MOVE Logistics Group – 1H24 Results

Company Announcement
23 February 2024

MOVE LOGISTICS GROUP 1H24 INTERIM RESULTS

Transport and logistics group, MOVE Logistics Group Limited (NZX/ASX: MOV), has today reported its
unaudited interim results for the six months ended 31 December 2023. The result was above the
guidance provided in December 2023 (1H24 Normalised EBITDA $11.5m - $12.5m), with the
company reporting Normalised EBITDA of $13.2m.
As previously advised, economic and sector headwinds continue to impact, with inflationary cost
pressures and subdued customer activity, particularly for Freight and Warehousing. The retail and
construction markets have been particularly hard hit, both of which are important customer sectors
for MOVE. MOVE’s diversity across customer and business sectors is an advantage in this
environment, ensuring limited exposure to any one sector.
MOVE is continuing to execute on Project Blueprint, a 12 – 18 month dual pathway programme of
short and long term initiatives to reshape and strengthen the business, and drive growth. The first
three months have now been completed, with the focus on embedding change, improving
productivity, driving revenue and delivering customer service excellence. As part of this, a
comprehensive cost out programme has been accelerated to drive efficiency and operating
excellence. Most benefits from Project Blueprint initiatives are expected to be seen from 2H24
onwards.
Financial Snapshot
The six month financial performance reflects the first three months of Project Blueprint, softer
customer demand as a result of economic headwinds, the ongoing re-set of the Freight business,
and investment into future growth opportunities including Oceans and technology. In addition, some
project work undertaken by the Specialist division was delayed and pushed into future periods.
These projects remain ongoing. The company is continuing to transition to a capital light model,
providing additional support for the balance sheet and increasing business resilience.
• Total income $159.4m
• EBITDA $12.3m, with Normalised EBITDA $13.2m
• Reported NLAT $(10.7)m with Normalised NLAT of $(9.6)m
• Net debt reduced to $16.9m
• No dividend has been declared

Management Comment
CEO of MOVE, Craig Evans, said: “Customer service excellence remains at the fore as we continue to
work in partnership with a diverse range of businesses from across New Zealand, providing quality
supply chain and logistics services. We continue to tightly manage all areas within our control, and
are maximising this time to progress Project Blueprint, and particularly, the reset of our Freight
business which has taken longer than originally anticipated. We have identified productivity and
growth opportunities and are moving at pace to take advantage of these.
“Investment into our nationwide sales resource is driving increasing sales activity and momentum,
and MOVE’s new Oceans shipping service is also opening up new opportunities for our business. We
have continued to refine the new Transport Management IT System and this is expected to go live

across our network in 2H24. The leadership team has been strengthened with new leaders driving
commercial excellence and momentum.
“We continue to strengthen our end to end supply chain offer, linking our national freight network
with new services and transport solutions including trans-Tasman shipping and increasing use of rail
which offers lower cost and carbon emissions than road.”
Stronger 2H24 Performance Expected
Performance in the second half year is expected to improve from 1H24, as MOVE benefits from
increased new business leads and participation in RFP processes for MOVE’s Freight and Logistics
businesses, and as Project Blueprint initiatives start to deliver. The focus remains on cost
efficiencies, working capital management and customer value proposition.
Craig Evans said: “In the current environment, businesses are seeking cost effective, quality
providers and MOVE is well positioned with the expertise and competitively priced solutions to meet
their needs. The multiple initiatives underway will position MOVE to capture the increased customer
activity levels expected when the economy recovers.”
ENDS

For further information, please contact:

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

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

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

---

MOVE LOGISTICS GROUP LIMITED
1H24 RESULTS
23 February 2024

OUR VISION
To be the preferred
freight and logistics
company in
Australasia

INCOME
$159.4m
1H23: $180.0m
EBITDA
Normalised
1
$13.2m
1H23: $24.7m
EBIT
Normalised
1
$(8.6)m
1H23: $3.0m
NLAT
2
$(10.7)m
1H23: $(3.3)m
LTIFR
11.21
1H23: 15.37
CAPEX
$1.5m
1H23 $13.4m
GEARING
20.8%
1H23: 23.5%
FREE
CASHFLOW
$18.3m
1H23: $18.1m
1H24 RESULTS SNAPSHOT
1H24 Results Presentation
3
1.Normalised EBITDA and Normalised EBIT exclude non-controlling interest and non-trading adjustments of $0.9m pre-tax
related to asset impairment & restructuring the business (1H23: $1.0m). 1H24 EBITDA before non-trading was $12.3m.
2.Attributable to owners of the company
1H23 restated to include Specialist division following decision to retain the business
Economic and sector headwinds
driving subdued customer
volumes and impacting on costs
and short term growth
opportunities. Reflects first three
months of Project Blueprint.
•Normalised EBITDA result above
guidance
•NLAT reflects ongoing Freight
reset and investment into
Project Blueprint ahead of
expected gains
•Continue to tightly manage all
areas within MOVE’s control
•Positive safety metrics

