South Port New Zealand Limited/Announcement

South Port New Zealand Limited - 2025 Annual Report

Annual Report18 September 2025SPNIndustrials

Island Harbour, PO Box 1,
Bluff 9842, New Zealand
+64 3 212 8159
reception@southport.co.nz
southport.co.nz
  South Port NZ
Printed on 100% recycled paper
2025
ANNUAL
REPORT
2025
ANNUAL REPORT

To facilitate the
best logistic
solutions for
the region
The Port proudly provides a full range of marine services,
cargo and container shipping, and on-site warehousing for
domestic and international customers. It is ideally situated
to service Southland’s significant export and import
industries including aluminium, timber, fisheries, dairy,
meat, woodchips, stock food, cement, alumina, fertiliser,
and petroleum products.
South Port prides itself on adding value to its import and
export customers, providing customised solutions to meet
their needs, and partnering with them to achieve their
operational objectives.
OUR PURPOSE
“
”
CONTENTS
Collaboration: Health and Safety ��70
Collaboration: Infrastructure
��72
Collaboration: Environmental
��73
Collaboration: Customers
��74
MSC Shipping Overview
��76
Section
06
Auditor's Report ��79
Statement of Comprehensive Income/
Statement of Changes in Equity
��82
Statement of Financial Position
��83
Statement of Cash Flows
��84
Notes to the Financial Statements
��86
Financial and Operational Five-Year Summary
��106
Section
07
Leadership Team ��108
Directory
��109
Southern Region Production and
Cargo Locations
��110
Section
08
Company Profile and Strategy��5
Key Statistics
��6
Comparative Cargo Breakdown
��7
Financial Calendar
��8
Financial Highlights
��8
Facts
��10
INTRODUCTION
Section
01
Noteworthy Events ��13
Review of Operations
��14
Infrastructure
��19
Port Infrastructure Map
��22
Section
02
Our Environment ��25
Section
03
Safety, Health and Wellbeing ��29
Our People
��33
Key Information
��37
Our Community
��38
Section
04
Directors ��48
Statutory Report of Directors
��49
Statutory Disclosure in Relation to Shareholders
��52
Shareholder Highlights
��53
Corporate Governance Statement
��54
Section
05
South Port ANNUAL REPORT 2025
PEOPLE AND COMMUNITIES
THE YEAR IN REVIEW
ENVIRONMENT
GOVERNANCE
SPOTLIGHT
FINANCIALS
ABOUT US
3

”
“
STRATEGY
In all activities, the Company will ensure a safe
workplace, enhanced employee wellbeing,
respect for the physical environment, and
assessment of cultural impacts. This aspect
of the strategy requires the Company to
deliver continuous improvement and active
engagement in these areas.
Protect existing trade and develop growth
opportunities.
Develop and/or influence optimal logistic
solutions with port linkages.
Evaluate and acquire appropriate technology to
enhance, protect, and expand our core business.
Infrastructure, fit for purpose, whole of life.
Available, flexible, and resilient, with acceptable
returns.
Optimise shareholder value and reinvest in our
business.
Strengthen and extend existing New Zealand port
relationships/alliances and position the business
for potential future sector rationalisation.
South Port New Zealand Limited (South Port) is the
southernmost commercial port in New Zealand, located at
Bluff and operating on a year-round, 24-hour basis.
It is situated in the province of Southland, which is
renowned for its agriculture due to its soil quality and
temperate climate. The region generates a sizeable
proportion of New Zealand’s total exports by value. The
region’s major cargo-producing sites, including agriculture,
forestry, and aluminium products, are all within 80km of the
Port.
The Port of Bluff has been operating since 1877, while
the Company was formed in 1988, having taken over the
assets and liabilities of the former Southland Harbour
Board.
At a Special Meeting of the Bluff Harbour Board in April
1952, it was agreed to proceed with a plan to build a
man-made island for port expansion, taking advantage
of a submerged sandbank. The island would consist of
eight new berths and 100 acres (40 ha) of land for storage
sheds, offices, railways etc. at an estimated cost of
£4 million. This was completed and officially opened on
3 December 1960, by the Governer General, the Viscount
Cobham.
South Port was listed on the NZ Stock Exchange (NZX) in
1994 and has Environment Southland, the region’s local
government environmental agency, as its 66% majority
shareholder.
South Port established its off-port Intermodal Freight
Centre (IFC) in July 2016. Strategically located adjacent to
the KiwiRail railhead in Invercargill, the IFC allows importers
and exporters in the Southland and Otago regions to
distribute their products promptly and efficiently.
COMPANY PROFILE
OUR STRATEGIC FOCUS
Island Harbour opening day on 3 December 1960, with
HMNZS “Lachlan” in Berth 1 and the “New Zealand Star”
in Berth 3.
5
South Port
ANNUAL REPORT 2025
THE YEAR IN REVIEW
Section
02
ENVIRONMENT
Section
03
PEOPLE AND COMMUNITIES
Section
04
GOVERNANCE
Section
05
Section
01
INTRODUCTION
SPOTLIGHT
Section
06
FINANCIALS
Section
07
ABOUT US
Section
08
Company Profile and Strategy ......................................................5
Key Statistics
....................................................................................6
Comparative Cargo Breakdown
....................................................7
Financial Calendar
...........................................................................8
Financial Highlights
.........................................................................8
Facts
.................................................................................................10
The following provides
readers with a snapshot of
the most significant events
for the year ended
30 June 2025.
This includes larger
capital projects, financial
performance, and company
milestones.
INTRODUCTION
Section
01

KEY STATISTICS
30.5
Gross container moves per hour
CRANE PRODUCTIVITY
202131�2
202233�8
202333�9
202432�7
202530�5
366
SHIP CALLS
3312021
3052022
3492023
3242024
3662025
52,300
20 foot container equivalents
CONTAINERS
2021
2022
2023
2024
Packed/Unpacked
(based on the total number of containers)
12,300
10,700
10,300
12,800
11,000
12,300
2025
53,750
44,000
41,700
51,900
2021
2022
2023
2024
52,300
2025
BREAKDOWN OF CARGO
545,900
Tonnes
Containers
512,000
431,000
436,000
2021
2022
2023
2024540,500
2025545,900
Bulk
2,815,900
Tonnes
2,700,000
2,867,000
2,794,000
2021
2022
2023
2024
2,430,000
2025
2,815,900
191,200
Tonnes
Break Bulk
242,000
256,000
249,000
2021
2022
2023
2024
242,000
2025
191,200
COMPARATIVE CARGO BREAKDOWN
20252024
exports
39
%
imports61
%
1 9.1
%
Stock Food
4 .1
%
Other Imports
7
%
Petroleum
22
%
NZAS Imports
32.7
%

Forestry
1.3
%
Other Exports
5
%
NZAS Exports
8.8
%
Fertiliser
exports82
%
imports18
%
exports
38
%
imports62
%
exports83
%
imports17
%
BULK/
BREAK BULK
TONNAGE
4.6
%

Fertiliser
2.3
%
Stock Food
8.7
%
Other
Imports
2.4
%
NZAS Imports
41.4
%
Agriculture
5.2
%
Forestry
10.6
%

Other Exports
24.8
%

NZAS
Exports
CONTAINERS
TONNAGE
12.2
%
Stock Food
3.5
%
Other Imports
7. 4
%
Petroleum
30.5
%
NZAS Imports
28.9
%

Forestry
1.5
%
Other Exports
7. 5
%
NZAS Exports
8.5
%
Fertiliser
BULK/
BREAK BULK
TONNAGE
3.7
%

Fertiliser
2.9
%
Stock Food
7. 9
%
Other
Imports
2.3
%
NZAS Imports
40.7
%
Agriculture
8.2
%
Forestry
12.6
%

Other Exports
21.7
%

NZAS
Exports
CONTAINERS
TONNAGE
76
South Port
ANNUAL REPORT 2025South Port ANNUAL REPORT 2025
Section
01
INTRODUCTIONINTRODUCTION
Section
01

26�00c
27�00c
2021
$10�7m
2022
$12�8m
72�1%
62�7%
2023
$11�7m
61�2%27�00c
$15�8m
2021
$13�7m
2022
$16�4m
2023
$12�8m
2024
2024
$7�4m
58�3%
2021
2022
2023
2024
27�00c
2021
2022
2023
2024
22�5%2021
24�5%2022
20�3%2023
12�3%2024
23�5%2021
23�2%2022
19�6%2023
15�9%2024
In Thousands of New Zealand Dollars 2025 2024

