Mainfreight Full Year Results to 31 March 2024

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Results for announcement to the market
Name of IssuerMainfreight Limited
Reporting Period12 months to 31 March 2024
Previous Reporting Period12 months to 31 March 2023
CurrencyNZD
Amount (000s)Percentage Change
Revenue from Continuing Operations$4,717,796-16.9%
Total Revenue$4,717,796-16.9%
Net Profit/(Loss) from Continuing Operations$208,671-51.1%
Total Net Profit/(Loss)$208,671-51.1%
Interim/Final Dividend
Amount per Quoted Equity Security$0.87000000
Imputed Amount per Quoted Equity Security$0.15352941
Record Date12/07/2024
Dividend Payment Date19/07/2024
Current PeriodPrior Comparable Period
Net tangible assets per Quoted Equity Securit
y
$15.5798$14.2252
A brief explanation of any of the figures above
necessary to enable the figures to be understood
Name of person authorised to make this
announcement
Contact person for this announcement
Contact phone number
Contact email address
Date of release through MAP
29/05/2024
Unaudited financial statements accompany this announcement.
A tax abnormal item of $69.224m was included in total net profit
that was a non-cash accounting adjustment - refer to note 4.
Authority for this Announcement
Tim Williams, Chief Financial Officer
Tim Williams
+64 9 259 5510
tim@mainfreight.com

MAINFREIGHT LIMITED
Preliminary Full Year Announcement
For the Full Year ended 31 March 2024
Income Statement
For the Full Year ended 31 March 2024
Year endedYear ended
31 March 202431 March 2023
Notesunauditedunaudited
$NZ000$NZ000
Total Revenue4,717,796 5,675,709
Transport Costs(2,623,077) (3,444,287)
Labour Expenses(1,011,808) (1,023,106)
Other Expenses(362,330) (357,288)
Earnings before Finance Costs, Tax, Depreciation and Amortisation
720,581 851,028
Depreciation of Right to Use Assets(193,146) (155,359)
Finance Costs Relating to Lease Liabilities(25,611) (17,326)
Other Depreciation & Amortisation Expenses(99,822) (83,630)
Other Finance Costs(6,619) (7,315)
Profit Before Abnormal Items and Taxation for the Year395,383 587,398
Income Tax on Profit Before Abnormal Items(117,488) (160,922)
Net Profit Before Abnormal Items for the Year277,895 426,476
Abnormal Tax Item - deferred tax liability on buildings arising from
legislative change
4(69,224) -
Profit before Taxation for the Year395,383 587,398
Income Tax Expense(186,712) (160,922)
Net Profit for the Year208,671 426,476
Earnings per share
Basic and diluted earnings (cents per share)207.22423.52
Net Profit for the Period208,671426,476
Other Comprehensive Income for the Period, Net of Tax
Other comprehensive income to be reclassified to profit/(loss) in
subsequent periods
Exchange Differences on Translation of Foreign Operations30,046 41,514
Income Tax Effect426 1,420
Net Other Comprehensive income to be reclassified to profit/(loss) in
subsequent periods
30,472 42,934
Other comprehensive income not to be reclassified to profit/(loss) in
subsequent periods
Revaluation of Land including Foreign Exchange Movements84,405 1,625
Income Tax effect(22,469) (411)
Defined Benefit Pension Provision(120) 157
Income Tax effect30 (39)
Net Other Comprehensive income not to be reclassified to
profit/(loss) in subsequent periods
61,846 1,332
Other Comprehensive Income for the Period, Net of Tax92,318 44,266
Total Comprehensive Income for the Period, Net of Tax300,989 470,742
The accompanying notes form part of these financial statements
Preliminary full year report on consolidated results (including the results for the previous corresponding full year).
The Listed Issuer has a formally constituted Audit Committee of the Board of Directors.
This report has been prepared in a manner which complies with generally accepted accounting practice and fairly
presents the matters to which the report relates and is based on unaudited financial statements.
For the Full Year ended 31 March 2024
Statement of Comprehensive Income

