MOVE Logistics Group Results for year ended 30 June 2024

Company Announcement
29 August 2024

MOVE FY24 RESULTS FOR THE YEAR ENDED 30 JUNE 2024
Transport and logistics group, MOVE Logistics Group Limited (NZX/ASX: MOV), has released its
audited results for the year ended 30 June 2024.
• Group performance and results below aspirations; significant improvements being targeted
in FY25 with new leadership and fast-tracked change programme
• Revenue down 13% to $301.7m as a result of lower market and customer activity
• Net loss after tax for the year of $(48.1)m
1
, including pre-tax, non-trading adjustments of
$19.7m
• Normalised EBITDA of $27.6m, and Normalised EBT of $(25.7)m
2

• Reduction in net operating cashflow (including rent and leases) to $(5.1)m

The results reflect underperformance of the Group, exacerbated by the recessionary environment
which impacted customer demand and further highlighted the need to right-size and improve
efficiencies within the organisation. A group wide change programme has been developed and is
now being executed at pace to drive financial improvement.
Chair of MOVE, Julia Raue, said: “MOVE’s results this year are clearly disappointing. We acknowledge
that we were too slow to react to the recessionary environment which has been stronger for longer
than expected, and reduce costs to match activity levels.
“We are now moving urgently to drive change and improvement. We have engaged with
independent advisors to ensure we have validated the challenges and opportunities within the
business as well as the external factors that have impacted MOVE’s performance. A comprehensive
change programme has been developed to replace Project Blueprint and experienced executive,
Paul Millward, has been appointed to lead the turnaround. We are moving ahead with a refreshed
Board and leadership team and are united in our focus to execute the change programme with
urgency.”
MOVE’s success relies on three factors, which will improve financial performance and importantly,
build shareholder value. These form the foundation of the change programme:
• Recalibrating operations - ensuring MOVE’s operational structure is appropriate for the size
and scale of the business, cost-effective and efficient, while retaining the flexibility to scale
up to meet increased demand and deliver quality customer service
• Profitable revenue growth - investment into sales capabilities, accelerating profitable
revenue opportunities and dynamic pricing disciplines
• Balance sheet resilience – priority focus on cashflow generation and capital management
The change programme is targeted to deliver a significant improvement in normalised EBT in FY25,
and a return to profitable normalised EBT in FY26, and is supported by the company’s financiers. In
particular, the network and fleet optimisation is expected to deliver a turnaround in the Freight
division’s performance.

1
Attributable to owners of the company
2
Normalised EBITDA and Normalised EBT exclude non-controlling interest and non-trading adjustments of $19.7m pre-tax
related to asset impairment, settlement & restructuring cost (FY23: $1.7m). For more information, see Appendix slide in
FY24 Results Presentation.

Julia said: “The Board remains confident in MOVE’s underlying value and strong customer offer. Over
the last two years we have made good progress in core areas that matter – enhancing our multi-
modal, end to end supply chain, building a strong group culture and creating a strong brand
presence across the country, supported by our national network. The work done by advisors
confirms that MOVE’s underlying business fundamentals are sound. Long term macro trends remain
positive for the industry, with demand growth alongside government investment in transport
infrastructure. MOVE is well positioned to deliver expert logistics solutions across a range of
sectors.”
FY24 Financial Performance
Subdued customer activity and customer losses in a recessionary environment saw revenue reduce
13% year on year to $301.7m. Costs increased as a result of inflation and following 1H24 investment
in the business in anticipation of an economic recovery.
The result includes non-cash impairments of $17.3m on the carrying value of the Atlas Wind vessel
which is being held for sale and goodwill in the warehousing business. Excluding these and other
non-trading costs (totalling $19.7m), Normalised EBITDA
3
was down 41% to $27.6m, primarily as a
result of lower revenue and costs being too high for activity. In line with guidance, 2H24 Normalised
EBITDA was ahead of 1H24. Including non-trading costs, the company has reported a Net Loss after
Tax of $(48.1)m.
The priority for the Board is to restore positive adjusted net operating cashflow (inclusive of rent and
lease payments), which was $(5.1)m in FY24.
Net debt increased by $1.4m to $17.0m, with total bank debt of $36.0m (inclusive of $9m bank
guarantees). MOVE is finalising new funding arrangements with ANZ Bank and Pacific Invoice
Finance which will support the change programme as well as corporate and working capital
requirements. Total equity was $23.4m as at 30 June 2024.
Looking Forward
The change programme, which commenced in July 2024, is performing to plan with early wins
including expanded customer sales activity and good progress in the Freight turnaround.
Julia Raue said: “We are moving at pace to recalibrate the business, adapting it for current market
conditions, and making it more efficient and fit for the future. We expect substantial progress over
FY25 to restore cashflow and improve earnings, with initial results to be seen from 2H FY25. Costs
associated with the change programme will impact in FY25.”
MOVE is targeting positive adjusted net operating cashflow and a significant improvement in
normalised EBT in FY25, and a return to normalised EBT profit in FY26.
“MOVE is one of the largest transport and logistics providers in New Zealand. We have a nationwide
network with a strong regional and metro presence, the ability to provide an end to end supply
chain solution, an experienced and passionate team, and a commitment to customer excellence. The
work we are doing now will reset our company, leverage MOVE’s strengths, realise its considerable
potential and grow shareholder value. As a Board, we are holding ourselves and our team to
account, and will keep shareholders and the market informed on our progress.”
ENDS

Approved for release by Julia Raue, Chair MOVE Logistics Group

For further information, please contact:
CFO Lee Banks, T: +64 27 525 2876 E: Lee.Banks@movelogistics.com
Media assistance, Jackie Ellis t: + 64 27 246 2505 e: jackie@ellisandco.co.nz

About MOVE Logistics Group Limited (MOV)
MOVE is one of the largest domestic freight and logistics businesses in New Zealand, with a
nationwide network of branches, depots and warehouses.

---

MOVE LOGISTICS GROUP LIMITED
FY24 RESULTS
29 August 2024

INCOME
$301.7m
FY23: $347.7m
EBITDA
Normalised
1
$ 27.6m
FY23: $47.4m
EBT
Normalised
1
$(25.7)m
FY23: $(5.8)m
NLAT
2
$(48.1)m
FY23: $(7.2)m
FY24 RESULTS SNAPSHOT
Results below aspirations; significant improvement targeted in FY25
FY24 Results Presentation
2
1.Normalised EBITDA and Normalised EBT exclude non-controlling interest and non-trading adjustments of $19.7m pre-tax related to asset impairment, settlement & restructuring
cost (FY23: $1.7m). Including these, FY24 EBITDA and EBT was $7.9m and $(45.3)m respectively.
2.Attributable to owners of the company
•2H24 Normalised EBITDA
ahead of 1H24, in line with
guidance
•Disappointing result
reflecting underperformance
exacerbated by recessionary
environment
•Higher cost base due to
inflation and investment into
business in anticipation of
economic recovery
•Slow to react to market
changes and reduce costs
LTIFR
15.82
FY23: 14.72
CAPEX
$1.8m
FY23 $19.5m
GEARING
38.4%
FY23: 17.2%
FREE
CASHFLOW
$2.0m
FY23: $0.7m

June 19June 20June 21June 22June 23June 24
Retail Sales Trend
Depressed economic activity
impacting revenue
Retail exposure includes:
Grocery, packaging, liquor,
fuel
FY24 Results Presentation
3
201920202021202220232024
Residential building consents
Jan-19Jan-20Jan-21Jan-22Jan-23Jan-24
Infrastructure pipeline
Other sectors include:
•Building products
•Aquaculture
•Infrastructure
Mar-19Mar-20Mar-21Mar-22Mar-23Mar-24
Retail Fuel Spend
Approx. 70% of MOVE’s
top 20 clients are in the
Retail sector
Sources: Statistics NZ, Infometrics

RESPONDING TO MARKET & BUSINESS CHALLENGES
Slow to react; accelerated change plan in place from 1 July 2025
FY24 Results Presentation
4
HEADWINDS STRONGER FOR
LONGER
•Recessionary environment
with significant reduction in
demand and customer losses
•Inefficient network structure
and underperformance
•Inflation increasing cost to
serve and putting pressure
on margins
1H24: Customer activity continued to fall with significant
reduction in demand across most sectors. Increased cost as
investment was made in fleet, people and technology ahead of
economic recovery.
4Q24: Identified priority need to move at pace to rightsize
organisation and improve performance. Appointed independent
advisors to validate assumptions and support development of
change plan (replacing Project Blueprint).
1Q25: Moving at pace to accelerate change programme. Priority
is cashflow generation and revenue recovery. Led by refreshed
board and new executive team.
Remain confident in MOVE’s inherent value,
experienced team and strong customer offer

ACCELERATED CHANGE PLAN
FY24 Results Presentation
5
RECALIBRATE THE
BUSINESS
•Maximise performance, productivity and utilisation
•Network, fleet and team optimisation – retain ability to flex with
demand, while delivering quality customer service
•Strict cost controls and reduction
PROFITABLE REVENUE
GROWTH
•Continue to invest in sales capabilities
•Accelerate profitable revenue opportunities
•Considered customer acquisition and diversification
•Dynamic pricing disciplines
BALANCE SHEET
RESILIENCE
•Priority focus on cashflow generation
•Meticulous financial management
Goals to improve financial performance, build positive cashflow and deliver value to shareholders,
while continuing to provide great service to MOVE customers

STRATEGY FOR GROWTH
6FY24 Results Presentation
Our Vision: To be the
preferred freight and
logistics provider in
Australasia
Our Mission: To keep our
customers moving
Our Mantra: Customer,
Safety, Team

GOOD PROGRESS ON FUNDAMENTALS
END TO END SUPPLY CHAIN
INCREASINGLY MULTI-MODAL
STEP CHANGE IN CULTURE
Strengthening our supply chain
offering. Addition of Oceans trans-
Tasman shipping service,
enhanced metro services
Lowering cost to serve, providing
optionality for customers and
offering carbon reduction
opportunities
Moving from silo to group focus
across the organisation. Increased
collaboration to deliver end to
end supply chain solutions
STRONG BRAND AND NATIONAL
NETWORK
INNOVATIVE SERVICES
INDUSTRY COLLABORATION
Seen as a strong contender by
customers, supported by an
expanded sales team. Regional
and metro network remains a key
strength for MOVE
Encouraging customer response to
pilot of the trans-Tasman shipping
service. Moving ahead with new
time-charter vessel
Assessing opportunities for
increased collaboration across the
industry
FY24 Results Presentation7

BUSINESS DIVISION
PERFORMANCE

FREIGHT
Disappointing result despite onboarding of new
customers; Freight reset further hampered by adverse
trading conditions
•Short term cost impact from investment into owner-drivers and
fleet leases ahead of anticipated growth
•4Q24: Commenced right sizing of business (cost base) to create a
leaner, more efficient structure and improve operating leverage
•Restructure of business into clear LCL and FTL services, with focus
on higher margin LCL business
•Priority on building revenue – positive sales activity delivering new
customer wins in 2H
•Network offer (regional plus metro) is a key attraction for
customers
•Bolstering trucking business with other modes of transport
•Improving returns expected as changes are bedded in and when
trading conditions improve
FY24 Results Presentation
9
180.9
146.0
120.7
0
50
100
150
200
FY22FY23FY24
NZ$m
Revenue
-0.8
-9.4
-18.6
-20
-15
-10
-5
0
FY22FY23FY24
NZ$m
Normalised EBT
Revenue: $120.7m
Normalised EBT: $(18.6)m

CONTRACT LOGISTICS
Warehousing hard hit by reduced demand; Fuel and
Tankers remains stable
FY24 Results Presentation
10
Warehousing:
•Softer demand, increasing competition and customers insourcing -
impacting on results, capacity below desired levels
•Non-cash goodwill impairment of $12.7m
•Priority to fill available occupancy – number of new customer
contracts now in place
•Customer diversification away from traditional reliance on large
customer groups
•Well positioned to deliver quality, cost effective solution with national
network and integrated freight offer
Fuel/Tankers:
•Stable performance despite continuing reduced light traffic activity
(motorbikes, cars, vans) and corresponding spending on fuel
•Continue to look for opportunities to build on expertise and expand
Tankers service offer
Revenue: $137.0m
Normalised EBT: $0.6m
154.2
159.4
137.0
0
30
60
90
120
150
180
FY22FY23FY24
NZ$m
Revenue
5.4
7.8
0.6
0
2
4
6
8
10
FY22FY23FY24
NZ$m
Normalised EBT
Excludes non-cash goodwill impairment of $12.7m

