Substantial lift for South Port NZ

Financial Statements
STATEMENT OF COMPREHENSIVE INCOME
Total operating revenues
from Port services 29,566 25,475 56,128
Total operating expenses (16,125) (16,235) (33,187)
Operating profit before
administrative and 13,441 9,240 22,941
finance costs
Administrative expenses (3,506) (3,227) (6,615)
Operating profit before
financing costs 9,935 6,013 16,326

Financial income 22 33 58
Financial expenses (1,855) (1,793) (3,016)

Net financing costs (1,833) (1,760) (2,958)
Other income – 36 65
Surplus before income tax 8,102 4,289 13,433
Income tax (2,344) (1,256) (6,057)
Net surplus after income tax 5,758 3,033 7,376
Other comprehensive income – – –

Total comprehensive
surplus/(loss) after income tax 5,758 3,033 7,376
Basic earnings per share $0.219 $0.116 $0.281
Diluted earnings per share $0.219 $0.116 $0.281
SIX MONTH PERIOD ENDED
31 DECEMBER 2024
Cash flows from operating
(note 6) 7,039 876 12,786
Cash flows from investing (3,479) (8,706) (10,080)
Cash flows from financing (2,614) 8,336 (1,431)
946 506 1,275
Unaudited
31/12
2023
$000’s
Unaudited
31/12
2024
$000’s
Audited
Year to
30/06/24
$000’s
Unaudited
31/12
2023
$000’s
Unaudited
31/12
2024
$000’s
Audited
Year to
30/06/24
$000’s
STATEMENT OF FINANCIAL POSITION
TOTAL EQUITY 60,922 57,829 60,232
Non-Current Assets
Property, plant & equipment 93,660 92,550 91,876
Right-of-use assets 191 282 239
Deferred tax asset 57 1,130 –
Financial assets – 173 321
Total non-current assets 93,908 94,135 92,436
Current Assets
Cash and cash equivalents 3,255 1,541 2,310
Trade and other receivables 11,426 10,514 8,220
Financial assets 63 451 398

Total current assets 14,744 12,506 10,928
Total assets 108,652 106,641 103,364
Non-Current Liabilities
Employee entitlements 60 63 47
Loans and borrowings 38,304 43,500 35,750
Deferred tax liability 1,042 – 1,097
Financial liabilities 88 – –
Lease liabilities 108 220 163
Total non-current liabilities 39,602 43,783 37,057
Current Liabilities
Trade and other payables 5,305 3,588 4,036
Employee entitlements 1,611 1,946 1,451
Provision for taxation 1,103 (597) 482
Lease liabilities 109 92 106

Total current liabilities 8,128 5,029 6,075

Total liabilities 47,730 48,812 43,132
TOTAL NET ASSETS 60,922 57,829 60,232

Net asset backing per share $2.32 $2.20 $2.30
Unaudited
31/12
2023
$000’s
Unaudited
31/12
2024
$000’s
Audited
Year to
30/06/24
$000’s
NET INCREASE/(DECREASE)
IN CASH
SIX MONTH PERIOD ENDED
31 DECEMBER 2024
AS AT 31 DECEMBER 2024
STATEMENT OF CASH FLOWS
5

01 ACTIVITIES OF SOUTH PORT GROUP ..............................
The Group is primarily involved in providing and managing port
and warehousing services.
02 ACCOUNTING POLICIES ...................................................
The Parent Company is a Financial Markets Conduct (FMC)
reporting entity for the purposes of the Financial Reporting
Act 2013 and the Financial Markets Conduct Act 2013. These
financial statements comply with these Acts and have been
prepared in accordance with the New Zealand equivalents to
IFRS Accounting Standards (NZ IFRS) and other applicable
Financial Reporting Standards, as appropriate for profit
orientated entities. These financial statements comply
with IFRS Accounting Standards (IFRS) as appropriate
for condensed interim financial statements. They comply
with New Zealand equivalents to International Accounting
Standards 34 (NZ IAS 34) Interim Financial Reporting, and
International Accounting Standards 34. There has been no
change in accounting policies. All policies have been applied
on a consistent basis with the most recent annual report.
The financial statements were approved by the Board of
Directors on 14 February 2025.
03 TAXATION ............................................................................
Income tax expense comprises current and deferred tax at the
company tax rate of 28%. Income tax expense is recognised
in the Statement of Comprehensive Income except to the
extent that it relates to items recognised directly in equity, in
which case it is recognised in equity.
Notes to the Financial
Statements
FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2024
6

