Port of Tauranga Reports FY24 Interim Results

23 February 2024
NZX
Wellington
Port of Tauranga Limited Interim Results: 31 December 2023
In accordance with the NZ Stock Exchange Listing Rules, please
find attached the following documentation for release to the
market:
1Press Release
2Market Update (includes Interim Consolidated Financial
Statements for six months ended 31 December 2023)
3Investor Presentation
4NZX Results Announcement
5NZX Distribution Notice
Yours sincerely
Simon Kebbell
Chief Financial Officer
+64 7 572 8899
port-tauranga.co.nz
2 Salisbury Avenue
Mount Maunganui
New Zealand
Private Bag 12504
Tauranga Mail Centre
Tauranga 3143
New Zealand

---

Port of Tauranga reports $47.2 million profit amid challenging
trading conditions
Port of Tauranga Limited (NZX: POT) today reported a $47.2 million profit
for the six months ended December 2023.
Earnings were impacted by lower overall trade volumes, especially in
imported and transhipped containers, and higher operating costs,
including rail charges.
Total trade volumes reduced 8.5% compared with the first half of the
2023 financial year, to 11.6 million tonnes (down from 12.7 million
tonnes). Container numbers reduced 15.8% to 536,930 TEUs.
However, log exports were boosted by the early harvesting and export of
cyclone-damaged trees.
Highlights and challenges
Six months ended 31 December 2023:
Group Net Profit After Tax: $47.2 million, a 24.7% decrease from $62.7
million
Total trade: 11.6 million tonnes, an 8.5% decrease from 12.7 million
tonnes
Container volumes: 536,930 TEUs
1
, a 15.8% decrease from 637,729
Transhipped containers: 119,848 TEUs, a 25.1% decrease
Imports: 3.9 million tonnes, a 22.7% decrease from 4.9 million tonnes
Exports: 7.8 million tonnes, a 0.6% increase from 7.7 million tonnes
Log exports: 3.6 million tonnes, a 19.2% increase from 3.0 million
tonnes
Direct dairy exports: 949,687 tonnes, a 4.4% decrease from 993,360
tonnes
Subsidiary and joint venture company earnings decreased 34.2% to
$4.8 million
Interim dividend: 6.0 cents per share
Ship visits: 674, a 3.9% decrease from 701
1
TEUs = twenty foot equivalent units, a standard measure of shipping containers
Media Release
23 FEBRUARY 2024

Container productivity increased 5% to an average of 30.5 moves per
hour
Interim decision from the Environment Court to grant resource
consent for Stage 1 of the Stella Passage project, subject to further
information.
Port of Tauranga Chair, Julia Hoare, said the first half of the financial year had seen a
return to more normal operating conditions following a period of extreme supply chain
congestion since late 2020.
“I’m pleased to report that since March 2023 we have managed to eliminate delays at
the Tauranga Container Terminal with the gradual return to shipping schedule
adherence after a long period of unreliability,” she said.
“Whilst we were impacted by delays caused by strike action in some Australian ports
during the reporting period, service delivery to our customers continues to improve
with productivity rates returning to pre-Covid levels.
“Although operating revenue was affected by the reduction in storage charges, a more
stable shipping schedule allows us to be much more efficient, with a 5% increase in
container productivity against the previous comparable period.”
Financial results
Operating revenue was $200.0 million, a 5.6% decrease from $211.9 million in the first
half of the 2023 financial year. Operating expenses increased 2.0% to $106.3 million.
Challenging trading conditions across the broader economy impacted our joint venture
and subsidiary earnings, down 34.2% to $4.8 million.
The Port of Tauranga Board of Directors has declared a fully imputed interim dividend
of 6.0 cents per share.
Cargo trends
Log export volumes increased 19.2% compared with the previous corresponding
period, boosted by the ongoing early harvesting of cyclone-damaged trees in the
Central North Island forests.
Container transhipment decreased 25% compared with the previous corresponding
period, due to changes in coastal shipping rotations.
Import container volumes decreased 17.9%, reflecting lower consumer demand and
increases in MetroPort rail costs. Export container volumes decreased 8%, reflecting an
early end to the kiwifruit season and a slow start to the dairy export season. Direct
dairy exports decreased 4.4% in volume for the six-month period.

Direct kiwifruit export volumes were down 16.6% in volume as a result of well-
publicised seasonal issues.
Overall, ship visits decreased 3.9% to 674 over the six-month period.
Investing in capacity and capability
Port of Tauranga Limited has received an interim decision from the Environment Court,
provisionally granting resource consent for Stage 1 of its planned Sulphur Point wharf
extension. Stage 1 involves constructing 285 metres of additional berth to the south of
the Port’s existing container berths, and associated dredging.
The consent is subject to further matters being addressed to the satisfaction of the
Court, including the provision of further environmental evidence and engagement with
tangata whenua.
Port of Tauranga Chief Executive, Leonard Sampson, said the Port remained committed
to working closely with tangata whenua and meeting the Court’s directions to provide
environmental information, including additional kaimoana monitoring.
“The project is a critical piece of national infrastructure to meet the needs of New
Zealand importers and exporters. Construction will commence as soon as resource
consent is obtained,” he said.
As part of its decarbonisation strategy, Port of Tauranga has taken delivery of a further
four hybrid straddle carriers, which are approximately 25% more fuel efficient than the
port’s diesel-electric models.
The port’s oldest ship-to-shore container crane has been dismantled and the
components for a new crane have just been delivered for assembly on site.
In August 2023, Port of Tauranga and Tainui Group Holdings officially opened stage one
of the Ruakura Inland Port near central Hamilton, which is linked to both Auckland and
Tauranga via rail.
Mr Sampson said the new inland port had unlocked efficient and lower carbon
pathways to international markets for Waikato-based importers and exporters.
Outlook
The outlook for the Group for the second half of the 2024 financial year is expected to
be mixed. Domestic economic conditions remain challenging, and international
conflicts are causing shipping delays and increases in freight costs.

However, we do expect shipping schedule reliability to continue to improve and a
more consistent operating environment provides opportunities to further enhance
service levels to our customers, systems and processes, productivity, and cargo
throughput.
Kiwifruit exports are forecast to rebound after a challenging 2023 season and new
business opportunities created by the opening of the Ruakura Inland Port near
Hamilton are promising.
Based on the first half performance, our guidance remains unchanged and full year
earnings are expected to be between $95 million and $107 million (compared with
$117.1 million in the 2023 financial year).
Port of Tauranga’s annual results for the 2024 financial year will be announced on
Friday, 23 August.
For further information, contact:
Rochelle Lockley
GM Communications, Port of Tauranga Limited
Ph 021 865 884
Email: Rochelle.Lockley@port-tauranga.co.nz

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Port of Tauranga Limited – Market Update and
Interim Consolidated Financial Statements February 2024
Beyond the horizon

Connecting
New Zealand
and the World
Tauranga
Moana
Port of Tauranga
is invested in the
wellbeing of Tauranga
city, the harbour
and its people.
Aotearoa
New Zealand
As the only
New Zealand port
able to accommodate
larger container vessels,
Port of Tauranga
provides nationally
significant infrastructure.
Te Moana-a-Toi
Bay of Plenty
The Port is an anchor
for the Bay of Plenty
economy, providing
a stable income and
creating prosperity
well beyond the region.
Tōpito o te ao
The world
Port of Tauranga is
New Zealand’s largest
and most efficient
port, enabling essential
access to global markets.
Port of Tauranga
connects New Zealand
and the world.
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2024
2
Next page