INTERNATIONAL
Freight forwarding demand softer; continued
investment into Oceans pilot
•International freight volumes and pricing have retracted
from highs in 2023 to more normal trading levels
•Investment into Oceans strategy:
oEncouraging customer support for pilot of shipping
service - acts as a feeder to MOVE’s freight and
warehousing businesses
oMoving to a time charter model providing larger, more
resilient vessel – in line with MOVE’s asset light model
oSale process for Atlas Wind vessel underway – non-
cash impairment of asset carrying value of $4.3m
FY24 Results Presentation11
Revenue: $19.1m
Normalised EBT: $(2.2)m
10.9
19.8
19.1
0
5
10
15
20
FY22FY23FY24
NZ$m
Revenue
3.5
1.1
-2.2
-3
-1
1
3
5
FY22FY23FY24
NZ$m
Normalised EBT
Excludes $4.3m non-cash impairment of carrying value

SPECIALIST
Project work delayed, strong pipeline in place
•Retraction of business and public spending – number of
projects put on hold or delayed into future periods – these
remain ongoing
•Strong pipeline of work in place
•Well placed as experts to deliver for energy and
infrastructure projects
•Good opportunities to build on expertise and quality
reputation to build market share and expand into other
sectors and regions
•Increased South Pacific interest and project work
FY24 Results Presentation12
Revenue: $17.1m
Normalised EBT: $0.5m
14.2
18.7
17.1
0
5
10
15
20
FY22FY23FY24
NZ$m
Revenue
-0.8
1.0
0.5
-1
0
1
2
FY22FY23FY24
NZ$m
Normalised EBT

FINANCIAL RESULTS
FY24 Results Presentation13

FY24 GROUP SUMMARY
FY24 Results Presentation14
1.Normalised EBITDA and Normalised EBT exclude non-controlling interest and non-trading adjustments of $19.7m
pre-tax related to asset impairment, settlement & restructuring cost (FY23: $1.7m). Including these, FY24 EBITDA and
EBT was $7.9m and $(45.3)m respectively.
2.Attributable to owners of the company
$MillionsFY24FY23
Total Income
301.7
347.7
Normalised EBITDA
1
27.6
47.4
Normalised EBT
1
-25.7
-5.8
NLAT
2
-48.1
-7.2
EPS (cents)
-37.66
-6.18
Free cashflow
2.0
0.7
Net Debt
17.0
15.6
Results reflect:
•Impact of adverse trading conditions on
customer demand and revenue
•Investment ahead of economic recovery
which has not yet occurred
•Slow to adapt cost base to match market
activity
FY25: Moving at speed to implement change
programme:
•Implementing group-wide change
programme to reshape and strengthen the
business
•Priority focus on cashflow generation, driven
by sales-led recovery

EARNINGS BEFORE TAX
FY24 Results Presentation15
•FREIGHT: Soft sales due to economic downturn
and despite new customers being onboarded. High
fixed asset and cost base.
•CONTRACT LOGISTICS: Softer short term customer
demand for warehousing and reduced Fuels
volumes.
•INTERNATIONAL: Mechanical issues impacted
Oceans pilot - vessel upgrade to ensure reliability
of service with committed customer base.
•SPECIALIST: Softening of construction market
however pipeline is showing positive signs in 1H25.
•Flat corporate costs year on year.
Normalised EBT excludes non-controlling interest and non-trading
adjustments of $19.7m pre-tax related to asset impairment, settlement &
restructuring cost (FY23: $1.7m). Further details included in appendix to this
presentation.

CASH FLOW
FY24 Results Presentation
16
•Cash conversion of 125% remains stable and an
improvement on prior year, despite earnings
decline
•Continued positive working capital movement
•Improved free cash flow yoy (restated to be
pre-IFRS16) due to asset sales
•Asset sales from surplus fleet
•Adjusted net operating cashflow (includes
rent and lease payments) of $(5.1)m
FY25 priority focus on restoring positive adjusted
net operating cashflow
$000sFY24FY23
change
24 v 23
Normalised EBITDA excl. non-cash items 27,42848,419(20,991)
Non-trading - cash items(1,059)(701)(358)
Working capital movement6,5931,1725,421
Net operating cashflows32,96248,890(15,928)
Fixed rent & lease payments(38,072)(34,736)(3,336)
Adjusted net operating cashflow(5,110)14,154(19,264)
Capital expenditure(1,795)(19,491)17,696
Govt Grant-3,000(3,000)
Sale of PPE (excluding loss/gains)8,8963,0325,864
Net capital expenditure7,101(13,459)20,560
Free cash flow1,9916951,296
Acquisitions/Advances to Associates-198(198)
Net cash flow before financing and tax1,9918931,098
Net interest payments(1,650)(1,790)140
Tax payments(999)(920)(79)
Dividends (non-controlling interests)(682)(624)(58)
Cash flow before movements in net debt(1,340)(2,441)1,101
EBITDA cash conversion125.0%102.5%22.5%

CAPEX
Focus on maximum utilisation of
existing assets; longer term
commitments realised in FY24
Capital expenditure decreased by $14.7m
as a result of:
•Reduced capital needs to support lower
level of earnings
•Transition towards a leased/asset light
model
•Prudent approach to non-essential
capital expenditure in current
environment
Longer term commitments for fleet lease
and acquisitions realised in FY24
FY24 Results Presentation
17
Leased fleet additions
FY24
$26.2m
FY23
$12.6m
Capital Expenditure ($m)
FY24FY23
Fleet1.33.9
Ship-8.5
Technology0.11.5
Other0.42.6
TOTAL1.816.5*

BALANCE SHEET
Significant four-year reduction in
net debt
•Total borrowings $26.6m plus bank
guarantees of $9.0m
•Net debt of $17.0m (up $1.4m)
•In compliance with all banking
covenants
•Solid working capital ratio
New funding arrangements
•Finalising new funding arrangements
with ANZ Bank and Pacific Invoice
Finance, as announced 28 Aug 2024
FY24 Results Presentation
18
$mFY24FY23
Net Debt *17.015.6
Gearing38.4%17.2%
Working Capital Ratio *1.261.27
0
20
40
60
80
Dec-21Jun-22Dec-22Jun-23Dec-23Jun-24
$millions
Four-year reduction in Net Debt
Borrowings (incl Convertible Note)Net Debt
* Excludes leases and debt

LOOKING
FORWARD

MARKET OUTLOOK
FY24 Results Presentation20
•Continuation of current economic and sector conditions expected until at
least 2025 calendar year
•Freight and logistics demand will increase with economic improvement
•Long term macro trends remain positive
•Increasing investment in renewable energy projects – MOVE’s Specialist
heavy haulage is a leader in this sector
•Supply chain sustainability and carbon emissions becoming of increasing
importance to customers
•Multi-modal solutions opening up new opportunities

FY25 PERFORMANCE OUTLOOK
Change plan will
create a stronger,
streamlined business.
FY25 turnaround year;
FY26 return to
profitable earnings
FY24 Results Presentation21
Strategic Priorities
•Recalibrate operations – right size the
organisation
•Profitable revenue growth – sales led revenue
recovery
•Balance sheet resilience
FY25 Targets:
•Positive adjusted net operating cashflow
•Significant improvement in normalised EBT
FY26: Return to normalised EBT profit

FY24 Results Presentation22
Nationwide network and specialised expertise
Multi-modal, end to end supply chain solutions
Customer focused, culture of service excellence
Experienced and passionate team
Competitive, value for money, reliable and resilient
provider
SOUND BUSINESS FUNDAMENTALS

FY24 Results Presentation23
APPENDICES
For more information:
Lee Banks
Chief Financial Officer
Phone: +64 27 525 2876
Email: Lee.Banks@movelogistics.com

Financial Measures
FY24 Results Presentation
24
$MillionsFY24FY23
Net profit/(loss) before income tax (GAAP measure)(45.3)(7.6)
Add back:
Share of loss of associates-.1
Restructuring and settlement costs2.30.6
Share acquisition costs-0.1
Goodwill and asset impairment17.31.0
EBT excluding non-trading items (non-GAAP measure)(25.7)(5.8)
Finance costs (net)10.29.7
EBIT excluding non-trading items (non-GAAP measure)(15.4)3.9
Depreciation & Amortisation43.043.5
EBITDA excluding non-trading items (non-GAAP
measure)
27.647.4
MOVE Logistics Group uses several non-GAAP measures when discussing
financial performance, and believe these provide a better reflection of
the company’s underlying performance.
Glossary:
•EBITDA: Earnings before interest, tax, depreciation, amortisation
excluding income and impairment from associates
•Normalised EBITDA: EBITDA before non trading costs
•Normalised EBT: Earnings before tax, share of associates and non-
trading adjustments
•Free cash flow: Pre-IFRS16 EBITDA excluding non-cash items plus
movements in working capital, less net capital expenditure and
lease & rent payments
•Adjusted net operating cashflow: Operating cashflow including fixed
rent and lease payment
•Gearing: Net debt/(Net debt + Equity)
•Net debt: interest bearing liabilities less cash and cash equivalents
•Operating cash conversion: cash generated from operations as a
%age of EBITDA less non-cash items
•Working Capital Ratio: Current Assets excluding held for sale /
Current Liabilities excluding borrowings, lease liabilities and held for
sale
•LTIFR: Lost time injury frequency rate

Disclaimer
FY24 Results Presentation25
This presentation has been prepared by MOVE Logistics Group Limited (“MOV”). The information in this presentation is of a general nature only. It is not a complete
description of MOV.
This presentation is not a recommendation or offer of financial products for subscription, purchase or sale, or an invitation or solicitation for such offers.
This presentation is not intended as investment, financial or other advice and must not be relied on by any prospective investor. It does not take into account any
particular prospective investor’s objectives, financial situation, circumstances or needs, and does not purport to contain all the information that a prospective
investor may require. Any person who is considering an investment in MOV securities should obtain independent professional advice prior to making an investment
decision, and should make any investment decision having regard to that person’s own objectives, financial situation, circumstances and needs.
Past performance information contained in this presentation should not be relied upon as (and is not) an indication of future performance. This presentation may
also contain forward looking statements with respect to the financial condition, results of operations and business, and business strategy of MOV. Information about
the future, by its nature, involves inherent risks and uncertainties. Accordingly, nothing in this presentation is a promise or representation as to the future or a
promise or representation that an transaction or outcome referred to in this presentation will proceed or occur on the basis described in this presentation.
Statements or assumptions in this presentation as to future matters may prove to be incorrect.
A number of financial measures are used in this presentation and should not be considered in isolation from, or as a substitute for, the information provided in the
MOV Listing Profile.
MOV and its related companies and their respective directors, employees and representatives make no representation or warranty of any nature (including as to
accuracy or completeness) in respect of this presentation and will have no liability (including for negligence) for any errors in or omissions from, or for any loss
(whether foreseeable or not) arising in connection with the use of or reliance on, information in this presentation.

---

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


Results for announcement to the market
Name of issuer MOVE Logistics Group Limited (MOV)
Reporting Period 12 months to 30 June 2024
Previous Reporting Period 12 months to 30 June 2023
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$293,866 (14.5%)
Total Revenue $293,866 (14.5%)
Net profit/(loss) from
continuing operations
($48,063) (568.5%)
Total net profit/(loss) ($48,063) (568.5%)
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.00
Imputed amount per Quoted
Equity Security
$0.00
Record Date Not Applicable
Dividend Payment Date Not Applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.17 $0.44
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer audited financial statements.
Authority for this announcement
Name of person

authorised
to make this announcement
Lee Banks, CFO
Contact person for this
announcement
Lee Banks
Contact phone number 06 755 9405
Contact email address lee.banks@movelogistics.com
Date of release through MAP

29 August 2024

Audited financial statements accompany this announcement.

