2024 Nine Month Results

1





NZX AND MEDIA RELEASE
14 August 2024
UNAUDITED FINANCIAL RESULTS FOR THE NINE MONTHS TO 30 JUNE 2024
Napier Port earnings recovery continues in the third
quarter
Napier Port (NZX.NPH), the freight gateway for the central and lower North Island, today reports robust
earnings growth for the nine months to the end of June 2024.
HIGHLIGHTS
3rd Quarter to 30 June 2024
• Revenue for the third quarter increased 27.9% to $36.5 million from $28.6 million in the same
period last year, following volume increases of 7.4% for bulk cargo and 29.6% for container
services
• The result from operating activities
1

increased 64.3% to $12.3 million from $7.5 million
• Underlying net profit after tax
2

increased 156.7% to $4.8 million from $1.9 million
9 Months to 30 June 2024
• Revenue for the nine months rose 15.5% to $107.1 million from $92.7 million in the same period
last year and was led by significant growth in export log and cruise revenue
• The result from operating activities increased 35.1% to $39.6 million from $29.3 million as
higher revenue was supported by effective cost management
• Underlying net profit after tax increased 70% to $15.9 million from $9.3 million
• Reported net profit after tax increased 48.2% to $19.1 million from $12.9 million
Earnings guidance
• Unchanged guidance for an underlying result from operating activities for the year to 30
September 2024 of between $50 million and $53 million, excluding insurance recoveries (of
which $7.2 million has been recognised during the financial year to date)

Chief Executive Todd Dawson said: “Today’s result reinforces the continuing recovery of regional trade
following Cyclone Gabrielle in February 2023.
“Trade for the nine months has been driven by strong log exports, cruise vessel calls, and the bounce
back in containerised exports including fresh produce, apples, meat, and wood pulp and timber. As
anticipated, as cargo volumes return our strategies focused on yield management linked to investments
in infrastructure and customer services, and cost management are demonstrating strong operating
leverage and earnings growth.

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, non-core and abnormal, 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

“While the regional export-led trade recovery continues post cyclone, most regional businesses
continue to face a challenging economic environment. We note the current challenges across NZ’s
major manufacturing industries due to abnormally high energy costs. This has led to two of our largest
cargo customers, WPI and Pan Pac, to undertake temporary shutdowns of either all or part of their
timber and pulp processing facilities. During this period, we expect both companies will take the
opportunity to undertake repairs and maintenance and that we will continue to receive and pack timber
through our Port Pack operation, and to receive logs for export from Pan Pac.”

FINANCIAL RESULTS
Container services
Container services revenue for the quarter of $24.3 million increased 33.4% from $18.2 million in the
same period last year. For the nine months, container services revenue increased by 6% to $57.9 million
from $54.6 million as higher revenue per TEU
3
offset lower container volumes.
Average revenue per TEU for the nine months increased 8.5% to $339 from $313 in the same period
last year. This was driven by container mix, tariff increases, cost recoveries and increased utilisation of
other container services, partially offset by lower Port Pack volumes.
Container volumes for the quarter increased 29.6% to 72,000 TEU as a result of the continuing regional
recovery following the product losses caused by Cyclone Gabrielle in the prior year comparative period.
For the nine months, container volumes decreased 2.3% to 171,000 TEU from 175,000 TEU in the
same period last year.
Bulk cargo
Bulk cargo revenue for the quarter increased 18.9% to $11.1 million from $9.4 million in the same period
last year, as bulk volumes increased 7.4% from 0.7 million tonnes to 0.8 million tonnes. For the nine
months, bulk cargo revenue increased by 24.6% to $37.3 million from $30 million as volumes increased
17.1% to 2.6 million tonnes from 2.3 million tonnes in the same period a year ago.
Log export volume for the quarter increased by 4.6% to 0.6 million tonnes, and for the nine-month period
increased by 24.9% to 2.2 million tonnes from 1.8 million tonnes. The strong volume momentum of the
first half year slowed in the third quarter, in line with anticipated decreases in volumes from central north
island windthrown forests and unprocessed logs sourced from Pan Pac.
Average revenue per tonne for the nine months increased 6.3% to $14.10 from $13.26 in the same
period last year, driven by yield increases and an increased contribution from our debarking operation,
partially offset by fewer vessel calls.
Cruise services
The cruise season completed in April with 89 vessel calls and nearly 140,000 passengers visiting the
region, contributing $9.1 million to revenue. This compares to 64 vessel calls contributing $5.3 million
to revenue in the prior comparative period.
There are currently 85 cruise vessel bookings for the upcoming 2025 season, and we note industry
expectations of a further reduced Australasian cruise season with fewer vessels and port calls for 2026.
Operating results
The result from operating activities for the third quarter increased 64.3% to $12.3 million from $7.5
million in the prior year period, as the third quarter revenue increase of $8 million exceeded the increase
in operating expenses of $3.2 million.
The result from operating activities for the nine months increased 35.1% to $39.6 million from $29.3
million. Positive operating leverage was demonstrated with higher bulk and cruise volumes driving
higher revenue of $14.4 million, and effective cost management limiting the increase in operating