Operating revenue $63,282 $56,128
Total revenue $63,410 $56,251
Reported surplus after tax $13,318 $7,376
Normalised surplus after tax $13,891 $9,956
EBITDA $25,832 $21,305
Cashflow from operating activities $23,672 $12,786
Total assets $109,728 $103,364
Total equity $66,573 $60,232
Shareholders’ equity ratio 60.7% 58.3%
Earnings per share 50.80c 28.10c
Dividends declared per share 28.00c 27.00c
Net asset backing per share $2.54 $2.30
Return on shareholders’ funds 21.0% 12.3%
Cargo throughput (000’s tonnes) 3,553 3,213
SURPLUS AFTER TAXOPERATING CASH FLOW
EQUITY RATIODIVIDENDS PAID PER SHARE
RETURN ON EQUITYRETURN ON ASSETS
KEY FIGURES
$23.7m
2025
2025
$13.3m
60.7%202527.00c
2025
21.0%
2025
18.6%
2025
9
South Port ANNUAL REPORT 20258
South Port
ANNUAL REPORT 2025
INTRODUCTION
Section
01
30 JUNE 2026
2026 Financial Year End
AUGUST 2026
2026 Annual Results
Announcement
FINANCIAL CALENDAR
2025
2026
29 OCTOBER 2025
Annual Meeting - 11:00am
Venue: South Port Board Room, Island Harbour, Bluff
11 NOVEMBER 2025
Final Dividend Payment
FEBRUARY 2026
2026 Interim Profit Announcement
MARCH 2026
2026 Interim Dividend Payment
2026 Interim Report Published
FINANCIAL HIGHLIGHTS
Net Profit After Tax
$13�32
ₘ
 80.6% on previous year $7.38m
EBITDA
$25�83
ₘ
 21.2% on previous year $21.31m

Dividends Declared Per Share
28�00
c
 1 cps on previous year

Earnings per Share
50�8
c
 80.6% on previous year 28.1c

Return on Shareholders’ Funds
21�0
%
Previous year 12.3%

Operating Revenue
$63�28
ₘ
 12.7% on previous year $56.13m

Section
01
INTRODUCTION


FACTS
Owns and manages assets which
have a book value of:
$
110
MILLION
Has approximately 83,000m
2
of off-port land
available for future development.
83,000M
2
Handles more than 3.5
million tonnes of cargo in
a typical trading year.
MILLION
TONNES
3�5
Owns and operates an off-port container
packing/unpacking facility adjacent to the
KiwiRail railhead at Mersey Street, Invercargill.
The 8,000m
2
site houses a 4,000m
2
customs-
controlled and MPI transitional warehouse.
8,000M
2
Services vessels carrying
approximately 800,000 tonnes
of cargo destined for movement
across the Tiwai Wharf each year,
of which three-quarters are raw
material imports, while one-quarter
is finished aluminium product.
TONNES
800,000
Operates a separate dedicated
fuel berth at Bluff Town Wharf
plus provides the Tiwai Wharf
facility to the New Zealand
Aluminium Smelter under a
long-term licence.
EF
Undertakes its primary port
operation on a 40-hectare
man-made Island Harbour
situated at Bluff.
40
HECTARES
Has split its land-based operating
resource into four main divisions – dairy
warehousing, containers, cool and cold
storage, and general cargo.
1
2
3
4
Is the only Southland-based company listed on
NZX – market capitalisation as of 30 June 2025
equated to $184 million.
MILLION
$
184
$
Directly employs 141 permanent staff
plus fixed term and relief/casual
staff to support our marine and
warehousing seasonal operations.
PERMANENT STAFF
141
Offers full container,
break bulk and bulk
cargo capability, and
services the following
main cargoes:
IMPORT
alumina, petroleum,
fertiliser, acid, stock
food, and cement.


EXPORT
aluminium, timber,
logs, dairy, meat,
meat by-products,
and woodchips.
1110
South Port
ANNUAL REPORT 2025South Port ANNUAL REPORT 2025
Section
01
INTRODUCTION
Section
01
INTRODUCTION

“
Above: The refurbished "Murihiku" is operational�
NOTEWORTHY EVENTS
2024/2025
1� NPAT of $13.32 million (2024 - $7.38 million), a 80.6%
increase on last year�
2� Normalised profit of $13.89 million (2024 - $9.96 million), a
39�5% increase on last year�
3� Total cargo of 3.55 million tonnes (2024 - 3.21 million
tonnes), a 10.6% increase on last year.
4� A record throughput of cargo handled across the Island
Harbour of 2.74 million tonnes (2024 - 2.20 million tonnes).
5� A 20�8% increase in volumes handled across the Island
Harbour in the second half of the financial year�
6� Record volumes of stock food imported through the Port,
driven by a particularly wet spring and supported by a high
Farmgate Milk Price payout�
7� Total container volumes were 52,300 twenty-foot
equivalent units, the second highest exchanged through the
Port�
8� Meridian Energy and the New Zealand Aluminium
Smelter(NZAS) agreed that NZAS would provide 50MW per
hour of demand response for winter 2025�
9� Volumes across the Tiwai wharf decreased by 20�1%�
10� Bulk cargoes were up 12�5% compared to the previous
period, led by increases to forestry products, stock food,
fertiliser and petroleum products�
11� A full year dividend of 28.00 cents (2024 – 27.00 cents).
12� Development of a Memorandum of Understanding with
Awarua Rūnaka is currently underway.
13� Project Kia Whakaū to dredge the channel down to 10.7m at
high tide was officially declared open October 2024�
14� Dynamic under keel clearance software validated and in use
at the Port�
15� The refit of second pilot boat “Murihiku” was completed,
surveys were carried out, it underwent sea trials and is now
operational�
16� The second stage of Kaiwera Downs wind farm equipment
is expected in the second quarter of FY26�
17� Development of a sealed storage area at the Western tip of
the Island Harbour was completed and is ready to handle
project cargo�
18� A new reach-stacker was commissioned on Port� A second
new unit is expected in August 2025�
19� The Port is currently developing an energy masterplan�
20� The Sustainability Strategy was finalised and approved by
the Board�
21� The Approved Code of Practice for loading and unloading
cargo at ports and on ships was released by Maritime NZ�
22� The Mediterranean Shipping Company Wallaby Service
began calling at the Port in August 2024, replacing the
Capricorn Service�
23� The “MV Forest Harmony” was the first vessel to depart
the Port using the full 10�7m draft and carrying 41,905 MT of
woodchips�
13
South Port
ANNUAL REPORT 2025
THE YEAR IN REVIEW
Section
02
ENVIRONMENT
Section
03
PEOPLE AND COMMUNITIES
Section
04
GOVERNANCE
Section
05
Section
01
INTRODUCTION
SPOTLIGHT
Section
06
FINANCIALS
Section
07
ABOUT US
Section
08
Noteworthy Events ........................................................................13
Review of Operations
....................................................................14
Infrastructure
..................................................................................19
Port Infrastructure Map
................................................................22
Welcome to South Port’s
Annual Report for the
financial year ended
30 June 2025.
�
Section
02
THE YEAR IN REVIEW
”

NEW ZEALAND ALUMINIUM SMELTER
(NZAS)
On 25 February Meridian Energy and NZAS agreed that NZAS
will provide 50MW per hour of demand response for winter
2025, expected to last until 31 August� However, as a result of a
healthier hydro storage outlook, on 3 June, Meridian Energy and
NZAS agreed to end the current demand response early, allowing
production to ramp up once again at Tiwai�
As reflected in commentary above, this has impacted the flow of
tonnages across the Tiwai wharf over this period�
During the past year it was also reported that NZAS had reached
out to power generators to seek more renewable energy to
reopen the smelter’s closed fourth potline, which if successful
would provide more jobs for the region and cargo for the Port�
INFRASTRUCTURE – PORT AREAS
The Port has been very fortunate to have had the benefit of a
40-hectare man-made Island Harbour for the handling, storage
and shipment of cargo for our southern region customers since it
was opened in December 1960�
It is of note that this past year we have recently upgraded the last
undeveloped 2-hectare area of the Port, primarily for the storage
and handling of project cargo�
The Port still has land assets on the foreshore and this is the next
logical development area for the Company� However, just as our
predecessors went through a process in the 1950s, we must now
put our minds to the future and determine how the Port needs to
develop to prepare for growth in the region over the next 20 to
30 years�
FUTURE DEVELOPMENT
The Southland province is fortunate to be blessed with rich
natural resources� But it is noteworthy that recent Environment
Protection Agency (EPA) decisions have held back the
development of major projects proposed for ocean salmon
in Foveaux Strait by Ngāi Tahu, and a 300MW wind farm
by Contact Energy at Slope Down, Wyndham� Both these
developments will now be re-considered, but this time using the
Government’s new Fast Track consent process. Assuming they
are ultimately approved, the result will be a delay and substantial
increase in cost, but no better environmental outcome� Hopefully
going forward these types of projects will go through a more
streamlined, and less costly process and we can accelerate New
Zealand’s and Southland’s development.
There are a number of other projects summarised below which
give the Port confidence that the prospects for Southland in the
medium term are bright�
From left: Nigel Gear, Chief Executive, Philip Cory-Wright, Chair�
Strong cargo flows and a record profit
highlights South Port’s FY25 result.
The 2025 financial year has been marked by strong cargo flows,
notably in the second half of the financial year and particularly in
the dairy industry�
As a result the Company achieved a record after-tax profit of
$13.32m (2024 - $7.38m) a 80.6% increase on last year’s result
and ahead of the guidance provided at the release of our interim
result in February 2025�
Normalised NPAT (excluding one-offs) was $13.89m (2024 -
$9.96m) a 39.5% increase.
Cargo volumes across the Island Harbour wharves were
especially strong over the second half of the financial year,
increasing by 20.8% to 1,446,000 tonnes (2024 – 1,197,000
tonnes), a record throughput for this period.
Total cargo volumes increased 10.6% to 3,553,000 tonnes (2024
– 3,213,000 tonnes).
This financial result is especially pleasing considering the
reduced volumes of aluminium cargo being handled across the
Tiwai wharf because Meridian exercised its demand response
option to temporarily reduce its electricity supply to the smelter�
Volumes across the Island Harbour wharves increased by
24.8% to 2,742,000 tonnes (2024 – 2,198,000 tonnes), a record
volume, whereas volumes at the Tiwai wharf decreased by
20.1% to 811,000 tonnes (2024 – 1,015,000 tonnes).
As noted, the strength of the agricultural sector, specifically the
dairy industry, has been one of the backbones in the recovery
of the trade volumes through the Port reflected in both fertiliser
volumes increasing 23.0% to 353,000 tonnes (2024 – 287,000
tonnes) and stock food volumes increasing 73.8% to 563,000
tonnes (2024 – 324,000 tonnes).
Forestry volumes (logs and woodchips) recovered after a
particularly challenging period last year improving by 27�4% to
983,000 tonnes (2024 – 772,000 tonnes).
There has been significant disruption offshore, impacting
markets and container line schedules, especially the Suez
Canal due to wars in the Middle East, drought conditions at the
Panama Canal and increased tariffs imposed out of the United
States of America�
Despite these impacts the Port recorded a marginal increase in
container volumes at 52,300 TEU (2024 – 51,900 TEU).
The performance of the Port, employees and infrastructure
to handle these record volumes over the Island Harbour is
pleasing. This aligns with the Company’s strategy over recent
years to invest significant funds, both capital and maintenance,
in developing and maintaining Port infrastructure to provide
resilience and the capacity to grow as volumes dictate�
PROJECT KIA WHAKAŪ
The Kia Whakaū project to dredge and remove seabed materials
to 9.7 metre chart datum (CD), equivalent to an operating high
tide draft of 10�7 metres, is now playing an important part in our
growth profile and opportunities�
Benefits are already being realised after the new draft was
declared in October 2024�
Woodchip vessels are now recording a 33% increase in load
factor, filling the vessels and operating a one port load to one
port discharge model� In addition, other bulk and container
vessels are taking greater payloads than before and utilising the
additional draft�
As previously reported many vessels now also have the
opportunity to transit through the Port on additional tides (low
and high), improving both the supply chain and berth utilisation
at the Port�
REVIEW OF OPERATIONS
1514
South Port
ANNUAL REPORT 2025South Port ANNUAL REPORT 2025
Section
02
THE YEAR IN REVIEW
Section
02
THE YEAR IN REVIEW