Highlights
and challenges
Six months ended 31 December 2023
Contents
03
Highlights and challenges
04
Chair and Chief Executive’s review
07
Interim court decision on berth extension
08
Dust reduction success
09
Interim consolidated financial statements
10
Consolidated income statement
10
Consolidated statement of comprehensive
income
11
Consolidated statement of changes in equity
12
Consolidated statement of financial position
13
Consolidated statement of cash flows
14
Notes to the interim consolidated
financial statements
18
Independent review report
19
Company directory
Group net profit after tax
million
$47.2a 24.7% decrease from $62.7 million
Total trade
million tonnes
11.6an 8.5% decrease from 12.7 million tonnes
Container volumes
TEUs
1
536,928 a 15.8% decrease from 637,728
Transhipped containers
TEUs
1
119,848 a 25.1% decrease
Ship visits
674a 3.9% decrease from 701
Imports
million tonnes
3.9a 22.7% decrease from 5.0 million tonnes
Exports
million tonnes
7.8a 0.6% increase from 7.7 million tonnes
Log exports
million tonnes
3.6a 19.2% increase from 3.0 million tonnes
Direct dairy exports
tonnes
949,687 a 4.4% decrease from 993,360 tonnes
Subsidiary and associate company earnings
34.2%decrease
Interim dividend
6.0cents per share
1
TEUs = twenty foot equivalent units, a standard measure of shipping containers.
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2024
3

Leonard Sampson
Chief Executive
Earnings were impacted by lower overall trade volumes, especially
in imported and transhipped containers, and higher operating costs,
including rail charges.
Total trade volumes reduced 8.5%
compared with the first half of the
2023 financial year, to 11.6 million
tonnes (down from 12.7 million tonnes).
Container numbers reduced 15.8% to
536,928 TEUs.
However, log exports were boosted
by the early harvesting and export
of cyclone-damaged trees.
The gradual return to shipping schedule
reliability after a long period of
congestion has seen productivity return
to pre-Covid levels, with a 5% increase
in container productivity compared
with the previous corresponding period.
Financial results
Group Net Profit After Tax was $47.2
million, a 24.7% decrease from the
$62.7 million reported in the previous
six month period.
Operating revenue was $200.0 million,
a 5.6% decrease from $211.9 million in
the first half of the 2023 financial year.
Operating expenses increased 2.0%
to $106.3 million.
The Port of Tauranga Board of Directors
has declared a fully imputed interim
dividend of 6.0 cents per share.
Cargo trends
Log export volumes increased
19.2% compared with the previous
corresponding period, boosted
by the ongoing early harvesting
of cyclone-damaged trees in the
Central North Island forests.
Container transhipment decreased
25% compared with the previous
corresponding period, due to changes
in coastal shipping rotations.
Import container volumes decreased
17.9%, reflecting lower consumer
demand and increases in MetroPort
rail costs. Export container volumes
decreased 8%, reflecting an early end
to the kiwifruit season and a slow start
to the dairy export season. Direct dairy
exports decreased 4.4% in volume for
the six-month period.
Review
Chair and Chief Executive’s review
Port of Tauranga Limited
navigated tough trading
conditions to deliver a $47.2
million profit for the six months
ended 31 December 2023
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2024
4

Review
Chair and Chief Executive’s review
Direct kiwifruit export volumes were down 16.6% in
volume as a result of well-publicised seasonal issues.
Overall, ship visits decreased 3.9% to 674 over
the six-month period.
Berth extension urgently needed
Port of Tauranga Limited has received an interim
decision of the Environment Court, provisionally
granting resource consent for Stage 1 of its
planned Sulphur Point wharf extension. The
consent is subject to further matters being
addressed to the satisfaction of the Court.
Further details can be found on page 7.
Ruakura Inland Port
In August we celebrated the opening of the
Ruakura Inland Port near central Hamilton.
The nine-hectare facility, a 50/50 joint venture
with Tainui Group Holdings (TGH), will eventually
grow to 30 hectares and is part of TGH’s
Ruakura Superhub freight and logistics precinct.
The new inland port, connected by rail
to Auckland and Tauranga, has already been
utilised by Kmart and Big Chill, which opened
purpose-built facilities in the Ruakura Superhub
in September and October respectively. Maersk
has opened another cool store facility in the
precinct in recent weeks.
Ruakura Inland Port is a game changer for
the upper North Island supply chain, unlocking
efficient and lower carbon pathways to
international markets for Waikato-based importer
and exporters.
New equipment for container terminal
Port of Tauranga has commissioned a further four
hybrid straddle carriers to add to the three already
in use at the container terminal. The hybrid models
are approximately 25% more fuel efficient than the
diesel-electric models that make up the balance
of the fleet.
We have dismantled the oldest ship-to-shore
container crane and taken delivery of components
for a new crane. The new crane will be assembled
on site in the coming months and will return
the terminal to a nine-crane operation when
it is commissioned later in the year.
Environmental initiatives
Port of Tauranga has recently agreed to help fund
some of the air quality monitoring in the industrial
area to enable Bay of Plenty Regional Council
to introduce supplementary air sensors into
nearby residential areas. The council is posting
real-time air quality indicators from the sensors
on its website.
The 12 new sensors, while not as accurate as
the monitors in the industrial area, are designed
to detect particulate matter – including salt-laden
air, as well as NO2 (nitrogen dioxide), which can
be generated from ships’ engines, petrol and
diesel vehicles.
Read more about dust control and identification
measures on page 8.
In August we celebrated the opening
of the Ruakura Inland Port near central
Hamilton. The nine-hectare facility will
eventually grow to 30 hectares and is
part of Tainui Group Holdings’ Ruakura
Superhub freight and logistics precinct.
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2024
5

Julia Hoare
Chair
Community investment
Port of Tauranga has invested in community
infrastructure in a partnership with Tauranga
City Council.
The Port funded a new natural playground
opposite Te Ngaio Reserve at Mount Maunganui.
It is part of the new three kilometre Marine
Parade Coastal Path that was officially opened
just before Christmas.
The Port also funded a new viewing platform
at the northern end of the Mauao base walking
track. The platform is part of a bigger project
sharing the history and stories of Mauao with
its many visitors and it overlooks Awaiti (Little
River), the spot where the ancestral voyaging
waka Takitimu took refuge.
Outlook for 2024
The outlook for the Group for the second
half of the 2024 financial year is expected
to be mixed.
We expect the return to shipping schedule
reliability to continue following the recent
resolution of industrial action in some Australian
ports. The return of a more consistent operating
environment provides opportunities to further
enhance our systems and processes to improve
productivity and customer service. Opportunities
have also been created by the opening of the
Ruakura Inland Port near central Hamilton
in August 2023.
However, domestic economic conditions remain
challenging, and international conflicts are causing
shipping delays and increases in freight rates.
Based on the first half performance, full year
earnings are expected to be between $95 million
and $107 million (compared with $117.1 million
in the 2023 financial year).
Port of Tauranga’s annual results for the 2024
financial year will be announced on Friday,
23 August.
Julia Hoare
Chair
Leonard Sampson
Chief Executive
Review
Chair and Chief Executive’s review
The return of a more consistent
operating environment provides
opportunities to further enhance
our systems and processes
to improve productivity.
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2024
6

