Move Logistics Group Annual Report

Annual Report 2024

4 OUR BUSINESS
Our Strategy
About Us
Our Network
8 THE FY24 YEAR
FY24 Snapshot
Chair’s Report
Change Plan
17 WHAT MATTERS
Team
Customers and communities
Environment
Board and Leadership
Governance Report
38 FINANCIALS AND
DISCLOSURES
Financial Measures
Financial Statements
Notes to the Financial
Statements
Auditor’s Report
Statutory Information
Directory
Welcome to our 2024
Annual Report.
In the last seven years since becoming a listed company,
MOVE has evolved from being simply a freight business
into a multi-modal, end to end supply chain provider.
We’re making it easy for our customers with integrated
solutions across freight, warehousing, shipping and
freight forwarding, as well as specialised services. We’re
not just a trucking company; we also utilise rail and
shipping to deliver the best solutions for our customers.
This year we have confronted some of the most
challenging trading conditions in recent history and
our results were below our aspirations. Despite these
headwinds, our commitment to exceptional customer
service and innovative solutions remains unwavering.
MOVE has a legacy of more than 150 years. We’re taking
this forward, building strong foundations that will see
MOVE grow and deliver value into the future.
On behalf of the Board and Management of MOVE
Logistics Group Limited, we are pleased to present our
Annual Report for the year ended 30 June 2024.
Julia Raue Grant Devonport
Chair Director
17 September 2024
23
ANNUAL REPORT 2024

Building
better
customer
solutions.
We know businesses are looking for
a logistics provider who is focused
on New Zealand customers, with
a breadth of product and service
capability, and who can move
quickly to deliver a solution that is
tailored to their needs.
MOVE is meeting this demand
with our team of logistics experts,
innovative thinking and a freight
and warehousing network that
spans the country. We’re making it
easy for our customers, delivering a
one-stop solution that’s focused on
their needs.
Essity is a leading global hygiene and health
company, with products ranging from
tissue and toilet paper to period care, soap
and skincare. Moving into MOVE’s Tauriko
warehouse in Tauranga has allowed Essity
to restructure its North Island supply chain
and streamline the transport and delivery of
products by utilising MOVE’s freight services.
Utilising Essity’s warehouse management
system on site, MOVE is able to provide a fully
integrated solution to enhance customer
service and experience.
BETTER, STRONGER BUSINESS
Work our assets smarter:
Investing in what matters and
driving better returns on our
businesses and assets
Optimise earnings:
Focused on optimising our
earnings and delivering strong
earnings growth and value for
shareholders
SMART GROWTH & EXPANSION
Deliver for our customers: Putting
our customers at the heart of all
we do and delivering the best
customer solution and service
Upsize our business:
Maximising organic and
acquisition opportunities to
expand our market presence
across Australasia, extend our
offer and grow our customer base
Build our multi-modal offer:
Creating a multi-modal offer that
utilises the best freight modes
to deliver our customers’ goods
where and when needed
Industry collaboration and
partnerships:
Work in partnership with best-
in-class providers to ensure the
optimal solution for our customers
and help us grow while preserving
our capital
TAKING CARE OF WHAT
MATTERS
Having a positive impact on our
people, communities and the
environment
Passionate
and Talented
People
Operational

Excellence
Technology

and
Innovation
Superior

Financial
Performance
Funding

for Growth
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Our strategy.
45
ANNUAL REPORT 2024

TEAM
972 team members
21% of our team are female
59% of our team are based
outside of Auckland
NETWORK
38 branches, depots, crossdocks,
warehouses and support offices
across New Zealand
195,000 square metres of
warehouse capacity
CORPORATE
1,848 shareholders
95% New Zealand shareholders
OUR VISION
To be the preferred freight and logistics provider in Australasia.
This means delivering the best solution and service for our customers, providing secure and rewarding work
opportunities for our people, and generating value for our shareholders.
OUR MISSION
To keep our customers moving.
Our expert term provides comprehensive freight and logistics solutions to help our clients stay ahead and
succeed.
OUR MANTRA
Customer, Safety, Team
We work together to deliver the best possible customer experience and business performance, strive to exceed
our customer’s expectations and remain unwavering in our dedication to ensuring the well-being and safety of
our people, partners and communities in our work.
WHAT WE DO
MOVE is a one stop shop for all logistics services. We can provide a solution for supply chain challenges of all kinds.
Store your goods with us and transport them where you need with our domestic and international networks.
Our network.
We have one of New Zealand’s
largest transport and logistics
networks.
About us.
FREIGHTFUELSSPECIALISTWAREHOUSINGINTERNATIONAL
We are one of the
largest domestic
freight providers in
New Zealand. Our
services include
general freight,
temperature-
controlled goods,
project cargo and
full truck loads.
Our specialist road
tanker division is
one of the largest
fuel delivery
operators in the
New Zealand
market.
We move
oversized and
large items that
require specialist
haulage. From
heavy haulage,
and machinery
transports to
oversized freight
movements,
we can move
anything.
We offer
contracted
solutions for
customers
including
warehousing
and supply chain
capability. Our
warehouses are
central to main
routes and easy
for port access.
We are logistics
specialists
and provide
international
freight forwarding
and shipping
agency services
across a
broad range of
industries. Our new
trans-Tasman
shipping service
adds another
valued service to
our offer.
67
ANNUAL REPORT 2024

Operating
Environment
Recessionary environment has been stronger and longer than expected with
some of the toughest trading conditions seen in recent times
Significant reduction in demand across most sectors
Inflationary cost pressures increasing the cost to serve and putting pressure
on margins
Work our assets
smarter
1H24 investment made in fleet, people and technology in anticipation of
economic recovery
4Q FY24 commenced change programme to right-size the business to match
lower activity levels
Optimise our
earnings
Higher cost base due to inflation and investment into business
Engaged with independent advisors to validate the challenges and opportunities
Developed the Accelerate programme with focus on cost reduction, profitable
revenue generation and balance sheet strength - commenced FY25
Build our multi-
modal offer
Positive transition from silo to group focus
Increasing utilisation of rail and shipping
Proven demand for trans-Tasman shipping service
Deliver for our
customers
New and expanded sales team winning customers
Delivering customer service excellence in challenging market conditions
National network (regional and metro presence) is a key attraction for customers
Upsize our
business
Strengthening existing foundations in a challenging market
Industry collaboration
and partnerships
Assessing beneficial opportunities across the sector
Taking care of
what matters
Board refresh with appointment of new Directors
Reporting under the Aotearoa New Zealand Climate Standards for the first time
Announced Paul Millward as interim CEO from 4 September 2024, to lead the
business turnaround and Accelerate programme
1
Normalised EBITDA and Normalised EBT exclude non-controlling interest and non-trading adjustments of $19.7m pre-tax related to asset
impairment, settlement & restructuring cost (FY23: $1.7m). Including these, FY24 EBITDA and EBT was $7.9m and $(45.3)m respectively.
For more information, see page 38 of the Annual Report.
2
Attributable to owners of the company.
3
Restated to be pre-IFRS16
FY24 snapshot.
MOVE’s FY24 financial performance was below
our aspirations and reflective of group-wide
underperformance exacerbated by the industry-wide
challenges of a recessionary environment which has
dampened business activity and demand.
The Board and management are moving at pace to
accelerate a change programme with a focus on
improving the Group’s financial performance, and
delivering value to shareholders, while continuing to
provide great service to MOVE customers.
• Income down 13% year on year, with subdued customer
activity and customer losses in a recessionary
environment
• Higher cost base due to inflation and investment into
business in anticipation of economic recovery; delay in
reducing costs to match lower activity levels
• Net loss after tax of $(48.1)m
2
, including pre-tax,
non-trading adjustments of $19.7m
• Non-cash and non-trading costs $19.7m including an
impairment on the carrying value of the Atlas Wind vessel
which is being held for sale, and a write down of goodwill
in the warehousing business
• 2H24 Normalised EBITDA ahead of 1H24, in line with
guidance
• Continued focus on working capital management and
customer value proposition
• Commenced Accelerate programme from 1 July 2024 to
right-size and streamline the organisation to reduce costs
and improve operating leverage
Targeting positive net adjusted operating cashflow, and
significant improvement in normalised EBT in FY25.
Income
$301.7m
FY23: $347.7m
Normalised EBITDA
1
$27.6m
FY23: $47.4m
Normalised EBT
$(25.7)m
FY23: $5.8m
Net Loss after tax
2

$(48.1)m
FY23: $(7.2)m
Capex
$1.8m
FY23: $19.5m
Gearing
38.4%
FY23: 17.2%
Free Cashflow
3

$2.0m
FY23: $0.7m
Safety (LTIFR)
15.82
FY23: 14.72
89
ANNUAL REPORT 2024

From the Chair.
Over the seven years since listing, MOVE
has evolved from being simply a freight
business into a multi-modal, end to end
supply chain provider and one of New
Zealand’s largest logistics providers.
The last 12 months have delivered some
of most challenging trading conditions
seen in the industry in recent times.
Cost inflation has continued to rise,
margins have been under pressure,
and customer demand has reduced
significantly as businesses have cut
costs, public spending has been put
on hold, and large projects have
been paused. The freight industry is
a bellweather for the economy and
this has become even more evident
this year, with MOVE’s performance
reflecting the wider economic downturn
and customers insourcing, as well as
operational challenges.
Julia Raue, Chair
Two years ago, MOVE initiated a new growth strategy
built on identified opportunities in a strong post-
pandemic economy. Investment was made into
the business, particularly in our team, fleet and
technology, in anticipation of future growth. However,
as the economy has retracted over the last year, we
have had to adapt MOVE’s growth strategy to focus
on immediate value opportunities. In some cases,
this has meant unwinding positions which had been
built in anticipation of a growth environment.
This year’s result has been disappointing and further
highlighted the need to right-size and improve
efficiencies within the organisation. The Board
acknowledges that we were too slow to adapt our
business to match lower market activity.
We are now moving at pace to drive change and
improvement. We have engaged with independent
advisors to ensure we have validated the challenges
and opportunities within the business as well as
the external factors that have impacted MOVE’s
performance. A comprehensive change programme
- the Accelerate programme - has been developed
to replace Project Blueprint and experienced
executive, Paul Millward, has been appointed to
lead the turnaround. We are moving ahead with a
refreshed Board and leadership team and are united
in our focus to execute the change programme with
urgency.
The work now underway is expected to support
improving cashflow and profitability as we
streamline the business and improve revenue
generation. Benefits will be seen from 2H25.
The Accelerate programme
Our goals are to improve financial performance,
build positive cashflow and deliver value to
shareholders, while continuing to provide great
service to MOVE’s customers. Our success relies
on three factors, which will improve financial
performance and importantly, build shareholder
value. These form the foundation of the programme:
• Recalibrating operations - ensuring MOVE’s
operational structure is appropriate for the size
and scale of the business, cost-effective and
efficient, while retaining the flexibility to scale up
to meet increased demand and deliver quality
customer service
MOVE Chair, Julia Raue, with interim CEO, Paul Millward
1011
ANNUAL REPORT 2024

• Profitable revenue growth - investment into
sales capabilities, accelerating profitable
revenue opportunities and dynamic pricing
disciplines
• Balance sheet resilience – priority focus on
cashflow generation and capital management
The Accelerate programme is targeted to deliver a
significant improvement in normalised EBT in FY25,
and a return to normalised EBT profit in FY26, and
is supported by MOVE’s financiers. In particular,
the network and fleet optimisation are expected
to deliver a turnaround in the Freight division’s
performance.
The work done by independent advisors confirms
that MOVE’s underlying business fundamentals are
sound, and the Board remains confident in MOVE’s
inherent value and strong customer offer.
Good progress in core areas
The Board has reviewed and confirmed MOVE’s
strategic pathways – building a better, stronger
business; smart growth and expansion; and taking
care of what matters.
Over the last two years we have made good
progress in core areas that matter:
• We continue to strengthen and expand our end
to end supply chain, with the addition of trans-
Tasman shipping and expanded metro services
• We are increasingly multi-modal, which is
lowering our cost to serve, providing optionality
for our customers and offering carbon
reduction opportunities
• We have seen a significant step change in
culture, away from a silo mentality and towards
a group focus
• Our strong brand presence and national
network remains a key benefit for MOVE. We
are seen as a strong contender by customers,
supported by an expanded sales team
• The pilot of the trans-Tasman shipping service
was encouraging despite sub-optimal vessel
reliability. Since year-end, we have moved
ahead with a larger, more resilient time-charter
vessel to service this route
Long term macro trends remain positive for the
industry, with demand growth alongside government
investment in transport infrastructure. MOVE is well
positioned to deliver expert logistics solutions across
a range of sectors.
FINANCIAL PERFORMANCE
Subdued customer activity and customer losses in
a recessionary environment saw income reduce
13% year on year to $301.7m. Inflation and our 1H24
investments in the business, made in expectation
of an economic recovery, led to increased costs.
Unfortunately, the recovery has not yet happened
and we recognise that we were slow to adjust costs
to match the lower activity levels.
Non-cash impairments of $17.3m had a significant
impact on MOVE’s results this year. These include
impairments on the carrying value of the Atlas Wind
vessel which is being held for sale and goodwill in
the warehousing business.
Excluding these and other non-trading costs
(totalling $19.7m), Normalised EBITDA was down 41%
to $27.6m, primarily as a result of lower revenue and
costs being too high for activity. In line with guidance,
2H24 Normalised EBITDA was ahead of 1H24. Including
non-cash and non-trading costs, the company
reported a Net Loss after Tax of $(48.1)m
5
.
Working capital levels remained steady, and capital
expenditure reduced as MOVE progresses towards
an asset light model and non-essential spend is
deferred until trading conditions normalise.
The priority for the Board is to restore positive
adjusted net operating cashflow (inclusive of rent
and lease payments), which was $(5.1)m in FY24.
4

