2024 Full Year Results

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2024 ANNUAL REPORT TE PURONGO A-TAU

TAHI ///
S1Welcome
+
Performance at a Glance
P8
+
Chair and Chief Executive’s Report
P10
+ Celebrating Five Years on the NZX
P16
TORU ///
S3
Implementing our Strategy
+
SG1: Connecting with our Customersp31
+
SG2: Harnessing Data and Technologyp41
+
SG3: Networked Infrastructurep47
+
SG4: Collaborative Partnerships with Othersp53
RUA ///
S2About us
+
We are Napier Portp20
+
Our Trade Portfoliop22
+
How we Create Valuep24
+
How we Engage our Stakeholdersp25
ONO ///
S6
Governance Matters & Financial Statements
+
CFO Management Discussion and Analysisp98
+
Other Disclosuresp120
+
Strategic Risk Overviewp104
+
Financial Statementsp130
+
Corporate Governance Statementp106
RIMA ///
S5Our Leaders
+
Board of Directors
p88
+

Senior Management Team
p92
WHA ///
S4Foundations
+
F1: Our Culture of Care
p65
+

F2: Sustainability and Emissions
Reduction in Action
p75
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2024 ANNUAL REPORT TE PURONGO A-TAU
4

S1
+
Performance
at a Glance.
p8.
+
Chair
and Chief
Executive’s
Report.
p12.
S1
Welcome
S2
About us
S3
Implementing our Strategy
S4
Foundations
S5
Our Leaders
S6
Governance Matters & Financial Statements
TAHI ///
Section 1
+
Celebrating
Five Years
on the NZX.
p16.
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2024 ANNUAL REPORT TE PURONGO A-TAU

848
Places on health and
safety courses
from 712 PY
2.9m
Tonnes of Log
Exports
13.5%
30k
TEU handled through
Port Pack
0.6%
$18m
Total Dividend
9 cents/share
$141.4m
Revenue
15.9%
$24.8m
Net Profit
49.7%
$52.0m
Result from
Operating Activities
39.5%
236
Charter Vessel
Calls
13.2%
246
Container Vessel
Calls
2%
5.0m
Tonnes of Cargo
Handled
8.1%
3.5m
Tonnes of Bulk Cargo
Handled
9%
$12m
Final Dividend
6 cents/share
89
Cruise Vessel
Calls
39.1%
Performance at a glance
Year on year
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2024 ANNUAL REPORT TE PURONGO A-TAU

We are pleased to present our Annual
Report for the 2024 financial year.
Earnings growth has been strong, up
39.5%, linked to Hawke’s Bay’s regional
recovery and the associated rebound of
cargo volumes post-Cyclone Gabrielle.
Our financial result demonstrates Napier
Port’s capability to deliver with improved
operating conditions.
Our financial position has also improved
with a reduced debt profile, underpinned
by solid cashflows.
Chair and Chief
Executive’s
Report
Business Fundamentals
are Strong
As the regional recovery continued during the
year, cargo volumes rebounded, and the operating
leverage we’ve developed over recent years
produced a set of milestone financial results we’re
proud to have achieved this year.
As port activity grew during the year, we were able
to respond dynamically by redeploying assets and
resources to meet the customer demand. This
was possible due to investments we have made in
infrastructure, customer services and solutions, and
in developing our people over several years.
As a result, we were well positioned to handle
strong volumes of log exports, the bounce back in
containerised exports of fresh produce, apples, meat,
timber, and a record cruise season.
Linked to the strategic capability we have put in
place, our focus on yield management and cost
management are supporting operating leverage and
earnings growth.
The announced closure of WPI was a disappointing
outcome for the local Rangitīkei community, Napier
Port and New Zealand manufacturing. We await the
outcome of a potential WPI asset sale process and
in the meantime, we are supporting WPI’s parent
group with additional log exports and we have taken
steps to reset the cost base.
The result this year highlights Napier Port’s
underlying strengths. We are well positioned for
further earnings growth supported by positive
momentum across our diverse and resilient trade
base and revenue streams. Infrastructure and
capability are in place and our port team record of
operational delivery and resilience is clear.
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2024 ANNUAL REPORT TE PURONGO A-TAU

Financial Results
Revenue for the 2024 financial year increased 15.9% to
$141.4 million following growth across all trade areas.
Cruise vessel visits to Napier Port increased to 89, from
64 vessel calls in the prior year, and contributed $9.1
million in revenue.
Container volumes increased by 3.4% to 230k TEU,
driven by higher reefer exports as apple exports and
fresh and other chilled produce rebounded following
prior year weather related crop losses.
Bulk cargo volume increased 9% to 3.47 million tonnes,
including log volume growth of 13.5% to 2.87 million
tonnes. Log volume was supported by cyclone affected
windthrown logs and redirected logs, that would have
otherwise been processed into wood pulp or timber.
The result from operating activities increased 39.5% to
$52 million, compared with $37.2 million in the previous
year, as the revenue increase of $19.4 million exceeded
operating expense growth of $4.7 million.
Reported net profit after tax was $24.8 million, a 49.7%
increase on the prior year’s $16.6 million, and included
a further $9.25 million contribution from the Cyclone
Gabrielle insurance claim.
We are wholly
supportive of the
primary objective
to reduce the
number of
serious injuries,
illnesses and
fatalities at New
Zealand ports.”
Safety at the forefront
During the year, Maritime New Zealand
(MNZ) became the primary regulator for all
activities within the Napier Port boundary.
An Approved Code of Practice (ACOP)
came into effect and sets out the regulator’s
expectations. We are wholly supportive of
the primary objective to reduce the number
of serious injuries, illnesses and fatalities at
New Zealand ports. Our team have a good
working relationship with MNZ, and we look
forward to this continuing.
Our focus on operating a safe port, where
everyone goes home safely every day, was
underpinned by continued management of
critical risks across the port, improving our
safety systems, processes and reporting,
as well as critical risk management and
assurance verifications. This included
observing the effectiveness of risk control
systems through engagement with our
people on the frontline, with fifty-four
verifications undertaken during the year.
3.47m
Tonnes of Bulk
Cargo Handled
9%
$24.8m
Net Profit after Tax
from $16.6m (2023)
89
Cruise vessel visits
from 64 (2023)
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2024 ANNUAL REPORT TE PURONGO A-TAU

Building a Sustainable Future
Opening the gates to the Hawke’s Bay community
through organised port tours and with our employee
whānau day was particularly rewarding this year.
Going forward, we intend to host our community,
and shareholders, on port annually. Building strong
connections with our community remains core to our
purpose of building a thriving region.
We delivered incremental progress on our
Sustainability Strategy and action plan, adopted in
2021. Of the 100 actions identified, 79% of those are
now underway or embedded within the business. We
have a diverse range of initiatives across our four
sustainability pillars of people, planet, prosperity and
partnerships and focus on ‘thinking globally but acting
locally’ to make a meaningful difference in our local
environment. This is the fourth year Napier Port has
produced a climate change report and the third year
Outlook and Dividend
While inflation pressures globally are retreating,
regional exporters continue to face uncertainty and
subdued levels of demand in key international export
markets.
The regional recovery post Cyclone Gabrielle is
continuing, and Napier Port looks forward to Pan Pac
building back to normal operating levels at its pulp mill
during the first half of the 2025 financial year.
Log exports continue to flow steadily, and Napier
Port continues to see demand from log exporters for
additional storage space and shipping capacity as the
supply of maturing logs remains strong.
Napier Port is a favoured cruise destination with the
2025 cruise season set to be another busy year with
85 current bookings.
Alongside our strategic initiatives to enhance service
capabilities and grow earnings, the fundamentals
of our cargo base of premium food and fibre remain
strong. Napier Port is well positioned to continue with
earnings growth momentum.
Napier Port intends to continue to maintain a strong
financial position and grow dividends. This will be
supported by investment in extending our cargo
catchment and further developing our service
capabilities.
Napier Port’s Board of Directors has declared a fully
imputed final dividend of 6 cents per share, bringing
the total dividends for the 2024 year to 9 cents per
share, up from the 5.25 cents per share equivalent
of the prior year.
We are pleased to continue recognising the
successful efforts of our people this year, through
delivery of our employee recognition scheme award.
Each eligible employee will receive $2,291(gross),
consisting of a mix of cash and Napier Port shares.
At Napier Port we believe it is important that our
people share in the success of our business by
becoming shareholders in our business.
We thank all our cargo owners, shipping lines,
transport operators and community stakeholders
who continue to partner with us, for their ongoing
commitment and support of Napier Port.
emissions have been externally certified. This year we
are reporting according to the newly introduced New
Zealand Climate Standards (NZ CS) framework.
Our total carbon emissions increased by 0.3%
this year with an 8% increase in annual tonnage,
demonstrating improvement in our emission to total
cargo tonnage ratio.
79%
of workstreams are consistently embedded
in BAU and/or started and ongoing
(2023: 61.4%)
Building strong connections with
our community remains core to our
purpose of building a thriving region.”
Blair O’Keeffe
Chair
Todd Dawson
Chief Executive Officer
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2024 ANNUAL REPORT TE PURONGO A-TAU
14

August 2024 marked five years since Napier
Port’s listing on the New Zealand Exchange.
The float successfully brought private capital
into a public asset while protecting the things
that matter most to a local community.
In 2019, after extensive consultation, the Hawke’s
Bay Regional Council (HBRC) voted to sell 45% of its
stake in Napier Port through an Initial Public Offering
(IPO) on the NZX. The IPO raised $234 million. Of
this, $110 million was retained by Napier Port and
used to repay debt and provide capacity to fund
construction of a new multi-purpose wharf, ‘Te Whiti’.
Te Whiti Wharf was essential to secure the future of
the port and region’s economy amidst strong growth,
increasing cargo volumes, and larger ship sizes
coming. The business case passed the scrutiny of a
rigorous IPO process and Te Whiti was debt funded
on commercial terms.
Hawke’s Bay locals, port employees, and Iwi took up
preferential access to shares, and the listing meant
Hawke’s Bay ratepayers did not have the burden of
funding the new wharf. It has strengthened our direct
links and alignment with our community and provided
the financial capacity to invest in a way that also
benefits the broader region.
Investment Underpinned
by 2019 NZX Listing
The IPO enabled HBRC to invest $100 million into a
long-term fund for the region and diversify its asset
base, reducing the risk of being overly dependent on
income from a single strategic asset. It also provided
Napier Port with a strong balance sheet and access
to an additional source of funding via the NZX Debt
Market, which enabled us to raise a further $100
million by issuing corporate bonds in 2022.
The company’s performance at listing, and now,
adheres to the high standards required of the NZX.
It is subject to continuous disclosure and reporting
requirements and is benchmarked by institutional
investors against other ports and infrastructure
investment opportunities. Napier Port has an
independent chair and a majority of independent
directors.
Changing the ownership structure of Napier Port was
an intergenerational decision, that took fortitude and
sound commercial judgement. The financial and risk-
management benefits of the mixed ownership model
are obvious, but the commercial focus, discipline and
diversity of experience that Napier Port now benefits
from through mixed ownership is equally important.
Changing the ownership structure of Napier
Port was an intergenerational decision, that took
fortitude and sound commercial judgement.”
While much of Napier Port’s five years as a listed
company has been in the shadow of a pandemic
and Cyclone Gabrielle, we have increased our
capacity to handle more cargo, increased tourism
and visitor numbers, and improved the operational
efficiency of both Hawke’s Bay and New Zealand’s
supply chains.
As a listed company, Napier Port now has many new
stakeholders, as well as many existing stakeholders
who are more invested than ever in the future of
Napier Port. We will continue to deliver on our
purpose of creating a thriving region; and in doing so,
all our customers, our shareholders, our community
and our team will prosper too.
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2024 ANNUAL REPORT TE PURONGO A-TAU

Ab ut
us
S1
Welcome
S2
About us
S3
Implementing our Strategy
S4
Foundations
S5
Our Leaders
S6
Governance Matters & Financial Statements
S2
RUA ///
Section 2
+
We are
Napier Port.
p20.
+
Our Trade
Portfolio.
p22.
+
How we
Create Value.
p24.
+
How we
Engage our
Stakeholders.
p25.
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2024 ANNUAL REPORT TE PURONGO A-TAU

We are
For over 150 years, Napier Port has been at
the heart of Hawke’s Bay, facilitating trade
between the region and global markets.
As the gateway for exports from the central and lower
North Island, we play a crucial role in supporting the
regional economy, employing over 300 people and
indirectly sustaining thousands of jobs.
Our operations include managing port land, shipping
channels, and providing the cargo handling capacity,
facilities, and infrastructure that enable efficient
transport of goods across our wharves. Strategically
located on the East Coast of New Zealand, Napier
Port sits on the main transit route for international
shipping, connecting to inland freight hubs and core
national road and rail networks. We operate 24/7, 364
days a year.
While our location and infrastructure make us a critical
link in New Zealand’s supply chain, it’s our culture of
care—focused on safety and well-being—alongside
strong customer relationships and environmental
stewardship, that underpin our long-term success.
Our team takes pride in delivering exceptional service
and fostering collaborative partnerships that benefit
our customers, community, and environment.
Our future is closely tied to the success of our
customers and community. Together, we strive to
drive sustainable growth that enhances our region’s
prosperity, well-being, and natural environment.
50
hectares of
on-site port
land
inland freight hub joint venture in
Manawatu with a 1.9 hectare container
yard and a warehousing facility with road
and rail connections to Napier Port
322
permanent
employees
150
years working
for Hawke’s Bay
1000s
of jobs supported
indirectly by the port
6
shipping
line services
125+
countries that
product is shipped
to globally
5M+
tonnes of cargo
handled annually
36.6k
square metres of
warehousing
1.2k
fixed connection points
for refrigerated cargo
1
mobile log debarker
(Debarking 10% of
all log exports)
30
heavy container
handling machines
in the fleet
750
trains/year to
and from Central
North Island
700
buses on port
supporting 140k
cruise passengers
Viewpoint
Supply
Chain
Service
2
container depots
offering full services to
international shipping lines
Trade Gateway
for Central and
Lower North
Island
6
mobile harbour
cranes
Strategic
Infrastructure
Assets and
Operational Capacity
Supply Chain Network
and Global Reach
Supporting our
People and Region
16
hectares of
container
terminal space
10
hectares of
dedicated log
storage
12.3
hectares of land in
Whakatu for future
development
6
Wharves
88.3
Total hectares
2,098
metres of berth
spaces
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2024 ANNUAL REPORT TE PURONGO A-TAU

