2024 Half Year Results

1





NZX AND MEDIA RELEASE
22 May 2024
UNAUDITED FINANCIAL RESULTS FOR THE HALF YEAR TO 31 MARCH 2024
Napier Port delivers strong earnings recovery with first half result
Napier Port (NZX.NPH), the freight gateway for the central and lower North Island, today reports robust
earnings growth for the six months to the end of March 2024 linked to the recovery of volumes,
particularly log exports and cruise, growth in revenue yields, together with focused cost management
and efficiencies from the investments made in infrastructure.
HIGHLIGHTS
• Revenue rose 10.1% to $70.6 million from $64.1 million in the same period last year and was
led by significant growth in export log and cruise revenue
• Result from operating activities
1
increased 25.1% to $27.4 million from $21.9 million in the same
period last year
• Underlying net profit after tax
2
increased 48.3% to $11.1 million from $7.5 million in the same
period a year ago
• Reported net profit after tax increased 64.8% to $14.3 million from $8.7 million in the same
period last year
• Post-Cyclone Gabrielle business interruption insurance claim contributes $7.2 million to
reported net profit
• Container volumes decreased 17.3% on continued post-Cyclone Gabrielle effects and weaker
economic activity
• Directors declare a fully imputed interim dividend of 3.0 cents per share, increased from the
interim dividend in the prior year of 1.7 cents per share
• Expected underlying result from operating activities for the year to 30 September 2024 of
between $50 million and $53 million

Chair, Blair O’Keeffe said: “The 2024 financial year has started well for Napier Port and many of our
region’s cargo owners. While regional recovery is ongoing following Cyclone Gabrielle, trade by key
customers and cargoes have begun to return towards former levels. Napier Port has provided
operational capacity and flexibility during this traditionally busy harvest period, while retaining cost and
capital discipline. In doing so, the management team has delivered a good half year result.”
Chief Executive, Todd Dawson said: “The half year result demonstrates Napier Port’s capability to be
adaptable and underscores the benefit of having a diverse and resilient cargo base, with log export and
cruise earnings up, against reduced container and general import volumes.
“The recovery of trade volumes together with effective cost control and yield management, is working
well for us alongside the investments in infrastructure we have made and additional customer services
we are providing. We are demonstrating the positive operating leverage that is supporting this positive
half year result for Napier Port.

1
Result from operating activities is an alternative non-NZ GAAP measure and represents core underlying operating earnings.
For further information please refer to Note 24 of the 2023 Annual Consolidated Financial Statements and the Supplemental
Selected Financial Information.
2
Underlying net profit after tax is an alternative non-NZ GAAP measure that comprises reported net profit after tax adjusted for
certain non-recurring and unrealised fair value revaluation items to provide consistency and comparability of the financial
information over the periods presented. For further information please refer to the Supplemental Selected Financial Information.

2

“Despite softer market demand in China, log volumes were strong during the half year with good
momentum sustained from our immediate catchment areas and additional contributions coming from
Pan Pac and central North Island windthrown forests.
“Container volumes reduced during the period, as a result of Cyclone Gabrielle’s impact on Pan Pac’s
production facilities and lower overall economic activity, however during the second quarter we
welcomed a bounce back in refrigerated exports of horticulture, meat and other chilled produce as
growing conditions across the spring and summer have been favourable.
A record number of cruise vessel visits and passenger numbers visited Napier Port, due to the
resurgence of cruise post-pandemic. The addition of Te Whiti Wharf has enabled greater berth
availability including the capability to accommodate several cruise vessels simultaneously, alongside
container and bulk cargo ships.
FINANCIAL RESULTS
Revenue for the half year rose 10.1% to $70.6 million from $64.1 million in the same period last year.
Container services revenue for the half year decreased 7.8% to $33.6 million from $36.4 million
following a 17.3% decrease in container volumes to 98,000 TEU
3
, which was partially offset by a 11.5%
increase in average revenue per TEU.
Bulk cargo revenue for the half year increased 27.1% to $26.2 million from $20.6 million as export log
volume increased 35.7% to 1.55 million tonnes and total bulk cargo volume increased 21.6% to 1.88
million tonnes.
Cruise revenue for the first half increased 74.3% to $8.9 million from $5.1 million. There were 88 cruise
vessel calls in the half year, compared to 62 in the prior year.
As a result of disciplined cost management operating expenses were contained to an increase of 2.2%
on the same period last year. The increase resulted from higher insurance and transport costs.
Positive operating leverage was evident from the volume return in bulk and cruise, together with cost
management, with the result from operating activities increasing 25.1% for the half year to $27.4 million
from $21.9 million reported for the first half of the last financial year.
Underlying net profit after tax increased 48.3% to $11.1 million from $7.5 million in the same period last
year. Reported net profit after tax was $14.3 million, a 64.8% increase on the prior year’s $8.7 million,
which included a $7.2 million contribution from the Cyclone Gabrielle business interruption insurance
claim and $2.0 million of additional deferred tax expense arising from the removal of tax depreciation
on commercial buildings.
OUTLOOK AND DIVIDEND
Mr Dawson said: “It is pleasing to deliver a solid half year result for our region and for our shareholders.
I acknowledge the efforts by the whole Napier Port team in achieving this, with less resourcing than we
would normally deploy during the first half year.
“During the second half of the year, we anticipate Central North Island windthrow volumes will reduce
as cyclone-damaged logs diminish and unprocessed logs from Pan Pac will also reduce as they are
redirected to pulp manufacturing operations. Correspondingly, as pulp production increases during this
calendar year, wood pulp and timber container volumes should return to historical levels towards the
end of this calendar year.
“With the 2024 cruise season now complete we currently have 90 forward bookings for the upcoming
2025 season commencing in October.
“While we expect ongoing inflationary cost pressures, uncertain economic activity, and export log
market conditions to remain challenging, we look forward to the continuing ramp up of cargo volumes
post Cyclone Gabrielle and continued earnings growth momentum.” Mr Dawson said.

3
Twenty-foot equivalent container unit

3

Napier Port expects an underlying result from operating activities for the year to the end of September
2024 of between $50 million and $53 million, assuming a continuation of current operating conditions
and excluding insurance claim income.
The Board has resolved to pay a fully imputed interim dividend of 3.0 cents per share, which is increased
from the 1.7 cents per share paid at the same time last year. The record date for the interim dividend
entitlement is 14 June and the payment date will be 27 June.
We expect to provide a further update to the market regarding our June quarter trading results during
August.

Conference Call
Napier Port will hold a conference at 11:00am (NZT) (9.00am, AEST) today. To attend to the conference
call participants must pre-register at the following link:
https://s1.c-conf.com/diamondpass/10038339-6wnhy6.html
Registrations can be taken right up to the commencement of the call.

ENDS

For more information:

Investors Media
Kristen Lie Jo-Ann Young
Chief Financial Officer Corporate Affairs Manager
DDI: +64 6 833 4405 DDI: +64 6 833 4521
E: kristenl@napierport.co.nz E: jo-anny@napierport.co.nz

About Napier Port
Napier Port is New Zealand’s fourth largest port by container volume. We are the gateway for
Hawke’s Bay and lower North Island’s exports and operate a long-term regional infrastructure asset
that supports the regional economy. Our strategic purpose is to collaborate with the people and
organisations that have a stake in helping our region grow. View Napier Port’s investor centre:
www.napierport.co.nz/investor-centre/

---

Half Year
Rep rt
For the six months
ended 31 March 2024

Contents.
+ Chair And Chief Executive’s Report.
p4.
+ Shipping Services and Supply Chain Growth.
p9.
+ Financial Statements.
p12.
+ Trade And Financial Results.
p3.
+ Responding Dynamically to Meet Demand.
p8.
+ Sustainability and Emissions.
p11.
+ Independent Auditor’s Review Report.
p23.
+ Directory.
p24.
Half Year Report For the six months ended 31 March 2024 p2

Trade and
Financial
Results
For the six months
ended 31 March 2024.
$70.6m
Revenue
10.1%
$27.4m
Results from operations
25.1%
$14.3m
Net Profit
64.8%
$6.0m
Interim Dividend
3.0 cents/share
$26.2m
Bulk Cargo Revenue
27.1%
1.9m
Tonnes of Bulk
Cargo Handled
21.6%
98k
TEU Containers Handled
17.3%
331
Vessel Calls
3.1%
Half Year Report For the six months ended 31 March 2024 p3

Chair and Chief
Executive's
Report.
+ Financial Results.
+ Outlook and Dividend.
+ Trading Overview.
p5.
p5.
p6.
Half Year Report For the six months ended 31 March 2024 p4