Following a significant reduction in debt over the
last four years, FY24 net debt increased by $1.4m to
$17.0m. MOVE has agreed new funding arrangements
with ANZ Bank and Pacific Invoice Finance which
will support the change programme as well as
corporate and working capital requirements. Total
equity was $23.4m
5
as at 30 June 2024.
BUSINESS PERFORMANCE
The Freight result was disappointing, despite new
customers being onboarded, with the Freight
division reset further hampered by adverse trading
conditions. At the start of FY24, we invested into
fleet, people and technology in anticipation of an
economic recovery. The recessionary environment
has been longer and stronger than anticipated,
resulting in a cost base that was too high for market
activity. We have now commenced an accelerated
change programme to right-size the fleet and driver
mix, optimise routes and remove cost. More recently,
we have started to rebalance our customer base,
moving away from low margin commodity freight
to higher margin business. This has been supported
by investment into an expanded sales team which
is delivering increased leads and new customer
wins. We are bolstering our trucking business with
other modes of transport, such as rail and shipping,
to ensure our customers have the best transport
solution for their needs. Improving returns are
expected as changes are bedded in and when
market conditions improve.
MOVE’s Warehouse business has been hard hit
by reduced demand this year, which has driven
increasing competition and downward pricing
pressure across the industry. We have also seen
some customers insourcing in response to the
economic conditions. This is a priority focus area
for MOVE’s sales team as we look to fill available
occupancy and diversify our customer base away
from a reliance on large customer groups. Lead
times are generally longer with wins now starting
to be seen from activity initiated in late CY2023, as
well as returning customers seeking a quality, cost
effective service.
In MOVE’s other businesses:
The Fuel and Tankers division delivered a stable
performance despite continuing reduced light traffic
activity and corresponding spending on fuel. MOVE
remains one of the largest fuel delivery operators
in the New Zealand market, and we also specialise
in shipping ISO tank containers of bulk liquids. We
continue to look for opportunities to build on our
expertise and expand our Tankers service offer.
The International joint ventures continue to
operate well, although the overall market for freight
forwarding has retracted from the highs seen in 2022
and 2023. The pilot of MOVE’s trans-Tasman shipping
has been encouraging, despite additional costs due
to continued mechanical issues. To create more
capacity to support customer demand, as well as
to derisk and align with MOVE’s asset light business
model, MOVE has changed to a time charter model
with a larger, more resilient vessel and has put the
Atlas Wind vessel up for sale.
The Specialist business is susceptible to economic
conditions, with project work delayed and pushed
into future periods. These projects remain ongoing
and a strong pipeline of work is in place. MOVE’s
breadth, scale and expertise in this area is
unsurpassed by any other provider in New Zealand
and there are good opportunities to grow market
share and expand into other sectors.
DivisionRevenue
$m
Normalised
EBT $m
Freight120.7(18.6)
Contract Logistics
(Warehousing and
Tankers)
137.00.6
6

International19.1(2.2)
7
Specialist17.10.5
6
Excludes non-cash goodwill impairment of $12.7m
7
Excludes $4.3m non-cash impairment of carrying value of Atlas Wind vessel
4
Reconciliation table on page 38
5
Attributable to owners of the parent
1213
ANNUAL REPORT 2024

ENABLING OUR STRATEGY
Our passionate and talented people are the
backbone of our success. We believe if we look after
our people, they will look after our customers and
this, in turn, will drive our financial performance. We
continue to build engagement across our group
and a service culture. Team development remains
a priority, with a focus on branch management,
graduate programmes and career pathways.
We would like to thank our people, customers,
suppliers and business partners for their support
over the last twelve months. In particular, we
would like to acknowledge our team’s continued
commitment to our customers, through more
challenging times.
We are continuing to digitally transform our
company. We have added new functionality
and improved connectivity into our transport
management system. A new Proof of Delivery
integration maximises the investment we made into
scanners last year. We have also completed the
rollout of Ready Workforce, helping to streamline
payroll processing. Cyber security remains a
priority, as we look to protect our business and our
customers’ data.
Our commitment to Environment, Social and
Governance (ESG) principles remains steadfast.
Our initiatives are focused on those areas where we
can drive meaningful change, deliver benefit for our
people and communities and support a low carbon
future and a better environment for us all. This year,
we are reporting for the first time under the Aotearoa
New Zealand Climate Standards. MOVE’s climate
related disclosures will be published online at
www.movelogistics.com/who-we-are/sustainability
by the end of October 2024.
Board and Leadership
The Board has been refreshed over the last twelve
months, with several Directors retiring – Danny
Chan and Chris Dunphy – and the appointment of
new Directors – Lachie Johnstone, Greg Kern and
Greg Whitham. The Board would like to thank Danny
and Chris for their valued contributions during their
tenure.
Lorraine Witten has also advised of her intention
to retire ahead of the next Annual Shareholders’
Meeting. Lorraine has been a valued member of the
MOVE Board, firstly as a Director from the time the
company first became listed in 2017 and then as
Chair for two and half years. She stepped down as
Chair in May 2024 to enable a seamless succession,
and I was appointed as the incoming Chair. Our
thanks go to Lorraine for her contribution.
MOVE CEO, Craig Evans, has also announced his
resignation. He remains available to assist the new
CEO until 24 October 2024. The Board thanks Craig
for the work he has done to transition MOVE towards
a sales led, customer focused organisation.
Paul Millward has been appointed as interim CEO to
lead the turnaround programme, effective from 4
September 2024. Paul has an impressive track record
of delivering business change and his leadership
will be valued as we move at pace to reshape and
streamline the business, adapting it for current
market conditions, and making MOVE more efficient
and fit for the future. Recruitment of a permanent
CEO has been paused while this programme is
underway.
OUTLOOK
While trading weakness has continued into the
new financial year, we see this as short term in
nature and we remain cautiously optimistic for an
economic improvement in the first half of the 2025
calendar year. Long term macro trends remain
positive for the industry, with demand growth
alongside government investment in transport
infrastructure. MOVE is well positioned to deliver
expert logistics solutions across a range of sectors,
including for energy and infrastructure projects.
We are moving at pace to recalibrate the business,
adapting it for current market conditions, and
making it more efficient and fit for the future. The
Accelerate programme, which commenced in July
2024, is performing to plan with early wins including
expanded customer sales activity and good
progress in the Freight division turnaround.
We expect substantial progress over FY25 to restore
cashflow and improve earnings, with initial results
to be seen from 2H FY25. Costs associated with the
change programme will impact in FY25.
MOVE is targeting positive adjusted net operating
cashflow and a significant improvement in
normalised EBT in FY25, and a return to normalised
EBT profit in FY26. As a Board, we are holding
ourselves and our team to account, and will keep
shareholders and the market informed on our
progress.
MOVE is one of the largest transport and logistics
providers in New Zealand. We have a nationwide
network with a strong regional and metro presence,
the ability to provide an end to end supply chain
solution, an experienced and passionate team, and
a commitment to customer excellence. The MV Brio
Faith is now in service on our trans-Tasman shipping
route, further extending our offer to our customers.
The work we are doing now will reset our company,
leverage MOVE’s strengths, realise its considerable
potential and grow shareholder value.
On behalf of the Board, thank you to our
shareholders for your continued support as we
navigate challenges and work towards an improved
performance for our business.
Julia Raue
Chair
1415
ANNUAL REPORT 2024

The Accelerate
programme.
Our goals are to improve financial performance, build positive
cashflow and deliver value to shareholders, while continuing to
provide great service to MOVE customers.
RECALIBRATE THE
BUSINESS
PROFITABLE
REVENUE GROWTH
BALANCE SHEET
RESILIENCE
Maximise performance,
productivity and
utilisation
Network, fleet and
team optimisation –
retain ability to flex with
demand, while delivering
quality customer service
Strict cost controls and
reduction
Continue to invest in
sales capabilities
Accelerate profitable
revenue opportunities
Considered customer
acquisition and
diversification
Dynamic pricing
disciplines
Priority focus on cashflow
generation
Meticulous financial
management
Taking
care
of what
matters.
We are actively seeking to have a positive
impact on our people, customers, communities
and environment.
FY25
Positive adjusted net operating
cashflow
Significant improvement in
normalised EBT
FY26
Return to
normalised
EBT profit
TARGETS
1617
ANNUAL REPORT 2024

Our people.
Our people are the backbone of our
organisation and it is their talent and
passion that will drive our success. As
a company that has evolved from
a heritage of regional brands and
businesses, our focus has been on
creating a unified group culture. We
have made excellent progress, with
our people now ‘moving as one’.
Our goal is to attract the best talent and offer them
a great career pathway at MOVE. This year, we
launched our graduate programme, welcoming our
first four graduates to our marketing and technology
teams. We are creating a learning culture, with
training, self-driven learning and leadership
development opportunities offered to all team
members. Celebrating team diversity is another
important aspect of our culture at MOVE.
Staying safe, keeping others safe and supporting
each other remains fundamental to who we are as
an organisation. We use an array of digital tools to
monitor and manage the safety of our people, and
further improved our reporting processes as well as
introduced critical safety risks and related training
during the year.
We are focused on lead indicators and metrics,
with branch management taking ownership for
events and corrective actions. We maintained our
Tertiary level under the ACC Accredited Employers
Programme. This signals that MOVE continues to
achieve a clear history of established systems,
processes and procedures which function actively in
MOVE’s workplace.
How does MOVE keep its team safe?
The safety of our team is a priority and training is an
important aspect of this. MOVE has concentrated
on groupwide training initiatives involving all team
members covering a variety of different topics and
utilising various training mediums. Safety is part
of our leadership training, and we have a learning
series focused on different safety topics and led by
our People & Culture team and branch managers.
We have a robust critical safety risk programme
which is overseen by our Board and measures
lead and lag indicators. Fit for purpose policies
and procedures have been developed and are
continuously reviewed to ensure they are relevant
and relatable for our team. Reporting of incidents
is proactive and aligned with our safety critical
risk framework which enables better insight and
allows us to see these as opportunities to learn
and improve.
In addition to on-road safety, operational safety is a
key focus for people working in and around our sites.
We recently updated all our traffic management
plans and we partner with our customers and
suppliers to ensure appropriate safety protocols are
in place for our team when on their sites and vice
versa.
We also have an extensive wellbeing calendar of
events and programmes to engage our people and
encourage health and wellness. If our people are
healthy and well, this in turn will help to keep them
safe.
How do you engage with the MOVE team on safety?
Safety is bred into every level of our organisation.
We have regular Health & Safety meetings at
branch and national level, a Monthly learning series
and newsletter; and Toolbox Talks. We use quality
branch audits to validate our safety systems and
identify training opportunities. Information is shared
through our team intranet, as well as on notice
boards in our branches. Our monthly Health & Safety
Award is always a prized accolade, with a team
member recognised for their contributions towards
demonstrating or improving safety in their role.
How is technology assisting with health, safety and
wellbeing?
Technology is a useful tool, helping us to identify,
monitor and manage risks. We have a range of
different digital tools, from in-cab technologies to
help manage fatigue, speed, distraction and work
time, through to vehicle technology that ensures our
trucks are safe to drive. We also use our technology
platforms across the business for online training and
sharing of information.
What is the benefit to MOVE’s customers?
Our customers can trust that they are partnering
with a company that looks after their team,
suppliers and the wider community, with a high
standard of professionalism.
5 minutes with Charlotte Carpenter
People & Culture Leader
“Supporting our people to be healthy, safe and well”
SAFETYTRAINING SESSIONSOUR TEAM
15.82 LTIFR3,104 PARTICIPANTS972 TEAM MEMBERS
1819
ANNUAL REPORT 2024

MOVE has a team of extraordinary people. They are problem solvers, brand
ambassadors, logistics gurus and customer champions. We trust our people to
deliver solutions that drive positive outcomes, for our business and our customers.
Our people are the foundation of our organisation and we are building our team,
investing in leadership development, training and growth opportunities as we unite
and engage across our organisation.
MOVE’s new graduate programme is the first step in cultivating our future leaders,
through a blend of leadership development, mentorship, coaching and a hands-
on role. However, the value of the programme to MOVE is not just long term; our
graduates are already making meaningful contributions and bringing fresh ideas
and skills to their teams.
Allie Doocey and Jacob Woodcock joined the MOVE marketing team in 2023,
helping to bridge the gap between traditional and digital marketing and overseeing
initiatives from a website revamp, to launching our social media presence.
Building our people for the future.
Environment.
Committed to a low carbon future and a better
environment for us all.
We recognise the important role the
transport and logistics sector can play
in reducing emissions. This will take a
collective effort and we are working with
our customers, supply chain and across
the industry to identify ways we can
contribute to a lower carbon world.
We are continually looking for opportunities which
support our environmental commitments. Many of
the actions which will deliver the biggest impact
require long term vision and investment, and are
outside of our direct control – commercialisation
of alternative fuels and a robust infrastructure,
availability of low emission heavy vehicle options
suited for New Zealand’s terrain, and robust multi-
modal transport alternatives, including rail and
coastal shipping.
However, there are things we can and are doing.
We are using technology to optimise routes and
reduce empty loads and we continue to upgrade
our fleet to newer, fuel-efficient vehicles. We are
working with our customers to deliver multi-modal
solutions that utilise other forms of transport such as
rail which has a significantly lower carbon footprint
than trucks; and we continue to look for ways to use
our resources wisely and reduce waste within our
operations.
By working together across the industry, investing in
long-term solutions, and taking immediate action
in areas under our control, the logistics sector can
significantly contribute to a lower carbon future.
This year, we will be reporting for the first time under
the Aotearoa New Zealand Climate Standards. Our
climate-related disclosures will be published as a
separate document by 31 October 2024 and will be
available at www.movelogistics.com/who-we-are/
sustainability.
2021
ANNUAL REPORT 2024

The HIVE brings together an expert group of dispatch team members to provide 24 hour support to MOVE’s FTL
(full truck load) team. Working out of Auckland, they co-ordinate nationwide movements, supported by real time
updates, allowing for quick decision-making and seamless coordination and communication. The personal
service is not just for our drivers, but also makes it easy for customers with regular communication to confirm
deliveries or update timings when the unexpected happens.
Delivering customer service excellence with a smile.
Customer partnerships based on trust
and expertise.
Our customers and
communities.
At the core of our business lies a deep
commitment to exceptional customer
service. We believe in fostering trust and
loyalty by truly hearing our customers,
understanding their individual needs, and
consistently exceeding their expectations.
We tailor solutions to our customers and their
requirements, removing unnecessary add-ons and
cost. We know that “faster and smaller” isn’t always
the best approach and the additional cost of Just-
In-Time delivery is unnecessary for many businesses.
We offer alternative modes of transport, like shipping
and rail, to help provide solutions which reduce costs
for our customers and benefit the environment.
We understand the importance of safeguarding
customer data and have built a robust and secure
foundation, providing customer peace of mind and
protection. We also utilise technology to optimise
delivery times, minimise carbon emissions, and
deliver an overall increase in customer satisfaction.
Our sales team was expanded this year, providing
increased support for large customers, as well
as focusing on new business growth. Our team
of industry experts, including managers, engage
from the start of a tender process, ensuring a
clear understanding of customer needs. This has
resulted in a significant uplift in brand recognition
and invitations to tender, as well as customer wins,
despite the softer market.
MOVE was founded on regional brands and we seek
to provide a positive community impact, through
work opportunities and support for local causes. Our
team has been involved in local rubbish collections,
tree planting and participated in Special Rigs
for Special Kids – a convoy of around 300 trucks
transporting children with special needs to an event,
with up to 2,000 people lining the streets to watch
the 12km parade of trucks.
Building on a track record of outstanding customer
service, MOVE has expanded its partnership with DB
Breweries, adding South Island-wide warehousing
and distribution to its offering. By implementing
multi-modal transport strategies, MOVE is proud to
contribute to a more sustainable supply chain for
DB Breweries, providing a lower cost to serve and
reduced carbon emissions. This customer partnership
reinforces MOVE’s commitment to delivering
innovative logistics services.
2223
ANNUAL REPORT 2024