Our Trade Portfolio
The mix of products flowing in and out of Napier Port reflects our diversified regional trade base.
The Hawke’s Bay region is home to many of New Zealand’s major producers, processors and exporters of primary produce,
and Napier Port is proud to be their gateway to global markets.
The majority of businesses exporting through Napier Port are located within 100 kilometres of the port. Exports comprise
83% (by weight) of cargo, and include logs, wood pulp, pipfruit, timber, meat and fresh produce. Napier Port receives imports
for the Hawke’s Bay region and the central and lower North Island, and has the capacity and landside logistics capability in
place to increase import volumes, relieving pressure from other congested northern New Zealand ports. Imports represent
17% (by weight) of cargo, and include fertiliser, oil products, general cargo, foodstuffs, cement and bitumen.
Fertiliser
Oil products
General cargo
Foodstuffs
Cement
Other
Container Services
Bulk Cargo
Cruise
Other
Logs
Wood Pulp
Pipfruit
Timber
Meat
Fresh Produce
Other
Export
Import
Import
Product Mix
FY2024 by weight
Revenue
Breakdown
FY2024
Export
Product Mix
FY2024 by weight
Export/
Import Split
FY2024 by weight
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2024 ANNUAL REPORT TE PURONGO A-TAU

Services
Provided
Container
operations
services
Warehousing
services
Landside
logistics
services
Marine
services
Bulk
cargo
services
People
We provide purposeful
and safe employment
and development
opportunities for our
people.
Financial
We provide
economic returns
to our financial
capital providers.
Economic
We enable
and enhance
our regional
economy, including
significant
industries,
businesses
and individual
operators.
Community
We enhance our
local community
by being a
good corporate
citizen, providing
employment
and supporting
community and
iwi initiatives.
Infrastructure
We maintain and add
to our infrastructure
for the benefit of
current and future
generations.
Environment
We support the
maintenance and
enhancement
of our marine
environment and
our environmental
stewardship and
impact.
How we create value
Networked
Infrastructure
Harnessing data
& technology
Sustainability
focus
Culture
of care
Connecting with
our customers
O
u
r

F
o
u
n
d
a
t
i
o
n
O
u
r

S
t
r
a
t
e
g
y

G
o
a
l
s
Collaborative
Partnerships
(Inputs)
Natural
environment
The marine
and natural
environment and
how we work
within it alongside
stakeholders and
our community is
fundamental to our
business.
Physical assets
Our assets and
infrastructure,
including port
land, wharves, sea
defences, dredged
shipping areas, marine
and heavy plant fleet,
and inland ports.
Relationships
Our strong
relationships with
stakeholders –
cargo owners,
shipping lines,
transport partners,
local community, iwi
– give us our social
licence to operate
and grow.
Skills and
knowledge
Our deep expertise
in port operations
and logistics,
and the creation
of technology
solutions for our
business and our
customers.
People
Our motivated and
engaged workforce,
who have pride
in their work
keeping the cargo
flowing across our
wharves.
Financial
Financial capital
provided by our
shareholders
and debt
funders.
Engaging with our stakeholders
and issues important to them
Part of Napier Port’s commitment to best practice reporting is ensuring we
understand the issues most important to our vast range of stakeholders.
Stakeholders were asked:
How important do you feel it is that Napier Port prioritise each of these focus areas?
Aside from those previously mentioned are there any other focus areas you think Napier
Port should prioritise.
Each year, we use a variety of methods to ensure we
hear widespread opinions, including a combination of:
• Annual customer satisfaction surveys
• Annual employee engagement surveys
• Forums with employees, unions and other port users
• Investor open days, results conference calls,
roadshows and ad hoc investor surveys
• Community engagement surveys and/or deep dive
interviews with a cross-section of stakeholder groups
including local government, business and iwi leadership
• Liaison groups and community meetings
• Participation in central, regional and local government and
industry working groups, and
• Our own long-term strategy and short-term business planning,
incorporating insights from our risks and opportunities
assessments
This year, in addition to the above, we undertook a refresh of
our materiality assessment. Just over 400 stakeholders were
engaged across customers, port employees, and the community
through a mix of digital surveying and deep dive interviews.
Key Focus Areas
Customer
Rating
Employee
Rating
Community
qualitative rating
Port security and the
safety of people working
there
8.68.71
st
Growing Hawke’s Bay’s
economy
8.48.32
nd
Delivering on Napier
Port’s vision for the future
7.97.38
th
Protecting port access/
supply chains (sea
channels)
8.88.4
4
th
equal
Protecting our
environment and
minimising Napier Port’s
impacts
7.98.07
th
Growing cargo volumes
8.18.63
rd
Protecting port access/
supply chains (rail
corridors)
7.68.0
4
th
equal
Protecting port access/
supply chains (road
corridors)
8.68.1
4
th
equal
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2024 ANNUAL REPORT TE PURONGO A-TAU

Employees, Unions
and Port users
Investors
Cargo
Customers
Shipping Line
Customers
Community &
Neighbours
Industry
Associates
Central and Local
Government &
Regulators
Suppliers
Partners
K
e
y

g
r
o
u
p
s

w
e

w
o
r
k

w
i
t
h

i
n
c
l
u
d
e
:
Napier Port has a pretty good team of
smart people. They have a can-do attitude,
they’re interested in everything, and their
attitude is quite refreshing... they’re
inquisitive, proactive, helpful and probing.”
We’d like to see engagement beyond
the next harvest cycle to discuss how
we work together to grow volumes with
confidence... this would be valuable.”
Napier Port is never complacent and
its commitment to safety is baked in
culturally.”
Their social license is sound... they
support things that are important to
the community.”
Consumers are very price sensitive
post Cyclone and Napier Port needs to
continue to bear that in mind.”
Could Napier Port amplify
and clarify its strategy?”
Stakeholder feedback through this
materiality assessment was very positive
for Napier Port. There has been clear
acknowledgement of the contribution of
Napier Port and its people to Hawke’s Bay,
general satisfaction with improvements
in operational performance and
communication and engagement, both
with stakeholders and local communities.
Stakeholders are keen to learn more about
Napier Port’s longer term strategic thinking,
both in relation to the growth of the Hawke’s
Bay region and shareholder returns.
During FY25 Napier Port is planning to
undertake a refresh of its 10-year strategy.
As part of this, the materiality assessment
and other methods used to hear from our
stakeholders will inform priority
issues and focus areas for
Napier Port into the future.
Some of the feedback gathered from
our Stakeholder interviews and surveys
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2024 ANNUAL REPORT TE PURONGO A-TAU

Implementing
ur Strategy
+
Connecting
with our
Customers.
p31.
+
Harnessing
Data and
Technology.
p41.
+
Networked
Infrastructure.
p47.
+
Collaborative
Partnerships
with Others.
p53.
S1
Welcome
S2
About us
S3
Implementing our Strategy
S4
Foundations
S5
Our Leaders
S6
Governance Matters & Financial Statements
S3
TORU ///
Section 3
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2024 ANNUAL REPORT TE PURONGO A-TAU

Strategy Goal 1:
Connecting with
our Customers
During the year, Napier Port reaffirmed its commitment to
strengthening customer connections across the broader supply
chain. Our strategic focus is on enhancing service delivery,
fostering collaboration, and ensuring that our operations align with
the evolving needs of our customers. By actively engaging with
stakeholders, we aim to provide tailored solutions that support both
our region and the wider New Zealand economy.
Our strategic focus is on enhancing service
delivery, fostering collaboration, and
ensuring that our operations align with the
evolving needs of our customers.”
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2024 ANNUAL REPORT TE PURONGO A-TAU

Strengthening Connections
in Challenging Times
This year, amid the challenges of Cyclone Gabrielle
and broader economic pressures, Napier Port has
reinforced its commitment to improving customer
connections. A key highlight was the introduction of
the new TTZ shipping service, providing direct access
to Australian markets for our importers and exporters.
This service enhances our position within the broader
supply chain, facilitating cargo movement through
transshipment opportunities. By replacing a temporary
fortnightly service with a new weekly schedule, we
create more opportunities for growth and adaptability.
Our proactive approach to adapting cargo demands
included establishing a woodchip operation to support
Pan Pac’s recovery efforts after Cyclone Gabrielle.
Although this woodchip pile has reverted to Pan
Pac for its pulp mill operations, it played a vital role
in accommodating their needs during a challenging
period. This initiative showcased our commitment to
collaboration within the regional supply chain and our
ability to respond dynamically to market changes.
Our dedication to understanding our customers’
needs is exemplified by our annual survey, which
provided valuable insights into service delivery and
satisfaction levels. We are leveraging this feedback to
refine our operations and meet the evolving needs of
our customers.
Moreover, effectively managing space on the port is
crucial as we navigate the complexities of varying
cargo types and demands. Our commitment to
a ‘whole of port’ approach drives efficiency and
flexibility, ensuring we are equipped to deliver
tailored solutions. By fostering strong partnerships
and maintaining regular communication with our
customers and stakeholders, we aim to enhance our
service offerings and remain a trusted partner in the
supply chain landscape.
Our proactive approach to adapting
cargo demands included establishing a
woodchip operation to support Pan Pac’s
recovery efforts after Cyclone Gabrielle.”
Our commitment to a ‘whole of port’
approach drives efficiency and flexibility,
ensuring we are equipped to deliver
tailored solutions.”
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2024 ANNUAL REPORT TE PURONGO A-TAU