Chair and Chief Executive’s Report
We are pleased to report robust earnings growth for the six months to
the end of March 2024 linked to the recovery of volumes, particularly log
exports and cruise, growth in revenue yields, together with focused cost
management and efficiencies from the investments made in infrastructure.
Trading Overview
The 2024 financial year has started well
for Napier Port and many of our region’s
cargo owners. While regional recovery is
ongoing following Cyclone Gabrielle, trade
by key customers and cargoes have begun
to return towards former levels. Napier
Port has provided operational capacity
and flexibility during this traditionally
busy harvest period, while retaining cost
and capital discipline. In doing so, the
management team has delivered a good
half year result.
The half year result demonstrates Napier
Port’s capability to be adaptable and
underscores the benefit of having a diverse
and resilient cargo base, with log export
and cruise earnings up, against reduced
container and general import volumes.
The recovery of trade volumes together
with effective cost control and yield
management, is working well for us
alongside the investments in infrastructure
we have made and additional customer
services we are providing. We are
demonstrating the positive operating
leverage that is supporting this positive
half year result for Napier Port.
Despite softer market demand in China,
log volumes were strong during the half
year with good momentum sustained from
our immediate catchment areas and
additional contributions coming from Pan
Pac and central North Island windthrown
forests.
Container volumes were reduced
during the period, as a result of Cyclone
Gabrielle’s impact on Pan Pac’s
production facilities and lower economic
activity, however during the second
quarter we welcomed a bounce back in
refrigerated exports of horticulture, meat
and other chilled produce as growing
conditions across the spring and summer
were favourable.
Cruise vessel visits and passenger
numbers are a record high, due to the
resurgence of cruise post-pandemic
and Te Whiti Wharf enabling greater
berth availability including the capability
to accommodate several cruise vessels
simultaneously, alongside container and
bulk cargo ships.
As volumes recovered and we became
busier operationally, we remained vigilant
in our commitment to on-site safety.
Assurance activities as part of our critical
risk control management programme
continued, and these will be ongoing
during the second half of the year.
Financial Results
Revenue for the half year rose
10.1% to $70.6 million from $64.1
million in the same period last year.
Container services revenue for the
half year decreased 7.8% to $33.6
million from $36.4 million following
a 17.3% decrease in container
volumes to 98,000 TEU, which was
partially offset by a 11.5% increase
in average revenue per TEU.
Bulk cargo revenue for the half year
increased 27.1% to $26.2 million
from $20.6 million as export log
volume increased 35.7% to 1.55
million tonnes and total bulk cargo
volume increased 21.6% to 1.88
million tonnes.
Cruise revenue for the first half
increased 74.3% to $8.9 million
from $5.1 million. There were 88
cruise vessel calls in the half year,
compared to 62 in the prior year.
As a result of continued focused
cost management, operating
expenses increased 2.2% on the
same period last year. The increase
resulted from higher insurance and
transport costs.
Positive operating leverage was
evident from the volume return
in bulk and cruise, together with
focused cost management, as the
result from operating activities for
the half year increased 25.1% to
$27.4 million from $21.9 million
reported for the first half of the last
financial year.
Underlying net profit after tax
increased 48.3% to $11.1 million
from $7.5 million in the same period
last year. Reported net profit after
tax was $14.3 million, a 64.8%
increase on the prior year’s $8.7
million, and which included a $7.2
million contribution from the Cyclone
Gabrielle business interruption
insurance claim and $2.0 million
of additional deferred tax expense
arising from the removal of tax
depreciation on commercial buildings.
$70.6m
Revenue
10.1%
$26.2m
Bulk Cargo Revenue
27.1%
$8.9m
Cruise Revenue
74.3%
Half Year Report For the six months ended 31 March 2024 p5

Outlook and Dividend
It is pleasing to deliver a solid half year result for our
region and for our shareholders. We acknowledge the
efforts by the whole Napier Port team in achieving
this, with less resourcing than we would normally
deploy during the first half year.
During the second half of the year, we anticipate
Central North Island windthrow volumes will
reduce as cyclone-damaged logs diminish and
unprocessed logs from Pan Pac will also reduce as
they are redirected to pulp manufacturing operations.
Correspondingly, as pulp production increases during
this calendar year, wood pulp and timber container
volumes should return to historical levels towards the
end of this calendar year.
With the 2024 cruise season now complete we
currently have 90 forward bookings for the upcoming
2025 season commencing in October.
While we expect ongoing inflationary cost pressures,
uncertain economic activity, and export log market
conditions to remain challenging we look forward to
the continuing ramp up of cargo volumes post Cyclone
Gabrielle and continued earnings growth momentum.
Napier Port expects an underlying result from operating
activities for the year to the end of September 2024
of between $50 million and $53 million, assuming
a continuation of current operating conditions and
excluding insurance claim income.
Blair O’Keeffe
Chair
Todd Dawson
Chief Executive Officer
The half year result
demonstrates Napier
Port’s capability to
be adaptable and
underscores the
benefit of having a
diverse and resilient
cargo base...”
The Board has resolved to pay a fully imputed interim
dividend of 3.0 cents per share, which is increased from
the 1.7 cents per share paid at the same time last year.
The record date for the interim dividend entitlement is
14 June and the payment date will be 27 June.
We expect to provide a further update to the market
regarding our June quarter trading results during August.
Nga mihi
Half Year Report For the six months ended 31 March 2024 p6

Overview
of the
Half Year.
+ Shipping Services and Supply Chain Growth.
+ Sustainability and Emissions
+ Responding Dynamically to Meet Demand.
p8.
p9.
p11.
Half Year Report For the six months ended 31 March 2024 p7

and configuring space to meet
customer demand coming through the
gates. Our ‘whole of port’ approach
drives efficiency and flexibility in our
operations. Good planning and regular
communication between our teams,
customers and shipping lines has been
a key focus to manage this busy period
safely and successfully.
Te Whiti Wharf continues to ease
congestion and provide expanded
port capacity, enabling our trade and
regional growth. With more vessels
calling Napier Port this half year
compared to the previous year, it is
providing berth availability, reducing
time vessels are spending at anchor,
and importantly reducing ship moves
inside the port’s harbour.
Responding Dynamically
to Meet Demand
Our ‘whole of port’ approach
drives efficiency and flexibility
in our operations.”
Strong log volumes, good growing
conditions, new cargoes, and a steady
stream of cruise vessels, led to a
significant ramp up in port activity
during the half year.
Compared to the previous three years
when pandemic and then cyclone
impacts softened volumes, the
recovery of cargo has required us to
adjust to a full port, busy with shipping
and diverse trades all needing port
space, wharves, equipment, and
people resource.
A degree of pressure was expected,
as post-cyclone we focused on
remedial activities and deferred spend,
mothballed older plant and equipment,
and maintained a recruitment freeze
replacing only essential roles.
Given these constraints, our teams
have focused on redeploying assets
and resources to where it is required
Half Year Report For the six months ended 31 March 2024 p8

Shipping Services and
Supply Chain Growth
Napier Port’s shipping services were not
significantly impacted by geopolitical
factors or delays at Australian ports during
the period. Favourable weather conditions
and good operational planning despite
constrained resource, enabled Napier Port
to largely maintain schedule reliability and
meet berthing windows for shipping line
and cargo customers. A weather event
in the final days of the half year required
us to implement temporary restrictions,
which were eased within the four weeks
following. We know the responsiveness
Transhipment volumes linked to this service
have been steadily increasing since it began
calling.
Interest in Napier Port’s services to shipping
lines continues to grow. An additional
shipping line has started using Manawatu
Inland Port as a ‘point of acceptance’ (PoA)
for containers and we are subsequently
seeing a rise in volume as a result. We have
also secured an additional shipping line
customer utilising Napier Port’s container
depot service, due to our ability to offer
flexibility at short notice.
and customer focus of our teams is highly
valued by customers and we work hard to
accommodate their needs.
A new weekly Trans-Tasman shipping
service commenced calling at Napier
Port, replacing a temporary fortnightly
service. The ANL TTZ, is providing
importers and exporters direct access
to Australian markets. It also generates
further opportunities for us, handling
cargo from other New Zealand ports that
tranship at Napier Port onto other mainline
services offered by ANL & CMA-CGM.
During the half year we saw a steady
increase in freight volumes moving across
Viewpoint Supply Chain’s road, rail and
warehousing services. In particular, the
volume of cargo moving on KiwiRail’s
East-West rail line has steadily increased,
since the section of line through to Napier
Port was restored in September 2023,
following Cyclone Gabrielle. This is due to
the combination of a high level of customer
service and business development efforts.
...In particular, the volume of cargo
moving on KiwiRail’s East-West rail line
has steadily increased, since the section
of line through to Napier Port was
restored in September 2023, following
Cyclone Gabrielle.
Half Year Report For the six months ended 31 March 2024 p9

Viewpoint is the biggest user of the
Napier to Palmerston North rail line and
has one of the highest train utilisation
factors across KiwiRail’s network. By
matching imports and exports to move
full wagons both ways, waste, costs,
and emissions are lowered, compared
to moving empty or partially full wagons.
This moves freight more efficiently and
sustainably around the North Island.
Since officially launching in September
2023, Viewpoint’s regional roadshows in
Palmerston North, Whanganui and Napier
have been well attended by businesses
in each region, and we have seen steady
and consistent growth of Viewpoint’s rail
services. The roadshows are a great way
for Viewpoint to connect with importers
and exporters as well as other businesses
and organisations that are connected to
the industry, in the central and lower North
Island.
We welcomed several vessels this half
year on their maiden voyage to Napier
Port and New Zealand. At 225 metres
long and 40 metres wide, newly built
container vessel CMA CGM Fiordland
berthed to discharge imports and collect
our region’s high quality export produce,
including onions, apples, and squash. Her
last New Zealand port call after Napier is
Tauranga, then directly on to Hong Kong
and China with customers’ high value
primary sector commodities on board.
The cruise season was Napier Port’s
busiest to date, welcoming 89 cruise
vessels and 140,000 passengers to
Hawke’s Bay (88 vessel calls were
within the half year period). Two special
milestones were also reached. The Silver
Muse was the 1,000th cruise vessel to
call at Napier Port since records began
30 years ago. We also celebrated the
100,000th cruise passenger of the
season, a tourist from the United States
who was passenger number 342 to
disembark off the cruise vessel, Regatta.
89
Cruise Vessels
(88 vessel calls were within the
half year period).
140k
Passengers to
Hawke’s Bay
(Record numbers).
Half Year Report For the six months ended 31 March 2024 p10

