South Port New Zealand Limited/Announcement

South Port NZ Ltd - 2024 Annual Report

Annual Report12 September 2024SPNIndustrials

2024 Annual Report
2024 Annual Report
MOVING FORWARD
Island Harbour, PO Box 1,
Bluff 9842, New Zealand
+64 3 212 8159
reception@southport.co.nz
southport.co.nz
  South Port NZ
Printed on 100% recycled paper

ABOUT US
Leadership Team ��104
Directory ��105
Southern Region Production and
Cargo Locations ��106
GOVERNANCE
Directors ��44
Statutory Report of
Directors ��45
Statutory Disclosure in
Relation to Shareholders ��48
Shareholder Highlights ��49
Corporate Governance
Statement ��50
Contents
Section 01
Section 02
Section 03
Section 04
Section 05
Section 06
Section 07
Section 08
FINANCIALS
Auditor's Report ��75
Statement of Comprehensive Income/
Statement of Changes in Equity��78
Statement of Financial Position ��79
Statement of Cash Flows ��80
Notes to the Financial Statements ��82
Financial and Operational
Five-Year Summary ��102
SPOTLIGHT
Celebrating 30 years with NZX,
New Zealand’s Exchange ��64
Tiwai Point Aluminium Smelter ��66
MSC Service Overview ��70
Port Infrastructure ��72
INTRODUCTION
Financial Calendar��04
Strategy ��04
Facts ��06
Financial Highlights ��07
Key Statistics ��09
Noteworthy Events ��11
THE YEAR IN REVIEW
Review of Operations ��13
Infrastructure ��18
ENVIRONMENT
Our Environment ��21
PEOPLE AND COMMUNITIES
Safety, Health and Wellbeing ��25
Our People ��29
Key Information ��33
Our Community ��34

INTRODUCTION
The following provides readers with
a snapshot of the most significant
events for the year ended 30 June
2024�
This includes larger capital projects,
financial performance, and company
milestones�
Financial Calendar��04
Strategy ��04
Facts ��06
Financial Highlights ��07
Key Statistics ��09
Noteworthy Events ��11
01
02
03
04
05
06
07
08

2024
17 October 2024
Annual Meeting - 11:00am
Venue: South Port Board Room, Island Harbour, Bluff
8 November 2024
Final Dividend Payment
In all activities, the Company will ensure a safe
workplace, enhanced employee wellbeing,
respect for the physical environment, and
assessment of cultural impacts� This aspect
of the strategy requires the Company to
deliver continuous improvement and active
engagement in these areas�
Protect existing trade and develop growth
opportunities�
Strengthen and extend existing New Zealand port
relationships/alliances and position the business for
potential future sector rationalisation�
Infrastructure, fit for purpose, whole of life�
Available, flexible, and resilient, with acceptable
returns�
Evaluate and acquire appropriate technology to
enhance, protect, and expand our core business.
Develop and/or influence optimal logistic solutions
with port linkages�
Optimise shareholder value and reinvest in our
business�
Strategy
Financial Calendar
STRATEGIC FOCUS
Tiwai Point Aluminium Smelter
›

COMPANY PROFILE
South Port New Zealand Limited (South Port) is the
southernmost commercial port in New Zealand, located at Bluff
and operating on a year-round, 24-hour basis� It is situated in
the rich, productive province of Southland, and is responsible for
generating a sizeable proportion of New Zealand’s total exports
by value. The region’s major cargo-producing sites are within
30km - 80km of the Port.
The Port of Bluff has been operating since 1877, while the
Company was formed in 1988, having taken over the assets and
liabilities of the former Southland Harbour Board�
South Port was listed on the NZ Stock Exchange (NZX) in 1994
and has Environment Southland, the region’s local government
environmental agency, as its 66% majority shareholder�
South Port established its off-port Intermodal Freight Centre
(IFC) in July 2016. Strategically located adjacent to the KiwiRail
railhead in Invercargill, the IFC allows importers and exporters
in the Southland and Otago regions to distribute their products
promptly and efficiently�
Strategy
OUR PURPOSE
“To facilitate the best logistic
solutions for the region”
The Port proudly provides a full range of marine services, cargo
and container shipping, and on-site warehousing for domestic
and international customers� It is ideally situated to service
Southland’s significant export and import industries including
aluminium, timber, fisheries, dairy, meat, woodchips, stock food,
cement, alumina, fertiliser, and petroleum products�
South Port prides itself on adding value to its import and export
customers, providing customised solutions to meet their needs,
and partnering with them to achieve their operational objectives�
Financial Calendar
2025
February 2025
2025 Interim Profit
Announcement
March 2025
2025 Interim Dividend Payment
2025 Interim Report Published
30 June 2025
2025 Financial Year End
August 2025
2025 Annual Results
Announcement
›
South Port Island HarbourSouth Port Island Harbour
P.5
› South Port
Annual Report 2024
› Section 01
Introduction

Owns and manages assets which
have a book value of:
Offers full container, break bulk and
bulk cargo capability, and services the
following main cargoes:
IMPORT – alumina,
petroleum products,
fertiliser, acid, stock food,
and cement�
EXPORT – aluminium,
timber, logs, dairy, meat
by-products, fish, and
woodchips�


Has approximately 500m
2
of
on-port land available for further
port development or industry
establishment�
500
M
2
Owns and operates an off-port
container packing/unpacking facility
adjacent to the KiwiRail railhead
at Mersey Street, Invercargill� The
8,000m
2
site houses a 4,000 m
2

customs-controlled and MPI transitional
warehouse�
8,000
M
2
Services vessels carrying approximately
1 million tonnes of cargo destined for
movement across the Tiwai Wharf each
year, of which three-quarters are raw
material imports, while one-quarter is
finished aluminium product�
MILLION
TONNES
1
$
103
MILLION
Directly employs 132 permanent staff
and utilises additional fixed-term and
casual staff to support our marine
activities and seasonal operations�
Is the only Southland-based company
listed on NZX – market capitalisation
as of 30 June 2024 equated to $147
million.
MILLION
$
147
Undertakes its primary port operation
on a 40-hectare man-made Island
Harbour situated at Bluff�
40
HECTARES
Has split its land-based operating
resource into four main divisions –
dairy warehousing, containers, cool
and cold storage, and general cargo.
1
2
3
4
Handles more than 3.2 million tonnes
of cargo in a typical trading year�
MILLION
TONNES
Operates a separate dedicated
fuel berth at Bluff Town Wharf plus
provides the Tiwai Wharf facility to
the New Zealand Aluminium Smelter
(NZAS) under a long-term licence.
EF
PERMANENT
STAFF
132
Facts
3�2
$
Has approximately 46,000m
2
of
off-port land available for future
development�
46,000
M
2

Net Profit After Tax
$7.38
ₘ
 37�0% on previous year $11�71m
Dividends Declared Per Share
27�00
c
= Same as previous year 27�00c
Earnings per Share
28.1
c
 37�0% on previous year 44�6c
Operating Revenue
$56�13
ₘ
 4�7% on previous year $53�59m
EBITDA
$21�31
ₘ
 6�4% on previous year $22�77m
Return on Shareholders’ Funds
12�3
%
Previous year 20�3%
Financial Highlights
P.7
› South Port
Annual Report 2024
› Section 01
Introduction

26�00c
26�00c
27�00c
2020
2021
$9�4m
$10�7m
2022
$12.8m
$12�3m
$15.8m
$13�7m
72�1%
62�7%
23�5%
23�7%
23�2%
24�5%
21�3%
22�5%
2023
$11�7m
$16�4m
61�2%
27�00c
20�3%
19�6%
76.8%
SURPLUS AFTER TAX
OPERATING CASH FLOW
EQUITY RATIO
DIVIDENDS PAID PER SHARE
RETURN ON EQUITYRETURN ON ASSETS
KEY FIGURES
2020
2021
2022
2023
$12.8m
20242024
$7�4m
58.3%
2020
2021
2022
2023
2024
27�00c
2020
2021
2022
2023
2024
12�3%
2020
2021
2022
2023
2024
15�9%
2020
2021
2022
2023
2024
In Thousands of New Zealand Dollars 2024 2023

Operating revenue $56,128 $53,589
Total revenue $56,251 $53,965
Reported surplus after tax $7,376 $11,712
Normalised surplus after tax $9,956 $11,504
EBITDA $21,305 $22,768
Cashflow from operating activities $12,786 $16,448
Total assets $103,364 $97,906
Total equity $60,232 $59,903
Shareholders’ equity ratio 58.3% 61.2%
Earnings per share 28�1c 44�6c
Dividends declared per share 27�0c 27�0c
Net asset backing per share $2�30 $2�28
Return on shareholders’ funds 12.3% 20.3%
Cargo throughput (000’s tonnes) 3,213 3,479

Packed/Unpacked – on port
(based on the total number of containers)
32.7
Gross container moves per hour
51,900
20 foot container equivalents
324
12,800
540,500
Tonnes
Bulk
2,430,000
Tonnes
242,000
Tonnes
Break Bulk
Containers
202033�5
2021
31�2
2022
33.8
2023
33�9
11,400
11,000
10,700
10,300
47,500
53,750
44,000
41,700
51,900
492,000
512,000
431,000
436,000
2,519,000
2,700,000
2,867,000
2,794,000
242,000
256,000
249,000
CRANE PRODUCTIVITYSHIP CALLS
CONTAINERS
335
331
305
349
BREAKDOWN OF CARGO
Key Statistics
2024
32�7
324
2020
2021
2022
2023
2024
12,800
2020
2021
2022
2023
2024
2020
2021
2022
2023
2024
2020
2021
2022
2023
2024
2020
2021
2022
2023
2024
2020
2021
2022
2023
2024
540,500
2,430,000
242,000
258,000
P.9
› South Port
Annual Report 2024
› Section 01
Introduction

exports
38
%
imports62
%
12.2
%
Stock Food
2
%
Other Imports
1.5
%
Sulphuric
Acid
7. 4
%
Petroleum
30.5
%
NZAS Imports
1.0
%
Agriculture
28.9
%

Forestry
0.5
%
Other Exports
7. 5
%
NZAS Exports
exports85
%
imports15
%
3.7
%
Fertiliser
3.9
%
Stock Food
4.4
%
Other Imports
2.9
%

NZAS
Imports
53.6
%
Agriculture
0.2
%
Forestry
7. 5
%

Other Exports
23.8
%

NZAS Exports
Comparative Cargo Breakdown
2023
8.5
%
Fertiliser
exports
83
%
imports17
%
3.7
%
Fertiliser
2.9
%
Stock Food
7. 9
%
Other Imports
2.3
%

NZAS
Imports
40.7
%
Agriculture
8.2
%
Forestry
12.6
%

Other Exports
21.7
%

NZAS Exports
exports
43
%
imports57
%
9.9
%
Fertiliser
10.9
%
Stock Food
1 .1
%
Other Imports
2.3
%
Sulphuric Acid
6.6
%
Petroleum
26.4
%
NZAS Imports
1.0
%
Agriculture
34.3
%

Forestry
0.4
%
Other Exports
7.1
%
NZAS Exports
BULK/BREAK BULKBULK/BREAK BULK
2024
CONTAINERSCONTAINERS

Noteworthy Events
1� NPAT of $7.38 million (2023 - $11.71
million), a 37.0% decrease on last year.
2� Normalised profit of $9�96 million
(2023 - $11.50 million), a 13.4%
decrease on last year�
3� Total cargo of 3�21 million tonnes
(2023 - 3.48 million tonnes), a 7.7%
decrease on last year�
4� Total container volumes were up
24�5% on the previous year�
5� NZAS signed a 20-year agreement
with electricity generators, extending
the life of the smelter to 2044�
6� Cruise vessels continue to call at the
Port�
7� Project Kia Whakaū to dredge the
channel down to 10�7m at high tide
was completed successfully in
September 2023�
8. Bulk cargoes were down 12�2%
compared to the previous period, led
by decreases in forestry products and
fertiliser�
9� A full year dividend of 27�0 cents
maintained (2023 – 27.0 cents).
10� Government announce intention to
extend port coastal permits for a
further 20 years�
11� Pilot boat "Murihiku" was purchased
during the year as backup for the MV
"Takitimu II�"
12� South Port is currently working
towards its first Climate-Related
Disclosures (CRD) under the new
Aotearoa New Zealand Climate
standards, which will be available on
or before 31 October 2024�
13� Microsoft Business Central was
chosen and installed as a result of
a project to replace our accounting
software�
14� South Port held a Port Open Day,
inviting the public on to the Port, in
October 2023�
15� The Company initiated a flexible work
policy which included the opening of
an Invercargill office�
16� The Port Industry Association
Conference was hosted in Southland�
17� The second stage of Kaiwera Downs
wind farm was confirmed by Mercury
NZ�
18. A technology pathway was
undertaken and completed�
19� Two independent external Health and
Safety reviews were completed�
20� 2024 marks 30 years of South Port
being listed on the NZX�
2023/2024
Above: Attendees watching a demonstration at the 2023 Port Open Day
P.1 1
› South Port
Annual Report 2024
› Section 01
Introduction

Review of Operations ��13
Infrastructure ��18
THE YEAR IN
REVIEW
01
02
03
04
05
06
07
08
Welcome to South Port’s Annual
Report for the financial year ended
30 June 2024�

Review of Operations
Above: Philip Cory-Wright, Board Chair (left), and Nigel Gear, Chief
Executive, at the Intermodal Freight Centre (IFC) in Invercargill
The 2024 year was marked by very subdued trading conditions
and two very positive developments: the commitment by New
Zealand Aluminium Smelter (NZAS) to a 20-year electricity
agreement, and the completion of dredging of the Bluff Harbour
channel�
As foreshadowed in the half year guidance, South Port faced
challenging market conditions across all its major cargo
categories, particularly forestry and agriculture� Total volumes
were down by 7�7%� Pleasingly, the year to 30 June 2024
finished more strongly, highlighted by a 24�5% increase in
container volumes (the second highest on record).
The NZAS agreement will provide ongoing stability for a third
of our cargo volume, enabling the smelter, the Port, and the
community to plan and invest with confidence� The dredging
of Bluff Harbour, once the new draft of 10�7m is formally
“declared,” will provide an extra metre of draft and open
opportunities for larger ships and supply chain efficiencies for
South Port� The opportunity for the Company and the region is
to take full advantage�
OVERVIEW AND CARGO
The Company recorded an after-tax profit of $7.38M (2023
- $11.71M), a 37.0% decrease on last year’s result. This result
reflected a 7�7% decrease in cargoes handled through the Port
of 3,213,000 tonnes (2023 – 3,479,000 tonnes).
As with most other infrastructure companies, South Port’s result
was also negatively impacted by the Government’s decision in
March (just after our February profit guidance) to remove tax
deductibility for depreciation on commercial buildings. This tax
change resulted in a one-off deferred tax expense of $2.3M for
the 2024 financial year�
Normalised Net Profit After Tax, excluding one-offs, was
$9.96M (2023 - $11.50M), a 13.4% decrease.
Core bulk cargo volumes were down by 12�2% at 2,673,000
tonnes (2023 – 3,043,000 tonnes), reflecting decreases in logs,
fertiliser, and woodchip volumes�
Container services port-wide achieved an impressive 24�5%
increase in volumes handled in 2024 at 51,900 TEU (2023 –
41,700 TEU), despite a similar number of calls (39 vs 38).
The Company continues to support the New Zealand cruise
industry by providing pilotage services at Fiordland and Stewart
Island in addition to the allocation of berth space for cruise
vessels calling at the Port�
SAFETY, HEALTH AND WELLBEING
Critical risks continue to be the Port’s major focus.
Two independent external parties have been brought in to
carry out both a Health and Safety gap analysis, and a traffic
management review, for people versus plant in the warehousing
division�
These were both excellent processes that identified areas for
improvement which are currently being actioned� Follow-up
audits and reviews are scheduled for 2025�
P.1 3
› South Port
Annual Report 2024
› Section 02
The Year in Review

NEW ZEALAND ALUMINIUM SMELTER (NZAS)
On 31 May 2024, NZAS announced it had secured electricity
supply contracts from Meridian Energy, Contact Energy and
Mercury NZ for 20 years, out until 2044�
This was a welcome announcement for both South Port and the
Southland region that has heavily relied on this business activity
since 1971�
NZAS represents approximately 20% of Net Profit After Tax
(NPAT), 30% of the total cargo volume handled through the Port,
20% of bulk vessel calls, and 27% of containers - the majority of
which are packed on the Island Harbour�
These are significant numbers and play an important role in
the Port’s ability to operate an efficient marine and container
packing operation, offer backload opportunities on bulk vessels,
and to help cement the Mediterranean Shipping Company
(MSC) service calls.
Importantly, it is expected this decision will provide the catalyst
for generators to commit to investing in additional renewable
electricity generation in the Southland province�
WIND FARMS
Mercury NZ subsequently announced, on 7 June 2024, its
commitment to the second-stage expansion of the Kaiwera
Downs wind farm, increasing the capacity from 43 MW to
198 MW. Construction at the site started in June 2024 and
is expected to reach full generation by the end of the 2026
calendar year�
On 21 December 2023, Contact Energy lodged a resource
consent application to construct a wind farm on land at
Oware, in Southland� The Environmental Protection Authority
determined that the application complied with the requirements
set out in COVID-19 Recovery (fast-track consenting) Act
2020 and provided the application to the panel appointed to
determine the application�
This project is located east of Wyndham and, if constructed, will
have the capacity to produce up to 300MW from 55 turbines�
If the project receives resource consent in a timely manner,
construction is expected to begin in 2025 and be fully
operational in 2027�
OPEN OCEAN AQUACULTURE
In 2019, the New Zealand Government launched its Aquaculture
Strategy, setting out a sustainable growth pathway toward
$3 billion in annual aquaculture revenue�
Southland has been targeted to contribute to one third of this
growth through the development of both open ocean and land-
based aquaculture opportunities�

There are several parties looking to develop open ocean
aquaculture farms, including Ngāi Tahu and Sanford.
Ngāi Tahu is currently progressing an application to the Fast
Track Advisory Group and Sanford has lodged a consent with
Environment Southland to create an open ocean salmon farm,
28km from Bluff and 10km from the nearest island, at the south
end of Foveaux Strait.
CLIMATE STANDARDS/ENVIRONMENT
South Port is producing its first climate-related disclosures
under the new Aotearoa New Zealand Climate Standards which
will be published by 31 October 2024� Through this process, the
Port will continue to develop its capability to understand and
respond to challenges that the business may face in the future
from climate-associated risk, and to take advantage of climate-
related opportunities�
On 17 April 2024, the Coalition Government announced its
intention to extend port coastal permits, which were due to
expire in 2026, for a further 20 years. This was a very welcome
announcement�
The Port has been working in several areas to determine our
impact on the environment� One of these is to measure the
effects on sensitive areas from our Kia Whakaū dredging
campaign, which was completed in 2023� We are pleased to say
that, so far, there has been no evidence of any negative impact�
Monitoring will continue through until 2028.
PROJECT KIA WHAKAŪ
The Kia Whakaū project to dredge and remove seabed materials
to 9.7m chart datum (CD), equivalent to an operating high tide
draft 10�7m, in the harbour entrance channel was successfully
completed and celebrated with a formal opening on 30 October
2023�
The Company is taking a staged approach to the new draft
by declaring an interim operating draft of 10�3m at high tide to
assess the handling of deeper draft vessels before moving to
the full 10�7m�
The final step before we declare a new high tide draft of 10�7m is
the implementation of the NCOS Dynamic Under Keel Clearance
system� NCOS integrates real time measurement of tides and
waves with modelled vessel motions to maximise port efficiency
and safety while reducing delays and risk. It is expected that the
NCOS system will be operational in the third quarter of 2024�
A number of benefits are already being realised, with the
increase of our draft to 10�3m at high tide� More cargo is being
loaded on vessels for export than ever before, reducing the
number of vessel calls to the Port and increasing cargo loading
efficiencies� Many vessels now also have the opportunity to
transit through the Port on additional tides (low and high),
improving both the supply chain and berth utilisation at the Port�
PILOT BOAT
A second pilot vessel, the “Murihiku,” was purchased this past
year, out of Australia. She will be an excellent backup for the
MV "Takitimu II" which has been our frontline pilot vessel and
workhorse since 2006�
PROJECTS
The Company undertook several projects this year including
a technology pathway, a property masterplan, and the
replacement of our accounting software� Each of these were
significant projects and will provide the Company with improved
information for decision making going forward�
COMMUNITY AND IWI ENGAGEMENT
Our relationship with the community and iwi is important to both
the Company and our employees�
The Port Open Day was held on Sunday 1 October 2023, and
formed an important part of our community engagement� This
event is an excellent opportunity to open the gates and show off
our operations to friends, family, and the community� The event
was oversubscribed, and, fortunately, the weather played its
part to make this another successful event�
We regularly consult with iwi on our consents plans for the
Port and meet informally to discuss a number of matters� This
engagement is important to ensure we are meeting cultural
requirements around our consenting activities and to further
develop our relationship with the local rūnaka.
SOUTH PORT LISTED 30 YEARS
2024 represents 30 years since South Port listed on the NZX,
back in 1994� A collage of the annual reports since the first
listing has been included in this report�
STAFF
Staff retention is an important aspect in a competitive
employment market�
To this end South Port implemented a flexible working policy this
past year� A key part of this policy was the establishment of an
Invercargill office, providing employees with the opportunity to
work at this location once a week and to also use as a base for
customer and Board meetings when required�
Although we have seen reduced volumes of bulk cargoes
through the Port, the people-intensive areas of containers,
warehousing, administration, and marine have been particularly
busy� The Company therefore would like to thank our staff for
their commitment and continued hard work over the past 12
months�
P.1 5
› South Port
Annual Report 2024
› Section 02
The Year in Review

NZAS signing a 20-year contract was a major boost for the
Company and provides a consistent number of vessel calls and
base cargo that can now be factored into our future planning�
This news will now pave the way for the consenting and
construction of wind farms in the Southland region� A large
majority of the project cargo associated with this activity is
expected to be handled through the Port in coming years.
Project Kia Whakaū is already delivering benefits for the Port,
our customers, and shipping companies� This will also play
an important role in driving operational and environmental
efficiencies going forward and it provides a pathway for growth�
We are aware that there are applications to the Fast Track
Advisory Group for aquaculture projects in Murihiku including
the Hananui ocean salmon farm, the Impact Marine land based
salmon farm, and Kelp Blue ocean kelp farm�
The Company continues to have a wide range of cargoes being
handled, which provides us with resilience and helps to smooth
out fluctuations in the market�
Therefore, based on all known factors at the date of compiling
this report, South Port estimates that earnings in the next
financial year will be in the range of $9.30M – $10.30M (2024 –
$7.38M).
On the basis of this consistent earnings profile and in the
absence of any unforeseen circumstances, the Directors will be
endeavouring to at least maintain the current level of dividend
payment�
DIVIDEND
The Board has an ongoing policy of assessing South Port’s
dividend flow after taking into consideration both its Free Cash
Flows (FCF) and its reported profits. FCF is interpreted as
being annual operating cash flow less net maintenance capital
expenditure. Reported profit is viewed as the Company’s annual
profit movement plus future maintenance requirements�
Despite the reduction in profit in 2024, the Board is pleased to
declare a final dividend of 19�5 cents� This translates to a full
year dividend of 27.0 cents per share (2023 – 27.0 cents). Full
imputation credits will be attached to all distributions� The 27�0
cent dividend represents a pay-out ratio for 2024 of 96% using
reported NPAT and 83% of FCF.
The dividend payment represents a gross return of 6�7% (net
4.8%), based on a share price of $5.61 as at 30 June 2024.
BOARD COMPOSITION
Ms Nicola Greer and Mrs Michelle Henderson retire this year by
rotation and being eligible offer themselves for re-election�
DIRECTOR NOMINATIONS
At the time of writing this report the Company has received no
other valid Director nominations�
OUTLOOK
The agricultural and forestry cargoes have been particularly
challenging this past financial year, which is reflected in the
volumes of bulk cargo being handled through the Port�
Offshore markets, however, remain difficult� Supply chains
continue to be disrupted, particularly around regions where
conflict is present� These variables are out of our control and are
not expected to improve in the near future.
Despite these challenges, the Port remains optimistic about
the future opportunities, both for the Company and for the
Southland region�
N G Gear
Chief Executive
P W Cory-Wright
Chair
P.1 7
› South Port
Annual Report 2024
› Section 02
The Year in Review

SOLAR PANELS – NAVIGATIONAL BEACONS
The Port navigational infrastructure includes four beacons
on the Tiwai Peninsula� To increase our resilience, we have
introduced an alternative power supply for the beacons – solar�
Solar panels were installed to replace the power lines fed from a
NZAS transformer�
Infrastructure
ASSET MANAGEMENT PLAN
Following a rigorous 6-year maintenance and capital
programme, the infrastructure team experienced a relatively
quiet FY2024� Due to fluctuating trade volumes driven by
global economic conditions, it was decided to limit spending
to essential projects only� This approach will continue into the
FY2025 budget, as shown in the Wharf Asset Management Plan
(AMP) expenditure graph below. Over the past six years, the
preventative maintenance efforts have enabled the Company
to make these decisions without compromising the structural
integrity of port structures or the safety of port users�
0
$1,000,000
$2,000,000
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
ActualForecast
2016
$3,000,000
$4,000,000
2027
2028
2029
$5,000,000
Wharf Asset Management Plan Expenditure

CONTAINER REPAIR SHED
A purpose-built container repair shed was constructed this
year in the area once occupied by Shed 6� It is another project
associated with the Port’s ongoing commitment to reduce the
interaction of people and plant, and improve efficiency�
Previously, container repairs were completed in the open air,
within the busy container terminal� The new shed has several
benefits such as:
›A safe repair operation by separating people and plant
›More space allowing containers to be laid out in
preparation for repair
›The shelter provides weather protection allowing work in
all types of weather
›Safe and secure storage of repair equipment
›More efficient and quicker turnaround times
›Connected to power reticulation eliminating the need for
generators
›Able to work on, and open up, refrigerated containers
under canopy - without the risk of rain water getting into
the insulation
SYNCROLIFT REFURBISHMENT
Last year, we completed several repairs to the Syncrolift
structural steel in preparation for a full recoating with a paint
system to prevent corrosion� Given the need to maintain
Syncrolift operations, we are unable to close the facility for a
long enough duration to apply the paint system to the entire
structural steel components� Therefore, we will apply this paint
system over three years�
Stage 1 of the paint system was applied during the summer
months of FY2024. We engaged external consultants to
undertake quality assurance testing during the works to ensure
we achieved the expected design life (15+ years).
The preparation process involved:
›Substantial scaffolding (above water) to provide a safe
working environment for contractors
›Remove platform decking
›Hydro blasting to remove existing paint system and rust
which was collected and disposed of separately
›Wash down the surface at 6000psi with fresh water and
air or blow dry
›Quality assurance testing to ensure chloride levels were
<50mg/m
2
Following the preparation work we applied three coats of
Interzone 954GF with a total paint thickness of 600 microns dry
film thickness� Between each coat, quality assurance tests were
completed to check for moisture, temperature, and thickness�
On completion, the scaffolding was removed and platform
decking reinstated, allowing the Syncrolift to return to normal
operations after a 35-day closure�
Stage 2 of 3 is planned for the summer of FY2025�
P.1 9
› South Port
Annual Report 2024
› Section 02
The Year in Review