Introducing SmartFlow
for Enhanced Efficiency
A significant milestone in our customer-focused
strategy was the introduction of the SmartFlow
system in July. This pre-advice system for bulk
cargo trucks entering through the Eastern Gate is
designed to streamline operations and enhance
data collection. By leveraging existing truck and
cargo data, SmartFlow offers valuable insights
into cargo movements and traffic flows, thereby
improving efficiency and optimising capacity across
our bulk cargo operations – similar to the benefits
we’ve achieved with our Propel system for container
receival and delivery at the Western Gate.
The implementation of SmartFlow is crucial for
enhancing safety and traffic management, particularly
during peak periods. This system will be especially
important during the busy summer cruise season when
the Eastern Gate experiences heavy traffic, with an
estimated 15,000 to 20,000 vehicle visits each month
from over 300 different port users, including logging
trucks and cruise passenger buses. Effective traffic
management is essential, and by streamlining these
processes and collaborating closely with stevedores
C3 and QUBE, SmartFlow ensures a safer and
more efficient port experience for everyone involved.
In addition to enhancing operational efficiency,
SmartFlow supports our commitment to transparent
cost-sharing among port users. By implementing
pre-advice controls at the Eastern Gate, we align
our practices with industry norms, ensuring that all
users contribute fairly to infrastructure costs and the
sustainability of our operations.
As we continue to enhance SmartFlow, we remain
dedicated to ongoing improvements driven by user
feedback and industry best practices. By increasing
the visibility of cargo movements and facilitating real-
time reporting, SmartFlow is poised to deliver crucial
insights that will benefit all port users and contribute
to a more efficient supply chain.
The implementation of SmartFlow
is crucial for enhancing safety and
traffic management, particularly
during peak periods.”
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Celebrating a Record-Breaking
Cruise Season
This year marked a record-breaking cruise season
for Napier Port, successfully welcoming 89 cruise
vessels to Hawke’s Bay. The resurgence of the
cruise industry post-pandemic, coupled with
increased berth capacity at Te Whiti Wharf, allowed
us to accommodate multiple vessels simultaneously,
enhancing our service offerings for both cruise lines
and tourists.
Our success this season is underpinned by strategic
investments in both infrastructure and customer
service enhancements. Cruise revenue increased
by 70.4%, reaching $9.1 million, compared to $5.1
million the previous year. This growth not only
highlights the recovery of cruise tourism but also
underscores Napier Port’s vital role in facilitating
international trade and contributing to the local
economy.
A notable milestone this past cruise season was the
Silver Muse, which marked the 1,000th cruise vessel
to visit Napier since we began welcoming them 30
years ago. This achievement underscores our ability
to provide exceptional experiences for cruise lines
and their passengers, further solidifying our status
as a premier destination on New Zealand’s cruise
itinerary.
Looking ahead to the 2024/2025 cruise season, we
anticipate welcoming 85 vessels and over 100,000
passengers to Napier. This influx will provide
a much-welcomed boost to the local economy,
benefiting retailers, hospitality, and tourism operators
in particular. By enhancing the flow of visitors,
Napier Port will continue to play a vital role in driving
economic growth and prosperity in our region.
89
cruise vessels
from 2023:64
$9.1M
Cruise revenue
70.4% from 2023
A notable milestone this past cruise season
was the Silver Muse, which marked the
1,000th cruise vessel to visit Napier since
we began welcoming them 30 years ago.”
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Viewpoint Supply
Chain: One Year On
This year, we proudly celebrate
the first anniversary of Viewpoint,
a supply chain service enhancing
the customer experience,
optimising road and rail
movements, and extending our
ability to service cargo owners
in the central lower North Island.
Launched in response to the
growing demand for efficient
logistics solutions, Viewpoint
Supply Chain integrates landside
warehousing, transport, and
shipping services to create a
seamless cargo movement
solution. We have onboarded new
clients and achieved a 25% growth
in cargo volumes.
Our unique model optimises
regional transport by matching
customers’ full and empty
containers with shipping calls,
warehousing, and other transport
operators. This approach enables
efficient, full-train load movements
both ways, reducing waste in the
supply chain and supporting lower
emissions. With the introduction
of Out-Of-Region (OOR) services,
including connections to regional
hubs like the Regional Freight
Hub near Palmerston North
and Manawatū Inland Port at
Longburn, Viewpoint is creating
more direct links to regional
logistics hubs, expanding our
service offering beyond the port.
Our customer-centric approach
ensures customers and freight
forwarders can reach out to
our planning team anytime,
confident they’ll find a solution
that saves time, reduces costs,
or minimises waste. This high
level of support fosters trust and
collaboration, helping us respond
dynamically to evolving customer
needs. Customer feedback has
underscored the positive impact
of our team’s role in simplifying
logistics management processes,
reducing response times, and
enhancing overall operational
efficiency.
Viewpoint has transformed our logistics
management. The real-time tracking
feature has significantly reduced
our response times and improved
efficiency.”
Throughout the year, we’ve
sought ongoing feedback
from our customers, leading
to meaningful improvements
tailored to their specific needs.
Many customers have reported
increased satisfaction with our
services, noting Viewpoint’s
transformative role in their supply
chain management.
Looking ahead, we’re committed
to expanding our capabilities
with advanced analytics and new
features that will provide even
greater operational insights. The
success of Viewpoint Supply
Chain exemplifies Napier Port’s
dedication to innovation and
integrated logistics solutions, and
as we meet the demands of the
wider supply chain network, we
remain focused on building lasting
relationships, optimising freight
movements, and positioning
ourselves as a leader in end-to-
end supply chain services.
The support we receive from the Viewpoint
team is exceptional. They are always available
to help us navigate any challenges, making
our partnership with Napier Port invaluable.”
www.viewpointsupplychain.co.nz
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Strategy Goal 2:
Harnessing data
and technology
Technology plays a vital role in our operations at Napier Port, driving
efficiency, enhancing safety, and increasing the value we deliver to
our customers. By ensuring accurate, accessible data and adopting
cutting-edge solutions, we continually streamline operations, reduce
costs, and improve service quality. The advancements made in 2024,
from SmartFlow and digital vessel planning to our collaboration with
RightShip, have further advanced our operations and positioned
the port for continued growth. As we move forward, we remain fully
committed to adopting new technologies, fostering innovation, and
delivering exceptional value to our customers and stakeholders.
By ensuring accurate, accessible data
and adopting cutting-edge solutions, we
continually streamline operations, reduce
costs, and improve service quality.”
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AI-Driven Innovation
at the Eastern Gate
In 2024, Napier Port implemented a series of
innovations at the Eastern Gate to improve
both operational efficiency and security. One of
the key advancements was the introduction of
SmartFlow, a system designed to streamline bulk
cargo truck processing. SmartFlow provides real-
time truck turnaround data and historical traffic
insights, enabling better traffic management. By
incorporating Artificial Intelligence (AI) for license
plate detection, the system automates pre-
advising for visits, reducing manual interventions.
This has revolutionised workflow management
across departments, freeing up teams to focus on
more strategic tasks.
Enhancing Security and Access
Napier Port’s security framework was bolstered with
the introduction of Port Pass, a photo ID access card
system launched in 2019, which remains integral
to our operations today. Approved by Maritime
New Zealand, Port Pass meets stringent security
standards and is a key tool in ensuring safety for
both staff and visitors on-site. This system, required
under the Maritime Security Act 2004, also facilitates
random vehicle searches as part of immigration and
customs regulations, further enhancing port security.
By incorporating Artificial Intelligence
(AI) for license plate detection, the
system automates pre-advising for visits,
reducing manual interventions.”
Alongside this operational upgrade, the Eastern
Gate Security Office underwent its first major
enhancement in 30 years. Advanced AI-driven
systems were introduced to proactively identify
and mitigate potential threats before they arise.
This forward-thinking security strategy ensures
the safety of our personnel and assets in an
increasingly complex environment. By integrating
AI technologies across both operational and
security functions, we have created a more
efficient, safe, and future-ready Eastern Gate.
Gallagher Access Management System works in
tandem with Port Pass, integrating once the cards
are issued. This system replaces manual forms,
enabling smoother entry processes, and is used in
partnership with Advanced Security to conduct tablet-
based inspections via the Gallagher Mobile App. This
digital transition has streamlined data storage, report
sharing, and overall security management, setting a
new standard for access control in the industry.
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Going Digital with
Paperless Ship Planning
One of the key projects undertaken this
year was the implementation of the Vessel
Operations Project, which marks a shift from
paper-based processes to a fully digital ship
planning system. By leveraging digital tools
for vessel operations, we have improved
data capture, reduced operational errors, and
significantly cut down on our environmental
impact. This initiative is part of our broader
effort to advance the port’s operations, ensuring
our systems are well-prepared for the future.
Expanding Communication
Capabilities
In 2024, we made significant advancements in
communication infrastructure by expanding the Motorola
Digital Radio Network. This enhancement ensures
that our teams stay connected and responsive in real-
time, across all operational areas. The introduction of
additional systems and channels has strengthened
internal communications, vital to the efficiency and safety
of port operations. Looking ahead, we are exploring
opportunities to automate more aspects of this network,
which promises further operational improvements and
enhanced coordination among teams.
Partnering for Maritime Sustainability – RightShip Collaboration
In an industry-leading move, Napier Port became the first port in New Zealand to adopt RightShip,
the world’s premier digital maritime platform focused on environmental, social, and governance (ESG)
goals. This partnership has introduced a new level of maritime safety and sustainability, allowing
us to screen inbound vessels based on risk-based criteria tailored to our port’s specific needs. By
automating pre-arrival processes and connecting us to a global network of ports, RightShip has
streamlined communication and reduced administrative workloads, setting a new benchmark for
maritime operations while reinforcing our commitment to sustainability.
Innovative Maintenance and
Asset Monitoring Solutions
Our Infrastructure Team has embraced cutting-edge
technology to enhance both operational safety
and asset monitoring. Partnering with Dronzeup, a
CAA-certified agricultural drone spray operator, we
introduced drones to perform maintenance tasks
that traditionally required working at heights. These
drones are used to maintain roofs and gutters
where moss and algae accumulate, reducing the
need for contractors to work at dangerous heights,
lowering costs, and allowing maintenance to be
completed during non-operational hours, minimising
disruptions to port activities.
In addition to drone maintenance, our team has
also conducted precise pavement surveys using a
Road Surface Profiler equipped with 17-point laser
technology. This advanced tool provides a detailed
assessment of surface conditions, allowing us to
make informed decisions regarding future asset
maintenance and renewal projects. By gathering
comprehensive data, we are better positioned to
proactively manage infrastructure and ensure long-
term durability.
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Strategy Goal 3:
Networked
infrastructure
The goal of our networked infrastructure strategy pillar is:
Connecting customers’ cargo to market and enhancing end-
to-end supply-chain solutions via an integrated network of
infrastructure assets, connecting the port with road, rail, sea and
warehousing across New Zealand.
Our commitment
to asset excellence
reflects the broader
strategic goal
of maintaining a
resilient and reliable
infrastructure that
supports not just our
operations, but also the
economic vitality of the
Hawke’s Bay region.”
Building Resilience and
Strategic Capacity
During the year, Napier Port continued its
strategic focus on developing a robust and
efficient infrastructure network, crucial for
supporting the economic growth of our region
and maintaining our connection to global
markets.
The foundation of this strategy lies in ensuring
our infrastructure is resilient, future-proofed,
and capable of meeting increasing demands.
Key initiatives, such as the launch of our Asset
Management programme, the investment in
eight replacement container handlers, and
bolstering the resilience of our breakwater are
central to achieving these goals.
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The Asset Management Framework provides
detailed guidance on the entire lifecycle of our
infrastructure, including planning, performance
measurement, and risk management.”
Strengthening Asset Management
for Long-Term Success
A reliable and high-performing asset portfolio is
vital to our success. That’s why, during the year, we
launched a multi-year Asset Management program
aligned with the globally recognized ISO 55000
standard for asset management.
A significant advancement of the program this
year was the implementation of Napier Port’s
Asset Management Framework, a comprehensive
approach designed to ensure our physical assets
are maintained, optimised, and aligned with our
long-term strategic objectives. This framework marks
the beginning of a new chapter, establishing a more
proactive and structured methodology to enhance the
management of our assets.
The Asset Management Framework provides detailed
guidance on the entire lifecycle of our assets,
including planning, performance measurement, and
risk management. This initiative is integral to ensuring
Renewal of Container
Handling Equipment
Napier Port remains committed to ensuring the
reliable and uninterrupted delivery of services for our
customers and the wider region. During the year,
we committed to significant investments in next-
generation equipment, placing orders to replace eight
aging container handler lift trucks with advanced
machinery from our supply partner, Kalmar Global.
The acquisitions include five Kalmar Eco
Reachstackers and three empty container handlers,
expected to arrive early in the new year, ahead of our
traditional peak volume period. These Reachstackers,
substituting for traditional top-lift full container
handlers, increase versatility and operational
resilience while incrementally contributing to lower
overall emissions, supporting our journey towards net
zero by 2050.
that Napier Port’s assets continue to deliver high
performance, supporting both current operations
and future growth. By embedding best practices in
asset management across the organisation, we are
positioning Napier Port to meet future challenges
while enhancing safety, operational efficiency and
financial performance.
A key element of this framework is our commitment
to sustainable procurement, ensuring that all
future asset investments align with Napier Port’s
sustainability commitments, particularly our goals for
emissions reduction.
Our commitment to asset management reflects the
broader strategic goal of maintaining a resilient and
reliable infrastructure asset that supports not just
our operations, but also the economic vitality of the
Hawke’s Bay region.
This next-generation equipment further strengthens
our commitment to managing risk within our
operations. All units are equipped with fire
suppression and collision detection systems, while
the Reachstackers feature fully integrated camera
systems to enhance operator visibility and safety.
Strategic asset investment is integral to our asset
management commitment and underpins our
ability to deliver on our strategic objectives. By
continuously enhancing our infrastructure, we
ensure Napier Port remains resilient and agile,
maintaining strong connections to global markets.
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48

Reinforcing the Breakwater: Safeguarding Operations
The breakwater at Napier Port is
a critical piece of infrastructure
that protects the port from
the harsh impacts of the sea.
First constructed in 1886,
the breakwater was originally
armoured with concrete blocks
faced with rocks, but over the last
50 years, it has been progressively
reinforced with Akmon armour
units to enhance its durability. To
maintain and further reinforce the
structure, we undertake this work
every few years, ensuring the
long-term resilience of the port.
During the year, we commenced
a two-stage project. The first
stage, completed in September
2024, involved the installation of
330 specially designed concrete
Akmon units along the Southern
section. These units, placed using
heavy machinery, are carefully
designed to absorb wave energy
and provide enhanced protection
against erosion.
The second stage, scheduled for
completion in December 2024, will
focus on reinforcing the Northern
section of the breakwater. This
phase will further improve the
overall durability of the structure,
ensuring Napier Port remains
fully functional while enhancing
the long-term security of our
infrastructure.
The breakwater remains a crucial
line of defence, also offering
protection to the Ahuriri area to the
west of the port during significant
By continuing to invest in the
reinforcement of the breakwater, we
are safeguarding our port’s operational
capacity and protecting key assets from
environmental risks.”
weather events, subject to wind
direction. By absorbing wave
energy in these conditions, the
breakwater helps reduce the
risk of damage, underscoring
its importance in safeguarding
both port operations and the
surrounding community.
By continuing to invest in the
reinforcement of the breakwater,
we are safeguarding our port’s
operational capacity and
protecting key assets from
environmental risks. This project
demonstrates our commitment to
building resilient infrastructure that
can withstand future challenges,
supporting both our immediate
operations and long-term growth.
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Strategy Goal 4:
Collaborative
partnerships
with others
Trusted partnerships built over time, and
our ability to work together with others,
are critical to our long-term success.”
Napier Port continued its strategic focus on building
meaningful and impactful partnerships that strengthen
our role within the Hawke's Bay region and beyond.
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Enhancing Community
Engagement and Cultural
Connections
Napier Port continues its long-term partnership
with the Ātea a Rangi Educational Trust, with
a primary focus on promoting water safety and
traditional sailing techniques for local schools
through the “Learn to Sail – Waka” program.
This partnership also supports Matariki
celebrations and the ongoing maintenance of
Te Matau a Māui, a double-hulled voyaging
waka. During the year, Napier Port worked
alongside Booths Transport and CMA to assist
with the dry docking and maintenance of the
waka, providing transportation and equipment
to facilitate these important cultural heritage
activities. This collaboration reflects Napier
Port’s commitment to preserving and promoting
cultural education and maritime heritage.
Additionally, Napier Port is proud to sponsor the
Toitū Te Reo Festival, a major event celebrating
Māori language and culture in Heretaunga. The
inaugural festival brought together thousands
of participants to showcase the richness of
Māori traditions, contributing to the promotion
of Te Reo Māori within the community. This
sponsorship is part of Napier Port’s broader
dedication to fostering cultural diversity and
strengthening connections with the region’s
Māori heritage and identity.
Thriving Together through
Meaningful Partnerships
Our approach to this strategic goal is designed
to align our operations with the needs of our
community, customers, cultural partners, and
industry stakeholders. By fostering these
relationships, we aim to drive mutual benefits,
enhance regional development, and contribute
to the social and economic prosperity of the
region.
Through these collaborations, Napier Port
integrates community engagement, cultural
heritage, environmental stewardship, and
safety into our long-term goals. These
partnerships are key to advancing our
sustainability objectives, enhancing resilience,
and ensuring we remain a trusted and
valuable partner to our stakeholders.
Atea a Rangi
Educational Trust
Our approach to this strategic goal is
designed to align our operations with the
needs of our community, customers, cultural
partners, and industry stakeholders.”
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2024 ANNUAL REPORT TE PURONGO A-TAU

Opening Our Gates to the Community
This year, Napier Port prioritised community engagement through
the ‘Behind the Gates’ bus tours. These tours allowed around 500
community members the rare opportunity to go behind the actual
gates of the port, gaining firsthand insight into port operations and
the crucial role Napier Port plays in supporting the local economy
and facilitating international trade. Due to the resounding success
of the tours, they will now become an annual event, further
strengthening ties with the local community and fostering a greater
understanding of the port’s operations.
Due to the resounding success of the tours,
they will now become an annual event, further
strengthening ties with the local community
and fostering a greater understanding of the
port’s operations.”
BUS TOURS
Behind the Gates
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Collaborating on Rescue
and Recovery Operations
Napier Port plays a critical role in ensuring maritime
safety and regional emergency preparedness. During
the year, we worked closely with the New Zealand
Navy, Coastguard, and other emergency services
to prepare for and respond to maritime incidents.
Our tugs were involved in several emergency sea
rescue operations, assisting both commercial and
recreational vessels in distress off the coast of
Hawke’s Bay. These efforts highlight Napier Port’s
role in contributing to regional safety and operational
support during emergencies.
Our new partnership with the Hawke’s Bay Rescue
Helicopter Trust focuses on joint training exercises
that ensure preparedness for maritime rescue
operations. The port’s tugs provide a platform
for helicopter winch training, strengthening both
teams’ capabilities in maritime emergencies. This
collaboration enhances the region's emergency
response systems, ensuring that Napier Port remains
ready to respond to any situation.
In addition to rescue operations, Napier Port hosted
two joint exercises during the year. The first was
an oil spill response training at Te Whiti Wharf,
Cultural Partnerships in
Environmental Stewardship
Napier Port continues to prioritise environmental
responsibility through its long-standing partnership
with the Department of Conservation (DOC) and local
mana whenua. For over 20 years, the whale jawbone
initiative has been a key part of this collaboration.
This practice involves submerging whale bones in
seawater to allow marine life to naturally cleanse
them. Afterward, the bones are water-blasted and
in collaboration with the Hawke’s Bay Regional
Council, Maritime New Zealand, and Coastguard.
This exercise ensured responders maintained
their qualifications and demonstrated the region’s
readiness to handle environmental incidents. The
second exercise focused on port security, simulating
an attempted intrusion from both land and sea,
which activated heightened security measures and
showcased Napier Port’s ability to maintain a safe
environment for vessels and cargo.
In June, Napier Port also hosted a specialist dive
team from the New Zealand Navy for a series
of exercises, including dive operations, drone
monitoring, and the use of underwater equipment.
These sessions prepared the Navy for maritime
emergencies, with Napier Port providing essential
support.
Napier Port plays an important role in the maritime
environment, working with partners to prepare for
and respond to emergencies. These collaborations
reinforce the port’s commitment to safety and
readiness, ensuring it remains prepared for a range
of maritime challenges.
bleached in the sun before being returned to iwi,
who prize them as taonga and often use them
in traditional carving. This year, Napier Port
supported the cleansing of the lower jawbone
of a bull sperm whale, marking approximately
40 occasions for this unique ritual. This process
reinforces Napier Port’s ongoing commitment to
te ao Māori and environmental stewardship.
This year, Napier Port supported the
cleansing of the lower jawbone of a bull
sperm whale, marking approximately 40
occasions for this unique ritual.”
Hawke’s Bay Rescue
Helicopter Trust
Department of
Conservation
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Tuakana Teina
Big Brothers Big Sisters
of Hawke’s Bay
Our Sponsorship Partners