Sustainability Progresses and
Emissions Reduced on Lower
Container Volumes
six partnership workstreams:
Being a good neighbour, Thriving
communities, Cultural connections,
Customer & stakeholder Connections,
Research and advocacy, and
Sustainable tourism.
Audited emissions data is published
annually in our Climate Change
Related Disclosure Report and
Annual Report (these can be
found at: napierport.co.nz/
investor-centre). Our unaudited
half year emissions compared to the
corresponding period in the previous
year have reduced 16.1%. The main
drivers of this were less fuel usage on
reduced container volumes (reducing
Scope 1), a reduction to the emission
factors for electricity (reducing Scope
2) and small movements across
a wide range of categories within
Scope 3.
On a relative metric basis, emissions
per cargo tonne decreased by
24.2% as gross emissions reduced
by more than total cargo tonnes
volume handled by Napier Port in the
respective periods.
16%
Reduction
in Half Year
emissions
(compared to the
corresponding period
in the previous year)
24%
Reduction in
emissions per
cargo tonne
(compared to the
corresponding period
in the previous year)
Since May 2020, Napier Port has
undertaken monthly fishing surveys
around our offshore disposal area
consented as part of the Te Whiti
Wharf development. Cyclone
Gabrielle caused a large amount of
silt and debris to enter the marine
environment, causing significant
reductions in CPUE (catch per unit of
effort) across all species measured.
From September 2023 our monthly
surveys began to show monitored
stocks bouncing back. In 2024, this
trend has continued, and fish stocks
have now recovered back to pre-
cyclone levels. Similar dive surveys
conducted on Pania Reef have also
positively indicated the reef has
recovered from the cyclone’s impacts.
The sustainability requirements of
this year's Employee Recognition
Scheme focuses on the ‘Partnerships’
pillar of our sustainability strategy,
looking outward to our engagement
and relationships with our community.
Every team has identified a
meaningful, tangible sustainability
opportunity to undertake across
Half Year Report For the six months ended 31 March 2024 p11

Financials.
+ Consolidated Income Statement.
p13.
+ Consolidated Statement of Changes In Equity.
p14.
+ Consolidated Statement of Comprehensive Income.
p13.
+ Consolidated Statement of Financial Position.
p16.
+ Notes to the Consolidated Financial Statements.
p19.
+ Consolidated Statement of Cash Flows.
p17.
+ Independent Auditor’s Review Report.
p23.
Half Year Report For the six months ended 31 March 2024 p12

Napier Port Holdings Limited
Consolidated Income Statement
For the Six Months Ended 31 March 2024Notes
31 March 2024
Unaudited
$’000
31 March 2023
Unaudited
$’000
Revenue 570,58264,136
Employee benefit expenses21,959 22,185
Property and plant expenses7,708 7,576
Other operating expenses13,548 12,505
Operating expenses43,21542,266
Result from operating activities27,367 21,870
Depreciation, amortisation and impairment
expenses
8,760 8,105
Other (income) and expenses4(7,134)11
Fair value gain on investment property(129)(1,225)
Profit before finance costs and tax25,870 14,979
Net finance costs63,304 3,328
Profit before income tax22,566 11,651
Income tax expense78,246 2,961
Profit for the period attributable to the
shareholders of the Company
14,3208,690
Earnings Per Share:
Basic earnings per share0.0780.044
Diluted earnings per share0.0780.043
Napier Port Holdings Limited
Consolidated Statement of Comprehensive Income
For the Six Months Ended 31 March 2024Notes
31 March 2024
Unaudited
$’000
31 March 2023
Unaudited
$’000
Profit for the period attributable to the shareholders of
the Company
14,320 8,690
Other comprehensive income
Items that will be reclassified to profit or loss:
Changes in fair value of cash flow hedges(1,673)(189)
Cash flow hedges transferred to profit or loss6(1,270)(715)
Deferred tax on changes in fair value of cash flow hedges824 253
Items that will not be reclassified to profit or loss:
Revaluation of sea defences417,682 -
Deferred tax on revaluation of sea defences(2,184)-
Other comprehensive income for the period, net of tax13,379 (651)
Total comprehensive income for the period attributable
to the shareholders of the Company
27,6998,039
The above income statement should be read in conjunction with the accompanying notes.
The above statement of comprehensive income should be read in conjunction with the accompanying notes.
Half Year Report For the six months ended 31 March 2024 p13

Napier Port Holdings Limited
Consolidated Statement of Changes In Equity
For the Six Months Ended 31 March 2024Notes
Share Capital
$’000
Revaluation
Reserve
$’000
Hedging
Reserve
$’000
Share-Based
Payment Reserve
$’000
Retained
Earnings
$’000
Total Equity
$’000
Balance at 1 October 2023246,150 97,519 5,077 766 46,668 396,180
Profit for the period----14,320 14,320
Other comprehensive income-15,498 (2,119)--13,379
Total comprehensive income for the period-15,498 (2,119)-14,320 27,699
Dividends11 ---(7,098)(7,087)
Fair share loans - employee repayments17 ----17
Share-based payments---138 -138
Total transactions with owners in their capacity as owners28 --138 (7,098)(6,932)
Total movement in equity28 15,498 (2,119)138 7,222 20,767
Balance at 31 March 2024 (Unaudited)246,178 113,017 2,958 904 53,890 416,947
The above statement of changes in equity should be read in conjunction with the accompanying notes.
Half Year Report For the six months ended 31 March 2024 p14

The above statement of changes in equity should be read in conjunction with the accompanying notes.
Napier Port Holdings Limited
Consolidated Statement of Changes In Equity (Continued)
For the Six Months Ended 31 March 2024Notes
Share Capital
$’000
Revaluation
Reserve
$’000
Hedging
Reserve
$’000
Share-Based
Payment Reserve
$’000
Retained
Earnings
$’000
Total Equity
$’000
Balance at 1 October 2022246,209 97,519 4,642 729 42,878 391,977
Profit for the period----8,690 8,690
Other comprehensive income--(651)--(651)
Total comprehensive income for the period--(651)-8,6908,039

Dividends17 ---(9,398)(9,381)
Fair share loans - employee repayments64 --- -64
Share-based payments---87 -87
Acquisition of treasury shares(354)----(354)
Long term incentive plan vesting 176 --(176)--
Total transactions with owners in their capacity as owners(97)--(89)(9,398)(9,584)
Total movement in equity(97)-(651)(89)(708)(1,545)
Balance at 31 March 2023 (Unaudited)246,112 97,519 3,991 640 42,170390,432
Half Year Report For the six months ended 31 March 2024 p15

Napier Port Holdings Limited
Consolidated Statement of Financial Position
As at 31 March 2024Notes
31 March 2024
Unaudited
$’000
30 September
2023 Audited
$’000
EQUITY
Share capital246,178 246,150
Reserves116,879 103,362
Retained earnings53,890 46,668
416,947 396,180
NON-CURRENT LIABILITIES
Loans and borrowings8119,334 125,027
Deferred tax liability25,753 22,797
Lease liabilities-2
Derivative financial instruments165 2,791
Provision for employee entitlements542 524
145,794 151,141
CURRENT LIABILITIES
Bank overdraft349 -
Taxation payable4,848 1,845
Lease liabilities93 196
Derivative financial instruments1,048 1,260
Trade and other payables15,89014,149
22,228 17,450
584,969564,771
As at 31 March 2024Notes
31 March 2024
Unaudited
$’000
30 September
2023 Audited
$’000
NON-CURRENT ASSETS
Property, plant and equipment4535,842 519,825
Intangible assets581 700
Investment properties13,630 13,501
Derivative financial instruments2,291 4,505
Investment in joint venture250 250
552,594 538,781
CURRENT ASSETS
Cash and cash equivalents- 1,104
Derivative financial instruments2,183 2,546
Trade and other receivables21,949 18,485
Cyclone Gabrielle insurance receivable48,243 3,855
32,375 25,990
584,969 564,771
On behalf of the Board of Directors, who authorised the issue of these financial statements on the 21 May 2024.
Chairman Director
The above statement of Financial Position should be read in conjunction with the accompanying notes.
Half Year Report For the six months ended 31 March 2024 p16

Napier Port Holdings Limited
Consolidated Statement of Cash Flows
For the Six Months Ended 31 March 2024Notes
31 March 2024
Unaudited
$’000
31 March 2023
Unaudited
$’000
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from:
Receipts from customers65,360 59,024
GST received944 23
Cash was applied to:
Payments to suppliers and employees(37,367)(36,497)
Income taxes paid(3,645)(1,181)
Net cash flows generated from operating
activities
25,292 21,369
CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided from:
Proceeds from disposal of property, plant and
equipment
3 7
Cash was applied to:
Investment in joint venture-(250)
Acquisition of property, plant and equipment and
intangible assets
(7,371)(5,549)
Net cash flows used in investing activities(7,368)(5,792)
For the Six Months Ended 31 March 2024Notes
31 March 2024
Unaudited
$’000
31 March 2023
Unaudited
$’000
CASH FLOWS FROM FINANCING ACTIVITIES
Cash was provided from:
Repayment of fair share loans by employees28 81
Cash was applied to:
Repayment of bank loans and borrowings(9,000)-
Acquisition of treasury shares-(354)
Dividends paid(7,098)(9,398)
Repayment of lease liabilities(105)(98)
Finance costs paid(3,201)(3,685)
Net cash flows generated applied to financing
activities
(19,376)(13,454)
Net increase/(decrease) in cash and cash
equivalents
(1,453)2,123
Cash and cash equivalents at beginning of the period1,104 1,942
Cash and cash equivalents at end of the year(349)4,065
The above statement of Cash Flows should be read in conjunction with the accompanying notes.
Half Year Report For the six months ended 31 March 2024 p17