The first stage of Port of Tauranga’s long-planned container berth
extension has been given provisional resource consent by the
Environment Court following a hearing in March 2023.
The project is critical to ensuring
New Zealand has the export capacity
it needs in coming years.
The resource consent application was
lodged in May 2021. The application
is for a total of 385 metres of additional
berth, plus new berths at the Mount
Maunganui wharves.
Stage 1 involves constructing 285
metres of additional berth to the south
of the Port’s existing container berths,
and associated dredging. The Court’s
decision on whether to grant consents
for Stage 2 of the Sulphur Point wharf
extension, and for the Mount Maunganui
wharves, is reserved pending the
provision of further information.
The Port is progressing the work required
to be completed by the middle of 2024,
which includes environmental evidence,
discussions with tangata whenua and
the Bay of Plenty Regional Council.
The project remains a critical piece
of national infrastructure and the Port
is keen to move as quickly as possible
in meeting the needs of New Zealand
importers and exporters.
Interim court decision
on berth extension
Case study
Berth extension gains provisional resource consent
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2024
7

Dust reduction
success
Port of Tauranga has undertaken
a range of initiatives to reduce airborne
dust. Vacuum sweeper trucks collect
dust and debris from the wharves, and
concrete barriers have been installed
to contain traffic and heavy equipment
to more frequently swept roadways.
Nearly two kilometres of wind fences
are installed, water misting technology
is used on dry cargo hoppers and
wind limits are enforced when handling
potentially dusty cargoes.
To help inform action plans for further
improvements, Port of Tauranga has
installed a dust monitor close to the
Mount Maunganui residential area.
The unit is collecting dust samples
that can be analysed. Although it will
not be able to identify all sources
of dust, it will be able to give a better
picture of general dust sources including
sea spray, petrol and diesel exhaust,
ship exhaust and other potential causes.
Additional units will be installed in 2024.
Dust pollution monitors on the Port of Tauranga boundary
show a dramatic improvement in air quality since 2019.
Case study
Pollution monitors record improvement in air quality since 2019
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2024
8

Interim Consolidated
Financial Statements
Contents
Consolidated Income Statement 10
Consolidated Statement of Comprehensive Income 10
Consolidated Statement of Changes in Equity 11
Consolidated Statement of Financial Position 12
Consolidated Statement of Cash Flows 13
Notes to the Interim Consolidated Financial Statements 14
Independent review report 18
Company directory 19
for the six months ended 31 December 2023
Port of Tauranga Limited and Subsidiaries
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2024
9

Port of Tauranga Limited and Subsidiaries
Consolidated Income Statement
for the six months ended 31 December 2023
Port of Tauranga Limited and Subsidiaries
Consolidated Statement of Comprehensive Income
for the six months ended 31 December 2023
(Unaudited)
Six Months Ended
31 December 2023
Group
NZ$000
(Unaudited)
Six Months Ended
31 December 2022
Group
NZ$000
(Audited)
Year Ended
30 June 2023
Group
NZ$000
Profit for the period47, 24162,7251 1 7, 1 3 6
Other comprehensive income
Items that are or may be reclassified to profit or loss:
Cash flow hedge – changes in fair value
(2,550)3,6932,293
Cash flow hedge – reclassified to profit or loss(1,296)186(44)
Share of net change in cash flow hedge reserves
of Equity Accounted Investees
(216)272209
Items that will never be reclassified to profit or loss:
Asset revaluation, net of tax0023,530
Share of net change in revaluation reserves of
Equity Accounted Investees
13,65316,817
Total other comprehensive income(4,061)7, 8 0 442,805
Total comprehensive income43,18070,529159,941
These statements are to be read in conjunction with the notes on pages 14 to 17.
(Unaudited)
Six Months Ended
31 December 2023
Group
NZ$000
(Unaudited)
Six Months Ended
31 December 2022
Group
NZ$000
(Audited)
Year Ended
30 June 2023
Group
NZ$000
Total operating revenue (refer to note 6)200,011211,924420,929
Contracted services for port operations(47, 28 5)(48,121)(98,975)
Employee benefit expenses(28,001)(26,587)(51,334)
Direct fuel and power expenses( 7, 9 0 4)(9,883)(18,822)
Maintenance of property, plant and equipment(8,345)( 7, 1 7 7 )(15,497)
Other expenses(14,735)(12,441)(25,960)
Operating expenses(106,270)(104,209)(210,588)
Results from operating activities93,741107, 7 1 5210,341
Depreciation and amortisation(22,087)(19,676)(40,423)
(22,087)(19,676)(40,423)
Operating profit before finance costs, share of profit
from Equity Accounted Investees and taxation
71,65488,039169,918
Finance income2152631,161
Finance expenses (refer to note 7)(11,248)(9,240)(20,522)
Net finance costs(11,033)(8,977)(19,361)
Share of profit from Equity Accounted Investees 3,2506,00016,611
Impairment of investment in Equity Accounted Investees00(7,871)
3,2506,0008,740
Profit before income tax63,87185,062159,297
Income tax expense(16,630)(22,337)(42,161)
Profit for the period 47, 24162,7251 1 7, 1 3 6
Basic earnings per share (cents)7.09.31 7. 4
Diluted earnings per share (cents)6.99.21 7. 2
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2024
10

Port of Tauranga Limited and Subsidiaries
Consolidated Statement of Changes in Equity
for the six months ended 31 December 2023
Share
Capital
Group
NZ$000
Share Based
Payment Reserve
Group
NZ$000
Hedging
Reserve
Group
NZ$000
Revaluation
Reserve
Group
NZ$000
Retained
Earnings
Group
NZ$000
Total
Equity
Group
NZ$000
Balance at 30 June 202275,1544,2049,0511,892,10993,9202,074,438
Profit for the period000062,72562,725
Total other comprehensive income004,1513,65307, 8 0 4
Total comprehensive income004,1513,65362,72570,529
Decrease in share capital(12)0000(12)
Dividends paid during the period0000(55,790)(55,790)
Equity settled share based payment accrual0755000755
Shares issued upon vesting of management long term incentive plan278(280)0020
Total transactions with owners in their capacity as owners2664754,1513,6536,93715,482
Balance at 31 December 202275,4204,67913,2021,895,762100,8572,089,920
Profit for the period000054,41154,411
Total other comprehensive income00(1,693)36,694035,001
Total comprehensive income00(1,693)36,69454,41189,412
Decrease in share capital(60)0000(60)
Dividends paid during the period0000(46,264)(46,264)
Equity settled share based payment accrual0708000708
Total transactions with owners in their capacity as owners(60)708(1,693)36,6948,14743,796
Balance at 30 June 202375,3605,38711,5091,932,456109,0042,133,716
Profit for the period000047, 24147, 241
Total other comprehensive income00(4,062)10(4,061)
Total comprehensive income00(4,062)147, 24143,180
Decrease in share capital(815)0000(815)
Dividends paid during the period0000(59,875)(59,875)
Equity settled share based payment accrual0697000697
Shares, previously subject to call option, issued4,722(4,722)0000
Shares issued upon vesting of management long term incentive plan300(510)002100
Total transactions with owners in their capacity as owners4,207(4,535)(4,062)1(12,424)(16,813)
Balance at 31 December 202379,5678527,4 471,932,45796,5802,116,903
These statements are to be read in conjunction with the notes on pages 14 to 17.
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2024
11