1H24 SUMMARY
Economic headwinds driving softer demand across the industry
1H24 Results Presentation
4
Operating Environment
•Economic and sector headwinds tougher
and for longer than anticipated. Hampering
execution speed of growth strategy and
driving softer customer demand
•Retail and construction sectors particularly
affected, which are important customer
sectors for MOVE
•Increased competitive and customer
pricing pressure
•Although easing, inflationary cost pressure
remains high
Initiatives and Events
•Continue to execute on Project Blueprint
including ongoing reset of Freight business
•Accelerated comprehensive cost out
programme with benefits to be seen from 2H24
•Investment into nationwide sales resource
driving increasing sales activity and momentum
•Pilot of Trans-Tasman Oceans service on-going
•Specialist heavy haulage well positioned for
increasing interest in alternative energy
projects

STRATEGY FOR GROWTH
51H24 Results Presentation
Our Vision: To be the
preferred freight and
logistics provider in
Australasia
Our Mission: To keep our
customers moving
Our Mantra: Customer,
Safety, Team

RESHAPE AND STRENGTHEN THE BUSINESS
Immediate benefit
•Comprehensive review of operating costs
and structure
•Maximise performance, productivity and
utilisation
•Strengthen supply chain offering
•Continue transition to asset light model
1H24 Results Presentation6
PROJECT BLUEPRINT
DRIVE ORGANIC GROWTH
Short to medium term benefit
•Investment in nationwide sales resource
•Careful customer acquisition
•Focus on building base volumes while
allowing capacity for higher margin
business
•Primary focus on organic growth and
collaboration across the industry
PRIORITIES
12–18 month dual pathway programme of short and long term initiatives to reshape and
strengthen the business, and drive organic growth. First three months completed in 1H24.

PROJECT BLUEPRINT INITIATIVES
We have identified what needs to be done across the business to achieve success and have a clear plan in
place. Early benefits are being seen from the work underway.
1H24 Results Presentation7
BETTER STRONGER
BUSINESS
•Continuation of the Freight improvement programme
•Accelerated comprehensive cost out programmefrom December 23
•
Optimisation of network and workforce to drive productivity and utilisation
•Digital transformation continuing including new Transport Management System
•Increased collaboration across the group to deliver end to end supply chain solutions
•Pilot of new trans-Tasman shipping service on-going -demonstrating good potential customer
demand; new leadership from November 2023
•Increasing integration of rail into transport solutions –cost efficient, lower carbon emissions
SMART GROWTH &
EXPANSION
•Investing in and expanding core competencies to drive organic growth
•Investment in nationwide sales resources -New National Sales Manager and strengthened
nationwide sales team
•Decentralised business model putting our business closer to our customers
TAKING CARE OF WHAT
MATTERS
•Continuing improvement in safety metrics
•Engaged workforce
•Continue to strengthen leadership teams and empowerbranch leadership

FINANCIAL RESULTS
1H24 Results Presentation8

1H24 GROUP SUMMARY
1H24 Results Presentation
9
1.Normalised EBITDA, Normalised EBIT and Normalised NLAT excludes NCI and non-trading adjustments of $.9m pre-
tax related to restructuring and resetting the business as part of the strategic plan (1H23: $1.0m)
2.Attributable to owners of the company
$Millions1H241H23
Total Income
159.4180.0
Normalised EBITDA
1
13.224.7
Normalised EBIT
1
(8.6)3.0
NormalisedNLAT
1
(9.6)(1.7)
Reported NLAT
2
(10.7)(3.3)
EPS (cents)
(8.36)(2.85)
Free cashflow
18.318.1
Net Debt
16.921.6
Results reflect:
•First three months of Project Blueprint
•Customer volumes impacted by economic
headwinds
•Ongoing reset of Freight business with short
term earnings reduction as it transitions to
more efficient, higher margin business
•Investment into future growth initiatives
including Oceans and technology
•Focus on cost efficiencies, working capital
management and customer value
proposition