MAINFREIGHT LIMITED
Balance Sheet
As at 31 March 2024
31 March 2024 31 March 202331 March 2024 31 March 2023
unauditedunauditedunauditedaudited
$NZ000$NZ000$NZ000$NZ000
Current AssetsCurrent Liabilities
Bank213,562 341,991 Trade Creditors & Accruals495,659 492,966
Trade Debtors614,933 619,470 Employee Entitlements98,732 147,311
Income Tax Receivable13,827 22,411 Provision for Taxation17,553 60,979
Properties Held for Sale- 7,748 Lease Liability180,742 155,626
Other Debtors73,124 66,295 Asset Finance Loans12,319 9,258
915,446 1,057,915 805,005 866,140
Non-current Tangible AssetsNon-current Liabilities
Property1,272,324 1,068,880 Bank Term Loan147,402 186,788
Plant & Equipment331,973 276,983 Employee Entitlements4,804 4,085
Right of Use Assets975,726 744,914 Lease Liability843,657 625,478
Deferred Tax Liability93,517 10,613
Asset Finance Loans32,222 23,134
2,580,023 2,090,777 1,121,602 850,098
Total Liabilities1,926,607 1,716,238
Non-current Intangible & Deferred Tax AssetsShareholders' Equity
Software57,905 54,638 Share Capital85,821 85,821
Goodwill226,165 218,894 Retained Earnings1,441,930 1,405,355
Other Intangible Assets1,594 1,130 Revaluation Reserve270,781 209,951
Deferred Tax Asset70 19,693 Foreign Currency Translation Reserve56,287 25,815
Defined Benefit Pension Reserve(223) (133)
285,734 294,355 Total Equity1,854,596 1,726,809
Total Assets3,781,203 3,443,047 Total Liabilities & Equity3,781,203 3,443,047
The accompanying notes form part of these financial statements

MAINFREIGHT LIMITED
Statement of Changes in Equity
For the Full Year ended 31 March 2024
ForeignDefined
AssetCurrencyBenefit
OrdinaryRevaluationTranslationPensionRetainedTotal
SharesReserveReserveReserveEarningsEquity
$NZ000$NZ000$NZ000$NZ000$NZ000$NZ000
Twelve Months to 31 March 2024 (unaudited)
Balance at 1 April 202385,821 209,951 25,815 (133) 1,405,355 1,726,809
Profit for the Period- - - - 208,671 208,671
Transfer of Revaluation Reserve for Land Sold- (1,106) - - 1,106
Other Comprehensive Income- 61,936 30,472 (90) - 92,318
Total Comprehensive Income for the Period- 60,830 30,472 (90) 209,777 300,989
Transactions with Owners in their Capacity
as
Owners
Dividends Paid- - - - (173,202) (173,202)
Balance at 31 March 202485,821 270,781 56,287 (223) 1,441,930 1,854,596
Twelve Months to 31 March 2023 (unaudited)
Balance at 1 April 202285,821 208,737 (17,119) (251) 1,152,081 1,429,269
Profit for the Period- - - - 426,476 426,476
Other Comprehensive Income- 1,214 42,934 118 - 44,266
Total Comprehensive Income for the Period- 1,214 42,934 118 426,476 470,742
Transactions with Owners in their Capacity
as
Owners
Dividends Paid- - - - (173,202) (173,202)
Balance at 31 March 202385,821 209,951 25,815 (133) 1,405,355 1,726,809
The accompanying notes form part of these financial statements

MAINFREIGHT LIMITED
Cash Flow Statement
For the Full Year ended 31 March 2024
Year endedYear ended
31 March 202431 March 2023
unauditedunaudited
$NZ000$NZ000
Cash Flows from Operating Activities
Receipts from Customers4,740,396 5,894,809
Interest Received4,362 2,767
Payments to Suppliers and Team Members(4,062,677) (4,931,112)
Finance Charge on NZ IFRS 16 Leases(25,611) (17,326)
Interest Paid(10,980) (10,082)
Income Taxes Paid(140,691) (181,851)
Net Cash Flows from Operating Activities504,799 757,205
Cash Flows from Investing Activities
Proceeds from Sale of Property, Plant & Equipment20,216 9,843
Proceeds from Sale of Software763 132
Purchase of Property, Plant & Equipment(249,995) (303,491)
Purchase of Software(24,712) (20,396)
Purchase of Licences(676) -
Repayments from Team Members- 3
Net Cash Flows from Investing Activities(254,404) (313,909)
Cash Flows from Financing Activities
Proceeds of Long Term Loans88,921 197,925
Dividend Paid to Shareholders(173,202) (173,202)
Repayment of Loans(122,059) (197,348)
Lease Payments NZ IFRS 16 (182,850) (146,734)
Net Cash Flows from Financing Activities(389,190) (319,359)
Net Increase / (Decrease) in Cash and Cash Equivalents(138,795) 123,937
Net Foreign Exchange Differences10,367 15,796
Cash and Cash Equivalents at Beginning of Period341,991 202,258
Cash and Cash Equivalents at End of Period213,563 341,991
Comprised:
Bank213,563 341,991
Bank Overdraft- -
213,563 341,991
The accompanying notes form part of these financial statements

