cyclone,
members of our Port Pack team joined
Port Otago for a six-month secondment.
Our Night Rail crew were also temporarily
relocated. This team unloads Winstone
Pulp International’s pulp cargo that
arrives into Napier Port on rail from their
production plant in the central North
Island, five evenings a week. With the
rail line damaged, the Night Rail crew
were based at the Heinz Watties site in
Hastings, supporting the road bridging
operation until the rail line was reinstated
mid-September (see page 30).
Inside our gates we also had people
from a variety of areas of our business
seconded to different teams during
the year. Our goal was to keep people
engaged in meaningful employment that
utilised their valuable skills, however
the secondments provided even more
benefits than we anticipated. People from
different teams got to know each other
better; friendships and information sharing
expanded; people on secondment and
also the teams they went into learnt more
about different areas of our business; and
it led to a number of internal opportunities
for people to permanently take on new
roles and responsibilities at Napier Port.
Cyclone Gabrielle – resilience, adaptability,
working together and for each other
In the aftermath of Cyclone Gabrielle,
Napier Port quickly became a response hub
for Hawke’s Bay, supporting many different
response agencies and our community.
Any of our team who could safely get to
Napier Port did so and we kicked into gear
with two priorities: welfare checks on all
our people, especially those closest to
areas of intense flooding and those cut-off
from returning home; and getting our port
operational as quickly as possible to ensure
essential links and services were able to
be provided during a period of national
emergency.
As it has done in the past, our region was
relying on us for urgent supplies, including
fuel, recovery equipment, and medical
supplies. Through our onsite generators,
not only did we have enough energy for
our own operations, but we were able to
lend generators to the regional airport
and medical centres, in order for them to
reopen.
We became a community base for both
the New Zealand Army and Navy, with the
defence forces setting up a Napier base
on port. This base became affectionately
known as ‘Camp Penguin’, offering the
right facilities, support and security for the
rescue and recovery operation.
Our people living outside Napier supported
the wider regional response by joining the
Hawke’s Bay Civil Defence Emergency
Management Unit, volunteering in specialist
roles including health and safety, human

2023 ANNUAL REPORT TE PURONGO A TAU
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36
CONTENTS
Building capability and culture
Our People Plan, maintained over a number of
years, is focused on building leadership and
cultivating talent. Over the 2023 financial year,
we entered the next stage in Napier Port’s life
cycle and culture where the changes we have
been putting in place are seeing us become
a port that truly acts as a single dynamic
integrated operation, with a ‘whole of port
thinking’ focus.
Three new roles were created to support this
- Chief Operating Officer (COO), consolidating
the roles of General Manager Marine and
Cargo, and General Manager, Container
Operations; Port Optimisation Manager, with
a future-focus on how we may configure
operations to best meet future needs and our
commitment to sustainability and emissions
reduction; and Marine Manager, consolidating
management over all our marine planning,
operations and compliance requirements.
Line management within operational areas was
also consolidated, with Napier Port now having
an aligned tier of Operational Supervisors
across all our landside and marine operational
areas.
With ‘whole of port’ thinking at the forefront, a
daily cross-functional all port planning meeting
of business leaders takes place every morning.
This reduces risk and enhances communication
between teams, as well as efficiency for
ourselves and our customers.
Around twenty of our people leaders took part
in a two-day leadership workshop facilitated
by an external consultant. The goal is for this
group of people leaders to partner with the
senior management team on a regular basis
to contribute to strategy, culture development,
project implementation and management.
While informally this has always happened at
Napier Port, creating a wider leadership forum
enhances accountability and joint decision-
Protecting wellbeing, ensuring safety
With our people under pressure over the year, we’ve remained
vigilant in our commitment to on-site safety. We monitored the
wellbeing of our people closely, with dedicated resources in touch
with teams, ensuring people are rested, that leave is being used
and a range of bespoke support is available as required.
Over the year we’ve continued making improvements to the way
we work – for example moving from four to five crane operator
teams to better manage fatigue, introducing a safety enforcement
policy, and focusing on driver safety on port.
The introduction of a fixed roster for operational teams means
people know when they’re working on a permanent basis. This
helps with their work-life balance, family commitments, and
fatigue management. This initiative, like many on port, was led
by our safety reps and team leaders on the ground.
Our teams have not been afraid to tackle the difficult subjects in
the interests of safety and wellbeing.
Both as a part of the country’s border and as a high-risk heavy
industry, we also continued to focus on drugs and alcohol. We’ve
updated the drug and alcohol policy, ensured every person on
the port was trained on the policy, and facilitated any assistance
required by New Zealand Customs Service and New Zealand
Police in drug detection and enforcement.
making, as well as exposing future leaders to
development opportunities.
We remain committed to building a more
diverse workforce. At the start of the 2023
financial year, we ran a recruitment campaign
directly focused on bringing diversity into our
operational teams. Two of our current three
female heavy plant operators began their
careers at Napier Port through that campaign,
which reassures us we are making incremental
improvements.
This underscores the very high value we place on protecting
the wellbeing of our people and balancing that with absolute
consistency around the critical importance of operational safety.
Also in the interests of safety and wellbeing, our people expect
high standards from each other when it comes to everyone
being respected and treated equally in our workplace. The right
culture is a non-negotiable when it comes to our workforce
demonstrating our commitment to diversity and inclusion.

2023 ANNUAL REPORT TE PURONGO A TAU
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37
CONTENTS
Our teams are
encouraged to use
the varied wellbeing
initiatives available,
including:
• Psychological Support
• EAP Services
• Massage and Physiotherapy
Services
• Molemaps
• Health Monitoring
• “Warrant of Fitness” Checks
• Hydration Advice
• Flu Vaccinations
Health and Safety at a Glance
Our Workforce as at September 2023
3,833
health and safety
inductions complete
(2022: 1843)
712
places on health and
safety courses
(2022: 857)
321
permanent employees
(2022: 341)
17%
of all employees are
female
(2022: 17%)
4.93
lost time injury
frequency rate per
200,000 hours worked
(2022: 2.87)
13
critical risk control
mapping reviews
undertaken
(following on from 23
bow ties developed in
previous years)
83%
of all employees are male
(2022: 83%)
35%
of employees are aged
under 40 years
(2022: 33%)
38
people have worked at
Napier Port for more
than 20 years
(2022: 44)
10.3%
Employee turnover
(2022: 9.7%)
23%
Leadership roles are female
(2022: 20%)
75%
Employee Participation in
Korero Mai engagement survey
(2022: 73%)
71%
Employee Engagement in
Korero Mai engagement survey
(2022: 74%)

2023 ANNUAL REPORT TE PURONGO A TAU
WHA ///Section 4
38
CONTENTS
Congratulations to all our
Excellence Award Winners:
Inspirational Colleague
Excellence In Customer Service
Unsung Hero
People’s Choice
Health, Safety & Wellbeing
Rising Star
Leader Of The Year
Team Of The Year
Chief Executive’s Supreme Winner

2023 ANNUAL REPORT TE PURONGO A TAU
WHA ///Section 4
39
CONTENTS
Foundation 2:
Sustainability
and emissions
reduction in
action
We continue to make good progress in
our commitment to sustainability, with a
focus on embedding sustainable practices
throughout our operations.
Our Sustainability Strategy and Action Plan
implemented in 2021 identifies over 100 measurable
workstreams across four pillars of people, planet,
prosperity and partnerships stretching across a 10-
year implementation timeframe (this can be found on
our website at:
www.napierport.co.nz/investor-centre
Napier Port remains committed to a goal
of net zero emission by 2050 and we have
an emissions reduction strategy to help
us reach this goal.”