Reconciliation of profit for the period to
cash flows from operating activities
For the Six Months Ended 31 March 2024Notes
31 March 2024
Unaudited
$’000
31 March 2023
Unaudited
$’000
Profit for the period14,320 8,690
Adjust for non-cash items:
Fair value gains on investment property(129)(1,225)
Depreciation and amortisation8,130 8,032
Impairment of assets631 72
Net loss on disposal of property, plant and
equipment
2 17
Share-based payments138 87
Other non-cash items(27)(37)
Deferred tax1,596 (334)
10,341 6,612
Other adjustments:
Finance costs classified as financing activities3,304 3,328
Increase in current taxation payable3,003 2,113
Increase in non-current provision18 46
6,325 5,487
For the Six Months Ended 31 March 2024Notes
31 March 2024
Unaudited
$’000
31 March 2023
Unaudited
$’000
Movements in working capital:
Increase in trade and other receivables(3,464)(290)
Increase in Cyclone Gabrielle insurance receivable(4,388)-
Increase in trade and other payables2,158 870
(5,694)580
Net cash flows generated from operating
activities
25,292 21,369
The above statement of Cash Flows should be read in conjunction with the accompanying notes.
Half Year Report For the six months ended 31 March 2024 p18

1. Reporting Entity
The interim financial statements presented
are those of Napier Port Holdings Limited and
its subsidiaries (together ‘the Group’). Napier
Port Holdings Limited is incorporated under
the Companies Act 1993 and domiciled in New
Zealand. Napier Port Holdings Limited’s shares
are publicly traded on the New Zealand Stock
Exchange (NZX) and has bonds quoted on the
NZX Debt Market (NZDX).
2. Basis of Preparation
The financial statements have been prepared in
accordance with the Financial Markets Conduct
Act 2013.
Statement of Compliance
The interim financial statements have been
prepared in accordance with New Zealand
equivalents to International Accounting Standard
34, Interim Financial Reporting (NZ IAS 34), and
International Accounting Standard 34, Interim
Financial Reporting. The Group is a for-profit entity
for NZ GAAP purposes. These interim financial
statements do not include all the information
normally included in an annual financial report.
Accordingly, these should be read in conjunction
with the Group’s annual financial statements for
the year ended 30 September 2023.
Basis of Measurement
The interim financial statements have been
prepared on a historical cost basis, except for sea
defences, investment properties and derivative
financial instruments, which are measured at fair
value. They are presented in New Zealand Dollars
(NZD) and all values are rounded to the nearest
thousand dollars ($’000), unless otherwise stated.
Napier Port Holdings Limited
Notes To The Consolidated Financial Statements
For the six months ended 31 March 2024
Reclassification of costs
Certain costs incurred by the Group have
been reclassified in the prior period to provide
comparable information to the current period. As
a result, container services revenue and other
operating expenses have both increased by $1.9
million for the six months ended 31 March 2023.
There is no change to the reported result from
operating activities for that period.
3. Significant Accounting Policies
The accounting policies adopted are consistent
with those followed in the preparation of the
Group’s Consolidated Financial Statements for
the year ended 30 September 2023.
4. Uncertainties, 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.
Cyclone Gabrielle and insurance matters
During February 2023, Cyclone Gabrielle struck
New Zealand causing widespread damage
and disruption to the Hawke’s Bay region and
its infrastructure. Whilst Napier Port did not
experience significant property damage, many
cargo customers of the Group have experienced
damage and reduced output, which impacts the
Group’s trading. The economic consequences of
this event is continuing to negatively impact the
Group’s trading results.
The Group had an insurance policy in place at
the time of the cyclone that its lead insurer has
confirmed, in principle, will respond to the material
damage and business interruption losses of the
Group arising from Cyclone Gabrielle, subject to
the terms and limitations of the insurance policy.
The Group submits claims to its insurers as
and when it determines its recoverable losses.
Under the Group’s insurance policy, the relevant
business interruption indemnity period is 18
months following the loss event. The Group’s
claims are subject to review and adjustment by the
Group’s insurers.
The Group’s accounting policy is to recognise
insurance recovery income when it is virtually
certain insurance proceeds will be received and
the amount receivable can be reliably estimated.
In relation to the Group’s progress insurance
claims for business interruption losses sustained
since the cyclone event, for the six months
ended 31 March 2024 the Group has recognised
total insurance recovery income of $7,243,000
(31 March 2023: nil) within Other Income and
Expenses in the Consolidated Income Statement.
As at 31 March 2024, $8,243,000 (31 March
2023: nil) was receivable and recorded within the
Consolidated Statement of Financial Position.
Subsequent to the balance date, $6,750,000 of
the receivable balance has been received by the
Group.
Valuation of sea defences
Sea defences were revalued to fair value as at 31
March 2024 by AECOM New Zealand Ltd. The
valuation has been prepared on an optimised
depreciated replacement cost basis and in
accordance with the NZ Infrastructure Asset
Valuation and Depreciation Guidelines published
by the NAMS group of IPWEA. The revaluation
has increased the carrying amount of sea
defences by $17.7 million, resulting in a net book
value for sea defences of $157.4 million as at 31
March 2024.
The valuation of sea defences is subject to
assumptions and judgements which materially
affect the resulting valuation. Such factors include
replacement quantities and unit values (including
breakwater replacement costs of $104,000
to $166,000 per square metre and seawall
replacement costs (per square metre) of $18,000
for demolition, $30,000 for rock, and $81,000
for rock revetment). Other factors include the
condition and performance of assets, estimated
total and remaining effective lives of 70 to 131
years and 70 to 93 years, respectively, and
estimated residual values of 20% of replacement
cost. Other inputs incorporated into the valuation
process include an allowance for project on-costs
of 5-6%. An increase in the remaining useful life,
the residual value assumption, or in replacement
quantities and unit values for sea defence assets
will result in an increase in the valuation and vice
versa.
Half Year Report For the six months ended 31 March 2024 p19

5. Revenue And Segment Reporting
31 March 2024
Unaudited
$’000
31 March 2023
Unaudited
$’000
Disaggregation of revenue
Container services33,594 36,421
Bulk cargo26,193 20,602
Cruise8,903 5,108
Sundry income298 692
Port operations68,988 62,823
Property operations1,594 1,313
Operating income70,582 64,136
Accounting Policies:
Port Operations
Port operations represents a series of
services including marine, berthage and
port infrastructure services to the Group’s
customers which are accounted for as a
single performance obligation. Revenue is
recognised over-time using the percentage of
completion method.
Revenue is measured based on the service
price specified in the relevant tariffs or
specific customer contract. The contract price
for the services performed reflects the value
transferred to the customer.
Property Operations
Property lease income is recognised on a
straight-line basis over the period of the lease
term.
Operating Segments
The Group determines its operating segments
based on internal information that is regularly
reported to the Chief Executive, who is the
Group’s Chief Operating Decision Maker (CODM).
The Group operates in one reportable segment
being Port Services. This consists of providing
and managing port services and cargo handling
infrastructure through Napier Port. Within the
Port Services reportable segment the following
operating segments have been identified: marine
services, general cargo services, container
services, port pack services and depot services.
These have been aggregated on the basis of
similarities in economic characteristics, customers,
nature of services and risks.
The Group operates in one geographic area, that
being New Zealand. During the period the Group
had two customers which comprised 25% total
revenue (March 2023: 25%).
6. Net Finance Costs
Notes
31 March 2024
Unaudited
$’000
31 March 2023
Unaudited
$’000
Interest income(24)(34)
Finance income(24)(34)
Interest and finance charges on borrowings4,108 4,058
(Gain)/loss realised on cash flow hedges
transferred from other comprehensive income
(1,270)(678)
(Gain)/loss realised on fair value hedges546 15
Change in fair value of fair value hedges(3,204)(722)
Change in fair value of loans and borrowings
subject to fair value hedges
3,204 722
Lease imputed interest4 10
Less: Interest capitalised to property, plant &
equipment
(60)(43)
Finance expenses3,328 3,362
Net finance costs3,3043,328
Half Year Report For the six months ended 31 March 2024 p20

7. Income Tax Expense
Notes
31 March 2024
Unaudited
$’000
31 March 2023
Unaudited
$’000
Reconciliation between income tax expense and tax
expense calculated at the statutory income tax rate:
Profit before income tax22,566 11,651
Income tax at 28%6,318 3,262
Adjustment to prior year tax(73)49
Tax effect of non-deductible items20 13
Tax effect of non-assessable items(37)(363)
Removal of tax depreciation on commercial buildings2,018 -
Income tax expense8,246 2,961
The income tax expense is represented by:
Current tax on profits for the year6,751 3,318
Adjustments for current tax of prior periods(101)(23)
Current income tax expense6,650 3,295
Deferred income tax expense for the period1,568 (406)
Adjustments for deferred tax of prior periods28 72
Deferred income tax expense1,596 (334)
Income tax expense8,246 2,961
During the period, the Taxation (Annual Rates for 2023-24, Multinational Tax and Remedial Matters) Bill was
substantially enacted which removed tax depreciation on commercial buildings that have an estimated useful
life of 50 years or more from 2024. This change resulted in an increase in deferred tax liability and income
tax expense of $2.02 million.
8. Loans and borrowings
31 March 2024
Non-current
Drawn
Facilities/
Bonds Issued
NZ$’000
Carrying
Value
NZ$’000
Bank facilities21,00021,000
Fixed rate NZD Bonds100,00098,334
Total non-current121,000119,334
30 September 2023
Non-current
Drawn
Facilities/
Bonds Issued
NZ$’000
Carrying
Value
NZ$’000
Bank facilities30,00030,000
Fixed rate NZD Bonds100,00095,027
Total non-current130,000 125,027
Half Year Report For the six months ended 31 March 2024 p21

