POT Financial Results for the Year to 30 June 2024

23 August 2024
NZX
Wellington
Dear Sir/Madam
Port of Tauranga Limited (POT) full year results: 30 June
2024
In accordance with the NZ Stock Exchange Listing Rules, please
find attached the following documentation for release to the
market:
1Media release
2Investor presentation
3Integrated Annual Report (containing audited financial
statements)
4NZX results announcement
5NZX distribution notice – full year
Yours sincerely
Simon Kebbell
Chief Financial Officer
+64 7 572 8899
port-tauranga.co.nz
2 Salisbury Avenue
Mount Maunganui
New Zealand
Private Bag 12504
Tauranga Mail Centre
Tauranga 3143
New Zealand

---

Distribution Notice
Updated as at 18 December 2019
Please note: all cash amounts in this form should be provided to 8 decimal places
Section 1: Issuer information
Name of issuerPort of Tauranga Limited
Financial product name/descriptionOrdinary shares
NZX ticker codePOT
ISIN (If unknown, check on NZX
website)
NZPOTE0003S0
Type of distribution
(Please mark with an X in the
relevant box/es)
Full YearXQuarterly
Half YearSpecial
DRP applies
Record date20/09/2024
Ex-Date (one business day before the
Record Date)
19/09/2024
Payment date (and allotment date for
DRP)
04/10/2024
Total monies associated with the
distribution
1
$59,183,253.53
Source of distribution (for example,
retained earnings)
Retained earnings
CurrencyNZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.12083333
Gross taxable amount
3
$0.12083333
Total cash distribution
4
$0.08700000
Excluded amount (applicable to listed
PIEs)
Not applicable
Supplementary distribution amount$0.01538594
Section 3: Imputation credits and Resident Withholding Tax
5
Is the distribution imputedFully imputed
1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This shouldinclude any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

If fully or partially imputed, please
state imputation rate as % applied
6
100%
Imputation tax credits per financial
product
$0.03383333
Resident Withholding Tax per
financial product
$0.00604167
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
%
Start date and end date for
determining market price for DRP
[dd/mm/yyyy][dd/mm/yyyy]
Date strike price to be announced (if
not available at this time)
[dd/mm/yyyy]
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
DRP strike price per financial product
$
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
[dd/mm/yyyy]
Section 5: Authority for this announcement
Name of personauthorised to make
this announcement
Simon Kebbell, Chief Financial Officer
Contact person for this
announcement
Simon Kebbell, Chief Financial Officer
Contact phone number027 482 7510
Contact email addresssimonk@port-tauranga.co.nz
Date of release through MAP
6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at 17 October 2019
Results for announcement to the market
Name of issuerPort of Tauranga Limited
Reporting Period12 months to 30 June 2024
Previous Reporting Period12 months to 30 June 2023
CurrencyNZD
Amount (000s)Percentage change
Revenue from continuing
operations
$417,375(0.84%)
Total Revenue$417,375(0.84%)
Net profit/(loss) from
continuing operations
$90,849(22.44%)
Total net profit/(loss)$90,849(22.44%)
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.087
Imputed amount per Quoted
Equity Security
$0.087
Record Date20/09/2024
Dividend Payment Date04/10/2024
Current periodPrior comparable period
Net tangible assets per
Quoted Equity Security
$3.27$3.14
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Authority for this announcement
Name of personauthorised
to make this announcement
Simon Kebbell, Chief Financial Officer
Contact person for this
announcement
Simon Kebbell, Chief Financial Officer
Contact phone number027 482 7510
Contact email addresssimonk@port-tauranga.co.nz
Date of release through MAP
Audited financial statements accompany this announcement.

---

Stand for
the future.
Port of Tauranga Limited
Integrated Annual Report 2024

Port of Tauranga is investing
for the future to ensure
New Zealand has a resilient,
efficient and low carbon
gateway to and from
international markets.
Port of Tauranga is connecting
New Zealand and the world.
Stand for
New Zealand.
Lower
emissions
Port of Tauranga intends to
decarbonise its container operations
by introducing automation. Electric
auto stacking cranes will also enable
increased throughput.
Greater
efficiencies
The planned berth extension
at Sulphur Point, together with
automation, will allow Port of
Tauranga to significantly increase
container throughput.
Expanded
capacity
Future plans include development
of the bulk cargo wharves at
Mount Maunganui to increase
capacity and efficiency.
Port of Tauranga Limited – Integrated Annual Report 2024
01

Total trade
million tonnes
2022 2023 2024
25.6 24.7 23.6
Imports
million tonnes
2022 2023 2024
9.7 9.0 7.8
Exports
million tonnes
2022 2023 2024
15.9 15.7 15.8
Subsidiary and associate
company earnings
million
2022 2023 2024
$15.0 $13.3 $9.4
Total ordinary dividend
cents per share
2022 2023 2024
14.7 15.6 14.7
Final dividend
cents per share
2022 2023 2024
8.2 8.8 8.7
Highlights
and challenges
For the year ended 30 June 2024
Container volumes
million TEUs
2
2022 2023 2024
1.24 1.18 1.15
Ship visits
2022 2023 2024
1,369 1,432 1,427
Scholarships
tertiary education
2022 2023 2024
18 18 18
Greenhouse gas emissions
reduction (Scope 1 and 2)
2022 2023 2024
11.2% 9.1% 3.9%
Container crane rate
moves per hour
2022 2023 2024
32.1 27.9 30.1
Total Recordable Injury
Frequency Rate
per million hours worked (Port of Tauranga only)
2022 2023 2024
0 4.5 2.2
per million hours worked (Port of Tauranga
and contractors combined)
2022 2023 2024
26.7 20.7 13.2
(36.2% decrease)
1
Includes one-off deferred tax expense of $11.9 million.
Underlying Group profit is $102.7 million
2
TEUs = twenty foot equivalent units, a standard measure
of shipping containers
Highlights and challenges02
The year in review04
Chair and Chief Executive’s report
to shareholders
Integrated reporting10
Company overview
– Our purpose and vision
– Our values
– Our national network
– How Port of Tauranga creates value
12
What matters most?18
Managing risks and opportunities20
Capital – Our relationships22
Capital – Our people28
Capital – Our skills and knowledge34
Capital – Our environment40
Capital – Our assets and infrastructure46
Capital – Our finances52
Board of Directors56
Senior management team58
Consolidated financial statements60
Corporate Governance
Statement summary
102
Financial and operational
five year summary
114
Company directory116
Contents PAGE
Group Net Profit After Tax
million
2022 2023 2024
$111.3 $117.1 $90.8

Revenue
million
2022 2023 2024
$375.3 $420.9 $417.4
1
03
Port of Tauranga Limited – Integrated Annual Report 2024
02

New Zealand’s largest port has again proven its resilience in the face
of global economic headwinds as cargo volumes improved in the second
half of the financial year.
Amid significant domestic
and international supply chain
challenges, total cargo volumes
for the year decreased 4.2% to 23.6
million tonnes. Container volumes
for the year decreased 2.5% to
1,147,350 TEUs.
The second half of the financial
year saw significantly higher
volumes than the first half, with
container numbers increasing
13.7% and total trade growing 3.3%
between the two six-month periods.
We continue to invest in the
critical infrastructure essential
for an effective supply chain for
New Zealand. Our Ruakura Inland
Port in Hamilton, a joint venture
with Tainui Group Holdings,
is celebrating its first anniversary.
We have taken delivery of a new
container crane and an additional
four hybrid straddle carriers, as we
ready the country’s most efficient
port for the next stage of growth
in a lower carbon future.
An intense focus on customer
service has seen improved
efficiency despite ongoing issues
elsewhere in the supply chain.
Although the Port is still contending
with shipping schedule unreliability,
outside our control, the container
terminal has continued to improve
both safety and productivity levels.
The net crane rate (container
moves per hour per crane)
increased 7.9% to 30.1 compared
with the previous year, and the Total
Recordable Injury Frequency Rate
reduced by 36.2%. Port of Tauranga
has the most efficient crane
productivity in Australasia
1
.
Financial results for the year
ended 30 June 2024
Underlying Group profit was
$102.7 million, compared with
$117.1 million the previous year.
The reported Group Net Profit
After Tax of $90.8 million includes
a one-off deferred tax expense
of $11.9 million due to a change
in tax legislation.
Operating costs increased 3.8%
to $218.6 million.
Revenue decreased 0.8% to $417.4
million. EBITDA (earnings before
interest, tax, depreciation and
amortisation) decreased 7.0%
to $203.7 million.
Subsidiary and Associate Company
earnings decreased 29.3% compared
with the previous year. Profitability
at Northport, PrimePort Timaru,
Timaru Container Terminal and
Coda Group was affected by
reduced cargo volumes due to
economic conditions. This was
offset by strong performances
from Quality Marshalling and
PortConnect.
Port of Tauranga is
investing for the future to
ensure New Zealand has
a resilient, efficient and
low carbon gateway to and
from international markets.
Leonard Sampson
Chief Executive
Julia Hoare
Chair
1 https://www.bitre.gov.au/publications/2023/waterline-69
https://www.transport.govt.nz/statistics-and-insights/freight-and-logistics/sheet/figs-port-container-handling
05
Port of Tauranga Limited – Integrated Annual Report 2024
04
The year in review
Chair and Chief Executive’s report to shareholders

Port of Tauranga’s Board of
Directors has declared a final
dividend of 8.7 cents per share
to bring the total dividend to 14.7
cents per share. The dividend
reflects improved trading
conditions in the second half of
the financial year, the company’s
strong balance sheet, the return of
capital from joint ventures,
and delayed capital expenditure.
Cargo trends in 2024
Imports decreased 13.3% in volume
overall to 7.8 million tonnes.
Exports increased 0.9% to 15.8
million tonnes, largely due to
increases in log, kiwifruit, meat
and pulp exports.
Log exports increased 7.5% to
6.7 million tonnes, the second
highest year on record, largely
due to a one million tonne boost
to volumes post-Cyclone Gabrielle.
A large number of trees in the
lower Central North Island forests
were damaged in the severe
weather event and had to be
harvested and exported earlier
than planned.
Direct dairy exports decreased
3.4% in volume and transhipped
dairy volumes were down
significantly. Total meat exports
increased 19.7% in volume, aided
by trans-Tasman transhipment.
Direct kiwifruit export volumes
increased 8.5% compared with
the previous year.
Commodity price pressure saw
dairy inputs reduce, with imported
fertiliser volumes decreasing 16.7%,
while stock feed imports decreased
17.2% in volume. Imported oil
products remained steady,
decreasing 0.8% in volume.
Steel exports saw significant
increases in volume.
Transhipment decreased 12.1% in
volume due to changes in coastal
shipping services.
A total of 109 cruise ships
visited over the summer, close
to the record of 116 visits prior
to the Covid pandemic.
However, this is forecast to drop
to approximately 91 visits next
year due to a number of factors
affecting all New Zealand ports.
Altogether there were 1,427 ship
visits over the year, five fewer than
the previous 12 months.
Berth extension proposal
considered by Court
In December, nine months
following the Environment Court
hearing for the Port’s resource
consent application, the Court
released an interim decision
provisionally approving part of
the Stella Passage project.
The project involves extending
wharves at both the container
terminal at Sulphur Point
and Mount Maunganui. The
developments are contained
within the existing port footprint
and involve dredging and a small
amount of reclamation to support
the berths. Read details of the
proposals on page 50.
The consent for a 285 metre
extension at Sulphur Point, the most
urgent, was granted subject to further
matters being addressed to the
satisfaction of the Court, including
the provision of further environmental
evidence, and engagement with iwi
and hapū parties.
The Port is committed to working
with iwi and hapū and addressing
the Court’s directions. Progress was
reported to the Court at the end
of June, and the Court has recently
appointed an independent facilitator
to support the parties involved.
The project is a critical piece of
national infrastructure to meet the
needs of New Zealand importers
and exporters.
To ensure construction can
commence as soon as possible,
Port of Tauranga has applied for the
entirety of the Stella Passage project
to be included in the Government’s
fast track consenting legislation.
At the time of publication, we are
awaiting the outcome of select
committee deliberations on the bill.
No matter which path the consent
applications ultimately follow,
the Port remains committed
to the conditions and mitigations
it has proposed to the Court.
Preparing for automation
Alongside the construction of
the additional berth at the container
terminal, we intend to introduce
automated stacking cranes to
increase capacity, reduce greenhouse
gas emissions and improve safety.
Detailed design work is under way
in preparation for the electrification
project, which will allow the Port
to almost double the container
terminal’s current throughput.
The project team has shortlisted two
vendors and is working through the
detail of both proposals. The final
design and phasing of the project
is dependent on the outcome
of the resource consent application
for the Sulphur Point berth extension.
Vision for an efficient and
resilient upper North Island
supply chain
The Stella Passage project is part of
our vision for an integrated, efficient,
cost-effective and resilient upper
North Island supply chain involving
the region’s existing three sea ports –
Tauranga, Auckland and Northport.
With targeted and timely
investment in key infrastructure,
we believe the New Zealand supply
chain can serve the country’s
growing needs for at least the next
three decades without the need
to build a new “greenfields” port.
The investment required includes
Government assistance in
removing regulatory and legislative
barriers, and spending on transport
networks, particularly rail. Port
companies will then be able
to invest in capacity-building,
including constructing new
wharves and inland ports.
A good example of this is the
Government investment in the
Waikato Expressway, which
facilitated the significant iwi and
private investment in the Ruakura
Superhub and Ruakura Inland Port.
While transhipment volumes
have been impacted by shipping
service changes and the economic
downturn, we still consider that
coastal shipping has a central role
to play in a more efficient, resilient
and lower carbon supply chain.
Coastal shipping has a significantly
lower carbon footprint compared
with road and rail transport.
Port occupation consent
renewed
Coastal occupancy permits for port
activities were introduced in the
1991 Resource Management Act
and cover essential infrastructure
such as navigational aids, safe
anchoring zones and other
structures. In April 2024, the
Government announced that
permits expiring in 2026 will be
automatically extended for 20
years. This is welcome news, giving
ports certainty and avoiding costly
permit renewal processes.
Investing in infrastructure
Ruakura Inland Port, a 50:50 joint
venture with Tainui Group Holdings,
officially opened in August 2023.
Containers handled by the facility
are expected to increase with
additional volumes coming from
Kmart and Maersk, both of which
have established major facilities
nearby. Port of Tauranga has
entered into an agreement to
develop an empty container depot
adjacent to the inland port.
Health and safety performance
Improved productivity has not been
at the expense of safety performance
and we are pleased to report a
significant improvement in our safety
indicators. The Total Recordable
Injury Frequency Rate (TRIFR)
for combined Port of Tauranga
employees and contractors reduced
36.2% to 13.2 incidents per one
million hours worked.
The focus in the past year has been
on increasing health and safety
training, with completed training
courses more than tripling to 2,491,
compared with the previous year.
We have also introduced a new
recognition programme to
acknowledge individuals’ and
teams’ contribution to safety.
Read more about the new
TeamSafe Awards on page 32.
Port of Tauranga has taken a lead
role in cross-industry collaboration
to address safety issues at New
Zealand ports. The General
Manager Health and Safety, Pat Kirk,
chairs the Port Industry Association,
which has worked with unions and
regulatory bodies on challenges
such as fatigue management.
He also sits on the Port Health and
Safety Leadership Group, helping
shape and implement a multi-year
port sector insights and action plan.
As part of this plan, Maritime NZ
has taken over Health and Safety
at Work Act responsibilities for
landside port operations as well
as onboard safety.
The year in review
Chair and Chief Executive’s report to shareholders
Improved
productivity has
not been at the
expense of safety
performance.
0607
Port of Tauranga Limited – Integrated Annual Report 2024