Port of Tauranga Limited and Subsidiaries
Consolidated Statement of Financial Position
as at 31 December 2023
(Unaudited)
31 December 2023
Group
NZ$000
(Unaudited)
31 December 2022
Group
NZ$000
(Audited)
30 June 2023
Group
NZ$000
Assets
Property, plant and equipment2,427,2972,391,9702,424,090
Right-of-use assets53,35038,70950,045
Intangible assets21,70122,22222,305
Investments in Equity Accounted Investees212,685204,40521 3,746
Receivables and prepayments18,13319,68318,890
Derivative financial instruments10,8341 7, 4 0715,514
Total non current assets2,744,0002,694,3962,744,590
Cash and cash equivalents20,36630,74 48,506
Receivables and prepayments65,07771,79969,152
Inventories1,8292,0881,986
Derivative financial instruments23025535
Total current assets87, 5 02104,88679,679
Total assets2,831,5022,799,2822,824,269
Equity
Share capital79,56775,42075,360
Share based payment reserve 8524,6795,387
Hedging reserve7,4 4713,20211,509
Revaluation reserve1,932,4571,895,7621,932,456
Retained earnings96,580100,857109,004
Total equity2,116,9032,089,9202,133,716
(Unaudited)
31 December 2023
Group
NZ$000
(Unaudited)
31 December 2022
Group
NZ$000
(Audited)
30 June 2023
Group
NZ$000
Liabilities
Loans and borrowings (refer to note 10)193,901309,221290,775
Derivative financial instruments6,79910,6469,242
Employee benefits1,5211,5851,524
Deferred tax liabilities113,035116,182116,388
Lease liabilities55,62240,26051,957
Contingent consideration016130
Total non current liabilities370,878478,055469,916
Loans and borrowings (refer to note 10)295,000180,000160,000
Derivative financial instruments26807
Trade and other payables41,9663 7, 8 6 338,412
Revenue received in advance1361,1162,951
Employee benefits1 ,6742,4754,371
Income tax payable3,3828,71413,582
Lease liabilities1,027812955
Contingent consideration268327359
Total current liabilities343,721231,307220,637
Total liabilities714,599709,362690,553
Total equity and liabilities2,831,5022,799,2822,824,269
Net tangible assets per share (dollars per share)3.113.073.14
These statements are to be read in conjunction with the notes on pages 14 to 17.
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2024
12

Port of Tauranga Limited and Subsidiaries
Consolidated Statement of Cash Flows
for the six months ended 31 December 2023
(Unaudited)
Six Months Ended
31 December 2023
Group
NZ$000
(Unaudited)
Six Months Ended
31 December 2022
Group
NZ$000
(Audited)
Year Ended
30 June 2023
Group
NZ$000
Cash flows from operating activities
Receipts from customers208,886208,931412,568
Interest received2151991,028
Payments to suppliers and employees(112,461)(111,718)(205,027)
Taxes paid(28,689)(28,815)(42,776)
Interest paid(11,411)(9,630)(21,221)
Net cash inflow from operating activities56,54058,967144,572
Cash flows from investing activities
Proceeds from sale of property, plant and equipment739109
Dividends from Equity Accounted Investees5,3816,02019,520
Purchase of property, plant and equipment(21,771)(18,386)(44,840)
Purchase of intangible assets(13)0(582)
Interest capitalised on property, plant and equipment(419)(94)(335)
Investment in Equity Accounted Investees (1,285)(14,450)(21,450)
Payment of contingent consideration(520)(2,700)(3,136)
Total net cash used in investing activities(18,620)(29,571)(50,714)
Cash flows from financing activities
Proceeds from borrowings35,11155,18035,339
Repayment of borrowings0(5,000)(25,000)
Repurchase of shares(801)00
Repayment of lease liability(495)(314)(909)
Dividends paid(59,875)(55,790)(102,054)
Net cash used in financing activities(26,060)(5,924)(92,624)
Net increase in cash held11,86023,4721,234
Add opening cash brought forward8,5067, 27 27, 27 2
Ending cash and cash equivalents20,36630,74 48,506
(Unaudited)
Six Months Ended
31 December 2023
Group
NZ$000
(Unaudited)
Six Months Ended
31 December 2022
Group
NZ$000
(Audited)
Year Ended
30 June 2023
Group
NZ$000
Reconciliation of profit for the period
to cash flows from operating activities
Profit for the period47, 24162,7251 1 7, 1 3 6
Adjustments for non cash and non operating items
Depreciation and amortisation expense22,08719,67640,423
Decrease in deferred taxation balances(2,159)(1,431)(434)
Share of profits retained by Equity Accounted
Investees
(3,250)(6,000)(16,611)
Other8341,2019,856
1 7, 51 213,44633,234
Less movements in working capital(8,213)( 1 7, 20 4)(5,798)
Net cash flows from operating activities56,54058,967144,572
These statements are to be read in conjunction with the notes on pages 14 to 17.
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2024
13

Port of Tauranga Limited and Subsidiaries
Notes to the Interim Consolidated Financial Statements
for the six months ended 31 December 2023
1 Reporting entity
Port of Tauranga Limited (the Parent Company) is a company incorporated and domiciled in
New Zealand, registered under the Companies Act 1993 and listed on the New Zealand Stock
Exchange (NZX). It is an FMC reporting entity for the purposes of the Financial Markets Conduct
Act 2013. The Parent Company, which is designated as profit-oriented for financial reporting
purposes, is an issuer in terms of the Financial Reporting Act 2013.
The unaudited interim financial statements (the financial statements) for Port of Tauranga
Limited comprise the Port of Tauranga Limited, its Subsidiaries, and the Group’s interest in Equity
Accounted Investees (together referred to as the Group).
2 Basis of preparation
These financial statements have been prepared in accordance with New Zealand Generally
Accepted Accounting Practice (NZ GAAP) and New Zealand International Accounting Standard
(NZ IAS) 34 Interim Financial Reporting. They do not include all information required for full annual
financial statements and should be read in conjunction with the annual financial statements and
related notes included in Port of Tauranga Limited’s Integrated Annual Report for the year ended
30 June 2023.
3 Significant accounting policies
The accounting policies adopted are consistent with those followed in the preparation of the
Group’s annual financial statements for the year ended 30 June 2023.
4 Accounting estimates and judgements
The preparation of the financial statements in conformity with NZ IAS 34 requires management
to make judgements, estimates and assumptions that affect the application of accounting policies
and the reported amounts of assets, liabilities, income and expenses. Actual results may differ
from these estimates.
In preparing these financial statements, the significant judgements made by management in
applying the Group’s accounting policies and the key sources of estimation and uncertainty,
were the same as those applied to the Group’s consolidated financial statements for the year
ended 30 June 2023.
5 Segment information
The Group determines and presents operating segments based on the information that is
internally provided to the Chief Executive, who is the Group’s Chief Operating Decision Maker
(CODM), as defined by NZ IFRS 8 Operating Segments.
The Group operates in three main reportable segments, being:
• Port operations: This consists of providing and managing port services, and cargo handling
facilities through the Port of Tauranga Limited and Timaru Container Terminal Limited. Port
terminals and bulk operations have been aggregated together within the Port Operations
segment, due to the similarities in economic characteristics, customers, nature of products
and processes, and risks.
• Property services: This consists of managing and maintaining the Port of Tauranga Limited’s
property assets.
• Marshalling services: This consists of the contracted terminal operations and marshalling
activities of Quality Marshalling (Mount Maunganui) Limited.
The three main business segments are managed separately as they provide different services
to customers and have their own operational and marketing requirements.
The remaining activities of the Group are not allocated to individual business segments.
The Group operates in one geographical area, that being New Zealand.
Due to the significant shared cost base of the Port activities, operating costs, measures of
profitability, assets and liabilities are aggregated and are not reported to the CODM at a segment
level, but rather at a port level, as all business decisions are made at a “whole port level”.
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2024
14