SAFETY, HEALTH AND WELLBEING
Safety first is South Port’s most important value.
Ports can be hazardous environments, and we work diligently in
this area to constantly improve our processes, communications
and focus on critical risks, particularly people versus plant�
We have continued to strengthen our controls in the areas
of contractor management, overlapping duties and traffic
management in FY25� The improvements were driven by our
people with assistance from external experts�
The Port Health and Safety Leadership Group, comprising of
ports and stevedoring companies, the Port Industry Association,
unions and Maritime NZ released the Approved Code of Practice
for loading and unloading cargo at ports and on ships, this past
year�
This document provides a guideline for all ports to measure
their existing processes against and make improvements where
necessary�
CLIMATE STANDARDS/ENVIRONMENT
South Port produced its second climate-related disclosures
report under the new Aotearoa New Zealand Climate Standards
which will be published prior to 31 October 2025�
The major changes from the first document are the introduction
of a transition plan and the assurance of scope 1 and 2
greenhouse gas emissions�
To assist this process the Company has undertaken external
reviews, such as the expected sea level rise for the next 75-
year period, that will help to inform our risk assessments and
transition planning moving forward�
The Company also released its Sustainability Strategy this year
that connects our socio-environmental performance with our
economic performance, which will allow us to measure the total
cost of carrying out our activities at the Port�
PILOT BOAT
A second pilot vessel, the “Murihiku,” was recently refurbished,
surveyed, completed sea trials and was then put into service�
This vessel has proven to be an excellent addition to the marine
fleet and more importantly a backup for the "MV Takitimu II"
which is our frontline pilot vessel�
COMMUNITY ENGAGEMENT
Our relationship with the community and Iwi is important to
both the Company and our employees�
The leadership team meets with both the Community Board
and Iwi from time to time to keep our local stakeholders
informed of current activities and future plans at the Port
where possible�
Additionally, twice a year the Company produces and
distributes a newsletter (Mai I Te Wāpu – From the Wharf)
to every mailbox in Bluff updating the community on what is
happening at the Port�
STAFF
Our staff play an important role in developing our culture,
improving our productivity and contributing towards the safety
performance at the Port� The record volumes across the Port
noted above would not happen without the dedication of our
staff who work tirelessly to ensure we meet our customer
expectations to the best of our ability, in a safe manner�
OPEN OCEAN AQUACULTURE
In March 2025 the Government released an updated
aquaculture development plan for New Zealand, setting out
a sustainable growth pathway toward $3 billion in annual
aquaculture revenue by 2035�
A significant opportunity within this strategy is to target
$1�5 billion by extending aquaculture into the open ocean�
Developing Southland’s potential is considered a key part of the
success to this strategy, and there are a number of companies
looking at opportunities in this region�
Ngāi Tahu is currently progressing an application within the
fast-track process for their Hananui project� Sanford has
previously lodged a consent with Environment Southland, and
Ocean Farms New Zealand commenced the consent process
to install farm facilities at 4 deep-water locations offshore from
Southland�
LAND BASED AQUACULTURE
In addition to the plans in the open ocean, ImpactMarine has
been listed under the fast-track consent process to develop
an on-land salmon farm and processing facility including a
hatchery, smolt and grow-out facilities in Bluff�
WINDFARMS
Planning is underway at the Port for the handling of stage two of
Mercury NZ’s Kaiwera Downs wind farm. As noted, a hard stand
area has recently been finished to handle the five shipments of
equipment expected to arrive at the Port over the fourth quarter
of CY25�
Contact Energy confirmed this year that it has applied for its
Slope Down wind farm project, which was declined in 2024 by
the EPA, to be accepted under the new Fast Track approval
process� This project is located east of Wyndham, Southland,
and if constructed will have the capacity to produce up to
300MW from 55 turbines�
The Manawa Energy (now 100%-owned by Contact Energy) and
Pioneer Energy partnership to construct and operate the Kaihiku
Wind Farm (comprising up to 73 wind turbines with an expected
generation capacity of approximately 300 MW) has also been
listed under the fast-track consent process� This wind farm is
located north of Clinton, in South Otago�
DIVIDEND
The Board has an ongoing policy of assessing South Port’s
dividend flow after taking into consideration both its Operating
Free Cash Flows (OFCF) and its reported profits. OFCF is
interpreted as being annual operating cash flow less net
maintenance capital expenditure� Reported profit is viewed as
the Company’s annual profit movement plus future maintenance
requirements�
The Board is pleased to declare a final dividend of 20�50 cents�
This translates to a full year dividend of 28�00 cents per share
(2024 – 27.00 cents). Full imputation credits will be attached to
all distributions� The 28�00 cent dividend represents a pay-out
ratio for 2025 of 55% using reported NPAT and 44% of OFCF�
The dividend payment represents a gross return of 5�6% (net
4.0%), based on a share price of $7.01 as at 30 June 2025.
BOARD COMPOSITION
Mr John Schol and Mrs Clare Kearney retire this year by rotation�
Mr Schol being eligible offers himself for re-election�
Mrs Kearney has elected to retire after serving 3 terms (9 years),
on the Board� Clare has been an excellent contributor to the
Company since her appointment to the Board in 2016, especially
in her role as Chair of the Health and Safety panel which she has
held since 2021. Clare’s passion and advocacy for both staff,
the local community and the environment will be missed on the
Board�
1716
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Section
02
THE YEAR IN REVIEW
Section
02
THE YEAR IN REVIEW

ISLAND HARBOUR DEVELOPMENT
WESTERN TIP
During 2023 a gravel hard-stand was developed at the western
end of the Island Harbour to cater for the arrival of 67-metre
turbine blades, and other turbine components, needed for the
Kaiwera Downs Wind Farm (stage 1).
At the beginning of the financial year we expanded this area
and constructed an asphalt surfacing layer to the existing
pavement, along with other key infrastructure components,
including drainage systems and lighting towers�
This area is now fully equipped to handle a wide range of cargo
demands, and provide additional flexibility to store other cargoes
when the area is not being utilised�
The first planned operational use of the resurfaced Western
Tip will be as a lay-down area for Kaiwera Downs Wind Farm
(stage 2), supporting the unloading of components directly from
incoming vessels�
This milestone marks a significant step forward in enhancing the
region’s logistical capabilities and supporting renewable energy
projects�
INFRASTRUCTURE
2023
Above: The completed redevelopment of the Western Tip�
Above: Turbines arrive at South Port for stage 1 of the Kaiwera
Downs Wind Farm�
OUTLOOK
It has been a challenging year with several macro-economic and
climatic conditions that have influenced cargo volumes handled
across the wharf during the past 12 months�
Despite these challenges and fluctuations, the Port has been
in an excellent position to meet the demands placed on our
infrastructure and operations which has been a highlight for the
year�
The agricultural sector, particularly the dairy industry, has
been strong, which is reflected in the volumes of bulk and
containerised cargo being handled through the Port�
The strength of the dairy sector is forecasted to continue in
FY26 with Fonterra indicating a Farmgate Milk Price of $10�00
per kilogram of milk solids within a forecast range of $8�00 to
$11�00, which is a positive sign for both the Southland region and
the Port�
The macro-economic conditions offshore are expected to
remain difficult� Supply chains continue to be disrupted,
particularly around regions where conflict is present, impacting
container services calling to New Zealand�
However, the Company remains confident about the resilience
of the business�
There are a number of projects connected to both the
aquaculture and energy sectors currently in the consenting
stages that will provide short to longer term opportunities for the
Port, in addition to existing projects such as the Kaiwera Downs
stage 2 wind farm components that will be shipped through the
Port in FY26�
The business strategy to invest in our infrastructure has proved
to be successful and will continue to be an important part of our
planning to ensure we can meet our customers requirements
going forward�
These opportunities, combined with the wide range of cargoes
being handled at the Port, provide the Company with an
optimistic outlook for the future�
P W Cory-Wright
Chair
N G Gear
Chief Executive
1918
South Port
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Section
02
THE YEAR IN REVIEW
Section
02
THE YEAR IN REVIEW