Business Performance
1H24 Results Presentation10
0
50
100
150
200
1H221H231H24
$millions
1H Revenue
InternationalSpecialistFreightContract Logistics
(10)
0
10
20
30
40
1H221H231H24
$millions
1H Normalised EBITDA
InternationalSpecialistFreightContract Logistics
•FREIGHT: Reset programme ongoing with short term reduction in
earnings as previously advised; business being right sized to create a
leaner, more efficient structure – benefits from cost out programme
expected from 2H24; priority on rebuilding revenue - positive sales
activity being seen.
•CONTRACT LOGISTICS: Period of softer customer demand for
warehousing and reduced Fuels volumes. Maintaining focus on
utilisation and profitable contracts in environment of pricing
pressure.
•INTERNATIONAL: Pilot of new shipping service – good potential
customer demand; new GM Oceans. Vessel repair now completed
following significant mechanical breakdown.
•SPECIALIST: Strong pipeline of work. Some project work delayed and
pushed into future periods. These projects remain ongoing. Well
positioned for increase in alternative energy projects.

NORMALISED EBITDA
1H24 Results Presentation11
•FREIGHT: Ongoing Freight reset; accelerated cost
out programme with some short term impact –
benefits expected from 2H24
•CONTRACT LOGISTICS: Softer short term customer
demand for warehousing and reduced Fuels
volumes.
•INTERNATIONAL: Pilot of new shipping service
$(2.2)m. Vessel back in service from December
following significant mechanical breakdown.
•SPECIALIST: Some project work delayed and
pushed into future periods.
•Flat corporate costs year on year
Normalised EBITDA excludes non-trading adjustments of $.9m pre-tax related to restructuring and resetting
the business as part of the strategic plan. Further details included in appendix to this presentation.

CASH FLOW
1H24 Results Presentation
12
Cash conversion remains stable despite
challenging trading
•Cash conversion of 123% remains stable and in
line with last year, despite earnings decline
•Continued positive working capital movement
and operating cashflows
•Free cash flow remains consistent YoY
•Net capital expenditure decreased by $14.2m
as a result of reduced capital needs to support
lower level of earnings and moving towards a
leased/asset light model
$000s1H241H23
NormalisedEBITDA excl. non cash items 13,15824,424
Non trading -cash items(396)3
Working capital movement2,9085,308
Net operating cashflows15,67029,735
Capital expenditure(1,436)(12,441)
Sale of PPE (excluding loss/gains)4,015781
Net capital expenditure2,579(11,660)
Free cash flow18,24918,075
Acquisitions/Advances to Associates--
Net cash flow before financing and tax18,24918,075
Net interest payments(4,691)(4,638)
Tax payments(623)(504)
Dividends (non-controlling interests)(120)-
Cash flow before movements in net debt12,81512,933
EBITDA cash conversion122.8%121.7%

CAPEX
Focus on maximum utilisation of
existing assets; continued move to
asset light model
•Asset light model supporting the
balance sheet and building resilience in
the supply chain
•Capital expenditure deferred and/or
leasing of assets due to cashflow
constraints
•Replacement program still in progress
via a leasing strategy and fleet right
sizing
•Transport Management System project
(FuseIT) to be rolled out across the
network in 2H24
1H24 Results Presentation
13
Leased fleet additions
1H24
$13.5m
1H23
$5.5m
Capital Expenditure ($m)
1H241H23
Fleet1.22.5
Ship-8.5
Technology0.11.7
Other0.20.7
TOTAL1.513.4

BALANCE SHEET
Reduction in net debt
•$5.3m reduction in net debt
following conversion of convertible
note and from cashflows
•Bank facilities with revised
covenants enabling runway for
Project Blueprint short and long
term initiatives
•Solid working capital ratio
1H24 Results Presentation
14
$000s1H241H23
Net Debt16,88921,584
Gearing20.8%23.5%
Working Capital Ratio1.281.27
0
20
40
60
80
Dec-21Jun-22Dec-22Jun-23Dec-23
$millions
Significant reduction in Net Debt
Borrowings (incl Convertible Note)Net Debt

LOOKING FORWARD
1H24 Results Presentation15

STRONG LEADERSHIP TEAM
Leading our pathway to success
1H24 Results Presentation16
Craig Evans
CEO
Appointed Feb 2023
Lee Banks
CFO
Appointed Jul 2013
Anthony Brown
GM Oceans
Appointed Dec 2023
Justin Marshall
National Freight Manager
Appointed Mar 2022
James Watters
COO Contract Logistics
Appointed Nov 2021
Anthony Barrett
CIO
Appointed Apr 2022
Rachel Hustler
GM People & Culture
Appointed Jul 2023
Warwick Bell
GM Specialist Lifting
Appointed Dec 2018
Ricky Clark
National Sales Manger
Appointed Oct 2023