MAINFREIGHT LIMITED
Notes to the Financial Statements
For the Full Year ended 31 March 2024
1Corporate Information
The preliminary full year report announcement of Mainfreight Limited ("the parent") and its
subsidiaries ("the Group") for the full year ended 31 March 2024 was authorised for issue in
accordance with a resolution of the Directors.
Mainfreight Limited is a company limited by shares incorporated in New Zealand whose shares
are publicly traded on the NZX Main Board (New Zealand Stock Exchange).
2
Changes in Accounting Policies
The accounting policies applied in the preparation of the consolidated financial statements are consistent with the prior year,
except for the adoption of a new standard effective 1 January 2023, namely Amendment to NZ IAS 12 – International Tax
Reform – Pillar Two Model Rules. The introduction of this amendment did not have a material impact on the financial
statements. The Group has not early adopted any other standards, interpretation or amendment that have been issued but
are not yet effective.
The Group has no new material standards that require adoption in future years
3
Required NZX DisclosuresParent
Year endedYear ended
31 March 202431 March 2023
unauditedaudited
SharesShares
Movements in Ordinary Shares on Issue
Closing balance100,698,548 100,698,548
Average balance during the period100,698,548 100,698,548
$NZ000$NZ000
Net Tangible Assets
Net Tangible Assets1,568,862 1,432,454
Net Tangible Assets per Security (cents per share)1,557.98 1,422.52
Dividends Paid and Proposed
Recognised Amounts
Declared and Paid during the Period to Parent Shareholders
Final Fully Imputed Dividend for 2023: 87.0 cents (2022: 87.0 cents)87,608 87,608
Interim Fully Imputed Dividend for 2024: 85.0 cents (2023: 85.0 cents)85,594 85,594
173,202 173,202
Unrecognised Amounts
Final Fully Imputed Dividend for 2024: 87.0 cents (2023: 87.0 cents)87,608 87,608
After the balance date, the above unrecognised dividends were approved by Directors' resolution dated 28 May 2024
4Abnormal Items
Abnormal items are determined in accordance with the principles of consistency, relevance and clarity. Transactions considered for
classification as abnormal items include acquisition and disposal costs; impairment or reversal of impairment of assets; business
integration; and transactions or events outside of the Group’s ongoing operations that have a significant impact on reported after tax profit.
During the year the Group had no abnormal pre-tax expenses (2023 nil). The related after tax expense was $69,224,000 (2023 nil).
2024
Pre-TaxTaxAfter Tax
$NZ000$NZ000$NZ000
Building Depreciation Taxation- (69,224) (69,224)
On 28 March 2024, the New Zealand Government enacted changes to the tax legislation to remove the ability to depreciate buildings with
a life over 50 years for tax deduction purposes. For the Group the application of this taxation change under NZIAS 12 Income Taxes creates
a tax carrying value of nil from 1 April 2024 onwards for these New Zealand buildings. This increases the deferred taxation liability by
$69,224,000 and creates a one-off non-cash accounting adjustment to the taxation expense for deferred tax on buildings for the year ended
31 March 2024 of $69,224,000. The application of NZIAS 12 which creates this large deferred taxation liability does not reflect taxation
payable if the assets were sold.
5Annual Report and Annual Meeting
The annual report is expected to be available on 25 June 2024.
The Annual Meeting is to be held at 4.00pm on Thursday 25 July 2024; venue to be advised.

MAINFREIGHT LIMITED
Notes to the Financial Statements
For the Full Year ended 31 March 2024
5Segmental Reporting
An operating segment is a component of an entity that engages in business activities from which it may earn revenues and incur expenses whose
operating results are regularly reviewed by the entity’s chief operating decision maker and for which discrete financial information is available.
The Group operates in the domestic supply chain (i.e. moving and storing freight within countries) and air and ocean freight industries
(i.e. moving freight between countries).
New Zealand, Australia, The Americas and Europe are each reported to management as seperate segments as the businesses there perform both
domestic and air and ocean services.
The segmental results from operations are disclosed below.
Geographical Segments
The following table represents revenue, margin and certain asset information regarding geographical segments for the years ended
31 March 2024 and 31 March 2023.
TheInter-
New ZealandAustraliaAmericasAsiaEuropeSegmentTotal
$NZ000$NZ000$NZ000$NZ000$NZ000$NZ000$NZ000
Year to 31 March 2024 (unaudited)
Operating Revenue
- Sales to Customers outside the Group1,124,062 1,395,989 1,048,272 158,324 991,149 - 4,717,796
- Intersegment Sales17,657 42,051 96,510 118,571 69,022 (343,811) -
Total Revenue1,141,719 1,438,040 1,144,782 276,895 1,060,171 (343,811) 4,717,796
PBT148,713 138,572 35,682 22,801 49,615 - 395,383
Net Interest Expense11,763 11,692 3,515 7 5,253 - 32,230
Depreciation & Amortisation74,162 74,299 63,789 7,159 73,559 - 292,968
Capital Expenditure126,271 53,053 34,256 3,197 57,930 - 274,707
Trade Debtors125,511 186,509 142,806 37,272 178,601 (55,766) 614,933
Non-current Assets989,969 916,217 399,324 22,873 537,374 - 2,865,757
Total Assets1,131,098 1,157,890 643,809 125,184 778,988 (55,766) 3,781,203
Total Liabilities477,484 595,259 382,810 60,596 466,224 (55,766) 1,926,607
Year to 31 March 2023 (unaudited)
Operating Revenue
- Sales to Customers outside the Group1,284,860 1,555,064 1,538,575 244,885 1,052,325 - 5,675,709
- Intersegment Sales21,898 60,450 130,382 173,346 85,936 (472,012) -
Total Revenue1,306,758 1,615,514 1,668,957 418,231 1,138,261 (472,012) 5,675,709
PBT169,421 150,094 143,048 46,644 78,191 - 587,398
Net Interest Expense6,826 8,732 5,489 (6) 3,600 - 24,641
Depreciation & Amortisation63,271 58,272 50,988 5,128 61,330 - 238,989
Capital Expenditure101,795 137,732 41,830 2,074 40,456 - 323,887
Trade Debtors135,829 170,630 149,925 29,937 186,931 (53,782) 619,470
Non-current Assets844,224 688,847 382,986 20,721 448,354 - 2,385,132
Total Assets1,075,382 922,838 668,477 131,024 699,108 (53,782) 3,443,047
Total Liabilities409,252 454,866 409,898 71,963 424,041 (53,782) 1,716,238