2023 ANNUAL REPORT TE PURONGO A TAU
WHA ///Section 4
40
CONTENTS
During FY23 additional workstreams
previously in planning began, resulting in
61.4% of all workstreams in the strategy
now started or ongoing, compared to
last year’s 47.1%. This demonstrates
our commitment to reducing our carbon
footprint and embracing sustainable
practices
Our interest in exploring green energy
equipment remains high and through
collaborative partnerships, we are
procuring and also trialling new green
technology.
In April we commissioned four new Kalmar
container handling machines that were
procured last financial year – two Eco
Reachstackers and two Empty Container
Handlers. All four machines offer more
efficient fuel usage rates over our existing
inventory to help drive down annual diesel
consumption and total emissions on port.
The reachstackers are best in class for
emission rates and fuel consumption
measurements we have taken to date
indicate the reachstackers are using
approximately half the diesel per hour as
traditional equipment.
In September we tendered to market
the replacement of up to seven battery
electric forklifts to support our Warehouse
Operations packing team. These will likely
replace conventional diesel equipment and
provide long term recurring greenhouse gas
reductions.
Shortly after year end we welcomed the
arrival of the world’s first fully electric mobile
harbour crane rotator. Partnering with
supplier, Bromma, our teams are excited
to be involved in this new technology and
exploring any potential impact on emissions
reduction and increasing plant reliability.
Port operations are capital intensive with
container-handling equipment, marine
vessels and truck fleet all having a natural,
long-term life, and it is critical the right
environmental and investment decisions are
made. As emerging technologies become
more certain in terms of cost, supply and
distribution of renewable electricity, our
ability to adopt renewable energy equipment
becomes increasingly feasible for our major
emission sources such as cranes, container
handlers, marine fleet and generators.
As we work towards the longer term goals,
we aren’t taking our eye off the things we
can be doing year on year to being a more
sustainable business.
Our annual Employee Recognition Scheme
includes a measurable sustainability goal
that all port employees work towards.
This ensures we keep thinking and acting
sustainably in our day to day work.
This year, every team was asked to identify
initiatives they could implement during the
year that would be ongoing. Our teams
came up with 124 different initiatives, which
were then consolidated by a cross-functional
group and prioritised. By aligning these with
our wider business strategy and utilising data
and technology, some of these initiatives are
already producing immediate, measurable
results, for example:
• Marine Operations are maximising the use
of lower consumption tugs where possible
• Container Operations are using data
driven planning to reduce equipment idle
time
• Warehouse Operations procured a battery
electric sweeper used to mitigate pulp dust
• Fleet Services are segregating waste
and using an aerosol puncture device to
recycle used cans
• Infrastructure are replacing HID lights
with LED units to lower consumption and
reduce risk; and
• Corporate Office partnered with
sustainable coastlines and litter
intelligence to participate in community
litter reduction initiatives; and segregated
domestic waste to reduce total volume to
landfill.
Initial Issue
FY23
Fig 1: Workstream and key priority action
progression over the period since adoption of
the sustainability strategy.
Started and/
or ongoing
In planning
Not yet
started
In planning
Not yet
started
Started and/
or ongoing
We microchipped the
250th Korora (little
blue penguin) in our
sanctuary this year.

2023 ANNUAL REPORT TE PURONGO A TAU
WHA ///Section 4
41
CONTENTS
Emissions and climate change
risk assessment
Our total carbon emissions for this financial year
were 8,772 tonnes, a 10% reduction from last
year’s 9,744 tonnes. This was in line with reduced
cargo following Cyclone Gabrielle.
Scope 1 emissions reduced from 7,155 tonnes to
6,278 tonnes, due to less fuel usage by forklifts,
cranes and diesel generators. This was offset by
the marine fleet (tugs and pilot boat) whose fuel
usage increased due to the return of cruise ships
as pandemic restrictions eased.
Scope 2, purchased electricity, reduced from 1,759
tonnes to 1,487 tonnes due to less refrigerated
containers (‘reefers’) on power during the year.
Scope 3 emissions increased from 830 tonnes
to 1,007 tonnes due to a range of factors.
Our employee commuting data collection
evolved which increased what is measured.
Other smaller increases related to air travel as
pandemic restrictions eased and container freight
movements by road, while a key rail bridge was
being repaired following Cyclone Gabrielle.
This year we published our third Climate Change
Related Disclosure Report (this can be found on
our website at: https://www.napierport.co.nz/
investor-centre/). It has again been prepared in
alignment with the Taskforce on Climate-Related
Financial Disclosures (TCFD).
The main focus of our third disclosure report is to
highlight updates to Napier Port’s climate change
‘physical risks’ and ‘transition impacts’ following
the refresh of our climate change risk assessment
(CCRA). It adopts newly available climate change
data which builds on the scenario modelling used in
the previous two reports. The other key focus area
is reporting and analysing our certified emissions
output for FY23 against our benchmark FY22.
From the analysis undertaken, at this stage,
we do not consider that the effects of climate
change materially change our overall strategy.
Sustainability will continue to be embedded into
our ways of working. The more financially material
infrastructure improvement actions are required
over the medium to long-term to ensure that we
continue to have a resilient and agile infrastructure
network. Planning to address this is being
embedded within our asset management plans and
infrastructure Master Plan.
In the short-term, we will continue to complete
more detailed investigations of climate-related
effects and ensure these are considered in Napier
Port’s master planning process. We have included
climate-change considerations within Napier Port’s
procurement processes and policies and work in
these two respective areas is ongoing.
In the short-term, we will continue to complete more detailed
investigations of climate-related effects and ensure these
are considered in Napier Port’s master planning process.”
10%
Reduction in Total
Carbon Emissions

42
CONTENTS
Fisheries survey shows
impact of Cyclone Gabrielle
Each year we shine a spotlight on one of our sustainability activities. Last year,
our focus was on decarbonisation and initiatives to reduce our carbon footprint.
This year, we are highlighting one piece of work we do to protect and enhance
our marine environment - the Fisheries Survey, which has also provided some
insights into the impact of Cyclone Gabrielle on local fish species.
commercial fishers, Fisheries Inshore New
Zealand, LegaSea, Hawke’s Bay Regional
Council, NZ surf casting and Freedom
Divers Club. Results from this monitoring
to date support that dredging has not
significantly impacted fisheries surrounding
the ODA.
Cyclone Gabrielle Insights:
Having undertaken three years of surveys, we
now have a substantial historic data set, and
have been able to utilise this data to better
understand the effects of Cyclone Gabrielle
on these local fish stocks.
The Cyclone caused a large amount of
silt, debris and logs to enter the marine
environment, likely smothering food sources
(small benthic invertebrates), and has caused
significant reductions in CPUE (catch per unit
of effort) across all species targeted. These
results can be seen for a 6-month period
following the cyclone. Findings verify local
inshore fishers concerns about significant
reduction in catches.
Seven months after the cyclone, following
a period of Westerly (favourable) wind
conditions, we have seen monitored stocks
bounce back. We hope that this signals
that small invertebrates that the targeted
commercial species feed on have re-
established on the sea floor, and that we can
expect to see catches stabilise at this higher
level again.
Background:
During the course of the Te Whiti wharf build,
material from the dredging campaign was
disposed within a new consented offshore
disposal area (ODA). Commercial fisheries
largely rely on a bottom trawling method around
and within the area, and we wanted to ensure
this wasn’t disrupted during or after the wharf
build.
To gain a better understanding of any effects of
disposal dredging on fisheries, ongoing targeted
monitoring around the ODA was implemented
for key benthic species including; red gurnard,
English/New Zealand sole, lemon sole, sand
flounder, yellowbelly flounder and brill.
Method:
Surveys have been completed on a monthly
basis since May 2020. Two three-hour long
trawls are completed on a single day around
the perimeter of the ODA. A cage designed to
reduce bycatch is used, allowing smaller fish to
pass through without any abrasions. Fish that
are caught are then counted and measured by
length. Since January this year, we have also
started weighing fish, to gain an understanding
of fish condition.
These surveys have been done with the support
of the Fisheries Liaison Group (FLG) which
includes representatives from Napier Port,
42
2023 ANNUAL REPORT TE PURONGO A TAU
MENU
WHA ///Section 4
42
2023 ANNUAL REPORT
TE PURONGO A TAU
MENU