INFRASTRUCTURE PORTAL
We have successfully implemented an online portal system,
designed to streamline management of Port infrastructure tasks
and projects�
The system significantly improves the way we handle
maintenance and operational work-flows, by allowing all Port
users to log tasks and request repairs via email�
Each request is routed to the appropriate infrastructure team
asset manager, ensuring that issues are addressed promptly
and by the right personnel�
This centralised approach has replaced fragmented
communication channels, bringing all task-related
correspondence and updates into a single, easily accessible
platform�
This has enhanced visibility across departments, improved
accountability, and created a more organised and efficient
process for tracking progress and outcomes�
ENTRANCE LIGHT BEACON UPGRADE
The navigation beacon located on the Foveaux Walkway
no longer met safety standards, we took the opportunity to
upgrade it and converted the power source to solar�
Previously the beacon was powered by an aging and unreliable
cable running through the bush from the top of Bluff Hill�
Now the beacon runs on solar power making it more resilient,
sustainable, and reliable�
The beacon location provided additional challenges for this
upgrade, as contractors were required to either hike, or bike
2km along the Motupōhue track to access the beacon, with
materials being airlifted in by a local helicopter contractor�
This is a vital safety improvement for vessels navigating the
Port�
BEFORE
AFTER
”
“
Investing in Port
infrastructure enhances
safety, accuracy, and
efficiency across Port
operations.
COLD STORES RAPID DOORS
The freezer doors inside Cold Store 1 have been replaced with
energy-efficient ‘rapid doors’.
These doors open and close faster and have additional sensors
for safer operation� Their double skin design improves thermal
properties and reduces hazardous ice formation�
TECHNOLOGY
INTEGRATING DRONE TECHNOLOGY INTO
INFRASTRUCTURE OPERATIONS
Incorporating drone technology into our weekly infrastructure
workflow significantly enhances safety, accuracy, and efficiency
across a range of tasks�
With a qualified drone pilot on the team we are able to complete
the following key applications:
High-Risk Inspections Drones are used for inspections at
height, over water, and in areas with heavy plant operations,
eliminating the need for personnel to enter hazardous areas�
Aerial Mapping Create high-resolution aerial maps to support
planning, monitor project progress, and maintain accurate site
records�
Operational Layout Analysis Capture detailed overhead
views to analyse and optimise site layouts for operational
efficiency�
Commercial Use Provide high-quality aerial photography to
our commercial department for use in stakeholder engagement
and marketing, some of which feature in this annual report�
This integration not only improves safety and data quality,
but also empowers smarter decision-making across all
infrastructure projects�
BERTH 11 EMERGENCY WORKS
UNDERWATER BLASTING AND DREDGING
Emergency works were initiated at Berth 11 to address bedrock
restricting vessel draft� This work was essential to ensure
uninterrupted delivery of fuel and bitumen into the region�
Divers safely and efficiently carried out two stages of core
drilling, and controlled underwater blasting to break up the
bedrock�
The final stage involved dredging the fragmented material using
a long-reach excavator, to achieve the target berth pocket
depth�
At all stages the work complied with the relevant conditions
of the drill and blast capital dredging consent granted in 2022
including: marine observations, vibration monitoring and
communication with stakeholders�
2120
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Section
02
THE YEAR IN REVIEW
Section
02
THE YEAR IN REVIEW

2322
South Port ANNUAL REPORT 2025South Port ANNUAL REPORT 2025
PORT INFRASTRUCTURE MAP
Vacant
land for
development
Berth 3
Berth 4
Berth 5
Berth 6
Berth 8
Berth 7
Berth 1
Berth 2
Berth 11
Berth 3A
1
4
5
6
7
8
9
10
12
15
13
14
2
16
17
3

Intermodal Freight Centre, Invercargill
7
8
9
Syncrolift Dry Dock
Woodchip Storage
Tiwai Wharf owned by South Port and leased
under a licence agreement to NZAS
Cold Stores 39,500m
3
Bulk Cargo Warehousing – 5,500m
2
Dry Warehousing - 13,300m
2
Dry Warehousing – 2,000m
2
Town Wharf Petroleum Import Berth
Fishing Boat Piers
1
2
3
4
5
6
10
11
12
13
14
15
16
17
Island Harbour Access Bridge
Administration Building
Container Terminal Office
Bulk Liquid Storage Facilities
Dedicated Container Servicing Pad
Log Storage
Bulk Cargo Warehousing – 11,800m
2
West End Development Storage Area
Vacant land
for development
11
15
13
Section
02
THE YEAR IN REVIEW
Section
02
THE YEAR IN REVIEW

“
During 2022 and 2023, South Port conducted the dredging
of the channel in Bluff Harbour� The dredging comprised of
two distinct methods - suction dredging was used to remove
sediments (soft material), and a backhoe dredge was used to
remove fractured rocks�
Since the dredging campaign was completed, South Port
has been monitoring the impacts of the dredging under the
conditions of the Coastal Permit� The full scope of monitoring
covers the following sites:
 Soft Sediment Benthic Monitoring
 Seagrass Monitoring
 Motupōhue Mātaitai Monitoring
 Bluff Harbour Entrance Channel
 Rock Disposal Site
The Coastal Permit conditions required that the first three
sites be surveyed within one month of completing the
dredging, while the last two had a more extensive schedule,
with four separate surveys at 3 months, 12 months, 36
months, and 60 months after completion of the work�
The report on the 3 and 12 month surveys of the Rock
Disposal Site was completed in December 2024� The
report concluded that overall, these results find that the
subtidal environment within the site has transitioned from
a lower diversity (infauna, epifauna, algae) environment
pre-disposal, to an environment which supports increased
species diversity, including growing fish numbers, particularly
juvenile blue cod, which were observed to increase during the
12-month survey�
In February 2025, South Port submitted a report comprising
the results of the 3 month and 12 month surveys of the Bluff
Harbour Entrance Channel� The findings from both surveys
are positive and indicate that rock removal has not appeared
to have affected the monitored habitat or species groups to
detectable levels� Additionally, observed epifauna remained
consistent with those expected of a rocky reef habitat�
There are two more rounds of surveys remaining at both sites,
and we look forward to continuing the monitoring, seeking to
better understand the impacts of South Port's activities on
Bluff Harbour and the surrounding area�
OUR ENVIRONMENT
KIA WHAKAŪ PROJECT
POST-DREDGING MONITORING
Above: Capital dredging works areas within Bluff Harbour and
Foveaux Strait/Tiwai Peninsula�
Site 2 -3 months Survey –Jan 2024
Above: Bluff harbour entrance channel survey locations�
Before: Baron seashell with
little/no habitat�
After: (3 months later), stable
subtidal environment�
Rock disposal site - survey images
25
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ANNUAL REPORT 2025
THE YEAR IN REVIEW
Section
02
ENVIRONMENT
Section
03
PEOPLE AND COMMUNITIES
Section
04
GOVERNANCE
Section
05
Section
01
INTRODUCTION
SPOTLIGHT
Section
06
FINANCIALS
Section
07
ABOUT US
Section
08
Our Environment............................................................................25
South Port continually
looks for opportunities to
improve on its environmental
responsibilities.
Section
03
ENVIRONMENT
”

GREENHOUSE GAS (GHG)
ACCOUNTING SYSTEM
In July 2024, South Port began implementing the Diligent
ESG software for accounting for GHG emissions� The system
streamlines data collection, emissions calculation, and reporting
of results, facilitating the limited assurance process for the
Company's Scope 1 and Scope 2 emissions inventory�
The implementation of the system has been completed, and
South Port will now focus on preparing for 2026, when it will be
necessary to obtain limited assurance for Scope 3 emissions,
a more complex task, but one that will undoubtedly be more
efficient with the software in operation�
MAINTENANCE DREDGING
5-YEARLY BENTHIC BIOTA STUDY
South Port periodically performs maintenance dredging in Bluff
Harbour to ensure effective navigation conditions for vessels
arriving at the Port�
This work is carried out under our Coastal Permit which
establishes the conditions for dredging, including the necessary
monitoring to assess potential impacts� Among these, is a study
of the spoil deposition area, to evaluate the effects of deposition
on the benthic biota, to be completed every 5 years�
Benthic biota is composed of infauna and epibiota organisms�
Benthic infauna is the collection of organisms that live within
the sediments of the seafloor, while epibiota is represented by
organisms that live attached to the seabed�
The study involves the collection of biota samples, comprising
infaunal cores and epibiota research dredge trawls, within the
disposal and control areas�
STRATEGIC VISION
Our strategy is built on the Triple Bottom Line approach -
People, Prosperity, and Planet, and is aligned with three key
United Nations Sustainable Development Goals (SDGs):