9. Related party transactions
Transactions with owners
31 March 2024
Unaudited
$’000
31 March 2023
Unaudited
$’000
RELATED PARTYNATURE OF TRANSACTIONSVALUE OF TRANSACTIONS
Hawke’s Bay Regional
Council
Rates, levies, consents and services197 260
Cost recoveries(60)(47)
Lease income(22)(11)
Receivable by the Group12 -
Payable by the Group(294)-
Hawke’s Bay Regional
Investment Company
Dividends3,905 5,170
10. Commitments And Contingencies
Capital Expenditure Commitments
At balance date there were commitments in respect
of contracts for capital expenditure totalling $1.1
million (31 March 2023 $0.5 million).
Contingent Liabilities
There were no material contingent liabilities at
balance date (31 March 2023: nil).
11. Events Subsequent To Balance Date
Subsequent to the balance sheet date, a fully imputed
dividend of $6.0 million (3.0 cents per share) was
approved by the Board of Directors.
Half Year Report For the six months ended 31 March 2024 p22

Independent Auditor’s Review Report
To the shareholders of Napier Port Holdings Limited
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 Interim Financial Statements
section of our report.
We are independent of the Group in
accordance with the independence
requirements of the Auditor-General’s
Auditing Standards, which incorporate the
independence requirements of Professional
and Ethical Standard 1 International Code
of Ethics for Assurance Practitioners issued
by the New Zealand Auditing and Assurance
Standards Board.
In addition to the review and audit we have
carried out an engagement to provide
shareholder meeting vote counting agreed
upon procedures to the Group, which
are compatible with those independence
requirements. Other than the audit, review and
this engagement, we have no other relationship
with, or interest in, the Group.
Directors’ Responsibility For The
Interim Financial Statements
The Directors are responsible, on behalf of the
Group for the preparation and fair presentation
of these interim financial statements in
accordance with New Zealand equivalent
to International Accounting Standard 34:
Interim Financial Reporting and International
Accounting Standard 34: Interim Financial
Reporting and for such internal control as the
Directors determine is necessary to enable the
preparation and fair presentation of the interim
financial statements that are free from material
misstatement, whether due to fraud or error.
The Directors are also responsible for the
publication of the interim financial statements,
whether in printed or electronic form.
Auditor’s Responsibilities For The
Review Of The Interim Financial
Statements
Our responsibility is to express a conclusion
on the interim financial statements based on
our review. NZ SRE 2410 (Revised) requires
us to conclude whether anything has come to
our attention that causes us to believe that the
interim financial statements, taken as a whole,
are not prepared, in all material respects, in
accordance with New Zealand equivalent
to International Accounting Standard 34:
Interim Financial Reporting and International
Accounting Standard 34: Interim Financial
Reporting.
A review of the interim financial statements in
accordance with NZ SRE 2410 (Revised) is a
limited assurance engagement. We perform
procedures, primarily 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 would become
aware of all significant matters that might be
identified in an audit. Accordingly, we do not
express an audit opinion on these interim
financial statements.
Stuart Mutch
Ernst & Young
On Behalf Of The Auditor-General
Wellington, New Zealand
21 May 2024
The Auditor-General is the auditor of Napier
Port Holdings Limited (“the Group”). The
Auditor-General has appointed me, Stuart
Mutch, using the staff and resources of Ernst
& Young, to carry out the review of the interim
financial statements of the Group on his behalf.
Conclusion
We have reviewed the interim financial
statements of the Group on pages 13 to 22,
which comprise the consolidated statement of
financial position as at 31 March 2024, and the
consolidated income statement, consolidated
statement of comprehensive income,
consolidated statement of changes in equity
and the consolidated statement of cash flows
for the six months ended on that date, and
the notes, including a summary of significant
accounting policies and other explanatory
information.
Based on our review, nothing has come to our
attention that causes us to believe that the
interim financial statements of the Group do
not present fairly, in all material respects, the
financial position of the Group as at 31 March
2024, and its financial performance and cash
flows for the six months ended on that date,
in accordance with New Zealand equivalent
to International Accounting Standard 34:
Interim Financial Reporting and International
Accounting Standard 34: Interim Financial
Reporting.
Half Year Report For the six months ended 31 March 2024 p23

Directory
Directors
Blair O’Keeffe (Chair)
Stephen Moir
John Harvey
Vincent Tremaine
Kylie Clegg
Dan Druzianic
Senior Management Team
Todd Dawson – Chief Executive
Kristen Lie – Chief Financial Officer
Adam Harvey – Chief Operating Officer
Viv Bull – General Manager People and
Culture
David Kriel – General Manager
Commercial
Andrea Manley – General Manager
Strategy and Supply Chain
Jo-Ann Young – Corporate Affairs Manager
David Broad – General Manager Assets
and Infrastructure
Chris Wylie – General Manager Port
Optimisation
Registered Office
Breakwater Road
PO Box 947
Napier 4140
New Zealand
Phone: +64 6 833 4400
Fax: +64 6 033 4408
Email: info@napierport.co.nz
Facebook: Napier Port
LinkedIn: Napier Port
Website: napierport.co.nz
Bond Supervisor
Public Trust
Level 16, SAP Tower
151 Queen Street
Auckland 1010
Bankers
Westpac New Zealand Limited
16 Takutai Square
Auckland 1010
New Zealand
Industrial and Commercial Bank of
China (New Zealand) Limited
Level 11
188 Quay Street
Auckland Central 1010
New Zealand
Solicitors
Bell Gully
171 Featherston Street
Wellington
New Zealand
Auditors
Ernst & Young
PO Box 490
Wellington 6140
On behalf of the Auditor-General
Share Registry
For enquiries about share transactions, dividend
payments, or to change your address, please get in
touch with:
Link Market Services Limited
PO Box 91976
Victoria Street West
Auckland 1142
Phone: +64 9 375 5998
Fax: +64 9 375 5990
Email: napierport@linkmarketservices.co.nz
Copies of the annual report are available at:
napierport.co.nz
Financial Calendar
31 March 2024 - Half year balance date
22 May 2024 - Interim results announcement
27 June 2024 - Interim dividend payment
30 September 2024 - Financial year end
November 2024 - Annual results announcement
18 December 2024* - Final dividend payment
19 December 2024 - Annual meeting
* Subject to board approval
Half Year Report For the six months ended 31 March 2024 p24

---

2
IMPORTANT NOTICE AND DISCLAIMER
This presentation has been prepared by Napier Port Holdings Limited (together with Port of Napier Limited, "Napier
Port"). This presentation is being provided to you on the basis that you are, and you represent and warrant that you are,
a person to whom the provision of the information in this presentation is permitted by the applicable laws and regulations
of the jurisdiction in which you are situated without the need for registration, lodgement or approval of a formal disclosure
document or any other filing or formality in accordance with the laws of that foreign jurisdiction.
Information only; No reliance: This presentation is for information purposes only and you should not rely on this
presentation. This presentation does not purport to contain all ofthe information that you may require or be complete.
The historical information in this presentation is, or is based upon, information that has been released to NZX Limited
("NZX"). This presentation should be read in conjunction with Napier Port's other periodic and continuous disclosure
announcements, which are available at www.nzx.com.
The information in this presentation does not constitute a personal recommendation or service or take into accountthe
particular needsof any recipient. The information in this presentation should be considered in the context of the
circumstances prevailing at the date and time of the presentation and is subject to change without notice. No person is
under any obligation to update this presentation nor to provide you with further information about Napier Port. This
presentation does not constitute or form part of an offer to sell, or a solicitation of an offer to buy, any shares, securities
or financial products in any jurisdiction. This presentation has not been and will not be filed with or approved by any
regulatory authority in New Zealand or any other jurisdiction.
Investment risk: An investment in securities in Napier Port is subject to investment and other known and unknown risks,
some of which are beyond the control of Napier Port. Napier Port does not guarantee any particular rateof return or the
performance of Napier Port.
No liability: Napier Port, its shareholders, their respective advisers and affiliates, and each of their respective directors,
shareholders, partners, officers, employees and representatives accept no responsibility or liability for, and make no
representation, warranty or undertaking, express or implied, as to, the fairness, accuracy, reliability or completeness of,
and to the maximum extent permitted by law hereby disclaim and shall have no liability whatsoever (including, without
limitation, arising from fault or negligence or otherwise) for any loss or liability arising from, this presentation or any
information contained, referred to or reflected in it or supplied or communicated orally or in writing to you or any other
person. The information in this presentation has not been independently verified or audited.
Financial data: All dollar values are in New Zealand dollars (NZ$ or NZD) unless otherwise stated. Any financial
information provided in this presentation is for illustrative purposes only and is not represented as being indicative of
Napier Port's views on its future financial condition and/or performance.
Investors should be aware that certain financial data included in this presentation are 'non-GAAP financial measures'.
Investors are cautioned not to place undue reliance on any non-GAAP financial measures included in this presentation,
they do not have a standardised meaning prescribed by New Zealand Generally Accepted Accounting Standards and,
therefore, may not be comparable to similarly titled measures presented by other entities, nor should they be construed
as an alternative to other financial measures determined in accordance with New Zealand Generally Accepted
Accounting Standards.
Past performance: Any past performance information given in this presentation is given for illustrative purposes only
and should not be relied upon as (and is not), a promise, representation, warranty or guarantee as to the past, present
or the future performance of Napier Port.
Future performance: This presentation contains "forward-looking statements", which include all statements other than
statements of historical facts, including, without limitation, any statements preceded by, followed by or that include the
words "targets", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "would", "could" or similar
expressions or the negative thereof. Indications of, and guidance or outlook on, future earnings or financial position or
performance are also forward-looking statements. Such forward-looking statements involve known and unknown risks,
uncertainties and other important factors beyond the control of Napier Port that could cause the actual results,
performance or achievements of Napier Port to be materially different from future results, performance or achievements
expressed or implied by such forward-looking statements. No assurances can be given that the forward-looking
statements referred to in this presentation will be realised. Given these uncertainties, you are cautioned not to rely on
such forward-looking statements.
Confidentiality and copyright: This presentation is strictly confidential and is intended for the exclusive benefit of the
person to which it is presented. This presentation should not be copied, reproduced or redistributed without the prior
written consent of Napier Port. Distribution of this presentation may be restricted or prohibited by law. The copyright of
this presentation and the information contained in it is vested in Napier Port.
Acceptance: For purposes of this Notice, "presentation" shall mean the slides, the oral presentation of the slides by
Napier Port, any question-and-answer session that follows that oral presentation, hard copies of this document and any
materials distributed at, or in connection with, that presentation. By attending an investor or analyst presentation or
briefing, or accepting, accessing or reviewing this presentation, you acknowledge and agree to the terms set out in this
Notice.