2004 Segrass
2024 Segrass
2004 Intertidal Boundary
2021 Intertidal Boundary
South Port
0km
1km2km
Our Environment ��21
01
02
03
04
05
06
07
08
South Port continually looks for
opportunities to improve on its
environmental responsibilities�
ENVIRONMENT

2004 Segrass
2024 Segrass
2004 Intertidal Boundary
2021 Intertidal Boundary
South Port
0km
1km2km
Our Environment
BLUFF HARBOUR SUBTIDAL SEAGRASS
MAPPING
In December 2023, South Port received a research proposal
from a Southern Institute of Technology (SIT) student, who is
studying towards a Bachelor of Environmental Management�
The proposal was to identify and map seagrass beds in the
subtidal zone of Bluff Harbour�
Seagrass is an important ecosystem with diverse ecological
functions, including:
›Occupying 0�1% of the seafloor, but storing a whopping
12% of ocean carbon
›Trapping and transforming nutrients (1ha absorbs 1.2kg of
nitrogen per year)
›Pumping oxygen into water and sediments (1m
2
releases
10L of oxygen per day)
›Stabilising the seabed with an extensive network of roots
and rhizomes
›Is a foraging and feeding ground, and refuge for marine
life
›Contributes to biodiversity by being the only marine-
flowering plant
Recognising its importance, South Port decided to support
the research and paid for the hiring of the boat for field work, a
fundamental part of the project’s methodology.
The SIT student completed their research in June 2024 and
is now working on writing the final report to meet the course
requirements� Detailed left are the results of the mapping, which
was shared by SIT� We wish the SIT Student, Stephanie Shaw,
success with her project and look forward to reading it upon
completion�
P.21
› South Port
Annual Report 2024
› Section 03
Environment

WATER MANAGEMENT
In FY24, South Port completed the water meter installation
project, which saw 15 meters installed throughout the water
network over the past two years� They were installed at
strategic points in the network to monitor water use in the
different activities that take place at Island Harbour facilities and
facilitate the identification of leaks�
For high-consumption activities, such as water blasting at the
Syncrolift and container washing, measurements occur in real
time via an online dashboard� Of the 15 water meters, nine are
connected to the dashboard, which allows generating relevant
consumption reports promptly�
By measuring and reporting water consumption, South Port
is managing resources more effectively and promoting the
responsible and efficient use of a vital resource, and helping
avoid unnecessary waste�
SUSTAINABILITY STRATEGY
South Port has advanced the development of its sustainability
strategy based on the Sustainable Development Goals
(SDGs). After the SDGs' selection, work carried out by the
Sustainability Committee during FY23, saw the Infrastructure
and Environment department prepare the strategy framework
proposal for consideration by the Executive Leadership Team
(ELT).
In July 2024, the ELT met to evaluate the proposal and issued
its opinion about the elements of the strategy� This included
sustainability targets and indicators, which were associated with
the SDGs which are the focus of the strategy�
The next step is to finalise the executive report that will be
presented to the Board of Directors, in order to formalise the
South Port Sustainability Strategy in FY25�
CHANNEL DREDGING: POST-WORKS
ENVIRONMENTAL MONITORING
Dredging of the Bluff Harbour channel was completed in
September 2023. During the execution of the works, various
measures were implemented to mitigate the operation's
impacts, including continuous environmental monitoring of
the most sensitive areas, and ensuring compliance with the
Resource Consent conditions�
Post-dredging monitoring, an essential part of our environmental
protection strategy, began immediately after the dredging was
completed� This early start allowed for the swift identification
of any potential impacts on sensitive areas� The first surveys,
conducted in seagrass areas and at the soft sediment disposal
site one month after dredging ended, showed satisfactory
results, with no evidence of impacts observed (as expected).
Post-dredging monitoring will continue until 2028, with results
reported periodically to Environment Southland�

Photo credit: Angus Morrison
P.23
› South Port
Annual Report 2024
› Section 03
Environment

PEOPLE AND
COMMUNITIES
South Port is committed to building
a culture that cares about our people
and our community�
Safety, Health and Wellbeing ��25
Our People ��29
Key Information ��33
Our Community ��34
Pilot, Ray Tull
01
02
03
04
05
06
07
08

Safety, Health and
Wellbeing
SAFETY CULTURE
Safety first – our top priority is our people's
health, safety, and wellbeing�
The Company is focused on the investment of additional
resources and continuous improvement in our health and safety
performance� We need to be vigilant and focused on keeping
our people safe� South Port is working hard to establish a culture
where positive safety behaviours are ingrained in day-to-day
operations�
MARITIME NEW ZEALAND – PORT DESIGNATION
From 1 July 2024, Maritime NZ is now the primary health and
safety regulator of New Zealand’s 13 major ports. This means
that Maritime NZ will be responsible for monitoring and enforcing
compliance with health and safety legislation on land, as well as
on ships. However, this extension of the Port designation does
not alter or affect the principles, duties, obligations, and rights
regarding health and safety in the workplace under the Health
and Safety at Work Act 2015 (HSWA).
Over the past year, we have regularly engaged with both Maritime
NZ and WorkSafe to assist with this regulator transition, and
we will continue to do so now with the newly appointed HSWA
specialist team, which will work alongside maritime officers,
maritime inspectors, and investigation teams�
While technically, the maritime designation has extended from
ship to include the shore, in practical terms, it is simply business
as usual�
PORT SAFETY MANAGEMENT SYSTEM, HEALTH
AND SAFETY REVIEW, AND GAP ANALYSIS
In November 2023, South Port engaged HSE New Zealand to
undertake an external review of the performance of our safety
management systems to provide assurance that the Company is
complying with HSWA, and to identify potential gaps in our safety
management system�
The review involved a preliminary desktop review of our safety
management system� This was followed by two full days on-site,
initially spending time with our Health and Safety Team and
Health and Safety Committee, and then out on-site for sampling
and verification, including staff engagement�
The review identified some areas for further improvement,
the highest priority being a review/update of our contractor
management policies and procedures to align with more recent
WorkSafe guidance� This work is now underway and will be
completed in 2024� A follow-up audit is scheduled for FY25�
Dairy Warehousing Operator, Boysie Karetai
P.25
› South Port
Annual Report 2024
› Section 04
People and Communities

CRITICAL RISKS
Effective management of health and safety risks in the workplace
is an ongoing process and involves:
›Identifying hazards
›Analysing risks for identified hazards
›Evaluating risks to determine if the risk level is acceptable
and what actions are required at that level
–For example, immediate action is required, managed by
routine procedure, etc
›Controlling the risk to reduce the harm and its severity
›Reassessing the level of risk for each hazard
›Monitoring and reviewing to ensure controls are working
and risk levels are acceptable
›Communication and consultation at every step of the
process
In FY24, actions taken to reduce operational risk revolved around:
›Safety leadership training
›Worker engagement
›Training, systems, and tools
›Plant and equipment upgrades
Our Critical Risk Management Programme is underway, in
collaboration with our staff and other port users� Progress has
been slower than anticipated due to personnel changes; however,
increased resourcing means we are on track to complete initial
assessments in FY25�
Risks associated with ‘moving plant vs people’ are of the highest
immediate concern� Recently reported incidents and near
misses prompted us to engage an external traffic management
consultant with port sector experience to assess this critical risk
in our warehousing settings and guide us on a range of short,
medium, and long-term improvements, most of which will be
implemented in Q1 of FY25�
Mobile Plant vs People
Co-ordinator - Shipping and Mooring Services, Karl Frahm,
pictured above, is one of our longest-serving operators in the
Marine Services Team�
In early 2023, the Company identified a ‘mobile plant vs people’
critical risk while our lines team was tying up and/or letting go
of vessels and working on berths that accommodate vehicular
traffic�
To mitigate this risk, Karl took the lead in scoping out, developing,
and implementing a new road/berth closure process, including:
›Mapping out plan and equipment requirements (signs,
tapes etc)
›Organising the installation and storage of equipment
›Developing standard operating procedures and owning
them to ensure controls put in place for every movement
›Leading staff training and overseeing the practical
implementation
This team effort was fantastic, but Karl went above and beyond�
Above: Cold Stores Operator, Fineaso Lafoga

FATIGUE RISK MANAGEMENT
South Port is currently developing a Fatigue Risk Management
System (FRMS) to reduce the risks associated with worker
fatigue. This project aligns with the ‘Good Practice Guidelines’
issued by the Port Sector Health and Safety Leadership
Group, the Tripartite Group comprising of port and stevedoring
companies, unions, the Port Industry Association, Maritime
NZ, and WorkSafe New Zealand representatives, working in
partnership to drive change in health and safety in the port
sector�
In this initial phase, the project is being driven by the Health
and Safety Team and labour allocators, to develop robust
fatigue risk management processes to support initiatives to
identify, assess, and manage risks from fatigue and monitor
control measures to check that they are working� Ultimately,
however, ownership lies with our operational business units,
which are primarily responsible for applying smart rostering
and shift work design�
Over the next year, every port company’s FRMS will be peer-
reviewed against the essential components of Policy, Risk
Assessment, Assurance, and Training/Promotion (worker
engagement). While the review is primarily to gauge progress,
it will also help lift capability by identifying best practices
around performance measures and, where appropriate,
sharing data, insights, and shared learnings� South Port has
dedicated resources (0.2FTE) to ensure that we are ‘on track’
with the current emphasis on roster design and work/rest
hours ‘rules.’
PORT USERS
The Island Harbour is a busy and dynamic work environment,
with multiple PCBUs (persons conducting a business or
undertaking), operating in, on, and around the Port.
PCBUs have an obligation to consult, cooperate, and
coordinate with other PCBUs when they are working in a
shared workplace or as part of a contracting chain�
In many cases, South Port is not the ‘lead’ PCBU; however, we
are conscious that we ‘set the standard’ and that port users
generally look to us for guidance – a delicate balance between
over-reach and under-reach� We hold quarterly Port User
Forums attended by port users, including lessees and licensees
(who are obliged to attend under their leases/licenses), bulk
cargo users, contractors/subcontractors, and transport
companies – where we discuss health and safety best
practices and share learnings around site access and traffic
management, with particular focus on common roadways and
shared spaces�
These forums reinforce to port users that we are all responsible
for health and safety in the workplace and that PCBUs have a
duty to consult, cooperate with, and coordinate activities with
all other PCBUs with which they share overlapping duties�
In the spirit of PCBU collaboration, we have also invited
other port users to participate in our in-house leadership
development, health and safety training, and other workshops�
WORKER PARTICIPATION AND REPRESENTATION
In FY24, we invested in building health and safety capability
and maturity port-wide� This has included ongoing training and
upskilling of our staff and other port users, as well as formal
training for Health and Safety Reps, who must undertake formal
training, in order to perform their duties under HSWA�
Extensive training, education, and awareness has been provided
as part of our deliberate strategy to lift health and safety
capability across the whole Port:
›Health and safety executive leadership programme
›Health and safety “Stepping up as Leaders” workshop for
the wider leadership group
›Health and safety “Be a Legend” workshop for health and
safety representatives, and frontline leaders
›Health and safety representative training - Stage 1
›First aid and mental health first aid
›Advanced drug awareness workshop, managing the
risks posed by drug and alcohol abuse in the workplace
environment
›Bullying and harassment workshop
›Plus, various technical training workshops (e�g� permit to
work, working at heights, etc)
Health and Safety is EVERYONE’S business.
Above: Health and Safety Representative training in May 2024
P.27
› South Port
Annual Report 2024
› Section 04
People and Communities

WELLBEING
Under HSWA, ‘health’ means physical and mental health.
Providing our team with a safe and healthy workplace is an
important part of running our business—if our staff feel their
wellbeing is being looked after at work, they are usually more
productive, healthier, and less stressed�
Our occupational health monitoring programme focuses on
personal health, fitness for work, and positive, healthy lifestyle
choices� Participants are monitored for changes in their health
status to guard against exposure to health hazards arising from
their work�
We also undertake drug and alcohol testing at pre-employment
and random, post-incident, and reasonable cause testing�
Additionally, we provide or facilitate:
›EAP services
›Physiotherapy services
›Audiology referrals
›Sleep apnea referrals
›Healthy heart checks (pictured above)
›Flu vaccinations (pictured below)
›Mental health first aid
*Drug and alcohol surveillance testing, occupational health checks
Fast Facts
730
Safety engagement walks/
observations/audits/checks
2,761
Site inductions
223,963
Inwards vehicle
movements
377people
Training completed
366

people
Health monitoring*

Our People
Our goal is to attract, develop, and retain
talented people�
Staff engagement is critical to our business success, more so
than ever, given the challenging market conditions�
It is important that South Port has an engaged workforce that
aligns with our Company goals and values� This promotes an
environment for staff to thrive, leading to reduced absenteeism,
lower staff turnover, higher productivity, and a safer work
environment�
In late 2023, we ran a staff survey, which followed our inaugural
survey in 2018. That survey provided a baseline which, along
with our second survey in 2021, enabled us to track how staff
experiences and perceptions have changed over time.
"I am proud to work for South Port."
Strongly DisagreeStrongly Agree
1 2 3 4 5 6 7 8 9 10
"If asked by an outsider, I would describe South Port as
'a great place to work.'”
8.4
8 .1
2023 Survey
Survey participation
rate

74.3
%


⬜
It was particularly encouraging to note a continuing
improvement in our Employee Net Promoter Score.
2018
-10
2020
+24
2023
+31
EMPLOYEE NET PROMOTER SCORE (ENPS)
Terminal Operator,
Logan Fraser, left, and
Depot Operator, Willie
Isiah, right
P.29
› South Port
Annual Report 2024
› Section 04
People and Communities

ENGAGEMENT IS A LONG GAME
While this is positive feedback, it is important to remember that
engagement is a long game� A survey is simply one of several
tools we use to measure staff engagement—other indicators
are regular check-ins (formal and informal), goal setting,
internal promotions and career progression, productivity levels,
onboarding interviews, exit interviews, absenteeism, and staff
turnover�
RESOURCING, RECRUITMENT AND RETENTION
For the past three to four years, employers nationwide have
struggled with recruitment and retention in a tight labour market�
This has resulted in vacancies taking longer to fill and attendant
difficulties in terms of workload and related pressures� While
the labour market is generally easing, demand for strategic and
technical specialist roles remains high�
Over the last year, we have worked to enhance our Employee
Value Proposition to help attract and retain talent� Targeted
areas of improvement were focused on onboarding processes
to ensure smooth integration for new employees, increasing
staff engagement, effective performance management to
maintain and increase productivity� Additionally, through our
annual appraisal process, discussions around career pathways
has also helped sustain skill development and job satisfaction�
Whenever a vacancy has arisen, we have reviewed the role
(and, where appropriate, resized and rescoped) to ensure it fits
our operational requirements and offers business agility and
flexibility.
As of 30 June, staff turnover has eased to 10�9%� While it is
never easy to lose talent, we have been fortunate to attract
and nurture new talent who will make their own mark on our
business� Of particular note, we welcomed two former staff who
returned to more senior roles after honing their skills and gaining
more experience in the intervening period.
We asked staff:
“ What is one thing South Port is
doing really well that we should
celebrate?”
They responded:
“ Engagement with and support of
the local community”
“ Positive health and safety record –
getting our people home safely”
“ Strong customer relationship as a
result of exceeding expectations”
“ Living into our values in meaningful
ways and generally having a
positive workplace culture”
“ Business performance/profitability
- despite challenging economic
conditions”
Q
A
“ I trust management to lead the company in
the right direction”
“ I am encouraged to develop my skills, and
am well-supported in the process”
“ The health, safety, and wellbeing of our
staff are top priorities for South Port”
“I am not afraid to report accidents/
incidents”
8.2
8.6
8.8
9.0
Examples of the questions asked, and how employees
responded:
Above: Co-ordinator - Shipping and Mooring Services, Karl Frahm, left,
Syncrolift Operator, Shaun McKellar, middle, and Syncrolift Co-ordinator,
Rob Dixon, right

CAPABILITY BUILDING
In 2019, in conjunction with the launch of our Values, we
introduced an in-house leadership development programme
primarily tailored to our Tier 3 Managers and Supervisors�
Subsequently, we extended to Tier 4 frontline leaders (Team
Leaders, Leading Hands) and peer leaders.
The programme focuses on the essential elements of leaders
who can positively influence organisational culture by building
credible and mature relationships that enhance teamwork and
increase performance and productivity�
More recently, we have extended the programme to include
professional coaching and mentoring support to develop the
skills and energies to consistently deliver influential leadership
in all their day-to-day dealings and communications with their
direct reports and across the wider organisation�
Increased strategic and technical ability.
At the same time, we have also created several specialist
leadership roles to plan for succession and increase strategic
and technical capability�
These include the Risk and Technology Manager, Health and
Safety Manager, Container Services Manager (the latter two
positions established in June 2024), and Commercial Property
Advisor (internal transfer finalised in July 2023).
Tyson Irwin
Fleet Maintenance Team Leader
Streamlined and developed a new
app-based system for weekly
forklift checks�
VALUES IN ACTION
At South Port, we work together to build a positive, trusting,
high-performing environment where our people can thrive and
succeed�
Our Values, developed in consultation with our staff, underpin
who we are and how we conduct our business�
Our people are invested in our business and committed to doing a
good job� They turn up and do their jobs with humility and without
drama or fanfare�
Good people doing great work.
We think it’s important to celebrate success and achievement,
and we encourage staff to celebrate workmates who actively
demonstrate our values� This recognises a job well done and
helps motivate and inspire others to follow suit�
Throughout the year, we had many standout examples of
incredible mahi, going the extra mile without expectation of
thanks, let alone payment�
Recipients over the past year included:
Andrew Hill
Site Engineer
While out on-site, Andrew identified
and reported a new physical hazard
and instigated immediate corrective
actions to safeguard staff working in
the vicinity�
Logan Fraser
Terminal Operator
WorkSafe noted consistently positive
and complimentary feedback from
multiple trainees who cited Logan
as a key factor in their successful
onboarding and training progression�
Willie Isiah
Depot Operator
One of our most experienced
heavy machinery operators
who plays an important role in
providing on-job training to new
staff�
Above: Risk and Technology Manager, Jason Jones
P.31
› South Port
Annual Report 2024
› Section 04
People and Communities

Paige Gilbert
Depot Operator
In April 2024, Paige Gilbert, pictured right, joined
Michelle Lawson, Jess Snyman, and Lee McDermott
as an Operator in the Container Operations Division�
Paige came to us with a good understanding of the
importance of workplace safety from her work at
Tiwai, where she operated forklifts, gantry cranes, and
ingot machines� After a period of solid training, she
was signed off to operate a range of forklifts, including
container handlers� She started working on continuous
container vessel exchanges.
Where does Paige go from here? It’s early days yet,
but once she gets experience working on continuous
container vessel exchanges, the next opportunity is
training on our mobile harbour cranes, which have a
maximum load capacity of 104 tonnes.
Marine Department
Katie Eaton, pictured right, is our Marine
Services Team Leader� She leads the team,
which comprises Jenny Phillips, Marine
Administrator, pictured left, and Shipping
Co-ordinators Karl Frahm, Flinders Browning-
Davies, and Jayleel Fa’amoe Ioane.
The team co-ordinates line-calling operations,
prepares berths and dockside mooring
operations, manages freshwater delivery,
garbage collection services, and supports the
syncrolift and tug operations�
While Katie and Jenny’s roles are primarily
office-based, they also provide operational
support when required (eg lines handling), and
they actively participate in the casual shipping
roster�
WĀHINE AT WORK
Gender diversity has been on our radar
in recent years, and we are making a
conscious effort to attract more women
to work at the Port�
At South Port, we have women working in most areas
of the business� We want to promote pathways for
women into leadership roles, starting with increasing
the number of women joining operations�

AS AT 30 JUNE 2024
40
%

Bluff
60
%
Invercargill
Domicile
1
%
40+ Years
55
%
0-4 Years
1
%
30-39 Years
7
%
20-29 Years
10
%
10-19 Years
Length of
Service (Years)
26
%
5-9 Years
Note: Total percentage is above 100% due to staff being able to select more
than one ethnicity�
3
%

Asian
7
%

Pacific Islander
68
%
European
1
%

Not Specified
29
%

Māori
5
%

Latin American
Ethnicity
34
%

50+
23
%
30-39
26
%
40-49
Age
17
%
Under 30
Key Information
TARGET
Female Female Female Female Female
2025 2024 2023 2022 2021
Board 25 67 50 50 33
Executive 25 29 25 25 25
Supervisors 20 - 13 13 14
Operational 10 11 9 4 3
All Permanent Staff 25 25 20 18 20
ACTUAL
% % % % %
Promotions
Transfers
7
4
New roles
11
Total
permanent
staff
132
malefemale
25
%
75
%
P.33
› South Port
Annual Report 2024
› Section 04
People and Communities

South Port’s community engagement includes:
Our Community
Community and Regional Assistance
Over $80,000 was injected into the local
community during the past 12 months�
Organisations that received sponsorship assistance over
recent financial years include:
›Bluff Bowling Club
›Bluff Hill Motupōhue Environment Trust
›Bluff Kindergarten
›Bluff Netball Club
›Bluff Promotions
›Bluff Rugby Club
›Bluff Schools
›Bluff Volunteer Fire Brigade
›Burt Munro Challenge (Bluff Stage)
›Export Southland
›Graeme Dingle Foundation
›Hospice Southland
›Matariki Festival – Tūturu Charitable Trust
›Port Softball Club
›Rakiura Community Workshop – Stewart Island
›Rugby Southland
›Southern Steel Netball
›Southern Wood Council
›Southland Chamber of Commerce
›Southland Football
›Southland Mountain Bike Club – Bluff Bike Trails
›Southland Sharks
›St John Ambulance Service, Bluff
›Te Ara o Kiwa Sea Scouts, Bluff
›Te Rourou Whakatipuranga o Awarua
›Te Rūnaka o Awarua
›Tour of Southland
As part of our long-term commitment
to the local community and wider
region in which South Port operates,
we offer sponsorship and support
of sporting, cultural, and community
groups.
Community group interaction
Port tours
Sponsorship
Written communication
Not-for-profit and charity support
Event support
Working with young people
Expert advice
Staff volunteering in and around
the community

We want to congratulate this year’s successful scholarship recipients:
Local Bluff resident Sian Tarrant (nee Topi) is married with
two children and previously had a leadership role at South
Port� Her passion for people and providing a supportive
environment for others led to her decision to study
psychology�
Sian was born and raised in Bluff and her tūpuna
whakapapa to Rakiura (Stewart Island), Ruapuke Island and
Motupōhue (Bluff) on her father’s side, and Ngāti Mutanga
o Wharekauri (Chatham Islands) on her mother’s side. Sian
will be the first of her line to complete a Bachelor's Degree�
This year is Sian’s final year of study for a Bachelor of
Applied Science majoring in Psychology, and next year she
will complete her Honours Degree� Her long-term goal is to
obtain a Master’s Degree and then a Postgraduate Diploma
to gain the accreditation required to become a registered
Psychologist� Sian has yet to decide what she will specialise
in for registration, however, she is committed to making a
real difference and enhancing the health and wellness of
people�
Recently, Sian was given the opportunity to work at
Southland Help Rape and Abuse Support Centre, where
she provides court support, micro-counseling, and social
services support to survivors of sexual harm. Sian feels very
privileged to share and hold space for people who have had
a traumatic experience and walk alongside them on their
healing journey�
Sian is the Board Chair for Youthline Southland, an
alternative representative for Te Rūnanga o Ngāi Tahu
Board, a Board Member of Te Rourou Whakatipuranga o
Awarua Early Childcare Centre, and a trustee of a Māori
land block at Stewart Island� Sian is also taking a course in
Te Reo Māori to enhance her cultural identity and provide
her children with a strong connection to their culture� In her
spare time, Sian and her husband tend to a lifestyle block,
get out with the kids, spend time in the garden, and are
keen renovators�
Ryder is the son of Hayden Mikkelsen, South Port’s
Container Operations Manager� He is commencing his
academic journey with the University of Canterbury to study
a Bachelor of Engineering�
Ryder has excelled academically and in the sporting and
cultural domain during his time at James Hargest College
and held the role of Deputy Head Boy last year, enabling
him to develop leadership skills that will be invaluable
for his future endeavours� Ryder was awarded the 2023
Youthmark Young Achiever Award, which recognises Year
13 students from all Southland secondary schools who have
excelled in their chosen field.
At the beginning of 2023, Ryder was awarded a scholarship
to attend the Rotary Science and Technology Forum in
Auckland, and he felt privileged to have the opportunity to
learn from leaders in their fields. This experience enhanced
Ryder’s interest in engineering and the endless possibilities
for innovation and development that come with it� Ryder
was invited back by the Rotary Science and Technology
Forum this year in the capacity of an advisor� As an advisor,
Ryder was responsible for 28 students, overseeing the
smooth running of the group, ensuring all the students
attended workshops, lectures, and day trips, organising
entertainment, and managing the guidance and general
well-being of every student�
Another passion of Ryder’s is kapa haka, which he has
participated in for seven years, earning an award for his
contribution to the kura and kapa haka roopu�
Ryder has been described by his principal as “having
admirable personal qualities and attributes, is honest,
reliable, and responsible in all he does� He is courteous,
cooperative, and thoughtful, and students from all walks
of life look up to him, and he has time and attention for
them all� He has immense mana and humility and is an
outstanding role model� Ryder inspires others around him to
be better by the simple virtue of being himself�”
South Port Chair, Philip Cory-Wright, and community scholarship recipient
Sian Tarrant at the award ceremony
South Port Community Scholarship Recipients 2024
South Port Board Member, John Schol, with staff scholarship recipient Ryder
Mikkelsen at the award ceremony
COMMUNITY SCHOLARSHIP

Sian Tarrant
›
STAFF SCHOLARSHIP

Ryder Mikkelsen
›
P.35
› South Port
Annual Report 2024
› Section 04
People and Communities

Manaakitanga
2023 PORT OPEN DAY
On Sunday 1 October, South Port held its biennial Port Open Day�
Tickets were booked out in the first five days of the event going
live, which was beyond the organising committee’s wildest
expectations. Just under 600 tickets were available over three
two-hour time slots – 9am, 11am, and 1pm.
The event aimed to give friends, whānau, and the public a glimpse
at what South Port does and what it’s doing for the region. Ticket
holders got to step foot on and see a tugboat demonstration,
walk into the depths of the Cold Stores, observe the log operators
and woodchip trucks in operation, watch demonstrations of the
cranes and forklifts, and learn about the finer details of what
the Port does daily� The variety was well received, with positive
feedback coming in from attendees�
With an Entertainment Hub located at the Bluff Oyster Festival
site, which was open to the public, those attending the actual tour
were ushered on designated buses to get on to the Port� Activities
within the Hub were free, including face painting, bouncy castles,
an astro ball, and mini jeeps� It was a hive of activity throughout
the day, with attendees soaking up the atmosphere before
excitedly lining up and jumping on a bus in preparation for the tour
to begin�
“What an incredible experience. The guides were
amazing and so good with all the kids on our tour,
we could really feel the passion and pride they
have for the port. Thank you South Port for letting
us in for a look around, Rome especially loved the
toy boats. I really enjoyed watching the cranes in
action!”
“The tour was absolutely amazing - informative
and exciting. A big thank you to everybody who
made the day such a success!”
There were 60 team members from South Port who volunteered
their time, which was quite clearly appreciated� Volunteers have
been asked for feedback on what went well, what didn’t, and
what we could improve on to help make 2025 bigger and better�
➀
➁
➂
➃