Air and water quality
improvements
Port of Tauranga is committed
to continuous improvement in its
environmental performance and
undertakes an extensive air and water
quality monitoring programme.
There were no port-related
exceedances of national standards
or resource consent conditions
during the year.
Dust control efforts, including
increased sweeping, wind fences
and improved cargo handling
have resulted in a significant
improvement in air quality since
2019. Read more about our
dust control efforts on page 44.
The use of methyl bromide for cargo
fumigations has long been of concern
to local residents. Since early 2022,
methyl bromide use has dropped to
less than 25,000 kilograms per year
(down 92% from the peak in 2013)
thanks to greater restrictions on its
use, including mandatory use of
recapture technology, and increased
de-barking of export logs prior to
arrival at the Port.
Decarbonisation and climate
change adaptation
Total Scope 1 and 2 greenhouse
gas emissions decreased 3.9% from
the previous year to 18,019 tonnes
CO
2
e. Scope 1 and 2 emissions per
cargo tonne were steady at 0.74
kilograms CO
2
e per tonne of cargo.
Changes to the Board
Directors welcomed Sir Robert
McLeod’s return to the Board
on 1 July 2024.
Sir Rob was formerly a member
of the Board from 2017 to 2023
in his capacity as Chair of Quayside
Holdings, the investment arm of
Bay of Plenty Regional Council
and majority shareholder of the Port.
He is returning as an independent
Director and will take over as Chair
of the Audit Committee.
The current Audit Committee
Chair, Alastair Lawrence, will retire
at the end of August 2024 after
ten years’ service.
We thank Alastair for his outstanding
contribution as an astute Director
and committee Chair, offering
a wealth of commercial experience
and expertise.
Port of Tauranga is joining the
Institute of Directors’ Future
Directors programme for aspiring
directors and an appointment
will be announced in due course.
Outlook
Congestion in Asia caused by
ships avoiding the Red Sea has
worsened, with delays plaguing
ports in Singapore, Malaysia, China,
Sri Lanka and United Arab Emirates.
The threat of escalating conflict
and global economic conditions
are also influencing cargo volumes
and costs globally.
We expect log volumes to return
to pre-2023 levels due to lower
international prices. The domestic
economy is also likely to have a
continuing effect on imported cargo
volumes. We have recently increased
the weekly train programme between
Tauranga and Auckland to 54 trains
per week, up from 48, but still lower
than the 92 trains per week at the end
of last financial year. While increased
rail costs have proved challenging, we
are working with KiwiRail to ensure
the rail option remains well-utilised
and viable for our import customers.
Port productivity is a national
issue and is of great concern
to customers seeking efficient
access to international markets.
We have worked hard to provide
the resource and productivity
to maintain berth windows at
Tauranga, however less than 30%
of vessels currently arriving at
Tauranga as a last New Zealand
port are on time.
Port of Tauranga is prepared to
respond to New Zealand’s energy
crisis, including the import of
alternative fuel sources such as
coal. The Port has a purpose-built,
enclosed coal handling facility
that is connected via rail to the
Genesis Energy power station
at Huntly, avoiding the need to
transfer imported coal via truck
from other ports.
Thank you
We are grateful for the ongoing
support of our customers and
business partners, who have been
patient and cooperative as we
tackle supply chain challenges
outside our control.
Despite the many challenges, we
are confident of our resilience into
the future due to our operational
strength, diverse cargoes and
multiple income streams. We
acknowledge our team and
service partners who have done an
outstanding job in ensuring Port of
Tauranga remains New Zealand’s
most efficient port.
Thank you too to the many others
who work inside and outside the
port gates to keep New Zealand
connected with the world.
Ngā mihi nui.
Leonard Sampson
Chief Executive
Julia Hoare
Chair
Despite many
challenges,
we are confident
of our resilience
into the future.
0908
Port of Tauranga Limited – Integrated Annual Report 2024
The year in review
Chair and Chief Executive’s report to shareholders

Integrated reporting
Port of Tauranga’s 2024 Integrated
Annual Report describes how
the company creates value for
our stakeholders over the short,
medium and long-term.
In this report, we describe our
strategy, governance, performance
and outlook.
Since 2018, Port of Tauranga has
utilised the Integrated Reporting
Framework in our annual reporting.
Previous Integrated Annual Reports
are available on our website.
The International Integrated
Reporting Council (IIRC)
emphasises materiality as a core
principle of integrated reporting.
The report should focus on
material matters – those issues that
substantively affect our ability to
create value over time.
Our materiality assessment is
informed by the expectations and
interests of our stakeholders. We
consult our stakeholders every few
years to stay attuned amidst an
evolving operating environment
and societal shifts. You can find the
results of our 2024 assessment on
page 18 and the priority issues are
featured throughout this report.
Our strategies are also informed
by our purpose, vision and values,
which we describe on page 12.
How to read this report
In the following pages, we
describe the capital, resources or
inputs that we use or affect – our
relationships, our people, our skills
and knowledge, our environment,
our assets and infrastructure,
and our finances.
2 https://www.port-tauranga.co.nz/investors/
We outline the capabilities,
strengths and expertise we
add, describe our activities
and outputs, and the resulting
outcomes for our stakeholders.
We define stakeholders as anyone
who has something to gain, or
something to lose, from Port of
Tauranga’s activities. They include
neighbours, customers, iwi and
hapū, regulators, service providers,
investors, partners and employees.
Governance
The Board of Directors is
committed to engaged, quality
governance that demonstrates
accountability, compliance and
integrity. A summary of our
Corporate Governance Statement
is available on page 102, and the
full statement, constitution and
supporting policies are all available
on our website
2
.
Integrated reporting is constantly
evolving as we strive to provide
our stakeholders with quality
and relevant information. We will
continue to assess and adapt our
approach as we seek to increase
transparency, build credibility
and preserve trust. Integrated
thinking, actions and reporting
ensure the best possible outcomes
for all our stakeholders.
Julia Hoare
Chair
We will continue
to assess and
adapt our
approach as we
seek to increase
transparency,
build credibility
and preserve trust.
1011
Port of Tauranga Limited – Integrated Annual Report 2024
Integrated reporting

Our purpose
Connecting New Zealand and the world.
Our vision
Our purpose goes beyond profit and is the key to Port of Tauranga’s
ongoing success. Our aspirations for 2030 are:
Drive national prosperity
New Zealanders will value the Port as an asset
that drives our nation’s prosperity by providing
the most efficient access to global trade.
Improve community wellbeing
We will improve our community’s wellbeing by
providing jobs and economic growth, as well
as forming effective partnerships to pursue
a shared vision of success.
Protect our natural environment
We will protect and enhance our natural
environment. We will invest in technology
and embed sustainable practices
throughout our business.
Respect mana whenua
We will recognise and respect the mana
whenua of the rohe and acknowledge
the kaitiakitanga of iwi and hapū.
Nurture our people
We will be an attractive and accessible
workplace where talent is nurtured. Our people
will be proud to work here and know their
contribution is valued. We will foster a culture
of empowerment, where health and safety
is at the forefront of everything we do.
Provide superior customer service
We will be driven by our customers’ needs
and create innovative supply chain solutions.
We will deliver on our promises, provide
superior service and grow together.
Deliver long-term value
We will deliver long-term value for investors
through leading environmental and ethical
performance, business resilience and sound
financial management.
Our purpose
and vision
Our purpose and vision guides us to focus our
attention, effort and resources in the places that reflect
the priorities of our stakeholders.
Our
values
Our values define our
fundamental beliefs and dictate
our behaviour as individuals,
as teams and as an organisation.
We will achieve our vision by:
Taking pride and
doing the right thing
Creating
better ways
Listening and
working together
Having a ‘safety
always’ mindset
Company overview
13
Port of Tauranga Limited – Integrated Annual Report 2024
12

Operated by Timaru
Container Terminal
• Intermodal freight hub
at Rolleston
• Rail connections to
Timaru Container
Terminal and
rest of South Island
• New warehouse built
for Coda Group.
50% ownership
with Kotahi
• Freight logistics group
incorporating Tapper
Transport, Dairy
Transport Logistics,
Priority Logistics and
MetroPack
• Operates New Zealand’s
largest intermodal freight
hub at Ōtāhuhu in
Auckland.
5
50% ownership with
Marsden Maritime Holdings
• Deep water commercial
port near Whangārei.
4
1
Parent company
• New Zealand’s largest port and international freight hub
• Container terminal, bulk/breakbulk cargo wharves and
bunkering/bulk liquids facilities
• Extensive cargo storage and handling facilities
• Rail connections to Hamilton, Auckland and the
central North Island
• Extensive road networks (State Highways 2 and 29)
and coastal shipping connections.
50:50 joint venture with
Tainui Group Holdings
• Inland port
connected
by rail to Tauranga
and Auckland
• Part of the Ruakura
Superhub logistics
and industrial
precinct
• Opened August
2023.
2
100% ownership
• Specialist cargo
handling services
company with
operations at Tauranga
and Timaru
• Operator of Ruakura
Inland Port.
100% ownership
• Direct links to Tauranga
• Operates MetroPort
Christchurch at
Rolleston.
65
50% ownership with
Timaru District Holdings
• Commercial port
in Timaru
• Bulk cargoes including
major cement
handling facility and oil
terminal.
6
Our national
network
By the numbers:
Port of Tauranga is New Zealand’s international hub port:
Operated by parent
company and KiwiRail
• Inland port in the heart
of Auckland’s
commercial and
industrial area,
connected by rail to
Tauranga and Hamilton
• New Zealand’s fourth
largest container
terminal.
3
35
1
2
50% ownership with
Port of Auckland
• Online cargo
management system.
4
5
1
3
39%
of all shipping containers in and out of New Zealand
32%
of all New Zealand cargo
38%
of all New Zealand exports
3
30%
of New Zealand log exports
63%
of New Zealand dairy exports (milk powder,
cheese, butter)
70%
of New Zealand meat exports
93%
of New Zealand kiwifruit exports
8,036
TEU total ground slots at Tauranga Container
Terminal including 1,404 slots for refrigerated
containers (3,426 powered connections)
2,880
TEU capacity at MetroPort Auckland
2.8km
total quay length at Tauranga, with 15 berths
279
employees at parent company
15ha
land in Rolleston near Christchurch
45ha
land in Auckland
190haland in Tauranga
14.5m
shipping channel depth in Te Awanui
Tauranga Harbour
56
straddle carriers
8
container cranes (9th under
construction) at Tauranga
Container Terminal
3 https://www.transport.govt.nz/statistics-and-insights/freight-and-logistics/
State Highway 1
State Highway 2
East Coast main

trunk rail network
KEY
Christchurch
Timaru
Invercargill
Wellington
Napier
Murupara
Hamilton
Auckland
Northport
Port of Tauranga
5
4
6
3
2
1
Ruakura
Picton
‘Golden Triangle'
economic zone
6
126
15
Port of Tauranga Limited – Integrated Annual Report 2024
14
Company overview

How Port of Tauranga
creates value
Our inputs

Our
finances
Our skills and
knowledge
Our assets and
infrastructure
Our
relationships
Our capabilities
• A can-do attitude
• Sector-leading safety performance
• Flexibility
• Proven ability to execute strategy
• History of sound commercial infrastructure
investment
• Deep understanding of supply chain dynamics
• Cost-effective and competitive labour model
• Strategic land holdings on both sides of
Te Awanui Tauranga Harbour and other
key locations
• Located close to cargo catchments and linked
by road, rail and sea
• Strong and transparent governance
framework
• Astute financial and risk management
• Responsive and creative customer service.
Outcomes for
our stakeholders
• Enduring, mutually beneficial
partnerships
• A proud, safe and motivated workforce
• Highly effective and resilient logistics
networks that meet the needs of the
New Zealand supply chain
• Responsive environmental stewardship
and improved air and water quality
• Appropriate risk and return for our
shareholders
• Secure employment and prosperity
for local, regional and national
communities.
Our outputs
• Growing trade volumes based
on long-term freight agreements
with key customers
• Constructive partnerships with iwi
and community organisations, focused
on harbour health and education
• Principal sponsorship of national
events held locally, as well as
community infrastructure
• Consistent, reliable and efficient
operational performance without
compromising safety
• Innovative partnerships in other ports,
inland freight hubs, logistics and cargo
handling specialists.
• Timely investment in cargo handling
equipment and storage capacity that
enables cargo volume growth
• Proactive pollution prevention
and incident response
• Investments in energy efficiency
and waste minimisation
• Strong balance sheet with favourable
debt facilities
• Job creation – direct and indirect
• Dividends paid to shareholders,
including regional ratepayers
(through cornerstone shareholder,
Quayside Holdings).
Our
environment
Our
people
1617
Port of Tauranga Limited – Integrated Annual Report 2024
Company overview