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2024 CONFERENCE SPONSOR
OCEAN
SWIM
2024 AWARDS SPONSOR
2024 CONFERENCE SPONSOR
2024 AWARDS SPONSOR2024 AWARDS SPONSOR
Supporting organisations that are driving sustainable
initiatives and progress across our communities and region.
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S1
Welcome
S2
About us
S3
Implementing our Strategy
S4
Foundations
S5
Our Leaders
S6
Governance Matters & Financial Statements
S4
+
Our Culture
of Care.
p65.
+
Sustainability
& Emissions
Reduction in
Action.
p75.
WHA ///
Section 4
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Foundation 1:
Our Culture
of Care
Napier Port’s people are its greatest strength, which is why
our Culture of Care is the foundation of our business.
Actively building a strong, resilient and agile culture at Napier Port, with
a focus on health, safety and care for our people, attracts and retains
a high-performing workforce. This, in turn, enables us to achieve our
goals and fulfil our commitment to our customers and community.
During the year, several change programmes across the port were
implemented, which can be unsettling for people. Being open with
changes and seeking peoples’ input through consultation and
involvement in future design has been paramount.
Actively building a strong, resilient and
agile workplace culture with a focus on
health and safety attracts and retains
our high-performing workforce.”
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2,450
health and safety
inductions complete
(2023: 3,833)
848
places on health
and safety courses
(2023: 712)
2.07
lost time injury
frequency rate per
200,000 hours worked
(2023: 4.93)
54
Critical risk
verifications
completed
Health and Safety
at a Glance
18%
of all employees
are female
(2023: 17%)
33%
of employees are
aged under 40 years
(2023: 35%)
36
people have worked
at Napier Port for
more than 20 years
(2023: 38)
82%
of all employees
are male
(2023: 83%)
9%
Employee
turnover
(2023: 10.3%)
322
permanent
employees
(2023: 321)
30%
Leadership roles
are female
(2023: 23%)
63%
Employee Participation
in Kōrero Mai
engagement survey
(2023: 75%)
66%
Employee Engagement
in Kōrero Mai
engagement survey
(2023: 71%)
Our Workforce as
at September 2024
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Maritime New Zealand
From 1 July 2024, Maritime New Zealand (MNZ)
became the primary regulator for all activities
within the Napier Port boundary. Prior to this,
MNZ had jurisdiction on vessels and WorkSafe
had responsibility over landside operations.
Related to this change, MNZ’s responsibility was
extended to include designation of the Health
and Safety at Work Act (HSWA), replacing Work
Safe in this respect.
A dedicated MNZ Health and Safety at Work
Act (HSWA) team have a specialist based at
Napier Port (one of five ports including Auckland,
Tauranga, Nelson and Lyttelton) and an
“Approved Code of Practice for the loading and
unloading of cargo on ports” (ACOP) sets out
the regulators’ expectations, with the objective to
reduce the number of serious injuries, illnesses
and fatalities at New Zealand ports.
ACOP and Licence to
Operate contract
During the year, Napier Port began a review of
the Licence to Operate contract. The licence is
a health and safety agreement with companies
working on port, in common user areas.
It sets out core safety standards covering risk,
hazardous substances and emergency response
plans. The licence is Health and Safety at
Work Act (HSWA) centric and references both
HSWA legislation and the Approved Code of
Practice (ACOP), with the objective of managing
overlapping duties of PCBUs (person conducting
a business or undertaking) carrying out work at
Napier Port.
Socialisation with all key stakeholders has been
completed, and the finalised contract will be
submitted to the participating PCBUs early in the
new financial year.
We remain committed to building a more diverse
workforce. At the start of the 2023 financial year,
we ran a recruitment campaign directly focused
on bringing diversity into our operational teams.
Two of our current three female heavy plant
operators began their careers at Napier Port
through that campaign, which reassures us we
are making incremental improvements.
Critical Risk
Assurance Program
Critical risks are those that have the potential
to cause significant injury, illness or fatality at
work. While they occur less frequently than
others, they have the potential to cause the
greatest harm to people.
A review of Napier Port’s critical risks this
year resulted in consolidation of twenty-four
risks to ten critical risks that meet the criteria
of a risk that has potentially catastrophic
consequences. Critical risk verifications
commenced and a total of fifty-four activities
were observed to confirm the effectiveness of
risk control systems through objective checks
and reviews.
‘Whole of Port’ Thinking and
Future Workforce Planning
Napier Port’s People Plan, maintained over
several years, has been successful in develop-
ing leadership and talent across the port. This
has been particularly beneficial in fostering a
‘whole of port’ approach, working as a single
dynamic integrated operation.
During the busy summer export season, this
enabled teams to deploy assets and resource
to where it was required and configure space
to meet customer demand coming through the
gates. The result was our teams driving great-
er efficiency and flexibility in port operations.
A new priority this year has been engaging
teams with future workforce planning and
design. Having built capability into our work-
force, equipment, and infrastructure, the focus
turns towards utilising this capability to further
transform the business.
A key future workforce change has been
reshaping landside operations. Co-designed
with our operational teams, the structural
change of creating a Planning function and
an Execution function is expected to improve
operational and business alignment, increase
focus on improving customer outcomes, and
expand the knowledge base across the whole
of operations. At year end, the final stages in
implementation were being worked through.
Our People Plan, maintained over several
years, has been successful in developing
leadership and talent across the port.”
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Employee Recognition Scheme
Napier Port’s employee recognition scheme (ERS) directly links employee contribution to a stake in our
business outcomes. This year the measures included financial targets, health and safety assurance
activities, customer survey results, and sustainability actions focused on our partnerships pillar.
Eligible employees (excluding the senior management team) will receive a payment of $2,291 (gross),
consisting of cash and Napier Port shares. This is an important part of our culture; providing shares as
part of our ERS provides us with the opportunity to maintain a high level of employee ownership over
time, encouraging our team to be invested in the business and benefit from its success.
More than 600 people made the most of
the opportunity to see our operational
area up close, which is normally off
limits to the public.”
Whanau Day on port
Every two years we hold a Whānau Day on port, as a way of saying
thank you to all our families for everything they do to support Napier
Port. You can watch the video here https://youtu.be/Re7fYXQrHXg.
More than 600 people made the most of the opportunity to see our
operational area up close, which is normally off limits to the public.
There was lots to see and do, from climbing the crane and heavy
equipment, getting on board our tugs or watching their ballet, joining a
bus tour of the port including riding along Te Whiti Wharf, jumping on
bouncy castles and refuelling with sausages, ice cream and coffee.
Whānau Day 2024 was another relaxed, welcoming, and memorable
event for our families.
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Inspirational Colleague
Alan, Customer Service and Access
Excellence In Customer Service
Alice, Warehousing Operations
Leader of the Year
Glenn, Mooring
Unsung Hero
Paul, Quarantine
Team of the Year
Infrastructure Electrical Services and
Infrastructure Maintenance Services
Rising Star
Clinton, Container Terminal
Heath, Safety & Wellbeing
Fletcher, Mooring
People’s Choice
Harry, Infrastructure
Electrical Services
CEO Supreme Winner
Clinton, Container Terminal
Congratulations to all our Excellence
Award Winners – as voted by our
whole Napier Port team:
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Foundation 2:
Sustainability
in Action
We continue to advance our commitment to sustainability,
embedding sustainable practices throughout our operations.
Napier Port’s Sustainability Strategy and Action Plan 2021 www.
napierport.co.nz/wp-content/uploads/2021/08/Napier-Port-
Sustainability-Strategy-and-Action-Plan.pdf aligns with 14 of
the 17 United Nations Sustainable Development Goals (SDGs),
addressing pressing social, environmental, and economic
challenges on a global scale.
Collaborating with others to
leave a positive legacy for
future generations.”
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Consistently embedded in BAU
Started and/or ongoing
In Planning
Sustainabiility
Progress
FY2024
FY24: Workstream progression since adoption
of the sustainability strategy in 2021.
Environmental Management System
(EMS) Certification at Napier Port
At Napier Port, our commitment to environmental
stewardship is embedded within our Environmental
Management System (EMS), a structured
framework that underpins our sustainability efforts
and compliance across port operations. The EMS
process included a comprehensive assessment of
all operational activities, detailing our approach to
managing the environmental impacts generated from
each activity. Designed to meet Toitū Enviromark
standards, the EMS ensures we not only meet
regulatory requirements but also uphold best
environmental practices. Our recent Toitū Enviromark
bronze certification validates this commitment,
reflecting our proactive stance in identifying and
addressing environmental risks through rigorous
annual audits and continual improvement.
The EMS covers all environmental impacts
generated from all operational activities—from waste
management and emission control to minimising
noise impacts on the surrounding community—and
integrates specific management plans for areas such
as water quality, biosecurity, and noise management.
This comprehensive system helps us balance
operational efficiency with our commitment to mitigate
adverse environmental effects. Regular reviews
and updates keep the EMS responsive to evolving
regulatory landscapes and stakeholder expectations,
positioning Napier Port as a responsible and proactive
organisation.
Certification of our EMS underscores Napier Port’s
alignment with environmental best practices,
reinforcing our role as kaitiaki (guardians) of the
local environment. Our efforts not only safeguard
biodiversity and community well-being but also
contribute to sustainable economic growth in the
Hawke’s Bay region and beyond.
79%
of workstreams are consistently embedded
in BAU and/or started and ongoing
(2023: 61.4%)
The strategy outlines over 100 measurable
workstreams across our four foundational
pillars of People, Planet, Prosperity and
Partnerships. By thinking globally and
acting locally, we concentrate our efforts
on issues where we can make the most
impact, enabling us to make a meaningful
contribution to sustainability through
initiatives such as:
• Promoting healthy reefs and clean
oceans locally
• Aiming for zero net emissions by 2050
• Running community projects and ‘good
neighbour’ programmes
• Protecting marine and bird life
• Continuing to build a workplace that
embraces diversity and cultural values
• Adopting clean energy solutions, and
• Minimising waste and duplication of
resources
As of 30 September 2024, 79% of all
workstreams are consistently embedded
in business-as-usual practices (BAU) and/
or started and ongoing, up from last year’s
61.4%. This progress demonstrates our
commitment to advancing sustainable
practices. Highlights from this year’s
activity, and profiled in this report, include:
• Tracking kororā (blue penguins) pairs
• Embedding sustainability into
procurement decisions
• Cape Sanctuary partnership enhancing
our culture of sustainability
• Certification of Environmental
Management System, and
• Issuing our 4th Climate Change Related
Disclosure Report
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2024 ANNUAL REPORT TE PURONGO A TAU
Penguin Tracking Initiative:
Advancing Korora Conservation
At Napier Port, our role as kaitiaki (guardians) of the
environment is integral to our operations. Building on
our collaborative partnership with penguin specialist
Professor John Cockrem, we launched an innovative
project to track the movement of kororā (little blue
penguins) using GPS satellite technology.
This project marks the first time, to our knowledge,
that kororā have been tracked as pairs. By fitting two
pairs of penguins with satellite tracking devices, we
gathered real-time data on their movements after
leaving the nest. This provided us with valuable
Napier Port has made progress
in embedding sustainability
across its operations.”
insights into their behaviour and travel patterns,
deepening our understanding of how these native
birds navigate their environment.
The tracking initiative not only enhances our
knowledge of kororā but also contributes to wider
conservation efforts, providing valuable data that
can inform future strategies aimed at protecting
biodiversity. This project reflects our ongoing
commitment to balancing operational needs with
our role in caring for the natural environment.
Procurement for sustainable outcomes
Napier Port has made progress in embedding sustainability across its operations, with a focus on
sustainable procurement practices. A highlight of this effort was the acquisition of a new sweeper
truck, part of a broader initiative to improve dust suppression and reduce environmental impacts.
This equipment, procured following a thorough sustainability assessment, is designed to manage
on-port particulate emissions effectively, ensuring compliance with environmental regulations while
contributing to cleaner, safer operations at the port.
This investment aligns with Napier Port’s broader sustainable procurement strategy, which
emphasises that all future asset investments support Napier Port’s long-term environmental
objectives. By incorporating sustainability criteria into procurement decisions, Napier Port ensures
that the materials, equipment, and technologies it invests in contribute to a reduced carbon footprint
while also enhancing operational resilience and efficiency.
Sustainability was also an integral
factor when procuring new Container
Handling Equipment, see p.49
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Cape Sanctuary
Building a Culture of Sustainability:
Cape Sanctuary Partnership
At Napier Port, sustainability is not just a goal but
a core value embedded within our team culture.
This year, our partnership with Cape Sanctuary
provided a unique opportunity for our team to
engage directly with conservation efforts, further
embedding sustainability into the heart of our
operations.
As a proud sponsor of the seabird sanctuary
at Cape Sanctuary, we have supported vital
restoration work, including the construction of
the enclosure fence that now protects the area’s
precious wildlife. This commitment was further
reinforced by our two successful volunteer
days in 2024. Team members participated in a
variety of activities, including cleaning the kākā
aviary, building a new tuatara enclosure, and
assisting with the seabird sanctuary’s ongoing
maintenance efforts.
By sponsoring and actively engaging in volunteer
days, we have created a space where employees
can connect with nature, give back to the
environment, and strengthen bonds across our
teams, fostering a shared sense of purpose and
teamwork. These experiences have become a
valued part of our sustainability journey, providing
a place we can all go-whether to lend a hand or
simply reflect on the importance of conservation.
Our commitment to Cape Sanctuary aligns with our
wider sustainability goals, as seen in our Employee
Recognition Scheme's focus on partnerships
and environmental stewardship. We are proud
to contribute to the sanctuary’s efforts and look
forward to expanding our involvement in future
projects, reinforcing our shared dedication to
creating a sustainable future for both our business
and our region.
Our commitment to Cape Sanctuary
aligns with our wider sustainability goals,
as seen in our Employee Recognition
Scheme’s focus on partnerships and
environmental stewardship.”
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Emissions and Climate
Change Reporting
Napier Port has been measuring Scope 1, 2 and
limited Scope 3 emissions for several years which
have been reported in the Annual Report and on
the Napier Port website. Since 2022 reported
emissions have been externally certified by Toitū
Envirocare.
This is the fourth year Napier Port has produced a
climate change related disclosure report seeking
to provide stakeholders an understanding of the
potential financial implications of climate change
on the business. You can read the full report here
www.napierport.co.nz/investor-centre/. The
previous three years’ reports were primarily based
on the recommendations of the TCFD framework.
The focus of this fourth report is to adhere to the
new New Zealand Climate Standards (NZ CS)
framework.
Napier Port also reviews annually a Climate
Change Risk Assessment (CCRA) inclusive of
a climate-related risk register specifically for
the management of climate-related risks and
opportunities, which informs our knowledge on the
potential impacts of climate change.
GHG emissions reporting
Napier Port measures emissions using
the GHG Protocol, which uses three
classifications for emissions:
Scope 1 – Direct GHG emissions occurring
from sources that are owned or controlled by
the company.
Scope 2 – Indirect GHG emissions occurring
from the generation of purchased electricity,
heat and steam consumed by the company.
Scope 3 – Emissions that occur because of
the company’s activities, but from sources
not owned or controlled by the company.
In 2024, our total carbon emissions were
8,740 tCO2e which was an increase of 0.3%
from 8,712 tCO2e tonnes in 2023. A five-
year summary is shown in figure 1.
Figure 1: Total Carbon Emissions tCO2e
12,000
10,000
8,000
6,000
4,000
2,000
FY2020FY2021
FY2022
(certified)
FY2023
(certified)
FY2024
(certified)
Scope 1Scope 2Scope 3
Napier Port also provides a ‘per cargo tonne’ intensity metric and this decreased 7.2% from 0.00189 t/CO2e in
2023 to 0.00175 t/CO2e in FY24 as shown in the below chart. This is primarily attributable to being able to hold
overall 2024 emissions to a small increase (0.3%) despite an 8% increase in annual tonnage for the year.
Of Napier Port’s total 2024 emissions, Scope 1 accounts for
77%, Scope 2 accounts for 12% and Scope 3 accounts for
11% as represented in the chart below.
Scope 1
Scope 2
Scope 3
1
,
0
1
2
9
4
3
6
,
7
8
5
T/CO2e
FY2024
Figure 2: Carbon Emissions tCO2e Per Tonne
0.0020
0.0015
0.0010
0.0005
FY2020FY2021FY2022 (certified)FY2023 (certified)FY2024 (certified)
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Scope 1 Emissions
• 2024 Scope 1 emissions were measured
at 6,785 tonnes (up 506 tonnes from 6,279
tonnes recorded in 2023)
• Scope 1 emissions, produced by mobile plant
and marine assets, contribute 77% of Napier
Port’s total 2024 emissions (up from 72% in
2023)
The make-up of Scope 1 emissions is
represented in the chart to the left:
Forklift
Marine Plant (Incls Tugs)
Crane
Stationary Energy
Light Vehicles/Trucks
Scope 1
FY2024
6
3
5
8
3
6
1
,
1
5
8
2
,
3
7
4
1
,
7
8
2
Higher volumes following the recovery from
Cyclone Gabrielle resulted in increases in crane,
truck and stationary energy (diesel generators)
fuel usage, while reduced marine emissions
attributed to fewer vessel calls and secondary
movements provided a partial offset. Prioritising
the use of our more fuel-efficient tug, Kaweka,
wherever possible added to the marine offset.
The reduction in forklift emissions is related to the
acquisition during 2023 of two Eco Reachstackers,
which are classified as forklifts in our emissions
analysis, and have contributed to the decrease in
fuel usage for the forklift fleet during 2024.
Fuel usage data collected so far has shown the
Eco Reachstackers fuel usage averaging 17 litres
of diesel fuel per hour compared with the legacy
Reachstackers which average up to 25 litres per
hour – representing a 32% reduction.
Other - Air travel/Water Supply m3
Electricity T&D* losses kWh
Waste - landfill with gas recovery
Container Freight - diesel tkm*
Employee commuting
4
3
1
7
7
1
1
8
5
6
2
6
2
Scope 3
FY2024
Scope 2 Emissions
• 2024 Scope 2 emissions were measured at 1,012
tonnes (a decrease from 1,487 tonnes in 2023)
• Scope 2 emissions, which arise from purchased
electricity off the national electricity grid, contribute
12% of Napier Port’s total 2024 (a decrease from
17% in 2023)
Consistent with 2023, the top emission sources
within this category are powering reefer containers,
operational wharf and street lighting towers, and tug
shore power and related infrastructure.
This reduction has occurred despite a 10% increase
in electricity consumed during the year. The main
driving factor behind the decrease was the material
drop in the Ministry for the Environment purchased
electricity emission factor, which is used to convert
electricity consumption into tCO2e.
Scope 3 Emissions
• 2024 Scope 3 emissions were measured at 943
tonnes (a decrease from 947 tonnes in 2023)
• Scope 3 emissions contribute 11% of Napier Port’s
total 2024 emissions (which is consistent with 11%
in 2023)
Breaking down the Scope 3 emissions data further
46% of total Scope 3 emissions are attributable to
employee commuting and 28% is attributable to
freight (trains and trucks) operating between Napier
Port and Manawatū Inland Port.
*T&D = transmission and distribution
*tkm = tonnes per kilometre
NB: FY2023 container freight has been restated to
265 tonnes from 325 tonnes (as reported last year)
The main contributors to this decrease were
a reduction in waste/recycling emissions and
transmission & distribution losses (T&D) emissions.
The waste/recycling reduction is attributable to
a reduction in container throughput through our
warehousing operations and our depot container
services contractors. The T&D emissions decrease is
linked to the Scope 2 purchased electricity emissions
reduction. Offsetting the overall decrease was an
increase in employee commuting emissions.
Setting targets for de-carbonisation
Napier Port is committed to decarbonisation
and reaching net zero greenhouse gas
emissions by 2050. Our initial Emissions
Reduction Strategy illustrates incremental
progress over time aligned to the removal of
technological and economic adoption barriers
whilst considering the potential impacts.
Consequently, Napier Port is not able to set
any realistic short or medium time-bound
reduction targets at this time. Achievable
reduction targets will only be set once the
appropriate asset masterplans have been
refreshed to incorporate the feasible emission
reduction technologies required to achieve
the ultimate net zero by 2050 outcome.
Our sustainability strategy includes placing
a focus on climate action and energy and
supporting national net zero 2050 targets.
As a result, our initial Emissions Reduction
Strategy was developed, providing a
framework for possible adoption of low
emission technology and to establish a high-
level pathway for Napier Port to reach net
zero by 2050.
At a high level, the strategy aims to:
• Focus on the reduction of diesel
consumption given it is the primary source
of our current emissions
• Align investment in low emissions
technology with:
• Our asset renewal program
• Any future transformation of Napier Port
container terminal operating modes
• The availability of emerging technology
• Grow our electrical infrastructure through
potential electrical capacity upgrades.
• Establish a decision-making framework
that considers low emission technologies
and incorporates emission considerations
in investment or business development
decisions.
This strategy framework will continue to
be further developed and involves further
investigations into the viability of alternative
fuel sources and the array of new low
emissions technology.
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RIMA ///Section 5
+
Board of
Directors.
p88.
+
Senior
Management
Team.
p92.
S1
Welcome
S2
About us
S3
Implementing our Strategy
S4
Foundations
S5
Our Leaders
S6
Governance Matters & Financial Statements
S5
RIMA ///
Section 3
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Blair O’Keeffe
Independent Director and Chair
BBS (Hons), MInstD
Blair was appointed as a director of Napier Port in
June 2019 and in December 2022 was appointed
Chair. Blair is a Hawke’s Bay based company
director and board advisor, with governance
experience in NZX listed, central and local
government, and private entities. He is a former
Port Chief Executive, with 25+ years of local and
international senior executive experience, including
infrastructure, energy, property and transport.
He is currently Chair of the Hawke’s Bay Regional
Recovery Agency, Deputy Chair of Unison Networks
Limited, a director of Central Air Ambulance Rescue
Limited and entities of the Clarus Group, and is Chair
of the Hawke’s Bay Rescue Helicopter Trust. He also
operates a board/commercial advisory business.
He is a former director of NZX listed Z Energy, and
former Chair of Crown Entity Maritime New Zealand.
Stephen Moir
Independent Director
Stephen was appointed as a director of Napier Port
in December 2016 and is the Chair of the Audit
and Risk Committee. Stephen brings an extensive
background in institutional banking and financial
markets, having held senior roles at Westpac
Institutional Bank, Credit Suisse (Singapore) and
Citibank (Singapore, Thailand and Australia).
Stephen is a director (and the Chair of the
Audit Committee) of Chubb Life Insurance New
Zealand Limited, and is the Chair of the ASB
Bank Investment Committee. He was previously
a director of the Todd Family Office, Guardians of
New Zealand superannuation, a non-executive
director on the BNZ board, and Chair of both BNZ
Life Insurance and BNZ Insurance Services, as
well as the advisory board to the Victoria University
Chair of Business in Asia. Stephen was previously
a member of the NZ Markets Disciplinary Tribunal.
Board of Directors
John Harvey
Independent Director
BCom, FCA, CFInstD
John joined the Napier Port Board in February
2019. John has a background in financial services,
including NZX listings, acquisitions, mergers and
financial reporting, with over 35 years’ professional
experience as a Chartered Accountant. He was a
Partner at PricewaterhouseCoopers for 23 years,
including eight years as Managing Partner at the
Auckland office.
John is a Chartered Fellow of the Institute of
Directors in New Zealand and is currently a director
of Heartland Bank. He previously served on the
board of Port Otago for nine years, and has been a
director of Kathmandu Holdings, Investore Property,
Stride Property Group, Ballance Agri-Nutrients and
APN News and Media.
Kylie Clegg
Independent Director
LLB, BCom, MInstD
Kylie joined the Napier Port Board in August
2022 and has a corporate legal background
across a range of industries. Kylie is currently
Deputy Commissioner for Health New Zealand/
Te Whatu Ora.
Kylie’s previous governance roles include a
member of Waitematā Health New Zealand
Capital Advisory Group, and a director of
Auckland Transport, Waitematā District Health
Board, Counties Manukau District Health Board,
Sport New Zealand and High-Performance Sport
New Zealand.
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Vincent Tremaine AM
Independent Director
BBus, FCPA, FAICD, GAIST (Adv.)
Vincent joined the Napier Port Board in February 2019.
He has broad experience in the port sector, having
served for 16 years as CEO of Flinders Ports Holdings,
which owns seven South Australian ports, the Adelaide
Container Terminal and Flinders Logistics.
Vincent is currently Chair of Riverland Water Holdings.
He has served as Chair of Ports Australia and the
South Australian Chamber of Commerce and Industry,
and as a director of Geelong Port and Green Industries
SA (South Australia Government Body Corporate) and
Australia’s National Heavy Vehicle Regulator. Vincent
also worked for Toll Ports and Resources, managing
the ports of Geelong and Hastings in Victoria. In
2020, Vincent was awarded Membership of the Order
of Australia (AM) for ‘significant service to shipping
infrastructure and freight transport’.
Board of Directors
Debbie Birch
Director
CMinstD, AIF®
Debbie was appointed as a director of Napier Port in
July 2024. With more than 30 years senior executive
experience in the commercial, financial, and investment
sectors, managing large global investment portfolios in
Asia, Australia and New Zealand, along with a diverse
governance career spanning across a wide range of
sectors, Debbie’s expertise complements the current
board composition.
Debbie is currently an Independent Director on Westpac
NZ, Hawke’s Bay Regional Investment Company, NZX/
ASX-listed Tourism Holdings, Eastland Group, Miraka
and Te Puia Tapapa Fund, and is a trustee of Tuaropaki
Trust. Last year Debbie was awarded the Institute of
Finance Professionals New Zealand Inc’s (INFINZ)
Māori Leadership in Finance Award for her contribution
to growing the Māori economy in her governance and
advisory roles.
Dan Druzianic
Director
BCom (Ag), PG Dip Com, FCA
Dan joined the Napier Port Board in August 2022.
Dan is a chartered accountant, business advisor and
professional director with broad experience across
business sectors including agribusiness, health,
infrastructure, property and investment. He holds a
Commerce degree from Lincoln University, is a Fellow
of the Institutes of Chartered Accountants of Australia
and New Zealand (CAANZ), and is a member of the
New Zealand Institute of Directors.
Dan was appointed to the Napier Port Holdings Limited
Board in August 2022. He resides in Hawke’s Bay
and is also chairperson of the Hawke’s Bay Regional
Investment Company Limited (HBRIC). He also sits
on the board of Unison Networks Limited and Bostock
New Zealand Limited.
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Senior Management Team
Todd Dawson
Chief Executive
BSC, PGDipBus, MInstD, PMP, CMILT
Todd joined Napier Port as the Chief Executive in 2018,
bringing broad commercial experience from across
a range of industries and deep expertise across the
supply chain, transport and logistics sectors. Prior to
Napier Port, Todd led strategic partnerships and new
ventures at Kotahi Logistics, working on the introduction
of bigger ships to New Zealand and the establishment
of intermodal freight hubs.
He has over 25 years’ experience and has previously
held senior roles at IBM NZ, Toll New Zealand,
Sainsbury’s Supermarkets (UK) and Mainfreight.
Todd holds a Bachelor of Science and a Postgraduate
Diploma of Business in Operations Management from
the University of Auckland. He is a member of the
Institute of Directors in New Zealand and is Chair of the
Manawatū Inland Port, Napier Port’s intermodal joint
venture with Halls Transport (Talley’s Group).
David Kriel
General Manager – Commercial
M.Prof.Studs. Transport Management (Dist),
FCILT, MInstD
David joined Napier Port as General Manager
– Commercial in 2018. David has an extensive
background in transport and logistics and worked with
Lodestar and Oji Fibre Solutions from 2005 to 2018.
David is a Fellow of the Chartered Institute of Logistics
and Transport and a member of the Eastern Asian
Society for Transport Studies and the Humanitarian
Logistics Association. He sits on the board of the New
Zealand Cruise Association, the advisory board of
ExportNZ Hawke’s Bay, and the board of the Manawatū
Inland Port, Napier Port’s intermodal joint venture
with Halls Transport (Talley’s Group). David is also a
Member of the Institute of Directors in New Zealand.
Kristen Lie
Chief Financial Officer
BBS, DipBusStuds (Finance), FCA, CFA, CMinstD
Kristen joined Napier Port as Chief Financial Officer in
2015. Kristen has extensive financial experience and
strong commercial and strategic planning skills.
Kristen returned to Hawke’s Bay after some 18 years
working across London, Moscow and Oslo. His previous
roles have been with the London-based office of listed
shopping centre group Westfield, London-based
property investment company Grosvenor, as well as
Ernst & Young and PricewaterhouseCoopers.
Kristen holds a Bachelor of Business Studies and a
Diploma in Business Studies from Massey University
and is a Fellow Chartered Accountant, a Chartered
Financial Analyst, and a Chartered Member of the
Institute of Directors in New Zealand.
Jo-Ann Young
Corporate Affairs Manager
BA (Hons), MA
Jo-Ann joined Napier Port in 2020 and leads the
corporate affairs function at Napier Port covering
internal and external communications, community
engagement and sponsorship, stakeholder
relations and investor communications. Jo-Ann
brings experience in communications, marketing,
media, and public affairs across infrastructure,
politics, health, education and FMCG sectors,
spanning New Zealand, Australia, Turkey, South
Korea and the United Kingdom.
Jo-Ann holds a Master of Arts in Political
Communication from Victoria University.
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David Broad
General Manager Assets and Infrastructure
MBA
David oversees various critical aspects of the port’s
operations including maintenance, planning, and
construction of assets and infrastructure, as well
as the environmental and sustainability programs.
David leads asset and master planning, which are
instrumental in charting the course for future growth
and development. Comprehensive in scope, this
integrates and addresses capacity requirements,
while placing a strong emphasis on emissions
reduction and climate change management. Prior
to joining Napier Port, David held engineering
leadership roles with Jetstar Airways Ltd. He holds
an MBA from the University of Otago and a diploma
in Aeronautical Engineering.
Chris Whylie
General Manager Port Optimisation
MBA (Maritime and Logistics
management)
Chris leads the Port Optimisation, Information
Technology and Human Resources Teams. He
has been with Napier Port since 2007 and has
extensive experience in operational, system
and leadership roles.
Chris has a Masters Degree in Maritime
Management and Logistics from the University
of Tasmania.
Adam Harvey
Chief Operating Officer
BA, BCA
As Chief Operating Officer Adam has oversight
across Napier Port’s container terminal, marine
and cargo operations. Adam joined Napier Port’s
human resources team in 2010 later becoming
Container Terminal Manager and prior to his current
position, was General Manager Marine and Cargo
Operations.
Adam holds a Bachelor of Commerce in
Management and Economics and a Bachelor of
Arts in Geography and Psychology, both from
the University of Otago. He is the immediate past
Chairperson of the Port Industry Association.
Senior Management Team
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ONO ///
Section 6
S1
Welcome
S2
About us
S3
Implementing our Strategy
S4
Foundations
S5
Our Leaders
S6
Governance Matters & Financial Statements
+
CFO Management
Discussion and Analysis.
p98.
+
Strategic Risk
Overview.
p104.
+
Corporate
Governance
Statement.
p106.
+
Other
Disclosures.
p120.
+
Financial
Statements.
p130.
Governance
Matters &
Financial
Statements
S6
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Overview
The 2024 financial year saw a positive
trading return following the challenges of
recent years. The regional recovery following
Cyclone Gabrielle during February 2023
continued and, while containerised volumes
in particular are not back to historic volume
levels, 2024 saw total cargo volume by
weight growing 8.1% compared to the prior
year. Supported by a record cruise season,
Napier Port revenue grew by $19.4 million,
or 15.9%, to $141.4 million.
As a result of the strong revenue growth and
comparatively modest expense growth, the
result from operating activities increased
by 39.5% to $52.0 million. Further progress
on insurance claims, following Cyclone
Gabrielle, resulted in additional income of
$9.25m in the year.
Reported net profit after tax increased by
49.7% to $24.8 million.
Our balance sheet remains in a strong
position. At the end of the financial year,
Napier Port had $109.5 million in outstanding
loans and borrowings, reduced from $130.0
million in the prior year, in addition to $70.5
million in undrawn credit facilities.
In conjunction with this annual report,
Napier Port has released Supplemental
Trade Volume Data, Supplemental Selected
Financial Information and an Annual Results
Investor Presentation, that together provide
further trade and financial information
and which form part of our 2024 reporting
suite of information for investors and other
stakeholders.
All documents are available in the Napier
Port investor centre at www.napierport.
co.nz/investor-centre
Revenue
Revenue of $141.4 million increased by 15.9% from
the prior year. Cruise vessel visits to Napier Port
increased to 89, from 64 vessel calls in the prior
year, and contributed $9.1 million in revenue. Bulk
cargo volumes increased 9.0% and containerised
volumes increased 3.4% compared to the prior year.
Bulk cargo revenue grew by 17.7% to $49.2 million,
while container services revenue of $79.5 million was
11.4% higher than the prior year.
Total annual container volumes increased by 3.4%
to 230,000 TEU. Cargo laden full export and import
containers increased by 3.8% to 124,000 TEU, while
empty and other container movements increased
2.9% to 106,000 TEU.
Dry export cargo was down by 4.6% to 48,000 TEU
principally as a result of Cyclone Gabrielle storm
damage to a significant customer’s timber and pulp
processing facilities, which were in the process of
being reinstated during the year.
Refrigerated and frozen reefer exports increased
23.0% to 48,000 TEU mainly due to a rebound in
apple and pears and other chilled produce exports,
following crop losses to Cyclone Gabrielle in the prior
year.
Containerised imports increased by 7.4% to 108,000
TEU primarily due to the additional imported empty
containers required for export cargo.
Other container movements, including Discharge,
Load, Restows (DLR’s) and transhipped containers,
reduced 8.8% to 16,000 TEU as a result of lower
levels of container repositioning by shipping lines.
Container services average revenue per TEU
increased by 7.8% compared to the prior year
principally as a result of container mix changes, tariff
increases, and improved container depot revenues.
Container vessel calls decreased to 246 ships from
251 ships in the prior year as a result of shipping line
schedule changes.
Bulk cargo total volume of 3.47 million tonnes was
9.0% higher than the prior year. Log export volume
increased by 13.5% to 2.87 million tonnes principally
due to additional cyclone affected windthrown logs
and redirected logs, that would have otherwise been
processed as pulp or timber, being exported.
Charter vessel calls decreased to 236 from 272 last
year due to the lower bulk cargo volumes and larger
average vessel load size.
Bulk cargo average revenue per tonne increased by
8.0% compared to the prior year primarily as a result
of tariff increases and customer mix changes.
Bulk cargo revenue grew by 17.7% to
$49.2 million, while container services
revenue of $79.5 million was 11.4% higher
than the prior year.”
$141.4m
Revenue
15.9%
Chief Financial Officer’s
Management Discussion
and Analysis
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2024 ANNUAL REPORT TE PURONGO A-TAU