2023 PORT OPEN DAY
›
1.
Staff explain the processes around
importing and exporting product,
and how it is stored
2.
Children and adults alike, all rugged
up, exiting the Cold Stores
3.
Visitors aboard the “Te Matua”
tug boat, prior to watching the
“Takitimu” pilot boat demonstration
4.
Free face painting was just one of
the entertainment options on offer
in the Entertainment Hub
5.
Demonstrations included the
moving of logs, how woodchips are
emptied out of trucks, and how the
woodchips are moved around by
machinery
6.
Passengers were treated to ‘up close
and personal’ moments with the tug
boats
7.
With each tour being booked out,
there was a solid line of excited
people waiting to board at each time
slot
➄
➅
➆
South Port’s crane in operation during a display
P.37
› South Port
Annual Report 2024
› Section 04
People and Communities

The Spirit of New Zealand in Bluff, January 2024

CHRISTMAS HAMPERS
›
South Port is proud to have the annual tradition of donating
Christmas gifts to selected Bluff families in need�
In November 2023, Bluff School, St Teresa's, Te Rourou, and Bluff
Kindergarten each nominated one family� We then detailed the
ages and genders of those selected to the broader South Port
team, guiding what was required – be it food, gifts, or vouchers�
The Commercial Team then facilitated the wrapping and
handover of the hampers to each family, confidentially, via each
school�
1.
St Teresa’s School principal, Rosi
Coyle (second from left), taking
receipt of the goodies from South Port
Chief Executive Officer, Nigel Gear,
Compliance Co-ordinator, Matthew
Costar, and Pilot/Tug Master, Mark
Saunders�
2.
South Port’s Pilot/Tug Master, Ray
Tull (left), stands alongside Bluff
Kindergarten staff Kate Kissell and
Sarahlee Bragg, who are flanked on
the right by Commercial Property
Advisor, Renee Nyhon, and Chief
Financial Officer, Lara Stevens�
3�
South Port’s Pilot/Tug Masters, Paul
James (left) and Corey Madill, stand
next to Co-ordinator – Shipping and
Mooring Services, Georgie Sunshine,
as the kindly donated gifts are handed
over to Bluff School Principal Desiree
Alapaki�
4.
South Port’s Financial Accountant,
Sarah Smith (second from left), stands
next to Port General Manager, Geoff
Finnerty (middle), and Executive
Assistant, Justine Solomon (second
from right). They are flanked by Te
Rourou Early Learning Centre team
members Lesharna Hamilton (left),
and Hope Hamilton (right), as the
centre took receipt of the items�
➀
➁
➂
➃
P.39
› South Port
Annual Report 2024
› Section 04
People and Communities

CONSERVATION WEEK PLANTING
›
Conservation Week took place from 14 – 20 August 2023. For
another year running, some of the South Port team assisted Bluff
Hill Motupōhue Environment Trust in getting as many native plants
into the ground as possible, despite trying weather conditions�
Community Engagement and Sponsorship
YOUNG ENTERPRISE SCHEME
South Port supports the Young Enterprise Scheme (YES) annually
through speed coaching sessions with students, pitch judging,
and sponsorship of the Social Enterprise Award� The business
who won our award for 2023 was “Ginger Bear Journals,” based
on a study planner and wellness journal explicitly designed for
those who might be stressed while sitting NCEA exams.
HOSPICE SOUTHLAND ANNUAL STREET APPEAL
›
On 7 February 2024, South Port team members volunteered their
time outside the Bluff Four Square, raising money for the Hospice
Southland Annual Street Appeal� This was complemented with
collection buckets at the Bluff Service Centre, Bluff Four Square,
and Sold Coffee and Gifts� The efforts saw the community
raise almost $1,000, which went directly to Hospice Southland
to support over 140 patients right across Southland and the
Wakatipu Basin�
SOUTHERN INSTITUTE OF TECHNOLOGY AWARDS
›
For the past several years, South Port has supported the Bachelor
of Engineering Technology and Graduate Diploma in Engineering
Technology (Civil Engineering) at Southern Institute of
Technology� The Company also provides the award for the most
outstanding engineering project throughout the year� Pictured
here is the 2023 award winner, Juan Veloso (right).
›

Getting Active in the Community
BLUFF RUGBY CLUB
›
Above: The Bluff Seniors after winning the 2024 Premier Development Grade
Bluff Rugby Club. It’s home of the red-and-white hoops and
is loyally flanked by several South Port employees� Jayleel
Fa’amoe Ioane, South Port’s Co-ordinator - Shipping and
Mooring Services, talked about his time in the club, and what it
means to the community�
“Family - it’s about family” is the first thing that comes to
Jayleel’s mind. He’s played for Bluff for four, coming up five
seasons now, having played back in 2013 when the team
won Division 1 in the club’s 125th Jubilee Year, and in 2023. “I
returned to play last season as my younger brother Kyah wanted
us to play together� It was really cool being alongside him when
we won last season; it was his first competition win�”
The family element doesn’t stop there. Jayleel’s older brother,
Javaan Fa’amoe Ioane, is a former Southland Stags outside
back, and this season, he has stepped up to coach the Bluff
Seniors. On 8 June, the three brothers - Jayleel, Kyah, and
Javaan, lined up in the Bluff colours, and played alongside one
another against Woodlands� “It was pretty special, the fact all
three of us got to play together for the first time,” Jayleel said�
The family vibe within the club doesn’t stop with blood relatives.
The club makes a solid effort to engage and encourage at every
level, all the way down to Rippa Rugby�
On Saturday, 13 July, the Bluff Seniors won the 2024 Premier
Development Championships, 34 – 31, against Invercargill Blues
– a game that had a few close calls and, as described by many,
“raised goosebumps” on those in the crowd�
“Our team this year has a wealth of experience, with quite a
few players having been around for the last ten years and have
played over 100 games� One guy even clocked up his 300th
game this year,” Jayleel said. “We’ve added new blood and
kept our strong culture and form from last year� We had a strong
2024 season and ultimately aimed to take out the Premier B
competition, which was executed perfectly.”
“With four South Port employees in the team, we’re very proud
to be informally called “South Port Bluff” and represent the
Company in front of our playing strip and training kit. The Port’s
vision for achieving excellence is something we align with and
we’re constantly trying to find improvement where we can.”
Pai e tama, he kapa toa – well done lads, a champion team!
South Port proudly continued the sponsorship of Bluff Rugby Club, a partnership that started in 1989. Several staff
members play for the team, with many others heading along to support at games during the season.
P.41
› South Port
Annual Report 2024
› Section 04
People and Communities

SOUTHLAND SHARKS
South Port is a proud, longstanding Southland Sharks basketball
team supporter�
Our staff enjoy complimentary tickets we receive as part of our
sponsorship for every game, where we also host customers
courtside�
SOUTHERN STEEL
Southern Steel is the face of southern netball in New Zealand� It
competes in the ANZ Premiership netball league and represents
both Otago and Southland�
South Port teamed up with Southern Steel for the first time
in 2022, making this season the third year in a sponsorship
partnership�
TOUR OF SOUTHLAND
South Port partnered with “Share the Road & Macaulay
Ford Cycling Team” and joined several prominent Southland
businesses to co-sponsor a team competing in the SBS Tour of
Southland, which takes place in November every year� South Port
staff interacted with the riders every race day during the circuit,
travelling in the support vehicles throughout the competition and
assisting where required�
›
›
›
Michael Bradley Photography
Monica Toretto
SOUTHLAND STAGS
The Southland Stags play in the reformed National Provincial
Championship competition� South Port has enjoyed a
longstanding sponsorship relationship, benefiting staff and
customers throughout the season�
›
Debbie Fahey Photography

The Board and Leadership Team
of South Port are committed to
maintaining the highest standards
of governance by implementing the
best practice principles and policies,
as set out in this section�
Directors ��44
Statutory Report of Directors��45
Statutory Disclosure in Relation to Shareholders ��48
Shareholder Highlights ��49
Corporate Governance Statement ��50
GOVERNANCE
01
02
03
04
05
06
07
08

https://southport�co�nz/page/?XhtaCZScan the QR code to read more.
Directors
Carla Harper
Intern Director

NZIPIM, MInstD
 Appointed May 2023
Michelle Henderson
Independent Director

BE (Hons), CMInstD
 Appointed October 2021
Clare Kearney
Independent Director

BAgSci, MProfStuds,
GradDipArts(Phil),
CFInstD
 Appointed October 2016
Nicola Greer
Independent Director

MCom (Hons)
 Appointed November 2019
Philip Cory-Wright
Independent Director

BCA, LLB (Hons), CFInstD
 Appointed September 2010
Chair from 2023
John Schol
Independent Director

MBA, FCA, CMInstD,
DipGrad, BCom, NZDipBus
 Appointed November 2022
Cassandra Crowley
Independent Director

LLB, BCA, GradDipProfAccy,
MInstD
 Appointed November 2023

Statutory Report of
Directors
PRINCIPAL ACTIVITIES
The Company is primarily engaged in the commercial operation of the
Port of Bluff� There has been no significant change in the nature of the
Company’s business during the year.
ACCOUNTING PERIOD
The financial statements are for the 12-month period from 1 July 2023
to 30 June 2024�
RESULTS
The Company recorded a Net Surplus After Tax for the period of
$7,376,000�
DISCLOSURE OF SHARE DEALING BY DIRECTORS
The following Directors hold the following equity securities in the
Company:
FOR THE YEAR ENDED 30 JUNE 2024
1

|
Retired from the Board 31 October 2023
2

|
Rounded to the nearest whole number
Opening
Shareholding
1 July 2023
Number of
Shares
acquired
Number of
Shares
sold
South Port
Directors
R Chapman 2,015
1
– – 2,015
P Cory-Wright 3,437 – – 3,437
M Henderson 566
2
– – 566
Balance of
shares held
30 June
2024
DIVIDEND
The Directors have declared an ordinary dividend of $7,083,000 (27.00
cps) for the period ended 30 June 2024 including the final dividend
amount of $5,116,000 (19.50 cps) payable in November 2024.
DIRECTORS’ AND OFFICERS’ LIABILITY INSURANCE
The Company has arranged Directors’ and Officers’ Liability Insurance
with Vero Liability Insurance Limited� This cover insures Directors
against liabilities to other parties that may arise from their positions as
Directors� The insurance does not cover liabilities arising from criminal
actions�
ACCOUNTING POLICIES
There were no changes in accounting policies during the period� All
policies are consistent with those applied in the previous year�
P.45
› South Port
Annual Report 2024
› Section 05
Governance

$100,001-$110,000 14
$110,001-$120,000 4
$120,001-$130,000 9
$130,001-$140,000 2
$140,001-$150,000 1
$150,001 - $160,000 1
$170,001-$180,000 1
$220,001-$230,000 2
$230,001-$240,000 1
$270,001-$280,000 1
$280,001-$290,000 1
$290,001-$300,000 1
$330,001-$340,000 1
$350,001-$360,000 1
$370,001-$380,000 1
$380,001-$390,000 1
$390,001-$400,000 1
$400,001-$410,000 1
$550,001-$560,000 1
Remuneration
Number of
Employees
The Chief Executive Officer’s Employment Contract is reviewed
annually by the Board. It is not a fixed-term contract.
The remuneration of senior management is reviewed annually
and is determined in a transparent, deliberate, and objective
manner�
NOTICE AND PAUSE PROVISIONS
The Company has adopted “notice and pause” provisions in its
Constitution�
AUDIT & RISK COMMITTEE
The Company has a formally constituted Audit & Risk
Committee comprising N J Greer (Chair), W J Schol and M A
Henderson�
It is the role of the Audit & Risk Committee to review the
Company’s financial statements and announcements, liaise
directly with the Company’s Auditors and review the Company's
accounting policies, practices and related matters�
AUDITOR’S REMUNERATION
During the year $85,394 was paid to the Company’s Auditors,
Deloitte Limited, for audit services carried out as agent for the
Controller and Auditor General for the year ended 30 June
2024� The Company did not pay the Auditors for any advice or
guidance on other matters�
Name
R Chapman
1
$43,333
P Cory-Wright
2
$110,000
C Crowley
3
$46,667
N Greer $70,000
J Schol $70,000
C Kearney $70,000
M Henderson $70,000

Total $480,000
REMUNERATION OF DIRECTORS
Directors’ remuneration for the 12 month period ended 30 June
2024 was as follows:
Remuneration of Directors
01/07/2023 to 30/06/2024
No other benefits have been provided by the Company to a
Director or in any other capacity� No loans have been made by
the Company to a Director nor has the Company guaranteed
any debts incurred by a Director�
REMUNERATION OF EMPLOYEES
Section 211(1)(g) of the New Zealand Companies Act 1993
requires disclosure of remuneration and other benefits, including
redundancy and other payments made on termination of
employment, in excess of $100,000 per year, paid in respect of
the current year by the Company to any employees who are not
Directors of the Company�
Remuneration for Employees over $100,000
1 July 2023 - 30 June 2024
1

|
Retired from the Board 31 October 2023
2

|
Elected Chair 31 October 2023
3
|
Appointed to the Board 31 October 2023
Gross Taxable

P W Cory-Wright
Chair
Position
Mr P W Cory-Wright
NZ Local Government Funding Agency Director
Papa Rererangi i Puketapu Limited Chair
(New Plymouth Airport)
NZ Windfarms Limited Director
Matariki Forestry Group Director
(and its wholly owned subsidiaries)
Powerco NZ Holdings Limited Director
(and its wholly owned subsidiaries)
TRH Holdings Director
(and its wholly owned subsidiaries)
Mrs C M Kearney
New Zealand Alpine Club Board Member
Ms N J Greer
Fidelity Life Assurance Company Limited Director
New Zealand Railways Corporation Limited Director
Precinct Properties New Zealand Limited Director
Precinct Properties Investments Limited Director
Vulcan Steel Limited Director
NZ Markets Disciplinary Tribunal Member
Mrs M A Henderson
Meridian Energy Limited Director
Cycling New Zealand Incorporated Board Member
DIRECTORS' INTERESTS
The Company is required to maintain an Interests Register in which particulars of certain transactions and matters involving the Directors
must be recorded� No material transaction entries were recorded in the Interests Register for the period 1 July 2023 to 30 June 2024�
The Directors of the Company have declared interests in the following identified entities as at 30 June 2024:
23 August 2024
Mr W J Schol
Invercargill City Holdings Limited Director
Invercargill City Property Limited Director
Malloch McClean Limited Director
Amberly Trustees Limited Director
Clarity HQ Limited Director
The Gap 2014 Limited Director
Plus More Capital Limited Director
Ms C R Crowley
Aratu Forests Limited Director
Skills Consulting Group Director
Southern Cross Benefits Limited t/a Southern Cross
Travel Insurance Chair
Silver Fern Farms Limited Director
Waka Kotahi – NZ Transport Agency Deputy Chair
K�L�C� Limited Chair
Ngāti Manawa Development Limited Director
Auckland Council,
Audit & Risk Committee Independent Member
Te Arawa Management Limited CEO
Mr R T Chapman (retired from Board 31 October 2023)
Cruickshank Pryde Partner
IFS Growth Solicitor
Makarewa Cool Stores Ltd Solicitor
Niagara Sawmilling Company Ltd Solicitor
Prime Range Meats Ltd Solicitor
Pyper’s Produce Ltd Solicitor
Winton Stock Feed Ltd Solicitor
Bluff Limited Solicitor
CP Trustees Limited Director
Position
N J Greer
Chair, Audit and
Risk Committee
P.47
› South Port
Annual Report 2024
› Section 05
Governance

Top Twenty Ordinary Shareholdings*
Shareholder Holding Percent
Southland Regional Council 17,441,573 66�48
Forsyth Barr Custodians Limited 1,706,663 6�51
Russell John Field & Anthony James Palmer 1,318,454 5�03
Accident Compensation Corporation 757,230 2� 89
HSBC Nominees (New Zealand) Limited 398,043 1.52
Bnp Paribas Nominees NZ Limited 272,420 1� 04
Michael Robert Mayger & Eleanor Margaret Mayger 233,240 0�89
Custodial Services Limited 178,864 0�68
Daniel Martin Noonan 175,364 0�67
Citibank Nominees (Nz) Ltd 129,118 0.49
New Zealand Depository Nominee 99,934 0�38
Howard Cedric Zingel 78,804 0�30
Fern Annette Anderson 77,184 0�29
John James O`Brien 74,004 0�28
Pauline Ann Stapel & Stephen Thomas Mckee 70,881 0�27
Owen John Bennett 70,005 0�27
David Grindell 54,500 0�21
Private Nominees Limited 53,585 0�20
Glenn Owen Johnston 50,000 0�19
Jean Paul Henri Mathias Thull 48,265 0�18
Substantial Security Holders
According to notices given to the Company under the Financial Markets Conduct Act 2013, as at 30 June 2024, the substantial product
holders in the Company and their relevant interests are noted below:
Holder No. of Shares % of Issued Capital Date of Notice
Southland Regional Council 17,441,573 66�48 20 October 2000
K & M Douglas Trust, Douglas Irrevocable Trust,
Douglas Family Trust 1,706,663 6�50 24 December 2009
J I Urquhart Family Trust 1,318,454 5�03 28 October 2010
Size of Holding
1 - 1,000 430 44.56 220,021 0.84%
1,001 - 5,000 374 38.76 1,018,883 3.88%
5,001 - 10,000 92 9.53 708,511 2.70%
10,001 - 50,000 55 5.70 1,082,392 4.13%
50,001 - 100,000 7 0.73 525,312 2.00%
Greater than 100,000 7 0.73 22,679,779 86.45%
965 100 26,234,898 100
Size of Holding
HoldersIssued CapitalIssued Capital%
Prices for Shares
Traded During This Year
As at 30 June 2024 $5.61
High $7�60
Low $5�44
* New Zealand Central Securities Depository Limited (NZCSD) provides a custodial depository service which allows electronic trading of securities to its members. For the purpose of this table,
shares in the Company held by NZCSD have been allocated to the applicable members. For reference, as at 30 June 2024, the total through NZCSD in the top holders list was 1,318,454
ordinary shares or 5�03% of shares on issue�
Range

Holders %
AS AT 30 JUNE 2024
Statutory Disclosure in Relation to Shareholders

Shareholder Highlights
0%
50%
100%
150%
200%
250%
300%
2016201720182019202020212022202320242015
Domicile of Shareholdings
NEW ZEALAND REGION Holders % Holders Issued Capital % Issued Capital

Northland 26 2.69 90,863 0.35
Auckland (incl. North Shore, Waitakere & Rodney) 181 18.76 2,249,473 8.57
Greater Auckland Region (incl. Manukau) 47 4.87 116,698 0.44
Waikato & Bay of Plenty 138 14.30 710,426 2.71
Taranaki, Whanganui, Hawkes Bay & Gisborne 70 7�25 195,642 0�75
Wellington Region 50 5.18 169,063 0.64
Wellington City 38 3.94 339,450 1.29
Upper South Island 64 6.63 1,797,543 6.85
Christchurch 48 4.97 334,116 1.27
Lower South Island 270 27.98 19,920,147 75.93
932 96.57 25,923,421 98.80
(Breakdown above)
COUNTRY Holders % Holders Issued Capital % Issued Capital

Australia 21 2�22 240,329 0�93
Canada 1 0.10 45,978 0.18
Germany, Federal Republic Of 1 0�10 1,000 0�00
Hong Kong 1 0�10 4,000 0�02
New Zealand 932 96.57 25,923,421 98.80
Philippines 1 0�10 1,000 0�00
Singapore 1 0�10 4,125 0�02
South Africa 1 0.10 380 0.00
Switzerland 1 0�10 5,365 0�02
Taiwan 1 0�10 5,000 0�02
Thailand 1 0�10 1,000 0�00
United Kingdom 3 0�31 3,300 0�01
965 100.00 26,234,898 100.00
10 Year Cumulative Total Shareholder Return
P.49
› South Port
Annual Report 2024
› Section 05
Governance

The Board of Directors (the Board), and
Executive Leadership Team (ELT) of South
Port New Zealand Ltd (South Port) are
committed to building long-term value
for shareholders and employees� We are
honouring this commitment by maintaining
the highest standards of governance,
supported by best practice structures,
people, practices and policies� This includes
maintaining high standards of business
integrity and ethics in all of our activities�
The extent to which South Port has followed
the recommendations of the NZX Corporate
Governance Code dated 1 April 2023 (NZX
Code) for the financial year ended 30 June
2024 is detailed below� This statement was
approved by the Board on 23 August 2024
and was accurate as at that date�
Consistent with its commitment to best practice corporate
governance, the Board’s view is that South Port’s corporate
governance policies, practices and processes generally
follow the recommendations set by the NZX Code in all
material aspects for the financial year ending 30 June 2024�
The Board regularly reviews and assesses South Port’s
governance policies, procedures, and practices to ensure they
are appropriate and effective� This Corporate Governance
Statement includes disclosure to the extent to which South Port
has followed each of the recommendations of the NZX Code
or, if applicable, an explanation of why a recommendation was
not followed and any alternative practices followed in lieu of the
recommendation�
South Port’s key corporate governance documents referred to in
this statement, including charters and policies, can be found on
the Company’s website:
 https://southport�co�nz/investors-centre#corporate_
governance
These documents should be read in conjunction with this
statement:
›Corporate Governance Manual
›Company Constitution
›Director and Executive Remuneration Policy
›Sensitive Expenditure Policy
›Health and Safety Policies
OUR DIRECTORS AND BOARD COMPOSITION
South Port’s Directors bring a diverse wealth of experience,
acting on behalf of our shareholders and other stakeholders�
Directors are chosen for their corporate leadership skills,
professional backgrounds, experience and expertise. The right
blend of skills and experience, combined with the diversity of
Directors’ perspectives, is crucial to ensuring the attainment of
long-term value for South Port’s shareholders.
At 30 June 2024, the Board comprised six independent
directors: Philip Cory-Wright, Cassandra Crowley, Nicola Greer,
Michelle Henderson, Clare Kearney and William (John) Schol.
Past director Rex Chapman retired at the 2023 Annual Meeting.
Ms Crowley was appointed at the 2023 Annual Meeting as an
independent director replacing Mr Chapman on the Board�
Under the NZX Listing Rules, a director must not hold office
(without re-election) past the third annual meeting following
that Director’s appointment or three years, whichever is longer.
The Company’s Constitution also requires at least one third
of the Board to retire annually� Accordingly, Nicola Greer and
Michelle Henderson are required to retire by rotation this year�
Being eligible, both Ms Greer and Mrs Henderson have offered
themselves for re-election at the Annual Meeting in October
2024�
For more information about our Board, please visit:
 https://southport�co�nz/about-us-and-our-people
Corporate Governance Statement

Ethical Standards
“Directors should set high standards of ethical
behaviour, model this behaviour and hold
management accountable for these standards
being followed throughout the organisation.”
CODE OF ETHICS
Recommendation 1.1: The board should document minimum
standards of ethical behaviour to which the issuer’s directors
and employees are expected to adhere (a code of ethics) and
comply with the other requirements of Recommendation 1.1 of
the NZX Corporate Governance Code.
South Port expects its directors, senior management and
employees to maintain the highest standards of honesty,
integrity and ethical conduct in day-to-day behaviour and
decision making. The Company’s Code of Ethics sets out the
standard of conduct expected of everyone working at South
Port including directors, management, staff and contractors�
The Code of Ethics provides a guide to the conduct that is
consistent with the Company’s values and behaviours, business
goals and legal obligations� It also outlines internal reporting
procedures for any breaches and incorporates the other
requirements of Recommendation 1�1 of the NZX Corporate
Governance Code� An introduction to the Code of Ethics forms
part of the induction and training process of new employees�
Subsequently, every three years employees are required to
complete a Code of Ethics refresh session� This key corporate
governance document is available on the Company’s website
within the Company’s Corporate Governance Manual and staff
are reminded to refamiliarise themselves with it on a regular
basis via internal training processes� The Code of Ethics is
subject to annual review by the Board�
SENSITIVE EXPENDITURE POLICY
This policy sets out the Company’s expectations on sensitive
or discretionary expenditure incurred by directors or employees
and is available on the Company’s website.
SECURITIES TRADING POLICY AND GUIDELINES
Recommendation 1.2: An issuer should have a financial product
dealing policy which applies to employees and directors.
The Company is committed to transparency and fairness in
dealing with all of its stakeholders and to ensure adherence to
all applicable laws and regulations� The Securities Trading Policy
and Guidelines governs trading in the Company’s securities by
directors, employees and other associated persons� This policy
can be found on the Company’s website within the Company's
Corporate Governance Manual�
PRINCIPLE 1
›
Board Composition
and Performance
PRINCIPLE 2
›
“To ensure an effective board, there should be
a balance of independence, skills, knowledge,
experience and perspectives.”
BOARD CHARTER
Recommendation 2.1: The board of an issuer should
operate under a written charter which sets out the roles and
responsibilities of the board. The board charter should clearly
distinguish and disclose the respective roles and responsibilities of
the board and management.
The Board has adopted a formal Board Charter to ensure
compliance with the NZX Corporate Governance Code� The
Charter sets out the roles, responsibilities and structure of the
Board and provides guidance for the effective oversight of the
Company by the Board� The Board is responsible for setting the
Company’s strategic direction, overseeing the management of the
Company and directing performance by optimising the short-term
and long-term best interests of the Company and its shareholders�
The Board delegates management of the day-to-day affairs
and management responsibilities of the Company to achieve
the strategic direction and goals determined by the Board� The
roles and responsibilities of management are also outlined in this
Charter�
NOMINATION AND APPOINTMENT OF DIRECTORS
Recommendation 2.2 and 2.3: Every issuer should have a
procedure for the nomination and appointment of directors to
the board. An issuer should enter into written agreements with
each newly appointed director establishing the terms of their
appointment.
The Board’s procedure for the nomination and appointment of
directors to the Board is set out in the Board Charter� Careful
consideration is given to the composition of the Board in relation
to the Company’s needs and operating environment. The Board
should at all times comprise members whose skills, experience
and attributes together reflect diversity, balance, and cohesion
and match the demands facing the Company� This also applies to
the consideration of additional or replacement directors� Priority
is given to ensuring the skills, experience and diversity necessary
for the Board to fulfil its governance role and to contribute to the
long-term strategic direction of the Company�
While it is not compulsory for directors to own shares in South
Port, they may buy South Port shares and hold them as a long-
term investment�
P.51
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Annual Report 2024
› Section 05
Governance

The Board may engage consultants to assist in the identification,
recruitment and appointment of suitable candidates�
South Port enters into appointment agreements with each newly
appointed director� Among other things, the agreement includes
information about the Company’s expectations of the director,
the expected time commitment to South Port, remuneration
entitlements, the requirement to comply with corporate policies
and charters, the right to access information, the requirement to
disclose interests that may impact the director’s independence,
and indemnity and insurance arrangements� The agreement
covers all aspects outlined in recommendation 2�3 of the NZX
Corporate Governance Code�
DIRECTOR PARTICULARS
Recommendation 2.4: Every issuer should disclose
information about each director in its annual report or on its
website, including a profile of experience, length of service,
and ownership interests; the director’s attendance at board
meetings; and the board’s assessment of the director’s
independence, including a description as to why the board
has determined the director to be independent if one of the
factors listed in table 2.4 applies to the director, along with a
description of the interest, relationship or position that triggers
the application of the relevant factor.
As at 30 June 2024, the Board was comprised of six
independent non-executive directors including a non-executive
Chair� The biography of each Board member is set out in the
“Directors’ Profiles” section of this Annual Report and is also
available on the Company’s website.
The size and composition of the Board is subject to the limits
imposed by South Port’s Constitution and in accordance with
the provisions of the Port Companies Act 1988. The Constitution
requires the Board to comprise of a minimum number of six
directors� Under the NZX Listing Rules the Board is required
to maintain at least two independent directors� The criteria
for director independence are outlined in the Board Charter�
Pursuant to the Company’s Constitution, one third of the
directors retire by rotation at each annual meeting but are
eligible for reappointment by shareholders�
South Port director ownership interests can be found in the
“Statutory Report of Directors” section of this Annual Report�
South Port director attendance at board meetings is set out at
recommendation 3�5�
South Port director independence is discussed at
recommendation 2.8.