MAINFREIGHT LIMITED
Notes to the Financial Statements
For the Full Year ended 31 March 2024
5Segmental Reporting - continued
The
New ZealandAustraliaAmericasAsiaEuropeTotal
$NZ000$AU000$US000$US000€EU000$NZ000
Revenue Local Currency
Year Ended March 20241,124,062 1,294,221 639,131 96,530 557,224 4,717,796
Year Ended March 20231,284,860 1,417,285 959,917 152,784 630,658 5,675,709
Growth(12.5%)(8.7%)(33.4%)(36.8%)(11.6%)(16.9%)
Excluding FX Impact(18.0%)
PBT Local Currency
Year Ended March 2024148,713 128,470 21,755 13,902 27,894 395,383
Year Ended March 2023169,421 136,796 89,248 29,101 46,860 587,398
Growth(12.2%)(6.1%)(75.6%)(52.2%)(40.5%)(32.7%)
Excluding FX Impact(33.0%)
PBT to Revenue Margin - ROR
Year Ended March 202413.2%9.9%3.4%14.4%5.0%8.4%
Year Ended March 202313.2%9.7%9.3%19.0%7.4%10.3%
Division Segments
The following table represents revenue and PBT in respect of the three main types of services for the years ended
31 March 2024 and 31 March 2023.
Domestic
TransportWarehousingAir & OceanTotal
$NZ000$NZ000$NZ000$NZ000
Year Ended 31 March 2024
Revenue 2,188,882 784,790 1,744,124 4,717,796
PBT172,468 59,654 163,261 395,383
Year Ended 31 March 2023
Revenue 2,242,769 750,179 2,682,761 5,675,709
PBT228,498 65,374 293,526 587,398
31 March 2024 31 March 2023
unauditedunaudited
$NZ000$NZ000
Reconciliation between non-GAAP and the Income Statement
Profit before Taxation for the Year395,383 587,398
Finance Costs Relating to Lease Liabilities25,611 17,326
Other Net Finance Costs6,619 7,315
EBITA427,613 612,039
Depreciation of Right of Use Assets193,146 155,359
Other Depreciation and Amortisation Expenses99,822 83,630
EBITDA (Adjusted)720,581 851,028
EBITDA (adjusted) is defined as earnings before net interest expense, tax, depreciation, amortisation, and royalties (segment only; not Group).
There are no customers in any segment that comprise more than 10% of that segment's revenue.
Bank term loan is allocated based on segment net assets excluding bank term loan.
The geographical segments are determined based on the location of the Group's assets.

---

M A I N F R E I G H T L I M I T E D

Mainfreight Lane | off Saleyards Road | Otahuhu 1062 | New Zealand
Tel +64 9 259 5500 | Fax +64 9 270 7400
PO Box 14-038 | Panmure | Auckland 1741 | New Zealand


Supporters of
MAINFREIGHT – GLOBAL LOGISTICS

MAINFREIGHT LIMITED

Financial result for the twelve months ended 31 March 2024 (Unaudited)

Commentary
Mainfreight is pleased to confirm our full-year financial results to 31 March 2024; a result
broadly in line with our expectations and as signalled during our half-year release.
Trading has improved during our second half, particularly across our Australasian
businesses. Weakness in trading has continued in Asia, Europe, and the USA.

Result Summary:
Revenue $4.72 billion Down 17%
Profit before tax $395.4 million Down 33%
Net profit before abnormals $277.9 million Down 35%

• Adjusted for foreign exchange impact, group revenue is down 18%, and profit before
tax is down 33%.
• An abnormal accounting (non-cash) adjustment of NZ$69 million relating to the tax
treatment of depreciation on New Zealand owned property.
• Operating cash flows declined from $757 million to $505 million and reflects the
reduction in profitability for the period.
• A final dividend of 87.0 cents per share has been authorised by the Board of Directors,
payable on 19 July 2024.