What matters most?
At Port of Tauranga, we understand
the inherent value of sustainability.
Port of Tauranga’s sustainability
strategies focus on the issues that
matter most to our stakeholders, and
the ones we can most influence.
Stakeholder engagement
In 2024, we undertook a materiality
assessment with internal and
external stakeholders to understand
and prioritise environmental, social,
governance and economic issues.
An independent expert canvassed
the senior management team, other
people leaders in the business,
employees, investors, customers,
business partners, community
leaders, unions, iwi members,
and regulatory bodies. A list of 19
sustainability topics was then ranked
through an online survey.
Survey results
The survey results established
the highest priority areas for Port
of Tauranga according to their
importance as well as our ability to
influence or address them. Although
all 19 topics are important, the
highest-ranked were:
Health, safety and wellbeing
Promoting a safe and healthy
working environment for everyone
working in, or interacting with,
our business.
Customer engagement
Continuously innovating
and adapting to market and
environmental changes to deliver
sustainable and efficient service
to our customers. Understanding
customer and partner needs.
Sustainable financial performance
Ensuring sustainable financial
growth and performance as a key
component of the triple bottom line
(economic, environmental, social).
Employee engagement
Empowering people through
professional development,
providing career pathways, and
creating a culture where people
can thrive. Enabling a long-term
sustainability mindset in our culture
and values.
Future-focused infrastructure
and services
Providing critical infrastructure
and services that are resilient,
efficient and evolving to meet the
needs of New Zealand. Proactively
considering customer needs and
responding to global market and
geopolitical forces.
Social licence
Proactively engaging in community,
partnerships and relationships.
Communicating the purpose
and value of Port of Tauranga
to the region and New Zealand.
Communicating targets, goals
and progress to a broad range
of stakeholders.
Environmental stewardship
Protecting the environment
(land, water and air quality) and
biodiversity through proactive
management and partnerships.
Other important topics included:
• Digitisation and technology
• Business continuity planning
• Communication and relationship
management
• Governance
• Collaboration and partnerships
• Carbon footprint
• Climate-related business risk
• Cultural competency
• Sector leadership
• Future of work
• Diversity and inclusion
• Community focus.
The senior management team
will use the results of the survey
to enhance our sustainability
strategies and report to our
stakeholders, including through this
Integrated Annual Report.
Port of Tauranga’s
sustainability
strategies focus
on the issues that
matter most to our
stakeholders.
1819
Port of Tauranga Limited – Integrated Annual Report 2024
What matters most?

Risk management and
climate change response
Port of Tauranga’s risk management
framework gives us the tools to
assess, monitor and manage risks.
During the 2024 financial
year, Port of Tauranga has
undertaken a thorough review
of its Risk Management Policy
and Framework with the help
of external expertise. As a result
of the review, a Risk Specialist is
being recruited to coordinate risk
information and management.
All staff have a role to play in
risk management. Our risks are
continuously evolving and are
discussed in depth regularly by the
senior management team and the
Board of Directors.
Our strategic risks include:
• Major equipment failure
(e.g. container crane)
• Natural disasters, business
interruption/continuity
• System or process failure
(e.g. technology disruption)
• Ship foundering (e.g. collision
or grounding)
• Competition
• Environmental incident
(e.g. major pollution or
biosecurity breach)
• Regulatory requirements
(e.g. resource consent
compliance)
• Death or serious injury
of a worker
• Psychosocial issues
(e.g. bullying, fatigue)
• Industrial action
• Physical security breach
• Loss of major customer
• Financial issues
• Fraud or other criminal activity,
breach of integrity
• Cybersecurity attack
• Project management or business
partner failure
• Climate change.
Greenhouse gas
emissions reporting
Port of Tauranga has measured
and reported greenhouse gas
emissions since 2017.
Port of Tauranga is committed
to reaching net zero greenhouse
gas emissions by 2050 and aims
to reduce emissions intensity
(CO
2
e per cargo tonne) by at
least 5% per year.
In the 2024 financial year,
Port of Tauranga saw a 3.9%
reduction in annual total
CO
2
e from Scope 1 and 2
greenhouse gas emissions,
compared with the prior year.
Scope 1 and 2 emissions per
cargo tonne were steady at
0.74 kilograms CO
2
e per tonne
of cargo.
Climate-related Disclosures
Over the past year, we have
prepared to meet the regulatory
requirements of the new
Climate-related Disclosures
framework, which intends to
ensure climate change impacts are
actively considered by businesses,
including in investment decisions.
We had several workstreams,
including:
• A thorough review of our
existing enterprise risk
management framework,
as outlined above
• Engaging external expertise
to help with scenario planning,
as well as reviewing the Port’s
climate-related physical and
transition risks and opportunities
• Developing targets.
The scope of the Board’s Audit
Committee has been widened
to monitor and oversee Port of
Tauranga’s implementation of and
compliance with the Climate-
related Disclosures legislation.
Port of Tauranga will publish its
first Climate-related Disclosures
report before the deadline of
October 2024.
2021
Port of Tauranga Limited – Integrated Annual Report 2024
Managing risk and opportunities

Improving
community
wellbeing
Material issues
addressed by our
strategies:
• Collaboration and partnerships
• Communication and relationship
management
• Community focus
• Customer engagement
• Social licence
• Cultural competency.
Port of Tauranga has established long-lasting, mutually beneficial relationships
with a diverse range of customers, communities and business partners. We plan
for the future utilising the insights made possible by these relationships, and
do so in a way that aims to meet the needs of all our stakeholders.
In the following pages, we describe our progress. We have partnered with local
councils to build community infrastructure, collaborated with our partners
to offer customer-centric solutions, and worked with iwi and hapū to improve
the health of Te Awanui Tauranga Harbour.
Vision
We will improve our
community’s wellbeing by
providing jobs and economic
growth, as well as forming
effective partnerships to pursue
a shared vision of success.
We will recognise and respect
the mana whenua of the
rohe and acknowledge the
kaitiakitanga of iwi and hapū.
Our relationships
Capital:
23
Port of Tauranga Limited – Integrated Annual Report 2024
22
Capital – Our relationships

Partners in biosecurity
excellence
Port of Tauranga is part of a
biosecurity excellence partnership
to protect the border from pest
incursions that threaten our
economy and lifestyle.
The Port has joined forces with
the Ministry for Primary Industries
(MPI), Kiwifruit Vine Health, primary
produce organisations, scientists
and local government.
The partnership aims to build a port
community trained to prevent any
bugs coming through the port. Port
users are educated on what to look
for and how to respond if they
see telltale signs such as dirt, eggs,
nests or critters – dead or alive.
A dedicated 0800 number ensures
reports receive a quick response
from MPI.
The collective publishes an annual
calendar and other educational
material featuring the top 12
unwanted pests, such as the brown
marmorated stink bug.
An annual Biosecurity Week also
raises awareness amongst the
Port community.
The Port is a signatory to the
national Biosecurity Business
Pledge, a network of more
than 130 businesses who share
knowledge and collaborate on
proactive biosecurity
management.
Cruise ships bring plenty of visitors to the Bay
The cruise ship industry bounced
back from its Covid-induced hiatus,
with 109 passenger vessel visits
in the 2023/2024 summer season.
That was close to the record 116
visits in 2018/2019, which was
estimated to have contributed
more than $89 million to the Bay
of Plenty economy.
Port of Tauranga works with
Tourism Bay of Plenty to provide
visitor services at the port gate.
The tourism organisation has
a pop-up information centre,
volunteer ambassadors and local
tour operators on hand to assist
cruise ship passengers.
Cruise ships are also a spectacular
sight for locals. Tauranga residents
can often be seen picnicking at
Pilot Bay beach or taking a vantage
point on Mauao to watch
departing vessels.
The next few cruise seasons are
expected to be more challenging
for New Zealand due to increased
costs, global competition, and
itinerary changes to avoid conflict
areas overseas.
Port of Tauranga currently has
91 cruise ship bookings for the
coming season, commencing
on 18 October.
High customer
satisfaction
Port of Tauranga surveyed
importers, exporters, shipping
companies, shipping agents,
tenants and others earlier this
year to gauge satisfaction.
More than 80% of respondents
said they were “very satisfied”
or “somewhat satisfied” with
Port of Tauranga.
The most popular words to
describe Port of Tauranga were:
reliable, efficient, easy to work
with, collaborative, high quality
and proactive.
Nearly 70% of respondents said
Port of Tauranga’s services met
their needs “extremely well” or
“very well” and 96% were likely or
very likely to use Port of Tauranga
in the future.
Long-term freight
agreements
in place with major shippers
such as Kotahi, Oji Fibre
Solutions and Zespri
International
1,500+
People hosted
on port tours
Ruakura Inland
Port joint venture
with Tainui Group Holdings
celebrates first anniversary
of opening
74%
Average recommendation
by surveyed customers
18
Tertiary scholarships
awarded to Māori students
KPIs
‘Living sea wall’
to attract marine life
to city centre
Port of Tauranga is proud to be
sponsoring an innovative new
feature on Tauranga city centre’s
waterfront – a living sea wall to
attract marine life.
The project, being developed by
Tauranga City Council, will foster
a healthy marine environment and
enhance coastal protection, as well
as being a significant contribution
to our city’s wellbeing.
The sea wall, along The Strand,
has 100 concrete pods specially
designed to attract tidal algae and
animal life. The pods, weighing
from 130 kilograms to 2,000
kilograms, are being placed among
8,000 tonnes of rocks.
The sea wall will protect the
coastline, promote biodiversity
and sea life, and better connect
city residents and visitors to Te
Awanui Tauranga Harbour. Stepped
viewing ledges and shallow zones
will ensure people of all ages can
explore the rocky pools.
The project is one of several recent
collaborations between Port of
Tauranga and Tauranga City Council.
The Port funded a new natural
playground as part of the council’s
Marine Parade Coastal Pathway
at Mount Maunganui.
The three kilometre path runs from
Hopukiore (Mount Drury Reserve)
to Oceanbeach Road and the
new playground is opposite
Te Ngaio Reserve.
The Port also funded, at the request
of the council and the Mauao Trust,
a timber viewing platform at the
northernmost point of the base
walking track of Mauao.
The platform overlooks Te Awaiti
(Little River), the channel where
the historic migratory waka
Takitimu first sheltered on arrival
at Tauranga Moana.
Both the viewing platform and the
Marine Parade Coastal Pathway
were officially opened just before
Christmas 2023.
2425
Port of Tauranga Limited – Integrated Annual Report 2024
Tourism Bay of Plenty
welcomes cruise passengers.
Tauranga hosted 109 cruise ships
last summer.
Capital – Our relationships
Students check the new living
sea wall pods.

Port partners with iwi
to invest in harbour health
Case study
A trust formed to invest in harbour health initiatives has funded
a raft of new projects.
The Ngā Mātarae Charitable Trust brings together
iwi organisations and Port of Tauranga to invest
Port funds in projects to benefit Te Awanui
Tauranga Harbour.
The Trust was established in 2014 to balance the
impact on the cultural and spiritual values of local
iwi and hapū from the harbour capital dredging
project to prepare for the arrival of bigger container
ships. The Trust brings together representatives from
Ngāi Te Rangi, Ngāti Ranginui and Ngāti Pūkenga
iwi, the Port, the Mauao Trust and the Tauranga
Moana Iwi Customary Fisheries Trust.
The Trust is funded through an annual grant from
the Port.
Over the past year, the trustees have agreed to
sponsor projects including:
• A resilience plan for Whareroa Marae, which
is located on a low-lying shore of Te Awanui
Tauranga Harbour
• A business case for harbour restoration led
by a collective of hapū of Tauranga Moana
• A project to capture hapū perspectives of
Tauranga Moana
• School science laboratory equipment to be
shared by local kura kaupapa.
Past projects
Previous projects funded by the Trust include:
• A pipi research project to restore and enhance
coastal ecosystems
• Purchase of a research and monitoring vessel for
an environmental organisation
• Preparation of an oversight plan and
implementation programme for the wetlands
adjacent to the Whetu-O-Te-Rangi marae
• Restoration and enhancement of the Huria
wetland adjacent to Maharaia Memorial Park and
the Judea Rugby Club.
The Trust is also helping to fund a major wetland
restoration project being undertaken by Tauranga
City Council, Bay of Plenty Regional Council and
Ngai Tamarawaho hapū.
The Kopurererua Stream Fish Habitat Project
will re-establish habitats in the lower stream and
adjacent Koromiko wetland, which flows into
Tauranga Harbour through the Waikareao Estuary.
It is expected to increase flood and erosion control,
improve water quality and protect biodiversity.
Ngā Mātarae Trust also funds a number of tertiary
scholarships for Māori students. In 2024, a total
of 18 tertiary scholarships were granted to students
in their first, second or third year of study.
2627
Port of Tauranga Limited – Integrated Annual Report 2024
Capital – Our relationships

Capital:
Material issues
addressed by our
strategies:
• Health, safety and wellbeing
• Diversity and inclusion
• Employee engagement
• Future of work
• Governance.
Vision
We will be an attractive and
accessible workplace where
talent is nurtured. Our people
will be proud to work here
and know their contribution is
valued. We will foster a culture
of empowerment, where health
and safety is at the forefront
of everything we do.
Our people