Port of Tauranga Limited and Subsidiaries
Notes to the Interim Consolidated Financial Statements
for the six months ended 31 December 2023
5 Segment information (continued)
(Unaudited) Six months ended 31 December 2023
Port Operations
Group
NZ$000
Property Services
Group
NZ$000
Marshalling Services
Group
NZ$000
Unallocated
(1)

Group
NZ$000
Inter Segment
Group
NZ$000
Group
NZ$000
Revenue (external)1 7 7,6 0320,5581,52700199,688
Inter segment revenue1949,9440(10,039)0
Total segment revenue1 7 7,6 0 420,65211,4710(10,039)199,688
Other income and expenditure:
Share of profit from Equity Accounted Investees0003,25003,250
Interest income0002150215
Other income000548(225)323
Interest expense000(11,248)0(11,248)
Depreciation and amortisation expense00(490)(21,597)0(22,087)
Other unallocated expenditure00(8,487)(107,750)10,264(106,270)
Income tax expense00(621)(16,009)0(16,630)
Total other income and expenditure00(9,895)(152,591)10,039(152,447)
Total segment result1 7 7,6 0 420,6521,576(152,591)047, 241
(Unaudited) Six months ended 31 December 2022
Revenue (external)192,74518,09956800211,412
Inter segment revenue38310,1940(10,280)0
Total segment revenue192,74818,18210,7620(10,280)211,412
Other income and expenditure:
Share of profit from Equity Accounted Investees0006,00006,000
Interest income0002630263
Other income000704(225)479
Interest expense000(9,240)0(9,240)
Depreciation and amortisation expense00(491)(19,185)0(19,676)
Other unallocated expenditure00(8,090)(106,591)10,505(104,176)
Income tax expense00(611)(21,726)0(22,337)
Total other income and expenditure00(9,192)(149,775)10,280(148,687)
Total segment result192,74818,1821,570(149,775)062,725
(1)
Operating costs are not allocated to individual business segments within the Parent Company.
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2024
15

Port of Tauranga Limited and Subsidiaries
Notes to the Interim Consolidated Financial Statements
for the six months ended 31 December 2023
6 Operating revenue
(Unaudited)
Six Months Ended
31 December 2023
Group
NZ$000
(Unaudited)
Six Months Ended
31 December 2022
Group
NZ$000
Revenue from contracts with customers
Container terminal revenue118,3901 3 7, 5 8 3
Multi cargo revenue36,39832,559
Marine services revenue24,34223,204
179,130193,346
Other revenue
Rental revenue20,55818,099
Other income323479
Total operating revenue200,011211,924
7 Finance expenses
(Unaudited)
Six Months Ended
31 December 2023
Group
NZ$000
(Unaudited)
Six Months Ended
31 December 2022
Group
NZ$000
Interest expense on borrowings10,2928,287
Less:
Interest capitalised to property, plant and equipment(419)(94)
9,8738,193
Interest expense on lease liabilities1,2871,027
Ineffective portion of change in fair value of cash flow hedge110
Change in fair value of hedged risk770
Amortisation of interest rate collar premium020
Total finance expenses11,2489,240
8 Dividends
The following dividends were paid by the Group:
(Unaudited)
Six Months Ended
31 December 2023
Group
NZ$000
(Unaudited)
Six Months Ended
31 December 2022
Group
NZ$000
Final dividend of 8.8 cents per share (2022: 8.2 cents per share)59,87755,790
Total dividends paid59,87755,790
9 Property, plant and equipment
Acquisitions and disposals
During the six months ended 31 December 2023, the Group acquired assets with a cost of
$21.261 million.
10 Loans and borrowings
(Unaudited)
31 December 2023
Carrying Value
Group
NZ$000
(Unaudited)
31 December 2022
Carrying Value
Group
NZ$000
Commercial papers195,000180,000
Standby revolving cash advance facility100,000120,000
Fixed rate bonds193,901189,221
Total loans and borrowings488,901489,221
Current295,000180,000
Non current 193,901309,221
Total loans and borrowings488,901489,221
As at 31 December 2023 the Group’s current liabilities exceed the Group’s current assets.
Despite this fact, the Group does not have any liquidity or working capital concerns as
$280 million (2022: $260 million) of the term standby revolving cash advance facility remains
undrawn. Within the term facility, $100 million matures 31 December 2025, $130 million matures
31 December 2026 and $50 million matures 30 September 2028.
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2024
16

Port of Tauranga Limited and Subsidiaries
Notes to the Interim Consolidated Financial Statements
for the six months ended 31 December 2023
11 Leases
During the six months ended 31 December 2023, the Group had right-of-use assets additions
of $4.226 million (2022: $0.075 million) and increases to lease liabilities of $4.226 million (2022:
$0.075 million). There have been no disposals or reductions in the right-of-use assets (2022: nil).
12 Related party transactions and balances
Related party transactions and balances with related parties:
(Unaudited)
Six Months Ended
31 December 2023
Group
NZ$000
(Unaudited)
Six Months Ended
31 December 2022
Group
NZ$000
Transactions with Equity Accounted Investees
Services provided to Port of Tauranga Limited310270
Services provided by Port of Tauranga Limited2,4272,148
Accounts receivable by Port of Tauranga Limited16742
Accounts payable by Port of Tauranga Limited2753
Advances by Port of Tauranga Limited1,4001,400
Services provided by Quality Marshalling (Mount Maunganui)
Limited
419160
Accounts receivable by Quality Marshalling (Mount Maunganui)
Limited
9342
Services provided to Timaru Container Terminal Limited1,5381,414
Services provided by Timaru Container Terminal Limited34274
Accounts receivable by Timaru Container Terminal Limited320
Accounts payable by Timaru Container Terminal Limited134184
During the six months ended 31 December 2023, the Group entered into transactions with
companies in which Group Directors hold directorships. These directorships have not resulted in
the Group having significant influence or control over the operations, policies, or key decisions of
these companies.
No related party debts have been written off or forgiven during the period.
Controlling entity
Quayside Securities Limited owns 54.14% (as at 31 December 2022: 54.14%) of the issued ordinary
shares in Port of Tauranga Limited.
12 Related party transactions and balances (continued)
Quayside Securities Limited is beneficially owned by Bay of Plenty Regional Council, the Ultimate
Controlling Party. Transactions with the Ultimate Controlling Party during the period include
services provided to Port of Tauranga Limited $0.114 million (six months ended 31 December
2022: $0.211 million).
Transactions with Directors and Members of the Executive Leadership Team
The Group does not provide any non cash benefits to Directors in addition to their Directors’ fees.
(Unaudited)
Six Months Ended
31 December 2023
Group
NZ$000
(Unaudited)
Six Months Ended
31 December 2022
Group
NZ$000
Directors
Directors’ fees recognised during the period442447
Members of the Executive Leadership Team
Salaries and short-term employee benefits recognised during
the period
2,2912,023
Share based payments recognised during the period(72)343
13 Commitments
(Unaudited)
Six Months Ended
31 December 2023
Group
NZ$000
(Unaudited)
Six Months Ended
31 December 2022
Group
NZ$000
Capital commitments
Estimated capital commitments for the Group contracted for
at the reporting date but not provided for
20,54618,325
Capital commitments at 31 December 2023 relate largely to the purchase of two cranes: one
for the Parent Company, and one for Timaru Container Terminal.
14 Subsequent events
An interim dividend of 6.0 cents per share has been declared subsequent to reporting date.
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2024
17