2023 ANNUAL REPORT TE PURONGO A TAU
RIMA ///Section 5
43
CONTENTS
Board of Directors /// p44
Senior Management Team /// p46
RIMA ///
Section 5
S5
ur leaders

2023 ANNUAL REPORT TE PURONGO A TAU
RIMA ///Section 5
44
CONTENTS
Blair O’Keeffe
Independent Director and Chair
BBS (Hons), MInstD
Blair was appointed as a director of Napier
Port in June 2019 and in December 2022 was
appointed Chair. Blair is a Hawke’s Bay based
company director and board advisor, with
governance experience in NZX listed, central
and local government, and private entities.
He is a former Port Chief Executive, with
25+ years of local and international senior
executive experience, including infrastructure,
energy, property and transport.
He is currently Chair of the Hawke’s Bay
Regional Recovery Agency, a director
of Unison Networks Limited, Central Air
Ambulance Rescue Limited, and is Chair of
the Hawke’s Bay Rescue Helicopter Trust. He
also operates a board/commercial advisory
business. He is a former director of NZX listed
Z Energy, and former Chair of Crown Entity
Maritime New Zealand.
Stephen Moir
Independent Director
Stephen was appointed as a director of
Napier Port in December 2016 and is the
Chair of the Audit and Risk Committee.
Stephen brings an extensive background in
institutional banking and financial markets,
having held senior roles at Westpac
Institutional Bank, Credit Suisse (Singapore)
and Citibank (Singapore, Thailand and
Australia).
Stephen is a director of Chubb Life Insurance
New Zealand Limited and is the Chair of
the Audit Committee, a director of the Todd
Family Office, and Chair of the ASB Bank
Investment Committee. He was previously
a director of the Guardians of New Zealand
superannuation, a non-executive director on
the BNZ board, and Chair of both BNZ Life
Insurance and BNZ Insurance Services, as
well as the advisory board to the Victoria
University Chair of Business in Asia. Stephen
was previously a member of the NZ Markets
Disciplinary Tribunal.
John Harvey
Independent Director
BCom, FCA, CFInstD
John joined the Napier Port Board in February
2019. John has a background in financial
services, including NZX listings, acquisitions,
mergers and financial reporting, with over
35 years’ professional experience as a
Chartered Accountant. He was a Partner
at PricewaterhouseCoopers for 23 years,
including eight years as Managing Partner at
the Auckland office.
John is a Chartered Fellow of the Institute
of Directors in New Zealand and is currently
a director of Heartland Bank. He previously
served on the board of Port Otago for nine
years, and has been a director of Kathmandu
Holdings, Investore Property, Stride Property
Group, Ballance Agri-Nutrients and APN
News and Media.
Board of Directors
Diana Puketapu
Independent Director
FCA, CMInstD
Diana joined the Napier Port Board in
December 2017, and has a background
in commercial, iwi and sports governance.
Diana is Chair of the New Zealand Olympic
Committee, Deputy Chair of New Zealand
Cricket, a director of Ngāti Porou Holding
Company, Manawanui Support, , DNA
Designed Communications, and Trade
Window Holdings. She has previously served
as a director of , Tāmaki Redevelopment
Company, Auckland Council Investments,
World Masters Games 2017, and was
formerly the Chief Financial Officer of Ngāti
Whātua Ōrākei Corporate.
Diana is a Fellow Chartered Accountant
and a Chartered Member of the Institute of
Directors.

2023 ANNUAL REPORT TE PURONGO A TAU
RIMA ///Section 5
45
CONTENTS
Vincent Tremaine AM
Independent Director
BBus, FCPA, FAICD, GAIST (Adv.)
Vincent joined the Napier Port Board in
February 2019. He has broad experience in
the port sector, having served for 16 years as
CEO of Flinders Ports Holdings, which owns
seven South Australian ports, the Adelaide
Container Terminal and Flinders Logistics.
Vincent is currently Chair of Riverland
Water Holdings and Chair of Southern
Launch Space. He has served as Chair of
Ports Australia and the South Australian
Chamber of Commerce and Industry, and
as a director of Geelong Port and Green
Industries SA (South Australia Government
Body Corporate) and Australia’s National
Heavy Vehicle Regulator. Vincent also worked
for Toll Ports and Resources, managing the
ports of Geelong and Hastings in Victoria.
In 2020, Vincent was awarded Membership
of the Order of Australia (AM) for ‘significant
service to shipping infrastructure and freight
transport’.
Dan Druzianic
Director
BCom (Ag), PG Dip Com, FCA
Dan joined the Napier Port Board in August
2022. Dan is a chartered accountant,
business advisor and professional director
with broad experience across business
sectors including agribusiness, health,
infrastructure, property and investment. He
holds a Commerce degree from Lincoln
University, is a Fellow of the Institutes of
Chartered Accountants of Australia and New
Zealand (CAANZ), and is a member of the
New Zealand Institute of Directors.
Dan was appointed to the Napier Port
Holdings Limited Board in August 2022.
He resides in Hawkes Bay and is also
chairperson of the Hawkes Bay Regional
Investment Company Limited (HBRIC). He
also sits on the board of Unison Networks
Limited and Bostock New Zealand Limited
and was previously a Trustee of the Hawkes
Bay Community Fitness Centre Trust.
Kylie Clegg
Independent Director
LLB, BCom, MInstD
Kylie joined the Napier Port Board in August
2022 and has a corporate legal background
across a range of industries. Kylie is currently
a director on Auckland Transport.
Her previous governance roles include a
member of Waitematā Health New Zealand
Capital Advisory Group, Waitematā District
Health Board, Counties Manukau District
Health Board, Sport New Zealand and High
Performance Sport New Zealand.
Board of Directors

2023 ANNUAL REPORT TE PURONGO A TAU
RIMA ///Section 5
46
CONTENTS
Kristen Lie
Chief Financial Officer
BBS, CA, CFA, CMInstD
Kristen joined Napier Port as Chief Financial
Officer in 2015. Kristen has more than 25 years’
financial experience and strong commercial and
strategic planning skills.
Kristen returned to Hawke’s Bay after some 18
years working across London, Moscow and Oslo.
His previous roles have been with the London-
based office of listed shopping centre group
Westfield, London-based property investment
company Grosvenor, as well as Ernst & Young
and PricewaterhouseCoopers.
Kristen holds a Bachelor of Business Studies
from Massey University and is a Chartered
Accountant, a Chartered Financial Analyst, and a
Chartered Member of the Institute of Directors in
New Zealand.
Todd Dawson
Chief Executive
BSC, PGDipBus, MInstD, PMP, CMILT
Todd joined Napier Port as the Chief Executive
in 2018, bringing broad commercial experience
from across a range of industries and deep
expertise across the supply chain, transport and
logistics sectors. Prior to Napier Port, Todd led
strategic partnerships and new ventures at Kotahi
Logistics, working on the introduction of bigger
ships to New Zealand and the establishment of
intermodal freight hubs.
He has over 25 years’ experience and has
previously held senior roles at IBM NZ, Toll New
Zealand, Sainsbury’s Supermarkets (UK) and
Mainfreight.
Todd holds a Bachelor of Science and a
Postgraduate Diploma of Business in Operations
Management from the University of Auckland. He
is a member of the Institute of Directors in New
Zealand and is Chair of the Manawatu Inland
Port, Napier Port’s intermodal joint venture with
Halls Transport (Talley’s Group).
David Kriel
General Manager – Commercial
M.Prof.Studs. Transport Management
(Dist), FCILT, MInstD
David joined Napier Port as General Manager
– Commercial in 2018. David has an extensive
background in transport and logistics and worked
with Lodestar and Oji Fibre Solutions from 2005
to 2018.
David is a Fellow of the Chartered Institute of
Logistics and Transport. He is a member of the
Eastern Asian Society for Transport Studies and
the Humanitarian Logistics Association. David
sits on the board of the New Zealand Cruise
Association as well as the advisory board of
ExportNZ Hawke’s Bay. David is a Member of the
Institute of Directors in New Zealand.
Viv Bull
General Manager – People and Culture
MSc (Hons)
Viv brings 12 years’ experience at senior
management level, having joined Napier Port
in 2011. She leads our human resources,
employment relations, health and safety, and
culture functions. Prior to joining Napier Port, she
was a Director of Wellington based firm Hatton
Consulting and has an extensive background
in consultancy and senior management roles,
including as an Associate Director with KPMG’s
management consulting practice and Strategic
Human Resources Manager for the Department
of Corrections.
Viv has been an independent member of the
audit and risk committee of the Heretaunga
Tamatea Settlement Trust since 2019. She holds
a Master of Science in Organisational Psychology
(Hons) from the University of Canterbury and is a
registered psychologist (non-practicing).
Senior Management Team