SDG 8: Decent Work and Economic Growth

SDG 9: Industry, Innovation, and Infrastructure

SDG 13: Climate Action
These goals reflect our commitment to sustainable growth,
innovation, and environmental stewardship�
KEY PILLARS AND FOCUS AREAS
We have identified eight strategic pillars, each with measurable
indicators and achievement criteria:
1
|
Economic Value 
Focus on maintaining growth, profitability, and cargo
throughput while adapting to market conditions�
2
|
Energy Efficiency 
Reduce fossil fuel dependence, promote renewable energy,
and improve operational energy intensity�
3
|
Water Efficiency 
Encourage responsible water use, recycling, and process
improvements across operations and customer activities�
4
|
Occupational Health and Safety 
Ensure safe working environments, uphold labour rights, and
meet compliance standards�
5
|
Infrastructure Investment 
Deliver resilient infrastructure projects that support regional
development and climate adaptation�
6
|
Environmental Protection 
Invest in environmentally sound technologies and practices to
mitigate operational impacts�
7
|
GHG Emissions 
Monitor and reduce Scope 1, 2, and 3 emissions, with
transparent reporting and assurance protocols�
8
|
Climate Risk and Opportunity 
Identify and manage climate-related risks and opportunities
with financial impact assessments�
SOUTH PORT SUSTAINABILITY STRATEGY 2025–2030
IMPLEMENTATION AND GOVERNANCE
The strategy is supported by structured workstreams:
 Monitoring Program: Tracks progress on sustainability
indicators�
 Stakeholder Engagement: Ensures internal and external
alignment�
 Policy Development: Formalises climate, energy, and
procurement practices�
 Review Mechanisms: Annual reviews to adapt to changing
market, legal, and environmental contexts�
CONTINUITY PLANNING
To ensure long-term success, South Port will:
 Conduct
Value Chain Analysis to assess sustainability across
operations�
 Develop a comprehensive Asset Management Plan that
includes climate risk scenarios�
This strategy positions South Port as a resilient, responsible,
and future-ready organisation� We are confident that our
sustainability commitments will enhance shareholder value while
contributing positively to our community and environment�
PEOPLE
PROSPERITY
PLANET
South Port has developed its Sustainability Strategy, a forward-
looking framework designed to align our operations with global
sustainability standards, while continuing to deliver strong
economic performance�
The methodology for evaluating the samples takes into account
abundance, richness, evenness, and diversity, which are
determined by direct analysis of the samples and photographs�
Additionally, the study also includes the analysis of sediments
collected from the ocean floor�
The results demonstrate that the disposal site exhibits similar
sediment chemistry characteristics to the control site, showing
no degradation with regard to contaminants in sediments
attributable to the Harbour site dredge material� It illustrates that
the disposal site remains largely unimpacted by the deposition
of dredge spoil�
Above: Locations of Disposal and Control Sites at Tiwai Point and
Harbour Sites in Bluff Harbour, New Zealand
SEA LEVEL RISE
South Port has conducted a study to assess the impacts of
sea level rise on the Company's assets� The objective of the
study was to assess the vulnerability of our facilities, including
buildings, roads, yards, wharves, and berths, to climate change,
cross-referencing geographic information, sea level rise
forecasts, and the scenario analysis performed for our Climate-
Related Disclosure (CRD).
This study was a crucial step for the Port, to focus its attention
on one of the primary climate change impacts, thereby
enhancing its strategy to address the challenges posed by
climate change for asset management, and to create resilient
infrastructure�
Above: Eduardo Quelez, Environmental Technician, surveying to
gather sea level rise data�
2726
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ANNUAL REPORT 2025South Port ANNUAL REPORT 2025
ENVIRONMENT
Section
03
Section
03
ENVIRONMENTENVIRONMENT

“
SAFETY, HEALTH AND WELLBEING
SAFETY FIRST, ALWAYS.
This core value and principle remains a
foundation of our workplace culture�
We have continued to enhance our safety protocols, deliver
targeted training, and actively engage with Port staff in
identifying and managing risk� This proactive approach
prioritises education and prevention, and encourages open
communication across teams and departments�
We continue to shift our focus from a compliance-based
mindset, to a culture of shared responsibility and care, where
every person takes ownership of their own safety and the safety
of their teammates�
Our aim is to ensure that every team member
returns home safely each day�
That commitment has driven the development of initiatives that
not only meet industry standards but aims to exceed them�
We have seen promising results in our safety performance;
however, the journey is ongoing� Strong and effective
leadership and frontline engagement remain key pillars in our
health and safety strategy�
From Left: Roger Hyde, Port Services
Supervisor, Scott Faithfull, Bulk Cargo
Operations Manager.
29
South Port
ANNUAL REPORT 2025
THE YEAR IN REVIEW
Section
02
ENVIRONMENT
Section
03
PEOPLE AND COMMUNITIES
Section
04
GOVERNANCE
Section
05
Section
01
INTRODUCTION
SPOTLIGHT
Section
06
FINANCIALS
Section
07
ABOUT US
Section
08
South Port is committed to
building a culture that cares
about our people and our
community.
Safety, Health and Wellbeing ......................................................29
Our People
......................................................................................33
Key Information
..............................................................................37
Our Community
.............................................................................38
Section
04
PEOPLE AND COMMUNITIES
”

Our Critical Risk Programme shapes and influences everything we do in health and safety�
EMBEDDING CONTROLS THAT WORK
FOR US
The Company has developed the next phase of the Critical
Risk Management (CRM) process with an organisation-wide
approach to identifying, verifying, and continuously improving
controls through a Critical Risk Roadmap (CRR).
With the CRR in place, there is a more consistent approach to
critical risk and improved risk literacy�
To achieve this, we made collaboration with frontline workers,
safety advisors, and operational leaders a core part of the
process, co-developing field-tested controls� Consequently,
these controls are understood at all levels, demonstrated in
practice, and reflected in our risk registers�
The involvement of Health and Safety Representatives (HSRs)
in the risk register review process has been invaluable� This has
strengthened the accuracy of our risk data, improved ownership
and understanding across teams, ensuring frontline realities are
reflected in our controls�
The Executive Leadership Team (ELT) has also increased its
cadence of site-based safety observations to strengthen
governance and officer due diligence� This focus on
understanding the gap between work as imagined (how we
think work happens) and work as done (how work happens) has
been important in improving the relevance and effectiveness of
controls�
We are shifting our mindset: controls must not only prevent
harm, but also mitigate consequences when things go wrong - if
failure occurs, we need to ensure we 'fail safely'�
This evolution from compliance to collaboration and from
assumption to observation is laying the groundwork for a critical
risk program that is both field-informed and leadership-owned,
with practical, resilient, and sustainable safety outcomes�
“
”
Having our Safety Reps involved in the risk
review process has changed the conversation�
We're not just ticking boxes — we're making
sure the risks make sense to the people doing
the work�
Hayden McLiskey
Dairy Warehousing Supervisor
SOUTH PORT
FAST FACTS
21
Critical risk observations
(Initiative began April 2025)
134
people
Undertook health
monitoring initiatives
3,143
Site inductions
completed
237,261
Inwards vehicle
movements on Port
*Includes proactive safety training and compliance�
377
Training courses
completed*
56
Worker engagement and
safety observations
80
Contractor safety
observations
184
Proactive risk management
activities, including drug and
alcohol surveillance
21
Independent third-party
health and safety audits
and inspections
PEOPLE AND COMMUNITIES
Section
04
From Left: Depot Operators Zyon Otene, Paige Gilbert and Tunahau Kohu.
31
South Port
ANNUAL REPORT 2025
30
South Port ANNUAL REPORT 2025
Section
04
PEOPLE AND COMMUNITIES