Notes to the Financial Statements
Parent Company
South Port New Zealand Limited
Subsidiary
Awarua Holdings Limited
GROUP COMPANIES
Net cash provided by operating
activities
Total equity at beginning
of the period 60,232 59,903 59,903
Profit/(loss) after income tax 5,758 3,033 7,376
Other comprehensive income – – –
Total comprehensive surplus 5,758 3,033 7,376
Equity settled share-based 48 9 36
payment accrual
Dividends paid during the period (5,116) (5,116) (7,083)
Total equity at end of the period 60,922 57,829 60,232
05 STATEMENT OF CHANGES IN EQUITY ......................
Surplus after taxation 5,758 3,033 7,376
Add/(less) items classified
as investing/financing activities – – –
Add/(less) non-cash items 3,137 2,981 7,586
Add/(less) movement in working
capital (1,856) (5,138) (2,176)

7,039 876 12,786

06 NET CASH FLOW FROM OPERATING ACTIVITIES ....
DIRECTORS
Philip Cory-Wright
Chair
Cassandra Crowley
Nicola Greer
Michelle Henderson
Clare Kearney
John Schol
CORPORATE
EXECUTIVES
Nigel Gear
Chief Executive Officer
Geoff Finnerty
Port General Manager
Lara Stevens
Chief Financial Officer
Jamie May
Commercial Manager
Hayden Mikkelsen
Container Operations Manager
Frank O’Boyle
Infrastructure and
Environmental Manager
Helen Young
People and Safety Manager
SIX MONTH PERIOD ENDED
31 DECEMBER 2024
Unaudited
31/12
2023
$000’s
Unaudited
31/12
2024
$000’s
Audited
Year to
30/06/24
$000’s
04 SEGMENTAL REPORTING .............................................
The South Port Group operates in the Port Industry in
Southland, New Zealand, and therefore only has one
reportable segment and one geographical area based on
the information as reported to the chief operating decision
maker on a regular basis. South Port engaged with one
major customer who contributed individually greater than
10% of its total revenue for the period ended 31 December
2024. This customer contributed $4.45 million for the six
months ended 31 December 2024 (2023: $4.38 million).
7

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Distribution Notice

Updated as at June 2023



Please note: all cash amounts in this form should be provided to 8 decimal places, including zeros (ie 0.01001000)

Section 1: Issuer information
Name of issuer South Port New Zealand Limited
Financial product name/description Fully Paid Shares
NZX ticker code SPN
ISIN (If unknown, check on NZX
website)
NZSPNE0001S8
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies
Record date 28/02/2025
Ex-Date (one business day before the
Record Date)
27/02/2025
Payment date (and allotment date for
DRP)
07/03/2025
Total monies associated with the
distribution
1

$1,967,617.35
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.10416667
Gross taxable amount
3
$0.10416667
Total cash distribution
4
$0.07500000
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount $0.01323529
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed Fully imputed X

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

Partial imputation
No imputation
If fully or partially imputed, please
state imputation rate as % applied
6

28%
Imputation tax credits per financial
product
$0.02916667
Resident Withholding Tax per
financial product
$0.00520833
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
N/A
Start date and end date for
determining market price for DRP

Date strike price to be announced (if
not available at this time)

Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)

DRP strike price per financial product

Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms

Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Lara Stevens – Chief Financial Officer
Contact person for this
announcement
Lara Stevens
Contact phone number (03) 212 8159
Contact email address lstevens@southport.co.nz
Date of release through MAP

14/02/2025






6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

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Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at June 2023


Results for announcement to the market
Name of issuer South Port New Zealand Limited
Reporting Period 6 months to 31 December 2024
Previous Reporting Period 6 months to 31 December 2023
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$29,588 15.8%
Total Revenue $29,588 15.8%
Net profit/(loss) from
continuing operations
$5,758 89.8%
Total net profit/(loss) $5,758 89.8%
Final Dividend
Amount per Quoted Equity
Security
$0.07500000
Imputed amount per Quoted
Equity Security
$0.02916667
Record Date 28/02/2025
Dividend Payment Date 07/03/2025
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$2.32 $2.20
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood

Authority for this announcement
Name of person

authorised
to make this announcement
Lara Stevens – Chief Financial Officer
Contact person for this
announcement
Lara Stevens
Contact phone number (03) 212 8159
Contact email address lstevens@southport.co.nz
Date of release through MAP

14/02/2025

Unaudited financial statements accompany this announcement.

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Substantial lift for South Port NZ