LOOKING AHEAD
1H24 Results Presentation
17
Market outlook:
•Continuation of current economic and sector
conditions expected in the short term
•New opportunities for MOVE as procurement
becomes a greater focus for customers
•Increasing investment in renewable energy
projects – MOVE’s Specialist heavy haulage is a
leader in this sector
•Supply chain sustainability and carbon emissions
becoming of increasing importance to customers
Business Outlook:
•Short term focus to recover to prior
performance levels. Longer term to exceed
and outperform
•Project Blueprint - embedding change,
improving productivity, driving revenue and
delivering customer service excellence.
Benefits expected from 2H24
•Building resilience through asset light
business model
•Well priced and positioned to take advantage
of businesses seeking quality supply chain
partner
•Increasing use of Rail delivering carbon
efficiencies
•Identified productivity and growth
opportunities and moving at pace to take
advantage of these

1H24 Results Presentation18
APPENDICES
Craig Evans
Chief Executive Officer
Phone: +64 274 353 897
Email: craig.evans@movelogistics.com
Lee Banks
Chief Financial Officer
Phone: +64 27 525 2876
Email: Lee.Banks@movelogistics.com

Non-GAAP Reconciliation
$Millions1H241H23
Net profit/(loss) before income tax (GAAP measure)(14.19)(2.91)
Add back:
Share of loss of associates-0.06
Net finance costs4.714.86
Restructuringcosts0.39(0.11)
Share acquisition costs-0.11
Goodwill and asset impairment0.491.02
Depreciation & Amortisation21.8221.62
EBITDA excluding non-trading items (non-GAAP measure)13.2224.65
Net profit/(loss) after income tax (GAAP measure)
attributable to owners
(10.67)(3.31)
Add back:
Non-controlling interests0.340.59
Other non-trading expenses, net of tax:
Goodwill and asset impairment0.491.02
Restructuring costs0.28(0.11)
Share acquisition costs-0.11
Net profit/(loss) after tax excluding non-trading items
(non-GAAP measure)
(9.56)(1.70)
1H24 Results Presentation19
MOVE Logistics Group uses several non-GAAP measures when
discussing financial performance and the Board and
Management believes this provides a better reflection of the
company’s underlying performance.
Glossary:
•EBITDA: Earnings before interest, tax, depreciation,
amortisation excluding income and impairment from
associates
•Normalised EBITDA: EBITDA before non trading costs
•Normalised EBIT: Normalised EBITDA less depreciation and
amortisation
•Free cash flow: EBITDA excluding non-cash items plus
movements in working capital, less net capital expenditure
•Net debt: interest bearing liabilities less cash and cash
equivalents
•Operating cash conversion: cash generated from
operations as a %age of EBITDA less non-cash items
•Working Capital Ratio: Current Assets excluding held for
sale / Current Liabilities excluding borrowings and held for
sale
•LTIFR: Lost time injury frequency rate

Disclaimer
1H24 Results Presentation20
This presentation has been prepared by MOVE Logistics Group Limited (“MOV”). The information in this presentation is of a general nature only. It is not a complete
description of MOV.
This presentation is not a recommendation or offer of financial products for subscription, purchase or sale, or an invitation or solicitation for such offers.
This presentation is not intended as investment, financial or other advice and must not be relied on by any prospective investor. It does not take into account any
particular prospective investor’s objectives, financial situation, circumstances or needs, and does not purport to contain all the information that a prospective
investor may require. Any person who is considering an investment in MOV securities should obtain independent professional advice prior to making an investment
decision, and should make any investment decision having regard to that person’s own objectives, financial situation, circumstances and needs.
Past performance information contained in this presentation should not be relied upon as (and is not) an indication of future performance. This presentation may
also contain forward looking statements with respect to the financial condition, results of operations and business, and business strategy of MOV. Information about
the future, by its nature, involves inherent risks and uncertainties. Accordingly, nothing in this presentation is a promise or representation as to the future or a
promise or representation that an transaction or outcome referred to in this presentation will proceed or occur on the basis described in this presentation.
Statements or assumptions in this presentation as to future matters may prove to be incorrect.
A number of financial measures are used in this presentation and should not be considered in isolation from, or as a substitute for, the information provided in the
MOV Listing Profile.
MOV and its related companies and their respective directors, employees and representatives make no representation or warranty of any nature (including as to
accuracy or completeness) in respect of this presentation and will have no liability (including for negligence) for any errors in or omissions from, or for any loss
(whether foreseeable or not) arising in connection with the use of or reliance on, information in this presentation.