ENGAGEMENT, PARTICIPATION AND
THE WORKER VOICE
Recognising that safety and operational excellence improves
when workers are actively involved, we enhanced worker
participation and engagement by creating more channels for
input, building trust, and ensuring every voice counts�
Health and Safety Committee Meetings have adopted a fresh
approach with new members and focused on the 'worker
voice,' leading to high engagement and increased worker input�
Toolbox talks now feature more two-way communication, with
Safety Reps playing a key role in sharing ideas across teams,
raising concerns, and implementing learnings from committee
discussions into day-to-day operations, ensuring a connection
between strategy and execution�
Worker-led improvements have directly influenced several
operational and safety changes, from incident reporting
to increased safety initiatives through our opportunity for
improvement program� This team effort has created a
strong sense of unity, shared responsibility and improved
responsiveness to emerging risks�
EMPOWERING OUR PEOPLE THROUGH
EDUCATION AND ENGAGEMENT
The Company has invested in Health and Safety training to ensure
that everyone across our business has the tools, training, and
confidence to carry out their roles safely and effectively�
We reviewed our business-as-usual training, including essential
courses such as Working at Heights and First Aid� This review
enabled the streamlining of our processes, identification of
gaps, and broadening of our offerings to ensure our workforce is
equipped for proactive and preventative safety leadership�
Recognising the critical role that frontline leadership plays in
shaping safety outcomes, we delivered workshops and coaching
sessions tailored to our supervisors� These sessions focused
on deepening knowledge in key areas such as Critical Risk
Management and Injury Management� The goal was to build
capability in identifying risks early, managing them effectively, and
reinforcing our core value: Safety First�
The Company also facilitated Incident Cause Analysis Method
(ICAM) training to build our investigative capability. By
understanding root causes, we promote a learning environment
that prioritises accountability while fostering the principle of
'failing safely', ensuring we prevent recurrence and support
continuous improvement�
Additionally, our Health and Safety Representatives have
completed formal training and are receiving additional coaching
and support� With enhanced knowledge and confidence, they are
now actively engaged in risk assessments, incident investigations,
and worker engagement� This investment in capability has
not only improved the quality of our safety inputs but has also
strengthened the trust between operational and support teams�
Together, these initiatives reflect our ongoing commitment to
empower our people, build confidence through training and
education, and to embed a strong and sustainable safety culture�
“
”
Being a Safety Rep has been a really rewarding
experience. I’ve been able to speak up for the
team and bring ideas from the floor to the table
- it’s great to see those ideas helping make real
improvements around the site�
Debbie Sutherland
Cold Stores Operator
SOUTH PORT
Above: Boysie Karetai, Dairy Warehousing Operator
Above:
Regan Fraser, Utility Engineer�
From Left: Debbie Sutherland and Carwyn Henigan, Cold Store Operators�
3332
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ANNUAL REPORT 2025South Port ANNUAL REPORT 2025
South Port is building a high-performing team
culture, founded on trust, support, and a
shared purpose�
At South Port our people are the heart of everything we do� The
success of our operations depends not only on infrastructure
and logistics but – most critically – on the safety, wellbeing, and
motivation of our team�
We are committed to fostering a safe, connected, and purpose-
driven work environment where our people feel valued,
respected, and part of the South Port whā
nau�
We have continued investing in leadership development,
training, and wellbeing programmes to support personal
and professional growth� We also welcomed new talent and
celebrated high achievers and long-serving employees,
balancing innovation with deep institutional knowledge�
Engagement, communication, collaboration, and feedback are
the cornerstones of our evolving culture�
Manaakitanga encompasses all our values - encouraging care
for others in everything we do: being safe at work, acting with
integrity, working smarter, going the extra mile, and pulling
together as one team�
Our people make South Port what it is, and together, we are
building a future we can all be proud of�
OUR PEOPLE
“
”
Our goal is to attract, develop
and retain talented people.
Section
04
PEOPLE AND COMMUNITIESPEOPLE AND COMMUNITIES
Section
04

DEVELOPING LEADERSHIP AND TALENT ACROSS THE PORT
South Port is focused on developing leaders who can drive strategic initiatives and possess
the technical expertise needed to navigate complex challenges and opportunities� In recent
years, we have invested in several new or enhanced specialist leadership roles� These roles are
designed to ensure effective succession planning, which is crucial for maintaining continuity and
stability in the business� Additionally, these positions introduce strategic and technical skills to
the organisation, further strengthening our capabilities�
TAKING MARINE TO THE NEXT LEVEL
Marine Operations Manager Sam Moore joined South Port
18 months ago and brought with him a reputation for
championing safety and efficiency�
He also boasts extensive maritime and project management
experience, including managing a fleet of 35 vessels and
overseeing a shipyard that handled the design, construction,
and operation of vessels worldwide�
Sam now oversees the South Port Marine Department with over
30 permanent staff, supported by relief tug and engineering
crews and casual lines handlers� Additionally, he manages a
fleet of three harbour tugs, two pilot launches, marine support
infrastructure management, including beacons and fenders, and
is responsible for a 24/7 operation�
Since joining the Port, he has been tasked with building
resilience within our marine operations, requiring him to balance
competing demands� These have included implementing a
new maritime fleet management system, introducing a new
pilot launch vessel, "Murihiku", overseeing the fleet repair and
maintenance program, and completing simulator training in
Brisbane�
Sam noted that a highlight for him in his role is the people he
works with� "I'm surrounded by a great team, and I know I can
count on everyone to pull together to get the job done, safely
and efficiently�"
PATH TO DIVERSITY
The port sector has traditionally been male-dominated and
conservative, particularly in frontline operational leadership
roles�
Many talented women have now joined the Port, filling key
roles in health and safety, marine, container and warehousing
operations, and communications�
Merit and diversity are often considered competing priorities in
recruitment and promotion, but they are not mutually exclusive
and can be complementary and enhance workplace culture�
Sian Tarrant and Charlotte Melvin exemplify this, and their
technical expertise and pragmatic operational experience are
welcome gains for South Port�
Following the restructuring of our Container and Warehousing
Divisions, Sian took on the newly created role of Container
Services Manager, assisting and providing solutions to Hayden
Mikkelsen, Container Operations Manager�
Shortly after, Charlotte Melvin was recruited as Health
and Safety Manager, spearheading the development and
implementation of comprehensive port-wide health and safety
strategies, policies, and practices�
Sian and Charlotte, both individually and collectively, are helping
drive an open and collaborative leadership style, motivating
less experienced colleagues to upskill, joining committees and
working groups, and enhancing their value to the Port�
GETTING THE BEST START
Southland employers continue to face
challenges with skilled labour shortages, and
South Port is no exception�
The Company has identified skills scarcity as one of our top
challenges, emphasising the need for proactive workforce
planning and upskilling strategies with a particular focus on
creating positive onboarding experiences to enhance retention,
engagement, satisfaction, and productivity�
We conduct post-induction interviews with all new permanent
employees 8-12 weeks after their initial onboarding, gathering
feedback on the induction process and their overall experience�
This feedback is crucial to ensure employees feel supported
and prepared in their roles, and to help us identify gaps and
opportunities for improvement�
We will build on this work by introducing 6-month and 12-month
'pulse checks' to review progress�
“
”
I am already learning new skills... my start
has been what I expected from what was
advertised� I see this job as being long
term and can see myself here for many
years�
“
”
Everyone’s busy but no-one’s too busy to
help which I like and really appreciate�
“
”
One thing that’s really stood out for me is
that I am thanked for my work. You don’t
need this to be over the top, but [my line
manager] thanks me for doing a good job,
and it’s so good to feel valued.
“
”
The place, people, work is exactly what I
expected� There were no surprises� I think
I’ve got to grips with the role quite quickly. I
feel well-supported�
“
”
Everything has been good, everyone has
been welcoming. Really good, I wasn’t
pressured to get in the deep end�
In 2024, the Company reviewed the range of employee
benefits and incentives, and introduced a group health
insurance scheme for all permanent staff� This includes
coverage for pre-existing conditions and quick and easy
access to an online GP service�
Cost, wait times, and the unavailability of healthcare
professionals are major barriers to seeking treatment� Access
to quality, affordable healthcare is a significant concern for our
employees�
"This employee benefit gave me and my partner access
to private healthcare, which we could never have afforded
otherwise. I’ve lived with pain and I only wish I had this
insurance sooner� The cost and delays in the public system
really affected my quality of life and my ability to work�
Knowing that insurance cover is in place gives me peace of
mind," said Lee McDermott, Container Terminal Operator�
The health insurance scheme represents a substantial
annual investment from the Company, but it is a tangible
demonstration of manaakitanga and care for our people� It
complements other health initiatives designed to improve
employee wellbeing�
The scheme also makes business sense as it facilitates faster
return-to-work processes, reducing the impact of lengthy
wait times in the public health system through earlier access
to diagnosis and treatment�
GROUP HEALTH INSURANCE SCHEME
Having a compelling employee value
proposition is essential for recruitment and
retention.
From left: Hayden McLiskey, Dairy Warehousing Supervisor, Khamish
McCauley, Dairy Team Leader, alongside Alison Young, Southern Cross
Account Manager, explaining the benefits of the scheme�
From Left: Sam Moore, Marine Operations Manager, Charlotte Melvin, Health and Safety Manager, Sian Tarrant, Container Services Manager�
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PEOPLE AND COMMUNITIES
Section
04
Section
04
PEOPLE AND COMMUNITIES

GENDER BY ROLE TYPE
Female Female Female Female Female
2025 2024 2023 2022 2021
Board 67 67 50 50 33
Executive 29 29 25 25 25
Supervisors
*
10 7 13 13 14
Operational 11 11 9 4 3
All Permanent Staff 26 25 20 18 20
% % % % %
AS AT 30 JUNE 2025
34
%

50+
24
%
30-39
28
%
40-49
14
%
Under 30
Age
Note: Total percentage is above 100% due to staff being able to select
more than one ethnicity.
2
%