---

Consolidated
annual
financial
statements
.
For the year ended 30 June 2024

DIRECTORS’ STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
The Directors of MOVe Logistics Group Limited are pleased to present the financial statements for MOVe Logistics Group
Limited and its subsidiaries (together the Group) for the year ended 30 June 2024 contained on pages 2-37.
Financial statements for each financial year fairly present the financial position of the Group and its financial
performance and cash flows for that period and have been prepared using appropriate accounting policies, consistently
applied and supported by reasonable judgments and estimates and all relevant financial reporting standards have been
followed.
Proper accounting records have been kept that enable, with reasonable accuracy, the determination of the financial
position of the Group and facilitate compliance of the financial statements with the Financial Markets Conduct Act 2013.
Adequate steps have been taken to safeguard the assets of the Group to prevent and detect fraud and other
irregularities.
The Directors hereby approve and authorise for issue the financial statements for the year ended 30 June 2024. They do
not have the power to amend these financial statements after issue.
For and on behalf of the Board
Julia Raue - Chair
28 August 2024
Grant Devonport - Director
28 August 2024
DIRECTORS’ STATEMENT
1

CONSOLIDATED STATEMENT OF PROFIT OR LOSS & OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
NOTES
30 JUNE 2024
$000
30 JUNE 2023
$000
Revenue 7293,866343,873
Gains on disposal of assets 7681,587
Lease income1,0281,539
Other income 75,996675
Total Income 301,658347,674
Transport costs(131,101)(145,311)
Employee costs(110,122)(117,040)
Rental / lease expenses(3,325)(4,602)
Other operating expenses(29,479)(33,373)
Depreciation of right of use assets(32,144)(29,451)
Other depreciation / amortisation expenses (10,902)(14,031)
Other non-operating expenses5(19,656)(1,728)
Total Operating Expenses 8(336,729)(345,536)
Finance costs relating to lease liabilities(8,551)(7,418)
Other finance costs - interest on borrowing(1,953)(2,399)
Interest income on short term deposit261161
Operating loss before income tax(45,314)(7,518)
Share of (loss) of associates -(74)
Loss Before Income Tax (45,314)(7,592)
Income tax (expense)/credit 9(1,850)1,755
LOSS FOR THE YEAR FROM CONTINUING OPERATIONS (47,164)(5,837)
(Loss) / Profit attributable to:
Owners of the company(48,063)(7,190)
Non-controlling interests8991,353
(47,164)(5,837)
Other comprehensive income:
Comprehensive Income for the Period, Net of Tax --
TOTAL COMPREHENSIVE LOSS FOR THE YEAR, NET OF TAX (47,164)(5,837)
Earnings per share attributable to the ordinary equity
holders of the Company
CENTSCENTS
Basic and diluted earnings per share for profit attributable to
the ordinary equity holders of the company
11(37.66)(6.18)
The above consolidated Statement of Profit or Loss & Other Comprehensive Income should be read in conjunction with the
accompanying notes.
CONSOLIDATED FINANCIAL STATEMENTS
2

CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2024
NOTES
30 JUNE 2024
$000
30 JUNE 2023
$000
ASSETS
Current Assets
Cash and cash equivalents 12.19,7048,744
Inventories 178219
Trade and other receivables12.241,52053,318
Tax receivable179-
Assets held for sale 201,929-
Total Current Assets 53,51062,281
Non-Current Assets
Property, plant and equipment 13.154,98982,048
Right of use assets13.2171,552144,594
Intangible assets 13.31,70514,843
Deferred Income tax asset13.4-1,152
Other receivables270318
Total Non-Current Assets 228,516242,955
TOTAL ASSETS 282,026305,236
EQUITY
Share capital1484,26284,262
Other reserves(505)(615)
Accumulated losses(60,334)(12,271)
Equity attributable to owners of the parent 23,42371,376
Non-controlling interest in equity3,7403,527
TOTAL EQUITY 27,16374,903
LIABILITIES
Current Liabilities
Trade and other payables 12.331,11933,852
Tax payable-121
Deferred revenue7439341
Borrowings 12.526,6653,708
Lease liability13.230,26325,793
Employee entitlements 12.48,76511,023
Total Current Liabilities 97,25174,838
Non-Current Liabilities
Borrowings 12.5-20,615
Lease liability13.2154,362129,603
Deferred revenue-3,000
Provisions for other liabilities and charges 13.53,2502,277
Total Non-Current Liabilities157,612155,495
TOTAL LIABILITIES 254,863230,333
TOTAL EQUITY & LIABILITIES 282,026305,236
The above consolidated Balance Sheet should be read in conjunction with the accompanying notes.
CONSOLIDATED FINANCIAL STATEMENTS
3

The above consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
ATTRIBUTABLE TO OWNERS OF THE
COMPANY
NOTESSHARE CAPITALRETAINED EARNINGS/(ACCUM. LOSSES)OTHER RESERVESTOTAL NON-CONTROLLING INTERESTTOTAL EQUITY
$000$000$000$000$000$000
Balance as at 1 July 202275,188(5,081)8870,1952,79872,993
Comprehensive income
(Loss)/Profit for the year-(7,190)-(7,190)1,353(5,837)
Other comprehensive income------
Total comprehensive income-(7,190)-(7,190)1,353(5,837)
Cumulative translation adjustment--(673)(673)-(673)
Transactions with owners:
Employee share scheme--(30)(30)-(30)
Issue of Ordinary Shares149,074--9,074-9,074
Dividends----(624)(624)
Balance as at 30 June 202384,262(12,271)(615)71,3763,52774,903
Balance as at 1 July 202384,262(12,271)(615)71,3763,52774,903
Comprehensive income
(Loss)/Profit for the year-(48,063)-(48,063)899(47,164)
Other comprehensive income------
Total comprehensive income-(48,063)-(48,063)899(47,164)
Cumulative translation adjustment--110110-110
Transactions with owners:
Dividends----(686)(686)
Balance as at 30 June 202484,262(60,334)(505)23,4233,74027,163
CONSOLIDATED FINANCIAL STATEMENTS
4

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
NOTES
30 JUNE 2024
$000
30 JUNE 2023
$000
Cash flows from operating activities
Receipts from customers and others310,880355,038
Interest received 261161
Dividends received 43
Payments to suppliers and employees (281,028)(306,617)
Government subsidy received18114
Notional finance charge on NZ IFRS 16 leases15.2(8,551)(7,418)
Interest paid (1,911)(1,950)
Income tax paid (999)(920)
Net cash generated from operating activities 15.118,67438,411
Cash flows used in investing activities
Purchase of property, plant and equipment(1,844)(19,132)
Proceeds from sale of property, plant and equipment9,3363,031
Purchase of intangible assets(12)(7)
Insurance income received 72,713-
Government grant-3,000
Advances to associates -198
Net cash generated/(used) in investing activities 10,193(12,910)
Cash flows from financing activities
Repayment of borrowings15.2(4,200)(3,755)
Proceeds from borrowings15.26,500-
Repayment of lease liability (NZ IFRS 16)15.2(29,521)(27,318)
Dividends paid to shareholders / non-controlling interests(686)(624)
Net cash flow used in financing activities(27,907)(31,697)
Net increase/(decrease) in cash and cash equivalents 960(6,196)
Cash and cash equivalents at beginning of year 8,74414,940
Cash and cash equivalents as at 30 June9,7048,744
The above consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.
CONSOLIDATED FINANCIAL STATEMENTS
5

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. GENERAL INFORMATION
1.1. Reporting Entity
The core operations of MOVe Logistics Group Limited (“MOVe Logistics” or the “Company”) and its subsidiaries (collectively
“the Group”) are in the New Zealand logistics sector. These include general transport, bulk liquids, heavy haulage,
shipping, warehousing and distribution, freight forwarding and storage.
The Company is incorporated and domiciled in New Zealand, registered under the Companies Act 1993 and is a FMC
Reporting Entity under part 7 of the Financial Markets Conduct Act 2013. The Company is dual listed with its primary listing
of ordinary shares quoted in New Zealand on the NZX Main Board, and a secondary listing in Australia as a foreign Exempt
Entity on the Australian securities exchange (ASX).
The registered office of the Company is at 24-30 Paraite Road, Bell Block, New Plymouth, New Zealand. The consolidated
financial statements of the Company as at, and for the year ended 30 June 2024, comprise the Company and its
subsidiaries (refer note 16.1), together referred to as the “Group”.
1.2. Basis of Preparation
These financial statements have been prepared on a historical cost basis.
The preparation of financial statements in conformity with NZ IFRS requires the use of certain critical accounting
estimates. It also requires Management to exercise its judgement in the process of applying the Group’s accounting
policies. The areas where assumptions and estimates are significant to the consolidated financial statements are
disclosed in note 4.
The consolidated financial statements have been prepared in accordance with the Financial Markets Conduct Act 2013
and the Companies Act 1993.
The principal accounting policies adopted in the preparation of the financial statements are selected and applied in a
manner which ensures that the resulting financial information satisfies the concepts of relevance and reliability, thereby
ensuring that the substance of the underlying transaction and other events is reported. These policies have been
consistently applied to all the periods presented, unless otherwise stated. To ensure consistency with the current period,
comparable figures have been restated where appropriate.
1.3. Going Concern
As at 30 June 2024, the Group recorded an after tax loss attributable to owners of $48.1m including a $12.5m goodwill
impairment and has a working capital deficit of $43.7m with loans and borrowings due for refinancing within the next
twelve months of $26.7m.
In preparing these financial statements, the Directors have conducted a comprehensive assessment of certain events,
conditions and related material uncertainties. Although the Directors have concluded that it is appropriate to prepare
these financial statements on a going concern basis they have concluded that there are material uncertainties.
The material uncertainties arise primarily as a result of:
• Continued challenging economic environment and resulting operational underperformance
• A significant turnaround plan being implemented but not completed
• The risk that forecasted results are not met and as a result key terms of financing arrangements are not complied
with
The following is the Directors analysis of all relevant material uncertainties:
Trading Performance
Economic Slowdown: The Group is facing severe impacts from a prolonged economic downturn. The slow economic
growth has led to reduced consumer demand, lower revenues, and increased financial pressure on the Group’s
operations.
Operational Challenges: The Group has faced issues where the business was too slow to react to the economic
downturn. This included ineffective execution of operational improvements particularly in Freight and Contract Logistics,
resulting in inefficient resource allocation and loss of revenue and profit. This poor execution has largely driven the poor
financial performance.
The Board has engaged external advisors to support the execution of the turnaround program, together with the
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
6

appointment of an interim CEO who has the experience required to execute the plan (see below for details of the plan).
The Group has also changed to a time charter ship for its Oceans trans-tasman operation which will result in reduced
risks to operations.
Financial Position
Renewal of Debt Facility with ANZ and new Debtor Invoice Financing
The Group has been working with its existing bank and another proposed lender to secure financing on terms acceptable
to the Group and note 12.5 provides details on the updated and new facilities. This will replace the current facility due to
expire in March 2025. At this time the parties have agreed to a term sheet that provides the following:
• Refinanced ANZ Banking facilities to 31 August 2025
• New Debtor Invoice Financing with a limit of $21m however with shareholder approval the Group has the option to
increase this to $25m
• Amended covenants to support turnaround program (which would be complied with based on forecast
performance)
With the above facilities and in conjunction with prudent working capital management the Group is comfortable that
it has sufficient cash and debt facilities available to meet its obligations and manage the Groups liquidity position
appropriately.
Turnaround plan
To further address the risks the Group faces, a range of initiatives are underway, with certain activities at a well-
progressed stage, albeit subject to material uncertainty with respect to time and outcomes. These initiatives include:
Cost Right-sizing: The Company is implementing a comprehensive cost reduction strategy, including operational
efficiencies, and resourcing levels, to improve profitability and cash flow. Management is also exploring the sale of surplus
assets to generate liquidity.
Revenue Growth: A key focus of the turnaround strategy is to enhance revenue growth by effectively converting the
existing sales pipeline. Management is implementing a targeted approach to accelerate the conversion of high-potential
leads and opportunities into confirmed sales.
Operational Optimisation and Restructuring: The Company is evaluating its operational structure and business model to
streamline operations and focus on core competencies that drive profitability.
Conclusion
While the Group is confident in its ability to implement the turnaround plan successfully, manage the challenging current
operating environment, achieve forecasted results and as a result operate within the financing terms and conditions
proposed, the Directors reiterate that there are a number of material uncertainties related to unknown future events
that are not fully within their control. These material uncertainties are related to events and conditions that may cast
significant doubt on the Groups ability to continue as a going concern and therefore it may be unable to realise its assets
and discharge its liabilities in the normal course of business.
The financial statements do not include any adjustments that may be required if the Group is unable to continue as a
going concern.
1.4. Statement of Compliance
The Group is a for-profit entity. Its financial statements have been prepared in accordance with, and comply with, New
Zealand Generally Accepted Accounting Practice (NZ GAAP). They comply with New Zealand Equivalents to International
Financial Reporting Standards and other applicable Financial Reporting Standards and Authoritive Notices, as appropriate
for for-profit entities. The financial statements comply with International Financial Reporting Accounting Standards (IFRS
Accounting standards).
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
7