PAUL MILLWARD
INTERIM CEO
JOINED MOVE IN SEPTEMBER 2024
Paul has a proven ability to successfully lead businesses through periods of
change. Most recently, he was CEO of 2 Cheap Cars, where he transformed the
company into the leading NZX market performer in 2023. Prior to that, Paul had
an exemplary career in sales leadership, finance and executive roles across
several sectors, in New Zealand and offshore, with strength in building customer
partnerships and developing strong leaders and teams who deliver.
RICKY CLARK
NATIONAL GROUP SALES MANAGER
JOINED OCTOBER 2023
Ricky has over 10 years’ experience in the logistics and transport sector, having held
sales, operations and leadership roles across both large corporations and family
run businesses. He has extensive experience and a deep understanding of market
expectations, making him well-positioned to lead and promote MOVE’s services.
ANTHONY BROWNE
GM OCEANS
JOINED DECEMBER 2023
Anthony has held several senior roles within the New Zealand logistics sector
including CEO of Agility Logistics, and Group Sales Manager at Mainfreight. Anthony
returned to the freight industry after 10 years establishing and running his own
business. Since joining MOVE, Anthony has spearheaded the transformation of the
Oceans business.
CRAIG LEISHMAN
GM WAREHOUSING
JOINED MARCH 2023
Craig’s involvement in the logistics sector spans thirty years. He has held national
leadership roles in a number of multi-national companies, including D.B Breweries
(Heineken), L’Oreal, Independent Liquor (Asahi Breweries) and Danone Nutricia.
He brings a ‘hands-on’ practical approach backed by significant experience and
expertise in the freight and warehousing industries.
LEE BANKS
CHIEF FINANCIAL OFFICER
JOINED MOVE IN 2013
Lee has been with MOVE since 2013 and was appointed CFO in January 2019. She
is an experienced, senior financial executive who has previously held international
roles in the USA and Australia, in both the service and manufacturing sectors. Lee
has been involved in all areas of MOVE’s financial management, from acquisitions
and mergers through to the reverse listing and listed company reporting.
NICK WARD
GM TECHNOLOGY
JOINED SEPTEMBER 2019
Nick joined MOVE as a contractor in 2019 before becoming a permanent member
of the team in 2020. He has a has a background in project management, software
development, infrastructure, and before that was a teacher. This provides Nick with
a unique perspective on technology and allows him to engage with a forward-
facing customer focused mindset.
RACHAEL HUSTLER
GM PEOPLE AND CULTURE
JOINED MOVE IN JULY 2023
Rachel has over 25 years of industry experience, specialising in culture, leadership,
talent and transformation. Her goal is to develop a long-term strategy where
MOVE’s people are collaboratively working together, are provided with opportunities
for growth and development and where MOVE is seen as an employer of choice.
WARWICK BELL
GM SPECIALIST LIFTING AND TRANSPORT
JOINED MOVE IN 2018
Warwick has worked in leadership roles within the Specialist group of companies
(Tranzcarr Heavy Haulage and Machinery Movers) for more than two decades and
joined the MOVE team in 2018 when the Specialist group was acquired. He now
leads this division for MOVE, using his in-depth knowledge and expertise to deliver
for customers on large, oversize and custom jobs.
Leadership team.
25
ANNUAL REPORT 2024
2425

JULIA RAUE
APPOINTED 3 MAY 2023
INDEPENDENT CHAIR FROM 24 JUNE 2024
Julia joined the MOVE Logistics Group Board as an independent director in May
2023. She has significant governance experience across a variety of sectors,
including current directorships with Southern Cross Group and Global Women.
She has previously been a director of The Warehouse Group, Z Energy, TVNZ and
Jade Software. Julia has experience chairing a number of governance committees
including Nominations & People and Health Safety & Wellbeing. She has a strong
background in business transformation, digital change, and customer excellence
and, prior to her governance career, was Chief Information Officer at Air New
Zealand for nine years.
DAVID (GRANT) DEVONPORT
APPOINTED 23 NOVEMBER 2021
INDEPENDENT DIRECTOR, CHAIR RISK ASSURANCE & AUDIT COMMITTEE
Grant has significant financial experience, having been CFO of Australian Pacific
Airports Corporation (owner of both Melbourne and Launceston Airports), and
CFO of both Toll NZ and Toll Holdings Group. As well as being an executive of
both ASX and privately owned businesses, Grant’s responsibilities have included
procurement, technology, risk, safety & environment, company secretariat, treasury
and investor relations.
LACHIE JOHNSTONE
APPOINTED 1 MARCH 2024
INDEPENDENT DIRECTOR
Lachie is an experienced director, with current directorships including Chair of
CentrePort and Jenkins Group. Previously, he was Chair of Farmlands Co-operative
Society for sixteen years alongside a number of other governance roles. He
has extensive commercial and Chair/Director experience across the logistics,
port, agriculture, horticulture and education sectors including chairing People &
Remuneration, Audit & Risk and Health Safety & Wellbeing board sub-committees.
MARK NEWMAN
APPOINTED 27 JULY 2021
INDEPENDENT DIRECTOR
Mark has extensive domestic and international transport and logistics industry
expertise, having held senior leadership roles with Mainfreight for over 20 years, as
CEO Mainfreight Europe and General Manager New Zealand Transport. He has a
deep understanding of the New Zealand transport landscape along with a wealth
of experience in building successful teams and developing strong culture.
GREG KERN
APPOINTED 8 MARCH 2024
DIRECTOR
Greg was an advisor on the reverse listing of MOVE in 2017 and a director until April
2019. He is managing director of Kern Group, a corporate advisory firm in Australia,
and has particular experience in strategic planning and corporate structure, as
well as strong networks across the Australian investment market. He is a chartered
Accountant, a registered company auditor and registered taxation agent. The
Board has determined that he is a non-executive, non-independent Director given
his connection with substantial shareholders.
LORRAINE WITTEN
APPOINTED 6 DECEMBER 2017
INDEPENDENT DIRECTOR
Lorraine is an experienced executive and entrepreneur with extensive commercial
experience in high growth and high change environments. She has over 20 years of
governance experience and is a Chartered Fellow of the Institute of Directors and
Fellow of Chartered Accountants ANZ. She currently sits on the board of a number
of private and public companies including Mercury Energy and as Chair of Rakon.
Lorraine was Chair of MOVE from September 2021 to May 2024 and has announced
her intention to step down from the Board at the 2024 Annual Meeting.
GREG WHITHAM
APPOINTED 8 MARCH 2024
DIRECTOR
Greg Whitham was one of the original founding partners of the MOVE group and
was Chief Financial Officer from 1996. He was part of the executive team who, over
many years, built enduring customer relationships and expanded the scale of
MOVE and the services it offers. He retired from the company in 2019, following its
successful transition to a listed company. The Board has determined that Greg is a
non-executive, non-independent director, as he is a substantial shareholder.
Our Board.
27
ANNUAL REPORT 2024
2627

CORPORATE GOVERNANCE
At MOVE Logistics Group Limited (MOVE)(the Company), we believe good corporate governance is essential to
protect the interests of investors and create and enhance value over the short and long term. We are committed
to conducting business in the right way: ethically, sustainably and in line with our legal and regulatory obligations.
The Board has adopted corporate policies and procedures that reflect best practice and MOVE follows the
principles and recommendations of the NZX Corporate Governance Code (the Code). We believe that the
Company’s corporate governance practices in FY24 materially align with the Code dated 1 April 2023. The following
pages summarise our corporate governance practices and progress in FY24.
The information contained in this corporate governance statement has been prepared in accordance with NZX
Listing Rule 3.8.1(a). This governance statement is current as at 30 June 2024 and was approved by the Board on
17 September 2024.
1. ETHICAL STANDARDS
1.1 Code of Ethics
MOVE expects its Directors and employees to act with integrity and professionalism and undertake their duties
in the best interests of the Company. The Company’s Code of Ethics is available on the Company website and is
available to all team members.
The Code of Ethics is included in the New Employee Induction pack and all employees are required to attest that
they have reviewed and understand the scope of relevant governance policies. Ongoing training will be included
as part of future group-wide learning series.
MOVE encourages employees to speak out if they have concerns about any area of the Company. The avenues
for doing so are detailed in the Company’s Whistleblower Policy which is on the Company website.
1.2 Securities Trading Policy
MOVE’s Securities Trading Policy and the Financial Markets Conduct Act 2013, impose limitations and requirements
on Directors and employees dealing in the Company’s shares. These limitations prohibit dealing in shares while in
possession of inside information and impose requirements for seeking consent to trade. MOVE’s Securities Trading
Policy is available in the Investor centre on MOVE’s website. Details of directors’ share dealings are set out on page
86 of this report.
2. BOARD COMPOSITION AND PERFORMANCE
2.1 Board Charter
The roles and responsibilities of the Board are detailed in the Board Charter, which is reviewed at least every two
years and is available on the Company’s website. The Board’s primary objective is to enhance shareholder value
and protect the interests of other stakeholders by improving corporate performance and accountability.
The Board has delegated authority for day-to-day leadership and management of the business to the Group
CEO, who in turn has sub-delegated authority to other Company management with specified financial and non-
financial limits. MOVE has a Delegations of Authority Policy, which is reviewed annually by the Board.
2.2 Nomination and Appointment of Directors
The number of elected Directors and the procedure for their retirement, nomination and election is set out in the
Company Constitution and NZX Listing Rules. Directors must retire and may stand for re-election by shareholders
at least every three years. A Director appointed since the previous annual meeting may hold office only until
the next annual meeting but is then eligible for re-election at that meeting. Key information is provided to
shareholders when a director stands for election or re-election.
All Directors are involved in the consideration of Board composition including succession planning, recruitment
searches, considering Shareholder nominees, making appointment recommendations to shareholders and,
outside of shareholders meetings, resolving to appoint directors. In performing these functions, the Board assesses
candidates against a number of factors including qualifications, capability, experience, judgement and skills, and
the ability to work with other Directors. Reference checks are carried out on all candidates and key information
about candidates is provided to shareholders to assist their decision whether or not to elect or re-elect a
candidate.
The Board is supported in this work by the Governance and Remuneration Committee. The Committee considers
the collective capability of the current Board and assesses that against the Company’s operational and strategic
requirements. This analysis then drives a focus on finding candidates who will best complement the current mix of
capabilities on the Board.
Shareholders may also nominate candidates for election to the Board, in accordance with the constitution of the
Company and the NZX Listing Rules.
2.3 Written agreements
The Company has written agreements with each Director, establishing the terms of their appointment. The
Company has arranged a policy of Directors’ and Officers’ liability insurance. This policy covers the Directors and
Officers so that any monetary loss suffered by them as a result of actions undertaken by them as Directors or
Officers is insured to specified limits (subject to legal requirements and/or restrictions).
The Company has also entered a Deed of Indemnity and Access with each Director. The terms of the indemnities
granted to Directors (as permitted by the MOVE constitution) are included in these Deeds together with
information access rights and agreed procedures for the conduct of legal claims.
2.4 Director Information
As at the date of this Annual Report, the MOVE Board comprises five independent Directors and two non-
independent, non-executive Directors. Profiles of Directors are available on the Company’s website and on pages
26 and 27 of this Report.
There has been a refresh of the Board over the past year:
• Julia Raue, who was appointed by the Board in May 2023, was elected by shareholders at the 2023 Annual
Meeting.
• Danny Chan, who was appointed in 2017 at the time of the reverse listing of MOVE, stepped down at the end
of the 2023 Annual Meeting.
• Lachie Johnstone was appointed an Independent Director in March 2024. He has extensive experience across
the logistics sector, including fuel distribution. Previously, he was chair of Farmlands Co-operative Society for
16 years alongside a number of other governance roles.
• Chris Dunphy resigned as a Director from 28 March 2024 to focus on personal enterprises. He was an active
member of the Board for the last three years, taking on the role of Executive Director for a period of time as
the company commenced a strategic reset.
• A further two new directors were appointed in March 2024 following a request from substantial shareholders
representing over 30% of MOVE’s issued capital. Gregory Whitham was one of the original founding partners
of the group, and Gregory Kern is managing director of Kern Group, a corporate advisory firm in Australia.
• Lorraine Witten has also advised that she will step down from the Board ahead of the 2024 Annual Meeting.
The Board appointed Julia Raue as Chair, effective from 24 June 2024.
As at 30 June 2024, Board members are:
NameRoleAppointed
Julia RaueChair3 May 2023
Grant DevonportIndependent director
Chair Risk Assurance and Audit Committee
23 November 2021
Mark NewmanIndependent director
Chair Governance and Remuneration Committee
27 July 2021
Lachie JohnstoneIndependent director1 March 2024
Lorraine WittenIndependent director6 December 2017
Gregory KernNon-independent, non-executive director8 March 2024
Gregory WhithamNon-independent, non-executive director8 March 2024
2829
ANNUAL REPORT 2024

The Board uses a skills matrix and considers several factors including qualifications, experience and skills of
Directors when appointing new Directors or considering Board composition. The Board is confident that the current
Directors offer valuable and complementary skills, experience and expertise that are of value to the Company.