Nurturing
our people
Port of Tauranga aims to recruit talented people, nurture them, retain them and
recognise their achievements. Our positive health and safety culture proactively
manages and mitigates risks. All our team members, and our contractors, are
empowered to halt operations if they are concerned about unsafe practices.
Our wellbeing programme, ShipShape, promotes the physical, mental,
emotional and financial wellbeing of our team members.
In the following pages, we describe our progress in pursuing our wellbeing,
people and health strategies, including our support of industry initiatives.
29
Port of Tauranga Limited – Integrated Annual Report 2024
28
Capital – Our people

Industry monitors
worker voices
Port of Tauranga team members
participated in an industry-wide
safety culture survey, the second
annual survey coordinated by
Maritime NZ.
Port of Tauranga scored well in the
way we prioritise health, safety and
wellbeing, workers’ understanding
of risks and hazards, and leadership.
People feel empowered to stop
work if they feel it is unsafe.
The areas needing to be addressed
included fatigue management,
consistency of port rules
adherence and consistency
of training standards.
The survey findings complemented
the results of the Port’s recent
SafePlus audit, an independent
assessment of health and safety
practices on site.
Port of Tauranga is also working
with Maritime NZ to ensure visiting
international vessels meet high
safety standards, especially with
regard to pilot ladder compliance.
Our pilots and launch crews are
expected to prevent boarding or
disembarking if they feel the ladder,
or any other equipment, is unsafe.
9.25%
Staff turnover
Compared with 7.0% in 2023,
11.5% in 2022
279
Employees at
Port of Tauranga Limited
31%
Job vacancies filled
internally
226%
Health and safety training
course completion rate
Due to new dedicated
resource
36.2%
Total Recordable
Injury Frequency Rate
to 13.2 per million hours
worked (Port of Tauranga
employees and contractors
combined)
17.5%
Lost Time Injury
Frequency Rate
Port of Tauranga employees
and contractors combined
KPIs
Helping our people
stay ShipShape for life
Port of Tauranga’s wellbeing
programme, ShipShape, was
established in 2018 to bring
together existing and new
wellbeing initiatives under the
direction of a committee of
team members from across
the business.
The committee runs events and
shares information to boost
physical, mental and financial
wellbeing. Recent initiatives
include a blood donation
promotion, money management
advice, free yoga classes, group
bike rides and on-site servicing,
menopause information sessions
and cooking demonstrations.
ShipShape also funds sports
teams, internal competitions and
challenges, often in partnership
with local and national charities.
For the past few years, a large
group of team members and their
whānau have participated in an
annual coastal clean up.
In 2023, ShipShape won gold
accreditation under the WorkWell
framework of the Toi Te Ora
Public Health unit.
Port of Tauranga also provides
a free, confidential employee
assistance programme through
Vitae.
Gender diversity
22% Female
Compared with 22% in 2023 and 22% in 2022
0
20
40
60
80
100
120
140
160
180
200
Female
46-5041-4536-4031-3526-3021-2516-2011-156-100-5
0-5
6-10
11-15
16-20
21-25
26-30
31-35
36-40
41-45
46-50
Male
Female
0
20
40
60
80
100
120
140
160
CorporateFinanceTerminalPropertyCommercial
Male
Female
CorporateFinanceTerminalPropertyCommercial
0
20
40
60
80
100
120
140
160
180
200
60-7844-5928-43Under 21
Male
Female
Gender diversity by years of serviceGender diversity by divisionGender diversity by age
Keep Well at Port of Tauranga
Port of Tauranga’s new employee
health programme, Keep Well,
was launched in December and
complements the ShipShape
wellbeing programme.
Keep Well has been curated to make
medical support accessible and
customisable for our team members.
The free service involves an
on-site nurse every Thursday,
rotating between three sites.
Nurse Debbie Stewart provides
annual wellbeing checks, which
can include hearing, vision,
lung function, blood pressure,
musculoskeletal function, skin,
cholesterol and glucose tests.
She advises on fatigue, sleep
management and other lifestyle
factors. She also undertakes
ergonomic work station
assessments, respirator mask
fittings and treats minor injuries.
Under the Keep Well programme,
all employees are offered free
annual flu vaccinations.
With the launch of Keep Well,
all employees also received a
HealthNow card loaded with
$50 of credit to put towards
health-related expenses.
The HealthNow card can be used
for physiotherapy, dental treatment,
GP services, specialists or any
other medical or allied
healthcare service.
Team members take
a lunchtime walk
on Mauao.
Team members and
their whānau have
helped clean up the
neighbourhood.
3031
Port of Tauranga Limited – Integrated Annual Report 2024
Capital – Our people

New awards recognise
team players
Case study
Dave and Angela from the
health and safety team support
the Awards programme.
Electrical Foreman Skip Fisher
is a TeamSafe Award winner
A new recognition programme enables port workers to nominate peers
who demonstrate the team value of “having a safety always mindset.”
Port of Tauranga’s TeamSafe Awards were
launched in November to celebrate the many
ways in which our team members bring the
mindset to life, every day.
The initiative was suggested by employees wanting
to recognise their workmates for great health and
safety actions and projects.
The monthly awards acknowledge and celebrate
individuals and teams who show an outstanding
commitment to safety – above and beyond their
day-to-day duties. Nominations can be for actions,
ideas, initiatives, projects or behaviours.
The winners are decided by the Health and
Safety Committee, which has representatives
from every department.
A variety of projects and individuals have already
been recognised from among Port employees
and contractors. They include:
• A manager who shows safety leadership
by being proactive, inclusive, collaborative
and highly knowledgeable
• A crane driver who instigated two projects
to make stevedores’ working areas safer
and protect them from heavy equipment
• The team who safely retrieved a wedged
container from on board a ship
• A straddle driver who was first on the scene
of a potential chemical spill from a container
• A contractor who reported a serious-but-
overlooked safety concern
• A straddle driver who responded to suspected
intruders at the container terminal
• An electrician who designed a safer way
to maintain crane cables, a job that used to
be done at height.
The TeamSafe Awards complement the Port’s
longstanding Extra Mile Award for outstanding
effort in any area.
33
Port of Tauranga Limited – Integrated Annual Report 2024
32
Capital – Our people

Capital:
Material issues
addressed by our
strategies:
• Business continuity planning
• Collaboration and partnerships
• Customer engagement
• Sector leadership
• Future-focused infrastructure
and services.
Vision
We will be driven by our
customers’ needs and create
innovative supply chain
solutions. We will deliver on
our promises, provide superior
service and grow together.
Our skills and knowledge
Providing superior
customer service
Port of Tauranga takes an integrated view of the supply chain, investing
in other ports, inland freight hubs, cargo handling expertise and logistics
companies. The aim is to reduce waste and inefficiencies in the supply chain
so that we can offer our customers the most efficient and environmentally-
sound option for their cargo.
In the following pages, we describe how we utilise our skills, knowledge
and experience. We have recovered productivity despite ongoing supply
chain disruption, and we have used our industry expertise to support
regulatory changes and the work of law enforcement agencies.
Capital – Our skills and knowledge
35
Port of Tauranga Limited – Integrated Annual Report 2024
34

KPIs
Ruakura Inland Port celebrates first anniversary
Ruakura Inland Port is winning
business in the Waikato.
The nine-hectare cargo facility is
connected by rail to Auckland and
Tauranga and is part of the giant
Ruakura Superhub, a 490 hectare
logistics and industrial precinct being
developed by Tainui Group Holdings.
Tenants so far include Kmart’s
national distribution centre, a state-
of-the-art coldstore owned by
shipping line Maersk and another
coldstore operated by Big Chill.
The inland port, which opened
with twice-weekly train services in
August 2023, now has daily calls
from Port of Tauranga’s MetroPort
trains running between Auckland
and Tauranga.
Port of Tauranga and Tainui
Group Holdings have new plans
to develop a three-hectare empty
container depot next door to the
inland port.
Change in regulatory oversight of port safety
Maritime NZ has taken over
responsibility for safe landside
operations at New Zealand’s
13 commercial ports effective
1 July 2024.
Previously, Maritime NZ had
jurisdiction on board ships, while
WorkSafe had responsibility for
land-based operations.
The change was one of the
recommendations of the Port
Health and Safety Leadership
Group, in which Port of Tauranga
is an active participant. It is hoped
that having one primary regulator
for ports will provide clarity for the
multiple organisations and workers
operating in port environments.
The Leadership Group has
developed a multi-year plan to
improve safety following the deaths
of two port workers in Auckland
and Lyttelton in early 2022.
Port of Tauranga works closely
with a range of other government
agencies and regulatory bodies to
ensure the port is a safe and secure
workplace and the community is
protected from harm.
The Port’s security team works with
New Zealand Police and Customs
to prevent illegal goods entering
New Zealand. The Port also
works with the Ministry of Primary
Industries to manage biosecurity
risks, WorkSafe regarding the
management of hazardous goods
facilities and the regional Public
Health Unit to ensure the health
of visiting international crew.
Safety on the water in the harbour
is managed by the Tauranga
Harbourmaster, who is employed
by the Bay of Plenty Regional
Council. Port of Tauranga also runs
safety campaigns to educate the
general public about safe boating
in and around New Zealand’s
busiest port.
Police and Customs
stop criminal activity
Port of Tauranga’s round-the-
clock security team assists Police
and Customs to prevent illegal
activity at the port.
In September, vigilant port security
officers raised the alarm after
finding signs of a break-in
at the port boundary.
A subsequent search of shipping
containers by Customs officers
unearthed 26 kilograms of
concealed cocaine.
The port is monitored via
surveillance cameras and mobile
security patrols. Anyone who does
try to break in risks their lives,
as there is heavy machinery
operating at all hours.
Productivity recovers after Covid and congestion
Port of Tauranga’s container
terminal operations have returned
to normal productivity following
three years of congestion and
delays caused by disruption in the
domestic and global supply chain.
Although most container vessels
continue to arrive off schedule, the
Port has reviewed its systems and
processes to improve efficiency
while ships are tied up at the
container terminal.
Since September 2020, operational
problems at other ports and the
Covid-19 pandemic resulted in ship
visit ‘bunching’. Surges in container
volumes put severe pressure on
terminal capacity and efficiency,
as well as available rail capacity
and labour.
From March 2023, New Zealand
ports have been attempting to
reinstate adherence to berth
schedules and cargo exchange
volumes. While that objective
has remained elusive, internal
productivity has normalised to just
over 30 container moves per hour
by the shore-to-ship cranes.
The vessel rate
4
was 57.4, an 11%
increase, and the ship rate
5
was
71.3, an 18% increase from last year.
Future plans to improve cargo
throughput involve the introduction
of automation.
Automated stacking cranes (ASCs),
a well-proven technology already
in use in many of the world’s most
efficient ports, will be introduced
in phases.
ASCs are fully electric gantry
cranes, mounted on rails, that
are operated remotely.
The refrigerated container patch
at Tauranga Container Terminal.
The Port security team
operates around the clock.
4 Number of containers moved on and off a ship in an hour of labour.
5 Number of containers moved on and off a ship per hour.
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
202420232022
Average cargo ship
gross tonnage
Container crane rate
(moves per hour)
0
10
20
30
40
202420232022
0
50
100
150
200
250
202420232022
Average cargo ship
length overall (metres)
0
0.5
1.0
1.5
2.0
2.5
202420232022
Average turn-around time
per cargo ship (days)
36
Port of Tauranga Limited – Integrated Annual Report 2024
37
Capital – Our skills and knowledge

Big ships offer lower carbon
alternative for shippers
Case study
Port of Tauranga’s ability to accommodate the largest container vessels
to visit New Zealand ensures shippers can access a lower carbon, more
efficient supply chain.
By far the largest proportion of carbon emissions
in New Zealand’s carbon supply chain relates
to the ‘blue water’ or ocean-going component
of the cargo journey.
Landside emissions, from road and rail transport,
contribute only a small percentage of the total carbon
emissions related to container imports and exports.
Port of Tauranga is the only New Zealand port
able to handle larger container vessels, which are
capable of producing fewer emissions per container.
Port of Tauranga regularly receives visits from
vessels with capacity of around 9,500 TEUs.
The carbon footprint for an import container from
Shanghai to Port of Tauranga on a ship of that size
is around 20% smaller than the same box shipped
from Shanghai to Auckland on a 4,500 TEU vessel.
This is true even taking into account the emissions
from transferring the container by rail from Tauranga
to Auckland. An export container via rail from
Hamilton to Shanghai via Tauranga on a big ship
has a carbon footprint about 23% smaller than
the same container via Auckland.
Port of Tauranga expects larger vessels to cascade
into the Oceania network as newly built ships are
introduced into the Northern Hemisphere trade
routes and older ones are scrapped.
The trend will lead international services to focus
on one or two large scale ports in New Zealand,
led by Port of Tauranga, with an emerging ‘hub
and spoke’ port network to service the balance
of the country’s 13 ports.
Although coastal shipping in New Zealand is
currently facing a number of logistic and financial
challenges, Port of Tauranga still believes it has
a significant role to play in a more efficient and
sustainable freight transport system.
Coastal shipping is a safe and lower carbon
alternative for transporting large volume and/or
heavy cargoes that are not time-sensitive.
A 2022 study by University of Canterbury for
coastal shipping company Swire Shipping estimates
greenhouse gas emissions generated by heavy
road transport are between 2.4 and 2.7 times larger
than rail, and between 5 and 5.6 times larger than
coastal shipping.
Together with the use of rail, and inland ports for
cargo hubbing and consolidation, coastal shipping
offers a path to significantly increase cargo volumes
in future while decarbonising the supply chain.
Artists’ impression of hybrid straddle carrier
and future automated container stacking.
Port of Tauranga is the only port able
to handle larger container vessels.
3839
Port of Tauranga Limited – Integrated Annual Report 2024
Capital – Our skills and knowledge