2. SUMMARY OF MATERIAL ACCOUNTING POLICIES
2.1. Consolidation
a. Subsidiaries
Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to,
or has rights to, variable returns from its involvement with the entity, and has the ability to affect those returns through its
power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred
to the Group. They are de-consolidated from the date that control ceases.
The Group uses the acquisition method of accounting to account for business combinations. The consideration
transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the
equity interest issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting
from a contingent consideration arrangement and the elimination of any balances arising between the Group and the
acquiree.
If the business combination is achieved in stages, the acquisition date carrying value of the acquirer’s previously
held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gain or loss arising from
remeasurement is recognised in profit or loss.
Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities
assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition
by acquisition basis, the Group recognises any non-controlling interest in the acquisition either at fair value or at the non-
controlling interest’s proportionate share of the acquiree’s net assets.
The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree, and the
acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the Group’s share of the
identifiable net assets acquired, is recorded as goodwill.
Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are
subsequently re-measured to fair value with changes in fair value recognised in profit or loss.
Inter-company transactions, balances and unrealised gains on transactions between Group companies are eliminated.
Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted
by the Group.
Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated Statement of
Profit or Loss & Other Comprehensive Income, Statement of Changes in Equity and Balance Sheet respectively.
b. Assets held for sale
Non-current assets and disposal groups classified as held for sale are measured at the lower of carrying amount or fair
value less costs to sell. Non-current assets and disposal groups are classified as held for sale if their carrying amount is
expected to be recovered through a sale transaction rather than through continuing use. This condition is regarded as
met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present
condition and the sale of the asset (or disposal group) is expected to be completed within one year from the date of
classification. Impairment losses on initial classification as held for sale and subsequent gain or loss on remeasurement
is recognised in profit or loss. Once classified as held for sale, intangible assets and property, plant and equipment are no
longer amortised or depreciated.
2.2. Foreign Currency Translation
a. Functional and presentation currency
Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary
economic environment in which the entity operates (‘the functional currency’). The financial statements are presented
in New Zealand Dollars (rounded to thousands), which is the functional and the presentation currency of all companies
in the Group except MOVe Oceans Singapore PTE Limited and TNL Australia Pty Limited, whose functional currencies are
United States Dollars and Australian Dollars respectively.
b. Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the
dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and
from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are
recognised in profit or loss.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
8

2.3. New Accounting Standards & Interpretations
The Group adopted the amendments of NZ IAS 1 for the first time in the current year. The amendments change the
requirements of NZ IAS 1 with regard to disclosure of accounting policies. The amendment shifts the focus from ‘significant
accounting policies’ to ‘material accounting policy information’. This change is reflected in the financial statements.
2.4. Standards Issued But Not Yet Adopted
The new standards and interpretations that are issued but not yet effective as at the date of reporting are disclosed
below. The Group intends to adopt these new and amended standards and interpretations if applicable when they
become effective.
IFRS 18 Presentation and Disclosure in Financial Statements
This standard becomes effective for reporting periods beginning on or after 1 January 2027. IFRS 18 introduces new
requirements on presentation within the Statement of Profit or Loss and Other Comprehensive Income, including specified
totals and subtotals. It also requries disclosure of management defined performance measures and includes new
requirements for aggregation and disaggregation of financial information on the basis of the identified ‘roles’ of the
primary financial statements and notes.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
9

3. FINANCIAL RISK MANAGEMENT
The Group’s principal financial instruments comprise bank loans and overdrafts, cash, trade creditors and accruals and
trade debtors. The main purpose of these financial instruments is to raise and provide working capital for the Group’s
operations.
This note explains the Group’s exposure to financial risks and how these risks affect the Group’s future financial
performance.
RiskExposure arising fromMeasurement
Credit risk
Cash and cash equivalents and trade
receivables.
Aging analysis & credit ratings
Market risk - interest rateLong term borrowing at variable ratesSensitivity analysis
Liquidity riskBorrowings and other liabilitiesRolling cash flow forecast

The Group’s risk management is carried out by a central treasury department (Group Treasury) under policies approved
by the Board of Directors. Group Treasury identifies, evaluates and manages financial risks in close co-operation with the
Group’s operating units. The Board provides written principles for overall risk management, as well as policies covering
specific areas, such as foreign exchange risk, funding risk, interest rate risk, credit risk and use of derivative financial
instruments and non-derivative financial instruments.
3.1. Credit Risk Management
In the normal course of business the Group incurs credit risk from trade debtors and transactions with financial
institutions. The Group has a credit policy that it uses to manage this risk. As part of this policy limits on exposures with
counter-parties have been set and approved by the Board of Directors and are monitored on a regular basis.
The Group has no significant concentrations of credit risk. The Group does not require any collateral or security to support
financial instruments due to the quality of the financial institutions and trade debtors dealt with. The Group normally gives
30 or 60 days credit on its trade receivables. At 30 June the Group’s credit risk exposure is equal to the carrying value of
its financial assets.
2024
$000
2023
$000
Trade and other receivables
Trade receivables38,74250,374
Credit loss provision(1,530)(1,965)
Total trade receivables37,21248,409
Accrued revenue2,0052,934
Sundry receivables400176
Cash and short term bank deposits
Bank with AA- credit rating9,7048,744
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
10

a. Impaired trade receivables
Individual receivables which are known to be uncollectible are written off by reducing the carrying amount directly. The
other receivables are assessed collectively to determine whether there is objective evidence that an impairment has
been incurred but not yet been identified. For these receivables the estimated impairment losses are recognised in
a separate provision for impairment. The Group considers that there is evidence of impairment if any of the following
indicators are present:
• significant financial difficulties of the debtor
• probability that the debtor will enter bankruptcy or financial reorganisation, and
• default or delinquency in payments.
Receivables for which an impairment provision was recognised are written off against the provision when there is no
expectation of recovering additional cash.
Impairment losses are recognised in profit or loss within other expenses. Subsequent recoveries of amounts previously
written off are credited against other expenses.
Movements in the provision for impairment of trade receivables that are assessed for impairment collectively are as
follows:
2024
$000
2023
$000
At 1 July1,9651,402
Underutilised provision (395)-
Provision for impairment recognised during the year69629
Provision for credit notes to revenue-(57)
Transfer from Asset held for Sale-20
Receivables written off during the year as uncollectible(109)(29)
At 30 June 1,5301,965
The table below sets out information about the credit quality of trade receivables net of the expected credit loss provision:
Current1 -29 days
overdue
30 - 59 days
overdue
60+ days
overdue
Total
$000$000$000$000$000
30 June 2023
Gross carrying amount44,6443,3231,0661,34150,374
Baseline435681549841,641
Specific28446246324
Total expected credit loss rate1.0%2.2%18.8%91.7%
Credit loss provision463722001,2301,965
30 June 2024
Gross carrying amount33,0894,13265986238,742
Baseline2551612564651,137
Specific---393393
Total expected credit loss rate0.8%3.9%38.8%99.5%
Credit loss provision2551612568581,530

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
11

Critical Estimates and Judgements
a. Credit loss provision
To measure expected credit losses, trade receivables have been grouped and reviewed on the basis of the number of
days past due. The credit loss provision has been calculated by considering the impact of the following characteristics:
• The baseline loss rate takes into account the average write-off history of the Group over a two-year period as a
predictor of future conditions and applies an increasing expected credit loss estimate by trade receivables aging
profile.
• Specific credit loss provisions are made based on any specific customer collection issues that are identified.
Collections and payments from our customers are continuously monitored and a credit loss provision is maintained
to cover any specific customer credit losses anticipated.
The Group has performed an assessment of credit risk on its customer base taking into consideration the factors below:
• profile of the customer, i.e. corporate or individual customers
• region the customer is based in
• industry the customer operates within
• size and nature of the customer
• and, the Group’s understanding of and experience with the customer
As a result of this assessment, the Group has assessed its baseline provision to $1,530,000 (2023: $1,965,000), to reflect the
estimated financial impact of its assessment of the credit risk.
3.2. Interest Rate Risk
The Group’s main interest rate risk arises from long term borrowing with variable rates which exposes the Group to cash
flow interest rate risk. The Group adopts a policy of ensuring that where appropriate its exposure to changes in interest
rates on borrowings is on a fixed rate basis by entering into interest rate swaps.
The Group currently has no interest rate swaps in place.
The Group does not hedge account so all market adjustments are recognised in the Statement of Profit or Loss & Other
Comprehensive Income.
Sensitivity analysis
The effect of a 1% increase or decrease in the floating interest rates for the Group would be a decrease/increase in profit
and equity of $267,000 (2023: $43,000).
3.3. Liquidity Risk
Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through an
adequate amount of committed credit facilities. Due to the dynamic nature of the underlying businesses, the Group
maintains flexibility in funding through having flexible funding lines available to them. Management monitors rolling
forecasts of the Group’s liquidity reserve, which comprises its undrawn borrowing facility and cash and cash equivalents
(note 12.1) on the basis of expected cash flows.
The Group had access to the following undrawn borrowing facilities at the end of the reporting period:
2024
$000
2023
$000
Expiring within one year (bank overdraft/flexible credit facility)
3,5004,567
Expiring beyond one year (flexible credit facility)
-15,000
Total3,50019,567

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
12

The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal
their carrying balances or the impact of discounting is not significant.
Less than 1
year
Between 1
and 2 years
Between 2
and 5 years
Beyond 5
years
Total
contractual
cash flows
Carrying
amount
(assets)/
liabilities
$000$000$000$000$000$000
2023
Borrowings5,26320,871--26,13424,323
Lease liabilities32,65826,47861,75068,596189,482155,396
Trade and other payables33,852---33,85233,852
Employee entitlements11,023---11,02311,023
Total 82,79647,34961,75068,596260,491224,594
2024
Borrowings28,435---28,43526,665
Lease liabilities38,71326,47894,89959,741219,831184,625
Trade and other payables31,119---31,11931,119
Employee entitlements8,765---8,7658,765
Total 107,03226,47894,89959,741288,150251,174
The Group provides guarantees, these are detailed in note 17.
3.4. Capital Management
The Group’s objectives when managing capital are to safeguard their ability to continue as a going concern, so that they
can continue to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal structure
to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders,
return capital to shareholders, issue new shares or sell assets to reduce debt.
The Group monitors capital on the basis of the gearing ratio and bank covenant compliance. The Group’s gearing ratio at
30 June is as follows:
2024
$000
2023
$000
Bank borrowings26,66524,323
Less: cash and cash equivalents(9,704)(8,744)
Net debt (excluding lease liabilities)16,96115,579
Equity27,16374,903
Gearing ratio38.4%17.2%