This result is in line with our expectations as freight volumes and international sea and
air freight rates normalise from the peaks experienced during 2022/2023. We are satisfied
with the momentum and progress in New Zealand and Australia, but remain disappointed
with our performances in Asia, USA and Europe, where our market share remains small.

- 2 -
Freight Volume Analysis – FY24 v FY23
Full year
Total Air freight kilos up 4.5%
Total Sea freight TEUS up 4.7%
Total domestic Transport tonnes down 6.2%
Total Warehouse orders picked up 12.3%

We have grown a larger business, attracted more customers and increased our
operational capacity. However, our ability to convert this to more meaningful long term
profitability during this past year has been disappointing. No matter the prior year’s record
performance, we should have performed better.

Group Operating Cash Flows
Operating cash flows were $505 million, down from $757 million in the prior year,
reflecting decreased profitability, and working capital movements. Cash collection
remained at satisfactory levels.

Current debt facilities total $501 million, of which $148 million was drawn. Net funds at
31 March 2024 was $22 million compared to net funds of $123 million last year. Gearing
ratios continue to remain satisfactory.

Net capital expenditure totalled $254 million, with expenditure for property accounting for
$128 million, warehousing racking and fit-out costs of $59 million, and plant, equipment,
and software of $67 million.

We continue to invest in our network and the infrastructure associated with it. We expect
capital expenditure through to the end of 2026 will total $509 million, of which $390 million
relates to property, racking and fit-out costs.

This is allocated between regions as:
NZ $159 million
Australia $104 million
Americas $ 83 million
Europe and Asia $ 44 million

- 3 -

Property settlement delays in Europe and building/construction delays will see some
capital expenditure investments continue into 2026 and 2027. Additional leased facilities
are added to the network where suitable.

During this current year, the branch network has increased by 6 to 337 branches. We
opened in Mumbai, India during September 2023, taking the number of country locations
to 27.

Dividend
The Directors have approved a final dividend of 87.0 cents per share fully imputed at the
28% company tax rate. With the record date on 12 July 2024, payment will be made on
19 July 2024. This brings the full dividend for the year to 172.00 cents per share, in line
with the prior year.

Discretionary Bonus
The payment of discretionary bonuses based on satisfactory profit results remain a key
part of who we are. We wish to reward those who help create profit. Unfortunately, this
year’s results see many branches across our network contributing less profit than the year
prior. Therefore, only $25 million will be shared with the team members of branches that
qualify. A decrease of 68%, or $55 million from the year prior.


Divisional Performance (figures in local currencies)

New Zealand (NZ$)
Revenue NZ$1.12 billion Down 12.5%
Profit Before Tax NZ$148.7 million Down 12.2%

We continue to have a resilient business in New Zealand. Whilst some customer freight
volumes declined post their peak, we continued to grow market share and further extend
our capability across New Zealand.

- 4 -
New Warehousing capacity has been filled with four new sites currently in plan and for
construction, providing capacity for growth.

Three new Transport sites under construction in Auckland will improve our capability and
efficiency, two will be operational mid-2024. Our new Auckland rail-served inland port and
international container cross-dock operation has opened post year-end.

Our Transport business is a significant user of rail across the length and breadth of
New Zealand. The current fiasco surrounding the future of both the rail ferry services
across the Cook Strait and rail services south of the Waikato are unsettling. The loss of
rail services between the North and South Island would see Mainfreight add 5,700
additional truck and trailer journeys per annum on the road, putting significant pressure
on the already fragile roading network. New Zealand’s roading infrastructure will not cope
in the absence of rail.

Air & Ocean revenues, while reduced, have been boosted by market share gains. This
has seen increased volumes across air and sea freight.

Current trading across all New Zealand businesses is satisfactory and is in line with the
prior year.

Australia (AU$)
Revenue AU$1.29 billion Down 8.7%
Profit Before Tax AU$128.5 million Down 6.1%

Our development across Australia has been significant, despite the normalising of freight
volume and freight revenues during the year.

Our Transport network is considerable and has the reach and capability to provide
meaningful growth. Some regional branches are yet to provide profitability, but such is
the consequence of network development. We continue to gain LCL freight market share
and are now providing services across rail, full truck, and wharf cartage services.
Construction is expected to commence on our new Brisbane cross-dock mid-2024, with
completion early 2026.

- 5 -

Warehousing capacity has increased to 355,000 pallets across Australia, an 18%
increase. Our newly commissioned site at Moorebank, Sydney is setting the example of
size, capacity, automation, and sustainability initiatives.
Our Air & Ocean capability continues to increase. Performance in this past year has been
satisfactory with profitability improving. The growth of perishable airfreight continues to
strengthen and complement what our New Zealand perishable network produces.

Current trading across Australia is satisfactory and ahead of the prior year.