---

INTERIM FINANCIAL
STATEMENTS
FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2023

1
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
CONSOLIDATED INTERIM STATEMENT OF PROFIT OR LOSS &
OTHER COMPREHENSIVE INCOME
SIX MONTHS ENDED 31 DECEMBER 2023
NOTES
UNAUDITED
6 MONTHS TO
DECEMBER 2023
$000
UNAUDITED
6 MONTHS TO
DECEMBER 2022*
$000
Revenue 158,250178,253
Gains on disposal of assets 175773
Lease income547739
Other income 376278
Total Income 159,348180,043
Transport costs(67,632)(77,232)
Employee costs(60,836)(61,064)
Rental / lease expenses(2,129)(2,509)
Trading and Warehousing costs(4,418)(2,701)
Other operating expenses(11,115)(11,883)
Depreciation of right of use assets(15,485)(14,611)
Other depreciation / amortisation expenses (6,330)(7,005)
Other non operating expenses(883)(1,023)
Total Operating Expenses (168,828)(178,028)
Finance costs relating to lease liabilities(3,956)(3,711)
Other finance costs - interest on borrowing(882)(1,206)
Interest income on short term deposit12655
Operating deficit before income tax(14,192)(2,847)
Share of loss of associates -(66)
Loss Before Income Tax (14,192)(2,913)
Income tax credit3,862189
LOSS FOR THE PERIOD FROM CONTINUING OPERATIONS (10,330)(2,724)
Loss attributable to:
Owners of the company(10,669)(3,311)
Non-controlling interests339587
(10,330)(2,724)
Other comprehensive income:
Comprehensive Income for the Period, Net of Tax --
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD, NET OF TAX (10,330)(2,724)
Earnings per share for loss attributable to the ordinary equity holders of the
Company
CENTSCENTS
Basic earnings per share for loss attributable to the ordinary equity holders of the
company
(8.36)(2.85)
The above consolidated Statement of Profit or Loss & Other Comprehensive Income should be read in conjunction with the accompanying notes.
*Certain amounts and relevant notes have been restated to reflect adjustments relating to previously discontinued operations (refer note 7).
Lorraine Witten - Chair
22 February 2024
Grant Devonport - Director
22 February 2024

2
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
CONSOLIDATED INTERIM BALANCE SHEET
AS AT 31 DECEMBER 2023
NOTES
UNAUDITED
31 DECEMBER 2023
$000
AUDITED
30 JUNE 2023
$000
ASSETS
Current Assets
Cash and cash equivalents 12,0188,744
Inventories 126219
Trade and other receivables 45,55253,318
Total Current Assets 57,69662,281
Non-Current Assets
Property, plant and equipment 69,95082,048
Right of use assets168,637144,594
Intangible assets 14,37114,843
Deferred income tax asset5,2771,152
Other receivables330318
Tax receivable 239-
Total Non-Current Assets 258,804242,955
TOTAL ASSETS 316,500305,236
EQUITY
Share capital84,26284,262
Other reserves(867)(615)
Accumulated losses(22,940)(12,271)
Equity attributable to owners of the parent 60,45571,376
Non-controlling interest in equity3,7463,527
TOTAL EQUITY 64,20174,903
LIABILITIES
Current Liabilities
Trade and other payables 30,44433,852
Tax payable-121
Deferred revenue338341
Borrowings 6-3,708
Lease liability29,10325,793
Employee entitlements9,61311,023
Total Current Liabilities 69,49874,838
Non-Current Liabilities
Borrowings 628,90720,615
Lease liability151,640129,603
Deferred revenue-3,000
Provisions for other liabilities and charges 2,2542,277
Total Non-Current Liabilities182,801155,495
TOTAL LIABILITIES 252,299230,333
TOTAL EQUITY & LIABILITIES 316,500305,236
The above consolidated Balance Sheet should be read in conjunction with the accompanying notes.

3
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
ATTRIBUTABLE TO OWNERS OF THE
COMPANY
NOTESSHARE CAPITALRETAINED EARNINGS/(ACCUM. LOSSES)OTHER RESERVESTOTAL NON-CONTROLLING INTERESTTOTAL EQUITY
$000$000$000$000$000$000
Balance as at 1 July 2022
75,188(5,081)8870,1952,79872,993
Comprehensive income
(Loss) / profit for the period
-(3,311)-(3,311)587(2,724)
Other comprehensive income
------
Total comprehensive income
-(3,311)-(3,311)587(2,724)
Cumulative translation adjustment--(52)(52)-
(52)
Transactions with owners:
Employee share scheme
--88-8
Balance as at 31 December 2022*
75,188(8,392)4466,8403,38570,225
Balance as at 1 July 2023
84,262(12,271)(615)71,3763,52774,903
Comprehensive income
(Loss) / profit for the period
-(10,669)-(10,669)339(10,330)
Other comprehensive income
------
Total comprehensive income
-(10,669)-(10,669)339(10,330)
Cumulative translation adjustment
--(252)(252)-(252)
Transactions with owners:
Issue of ordinary shares
------
Dividends
----(120)(120)
Balance as at 31 December 2023
84,262(22,940)(867)60,4553,74664,201
The above consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
*Certain amounts and relevant notes have been restated to reflect adjustments relating to previously discontinued operations (refer note 7).