3
Twenty-foot equivalent container unit

3

expenses to $4.1 million. Increased operating expenses resulted from higher insurance costs, higher
contract services for containers, and wage inflation.
Underlying net profit after tax for the third quarter increased by 156.7% to $4.8 million from $1.9 million
in the same period last year. For the nine months this increased by 70% to $15.9 million from $9.3
million primarily due to the higher operating result.
Reported net profit after tax for the third quarter increased 13.7% to $4.8 million from $4.2 million in the
same period last year, and for the nine months increased 48.2% to $19.1 million from $12.9 million.
Reported net profit after tax for the nine months included a $7.2 million before tax 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.

CAPITAL MANAGEMENT
Over the nine-month period Napier Port has invested $8.6 million in capital assets, including additional
terminal paving, replacement mobile plant and site asset management works.
Cash flows from operating activities increased significantly by $19.4m, or 58.7%, to $52.3 million from
$33 million in the same period last year. Operating cash flow was supported by net $7.5 million of
business interruption insurance income receipts and favourable working capital movements.
Napier Port ended June 2024 with total drawn debt of $108 million, down from $130 million at the end
of the 2023 financial year, and undrawn bank facilities of $72 million, and with a Debt to EBITDA ratio
of 1.87 times.

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:
https://www.napierport.co.nz/investor-centre/
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/10040651-
6ajsid.html . Registrations can be taken right up to the commencement of the call.

---

Nine Month
Financial
Statements
For the nine months ended 30 June 2024

Contents.
+ Consolidated Income Statement.
p3.
+ Consolidated Statement of Changes In Equity.
p4.
+ Consolidated Statement of Comprehensive Income.
p3.
+ Consolidated Statement of Financial Position.
p6.
+ Notes to the Consolidated Financial Statements.
p9.
+ Consolidated Statement of Cash Flows.
p7.
+ Directory.
p13.

Napier Port Holdings Limited
Consolidated Income Statement
For the Nine Months Ended 30 June 2024Notes
30 June 2024
Unaudited
$’000
30 June 2023
Unaudited
$’000
Revenue 5107,124 92,708
Employee benefit expenses34,138 32,986
Property and plant expenses11,978 11,727
Other operating expenses21,382 18,663
Operating expenses67,498 63,376
Result from operating activities39,626 29,333
Depreciation, amortisation and impairment
expenses
12,788 12,119
Other (income) and expenses6(7,263)(4,443)
Profit before finance costs and tax34,101 21,657
Net finance costs74,719 5,022
Profit before income tax29,382 16,636
Income tax expense810,295 3,752
Profit for the period attributable to the
shareholders of the Company
19,087 12,883
Earnings Per Share:
Basic earnings per share0.10 0.06
Diluted earnings per share0.10 0.06
Napier Port Holdings Limited
Consolidated Statement of Comprehensive Income
For the Nine Months Ended 30 June 2024Notes
30 June 2024
Unaudited
$’000
30 June 2023
Unaudited
$’000
Profit for the period attributable to the shareholders of
the Company
19,08712,883
Other comprehensive income
Items that will be reclassified to profit or loss:
Changes in fair value of cash flow hedges(914)947
Cash flow hedges transferred to profit or loss(1,896)(1,252)
Deferred tax on changes in fair value of cash flow hedges78785
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 tax13,475(220)
Total comprehensive income for the period attributable
to the shareholders of the Company
32,56212,663
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.
Te Herenga Waka O Ahuriri Nine Month Financial Statements p3