To the Shareholders of Port of Tauranga Limited
The Auditor-General is the auditor of Port of Tauranga Limited, its subsidiaries and the Group’s interest
in equity accounted investees (together the “Group”). The Auditor-General has appointed me, Brent
Manning, using the staff and resources of KPMG to carry out the review of the interim consolidated
financial statements of the Group on his behalf.
Report on the interim consolidated financial statements
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the interim
consolidated financial statements on pages 10 to 17 do not:
i. present fairly in all material respects the Group’s financial position as at 31 December 2023 and
its financial performance and cash flows for the six month period ended on that date; and
ii. comply with NZ IAS 34 Interim Financial Reporting.
We have completed a review of the accompanying interim consolidated financial statements
which comprise:
— the consolidated statement of financial position as at 31 December 2023;
— the consolidated income statement, statements of comprehensive income, changes in equity
and cash flows for the six month period then ended; and
— notes, including a summary of significant accounting policies and other explanatory information.
Basis for conclusion
We conducted our review in accordance with NZ SRE 2410 (Revised) Review of Financial Statements
Performed by the Independent Auditor of the Entity (“NZ SRE 2410 (Revised)”). Our responsibilities are further
described in the Auditor’s Responsibilities for the review of the financial statements section of our report.
We are independent of Port of Tauranga Limited, in accordance with the relevant ethical requirements
in New Zealand relating to the audit of the annual financial statements, and we have fulfilled our other
ethical responsibilities in accordance with these ethical requirements.
Our firm has also provided other services to the Group in relation to Agreed Upon Procedures. Subject to certain
restrictions, partners and employees of our firm may also deal with the Group on normal terms within the
ordinary course of trading activities of the business of the Group. These matters have not impaired our
independence as reviewer of the Group. The firm has no other relationship with, or interest in, the Group.
Use of this Independent Review Report
This report is made solely to the Shareholders as a body. Our review work has been undertaken so that
we might state to the Shareholders those matters we are required to state to them in the Independent
Review Report and for no other purpose. To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the Shareholders as a body for our review work, this report,
or any of the opinions we have formed.
Responsibilities of the Directors for the interim consolidated financial statements
The Directors, on behalf of the Group, are responsible for:
— the preparation and fair presentation of the interim consolidated financial statements in accordance
with NZ IAS 34 Interim Financial Reporting;
— implementing necessary internal control to enable the preparation of interim consolidated financial
statements that is fairly presented and free from material misstatement, whether due to fraud
or error; and
— assessing the ability to continue as a going concern. This includes disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless they either intend
to liquidate or to cease operations, or have no realistic alternative but to do so.
Auditor’s Responsibilities for the review of the interim consolidated
financial statements
Our responsibility is to express a conclusion on the interim consolidated financial statements based on
our review. We conducted our review in accordance with NZ SRE 2410 (Revised). NZ SRE 2410 (Revised)
requires us to conclude whether anything has come to our attention that causes us to believe that the
interim consolidated financial statements are not prepared, in all material respects, in accordance with
NZ IAS 34 Interim Financial Reporting.
A review of interim consolidated financial statements in accordance with NZ SRE 2410 (Revised) Review
of Financial Statements Performed by the Independent Auditor of the Entity (“NZ SRE 2410 (Revised)”)
is a limited assurance engagement. The auditor performs procedures, consisting of making enquiries,
primarily of persons responsible for financial and accounting matters, and applying analytical and other
review procedures.
The procedures performed in a review are substantially less than those performed in an audit conducted
in accordance with International Standards on Auditing (New Zealand) and consequently does not enable
us to obtain assurance that we might identify in an audit. Accordingly, we do not express an audit opinion
on these interim consolidated financial statements.

Brent Manning
KPMG
On behalf of the Auditor-General
Wellington, New Zealand
22 February 2024
Independent review report
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2024
18

Company directory
Registered Directors
J C Hoare
Chair
A M Andrew
D J Bracewell
A R Lawrence
D W Leeder
Sir Robert McLeod KNZM
(resigned 31 October 2023)
J B Stevens
F S Whineray
(appointed 31 October 2023)
Executive
L E Sampson
Chief Executive
M J Dyer
GM Corporate Services
B J Hamill
GM Commercial
S R Kebbell
Chief Financial Officer and Company Secretary
P M Kirk
GM Health and Safety
D A Kneebone
GM Property and Infrastructure
R A Lockley
GM Communications
Registered Office
Salisbury Avenue
Mount Maunganui
Private Bag 12504
Tauranga Mail Centre
Tauranga 3143
New Zealand
Telephone 07 572 8899
Email marketing@port-tauranga.co.nz
Website www.port-tauranga.co.nz
Auditors
KPMG
Tauranga
(On behalf of the Auditor-General)
Solicitors
Holland Beckett Law
Tauranga
Bankers
ANZ Bank New Zealand Limited
Bank of New Zealand
Commonwealth Bank of Australia
China Construction Bank (New Zealand) Limited
Credit Rating Agency
S&P Global (Standard & Poor’s)
Australia
Port of Tauranga Limited’s rating: A-/Stable/A-2
Share Registry
For enquiries about share transactions,
change of address or dividend payments, contact:
Link Market Services Limited
PO Box 91976
Victoria Street West
Auckland 1142
New Zealand
Telephone 09 375 5998
Facsimile 09 375 5990
Email enquiries@linkmarketservices.co.nz
Website www.linkmarketservices.co.nz
Copies of the Integrated Annual Report and
Market Update (which replaced the Interim
Report) are available from our website.
Financial Calendar
22 March 2024 Interim dividend payment
30 June 2024 Financial year end
23 August 2024 Annual results
announcement
4 October 2024 Final dividend payment
25 October 2024 Annual Meeting
28 February 2025 Half year results
announcement
International Standard Serial Numbers
ISSN 2744-6530 (Print)
ISSN 2744-6549 (Online)
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2024
19

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at 17 October 2019
Results for announcement to the market
Name of issuerPort of Tauranga Limited
Reporting Period6 months to 31 December 2023
Previous Reporting Period6 months to 31 December 2022
CurrencyNZD
Amount (000s)Percentage change
Revenue from continuing
operations
$200,011-5.62%
Total Revenue$200,011-5.62%
Net profit/(loss) from
continuing operations
$47,241-24.69%
Total net profit/(loss)$47,241-24.69%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.06000000
Imputed amount per Quoted
Equity Security
$0.02333333
Record Date08/03/2023
Dividend Payment Date22/03/2024
Current periodPrior comparable period
Net tangible assets per
Quoted Equity Security
$3.113.07
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
-
Authority for this announcement
Name of personauthorised
to make this announcement
Simon Kebbell, Chief Financial Officer
Contact person for this
announcement
Simon Kebbell, Chief Financial Officer
Contact phone number027 482 7510
Contact email addresssimonk@port-tauranga.co.nz
Date of release through MAP23/02/2024
Unaudited consolidated financial statements accompany this announcement.