2023 ANNUAL REPORT TE PURONGO A TAU
RIMA ///Section 5
47
CONTENTS
Andrea Manley
General Manager – Strategy and Supply
Chain
BSc/BCom, MZIMR I & II, DipBA
Andrea joined Napier Port in 2019. She is
responsible for leading strategic planning and
performance, identifying growth opportunities,
implementing new strategic initiatives, developing
digital solutions and leading Napier Port’s supply-
chain services. Andrea has previously worked
with Kotahi Logistics, Goodman Fielder, Alcatel-
Lucent, Brightstar, Vodafone and IBM.
Andrea holds a Bachelor of Science in Statistics,
Management Science and Operations Research
from the University of Auckland and a Diploma
in Business Administration from Henley
Management College. She is a Non-Executive
Director of Manawatū Inland Port, Vice President
of the Hawke’s Bay Chamber of Commerce
Board, a member of the University of Auckland
Strategic Supply Chain Programme Advisory
Group and a founding member of the Auckland
Women in Supply Chain Network.
Adam Harvey
Chief Operating Officer
BA, BCA
As COO Adam has oversight across Napier Port’s
container terminal, marine and cargo operations.
Adam joined Napier Port’s human resources
team in 2010 later becoming Container Terminal
Manager and prior to his current position, was
General Manager Marine and Cargo Operations.
Adam holds a Bachelor of Commerce in
Management and Economics and a Bachelor of
Arts in Geography and Psychology, both from
the University of Otago. He is the immediate past
Chairperson of the Port Industry Association.
Jo-Ann Young
Corporate Affairs Manager
BA (Hons), MA
Jo-Ann leads the corporate affairs function
at Napier Port covering internal and external
communications, community engagement and
sponsorship, stakeholder relations and investor
communications. She joined Napier Port in 2020
as Communications Manager and assumed
the newly created Corporate Affairs Manager
role in June 2022. Jo-Ann brings experience in
communications, marketing, media, and public
affairs across infrastructure, politics, health,
education and FMCG sectors, spanning New
Zealand, Australia, Turkey, South Korea and the
United Kingdom.
Jo-Ann holds a Master of Arts in Political
Communication from Victoria University.
David Broad
General Manager Assets and
Infrastructure
David oversees various critical aspects of
the port’s operations including maintenance,
planning, and construction of assets and
infrastructure, as well as the environmental and
sustainability programs.
David leads asset and master planning, which
are instrumental in charting the course for future
growth and development. Comprehensive in
scope, this integrates and addresses capacity
requirements, while placing a strong emphasis
on emissions reduction and climate change
management.
David’s background is in operational and complex
asset management. He joined Napier Port in
June 2021 as Fleet Services Manager. Prior to
this he held engineering leadership roles with
Jetstar Airways Ltd, BAE Systems Ltd Australia.
He holds a diploma in Aeronautical Engineering
& is currently studying for an MBA through Otago
University.
Senior Management Team

48
2023 ANNUAL REPORT TE PURONGO A TAU
CONTENTS
TAHI ///Section 1
ONO ///
Section 6
S6
Governance Matters &
Financial Statements
CFO Management Discussion and Analysis /// p49
Strategic Risk Overview /// p53
Governance Statements /// p54
Additional Disclosures /// p66
Financial Statements /// p71

2023 ANNUAL REPORT TE PURONGO A TAU
RUA ///Section 2
49
CONTENTS
The 2023 financial year saw a positive
first half of the year with much improved
trading volumes and operating financial
results following the supply chain, labour
shortages and pandemic challenges
of recent years. Cyclone Gabrielle
during February 2023 saw regional
infrastructure, production facilities and
crop damage and disruption leading to
significantly reduced cargo volumes and
earnings in the second half of the year.
Positively, while total cargo volume by weight
fell 14.4% compared to the prior year, total
Napier Port revenue grew by $3.9 million, or
3.4%, to $118.4 million.
Continued inflationary expense growth
contributed to the result from operating
activities decreasing by 7.1% to $37.2
million. A full year of increased depreciation
and finance costs following the completion
of the Te Whiti (6 Wharf) asset during 2022
reduced profits, whilst progress on insurance
claims, partially compensating for lost
revenues following Cyclone Gabrielle, resulted
in additional income of $7.25m in the year.
Reported net profit after tax decreased by
18.8% to $16.6 million.
Our balance sheet remains in a strong
position. At the end of the financial year,
Napier Port had $130 million in outstanding
loans and borrowings, in addition to $50
million in undrawn credit facilities.
Chief Financial
Officer’s Management
Discussion and
Analysis
ONO ///Section 6
In conjunction with this annual report, Napier Port
has released Supplemental Trade Volume Data,
Supplemental Selected Financial Information and an
Annual Results Presentation, that together provide
further trade and financial information and which form
part of our 2023 reporting suite of information for
investors and other stakeholders.
All documents are available in the Napier Port investor
centre at www.napierport.co.nz/investor-centre

2023 ANNUAL REPORT TE PURONGO A TAU
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50
CONTENTS
Revenue
Revenue of $118.4 million increased by 3.4%
from the prior year. A significant contributor in
the year was the return of the cruise industry
to Napier Port, with 64 vessel calls and $5.3m
in revenue. Bulk cargo and container services
both had volumes declines of nearly 13%
compared to the prior year. Despite these
volume decreases, bulk cargo revenue grew
slightly by 0.9% to $41.8 million, while container
services revenue of $67.8 million was 3.8% less
than the prior year.
Total annual container volumes decreased by
12.7% to 222,000 TEU. Cargo laden full export
and import containers decreased by 16.6% to
119,000 TEU, while empty and other container
movements decreased 7.8% to 103,000 TEU.
Dry export cargo was down by 19.3% to 50,000
TEU. This reduction was mainly due to lower
timber and pulp volumes from major cargo
customer Pan Pac, which suffered significant
Cyclone Gabrielle storm damage, closing their
timber and pulp processing facilities for repairs.
Refrigerated and frozen reefer exports
decreased 18.9% to 39,000 TEU mainly due
to lower apple and pears and other chilled
produce exports, as a result of crop losses
following Cyclone Gabrielle.
Containerised imports decreased by 14.9%
to 101,000 TEU primarily due to fewer import
empty containers required for export cargo.
Other container movements, including
Discharge, Load, Restows (DLR’s) and
transhipped containers, remained steady at
18,000 TEU with continued high levels of
container repositioning by shipping lines.
Container services’ average revenue per TEU
increased by 10.2% compared to the prior year
as a result of tariff increases, shipping line and
container mix changes, and additional revenues
earned as a result of increased vessel calls and
higher container depot revenues.
Container vessel calls increased significantly to
251 ships from 203 ships in the prior year as a
result of less schedule disruption and additional
container shipping services calling Napier during
the year.
Bulk cargo total volume of 3.2 million tonnes
was 12.8% lower than the prior year. Log export
volume decreased by 11.3% to 2.5 million tonnes
due to adverse weather, damaged roading
infrastructure post-cyclone, and a subdued log
export market in China throughout the year.
Charter vessel calls similarly decreased to 272
from 310 last year due to the lower bulk volumes
and larger average vessel load sizes for log
charters.
Bulk cargo average revenue per tonne increased
by 15.7% compared to the prior year primarily
as a result of tariff increases and an increased
contribution from the log debarking operation.
A significant contributor in the year
was the return of the cruise industry
to Napier Port, with 64 vessel calls
and $5.3m in revenue.”
$118.4m
Revenue
3.4%