Board Skills Matrix
This Board Skills Matrix is intended as an additional tool to assist the Board to record the skills the Board currently has, and to identify
existing or future gaps. Directors will be appointed to the Board because of their specific skills, diversity, knowledge and experience.
The table below shows the representation of expertise among the current directors for the Board as a whole.
CAPABILITYKEY ELEMENTS
DIRECTOR
EXPERTISE
Infrastructure/
Capital Projects
Experience working in an industry with projects involving large-
scale capital expenditure and long-term investment horizons.
Financial AcumenA strong accounting or financial background, including
knowledge and understanding of accounting rules and
standards, as defined by the NZX Listing Rules�
Risk ManagementAn understanding of both financial and non-financial risk
management, and the ability to assess risk associated with
the business, particularly those that would threaten the
organisation’s business model, future performance, solvency or
liquidity�
Legal, Regulatory
and Public Policy
Experience in corporate and commercial law, including major
contracts; or legal background or experience in regulatory and
public policy�
Health and SafetyRelevant experience and familiarity with nature of business
operations and associated hazards and risks related to health,
safety, environmental and sustainability�
CultureDetailed understanding of organisation’s corporate purpose and
values and experience in developing and maintaining a positive
organisational culture�
Information
Technology
Knowledge and experience in the strategic use and governance
of information management and information technology�
Strategy
Development/
Implementation
Experience in developing, implementing and challenging a plan
of action designed to achieve long-term goals�
Environmental,
Social and Corporate
Governance (ESG)
Experience in developing, implementing and reporting on ESG
goals and objectives�
Stakeholder
Management
Experience in dealing with and presenting to iwi, strategic
clients, strategic partners, key financiers/suppliers and industry/
regulatory bodies� Has worked in businesses with a diversity of
stakeholders, having played a role in successfully engaging them
over time�
KEY
Very strong
Strong
Solid
Some gaps
This key represents the
assessment of the strength
of the skills and experience
of the Board as a whole�
P.53
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Annual Report 2024
› Section 05
Governance

DIRECTOR TRAINING
Recommendation 2.6: Directors should undertake appropriate
training to remain current on how to best perform their duties as
directors of an issuer.
South Port’s directors are expected to undertake continuous
education to remain current on how best to perform their
responsibilities and keep abreast of changes and trends in
governance practices around economic, political, social, financial
and legal climates� The Board also ensures that new directors are
appropriately introduced to management and the business, that
all directors are updated on relevant industry and company issues
and receive copies of appropriate company documents to enable
them to perform their duties�
EVALUATION OF PERFORMANCE OF DIRECTORS
Recommendation 2.7: The board should have a procedure to
regularly assess director, board and committee performance.
The Chair of the Board leads an annual performance review and
evaluation of the Board as a whole, and of the Board committees
against the Board and Committee Charters including seeking
director’s views relating to board and committee process,
efficiency and effectiveness, for discussion by the full Board�
The Chair of the Board also engages with individual directors to
evaluate and discuss performance and professional development�
An independent review of the performance of individual directors
and the Board was last undertaken in July 2024� This was
supported by external consultants, and was supplemented by
surveys, self-evaluation, and Board discussion�
DIRECTOR INDEPENDENCE
Recommendation 2.8: A majority of the board should be
independent directors
South Port acknowledges that having a majority of independent
directors makes it harder for any individual or small group
of individuals to dominate the Board’s decision-making and
maximises the likelihood that the decisions being made by
the Board will reflect the best interests of the entity and its
shareholders�
South Port’s Board Charter specifies that the Board shall maintain
at least a minimum number of two independent directors or
where the Board comprises eight or more directors, the number
of independent directors shall be at least three or one-third of
all directors. The Chair of the Board must be a non-executive
director�
As at 30 June 2024, the Board was comprised of six independent
directors including an independent Chair. All six directors are
considered by the Board to be “independent” directors having
regard to (amongst other things) the following factors. None of
those directors:
›Is currently, or was within the last three years, employed in
an executive role by South Port, or any of its subsidiaries;
›Is currently deriving, or within the last 12 months derived a
substantial portion of their annual revenue from South Port;
DIVERSITY
Recommendation 2.5: An issuer should have a written diversity
policy which includes requirements for the board or a relevant
committee of the board to set measurable objectives for
achieving diversity (which, at a minimum, should address gender
diversity) and to assess annually both the objectives and the
entity’s progress in achieving them. An issuer should disclose its
diversity policy or a summary of it.
The Company and its Board recognise and believe that building a
diverse and inclusive workforce provides significant opportunity
to leverage engagement, innovation, productivity and improved
service to our customers�
South Port is committed to providing a work environment that
recognises and values different skills, ability and experiences and
where people are treated fairly in order to attract and retain
talented people who will contribute to the achievement of South
Port’s commercial success.
Diversity and inclusion are commitments to recognising and
appreciating the variety of characteristics that make individuals
unique; for example, gender, age, race, ethnicity, culture, disability,
education and background�
The South Port Diversity and Inclusion Policy is disclosed on the
Company’s website within the Company's Corporate Governance
Manual and includes the following specific measurable objectives
set by the Board:
›At least 25% gender
diversity across all SPNZ
Staff by 2025;
›At least 20% gender
diversity across SPNZ
Supervisors by 2025;
›At least 25% gender
diversity across SPNZ
Executive by 2025;
›At least 25% gender
diversity across SPNZ
Board by 2025; and
›At least 10% gender
diversity across
operational areas by
2025�
CategoryTargetActualAchieved
The following table compares the above measurable objectives
against the actual data at balance date:
Board 25 67 50 
Executive 25 29 25 
Supervisors 20 – 13 
Operational 10 11 9 
All Permanent Staff 25 25 20 
2025
% FEMALE
2024
% FEMALE
2023
% FEMALE
The following table sets out the gender composition of South
Port's directors and officers at balance date:
2023
Directors 3 3 — 6
Senior Management 6 2 — 8
9 (64%) 5 (36%) — (0%) 14
2024
Directors 2 4 — 6
Senior Management 5 2 — 7
7 (54%) 6 (46%) — (0%) 13
Male Female Gender Diverse Total

›Is currently, or was within the last 12 months, in a senior
role in a provider of material professional services to
South Port, or any of its subsidiaries;
›Is currently, or was within the last three years, employed
by the external auditors to South Port, or any of its
subsidiaries;
›Currently has, or did have within the last three years,
a material business relationship (e�g� as a supplier or
customer) with South Port or any of its subsidiaries;
›Is a substantial product holder of South Port, or a senior
manager of, or person otherwise associated with a
substantial product holder of South Port;
›Is currently, or was within the last three years, in a material
contractual relationship with South Port or any of its
subsidiaries, other than as a director;
›Has close family ties or personal relationships (including
close social or business connections) with anyone in the
categories listed above�
Although Philip Cory-Wright has been a director of South
Port for a period of more than 12 years, he is considered to be
sufficiently independent from management to still be considered
an independent director� His tenure on the Board reflects the
skills and experience that he brings to the Company.
INDEPENDENT CHAIR
Recommendation 2.9: An issuer should have an independent
chair of the Board.
The current Chair of the South Port Board, Philip Cory-Wright is
an independent Chair as noted under recommendation 2.8.
SEPARATION OF THE BOARD CHAIR AND CHIEF
EXECUTIVE OFFICER (CEO)
Recommendation 2.10: The Chair and the CEO should be
different people.
The positions of the Chair and the CEO of South Port are held
by different people�
The Audit & Risk Committee provides the Board with assistance
in fulfilling their responsibilities to shareholders, the investment
community and others for overseeing the Company’s financial
statements, financial reporting processes, internal accounting
systems, financial controls, risk management, climate-related
disclosures, and South Port’s relationship with its independent
auditors�
The Committee is governed by an Audit & Risk Committee
Charter which is available on the Company’s website within the
Company's Corporate Governance Manual� The Board regularly
reviews the performance of the Committee in accordance with
the Charter�
The Company has developed an External Auditor Relationship
Framework to ensure external audit independence is in line
with best practice to ensure reliable and credible reporting� This
framework is disclosed on the Company’s website within the
Company's Corporate Governance Manual�
The Committee comprises of three independent non-executive
members of the Board of Directors, being Nicola Greer, John
Schol, and Michelle Henderson�
The Committee Chair, also appointed by the Board, cannot also
be the Chair of the Company� Nicola Greer is the Audit & Risk
Committee Chair� At least one member of the Committee must
have an accounting or financial background; John Schol is a
Fellow Chartered Accountant and holds a Master of Business
Administration (MBA) and a Certificate of Public Practice with
Chartered Accountants Australia & New Zealand (CAANZ),
and Nicola Greer has a Master of Commerce and an extensive
background in the banking and finance sectors�
Recommendation 3.2: Employees should only attend audit
committee meetings at the invitation of the audit committee.
The Chief Executive and Chief Financial Officer attend the Audit
& Risk Committee meetings by invitation. South Port’s external
auditor also attends the Committee meeting by invitation� During
each meeting, all executives leave the meeting for a period of
time to enable the Board to have open discussions with the
external auditor without any management present.
REMUNERATION COMMITTEE
Recommendation 3.3: An issuer should have a remuneration
committee which operates under a written charter (unless
this is carried out by the whole board). At least a majority of
the remuneration committee should be independent directors.
Management should only attend remuneration committee
meetings at the invitation of the remuneration committee.
The Board does not operate a separate remuneration committee
as director and senior management remuneration is considered
by the entire Board. The Director and Executive Remuneration
Policy outlines the structure of director and executive/
management remuneration, the formal process for shareholder
review, transparency and reporting of actual remuneration paid
and bi-annual review of the Remuneration Policy and process�
“The board should use committees where this
will enhance its effectiveness in key areas, while
still retaining board responsibility.”
AUDIT & RISK COMMITTEE
Recommendation 3.1: An issuer’s audit committee should
operate under a written charter. Membership on the audit
committee should be majority independent and comprise solely
of non-executive directors of the issuer. The chair of the audit
committee should be an independent director and not the chair
of the board.
Board Committees
PRINCIPLE 3
›
P.55
› South Port
Annual Report 2024
› Section 05
Governance

The Board has not established protocols for setting out
procedures to be followed in the event of a takeover offer� This is
because the Board considers receipt of a takeover offer to be an
extremely unlikely event given the Southland Regional Council’s
(Environment Southland) majority shareholding in the Company.
Reporting and
Disclosure
PRINCIPLE 4
›
“The board should demand integrity in financial
and non-financial reporting, and in the timeliness
and balance of corporate disclosures.”
The Board is committed to providing full and timely financial and
non-financial information that is accurate, balanced, meaningful
and consistent� As a listed company, keeping the market
informed is a key component to ensure securities are fairly
valued�
CONTINUOUS DISCLOSURE
Recommendation 4.1: An issuer’s board should have a written
continuous disclosure policy.
South Port has a Continuous Disclosure Policy which is available
on the Company’s website within the Company's Corporate
Governance Manual�
South Port is committed to providing accurate, timely and
consistent disclosures which comply with its continuous
disclosure regime, in accordance with the NZX Listing Rules�
The Company is required to disclose to the market, matters
which could be expected to have a material effect on the price
or value of the Company’s shares. Management processes
are in place to ensure that all material matters which may
require disclosure are promptly reported to the Board through
established reporting lines� Matters reported are assessed
as and when required against the NZX Listing Rules and
advised to the market� The Chair and CEO are responsible
for communications with NZX and for ensuring that such
information is not provided to any person or organisation until
NZX has confirmed its release to the market�
All material announcements are posted on the Company’s
website�
CHARTERS AND POLICIES
Recommendation 4.2: An issuer should make its code of ethics,
board and committee charters and the policies recommended
in the NZX Code, together with any other key governance
documents, available on its website.
Information about South Port’s corporate governance
framework (including the Code of Ethics, Board and Committee
Total Meetings 1 8 3
R Chapman
1
1 3 –
P Cory-Wright
2
1 8 1
C Crowley
3
1

5

–
N Greer 4 1 8 3
M Henderson
5
1 8 2
C Kearney 1 8 –
J Schol 1 8 3
Annual
Meeting
Board
Meeting
Audit & Risk
Committee (ARC)
1

|
Retired from the Board 31 October 2023
2

|
Appointed Board Chair 31 October 2023, retired from the ARC after
25 August 2023 meeting
3

|
Appointed to the Board 31 October 2023
4

|
Appointed ARC Chair after 25 August 2023 meeting
5

|
Appointed to the ARC after 25 August 2023 meeting
NOMINATION COMMITTEE
Recommendation 3.4: An issuer should establish a nomination
committee to recommend director appointments to the board
(unless this is carried out by the whole board), which should
operate under a written charter. At least a majority of the
nomination committee should be independent directors.
The Board does not operate a separate nomination committee�
The process and procedure for the appointment of directors
to the Board is outlined in the Board Charter� The appointment
of a director is a shareholder decision� Director nominations
are called for from shareholders in accordance with the Rules�
The Board will then consider the candidates who have been
nominated for appointment as a director� Directors are selected
based on a range of factors including the needs of the Board at
the time�
OVERVIEW OF BOARD COMMITTEES
Recommendation 3.5: An issuer should consider whether it is
appropriate to have any other board committees as standing
board committees. All committees should operate under written
charters. An issuer should identify the members of each of its
committees, and periodically report member attendance.
The Board does not operate any other committees apart from
the Audit & Risk Committee� Consideration has been given as to
whether any other standing board committees are appropriate
and determined they are not required�
DIRECTORS’ ATTENDANCE AT MEETINGS
1 July 2023 to 30 June 2024
TAKEOVER PROTOCOLS
Recommendation 3.6: The board should establish appropriate
protocols that set out the procedure to be followed if there is
a takeover offer for the issuer including any communication
between insiders and the bidder. The board should disclose
the scope of independent advisory reports to shareholders.
These protocols should include the option of establishing an
independent takeover committee, and the likely composition
and implementation of an independent takeover committee.

Remuneration
PRINCIPLE 5
›
“The remuneration of directors and executives
should be transparent, fair and reasonable.”
DIRECTOR REMUNERATION
Recommendation 5.1: An issuer should have a remuneration
policy for the remuneration of directors. An issuer should
recommend director remuneration to shareholders for approval
in a transparent manner. Actual director remuneration should be
clearly disclosed in the issuer’s annual report.
South Port’s Director and Executive Remuneration Policy
contains the policy for remuneration of directors� In accordance
with the Remuneration Policy and the Company’s Constitution,
shareholder approval is sought on any increase in the pool
available to pay directors’ fees. The Remuneration Policy is
available at:
 https://southport�co�nz/investors-centre#corporate_
governance
Director remuneration is paid in the form of director’s fees, South
Port does not offer performance-based remuneration, equity-
based remuneration or retirement payments to directors� On 31
October 2023 the shareholders approved the directors’ fee pool
limit of $532,000 per annum. South Port’s Board considered
and presented the proposal to increase the director fee pool and
sought and considered independent advice from PwC, which
reviewed the remuneration of directors of comparable listed
companies in New Zealand. A copy of the Summary Directors’
Fees Report was provided to shareholders and can be found at:
 https://southport.co.nz/assets/reports/South-Port-NED-
Summary-Report-2023�pdf
Information on director remuneration is available in the South Port
Annual Report 2024; refer “Statutory Report of Directors” (page
55). It includes a breakdown of remuneration for board fees. There
were no separate fees provided for members of the Audit & Risk
Committee during FY24� Directors are entitled to reimbursement
of reasonable travel and other expenses incurred by them in
connection with their attendance at Board or Annual Meetings, or
otherwise in connection with South Port business�
EXECUTIVE REMUNERATION
Recommendation 5.2: An issuer should have a remuneration
policy for remuneration of executives which outlines the
relative weightings of remuneration components and relevant
performance criteria.
Charters and other selected key governance codes and policies)
is available to view on the South Port website:
 www�southport�co�nz
FINANCIAL REPORTING
Recommendation 4.3: Financial reporting should be balanced,
clear and objective.
The Audit & Risk Committee oversees the quality and
integrity of external financial reporting including the accuracy,
completeness and timeliness of financial statements� The
Committee is committed to balanced, clear and objective
financial reporting�
It reviews half-yearly and annual financial statements and makes
recommendations to the Board concerning accounting policies,
areas of judgement, compliance with accounting standards,
stock exchange and legal requirements, and the results of the
external audit.
Management accountability for the integrity of the Company’s
financial reporting is reinforced by the certification from the
Chief Executive and the Chief Financial Officer. The Chief
Executive and the Chief Financial Officer have provided the
Board with written confirmation that the Company’s financial
report presents a true and fair view, in all material respects, of
the Company’s financial position for the year ended 30 June
2024, and that the operational results are in accordance with
relevant accounting standards�
NON-FINANCIAL REPORTING - SUSTAINABILITY
Recommendation 4.4: An issuer should provide non-financial
disclosure at least annually, including considering environmental,
social sustainability and governance factors and practices. It
should explain how operational or non-financial targets are
measured. Non-financial reporting should be informative,
include forward looking assessments, and align with key
strategies and metrics monitored by the board.
South Port assesses its exposure to environmental, economic
and social sustainability as part of an overall framework
for managing risk (see Principle 6 – Risk Management).
Environmental, social and governance factors and practices
are always considered when making decisions� South Port has
separate sections included in the Annual Report to report on
environmental, social sustainability, and governance factors
(ESG) which covers the following areas:
›Environment
›People and Communities
›Governance
South Port also annually discloses:
›Climate-related disclosures as per the requirements of the
Aotearoa New Zealand Climate Standards
›Greenhouse Gas (GHG) Emissions Profile
The Company is committed to improving standards of
environmental performance to enable a more efficient
and sustainable future and is working towards continuous
improvement in this area�
P.57
› South Port
Annual Report 2024
› Section 05
Governance

South Port has adopted a Director and Executive Remuneration
Policy as outlined above� This sets out the guiding principles and
structure of South Port’s remuneration to its executives, together
with the review process and reporting requirements to ensure that
remuneration is transparent, fair and reasonable to meet the needs
of the business, corporate governance bodies and shareholders�
The Board seeks to ensure that executives receive remuneration
that is fair and reasonable in a competitive market for the skills,
knowledge and experience required by the Company.
Guidance is sought from independent remuneration consultants by
the Board as required�
The Board is responsible for reviewing the remuneration of the
Company’s executive leadership team (ELT) in consultation with
the Chief Executive of the Company. The remuneration packages
of the ELT consist of a mixture of a base remuneration package
and a variable remuneration component (short-term incentive,
or STI) based on relevant performance measures, designed to
attract, motivate and retain high quality employees who will enable
the Company to achieve its short and long-term objectives�
The Company also has a long-term incentive (LTI) for the ELT
in the form of a performance share rights plan� The plan grants
participants a right to receive ordinary shares in South Port for no
consideration if the following vesting conditions/hurdles are met at
the conclusion of a three-year period and the participants remain
employed by the Group during that period:
›Total shareholder return exceeds a cost of equity target;
›Total shareholder return is above a target percentile of the
NZX50 peer group companies; and
›Earnings per share compound annual growth rate exceeds a
target rate�
Details relating to the number of employees and former employees
who received remuneration and other benefits in excess of
$100,000 during the year ended 30 June 2024 is available in
the South Port Annual Report 2024, refer “Statutory Report of
Directors” (page 55).
CHIEF EXECUTIVE REMUNERATION
Recommendation 5.3: An issuer should disclose the remuneration
arrangements in place for the CEO in its annual report. This
should include disclosure of the base salary, short-term incentives
and long-term incentives and the performance criteria used to
determine performance-based payments.
The Chief Executive’s remuneration is made up of fixed
remuneration and variable remuneration� Variable remuneration
refers to remuneration that is “at risk” and linked to individual and
organisational performance with clearly defined metrics� The Chief
Executive’s remuneration is reviewed annually by the Board and
an external consulting firm is engaged as appropriate to review
market relativity and comparability against peer groups� The
Chief Executive is entitled to redundancy compensation if his/her
employment is terminated as a result of redundancy, however no
retirement benefits, sign-on bonuses or retention payments are
offered�
The fixed remuneration is determined in relation to the market
for comparable sized and performing companies and includes all
benefits and allowances� The position in the market will normally
be comparable to the median� Adjustments are not automatic and
are determined by performance which is reviewed annually by the
Board�
The Chief Executive’s remuneration for the year ended 30 June
2024 was made up as follows:
Chief Executive Remuneration
2024
Fixed Remuneration $484,871
Short-Term Incentive $83,200
Total $568,071

2023
Fixed Remuneration $458,021
Short-Term Incentive $94,000
Total $552,021
Fixed remuneration - includes a base salary, employer KiwiSaver
contributions, vehicle allowance and medical insurance�
Short-term incentive (STI) is set at a maximum of $54,000 per
annum (including holiday pay) for the Chief Executive. 20% of the
STI is linked to the Company’s financial performance with the actual
opportunity being either 0% or 100%. The other 80% of the STI is
based on achieving strategic objectives with the actual opportunity
in the range of 0% to 100%� Objectives are set each year by the
Board and for the 2024 year included financial and other targets for
the Company overall, as well as personal objectives and targets,
appropriate for the role. FY24 remuneration for the Chief Executive
also included the second half of a one-off STI relating to project Kia
Whakaū.
The Long-term incentive (LTI) noted under recommendation 5.2
is only in year one of three, therefore no performance rights have
been vested during the year ended 30 June 2024� However,
the Chief Executive was offered 8,795 performance rights on 1
November 2023, which will vest in 2026 if the required hurdles are
met�
Risk Management
PRINCIPLE 6
›
“Directors should have a sound understanding of
the material risks faced by the issuer and how to
manage them. The board should regularly verify
that the issuer has appropriate processes that
identify and manage potential and material risks.”
RISK MANAGEMENT FRAMEWORK
Recommendation 6.1: An issuer should have a risk management
framework for its business and the issuer’s board should receive
and review regular reports. An issuer should report the material
risks facing the business and how these are being managed.