SkillHigh CapabilityModerate Capability
Board/Corporate Governance● ● ● ● ●
● ●
Corporate Social Responsibility
● ●● ● ● ● ●
Customer Insight / International Market Knowledge
●● ● ● ● ●
Diversity (gender/culture/balance)
● ● ● ● ● ●
Financial Expert
● ● ● ●● ●
Human Resources & Talent Management
● ● ●● ● ●
Industry Experience
● ● ● ●● ● ●
Legal / Regulatory
● ● ●● ● ● ●
Listed Company Governance
● ● ● ●● ●
Marketing
● ● ● ● ●
Risk Management & Audit
● ● ● ● ● ●●
Strategic Growth / Value / Business Development
● ● ● ● ● ●●
Technology - Information / Digital / Social Media
● ● ● ●● ●
2.4 Diversity
Diversity at MOVE refers to characteristics of individuals and includes factors such as gender, marital status,
religious beliefs, colour, race, ethnic or national origin, disability, age, political views, employment status, family
status or sexual orientation. Diversity encompasses the way MOVE’s people differ in terms of their education, life
experience, job function, work experience, personality, location and career responsibilities. The key aspects being
sought at MOVE are diversity of thought and skills, as these attributes are most likely to assist MOVE in delivering
better outcomes for its stakeholders.
MOVE is committed to equal employment opportunities and treating all individuals fairly and with respect. MOVE
recognises that everyone has individual differences which can be leveraged to create stronger teams that will
ultimately drive stronger business performance.
MOVE’s approach to diversity is outlined in the Diversity Policy, which is available on the Company’s website.
Key areas of focus are:
• Recruitment and retention of a diverse workforce;
• Supportive working environment;
• People development; and
• Recognition and reward based on merit.
As at 30 June 2024, females represent 27% (FY23: 27%) of Directors and Officers of the Company (an officer is a
person who is concerned or takes part in the management of the company business and reports directly to the
Board or CEO). Females represent 21% (FY23: 19%) of all employees of the Company.
As at 30 JuneFY24FY23
Female MaleFemaleMale
Directors 2524
Officers2614
All Employees 203752221926
The Board is satisfied with the initiatives being implemented by the Company and its performance with respect to
the Diversity Policy. The Board has not currently set measurable objectives under the Policy for achieving diversity,
as the Board considers diversity outcomes can be achieved without measurable objectives.
2.6 Director Training and Education
Directors are encouraged to undertake appropriate training and education to ensure they remain current on how
to best perform their duties. In addition, management provide regular updates on relevant industry and Company
issues, including briefings from senior executives.
All Directors have access to executives to discuss issues or obtain information on specific areas in relation to
matters to be discussed at Board meetings, or other areas as they consider appropriate. The Board Committees
and Directors, subject to the approval of the Board Chair, have the right to seek independent professional advice
at the Company’s expense, to enable them to carry out their responsibilities.
2.7 Board Performance and Review
The Board monitors its own performance and will, from time to time, commission an external review to assess
the performance of individual Directors and the Board’s effectiveness (including the effectiveness of Board
Committees). An external review was last conducted and presented to the Board in June 2022. This has assisted
the Board in identifying the skills and experience desired of new Directors and to plan longer term Board
succession in a manner that ensures the Board remains fresh but also provides MOVE with governance continuity.
2.8 Director Independence
In order for a Director to be independent, they must not be an executive of MOVE Group and must have no
disqualifying relationships. Independence is determined by the Board, having regard to the factors described in
Recommendation 2.4 of the Code. The Board has determined that, aside from Gregory Kern and Gregory Whitham,
all current directors are independent and have no disqualifying relationships.
Gregory Kern and Gregory Whitham were appointed in March 2024 following a request from substantial
shareholders representing over 30% of MOVE’s issued capital. The Board has determined that Gregory Kern is
a non-executive, non-independent Director given his connection with those substantial shareholders. Gregory
Whitham is a substantial shareholder in MOVE, holding approx. 7% of issued capital. The Board has determined that
he is also a non-executive, non-independent Director.
Directors are required to notify MOVE of any interests they have that could impact an assessment of their
independence or their ability to act in the best interests of MOVE.
MOVE has processes in place to manage any conflicts of interest with Directors who are interested in a matter.
Directors’ interests are disclosed on pages 83 to 85 of the Annual Report.
2.9 Independent Chair
MOVE’s Chair is an independent Director as recommended by the Code and is elected by the Directors. Both
Lorraine Whitten and Julia Raue, who have held the role of Chair over the year, are considered by the Board to be
independent.
2.10 Separation of the role of Chair and CEO
The Board supports the separation of the roles of Chair and CEO. In addition to MOVE’s CEO not being the Chair, the
CEO is also not a Director of MOVE.
3. BOARD COMMITTEES
The Board has delegated a number of its responsibilities to Committees to assist in the execution of the Board’s
responsibilities. The use of Committees allows issues requiring detailed consideration to be dealt with separately
by members of the Board with specialist knowledge and experience, thereby enhancing the efficiency and
effectiveness of the Board. However, the Board retains ultimate responsibility for the functions of its Committees
and determines their responsibilities.
The Committees meet as required and have terms of reference (Charters), which are approved and reviewed by
the Board.
Minutes of each Committee meeting are available to all members of the Board, who are all entitled to attend
any Committee meeting. Each Committee is empowered to seek any information it requires from employees in
pursuing its duties and to obtain independent legal or other professional advice.
The membership and performance of each Committee is reviewed annually. The Chair sits as an ex-officio
member of both Board committees.
3031
ANNUAL REPORT 2024

The Board committees as at 30 June 2024 were as follows:
CommitteeRoleMembers as at 30 June 2024
Risk Assurance and Audit (RAAC)
Committee
Assist the Board in its oversight of
the integrity of financial reporting,
financial management and
controls, external audit quality
and independence, and the risk
management framework.
Grant Devonport (Chair)
Gregory Whitham
Mark Newman
Governance and Remuneration
Committee
Assist the Board to establish and
maintain a strong governance
framework overseeing the
management of the company’s
people, remuneration and diversity
policies.
Mark Newman (Chair)
Lachie Johnstone
Lorraine Witten
Attendance at Board and Committee Meetings for the year ended 30 June 2024 was as follows:
Board Risk Assurance and AuditGovernance and
Remuneration
Total Meetings Held1662
Lorraine Witten1662
Julia Raue1642
Mark Newman1662
Grant Devonport166-
Lachie Johnstone
1
511
Gregory Kern
1
61-
Gregory Whitham
1
61-
Danny Chan
2
421
Christopher Dunphy
2
1231
1
Lachie Johnstone was appointed as a Director from 1 March 2024. Gregory Whitham and Gregory Kern were appointed from 8 March 2024
2
Danny Chan retired as a Director at the 2023 ASM on 25 October 2023. Chris Dunphy stepped down from the Board on 28 March 2024
3.1 Risk Assurance and Audit Committee
The Board has a Risk Assurance and Audit Committee which acts as a delegate of the Board on financial
reporting, internal control and risk management issues. There are a minimum of three members, who are all
independent Directors. The Chair of the Committee, Grant Devonport, is not the Chair of the Board, is independent
and has significant accounting and financial expertise. Other members of the Committee all have significant
commercial and/or financial expertise.
The role and responsibilities of the Committee are detailed in the Risk Assurance and Audit Committee Charter
which is available on MOVE’s website.
3.2 Management attendance at Audit Committee meetings
Employee (including management) attendance at all Committee meetings is by invitation only.
3.3 and 3.4 Governance and Remuneration Committee
The purpose of the Governance and Remuneration Committee is to:
• identify and recommend individuals to the Board for nomination as members of the Board and its
committees; and
• oversee and regulate compensation and organisation matters affecting MOVE, including:
- remuneration and benefits policies;
- performance and remuneration of MOVE’ Directors and senior executives;
- management development;
- succession planning for the Chief Executive Officer and direct reports to the Chief Executive Officer; and
- major organisational changes providing a more focused and streamlined process where Board
approval would otherwise be required.
All members of the Committee are independent Directors. Management may only attend meetings at the
invitation of the Committee.
The Governance and Remuneration Committee Charter is available on MOVE’s website.
3.5 Other Board Committees
Special purpose Committees may be formed to review and monitor specific projects with senior management.
There were no other Board Committees formed during FY24.
3.6 Takeover protocols
In the case of a takeover offer, MOVE would engage expert legal and financial advisors to provide advice on
procedure. An Independent Takeover Committee would be formed to oversee disclosure and response and
MOVE would disclose the scope of the required independent advisor reports to its shareholders. Formal Takeover
protocols have been developed and formally adopted by the Board in compliance with Recommendation 3.6 of
the Code.
4. REPORTING AND DISCLOSURE
4.1 Disclosure Policy
MOVE is committed to keeping investors and the market informed of all material information about the Company
and its performance in a timely manner. In addition to all information required by law, the Company also seeks to
provide sufficient meaningful information to ensure stakeholders and investors are well informed. The Company’s
Market Disclosure Policy sets out the principles and requirements of this commitment to timely and balanced
disclosures. The policy is available on MOVE’s website.
4.2 Access to key governance policies
MOVE takes a continuous improvement approach to corporate governance. Governance policies are reviewed and
approved by the Board on a regular basis in line with best practice.
Key governance policies and charters can be viewed on the MOVE website at
www.movelogistics.com/investors/governance.
4.3 Financial Reporting
The Board is responsible for ensuring that the financial statements give a true and fair view of the financial
position of the Company and have been prepared using appropriate accounting policies, consistently applied
and supported by reasonable judgements, estimates; and for ensuring all relevant financial reporting and
accounting standards have been followed.
The Risk Assurance and Audit Committee oversees the quality and integrity of external financial reporting,
including the accuracy, completeness, balance and timeliness of financial statements. It reviews MOVE’s full and
half year 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.
For the financial year ended 30 June 2024, the Directors believe that proper accounting records have been kept
which enable, with reasonable accuracy, the determination of the financial position of the Company and facilitate
compliance of the financial statements with the Financial Markets Conduct Act 2013. All matters required to be
addressed, and for which the Committee has responsibility, were addressed during the reporting period.
Senior management has confirmed in writing that MOVE Group’s external financial reports present a true and fair
view in all material aspects.
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ANNUAL REPORT 2024

4.4 Non-financial reporting
MOVE’s strategic pathways lay out the framework for a sustainable future for the Company. MOVE is actively
seeking to have a positive impact on its people, communities and the environment. The Company believes this will
have a beneficial impact on the business, thereby creating long term value for shareholders.
MOVE periodically updates shareholders and the market on its strategy, non-financial objectives and its progress
against these objectives, in shareholder reports and newsletters and at other investor events during the year
including investor presentations and the Annual Shareholders’ Meeting.
The Company has not adopted a formal ESG framework but has instead selected key matters to report on. The
Company has a Sustainability Policy which is available on the Company website. MOVE will report in line with the
mandatory climate-related disclosures regime for the first time in FY24.
MOVE is committed to using its resources responsibly and will look for opportunities to reduce any negative
environmental risk or impact from business operations, products and services. MOVE is committed to providing fair
and responsible products and services. The Board encourages diversity, and is developing a Modern Slavery Policy.
5. REMUNERATION
Considering and recommending to the Board on matters relating to the remuneration of Directors and senior
executives is a key responsibility of the Governance and Remuneration Committee.
The Board promotes the alignment of the interests of the Directors, the CEO and management with the long-term
interests of shareholders. Remuneration policies and structures are reviewed regularly to ensure remuneration
of management and Directors is fair and reasonable in a competitive market for the skills, knowledge and
experience required by MOVE. External advice is also sought to ensure remuneration is benchmarked to the market
for senior management positions and Board positions.
Details of Director and executive remuneration and benefits in FY24 are provided on page 81.
5.1 Directors’ Remuneration
While MOVE does not have a formal remuneration policy for directors, it follows the guidelines of the Code. MOVE
seeks to offer remuneration that attracts quality directors, with the right skills and experience and appropriately
compensates them for their input and time.
MOVE’s Governance and Remuneration Committee is responsible for overseeing and regulating compensation
matters, including remuneration of Directors. The Committee Charter is available on MOVE’s website.
Shareholders fix the total remuneration available for Directors. Approval is sought for any increase in the pool
available to pay Directors’ fees, and any recommendations to shareholders regarding Director remuneration are
provided for approval in a transparent manner. If independent advice is sought by the Board, it will be disclosed to
shareholders as part of the approval process.
The last increase in the total pool fee for Director remuneration was approved by shareholders in 2017 at $750,000.
The Board Charter provides that no retirement allowance is payable to a Director.
Remuneration per annum for each Board role is as follows:
Chair$140,000
Non-executive Director$75,000
Chair of Risk Assurance and Audit Committee$10,000
Chair Governance and Remuneration Committee$10,000
5.2 Executive remuneration
MOVE’s executive remuneration policies and practices are designed to attract, retain and motivate high calibre
people and create a performance-focused culture. Executive remuneration comprises a fixed component. The
Board has reviewed executive remuneration with the assistance of external independent advice. The Company
has written agreements with the CEO and executive team members setting out the terms of their employment.
Short-term incentives (STIs) have now been phased out, with any remaining payments settled in FY24.
5.3 CEO Remuneration
The remuneration of the Chief Executive Officer comprises a fixed component commensurate with experience and
industry benchmarks. Details of CEO remuneration in FY24 is provided on page 82.
6. RISK MANAGEMENT
6.1 Risk Management Framework
MOVE has robust assurance, risk and compliance frameworks to ensure risk is identified, assessed, categorised
and ranked across the business. The Board has overall responsibility for the establishment and oversight of the
group’s risk management framework, with more detailed oversight by the Risk Assurance and Audit Committee
(RAAC).
The RAAC ensures MOVE has appropriate risk management policies in place and provides the Board with
assurance that key risks relevant to MOVE have been appropriately identified, managed and reported to the
Board. The RAAC regularly reports to the Board on the operation of MOVE’s risk management and internal control
processes. It is also responsible for overseeing and monitoring that MOVE’s management implements and
operates adequate risk assurance, internal controls and audit systems within MOVE. The Board as a whole is
responsible for monitoring corporate risk assessment processes and this is not delegated to a subcommittee.
The Board carries out a review of the effectiveness of the Group’s risk management and internal control systems
at least annually. MOVE’s risk management policy provides clarity on roles and responsibilities to minimise the
impact of financial, operational and sustainability risk on its business.
MOVE’s current governance and risk management structure is:
Foundational governance and risk documents are regularly reviewed and updated to ensure MOVE continues to
find the best ways of working to achieve its business goals while remaining within risk appetite and adhering to its
regulatory obligations.
MOVE’s risk management framework has been created to ensure there is clear ownership and delegation of
responsibility for the management and oversight of risks and to support the appropriate flow of information
throughout the Group.
MOVE assesses its risks by understanding the likelihood of occurrence and the potential consequences using the
following categories:
Current key risks are:
• Economy - Heightened economic or market uncertainty could impair long-term planning affecting revenue
optimisation and growth.
• Financial risk - The risk that MOVE will not be able to meet its debt repayment obligations when they fall due.
• Climate change and sustainability - Physical climate impacts and related policy and/or market changes may
disrupt our operations or impact demand for our services.
• Execution of strategy - Poor reputation; loss of revenue; loss of large customers; loss of business, loss-making
contracts.
• Cyber-security - A cyber-attack could result in lost integrity or access to information, loss of control systems or a
significant data privacy breach.
• Health & Safety - Events that could adversely affect employee health and wellbeing.
BOARD OF DIRECTORS
DECISION MAKING
AUTHORITY &
ACCOUNTABILITY
OPERATIONAL
AUTHORITY &
ACCOUNTABILITY
EXECUTIVE
LINE MANAGEMENT
OPERATIONS
3435
ANNUAL REPORT 2024