3
PRESENTING TODAY
TODD DAWSON
CHIEF EXECUTIVE
KRISTEN LIE
CHIEF FINANCIAL OFFICER
BLAIR O'KEEFFE
CHAIR

4
HY2024 OVERVIEW
Fundamentals are strong – cargo diversity, infrastructure and
capability, operating leverage, track record of delivery and
resilience
Confidence retained in an inflationary environment and uncertain
economic activity; cost and capital discipline
Robust earnings growth with trade volumes by key customers and
cargoes returning towards pre-cyclone levels
BLAIR O’KEEFFE, CHAIR
Critical regional function – lifeline asset and significant contributor
to economic prosperity

5
VOLUME GROWTH ACROSS KEY TRADES
VolumeHY2024HY2023
Variance
kT / TEU / calls%
Total cargo (kT)2,5272,283+244+10.7
Containerised cargo (TEU)98,000119,000-21,000-17.3
Bulk cargo (kT)
- Logs exports (kT)
1,883
1,552
1,548
1,144
+335
+408
+21.6
+35.7
Cruise vessels (calls)8862+26+41.9
TRADE OVERVIEW FY2024 HALF YEAR
•Container volumes lower on cyclone impact to Pan Pac’s wood pulp and timber operations, and lower economic activity
•Strong log export volumes
•Supported by CNI wind-throw, unprocessed Pan Pac logs
•Soft export market demand
•Record season for cruise visits and passenger numbers

6
STRONG EARNINGS GROWTH DRIVEN BY VOLUME UPLIFTS
•Strong revenue and earnings growth in half year
•Demonstrating operational flexibility with cost and capital discipline
•ARPU
2
growth across all main service areas – reflects continued focus on yield and positioning for volume driven
earnings growth
•Positive operating leverage demonstrated in earnings and cashflow results
•Driven by record HY volumes for cruise, log exports
•Financial resilience in diversity of trades
HY2024
$M
HY2023
$M
Variance
$M%
Revenue70.664.1+6.5+10.1
Result from operating activities27.421.9+5.5+25.1
Net profit after tax – underlying¹11.17.5+3.6+48.3
Cash flow from operations – underlying¹
24.521.4+3.2+14.9
FINANCIAL RESULTS OVERVIEW FY2024 HALF YEAR
1- Refer to appendices for reconciliations of underlying metrics
2- ARPU – Average Revenue Per Unit

7
Container services
$33.6m
Bulk cargo
$26.2m
Cruise
$8.9m
Other
$1.9m
CRUISE AND BULK CARGO LEAD REVENUE GROWTH
•10.1% total revenue growth half year-on-half year (HoH)
•Container services revenue down $2.8m (7.8%) to $33.6m
•Bulk cargo revenue increased $5.6m (27.1%) to $26.2m
•Cruise revenue up $3.8m (74.3%) to $8.9m
HY2024 REVENUE COMPOSITION
Millions
HY2024 REVENUE PROGRESSION

8
Reefers
20k
(+25.5%)
Dry
32k
(-28.8%)
Empty
41k
(-11.9%)
Tranships & DLRs
5k
(-55.0%)
$200
$220
$240
$260
$280
$300
$320
$340
$360
$380
$400
$0
$5
$10
$15
$20
$25
$30
$35
$40
HY2022HY2023HY2024
Average revenue per TEU
Revenue (LHS)Average revenue per TEU (RHS)
CONTAINER REVENUE DOWN ON LOWER VOLUME POST CYCLONE
•Container Services revenue decreased $2.8m (7.8%) to $33.6m HoH
•Total TEU volume decreased 21,000 (17.3%) HoH
•Full containers down 9,000 TEU, empties down 6,000 TEU, and tranships and DLRs down 6,000 TEU
•Average revenue per TEU increased 11.5% to $341 per TEU from $306 per TEU HoH
•Container mix (higher proportion of reefers), tariff increases, Viewpoint supply chain service, partially offset by lower Port
Pack (Pan Pac fibre impact)
•Shipping schedule reliability and more settled weather resulted in +14 container vessel calls
HY2024 TEUs (VERSUS HY2023)
Millions
CONTAINER SERVICES REVENUE AND ARPU
VOLUME RECOVERING – YIELD MANAGEMENT GAINS ADD OPERATING LEVERAGE

9
Container services
47.6%
(-9.2%)
Bulk cargo
37.1%
(+5.0%)
Cruise
12.6%
(+4.6%)
Other
2.7%
(-0.4%)
$8.00
$9.00
$10.00
$11.00
$12.00
$13.00
$14.00
$15.00
$16.00
$16
$18
$20
$22
$24
$26
$28
HY2022HY2023HY2024
Average revenue per tonne
Revenue (LHS)Average revenue per tonne (RHS)
BULK CARGO – EXPORT LOGS DRIVE EARNINGS GROWTH
•Bulk revenue increased $5.6m (27.1%) to $26.2m HoH
•Volume increased by 0.33 million tonnes (+21.6%) to1.88 million tonnes HoH
•Export logs increased by 0.41 million tonnes (+35.7%) to 1.55 million tonnes HoH
•Bulk cargo average revenue per tonne increased 4.6% to $13.91/T from $13.30/T HoH
•Mainly cargo mix and rate increases
•Increased contribution from log debarking
•Lower marine contribution (fewer vessels with higher average tonnes)
HY2024 REVENUE COMPOSITION (VERSUS HY2023)
Millions
BULK CARGO REVENUE AND ARPU

10
Logs
74%
Woodpulp
5%
Apples & pears
2%
Timber
2%
Meat
5%
Fresh produce
3%
Other
9%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
FY2022FY2023HY2024
Q1Q2Q3Q4
RECORD LOG VOLUME IN SOFT EXPORT MARKET
•Log export volume increased 0.41 million tonnes (+35.7%) to 1.55 million tonnes HoH
•Prior year second quarter impacted by cyclone
•Log export market conditions generally subdued, but first half volumes elevated by CNI wind-throw and Pan Pac
HY2024 ALL CARGO EXPORTS (WEIGHT)
Millions (tonnes)
LOG EXPORT VOLUME

11
$-
$5
$10
$15
$20
$25
$30
$35
$40
$45
1H20232H20231H2024
Employee benefit expensesProperty and plant expensesOther operating expenses
$42.3m$42.4m
$43.2m
FLATTENED TOTAL OPEX RUN RATE
•Maintaining continued cost and capital discipline
•Total opex increased $0.9m to $43.2m HoH,
•+1.8% compared to 2H 2023, +2.2% compared to 1H 2023
•Continuing cost inflation, but at lower levels than previous
years
•HoH variances:
•Employee benefit expenses decreased $0.2m (1.0%)
•Property and plant expenses up $0.1m (1.7%)
•Other operating expenses increased $1m (8.3%)
•Higher insurance and cargo transport costs
TOTAL OPERATING EXPENSES BY HALF YEAR
Millions
FOCUSED COST MANAGEMENT SUPPORTING MARGIN RECOVERY AND OPERATING LEVERAGE

12
$16.4m
$21.9m
$27.4m
28.0%
30.0%
32.0%
34.0%
36.0%
38.0%
40.0%
$-
$5
$10
$15
$20
$25
$30
HY2022HY2023HY2024
Result from Operating Activities (LHS)Margin (RHS)
MARGIN RECOVERY ON VOLUME UPLIFTS AND STABLE COST BASE
•Cost focus and operating leverage providing strong growth on volume uplifts in the period
•Operating margin recovery to 38.8% for HY2024
DEMONSTRATING OPERATING LEVERAGE EFFECT
RESULT FROM OPERATING ACTIVITIES AND MARGIN %
Millions