Capital:
Material issues
addressed by our
strategies:
• Carbon footprint
• Climate-related business risk
• Environmental stewardship
• Social licence
• Collaboration and partnerships.
Vision
We will protect and enhance
our natural environment.
We will invest in technology
and embed sustainable
practices throughout
our business.
Our environment
Protecting
our natural
environment
Port of Tauranga protects air and water quality through dust control,
stormwater management and spill prevention. We support industry efforts
to reduce the use of fumigants, while ensuring we remain vigilant for
biosecurity incursions that could threaten our economy and way of life.
We choose energy efficient equipment where possible, minimise waste
through recycling, and seek to reduce our greenhouse gas emissions across
all areas of our business.
In the following pages, we describe our progress in implementing our
environmental strategies. We have reduced greenhouse gas emissions,
improved air and stormwater quality and invested in the biodiversity
of the harbour.
41
Port of Tauranga Limited – Integrated Annual Report 2024
40
Capital – Our environment

De-barked logs help reduce on-port fumigation
Port of Tauranga has supported
industry initiatives that have
helped to drastically reduce
fumigation undertaken on port.
Fumigation is an important tool to
protect New Zealand’s biodiversity,
as well as enabling trade with
international markets.
In order to meet the phytosanitary
requirements of export
destinations, more than 80% of
all the logs shipped through Port
of Tauranga are required to be
fumigated, either in the ship’s hold
in transit or on the wharf just prior
to loading.
The fumigant used on the wharf
is methyl bromide, a potentially
ozone-depleting chemical, while
phosphine is used in ships’ holds
in transit.
Port of Tauranga insists that
recapture technology is utilised
on all methyl bromide fumigations.
The Environmental Protection
Agency also has strict rules.
In recent years, methyl bromide
use has dramatically reduced,
primarily through the use of
de-barking. De-barking logs off
site greatly reduces the amount of
pre-shipment fumigation required,
as well as reducing the volume
of bark needing to be swept from
the wharves.
More than 20% of all logs are now
de-barked before arriving at Port
of Tauranga.
KPIs
100%
Stormwater quality
standards compliance
25%
Reduction in dust
adjacent to the Port
boundary between 2017
and 2023
3.9%
Scope 1 and 2 greenhouse
gas emissions
Port commits to industry accord
Port of Tauranga has worked with
other Mount Maunganui-based
businesses to develop an industry
accord committed to improving
their environmental performance.
The project, led by the Western Bay
of Plenty’s economic development
agency Priority One, involves 30
businesses who have pledged
to address community concerns
about air quality.
Port of Tauranga has committed to
further extend its network of wind
fences, install a new stormwater
treatment system at the Mount
wharves (see page 42), further
improve the Hewletts Road log
yard stormwater system, undertake
a dust source study (see page 44),
and to work with stevedores and
marshallers to further improve bulk
cargo handling to minimise dust
generation.
The Port is also responding to
community requests to plant
alongside port boundaries.
One recently completed project
is a garden at the Tōtara Street/
Waimarie Street intersection at
Mount Maunganui, near Port land
leased to empty container depots.
Further details of the Mount
Maunganui Industry Environmental
Accord can be found on the
Priority One website
6
.
Above: NZ dotterels nest at the Port.
Methyl bromideLogs
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
20232022202120202019201820172016
Log export (tonnes)
MBr (kg)
0
50,000
100,000
150,000
200,000
250,000
New planting alongside
Port boundaries.
Endangered birds find
refuge next to port
operations
Threatened shore bird species can often
be found resting at Port of Tauranga.
The Port’s sand pile – material dredged
during maintenance of shipping channels
– adjacent to the container terminal,
attracts New Zealand dotterels, variable
oystercatchers and other endangered birds.
It has also become a resting place for bar-
tailed godwits, who fly every year non-stop
from their breeding grounds in western
Alaska, a trip that takes just over a week.
The dredged sand is usually used to
replenish local beaches but is left
undisturbed for the majority of the year
when birds are in residence.
Discussions are currently under way
with iwi and hapū and the Department
of Conservation about the appropriate
ongoing protection of the habitat.
6 www.priorityone.co.nz
New stormwater
treatment plant at
Mount wharves
A new stormwater treatment
system at the Mount Maunganui
wharves is expected to further
improve water quality near the
log ship berths.
For two decades, Port of Tauranga
has been improving stormwater
management to protect Te Awanui
Tauranga Harbour from pollution.
All wharves and cargo storage
areas were sealed prior to 2013
to enable routine vacuum
sweeping. Seventeen screens
have been installed on our
stormwater drains to retain bark
and prevent it from discharging
into the harbour. Fender
protection covers have been
installed at the edge of bulk and
log berths to stop any debris
falling into the harbour during
cargo loading and unloading.
The increasing volumes of logs
de-barked before arrival at the
port is also helping to avoid debris
arriving at the port and ending up
in the stormwater system.
A comprehensive stormwater,
harbour water and sediment
monitoring programme tests
for contaminants such as heavy
metals, petroleum hydrocarbons
and suspended solids.
Stormwater quality testing shows
compliance with the Port’s current
resource consent conditions.
However, Port of Tauranga seeks
continuous improvement in
stormwater practices and will
introduce a new treatment system
over the next year at the Mount
Maunganui wharves.
The new system will capture the
first 17mm of rainfall – the ‘first
flush’ in a downpour, when surface
contaminants such as bark, dirt
and tyre wear are more likely to
be washed into the harbour. The
captured stormwater will be held
in a one million litre mixing tank
before being processed through
a treatment system and released
into the harbour.
The $1.5 million Mount
Maunganui wharves project will
complement existing stormwater
treatment systems at the Sulphur
Point container terminal and the
Hewletts Road log storage yards.
Methyl bromide use by year
4243
Port of Tauranga Limited – Integrated Annual Report 2024
Capital – Our environment

Port of Tauranga has undertaken a range of
initiatives to reduce airborne dust, producing
a dramatic improvement in air quality since
intense monitoring began in 2019.
Vacuum sweeper trucks collect dust and debris from
the wharves, with bark from export logs recycled
into garden products at a Waikato composting facility
in a practice dating back 45 years.
More recently, concrete barriers have been installed
to keep traffic and heavy traffic on more frequently
swept roadways.
In the past year, Port of Tauranga has continued
to extend its wind fence network. More than two
kilometres of wind fences encourage airborne dust
to settle, where it can be swept up.
The Port also specifies wind limits on handling
certain potentially dusty cargoes, with a range
of visual alarms informing stevedores of wind speed
and when limits are being approached or exceeded.
The Mount Maunganui industrial area was
designated a ‘polluted airshed’ in 2019 to enable
increased monitoring and management by the
regional council, which has 11 air quality monitors
throughout the industrial area.
The results show significant reductions in sulphur
dioxide and fine dust since 2019. The monitoring station
at the Tōtara Street/Waimarie Street intersection saw
a 25% reduction in dust (total suspended particulate)
between the 2017 and 2023 calendar years.
In addition, the introduction of mandatory low sulphur
shipping fuels in early 2020 has had a major impact
on improving air quality by reducing sulphur dioxide.
Bay of Plenty Regional Council has recently
introduced new supplementary air sensors into
nearby residential areas.
The Council
is posting
live air quality
data on its
website
7
. The 12
new sensors, while not
as accurate as the industrial area
monitors, are designed to detect particulate matter
such as dust, sea spray and nitrogen dioxide.
The Port is also funding a new study to better
understand what causes nuisance and fine dust,
by analysing samples to try to identify sources
and inform action plans for industry.
Monitors have been established near Zespri head
office on Maunganui Road and at Ranch Road near
Mount Maunganui College.
Although the monitors will not be able to identify
all specific sources, they will paint a picture of
some general dust types such as sea spray, petrol
and diesel exhaust pollution, organic material, ship
exhaust emissions and other potential sources.
Recent changes to regional planning regulations
have led to Port of Tauranga liaising with key
stakeholders, including some neighbouring
industries, to develop a collaborative Port Industry
Area Dust Management Plan. It details how the
Port will continue to manage and reduce dust
associated with the handling of logs and bulk
solid materials.
Minimising airborne dust
improves air quality
Case study
Above: Dust monitor on Maunganui Road.
Vacuum sweeper trucks operate continuously
at the Mount Maunganui wharves.
7 https://www.boprc.govt.nz/environment/air/mount-maunganui-residential-air-quality
4445
Port of Tauranga Limited – Integrated Annual Report 2024
Capital – Our environment

Driving national
prosperity
Material issues
addressed by our
strategies:
• Future-focused infrastructure
and services
• Customer engagement
• Carbon footprint
• Digitisation and technology.
Port of Tauranga is continually investing in capacity to ensure it can
accommodate the largest vessels to visit New Zealand and cater for future
cargo growth.
A new berth extension within the port’s current footprint is planned to address
capacity constraints at the Tauranga Container Terminal. Future plans include
an automation project to further increase capacity, as well as continued
investments to reduce greenhouse gas emissions. We have taken delivery
of a new container crane and four additional hybrid straddle carriers.
Vision
New Zealanders will value the
port as an asset that drives our
nation’s prosperity by providing
the most efficient access to
global trade.
Our assets and infrastructure
Capital:
47
Port of Tauranga Limited – Integrated Annual Report 2024
46
Capital – Our assets and infrastructure

Port of Tauranga Limited – Integrated Annual Report 2024
KPIs
4
New hybrid straddle carriers
Hybrid straddles fuel fewer carbon emissions
Port of Tauranga has taken
possession of four more hybrid
straddles as it continues to
decarbonise its straddle fleet, one
of the largest sources of the Port’s
greenhouse gas emissions.
The new Kalmar straddles join
the existing three hybrid models
purchased in 2020, which have
proven to be around 25% more
fuel efficient than the Port’s other,
diesel-electric models, and 40%
more efficient than the oldest
models in the fleet.
The container terminal has also
purchased eight second-hand
straddles from Lyttelton Port, which
are being used to replace some of
the oldest, less efficient straddles,
and for spare parts.
Port of Tauranga’s container
terminal, the largest in the country
occupying 77 hectares, has 56
straddle carriers.
New container crane
under construction
A new shore-to-ship container
crane is being assembled at
Tauranga’s container terminal
to replace the Port’s oldest,
obsolete crane.
Number one crane,
commissioned back in 1992,
was deconstructed in 2023 to
make way for a brand new
crane from long-term supplier
Liebherr in Ireland.
Unfortunately some of the
parts of the new crane were
damaged by severe weather
in transit to Tauranga, delaying
commencement of the crane’s
assembly at the terminal.
The cranes arrive in pieces
from the Irish factory for
assembly on site.
With replacement parts due to
arrive in September, the new
crane is expected to be brought
into service by the end of the
calendar year.
The addition of the new
crane will return the Tauranga
fleet to nine. All the cranes
are electric, and can in fact
generate electricity as they
are lowering containers.
The tallest of the cranes is just
over 100 metres high when its
boom is in the raised position.
Bigger ships fuel lower
carbon supply chain
Port of Tauranga offers
shippers a lower carbon supply
chain through its ability to
accommodate the largest
container vessels to visit
New Zealand.
The Port has invested in capacity
for larger vessels, including
deepening and widening shipping
channels, expanding cargo storage
and handling facilities, and building
a network of inland ports for
cargo aggregation.
Bigger ships have better fuel
efficiency and the ability to
produce fewer greenhouse gas
emissions per container. Especially
when combined with rail on land,
bigger ships offer a significantly
lower carbon supply chain over
a typical container journey to/from
international hub ports.
As average ship sizes grow, Port
of Tauranga continues to invest in
the capacity required to host more
frequent visits from larger vessels.
Read more on page 38.
Port of Tauranga Directors (pictured
in pink hi-viz above) regularly make
risk assurance site visits.
Nearly 13% of the
straddle fleet are hybrids.
0
300
600
900
1,200
1,500
202420232022
‘000 TEUs
0
300
600
900
1,200
1,500
202420232022
Ship visitsTotal TEUs
4849
Port of Tauranga Limited – Integrated Annual Report 2024
Capital – Our assets and infrastructure

Stella Passage project
to benefit NZ Inc
Case study
Port of Tauranga’s Stella Passage project seeks to convert existing cargo
storage land into usable berths, within the port’s current footprint.
The project, currently the subject of a resource
consent application, is one of national importance
in New Zealand’s efforts to create a resilient, carbon
efficient and sustainable supply chain.
In 2018, Port of Tauranga engaged terminal
development experts TBA Group to model capacity
at the Tauranga Container Terminal. The model
identified that the berth extension was critical to
cater for future cargo growth. The increase in the
average size of container ships over time is also
putting pressure on berth capacity at the terminal.
To understand the project’s economic impact, early
in 2023 Port of Tauranga commissioned a report
by the New Zealand Institute of Economic Research
on the opportunity cost of not proceeding.
The report highlights the facts that:
• New Zealand will miss out on $485 to $749
million of annual GDP by 2032 without the
extension of the container wharves as proposed
in the resource consent application
• The absence of the berth extension will cost
New Zealand up to $2.78 billion in annual export
revenue once capacity at the Tauranga Container
Terminal is reached
• The absence of the berth extension will reduce
annual imports by about $2.52 billion nationwide.
Detailed planning and consultation began in early
2019. The Environment Court hearing to consider
the resource consent application was originally
scheduled for mid-July 2022, but was postponed
due to Covid. The three week hearing was
eventually held in March 2023.
In December 2023, the Environment Court issued
an interim decision approving consent for
part of the project, subject to further matters being
addressed to the satisfaction of the Court.
It involves constructing 285 metres of additional
berth to the south of the Port’s existing container
berths, and associated dredging. Construction will
take approximately two years.
Decisions on whether to grant consents for the
balance of the Sulphur Point wharf extension
(another 100 metres of berth) and for the proposed
works at the Mount Maunganui wharves, are reserved
pending the provision of further information.
The release of the interim decision was welcome
progress and the Port has worked hard to gather
the required environmental evidence and progress
discussions with iwi and hapū and the Bay of Plenty
Regional Council.
An update was provided to the Court at the end
of June and another report is due at the end of
September. An independent facilitator has recently
been appointed by the Court to help progress
discussions with iwi and hapū.
Given the protracted nature of the process to date,
Port of Tauranga has requested for the entirety
of the Stella Passage project to be included in
the initial list of developments to be included in
the Government’s proposed Fast Track Approvals
legislation, which is currently under consideration
by a Parliamentary select committee.
However, a decision on whether and which parts of
its resource consents applications to pursue through
the fast track process won’t be made until the final
legislation and approvals timeframe are known.
Aerial photo showing the port land earmarked
for the Sulphur Point berth extension (bottom left).
5051
Port of Tauranga Limited – Integrated Annual Report 2024
Capital – Our assets and infrastructure