P.59
› South Port
Annual Report 2024
› Section 05
Governance

additional risks identified� The Board are invited to attend all risk
management meetings�
The material risks which may impact the Company’s ability to
achieve its strategic objectives and secure its financial prospects,
are managed through the strategic planning process�
The Company has a Treasury Policy to help manage liquidity and
funding risk, foreign exchange risk, interest rate risk and other
treasury risk. The Treasury Management Group (TMG) consisting
of the Chief Executive, Chief Financial Officer and other senior
managers (as appropriate) meets at least quarterly to review and
discuss treasury risk� The minutes taken at these meetings are
shared with the Board�
ENVIRONMENTAL SOCIAL AND GOVERNANCE
(ESG) FACTORS
South Port is a Climate Reporting Entity (CRE) under the new
Aotearoa New Zealand Climate Standards which came into effect
on 1 January 2023. FY24 is the Group’s first mandatory reporting
period under these new standards�
The new climate standards provide a consistent framework for
entities to consider the climate-related risks and climate-related
opportunities that climate change presents for their activities over
the short, medium and long-term� The climate-related disclosures
cover four pillars being; governance, strategy, risk management,
and metrics & targets�
South Port’s climate-related disclosures for FY24 will be published
on or before 31 October 2024, and made available on our website:
 https://southport�co�nz/communication-centre?url=reports
HEALTH, SAFETY & WELLBEING
Recommendation 6.2: An issuer should disclose how it manages
its health and safety risks and should report on its health and
safety risks, performance and management.
Health, safety and wellbeing (HSW) continues to be a key focus of
the Company and continuous improvement has been made in this
area over recent years� The Company presently has four full-time
personnel dedicated to HSW matters in addition to all personnel
having responsibility for HSW in their daily work processes�
South Port has identified six site critical risks being mobile plant
vs person, working at heights, falling objects, working on or near
water, uncontrolled energy release and hazardous substances�
The port’s focus is to establish controls to prevent these
accidents / incidents occurring while also providing controls to fail
safely if an accident / incident were to occur in one of these six
critical risk areas�
The Board operates a H&S Panel which consists of the full board,
two H&S personnel, together with two senior managers and two
staff representatives. The H&S Panel’s function is to establish
a HSW strategic plan, monitor its implementation, undertake
scheduled operational site visits and address key HSW issues
facing the business, with the objective of achieving continuous
improvement� The H&S Panel normally meets at least two times
each year�
South Port’s risk management framework supports a structured
approach for identifying, assessing, and managing risks that may
affect the Company’s business objectives. The framework is
based on the AS/NZS ISO 3100:2018 standards and principles.
The risk management framework outlines the purpose and
benefits of risk management, such as informed decision-making,
resource prioritisation, balance of risk and reward, anticipation of
challenges, mitigation of adverse impacts, and enhancement of
organisational resilience�
The risk framework explains the steps and tools for conducting
risk assessments, such as establishing the context, identifying
risks, analysing risks, evaluating risks, treating risks, monitoring
and reviewing risks, and communicating and consulting with
stakeholders� The framework describes risk categories, contains
risk matrices, and describes control assessment methodology�
RISK MANAGEMENT AND RESPONSIBILITIES
The Board is ultimately responsible for reviewing and approving
the Company’s risk management strategy.
The Board delegates day-to-day management of risk to the Chief
Executive, who may further delegate such responsibilities to the
executive and other officers. Management meets quarterly to
discuss the Company’s risk matrix and make changes as required.
The Company encourages a risk-aware culture, where risks are
identified and managed within the respective risk appetite levels
set by the Board�
Risks are assessed with consideration to the potential impact on
the business across a number of areas including:
›Strategic
›Financial
›Regulatory
›Reputational
›Operational
›Employee
›Health, Safety
and Wellbeing
›Environmental
›Social, and
Cultural Risk
›Climate
The Audit & Risk Committee is responsible for overseeing risk
management practices and works closely with management,
external advisors and the Company’s auditors to ensure that risk
management issues are properly identified and addressed� The
Board reviews and updates the Company’s commercial risks
matrix at each board meeting.
RISK MONITORING AND EVALUATION
Risks and treatments are monitored regularly to ensure that
they remain within tolerable levels and that the controls and
treatments are effective� Risk reviews consist of reassessing the
inherent risk, assessing emerging risks, and assessing control
effectiveness and treatment options�
The Audit & Risk Committee reviews the reports of management
and the external auditors on the effectiveness of systems for
internal control, financial reporting and risk management�
The Company has a separate Risk Management Committee
which meets at least annually to review changes to the risk
profile of the business and to consider ways of mitigating

ATTENDANCE AT THE ANNUAL MEETING
Deloitte, as auditor of the 2024 financial statements, has been
invited to attend the Annual Meeting and will be available to
answer questions about the conduct of the audit, preparation and
content of the auditor’s report, accounting policies adopted by
South Port and the independence of the auditor in relation to the
conduct of the audit�
INTERNAL AUDIT
Recommendation 7.3: Internal audit functions should be
disclosed.
South Port has robust internal controls and processes in place
which alleviates the need to have a formal internal audit function
as recommended by the NZX Corporate Governance Code�
While there is no formal function in place, the Company does
undertake some internal audit tasks as required to ensure robust
internal processes are being maintained. The Chief Executive
is accountable for all operational and compliance risk across
the Company’s operations. The Chief Financial Officer has
management accountability for the effective implementation
and improvement of internal systems and controls. South Port’s
Risk and Technology Manager also plays a vital role in helping
to monitor and manage the Company’s risks and compliance
obligations�
Shareholder Rights
and Relations
PRINCIPLE 8
›
“The Board should respect the rights of
shareholders and foster constructive
relationships with shareholders that encourage
them to engage with the issuer.”
INFORMATION FOR SHAREHOLDERS
Recommendation 8.1: An issuer should have a website where
investors and interested stakeholders can access financial
and operational information and key corporate governance
information about the issuer.
South Port seeks to ensure its shareholders are appropriately
informed of its operations and results, with the delivery of timely
and focused communication, and the holding of shareholder
meetings in a manner conducive to achieving shareholder
participation�
Auditors
PRINCIPLE 7
›
“The Board should ensure the quality and
independence of the external audit process.”
EXTERNAL AUDIT
Recommendation 7.1 and 7.2: The board should establish a
framework for the issuer’s relationship with its external auditors.
This should include procedures prescribed in the NZX Corporate
Governance Code. The external auditor should attend the issuer’s
Annual Meeting to answer questions from shareholders in relation
to the audit.
The independence of the external auditor is of particular
importance to shareholders and the Board� The Audit & Risk
Committee is responsible for overseeing the external audit of the
Company� Accordingly, it monitors developments in the areas of
audit and threats to audit independence to ensure its policies and
practices are consistent with emerging best practice�
The Board has adopted a policy on audit independence (the
External Auditor Relationship Framework), the key elements of
which are:
›the external auditor must remain independent of the
Company at all times;
›the external auditor must monitor its independence and
annually report to the Board in writing that it has remained
independent;
›the audit firm is permitted to provide non-audit services
that are not considered to be in conflict with the
preservation of the independence of the auditor; and
›the Audit & Risk Committee must approve significant
permissible non-audit work assignments that are awarded
to the external auditor.
It is the responsibility of the Audit and Risk Committee, among
others, to act as a formal forum for free and open communication
between the Board and the external auditors and management.
ENGAGEMENT OF THE EXTERNAL AUDITOR
The Auditor-General is the auditor of South Port� The Auditor-
General is responsible for audit firm rotation and has appointed
Deloitte to carry out the audit of the consolidated financial
statements of the Group on his behalf� Deloitte was first
appointed as South Port’s auditor for the year ended 30 June
2022� The Lead Audit Partner is currently Mike Hawken who was
appointed at this time also�
South Port does not obtain external limited assurance over their
non-financial disclosures�
Another important tool used to deliver HSW improvement is the
Company’s PACE Programme, with the H&S component being
driven by the South Port H&S Committee� Output from the PACE
Programme and the H&S Committee is fed through to the H&S
Panel for consideration�
P.61
› South Port
Annual Report 2024
› Section 05
Governance

In accordance with the Companies Act 1993, the Company’s
Constitution and the NZX Listing Rules, South Port refers any
significant matters to shareholders for approval at a shareholder
meeting� Where shareholder votes are conducted by poll, each
shareholder is entitled to one vote per share�
CAPITAL RAISING
Recommendation 8.4: If seeking additional equity capital,
issuers of quoted equity securities should offer further equity
securities to existing equity security holders of the same class
on a pro rata basis, and on no less favourable terms, before
further equity securities are offered to other investors.
If South Port was to ever look at raising further capital, it would
consider the interests of existing shareholders when looking
at capital raising options� Where practical, the Company
would favour capital raising methods that provide existing
equity security holders with an opportunity to avoid dilution by
participating in the offer� As such, a pro rata offer should be the
preferred approach�
For the avoidance of doubt, this does not preclude the Company
from allowing it to offer equity securities to employees (including
executive directors), as the primary purpose of such incentives
is not to raise capital�
NOTICE OF ANNUAL MEETING
Recommendation 8.5: The board should ensure that the
notices of annual or special meetings of quoted equity security
holders is posted on the issuer’s website as soon as possible
and at least 20 working days prior to the meeting.
South Port posts any Notices of Shareholder Meetings on the
website as soon as these are available� The general practice
is to make these available not less than four weeks prior to the
shareholder meeting�
Shareholder meetings are generally held at the Company’s place
of business (Bluff) at a time which best ensures full participation
by shareholders� The Board also supports the Annual Meeting
being livestreamed and available for replay after the meeting so
that shareholders unable to attend in person can still view the
meeting and ask questions�
Full participation of shareholders at the Annual Meeting is
encouraged to ensure a high level of accountability and
identification with the Company’s strategies and goals.
Shareholders have the opportunity to submit questions prior to
each meeting and senior management and auditors are present
to assist in answering any specific queries raised� There is also
an opportunity for informal discussion with directors and senior
management for a period after the meeting concludes�
South Port’s Notice of Meeting was made available on its
website at least 20 working days prior to the FY23 annual
meeting of shareholders�
To ensure shareholders have access to relevant information, the
Company:
›Provides a website which contains media releases, current and
past annual reports, corporate governance policies, share price
information, notices of meeting and other information about the
Company;
›Makes available printed half-year and annual reports and
encourages shareholders to access these documents on the
website and to receive advice of their availability by email;
›Publishes press releases on issues/events that may have
material information content that could impact on the price of
its traded securities;
›Issues additional explanatory memoranda where
circumstances require, such as explanations of dividend
changes, independent reviews of directors' fees, and other
explanatory memoranda as may be required by law; and
›Maintains regular contact with leading analysts and brokers
who monitor the Company’s activities.
Key investor information can be found at:
 https://southport�co�nz/communication-centre
 https://southport�co�nz/investors-centre
COMMUNICATING WITH SHAREHOLDERS
Recommendation 8.2: An issuer should allow investors the ability
to easily communicate with the issuer, including by designing its
shareholder meeting arrangements to encourage shareholder
participation and by providing shareholders the option to receive
communications from the issuer electronically.
South Port provides options for shareholders to receive and send
communications electronically, to and from both South Port and
South Port’s share registrar, MUFG Corporate Markets (previously
Link Market Services). The Board welcomes investor enquiries.
Although the Board’s policy is to hold South Port’s annual shareholder
meetings at the Port in Bluff, shareholders are also able to attend the
meeting online via a Teams Link which enables them to ask questions
during the meeting, however shareholders do not have the option
of voting online during the meeting, but they can vote in advance�
The 2024 meeting is intended to be a hybrid meeting again as it
was in 2023, and shareholders will have the opportunity to attend
and participate in Bluff or online via an internet connection� More
information will be provided in the Notice of Meeting�
The ‘full’ hybrid option (including online voting) was made available
in the past at a considerable cost to the Company but was not taken
advantage of by the shareholders� South Port has historically shown
high levels of proportionate physical only attendance such that the
costs of the virtual aspects of a ‘full’ hybrid meeting are uneconomic.
SHAREHOLDER VOTING RIGHTS
Recommendation 8.3: Quoted equity security holders should have
the right to vote on major decisions which may change the nature of
the issuer in which they are invested.

A detailed review of our highlights
for the financial year ended
30 June 2024�
Celebrating 30 years with NZX,
New Zealand’s Exchange ��64
Tiwai Point Aluminium Smelter ��66
MSC Service Overview ��70
Port Infrastructure ��72
SPOTLIGHT
01
02
03
04
05
06
07
08

$2.00
$4.00
$8.00
$0.00
$6.00
$10.00
$12.00
1994
1996
1998
2000
2002
2004
2006
2008
2010
2012
2014
2016
2018
2020
2022
2024
From 1 July 1994 to 30 June 2024
Share Price
Celebrating 30 years
with NZX, New Zealand’s
Exchange
$5.61
For more than 150 years, NZX has created
opportunities for Kiwis to grow their personal
wealth and help businesses prosper� As New
Zealand’s Exchange, it is proud of its record in
supporting the growth and global ambitions
of local companies�
NZX has a rich history that has evolved alongside the country's
growth and advancements. New Zealand’s first local stock
exchange was established in Dunedin in 1866, with initial shares
trading in the gold mines during the gold rush of the 1870s.
Further exchanges were established and independently
operated in Auckland, Thames, Reefton, and Christchurch until
1915 when the Stock Exchange Association of New Zealand was
formed. Further changes were implemented in 1983, and the
New Zealand Stock Exchange was formed.
Key events in New Zealand's Stock Exchange history, such
as the 1987 stock market crash, shaped changes in the
governance structure that are in place today� In 1991, the
regional trading floors were closed as the exchange moved with
technology. In 2003, NZX was listed on the Exchange, where
an independently governed board was established� The New
Zealand Stock Exchange also formally changed its name to NZX.
Today, NZX operates New Zealand’s equity, funds, derivatives,
energy and carbon markets� To support the growth of our
markets, they provide trading, clearing, settlement, depository
and data services for their customers� They also have a funds
management business, Smartshares, and an advisory platform,
NZX Wealth Technologies�
NZX’s success is driven by their commitment to connecting
people, businesses and capital� Their vision is to be a trusted
New Zealand business delivering sustainable wealth, value and
opportunities for all�
South Port is proud to have been aligned with this commitment
for 30 years�
Reference: NZX Limited: About New Zealand’s Exchange
www.nzx.com/about-nzx/organization-structure

P.65
› South Port
Annual Report 2024
› Section 06
Spotlight

Tiwai Point Aluminium
Smelter's future secured
for another 20 years
30
%
20
%
20
%
27
%
of our total cargo
throughput
approximately 20%
of our Net Profit
After Tax
of our bulk vessel
calls into the Port
of containers handled
through the Port (the
majority of which are
packed on the wharf)
This activity helps secure marine,
container packing, and container
terminal operations jobs� This decision
will also bring flow-on benefits to the
Port and the region� Importantly, it will
provide the confidence for generators
to invest in additional renewable
electricity generation in the Southland
province, most likely wind farms�
There is also a 35-year license
agreement between NZAS and South
Port for the South Port-owned Tiwai
Wharf, ending in 2043�
After several years of uncertainty about the future of the New Zealand Aluminium Smelters (NZAS)
Tiwai Point aluminium smelter, it was welcome news when a long-term power supply deal was
reached, seeing a fixed price power contract in place until 2044.

Upon signing, Mercury NZ Executive GM Portfolio, Phil
Gibson, said it represents a significant stepping stone for
further renewables development�
“This agreement gives us confidence to move fast on our
commitment to bringing more renewable energy options to
New Zealand�”
Mercury began construction of its Kaiwera Downs wind farm
expansion project in July, adding a further 36 turbines to the
10 already operational� The entire 46-turbine wind farm will
generate up to 198MW of renewable energy by 2027, helping
to power the Tiwai smelter under the agreement with NZAS�
“This is a fantastic outcome
for New Zealand and the
Southland region. It's further
proof that large industrial
businesses can utilise New
Zealand's renewable energy
advantage and create low-
carbon sustainable products, high-value jobs,
and export dollars for our country.”
When reflecting on the supply deal, Meridian Energy Chief
Executive Neal Barclay called the agreement an "excellent
result" after many years of negotiation�
“Contact’s strategic decisions
and sales choices over the
past four years have been
made under the belief that the
Tiwai Point aluminium smelter
in Southland will continue to
operate for the long-term,”
said Mike Fuge, Contact CEO. “Confirmation of the
sustainable electricity demand from the smelter
supports the acceleration of the Contact26 strategy
to decarbonise New Zealand, with the addition
of demand response also supporting security of
supply.”
“We’re excited to start
another project that will help
Aotearoa, New Zealand, move
to a lower-carbon future.”
With over 50 years of history at Tiwai, NZAS has given cause
to an undercurrent of innovative thinking and a drive to
continuously improve how they operate� This innovative spirit
has seen new demand response contracts concluded with
energy generators, which will see the Tiwai smelter make up
to 185 megawatts (MW) of electricity available to the national
grid in times of severe shortage� This is the equivalent of
approximately 20-25 percent of the energy that the former Lake
Onslow pumped hydro project was modelled to be required to
produce on average�
“As a very large electricity user, NZAS recognises the impact we
have on the demand for electricity in New Zealand,” said Chief
Executive Chris Blenkiron.
“Making up to a third of our supply available to help New
Zealand is something we are happy to do to make sure that we
play our part in the wider energy sector and help to keep the
lights on� “Added demand response capacity will be invaluable
as New Zealand’s energy demand, and climate change, increase
demand on the national grid� “As well as the demand response
capacity, [these] electricity agreements will also help progress
the potential development of new renewable wind projects,
providing a further boost to the security of electricity supply for
New Zealand,” Mr Blenkiron said�
"When our demand response
is called on, it effectively
means New Zealand will have
to burn less coal at Huntly,
ultimately reducing New
Zealand’s carbon emissions."
- Chris Blenkiron
NZAS, Chief Executive and
General Manager
- Phil Gibson
Mercury, Executive GM Portfolio
- Neal Barclay
Meridian Energy, Chief Executive
Meridian Energy
NZAS - Tiwai
Mercury NZ
Contact Energy
- Mike Fuge
Contact Energy, CEO
P.67
› South Port
Annual Report 2024
› Section 06
Spotlight

Tiwai
1971 to 2024
Tonnage
 1800's
1900's 
1966
COMALCO WOULD BUILD A
100,000 TONNE SMELTER IN
BLUFF
The smelter needed power,
and the New Zealand
Government needed a
customer. Thus, Manapōuri
was built for Tiwai, and Tiwai
was built for Manapōuri. The
agreement, which stated
that Comalco would build
a 100,000-tonne aluminum
smelter in Bluff, was signed
in 1966�
1979
THE 1 MILLIONTH TONNE OF
ALUMINIUM PRODUCED
By 1979, the 4,000th
employee was signed on� 7%
of Invercargill's population
was directly dependant on
the smelter and a further 7%
indirectly dependant on the
smelter through service areas�
1877
BLUFF HARBOUR BOARD
ESTABLISHED
The Bluff Harbour Board was
established to manage the
port’s wharves and related
infrastructure�
1856
COLONIAL SETTLEMENT
Bluff Harbour became an official
port of entry in 1856, thereby
beginning its journey as New
Zealand’s southernmost deep-
water commercial port�
1979
COMPUTER-CONTROLLED
CELL AUTOMATION
ANNOUNCED
In 1979, a $3 million computer-
controlled cell automation
system was announced� It
would lead to a 1% increase in
efficiency�
1983
Third half-potline officially
opened
Prime Minister Robert
Muldoon officially opened
the third half-potline�
1989
3 MILLIONTH TONNE OF
ALUMINIUM PRODUCED
The 3 millionth tonne of
aluminium was produced on
18th January 1989. The honour
went to Cell 478, which at 12
years old, had become the
oldest of its technology in the
world. Cell 478 died later the
following year�
1992
THE NEW ZEALAND POWER
CRISIS
The lakes' storage supply
in the South Island were
at the lowest levels they'd
been for 30 years� Given
traditional weather patterns,
levels weren't expected to
rise for weeks, if not months�
As winter approached, New
Zealand was heading into a
serious power crisis�
1973
FIRST COMPUTER SYSTEM
INSTALLED
1991
TNT ALLTRANS DELIVERED
HER 4 MILLIONTH TONNE OF
ALUMINA
TNT Alltrans delivered her 4
millionth tonne of alumina to
the smelter late in 1991�
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
1970
1969
1968
1967
1966
1971
NZAS OFFICIAL OPENING
The first alumina shipment
arrived on the 22 April, and the
first cells went into operation
the following day� By the
spring of 1971, 600 waged
staff were on-site, and the first
shipment of metal was made�

0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
1970
1969
1968
1967
1966
Images and content supplied by:
NZAS Tiwai Point
 www.tiwaistories.co.nz/history
2000's 
2018
Recomissioned fourth potline
opens
Prime Minister Dame Jacinda
Adern's re-opening of the
fourth potline allowed the
smelter to meet customer
demand for value-added
products made in New Zealand�
It increased production capacity
by 10% and, with increased
orders for other products,
created an additional 45 jobs�
2007
NZAS RANKED AMONG
THE WORLDS' LOWEST
EMMITTING SMELTERS
In 2007, Tiwai Point was
ranked among the world's
top 5% of lowest emitting
aluminium smelters�
2011
RECORD PRODUCTION
354,029 tonnes of aluminium
was produced at Tiwai in 2011,
breaking an annual record for
saleable metal production�
2015
NZAS METAL EXPORTED TO
25 COUNTRIES
In 2015, Tiwai's 'pure kiwi
metal' was exported to 25
countries� While Japan – for
whom Tiwai was built to
predominantly service – has
always been NZAS' largest
market�
P.69
› South Port
Annual Report 2024
› Section 06
Spotlight
2021
CELEBRATING 50 YEARS OF TIWAI
April 2021 - Happy 50th birthday
to NZAS!

CARTAGENA
PORT CHALMERS
BLUFF
LYTTELTON
WELLINGTON
NAPIER
TAURANGA
AUCKLAND
NELSON
NOUMEA
BRISBANE
SYDNEY
MELBOURNE
ADELAIDE
FREMANTLE
SINGAPORE
HONG KONG
YANTIAN
NINGBO
SHANGHAI
OAKLAND
LOS ANGELES
SAVANNAH
PHILADELPHIA
BALBOA
COLOMBO
VALENCIA
LE HAVRE
FOS-SUR-MER
LA SPEZIA
PORT LOUIS
ANTWERP
POINTE DES GALETS
LONDON
GATEWAY
ROTTERDAM
HAMBURG
BELL BAY
SEATTLE
VANCOUVER
PAPEETE
ENNORE
SUVA
LAUTOKA
XIAMEN
CRISTOBAL
GIOA TAURO
BUSAN
NANSHA
QINGDAO
Service Overview
Weekly Container Line Servicing Bluff
520
Ports of call
800
Vessels
300
Routes
100
Terminals
22.5 million
TEU carried annually
675
Offices
155
Countries
5
Airport
200,000
Worldwide, the
MSC Group has
almost
staff on-board and
ashore (all entities
combined)

CARTAGENA
PORT CHALMERS
BLUFF
LYTTELTON
WELLINGTON
NAPIER
TAURANGA
AUCKLAND
NELSON
NOUMEA
BRISBANE
SYDNEY
MELBOURNE
ADELAIDE
FREMANTLE
SINGAPORE
HONG KONG
YANTIAN
NINGBO
SHANGHAI
OAKLAND
LOS ANGELES
SAVANNAH
PHILADELPHIA
BALBOA
COLOMBO
VALENCIA
LE HAVRE
FOS-SUR-MER
LA SPEZIA
PORT LOUIS
ANTWERP
POINTE DES GALETS
LONDON
GATEWAY
ROTTERDAM
HAMBURG
BELL BAY
SEATTLE
VANCOUVER
PAPEETE
ENNORE
SUVA
LAUTOKA
XIAMEN
CRISTOBAL
GIOA TAURO
BUSAN
NANSHA
QINGDAO
Service Overview
Weekly Container Line Servicing Bluff
520
Ports of call
800
Vessels
300
Routes
100
Terminals
22.5 million
TEU carried annually
675
Offices
155
Countries
5
Airport
200,000
Worldwide, the
MSC Group has
almost
staff on-board and
ashore (all entities
combined)

SHIPPING OVERVIEW
*indicates fortnightly/ad hoc port call
Mediterranean
Shipping
Company
Standard Route
Red Sea Omission
Australia Express (Standard Route)
SydneyMelbourneAdelaide
Esperance*FremantleSingapore
EnnoreColomboGioia Tauro
ValenciaLondon GatewayRotterdam
HamburgAntwerpLe HavreValencia
Fos-Sur-MerLa SpeziaGioia Tauro
Pointe Des GaletsPort LouisSydney
Australia Express (Red Sea Omission)
SydneyMelbourneAdelaide
Esperance*FremantleSingapore
EnnoreColomboLondon Gateway
RotterdamHamburgAntwerp
Le HavreValenciaLa Spezia
Fos-Sur-MerPointe Des Galets
Port LouisSydney
Wallaby
Hong KongYantianXiamen
ShanghaiNingboSydneyMelbourne
AucklandBluffLytteltonWellington
NapierTaurangaMelbourne
BrisbaneHong Kong
Panda
BrisbaneMelbourneSydney
BrisbaneBusanQingdaoShanghai
NingboNanshaHong KongYantian
Brisbane
Noumea Express
SydneyBrisbaneNoumeaSuva
LautokaNelsonTauranga
SydneyBell BaySydney
Oceanic Loop 1
SydneyMelbourneAdelaide*
TaurangaPapeete*Seattle*
Vancouver*OaklandLos Angeles
AucklandSydney
Oceanic Loop 2
SydneyMelbournePort Chalmers
TaurangaCartagenaPhiladelphia
SavannahBalboaTaurangaSydney

CARTAGENA
PORT CHALMERS
BLUFF
LYTTELTON
WELLINGTON
NAPIER
TAURANGA
AUCKLAND
NELSON
NOUMEA
BRISBANE
SYDNEY
MELBOURNE
ADELAIDE
FREMANTLE
SINGAPORE
HONG KONG
YANTIAN
NINGBO
SHANGHAI
OAKLAND
LOS ANGELES
SAVANNAH
PHILADELPHIA
BALBOA
COLOMBO
VALENCIA
LE HAVRE
FOS-SUR-MER
LA SPEZIA
PORT LOUIS
ANTWERP
POINTE DES GALETS
LONDON
GATEWAY
ROTTERDAM
HAMBURG
BELL BAY
SEATTLE
VANCOUVER
PAPEETE
ENNORE
SUVA
LAUTOKA
XIAMEN
CRISTOBAL
GIOA TAURO
BUSAN
NANSHA
QINGDAO

CARTAGENA
PORT CHALMERS
BLUFF
LYTTELTON
WELLINGTON
NAPIER
TAURANGA
AUCKLAND
NELSON
NOUMEA
BRISBANE
SYDNEY
MELBOURNE
ADELAIDE
FREMANTLE
SINGAPORE
HONG KONG
YANTIAN
NINGBO
SHANGHAI
OAKLAND
LOS ANGELES
SAVANNAH
PHILADELPHIA
BALBOA
COLOMBO
VALENCIA
LE HAVRE
FOS-SUR-MER
LA SPEZIA
PORT LOUIS
ANTWERP
POINTE DES GALETS
LONDON
GATEWAY
ROTTERDAM
HAMBURG
BELL BAY
SEATTLE
VANCOUVER
PAPEETE
ENNORE
SUVA
LAUTOKA
XIAMEN
CRISTOBAL
GIOA TAURO
BUSAN
NANSHA
QINGDAO
SHIPPING OVERVIEW
*indicates fortnightly/ad hoc port call
Mediterranean
Shipping
Company
Standard Route
Red Sea Omission
Australia Express (Standard Route)
SydneyMelbourneAdelaide
Esperance*FremantleSingapore
EnnoreColomboGioia Tauro
ValenciaLondon GatewayRotterdam
HamburgAntwerpLe HavreValencia
Fos-Sur-MerLa SpeziaGioia Tauro
Pointe Des GaletsPort LouisSydney
Australia Express (Red Sea Omission)
SydneyMelbourneAdelaide
Esperance*FremantleSingapore
EnnoreColomboLondon Gateway
RotterdamHamburgAntwerp
Le HavreValenciaLa Spezia
Fos-Sur-MerPointe Des Galets
Port LouisSydney
Wallaby
Hong KongYantianXiamen
ShanghaiNingboSydneyMelbourne
AucklandBluffLytteltonWellington
NapierTaurangaMelbourne
BrisbaneHong Kong
Panda
BrisbaneMelbourneSydney
BrisbaneBusanQingdaoShanghai
NingboNanshaHong KongYantian
Brisbane
Noumea Express
SydneyBrisbaneNoumeaSuva
LautokaNelsonTauranga
SydneyBell BaySydney
Oceanic Loop 1
SydneyMelbourneAdelaide*
TaurangaPapeete*Seattle*
Vancouver*OaklandLos Angeles
AucklandSydney
Oceanic Loop 2
SydneyMelbournePort Chalmers
TaurangaCartagenaPhiladelphia
SavannahBalboaTaurangaSydney
P.71
› South Port
Annual Report 2024
› Section 06
Spotlight

Syncrolift Dry
Dock
Woodchip
Stockpile
Log Storage
Dry Warehouse
No.7 – 5,900m
2
Dry Warehouse
No. 4 – 5,900m
2
Port Infrastructure

Island Harbour , Bluff
Log Storage

IFC, Invercargill
 South Port Intermodal Freight Centre (IFC), a 4,000m
2

warehouse with rail connection servicing the Otago and
Southland regions, strategically located adjacent to the
Invercargill KiwiRail rail head�

Fishing
Boat Piers
Dry Warehouse
No. 1 – 2,000m
2
Bulk Liquid
Storage
Facilities
Berth 3A
Dry Warehouse
No.3A - 4,500m
2
Dry Warehouse
No. 2 - 1,400m
2
Dedicated
Container
Servicing Pad
Rail Marshalling
Ya r d
Bulk Liquid
Storage
Facilities
Dry Warehouse
No. 5 – 5,500m
2
Log Storage
Berth 11
Town Wharf
Petroleum
Import Berth
Island Harbour
Access Bridge
Administration
Building
Cold Stores
39,500m
3

Container
Terminal Office
Vacant land for
development
Tiwai Wharf
owned by South Port and
leased under a licence
agreement to NZAS
Dry Warehouse
No. 3 - 2,200m
2
Dry Warehouse
No.3B - 3,300m
2
Dry Warehouse
No.3C - 1,900m
2
Berth 8
Berth 5
Berth 6Berth 4
Berth 3Berth 1
Berth 2
Berth 7
P.73
› South Port
Annual Report 2024
› Section 06
Spotlight