Napier Port Holdings Limited
Consolidated Statement of Changes In Equity
For the Nine Months Ended 30 June 2024
Notes
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- ---19,087 19,087
Other comprehensive income- 15,498 (2,023)--13,475
Total comprehensive income for the period- 15,498 (2,023)-19,087 32,562
Dividends11 ---(13,030)(13,019)
Fair share loans - employee repayments36 ----36
Share-based payments- --119 -119
Fair share transfers99 --(99)--
Acquisition of treasury shares(441)----(441)
Long term investment plan vesting 231 --(231)--
Total transactions with owners in their capacity as owners(64)--(211)(13,030)(13,305)
Total movement in equity(64)15,498 (2,023)(211)6,057 19,257
Balance at 30 June 2024 (Unaudited)246,086 113,017 3,054 555 52,725 415,437
The above statement of changes in equity should be read in conjunction with the accompanying notes.
Te Herenga Waka O Ahuriri Nine Month Financial Statements p4

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 Nine Months Ended 30 June 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----12,883 12,883
Other comprehensive income--(220)--(220)
Total comprehensive income for the period--(220)-12,883 12,663
Dividends22 ---(12,761)(12,739)
Fair share loans - employee repayments88 ----88
Share-based payments---149 -149
Acquisition of treasury shares(353)----(353)
Long term incentive plan vesting 175 --(175)--
Total transactions with owners in their capacity as owners(68)--(26)(12,761)(12,855)
Total movement in equity(68)-(220)(26)122 (192)
Balance at 30 June 2023 (Unaudited)246,141 97,5194,422 703 43,000 391,785
Te Herenga Waka O Ahuriri Nine Month Financial Statements p5

Napier Port Holdings Limited
Consolidated Statement of Financial Position
As at 30 June 2024Notes
30 June 2024
Unaudited
$’000
30 September
2023 Audited
$’000
EQUITY
Share capital246,086 246,150
Reserves116,626 103,362
Retained earnings52,725 46,668
415,437 396,180
NON-CURRENT LIABILITIES
Loans and borrowings9105,737 125,027
Deferred tax liability25,568 22,797
Lease liabilities-2
Derivative financial instruments313 2,791
Provision for employee entitlements593 524
132,211 151,141
CURRENT LIABILITIES
Taxation payable6,922 1,845
Lease liabilities40 196
Derivative financial instruments1,182 1,260
Trade and other payables16,307 14,149
24,45117,450
572,099564,771
As at 30 June 2024Notes
30 June 2024
Unaudited
$’000
30 September
2023 Audited
$’000
NON-CURRENT ASSETS
Property, plant and equipment4533,219 519,825
Intangible assets661 700
Investment properties13,630 13,501
Derivative financial instruments2,029 4,505
Investment in joint venture250 250
549,789 538,781
CURRENT ASSETS
Cash and cash equivalents4,596 1,104
Derivative financial instruments2,212 2,546
Trade and other receivables14,008 18,485
Cyclone Gabrielle insurance receivable41,494 3,855
22,310 25,990
572,099564,771
On behalf of the Board of Directors, who authorised the issue of these financial statements on the 13 August 2024.
Chairman Director
The above statement of financial position should be read in conjunction with the accompanying notes.
Te Herenga Waka O Ahuriri Nine Month Financial Statements p6