2023 ANNUAL REPORT TE PURONGO A TAU
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51
CONTENTS
Expenses
Total operating expenses grew by 9.0% to
$81.1 million, compared to 2022, with employee
benefit expenses increasing 8.9%, property and
plant expenses increasing by 4.7%, and other
operating expenses increasing 12.8%. Expense
increases reflect continued high cost inflation
across all expense categories. The revenue
generating cost recoveries we introduced for
some of our bigger expense items such as
insurance and fuel are serving to offset some of
the cost increases.
Employee benefit expenses increased due to
general remuneration increases, the insourcing
of some port services, and lower labour cost
capitalisation to assets following the completion
of Te Whiti.
Property and plant expenses increased as a
result of electricity rate increases and increased
site maintenance expenditure, partially offset
by reduced plant and equipment repairs
and maintenance expenditure. Lower cargo
volumes also resulted in lower fuel consumption
volumes for our mobile plant, cranes and diesel
powered reefer generators. This also had the
effect of decreasing our total greenhouse gas
emissions by 10%. However, on a per cargo
tonne basis, emissions increased 5% as overall
cargo tonnage decreased by 14.4%, greater
than the total emissions reduction. This is
primarily attributable to the increase in vessel
visits from 514 in 2022 to 587 during 2023, in
particular, from the return of cruise vessels.
Other operating expenses increased due
to another year of significant increases in
insurance costs, in addition to increased
administration expenses relating to projects,
technology and the resumption of travel activity,
with these partially offset by lower operational
contract labour expenses and other staff
expenses.
The result from operating activities of $37.2
million decreased by 7.1% compared to the
prior year and as a percentage of revenue was
down from 35.0% to 31.5%.
Depreciation, amortisation and impairment
expenses increased by $2.7 million to $16.2
million which arose from recent asset additions,
including from the completion of Te Whiti in the
fourth quarter of 2022.
Net other income of $7.8 million compared
to $2.0 million in the prior year. The current
year benefitted from Cyclone Gabrielle
insurance income of $7.25 million less post-
cyclone and insurance claim expenses of $0.7
million. Insurance income recognised does
not necessarily match, in quantum and timing,
Napier Port’s trading losses that are potentially
recoverable under Napier Port’s insurance
policy. Napier Port expects to continue to
submit claims to its insurers as and when it
determines its recoverable losses, which is a
process that is expected to continue beyond
the end of the 2024 financial year given the
business interruption indemnity period of 18
months. In addition, the unrealised investment
property revaluation gain of $1.2 million
compared to $1.8 million in the prior year.
Net finance costs increased to $6.7 million
compared to $0.8 million in the prior year.
Gross finance costs grew with increased
average borrowings and significant increases in
underlying market interest rates. Whilst market
interest rates have risen, our interest rate risk
hedging programme has provided significant
protection from the market rate increases with
a net benefit of $1.4 million of realised gains
on hedges being included within net finance
costs. Following the completion of the Te Whiti
construction project, the majority of finance
costs are recorded within net finance costs
in the income statement rather than being
capitalised. This difference accounts for $5.5
million of the increase in net finance costs in the
year.
Income tax expenses decreased by $1.7 million
to $5.5 million due to lower taxable profit in the
current year. The effective tax rate of 25% for
the year is lower than the statutory tax rate of
28% due to the non-assessable investment
property revaluation gain included within
profit before income tax, and as a result of
adjustments to deferred tax expense relating to
prior financial periods.
Reported net profit after tax for the period
attributable to the shareholders of the Company
of $16.6 million decreased 18.8% from $20.4
million in the prior year.
$81.1m
Total Operating
Expenses
9.0%
$37.2m
Result from
Operating Activities
7.1%
$16.6m
Net Profit
After Tax
18.8%

2023 ANNUAL REPORT TE PURONGO A TAU
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CONTENTS
Capital Expenditure
Capital investment spend in the year
of $13.8 million included additional
reachstacker and empty container
handling mobile plant, post-cyclone
restorative dredging, general asset
management and replacement spend,
in addition to development spend on
log handling machinery to improve the
log debarking operation and additional
paving area to support new revenue
initiatives.
Cashflow
Cashflow from operating activities
increased to $37.2 million from $33.0
million year on year, with the lower
operating result and increased working
capital balances in the current year
offset by lower cash tax payments and
the receipt of business interruption
insurance proceeds.
Dividend payments during the financial
year of $12.8 million, including the final
2022 dividend paid in December 2022
and the interim 2023 dividend paid in
June 2023, were $2.2 million less than
the year before.
After the net spend on investing
activities of $14.0 million, net payments
on loans and borrowings of $4.3 million,
and finance costs paid of $6.6 million,
cash balances decreased by $0.8 million
during the year.
Balance Sheet
Following the prior year debt refinancing
activity, and as a result of our conservative
approach to outgoings, our balance sheet
remains in a strong position. At the end of the
financial year, Napier Port had drawn bank
lending of $30 million and $100 million of bonds
issued, in addition to $50 million in undrawn
credit facilities. The total of $130 million in
outstanding loans and borrowings is reduced
from $134 million in the prior year.
At the balance date, our weighted average term
to maturity was a relatively healthy 3.69 years.
Insurance risk management
Napier Port has experienced significant compounding increases in insurance
costs over several years. These increases have accompanied insured asset
value inflation and challenges with securing sufficient insurance coverage
at commercially acceptable premium rates in what is described as a ‘hard’
insurance market globally. Making a sizeable insurance claim following
Cyclone Gabrielle exacerbates such challenges. In addition to significant
deductibles for natural catastrophe events Napier Port has maintained a total
loss limit of $500 million under its material damage and interruption policy,
when it targets a higher limit, and in addition has accepted additional self-
insurance participation within the total loss limit, which increases Napier
Port’s total exposure to losses in natural catastrophe events. Napier Port
continues to pursue avenues to improve its insurance position and has
sought in recent years to generally mitigate insurance premium increases via
cost recovery levies, which presents an increasing burden on port users.
DEBT MATURITY PROFILE
$100m
$80m
$60m
$40m
$20m
1.52.0
2.02.53.03.54.04.5
Years
Dividend
Subsequent to the balance sheet date, the Board approved a
fully imputed final dividend of $7.1 million (3.55 cents per share)
in respect of the 2023 financial year, payable on 14 December
2023 to those on the share register at close of business on
4 December 2023. Including the fully imputed interim dividend
of $3.4 million (1.7 cents per share) paid in June 2023,
dividends in respect of the 2023 financial year total 5.25 cents
per share (2022: 7.5 cents per share).
Kristen Lie
Chief Financial Officer