Auditor’s Report ��75
Consolidated Statement of Comprehensive Income/
Consolidated Statement of Changes in Equity ��78
Consolidated Statement of Financial Position ��79
Consolidated Statement of Cash Flows ��80
Notes to the Financial Statements ��82
Financial and Operational Five Year Summary ��102
FINANCIALS
01
02
03
04
05
06
07
08
The Independent Auditor’s Report to
the Shareholders of South Port for
the year ended 30 June 2024� This
includes all financial reporting�

To The Shareholders of South Port New Zealand Limited
Opinion
We have audited the consolidated financial statements of the Group on pages 78 to 101, that comprise the consolidated statement
of financial position as at 30 June 2024, the consolidated statement of comprehensive income, consolidated statement of changes
in equity and consolidated statement of cash flows for the year then ended, and the notes to the consolidated financial statements
including a material accounting policy information�
In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the
Group as at 30 June 2024, and its consolidated financial performance and its consolidated cash flows for the year then ended in
accordance with the New Zealand equivalents to IFRS Accounting Standards and IFRS Accounting Standards�
Basis for our opinion
We conducted our audit in accordance with the Auditor-General’s Auditing Standards, which incorporate the Professional and
Ethical Standards and the International Standards on Auditing (New Zealand) issued by the New Zealand Auditing and Assurance
Standards Board. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the
consolidated financial statements section of our report. We are independent of the Group in accordance with the Auditor-General’s
Auditing Standards, which incorporate Professional and Ethical Standard 1: International Code of Ethics for Assurance Practitioners
issued by the New Zealand Auditing and Assurance Standards Board, and we have fulfilled our other ethical responsibilities in
accordance with these requirements�
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion�
Other than in our capacity as auditor we have no relationship with, or interests in, South Port New Zealand Limited or any of its
subsidiaries�
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial
statements for the current period. These matters were addressed in the context of our audit of the financial statements as a whole,
and in forming our opinion thereon, and we do not provide a separate opinion on these matters�
The Auditor-General is the auditor of South Port New Zealand Limited and its subsidiaries (the Group). The Auditor-General has
appointed me, Mike Hawken, using the staff and resources of Deloitte Limited, to carry out the audit of the consolidated financial
statements on his behalf�
INDEPENDENT AUDITOR’S REPORT
P.75
› South Port
Annual Report 2024
› Section 07
Financials

Other information
The Directors are responsible on behalf of the Group for the other information� The other information comprises the information
included on pages 2 to 74 and 102 to 107, but does not include the consolidated financial statements and our auditor’s report
thereon, and the Climate Statement, which is expected to be made available to us after the date of the audit report.
Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of
audit opinion or assurance conclusion thereon�
In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our
knowledge obtained in the audit or otherwise appears to be materially misstated� If, based on the work we have performed, we
conclude that there is a material misstatement of this other information, we are required to report that fact� We have nothing to
report in this regard�
When we read the Climate Statement, if we conclude that there is a material misstatement therein, we are required to
communicate the matter to the directors and consider further appropriate actions�
KEY AUDIT MATTER
Revenue Recognition
As disclosed in note 5, the Group recognised revenue
totalling approximately $50.1 million relating to marine and
storage services, and cargo and logistics services for the
year in the consolidated statement of comprehensive
income�
There is complexity involved in assessing the timing of
revenue recognition as South Port has a large volume
of revenue transactions with some revenue streams
recognised over time and others at a point in time�
Revenue recognition is a key audit matter due to the
significance of the balance and the level of effort involved
in performing our audit procedures�
In performing our audit procedures:
• We evaluated the processes and controls in place over
the recording of revenue, including how the timing of
revenue is determined�
• We obtained direct confirmation of the revenue received
from certain large customers�
• We tested a sample of revenue transactions recorded
throughout the period to assess whether they were
supported by underlying documentation�
• We tested a sample of revenue transactions recorded
near year end to assess whether they were recorded in
the correct period�
• We considered the adequacy of revenue disclosures in
the consolidated financial statements�
HOW OUR AUDIT ADDRESSED THE KEY AUDIT
MATTER

Mike Hawken
Partner for Deloitte Limited
On behalf of the Auditor-General
Dunedin, New Zealand
23 August 2024
Directors’ responsibilities for the consolidated financial
statements
The Directors are responsible on behalf of the Group for the
preparation and fair presentation of the consolidated financial
statements in accordance with the New Zealand equivalents
to International Financial Reporting Standards and International
Financial Reporting Standards, and for such internal control as
the Directors determine is necessary to enable the preparation
of consolidated financial statements that are free from material
misstatement, whether due to fraud or error�
In preparing the consolidated financial statements, the Directors
are responsible on behalf of the Group for assessing the
Group’s ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the
going concern basis of accounting unless the Directors either
intend to liquidate the Group or to cease operations, or have no
realistic alternative but to do so�
The Directors’ responsibilities arise from the Financial Markets
Conduct Act 2013�
Auditor’s responsibilities for the audit of the consolidated
financial statements
Our objectives are to obtain reasonable assurance about
whether the consolidated financial statements as a whole are
free from material misstatement, whether due to fraud or error,
and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not
a guarantee that an audit conducted in accordance with the
Auditor-General’s Auditing Standards will always detect a
material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to
influence the economic decisions of shareholders taken on the
basis of these consolidated financial statements�
As part of an audit in accordance with the Auditor-General’s
Auditing Standards, we exercise professional judgement and
maintain professional scepticism throughout the audit� We also:
• Identify and assess the risks of material misstatement
of the consolidated financial statements, whether due
to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion�
The risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as
fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control�
• Obtain an understanding of internal control relevant to
the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose
of expressing an opinion on the effectiveness of the
Group’s internal control.
• Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and
related disclosures made by management�
• Conclude on the appropriateness of the use of the going
concern basis of accounting by the directors and, based
on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may
cast significant doubt on the Group’s ability to continue as
a going concern� If we conclude that a material uncertainty
exists, we are required to draw attention in our auditor’s
report to the related disclosures in the consolidated
financial statements or, if such disclosures are inadequate,
to modify our opinion� Our conclusions are based on the
audit evidence obtained up to the date of our auditor’s
report� However, future events or conditions may cause the
Group to cease to continue as a going concern�
• Evaluate the overall presentation, structure and content
of the consolidated financial statements, including the
disclosures, and whether the consolidated financial
statements represent the underlying transactions and
events in a manner that achieves fair presentation�
• Obtain sufficient appropriate audit evidence regarding the
financial information of the entities or business activities
within the Group to express an opinion on the consolidated
financial statements� We are responsible for the direction,
supervision and performance of the group audit� We remain
solely responsible for our audit opinion�
We communicate with the Directors regarding, among other
matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in
internal control that we identify during our audit�
We also provide the Directors with a statement that we
have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships
and other matters that may reasonably be thought to bear on
our independence, and where applicable, related safeguards�
From the matters communicated with the Directors, we
determine those matters that were of most significance in the
audit of the consolidated financial statements of the current
period and are therefore the key audit matters� We describe
these matters in our auditor’s report unless law or regulation
precludes public disclosure about the matter or when, in
extremely rare circumstances, we determine that a matter
should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication�
Our responsibilities arise from the Public Audit Act 2001�
P.77
› South Port
Annual Report 2024
› Section 07
Financials

Consolidated Statement of Comprehensive Income
Consolidated Statement of Changes in Equity
GROUP
NOTEGROUP
OF SOUTH PORT NEW ZEALAND LIMITED FOR THE YEAR ENDED 30 JUNE 2024
Share-based
Payment Reserve
Retained EarningsTotal Equity
In Thousands of New Zealand Dollars
Balance 1 July 2022 9,418 — 45,856 55,274
Profit/(loss) after income tax — — 11,712 11,712
Total comprehensive income — — 11,712 11,712
Contributions by and distributions to owners
Dividends paid during the period — — (7,083) (7,083)
Balance as at 30 June 2023 9,418 — 50,485 59,903
Balance 1 July 2023 9,418 — 50,485 59,903
Profit/(loss) after income tax — — 7,376 7,376
Total comprehensive income — 7,376 7,376
Contributions by and distributions to owners
Equity settled share-based payment accrual 36 — 36
Dividends paid during the period — (7,083) (7,083)
Balance as at 30 June 2024 9,418 36 50,778 60,232
OF SOUTH PORT NEW ZEALAND LIMITED FOR THE YEAR ENDED 30 JUNE 2024
NOTE
In Thousands of New Zealand Dollars 2024 2023

Total operating revenues from port services 5 56,128 53,589
Total operating expenses 7 (33,187) (30,385)
Operating profit before administrative and finance costs 22,941 23,204
Administrative expenses (6,615) (5,341)
Operating profit before financing costs 16,326 17,863

Financial income 58 272
Financial expenses (3,016) (1,725)

Net financing costs 6 (2,958) (1,453)

Other income 5 65 104
Surplus before income tax 13,433 16,514

Income tax 10 (6,057) (4,802)

Net surplus after income tax 7,376 11,712

Other comprehensive income — —
Total other comprehensive surplus/(loss) after income tax — —
Total comprehensive surplus/(loss) after income tax 7,376 11,712

Basic earnings per share 17 $0.281 $0.446
Diluted earnings per share 17 $0.281 $0.446
Share Capital
15
24
15

Consolidated Statement of Financial Position
OF SOUTH PORT NEW ZEALAND LIMITED AS AT 30 JUNE 2024
On behalf of the Board
23 August 2024
The accompanying notes form part of these financial statements
In Thousands of New Zealand Dollars 2024 2023
TOTAL EQUITY 60,232 59,903
NON-CURRENT ASSETS
Property, plant and equipment 11 91,876 87,727
Right-of-use assets 25 239 330
Deferred tax asset 10(d) — 1,106
Financial assets 14 321 658
Total non-current assets 92,436 89,821
CURRENT ASSETS
Cash and cash equivalents 12 2,310 1,035
Trade receivables and prepayments 13 8,220 6,509
Financial assets 14 398 541
Total current assets 10,928 8,085

Total assets 103,364 97,906
NON-CURRENT LIABILITIES
Employee entitlements 19 47 59
Loans and borrowings 18 35,750 25,000
Deferred tax liability 10(d) 1,097 —
Lease liabilities 25 163 262
Total non-current liabilities 37,057 25,321
CURRENT LIABILITIES
Loans and borrowings 18 — 5,000
Trade and other payables 20 4,036 4,105
Employee entitlements 19 1,451 1,897
Provision for taxation 10(c) 482 1,582
Lease liabilities 25 106 98
Total current liabilities 6,075 12,682

Total liabilities 43,132 38,003
TOTAL NET ASSETS 60,232 59,903
Net asset backing per share 17 $2.30 $2.28
NOTEGROUP
ChairChair, Audit and Risk Committee
P.79
› South Port
Annual Report 2024
› Section 07
Financials

The accompanying notes form part of these financial statements
OF SOUTH PORT NEW ZEALAND LIMITED FOR THE YEAR ENDED 30 JUNE 2024
In Thousands of New Zealand Dollars 2024 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided by (applied to):
Receipts from customers 54,410 54,086
Payments to suppliers and employees (35,040) (30,460)
Interest received 58 26
Interest paid (2,483) (1,717)
Income taxes paid (4,954) (5,205)
Net goods and services tax paid 795 (282)
Net cash flow from operating activities 26 12,786 16,448
CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided by (applied to):
Proceeds from disposal of non-current PPE 203 330
Acquisition of other non-current PPE (10,283) (14,370)

Net cash used in investing activities (10,080) (14,040)

CASH FLOWS FROM FINANCING ACTIVITIES
Cash was provided by (applied to):
Dividend paid (7,083) (7,083)
Drawdown/(repayment) of borrowings 5,750 4,500
Lease liabilities paid (98) (93)
Net cash used in financing activities (1,431) (2,676)
NET INCREASE (DECREASE) IN CASH HELD 1,275 (268)
Add cash at beginning of year 1,035 1,303
TOTAL CASH AT END OF YEAR 12 2,310 1,035
NOTEGROUP
Consolidated Statement of Cash Flows

The "MS Regatta" cruise ship visiting Bluff in February 2024
P.81
› South Port
Annual Report 2024
› Section 07
Financials

01 REPORTING ENTITY .............................................................
South Port New Zealand Limited (the “Company”) is a company
domiciled in New Zealand, registered under the Companies Act
1993 and listed on the New Zealand Stock Exchange (“NZX”). The
Company is an issuer in terms of the Financial Reporting Act 2013�
The consolidated financial statements of South Port New Zealand
Limited as at and for the period ended 30 June 2024 comprise the
Company and its subsidiary Awarua Holdings Ltd (together referred
to as the “Group”). South Port New Zealand Ltd is primarily involved
in providing and managing port and warehousing services�
02 BASIS OF PREPARATION ....................................................
(a) Statement of Compliance
The Parent Company is a Financial Markets Conduct (FMC)
reporting entity for the purposes of the Financial Reporting Act
2013 and the Financial Markets Conduct Act 2013� These financial
statements comply with these Acts and have been prepared in
accordance with the New Zealand Equivalents to IFRS Accounting
Standards (NZ IFRS) and other applicable Financial Reporting
Standards, as appropriate for profit-oriented entities� These
financial statements comply with IFRS Accounting Standards
(IFRS).
The financial statements were approved by the Board of Directors
on 23 August 2024�
(b) Basis of Measurement
The financial statements have been prepared:
›On the basis that the Group is a going concern
›On the historical cost basis except for the following:
‐Financial instruments measured at fair value
The methods used to measure fair values are discussed further in
Note 04�
(c) Functional and Presentation Currency
These financial statements are presented in New Zealand dollars
($), which is the Company's functional currency. All financial
information presented in New Zealand dollars has been rounded to
the nearest thousand�
(d) Use of Estimates and Judgements
The preparation of financial statements requires management
to make judgements, estimates and assumptions that affect the
application of accounting policies and the reported amounts of
assets, liabilities, income and expenses. Actual results may differ
from these estimates�
Estimates and underlying assumptions are reviewed on an ongoing
basis� Revisions to accounting estimates are recognised in the
period in which the estimate is revised and in any future periods
affected�
In particular, information about significant areas of estimation
uncertainty and critical judgements in applying accounting policies
that have the most significant effect on amounts recognised in the
financial statements are as detailed below:
›Depreciation Rates and Asset Useful Lives (Note 03(e))
›Impairment (Note 03(f))
›Classification of leased assets PPE vs Investment Property
(Note 11)
›Share-Based Payments (Note 24)
03 MATERIAL ACCOUNTING POLICIES ..................................
The accounting policies set out below have been applied
consistently to all periods presented in these financial statements,
and have been applied consistently by Group entities�
(a) Basis of Consolidation
Consolidation of a subsidiary begins when the Group obtains
control over the subsidiary and ceases when the Group loses
control of the subsidiary. Assets, liabilities, income and expenses of
a subsidiary acquired or disposed of during the year are included
in the statement of comprehensive income from the date the
Group gains control until the date the Group ceases to control the
subsidiary�
Control is achieved when the Group is exposed, or has rights, to
variable returns from its involvement with the investee and has the
ability to affect those returns through its power over the investee�
The financial statements of subsidiaries are prepared for the
same reporting period as the parent company, using consistent
accounting policies�
In preparing the consolidated financial statements, all inter-
company balances and transactions, income and expenses and
profit and losses resulting from intra-group transactions have been
eliminated in full�
Subsidiaries are fully consolidated from the date on which control is
obtained by the Group and cease to be consolidated from the date
on which control is transferred out of the Group�
(b) Foreign Currency
Transactions in foreign currencies are translated to the respective
functional currencies of the Group at exchange rates at the dates of
the transactions�
(c) Goods and Services Tax (GST)
All financial information is expressed exclusive of GST, except
for trade and other receivables, and trade and other payables,
which are expressed inclusive of GST in the Statement of Financial
Position�
(d) Financial Instruments
(i) Non-derivative financial instruments
The Group is party to financial instruments as part of its normal
operations� These financial instruments include cash and cash
equivalents, trade and other receivables, loans and borrowings,
and trade and other payables�
Non-derivative financial instruments are recognised initially
at fair value on transaction date plus, for instruments not at
fair value through the profit or loss, any directly attributable
transaction costs� Subsequent to initial recognition non-
derivative financial instruments are measured as described
below�
A financial instrument is recognised if the Group becomes a
party to the contractual provisions of the instrument� Financial
assets are derecognised if the Group’s contractual rights to
the cash flows from the financial assets expire or if the Group
transfers the financial asset to another party without retaining
control or substantially all risks and rewards of the asset�
Purchases and sales of financial assets are accounted for at
trade date. Financial liabilities are derecognised if the Group’s
obligations specified in the contract expire or are discharged or
cancelled�
Notes to the Financial Statements
OF SOUTH PORT NEW ZEALAND LIMITED FOR THE YEAR ENDED 30 JUNE 2024

Cash and cash equivalents comprise cash balances and call
deposits�
Trade and other receivables
Trade and other receivables are recognised initially at fair value�
Trade receivables are held with the objective of collecting the
contractual cash flows and therefore they are subsequently
measured at amortised cost, less a provision for expected credit
loss�
Interest-bearing borrowings
Borrowings are initially recognised at fair value, net of transaction
costs incurred� After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised cost using
the effective interest method� 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 balance
sheet date�
Trade and other payables
Trade and other payables represent liabilities for goods and services
provided to the Group prior to the end of financial year which are
unpaid� The amounts are unsecured and are usually paid within 30
days of recognition�
Trade payables are recognised initially at fair value less transaction
costs and subsequently measured at amortised cost�
(ii) Derivative financial instruments and hedging activities
The Group uses derivative financial instruments to hedge its
exposure to foreign exchange and interest rate risks arising from
financing and investment activities�
In accordance with its treasury policy, the Group does not hold or
issue derivative financial instruments for trading purposes� However,
derivatives that do not qualify for hedge accounting are accounted
for as trading instruments�
Derivative financial instruments qualifying for hedge accounting are
classified as non current if the maturity of the instrument is greater
than 12 months from reporting date and current if the instrument
matures within 12 months from reporting date� Derivatives
accounted for as trading instruments are classified as current�
Derivative financial instruments are recognised initially at fair value
and transaction costs are expensed immediately. Subsequent
to initial recognition, derivative financial instruments are stated
at fair value� The gain or loss on re-measurement to fair value is
recognised immediately in profit or loss� However, where derivatives
qualify for hedge accounting, recognition of any resultant gain or
loss depends on the nature of the hedging relationship�
Interest rate swaps
Derivative financial instruments also include interest rate swaps to
hedge (economically but not in accounting terms) the Group’s risks
associated with interest rate fluctuations� Such derivative financial
instruments are initially recognised at fair value on the date on
which a derivative contract is entered into and are subsequently
remeasured to fair value� Derivatives are carried as assets when
their fair value is positive and as liabilities when their fair value is
negative�
Any gains or losses arising from changes in the fair value of interest
rate swaps are taken directly to profit or loss for the year�
The fair values of interest rate swap contracts are determined by
reference to market values for similar instruments�
(e) Property, Plant & Equipment
(i) Recognition and measurement
Items of property, plant and equipment are measured at cost,
less accumulated depreciation and impairment losses� Land and
dredging are not depreciated�
The initial cost includes the purchase price and any costs
directly attributable to bringing the asset to the state of
being ready for use in location� These costs can include
installation costs, borrowing costs, cost of obtaining
resource consents etc. Any feasibility costs are expensed.
(ii) Subsequent expenditure
Subsequent expenditure is added to the gross carrying
amount of an item of property, plant or equipment, if that
expenditure increases the future economic benefits of the
asset beyond its existing potential, or is necessarily incurred
to enable future economic benefits to be obtained and its
cost can be measured reliably�
(iii) Disposal of property, plant and equipment
Where an item of PPE is disposed of, the gain or loss is
recognised in the Statement of Comprehensive Income
at the difference between the net sale price and the net
carrying amount of the item�
(iv) Depreciation
Property, plant and equipment are depreciated on a straight-
line basis so as to allocate the costs of assets over their
estimated useful lives as follows:
Land and Dredging Nil
Buildings 12.5 – 50 years
Wharves 15 – 50 years
Other Property, Plant and Equipment 4 – 30 years

Depreciation methods, useful lives and residual values are
reassessed at the reporting date�
(f) Impairment
The carrying amounts of the Group’s non-financial assets are
reviewed at each balance sheet date to determine whether
there is any objective evidence of impairment�
An impairment loss is recognised whenever the carrying
amount of an asset exceeds its recoverable amount. Impairment
losses directly reduce the carrying amount of assets and are
recognised in the Statement of Comprehensive Income�
(i) Impairment of receivables
For trade and other receivables the Group makes use of a
simplified approach, as permitted by NZ IFRS 9, and records
the loss allowances as lifetime expected credit losses from that
recognition. This is expected credit losses that result from all
possible default events over the life of the financial instrument�
(ii) Impairment of Property, Plant and Equipment (PPE)
For property, plant and equipment, the Group assesses whether
there are any circumstances that have materially changed
during the year or after balance date that could lead to the
potential impairment of PPE� If there is a risk of impairment, then
Management prepare cash flow models for the Cash Generating
Units (CGU) that could potentially be adversely affected, to
determine whether any impairment against PPE needs to be
recognised in the financial statements�
(g) Provisions
A provision is recognised if, as a result of a past event, the
Group has a present legal or constructive obligation that can be
estimated reliably, and it is probable that an outflow of economic
benefits will be required to settle the obligation�
P.83
› South Port
Annual Report 2024
› Section 07
Financials

(h) Revenue
(i) Revenue from port services
Port operations revenue is derived from an integrated
performance obligation for the provision of marine services,
berthage, wharfage, storage and other services� Revenue is
recognised both at a point in time when the Group satisfies its
performance obligations by transferring the promised services
to its customers, and over time as the Group performs the
service and the customer simultaneously benefits from the
service� All services performed have short service performance
timeframes� Revenue received in advance is recorded as a liability
and recognised as revenue when the performance obligation is
satisfied�
(ii) Rental income
Rental income from property is recognised in the Statement of
Comprehensive Income on a straight-line basis over the term of
the lease�
(i) Lease Payments
The Group leases certain property, plant and equipment� The
Group recognises a right-of-use asset and a corresponding
lease liability with respect to all lease arrangements in which it is
the lessee, except for short-term leases and leases of low value
assets where the Group recognises the lease payments as an
operating expense on a straight-line basis over the term of the
lease�
Lease Liabilities
The lease liability is initially measured at the present value of the
lease payments that are not paid at the commencement date,
discounted by using the rate implicit in the lease� If this rate
cannot be readily determined, the Group uses its incremental
borrowing rate (IBR).
Lease payments included in the measurement of the lease liability
comprise:
›Fixed lease payments (including in-substance fixed payments),
less any lease incentives receivable;
›Payments of penalties for terminating the lease if the lease
term reflects the exercise of an option to terminate the lease.
The lease liability is presented as a separate line in the
consolidated statement of financial position�
The lease liability is subsequently measured by increasing the
carrying amount to reflect interest on the lease liability (using the
effective interest method) and by reducing the carrying amount to
reflect the lease payments made�
The Group remeasures the lease liability (and makes a
corresponding adjustment to the related right-of-use asset)
whenever:
›The lease term has changed or there is a significant event
or change in circumstances resulting in a change in the
assessment of exercise of a purchase option, in which case the
lease liability is remeasured by discounting the revised lease
payments using a revised discount rate�
›The lease payments change due to changes in an index or
rate or a change in expected payment under a guaranteed
residual value, in which cases the lease liability is remeasured
by discounting the revised lease payments using the initial
discount rate (unless the lease payments change is due to
a change in a floating interest rate, in which case a revised
discount rate is used).
›A lease contract is modified, and the lease modification is not
accounted for as a separate lease, in which case the lease
liability is remeasured based on the lease term of the modified
lease by discounting the revised lease payments using a
revised discount rate at the effective date of the modification�
Right of Use (ROU) Assets
The ROU assets comprise the initial measurement of the
corresponding lease liability, lease payments made at or before the
commencement date, less any lease incentives received and any
initial direct costs� They are subsequently measured at cost less
accumulated depreciation and impairment losses�
ROU assets are depreciated over the shorter period of lease term
and useful life of the underlying asset using the straight-line method�
The estimated useful lives of ROU assets are determined on the
same basis as similar owned assets within property, plant and
equipment� Depreciation starts at the commencement date of the
lease�
ROU assets are presented as a separate line in the consolidated
statement of financial position�
The Group applies IAS 36 to determine whether a ROU asset is
impaired and accounts for any identified impairment loss under the
same policy adopted for property, plant and equipment�
The Group as a lessor
The Group enters into lease agreements as a lessor with respect to
some of its properties� Leases for which the Group is a lessor are
classified as finance or operating leases� Whenever the terms of the
lease transfer substantially all the risks and rewards of ownership
to the lessee, the contract is classified as a finance lease� All other
leases are classified as operating leases�
Rental income from operating leases is recognised on a straight-line
basis over the term of the relevant lease�
(j) Share-Based Payments
The employee performance share rights plan is an equity-settled
share-based payment arrangement� The fair value of the rights,
measured at the grant date, is expensed on a straight-line basis over
the vesting period with a corresponding increase in the share-based
payment reserve� When the non-market performance conditions
(EPS CAGR) or the service condition (absolute or relative TSR) is not
met, the expense is revised to reflect the number of rights expected
to vest� When the rights vest, or they lapse because the market
conditions are not met, the amount in the share-based payment
reserve relating to those rights is transferred to share capital�
(k) Finance Income and Expenses
Finance income comprises interest income on funds invested,
dividend income, foreign currency gains and changes in the fair
value of financial assets at fair value through profit or loss�
Interest income is recognised as it accrues, using the effective
interest method� Dividend income is recognised on the date that the
Group’s right to receive payment is established.
Finance expenses comprise interest expense on borrowings and
lease liabilities, foreign currency losses, interest rate swap losses,
and impairment losses recognised on financial assets� All borrowing
costs are recognised in the Statement of Comprehensive Income
using the effective interest method�
(i) Income Tax Expense
Income tax expense comprises current and deferred tax. Income tax
expense is recognised in the Statement of Comprehensive Income
except to the extent that it relates to items recognised directly in
equity, in which case it is recognised in equity�
Current tax is the expected tax payable on the taxable income for
the year, using tax rates enacted or substantively enacted at the
reporting date, and any adjustment to tax payable in respect of
previous years�
Deferred tax is recognised using the balance sheet method,
providing for temporary differences between the carrying amounts
of assets and liabilities for financial reporting purposes and the
amounts used for taxation purposes.