Napier Port Holdings Limited
Consolidated Statement of Cash Flows
For the Nine Months Ended 30 June 2024Notes
30 June 2024
Unaudited
$’000
30 June 2023
Unaudited
$’000
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from:
Receipts from customers115,634 91,223
GST received386 23
Cash was applied to:
Payments to suppliers and employees(59,871)(55,466)
Income taxes paid(3,843)(2,827)
Net cash flows generated from operating
activities
52,306 32,953
CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided from:
Proceeds from disposal of property, plant and
equipment
24 4
Cash was applied to:
Investment in joint venture-(250)
Acquisition of property, plant and equipment and
intangible assets
(8,626)(11,002)
Net cash flows used in investing activities(8,602)(11,248)
For the Nine Months Ended 30 June 2024Notes
30 June 2024
Unaudited
$’000
30 June 2023
Unaudited
$’000
CASH FLOWS FROM FINANCING ACTIVITIES
Cash was provided from:
Repayment of fair share loans by employees47 110
Cash was applied to:
Repayment of bank loans and borrowings(22,000)(2,005)
Acquisition of treasury shares(441)(353)
Dividends paid(13,030)(12,761)
Repayment of lease liabilities(158)(149)
Finance costs paid(4,630)(5,207)
Net cash flows used in financing activities(40,212)(20,365)
Net increase in cash and cash equivalents3,492 1,340
Cash and cash equivalents at beginning of the period1,104 1,942
Cash and cash equivalents at end of the period4,5963,282
The above statement of cash flows should be read in conjunction with the accompanying notes.
Te Herenga Waka O Ahuriri Nine Month Financial Statements p7

Reconciliation of profit for the period to
cash flows from operating activities
For the Nine Months Ended 30 June 2024Notes
30 June 2024
Unaudited
$’000
30 June 2023
Unaudited
$’000
Profit for the period19,087 12,883
Adjust for non-cash items:
Fair value gains on investment property(129)(1,225)
Depreciation and amortisation12,158 12,119
Impairment of assets631 -
Net loss on disposal of property, plant and
equipment
2 17
Share-based payments119 149
Other non-cash items-(28)
Deferred tax1,374 (311)
14,155 10,721
Other adjustments:
Finance costs classified as financing activities4,719 5,022
Increase in current taxation payable5,077 1,225
Increase in non-current provision69 77
9,865 6,324
For the Nine Months Ended 30 June 2024Notes
30 June 2024
Unaudited
$’000
30 June 2023
Unaudited
$’000
Movements in working capital:
Decrease in trade and other receivables4,454 2,040
Decrease in Cyclone Gabrielle insurance receivable2,361 -
Increase in trade and other payables2,384 985
9,199 3,025
Net cash flows generated from operating
activities
52,306 32,953
The above statement of cash flows should be read in conjunction with the accompanying notes.
Te Herenga Waka O Ahuriri Nine Month Financial Statements p8

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 nine months ended 30 June 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 has
increased by $2.7 million, property and plant
expenses has decreased by $0.4 million, and
other operating expenses has increased by $3.1
million for the nine months ended 30 June 2023.
There is no change to the reported result from
operating activities for that period.
3. Summary of Material Accounting
Policy Information
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 nine months
ended 30 June 2024 the Group has recognised
total insurance recovery income of $7,243,000 (30
June 2023: $3,500,000) within Other Income and
Expenses in the Consolidated Income Statement.
As at 30 June 2024, $1,494,000 (30 June 2023:
$3,500,000) was receivable and recorded within
the Consolidated Statement of Financial Position.
Valuation of sea defences
Sea defences were revalued to fair value as at
31 March 2024 by AECOM New Zealand Ltd.
The valuation was 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 $16.8 million, resulting in a net book
value for sea defences of $157.3 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.
Te Herenga Waka O Ahuriri Nine Month Financial Statements p9