Delivering
long-term value
Material issues
addressed by our
strategies:
• Sustainable financial performance
• Collaboration and partnerships
• Community focus
• Sector leadership
• Social licence.
Port of Tauranga provides sustainable shareholder returns through revenue
growth from diverse income streams. We share the financial benefits of the
Port’s success with the residents and ratepayers of the Bay of Plenty, through
the dividends paid to our cornerstone shareholder Quayside Holdings,
as well as a range of community partnerships.
In the following pages, we describe Port of Tauranga’s significance to the local
economy, the returns to regional ratepayers from port profits, as well as our
financial statements of performance.
Vision
We will deliver long-term
value for investors through
leading environmental and
ethical performance, business
resilience and sound financial
management.
Our finances
Capital:
53
Port of Tauranga Limited – Integrated Annual Report 2024
52
Capital – Our finances

KPIs
Quayside considers diversifying portfolio
Port of Tauranga’s cornerstone
shareholder, Quayside Holdings,
plans a managed sell down of its
shareholding to help diversify
its portfolio.
Quayside, the investment arm
of the Bay of Plenty Regional
Council, currently holds 54.14%
of Port shares. In June, after
public consultation, the council
approved Quayside’s proposal
to reduce this over time to a
minimum of 28%.
While the timing and process is
yet to be determined, the plan
will help Quayside diversify its
investments.
Over the past ten years, the Port
has paid Quayside more than
$740 million in dividends.
Quayside in turn provides the
council with around 25% of its
income, and the council uses its
dividends to subsidise rates bills –
currently by an average of $400
per household per year.
Regional economy boosted by Port
Port of Tauranga is a key driver of
the economies of Tauranga, the
wider Bay of Plenty and
New Zealand.
The Port’s presence has helped
boost the regional economy
and population to grow at rates
outstripping the national average.
In 2023, Winstone Wallboards
relocated its manufacturing from
Auckland to a purpose-built factory
at Tauriko in Tauranga. Gypsum is
imported through Port of Tauranga
to manufacture into plasterboard
at the factory.
The Port expects other businesses,
and their workers, to move to the
Waikato and Bay of Plenty regions,
as land shortages and costs
in Auckland continue to rise.
In recognition of its significant role
in the region, Port of Tauranga
invests in local communities,
projects and events.
They include the Port of Tauranga
Rescue Centre, a regional hub
for surf life saving activities that
opened in Mount Maunganui
in 2022. The centre serves all
19 surf life saving clubs in the
eastern region of the North Island,
from Hot Water Beach on the
Coromandel Peninsula to Gisborne.
The Port also recently secured
a long-term partnership with the
Mount Maunganui Lifeguard
Service. Its landmark facility
at Mount main beach, one of
the most popular beaches in
New Zealand, now sports the
Port logo.
The company also sponsors
the Port of Tauranga National Jazz
Festival, held every Easter for the
past 61 years, and is a founding
gold sponsor of the Tauranga
Arts Festival.
Infrastructure Forum urges focus
The Western Bay of Plenty
Infrastructure Forum has urged
Tauranga’s newly-elected city
council to remain focused on the
investments the city needs.
The Forum, of which Port of
Tauranga is a member, says it is
imperative that the city maintains
momentum and continues to
prioritise vital infrastructure.
The Forum, formed in 2023 with
the aim of tackling the region’s
significant infrastructure deficit,
has assembled a 10-point action
plan
8
. The plan includes the Port’s
berth extension proposal, as well
as roading improvements and
decarbonisation initiatives.
One of the road projects, State
Highway 29 Tauriko West, has
been included in the central
Government’s Roads of National
Significance programme.
Quayside develops new
business park
The region’s newest industrial
estate is being developed by
Quayside Holdings in the eastern
Bay of Plenty, 25 kilometres from
Port of Tauranga.
Stage 1 of the Rangiuru Business
Park, covering 14 hectares, is
now for sale, with infrastructure
construction due to be completed
early in 2025. It will eventually grow
to 148 hectares with a dedicated
motorway interchange on State
Highway 2.
The park is expected to attract
businesses in logistics, storage,
manufacturing and processing,
due to its proximity and roading
connections to the port.
8 https://www.priorityone.co.nz/wp-content/uploads/Infrastructure-Action-Plan.pdf
$0
$20M
$40M
$60M
$80M
$100M
$ 12 0 M
20 2420232022
N Z$ Million
Group Net Profit After Tax ($)
$0
$5M
$ 10 M
$ 15 M
$20M
20 2420232022
N Z$ Million
Subsidiary and Associate earnings
($)
$0
$100M
$200M
$300M
$400M
$500M
20 2420232022
N Z$ Million
Group revenue ($)
0c
5c
10 c
15 c
20c
20 2420232022
C ents per share
Earnings per share (c)
0c
5c
10c
15c
20c
202420232022
Cents per share
Dividends per share (c)
5455
Port of Tauranga Limited – Integrated Annual Report 2024
Port of Tauranga sponsors
the surf life saving centre
in Mount Maunganui.
Capital – Our finances

A M Andrew
BE Chemical & Materials (1st Class Honours),
MBA (Distinction), FEngNZ, CMInstD
INDEPENDENT DIRECTOR
Alison Andrew has held a number of senior executive roles
across various industry sectors, most recently as Chief Executive
of Transpower New Zealand and Global Head of Chemicals
for Orica PLC. She has also been a Director for Genesis Energy.
Prior to those roles, she held a number of senior roles at
Fonterra Cooperative Group and across the Fletcher Challenge
Group in Energy, Forests and Paper. Alison has a MBA from
Warwick University, and studied Engineering (Chemicals
and Materials) at Auckland University. Alison joined the Board
in April 2018 and was appointed Chair of the People and
Remuneration Committee in October 2022.
D W Leeder
Doug Leeder is Chair of Bay of Plenty Regional Council.
He is a dairy farmer and has considerable experience in
governance and management. Doug has held positions
of governance in Federated Farmers, was a Director
and Chair of Bay Milk Products, Director of the East Bay
Health Board, Chair of Subsidiary East Bay Energy Trust,
Chair of NZ Dairy Group and Dairy Insight, and Director
of DEXCEL. Doug joined the Board in October 2015.
F S Whineray
BE (Hons) Chemicals and Process Engineering, MBA
Fraser Whineray joined the Board in November 2023 and
holds several governance roles. Fraser is an Independent
Non-Executive Director of Waste Management NZ, Quayside
and AgriZero
NZ
. Fraser was appointed Executive Chair of Jarden
Group in July 2024.
Fraser’s experience includes CEO of Mercury and COO
of Fonterra Co-operative, and in governance Tilt Renewables,
Kotahi and Opus International Consultants.
Fraser studied chemical and process engineering at Canterbury
University and received an MBA from the University of
Cambridge, where he also holds the honorary appointment
of Visiting Fellow.
J B Stevens
LLB, FCILT (Fellow Chartered Institute of Logistics
and Transport)
INDEPENDENT DIRECTOR
Brodie Stevens is the former Swire Shipping/China Navigation
Company Country Manager. A trained lawyer, he joined
Freightways Group as a management trainee in 1982 and
was National Marketing Manager for Post Haste before joining
Owens Group. He was Divisional General Manager of Seatrans
New Zealand and Owens Shipping Services before joining
China Navigation Company (trading as Swire Shipping) in 2004,
retiring as Country Manager.
During his tenure, the company expanded into freight
forwarding, coastal shipping and stevedoring. Brodie is
currently a Director of Chatham Island Shipping Limited,
Eastland Port Limited and a trustee of the Maritime Retirement
Scheme. He joined the Board 1 August 2022.
D J Bracewell
INDEPENDENT DIRECTOR
Dean Bracewell has deep transport and logistics industry
experience. He was a former Managing Director for Freightways,
one of New Zealand’s largest transport and logistics companies
for more than 18 years before embarking on a governance
career in 2018. He has previously served on the Boards of Tainui
Group Holdings and the NZ Initiative and its predecessor,
the New Zealand Business Roundtable.
Currently Dean is a Director of Air New Zealand Limited,
Property for Industry Limited, and the Halberg Trust.
He joined the Board in December 2021.
A R Lawrence
BCA (Business Admin)
INDEPENDENT DIRECTOR
Alastair Lawrence joined the Board in February 2014 and
took over the Chair of the Audit Committee in August 2022.
Alastair is a very experienced corporate advisor specialising
in commercial evaluation and strategy development. He was
a Director of private investment bank Antipodes from 1998
to 2014. Governance roles have included the Takeovers Panel,
Landcare Research Limited, Coda GP and a number
of mid-market private companies.
Alastair will be retiring from the Board on 31 August 2024.
Sir Robert A McLeod KNZM
LLB, BCom, FCA, CFInstD
INDEPENDENT DIRECTOR
Sir Robert McLeod joined the Board effective 1 July 2024
and was formerly a member of the Board as Chair of Quayside
Holdings. He was on the POTL Board from October 2017
to 31 October 2023 before being reappointed.
Sir Robert brings deep governance experience, outstanding financial
skills and extensive iwi connections. He is currently Chair at Nati Growth
Limited (formerly Ngati Porou Holding Company) (including Nati
Properties Limited) and Sanford Limited. He is also a Director of AZSTA
NZ Limited, China Construction Bank (New Zealand) Limited, MSJS NZ
Limited, Point 76 Limited, Point Guard Limited, Point Seventy Limited,
Singita Holdings Limited, Singita Investments Limited, VCFA Limited
and a number of privately-owned entities. Sir Robert has been
a past Board Member at ANZ National Bank, Tainui Group Holdings,
Sky City Entertainment Group and Telecom and he was Oceania
CEO/Managing Partner for the international accounting practice
Ernst & Young and then New Zealand Chair until 2015.
In 2019 Sir Robert was appointed Knight Companion of the
NZ Order of Merit. Sir Robert returns as an independent director
and replaces retiring Director and Audit Committee Chair
Alastair Lawrence. Sir Robert will take over as Chair of the Audit
Committee upon Alastair’s retirement.
J C Hoare
BCom, FCA, CMInstD
CHAIR, INDEPENDENT DIRECTOR
Julia Hoare joined the Board in August 2015 and took over
the Chair in August 2022. She has a wide range of commercial,
financial, tax, regulatory and sustainability expertise developed
from both her extensive governance roles and over the course
of two decades as a partner with PricewaterhouseCoopers.
Julia is a Director of Auckland International Airport Limited,
Meridian Energy Limited, Comvita Limited and Port of Tauranga
Trustee Company Limited. She is also a Member of the Chapter
Zero New Zealand Steering Committee.
Board of Directors
5657
Port of Tauranga Limited – Integrated Annual Report 2024
Our Board

Leonard Sampson
Chief Executive
Leonard took over as Chief Executive in July 2021 following
the retirement of Mark Cairns.
He was Port of Tauranga’s Commercial Manager from 2013
to 2019, when he was appointed Chief Operating Officer.
Leonard joined the company from KiwiRail, where he was
General Manager – Sales. He also held senior roles at Carter
Holt Harvey and Mainfreight.
Pat Kirk
GM Health and Safety
Pat joined the company in 2013 and the senior management
team in 2020, reflecting the importance of health and safety
to our ongoing success.
He has three decades of extensive strategic and applied industry
health and safety experience across a wide range of sectors.
Pat is Chair of the Port Industry Association and a representative
on the Port Industry Leadership group and various national
health and safety organisations. Pat has a first class honours
Degree in Masters of Business Studies.
Blair Hamill
GM Commercial
Blair oversees port operations, customer services and
new business opportunities.
He joined the company in July 2020 after 20 years at Zespri
International, the world’s largest kiwifruit marketer. Blair held
a variety of senior roles at Zespri, including Global Commercial
Manager and Chief Global Supply Officer.
Blair is a former chartered accountant.
Rochelle Lockley
GM Communications
Rochelle joined the Port of Tauranga senior management
team in September 2020.
Rochelle, a former journalist, held senior communications
roles in tourism and telecommunications in New Zealand
and overseas before establishing a communications
consultancy in 2005.
Simon Kebbell
Chief Financial Officer and Company Secretary
Simon was appointed Chief Financial Officer of Port of
Tauranga in 2020. He has been with the company since
2003 and was previously IT/Finance Manager. He is a
Chartered Accountant and has a First Class Honours
Degree in a Bachelor of Management Studies.
Prior to joining Port of Tauranga, Simon was Manager
– Internal Audit for PricewaterhouseCoopers in Singapore.
He also held positions at Ernst & Young in Singapore
and Auckland.
Dan Kneebone
GM Property and Infrastructure
Dan has overall responsibility for both the property portfolio
and engineering interests of the Port.
He joined the Port of Tauranga senior management team in
January 2013. He was previously GM Property and Development
for Bunnings Limited and held senior roles at Trans Tasman
Properties Limited and Fletcher Property Limited.
Melanie Dyer
GM Corporate Services
Melanie joined Port of Tauranga’s senior management team
in August 2020 from Trustpower Limited, where she was
General Manager, People and Culture.
Prior to joining Trustpower in 2014, Melanie spent 11 years
at Hydro Tasmania.
Melanie has a Master’s Degree in Organisational
Development and Leadership Studies.
Senior management team
5859
Port of Tauranga Limited – Integrated Annual Report 2024
Our Senior management team