MEDIA RELEASE
SOUTH PORT NEW ZEALAND LIMITED HALF YEAR
FY2025 RESULTS

14 February 2025

NZX Announcement and Media Release

NZX: SPN: South Port New Zealand


Increased bulk cargo volumes have supported a substantially improved financial
performance by South Port New Zealand in the opening half-year of FY2025.
In contrast to the uncertain trading conditions in the first half last year, the Port saw volumes
rise across the majority of key commodity imports and exports.
Imports related to agricultural inputs reflected a pick-up in rural spending, noted South Port
Chair Mr Philip Cory-Wright.
A particularly wet spring in the southern region slowed grass growth in the agricultural
sector, he said “and that led to rural suppliers increasing imports of supplementary feed. It
also stimulated a rebound of fertiliser import volumes from a particularly low level of activity
in the June 2024 year.”
“There were positive signs in the forestry sector with exports of both logs and woodchips
showing signs of recovery.”
Mr Cory-Wright said the only cargo activity negatively affected in the December half-year
was related to the New Zealand Aluminium Smelter (NZAS). In 2024, South Port welcomed
the new 20-year electricity agreement for supply to NZAS as providing stability for the Port’s
trades related to production at the Tiwai Point smelter.
The new agreement enables Meridian Energy to transfer energy in periods of high demand
and, in response to such a call last year, NZAS reduced its electricity usage by 185 MW
beginning 9 August 2024.
The temporary closure of a potline manufacturing aluminium at NZAS saw raw material
imports and aluminium exports decrease in 1H25. The potline is being progressively brought
back online and NZAS is expected to return to full production by April 2025.

NZAS activity equates to 30% of South Port’s cargo volumes.
South Port’s operating revenue from port services in the six months ending 31 December
2024, was $29.57 million (1H24: $25.48 million).
Net profit before income tax was $8.10 million (1H24: $4.29 million).
Net profit after tax was $5.76 million (1H24: $3.03 million), substantially above budget.
The Port’s directors have declared a fully imputed interim dividend of 7.50 cents per share
(1H24 – 7.50 cents) payable on 7 March 2025.
Based on all known factors at the date of releasing its 2025 interim result, South Port
estimates that its full year earnings should be above the upper end of the previous range of
$9.3M to $10.3M indicated at the Annual Shareholders Meeting in October 2024.
Mr Cory-Wright said the operational benefits to both shipping lines and the Port company
have quickly begun to emerge following the recent investment in dredging a deeper shipping
channel.

Cargo trends
South Port chief executive Nigel Gear said 131 calls by large vessels represented an
increase of 11% (1H24: 118), a direct reflection of the increased bulk cargo flows through
the Port.
Total cargo activity was 1,691,000 tonnes compared with 1,488,000 tonnes in 1H24.
This represents an increase in cargo flows of 203,000 tonnes or 13.6%. Increased tonnages
in comparison to the prior half year were logs (+31,000 tonnes), fertiliser (+41,000 tonnes),
woodchips (+59,000 tonnes) and stock food (+143,000 tonnes).
The decreases in alumina imports (-53,000 tonnes) and aluminum exports (-34,000 tonnes)
were related to the temporary closure of a NZAS potline.
Container volumes were similar with 20,600 twenty-foot equivalent unit (TEU) handled
through the terminal (1H24: 21,000 TEU).
These volumes were handled on fewer container vessels, 13 in 1H25 (17 in 1H24).
Mr Gear noted efficiencies resulting from the 10.7 metre high tide draft declared in October
after the Kia Whakaū dredging project which deepened Bluff’s entrance channel, swinging
basin and berth pockets.
Among the benefits being realised:
• A number of woodchip vessels have loaded in excess of 40,000 MT, as a one-port
call, that previously required a two-port call in New Zealand before heading to
markets in Asia.
• The MSC line’s Wallaby service to Australia is loading and discharging additional
containers per call.
• Vessels containing bulk agricultural and NZAS imports have greater payloads than
were previously achievable.
• More vessels are able to move on both high and low tides.

“These benefits are pleasing to see and there is an expectation that other cargo providers
will look to utilise the increased draft as opportunities are identified.”
South Port has recently upgraded the western tip of the Island Harbour, primarily to seal a 2-
hectare area for storage of wind farm equipment expected to land in Bluff, and as an
overflow option for other cargo.
Turbines and equipment for stage two of Mercury Energy’s Kaiwera Downs wind farm, 15km
east of Gore, is on target to be imported through the Port in late 2025. Contact Energy’s
planned 300MW wind farm at Slopedown, lodged under the COVID-19 Recovery Act 2020,
is currently being considered by an expert consenting panel with a decision expected in
March.
Outlook
“Although global events continue to create some uncertainty, we are seeing signs of
recovery in the export markets,” said Mr. Cory-Wright.
The significant increase in the farm gate milk price to the range of $9.50 to $10.50 per kg of
milk solids, which will be a new record, is an excellent result for the dairy industry and
especially the Southland region.
“As agricultural imports and exports represent one third of South Port’s cargo base, this is
also a positive sign for the Port.”
“There are signs of recovery in the forestry industry with increased volumes of logs and
woodchips being exported through the Port.”
He said the Port would continue to look at upgrading infrastructure “to ensure we can service
additional cargoes, wind farm developments and open ocean aquaculture projects that are
currently lodged in the Government’s fast track consenting process.”
ENDS.

For further information contact:
Mr Nigel Gear
Chief Executive
Tel: (03) 212 8159 Email: ngear@southport.co.nz

Mr Philip Cory-Wright
Chair
Mobile: 021 767 828 Email: philip@cory-wright.co.nz