4
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS
NOTES
UNAUDITED
6 MONTHS TO
DECEMBER 2023
$000
UNAUDITED
6 MONTHS TO
DECEMBER 2022*
$000
Cash flows from operating activities
Receipts from customers 168,403184,713
Interest received 12655
Dividends received 43
Payments to suppliers and employees (152,838)(155,487)
Government subsidy received578
Notional finance charge on NZ IFRS 16 leases(3,956)(3,712)
Interest paid (861)(981)
Income tax paid (623)(504)
Net cash generated from operating activities 10,26024,165
Cash flows used in investing activities
Purchase of property, plant and equipment(1,424)(12,430)
Proceeds from sale of property, plant and equipment4,1121,208
Purchase of intangible assets(12)(10)
Net cash used in investing activities 2,676(11,232)
Cash flows from financing activities
Repayment of borrowings(938)(1,879)
Proceeds from borrowings 5,500-
Repayment of lease liability (NZ IFRS 16)(14,104)(13,404)
Dividends paid to shareholders / non-controlling interests(120)-
Net cash flow used in financing activities(9,662)(15,283)
Net increase in cash and cash equivalents3,274(2,350)
Cash and cash equivalents at beginning of the period 8,74414,940
Cash and cash equivalents 31 December12,01812,590
The above consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.
*Certain amounts and relevant notes have been restated to reflect adjustments relating to previously discontinued operations.

5
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS

1. GENERAL INFORMATION

1.1. REPORTING ENTITY
The core operations of MOVe Logistics Group Limited (“MOVe Logistics” or the “Company”) and its subsidiaries (collectively
“the Group”) are in the New Zealand logistics sector. These include general transport, bulk liquids, heavy haulage,
shipping, warehousing and distribution, freight forwarding, national and international household removals and storage.
The Company is incorporated and domiciled in New Zealand, registered under the Companies Act 1993 and is a FMC
Reporting Entity under part 7 of the Financial Markets Conduct Act 2013. The Company is dual listed with its primary listing
of ordinary shares quoted in New Zealand on the NZX Main Board, and a secondary listing in Australia as a foreign Exempt
Entity on the Australian securities exchange (ASX).
The registered office of the Company is at 24-30 Paraite Road, Bell Block, New Plymouth, New Zealand. The interim
financial statements were approved for issue by the MOVe Logistics Board of Directors on XX February 2024February 2024.
1.2. BASIS OF PREPARATION
This consolidated interim financial report for the half-year reporting period ended 31 December 2023 has been prepared
in accordance with accounting standards IAS 34 Interim Financial Reporting and NZ IAS 34 Interim Financial Reporting.
They have also been prepared on a going concern basis in accordance with New Zealand Generally Accepted
Accounting Principles (GAAP).

The interim report does not include all the notes of the type normally included in an annual financial report. Accordingly,
this report is to be read in conjunction with the annual report for the year ended 30 June 2023 and any public
announcements made by MOVe Logistics during the interim reporting period.
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES

The accounting policies used in the preparation of these financial statements, unless disclosed below are consistent
with those used in the previously published audited consolidated financial statements as at and for the year ended 30
June 2023. There were no new standards, interpretations and amendments effective from 1 July 2023 that would have a
material impact on the Group.
Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary
economic environment in which the entity operates (‘the functional currency’). The financial statements are presented
in New Zealand dollars (rounded to thousands), which is the functional and the presentation currency of all companies
in the Group except MOVe Oceans Singapore PTE Limited and TNL Australia Pty Limited, whose functional currencies are
United States dollars and Australian Dollars respectively.