13
IMPROVED OPERATING RESULT DRIVEN BY IMPROVED YIELD AND
CRUISE GROWTH
•Result from operating activities up $5.5m (+25.1%)
•Overall increase driven by ARPU growth and increased cruise calls
•Supported by cost control and higher log exports largely offsetting lower container volume
Millions
RESULT FROM OPERATING ACTIVITES
1- Fuel, electricity and contract services

14
NET PROFIT GROWTH ON HIGHER OPERATING RESULT
•Underlying NPAT¹ increased by $3.6m (48.3%) to $11.1m
•Reported NPAT increased by $5.6m (64.8%) to $14.3m
•Increase driven by operating result and net contribution of $7.1m from business interruption insurance claim
•Partially offset by lower property revaluation gain and higher tax expense – removal of tax depreciation on buildings ($2.0m)
1- Refer to appendices for reconciliations of underlying metrics
Millions
REPORTED NET PROFIT AFTER TAX

15
•Capital expenditure of $7.0m
1
•$2.7m site asset management plan – 3 Wharf fendering replacement, other major maintenance
•$1.5m mobile plant – Eco reachstacker, electric sweeper, other minor plant replacements
•$1.5m additional paved area
•Near term future capex – mobile plant replacements, breakwater works, dredging
•FY2024 total estimated range $14-$18m (dependent on approvals and timing)
Other development
$1.7m
Replacement
$5.0m
Other
$0.2m
60.2
12.3
7.0
$-
$20
$40
$60
FY2022FY2023HY2024
Development - 6 WharfDevelopment - OtherReplacementOther
CAPITAL EXPENDITURE SPEND LIMITED
1- Includes accounting accruals including capitalised overhead and finance costs. HY2024 cash spend $7.4m
HY2024 CAPITAL EXPENDITURE
Millions
CAPITAL EXPENDITURE

16
CASH FLOW & LIQUIDITY
•Good growth in operating cash flow aligned with operating result
•supported by BI insurance proceeds of $2.9m
•Underlying operating cash flows¹ increased $3.2m to $24.5m HoH
•FY2023 final dividend of $7.1m (3.55 cps) paid December 2023
•Total drawn debt reduced to $121.0m at end of period, down from $130.0m at the end of FY2023
HY2024
$M
HY2023
$M
Var
$M
Operating cash flows25.321.4+3.9
Investing cash flows(7.4)(5.8)-1.6
Dividends(7.1)(9.4)+2.3
Reduction in total gross debt(9.0)--9.0
Other financing cash flows(3.3)(4.1)+0.8
Increase in cash and cash equivalents(1.5)2.1
1- Refer to appendices for reconciliations of underlying metrics

17
CAPITAL MANAGEMENT
•Debt to EBITDA of 2.16x at 31 March
•Down from 2.98x at 30 September 2023
•Within long-term target range of 2.0x - 3.0x
•Weighted average term to debt maturity of 3.2 years
•92% of gross drawn debt subject to fixed interest rates at
31 March 2024
•Total bond and bank facilities of $180m
FIXED INTEREST RATE PROFILE (INCLUDING HEDGING)
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
$0
$20
$40
$60
$80
$100
$120
Fixed / Hedged Notional (LHS)
Fixed / Hedged Weighted Average Base Rate (excl. margin & costs) (RHS)
Millions

18
RISK MANAGEMENT AND INSURANCE
•Insurance captive entity established for upcoming FY2024 insurance
renewal
•Board approved establishment of insurance captiverisk reserve
(investment) fund:
•Available for self-insured MD & BI losses;
•Increase short term liquidity availability following asignificant low
probability natural event;
•Initial fund targetsize of $25m, to be established over 5 or more
years from FY2025
INSURANCE CAPTIVE SET-UP AND RESERVE FUND

19
0.0000
0.0005
0.0010
0.0015
0.0020
-
1.0
2.0
3.0
4.0
5.0
HY2023HY2024
TCO2e per total cargo tonne
TCO2e (000s)
Scope 1Scope 2Scope 3TCO2e / total tonne (RHS)
SUSTAINABILITY EMISSIONS REPORTING
•Total (unaudited) emissions for half year reduced 16.1% HoH
•Scope 1 decreased 15.6%
•less fuel usage on reduced container volumes,
lower generator use
•high generator usage last year following
Cyclone Gabrielle
•Scope 2 decreased 28%
•17% increased electricity usage, offset by
emission factor reduction
•small movements across Scope 3 categories
•Relative metric basis: emissions per cargo tonne decreased
by 24.2%
•FY2024 Employee Recognition Scheme focus on the
‘Partnerships’ pillar of our sustainability strategy
•Development underway of Environmental Management
System (EMS)
EMISSIONS BY HALF YEAR
LOWER GROSS AND RELATIVE EMISSIONS ON LOWER CONTAINER ACTIVITY

20
CONCLUSION AND OUTLOOK
Demonstrated diverse and resilient cargo base, operational
adaptability
Positive operating leverage evident from the volume return in
bulk and cruise, together with cost management
For 2H 2024, expecting reducing log export volume, subdued
economic activity, continuing inflation
FUNDAMENTALS STRONG: VOLUME RECOVERY UNDERWAY
Expect continuing ramp up of cargo volumes post Cyclone
Gabrielle, and continued earnings growth momentum
90 forward cruise bookings, less revenue, for the next 2025
season
International shipping remains challenged
Guidance for FY2024 underlying result from operating
activities of between $50m and $53m

21
HY2024 INTERIM DIVIDEND
Declared interim dividend of 3.0 cps (2023: 1.7 cps)
Fully imputed
Payment date: 27 June 2024
Record date: 14 June 2024

QUESTIONS

23
APPENDICES
The following appended financial information provides a summary of financial information for the
half year period ended 31 March 2024 (HY2024) compared to the corresponding half year period in
2023 (HY2023).
Reconciliations provided are extracted from and should be read in conjunction with the Supplemental
Selected Financial Information document released with NPH’s 2024 Half Year Report on the NZX
announcements platform and the Napier Port website Investor Centre.

24
NZ$000
HY2024
HY2023
Container services
33,594


36,421


Bulk cargo
26,193


20,602


Cruise
8,903


5,108


Sundry revenue
298


692


Revenue from port operations
68,988


62,823


Revenue from property operations
1,594


1,313


Total operating income
70,582


64,136


REVENUE

25
Employee benefit expenses
NZ$000
HY2024
HY2023
Wages & salaries
20,368


20,860


Other employee benefit expenses
1,591


1,325


Total employee benefit expenses
21,959


22,185


Property and plant expenses
NZ$000
HY2024
HY2023
Plant expenses
3,022


3,227


Site expenses
1,434


833


Fuel & power
3,252


3,516


Total property and plant expenses
7,708


7,576


OPERATING EXPENSES

26
Other operating expenses
NZ$000
HY2024
HY2023
Administration expenses
3,466


3,686


Occupancy expenses
5,014


4,270


Contract services
4,253


3,707


Other staff expenses
815


842


Total other operating expenses
13,548


12,505


OPERATING EXPENSES

27
CAPITAL EXPENDITURE
NZ$000
HY2024
HY2023
Development capex
1,713


714


Replacement capex
5,034


5,864


Compliance and other capex
226


344


Total capex including capitalised finance costs
6,972


6,923


Movement in fixed asset creditors
399


(1,375)


Capex per cash flow
7,371


5,548

28
NZ$000
HY2024
HY2023
Reported net profit after tax
14,320
8,690
Adjustments:
Fair value movements on investment properties
(129)
(1,225)
Cyclone Gabrielle related expenses
108
Cyclone Gabrielle business interruption insurance income
(7,243)
Tax impact of adjustments
1,998
Tax impact of removal of tax depreciation on buildings
2,018
Underlying net profit after tax
11,072
7,465
RECONCILIATION OF UNDERLYING NET PROFIT AFTER TAX¹
1- Underlying net profit after tax is a non-NZ GAAP measure – refer to the Supplemental Selected Financial Information released with NPH’s 2024 Half Year Report on the NZX announcements
platform for further information related to this measure

29
NZ$000
HY2024
HY2023
Reported net cash flows from operating activities
25,292
21,369
Adjustments
Cyclone Gabrielle related expenses
108
-
Cyclone Gabrielle business interruption insurance income
(2,855)
-
Tax impact of adjustments
1,998
-
Underlying net cash flows from operating activities
24,543
21,369
RECONCILIATION OF UNDERLYING NET CASH FLOWS FROM
OPERATING ACTIVITIES¹
1- Underlying net cash flows from operating activities is a non-NZ GAAP measure – refer to the Supplemental Selected Financial Information released with NPH’s 2024 Half Year Report on the
NZX announcements platform for further information related to this measure

30
•The Board is targeting paying total dividends within a range of 70% to 90% of Free Cash Flow
1