6.2 Health and safety
Staying safe, keeping others safe, and being responsible are fundamental to what MOVE is as an organisation.
Operating the business in this way helps deliver on MOVE’s goal of “No Harm to People, the Environment or Assets”.
Paying close attention to safety, wellbeing, sustainability, ethics and integrity go hand in hand with that goal.
The Board is committed to ensuring a high quality, safe and healthy environment for all of MOVE’s people, visitors,
partners and those in the community.
People safety is a key priority, one of MOVE’s core values and an essential component across the business. MOVE is
committed to developing, improving and reinforcing its safety culture, including by improving leadership capacity,
simplifying tools and systems and requiring ‘good catch’ reporting.
Safety performance is tracked to identify patterns to help prevent incidents. “Health, Safety and Sustainability”
results and reported data from each Business Unit and at a Group level, are reviewed at each National Health
& Safety Committee meeting. The Committee is an executive group that meets every second month for the
purposes of health and safety management across the Group. In addition, the Board receives monthly reports on
the health and safety performance across the Group, including performance against plan, good catch reporting,
progress with safety related initiatives and reviewing lead and lag indicators of performance.
MOVE continues to be a part of the Accident Compensation Corporation’s Accredited Employer Program,
completing its annual audit with a tertiary achievement. This signals that MOVE continues to achieve a clear
history of established systems, processes and procedures which function actively in MOVE’s workplace.
The Company’s injury frequency rates provide a lag indicator of performance, with increased transparency and
reporting introduced during the year.
20202021202220232024
Lost Time Injury Frequency Rate (LTIFR)24.5019.8415.8114.7215.82
Total Recordable Injury Frequency Rate (TRIFR)62.1863.546.7529.9638.62
7. AUDITORS
7.1 External audit
For the year ended 30 June 2024, PricewaterhouseCoopers (PwC) was the external auditor of MOVE Group Limited.
PwC was first appointed as auditor in 2017. The most recent Audit Partner rotation occurred in 2021, with the next
rotation due no later than 2026.
The RAAC monitors the relationship and communications with the external auditors, and monitors ongoing
independence, quality and performance. The RAAC also monitors audit partner rotation.
The RAAC pre-approves any non-audit work undertaken by PwC. The non-audit services in the year ended 30 June
2024 are set out on page 89. Those services were provided in accordance with the company’s External Auditor
Independence Policy and were assessed by the RAAC as not affecting PwC’s independence. The fees paid for
audit and non-audit services in FY24 are identified on page 89 of the Annual Report.
PwC has provided the MOVE Board with written confirmation that, in their view, they were able to operate
independently during the year.
7.2 Attendance at Annual Meeting
The external auditors attend the Annual Shareholders Meeting and are available to answer questions from
shareholders relevant to the audit.
7.3 Internal Audit
The internal audit function for MOVE’s business needs a broad range of skills to be effective and comprehensive.
There is also a requirement for expertise in a growing range of specialist skills such as IT audit; data mining; data
analytics and in-depth knowledge of different regulatory regimes. MOVE outsources the majority of its Internal
Audit function, which enables access to specialist expertise, innovations in the latest audit techniques and
technology and the opportunity for benchmarking. MOVE has an Internal Audit Framework and Annual Plan which
is overseen by the RAAC. The reports from the Internal Audits are presented to the RAAC which then monitors
performance against the audit recommendations.
MOVE will continue to develop and further refine the options in the Internal Audit function to meet the future needs
of the business.
8. SHAREHOLDER RIGHTS AND RELATIONS
8.1 Investor website
Easy access to financial, operational and governance information is available through the Investor Centre on
company’s website at www.movelogistics.com/investors.
8.2 Engagement with shareholders
The Board is committed to open and regular dialogue and engagement with shareholders. MOVE has developed
an investor relations programme which includes regular dialogue with investors, analysts and investor meetings,
and earnings announcements. The programme is designed to provide shareholders and other market
participants the opportunity to obtain information, express views and ask questions.
Shareholders are actively encouraged to attend the Annual Meeting and may raise matters for discussion at this
event. Shareholders are also able to vote by proxy ahead of meetings without having to physically attend those
meetings. In 2023, MOVE held a hybrid meeting to allow shareholders to participate in person or online.
Shareholders are encouraged to communicate with the Company and its share registry electronically.
Approximately 67% of MOVE’s shareholders have opted in for email communications.
In addition to shareholders, MOVE has a wide range of stakeholders and maintains open channels of
communication for all audiences in New Zealand and Australia, including brokers, the investing community and
the New Zealand Shareholders’ Association, as well as its employees, suppliers and customers.
8.3 Voting on major decisions
In accordance with the NZX Listing Rules, MOVE refers major decisions which may change the essential nature of
MOVE’s business to shareholders for approval. All voting by shareholders is undertaken by poll, upholding the ‘one
share, one vote’ requirement of the NZX Listing Rules.
8.4 Equity offers
MOVE did not undertake any capital raising during FY24. Should MOVE consider raising additional capital, MOVE will
structure the offer having regard to likely levels of shareholder participation and optimising and enhancing the
ability to maximise the level of capital raised. Subject to these factors the Board will look to give all shareholders a
proportionate opportunity to participate in any capital raising.
8.5 Notice of meeting
MOVE aims to provide at least 20 working days of the notice of the Annual Shareholders Meeting, which is posted
on MOVE’s website, announced to the NZX and ASX markets and sent to shareholders prior to the meeting each
year. This goal was achieved in 2023.
Variance to NZX Corporate Governance Code
NZX Code PrincipleNZX Code
Recommendation
Key DifferenceStatus
Board Composition and
Performance
2.5 The Board should set
measurable objectives for
achieving diversity
The Board has not set
measurable objectives
under the Policy
The Board considers that
diversity outcomes can
be achieved without
measurable objectives
Remuneration5.1 The Board should have
a remuneration policy for
directors
MOVE does not have a
formal remuneration
policy for Directors
The Board follows the
guidelines of the NZX
Corporate Governance
Code and seeks to offer
remuneration that attracts
quality directors, with the
right skills and experience
and appropriately
compensates them for
their input and time.
Directors’ salaries are
disclosed in the Annual
Report on page 81.
3637
ANNUAL REPORT 2024

Financial measures.
GLOSSARY
EBITDAEarnings before interest, tax, depreciation, amortisation excluding
income and impairment from associates
Normalised EBITDAEBITDA before non trading costs
Normalised EBTEarnings before tax, share of associates and non-trading adjustments
Free cash flowPre-IFRS16 EBITDA excluding non-cash items plus movements in working
capital, less net capital expenditure and lease & rent payments
Adjusted net operating cashflowOperating cashflow including fixed rent and lease payment
GearingNet debt/(Net debt + Equity)
Net debtinterest bearing liabilities less cash and cash equivalents
Operating cash conversioncash generated from operations as a %age of EBITDA less non-cash
items
Working Capital RatioCurrent Assets excluding held for sale / Current Liabilities excluding
borrowings, lease liabilities and held for sale
LTIFRLost time injury frequency rate
EBITDA RECONCILIATIONFY24
$M
FY23
$M
Net profit/(loss) before income tax (GAAP measure)(45.3)(7.6)
Add back:
Share of loss of associates-.1
Restructuring and settlement costs2.30.6
Share acquisition costs-0.1
Goodwill and asset impairment17.31.0
EBT excluding non-trading items (non-GAAP measure)(25.7)(5.8)
Finance costs (net)10.29.7
EBIT excluding non-trading items (non-GAAP measure)(15.4)3.9
Depreciation & Amortisation43.043.5
EBITDA excluding non-trading items (non-GAAP measure)27.647.4
CASHFLOW RECONCILIATIONFY24
$M
FY23
$M
Cash from operating activities18.738.4
Lease principal payments(29.5)(27.3)
Operating cashflow less lease payments(10.8)11.1
Adjustments: loan interest/tax/insurance/gain on asset sales5.83.1
Adjusted net operating cashflow(5.1)14.2
MOVE Logistics Group uses several non-GAAP measures when discussing financial performance. The Board and
Management believes this provides a better reflection of the company’s underlying performance.
Consolidated
annual
financial
statements.
For the year ended 30 June 2024
3839
ANNUAL REPORT 2024

CONSOLIDATED STATEMENT OF PROFIT OR LOSS & OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
NOTES
30 JUNE 2024
$000
30 JUNE 2023
$000
Revenue 7293,866343,873
Gains on disposal of assets 7681,587
Lease income1,0281,539
Other income 75,996675
Total Income 301,658347,674
Transport costs(131,101)(145,311)
Employee costs(110,122)(117,040)
Rental / lease expenses(3,325)(4,602)
Other operating expenses(29,479)(33,373)
Depreciation of right of use assets(32,144)(29,451)
Other depreciation / amortisation expenses (10,902)(14,031)
Other non-operating expenses5(19,656)(1,728)
Total Operating Expenses 8(336,729)(345,536)
Finance costs relating to lease liabilities(8,551)(7,418)
Other finance costs - interest on borrowing(1,953)(2,399)
Interest income on short term deposit261161
Operating loss before income tax(45,314)(7,518)
Share of (loss) of associates -(74)
Loss Before Income Tax (45,314)(7,592)
Income tax (expense)/credit 9(1,850)1,755
LOSS FOR THE YEAR FROM CONTINUING OPERATIONS (47,164)(5,837)
(Loss) / Profit attributable to:
Owners of the company(48,063)(7,190)
Non-controlling interests8991,353
(47,164)(5,837)
Other comprehensive income:
Comprehensive Income for the Period, Net of Tax --
TOTAL COMPREHENSIVE LOSS FOR THE YEAR, NET OF TAX (47,164)(5,837)
Earnings per share attributable to the ordinary equity
holders of the Company
CENTSCENTS
Basic and diluted earnings per share for profit attributable to
the ordinary equity holders of the company
11(37.66)(6.18)
The above consolidated Statement of Profit or Loss & Other Comprehensive Income should be read in conjunction with the
accompanying notes.
DIRECTORS’ STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
The Directors of MOVE Logistics Group Limited are pleased to present the financial statements for MOVE Logistics Group
Limited and its subsidiaries (together the Group) for the year ended 30 June 2024 contained on pages 41 to 76.
Financial statements for each financial year fairly present the financial position of the Group and its financial
performance and cash flows for that period and have been prepared using appropriate accounting policies, consistently
applied and supported by reasonable judgments and estimates and all relevant financial reporting standards have been
followed.
Proper accounting records have been kept that enable, with reasonable accuracy, the determination of the financial
position of the Group and facilitate compliance of the financial statements with the Financial Markets Conduct Act 2013.
Adequate steps have been taken to safeguard the assets of the Group to prevent and detect fraud and other
irregularities.
The Directors hereby approve and authorise for issue the financial statements for the year ended 30 June 2024. They do
not have the power to amend these financial statements after issue.
For and on behalf of the Board
Julia Raue - Chair
28 August 2024
David (Grant) Devonport - Director
28 August 2024
DIRECTORS’ STATEMENTCONSOLIDATED FINANCIAL STATEMENTS
4041
ANNUAL REPORT 2024

CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2024
NOTES
30 JUNE 2024
$000
30 JUNE 2023
$000
ASSETS
Current Assets
Cash and cash equivalents 12.19,7048,744
Inventories 178219
Trade and other receivables12.241,52053,318
Tax receivable179-
Assets held for sale 201,929-
Total Current Assets 53,51062,281
Non-Current Assets
Property, plant and equipment 13.154,98982,048
Right of use assets13.2171,552144,594
Intangible assets 13.31,70514,843
Deferred Income tax asset13.4-1,152
Other receivables270318
Total Non-Current Assets 228,516242,955
TOTAL ASSETS 282,026305,236
EQUITY
Share capital1484,26284,262
Other reserves(505)(615)
Accumulated losses(60,334)(12,271)
Equity attributable to owners of the parent 23,42371,376
Non-controlling interest in equity3,7403,527
TOTAL EQUITY 27,16374,903
LIABILITIES
Current Liabilities
Trade and other payables 12.331,11933,852
Tax payable-121
Deferred revenue7439341
Borrowings 12.526,6653,708
Lease liability13.230,26325,793
Employee entitlements 12.48,76511,023
Total Current Liabilities 97,25174,838
Non-Current Liabilities
Borrowings 12.5-20,615
Lease liability13.2154,362129,603
Deferred revenue-3,000
Provisions for other liabilities and charges 13.53,2502,277
Total Non-Current Liabilities157,612155,495
TOTAL LIABILITIES 254,863230,333
TOTAL EQUITY & LIABILITIES 282,026305,236
The above consolidated Balance Sheet should be read in conjunction with the accompanying notes.
CONSOLIDATED FINANCIAL STATEMENTS
The above consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
ATTRIBUTABLE TO OWNERS OF THE
COMPANY
NOTESSHARE CAPITALRETAINED EARNINGS/(ACCUM. LOSSES)OTHER RESERVESTOTAL NON-CONTROLLING INTERESTTOTAL EQUITY
$000$000$000$000$000$000
Balance as at 1 July 202275,188(5,081)8870,1952,79872,993
Comprehensive income
(Loss)/Profit for the year-(7,190)-(7,190)1,353(5,837)
Other comprehensive income------
Total comprehensive income-(7,190)-(7,190)1,353(5,837)
Cumulative translation adjustment--(673)(673)-(673)
Transactions with owners:
Employee share scheme--(30)(30)-(30)
Issue of Ordinary Shares149,074--9,074-9,074
Dividends----(624)(624)
Balance as at 30 June 202384,262(12,271)(615)71,3763,52774,903
Balance as at 1 July 202384,262(12,271)(615)71,3763,52774,903
Comprehensive income
(Loss)/Profit for the year-(48,063)-(48,063)899(47,164)
Other comprehensive income------
Total comprehensive income-(48,063)-(48,063)899(47,164)
Cumulative translation adjustment--110110-110
Transactions with owners:
Dividends----(686)(686)
Balance as at 30 June 202484,262(60,334)(505)23,4233,74027,163
CONSOLIDATED FINANCIAL STATEMENTS
4243
ANNUAL REPORT 2024