5. Revenue And Segment Reporting
30 June 2024
Unaudited
$’000
30 June 2023
Unaudited
$’000
Disaggregation of revenue
Container services57,918 54,648
Bulk cargo37,331 29,967
Cruise9,065 5,321
Sundry income416857
Port operations104,730 90,793
Property operations2,394 1,915
Operating income107,124 92,708
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 26% total
revenue (June 2023: 26%).
7. Net Finance Costs
Notes
30 June 2024
Unaudited
$’000
30 June 2023
Unaudited
$’000
Interest income(49)(111)
Finance income(49)(111)
Interest and finance charges on borrowings5,936 6,193
(Gain)/loss realised on cash flow hedges
transferred from other comprehensive income
(1,896)(1,215)
(Gain)/loss realised on fair value hedges811 205
Unrealised change in fair value of fair value hedges(2,556)357
Unrealised change in fair value of loans and
borrowings subject to fair value hedges
2,556 (357)
Lease imputed interest5 14
Less: Interest capitalised to property, plant &
equipment
(88)(64)
Finance expenses4,768 5,133
Net finance costs4,7195,022
6. Other income and expenses
Notes
30 June 2024
Unaudited
$’000
30 June 2023
Unaudited
$’000
Asset retirement costs5 18
(Gain)/loss on sale of property, plant & equipment(23)(4)
Cyclone Gabrielle costs incurred127 268
Cyclone Gabrielle insurance income4(7,243)(3,500)
Fair value gain on investment property(129)(1,225)
Other (income) and expenses(7,263)(4,443)
Te Herenga Waka O Ahuriri Nine Month Financial Statements p10

8. Income Tax Expense
Notes
30 June 2024
Unaudited
$’000
30 June 2023
Unaudited
$’000
Reconciliation between income tax expense and tax
expense calculated at the statutory income tax rate:
Profit before income tax29,382 16,635
Income tax at 28%8,226 4,658
Adjustment to prior year tax(28)(648)
Tax effect of non-deductible items107 107
Tax effect of non-assessable items(37)(365)
Removal of tax depreciation on commercial buildings2,027 -
Income tax expense10,295 3,752
The income tax expense is represented by:
Current tax on profit for the period8,978 4,087
Adjustments to current tax related to prior periods(56)(24)
Current income tax expense8,922 4,063
Deferred income tax expense for the period1,345 313
Adjustments to deferred tax related to prior periods28 (624)
Deferred income tax expense1,373 (311)
Income tax expense10,295 3,752
During the period, the Taxation (Annual Rates for 2023-24, Multinational Tax and Remedial Matters) Bill
was 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 $2.03 million.
9. Loans and borrowings
30 June 2024
Non-current
Drawn
Facilities/
Bonds Issued
$’000
Carrying
Value
$’000
Bank facilities8,0008,000
Fixed rate NZD Bonds100,00097,737
Total non-current108,000105,737
30 September 2023
Non-current
Drawn
Facilities/
Bonds Issued
$’000
Carrying
Value
$’000
Bank facilities30,00030,000
Fixed rate NZD Bonds100,00095,027
Total non-current130,000 125,027
Te Herenga Waka O Ahuriri Nine Month Financial Statements p11

10. Related party transactions
Transactions with owners
30 June 2024
Unaudited
$’000
30 June 2023
Unaudited
$’000
RELATED PARTYNATURE OF TRANSACTIONSVALUE OF TRANSACTIONS
Hawke’s Bay Regional
Council
Rates, levies, consents and services443 325
Cost recoveries(93)(89)
Lease income(36)(18)
Payable by the Group(427)(360 )
Hawke’s Bay Regional
Investment Company
Dividends7,205 7,040
Cost recoveries(37)(179)
11. Commitments And Contingencies
Capital Expenditure Commitments
At balance date there were commitments in respect of
contracts for capital expenditure totalling $2.9 million
(30 September 2023 $1.4 million).
Te Herenga Waka O Ahuriri Nine Month Financial Statements p12

Directory
Directors
Blair O’Keeffe (Chair)
Stephen Moir
John Harvey
Vincent Tremaine
Kylie Clegg
Dan Druzianic
Debbie Birch
Senior Management Team
Todd Dawson – Chief Executive
Kristen Lie – Chief Financial Officer
Adam Harvey – Chief Operating Officer
David Kriel – General Manager
Commercial
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:
MUFG Pension & Market Services
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 latest annual report are available at:
napierport.co.nz
Financial Calendar
30 September 2024 - Financial year end
November 2024 - Annual results announcement
19 December 2024 - Annual meeting
31 March 2025 - 2025 half year balance date
May 2025 - 2025 half year results announced
Te Herenga Waka O Ahuriri Nine Month Financial Statements p13