Deferred tax is not recognised for the following temporary
differences: the initial recognition of assets or liabilities in a
transaction that is not a business combination and that affects
neither accounting nor taxable profit, and differences relating to
investments in subsidiaries to the extent that they probably will
not reverse in the foreseeable future�
Deferred tax assets and liabilities are measured at the tax rates
that are expected to be applied to the temporary differences
when they reverse, based on the laws that have been enacted or
substantively enacted by the reporting date�
A deferred tax asset is recognised to the extent that it is
probable that future taxable profits will be available against which
temporary differences can be utilised. Deferred tax assets are
reviewed at each reporting date and are reduced to the extent
that it is no longer probable that the related tax benefit will be
realised�
Additional income taxes that arise from the distribution of
dividends are recognised at the same time as the liability to pay
the related dividend is recognised�
(m) Earnings per Share
Basic earnings per share
Basic earnings per share (EPS) is calculated by dividing the profit
attributable to the shareholders of the Group by the weighted
average number of ordinary shares outstanding during the
financial year�
Diluted earnings per share
Diluted earnings per share (EPS) adjusts for any commitments
the Group has to issue shares in the future that would decrease
the basic EPS� The Group only has one type of dilutive potential
ordinary shares, being the Executive Long-Term Incentive
plan share rights (refer to note 24). Diluted EPS is calculated
by adjusting the weighted average number of ordinary shares
outstanding to assume conversion to share rights�
(n) Segment Reporting
Operating segments are reported in a manner consistent with
the internal reporting provided to the chief operating decision
maker� The chief operating decision maker, who is responsible for
allocating resources and assessing performance of the operating
segments, has been identified as the Chief Executive.
The Group operates solely in the port industry and all operations
are carried out in the Southland region, therefore there are no
separately reportable segments to be disclosed�
(o) Amendments to NZ IFRS
There are no new, revised or amended accounting standards
issued by the International Accounting Standards Board (IASB)
and the New Zealand Accounting Standards Board (NZASB) that
are mandatory for application by the Group for the financial year
beginning 1 July 2023�
(p) NZ IFRS issued but not yet effective
No other standards, amendments or interpretations that have
been issued but are not yet effective are expected to materially
impact the Group's financial statements other than disclosures�
04 DETERMINATION OF FAIR VALUES ................................
A number of the Group’s accounting policies and disclosures
require the determination of fair value, for both financial and non-
financial assets and liabilities� Fair values have been determined
for measurement and/or disclosure purposes based on the
following methods� Where applicable, further information about the
assumptions made in determining fair values is disclosed in the notes
specific to that asset or liability�
(a) Derivative Financial Instruments
The fair value of forward exchange contracts and interest rate
derivatives are determined using quoted rates at balance date�
(b) Other Non-Derivative Financial Instruments
The carrying values less impairment provisions of trade
receivables and payables are assumed to approximate their fair
values�
The carrying values of loans and borrowings approximate their
fair values�
In Thousands of New Zealand Dollars 2024 2023
Marine and storage services 21,338 21,094
Cargo and logistics services 28,749 26,598

Rental revenue 6,041 5,897

Total operating revenue from port services 56,128 53,589

Other income 65 104
Total operating revenue 56,193 53,693

GROUP
05 OPERATING REVENUE ......................................................
Revenue arises from the delivery of port related services (under NZ
IFRS 15), and rental property leases (under NZ IFRS 16). To determine
whether to recognise revenue, the Group follows a 5-step process:
1� Identifying the contract with a customer
2� Identifying the performance obligations
3� Determining the transaction price
4� Allocating the transaction price to the performance obligations
5� Recognising revenue when/as performance obligations are
satisfied
Marine and storage services revenue is derived from an integrated
performance obligation for the provision of channel navigation,
berthage, and storage of customer cargo� This revenue is recognised
over time as South Port performs the service, and the customer
simultaneously benefits from that service�
Cargo and logistics services revenue is derived from an integrated
performance obligation for the provision of wharfage, container
packing and other cargo logistics services� This revenue is recognised
at a point in time when South Port satisfies its performance
obligations by transferring the promised services to its customers�
All port services performed have short service performance
timeframes� All revenue is shown net of volume discounts�
Rental revenue from property leased under operating leases is
recognised on a straight-line basis over the term of the relevant
lease, as per NZ IFRS 16� Total variable rental revenue for 2024 was
$1,752,000 (2023: $1,597,000).
Other income relates to the gain on sale from property, plant and
equipment� This income is recognised when an unconditional
contract is in place, and it is probable that the Group will receive the
consideration due and significant risks and rewards of ownership of
assets have been transferred to the buyer�
P.85
› South Port
Annual Report 2024
› Section 07
Financials

In Thousands of New Zealand Dollars 2024 2023
INCOME
Interest income 58 26
Gain on fair value of interest rate swap — 246
Total finance income 58 272
EXPENSES
Interest expense (2,519) (1,705)
Interest expense on lease liabilities (17) (20)
Loss on fair value of interest rate swap (480) —
Total finance expenses (3,016) (1,725)
Net finance costs (2,958) (1,453)
GROUP
In Thousands of New Zealand Dollars 2024 2023
Auditors’ remuneration for audit services 80 75
Bad debts written off — 10
Depreciation of property, plant & equipment (Note 11) 4,817 4,705
Depreciation of right-of-use assets (Note 25) 98 97
Directors’ fees 480 400
Donations 4 4
Short-term rental and lease expenses 179 76
Increase/(decrease) in liability for long-service leave 14 14
Loss on disposal of assets 18 60
GROUP
The following items of expenditure are included in total operating expenses:
In Thousands of New Zealand Dollars 2024 2023
Salaries and wages 15,040 13,199
Defined contribution plans 529 437
Other employee benefits 212 207
15,781 13,843
GROUP
06 FINANCE INCOME AND EXPENSES ...................................................................................................................................................
07 OPERATING EXPENSES .......................................................................................................................................................................
08 EMPLOYEE BENEFITS EXPENSE ........................................................................................................................................................
The amounts recorded above are included in operating expenses�

In Thousands of New Zealand Dollars 2024 2023
Short-term employee benefits (including Director fees) 2,921 2,638
Defined contribution plans 67 61
Other long-term employee benefits 20 7
Share-based payments 36 —

3,044 2,706
GROUP
The compensation of the Directors, Chief Executive and other senior management, being the key management personnel of the
entity, is set out below:
In Thousands of New Zealand Dollars 2024 2023
(A) INCOME TAX RECOGNISED IN PROFIT OR LOSS
Tax expense/(income) comprises:
Current tax expense / (credit):
Current year 3,871 4,805
Adjustments for prior years (17) (4)

3,854 4,801
Deferred tax expense / (credit)
Origination and reversal of temporary differences (65) 1
Adjustments relating to tax legislation changes* 2,268 —
2,203 1

Total tax expense / (income) 6,057 4,802
The prima facie income tax expense on pre-tax
accounting surplus reconciles to the income tax
expense in the financial statements as follows:
Surplus / (deficit) before income tax 13,433 16,514

Income tax expense (credit) calculated at 28% 3,761 4,624
Temporary differences (54) 157
Non-deductible expenses 108 28
Non assessable income (9) (3)

3,806 4,806
(Over) / under provision of income tax in previous year (17) (4)
Adjustment relating to tax legislation changes* 2,268 —
Income tax expense 6,057 4,802
GROUP
The tax rate used in the above reconciliation is the corporate tax rate of 28% payable on taxable profits under New Zealand tax law.
There has been no change in the corporate tax rate when compared with the previous reporting period�
* Adjustment relates to legislation which has removed the ability to claim tax deductions relating to depreciation of commercial
buildings�
09 KEY MANAGEMENT PERSONNEL ......................................................................................................................................................
10 INCOME TAXES ....................................................................................................................................................................................
P.87
› South Port
Annual Report 2024
› Section 07
Financials

Note 10 continued��
(B) INCOME TAX RECOGNISED DIRECTLY IN EQUITY
There was no current or deferred tax charged / (credited) directly to equity during the period.
In Thousands of New Zealand Dollars 2024 2023
(C) CURRENT TAX ASSETS AND LIABILITIES
Current tax payable 482 1,582
(D) DEFERRED TAX BALANCES COMPRISE:
Taxable and deductible temporary differences arising from the following:
GROUP
1 July 2023
Opening Balance
Recognised in
profit/loss
Recognised in
equity
30 June 2024
Closing Balance
2024
In Thousands of New Zealand Dollars
Gross deferred tax assets / (liabilities):
Property, plant and equipment 698 (66) — 632
Other provisions 409 65 — 474
Net deferred tax asset / (liability) 1,107 (1) — 1,106
GROUP
In Thousands of New Zealand Dollars 2024 2023
(E) IMPUTATION CREDIT ACCOUNT BALANCES
Balance at beginning of year 19,293 17,247
Less Taxation (payable) receivable 2023 (1,582) (1,986)
Taxation paid 4,954 5,205
Attached to dividends paid (2,716) (2,755)
Add Taxation payable (receivable) 2024 482 1,582
Balance at end of year 20,431 19,293
GROUP
GROUP
1 July 2022
Opening Balance
Recognised in
profit/loss
Recognised in
equity
30 June 2023
Closing Balance
2023
Asset recoverable through future operating activities�
In Thousands of New Zealand Dollars
Gross deferred tax assets / (liabilities):
Property, plant and equipment (PPE) 632 (2,129) — (1,497)
Other provisions 474 (74) — 400
Net deferred tax asset / (liability) 1,106 (2,203) — (1,097)

11 PROPERTY, PLANT AND EQUIPMENT ...............................................................................................................................................
* These amounts relate to adjustments for crane spare parts to/from maintenance after a stocktake of spares is completed each balance date,
and the split out of the dredging asset that was sitting under plant & machinery in the previous year�
The Group has land, buildings and wharves that are leased to customers, however, the Group also provides significant port services to these
customers� The Group determines that these properties should be classified as property, plant and equipment and accounted for under NZ
IAS 16 as these properties are only leased to customers to facilitate the movement of cargo through the port and arrangements are in nature
of rendering a service rather than property investment�
Included in the property, plant and equipment are the following assets, all integral to the import or export of goods through the port and
subject to an operating lease with a port customer�
GROUP
LandBuildings and
Wharves
Total
In Thousands of New Zealand Dollars
Cost
Balance 1 July 2022 788 17,960 18,748
Additions — — —

Cost at 30 June 2023 788 17,960 18,748
Balance 1 July 2023 788 17,960 18,748
Additions — — —
Cost at 30 June 2024 788 17,960 18,748
Accumulated Depreciation
Balance 1 July 2022 — 8,163 8,163
Depreciation for the period — 327 327
Accumulated Depreciation at 30 June 2023 — 8,490 8,490
Balance 1 July 2023 — 8,490 8,490
Depreciation for the period — 325 325
Accumulated Depreciation at 30 June 2024 — 8,815 8,815
Net book value
As at 30 June 2023 788 9,470 10,258
As at 30 June 2024 788 9,145 9,933
LEASED ASSETS
2024
(includes wharves)
In Thousands of
New Zealand Dollars
Cost
1 July
2023
AdditionsDisposalsCost
30 June
2024
Accumulated
Depn and
Impairment
charges
1 July 2023
Depn
Expense
Accumulated
Depn
reversed on
Disposal
Accumulated
Depn and
Impairment
charges
30 June 2024
Carrying Amt
30 June 2024
*Other
Transfers
from
Work in
Progress
Land 4,477 — 5 — — 4,482 — — — — 4,482
Buildings 23,242 — 259 (226) — 23,275 8,856 498 (226) 9,128 14,147
Dredging — — 12,314 — 641 12,955 — — — — 12,955
Plant & machinery 109,704 — 6,268 (202) (641) 115,129 52,353 4,319 (123) 56,549 58,580
Work in progress 11,513 9,045 (18,846) — — 1,712 — — — — 1,712

148,936 9,045 — (428) — 157,553 61,209 4,817 (349) 65,677 91,876
2023
(includes wharves)
In Thousands of
New Zealand Dollars
Cost
1 July
2022
AdditionsDisposalsCost
30 June
2023
Accumulated
Depn and
Impairment
charges
1 July 2022
Depn
Expense
Accumulated
Depn
reversed on
Disposal
Accumulated
Depn and
Impairment
charges
30 June 2023
Carrying Amt
30 June 2023
*Other
Transfers
from Work
in Progress
Land 3,736 — 741 — — 4,477 — — — — 4,477
Buildings 22,626 — 635 (19) — 23,242 8,371 490 (5) 8,856 14,386
Plant & machinery 91,920 113 18,459 (935) 147 109,704 49,007 4,215 (869) 52,353 57,351
Work in progress 16,438 14,910 (19,835) — — 11,513 — — — — 11,513

134,720 15,023 — (954) 147 148,936 57,378 4,705 (874) 61,209 87,727
P.89
› South Port
Annual Report 2024
› Section 07
Financials

In Thousands of New Zealand Dollars 2024 2023
Prepayments 1,269 63
Trade receivables 6,983 6,496
Expected credit losses (32) (50)

8,220 6,509
GROUP
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at
meetings of the Company. All of the 26,234,898 ordinary shares rank equally with regard to the Company’s residual assets. All shares are fully
paid and have no par value� There were no shares issued or redeemed during the year�
DIVIDENDS
Dividends are recognised in the period that they are authorised and declared�
In Thousands of New Zealand Dollars 2024 2023
2023 final dividend paid on all ordinary shares
@ 19.50 cents per share (2022: 19.50 cents) 5,116 5,116
2024 interim: on all ordinary shares
@ 7.50 cents per share (2023: 7.50 cents) 1,967 1,967
Total distributions to shareholders 7,083 7,083
After 30 June 2024 the following dividends were proposed by the directors for 2024� The dividends have not been provided for and there
are no income tax consequences� Total imputation credits to be attached to the dividend are $1,989,000�

In Thousands of New Zealand Dollars 2024
2024 final dividend payable on 8 November 2024 @ 19.50 cents per share 5,116
GROUP
13 TRADE RECEIVABLES AND PREPAYMENTS ....................................................................................................................................
15 SHARE CAPITAL ..................................................................................................................................................................................
In Thousands of New Zealand Dollars 2024 2023

Bank balances 2,310 1,035
Cash and cash equivalents 2,310 1,035

Cash and cash equivalents in the statement of cash flows 2,310 1,035
GROUP
12 CASH AND CASH EQUIVALENTS.......................................................................................................................................................
14 FINANCIAL ASSETS ............................................................................................................................................................................
In Thousands of New Zealand Dollars 2024 2023
Interest Rate Derivatives (non-current) 321 658
Interest Rate Derivatives (current) 398 541

719 1,199
GROUP

In Thousands of New Zealand Dollars 2024 2023

Non-current
ANZ Bank New Zealand Limited 35,750 25,000

35,750 25,000
Current
ANZ Bank New Zealand Limited — 5,000

— 5,000

Total Borrowings 35,750 30,000
GROUP
South Port New Zealand Limited’s credit facility of $46 million from
ANZ is split between five different facilities as follows:
›Term Facility - $5 million expiring 4 November 2025
›Term Facility - $8 million expiring 1 July 2026
›Term Facility - $3 million expiring 31 October 2025
›Term Facility - $5 million expiring 20 July 2028
›Short Term Advances Facility - $25 million finally terminating
1 November 2025
The total facility is secured by way of a general security registered
over all assets both present and future of South Port New Zealand
Limited� The same security was in place the previous year�
The Group’s capital includes share capital and retained earnings. The
Group’s policy is to maintain a strong capital base so as to maintain
investor, creditor and market confidence. The Board of Directors’
objective is to ensure the entity continues as a going concern as well
as to maintain optimal returns to shareholders and benefits for other
stakeholders�
The Group meets its objectives for managing capital through its
investment decisions on the acquisition, disposal and development of
assets and its distribution policy� It is Group policy that the dividend
pay out takes account of its free cash flows and reported profit�
The calculation of the net asset backing per share at 30 June 2024 was based on the total net assets value of $60,232,000
(2023: $59,903,000) and a weighted average number of ordinary shares outstanding of 26,234,898 (2023: 26,234,898).
16 CAPITAL MANAGEMENT ....................................................................................................................................................................
17 EARNINGS PER SHARE AND NET ASSET BACKING PER SHARE ...............................................................................................
18 LOANS AND BORROWINGS ...............................................................................................................................................................
2024 2023
Basic earnings per share $0�281 $0�446
Diluted earnings per share $0�281 $0�446
Reconciliation of earnings used in calculating earnings per share: $’000 $’000
Basic and diluted earnings per share
Net profit attributable to the ordinary shareholders of the Company 7,376 11,712
Weighted average number of shares used as the denominator:
Weighted average number of ordinary shares used as the denominator 26,234,898 26,234,898
in calculating basic earnings per share
Adjustments for calculation of diluted earnings per share:
Executive Long-Term Incentive Plan share rights 30,928 —
Weighted average number of ordinary shares and potential ordinary shares
used as the denominator in calculating diluted earnings per share 26,265,826 26,234,898
The Group is required to comply with certain financial covenants
in respect of external borrowings set by the Group’s bankers. All
covenants have been adhered to throughout the years ended
30 June 2024 and 30 June 2023�
The Group’s policies in respect of capital management are
reviewed regularly by the Board of Directors� There have been no
changes in the Group’s management of capital during the year.
The Facilities as at 30 June 2023 were as follows:
›Term Facility - $5 million expiring 1 February 2024
›Term Facility - $8 million expiring 1 July 2024
›Term Facility - $3 million expiring 31 October 2024
›Short Term Advances Facility - $22 million finally terminating
1 November 2024

Interest on the first $21 million drawn at any one time is payable
according to the interest rate swap agreements the Company
has with ANZ� Interest on the balance of funds drawn at any time
is calculated using a variable rate based on the BKBM (3 month
bank bill rate).
GROUP
P.91
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Annual Report 2024
› Section 07
Financials

EMPLOYEE ENTITLEMENTS
(i) Wages, salaries and annual leave
Liabilities for wages, salaries and annual leave are calculated on an actual entitlement basis at current rates of pay to be settled within
12 months from reporting date�
(ii) Long service leave
The Group’s net obligation in respect of long-term employee benefits is the amount of future benefit that employees have earned in return for
their service in the current and prior periods; that benefit is discounted to determine its present value, and the fair value of any related assets
is deducted� Any actuarial gains or losses are recognised in the Statement of Comprehensive Income in the period in which they arise�
In Thousands of New Zealand Dollars 2024 2023
Trade creditors and accruals 4,036 4,105

4,036 4,105
GROUP
In Thousands of New Zealand Dollars 2024 2023
Interest rate derivatives (non-current) — —
Interest rate derivatives (current) — —

— —
GROUP
In Thousands of New Zealand Dollars
Balance 30 June 2023 1,835 121 1,956
Current 1,835 62 1,897
Non-current — 59 59
Change in Provision (472) 25 (447)
Utilised during the period — (11) (11)
Balance at 30 June 2024 1,363 135 1,498
Current 1,363 88 1,451
Non-current — 47 47
Wages, Salaries
and Annual Leave
Long Service
Leave
Total
GROUP
21 FINANCIAL LIABILITIES ....................................................................................................................................................................
20 TRADE AND OTHER PAYABLES .......................................................................................................................................................
19 EMPLOYEE ENTITLEMENTS ..............................................................................................................................................................
The Group has exposure to the following risks from its use of
financial instruments:
›Credit risk
›Liquidity risk
›Market risk
22 FINANCIAL INSTRUMENTS ...............................................................................................................................................................
The Group is exposed to market risk through its use of financial
instruments and specifically to currency risk, interest rate risk and
certain other price risks, which result from both its operating and
investing activities�

The Group has a series of policies to manage the risk associated
with financial instruments� Policies have been established which do
not allow transactions which are speculative in nature to be entered
into and the Group is not actively engaged in the trading of financial
instruments� As part of this policy, limits of exposure have been set
and are monitored on a regular basis�
CREDIT RISK
Financial instruments which potentially subject the Group to credit risk
principally consist of bank balances, interest rate swaps and accounts
receivable� The carrying amount of these financial instruments
represents the maximum exposure to credit risk� Management has a
credit policy in place under which each new customer is individually
analysed for credit worthiness� In order to determine which customers
are classified as having payment difficulties the Group applies a mix of
duration and frequency of default and makes provision for estimated
balances considered to be impaired� The Group does not require
collateral in respect of trade and other receivables� Cash handling is
only carried out with counterparties which have an investment grade
credit rating�
LIQUIDITY RISK
Liquidity risk is the risk that the Group will not be able to meet its
financial obligations as and when they fall due. The Group’s approach
to managing liquidity risk is to ensure, as far as possible, that it will
always have sufficient cash and borrowing facilities available to meet
its liabilities when due, under both normal and adverse conditions�
The Group’s cash flow requirements and the utilisation of borrowing
facilities are continuously monitored, and it is required that committed
bank facilities are maintained above maximum forecast usage�
The only liquidity risks the Group has at balance date are trade
payables totalling $4,036,000 (2023: $4,105,000) which are all due
within 30 days, and loans and borrowings totalling $35,750,000
(2023: $30,000,000) as per Note 18. The Group has undrawn facilities
of $10,250,000 to assist with managing any liquidity risks�
Funding risk is the risk that arises when either the size of borrowing
facilities or the pricing thereof is not able to be replaced on similar
terms, at the time of review with the Group’s banks. To minimise
funding risk it is Board policy to spread the facilities’ renewal dates
and the maturity of individual loans� Where this is not possible,
extensions to, or the replacement of, borrowing facilities are required
to be arranged at least two months prior to each facility’s expiry.
MARKET RISK
The Group enters into derivative arrangements in the ordinary course
of business to manage foreign currency and interest rate risks�
FOREIGN EXCHANGE RISK
The Group is exposed to foreign currency risk on purchases that
are denominated in a currency other than the Parent's functional
currency, New Zealand dollars ($), which is the presentation currency
of the Group�
The Group does not have any material exposure to currency risk
except for the one-off purchases of assets (e.g. plant and machinery)
denominated in foreign currencies� It is Group policy that foreign
exchange exposures on imported goods must be hedged by way of
foreign exchange forward contracts or options to a minimum of 50%
at the time the exposure is known with certainty on all transactions
that are material�
The purpose of these contracts is to reduce the risk from price
fluctuations of foreign currency commitments associated with these
one-off purchases� Any resulting differential to be paid or received as
a result of the currency change is reflected in the cash flow hedge
reserve to the extent that the hedge is effective, until the asset is
recognised� To the extent that the hedge is ineffective, changes in fair
value are recognised in profit or loss�
The Group has no foreign exchange forward contracts at balance date
(2023: nil).
INTEREST RATE RISK
The Group is exposed to interest rate risk on their borrowings� All debt
is borrowed on either a fixed or floating interest rate basis� As per the
Group’s Treasury Policy, interest rate risk management bands apply
to ‘core debt’ forecasts (defined as the lowest level of debt projected
over the forecast period). Once core debt exceeds $10 million, the
fixed; floating mix is subject to the limits in the following table:
Fixed Debt Minimum Maximum
Maturing within fixed rate fixed rate
0-1 years 40% 100%
1-3 years 25% 80%
3-5 years 0% 60%
Interest payable to ANZ is charged on the following basis:
(i) A range of interest rate swaps; and
(ii) Variable rates based on the BKBM.

During the period the range of variable interest rates applying to
the credit facility (including margin) were between 6.62% and 6.68%
(2023: 3.43% and 6.65%). The Company is exposed to normal
fluctuations in market interest rates�
Interest rate swap (i) – South Port has an interest rate swap in place
which commenced in November 2019 and matures in November
2024. The interest rate swap has a fixed swap rate of 3.64% with
a notional contract amount of $5 million at 30 June 2024 (2023:
contract in place for $5 million @ 3.64%, commencing
November 2019 and maturing November 2024).
Interest rate swap (ii) – South Port has an interest rate swap which
commenced 1 October 2023 and matures in July 2027� The interest
rate swap has a fixed swap rate of 2.01% with a notional contract
amount of $8 million (2023: contract in place for $8 million @ 1.27%,
commencing July 2021 and maturing July 2026).
Interest rate swap (iii) – South Port has an interest rate swap which
commenced 1 November 2021 and matures in October 2024� The
interest rate swap has a fixed swap rate of 2.59% with a notional
contract amount of $3 million (2023: contract in place for $3 million
@ 2.59%, commencing November 2021 and maturing
October 2024).
Interest rate swap (iv) – South Port has an interest rate swap which
commenced 28 July 2023 and matures in July 2026� The interest rate
swap has a fixed swap rate of 5.17% with a notional contract amount
of $5 million (2023: contract was not in place for this swap in the prior
year).
Interest rate swap (v) – South Port has a contract in place for a
forward start interest rate swap which commences 4 November 2024
and matures in November 2027� This forward start swap has a fixed
swap rate of 4.50% with a notional contract amount of $5 million
(2023: contract was not in place for this forward start swap in the
prior year).
CREDIT FACILITY
At balance date the Group had a total loan facility of $46 million
(2023: $38 million), of which $35,750,000 (2023: $30,000,000) had
been drawn down�
The Group also has an overdraft facility of $200,000 (2023:
$200,000), of which $0 (2023: $0) had been drawn down.
FAIR VALUES
The carrying amount is considered to be the fair value for each
financial instrument�
The maturity profiles of the Group’s interest bearing investments and
borrowings are disclosed on the following pages�
Note 22 continued��
P.93
› South Port
Annual Report 2024
› Section 07
Financials

FINANCIAL INSTRUMENTS CLASSIFICATION TABLE
The Group held the following financial instruments at reporting date:
Note 22 continued��
As per the Group’s accounting policies, all carrying amounts of financial instruments at balance date approximate their fair values.
2024
Financial Assets at
Amortised Cost
Financial Liabilities
at Fair Value through
Profit or Loss
Financial Liabilities
at Amortised Cost
Total Carrying
Amount
2023
Financial Assets at
Fair Value through
Profit or Loss
In Thousands of New Zealand Dollars
Assets
Interest rate derivatives — 658 — — 658
Total non-current assets — 658 — — 658
Interest rate derivatives — 541 — — 541
Cash and cash equivalents 1,035 — — — 1,035
Trade and other receivables 6,509 — — — 6,509
Total current assets 7,544 541 — — 8,085
Total assets 7,544 1,199 — — 8,743
Liabilities
Loans and borrowings — — — 25,000 25,000
Lease liabilities — — — 262 262
Total non-current liabilities — — — 25,262 25,262

Loans and borrowings — — — 5,000 5,000
Trade and other payables — — — 4,105 4,105
Lease liabilities — — — 98 98
Total current liabilities — — — 9,203 9,203
Total liabilities — — — 34,465 34,465
In Thousands of New Zealand Dollars
Assets
Interest rate derivatives — 321 — — 321
Total non-current assets — 321 — — 321
Interest rate derivatives — 398 — — 398
Cash and cash equivalents 2,310 — — — 2,310
Trade and other receivables 6,983 — — — 6,983
Total current assets 9,293 398 — — 9,691
Total assets 9,293 719 — — 10,012
Liabilities
Loans and borrowings — — — 35,750 35,750
Lease liabilities — — — 163 163
Total non-current liabilities — — — 35,913 35,913

Loans and borrowings — — — — —
Trade and other payables — — — 4,036 4,036
Lease liabilities — — — 106 106
Total current liabilities — — — 4,142 4,142
Total liabilities — — — 40,055 40,055
Financial Assets at
Amortised Cost
Financial Liabilities
at Fair Value through
Profit or Loss
Financial Liabilities
at Amortised Cost
Total Carrying
Amount
Financial Assets at
Fair Value through
Profit or Loss

MATURITY PROFILE OF FINANCIAL INSTRUMENTS
The following table details the Group’s exposure to interest rate risk on financial instruments:
Note 22 continued��
CREDIT RISK
The following table details the ageing of the Group’s trade
receivables at balance date:
In Thousands of New Zealand Dollars 2024 2024 2023 2023