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
13

4. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition,
seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Other
critical accounting estimates will be disclosed in the relevant notes.
a. Estimated impairment of goodwill
The Group tests annually whether goodwill has suffered any impairment. The recoverable amounts of cash-generating
units have been determined based on the higher of value-in-use and fair value less costs of disposal calculations. These
calculations require the use of estimates (refer note 13.3).
b. Held for Sale
In May 2024 the Group annouced its intention to undertake a sales process of the Atlas Wind vessel and pursue a charter
model to align with the Group’s asset light model. Judgements have been made to determine that the conditions of
a held for sale asset have been met. Assets held for sale are measured at the lower of fair vale less costs to sell and
carrying value, these calculations require the use of accounting estimates (refer note 20).
5. RECONCILIATION TO GAAP MEASURE
The Group results are prepared in accordance with New Zealand Generally Accepted Accounting Practice (“GAAP”) and
comply with both International Financial Reporting Standards (“IFRS”) and the New Zealand equivalents to International
Financial Reporting Standards (“NZ IFRS”).
These financial statements include non-GAAP financial measures that are not prepared in accordance with IFRS. The
non-GAAP financial measures used in this presentation are as follows:
• Adjusted EBITDA (a non-GAAP measure) represents profit or loss before income taxes from continuing operations
(a GAAP measure), excluding interest income, interest expense, depreciation and amortisation, share of loss of
associates, restructuring & settlement costs, asset impairments and acquisition related costs (non operating
expenses) as reported in the financial statements.
• Adjusted EBIT (a non-GAAP measure) represents profit or loss before income taxes from continuing operations (a
GAAP measure), excluding interest income, interest expense, share of loss of associates, restructuring & settlement
costs, asset impairments and acquisition related costs (non operating expenses) as reported in the financial
statements.
• Adjusted EBT (a non-GAAP measure) represents profit or loss before income taxes from continuing operations (a
GAAP measure), excluding share of loss of associates, restructuring & settlement costs, asset impairments and
acquisition related costs (non operating expenses) as reported in the financial statements.
The Group believes that these non-GAAP measures provide useful information to readers to assist in the understanding
of the financial performance and position of the Group as they are used internally to evaluate the performance of
business units and to establish operational goals. They should not be viewed in isolation, nor considered as a subsitute for
measures reported in accordance with IFRS. Non-GAAP measures as reported by the Group may not be comparable to
similarly titled amounts reported by other companies.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
14

The following is a reconciliation between these non-GAAP measures and net profit after tax:
Reconciliation to GAAP measure 12 months to
June 2024
$000
12 months to
June 2023
$000
Loss Before Income Tax (GAAP Measure)(45,314)(7,592)
Add back:
Share of loss of associates -74
Other non operating expenses
- Goodwill impairment12,4931,027
- Asset impairment4,800-
- Restructuring & Settlement Costs2,363592
- Acquisition related costs-109
Adjusted EBT (non-GAAP measure) (25,658)(5,790)
Finance costs (net)10,2439,656
Adjusted EBIT (non-GAPP measure)(15,415)3,866
Depreciation & Amortisation43,04643,482
Adjusted EBITDA (non-GAAP measure) 27,63147,348
6. SEGMENT INFORMATION
Operating segments are reported in a manner consistent with the internal reporting to the Chief Operating Decision
Maker (CODM). The CODM is responsible for allocating resources and assessing performance of the operating segments.
The Group has made the decision that the eleven operating segments that form part of the reporting to the Group CEO
can be aggregated into five reporting segments. Reportable segments have been determined by having regard to the
nature of the services, the processes the various business units undertake to service customers, the allocation of capital,
the type of customers serviced, and the nature of the distribution channels.
In addition to GAAP measures, the Group CEO also uses non-GAAP measures (EBITDA, EBIT and EBT) to assess the
commercial performance of the segments. The revised reportable operating segments have been determined as:
INTERNATIONAL
This segment includes international freight forwarding and shipping agency services across a broad range of industries.
SPECIALIST
This segment provides transport and lifting solutions for oversized and large items.
FREIGHT
This segment provides nationwide general freight transport services with regional strength. It is able to transport a wide
range of freight types.
CONTRACT LOGISTICS
This segment specialises in contracted solutions providing services for customers including warehouse and supply chain
capability and delivery of bulk liquids.
CORPORATE
This segment includes our corporate services function.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
15

The segment information for the year ended 30 June is as follows:
InternationalSpecialistFreightingContract
Logistics
CorporateTotal
$000$000$000$000$000$000
Year ended 30 June 2023
Total segment revenue 19,89418,760154,446163,192-356,292
Inter-segment revenue (133)(28)(8,449)(3,809)-(12,419)
Revenue from external
customers
19,76118,732145,997159,383-343,873
EBITDA2,2204,3249,30634,403(2,905)47,348
Depreciation - tangible assets9732,2444,5413,62024511,623
Depreciation - ROU assets24787810,74617,42215829,451
Depreciation - intangible
assets
38741,7455692,408
EBIT9971,115(5,985)11,616(3,877)3,866
EBT1,1311,011(9,370)7,772(6,334)(5,790)
Assets35,34721,388111,193134,6752,633305,236
Liabilities16,9014,83484,93997,91925,740230,333
Capital expenditure
including intangibles
12,5897472,3443,60820219,490
Year ended 30 June 2024
Total segment revenue 19,15317,110125,010140,594-301,867
Inter-segment revenue (32)(62)(4,307)(3,600)-(8,001)
Revenue from external
customers
19,12117,048120,703136,994-293,866
EBITDA(652)3,63358227,411(3,343)27,631
Depreciation - tangible assets1,3571,9573,5563,17120410,245
Depreciation - ROU assets37197712,01818,60617232,144
Depreciation - intangible
assets
3753304272657
EBIT(2,383)624(14,995)5,330(3,991)(15,415)
EBT(2,172)502(18,589)601(6,000)(25,658)
Assets23,76019,320106,286132,847(187)282,026
Liabilities12,0264,75288,433121,23028,422254,863
Capital expenditure
including intangibles
451742351,2231171,794
Interest income and expense are not allocated to segments, as this type of activity is driven by the central treasury
function, which manages the cash position of the Group.
Sales between segments are eliminated on consolidation. The amounts provided to the CODM with respect to segment
revenue are measured in a manner consistent with that of the financial statements.
Revenues of approximately $52,000,000 (2023: $53,000,000) are derived from a single external customer which exceeds
10% or more of the entity’s revenue. These revenues are attributed to the Contract Logistics segment.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
16

7. REVENUE & OTHER SOURCES OF INCOME
Revenue comprises the fair value of the consideration received or receivable for the sale of services in the ordinary
course of the Group’s activities. Revenue is shown net of GST, rebates and after eliminating sales within the Group.
a. Sale of services
Freight Services
The Group performs transportation services. Revenue is recognised over the time of delivery, being from the time of
acceptance of the goods to delivery to the final destination.
Warehousing Services
The logistics function provides warehousing and storage services. Revenue from providing these services is recognised in
the accounting period in which the services are rendered. Some contracts include multiple deliverables. However, these
are easily identifiable and are accounted for as separate performance obligations.
Trading Services
The Group performs freight forwarding, trans tasman shipping and agency services. Revenue is recognised over the
time of delivery, being from the time of acceptance of the job to completion of the shipment. Revenue is recognised for
agency and freight forwarding on a net basis after disbursements as the Group are acting as an agent for the customer.
For fixed priced contracts, revenue is recognised based on the actual service provided to the end of the reporting period
as a proportion of the total services to be provided. This is because the customer receives and uses the benefits of the
service simultaneously.
Customers are invoiced on a daily, weekly or monthly basis and consideration is payable when invoiced. There are no
significant financing arrangements for any of the Group’s revenue streams. The Group does not offer any refunds or
warranties.
The Group derives the following types of revenue:

2024
$000
2023
$000
Freight217,245269,884
Warehousing56,84153,365
Trading19,78020,624
Total Revenue293,866343,873
Timing of revenue recognition
June 2024
$000
June 2023
$000
Over time293,866343,873
At a point in time--
Total Revenue293,866343,873
b. Interest income
Interest income is recognised on a time-proportion basis using the effective interest method.
c. Dividend income
Dividend income is recognised when the right to receive payment is established.
d. Lease income
Lease income from operating leases where the Group is a lessor is recognised as rental income on a straight-line basis
over the lease term.
e. Financing component
The Group does not expect to have any contracts where the period between the transfer of the promised service to the
customer and payment by the customer exceeds one year. As a consequence, the Group does not adjust any of the
transaction prices for the time value of money.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
17

f. Contract liability
The Group recognises a contract liability (deferred revenue) when the Group has recognised consideration for
performance obligations yet to be fulfilled. The opening balance has been recognised in revenue in the current year.
In the current year, there was $341,000 (2023: $521,000) of revenue recognised relating to contract liabilities at the prior
year end. The average timing of satisfaction of performance obligation in relation to the payment of the contract liability
is between 1 and 5 days. Management expects that 100% of the revenue (transaction price) allocated to unsatisfied
performance obligations as of 30 June 2024 will be recognised as revenue during the next reporting period ($439,000).
g. Government grants
Grants from the Government are recognised at their fair value where there is reasonable assurance that the grant will be
received, and the Group will comply with the attached conditions.
Wage subsidy grants of $18,000 (2023: $114,000) are included in the ‘other income’ line item. There are no unfulfilled
conditions or other contingencies attached to these grants.
h. Other income
Included within other income is insurance recovery income of $2.7m (2023: Nil) which was receieved in relation to an
engine failure on the Atlas Wind Ship. Also included within other income is one off fleet rental income in relation to a
contract exit transition period of $2.4m (2023: Nil).
8. OPERATING EXPENSES BY NATURE

2024
$000
2023
$000
Transport costs
1
131,101145,311
Employee costs (note 8.1)110,122117,040
Property lease expenses754595
Operating lease expenses2,5714,007
Trading and warehousing expenses7,6509,898
Communications/Technology 6,2896,205
Occupancy costs7,1567,398
Travel and accommodation2,7483,568
Bad debts(28)369
Foreign exchange gain(264)(363)
Remuneration paid to principal auditors (PwC)
Assurance services
Audit and review of financial statements, including associated disbursements345352
Audit of financial statements MOVE Oceans Singapore - PwC Singapore26-
Non Assurance Services - Training Material 1-
Donations156
Directors fees 515448
Depreciation and amortisation43,04643,482
Non operating expenses (refer note 5)19,6561,728
Share based payments-15
Other expenses5,0265,477
Total operating expenses336,729345,536

1
Includes costs relating to transportation including road user charges (RUC), fuel, tyres, repairs and maintenance, owner driver and subcontractor costs.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
18

8.1. Employee Costs
a. Superannuation benefits
The Group operates a defined contribution superannuation scheme. The scheme is funded through employee and Group
contributions to a trustee-administered fund. The Group has no further payment obligations once contributions have
been paid. Contributions are recognised as an employee benefits expense when they are due.
MOV
e Freight Limited has a historic defined contribution company superannuation scheme that has been operating for a
number of years. The Company has contribution rates from 4% - 6%.
Members contribute a minimum of 4% of their salary/wage and can go as high as 15%. The Company contributions are
vested to the member at the rate of 20% per year of service with the Company i.e. 100% after five years of service.
b. Other employee benefits
Liabilities for wages and salaries, including non-monetary benefits and accumulating sick leave are expected to be
settled within 12 months. They are measured at the amounts expected to be paid when the liabilities are settled.
c. Long service leave
The liabilities for long service leave and annual leave are not expected to be settled wholly within 12 months after the
end of the period in which the employees render the related service. They are therefore measured at the present value
of expected future payments to be made in respect of services provided by employees up to the end of the reporting
period. Consideration is given to expected future wage and salary levels, experience of employee departures and periods
of service. Expected future payments are discounted using market yields at the end of the reporting period of high-quality
corporate bonds with terms and currencies that match, as closely as possible, the estimated future cash outflows. Re-
measurement as a result of experience adjustments and changes in actuarial assumptions are recognised in profit or
loss.
d. Profit-sharing and bonus plans
The Group recognises a liability and an expense for bonuses and profit-sharing based on a formula that takes into
consideration the profit attributable to the Company’s shareholders after certain adjustments. The Group recognises a
provision where contractually obliged or where there is a past practice that has created a constructive obligation.
2024
$000
2023
$000
Wages, salaries & leave costs93,00499,636
Superannuation fund contributions2,5022,615
Other employee related costs14,61614,789
Total110,122117,040
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
19

9. INCOME TAX EXPENSE
The tax expense for the year comprised current and deferred tax. Tax is recognised in the profit or loss component of the
Statement of Profit or Loss & Other Comprehensive Income except to the extent that it relates to items recognised directly
in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive
income or equity respectively.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance
sheet date in the countries where the Company and its subsidiaries operate and generate taxable income.