The Americas (US$)
Revenue US$639.1 million Down 33.4%
Profit Before Tax US$21.8 million Down 75.6%

We continue to have disappointing results across our USA businesses.

Transport remains our poorest performer. While attracting more customers and freight
tonnage, we have yet to find acceptable margins due to poor linehaul utilisation and lack
of long-distance freight tonnage. We have much to do to improve the efficiencies with our
USA Transport network.

Warehousing operations performed in line with the year prior. Larger warehouses have
provided scale with increased capacity being secured for further growth. We are yet to
convert enough transport opportunities from our warehousing customers.

Air & Ocean benefited considerably during the increase in Trans Pacific trade activity
(China to USA). As this decreased, so too our revenue and profitability performance.
Increasing our diversity of trade lanes, more Trans Atlantic volume, less reliance on FCL
volume from China, and continuing to grow LCL freight consolidations, remain important
to our growth aspirations.

Our new airfreight perishable branch in Los Angeles is operational and attracting
customers.

- 6 -

CaroTrans LCL volumes have declined as low FCL container rates attract customers to
ship smaller volumes in full containers. This is normal cyclic ocean freight rate behaviour
that we have experienced in the past. CaroTrans sales activities have increased to
counter this downturn. Renewing and improving our CaroTrans agent network
internationally has been completed. This provides a more stable and productive network
for the future.

Our Canadian, Mexican, and Chilean markets have had disappointing levels of growth.
Stronger sales activities across the network are underway to attract customers in each of
these countries.

Trading remains disappointing into the new financial year. The Americas remains
important to our international expansion strategies, and we continue to be committed to
the region.

Europe (Euro €)
Revenue €557.2 million Down 11.6%
Profit Before Tax €27.9 million Down 40.5%

Sluggish domestic and international freight tonnage have contributed to a disappointing
profit performance from our European operations.

Warehousing activity has grown marginally, albeit profitability declined as additional
overheads were incurred from new warehousing developments.

Transport volumes declined from their peaks the year prior, particularly in and out of
Germany, France, and Poland. We have increased our branch network within the
Netherlands for greater efficiency. We are focused on a stronger sales effort to improve
market share and vehicle utilisation.

- 7 -

Air & Ocean activity has been modest in comparison to the peaks of the prior year.
Airfreight volumes are on the increase, and we are seeing increased sea freight activity
from Asia. Our network is located across eight European countries. Sales opportunities
remain strong in each country.

Europe continues to be a key component of our international network development. A
stronger sales focus from our team will provide improved returns over time.

Current trading continues to disappoint.

Asia (US$)
Revenue US$96.5 million Down 36.8%
Profit Before Tax US$13.9 million Down 52.2%

Our Asian operations are Air & Ocean focused. We are developing a number of
warehouses but have much to do to establish a credible and sizable Warehousing
operation.

The reliance on China to USA exports, particularly FCL commodities, is changing as we
develop stronger capabilities across South East Asia and India, developing air and ocean
services into and from Europe, USA and Australasia.

CaroTrans has now opened a number of branches within China to complement
CaroTrans USA agency requirements.

Airfreight tonnage is growing, complementing our well-established sea freight capability.
We now are “on airport” across a number of our locations. This assists the development
of our airfreight capability.

We remain pleased with development in Japan, Thailand, and Malaysia.

- 8 -
Asia remains an important location and connection for our international network. We now
reside in 11 countries within the region. Whilst “near shoring” for manufacturing, and
production for the US market is creating uncertainty for trade on the Trans Pacific, there
remains significant tonnage and logistical requirements from our customers to provide
plenty of incremental growth.

Current trading is satisfactory.

Tim Williams retirement

Tim Williams, our CFO for the past thirty years, retires at the end of June. Tim has been
our CFO since shortly after the acquisition of Daily Freightways in 1994, and prior to that
held various finance roles since 1984. His integrity, honesty, and attention to detail has
been exemplary. He played an important role in the public listing of Mainfreight in 1996,
a significant milestone in our company’s history. Each step of the way, Tim has adeptly
handled diverse and complex accounting jurisdictions in different countries, and his
expertise has been crucial in our expansion across 27 countries.

As Tim approaches his well-deserved retirement, we reflect on his tremendous
contributions to Mainfreight. We salute Tim and are very grateful for his role in our journey.

Graeme Illing, our New Zealand Financial Controller, is appointed to the role of CFO.
Graeme, who started with Mainfreight in May 2000, has been transitioning to the role over
these past few months.

Investor Day
It is our intention to hold an “Investor Day” for our investment community in Dallas, Texas,
USA on Monday 7 October. Site visits and management presentations will be provided.

Registration of interest should be made to Sharon Walshe at sharon@mainfreight.com
by the end of August 2024.

- 9 -
Outlook
As was well signalled, we embarked on this financial year well-aware of the challenges
and the expected deterioration in international freight rates and domestic freight tonnage.
It has been and remains a demanding operating environment when compared to the prior
two years. We expected to do better.