Expenses
Total operating expenses grew by 5.5% to $89.4
million, with employee benefit expenses increasing
4.5%, property and plant expenses decreasing by
2.3%, and other operating expenses increasing
12.0%.
Employee benefit expenses increased due to general
remuneration increases as inflation remained higher
than historical levels during the year.
Property and plant expenses decreased as result of
lower plant hire and maintenance, fuel and power
spend, offset partially by increased site maintenance
and environmental expenditure. The underlying fuel
and power spend decrease year on year was as a
result of volume increases partially offsetting reduced
unit rates.
Fuel and power are key contributors to our
greenhouse gas emissions profile. Total greenhouse
gas emissions increased by 0.3% year on year.
Emissions intensity on a per cargo tonne basis
decreased 7.2%, as the overall increase occurred
while overall cargo tonnage increased by 8.1%.
This was primarily attributable to the reduction in
official electricity conversion factors to calculate the
electricity carbon measure and the modest positive
effect of operational emission improvement initiatives.
Other operating expenses increased mainly due
to increases in insurance and contract services
expenses. The latter is activity and volume dependant
and has increased 23.7% year on year on container
volumes and higher Napier Port cargo logistics
activity, along with higher container stevedoring rates.
The result from operating activities of $52.0 million
increased by 39.5% compared to the prior year and
as a percentage of revenue increased from 30.5% to
36.8%.
Depreciation, amortisation and impairment expenses
increased by $0.2 million to $16.5 million.
Net other income of $8.0 million compared to $7.8
million in the prior year. Cyclone Gabrielle insurance
income of $9.25 million was recognised during the
period. The business interruption indemnity period
is now complete however Napier Port continues
to work through the insurance claims process and
will continue to submit claims to its insurers as and
when it determines its recoverable losses. Other
expenses in the year include losses on disposals of
plant and equipment and restructuring costs related
to organisational changes. In addition, the unrealised
investment property revaluation gain of $0.1 million
compared to $1.2 million in the prior year.
Net finance costs decreased to $6.2 million compared
to $6.7 million in the prior year. Gross finance costs
declined as average borrowings decreased in the
year.
Income tax expenses increased by $7.0 million to
$12.5 million due to the higher taxable profit in the
current year. The high effective tax rate of 33.5% for
the year is higher than the statutory tax rate of 28%
due to $2.0 million additional income tax recognised
arising from the statutory removal of tax depreciation
deductibility on commercial buildings during the year.
Reported net profit after tax for the period attributable
to the shareholders of the Company of $24.8 million
increased 49.7% from $16.6 million in the prior year.
$89.4m
Total Operating
Expenses
5.5%
$52.0m
Result from Operating
Activities
39.5%
$24.8m
Net Profit
After Tax
49.7%
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2024 ANNUAL REPORT TE PURONGO A-TAU