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
NOTES
30 JUNE 2024
$000
30 JUNE 2023
$000
Cash flows from operating activities
Receipts from customers and others310,880355,038
Interest received 261161
Dividends received 43
Payments to suppliers and employees (281,028)(306,617)
Government subsidy received18114
Notional finance charge on NZ IFRS 16 leases15.2(8,551)(7,418)
Interest paid (1,911)(1,950)
Income tax paid (999)(920)
Net cash generated from operating activities 15.118,67438,411
Cash flows used in investing activities
Purchase of property, plant and equipment(1,844)(19,132)
Proceeds from sale of property, plant and equipment9,3363,031
Purchase of intangible assets(12)(7)
Insurance income received 72,713-
Government grant-3,000
Advances to associates -198
Net cash generated/(used) in investing activities 10,193(12,910)
Cash flows from financing activities
Repayment of borrowings15.2(4,200)(3,755)
Proceeds from borrowings15.26,500-
Repayment of lease liability (NZ IFRS 16)15.2(29,521)(27,318)
Dividends paid to shareholders / non-controlling interests(686)(624)
Net cash flow used in financing activities(27,907)(31,697)
Net increase/(decrease) in cash and cash equivalents 960(6,196)
Cash and cash equivalents at beginning of year 8,74414,940
Cash and cash equivalents as at 30 June9,7048,744
The above consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.
CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. GENERAL INFORMATION
1.1. Reporting Entity
The core operations of MOVE Logistics Group Limited (“MOVE Logistics” or the “Company”) and its subsidiaries (collectively
“the Group”) are in the New Zealand logistics sector. These include general transport, bulk liquids, heavy haulage,
shipping, warehousing and distribution, freight forwarding and storage.
The Company is incorporated and domiciled in New Zealand, registered under the Companies Act 1993 and is a FMC
Reporting Entity under part 7 of the Financial Markets Conduct Act 2013. The Company is dual listed with its primary listing
of ordinary shares quoted in New Zealand on the NZX Main Board, and a secondary listing in Australia as a foreign Exempt
Entity on the Australian securities exchange (ASX).
The registered office of the Company is at 24-30 Paraite Road, Bell Block, New Plymouth, New Zealand. The consolidated
financial statements of the Company as at, and for the year ended 30 June 2024, comprise the Company and its
subsidiaries (refer note 16.1), together referred to as the “Group”.
1.2. Basis of Preparation
These financial statements have been prepared on a historical cost basis.
The preparation of financial statements in conformity with NZ IFRS requires the use of certain critical accounting
estimates. It also requires Management to exercise its judgement in the process of applying the Group’s accounting
policies. The areas where assumptions and estimates are significant to the consolidated financial statements are
disclosed in note 4.
The consolidated financial statements have been prepared in accordance with the Financial Markets Conduct Act 2013
and the Companies Act 1993.
The principal accounting policies adopted in the preparation of the financial statements are selected and applied in a
manner which ensures that the resulting financial information satisfies the concepts of relevance and reliability, thereby
ensuring that the substance of the underlying transaction and other events is reported. These policies have been
consistently applied to all the periods presented, unless otherwise stated. To ensure consistency with the current period,
comparable figures have been restated where appropriate.
1.3. Going Concern
As at 30 June 2024, the Group recorded an after tax loss attributable to owners of $48.1m including a $12.5m goodwill
impairment and has a working capital deficit of $43.7m with loans and borrowings due for refinancing within the next
twelve months of $26.7m.
In preparing these financial statements, the Directors have conducted a comprehensive assessment of certain events,
conditions and related material uncertainties. Although the Directors have concluded that it is appropriate to prepare
these financial statements on a going concern basis they have concluded that there are material uncertainties.
The material uncertainties arise primarily as a result of:
• Continued challenging economic environment and resulting operational underperformance
• A significant turnaround plan being implemented but not completed
• The risk that forecasted results are not met and as a result key terms of financing arrangements are not complied
with
The following is the Directors analysis of all relevant material uncertainties:
Trading Performance
Economic Slowdown: The Group is facing severe impacts from a prolonged economic downturn. The slow economic
growth has led to reduced consumer demand, lower revenues, and increased financial pressure on the Group’s
operations.
Operational Challenges: The Group has faced issues where the business was too slow to react to the economic
downturn. This included ineffective execution of operational improvements particularly in Freight and Contract Logistics,
resulting in inefficient resource allocation and loss of revenue and profit. This poor execution has largely driven the poor
financial performance.
The Board has engaged external advisors to support the execution of the turnaround program, together with the
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
4445
ANNUAL REPORT 2024

appointment of an interim CEO who has the experience required to execute the plan (see below for details of the plan).
The Group has also changed to a time charter ship for its Oceans trans-tasman operation which will result in reduced
risks to operations.
Financial Position
Renewal of Debt Facility with ANZ and new Debtor Invoice Financing
The Group has been working with its existing bank and another proposed lender to secure financing on terms acceptable
to the Group and note 12.5 provides details on the updated and new facilities. This will replace the current facility due to
expire in March 2025. At this time the parties have agreed to a term sheet that provides the following:
• Refinanced ANZ Banking facilities to 31 August 2025
• New Debtor Invoice Financing with a limit of $21m however with shareholder approval the Group has the option to
increase this to $25m
• Amended covenants to support turnaround program (which would be complied with based on forecast
performance)
With the above facilities and in conjunction with prudent working capital management the Group is comfortable that
it has sufficient cash and debt facilities available to meet its obligations and manage the Groups liquidity position
appropriately.
Turnaround plan
To further address the risks the Group faces, a range of initiatives are underway, with certain activities at a well-
progressed stage, albeit subject to material uncertainty with respect to time and outcomes. These initiatives include:
Cost Right-sizing: The Company is implementing a comprehensive cost reduction strategy, including operational
efficiencies, and resourcing levels, to improve profitability and cash flow. Management is also exploring the sale of surplus
assets to generate liquidity.
Revenue Growth: A key focus of the turnaround strategy is to enhance revenue growth by effectively converting the
existing sales pipeline. Management is implementing a targeted approach to accelerate the conversion of high-potential
leads and opportunities into confirmed sales.
Operational Optimisation and Restructuring: The Company is evaluating its operational structure and business model to
streamline operations and focus on core competencies that drive profitability.
Conclusion
While the Group is confident in its ability to implement the turnaround plan successfully, manage the challenging current
operating environment, achieve forecasted results and as a result operate within the financing terms and conditions
proposed, the Directors reiterate that there are a number of material uncertainties related to unknown future events
that are not fully within their control. These material uncertainties are related to events and conditions that may cast
significant doubt on the Groups ability to continue as a going concern and therefore it may be unable to realise its assets
and discharge its liabilities in the normal course of business.
The financial statements do not include any adjustments that may be required if the Group is unable to continue as a
going concern.
1.4. Statement of Compliance
The Group is a for-profit entity. Its financial statements have been prepared in accordance with, and comply with, New
Zealand Generally Accepted Accounting Practice (NZ GAAP). They comply with New Zealand Equivalents to International
Financial Reporting Standards and other applicable Financial Reporting Standards and Authoritive Notices, as appropriate
for for-profit entities. The financial statements comply with International Financial Reporting Accounting Standards (IFRS
Accounting standards).
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES
2.1. Consolidation
a. Subsidiaries
Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to,
or has rights to, variable returns from its involvement with the entity, and has the ability to affect those returns through its
power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred
to the Group. They are de-consolidated from the date that control ceases.
The Group uses the acquisition method of accounting to account for business combinations. The consideration
transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the
equity interest issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting
from a contingent consideration arrangement and the elimination of any balances arising between the Group and the
acquiree.
If the business combination is achieved in stages, the acquisition date carrying value of the acquirer’s previously
held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gain or loss arising from
remeasurement is recognised in profit or loss.
Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities
assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition
by acquisition basis, the Group recognises any non-controlling interest in the acquisition either at fair value or at the non-
controlling interest’s proportionate share of the acquiree’s net assets.
The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree, and the
acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the Group’s share of the
identifiable net assets acquired, is recorded as goodwill.
Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are
subsequently re-measured to fair value with changes in fair value recognised in profit or loss.
Inter-company transactions, balances and unrealised gains on transactions between Group companies are eliminated.
Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted
by the Group.
Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated Statement of
Profit or Loss & Other Comprehensive Income, Statement of Changes in Equity and Balance Sheet respectively.
b. Assets held for sale
Non-current assets and disposal groups classified as held for sale are measured at the lower of carrying amount or fair
value less costs to sell. Non-current assets and disposal groups are classified as held for sale if their carrying amount is
expected to be recovered through a sale transaction rather than through continuing use. This condition is regarded as
met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present
condition and the sale of the asset (or disposal group) is expected to be completed within one year from the date of
classification. Impairment losses on initial classification as held for sale and subsequent gain or loss on remeasurement
is recognised in profit or loss. Once classified as held for sale, intangible assets and property, plant and equipment are no
longer amortised or depreciated.
2.2. Foreign Currency Translation
a. Functional and presentation currency
Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary
economic environment in which the entity operates (‘the functional currency’). The financial statements are presented
in New Zealand Dollars (rounded to thousands), which is the functional and the presentation currency of all companies
in the Group except MOVE Oceans Singapore PTE Limited and TNL Australia Pty Limited, whose functional currencies are
United States Dollars and Australian Dollars respectively.
b. Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the
dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and
from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are
recognised in profit or loss.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
4647
ANNUAL REPORT 2024

2.3. New Accounting Standards & Interpretations
The Group adopted the amendments of NZ IAS 1 for the first time in the current year. The amendments change the
requirements of NZ IAS 1 with regard to disclosure of accounting policies. The amendment shifts the focus from ‘significant
accounting policies’ to ‘material accounting policy information’. This change is reflected in the financial statements.
2.4. Standards Issued But Not Yet Adopted
The new standards and interpretations that are issued but not yet effective as at the date of reporting are disclosed
below. The Group intends to adopt these new and amended standards and interpretations if applicable when they
become effective.
IFRS 18 Presentation and Disclosure in Financial Statements
This standard becomes effective for reporting periods beginning on or after 1 January 2027. IFRS 18 introduces new
requirements on presentation within the Statement of Profit or Loss and Other Comprehensive Income, including specified
totals and subtotals. It also requries disclosure of management defined performance measures and includes new
requirements for aggregation and disaggregation of financial information on the basis of the identified ‘roles’ of the
primary financial statements and notes.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
3. FINANCIAL RISK MANAGEMENT
The Group’s principal financial instruments comprise bank loans and overdrafts, cash, trade creditors and accruals and
trade debtors. The main purpose of these financial instruments is to raise and provide working capital for the Group’s
operations.
This note explains the Group’s exposure to financial risks and how these risks affect the Group’s future financial
performance.
RiskExposure arising fromMeasurement
Credit risk
Cash and cash equivalents and trade
receivables.
Aging analysis & credit ratings
Market risk - interest rateLong term borrowing at variable ratesSensitivity analysis
Liquidity riskBorrowings and other liabilitiesRolling cash flow forecast

The Group’s risk management is carried out by a central treasury department (Group Treasury) under policies approved
by the Board of Directors. Group Treasury identifies, evaluates and manages financial risks in close co-operation with the
Group’s operating units. The Board provides written principles for overall risk management, as well as policies covering
specific areas, such as foreign exchange risk, funding risk, interest rate risk, credit risk and use of derivative financial
instruments and non-derivative financial instruments.
3.1. Credit Risk Management
In the normal course of business the Group incurs credit risk from trade debtors and transactions with financial
institutions. The Group has a credit policy that it uses to manage this risk. As part of this policy limits on exposures with
counter-parties have been set and approved by the Board of Directors and are monitored on a regular basis.
The Group has no significant concentrations of credit risk. The Group does not require any collateral or security to support
financial instruments due to the quality of the financial institutions and trade debtors dealt with. The Group normally gives
30 or 60 days credit on its trade receivables. At 30 June the Group’s credit risk exposure is equal to the carrying value of
its financial assets.
2024
$000
2023
$000
Trade and other receivables
Trade receivables38,74250,374
Credit loss provision(1,530)(1,965)
Total trade receivables37,21248,409
Accrued revenue2,0052,934
Sundry receivables400176
Cash and short term bank deposits
Bank with AA- credit rating9,7048,744
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
4849
ANNUAL REPORT 2024

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

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

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
5051
ANNUAL REPORT 2024

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

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
4. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition,
seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Other
critical accounting estimates will be disclosed in the relevant notes.
a. Estimated impairment of goodwill
The Group tests annually whether goodwill has suffered any impairment. The recoverable amounts of cash-generating
units have been determined based on the higher of value-in-use and fair value less costs of disposal calculations. These
calculations require the use of estimates (refer note 13.3).
b. Held for Sale
In May 2024 the Group annouced its intention to undertake a sales process of the Atlas Wind vessel and pursue a charter
model to align with the Group’s asset light model. Judgements have been made to determine that the conditions of
a held for sale asset have been met. Assets held for sale are measured at the lower of fair vale less costs to sell and
carrying value, these calculations require the use of accounting estimates (refer note 20).
5. RECONCILIATION TO GAAP MEASURES
The Group results are prepared in accordance with New Zealand Generally Accepted Accounting Practice (“GAAP”) and
comply with both International Financial Reporting Standards (“IFRS”) and the New Zealand equivalents to International
Financial Reporting Standards (“NZ IFRS”).
These financial statements include non-GAAP financial measures that are not prepared in accordance with IFRS. The
non-GAAP financial measures used in this presentation are as follows:
• Adjusted EBITDA (a non-GAAP measure) represents profit or loss before income taxes from continuing operations
(a GAAP measure), excluding interest income, interest expense, depreciation and amortisation, share of loss of
associates, restructuring & settlement costs, asset impairments and acquisition related costs (non operating
expenses) as reported in the financial statements.
• Adjusted EBIT (a non-GAAP measure) represents profit or loss before income taxes from continuing operations (a
GAAP measure), excluding interest income, interest expense, share of loss of associates, restructuring & settlement
costs, asset impairments and acquisition related costs (non operating expenses) as reported in the financial
statements.
• Adjusted EBT (a non-GAAP measure) represents profit or loss before income taxes from continuing operations (a
GAAP measure), excluding share of loss of associates, restructuring & settlement costs, asset impairments and
acquisition related costs (non operating expenses) as reported in the financial statements.
The Group believes that these non-GAAP measures provide useful information to readers to assist in the understanding
of the financial performance and position of the Group as they are used internally to evaluate the performance of
business units and to establish operational goals. They should not be viewed in isolation, nor considered as a subsitute for
measures reported in accordance with IFRS. Non-GAAP measures as reported by the Group may not be comparable to
similarly titled amounts reported by other companies.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
5253
ANNUAL REPORT 2024