---

Distribution Notice
Updated as at 18 December 2019
Please note: all cash amounts in this form should be provided to 8 decimal places
Section 1: Issuer information
Name of issuerPort of Tauranga Limited
Financial product name/descriptionOrdinary shares
NZX ticker codePOT
ISIN (If unknown, check on NZX
website)
NZPOTE0003S0
Type of distribution
(Please mark with an X in the
relevant box/es)
Full YearQuarterly
Half YearXSpecial
DRP applies
Record date08/03/2024
Ex-Date (one business day before the
Record Date)
07/03/2024
Payment date (and allotment date for
DRP)
22/03/2024
Total monies associated with the
distribution
1
$40,816,036.92
Source of distribution (for example,
retained earnings)
Operating free cash flow
CurrencyNZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.08333333
Gross taxable amount
3
$0.08333333
Total cash distribution
4
$0.06000000
Excluded amount (applicable to listed
PIEs)
Not applicable
Supplementary distribution amount$0.01058824
Section 3: Imputation credits and Resident Withholding Tax
5
Is the distribution imputedFully imputed
Partial imputation
No imputation
1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This shouldinclude any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

If fully or partially imputed, please
state imputation rate as % applied
6
100%
Imputation tax credits per financial
product
$0.02333333
Resident Withholding Tax per
financial product
$0.00416667
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
%
Start date and end date for
determining market price for DRP
[dd/mm/yyyy][dd/mm/yyyy]
Date strike price to be announced (if
not available at this time)
[dd/mm/yyyy]
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
DRP strike price per financial product
$
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
[dd/mm/yyyy]
Section 5: Authority for this announcement
Name of personauthorised to make
this announcement
Simon Kebbell, Chief Financial Officer
Contact person for this
announcement
Simon Kebbell, Chief Financial Officer
Contact phone number027 482 7510
Contact email addresssimonk@port-tauranga.co.nz
Date of release through MAP23/02/2024
6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

---

Half Year Result to 31 December 2023
23 February 2024

2
Theinformationinthispresentationisforinformationpurposesandhasbeenpreparedby
PortofTaurangaLimitedwithduecareandattention.However,neithertheCompany,norany
ofitsDirectors,officers,employees,contractorsoragents,shallhaveanyliabilitywhatsoever
toanyperson,foranylossofdamageresultingfromtheuseorrelianceonthispresentation.
Theinformationcontainedinthispresentationisnotintendedtoberelieduponasadviceto
investorsanddoesnottakeintoaccounttheinvestmentobjectives,financialsituationor
needsofanyparticularinvestor.
Pastperformanceisnotindicativeoffutureperformanceandnoguaranteeoffuturereturns
isimpliedorgiven.
Theinformationcontainedinthispresentationshouldbeconsideredinconjunctionwiththe
Company’slatestauditedfinancialstatementswhichareavailableintheinvestorsectionof
ourwebsite.
Disclaimer

3

4
$48,746
$56,341
$62,725
$47,241
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
FY21FY22FY23FY24
$000s
For the six months to ended December 2023
Group Net Profit after tax

5
6.0
6.5
6.8
6.0
0
2
4
6
8
FY21FY22FY23FY24
Cents per share
Interim dividend

6
29.5%
24.5%
18.0%
18.1%
0%
5%
10%
15%
20%
25%
30%
35%
FY21FY22FY23FY24
For the six months ended December 2023
Net debt / net debt + equity

7
For the six months ended December 2023
Total trade down 8.5%
13,084
13,050
12,722
11,634
0
2,500
5,000
7,500
10,000
12,500
15,000
FY21FY22FY23FY24
000s Tonnes
Total trade
Six months ended December 2023

8
For the six months to end December 2023
Total vessel calls down 3.8%
323
311
328
346
338
373
373
328
0
200
400
600
800
FY21FY22FY23FY24
Total vessel calls
Six months ended December 2023
Container VesselsAll Other Vessels

9
For the six months ended December 2023
Breakbulk volume up 5.3%
5,880,701
5,965,208
5,626,658
5,925,983
0
1,500,000
3,000,000
4,500,000
6,000,000
7,500,000
FY21FY22FY23FY24
Bulk Tonnes
Bulk cargoes volume
Six months ended December 2023

10
For six months ended December 2023
Total bulk cargo by commodity
-
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
FY21FY22FY23FY24
Tonnes
Total bulk cargo volume by commodity
Six months ended December 2023
All Other Goods
Steel
Salt
Liquid Bulk
Cement
Grain
Fertilisers
Other Wood Product
KiwiFruit
Proteins & Feeds
Oil Products
Logs

11
For the six months ended December 2023
Log exports up 19%
3,246,787
3,087,334
3,004,664
3,581,007
0
1,000,000
2,000,000
3,000,000
4,000,000
FY21FY22FY23FY24
JAS (tonnes)
Log exports
Six months ended December 2023

12
•Downturn in China continuing to weigh on the export
market.
•Optimism that log prices will hold around current levels.
•65% Tauranga export volume from forest estate owners who
manage a sustainable cut to generate fixed income -as such
less price sensitive.
•CNI windthrow recovery expected to be completed by mid-
2024 with volumes beginning to taper off from April.
Forestry outlook

13
For the six months to end December 2023
Container volumes down 15%
396,602
400,640
398,284
338,185
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
500,000
FY21FY22FY23FY24
Containers
Container volumes
Six months ended December 2023

14
For the six months to end December 2023
Transhipped TEUs down 25%
172,021
132,400
160,100
119,848
0
50,000
100,000
150,000
200,000
FY21FY22FY23FY24
TEUs
Transhipped TEUs
Six months ended December 2023
Coastal Connect service phased out February 2023

15
For the six months ended December 2023
Import TEUs down 17.9%
202,523
223,856
222,968
183,115
0
50,000
100,000
150,000
200,000
250,000
300,000
FY21FY22FY23FY24
TEUs
Import TEUs
Six months ended December 2023

16
•Increased MetroPort rail cost from Q1 2023
•Reduced consumer demand, higher inventory levels in second half of 2023
•Current train programme 64 trains per week vs 92 PCP
MetroPort containers down 30.6 %
89,084
105,153
97,181
67,475
0
20,000
40,000
60,000
80,000
100,000
120,000
FY21FY22FY23FY24
Containers
Total MetroPortcontainers
Six months ended December 2023

17
For the six months ended December 2023
Export TEUs down 8%
238,444
266,016
254,661
233,967
0
50,000
100,000
150,000
200,000
250,000
300,000
FY21FY22FY23FY24
TEUs
Export TEUs
Six months ended December 2023

18
•Kiwifruit has experienced two
difficult seasons (2022 fruit quality
issues, 2023 low volumes).
•2023 crop (135M trays) impacted by
weather events (October 2022 and
February 2023).
•Earliest finish to Kiwifruit season
since impact of PSA.
•Greater use of conventional
shipping 2022/2023 seasons.
For the six months ended December 2023
Total kiwifruit volume down 16.6%
735,599
816,667
579,940
483,231
0
250,000
500,000
750,000
1,000,000
FY21FY22FY23FY24
Tonnes
Kiwifruit volume
Six months ended December 2023

19
•Milk volumes continue to be in line
with previous season, slightly down
in the North Island, up in the South
Island and product mix in line with
last season.
•Lower inventory levels first quarter
24 reflecting return to shipping
schedule stability vs PCP.
For the six months ended December 2023
Total direct dairy volume down 4.4%
1,001,093
1,025,913
993,358
949,689
0
250,000
500,000
750,000
1,000,000
1,250,000
FY21FY22FY23FY24
Tonnes
Direct export dairy volume
Six months ended December 2023

20
For the six months ended December 2023
Meat volumes up 17.4 %
164,755
164,184
192,555
201,503
205,782
127,707
132,873
74,490
72,559
116,141
0
150,000
300,000
FY20FY21FY22FY23FY24
Tonnes
Export and transhipment meat volume up 17.4%
Six months ended December 2023
ExportTranships
•Strong demand in US and
Canada offsetting softer
demand from China.
•South Island and
Australian transhipment
connecting US
•East /West coast services
ex Tauranga.