•Free Cash Flow
1
is a non-NZ GAAP measure adopted by Napier Port. It excludes capital expenditure on
development projects and the interest costs capitalised during construction
•The payment of dividends is not guaranteed and will be at the discretion of the Board and depend on a
number of factors. These factors include the general business environment, operating results (including
our ability to grow Free Cash Flow
1
)

and financial condition of Napier Port, future funding requirements,
any contractual, legal or regulatory restrictions on the payment of dividends by Napier Port and any other
factors the Board may consider relevant. In declaring dividends, Napier Port must comply with the
solvency test under the Companies Act and the covenants in its banking facilities
•Dividend payments are expected to be split into an interim dividend paid in June, targeting 40%
of the total expected dividend for the financial year, and a final dividend paid in December. Napier Port
intends to impute dividends to the maximum extent possible
1- Non-NZ GAAP measure, being NPAT, adjusted for the post-tax impact of fair value revaluations of derivatives and investment properties, plus depreciation, amortisation and impairment, less the average replacement
capital expenditure of maintaining Napier Port's asset base. Average replacement capital expenditure is based on an assessment of the long term average cost of maintaining assets for Napier Port in real terms.
DIVIDEND POLICY

31
FURTHER INFORMATION ON NAPIER PORT
To learn more about Napier Port and what it does please refer to our website at www.napierport.co.nz
See our website Investor Centre for:
•Share price information
•Links to NZX results and market announcements
•Key calendar dates
•Publications, including:
- Annual Reports
- Sustainability Strategy and Action Plan
- Climate Change Related Disclosure (TCFD)Report
- Investment Key Facts
- Investing in Napier Port
- Investor Day 2021 Presentations
- Log Supply Chain Case Study
•Key policies and governance documents

---

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

Results for announcement to the market
Name of issuer Napier Port Holdings Limited
Reporting Period 6 months to 31 March 2024
Previous Reporting Period 6 months to 31 March 2023
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$70,582 10.1%
Total Revenue $70,582 10.1%
Net profit/(loss) from
continuing operations
$14,320 64.8%
Total net profit/(loss) $14,320 64.8%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.03000000
Imputed amount per Quoted
Equity Security
$0.01166667
Record Date 14 June 2024
Dividend Payment Date 27 June 2024
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$2.08 $1.95
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to the accompanying 2024 Half Year Report for further
information.
Authority for this announcement
Name of person authorised
to make this announcement
Kristen Lie, Chief Financial Officer
Contact person for this
announcement
Jo-Ann Young, Corporate Affairs Manager
Contact phone number DD: 06 833 4521
Contact email address jo-anny@napierport.co.nz
Date of release through MAP 22 May 2024

Unaudited consolidated financial statements accompany this announcement.

---

Distribution Notice


Section 1: Issuer information
Name of issuer Napier Port Holdings Limited
Financial product name/description Ordinary Shares
NZX ticker code NPH
ISIN (If unknown, check on NZX
website)
NZNPHE0005S2
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies No
Record date 14/06/2024
Ex-Date (one business day before the
Record Date)
13/06/2024
Payment date (and allotment date for
DRP)
27/06/2024

Total monies associated with the
distribution
$6,000,000
(200,000,000 ordinary shares @ 3.0 cents per share)
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.04166667
Total cash distribution $0.03
Excluded amount N/A – not a listed PIE
Supplementary distribution amount $0.005294
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed Fully imputed
Partial imputation
No imputation
If fully or partially imputed, please
state imputation rate as % applied
100%
Imputation tax credits per financial
product
$0.01166667
Resident Withholding Tax per
financial product
$0.00208333

Section 4: Distribution re-investment plan – Not Applicable
DRP % discount (if any)

Start date and end date for
determining market price for DRP

Date strike price to be announced (if
not available at this time)

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

Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Kristen Lie, Chief Financial Officer
Contact person for this
announcement
Jo-Ann Young, Corporate Affairs Manager
Contact phone number DDI: 06 833 4521
Contact email address jo-anny@napierport.co.nz
Date of release through MAP

22 May 2024

---

Napier Port Holdings Limited
2024 Half Year Trade Volume Data
The below trade volume data provides a summary of second quarter (Q2 FY2024) and half
year ended 31 March 2024 (HY2024) results compared to the prior periods.

1.1 Container Services
Container Services
TEU (000s)^
Q2
FY2024
Actual
Q2
FY2023
Actual
HY2024
Actual
HY2023
Actual
Exports



Wood pulp & timber 6 9 12 21

Canned food / other food & beverage 2 2 3 4

Other dry 2 2 4 5

Total dry 10 13 20 30


Apples & pears 3 2 4 3

Meat 4 3 8 7

Fresh & other chilled produce 6 3 7 5

Total reefer 13 9 18 15


Empty 2 3 5 5

Total exports 25 25 43 50

Imports



Dry 6 6 12 14

Reefer 1 1 2 2

Empty 20 21 36 42

Total imports 26 29 50 57


Other container movements (‘DLRs
and Tranships’)
5 6 5 12

Total Container Services volume 56 59 98 119

Vessels



Container ship calls 66 63 124 110

^Rounded to nearest thousand TEU

1.2 Bulk Cargo
Bulk Cargo
Kilotonnes
Q2
FY2024
Actual
Q2
FY2023
Actual
HY2024
Actual
HY2023
Actual

Log exports 736 406 1,552 1,144

Other exports 30 23 56 71

Imports 107 141 275 334

Total Bulk Cargo volume 873 570 1,883 1,548

Vessels

Charter vessel calls 55 57 119 149


1.3 Cruise Services
Cruise Services

Q2
FY2024
Actual
Q2
FY2023
Actual
HY2024
Actual
HY2023
Actual
Vessels



Cruise vessel calls 68 42 88 62

---

Napier Port Holdings Limited
Supplemental Selected Financial Information (unaudited)
The below supplemental selected financial information provides a summary of financial information for
the half year period ended 31 March 2024 (HY2024) compared to the corresponding half year period
in 2023 (HY2023).
Except where information is denoted as being extracted directly from audited financial statements, the
supplemental selected financial information is unaudited.
Selected financial information
1


Notes:
1.
The selected financial information (excluding any financial information in the selected financial information table that is identified as
being underlying financial information) is extracted from unaudited financial statements of Napier Port Holdings Limited (‘Napier
Port’) for HY2024. Some line items in the selected financial information include adjustments applied by Napier Port (denoted
‘underlying’). An explanation of these adjustments is contained in section 1.1 below.
2.
Revenue relates to operating income as disclosed in the financial statements for Napier Port.
3.
Result from operating activities is a non-NZ GAAP measure and is as disclosed in the financial statements for Napier Port. The
measure is calculated as operating income less operating expenses. The measure excludes income and expenses related to finance
costs, taxes, the depreciation, amortisation, impairment, and retirement of operating and other assets, and the income and expenses
arising from fair value changes, non-recurring and abnormal, and joint-venture and other investment activity.
4.
Underlying net profit after tax is a non-NZ GAAP measure that comprises reported net profit after tax adjusted for certain non-
recurring, non-core and abnormal items, and unrealised fair value movements as described in section 1.1 below. Tax expense has
been adjusted to reflect the tax implications of the adjustments. A reconciliation to reported net profit after tax is included in section
1.2 below.
5.
Underlying cash flows from operating activities is a non-NZ GAAP measure that comprises net cash flows from operating activities
adjusted for certain non-recurring, non-core and abnormal items and the tax implications of these adjustments on the basis that cash
taxes would be paid in the corresponding reporting period. A reconciliation to reported cash flows from operating activities is
included in section 1.3 below.
NZ$000HY2024HY2023
Financial period6 months
ending
31 Mar 24
6 months
ending
31 Mar 23
Financial performance:
Revenue
(2)
70,58264,136
Result from operating activities
(3)
27,36721,870
Net profit after tax
14,3208,690
Underlying net profit after tax
(4)
11,0727,465
Balance sheet and cash flow items:
Dividends paid7,1009,400
Total assets584,969564,005
Cash and cash equivalents-4,065
Total liabilities168,022173,573
Total debt119,334131,975
Net cash flows from operating activities25,29221,369
Underlying net cash flows from operating activities
(5)
24,54321,369

1.1 Description of adjustments
In determining the use of adjustments, the Directors have considered only those items that they
believe are required to ensure consistency and comparability of the financial information over the
periods presented.
The adjustments that Napier Port considers appropriate are explained below:
(i) removal of unrealised fair value movements on investment properties as this relates to
non-core activity;
(ii) removal of expenses and business interruption insurance income attributable to the
extraordinary Cyclone Gabrielle event that occurred during February 2023;
Insurance income receivable for insured business interruption losses indemnifies the
Group for reduced operating profits following Cyclone Gabrielle. The recognition of
business interruption insurance income does not necessarily match the accounting period
of the reduced operating profits, as this income recognition is determined according to the
Group’s accounting policy for recognising insurance recovery income and is dependent
upon the timing of the lodgement of claims with insurers and the timing of their review
processes. The adjustment removes this timing effect and the potential variability in
income recognition; and
(iii) removal of the one-off deferred tax charge relating to the removal of tax depreciation on
commercial buildings.

1.2 Reconciliation of underlying net profit after tax



1.3 Reconciliation of underlying net cash flows from operating activities

NZ$000
HY2024
HY2023
Reported net profit after tax
14,320
8,690
Adjustments:
Fair value movements on investment properties
(129)
(1,225)
Cyclone Gabrielle related expenses
108
-
Cyclone Gabrielle business interruption insurance income
(7,243)
-
Tax impact of adjustments
1,998
-
Tax impact of removal of tax depreciation on buildings
2,018
-
Underlying net profit after tax
11,072
7,465
NZ$000HY2024HY2023
Reported net cash flows from operating activities25,29221,369
Adjustments
Cyclone Gabrielle related expenses 108-
Cyclone Gabrielle business interruption insurance income(2,855)-
Tax impact of adjustments1,998-
Underlying net cash flows from operating activities24,54321,369