The following is a reconciliation between these non-GAAP measures and net profit after tax:
Reconciliation to GAAP measure 12 months to
June 2024
$000
12 months to
June 2023
$000
Loss Before Income Tax (GAAP Measure)(45,314)(7,592)
Add back:
Share of loss of associates -74
Other non operating expenses
- Goodwill impairment12,4931,027
- Asset impairment4,800-
- Restructuring & Settlement Costs2,363592
- Acquisition related costs-109
Adjusted EBT (non-GAAP measure) (25,658)(5,790)
Finance costs (net)10,2439,656
Adjusted EBIT (non-GAPP measure)(15,415)3,866
Depreciation & Amortisation43,04643,482
Adjusted EBITDA (non-GAAP measure) 27,63147,348
6. SEGMENT INFORMATION
Operating segments are reported in a manner consistent with the internal reporting to the Chief Operating Decision
Maker (CODM). The CODM is responsible for allocating resources and assessing performance of the operating segments.
The Group has made the decision that the eleven operating segments that form part of the reporting to the Group CEO
can be aggregated into five reporting segments. Reportable segments have been determined by having regard to the
nature of the services, the processes the various business units undertake to service customers, the allocation of capital,
the type of customers serviced, and the nature of the distribution channels.
In addition to GAAP measures, the Group CEO also uses non-GAAP measures (EBITDA, EBIT and EBT) to assess the
commercial performance of the segments. The revised reportable operating segments have been determined as:
INTERNATIONAL
This segment includes international freight forwarding and shipping agency services across a broad range of industries.
SPECIALIST
This segment provides transport and lifting solutions for oversized and large items.
FREIGHT
This segment provides nationwide general freight transport services with regional strength. It is able to transport a wide
range of freight types.
CONTRACT LOGISTICS
This segment specialises in contracted solutions providing services for customers including warehouse and supply chain
capability and delivery of bulk liquids.
CORPORATE
This segment includes our corporate services function.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The segment information for the year ended 30 June is as follows:
InternationalSpecialistFreightingContract
Logistics
CorporateTotal
$000$000$000$000$000$000
Year ended 30 June 2023
Total segment revenue 19,89418,760154,446163,192-356,292
Inter-segment revenue (133)(28)(8,449)(3,809)-(12,419)
Revenue from external
customers
19,76118,732145,997159,383-343,873
EBITDA2,2204,3249,30634,403(2,905)47,348
Depreciation - tangible assets9732,2444,5413,62024511,623
Depreciation - ROU assets24787810,74617,42215829,451
Depreciation - intangible
assets
38741,7455692,408
EBIT9971,115(5,985)11,616(3,877)3,866
EBT1,1311,011(9,370)7,772(6,334)(5,790)
Assets35,34721,388111,193134,6752,633305,236
Liabilities16,9014,83484,93997,91925,740230,333
Capital expenditure
including intangibles
12,5897472,3443,60820219,490
Year ended 30 June 2024
Total segment revenue 19,15317,110125,010140,594-301,867
Inter-segment revenue (32)(62)(4,307)(3,600)-(8,001)
Revenue from external
customers
19,12117,048120,703136,994-293,866
EBITDA(652)3,63358227,411(3,343)27,631
Depreciation - tangible assets1,3571,9573,5563,17120410,245
Depreciation - ROU assets37197712,01818,60617232,144
Depreciation - intangible
assets
3753304272657
EBIT(2,383)624(14,995)5,330(3,991)(15,415)
EBT(2,172)502(18,589)601(6,000)(25,658)
Assets23,76019,320106,286132,847(187)282,026
Liabilities12,0264,75288,433121,23028,422254,863
Capital expenditure
including intangibles
451742351,2231171,794
Interest income and expense are not allocated to segments, as this type of activity is driven by the central treasury
function, which manages the cash position of the Group.
Sales between segments are eliminated on consolidation. The amounts provided to the CODM with respect to segment
revenue are measured in a manner consistent with that of the financial statements.
Revenues of approximately $52,000,000 (2023: $53,000,000) are derived from a single external customer which exceeds
10% or more of the entity’s revenue. These revenues are attributed to the Contract Logistics segment.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
5455
ANNUAL REPORT 2024

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

2024
$000
2023
$000
Freight217,245269,884
Warehousing56,84153,365
Trading19,78020,624
Total Revenue293,866343,873
Timing of revenue recognition
June 2024
$000
June 2023
$000
Over time293,866343,873
At a point in time--
Total Revenue293,866343,873
b. Interest income
Interest income is recognised on a time-proportion basis using the effective interest method.
c. Dividend income
Dividend income is recognised when the right to receive payment is established.
d. Lease income
Lease income from operating leases where the Group is a lessor is recognised as rental income on a straight-line basis
over the lease term.
e. Financing component
The Group does not expect to have any contracts where the period between the transfer of the promised service to the
customer and payment by the customer exceeds one year. As a consequence, the Group does not adjust any of the
transaction prices for the time value of money.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
f. Contract liability
The Group recognises a contract liability (deferred revenue) when the Group has recognised consideration for
performance obligations yet to be fulfilled. The opening balance has been recognised in revenue in the current year.
In the current year, there was $341,000 (2023: $521,000) of revenue recognised relating to contract liabilities at the prior
year end. The average timing of satisfaction of performance obligation in relation to the payment of the contract liability
is between 1 and 5 days. Management expects that 100% of the revenue (transaction price) allocated to unsatisfied
performance obligations as of 30 June 2024 will be recognised as revenue during the next reporting period ($439,000).
g. Government grants
Grants from the Government are recognised at their fair value where there is reasonable assurance that the grant will be
received, and the Group will comply with the attached conditions.
Wage subsidy grants of $18,000 (2023: $114,000) are included in the ‘other income’ line item. There are no unfulfilled
conditions or other contingencies attached to these grants.
h. Other income
Included within other income is insurance recovery income of $2.7m (2023: Nil) which was received in relation to an
engine failure on the Atlas Wind Ship. Also included within other income is one off fleet rental income in relation to a
contract exit transition period of $2.4m (2023: Nil).
8. OPERATING EXPENSES BY NATURE

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

1
Includes costs relating to transportation including road user charges (RUC), fuel, tyres, repairs and maintenance, owner driver and subcontractor costs.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
5657
ANNUAL REPORT 2024

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

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

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

2024
$000
2023
$000
Loss from operations before tax(45,314)(7,592)
Add back:
Share of loss of associates-74
(45,314)(7,518)
Prima facie tax receivable at 28%12,6882,105
Tax effects of:
Expenses not deductible(3,608)(651)
Effect of tax rates in foreign juristrictions(119)40
Deferred Tax not recognised(10,806)-
Prior year adjustment(5)261
Income tax (expense)/credit(1,850)1,755
Imputation credits
2024
$000
2023
$000
Imputation credits available for use in subsequent periods4,0443,884
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
5859
ANNUAL REPORT 2024

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

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

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

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

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

2024
$000
2023
$000
Trade receivables38,74250,374
Trade receivables with related parties --
Less expected credit loss (refer note 3.1(a))(1,530)(1,965)
Net trade receivables37,21248,409
Accrued revenue2,0052,934
Sundry receivables400176
Financial assets at amortised cost39,61751,519
Prepayments1,9031,799
Total trade and other receivables41,52053,318
Trade receivables are generally due for settlement within 30 to 60 days.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
6061
ANNUAL REPORT 2024

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

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

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

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

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

The ANZ Bank Limited (ANZ) facilities include a $7.5m flexible credit facility ($1m undrawn at 30 June 2024), an overdraft
facility of $2.5m, a term loan of $20.2m and bank guarantee’s totalling $8.7m (refer note 17).
2024
$000
2023
$000
Non-Current
Secured loan ANZ -20,615
-20,615
Current
Secured loan ANZ26,6653,708
26,6653,708
Total secured borrowings26,66524,323
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
On 22 February 2024 the ANZ formally reset the financial covenants as below out to 31 March 2025
• EBITDA actual > 85% of EBITDA Forecast on a YTD basis
• Net capital expenditure restricted to $1.9 millon in FY24 and $3.2 million in FY25
• Guarantor coverage Assets of >85%
• Guarantor coverage EBITDA of >90%
During the year to 30 June 2024 these were fully complied with.
Post year end as a result of the expiry of the existing financing arrangement with ANZ in March 2025 and the FY24 loss the
Group sought and obtained an amended funding arrangement to allow flexibility and support in its turnaround plan.
The new facility introduces a debtor invoice financing partner in addition to an amended ANZ arrangement. The new
debtor invoice financing facility limit of $21m (up to $25m with shareholder approval) will be used to repay ANZ current
facilities by $15.5m with any remaining amount used to fund working capital required in the execution of the turnaround.
The amended ANZ facilities include a term loan of $12.2m, $2.5m overdraft, bank guarantees totalling $8.7m, quarterly
repayments of $1.25m re-commencing from March 2025 and amended quarterly financial covenants as below:
• EBITDA actual > 85% of EBITDA Forecast on a YTD basis
• Capital expenditure restricted to $1m in FY25
• Total ANZ exposure not greater than 50% of Property Plant and Equipment value at all times post introduction of
debtor invoice financing
The Group is forecasting compliance with the amended financial covenants for at least 12 months from the date of
signing the financial statements. Accordingly, and in line with note 1.3 the consolidated financial statements are prepared
on a going concern basis.
13. NON-FINANCIAL ASSETS AND LIABILITIES

This note provides information about the Group’s non-financial assets and liabilities, including specific information about
each type of non-financial asset and non-financial liability:
• Property, plant and equipment (note 13.1)
• ROU assets and lease liabilities (note 13.2)
• Intangible assets (note 13.3)
• Deferred tax balances (note 13.4)
• Provisions for other liabilities and charges (note 13.5)
Impairment of non-financial assets
Goodwill, indefinite-life intangible assets and intangible assets that are not yet ready for use are tested annually for
impairment. Assets that are subject to depreciation and amortisation are reviewed for impairment whenever events or
changes in circumstances indicate that the carrying amount exceeds its recoverable amount. The recoverable amount is
the higher of an asset’s fair value less costs to dispose and value in use. For the purposes of assessing impairment, assets
are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-
financial assets, other than goodwill, that suffered an impairment are reviewed for possible reversal of the impairment at
each reporting date.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
6263
ANNUAL REPORT 2024

13.1. Property, Plant and Equipment
All property, plant and equipment is stated at historical cost less depreciation. Historical cost includes expenditure that is
directly attributable to the acquisition of the items.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only
when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item
can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance
are charged to profit or loss during the financial period in which they are incurred.
Depreciation on assets is calculated using the diminishing value (DV) or straight-line (SL) method.
Years
Depreciation
rate
Method
Plant and equipment - leasehold improvements1 - 162.5% - 50%SL/DV
Motor vehicles - trucks 0.5 - 14-SL
Motor vehicles - trailers0.5 - 18 -SL
Plant and equipment 1 - 307.5% - 67%SL/DV
Motor vehicles - other1 - 2513% - 30%SL/DV
Office equipment 1.5 - 148% - 67%SL/DV
Furniture and fittings0.5 - 144% - 67%SL/DV
Leased assets1 - 14 -SL
Land and buildings0% - 30%DV
Ship5-SL
The assets’ useful lives are reviewed, and adjusted if appropriate, at each reporting date.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is
greater than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised
within ‘Gains on disposal of assets’ in the Statement of Profit or Loss & Other Comprehensive Income.
Land and
buildings
Motor
vehicles
Office
equipment
and F&F
Plant and
equipment
ShipWork in
progress
Total
$000$000$000$000$000$000$000
At 1 July 2022
Cost556134,6795,56126,977-1,370169,143
Accumulated
depreciation
(277)(72,247)(4,338)(15,272)--(92,134)
Transfers to assets
classified as held for sale
-(16,308)(13)(2,868)-(59)(19,248)
Net book amount27946,1241,2108,837-1,31157,761
Year ended 30 June 2023
Transfers from assets
classified as held for sale
-16,308132,868-5919,248
Additions-1,5643851,7068,5437,28519,483
Disposals(1)(2,013)(4)(111)-(15)(2,144)
Transfers-1,807722,246-(4,125)-
Depreciation charge(5)(8,337)(376)(2,083)(822)-(11,623)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Land and
buildings
Motor
vehicles
Office
equipment
and F&F
Plant and
equipment
ShipWork in
progress
Total
$000$000$000$000$000$000$000
Foreign currency
adjustment
---5(682)-(677)
Closing net book amount27355,4531,30013,4687,0394,51582,048
At 1 July 2023
Cost547124,2055,49029,4017,8774,515172,035
Accumulated
depreciation
(274)(68,752)(4,190)(15,933)(838)-(89,987)
Net book amount27355,4531,30013,4687,0394,51582,048
Year ended 30 June 2024
Additions-116152313(26)1,2251,780
Disposals-(8,172)(40)(274)-(3,895)(12,381)
Transfers(69)1,12170551132(1,805)-
Depreciation charge(4)(6,609)(380)(2,084)(1,168)-(10,245)
Impairment ---(235)(4,037)-(4,272)
Transfers to assets
classified as held for sale
----(1,970)-(1,970)
Foreign currency
adjustment
---130(2)29
Closing net book amount20041,9091,10211,740-3854,989
At 30 June 2024
Cost20098,2674,11825,761-38128,384
Accumulated
depreciation
-(56,358)(3,016)(14,021)--(73,395)
Closing net book amount20041,9091,10211,740-3854,989
13.2. Right Of Use (ROU) Assets and Lease Liabilities
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net
present value of the following lease payments:
• fixed payments, less any lease incentives receivable and
• variable lease payments that are based on an index or a rate.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined,
the lessee’s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds
necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions.
Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an
expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT
equipment and small items of office furniture.
Right of use assets are measured at the amount equal to the lease liability, adjusted by the amount of any lease
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
6465
ANNUAL REPORT 2024