2023 ANNUAL REPORT TE PURONGO A TAU
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53
CONTENTS
Strategic
Risk
Overview
The Board of Directors of
Napier Port oversees and
monitors the risks to the
business and operations
of Napier Port and
ensures appropriate risk
management is applied.
The following provides a high-level
summary of a number of significant
strategic risks faced by Napier Port
presently and our risk management
response.
Strategic RiskPotential impactResponse
Maintaining the health
and safety of our
people
Ports are inherently high risk work environments with the
potential to seriously harm or cause death to people.
We seek to continuously improve our health and safety culture, practices and risk controls. We dedicate time and
resources to health and safety governance, management, critical risk management, developing external relationships
including with others conducting business at our port sites, supporting technology and reporting, site and plant asset
management plans, and assurance activities.
Significant Asset
Damage and
Interruption
A major natural event, such as a tsunami or a significant
earthquake, could destroy or damage our assets, our customers’
assets or essential infrastructure linking our customers with our
port or cause significant interruption to our business.
We consider and undertake measures to improve the resilience of our assets, however, there is limited ability to design
or engineer our existing assets to account for such major natural events.
We currently maintain insurance for material damage and business interruption, however these policies do not provide
complete protection against financial loss and may not always be sufficiently available on acceptable commercial terms.
We believe the likelihood of a total loss event is low.
Cargo Owner, Export
market and Forestry
Sector Concentrations
A significant proportion of our cargo exports and therefore
revenue are derived from the forestry sector and/or are exported
to China and other key Asian markets. Events could occur that
result in the supply or demand for New Zealand or Hawke’s Bay
and surrounding areas’ wood products reducing or that results in
the potential loss of, or the reduction in demand from, key cargo
owner customers, which make up a significant proportion of our
revenue.
We have no ability to control reductions in supply or demand for wood products. We seek to maintain relationships
with industry participants and our key customers to understand and monitor market developments and to integrate our
operations with their supply chains. We expect that product owners would seek new markets if a prolonged downturn in
key markets were to occur.
Our close proximity to some of our key cargo owner customers’ existing operations means we can continue to provide a
cost effective and efficient route to market for our customers.
Fluctuations in demand and supply are continuous; it is not possible to determine the likelihood of a material negative
change or event.
Biosecurity
A significant biosecurity event (e.g. involving disease or pests)
could negatively affect one or more primary industries in Hawke’s
Bay who export their produce through our port, including forestry,
pipfruit or meat producers.
The New Zealand government seeks to prevent biosecurity events through strict import regulations. We work with
the Ministry for Primary Industries to implement biosecurity controls and inspections related to imported containers,
packaging and cargo that aim to reduce the likelihood of disease or pests entering the Hawke’s Bay region via our port.
However, the disease or pest many not be detected or could enter the region through other entry-points.
We cannot predict the likelihood of a significant biosecurity event occurring
China and Other Asian
Markets
Access to, or demand from, China and our other key Asian
markets may be materially impaired resulting in demand for cargo
being shipped from our port decreasing materially. The significant
majority of cargo exports from our port are to China and Asian
markets.
We seek to maintain relationships with industry participants to understand and monitor market developments. We
expect product owners could locate new markets over time if a prolonged adverse situation were to occur.
We cannot predict the likelihood of such events taking place.
Port and Harbour
Blockage or Damage
Shipping access to our port may be restricted or may cease as a
result of a disabled or sunk vessel within the port marine area or
within port marine access channels. A vessel may also damage
port infrastructure. A third-party seizure of a vessel berthed in our
port may cease activity on that berth and wharf for a prolonged
period. Road and rail links may temporarily become lost.
We support safe vessel maneuvering via our pilotage and towage marine services and ongoing risk management
activity including operating protocols, staff training & simulations, working with third parties including the Harbour Master
and Maritime NZ, the deployment of various navigation aids and technologies, maintenance dredging programmes,
amongst other mitigations. Whilst we maintain insurance for infrastructure property damage and business interruption,
the insurance cover available on acceptable terms for port blockage is limited. Following Cyclone Gabrielle during
2023, we experienced the temporary disablement of road and rail links to the port which negatively affected our trading
activity.
Epidemic or Pandemic
Disease
A community health event may cause workforce constraints,
either within our or our cargo customers’ workforces, and cause
disruption to cargo flows through our port.
We have no ability to control the occurrence of a community health event. We undertake crisis management preparation
including having joint agency protocols and a CIM framework. We have recent experience managing COVID-19 in
our workplace and community where we adapted our controls and processes to maintain the health and safety of our
people and to maintain our operating capability.
Physical and Transition
Risks Associated with
Climate Change
Climate change increases the likelihood of extreme weather
events and trade volume impacts, and will require future
adaptation measures to protect assets and our operations.
Our Climate Change Related Disclosure Report provides an understanding of the potential implications and
management of climate change risks and opportunities on our business.

2023 ANNUAL REPORT TE PURONGO A TAU
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CONTENTS
Corporate
Governance
Statement
The Board of Napier Port Holdings Limited (the
Company) and its subsidiaries (collectively
the Group) are responsible for the corporate
governance of the Group. Corporate governance
describes how a company looks after the interests
of its shareholders and other stakeholders.
The Board is committed to maintaining best
practice governance policies and behaviours.
This Corporate Governance Statement sets out
the corporate governance policies, practices, and
processes of the Group as at 13 November 2023
and has been approved by the Board.
The Group’s policies, practices and processes
are reviewed against the best practice principles
included in the NZX Corporate Governance Code
(NZX Code). The Board’s view is that the Group’s
corporate governance policies, practices and
processes generally follow the recommendations
of the NZX Code. This Corporate Governance
Statement includes disclosure of the extent
to which the Group has followed each of the
recommendations in the NZX Code.
Further information about the Group’s corporate
governance framework is available on the Group’s
Investor Centre (www.napierport.co.nz).
Principle 1 – Ethical Standards
“Directors should set high standards of ethical behaviour, model this behaviour and hold
management accountable for these standards being followed throughout the organisation.”
Code Of Ethics
Recommendation 1.1: The Board should
document minimum standards of ethical behaviour
to which the issuer’s directors and employees are
expected to adhere (a code of ethics).
The Board and management are committed to
ensuring the Group adheres to best practice
governance principles and maintains the highest
ethical standards. The Group’s code of ethics
sets out the manner in which directors and
employees should conduct themselves. The code
of ethics incorporates the requirements set out in
recommendation 1.1 of the Code and forms part of
the induction process for all new employees.
The Board recognises good governance is
not merely a matter of achieving legislative
compliance but ensuring that exemplary
standards and behaviour are maintained. This
involves the establishment and maintenance of
a culture at a Board and senior management
level and throughout the Group to ensure that
directors and employees deal fairly with others,
with transparency, and protect the interests
of shareholders and look after the rights of
stakeholders.
Securities (Shares And Bonds Trading) Policy
Recommendation 1.2: An issuer should have a financial product(s)
dealing policy which applies to employees and directors.
Restricted persons including the Directors,
Chief Executive Officer, Senior Management
Team, Trusts and Companies controlled by
these persons, and anyone else notified by
the Chief Financial Officer, have additional
trading restrictions. Restricted persons are
prohibited from trading in securities during
specific “black-out” periods, from 30 days prior
to the Group’s interim and year-end balance
dates to the first trading day after the release
of the respective periods results to the NZX,
30 days prior to the release of a product
disclosure statement for a general public offer,
or such other period as determined by the
Board.
During any other period restricted persons
who do not possess material information
may trade the Company’s securities subject
to notification and consent requirements.
Restricted persons may not trade until this
written consent has been received.
The Group has a Securities (Shares and
Bonds Trading) Policy which sets out the
responsibilities of all directors, officers,
employees, personal services contractors,
and secondees of Napier Port Holdings
Limited and its subsidiaries for trading in the
Company’s securities within a listed company
environment. The Securities (Shares and
Bonds Trading) Policy is available on the
Group’s website. This policy is separate from,
and in addition to, the legal prohibitions on
insider trading in New Zealand, and does not
replace legal obligations.
Insider trading is prohibited at all times.
Directors and employees who possess
material information must not trade in
securities, advise or encourage another
person to trade or hold the Company’s
securities, advise or encourage a person
to advise or encourage another person to
trade or hold the Company’s securities, or
directly or indirectly disclose or pass on the
material information to anyone else, knowing
that the other person will or is likely to use
that information to trade in the Company’s
securities.