Capital Expenditure
Capital investment spend in the year of $13.1 million included maintenance dredging, wharf
fendering improvements, sea defence works, erosion protection, additional paved areas, mobile
plant and IT equipment replacements.
Insurance risk management
As reported previously, Napier Port has
experienced significant compounding increases
in insurance costs over several years. These
increases have accompanied insured asset value
inflation and challenges with securing sufficient
insurance coverage at commercially acceptable
premium rates. In addition to significant
deductibles for natural catastrophe events Napier
Port has maintained a total loss limit of $500
million under its material damage and interruption
policy, when it targets a higher limit.
During our most recent insurance renewal
we were able to eliminate our additional self-
insurance participation within the total loss limit,
which has reduced Napier Port’s net exposure to
losses in natural catastrophe events. Additionally,
Napier Port has incorporated a wholly owned
subsidiary registered under the Cook Islands
Captive Insurance regime. This entity principally
enables the Group to participate directly with
global reinsurers and provides additional
insurance capacity options – thereby also
assisting in alleviating overall premium pressure.
Dividend
Subsequent to the balance sheet date, the
Board approved a fully imputed final dividend
of $12 million (6 cents per share) in respect
of the 2024 financial year, payable on 18
December 2024 to those on the share register
at close of business on 6 December 2024.
Including the fully imputed interim dividend of
$6.0 million (3.0 cents per share) paid in June
2024, dividends in respect of the 2024 financial
year total 9 cents per share (2023: 5.25 cents
per share). Including tax imputation, this
represents a gross total dividend of 12.5 cents
per share (2023: 7.3 cents per share).
Kristen Lie
Chief Financial Officer
Cashflow
Cashflow from operating activities increased
significantly to $53.9 million from $37.2 million
year on year, with the stronger operating result,
business interruption insurance proceeds, and
positive working capital movements in the current
year partially offset by higher cash tax payments.
Dividend cash payments during the financial year
of $13.1 million, including the final 2023 dividend
paid in December 2023 and the interim 2024
dividend paid in June 2024, were $0.3 million
higher than the year before.
After the net spend on investing activities of
$13.0 million, finance costs of $5.9 million, and
cash balances increasing by $0.8 million, we
repaid $20.5 million of loans and borrowings
during the year.
Balance Sheet
As a result of our conservative approach to outgoings over recent years and positive operating
cashflow, our balance sheet is in a strong position. At the end of the financial year, Napier Port had
drawn bank lending of $9.5 million and $100 million of bonds issued, in addition to $70.5 million in
undrawn credit facilities. The total of $109.5 million in outstanding loans and borrowings is reduced from
$130 million in the prior year.
At the balance date, our weighted average term to maturity was 2.69 years.
Debt Maturity Profile
$100m
$80m
$60m
$40m
$20m
0.51.01.52.02.53.03.5
Years
Bank FacilitiesBond
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2024 ANNUAL REPORT TE PURONGO A-TAU