Despite these challenges, the peak freight congestion of 2022/2023 has provided a period
of significant growth, new customers, and improvements for our business. The results of
2024 surpass the results of 2021 by a significant quantum.

Supply chain management has emerged as a critical strategic decision among our
customers. They now seek greater resilience and are diversifying their supply chains.
Our established network across 27 countries offers good capability across the varying
supply chain requirements. We continue to attract new customers across our network and
are confident of ongoing growth.

We continue to invest in land and buildings, including leased facilities where required.
The total capital expenditure is NZ$255 million through to the end of 2025.

Our network expansion will continue to be carefully managed as we look to improving
returns rather than expansion for the sake of it.

Trading post results is satisfactory, and we remain confident of our medium to long term
growth opportunities.

Mainfreight will release its financial results for the first half of the 2025 financial year to
the market on 13 November 2024.


For further information, please contact Don Braid, Group Managing Director,
telephone +64 9 259 5503, +64 274 961 637 or email don@mainfreight.com.

---

Distribution Notice
(for Equity Security issuer/Equity and Debt Security issuer)
Section 1: Issuer Information
Name of Issuer
Financial product name/description
NZX ticker code
ISIN
Full YearxQuarterly
Half YearSpecial
DRP Applies
Record date
Ex-Date (one business day before the Record
Date)
Payment date (and allotment date for DRP)
Total monies associated with the distribution
Source of distribution (for example, retained
earnings)
Currency
Section 2: Distribution Amounts per Financial Product
Gross Distribution
Gross Taxable Amount
Total Cash Distribution
Excluded Amount (applicable to listed PIEs)
Supplementary Distribution Amount
If fully or partially imputed, please state
imputation rate as % applied
Imputation tax credits per financial product
Resident Withholding Tax per financial product
N/A
Authority for this Announcement
Name of person authorised to make this
announcement
Contact person for this announcement
Contact phone number
Contact email address
Date of release through MAP
Type of distribution
(Please mark with an X in the
relevant box/es)
NZD
Mainfreight Limited
Ordinary Shares
MFT
NZMFTE0001S9
12/07/2024
11/07/2024
19/07/2024
$87,607,737
Retained Earnings
Section 3: Imputation Credits and Resident Withholding Tax
Is the Distribution imputed?
Fully imputed
Partial imputation
No imputation
$1.20833333
$1.20833333
$0.87000000
$0.15352941
$0.33833333
$0.06041667
Section 4: Distribution Re-investment Plan (not applicable)
28.0%
tim@mainfreight.com
29/05/2024
Tim Williams, Chief Financial Officer
Tim Williams
+64 9 259 5510

---

Full Year Result to 31 March 2024
MAINFREIGHT LIMITED

Result Summary
•Revenue $4.72 billion down 17%
•PBT $395 million down 33%
•Net Profit (before abnormals) $278 million down 35%
•Net Profit (after abnormals NZ$69 million) $208 million
•People – 10,644 down 667
•Branches – 337 up 6
•Countries – 27 up 1

•While the result is in line with expectations, we should have
performed better.
•Satisfactory improvements in New Zealand and Australia.
•Disappointing results in Asia/USA/Europe.
•Discretionary bonus reduction from $80 million to $25 million.
•Volume improvements – new customers / destocking appears to be
completed.
•Continuation of capital expenditure for property development.
•Tax abnormal, non-cash accounting adjustment of NZ$69 million.
Full Year Overview

•Directors have approved a final dividend of 87.0 cents per share.
•Full dividend for year = 172.0 cents per share.
•Books close 12 July 2024
•Payment on 19 July 2024
Dividend
“Cash flow and balance sheet capability
providing consistency in dividend payments

Capital Management
Operating Cash Flows remains satisfactory
$505 million v $ 757 million last year
Net Capex $254 million - $128 million on property
Net Funds (debt) reduction to $22 million
“Cash at hand”
Bank debt of $148 million, from a total available facility
of $501 million
$

Future Capital Expenditure Update: F25 - 26
NZ$ MILLIONF25
Planned Capital Expenditure$255
▪Property
▪Fit-out costs
▪Non-property capex
$149
$47
$59
NZ$ MILLIONF26
Planned Capital Expenditure$254
▪Property
▪Fit-out costs
▪Non-property capex
$152
$42
$60
Property and Fit-out costs F25-F26
New Zealand
Australia
Americas
Europe and Asia
$159 million
$104 million
$ 83 million
$ 44 million
$390 million

•34 rear-loading dock doors.
•Four-sided dock with some allowance for side-loading.
•Solar/Water collection as per all new builds.
•Less square metres – more efficient.
Site Sqm 15m Trucks
Dandenong, Melbourne 20,890 45
Epping, Melbourne 15,870 37
Willawong, Brisbane 12,530 54
Larapinta, Brisbane 9,600 28
Adelaide 15,970 36