2023 ANNUAL REPORT TE PURONGO A TAU
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55
CONTENTS
Principle 2 – Board Composition And Performance
“To ensure an effective Board, there should be a balance of independence, skills, knowledge, experience and perspectives.”
Board Charter
Recommendation 2.1: The Board of an issuer should
operate under a written charter which sets out the roles
and responsibilities of the Board. The Board charter
should clearly distinguish and disclose the respective
roles and responsibilities of the Board and Management.
The Board has adopted a formal Board Charter which
sets out the respective roles, responsibilities, composition
and structure of the Board, and this is available on the
Group’s website.
The Board is ultimately responsible for setting the
strategic direction of the Group, oversight of the
management of the Group and direction of its business
strategy, with the ultimate aim being to operate the
Group as a successful business, while respecting the
rights of other stakeholders. This includes establishing
the strategies and financial objectives with the Senior
Management Team, monitoring the performance of
the Senior Management Team, monitoring compliance
and risk management, and ensuring the Group has the
appropriate controls and policies in place.
The Board delegates the day-to-day affairs and
management responsibilities of the Group to the Chief
Executive Officer and Senior Management Team to deliver
the strategic direction and goals determined by the Board
Nomination And Appointment Of Directors
Recommendation 2.2 and 2.3: Every issuer should have a procedure for the
nomination and appointment of Directors to the Board. An issuer should enter into
written agreements with each newly appointed Director establishing the terms of
their appointment.
The whole Board will have the opportunity to
consider candidates for appointment to the
Board. Directors may be appointed by the
Board or director nominations may be made
by shareholders for election at the Annual
Meeting of Shareholders. Directors appointed
by the Board must stand for re-election at the
next Annual Meeting of Shareholders. The
NZX Listing Rules and the Group’s constitution
requires that all directors stand for re-election
at the Annual Meeting of Shareholders within
three years of last being elected. The Group
enters into a written agreement with each newly
appointed director establishing the terms of their
appointment.
The Board have delegated to the People and
Remuneration Committee the responsibility
to make recommendations to the Board in
respect of Board and committee composition
and, when required, identify individuals believed
to be qualified to become Board members.
Procedures for the appointment and removal
of directors are set out in the People and
Remuneration Committee Charter. To be eligible
for selection the candidates must demonstrate
appropriate qualities and experience, and the
Committee must be satisfied that a candidate
will commit the time needed to be fully effective
in their role. The Committee will ensure proper
checks as to the proposed Director’s character,
experience, education, criminal record and
bankruptcy history are conducted and key
information about the proposed Director is
provided to shareholders to assist their decision
as to whether or not to elect or re-elect the
Director.

2023 ANNUAL REPORT TE PURONGO A TAU
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CONTENTS
Directors
Recommendation 2.4: Every issuer
should disclose information about each
Director in its annual report or on its
website, including:
(a) a profile of experience, length of
service, and ownership interests
(b) the Director’s attendance at Board
meetings; and
(c) the Board’s assessment of the
Director’s independence, including
a description as to why the Board
has determined the Director to be
independent if one of the factors listed
in table 2.4 applies to the Director, along
with the description of the interest,
relationship or position that triggers the
application of the relevant factor.
The Board currently comprises seven
directors; an independent non-executive
Chair, five independent non-executive
directors, and one non-executive director.
A profile of experience for each director,
including length of service, is available
on the Group’s website and included in
the Annual Report. Director’s ownership
interests are included in the Other
Disclosures section of the Annual Report.
Principle 2 – Board Composition And Performance
“To ensure an effective Board, there should be a balance of independence, skills, knowledge, experience and perspectives.”
Board Skills And Experience
Our Board is diverse and our directors
bring with them a wide range of skills and
experience to the benefit of the Group.
The Board has determined that, to operate
effectively and meet its responsibilities
and considering its business and
strategic focus, it requires competencies
in disciplines including governance,
executive leadership, listed companies,
legal and regulatory compliance, safety
and high-risk operations, finance and
accounting, engineering and asset
management, relevant sector experience,
commercial expertise, collectivised
employment agreement environments, and
sustainability.
The Board regularly reviews its collective
skills and experience, including when
considering Board appointments and as
the operating environment or the Group’s
strategies evolve. The most recent review
was in September 2023. The table below
represents the Board’s most recent self-
assessment of its collective board skills
and experience compared to the identified
required competences. Where identified
gaps exist, these are considered when
making appointments to the Board.
Capability
Collective Board Skills
and Experience
Governance
Previous Senior
Executive
Listed Company
Infrastructure/ Port/
Transport
Safety and High
Risk Operations
Commercial
Capability
Collective Board Skills
and Experience
Finance and
Accounting
Engineering/ Asset
Management
Collectivised
Employment
Agreement
Environments
Legal
Sustainability
Some GapsSufficient or Strong Coverage

2023 ANNUAL REPORT TE PURONGO A TAU
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CONTENTS
Attendance At Board And Committee Meetings
For the year ended 30 September 2023.
Board
Audit and Risk
Management
Committee
People and
Remuneration
Committee
Health and
Safety
Committee
Sustainability
Committee
Number of meetings held
13
7
11332
6
Alasdair MacLeod
2
2
3
1
---
Diana Puketapu
119
3
322
Stephen Moir
11103
1
32
1
Vincent Tremaine
12113
1
3-
John Harvey
1311332
5
Blair O’Keeffe
1310
1
331
1
Hon Rick Barker
2
2
2
1
---
Dan Druzianic
1211
3
3
1
31
1
Kylie Clegg
1310
1
3
4
32
5
1. Non-committee members also in attendance.
2. Retired as a director of the Board from
December 2022
3. D. Puketapu retired as committee member
and D. Druzianic was appointed committee
member effective December 2022
4. A. MacLeod retired as committee member
and K. Clegg was appointed committee
member effective December 2022
5. B. O’Keeffe and R. Barker retired as
committee members and J. Harvey and K.
Clegg were appointed committee members
effective December 2022.
6. Note only two out of three Sustainability
Committee meetings were held due to a
cancellation following Cyclone Gabrielle in
February 2023
7. Note the number of board meetings includes
9 scheduled and 4 supplemental meetings
Independence Status Of Directors
The independence status of each director is included with the directors’ profiles available on the Group’s
website and included in the Annual Report and has been determined by the Board in consideration of all
relevant factors (including the director’s interests, position and relationships), including those described
by the factors set out in table 2.4 as applicable of the Corporate Governance Code.

2023 ANNUAL REPORT TE PURONGO A TAU
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CONTENTS
Diversity And Inclusion
Recommendation 2.5: An issuer should have a
written diversity policy which includes requirements
for the Board or a relevant committee of the
Board to set measurable objectives for achieving
diversity (which, at a minimum, should address
gender diversity) and to assess annually both the
objectives and the entity’s progress in achieving
them. An issuer within the S&P/NZX 20 Index at the
commencement of a reporting period should have
a target for achieving board gender diversity which
is to have at least 30% of its directors being female,
within a specified period. An issuer should disclose its
diversity policy or a summary of it.
The Group has a diversity and inclusion policy which
defines the approach of the Group towards diversity
and inclusion. It also identifies the responsibilities
of the Board, the Senior Management Team and
all of the Group’s employees. The diversity and
inclusion policy is available on the Group’s website
and is reviewed annually by the Board. The Group
recognises the value of a diverse and skilled
workforce and is committed to embedding diversity
and inclusion into employment practices and all
aspects of the Group’s operations. The Group will
foster a culture of inclusion – where all are welcome
and can bring their whole self to work and a variety of
different viewpoints and backgrounds are supported.
The Board, Senior Management Team, Managers
and Supervisors, and People & Culture team will
collectively and individually support these aspirations.
Diversity metrics encompassing the Board, Senior
Management Team and the Group’s employees are
reviewed at a minimum annually.
30 September 202330 September 2022
The following is a breakdown of the gender
composition of the Group at the balance date:
FemaleMaleFemaleMale
No.%No.%No.%No.%
Directors229571222778
Senior Management Team (SMT)337563337563
Permanent employees511626284551727883
Total561727283601729083
Permanent employees in leadership roles (non SMT)1121417910174883
Principle 2 – Board Composition And Performance
“To ensure an effective Board, there should be a balance of independence, skills, knowledge, experience and perspectives.”
Director Training
Recommendation 2.6: Directors should
undertake appropriate training to remain current
on how to best perform their duties as Directors
of the issuer.
The Board seeks to ensure that any new
Directors are appropriately introduced to the
Senior Management Team and the Group’s
business, that all Directors are acquainted
with relevant industry knowledge, and receive
appropriate company documents to enable
them to perform their role as a Director.
Directors will receive induction training upon
appointment, and are expected to maintain
appropriate levels of financial, legal and industry
understanding throughout their appointment.
Board Evaluation
Recommendation 2.7: The Board should have a
procedure to regularly assess Director, Board and
Committee performance.
The Board undertakes a biennial performance
evaluation of itself that discusses and assesses
the performance of each Director and the Chair,
compares the performance of the Board as a whole
with the requirements of the Board Charter, reviews
the performance of the Board’s Committees,
and effects any improvements to the respective
Charters deemed necessary or appropriate. The
performance evaluation is conducted in the manner
the Board deems appropriate. The most recent
evaluation was completed in April 2023.
Recommendation 2.8 and 2.9: A majority of the
Board should be independent directors. An issuer
should have an independent Chair of the Board.
If the Chair is not independent, the Chair and
CEO should be different people.
The Board currently comprises seven directors,
six of whom have been determined to be
Independent Directors by the Board under the
NZX Listing Rules. The Chair of the Board is an
Independent Director and is not the Chair of the
Audit and Risk Management Committee.