2024
$000
2023
$000
Current tax on loss for the year(470)(676)
Adjustments in respect to prior years(5)261
Deferred tax current year-2,170
Deferred tax reversal from prior year(1,375)-
(1,850)1,755

The prima facie income tax expense on pre-tax accounting profit from operations reconciles to the income tax expense
in the financial statements as follows:

2024
$000
2023
$000
Loss from operations before tax(45,314)(7,592)
Add back:
Share of loss of associates-74
(45,314)(7,518)
Prima facie tax receivable at 28%12,6882,105
Tax effects of:
Expenses not deductible(3,608)(651)
Effect of tax rates in foreign juristrictions(119)40
Deferred Tax not recognised(10,806)-
Prior year adjustment(5)261
Income tax (expense)/credit(1,850)1,755
Imputation credits
2024
$000
2023
$000
Imputation credits available for use in subsequent periods4,0443,884
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
20

10. DIVIDENDS PAID AND PROPOSED
Dividends to the company shareholders are recognised in the Group’s financial statements in the period in which the
dividends are declared. Intercompany dividends are eliminated on consolidation.
No dividends have been declared by the company or recognised in the current year (2023: nil).
11. EARNINGS PER SHARE
The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is computed based
on the weighted average number of ordinary shares outstanding during the period. Diluted EPS is computed based on
the weighted average number of ordinary shares plus the effect of dilutive potential ordinary shares outstanding during
the period. At balance date, the effects of the potential ordinary shares were antidilutive. The potential ordinary shares
include the share options.

12 months to
30 June 2024
12 months to
30 June 2023
$000$000
Loss attributable to the owners for the year(48,063)(7,190)
Weighted average number of shares127,614,019116,370,142
CentsCents
Basic & diluted earnings per share(37.66)(6.18)

12. FINANCIAL ASSETS AND FINANCIAL LIABILITIES
The Group classifies its financial assets at amortised cost. The classification depends on the purpose for which the
financial assets are held. Management determines the classification of its financial assets at initial recognition.
Financial assets are included in current assets, except for those with maturities greater than 12 months after the reporting
date which are classified as non-current assets. The Group’s financial assets comprise ‘Trade and other receivables’
and ‘Cash and cash equivalents’ in the Balance Sheet. Financial assets that are stated at amortised cost are reviewed
individually at balance date to determine whether there is objective evidence of impairment. Any impairment losses are
recognised in the consolidated Statement of Profit or Loss and Other Comprehensive Income.
This note provides information about the Group’s financial instruments, including:
• An overview of all financial instruments held by the Group
• Specific information about each type of financial instrument
• Information about determining the fair value of the instruments, including judgements and estimations of
uncertainty involved.

The Group holds the following financial instruments:
AMORTISED COST
Financial AssetsNotes
2024
$000
2023
$000
Cash and cash equivalents12.19,7048,744
Trade and other receivables
1
12.239,61751,519
Total49,32160,263
1
excluding non financial assets

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
21

FINANCIAL LIABILITIES AT AMORTISED COST
Financial LiabilitiesNotes
2024
$000
2023
$000
Trade Payables
1
12.329,23532,778
Employee entitlements12.48,76511,023
Borrowings12.526,66524,323
Total64,66568,124
1
excluding non-financial liabilities
The Group’s exposure to various risks associated with the financial instruments is discussed in note 3. The maximum
exposure to credit risk at the end of the reporting period is the carrying amount of each class of financial assets
mentioned above, other than for trade and other receivables where the maximum credit risk is the balance before
impairment, being $41,520,000 (2023: $53,318,000).
12.1. Cash and Cash Equivalents
Cash and cash equivalents includes cash on hand, deposits held on call with banks, other short-term highly liquid
investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within
borrowings in current liabilities on the Balance Sheet.
Cash and cash equivalents include the following for the purpose of the cash flow statement:
2024
$000
2023
$000
Cash9,7049,177
Bank overdrafts -(433)
Total9,7048,744
12.2. Trade and Other Receivables
Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using the
effective interest method less provision for expected credit loss.
The Group assesses on a forward looking basis the expected credit losses associated with trade receivables carried at
amortised cost. The Group applies the simplified approach permitted by NZ IFRS 9, which requires expected lifetime losses
to be recognised from initial recognition of the receivables. Impairment of trade receivables is recognised in profit or loss.
Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation,
and default or delinquency in payments are considered indicators that the trade receivable has been impaired. The
amount of the provision is the difference between the asset’s carrying amount and the present value of the estimated
future cash flows, discounted at the original effective interest rate.

2024
$000
2023
$000
Trade receivables38,74250,374
Trade receivables with related parties --
Less expected credit loss (refer note 3.1(a))(1,530)(1,965)
Net trade receivables37,21248,409
Accrued revenue2,0052,934
Sundry receivables400176
Financial assets at amortised cost39,61751,519
Prepayments1,9031,799
Total trade and other receivables41,52053,318
Trade receivables are generally due for settlement within 30 to 60 days.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
22

12.3. Trade and Other Payables
Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective
interest method.

2024
$000
2023
$000
Trade payables20,02420,790
Trade payables related parties--
GST payable1,8841,074
Lease incentive5986
Accrued expenses9,15211,902
Total31,11933,852

Trade payables are unsecured and are usually paid within 30 to 60 days of recognition.

12.4. Employee Entitlements
2024
$000
2023
$000
Leave provision5,9107,393
Salary and wage accruals2,8553,630
Total8,76511,023
12.5. Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at
amortised cost using the effective interest method. Any borrowings are classified as current liabilities unless the Group
has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date.

Borrowing costs are expensed as incurred, unless they relate to the acquisition, construction or production of a qualifying
asset in which case the borrowing costs are capitalised.

The ANZ Bank Limited (ANZ) facilities include a $7.5m flexible credit facility ($1m undrawn at 30 June 2024), an overdraft
facility of $2.5m, a term loan of $20.2m and bank guarantee’s totalling $8.7m (refer note 17).
2024
$000
2023
$000
Non-Current
Secured loan ANZ -20,615
-20,615
Current
Secured loan ANZ26,6653,708
26,6653,708
Total secured borrowings26,66524,323
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
23

On 22 February 2024 the ANZ formally reset the financial covenants as below out to 31 March 2025
• EBITDA actual > 85% of EBITDA Forecast on a YTD basis
• Net capital expenditure restricted to $1.9 millon in FY24 and $3.2 million in FY25
• Guarantor coverage Assets of >85%
• Guarantor coverage EBITDA of >90%
During the year to 30 June 2024 these were fully complied with.
Post year end as a result of the expiry of the existing financing arrangement with ANZ in March 2025 and the FY24 loss the
Group sought and obtained an amended funding arrangement to allow flexibility and support in its turnaround plan.
The new facility introduces a debtor invoice financing partner in addition to an amended ANZ arrangement. The new
debtor invoice financing facility limit of $21m (up to $25m with shareholder approval) will be used to repay ANZ current
facilities by $15.5m with any remaining amount used to fund working capital required in the execution of the turnaround.
The amended ANZ facilities include a term loan of $12.2m, $2.5m overdraft, bank guarantees totalling $8.7m, quarterly
repayments of $1.25m re-commencing from March 2025 and amended quarterly financial covenants as below:
• EBITDA actual > 85% of EBITDA Forecast on a YTD basis
• Capital expenditure restricted to $1m in FY25
• Total ANZ exposure not greater than 50% of Property Plant and Equipment value at all times post introduction of
debtor invoice financing
The Group is forecasting compliance with the amended financial covenants for at least 12 months from the date of
signing the financial statements. Accordingly, and in line with note 1.3 the consolidated financial statements are prepared
on a going concern basis.
13. NON-FINANCIAL ASSETS AND LIABILITIES

This note provides information about the Group’s non-financial assets and liabilities, including specific information about
each type of non-financial asset and non-financial liability:
• Property, plant and equipment (note 13.1)
• ROU assets and lease liabilities (note 13.2)
• Intangible assets (note 13.3)
• Deferred tax balances (note 13.4)
• Provisions for other liabilities and charges (note 13.5)
Impairment of non-financial assets
Goodwill, indefinite-life intangible assets and intangible assets that are not yet ready for use are tested annually for
impairment. Assets that are subject to depreciation and amortisation are reviewed for impairment whenever events or
changes in circumstances indicate that the carrying amount exceeds its recoverable amount. The recoverable amount is
the higher of an asset’s fair value less costs to dispose and value in use. For the purposes of assessing impairment, assets
are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-
financial assets, other than goodwill, that suffered an impairment are reviewed for possible reversal of the impairment at
each reporting date.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
24

13.1. Property, Plant and Equipment
All property, plant and equipment is stated at historical cost less depreciation. Historical cost includes expenditure that is
directly attributable to the acquisition of the items.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only
when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item
can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance
are charged to profit or loss during the financial period in which they are incurred.
Depreciation on assets is calculated using the diminishing value (DV) or straight-line (SL) method.
Years
Depreciation
rate
Method
Plant and equipment - leasehold improvements1 - 162.5% - 50%SL/DV
Motor vehicles - trucks 0.5 - 14-SL
Motor vehicles - trailers0.5 - 18 -SL
Plant and equipment 1 - 307.5% - 67%SL/DV
Motor vehicles - other1 - 2513% - 30%SL/DV
Office equipment 1.5 - 148% - 67%SL/DV
Furniture and fittings0.5 - 144% - 67%SL/DV
Leased assets1 - 14 -SL
Land and buildings0% - 30%DV
Ship5-SL
The assets’ useful lives are reviewed, and adjusted if appropriate, at each reporting date.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is
greater than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised
within ‘Gains on disposal of assets’ in the Statement of Profit or Loss & Other Comprehensive Income.
Land and
buildings
Motor
vehicles
Office
equipment
and F&F
Plant and
equipment
ShipWork in
progress
Total
$000$000$000$000$000$000$000
At 1 July 2022
Cost556134,6795,56126,977-1,370169,143
Accumulated
depreciation
(277)(72,247)(4,338)(15,272)--(92,134)
Transfers to assets
classified as held for sale
-(16,308)(13)(2,868)-(59)(19,248)
Net book amount27946,1241,2108,837-1,31157,761
Year ended 30 June 2023
Transfers from assets
classified as held for sale
-16,308132,868-5919,248
Additions-1,5643851,7068,5437,28519,483
Disposals(1)(2,013)(4)(111)-(15)(2,144)
Transfers-1,807722,246-(4,125)-
Depreciation charge(5)(8,337)(376)(2,083)(822)-(11,623)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
25

Land and
buildings
Motor
vehicles
Office
equipment
and F&F
Plant and
equipment
ShipWork in
progress
Total
$000$000$000$000$000$000$000
Foreign currency
adjustment
---5(682)-(677)
Closing net book amount27355,4531,30013,4687,0394,51582,048
At 1 July 2023
Cost547124,2055,49029,4017,8774,515172,035
Accumulated
depreciation
(274)(68,752)(4,190)(15,933)(838)-(89,987)
Net book amount27355,4531,30013,4687,0394,51582,048
Year ended 30 June 2024
Additions-116152313(26)1,2251,780
Disposals-(8,172)(40)(274)-(3,895)(12,381)
Transfers(69)1,12170551132(1,805)-
Depreciation charge(4)(6,609)(380)(2,084)(1,168)-(10,245)
Impairment ---(235)(4,037)-(4,272)
Transfers to assets
classified as held for sale
----(1,970)-(1,970)
Foreign currency
adjustment
---130(2)29
Closing net book amount20041,9091,10211,740-3854,989
At 30 June 2024
Cost20098,2674,11825,761-38128,384
Accumulated
depreciation
-(56,358)(3,016)(14,021)--(73,395)
Closing net book amount20041,9091,10211,740-3854,989
13.2. Right Of Use (ROU) Assets and Lease Liabilities
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net
present value of the following lease payments:
• fixed payments, less any lease incentives receivable and
• variable lease payments that are based on an index or a rate.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined,
the lessee’s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds
necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions.
Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an
expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT
equipment and small items of office furniture.
Right of use assets are measured at the amount equal to the lease liability, adjusted by the amount of any lease
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
26

incentives received or restoration costs estimated. There were no onerous lease contracts that would have required an
adjustment to the right of use assets at the date of initial application. These assets are subsequently depreciated using
the straight-line method.
Lease liabilities are measured at the present value of the remaining lease payments, discounted using the lessee’s
incremental borrowing rate. The weighted average lessee’s incremental borrowing rate applied to the lease liabilities is
4.93% (2023: 4.66%).
The Group uses a build up approach that starts with a risk free interest rate adjusted to reflect changes in credit risk for
leases held by the Group and then makes specific adjustments for lease terms.
During the year, the Group applied the following practical expedients:
• the accounting for operating leases with a remaining lease term of less than 12 months as short-term leases
• the use of historical experience in determining the lease term where the contract contains options to extend or
terminate the lease