Asian
6
%

Pacific Islander
68
%
European
1
%

Not Specified
28
%

Māori
6
%

Latin American
Ethnicity
40
%

Bluff
60
%
Invercargill
Domicile
KEY INFORMATION
1
%
40+ Years
53
%
0-4 Years
1
%
30-39 Years
6
%
20-29 Years
13
%
10-19 Years
26
%
5-9 Years
Length of
Service (Years)
EMPLOYEE RECOGNITION
Employee appreciation is integral to our workplace culture, recognising a job well done motivates
and inspires others to do likewise� We encourage staff to celebrate workmates who actively
demonstrate our values�
Here are some stand-out examples of our staff going the extra mile, without expectation of extra payment or reward:
Zarah Roderique
Container Terminal
Planner
Zarah joined the Health
and Safety Committee in
late 2024, and has really
embraced her new role and responsibilities�
She has completed Health and Safety
Representative ‘Stage One’ training which
covers the minimum regulatory training
requirements for staff reps and is scheduled
for further training on risk assessment and
incident investigation in the coming months�
Zarah promotes a positive and proactive
safety culture, including making sure
all incidents are recorded and reported
accurately, helping to lift the standard across
the Port�
SAFETY FIRST
ACT WITH INTEGRITY
WORK SMARTER
GO THE EXTRA MILE
ONE TEAM
MANAAKITANGA
Jason Paul
Project Engineer
Alongside the rest of
the Infrastructure and
Environmental team,
Jason developed and
implemented a number of continuous
improvement initiatives that are able to be
replicated in other areas of the business�
Jason has piloted a new project management
portal and ‘triaging’ system for managing
infrastructure maintenance and repairs� This
facilitates an effective response and enables
the team to track progress and ensure that
work is completed to the required standard�
Tyson Irwin
Fleet Maintenance
Team Leader
Tyson is highly respected
across the Port for his
operational experience,
technical expertise,
work ethic and safety leadership� Tyson
demonstrates his passion for the Port, its
values, and his team mates in all he does�
Known for his continuous improvement
mindset Tyson is an effective troubleshooter,
who identifies issues and finds practical
solutions�
Tyson has the mana, credibility, and
communication skills to gain respect and buy-
in from his team�
Elgreene Leviste
Senior Cold Stores
Operator
Elgreene has been with
South Port since 2019,
and is a key support to our
Cold Stores leadership group�
As our most experienced scanner, he has
extensive product knowledge� He is known
for his vigilance and attention to detail,
evident when he responded instantly to a fire
event caused by plant malfunction�
Elgreene’s quick and decisive action meant
that the fire was brought under control with
only minor damage and no risk to safety�
141
Total
permanent
staff
malefemale
26
%
74
%
3
Promotions
1
Transfer
6
New roles
*
FY24 and FY25 includes senior/manager roles.
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Section
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04
PEOPLE AND COMMUNITIES

Our community engagement
includes:
Community and Regional Assistance
Over $80,000 was injected into the local
community during the past 12 months�
Organisations that received sponsorship assistance
over recent financial years include:
ީBluff Bowling Club
ީ Bluff Hill Motupōhue Environment Trust
ީBluff Kindergarten
ީBluff Netball Club
ީBluff Promotions
ީBluff Rugby Club
ީBluff Schools
ީBluff Volunteer Fire Brigade
ީ Burt Munro Challenge (Bluff Stage)
ީExport Southland
ީGraeme Dingle Foundation
ީHospice Southland
ީ Ngā Kete Mātauranga Pounamu Charitable Trust
ީPort Softball Club
ީ Rakiura Community Workshop – Stewart Island
ީRugby Southland
ީSouthern Steel Netball
ީSouthern Wood Council
ީSouthland Chamber of Commerce
ީSouthland Football
ީ Southland Mountain Bike Club – Bluff Bike Trails
ީSouthland Sharks
ީSt John Ambulance Service, Bluff
ީThe Grace Street Project
ީTe Ara o Kiwa Sea Scouts, Bluff
ީTe Rourou Whakatipuranga o Awarua
ީ Te Rūnaka o Awarua
ީTour of Southland
ީYouthline Southland
As part of our long-term commitment to the local community and wider region in which
South Port operates, we offer sponsorship and support of sporting, cultural, and community
groups.
Community group interaction
Port tours
Sponsorship
Written communication
Not-for-profit and charity support
Event support
Working with young people
Expert advice
Staff volunteering in and around
the community
South Port sourced and provided financial support for new
wireless headsets for Youthline Southland to support the
volunteers by eliminating background noise and distractions,
allowing them to maintain privacy on their calls, and being
mobile while taking a call�
With significant budget reductions to the social services sector,
they are one of many community organisations competing for
the same pool of resources� Predominantly, grants received
from social agencies goes toward operational costs, said Krista
Farley, Community Activation Manager for Youthline Southland�
Krista had tried multiple funding agencies to obtain funds for the
headsets, but they were declined� Krista believes they are very
lucky in Southland to have community funders, such as South
Port, they can reach out to�
When Krista started at Youthline Southland in 2023, they had
only five active volunteers, today, she has a team of 15 of
varying ages, stages and careers�
She believes this increase can be partially attributed to being
able to offer the volunteers the technology to assist them in
their roles�
“With the increasing complexity and severity of the calls we are
receiving, any little thing we can do to make our volunteer’s jobs
easier is important,” said Krista�
“We are so grateful for these volunteers, so we want to be able
to do the best possible for them,” she said�
Manaakitanga
YOUTHLINE SOUTHLAND
›
For the second year running, in lieu of giving Christmas gifts to
our commercial customers, South Port donated $5,000 to Ngā
Kete Mā
tauranga Pounamu Charitable Trust�
Ngā Kete is a not-for-profit charitable trust that delivers a range
of health and social services at low or no cost including mental
health and addiction counselling, restorative justice, Whānau
Ora, He Puna Waiora Wellness Centre (a low cost access doctor
service), and stop smoking support.
The donation was used to provide food parcels to whānau
in need, with Ngā Kete contributing to the effort by helping
deliver 100 parcels across Southland - at least 35 of which were
distributed in Bluff�
NGĀ KETE MĀTAURANGA POUNAMU CHARITABLE TRUST
›
From left: Nigel Gear, Chief Executive, Cheryl Calder, Volunteer Coordinator,
Youthline; Sian Tarrant, Container Services Manager, Krista Farley, Community
Activation Manager, Youthline�
From Left: Lara Stevens, Chief Financial Officer, Tracey Wright-Tawha,
CEO, Ngā Kete; Nigel Gear, Chief Executive, Kim Diack, Sarah Wilson,
Ngā Kete Support Staff.
At the time Krista was searching for a funding solution for the
headsets, Sian Tarrant, South Port Container Services Manager,
was on the Youthline Southland board�
“Knowing South Port supported a lot of community initiatives, I
felt it was worth discussing the opportunity with the Executive
Leadership Team at South Port, who encouraged Krista to put a
proposal together,” said Sian�
Krista describes having the new headsets as “an absolute game
changer!”
OUR COMMUNITY
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Section
04
PEOPLE AND COMMUNITIES