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Principle 3 – Board Committees
“The Board should use committees where this will enhance its effectiveness in key areas, while still retaining Board responsibility.”
Audit and Risk Management
Committee
Recommendation 3.1: An issuer’s audit committee
should operate under a written charter. Membership
on the audit committee should be majority
independent and comprise solely of non-executive
directors of the issuer. The chair of the audit
committee should be an independent director and not
be the chair of the Board.
The Audit and Risk Management Committee operates
under a written charter, which is available on the
Group’s website. The Committee is required to have
a majority of independent non-executive directors,
at least two must have an accounting or financial
background, and the Committee is required to meet at
least two times per year. The Chair of the Committee
is an Independent Director who is not the Chair of the
Board. The Audit and Risk Management Committee
currently comprises Stephen Moir (Chair), Dan
Druzianic, Vincent Tremaine and John Harvey – see
the relevant qualifications and experience set out in
the directors’ profiles section of this Annual Report. All
directors may attend the Committee meetings at their
discretion.
The Audit and Risk Management Committee’s
purpose is to assist the Board in fulfilling its
responsibilities to discharge its financial reporting
and regulatory responsibilities, ensure the ability and
independence of the external auditor to carry out its
statutory audit role, ensure an effective internal audit
and internal control system is maintained, and ensure
an appropriate framework is maintained for the
management of strategic and operational risk.
Recommendation 3.2: Employees should only
attend audit committee meetings at the invitation of
the audit committee.
The Chief Executive Officer, Chief Financial Officer
and any other employees the Audit and Risk
Management Committee considers necessary to
provide appropriate information and explanations
may attend the Committee on invitation. The Group’s
external auditor also attends selected meetings at the
Committee’s invitation.
People And Remuneration Committee
Recommendation 3.3 and 3.4: An issuer should
have a remuneration committee which operates
under a written charter (unless this is carried out
by the whole board). At least a majority of the
remuneration committee should be independent
directors. Management should only attend
remuneration committee meetings at the invitation
of the remuneration committee. An issuer should
establish a nomination committee to recommend
director appointments to the Board (unless
this is carried out by the whole board), which
should operate under a written charter. At least a
majority of the nomination committee should be
independent directors
.
The People and Remuneration Committee operates
under a written charter, which is available on the
Group’s website. The Committee consists of at least
three members of the Board, the majority of the
committee which are required to be Independent
Directors. The Committee is required to meet at least
two times per year. The Chair of the Committee is an
Independent Director. The People and Remuneration
Committee currently comprises Diana Puketapu
(Chair), Blair O’Keeffe, John Harvey and Kylie Clegg.
All directors of the Board may attend the Committee
meetings at their discretion. The Chief Executive will
act as secretary to the Committee and other members
of management may attend the Committee meetings
on invitation.
The primary responsibilities of the Committee
include, nominating and appointing directors to the
Board, remuneration of directors, remuneration and
evaluation of the Chief Executive Officer, review
of the Chief Executive Officer’s remuneration
recommendations for the Senior Management Team,
review of the overall Group’s salary and incentive
policies, and succession planning.
Recommendation 3.5: An issuer should consider
whether it is appropriate to have any other board
committees as standing board committees. All
committees should operate under written charters.
An issuer should identify the members of each of
its committees, and periodically report member
attendance.
Health And Safety Committee
The Group’s ultimate aim is to ensure that everyone
working at Napier Port returns safely to their families
every day. This why health and safety is the top
priority of the Napier Port Board of Directors and
health and safety performance is actively reviewed at
every board meeting. The Group also has a Health
and Safety Committee whose purpose is to assist the
Board in fulfilling its responsibilities in respect of the
health, safety and wellness requirements within the
Health and Safety at Work Act 2015 and regulatory
framework. The Health and Safety Committee
operates under a written charter, which is available
on the Group’s website. The Health and Safety
Committee operates in the context of the vision that
every person goes home safely every day, a culture
of care, and strategic objectives relating to people,
place and planet.
The Committee consists of all members of the
Board, and is required to meet at least three times
per year. The Chair of the Committee is Vincent
Tremaine. The Committee may on invitation have
in attendance members of management including
the General Manager People and Culture, and other
persons including senior health and safety staff, that it
considers necessary to provide necessary information
and explanations. The Chief Executive Officer and the
General Manager People and Culture are responsible
for drawing to the Committee’s immediate attention
any material matter that relates to notifiable events
and significant near misses or incidents.
Sustainability Committee
The purpose of the Sustainability Committee is
to identify and consider relevant environmental,
social and governance (ESG) matters to provide
strategic guidance and feedback to the Board and
management on the Group’s ESG related strategies,
policies, frameworks, initiatives, performance and
reporting. The objectives of the Committee include:

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Principle 3 – Board Committees
“The Board should use committees where this will enhance its effectiveness in key areas, while still retaining Board responsibility.”
• Oversee the development of Napier Port’s ESG
strategy and ESG workplan and monitor progress;
• Make recommendations and report to the Board
on material ESG matters requiring governance
decisions;
• Act as a formal forum for free and open
communication between the Board and
management with respect to ESG matters;
• Facilitate a common and aligned Board
understanding of what is within the scope of ESG
matters;
• Ensure an appropriate framework is maintained for
the management of ESG related risks; and
• Oversee and review ESG reporting processes,
including relevant internal controls and external
review and audit processes.
The Sustainability Committee operates under a
written charter, which is available on the Group’s
website. The Committee consists of at least
three members of the Board and the Chair of
the Committee is appointed by the Board. The
Sustainability Committee currently comprises John
Harvey (Chair), Diana Puketapu and Kylie Clegg.
All directors of the Board may attend the Committee
meetings at their discretion. The Committee may
on invitation have in attendance members of
management including the Chief Executive Officer,
Chief Financial Officer, General Manager Assets
and Infrastructure, and any relevant external parties
determined by the Committee Chair.
Takeover Policy
Recommendation 3.6: The Board should establish
appropriate protocols that set out the procedure to
be followed if there is a takeover offer for the issuer
including any communication between insiders and
the bidder. The Board should disclose the scope of
independent advisory reports to shareholders. These
protocols should include the option of establishing
an independent takeover committee, and the likely
composition and implementation of an independent
takeover committee.
Given the Group’s shareholding structure, with
the Hawke’s Bay Regional Council (Council),
indirectly controlling approximately 55% of the
shares of the Group, the Board considers it highly
unlikely that a third-party would make a takeover
approach or proposal without the support of Council.
Notwithstanding this, the Board consider it prudent
to have protocols in place and has established
formalised takeover response protocols to assist the
Group to prepare for, and respond to any unsolicited
approaches or proposals it may receive in relation to
a takeover. These protocols would help to inform the
Board of their roles and responsibilities with respect
to any approach or proposal, assist the Board and
its advisers in developing and executing a response
strategy, and act as a basic guide on the process for
any takeover offer.
In the event of a takeover offer, a Takeover Response
Committee, would be convened comprising
independent directors, management and appropriate
financial, legal and strategic advisers.