The recognised right of use assets relate to the following types of assets:

2024
$000
2023
$000
Right of use assets
Opening net book value 1 July144,594150,381
Transfers from assets classified as held for sale-2,733
Additions38,82914,118
Disposals(6,522)(7,170)
Modifications to leases26,79513,983
Depreciation for the period
- Property(20,677)(19,207)
- Motor vehicles(10,834)(9,659)
- Other(633)(585)
Closing net book value 30 June171,552144,594
Cost294,102253,839
Accumulated depreciation
(122,550)(109,245)
Net book value at 30 June171,552144,594
Property129,529112,841
Motor vehicles41,00630,238
Other1,0171,515
Total right of use assets171,552144,594

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
27

Lease liabilities$000
Opening lease liabilities at 1 July 2023155,396
Additions38,829
Interest for the period8,551
Lease payments made(38,072)
Disposals(6,874)
Modifications26,795
Lease liabilities at 30 June 2024184,625

Lease liabilities maturity analysis
Minimum lease
payment
$000
Interest
$000
Present value
$000
Within one year38,7138,45030,263
One to five years121,37720,200101,177
Beyond five years59,7416,55653,185
Total219,83135,206184,625
Current lease liabilities38,7138,45030,263
Non-current lease liabilities181,11826,756154,362
Total219,83135,206184,625

20242023
Lease liabilities$000$000
At 30 June
Current lease liabilities30,26325,793
Non-current lease liabilities154,362129,603
Total184,625155,396
Lease related expenses included in the Consolidated Statement of Profit & Loss & Other Comprehensive Income:
2024
$000
2023
$000
For the year ended 30 June
Depreciation32,14429,451
Short term lease3,3254,602
Interest on leases8,5517,418
Total44,02041,471
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
28

13.3. Intangible Assets
a. Goodwill
Goodwill represents the excess of the consideration transferred, the amount of any non-controlling interest in the
acquiree, and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the
Group’s share of the identifiable net assets acquired. Goodwill on acquisitions of subsidiaries is included in ‘Intangible
assets’ in the Balance Sheet. Goodwill on acquisitions of associates is included in ‘Investments in associates’ in the
Balance Sheet and is tested for impairment as part of the overall balance. Separately recognised goodwill is tested
annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not
reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.
Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those
cash-generating units or groups of cash-generating units that are expected to benefit from the business combination on
which the goodwill arose.
b. Computer software and Software-as-a-service (SaaS) arrangements
Acquired computer software is capitalised on the basis of the costs incurred to acquire and bring to use the specific
software. These costs are amortised, using the diminishing value method at a rate of 48% and recognised in the profit or
loss. Costs associated with maintaining computer software programmes are recognised as an expense when incurred.
SaaS arrangements are service contracts providing the Company with the right to access the cloud provider’s
application software over the contract period. Costs incurred to configure or customise, and the ongoing fees to obtain
access to the cloud provider’s application software, are recognised as operating expenses when the services are
received.
Some of these costs incurred are for the development of software code that enhances or modifies, or creates additional
capability to, existing on-premise systems and meets the definition of and recognition criteria for an intangible asset.
These costs are recognised as intangible software assets and amortised over the useful life of the software on a straight-
line basis. The useful lives of these assets are reviewed at least at the end of each financial year, and any change
accounted for prospectively as a change in accounting estimate.
c. Customer contracts and lists
Acquired customer contracts and lists are recognised at their fair value at the date of acquisition and are subsequently
amortised on a straight-line basis over the appropriate contract term. Amortisation expense is recognised in the profit or
loss.
Goodwill
Computer
software
Customer
lists
Work in
Progress
Total
$000$000$000$000$000
At 1 July 2022
Cost
15,2175,19810,5053430,954
Transfer to held for sale
--(255)-(255)
Accum. amortisation and
impairment(555)(3,693)(8,393)-(12,641)
Net book amount
14,6621,5051,8573418,058
Year ended 30 June 2023
Transfer from held for sale--255-255
Additions-7--7
Disposals-(42)--(42)
Transfers-34-(34)-
Amortisation charge-(764)(1,644)-(2,408)
Impairment(1,027)---(1,027)
Closing net book amount
13,635740468-14,843
At 1 July 2023
Cost13,6355,0601,681-20,376
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
29

Goodwill
Computer
software
Customer
lists
Work in
Progress
Total
$000$000$000$000$000
Accum. amortisation and
impairment-(4,320)(1,213)-(5,533)
Net book amount
13,635740468-14,843
Year ended 30 June 2024
Additions-14--14
Disposals-(2)--(2)
Amortisation charge-(282)(375)-(657)
Impairment(12,493)---(12,493)
Closing net book amount
1,14247093-1,705
At 30 June 2024
Cost1,1422,070373-3,585
Accum. amortisation and
impairment-(1,600)(280)-(1,880)
Closing net book amount
1,14247093-1,705
The Group has classified its goodwill into the following cash-generating units (CGUs):
2024
$000
2023
$000
Alpha Customs Limited776776
MOVe Logistics & Warehousing Limited-12,492
TNL International Limited170170
TNL International Australia Pty Limited196197
Total1,14213,635
The Group tests goodwill for impairment using the higher of value in use calculations with cash flow projections based
on a five-year period and the fair value less costs to sell. Management has prepared an upside, downside and base
scenario for each CGU. Each of these include the Board approved cash flow projections with cashflows beyond this
extrapolated using the assumptions. The final value in use calculations for each CGU apply an assessed probability
weighting to the three scenarios.
As part of the impairment assessment , MOVE Logistics and Warehousing Limited goodwill of $12,493,000 has been fully
impaired as a result of an overall decrease in sales and the loss of four key customer contracts (combined impact of
$28m in sales per annum). The impairment charge is recognised in the non operating expenses in the statement of Profit
or Loss and Other Comprehensive Income. No other class of assets have been impaired. Management has concluded
that there are no other impairments for any other of the CGUs at 30 June 2024.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
30

13.4. Deferred Income Tax
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases
of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred income
tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business
combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax
is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and
are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.
Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available
against which the temporary differences can be utilised.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets
against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the
same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle
the balances on a net basis.
Temporary differences arise from the following:
Deferred tax asset/
(liabilities)
Opening
balance
Recognised
in profit or
loss
Prior year
adjustment
Transfer of
liabilities to held
for sale
Closing
balance
$000$000$000$000$000
2023
Property, plant and equipment(5,388)859367(1,686)(5,848)
Right of use assets (42,880)2,696--(40,184)
Lease liability45,498(1,947)-843,559
Provisions and accruals2,9192152923,084
Tax losses-541--541
Total deferred income tax1492,170419(1,586)1,152
2024
Property, plant and equipment(5,848)2,8707-(2,971)
Right of use assets (40,184)(7,850)--(48,034)
Lease liability43,5597,446--51,005
Provisions and accruals3,084(3,080)(4)--
Tax losses541(761)220--
Total deferred income tax1,152(1,375)223--
Significant management judgement has been exercised to determine that future taxable profits for the Group are
beyond a reliable forecast horizon and that no deferred tax asset should be recognised.
A deferred tax asset of $10.8m (net) (2023: Nil) has been derecognised in the currrent year. The unrecognised deferred tax
asset is comprised of tax losses of $6,994,000 and net timing differences $3,812,000.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31

13.5. Provisions for Other Liabilities and Charges
Provisions for other liabilities and charges are recognised when the Group has a present legal or constructive obligation
as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the
amount can be reliably estimated.
Provisions are measured at the present value of Management’s best estimate of the expenditure required to settle the
present obligations at the end of the reporting period.

Make good lease
provision
Other
provisions
Total
$000$000$000
At 1 July 20222,266-2,266
Additional provisions7-7
Utilised / released to profit or loss(16)-(16)
Reverse transfer from liabilities classified as
held for sale
20-20
At 30 June 20232,277-2,277
At 1 July 20232,277-2,277
Additional provisions-1,0001,000
Utilised / released to profit or loss(27)-(27)
At 30 June 20242,2501,0003,250
a. Information about individual provisions estimates
Make good lease provision
The Group is required to restore the leased premises of its depot and warehouses to their original condition at the end of
the respective lease terms. A provision has been recognised for the estimated expenditure required.
14. SHARE CAPITAL
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in
equity as a deduction, net of tax from the proceeds.

30 June 202430 June 2023
Shares$000Shares$000
Issued & paid-up capital - ordinary shares
Balance at the beginning of the period127,614,01984,262116,385,12975,188
Shares issued - Convertible note--11,228,8909,074
Balance at the end of the period127,614,01984,262127,614,01984,262
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
32

15. CASH FLOW INFORMATION
15.1. Cash Generated From Operations
2024
$000
2023
$000
Reported loss after tax(47,164)(5,837)
Non-cash items
Gain on lease modification(352)(711)
Depreciation expense42,38941,074
Amortisation expense6572,408
Bad debts28369
Amortisation of bank fees4242
Non cash movements on convertible note-433
Impairment of investment in associates-3
Foreign exchange losses on operating activities(264)(363)
Non operating expenses17,2931,027
Share based payments-(30)
Cumulative translation adjustment1233
12,75238,418
Impact of changes in working capital
Tax receivable / deferred tax851(2,675)
Trade and other receivables11,9159,068
Creditors and accruals/employee entitlements(3,793)(5,122)
Creditors relating to purchase of PPE61(352)
Inventories41(116)
21,82739,221
Items classified as investing or financing activities
Profit on disposal of property, plant and equipment(440)(880)
Insurance income received(2,713)-
Loss for associates-70
Net cash flow from operating activities18,67438,411
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
33

15.2. Net Debt Reconciliation
This section sets out an analysis of net debt and the movements in net debt for each of the periods presented.
2024
$000
2023
$000
Cash and cash equivalents9,7048,744
Lease liability - repayable within one year(30,263)(25,793)
Borrowings - repayable within one year (including overdraft)(26,665)(3,708)
Lease liability - repayable after one year(154,362)(129,603)
Borrowings - repayable after one year-(20,615)
Net debt(201,586)(170,975)
Cash and liquid investments9,7048,744
Liability - incremental borrowing rate(184,625)(155,396)
Borrowings - fixed interest rates-(20,000)
Borrowings - variable interest rates(26,665)(4,323)
Net debt(201,586)(170,975)
Liabilities from financing activities
Convertible
note
BorrowingsLeasesSubtotalCash/bank
overdraft
Total

$000$000$000$000$000$000
Net debt as at 30 June
2022
(7,792)(28,037)(159,731)(195,560)14,940(180,620)
Cash flows-3,75534,73638,491(6,196)32,295
Lease additions--(14,118)(14,118)-(14,118)
Other non-cash
movement
7,792(41)(16,283)(8,532)-(8,532)
Net debt as at 30 June
2023
-(24,323)(155,396)(179,719)8,744(170,975)
Cash flows-(2,300)38,07235,77296036,732
Lease additions--(38,829)(38,829)-(38,829)
Other non-cash
movement
-(42)(28,472)(28,514)-(28,514)
Net debt as at 30 June
2024
-(26,665)(184,625)(211,290)9,704(201,586)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
34