CONTENTS
Directors’ Responsibility Statement61
Independent Auditor's Report62
Consolidated Income Statement65
Consolidated Statement of Other Comprehensive Income66
Consolidated Statement of Changes in Equity67
Consolidated Statement of Financial Position68
Consolidated Statement of Cash Flows69
Reconciliation of Profit for the Period to Cash Flows From Operating Activities70
Notes to the Consolidated Financial Statements 71
Corporate Governance Statement summary102
Financial and operational five year summary114
Company directory116
Consolidated
Financial
Statements
The Directors are responsible for ensuring that the financial
statements give a true and fair view of Port of Tauranga Limited
(the Group) as at 30 June 2024.
The Directors consider that the financial statements of the Group
have been prepared using appropriate accounting policies,
consistently applied and supported by reasonable judgements
and estimates, and that all relevant financial reporting and
accounting standards have been followed.
The Directors are pleased to present the financial statements
of the Group for the year ended 30 June 2024.
The financial statements were authorised for issue for and on
behalf of the Directors on 22 August 2024.
..........................................................
Chair

..........................................................
Director
Directors’
Responsibility
Statement
For the year ended 30 June 2024
Port of Tauranga Limited and Subsidiaries
For the year ended 30 June 2024
61
60
Port of Tauranga Limited – Integrated Annual Report 2024
Consolidated Financial Statements
for the year ended 30 June 2024 | Port of Tauranga Limited and Subsidiaries

The Auditor-General is the auditor of Port of Tauranga Limited and its subsidiaries (the ‘Group’). The Auditor-General has appointed me,
Brent Manning, using the staff and resources of KPMG, to carry out the audit of the consolidated financial statements of the Group on
his behalf.
Opinion
We have audited the consolidated financial statements of the Group on pages 65 to 101, that comprise the consolidated statement of
financial position as at 30 June 2024, the consolidated income statement, the consolidated statement of other comprehensive income,
consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and the notes to the
consolidated financial statements, including a summary of significant accounting policies.
In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the
Group as at 30 June 2024, and its consolidated financial performance and its consolidated cash flows for the year then ended in
accordance with New Zealand equivalents to International Financial Reporting Standards and International Financial Reporting Standards.
Basis for our opinion
We conducted our audit in accordance with the Auditor-General’s Auditing Standards, which incorporate the Professional and Ethical
Standards and the International Standards on Auditing (New Zealand) issued by the New Zealand Auditing and Assurance Standards
Board. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the consolidated
financial statements section of our report. We are independent of the Group in accordance with the Auditor-General’s Auditing
Standards, which incorporate Professional and Ethical Standard 1: International Code of Ethics for Assurance Practitioners issued by
the New Zealand Auditing and Assurance Standards Board, and we have fulfilled our other ethical responsibilities in accordance with
these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In addition to the audit we have carried out engagements in the area of Agreed Upon Procedures and GHG pre-assurance services,
which are compatible with those independence requirements. Other than the audit and these engagements, we have no relationship
with, or interests in, Port of Tauranga Limited or any of its subsidiaries.
Key audit matters
Key audit matters are those matters, that, in our professional judgement, were of most significance in our audit of the consolidated
financial statements in the current period. We summarise below those matters and our key audit procedures to address those matters
in order that the shareholders as a body may better understand the process by which we arrived at our audit opinion. Our procedures
were undertaken in the context of and solely for the purpose of our statutory audit opinion on the consolidated financial statements as
a whole and we do not express discrete opinions on separate elements of the financial statements.
The key audit matterHow the matter was addressed in our audit
Value of property, plant and equipment
Refer note 10 of the financial statements.
The Group has property, plant and equipment (‘PP&E’) of
$2,492 million.
The Group has a policy of valuing land, buildings, wharves,
hardstanding and harbour improvements (‘Revalued PP&E’)
at fair value. Full independent valuations are obtained at least
every 3 years (by an independent valuer) over these asset
classes.
In the current year, the fair value of land, wharves and
hardstandings, and harbour improvements was revalued by
independent valuers.
The Revalued PP&E is considered a key audit matter due to
the judgement involved in the assessment of the fair value
and the material value of PP&E on the balance sheet.
Our procedures focused on the appropriateness of the Group’s
assessment as to whether the carrying values of Revalued PP&E
materially represent their fair values, and if a revaluation of a
class of asset was required, that the revalued assets have been
accurately reflected in the financial statements.
For land and buildings we have:
– Assessed the competence and objectivity of the valuer used by
the Group;
- Assessed the methodology applied by the valuer and assessed
whether the valuation approach was in accordance with
professional valuation standards and suitable for determining
the fair value of the identified assets;
- Compared the asset holdings in the fixed asset register to those
valued to ensure all relevant property was captured;
- Compared the key assumptions within each assessment to
market evidence;
- Assessed the reasonableness of valuation movements between
financial years with consideration to broader sector/local
market evidence (where available); and
- Assessed whether the increase in valuation was correctly
accounted for within the Revaluation Reserve and Statement of
Comprehensive Income.
The key audit matterHow the matter was addressed in our audit
Value of property, plant and equipment (continued)
For wharves and hardstandings and harbour improvements we have:
– Assessed the competence and objectivity of the valuer used by
the Group;
- Assessed the methodology applied by the valuer and whether
the valuation approach was in accordance with professional
valuation standards and suitable for determining the fair value
of the identified assets;
- Assessed whether the key assumptions (unit costs and on-costs
inflation/escalation) and the relevant data (price indices and
depreciation) used by the Group were appropriate with regard
to observable data points (where available); and
- Verified the mathematical accuracy of the Group’s revaluation
calculations.
As a result of the above procedures, we are satisfied the carrying
value of property, plant and equipment is reasonable and
supportable. We are also satisfied with the adequacy of disclosures.
Valuation of investment in Equity Accounted Investees
Refer note 14 of the financial statements.
The Group has a 50 percent investment in Coda Group Limited
Partnership (“Coda”) which is accounted for as an Equity
Accounted Investee.
The investment in Coda was tested for impairment at 30 June
2024 which involved determining the recoverable amount of
the investment, being the higher of fair value and value in use.
In the current year, the recoverable amount was determined
with the assistance of an independent valuer.
This is considered to be a key audit matter due to the judgement
involved in forecasting future performance and selecting
relevant assumptions such as the discount rates to be used in
determining the recoverable amount.
Our audit procedures included:
– Assessing the competence and objectivity of the valuer used
by the Group;
- Assessing the methodology applied by the valuer and whether
the valuation approach was suitable for determining the
recoverable amount of Coda;
- Performing retrospective analysis over the accuracy of previous
forecasts prepared for Coda;
- Performing our own independent assessment of the
recoverable amount of the investment in Coda; and
- Engaging our internal valuation specialists to determine the
key assumptions in our independent assessment, including but
not limited to the discount rate and terminal growth rate to be
applied to future cash flows of the business.
As a result of the above procedures, we are satisfied the carrying
value of Coda is reasonable and supportable. We are also satisfied
with the adequacy and accuracy of disclosures.
Other information
The Directors are responsible on behalf of the Group for the other information. The other information comprises the information
included on pages 1 to 61 and pages 102 to 117 of the Integrated Annual Report, but does not include the consolidated financial
statements and our auditor’s report thereon.
Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of audit
opinion or assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other information, and, in doing
so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge
obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there
is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Directors’ responsibilities for the consolidated financial statements
The Directors are responsible on behalf of the Group for the preparation and fair presentation of the consolidated financial statements
in accordance with New Zealand equivalents to International Financial Reporting Standards and International Financial Reporting
Standards, and for such internal control as the Directors determine is necessary to enable the preparation of consolidated financial
statements that are free from material misstatement, whether due to fraud or error.
Independent
Auditor’s Report
To the Shareholders of Port of Tauranga Limited
63
62
Port of Tauranga Limited – Integrated Annual Report 2024
Independent Auditor's Report
for the year ended 30 June 2024

In preparing the consolidated financial statements, the Directors are responsible on behalf of the Group for assessing the Group’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the Directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.
The Directors’ responsibilities arise from the Financial Markets Conduct Act 2013.
Auditor’s responsibilities for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Auditor-
General’s Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and
are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of
shareholders taken on the basis of these consolidated financial statements.
As part of an audit in accordance with the Auditor-General’s Auditing Standards, we exercise professional judgement and maintain
professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design
and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures
made by management.
• Conclude on the appropriateness of the use of the going concern basis of accounting by the Directors and, based on the audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the
Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention
in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However,
future events or conditions may cause the Group to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and
whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair
presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group
to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance
of the Group audit. We remain solely responsible for our audit opinion.
We communicate with the Directors regarding, among other matters, the planned scope and timing of the audit and significant audit
findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide the Directors with a statement that we have complied with relevant ethical requirements regarding independence,
and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and
where applicable, related safeguards.
From the matters communicated with the Directors, we determine those matters that were of most significance in the audit of the
consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our
auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably
be expected to outweigh the public interest benefits of such communication.
Our responsibilities arise from the Public Audit Act 2001.
Brent Manning
KPMG
On behalf of the Auditor-General
Wellington, New Zealand
22 August 2024
Consolidated Income Statement
For the year ended 30 June 2024
Note
2024
NZ$000
2023
NZ$000
Total operating revenue
4
41 7, 3 75420,929
Contracted services for port operations(95,668)(98,975)
Employee benefit expenses
5
(57,891)(51,334)
Direct fuel and power expenses(18,761)(18,822)
Maintenance of property, plant and equipment(16,553)(15,497)
Other expenses(29,708)(25,960)
Operating expenses(218,581)(210,588)
Results from operating activities198,794210,341
Depreciation and amortisation
10, 11, 12
(43,770)(40,423)
Reversal of previous revaluation deficit of property, plant and equipment6220
Impairment of property, plant and equipment (28)0
(43,176)(40,423)
Operating profit before finance costs, share of profit from Equity Accounted Investees and taxation155,618169,918
Finance income
7
6571,161
Finance expenses
7
(23,128)(20,522)
Net finance costs
7
(22,471)(19,361)
Share of profit from Equity Accounted Investees
14(c)
4,94516,611
Impairment of investment in Equity Accounted Investees
14(b)
0( 7, 87 1 )
4,9458,740
Profit before income tax138,092159,297
Income tax expense
8
(47, 243 )(42,161)
Profit for the period 90,8491 1 7, 1 3 6
Basic earnings per share (cents)
17
13.51 7. 4
Diluted earnings per share (cents)
17
13.31 7. 2
These statements are to be read in conjunction with the notes on pages 71 to 101.
Independent Auditor’s Report (continued)
65
64
Port of Tauranga Limited – Integrated Annual Report 2024
Independent Auditor's Report
for the year ended 30 June 2024
Consolidated Financial Statements
for the year ended 30 June 2024
Port of Tauranga Limited and Subsidiaries

Consolidated Statement of Other Comprehensive Income
For the year ended 30 June 2024
2024
NZ$000
2023
NZ$000
Profit for the period90,8491 1 7, 1 3 6
Other comprehensive income
Items that may be reclassified to profit or loss:
Cash flow hedge – changes in fair value*5872,293
Cash flow hedge – reclassified to profit or loss*(3,114)(44)
Share of net change in cash flow hedge reserves of Equity Accounted Investees(218)209
Items that will never be reclassified to profit or loss:
Asset revaluation*52,00623,530
Share of net change in revaluation reserve of Equity Accounted Investees9,34016,817
Total other comprehensive income58,60142,805
Total comprehensive income149,450159,941
*Net of tax effect as disclosed in notes 8 and 9.
Note
Share
Capital
NZ$000
Share-based
Payment
Reserve
NZ$000
Hedging
Reserve
NZ$000
Revaluation
Reserve
NZ$000
Retained
Earnings
NZ$000
Total
Equity
NZ$000
Balance at 30 June 202275,1544,2049,0511,892,10993,9202,074,438
Profit for the period00001 1 7, 1 3 61 1 7, 1 3 6
Other comprehensive income002,45840,347042,805
Total comprehensive income002,45840,3471 1 7, 1 3 6159,941
Decrease in share capital(72)0000(72)
Dividends paid during the period
16
0000(102,054)(102,054)
Equity settled share based payment01,4630001,463
Shares issued upon vesting of Management Long
Term Incentive Plan
278(280)0020
Total transactions with owners in their capacity
as owners
2061,18300(102,052)(100,663)
Balance at 30 June 202375,3605,38711,5091,932,456109,0042,133,716
Profit for the period000090,84990,849
Other comprehensive income00(2,745)61,346058,601
Total comprehensive income00(2 ,745)61,34690,849149,450
Decrease in share capital(819)0000(819)
Dividends paid during the period
16
0000(100,689)(100,689)
Equity settled share based payment01,4990001,499
Shares, previously subject to call option, issued4,722(4,722)0000
Shares issued upon vesting of Management Long
Term Incentive Plan
300(510)002100
Total transactions with owners in their capacity
as owners
4,203(3,733)00(100,479)(100,009)
Balance at 30 June 202479,5631,6548,7641,993,80299,3742,183,157
Consolidated Statement of Changes in Equity
For the year ended 30 June 2024
These statements are to be read in conjunction with the notes on pages 71 to 101.These statements are to be read in conjunction with the notes on pages 71 to 101.
67
66
Port of Tauranga Limited – Integrated Annual Report 2024
Consolidated Financial Statements
for the year ended 30 June 2024 | Port of Tauranga Limited and Subsidiaries

Note
2024
NZ$000
2023
NZ$000
Assets
Property, plant and equipment
10
2,491,5062,424,090
Right-of-use assets
11
52,39350,045
Intangible assets
12
21,02722,305
Investments in Equity Accounted Investees
14
2 1 7, 1 2 921 3,746
Receivables and prepayments
15
1 7, 27 218,890
Derivative financial instruments
19
11,86915,514
Total non-current assets 2,811,1962,74 4,590
Cash and cash equivalents18,7288,506
Receivables and prepayments
15
67,89069,152
Inventories2,0041,986
Derivative financial instruments
19
34035
Total current assets88,96279,679
Total assets2,900,1582,824,269
Equity
16
Share capital79,56375,360
Share-based payment reserve1,6545,387
Hedging reserve8,76411,509
Revaluation reserve1,993,8021,932,456
Retained earnings99,374109,004
Total equity2,183,1572,133,716
Liabilities
Loans and borrowings
18
192,962290,775
Lease liabilities
11
55,09151,957
Derivative financial instruments
19
7, 24 49,242
Employee benefits
5
1,6351,524
Deferred tax liabilities
9
135,292116,388
Contingent consideration030
Total non-current liabilities392,224469,916
Loans and borrowings
18
270,000160,000
Lease liabilities
11
1,049955
Derivative financial instruments
19
827
Trade and other payables
20
40,17038,412
Revenue received in advance2122,951
Employee benefits
5
4,0904,371
Income tax payable9,14613,582
Contingent consideration28359
Total current liabilities324,777220,637
Total liabilities7 1 7,0 01690,553
Total equity and liabilities2,900,1582,824,269
For and on behalf of the Board of Directors who authorised these financial statements for issue on 22 August 2024.