Strategic Risk Overview
The Board of Directors of Napier Port oversees and monitors the risks to the business
and operations of Napier Port and ensures appropriate risk management is applied.
The following provides a high-level summary of a number of our significant strategic
risks faced by Napier Port presently and our risk management response.
Strategic RiskPotential impactResponse
Maintaining the health
and safety of our
people
Ports are inherently high risk work environments with the potential
to seriously harm or cause death to people.
We seek to continuously improve our health and safety culture, practices and risk controls. We dedicate time and
resources to health and safety governance, management, critical risk management, developing external relationships
including with others conducting business at our port sites, supporting technology and reporting, site and plant asset
management plans, and assurance activities.
Significant Asset
Damage and
Interruption
A major natural event, such as a tsunami or a significant earthquake
or weather event, could destroy or damage our assets, our
customers’ assets or essential infrastructure linking our customers
with our port or cause significant interruption to our business.
We consider and undertake measures to improve the resilience of our assets, however, there is limited ability to design
or engineer our existing assets to account for such major natural events.
We currently maintain insurance for material damage and business interruption, however these policies do not provide
complete protection against financial loss and may not always be sufficiently available on acceptable commercial
terms. We believe the likelihood of a total loss event is low.
Cargo Owner, Export
Market and Forestry
Sector Concentrations
A significant proportion of our cargo exports and therefore revenue
are derived from the forestry sector and/or are exported to China
and other key Asian markets. Events could occur that result in
the supply or demand for New Zealand or Hawke’s Bay and
surrounding areas’ wood products reducing or that results in the
potential loss of, or the reduction in demand from, key cargo owner
customers, which make up a significant proportion of our revenue.
We have no ability to control reductions in supply or demand for wood products. We seek to maintain relationships
with industry participants and our key customers to understand and monitor market developments and to integrate our
operations with their supply chains. We expect that product owners would seek new markets if a prolonged downturn
in key markets were to occur.
Our close proximity to some of our key cargo owner customers’ existing operations means we can continue to provide
a cost effective and efficient route to market for our customers.
Fluctuations in demand and supply are continuous; it is not possible to determine the likelihood of a material negative
change or event.
Biosecurity
A significant biosecurity event (e.g. involving disease or pests) could
negatively affect one or more primary industries in Hawke’s Bay
who export their produce through our port, including forestry, pipfruit
or meat producers.
The New Zealand government seeks to prevent biosecurity events through strict import regulations. We work with
the Ministry for Primary Industries to implement biosecurity controls and inspections related to imported containers,
packaging and cargo that aim to reduce the likelihood of disease or pests entering the Hawke’s Bay region via our port.
However, the disease or pest many not be detected or could enter the region through other entry-points.
We cannot predict the likelihood of a significant biosecurity event occurring.
China and Other Asian
Markets
Access to, or demand from, China and our other key Asian markets
may be materially impaired resulting in demand for cargo being
shipped from our port decreasing materially. The significant majority
of cargo exports from our port are to China and Asian markets.
We seek to maintain relationships with industry participants to understand and monitor market developments. We
expect product owners could locate new markets over time if a prolonged adverse situation were to occur.
We cannot predict the likelihood of such events taking place.
Port and Harbour
Blockage or Damage
Shipping access to our port may be restricted or may cease as a
result of a disabled or sunk vessel within the port marine area or
within port marine access channels. A vessel may also damage port
infrastructure. A third-party seizure of a vessel berthed in our port
may cease activity on that berth and wharf for a prolonged period.
Road and rail links may temporarily become lost.
We support safe vessel maneuvering via our pilotage and towage marine services and ongoing risk management
activity including operating protocols, staff training & simulations, working with third parties including the Harbour
Master and Maritime NZ, the deployment of various navigation aids and technologies, maintenance dredging
programmes, amongst other mitigations. Whilst we maintain insurance for infrastructure property damage and
business interruption, the insurance cover available on acceptable terms for port blockage is limited. Following Cyclone
Gabrielle during 2023, we experienced the temporary disablement of road and rail links to the port which negatively
affected our trading activity.
Epidemic or Pandemic
Disease
A community health event may cause workforce constraints, either
within our or our cargo customers’ workforces, and cause disruption
to cargo flows through our port.
We have no ability to control the occurrence of a community health event. We undertake crisis management
preparation including having joint agency protocols and a CIM framework. We have recent experience managing
COVID-19 in our workplace and community where we adapted our controls and processes to maintain the health and
safety of our people and to maintain our operating capability.
Physical and Transition
Risks Associated with
Climate Change
Climate change increases the likelihood of extreme weather events
and trade volume impacts, and will require future adaptation
measures to protect assets and our operations.
Our Climate Change Related Disclosure Report (available on the Napier Port website) provides an understanding of
the potential implications and management of climate change risks and opportunities on our business.
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Corporate Governance Statement
The Board of Napier Port Holdings Limited (the
Company) and its subsidiaries (collectively the Group)
are responsible for the corporate governance of
the Group. Corporate governance describes how a
company looks after the interests of its shareholders
and other stakeholders.
The Board is committed to maintaining best practice
governance policies and behaviours. This Corporate
Governance Statement sets out the corporate
governance policies, practices, and processes of
the Group as at 18 November 2024 and has been
approved by the Board.
The Group’s policies, practices and processes are
reviewed against the best practice principles included
in the NZX Corporate Governance Code (NZX Code).
The Board’s view is that the Group’s corporate
governance policies, practices and processes
generally follow the recommendations of the NZX
Code. This Corporate Governance Statement
includes disclosure of the extent to which the Group
has followed each of the recommendations in the
NZX Code.
Further information about the Group’s corporate
governance framework is available on the Group’s
Investor Centre (www.napierport.co.nz).
Principle 1 – Ethical Standards
“Directors should set high standards of ethical behaviour, model this behaviour and hold management
accountable for these standards being followed throughout the organisation.”
Code of Ethics
Recommendation 1.1: The Board should document
minimum standards of ethical behaviour to which the
issuer’s directors and employees are expected to
adhere (a code of ethics).
The Board and management are committed to
ensuring the Group adheres to best practice
governance principles and maintains the highest
ethical standards. The Group’s code of ethics sets out
the manner in which directors and employees should
conduct themselves. The code of ethics incorporates
the requirements set out in recommendation 1.1 of
the Code and forms part of the induction process for
all new employees.
The Board recognises good governance is not merely
a matter of achieving legislative compliance but
ensuring that exemplary standards and behaviour
are maintained. This involves the establishment
and maintenance of a culture at a Board and senior
management level and throughout the Group to
ensure that directors and employees deal fairly with
others, with transparency, and protect the interests of
shareholders and look after the rights of stakeholders.
during specific “black-out” periods, from 30 days
prior to the Group’s interim and year-end balance
dates to the first trading day after the release of the
respective periods results to the NZX, 30 days prior
to the release of a product disclosure statement
for a general public offer, or such other period as
determined by the Board.
Principle 2 – Board Composition and Performance
“To ensure an effective Board, there should be a balance of independence, skills, knowledge,
experience and perspectives.”
Securities (Shares and Bonds Trading) Policy
Recommendation 1.2: An issuer should have a
financial product(s) dealing policy which applies to
employees and directors.
The Group has a Securities (Shares and Bonds
Trading) Policy which sets out the responsibilities
of all directors, officers, employees, personal
services contractors, and secondees of Napier Port
Holdings Limited and its subsidiaries for trading in
the Company’s securities within a listed company
environment. The Securities (Shares and Bonds
Trading) Policy is available on the Group’s website.
This policy is separate from, and in addition to, the
legal prohibitions on insider trading in New Zealand,
and does not replace legal obligations.
Insider trading is prohibited at all times. Directors and
employees who possess material information must
not trade in securities, advise or encourage another
person to trade or hold the Company’s securities,
advise or encourage a person to advise or encourage
another person to trade or hold the Company’s
securities, or directly or indirectly disclose or pass on
the material information to anyone else, knowing that
the other person will or is likely to use that information
to trade in the Company’s securities.
Restricted persons including the Directors, Chief
Executive Officer, Senior Management Team, Trusts
and Companies controlled by these persons, and
anyone else notified by the Chief Financial Officer,
have additional trading restrictions. Restricted
persons are prohibited from trading in securities
During any other period restricted persons who
do not possess material information may trade the
Company’s securities subject to notification and
consent requirements. Restricted persons may not
trade until this written consent has been received.
Board Charter
Recommendation 2.1: The Board of an issuer
should operate under a written charter which sets out
the roles and responsibilities of the Board. The Board
charter should clearly distinguish and disclose the
respective roles and responsibilities of the Board and
Management.
The Board has adopted a formal Board Charter
which sets out the respective roles, responsibilities,
composition and structure of the Board, and this is
available on the Group’s website.
The Board is ultimately responsible for setting
the strategic direction of the Group, oversight of
the management of the Group and direction of
its business strategy, with the ultimate aim being
to operate the Group as a successful business,
while respecting the rights of other stakeholders.
This includes establishing the strategies and
financial objectives with the Senior Management
Team, monitoring the performance of the Senior
Management Team, monitoring compliance and
risk management, and ensuring the Group has the
appropriate controls and policies in place.
The Board delegates the day-to-day affairs and
management responsibilities of the Group to the Chief
Executive Officer and Senior Management Team to
deliver the strategic direction and goals determined by
the Board.
Nomination and Appointment Of Directors
Recommendation 2.2 and 2.3: Every issuer should
have a procedure for the nomination and appointment
of Directors to the Board. An issuer should enter
into written agreements with each newly appointed
Director establishing the terms of their appointment.
The Board have delegated to the People and
Remuneration Committee the responsibility to make
recommendations to the Board in respect of Board
and committee composition and, when required,
identify individuals believed to be qualified to become
Board members. Procedures for the appointment
and removal of directors are set out in the People
and Remuneration Committee Charter. To be eligible
for selection the candidates must demonstrate
appropriate qualities and experience, and the
Committee must be satisfied that a candidate will
commit the time needed to be fully effective in their
role. The Committee will ensure proper checks as
to the proposed Director’s character, experience,
education, criminal record and bankruptcy history are
conducted and key information about the proposed
Director is provided to shareholders to assist their
decision as to whether or not to elect or re-elect the
Director.
The whole Board will have the opportunity to
consider candidates for appointment to the Board.
Directors may be appointed by the Board or director
nominations may be made by shareholders for
election at the Annual Meeting of Shareholders.
Directors appointed by the Board must stand for re-
election at the next Annual Meeting of Shareholders.
The NZX Listing Rules and the Group’s constitution
requires that all directors stand for re-election at
the Annual Meeting of Shareholders within three
years of last being elected. The Group enters into a
written agreement with each newly appointed director
establishing the terms of their appointment.
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2024 ANNUAL REPORT TE PURONGO A-TAU