21
Kiwifruit outlook
•The February 2024 crop estimate is a gross
crop of 197 million tray equivalents –this
will be a record crop packed.
•Significant increase on the 135 million
trays packed in 2023.
•The return to volume in 2024 will be
welcomed by the post-harvest industry
after the low volume in 2023 has put
significant financial pressure on this sector
who had invested in infrastructure to cater
for anticipated volume growth.
•The Zespri Board announced in
December2023 a licencerelease of 250
SunGoldhectares and no hectares of Ruby
Red for 2024.
47%
-3%
5%
4%
3%
3%
3%
-
50
100
150
200
250
20202021202220232024 (F)2025 (F)2026 (F)2027 (F)2028 (F)2029 (F)2030 (F)
Tray equivalent (TE)
Kiwifruit export annual volume growth by variety
(2024 = February forecast)
Green Organic
Green
RubyRed
SunGold Organic
SunGold

22
•Lift in demand primarily from the Middle East
and South-East Asia has seen GDT prices up
10% over the last quarter, has offset reduced
demand to China which is also impacting
shipping profile.
•Forecast range for the season continues to
climb from season opening $6.62-$7.27 per
kg/msup to $7.30-$8.30 per kg/ms.
•Flatter milk curve continues to provide
opportunity to focus on value add/mix and
innovation.
Dairy outlook

23
The return of cruise
0
90
26
108
0
20
40
60
80
100
120
FY22FY23FY24 Actual2024 Forecast
Visits
Cruise vessel calls to December 2023

24
For six months ended December 2023
Container storage income
$2,792
$516
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
Jul-22Aug-22Sep-22Oct-22Nov-22Dec-22Jan-23Feb-23Mar-23Apr-23May-23Jun-23Jul-23Aug-23Sep-23Oct-23Nov-23Dec-23
$000’s
Terminal container storage income
4
4.5
5
5.5
6
6.5
7
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Dwell Days
TEU
Average TEU in yard
Average Dwell

26
$8,263
$7,341
$7,383
$4,861
$0
$5,000
$10,000
FY21FY22FY23FY24
000s
For six months ended December 2023
Subsidiaries and associates net profit after tax down 34.2%

27
•Profit down 6.3% to $3.673 million.
•Breakbulk volumes down 4.5% to
1.280 million tonnes.
•Log volumes down 4.5% to 0.916
million tonnes.
•Container volumes down 43.5% to
5,860 TEU.
•Strong contribution once again from
NorthTugz.

28
•Profit down 47.6% to $0.705 million.
•Bulk trade volumes down 15.6% to
0.801 million tonnes.
•Log volumes down 20.0% to 0.139
million tonnes.
•Vessel calls flat at 212 including five
cruise vessels.
•Prudent capital management –have
delayed their redevelopment of bulk
berth.

29
•Reported an operating loss of -
$0.642 million vs $0.492 million
million profit in the prior
corresponding period.
•Weakness in distribution centres
and 3PL transport division.
•Currently going through a major
restructure of its operations.
•Concentrating on simplifying and
right sizing the business.
•Shutting down unprofitable
operations and consolidating sites.

30
•Loss of -$0.295 million compared
to a loss of -$0.004 million in the
prior year.
•Container volumes up 1.2% to
37,393 TEU.
•TCTL forecast to have a stronger
second half.

31
•Profit for the period was flat at
$1.575 million.
•QM being impacted by lower TEU
volumes at Tauranga.
•QM should see a lift in reefer and
generator income with stronger
kiwifruit volumes in the second
half.
•Positive contribution from Ruakura
operations.

32
•Opened on 1 August 2023.
•Incurred a small loss of -$0.208
million for the period.
•Forecast that the JV will be at
break-even by year end as volumes
ramp-up.
•Maersk cool store expected to be
fully operational and in use by end
of Quarter 1, 2024.
•4,386 railed TEU through the site.

33
•Environment Court three-week hearing March 2023.
•Interim decision received 13 December 2023:-
•Stage 1 Sulphur Point ( 285-meter berth extension )
provisionally granted subject to further directions
being addressed to the satisfaction of the Court 6-
month time frame provided -( June 2024)
•Final decision expected ~3 months following
satisfaction of court directions ( circa Q4 2024)
•A decision on stage 2 (extension to Mount Maunganui
wharves and second stage of Sulphur Point extension)
is reserved pending further matters being addressed
and a further hearing required.
•2-year construction once consent obtained.
•All berth developments are within the current Port
footprint.
•Unable to provide berth windows for new services
due to berth capacity constraints.
Berth extension resource consent -update

34
Facilitating New Zealand’s trade
0
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
Tonnes (Millions)
Total New Zealand tonnes by port FY2023
Import
Export
Largest port both volume and value
24% of New Zealand imports (tonnes)
38% of New Zealand exports (tonnes)
33% of New Zealand’s total trade (tonnes)
Source: STATS NZ
12 months to June 2023
-
10
20
30
40
50
NZD (Bilions)
Total New Zealand cargo value by port FY2023
Import
Export
21% of New Zealand imports by value
50% of New Zealand exports by value
35% New Zealand’s total trade by value

35
Demographics –driving future growth

36
Future upper North Island supply chain

37
Port of Tauranga –Terminal development

38
Ruakura Inland Port

39
Northport holds an existing consent for 270-metre berth extension.
Currently applying for future consent for container terminal development and reclamation.
Marsden rail spur crucial to port development KiwiRail in process of detailed design.
Northport –Vision for Growth

40
Terminal automation project
40
•IntroductionofnewelectricAutoStackingCranes
(ASC).
•Downtoshortlistoftwopotentialvendors.
•Detailedvendorevaluationanddiscussions
nearingcompletion.
•Expecttoselectprovidermid2024.
•Deploymentlinkedtotimingofberthextension.
•~75%reductioninemissionsrelativetostraddle
operation.
•Stagedbolt-onintroductionrelativetovolume
growthrequirements.

41
Parent capital expenditure 2019 -2025
41
40,073
38,228
23,796
18,612
44,322
35,000
70,000
2,850
21,450
3,650
$0
$20,000
$40,000
$60,000
$80,000
$100,000
201920202021202220232024F2025
$000s
Ruakura Inland Port

Outlook 2024
•Domestic consumption remains volatile impacting import demand.
•Windthrown logs expected taper off second quarter 2024 full year forecast ~6.6M JAS.
•Record kiwifruit season forecast -193M trays.
•FY24 earnings guidance remains unchanged at $95 -$107 million.
•Service delivery and cost control remain focus with prudent capital management.
•Expect improved trading conditions in second half.
•Port of Tauranga remains well placed to weather economic challenges.