Brisbane Cross-Dock Project
Rear-loading initiative: Willawong, Brisbane
“More efficient facilities, better use of our capital”

Our 3 Core Products (NZ $) FY 2024
TRANSPORT
Revenue: $2,188.88 million down 2.4%
PBT: $ 172.47 million down 24.5%
WAREHOUSING
Revenue: $784.79 million up 4.6%
PBT: $ 59.65 million down 8.7%
AIR & OCEAN
Revenue: $1,744.12 million down 35.0%
PBT: $ 163.26 million down 44.4%
Airfreight kilos increased 4.5% Sea freight TEUs increased 4.7%
Total tonnes reduced 6.2%
Total orders picked increased 12.3%

Full Year 2024 Analysis
NZ$000REVENUE*VAR %
PROFIT
BEFORE TAX
VAR %
New ZealandNZ$
1,124,06212.5%

148,71312.2%

AustraliaAU$1,294,2218.7%

128,4706.1%

AmericasUS$639,13133.4%

21,75575.6%

Europe
EU€
557,22411.6%

27,894 40.5%

AsiaUS$96,53036.8%

13,90252.2%

GroupNZ$
4,717,79616.9%

395,38332.7%

* Inter-company revenue excluded
** Prior period our best-ever performance

•Transport
•Improving volumes / new customer gains.
•Increased road linehaul activity over rail requiring an adjustment.
•New Auckland cross-docks / rail served inland ports to assist.
•Warehousing
•Current capacity well utilized.
•Four new sites will provide capacity for growth.
•Air & Ocean
•Volumes are steady – some market share gains / customer renewals.
•Rate levels improving.
New Zealand
“Trading satisfactorily”

• Transport
•Healthy market share gains.
•Some regional branches yet to find profitability.
•Developing rail services to complement road.
• Warehousing
•Increased capacity with Moorebank opening.
•Short-term profitability poor due to low utilisation levels
and lease exits.
• Air & Ocean
•Ahead of prior year – this is continuing into new year.
•New project contracts assisting.
•Perishable airfreight capability growing.
Australia
“Trading ahead of prior year”

•Transport
•Tonnage improving, assisting utilisation.
•Gross margins impacted – 2% down year-on-year.
•Too many smaller branches yet to find profit.
•Warehousing
•Overall performance satisfactory – in line with prior year.
•Additional capacity in New Jersey post year-end.
•Beverage focus assisting customer growth.
•Air & Ocean
•Airfreight – rates increasing, BSA’s assisting space requirements.
However, April/May volumes patchy.
•Sea freight – LCL volume increasing.
Small FCL volume increases – pre-stocking prior to election yet to be seen.
•Trans Pacific East Bound rates on the increase and capacity tightening.
•CaroTrans
•Low FCL rates impacting overall LCL opportunities.
•Agency network renewed and improved.
•Increased number of branches in Asia.
Americas
“Transport underperformance weighing on overall performance”

Europe
•Transport
•Disappointing volumes intra-Europe.
•Poor performance across France, Poland and
Romania.
•Network development in Netherlands improving
transport efficiencies.
•Warehousing
•Poorer second half – reduced warehousing activity
in Belgium.
•Spare capacity in Netherlands and Romania –
growth opportunities provided they are converted.
•Air & Ocean
•An increase in outbound airfreight encouraging.
•Volume and rate increases Asia to Europe as
customers begin to restock.
•Reasonable sales activity providing long-term
growth.
“Underperforming trading to-date
is disappointing”

•Trans Pacific Trade and European rates increasing
– space allocations tightening / equipment shortages.
•Stronger growth from South East Asian branches.
•Airfreight continuing to increase.
•BSA Airfreight agreements in place and providing
capacity.
•CaroTrans – developed a stronger network to
complement CaroTrans USA.
Asia
“Current trading is satisfactory”

•New Zealand and Australia trading post year-end is satisfactory.
•Expect America improvement to take time, particularly Transport.
Warehousing and Air & Ocean results satisfactory.
•Asia back to pre-congestion development.
•Volume and rate increases beginning to appear on USA and European trade lanes.
•Plenty of opportunities.
• Europe
•Volumes are improving for Transport – work to do in France and Eastern European
branches.
•Warehousing utilisation levels remain less than desired.
•Sales pipelines satisfactory.
• Sales activities reasonably strong across all markets.
•Continue to explore network development.
•Carefully managed for improving returns versus expansion.
• Trading post results is mixed across regions and products.
•Short trading weeks in April and May.
•Continue to remain confident of our medium to long-term growth opportunities.
Group Outlook

To Close
TRADING DATES
Annual Meeting of Shareholders 25 July 2024
Investor Day - Dallas Texas 7 October 2024
F25 – 6 months ended 30 September 2024 13 November 2024
Registration of interest to attend the Investor Day
in USA should be made to Sharon Walshe at
Sharon@mainfreight.com by end August