Directors
Recommendation 2.4: Every issuer should disclose
information about each Director in its annual report or
on its website, including:
(a) a profile of experience, length of service, and
ownership interests
(b) the Director’s attendance at Board meetings; and
(c) the Board’s assessment of the Director’s
independence, including a description as to why
the Board has determined the Director to be
independent if one of the factors listed in table 2.4
applies to the Director, along with the description of
the interest, relationship or position that triggers the
application of the relevant factor.
The Board currently comprises seven directors; an
independent Chair, five independent non-executive
directors, and two non-executive directors. A profile
of experience for each director, including length of
service, is available on the Group’s website and
included in the Annual Report. Director’s ownership
interests are included in the Other Disclosures section
of the Annual Report.
Board Skills and Experience
Our Board is diverse and our directors bring with
them a wide range of skills and experience to the
benefit of the Group. The Board has determined that,
to operate effectively and meet its responsibilities
and considering its business and strategic focus,
it requires competencies in disciplines including
governance, executive leadership, listed companies,
legal and regulatory compliance, safety and high-
risk operations, finance and accounting, engineering
and asset management, relevant sector experience,
commercial expertise, collectivised employment
agreement environments, and sustainability.
The Board regularly reviews its collective skills
and experience, including when considering Board
appointments and as the operating environment or
the Group’s strategies evolve. The most recent review
was in September 2024. The table below shows
represents the Board’s most recent self-assessment
of its collective board skills and experience compared
to the identified required competences. Where
identified gaps exist, these are considered when
making appointments to the Board.
Capability
Collective Board Skills
and Experience
Governance
Executive
Leadership
Listed Company
Infrastructure/
Port/ Transport
Safety and High
Risk Operations
Commercial
Capability
Collective Board Skills
and Experience
Finance and
Accounting
Engineering/
Asset
Management
Collectivised
Employment
Agreement
Environments
Legal and
Regulatory
Compliance
Sustainability
Attendance at Board and Committee Meetings
For the year ended 30 September 2024.
Board
Audit and Risk
Management
Committee
People and
Remuneration
Committee
Health and
Safety
Committee
Sustainability
Committee
Number of meetings held
11
3
10435
Blair O’Keeffe
1110
1
434
1
Diana Puketapu
3
2
3112
Stephen Moir
11103
1
35
1
Vincent Tremaine
1094
1
34
1
John Harvey
1010435
Debbie Birch
4
4
2
1
2
1
11
Dan Druzianic
9103
1
34
1
Kylie Clegg
109
1
4
1
35
1. Non-committee members also in attendance
2. Diana Puketapu-Lyndon retired as a director of the Board effective December 2023
3. Note the number of board meetings includes scheduled and supplemental meetings
4. Debbie Birch appointed as a director of the Board effective July 2024
Some GapsSufficient or Strong Coverage
Independence Status of Directors
The independence status of each director is included
with the directors’ profiles available on the Group’s
website and included in the Annual Report and has
been determined by the Board in consideration of
all relevant factors (including the director’s interests,
position and relationships), including those described
by the factors set out in table 2.4 as applicable of the
Corporate Governance Code.
Diversity and Inclusion
Recommendation 2.5: An issuer should have a
written diversity policy which includes requirements
for the Board or a relevant committee of the Board
to set measurable objectives for achieving diversity
(which, at a minimum, should address gender
diversity) and to assess annually both the objectives
and the entity’s progress in achieving them. An issuer
should disclose its diversity policy or a summary of it..
The Group has a diversity and inclusion policy which
defines the approach of the Group towards diversity
and inclusion. It also identifies the responsibilities
of the Board, the Senior Management Team and
all of the Group’s employees. The diversity and
inclusion policy is available on the Group’s website
and is reviewed biennially by the Board. The Group
recognises the value of a diverse and skilled
workforce and is committed to embedding diversity
and inclusion into employment practices and all
aspects of the Group’s operations. The Group will
foster a culture of inclusion – where all are welcome
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and can bring their whole self to work and a variety of
different viewpoints and backgrounds are supported.
The Board, Senior Management Team, Managers and
Supervisors, and People & Culture team collectively
and individually support these aspirations.
30 September 2023
FemaleMale
No.%No.%
Directors229571
Senior Management Team (SMT)337563
Permanent employees511626284
Total561727283
Permanent employees in leadership roles (non SMT)11214179
Director Training
Recommendation 2.6: Directors should undertake
appropriate training to remain current on how to best
perform their duties as Directors of the issuer.
The Board seeks to ensure that any new Directors are
appropriately introduced to the Senior Management
Team and the Group’s business, that all Directors are
acquainted with relevant industry knowledge, and
receive appropriate company documents to enable
them to perform their role as a Director.
Directors will receive induction training upon
appointment, and are expected to maintain
appropriate levels of financial, legal and industry
understanding throughout their appointment.
Board Evaluation
Recommendation 2.7: The Board should have a
procedure to regularly assess Director, Board and
Committee performance.
The Board undertakes a biennial performance
evaluation of itself that discusses and assesses
the performance of each Director and the Chair,
Principle 3 – Board Committees
“The Board should use committees where this will enhance its effectiveness in key areas, while
still retaining Board responsibility”
Audit and Risk Management Committee
Recommendation 3.1: An issuer’s audit committee
should operate under a written charter. Membership
on the audit committee should be majority
independent and comprise solely of non-executive
directors of the issuer. The chair of the audit
committee should be an independent director and not
be the chair of the Board.
The Audit and Risk Management Committee operates
under a written charter, which is available on the
Group’s website. The Committee is required to have
a majority of independent non-executive directors,
at least two must have an accounting or financial
background, and the Committee is required to meet at
least two times per year. The Chair of the Committee
is an Independent Director who is not the Chair of the
Board. The Audit and Risk Management Committee
currently comprises Stephen Moir (Chair), Dan
Druzianic, Vincent Tremaine and John Harvey – see
their relevant qualifications and experience set out in
the directors’ profiles section of this Annual Report. All
directors may attend the Committee meetings at their
discretion.
The Audit and Risk Management Committee’s
purpose is to assist the Board in fulfilling its
responsibilities to discharge its financial and
sustainability reporting and regulatory responsibilities,
ensure the ability and independence of the external
auditor to carry out its statutory audit role, ensure an
effective internal audit and internal control system is
maintained, and ensure an appropriate framework
is maintained for the management of strategic and
operational risk.
Recommendation 3.2: Employees should only
attend audit committee meetings at the invitation of
the audit committee.
The Chief Executive Officer, Chief Financial Officer
and any other employees the Audit and Risk
Management Committee considers necessary to
provide appropriate information and explanations
may attend the Committee on invitation. The Group’s
external auditor also attends selected meetings at the
Committee’s invitation.
People and Remuneration Committee
Recommendation 3.3 and 3.4: An issuer should
have a remuneration committee which operates under
a written charter (unless this is carried out by the
whole board). At least a majority of the remuneration
committee should be independent directors.
Management should only attend remuneration
committee meetings at the invitation of the
remuneration committee. An issuer should establish
a nomination committee to recommend director
appointments to the Board (unless this is carried out
by the whole board), which should operate under a
written charter. At least a majority of the nomination
committee should be independent directors.
The People and Remuneration Committee operates
under a written charter, which is available on the
Group’s website. The Committee consists of at least
three members of the Board, the majority of the
committee which are required to be Independent
Directors. The Committee is required to meet at least
two times per year. The Chair of the Committee is an
Independent Director. The People and Remuneration
Committee currently comprises John Harvey (Chair),
Blair O’Keeffe, and Kylie Clegg. All directors of the
Board may attend the Committee meetings at their
discretion. The Chief Executive will act as secretary
to the Committee and other members of management
may attend the Committee meetings on invitation.
The primary responsibilities of the Committee
include, nominating and appointing directors to the
Board, remuneration of directors, remuneration and
evaluation of the Chief Executive Officer, review
of the Chief Executive Officer’s remuneration
recommendations for the Senior Management Team,
review of the overall Group’s salary and incentive
policies, and succession planning.
compares the performance of the Board as a whole
with the requirements of the Board Charter, reviews
the performance of the Board’s Committees, and
effects any improvements to the respective Charters
deemed necessary or appropriate. The performance
evaluation is conducted in the manner the Board
deems appropriate. The most recent evaluation was
completed in April 2023.
Recommendation 2.8 and 2.9: A majority of the
Board should be independent directors. An issuer
should have an independent Chair of the Board. An
issuer should have an independent chair of the board.
The Board currently comprises seven directors, five
of whom have been determined to be Independent
Directors by the Board under the NZX Listing
Rules. The Chair of the Board is an Independent
Director and is not the Chair of the Audit and Risk
Management Committee.
Diversity metrics encompassing the Board, Senior
Management Team and the Group’s employees are
reviewed at a minimum annually.
30 September 2024
FemaleMale
No.%No.%
Directors229571
Senior Management Team (SMT)114686
Permanent employees571725882
Total601826982
Permanent employees in leadership roles (non SMT)9174483
The following is a breakdown of the gender
composition of the Group at the balance date:
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Recommendation 3.5: An issuer should consider
whether it is appropriate to have any other board
committees as standing board committees. All
committees should operate under written charters.
An issuer should identify the members of each of
its committees, and periodically report member
attendance.
Health and Safety Committee
The Group’s ultimate aim is to ensure that everyone
working at Napier Port returns safely to their families
every day. This why health and safety is the top
priority of the Napier Port Board of Directors and
health and safety performance is actively reviewed at
every board meeting. The Group also has a Health
and Safety Committee whose purpose is to assist the
Board in fulfilling its responsibilities in respect of the
health, safety and wellness requirements within the
Health and Safety at Work Act 2015 and regulatory
framework. The Health and Safety Committee
operates under a written charter, which is available
on the Group’s website. The Health and Safety
Committee operates in the context of the vision that
every person goes home safely every day, a culture of
care, and strategic objectives relating to people, place
and planet.
The Committee consists of all members of the Board
and is required to meet at least three times per year.
The Chair of the Committee is Vincent Tremaine.
The Committee may on invitation have in attendance
members of senior management and other persons,
including senior health and safety staff, that it
considers necessary to provide necessary information
and explanations. The Chief Executive Officer is
responsible for drawing to the Committee’s immediate
attention any material matter that relates to notifiable
events and significant near misses or incidents.
Sustainability Committee
The purpose of the Sustainability Committee is
to identify and consider relevant environmental,
social and governance (ESG) matters to provide
strategic guidance and feedback to the Board and
management on the Group’s ESG related strategies,
policies, frameworks, initiatives, performance and
reporting. The objectives of the Committee include:
• Oversee the development of Napier Port’s ESG
strategy and ESG workplan and monitor progress;
• Make recommendations and report to the Board
on material ESG matters requiring governance
decisions;
• Act as a formal forum for free and open
communication between the Board and
management with respect to ESG matters;
• Facilitate a common and aligned Board
understanding of what is within the scope of ESG
matters;
• Ensure an appropriate framework is maintained for
the management of ESG related risks; and
• Oversee and review ESG reporting processes.
The Sustainability Committee operates under a
written charter, which is available on the Group’s
website. The Committee consists of at least
three members of the Board and the Chair of
the Committee is appointed by the Board. The
Sustainability Committee currently comprises Kylie
Clegg (Chair), John Harvey and Debbie Birch . All
directors of the Board may attend the Committee
meetings at their discretion. The Committee may
on invitation have in attendance members of
management including the Chief Executive Officer,
Chief Financial Officer, General Manager Assets
and Infrastructure, and any relevant external parties
determined by the Committee Chair.
The Board has determined that the Health & Safety
and Sustainability Committees shall be combined,
and their charters consolidated from the 2025
financial year onwards.
Takeover Policy
Recommendation 3.6: The Board should establish
appropriate protocols that set out the procedure to
be followed if there is a takeover offer for the issuer
including any communication between insiders and
the bidder. The Board should disclose the scope of
independent advisory reports to shareholders. These
protocols should include the option of establishing
an independent takeover committee, and the likely
composition and implementation of an independent
takeover committee.
Given the Group’s shareholding structure, with
the Hawke’s Bay Regional Council (Council),
indirectly controlling approximately 55% of the
shares of the Group, the Board considers it highly
unlikely that a third-party would make a takeover
approach or proposal without the support of Council.
Notwithstanding this, the Board consider it prudent
to have protocols in place and has established
formalised takeover response protocols to assist the
Group to prepare for, and respond to, any unsolicited
approaches or proposals it may receive in relation to
a takeover. These protocols would help to inform the
Board of their roles and responsibilities with respect
to any approach or proposal, assist the Board and
its advisers in developing and executing a response
strategy, and act as a basic guide on the process for
any takeover offer.
In the event of a takeover offer, a Takeover Response
Committee, would be convened comprising
independent directors, management and appropriate
financial, legal and strategic advisers.
Principle 4 – Reporting and Disclosure
“The Board should demand integrity in financial and non-financial reporting, and in the timeliness
and balance of corporate disclosures.”
Continuous Disclosure
Recommendation 4.1: An issuer’s board should
have a written continuous disclosure policy.
As a company listed on the NZX Stock Exchange,
the Company is committed to keeping the market
informed of all material information relating to the
Group and its shares. In doing so, the Group will
comply with its obligations in relation to continuous
disclosure of material information under the
NZX Listing Rules. The Group has a Continuous
Disclosure Policy, which is available on the Group’s
website.
Charters and Policies
Recommendation 4.2: An issuer should make its
code of ethics, board and committee charters and the
policies recommended in the NZX Code, together with
any other key governance documents, available on its
website.
Information about the Group’s corporate governance
framework (including Code of Ethics, Board and
Committee Charters, and other key governance
policies) are available to view on the Group’s website.
Financial and Non-Financial Reporting
Recommendation 4.3: Financial reporting should be
balanced, clear and objective.
Financial Reporting
The Audit and Risk Management Committee
oversees the quality and integrity of financial reporting
ensuring the financial reporting is balanced, clear
and objective. The Audit and Risk Management
Committee’s responsibility for the annual and interim
financial statements includes, reviewing the quality
and acceptability of accounting policies and practices,
reporting disclosures and changes thereto, reviewing
areas involving significant judgement, estimation or
uncertainty, overseeing compliance with financial
reporting standards, appropriate laws and regulations,
assessing the overall performance of financial
management, and approving all financial reporting to
shareholders and other stakeholders.
The Group has adopted a Tax Governance Policy
which sets out the Group’s approach towards its tax
strategy and the management of tax risks. The policy
is available on the Group’s website.
Recommendation 4.4: An issuer should provide
non-financial disclosure at least annually, including
considering environmental, social sustainability
and governance factors and practices. It should
explain how operational or non-financial targets
are measured. Non-financial reporting should be
informative, include forward looking assessments,
and align with key strategies and metrics monitored
by the board.
Non-Financial Reporting
The Group is committed to collaborating with others to
ensure our people, planet, and place thrive. Caring for
our people, the local community and the environment
is core to our Culture of Care, which is the foundation
of our purpose and our business strategy.
Our Sustainability Strategy and Action Plan is aligned
to the United Nations Sustainable Development
Goals (SDGs), reflecting globally agreed-upon urgent
environmental, political, and economic challenges.
We identified 14 SDGs that we can achieve locally
to respond to global challenges like climate change,
gender equality and ocean conservation. The
Sustainability Strategy and Action Plan identified
100 time framed actionable workstreams that guide
us in our direction and decision-making as we
work towards meeting our sustainability goals. The
Sustainability Strategy and Action Plan is available on
the Group’s website.
Our Annual Report outlines progress against our
Sustainability Strategy and Action Plan and various
sustainability initiatives undertaken by the Group
during the year. In addition, the Annual Report
includes other non-financial metrics and information
relating to the Group’s activities and strategies.
Since 2021, the Group has published an annual
Climate Change Related Disclosure Report (CCRD),
prepared in accordance with the recommendations
of the Taskforce on Climate-related Financial
Disclosures (TCFD).
Our Climate Change Related Disclosure Reports
seek to provide stakeholders an understanding of
the potential financial implications of climate change
on our business. Within the report we set out our
governance, strategy, risk management practices
as well as our key metrics and targets, including our
annual greenhouse gas (GHG) emissions, related
to climate related risks and opportunities. Our GHG
emissions reporting is externally certified.
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Our fourth CCRD report was released in November
2024 and is available on the Group’s website. This
year’s report has been prepared in accordance with
the Aotearoa New Zealand Climate Standards (NZ
CS) 1 - Climate Related Disclosures, 2 - Adoption
of Aotearoa New Zealand Climate Standards,
and 3 - General Requirements for Climate-related
Disclosures.
When preparing the CCRD report:
• The Sustainability Committee is responsible for our
ESG related aspects of climate change and the
relevant qualitative and quantitative assessments
required to be able to measure the potential impacts
of climate change, and
• The Audit and Risk Management Committee is
responsible for the assessment of financial and
economic impacts within the disclosures that relate
to the expected physical impact of climate change,
along with overall responsibility for the relevant
internal controls and the external review and audit
processes that underpin the preparation of our
CCRD report.
Supporting our CCRD reporting, the Group has
conducted multiple iterations of climate change
risk modelling with each one enhancing our overall
business maturity in managing potential future
scenarios. The Group continues to strive to gain
a deeper understanding of available emissions
reduction pathways in order to further develop
effective strategies and to enable reliable interim
emission reduction targets to be formulated.
Principle 5 – Remuneration
“The remuneration of directors and executives should be transparent, fair and reasonable.”
Directors’ Remuneration
Recommendation 5.1: An issuer should have a
remuneration policy for the remuneration of directors.
An issuer should recommend director remuneration
to shareholders for approval in a transparent manner.
Actual director remuneration should be clearly
disclosed in the issuer’s annual report.
The Group has adopted a Remuneration Policy
which sets out the remuneration principles that apply
to Directors. The policy is available on the Group’s
website.
The Group’s policy states that all remuneration of
Directors will be paid in cash and that they will not
receive any performance-based remuneration or
retirement benefits. All Directors (excluding the Chair)
will be paid a base fee and additional fees will be
payable to the Chairs of the Committees and the
Board Chair a Chairs’ fee, all as recommended by the
People and Remuneration Committee and subject to
the aggregate director remuneration limit approved by
Shareholders from time to time.
The People and Remuneration Committee is
responsible for a biennial review of Director
remuneration to determine whether Director
remuneration is appropriate. This review is required
to consider benchmarking data from similar listed
companies.
In respect of both their roles as directors of Napier
Port Holdings Limited and Port of Napier Limited, fees
in aggregate for all Directors are currently a maximum
of $655,000 per annum.
Under Listing Rule 2.11.3, if the total number of
Directors subsequently increases, the Directors are
permitted (without seeking shareholder approval)
to increase the total remuneration by the amount
necessary to enable the Group to pay the additional
Director or Directors remuneration not exceeding
the average amount then being paid to each of the
existing Directors (other than the Chair).
Actual remuneration of Directors is included in the
Other Disclosures section of the Annual Report.
Remuneration Policy
Recommendation 5.2: An issuer should have a
remuneration policy for remuneration of executives,
which outlines the relative weightings of remuneration
components and relevant performance criteria.
The Group has adopted a Remuneration Policy which
sets out the remuneration principles that apply to
the Chief Executive Officer and Senior Management
team. The policy is available on the Group’s website.
The policy requires that remuneration decisions
are fair and reasonable and based on merit, where
appropriate. The Group will not discriminate on
the grounds of gender, race, religion or belief,
disability, age, sexual orientation or gender identity.
Remuneration will be set at levels that recognise
an individual’s market value (i.e. level of skills and
experience, the demand for skill and performance in
the role, and the commercial environment).
Chief Executive Officer (CEO) and Senior
Management Team
Determination of remuneration for the CEO and
Senior Management team is subject to a fair and
thorough process. Remuneration will be determined
by the scale and complexity of the relevant
employee’s role. A remuneration review is undertaken
by the People and Remuneration Committee annually.
Under the Group’s remuneration framework,
individual performance and market relativity are key
considerations, balanced by the context in which the
Group operates.
Remuneration of the CEO and Senior Management
team, include a mix of fixed and variable components.
A summary of the current provisions is as follows:
• Fixed remuneration – this includes the relevant
employee’s base salary and cash allowances
and any direct non-cash benefits (e.g. Kiwisaver
contributions and annual leave);
• Other variable remuneration – some Senior
Management team positions, including the CEO,
are eligible for additional remuneration from Long-
Term Incentive (LTI) and Short-Term Incentive
(STI) plans. Eligibility is determined by the
Board of Directors and, in the case of the Senior
Management team, together with the CEO. The
terms and conditions of any STI or LTI plan are
identified in the individual employment agreements
of the Senior Management team member to whom
it applies;
• Total remuneration – this includes fixed and
variable remuneration. Total target remuneration will
typically be set within a range of 80% to 120% of
the relevant median comparatives.
• STI remuneration assessment criteria includes
the achievement of financial targets in relation to
EBITDA along with non-financial objectives, and is
subject to the Board’s discretion. STI remuneration
is conditional upon certain banking covenants being
met.
The remuneration policy is reviewed by the Board
annually.
Chief Executive Officer (CEO) Remuneration
Recommendation 5.3: An issuer should disclose
the remuneration arrangements in place for the CEO
in its annual report. This should include disclosure
of the base salary, short-term incentives and long-
term incentives and the performance criteria used to
determine performance-based payments.
The remuneration of the CEO for the year is included
in the Other Disclosures section of the Annual Report.
The remuneration of the CEO includes a mix of
fixed and variable components. Fixed remuneration
includes a base salary and superannuation
contributions. Variable components include a Short-
Term Incentive (STI) linked to objectives set annually
and performance assessed by the Board, and a Long-
Term Incentive (LTI).
Short Term Incentives
The STI is based on the achievement of both
financial and non-financial objectives with an actual
opportunity in the range of 0 - 30% of the CEO’s
current base salary. Strategic objectives are set
each year by the Remuneration Committee (and
approved by the Board) and closely align to Napier
Port’s strategic goals. STI remuneration is assessed
against set financial and non-financial objectives
for the year being met or exceeded. Non-financial
objectives for 2024 included objectives in relation to
health and safety, revenue growth, strategic projects,
sustainability strategy and people and culture
development.
The Remuneration Committee assesses the
CEO’s performance against these objectives and
recommends the STI for approval by the Board. The
Board retains complete discretion over paying a STI
and may determine, despite the actual performance
against objectives, that a reduced STI or no STI will
be paid in any given year.
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