16. INTEREST IN OTHER ENTITIES
16.1. Subsidiaries
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in
accordance with the accounting policy described in note 2.1.
All subsidiaries results up to 30 June 2024 have been incorporated in the consolidated financial statements.
SubsidiaryShareholding
30 June 2024
Shareholding
30 June 2023
Balance
date
Country of
Incoporation
Principal activity
MOVe Freight Limited100%100%30 JuneNew ZealandTransport operator
MOVe Fuel Limited100%100%30 JuneNew ZealandTransport operator
Alpha Custom Services
Limited
60%60%30 JuneNew Zealand
International freight
forwarder
Pacific Asset Leasing
Limited
100%100%30 JuneNew ZealandAsset leasing
MOVe International
Limited
100%100%30 JuneNew Zealand
Shipping agent and
logistics
MOVe Logistics &
Warehousing Limited
100%100%30 JuneNew Zealand
Warehousing and
distribution
Southern Fleet Leasing
Limited
100%100%30 JuneNew ZealandAsset leasing
TNL International Limited50%50%30 JuneNew Zealand
International freight
forwarder
Appian Transport Limited100%100%30 JuneNew ZealandNon trading
Global Logistics Group
Limited
100%100%30 JuneNew ZealandNon trading
MOVe Specialist Lifting
and Transport Limited
100%100%30 JuneNew ZealandHeavy Haulage
MOVe Investments
Limited
100%100%30 JuneNew ZealandCorporate services
MOVE Liquid Logistics
Limited
100%100%30 JuneNew ZealandNon trading
MOVE Oceans Singapore
PTE Limited
100%100%30 JuneSingaporeTrans Tasman Shipping
MOVE Oceans Limited100%-30 June New ZealandTrans Tasman Shipping
TNL International
(Australia) Pty Limited
40%40%30 JuneAustralia
International freight
forwarder

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
35

17. CONTINGENCIES
Bank Guarantee
The Group provides (via ANZ Bank) the below guarantees
2024
$000
2023
$000
Bank guarantees - property8,5797,039
Bank guarantees - fuel purchases-4,500
Bank guarantees - other7575
Total8,65411,614
18. CAPITAL COMMITMENTS
Capital expenditure contracted for at the reporting date but not yet incurred is as follows:
2024
$000
2023
$000
Trucks and trailers
3076,077
Other assets
-16
Ship new build
-6,000
1
Total
30712,093
1
contract for build cancelled.
19. RELATED-PARTY TRANSACTIONS
19.1. Transactions with Key Management
a. Key management compensation
Key management includes Directors, the CEO and his direct reports:
2024
$000
2023
$000
Salaries, short term and post employee benefits2,9652,870
Superannuation benefits9883
Directors fees515448

19.2. Transactions with Other Related Parties
The following transactions occurred with related parties:
2024
$000
2023
$000
Sales and purchases of goods and services
Sales of services to associates-3
Purchases of services from associates-130
Purchases from entities controlled by key management employees83-
2024
$000
2023
$000
Outstanding balances arising from sales and purchases of services
Trade receivables from associates-2
Trade payables to associates-22
Trade payables to entities controlled by key management
employees
5052
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
36

20. DISCONTINUED OPERATIONS AND NON-CURRENT ASSETS HELD FOR SALE
In May 2024, the Board approved and annouced its intention to sell the Atlas Wind vessel owned by its subsidary
company MOVE Oceans Singapore PTE Ltd which operates in the International segment. The vessel and plant and
equipment used on the vessel will be sold to allow for a charter of a larger vessel to better service the needs of customers
as well as align with the Groups asset light business model. The vessel and plant and equipment has been classified as
Assets held for sale under IFRS 5 - Non Current Assets Held for Sale and Discontinued Operations. Entities are required
to measure non-current assets and liabilities held for sale at the lower of their carrying value and fair value less costs
to sell. As a result of this assessment the vessel has been recorded at $1.9m in the Consolidated Balance Sheet and an
impairment of $4.3m has been recorded in the Statement of Profit or Loss & Other Comprehensive Income.
As at year end there has been no offer accepted for the sale of the asset. The Group expects to dispose of the vessel
within the next 12 months.
21. EVENTS AFTER THE REPORTING DATE
On 9th August 2024 the group signed a confidential settlement relating to an alleged claim from FY24. The claim has
been resolved resulting in instalment payments scheduled for FY25 and FY26.
Following the resignation of the Group CEO on 12 July 2024, the Group appointed Paul MillIward as Interim CEO effective
4th September 2024.
Post year end the Group obtained credit approval for a new funding arrangement with existing banking partner ANZ and
a new debtor invoice financing partner (refer note 12.5).
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
37

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS




PricewaterhouseCoopers, PwC Centre, Level 4, 60 Cashel Street, Christchurch Central, PO Box 13244,
Christchurch 8141, New Zealand T: +64 3 374 3000, F: +64 3 374 3001, pwc.co.nz

Independent auditor’s report
To the shareholders of Move Logistics Group Limited
Our opinion
In our opinion, the accompanying consolidated financial statements of Move Logistics Group Limited
(the Company), including its subsidiaries (the Group), present fairly, in all material respects, the
financial position of the Group as at 30 June 2024, its financial performance and its cash flows for the
year then ended in accordance with New Zealand Equivalents to International Financial Reporting
Standards (NZ IFRS) and International Financial Reporting Standards Accounting Standards (IFRS
Accounting Standards).
What we have audited
The Group's consolidated financial statements comprise:
● the consolidated balance sheet as at 30 June 2024;
● the consolidated statement of profit or loss and other comprehensive income for the year then
ended;
● the consolidated statement of changes in equity for the year then ended;
● the consolidated statement of cash flows for the year then ended; and
● the notes to the consolidated financial statements, comprising material accounting policy
information and other explanatory information.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs
(NZ)) and International Standards on Auditing (ISAs). 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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Independence
We are independent of the Group in accordance with Professional and Ethical Standard 1 International
Code of Ethics for Assurance Practitioners (including International Independence Standards) (New
Zealand) (PES 1) issued by the New Zealand Auditing and Assurance Standards Board and the
International Code of Ethics for Professional Accountants (including International Independence
Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code), and we
have fulfilled our other ethical responsibilities in accordance with these requirements.
Our firm provides access to training material through an on-line platform. The provision of the access
to training materials has not impaired our independence as auditor of the Group.
Material uncertainty relating to going concern
We draw attention to Note 1.3 in the financial statements, which indicates that the Group incurred a net
loss before tax for the year of $45.3m (2023 $7.6m) and had net current liabilities of $43.7m as at 30
June 2024. Net current liabilities include $26.7m of borrowings that is due for repayment in March 2025.
As stated in note 1.3 to the financial statements, if the Group were unable to achieve its turnaround plan
and forecasts going forward, it may not be able to operate in compliance with proposed revised financing
terms. These events or conditions, along with other matters as set forth in note 1.3, indicate the
existence of material uncertainties that may cast significant doubt on the Group's ability to continue as a
going concern. Our opinion is not modified in respect of this matter.
38

PwC


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 of the current year. These matters were addressed
in the context of our audit of the consolidated financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters. In addition to the matter
described in the Material uncertainty related to going concern section, we have determined the matters
described below to be the key audit matters to be communicated in our report.
Description of the key audit matter How our audit addressed the key audit matter
Impairment of Goodwill
As disclosed in note 13.3 of the financial
statements, during the year ended 30
June 2024, the Group lost a number of
significant contracts which resulted in a
decrease to annual revenue for the Move
Logistics and Warehousing cash
generating unit (‘CGU’) of $28m.
This CGU included a goodwill balance of
$12.5m which was recognised on the
acquisition of Move Logistics Limited.
An annual impairment assessment for
indefinite lived intangible assets is
required in accordance with NZ IAS 36.
Management estimated the recoverable
amount using the higher of the two
valuation approaches, being fair value
less costs of disposal and value in use.
The significant estimates and judgement
relate to the future forecasts.
This resulted in an impairment loss of
$12.5 million against the carrying amount
of goodwill as at 30 June 2024, resulting
in a nil value for the CGU.
This is considered a key audit matter due
to the size of the impact on the closing net
book value of goodwill and the significant
level of management estimation and
judgement applied in performing the
impairment assessment.
Our procedures included the following:
● obtaining the impairment model prepared by
management for the Move Logistics and
Warehousing CGU and understanding the
processes undertaken to prepare the
forecasts and the assumptions applied;
● understanding the controls that management
have in relation to the impairment assessment
of goodwill and evaluating their design;
● considering management's assessment of the
respective CGUs in the Group and the
allocation of corporate assets in the CGUs;
● testing the mathematical accuracy of the
model used, including that the recoverable
amount calculated was lower than the carrying
amount of the CGU;
● considering the impact of the loss of the key
customer contracts on the forecasts;
● engaging our auditor's expert to assist us in
assessing and challenging whether the
assumptions used in the model are
reasonable. The key areas assessed included:
○ the valuation methodology used; and
○ the reasonableness of the discount
rate; and
● auditing the disclosures in note 13.3 of the
consolidated financial statements to ensure
that they are compliant with the requirements
of the relevant accounting standards.













39

PwC


Our audit approach

Overview

Overall group materiality: $1.5 million, which represents approximately 0.5% of
revenue.
We chose revenue as the benchmark because, in our view, it is the benchmark
against which the performance of the Group is most commonly measured by
users, and is a generally accepted benchmark.
Full scope audits were performed for 4 of 14 entities in the Group based on
their financial significance;
Specified audit procedures and analytical review procedures were performed
on the remaining entities.
As reported above, in addition to the matter described in the Material
uncertainty related to going concern section, we have one key audit matter,
being:
● Impairment of Goodwill

As part of designing our audit, we determined materiality and assessed the risks of material
misstatement in the consolidated financial statements. In particular, we considered where
management made subjective judgements; for example, in respect of significant accounting estimates
that involved making assumptions and considering future events that are inherently uncertain. As in all
of our audits, we also addressed the risk of management override of internal controls, including among
other matters, consideration of whether there was evidence of bias that represented a risk of material
misstatement due to fraud.
Materiality
The scope of our audit was influenced by our application of materiality. An audit is designed to obtain
reasonable assurance about whether the consolidated financial statements are free from material
misstatement. Misstatements may arise due to fraud or error. They are considered material if,
individually or in aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of the consolidated financial statements.
Based on our professional judgement, we determined certain quantitative thresholds for materiality,
including the overall Group materiality for the consolidated financial statements as a whole as set out
above. These, together with qualitative considerations, helped us to determine the scope of our audit,
the nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both
individually and in aggregate, on the consolidated financial statements as a whole.
How we tailored our group audit scope
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion
on the consolidated financial statements as a whole, taking into account the structure of the Group, the
accounting processes and controls, and the industry in which the Group operates.
Other information
The Directors are responsible for the other information. The other information comprises the
information included in the Annual report, but does not include the consolidated financial statements
and our auditor's report thereon. The Annual report is expected to be made available to us after the
date of this auditor's report.
Our opinion on the consolidated financial statements does not cover the other information and we will
not express any form of audit opinion or assurance conclusion thereon.
40

PwC


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.
When we read the other information not yet received, if we conclude that there is a material
misstatement therein, we are required to communicate the matter to the Directors and use our
professional judgement to determine the appropriate action to take.
Responsibilities of the Directors for the consolidated financial statements
The Directors are responsible, on behalf of the Company, for the preparation and fair presentation of
the consolidated financial statements in accordance with NZ IFRS and IFRS Accounting 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.
In preparing the consolidated financial statements, the Directors are responsible 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.
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 ISAs (NZ) and ISAs 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 users taken on the basis of these consolidated financial statements.
A further description of our responsibilities for the audit of the consolidated financial statements is
located at the External Reporting Board’s website at:
https://www.xrb.govt.nz/assurance-standards/auditors-responsibilities/audit-report-1/
This description forms part of our auditor’s report.
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our audit work has been
undertaken so that we might state those matters which we are required to state to them in an auditor’s
report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company and the Company’s shareholders, as a body, for our
audit work, for this report or for the opinions we have formed.

The engagement partner on the audit resulting in this independent auditor’s report is Maxwell John
Dixon. For and on behalf of:


Chartered Accountants
28 August 2024
Christchurch

41