................................................. ....................................................
Chair Director
Consolidated Statement of Financial Position
As at 30 June 2024
Note
2024
NZ$000
2023
NZ$000
Cash flows from operating activities
Receipts from customers41 7, 7 9 0412,568
Interest received6211,028
Payments to suppliers and employees(215,796)(205,027)
Taxes paid(44,075)(42,776)
Interest paid(22,703)(21,221)
Net cash inflow from operating activities135,837144,572
Cash flows from investing activities
Proceeds from sale of property, plant and equipment17109
Dividends from Equity Accounted Investees
14
12,81919,520
Purchase of property, plant and equipment(42,612)(44,840)
Purchase of intangible assets(80)(582)
Interest capitalised on property, plant and equipment(845)(335)
Investment in Equity Accounted Investees(2,135)(21,450)
Payment of contingent consideration(521)(3,136)
Total net cash used in investing activities(33,357)(50,714)
Cash flows from financing activities
Proceeds from borrowings10,22635,339
Dividends paid
16
(100,689)(102,054)
Repurchase of shares(801)0
Repayment of borrowings0(25,000)
Repayment of lease liabilities(994)(909)
Net cash used in financing activities(92,258)(92,624)
Net increase in cash held10,2221,234
Add opening cash brought forward8,5067, 27 2
Ending cash and cash equivalents18,7288,506
Consolidated Statement of Cash Flows
For the year ended 30 June 2024
These statements are to be read in conjunction with the notes on pages 71 to 101.These statements are to be read in conjunction with the notes on pages 71 to 101.
69
68
Port of Tauranga Limited – Integrated Annual Report 2024
Consolidated Financial Statements
for the year ended 30 June 2024 | Port of Tauranga Limited and Subsidiaries

Note
2024
NZ$000
2023
NZ$000
Profit for the period90,8491 1 7, 1 3 6
Items classified as investing/financing activities:
(Gain)/loss on sale of property, plant and equipment(17)10
(17)10
Add/(less) non-cash items and non-operating items:
Depreciation
10, 11
42,41239,137
Amortisation expense
12
1,3581,286
Impairment of property, plant and equipment280
Increase/(decrease) in deferred taxation balances excluding transfers to reserves
9
7, 59 6(434)
Movement in derivative financial instruments taken to the income statement96(38)
Share of net profit after tax retained by Equity Accounted Investees
14(c)
(4,945)(16,611)
Impairment of Investment in Equity Accounted Investees
14(b)
07, 87 1
Change in the fair value of contingent consideration207550
Increase in equity settled share based payment accrual1,4991,463
Reversal of previous revaluation deficit on property, plant and equipment(622)0
47,62 933,224
Add/(less) movements in working capital:
Change in trade receivables and prepayments1,460(8,112)
Change in inventories(18)27
Change in income tax payable(4,436)(178)
Change in trade, other payables and revenue received in advance3702,465
(2,624)(5,798)
Net cash flows from operating activities135,837144,572
Reconciliation of Profit for the Period to Cash Flows
from Operating Activities
For the year ended 30 June 2024
1 Company information
Reporting entity
Port of Tauranga Limited (referred to as the Parent Company), is a port company. The Parent Company carries out business
through the provision of wharf facilities, land and buildings, for the storage and transit of import and export cargo, berthage,
cranes, tugs and pilot services for customers.
Port of Tauranga Limited holds investments in other New Zealand ports and logistic companies.
The Parent Company is a company domiciled in New Zealand, and registered under the Companies Act 1993 and listed on the
New Zealand Stock Exchange (NZX). The Parent Company is a Financial Markets Conduct (FMC) reporting entity for the purposes
of the Financial Reporting Act 2013 and Financial Markets Conduct Act 2013. The financial statements comply with these Acts.
The financial statements of the Group for the year ended 30 June 2024 comprise the Parent Company and its Subsidiaries
(together referred to as the Group) and the Group’s interest in Equity Accounted Investees.
2 Basis of preparation
Statement of compliance and basis of preparation
These financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting Practice (NZ
GAAP). These financial statements comply with New Zealand Equivalents to International Financial Reporting Standards (NZ
IFRS), and other applicable Financial Reporting Standards, as appropriate for Tier 1 for-profit entities. They also comply with
International Financial Reporting Standards.
The financial statements are prepared on the historical cost basis except for the following assets and liabilities which are stated
at their fair value: derivative financial instruments, land, buildings, harbour improvements, and wharves and hardstanding.
These financial statements are presented in New Zealand Dollars (NZ$), which is the Group’s functional currency. All financial
information presented in New Zealand Dollars has been rounded to the nearest thousand.
Significant accounting policies that are relevant to an understanding of the financial statements are provided throughout the
notes to the financial statements.
Accounting estimates and judgements
The preparation of financial statements 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.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in
the period in which the estimate is revised and in any future periods affected.
In particular, information about significant areas of estimation uncertainty and critical judgements in applying accounting
policies that have a significant effect on the amount recognised in the financial statements, are detailed below:
• valuation of land, buildings, harbour improvements, and wharves and hardstanding (refer to note 10);
• valuation of derivative financial instruments (refer to note 19);
• impairment assessment of intangible assets (refer to note 12); and
• impairment assessment of investments in Equity Accounted Investees (refer to note 14).
Fair value hierarchy
Assets and liabilities measured at fair value are classified according to the following levels:
• Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities
• Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly
(prices) or indirectly (derived from prices)
• Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
Financial instruments
Financial assets – classification and subsequent measurement
On initial recognition, a financial asset is classified as measured at: amortised cost; Fair Value Through Other Comprehensive
Income (FVOCI) – debt investment; FVOCI – equity investment; or Fair Value Through Profit and Loss (FVTPL).
Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for
managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period
following the change in the business model.
A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL:
• it is held within a business model whose objective is to hold assets to collect contractual cash flows; and
• its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the
principal amount outstanding.
A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL:
• it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling
financial assets; and
• its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the
principal amount outstanding.
All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This
includes all derivative financial assets.
Regular way purchases and sales of financial assets are recognised on trade date, being the date on which the Group commits
to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets
have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership.
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
These statements are to be read in conjunction with the notes on pages 71 to 101.
71
70
Consolidated Financial Statements
for the year ended 30 June 2024 | Port of Tauranga Limited and Subsidiaries
Port of Tauranga Limited – Integrated Annual Report 2024
Notes to the Consolidated Financial Statements
for the year ended 30 June 2024
Port of Tauranga Limited and Subsidiaries

Financial liabilities – classification, subsequent measurement and gains and losses
Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is
classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are
measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial
liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign
exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss.
New and amended accounting standards adopted
Deferred Tax Related to Assets and Liabilities arising from a Single Transaction
The Group has adopted Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to NZ IAS
12) from 1 July 2023. The amendments narrow the scope of the initial recognition exemption to exclude transactions that give
rise to equal and offsetting temporary differences, e.g. leases and decommissioning liabilities. For leases and decommissioning
liabilities, an entity is required to recognise the associated deferred tax assets and liabilities from the beginning of the earliest
comparative period presented, with any cumulative effect recognised as an adjustment to retained earnings or other
components of equity at that date. For all other transactions, an entity applies the amendments to transactions that occur
on or after the beginning of the earliest period presented.
The Group previously accounted for deferred tax on leases and decommissioning liabilities by applying the 'integrally linked' approach,
resulting in a similar outcome as under the amendments, except that the deferred tax was recognised on a net basis. Following the
amendments, the Group has recognised a separate deferred tax asset in relation to its lease liabilities and deferred tax liability in relation
to its right-of-use assets. However, there was no impact on the statement of financial position because the balances qualify for
offset under paragraph 74 of NZ IAS 12. There was no impact on the opening retained earnings as at 1 July 2022 as a result of
the change. The key impact for the Group relates to the disclosure of the deferred tax asset and liabilities recognised (see note 9).
There are no other new or amended accounting standards and interpretations that are issued but not yet adopted that are
expected to have a material impact on the Group.
3 Segmental reporting
Operating segments
The Group determines and presents operating segments based on the information that is internally provided to the Chief
Executive, who is the Group’s Chief Operating Decision Maker (CODM).
The Group operates in three primary reportable segments, being:
• Port operations: this consists of providing and managing port services, and cargo handling facilities through the Port
of Tauranga, MetroPort and Timaru Container Terminal. The Port’s terminal and bulk operations have been aggregated
together within the Port Operations segment, due to the similarities in economic characteristics, customers, nature of
products and processes, and risks.
• Property services: this consists of managing and maintaining the Port’s property assets.
• Terminal services: this consists of the contracted terminal operations, general container marshalling and ancillary services
of Quality Marshalling (Mount Maunganui) Limited (Quality Marshalling).
The three primary business segments are managed separately as they provide different services to customers and have their
own operational and marketing requirements.
The remaining activities of the Group are not allocated to individual business segments. Due to the significant shared cost base
of the Port, operating costs, measures of profitability, assets and liabilities are aggregated and are not reported to the CODM at
a segmental level, but rather at a port level, as all business decisions are made at a “whole port level”.
The Group operates in one geographical area, that being New Zealand. During the year the Group received revenue from
two external customers which individually comprised more than 10% of total revenue. Revenue from these two customers is
included in Port Operations and accounts for 28% and 13% (2023: 31% and 13%) of total revenue.
The Group segment results are as follows:
2024
Port
Operations
Group
NZ$000
Property
Services
Group
NZ$000
Terminal
Services
Group
NZ$000
Unallocated*
Group
NZ$000
Inter
Segment
Group
NZ$000
Group
NZ$000
Revenue (external)371,89841,6463,19900416,743
Inter segment revenue315920,3620(20,524)0
Total segment revenue371,90141,80523,5610(20,524)416,743
Other income and expenditure:
Share of profit from Equity Accounted Investees0004,94504,945
Interest income0006570657
Other income0001,082(450)632
Interest expense000(23,128)0(23,128)
Depreciation and amortisation expense00(1,058)(42,712)0(43,770)
Other expenditure00( 1 7, 8 32 )(221,129)20,974( 2 1 7,9 87 )
Income tax expense00(1,299)(45,944)0(47, 243 )
Total other income and expenditure00(20,189)(326,229)20,524(325,894)
Total segment result371,90141,8053,372(326,229)090,849
*Operating costs are not allocated to individual business segments within the Parent Company.
2023
Port
Operations
Group
NZ$000
Property
Services
Group
NZ$000
Terminal
Services
Group
NZ$000
Unallocated*
Group
NZ$000
Inter
Segment
Group
NZ$000
Group
NZ$000
Revenue (external)381,1383 7, 31 11,43800419,887
Inter segment revenue325620,4950(20,754)0
Total segment revenue381,1413 7, 5 6721,9330(20,754)419,887
Other income and expenditure:
Share of profit from Equity Accounted Investees00016,611016,611
Impairment of investment in Equity Accounted Investees000( 7, 87 1 )0( 7, 87 1 )
Interest income0001,16101,161
Other income0001,492(450)1,042
Interest expense000(20,522)0(20,522)
Depreciation and amortisation expense00(1,050)(40,423)0(41,473)
Other expenditure00(16,831)(213,911)21,204(209,538)
Income tax expense00(1,133)(41,028)0(42,161)
Total other income and expenditure00(19,014)(304,491)20,754(302,751)
Total segment result381,1413 7, 5 672,919(304,491)01 1 7, 1 3 6
*Operating costs are not allocated to individual business segments within the Parent Company.
4 Operating revenue
2024
NZ$000
2023
NZ$000
Revenue from contracts with customers
Container terminal revenue252,751268,951
Multi cargo revenue71,70265,043
Marine services revenue50,64448,582
375,097382,576
Other revenue
Rental revenue41,6463 7, 31 1
Other income6321,042
Total operating revenue41 7, 3 75420,929
PoliciesRevenue comprises the fair value of the consideration received or receivable for the sale of services in the
ordinary course of the Group’s activities. Standard credit terms are a month following invoice with any rebate
variable component calculated at the customers financial year end. Rebateable sales are eligible for sales
volume rebates. When the rebate is accrued, it is accrued as a current liability (rebate payable) based on
contracted rates and estimated volumes. For financial reporting purposes rebates are treated as a reduction
in profit or loss. Revenue is shown, net of GST, rebates and discounts. Revenue is recognised as follows:
• Container terminal revenue: relates to the handling, processing, storage and rail of containers. Contracts
are entered into with shipping lines and cargo owners. The primary performance obligations identified
include the load and discharge of containers (which include the services provided to support the
handling of containers). Container terminal revenue is recognised over time based on the number of
containers exchanged (an output method). This method is considered appropriate as it allows revenue
to be recognised based on the Group’s effort to satisfy the performance obligation. The transaction
price is determined by the contract and adjusted by variable consideration (rebates). Rebates are
based on container volume and the Group accounts for the variable consideration using the expected
value method. The expected value is the sum of probability weighted amounts in a range of possible
consideration amounts. The Group estimates container volumes based on market knowledge and
historical data.
2 Basis of preparation (continued)3 Segmental reporting (continued)
73
72
Port of Tauranga Limited – Integrated Annual Report 2024
Notes to the Consolidated Financial Statements
for the year ended 30 June 2024 | Port of Tauranga Limited and Subsidiaries