6
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
3. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
a. Impairment of Goodwill
The Group tests intangible assets for impairment to ensure they are not carried at above their recoverable amounts
• At least annually for goodwill
• Where there is an indication that the assets may be impaired (which is assessed at least each reporting period)
The Group concluded that there are no indicators of impairment for any of the CGU’s at 31 December 2023, although they
will continue to monitor the position closely for any evidence that the goodwill has become impaired.
4. RECONCILIATION TO GAAP MEASURE

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

The following is a reconciliation between these non-GAAP measures and net loss after tax from continuing operations:
Reconciliation to GAAP measure 6 months to
December 2023
$000
6 months to
December 2022
$000
Loss Before Income Tax from continuing operations (GAAP measure)(14,192)(2,913)
Add back:
Share of loss of associates -66
Finance costs4,7124,862
Other non operating expenses:
- Asset / goodwill impairment4871,027
- Restructuring costs396(112)
- Acquisition related costs-108
Depreciation & amortisation 21,81521,616
Adjusted EBITDA (non-GAAP measure) 13,21824,654

7
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
4. RECONCILIATION TO GAAP MEASURE (CONTINUED)
Reconciliation to GAAP measure 6 months to
December 2023
$000
6 months to
December 2022
$000
Loss Before Income Tax from continuing operations (GAAP Measure)(14,192)(2,913)
Add back:
Share of loss of associates -66
Finance costs4,7124,862
Other non operating expenses:
- Goodwill impairment4871,027
- Restructuring costs396(112)
- Acquisition related costs-108
Adjusted EBIT (non-GAAP measure) (8,597)3,038

5. SEGMENT INFORMATION
Operating segments are reported in a manner consistent with the internal reporting to the Chief Operating Decision
Maker (CODM). The CODM is responsible for allocating resources and assessing performance of the operating segments.
The Group has made the decision that the eleven operating segments that form part of the reporting to the Group CEO
can be aggregated into five reporting segments. Reportable segments have been determined by having regard to the
nature of the services, the processes the various business units undertake to service customers, the allocation of capital,
the type of customers serviced, and the nature of the distribution channels.
In addition to GAAP measures, the Group CEO also uses non-GAAP measures (EBITDA and EBIT) to assess the commercial
performance of the segments. The reportable operating segments have been determined as:
INTERNATIONAL
This segment includes international freight forwarding, shipping and agency services across a broad range of industries.
SPECIALIST
This segment provides transport and lifting solutions for oversized and large items.
FREIGHT
This segment provides nationwide general freight transport services with regional strength. It is able to transport a wide
range of freight types.
CONTRACT LOGISTICS
This segment specialises in contracted solutions providing services for customers including warehouse and supply chain
capability and delivery of bulk liquids.
CORPORATE
This segment includes our corporate services function.

8
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
5. SEGMENT INFORMATION (CONTINUED)
The segment information for the period ended 31 December 2023 is as follows:
InternationalSpecialistFreightContract
Logistics
CorporateTotal
$000$000$000$000$000$000
6 months to 31 December 2022
Total segment revenue 6,59010,34586,13282,388-185,455
Inter-segment revenue (37)(9)(5,269)(1,887)-(7,202)
Revenue from external customers
6,55310,33680,86380,501-178,253
EBITDA1,1702,7414,58417,797(1,638)24,654
Depreciation - tangible assets2681,2732,3291,7691105,749
Amortisation - ROU assets985355,1548,7448014,611
Amortisation - intangible assets15029182851,256
EBIT803883(2,901)6,366(2,113)3,038
Assets34,75723,634120,298139,8143,318321,821
Liabilities17,4266,08390,791101,87635,419251,595
Capital expenditure including intangibles8,6374362,0632,2107613,422
6 months to 31 December 2023
Total segment revenue 9,3359,51763,98879,432-162,472
Inter-segment revenue (13)(22)(2,241)(1,946)-(4,222)
Revenue from external customers
9,5229,49561,74777,486-158,250
EBITDA(1,238)2,045(769)14,933(1,753)13,218
Depreciation - tangible assets7361,1442,0411,8251025,848
Amortisation - ROU assets1774855,8378,9077915,485
Amortisation - intangible assets1371302141482
EBIT(2,152)379(8,648)3,899(2,075)(8,597)
Assets28,34919,372111,274148,0309,475316,500
Liabilities11,2114,66289,523115,86531,038252,299
Capital expenditure including intangibles55621091,1151111,452
Interest income and expense are not allocated to segments, as this type of activity is driven by the central treasury
function, which manages the cash position of the Group.
Sales between segments are eliminated on consolidation. The amounts provided to the CODM with respect to segment
revenue are measured in a manner consistent with that of the financial statements.
The Group has a diverse range of customers from various industries, with only one customer contributing more than
10% of the Group’s revenue. These revenues are attributed to the Contract Logistics segment.