Not past due 5,167 9 6,070 18
Past due 0-30 days 898 — 75 3
Past due 31-120 days 821 5 232 12
Past due 121-360 days 53 13 104 15
Past due more than 1 year 44 5 15 2

Total 6,983 32 6,496 50

Gross
Receivable
Expected Credit
Losses
Gross
Receivable
Expected Credit
Losses
There is no collateral held or other credit enhancements for security of trade receivables�
2023
Weighted
Average
Effective
Interest Rate
CCAF
Interest
Rate
Carrying
Value
$’000
Contractual
Cashflows
$’000
Less than 1
year $’000
1 - 2 years
$’000
2 - 3 years
$’000
3 - 4 years
$’000
4 - 5 years
$’000
5 + years
$’000
Non
Interest
Bearing
In Thousands of
New Zealand Dollars
2024
Weighted
Average
Effective
Interest Rate
CCAF
Interest
Rate
Carrying
Value
$’000
Contractual
Cashflows
$’000
Less than 1
year $’000
1 - 2 years
$’000
2 - 3 years
$’000
3 - 4 years
$’000
4 - 5 years
$’000
5 + years
$’000
Non
Interest
Bearing
In Thousands of
New Zealand Dollars
Financial assets:
Cash & cash equivalents 3.20% 3.20% 1,035 1,035 1,035 — — — — — —
Trade & other receivables — — 6,509 6,509 6,509 — — — — — 6,509
Interest rate derivatives
(non-current) 2.26% (3.38%) 658 1,709 — 471 354 884 — — —
Interest rate derivatives
(current) 2.26% (3.38%) 541 543 543 — — — — — —
Financial liabilities:
Trade & other payables — — (4,105) (4,105) (4,105) — — — — — (4,105)
Loans & borrowings
(non-current) 5.79% 7.49% (25,000) (27,297) (1,868) (25,429) — — — — —
Loans & borrowings
(current) 5.79% 7.49% (5,000) (5,222) (5,222) — — — — — —
Lease liabilities
(non-current) 5.00% — (262) (279) — (114) (113) (49) (3) — —
Lease liabilities
(current) 5.00% — (98) (114) (114) — — — — — —
(25,722) (27,221) (3,222) (25,072) 241 835 (3) — 2,404
Financial assets:
Cash & cash equivalents 3.20% 3.20% 2,310 2,311 2,311 — — — — — —
Trade & other receivables — — 6,983 6,983 6,983 — — — — — 6,983
Interest rate derivatives
(non-current) 3.48% (1.95%) 321 531 — 368 134 28 — — —
Interest rate derivatives
(current) 3.48% (1.95%) 398 460 460 — — — — — —
Financial liabilities:
Trade & other payables — — (4,036) (4,036) (4,036) — — — — — (4,036)
Loans & borrowings
(non-current) 6.25% 7.68% (35,750) (40,056) (2,747) (23,478) (8,405) (405) (5,022) — —
Loans & borrowings
(current) 6.25% 7.68% — — — — — — — — —
Lease liabilities
(non-current) 5.00% — (163) (162) — (115) (46) — — — —
Lease liabilities
(current) 5.00% — (106) (116) (116) — — — — — —
(30,043) (34,085) 2,855 (23,225) (8,317) (377) (5,022) — 2,947
P.95
› South Port
Annual Report 2024
› Section 07
Financials

Note 22 continued��
SENSITIVITY ANALYSIS
The following table details a sensitivity analysis for each type of market risk to which the Group is exposed:
2024
In Thousands of
New Zealand Dollars
Carrying
Amount
ProfitEquityProfitEquity
-100bp+100bp-10%+10%-10%+10%
Interest rate riskForeign exchange riskOther price risk
ProfitEquityProfitEquityProfitEquityProfitEquity
Financial assets
Cash and cash equivalents 2,310 (23) — 23 — — — — — — — — —
Trade and other receivables 6,983 — — — — — — — — — — — —
Interest rate derivatives
(non-current) 321 (203) — 203 — — — — — — — — —
Interest rate derivatives
(current) 398 (287) — 287 — — — — — — — — —
Financial liabilities
Loans and borrowings
(non-current) 35,750 358 — (358) — — — — — — — — —
Loans and borrowings
(current) — — — — — — — — — — — — —
Trade and other payables 4,036 — — — — — — — — — — — —
Lease liabilities
(non-current) 163 2 — (2) — — — — — — — — —
Lease liabilities
(current) 106 1 — (1) — — — — — — — — —

Total increase/(decrease) (152) — 152 — — — — — — — — —
Explanation of interest rate risk sensitivity
The interest rate sensitivity is based on a reasonable possible
movement in interest rates, with all other variables held constant,
measured as a basis points (bps) movement. For example, a
decrease in 100 bps is equivalent to a decrease in interest rates of
1.00%.
The sensitivity for derivatives (interest rate swaps) has been
calculated using a derivative valuation model based on a parallel
shift in interest rates of -100bps/+100bps. (2023: -100bps/+100bps).
Explanation of foreign exchange risk sensitivity
The foreign exchange sensitivity is based on a reasonable possible
movement in foreign exchange rates, with all other variables held
constant, measured as a percentage movement in the foreign
exchange rate�
No sensitivity for derivatives (forward foreign exchange contracts)
has been calculated for 2024 or 2023 since the Group had no
forward foreign exchange contracts in place at balance date�
2023
In Thousands of
New Zealand Dollars
Carrying
Amount
ProfitEquityProfitEquity
-100bp+100bp-10%+10%-10%+10%
Interest rate riskForeign exchange riskOther price risk
ProfitEquityProfitEquityProfitEquityProfitEquity
Financial assets
Cash and cash equivalents 1,035 (10) — 10 — — — — — — — — —
Trade and other receivables 6,509 — — — — — — — — — — — —
Interest rate derivatives
(non-current) 658 (228) — 228 — — — — — — — — —
Interest rate derivatives
(current) 541 (160) — 160 — — — — — — — — —
Financial liabilities
Loans and borrowings
(non-current) 25,000 250 — (250) — — — — — — — — —
Loans and borrowings
(current) 5,000 50 — (50) — — — — — — — — —
Trade and other payables 4,105 — — — — — — — — — — — —
Lease liabilities
(non-current) 262 3 — (3) — — — — — — — — —
Lease liabilities
(current) 98 1 — (1) — — — — — — — — —

Total increase/(decrease) (94) — 94 — — — — — — — — —

The following table analyses the basis of the valuation of classes of financial instruments measured at fair value in the statement of
financial position:
VALUATION TECHNIQUE
In Thousands of New Zealand Dollars Total Level 1 Level 2 Level 3
Financial assets
Derivatives – interest rate swaps 719 — 719 —

Financial liabilities
Derivatives – interest rate swaps — — — —

2024
There were no transfers between the different levels of the fair value hierarchy during the year and no financial instruments fall under the level
3 category�
Changing a valuation assumption to a reasonable possible alternative assumption would not significantly change fair value�
The fair value of derivatives traded in active markets is based on quoted market prices at the reporting date� The fair value of derivatives that
are not traded in active markets (for example over-the-counter derivatives), are determined by using market accepted valuation techniques
incorporating observable market data about conditions existing at each reporting date�
The fair value of interest rate swaps is calculated at the present value of the estimated future cash flows�
Valuation inputs for valuing derivatives are as follows:
›Interest rate forward price - published market swap rates�
›Discount rate for valuing interest rate derivatives - published market interest rates as applicable to the remaining life of the instrument
adjusted for the credit risk of the counterparty for assets and the credit risk of the Group for liabilities�
Note 22 continued��
FAIR VALUE HIERARCHY
For those instruments recognised at fair value in the statement of financial position, fair values are determined according to the following
hierarchy:
›Quoted market price (level 1) - Financial instruments with quoted prices for identical instruments in active markets.
›Valuation technique using observable inputs (level 2) - Financial instruments with quoted prices for similar instruments in active markets
or quoted prices for identical or similar instruments in inactive markets and financial instruments valued using models where all significant
inputs are observable�
›Valuation techniques with significant non-observable inputs (level 3) - Financial instruments valued using models where one or more
significant inputs are not observable�
VALUATION TECHNIQUE
2023
In Thousands of New Zealand Dollars Total Level 1 Level 2 Level 3
Financial assets
Derivatives – interest rate swaps 1,199 — 1,199 —
Financial liabilities
Derivatives – interest rate swaps — — — —
P.97
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Annual Report 2024
› Section 07
Financials

23 COMMITMENTS AND CONTINGENT LIABILITIES...........................................................................................................................
Capital expenditure commitments
As at 30 June 2024, South Port Group had entered into capital
expenditure commitments to purchase a new reachstacker and
undertake rock blasting at Berth 11 as well as other minor capital
projects� The total cost of this capital is estimated to be $2,320,000
(2023: dredging of the channel and the harbour as well as other
minor capital projects at an estimated cost of $4,880,000).

Contingent liabilities
At 30 June 2024 there was a claim against the Group for $2�1 million
in damages (2023: $2.1 million), however the Group has a counter-
claim against the claimant for $5.6 million (2023: $5.6 million). The
Group has undergone arbitration in FY23 to defend the claim and
is waiting on a decision from the arbitrator� The Group does not
believe that it is exposed to any liability�
24 SHARE-BASED PAYMENTS ...............................................................................................................................................................
Executive Long-Term Incentive (LTI) Plan
The Group adopted an equity-settled share-based executive
long-term incentive (LTI) plan during the year. Under this LTI plan,
performance share rights (share rights) with a three-year vesting
period are issued to participating executives� The vesting of share
rights entitle the executive to the receipt of one South Port New
Zealand Limited (SPN) ordinary share per share right at nil cost.
The proportion of share rights that vest depends on the Group’s
performance against the following performance conditions:
2024
NUMBER OF SHARE RIGHTS ISSUED
Grant Date
Vesting
Date
Balance at
1 July 2023
Granted during
the year
Forfeited during
the year
Vested during
the year
Balance at
30 June 2024
30 Oct 2023 30 Jun 2026 — 30,928 — — 30,928
Total LTI Plan — 30,928 — — 30,928
Share rights are valued using a simulation model, modelling the performance of the Group and the NZX50 peer group and adjusting the
present value for the value of forgone dividends prior to vesting�
The following table lists the key inputs into the valuation and fair value of the share rights at the measurement date:
2024
Grant Date 30 Oct 2023
Vesting Date 30 Jun 2026
Vesting Period (years) 2.67
Expiry Date 30 Jun 2027
Grant Date Share Price $7�46
TSR Hurdles Absolute TSR
Relative TSR
EPS CAGR
Volatility of the Share Price 22.6%
Risk Free Interest Rate 5.5%
Expected Dividends $0�81
Valuation per Share Right:
›Absolute TSR Hurdle $3�55
›Relative TSR Hurdle $3�70
›EPS CAGR Hurdle $6�90
›total shareholder return (TSR) exceeding a cost of equity target
(Absolute TSR Hurdle);
›total shareholder return (TSR) falling above a target percentile of
the NZX50 peer group companies (Relative TSR Hurdle); and
›earnings per share (EPS) compound annual growth rate (CAGR)
exceeding a target rate (EPS CAGR Hurdle).
To the extent that performance conditions are not met, or
executives leave employment of the Group prior to the end of the
vesting period, the share rights are forfeited�
During the year ended 30 June 2024, an expense of $36,000 (2023: nil) has been recognised in respect of the LTI plan in the Consolidated
Statement of Comprehensive Income�

In Thousands of New Zealand Dollars 2024 2023
Within one year 106 98
One to five years 163 262
More than five years — —
269 360

Current 106 98
Non-current 163 262
Lease liabilities (as Lessee noted above) relate to a ten year land lease commitment with KiwiRail Limited for the lease of a parcel of land
situated on the Island Harbour, Bluff, due to expire in December 2026 and a 9 year, 20 day lease commitment with KiwiRail for the lease of a
parcel of land situated at Invercargill which expires in September 2027�
Lease Liabilities
Amount Recognised in the Statement of Comprehensive Income
In Thousands of New Zealand Dollars 2024 2023
EXPENSES
Depreciation of right-of-use assets 98 97
Interest on lease liabilities 17 20
GROUP
The total cash outflow for leases relating to Right-of-Use Assets in 2024 was $98,000, (2023: $113,000). This amount is split in the cash flow
statement as follows:
›financing activities relative to lease liabilities paid - $98,000 (2023: $93,000).
›operating activities relative to interest paid - Nil (2023: $20,000).
25 LEASES ................................................................................................................................................................................................
The Group leases certain property, plant and equipment� The Group recognises a right-of-use asset and a corresponding lease liability with
respect to all lease arrangements in which it is the lessee, except for short-term leases and leases of low-value assets where the Group
recognises the lease payments as an other operating expense on a straight-line basis over the term of the lease�
2024
Land 650 7 — 657 (320) (98) — — (418) 239
650 7 657 (320) (98) — — (418) 239
In Thousands of
New Zealand
Dollars
Cost
1 July 2023
AdditionsDisposalsAccumulated
Depn and
Impairment
charges
1 July 2023
Depn
Expense
Accumulated
Depn
reversed on
Disposal
OtherAccumulated
Depn and
Impairment
charges
30 June 2024
Carrying Amt
30 June 2024
Cost
30 June 2024
2023
In Thousands of
New Zealand
Dollars
Land 650 — — 650 (223) (97) — — (320) 330
650 — — 650 (223) (97) — — (320) 330
Cost
1 July 2022
AdditionsDisposalsAccumulated
Depn and
Impairment
charges
1 July 2022
Depn
Expense
Accumulated
Depn
reversed on
Disposal
OtherAccumulated
Depn and
Impairment
charges
30 June 2023
Carrying Amt
30 June 2023
Cost
30 June 2023
Right-of-Use Assets
GROUP
P.99
› South Port
Annual Report 2024
› Section 07
Financials

GROUP
Operating lease commitments (as Lessor) relate to various port land, wharves and buildings in Bluff that are leased (both short term and long
term) to a number of tenants for port related activities (refer to Note 11).
In Thousands of New Zealand Dollars 2024 2023
Within one year 5,053 4,280
One to five years 10,267 9,845
More than five years 31,807 33,144
47,127 47,269
GROUP
Future minimum lease receivables under non-cancellable operating leases (as Lessor):
In Thousands of New Zealand Dollars 2024 2023
Surplus after taxation 7,376 11,712
Add/(less) non-cash items
Depreciation and amortisation 4,914 4,802
Net (gain)/loss on disposal (47) (43)
Decrease/(increase) in value of interest rate swaps 480 (246)
Increase/(decrease) in deferred tax asset 2,203 1
(Decrease)/increase in share-based payment reserve 36 —
7,586 4,514

Add/(less) movement in working capital
Decrease/(increase) in trade debtors and other receivables (1,711) 497
(Decrease)/increase in trade creditors and other payables and employee entitlements (526) 1,137
(Decrease)/increase in the provision for income tax (1,100) (403)
Movement in other working capital items classified as investing activities 1,161 (1,009)
(2,176) 222
Net cash provided by operating activities 12,786 16,448
26 NET CASH FLOW FROM OPERATING ACTIVITIES .........................................................................................................................
Operating leases where the Group is the Lessor.
The following is a reconciliation between the surplus after taxation shown in the statement of comprehensive income and the net cash flow
from operating activities�
27 SEGMENTAL REPORTING ..................................................................................................................................................................
The South Port Group operates in the Port Industry in Southland, New Zealand, and therefore only has one reportable segment and one
geographical area based on the information as reported to the chief operating decision maker on a regular basis�
South Port engages with one major customer which contributed individually greater than 10% of its total revenue. The customer contributed
$10�38 million for the year ended 30 June 2024 (2023: $9.62 million).

28 RELATED PARTY TRANSACTIONS ...................................................................................................................................................
CONTROLLING ENTITY
Southland Regional Council (Environment Southland) owns 66.48% of the ordinary shares in South Port. During the year there were no
material transactions with this related party�
A total dividend of $4,709,000 was paid to Environment Southland during the year (2023: $4,709,000).
Rates and consents of $26,300 were paid to Environment Southland during the year (2023: $110,100).
Please refer to note 29 for additional related party transactions disclosed separately in relation to the Company’s subsidiary
Awarua Holdings Ltd�
Awarua Holdings Ltd is 100% owned by South Port and has been consolidated into the South Port NZ Ltd Group results. Awarua Holdings Ltd
provides management and administration services to South Port based on market rates for the services provided�
All balances owed to Awarua Holdings Ltd by South Port are classified as inter-entity receivables and are repayable on demand� All inter-
entity amounts are eliminated in the consolidated financial statements� During the year ended 30 June 2024 no amounts invoiced by Awarua
Holdings Ltd were written off as bad debts or included in the doubtful debts provision at balance date (2023: nil).
The Directors have reviewed the composition of the Group and its relationship with other entities, in light of the revised definition of control
and have not identified additional subsidiaries, joint ventures or associates which have not previously been recognised�
29 INVESTMENT IN SUBSIDIARY COMPANY ......................................................................................................................................
FINAL DIVIDEND
On 23 August 2024 the Board declared a final dividend for the year to 30 June 2024 for 19�50 cents per share amounting to $5�116 million
(before supplementary dividends). (2023: Final dividend declared for 19.50 cents per share amounting to $5.116 million).
30 SUBSEQUENT EVENTS......................................................................................................................................................................
P.101
› South Port
Annual Report 2024
› Section 07
Financials

2 |
Normalised Group surplus after tax removes the volatility of unrealised fair value movements, adjustments relating to tax legislation changes,
and gains/losses on the disposal of assets, to provide a more consistent measure of Group performance�
1 |
Return on Assets equals Earnings Before Interest and Tax/Average Total Assets�
1
* Based on average of period start and year end
balances
In Thousands of New Zealand Dollars 2024 2023 2022 2021 2020
FIVE-YEAR GROUP FINANCIAL SUMMARY
Operating revenue 56,128 53,589 48,584 47,291 44,573
Total revenue 56,251 53,965 49,968 47,667 44,619
Net operating surplus before tax 13,433 16,514 17,158 14,679 13,348
Reported Group surplus after tax 7,376 11,712 12,829 10,714 9,430
Normalised Group surplus after tax** 9,956 11,504 11,162 10,452 9,447
EBITDA 21,305 22,768 21,152 18,850 17,806
Operating cashflow 12,786 16,448 13,695 15,827 12,299
Shareholders distributions paid 7,083 7,083 7,083 6,821 6,821
Total shareholders’ equity 60,232 59,903 55,274 49,528 45,635
Net interest bearing debt 35,750 30,000 25,500 9,000 6,500
Property, plant and equipment 91,876 87,727 77,342 57,218 51,189
Capital expenditure 9,045 15,023 24,406 10,184 5,498
Total assets 103,364 97,906 88,136 68,673 59,411
Interest cover (times) 6.3 10.6 18.0 41.0 32.9
Shareholders’ equity ratio 58.3% 61.2% 62.7% 72.1% 76.8%
Return on equity/shareholders’ funds* 12.3% 20.3% 24.5% 22.5% 21.3%
Return on assets* 15.9% 19.6% 23.2% 23.5% 23.7%
Basic earnings per share 28�1c 44�6c 48�9c 40�8c 35�9c
Operating cashflow per share 48�7c 62�7c 52�2c 60�3c 46�9c
Dividends declared per share 27�00c 27�00c 27�00c 27�00c 26�00c
Net asset backing per share $2�30 $2�28 $2�11 $1�89 $1�74
In Thousands of New Zealand Dollars 2024 2023 2022 2021 2020
OPERATIONAL SUMMARY
Cargo throughput (000’s tonnes) 3,213 3,479 3,554 3,454 3,269
Cargo ship departures 324 349 305 331 335
Gross registered tonnage (000’s tonnes) 6,117 6,201 5,690 6,128 5,898
Number of permanent employees 132 124 120 107 105
Total cargo ship days in port 823 900 846 865 847
Turn-around time per cargo ship (days) 2.54 2.58 2.77 2.61 2.52
Cargo tonnes per ship 9,917 9,968 11,652 10,435 9,758
Dry warehousing capacity (m
2
) 36,600 36,600 36,600 38,100 38,100
Cold/cool storage capacity (m
3
) 39,500 39,500 39,500 39,500 39,500
Reported Group surplus after tax 7,376 11,712 12,829 10,714 9,430
Gain/Loss on sale of assets after tax (34) (31) 5 (21) (21)
Interest Rate Gain/Loss after tax 346 (177) (985) (241) 108
Adjustment relating to prior period deferred tax
on buildings IRE — — (687) — —
Adjustment relating to tax legislation changes 2,268 — — — (70)
Normalised Group surplus after tax 9,956 11,504 11,162 10,452 9,447
** Normalised Group surplus after tax is calculated
by making the following adjustments.
2
Financial and Operational Five-Year Summary

A summary about who we are, and
operational port definitions�
Leadership Team ��104
Directory ��105
Southern Region Production and Cargo Locations ��106
ABOUT US
01
02
03
04
05
06
07
08

https://southport�co�nz/page/?zCQM6A
Scan the QR code to read more.
Nigel Gear
Chief Executive
BCom, Dip Port
Management
Geoff Finnerty
Port General Manager
BCom, ACA, PGCertEM
Helen Young
People and Safety
Manager
LLB
Lara Stevens
KĀI TAHU
Chief Financial Officer
BCom, DipGrad, CA
Hayden Mikkelsen
Container Operations
Manager
BE (Hons), MEngNZ
Frank O’Boyle
Infrastructure and
Environmental Manager
BEng (Civil), MIPENZ,
CPEngNZ,
Dip Port Management
Jamie May
Commercial Manager
BCom
Leadership Team

DIRECTORS
Philip Cory-Wright
Chair

Cassandra Crowley
Nicola Greer
Michelle Henderson
Clare Kearney
John Schol
Carla Harper
Intern Director
CORPORATE EXECUTIVES
Nigel Gear
Chief Executive Officer
Geoff Finnerty
Port General Manager
Lara Stevens
Chief Financial Officer
Jamie May
Commercial Manager
Hayden Mikkelsen
Container Operations Manager
Frank O’Boyle
Infrastructure and Environmental Manager
Helen Young
People and Safety Manager
GROUP COMPANIES
Parent Company
South Port New Zealand Limited
Subsidiary
Awarua Holdings Limited
AUDITOR
Deloitte as Agent for the Controller and Auditor General
Otago House, 481 Moray Place, Dunedin 9016
SOLICITORS
Preston Russell Law
45 Yarrow Street, Invercargill 9810
AWS Legal
80 Don Street, Invercargill 9810
BANKERS
ANZ
Ground Floor, ANZ Centre, 23-29 Albert Street, Auckland Central,
Auckland 1010, New Zealand
TAX ADVISORS
McIntyre Dick & Partners
160 Spey Street, Invercargill 9810
SHARE REGISTER
MUFG Corporate Markets
(formerly known as Link Market Services Limited)
A division of MUFG Pension & Market Services
Level 30, PwC Tower, 15 Customs Street West, Auckland 1010
REGISTERED OFFICE
Island Harbour, PO Box 1, Bluff 9842
Directory

CREDITS
Photographs provided by
Tammi Topi – SouthDrone NZ, Chris Howell, various
South Port staff, Angus Morrison
Design by
Naked Creative

CONTACT DETAILS
Telephone +64 3 212 8159
Email reception@southport�co�nz
Website www�southport�co�nz

   South Port NZ
P.105
› South Port
Annual Report 2024
› Section 08
About Us

1
GrainCorp ..................................................0
ADM NZ .....................................................0
Ravensdown ..............................................0
Sanford Bluff ..............................................0
Southfish ...................................................0
Stolthaven .................................................0
NZAS Tiwai Smelter ...............................30
Southern Region Production and Cargo Locations
2
Ballance Agri-Nutrients ..........................15
Open Country Dairy ................................15
South Pacific Meats ................................15
Southwood Export ..................................15
3
Stabicraft Marine ....................................23
International Specialty Aggregates .......27
Quality Foods Southland ........................27
Sims Pacific Metals .................................27
Rayonier Matariki Forests .......................28
IFS Growth ...............................................28
Prime Range Meats ................................33
Kilometres from Bluff
4
Agrifeeds ...............................................38
Niagara Sawmilling ................................38
Silver Fern Farms
- Kennington Plant ...............................38
Blue Sky Pastures ...................................55
5
Alliance Lorneville Plant .........................40
Alliance Makarewa Plant .......................45
Pyper’s Produce .....................................45
1
GrainCorp ..................................................0
ADM NZ .....................................................0
Ravensdown ..............................................0
Sanford Bluff ..............................................0
Southfish ...................................................0
Stolthaven .................................................0
NZAS Tiwai Smelter ...............................30
Southern Region Production and Cargo Locations
2
Ballance Agri-Nutrients ..........................15
Open Country Dairy ................................15
South Pacific Meats ................................15
Southwood Export ..................................15
3
Stabicraft Marine ....................................23
International Specialty Aggregates .......27
Quality Foods Southland ........................27
Sims Pacific Metals .................................27
Rayonier Matariki Forests .......................28
IFS Growth ...............................................28
Prime Range Meats ................................33
Kilometres from Bluff
4
Agrifeeds ...............................................38
Niagara Sawmilling ................................38
Silver Fern Farms
- Kennington Plant ...............................38
Blue Sky Pastures ...................................55
5
Alliance Lorneville Plant .........................40
Alliance Makarewa Plant .......................45
Pyper’s Produce .....................................45

Balclutha
Lumsden
Winton
Te Anau
Mossburn
Tuatapere
Invercargill
Gore
Mataura
Edendale
Bluff
Tapanui
Queenstown
11
10
6
12
13
9
8
7
5
4
2
3
1
6
Winton Stock Feed .................................60
7
Fonterra Edendale ...................................65
8
Daiken Southland ....................................70
Alliance Mataura Plant ............................75
9
Eastern Concrete ...................................80
Silver Fern Farms
- Gore Plant ..........................................80
Mataura Valley Milk ................................93
10
Lindsay & Dixon ......................................88
11
Silver Fern Farms
- Mossburn Plant .................................118
12
Ernslaw One ..........................................130
13
Silver Fern Farms
- Balclutha Plant .................................145
Fonterra Stirling .....................................145
Photo credit: Mercury NZ
Balclutha
Lumsden
Winton
Te Anau
Mossburn
Tuatapere
Invercargill
Gore
Mataura
Edendale
Bluff
Tapanui
Queenstown
11
10
6
12
13
9
8
7
5
4
2
3
1
6
Winton Stock Feed .................................60
7
Fonterra Edendale ...................................65
8
Daiken Southland ....................................70
Alliance Mataura Plant ............................75
9
Eastern Concrete ...................................80
Silver Fern Farms
- Gore Plant ..........................................80
Mataura Valley Milk ................................93
10
Lindsay & Dixon ......................................88
11
Silver Fern Farms
- Mossburn Plant .................................118
12
Ernslaw One ..........................................130
13
Silver Fern Farms
- Balclutha Plant .................................145
Fonterra Stirling .....................................145
Photo credit: Mercury NZ
P.1 0 7
› South Port
Annual Report 2024
› Section 08
About Us

South Port NZ Ltd - Capital Change Notice South Port NZ Ltd - 2024 Annual Meeting

Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.

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