---

Napier Port Holdings Limited
Supplemental Selected Financial Information (unaudited)
The below supplemental selected financial information provides a summary of financial information for
the nine months ended 30 June 2024 (9M2024) compared to the corresponding period in 2023
(9M2023).
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 9M2024. 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$0003Q20243Q20239M2024
9M2023
Financial period3 months
ending
30 Jun 24
3 months
ending
30 Jun 23
9 months
ending
30 Jun 24
9 months
ending
30 Jun 23
Financial performance:
Revenue
(2)
36,54228,572107,12492,708
Result from operating activities
(3)
12,2597,46339,62629,333
Net profit after tax
4,7674,19319,08712,883
Underlying net profit after tax
(4)
4,7901,86615,8619,331
Balance sheet and cash flow items:
Dividends paid
6,0003,40013,10012,800
Total assets
572,099560,300572,099560,300
Cash and cash equivalents
4,5963,2824,5963,282
Total liabilities
156,662168,515156,662168,515
Total debt
105,737128,946105,737128,946
Net cash flows from operating activities
27,01411,58452,30632,953
Underlying net cash flows from operating activities
(5)
20,27812,75744,82034,126

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
3Q2024
3Q2023
9M2024
9M2023
Reported net profit after tax
4,767
4,193
19,087
12,883
Adjustments:
Fair value movements on investment properties
-
-
(129)
(1,225)
Cyclone Gabrielle related expenses
19
268
127
268
Cyclone Gabrielle business interruption insurance income
-
(3,500)
(7,243)
(3,500)
Tax impact of adjustments
(5)
905
1,992
905
Tax impact of removal of tax depreciation on buildings
9
-
2,027
-
Underlying net profit after tax
4,790
1,866
15,861
9,331
NZ$0003Q20243Q20239M2024
9M2023
Reported net cash flows from operating activities27,01411,58452,306
32,953
Adjustments
Cyclone Gabrielle related expenses 19268127
268
Cyclone Gabrielle business interruption insurance income(6,750)-(9,605)
-
Tax impact of adjustments(5)9051,992
905
Underlying net cash flows from operating activities20,27812,75744,820
34,126

---

Napier Port Holdings Limited
2024 Third Quarter Trade Volume Data
The below trade volume data provides a summary of third quarter (Q3 FY2024) and nine
months ended 30 June 2024 (9 Months FY2024) results compared to the prior comparative
period.

1.1 Container Services
Container Services
TEU (000s)^
Q3
FY2024
Actual
Q3
FY2023
Actual
9 Months
FY2024
Actual
9 Months
FY2023
Actual
Exports



Wood pulp & timber 9 5 21 27

Canned food / other food & beverage 2 2 5 6

Other dry 2 2 7 7

Total dry 13 10 33 40


Apples & pears 11 9 15 12

Meat 4 3 11 10

Fresh & other chilled produce 3 2 10 7

Total reefer 18 14 36 29


Empty 2 6 7 11

Total exports 33 30 77 80

Imports



Dry 5 5 17 19

Reefer 1 1 3 3

Empty 27 15 63 57

Total imports 32 21 82 78


Other container movements (‘DLRs
and Tranships’)
7 5 12 17

Total Container Services volume 72 56 171 175

Vessels



Container ship calls 60 72 184 182

^Rounded to nearest thousand TEU

1.2 Bulk Cargo
Bulk Cargo
Kilotonnes
Q3
FY2024
Actual
Q3
FY2023
Actual
9 Months
FY2024
Actual
9 Months
FY2023
Actual

Log exports 637 609 2,189 1,753

Other exports 27 13 82 84

Imports 100 89 375 423

Total Bulk Cargo volume 764 711 2,647 2,259

Vessels

Charter vessel calls 57 58 176 207


1.3 Cruise Services
Cruise Services

Q3
FY2024
Actual
Q3
FY2023
Actual
9 Months
FY2024
Actual
9 Months
FY2023
Actual
Vessels



Cruise vessel calls 1 2 89 64