9
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
6. BORROWINGS

As at the reporting period the Group’s borrowings consisted of the below:
31 December
2023
$000
30 June
2023
$000
Non-Current
Secured loan ANZ (expiry 7 March 2025)28,90720,615
28,90720,615
Current
Secured loan ANZ-3,708
-3,708
Total secured borrowings28,90724,323

The Group is required to comply with a number of financial covenants. During the 6 months to December 2023 the Group
forecasted potential breaches to the amended covenants as a result of the ongoing reset of the Freight Business and the
start-up of the Oceans service. The Group obtained a waiver from ANZ for the December 2023 test period. On 22 February
2024 the ANZ formally reset the financial covenants out to 31 March 2025 as below. This amendment as well as principal
repayment relief indicates the continued support of the Groups banking partner ANZ.
• EBITDA actual > 85% of EBITDA Forecast on a YTD basis
• Net capital expenditure restricted to $1.9 million in FY24 and $3.2 million in FY25
• Guarantor coverage Assets >85%
• Gaurantor coverage EBITDA >90%
Based on the forward looking forecast approved by the Board and the above financial covenants the Group is expected
to comply for at least 12 months from the date of signing the financial statements. Accordingly, the consolidated interim
financial statements have been prepared on a going concern basis.

7. DISCONTINUED OPERATIONS AND NON-CURRENT ASSETS HELD FOR SALE

In May 2022, the Board approved and announced its intention to undertake a formal sales process to investigate the
market interest in the sale/asset disposal of its subsidiary company MOVE Specialist Lifting & Transport Ltd which operates
in the Specialist segment. The Specialist company had been classified as held for sale and was a discontinued operation
under NZ IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations at 31 December 2022.
In March 2023, it was determined after the appointment of the Groups new CEO and a strategic review that MOVE
Specialist Lifting and Transport Ltd no longer met the criteria to be disclosed as held for sale resulting in it no longer being
actively marketed for sale. As a result, the Profit or Loss has been restated for the period ended 31 December 2022 to
reflect comparable numbers consistent with that presented in the period ended 31 December 2023. The carrying value of
the assets and liabilities was asssessed and then reclassified to the relelvant sections in the Consolidated Balance Sheet.
No impairment was recognised.


8. EVENTS AFTER THE REPORTING DATE

On 22 February 2024 the Group signed an amendment with the ANZ Bank NZ Ltd to vary the financial covenants and
banking arrangements (refer note 6).
A claim of $3.7M was received on 14 February 2024 for alleged non-performance of a contractual obligation by the Group.
No court proceedings have been filed in respect of this claim at this time. The Group disputes liability and intends to
defend the claim.

DIRECTORS
Lorraine Witten (Chair)
Independent Director
Appointed 6 December 2017
Appointed Chair 30 September 2021
Chris Dunphy
Director
Appointed 1 July 2021
Mark Newman
Independent Director
Appointed 27 July 2021
Grant Devonport
Independent Director
Appointed 23 November 2021
Julia Raue
Independent Director
Appointed 3 May 2023
RISK ASSURANCE & AUDIT COMMITTEE
Grant Devonport (Chair)
Mark Newman
Chris Dunphy
GOVERNANCE AND REMUNERATION COMMITTEE
Mark Newman (Chair)
Chris Dunphy
Julia Raue
REGISTERED OFFICE AND ADDRESS FOR SERVICE
24-30 Paraite Road, Bell Block
New Plymouth
AUDITORS
PricewaterhouseCoopers
PwC Centre
Level 4, 60 Cashel Street
Christchurch
BANKERS
ANZ Bank New Zealand Limited
23-29 Albert Street
Auckland
SOLICITORS
Duncan Cotterill
Level 2, Chartered Accountants House
50 Custom House Quay
Wellington
SHARE REGISTRAR
Link Market Services Limited
Deloitte Centre
80 Queen St, Auckland
DIRECTORY

---

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


Results for announcement to the market
Name of issuer MOVE Logistics Group Limited
Reporting Period 6 months to 31 December 2023
Previous Reporting Period 6 months to 31 December 2022
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$158,250 (11.22%)
Total Revenue $158,250 (11.22%)
Net profit/(loss) from
continuing operations
($10,330) (279.22%)
Total net profit/(loss) ($10,669) (222.23%)
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.00
Imputed amount per Quoted
Equity Security
$0.00
Record Date Not Applicable
Dividend Payment Date Not Applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.36 $0.45
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer unaudited interim financial statements.
Authority for this announcement
Name of person

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

23 February 2024

Unaudited financial statements accompany this announcement.