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

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

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

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

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

20242023
Lease liabilities$000$000
At 30 June
Current lease liabilities30,26325,793
Non-current lease liabilities154,362129,603
Total184,625155,396
Lease related expenses included in the Consolidated Statement of Profit & Loss & Other Comprehensive Income:
2024
$000
2023
$000
For the year ended 30 June
Depreciation32,14429,451
Short term lease3,3254,602
Interest on leases8,5517,418
Total44,02041,471
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
6667
ANNUAL REPORT 2024

13.3. Intangible Assets
a. Goodwill
Goodwill represents the excess of the consideration transferred, the amount of any non-controlling interest in the
acquiree, and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the
Group’s share of the identifiable net assets acquired. Goodwill on acquisitions of subsidiaries is included in ‘Intangible
assets’ in the Balance Sheet. Goodwill on acquisitions of associates is included in ‘Investments in associates’ in the
Balance Sheet and is tested for impairment as part of the overall balance. Separately recognised goodwill is tested
annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not
reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.
Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those
cash-generating units or groups of cash-generating units that are expected to benefit from the business combination on
which the goodwill arose.
b. Computer software and Software-as-a-service (SaaS) arrangements
Acquired computer software is capitalised on the basis of the costs incurred to acquire and bring to use the specific
software. These costs are amortised, using the diminishing value method at a rate of 48% and recognised in the profit or
loss. Costs associated with maintaining computer software programmes are recognised as an expense when incurred.
SaaS arrangements are service contracts providing the Company with the right to access the cloud provider’s
application software over the contract period. Costs incurred to configure or customise, and the ongoing fees to obtain
access to the cloud provider’s application software, are recognised as operating expenses when the services are
received.
Some of these costs incurred are for the development of software code that enhances or modifies, or creates additional
capability to, existing on-premise systems and meets the definition of and recognition criteria for an intangible asset.
These costs are recognised as intangible software assets and amortised over the useful life of the software on a straight-
line basis. The useful lives of these assets are reviewed at least at the end of each financial year, and any change
accounted for prospectively as a change in accounting estimate.
c. Customer contracts and lists
Acquired customer contracts and lists are recognised at their fair value at the date of acquisition and are subsequently
amortised on a straight-line basis over the appropriate contract term. Amortisation expense is recognised in the profit or
loss.
Goodwill
Computer
software
Customer
lists
Work in
Progress
Total
$000$000$000$000$000
At 1 July 2022
Cost
15,2175,19810,5053430,954
Transfer to held for sale
--(255)-(255)
Accum. amortisation and
impairment(555)(3,693)(8,393)-(12,641)
Net book amount
14,6621,5051,8573418,058
Year ended 30 June 2023
Transfer from held for sale--255-255
Additions-7--7
Disposals-(42)--(42)
Transfers-34-(34)-
Amortisation charge-(764)(1,644)-(2,408)
Impairment(1,027)---(1,027)
Closing net book amount
13,635740468-14,843
At 1 July 2023
Cost13,6355,0601,681-20,376
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Goodwill
Computer
software
Customer
lists
Work in
Progress
Total
$000$000$000$000$000
Accum. amortisation and
impairment-(4,320)(1,213)-(5,533)
Net book amount
13,635740468-14,843
Year ended 30 June 2024
Additions-14--14
Disposals-(2)--(2)
Amortisation charge-(282)(375)-(657)
Impairment(12,493)---(12,493)
Closing net book amount
1,14247093-1,705
At 30 June 2024
Cost1,1422,070373-3,585
Accum. amortisation and
impairment-(1,600)(280)-(1,880)
Closing net book amount
1,14247093-1,705
The Group has classified its goodwill into the following cash-generating units (CGUs):
2024
$000
2023
$000
Alpha Customs Limited776776
MOVE Logistics & Warehousing Limited-12,492
TNL International Limited170170
TNL International Australia Pty Limited196197
Total1,14213,635
The Group tests goodwill for impairment using the higher of value in use calculations with cash flow projections based
on a five-year period and the fair value less costs to sell. Management has prepared an upside, downside and base
scenario for each CGU. Each of these include the Board approved cash flow projections with cashflows beyond this
extrapolated using the assumptions. The final value in use calculations for each CGU apply an assessed probability
weighting to the three scenarios.
As part of the impairment assessment , MOVE Logistics and Warehousing Limited goodwill of $12,493,000 has been fully
impaired as a result of an overall decrease in sales and the loss of four key customer contracts (combined impact of
$28m in sales per annum). The impairment charge is recognised in the non operating expenses in the statement of Profit
or Loss and Other Comprehensive Income. No other class of assets have been impaired. Management has concluded
that there are no other impairments for any other of the CGUs at 30 June 2024.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
6869
ANNUAL REPORT 2024

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

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

30 June 202430 June 2023
Shares$000Shares$000
Issued & paid-up capital - ordinary shares
Balance at the beginning of the period127,614,01984,262116,385,12975,188
Shares issued - Convertible note--11,228,8909,074
Balance at the end of the period127,614,01984,262127,614,01984,262
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
7071
ANNUAL REPORT 2024

15. CASH FLOW INFORMATION
15.1. Cash Generated From Operations
2024
$000
2023
$000
Reported loss after tax(47,164)(5,837)
Non-cash items
Gain on lease modification(352)(711)
Depreciation expense42,38941,074
Amortisation expense6572,408
Bad debts28369
Amortisation of bank fees4242
Non cash movements on convertible note-433
Impairment of investment in associates-3
Foreign exchange losses on operating activities(264)(363)
Non operating expenses17,2931,027
Share based payments-(30)
Cumulative translation adjustment1233
12,75238,418
Impact of changes in working capital
Tax receivable / deferred tax851(2,675)
Trade and other receivables11,9159,068
Creditors and accruals/employee entitlements(3,793)(5,122)
Creditors relating to purchase of PPE61(352)
Inventories41(116)
21,82739,221
Items classified as investing or financing activities
Profit on disposal of property, plant and equipment(440)(880)
Insurance income received(2,713)-
Loss for associates-70
Net cash flow from operating activities18,67438,411
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
15.2. Net Debt Reconciliation
This section sets out an analysis of net debt and the movements in net debt for each of the periods presented.
2024
$000
2023
$000
Cash and cash equivalents9,7048,744
Lease liability - repayable within one year(30,263)(25,793)
Borrowings - repayable within one year (including overdraft)(26,665)(3,708)
Lease liability - repayable after one year(154,362)(129,603)
Borrowings - repayable after one year-(20,615)
Net debt(201,586)(170,975)
Cash and liquid investments9,7048,744
Liability - incremental borrowing rate(184,625)(155,396)
Borrowings - fixed interest rates-(20,000)
Borrowings - variable interest rates(26,665)(4,323)
Net debt(201,586)(170,975)
Liabilities from financing activities
Convertible
note
BorrowingsLeasesSubtotalCash/bank
overdraft
Total

$000$000$000$000$000$000
Net debt as at 30 June
2022
(7,792)(28,037)(159,731)(195,560)14,940(180,620)
Cash flows-3,75534,73638,491(6,196)32,295
Lease additions--(14,118)(14,118)-(14,118)
Other non-cash
movement
7,792(41)(16,283)(8,532)-(8,532)
Net debt as at 30 June
2023
-(24,323)(155,396)(179,719)8,744(170,975)
Cash flows-(2,300)38,07235,77296036,732
Lease additions--(38,829)(38,829)-(38,829)
Other non-cash
movement
-(42)(28,472)(28,514)-(28,514)
Net debt as at 30 June
2024
-(26,665)(184,625)(211,290)9,704(201,586)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
7273
ANNUAL REPORT 2024

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

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

19.2. Transactions with Other Related Parties
The following transactions occurred with related parties:
2024
$000
2023
$000
Sales and purchases of goods and services
Sales of services to associates-3
Purchases of services from associates-130
Purchases from entities controlled by key management employees83-
2024
$000
2023
$000
Outstanding balances arising from sales and purchases of services
Trade receivables from associates-2
Trade payables to associates-22
Trade payables to entities controlled by key management
employees
5052
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
7475
ANNUAL REPORT 2024

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




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

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

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




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

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

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs
(NZ)) and International Standards on Auditing (ISAs). Our responsibilities under those standards are
further described in the Auditor’s responsibilities for the audit of the consolidated financial statements
section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Independence
We are independent of the Group in accordance with Professional and Ethical Standard 1 International
Code of Ethics for Assurance Practitioners (including International Independence Standards) (New
Zealand) (PES 1) issued by the New Zealand Auditing and Assurance Standards Board and the
International Code of Ethics for Professional Accountants (including International Independence
Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code), and we
have fulfilled our other ethical responsibilities in accordance with these requirements.
Our firm provides access to training material through an on-line platform. The provision of the access
to training materials has not impaired our independence as auditor of the Group.
Material uncertainty relating to going concern
We draw attention to Note 1.3 in the financial statements, which indicates that the Group incurred a net
loss before tax for the year of $45.3m (2023 $7.6m) and had net current liabilities of $43.7m as at 30
June 2024. Net current liabilities include $26.7m of borrowings that is due for repayment in March 2025.
As stated in note 1.3 to the financial statements, if the Group were unable to achieve its turnaround plan
and forecasts going forward, it may not be able to operate in compliance with proposed revised financing
terms. These events or conditions, along with other matters as set forth in note 1.3, indicate the
existence of material uncertainties that may cast significant doubt on the Group's ability to continue as a
going concern. Our opinion is not modified in respect of this matter.
7677
ANNUAL REPORT 2024

PwC


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

















PwC


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

















PwC


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

















PwC


Our audit approach

Overview

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

As part of designing our audit, we determined materiality and assessed the risks of material
misstatement in the consolidated financial statements. In particular, we considered where
management made subjective judgements; for example, in respect of significant accounting estimates
that involved making assumptions and considering future events that are inherently uncertain. As in all
of our audits, we also addressed the risk of management override of internal controls, including among
other matters, consideration of whether there was evidence of bias that represented a risk of material
misstatement due to fraud.
Materiality
The scope of our audit was influenced by our application of materiality. An audit is designed to obtain
reasonable assurance about whether the consolidated financial statements are free from material
misstatement. Misstatements may arise due to fraud or error. They are considered material if,
individually or in aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of the consolidated financial statements.
Based on our professional judgement, we determined certain quantitative thresholds for materiality,
including the overall Group materiality for the consolidated financial statements as a whole as set out
above. These, together with qualitative considerations, helped us to determine the scope of our audit,
the nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both
individually and in aggregate, on the consolidated financial statements as a whole.
How we tailored our group audit scope
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion
on the consolidated financial statements as a whole, taking into account the structure of the Group, the
accounting processes and controls, and the industry in which the Group operates.
Other information
The Directors are responsible for the other information. The other information comprises the
information included in the Annual report, but does not include the consolidated financial statements
and our auditor's report thereon. The Annual report is expected to be made available to us after the
date of this auditor's report.
Our opinion on the consolidated financial statements does not cover the other information and we will
not express any form of audit opinion or assurance conclusion thereon.
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ANNUAL REPORT 2024

PwC


In connection with our audit of the consolidated financial statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially inconsistent
with the consolidated financial statements or our knowledge obtained in the audit, or otherwise
appears to be materially misstated.
When we read the other information not yet received, if we conclude that there is a material
misstatement therein, we are required to communicate the matter to the Directors and use our
professional judgement to determine the appropriate action to take.
Responsibilities of the Directors for the consolidated financial statements
The Directors are responsible, on behalf of the Company, for the preparation and fair presentation of
the consolidated financial statements in accordance with NZ IFRS and IFRS Accounting Standards,
and for such internal control as the Directors determine is necessary to enable the preparation of
consolidated financial statements that are free from material misstatement, whether due to fraud or
error.
In preparing the consolidated financial statements, the Directors are responsible for assessing the
Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the Directors either intend to liquidate
the Group or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial
statements, as a whole, are free from material misstatement, whether due to fraud or error, and to
issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance with ISAs (NZ) and ISAs will always
detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these consolidated financial statements.
A further description of our responsibilities for the audit of the consolidated financial statements is
located at the External Reporting Board’s website at:
https://www.xrb.govt.nz/assurance-standards/auditors-responsibilities/audit-report-1/
This description forms part of our auditor’s report.
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our audit work has been
undertaken so that we might state those matters which we are required to state to them in an auditor’s
report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company and the Company’s shareholders, as a body, for our
audit work, for this report or for the opinions we have formed.

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


Chartered Accountants
28 August 2024
Christchurch

ADDITIONAL STATUTORY INFORMATION
REMUNERATION
REMUNERATION OF DIRECTORS
The total pool of Directors’ Fees available to non-executive Directors for the year ended 30 June 2024 was
$750,000, which was approved by shareholders at the 2017 Special Meeting of Shareholders. Of this, $514,500 was
paid to non-executive Directors in FY24.
The table below sets out the total of the remuneration and the value of other benefits received by each Director
during the financial year to 30 June 2024. The Board Charter provides that no sum is paid to a Director upon
retirement or cessation of office.
Director Board FeesRisk Assurance and Audit Committee FeesGovernance and Remuneration Committee FeesConsultancy ServicesTotal Remuneration FY24Current Director or Date Appointed or Resigned
Lorraine Witten131,736---131,736Current
Julia Raue72,514---72,514Current
Grant Devonport71,2509,500--80,750Current
Mark Newman71,250-9,500-80,750Current
Lachlan Johnstone23,750---23,750
Appointed
1 March
2024
Gregory Whitham23,750---23,750
Appointed
8 March
2024
Gregory Kern23,750--50,000*73,750
Appointed
8 March
2024
Christopher Dunphy52,500---52,500
Resigned
28 March
2024
Danny Chan25,000---25,000
Resigned
25 October
2023
Total495,5009,5009,50050,000564,500
*Kern Group Pty Ltd who is a related party to Gregory Kern was engaged in June 2024 to provide turnaround management services
for the Group.
EMPLOYEE REMUNERATION
Executive remuneration framework
MOVE’s executive remuneration policies and practices are designed to attract, retain and motivate high calibre
people.
The Board has reviewed executive remuneration with the assistance of external independent advice. Executive
remuneration comprises a fixed component.




PwC


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













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ANNUAL REPORT 2024