Congratulations to this year’s successful scholarship recipients:
South Port Staff Scholarship Recipients 2025
Alexander Egginton is the son of Mark Egginton, the Port
Facility Security Co-ordinator at South Port� He is heading
into his 3rd year as a perioperative student and is passionate
about becoming a skilled and compassionate perioperative
practitioner, aiming to contribute to high-quality surgical care in
Southland�
For the past two years, Alexander has been balancing full-time
studies via correspondence, clinical placements and part-time
work� He believes this has taught him resilience, discipline and
the ability to manage his time more effectively�
As placement hours increase each year, Alexander has found
it essential to adapt and focus on effective time management
to succeed academically and grow professionally� Through
his clinical placements, he has gained valuable hands-on
experience and remains committed to developing the technical
expertise, communication skills, and empathy required for the
profession�
Alexander enjoys maintaining a balanced lifestyle by working
out at the local YMCA, spending time outdoors with his dog,
and engaging in hobbies like playing video games and watching
movies� These activities help him stay physically and mentally fit,
fostering creativity and problem-solving skills�
We have no doubt Alexander will achieve his goal, and wish him
all the best for his final year of study�
From left: Philip Cory-Wright, Chair, Alexander Egginton, scholarship
recipient�
STAFF SCHOLARSHIP Alexander Egginton
›
Thaeya, daughter of Brett Hoyle, a member of our Weekend
Relief Tug Crew, has excelled academically, athletically, and
in community service during her time at Southland Girls’ High
School. She’s excited to begin her Bachelor of Engineering at
Auckland University this year, marking the first step toward her
goal of becoming a skilled and innovative engineer�
From a young age, Thaeya had an obsessive curiosity
about how things work� She loves the idea of looking at the
tiniest details to see what can be altered to achieve optimal
performance� In recent years, she has developed an obsession
with cars, so it’s not surprising her long-term goal is to work in
motorsport or automotive industries�
She has been rowing competitively for five years and has
represented her school, Waihōpai Rowing Club, and her
province� Her Senior Rowing Coach points out that rowing
takes a lot of commitment, time management, and an ability to
communicate with your coach and other athletes� He credits
Thaeya with developing all of these skills, becoming a role
model for younger members, and a senior leader at the club�
Growing up in Bluff, Thaeya has been inspired by the strength
of the community and knows the importance of contributing
to it. She has completed her recruits’ course for the Bluff
Volunteer Fire Brigade, and will participate in the Sky City Stair
Climb Challenge in May 2025, racing up 1,103 stairs wearing 25
kilograms of gear�
Haere pai (go well) Thaeya!
From left: Cassandra Crowley, Director, Thaeya Hoyle, scholarship
recipient�
STAFF SCHOLARSHIP Thaeya Hoyle
›
Congratulations to this year’s successful scholarship recipient:
Local Bluff resident Nathaniel Sutherland is set to begin
his studies at Canterbury University in 2025, aiming for a
Bachelor of Engineering with Honours�
Nathaniel’s ultimate goal is to become a Mechanical Engineer,
with a particular interest in the design and theoretical aspects
of mechanics� His fascination with mechanical structures
and performance machines began with fixing and modifying
motorbikes and now extends to his treasured 1984 Nissan
Patrol� He remains intrigued by various mechanical systems
and enjoys working on projects to learn from them�
His hobbies include fly fishing, (which he taught himself),
mountaineering, and drumming� His involvement with the
Bluff Sea Scouts ignited his passion for the outdoors which
now sees him and his brother traversing various mountain
ranges around the South Island�
In addition to excelling in his academic studies and physical
pursuits, Nathaniel was the drummer of the Southland
Youth Jazz Band which competed at numerous national and
regional events across New Zealand� Nathaniel has a deep
passion for music and will continue to pursue future musical
endeavours�
We wish Nathaniel well on his journey north to begin his next
adventure�
From left: John Schol, Director, Nathaniel Sutherland, scholarship
recipient�
COMMUNITY SCHOLARSHIP Nathaniel Sutherland
›
South Port Community Scholarship Recipient 2025
Staff Scholarships are available to the partners and
children of permanent South Port staff�
The Community Scholarship is exclusively available
to candidates who have resided in the Bluff Ward
for a minimum of 3 years�
Some of the criteria for successful applicants
include:
›Academic success to date
›Evidence of working to support themselves
financially
›Candidates are enrolled (or will be within the
coming year) in a full-time tertiary facility or
undertaking an apprenticeship
”
“
Since 1999, South Port has
offered Staff and Community
Scholarships, providing
financial support to 58
individuals pursuing their
studies.
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Section
04
Section
04
PEOPLE AND COMMUNITIES

Support in the Community
Each Christmas since 2019, South Port staff have joined
together to donate food and gifts to selected Bluff families who
could use some additional support at this time�
Bluff Kindergarten, Bluff School, St Teresa’s School, and Te
Rourou Early Childhood Centre each nominate one family� Basic
details such as the ages and genders of family members are
then shared with South Port staff to help guide suitable gift
selection�
The South Port team compile and wrap the gifts, and join forces
with other South Port staff to deliver the gifts confidentially, via
the schools�
CHRISTMAS HAMPERS
›
1.
Bluff Kindergarten
From left: Megan Taylor, People
and Safety Advisor, Sarahlee Bragg,
Bluff Kindergarten; Mark Saunders,
Pilot/Tug Master, John Breet, Dairy
Logistics Administrator, flanked by
students of Bluff Kindergarten�
2.
Bluff School
From left: Charlotte Melvin, Health
and Safety Manager, Desiree Alapaki,
Principal, Bluff School; Lara Stevens,
Chief Financial Officer, Donna
Goodman, Finance Assistant, Sam
Withey, Commercial Support�
3.
St Teresas School
From left: Sarah Smith, Financial
Accountant, students from St Teresas
School, (back) Jenny Phillips, Marine
Administrator, Monique Ackerman,
Administrator, Hayden Mikkelsen,
Container Operations Manager�
4.
Te Rourou Early Childhood Centre
From left: Lesharna Hamilton, teacher,
and children from Te Rourou, Alan
Ackerman, Southern Milk Transport,
Nicky Bottger, Management
Accountant, Matthew Costar,
Compliance Co-ordinator�
➀
➁
➂
➃
Community Engagement
South Port supports the Young Enterprise Scheme (YES) through mentoring,
judging and sponsorship of the Social Enterprise Award�
The 2024 winner of the South Port Social Enterprise Award was a venture
called Tristan Basketball from Aparima College� Tristan Basketball was
founded to inspire the next generation through community-based basketball
sessions in Riverton, helping young people stay active, connected, and
confident�
With guidance from Carlo Gabriel, Programme Manager and Engineering
Educator at the Southern Institute of Technology (SIT), South Port supports
engineering students through sponsorships, site visits, and contributions to
the ongoing development of the programme� Kithulwaththe Menikhitihami
Mudiyanselage was the 2024 recipient of the South Port Excellence in
Engineering Project Management award at the Annual SIT Awards�
YOUNG ENTERPRISE SCHEME
›
Founded in 1888, the Bluff Rugby Club has a long and proud history
in Southland� The Club is an active part of the Bluff community, and
encourages participation across all aspects and levels of the sport�
South Port is the Senior team naming rights sponsor� In addition a number
of South Port staff play for the club, and proudly represent the Port with the
South Port logo featuring on both the playing, and training kit�
BLUFF RUGBY
›
SOUTHERN INSTITUTE OF TECHNOLOGY AWARDS
›
Once again, South Port staff rose to the challenge of raising funds for
Hospice Southland, a health charity that provides specialist palliative care at
no cost, thanks to the generous support of the community�
“Hospice is a fantastic community service, and so many people benefit from
it, so our staff were only too happy to get behind the appeal,” said Helen
Young, People and Safety Manager�
HOSPICE SOUTHLAND ANNUAL STREET APPEAL
›
Jeremy Chondro was the recipient of the Master of Applied Management
- Top Student award, which is co-sponsored by South Port. As part of
his programme of study requirements, Jeremy completed a high-level
research project investigating "Management Styles in Invercargill’s Large
Retail Industry: An Analysis of Employee and Manager Perspectives in a
Multicultural Work Environment"� Jeremy, originally from Indonesia, remained
in Invercargill after completing his qualification�
Awards were presented by Frank O’Boyle, Infrastructure and Environmental
Manager�
Photos by: Vicki Mae Stenton Photographer
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Section
04
PEOPLE AND COMMUNITIES

The Grace Street Project is more than just a building,
it’s a catalyst for change in one of New Zealand’s
most disadvantaged communities
.
Entrenched poverty, youth disengagement, and a chronic lack of infrastructure have held this
community back for generations. But with your support, we can change that permanently.
The Grace Street Project is a bold, community-led initiative designed to empower local youth and
their whānau through education, employment, enterprise, and connection. With $3.6 million
raised, strong partnerships in place, and deep grassroots momentum, we are ready to deliver
lasting change.

Why South Invercargill, and why now?
• South Invercargill is a decile nine community, this deprivation rating signifies that an area
experiences high levels of socioeconomic deprivation, placing it among the most deprived
communities in New Zealand.*
• 36% of youth are disengaged from education or employment, and three times as many are on
benefits compared to the national average.
• It has widespread educational inequity with entrenched intergenerational poverty and is home
to the South Island’s poorest high school, according to the Ministry of Education equity index.
• Despite making up 34% of Invercargill’s population, there are virtually no community facilities in
the area.
• Local leaders have called this project “the biggest opportunity we’ve ever had” to break cycles
of disadvantage.
Without a central, purpose-built hub, the services and opportunities that could change this
trajectory simply don’t exist. We cannot lift people up if there is nowhere for them to stand.

What will the Grace Street Project provide the community?
• A specialist technology centre delivering NCEA-accredited training and skills development.
• Education-to-Employment pathways in partnership with Southern Institute of Technology (SIT).
• Multi-use community spaces for fitness, training, events, and workshops.
• Co-working and enterprise hub supporting startups, sole traders, and social enterprises.
• Sound and podcast studio developing creative skills and digital literacy.
• Life-Coach supported community lounge helping whānau navigate pathways to a better future.
• 24/7 youth lounge offering a safe, independent space designed by youth, for youth.
*Source: https://www.ehinz.ac.nz/indicators/population-vulnerability/socioeconomic-deprivation-profile/
The Grace Street Project is a bold initiative dedicated to
revitalising South Invercargill by creating a dynamic, all-weather
community hub�
The 800m² facility will house eight versatile spaces designed to
support learning, recreation, and connection� From interactive
workshops and social gatherings to a state-of-the-art
youth tech hub, educational studios, co-working areas, and
a community lounge, every aspect is tailored to empower
individuals across all ages and backgrounds�
"Rooted in the transformative Māori philosophy of Hauora,
our spaces aim to enhance physical, mental, social, and
spiritual well-being� This project is more than a building; it's
a commitment to nurturing our community and providing
opportunities and pathways for the entire community to lead
the lives they want to," said Janette Malcolm, Chair, Invercargill
Community Connections Trust�
"The spaces will complement and add to the community
campus already begun by South Alive," she said�
With an estimated total cost of $6�5 million, more than $3�6
million has been raised so far through a combination of
government funding, contributions from local organisations and
companies, and private donations�
"South Port has chosen to support this kaupapa, due to its
unique proposition, and long-term commitment to improving
opportunities for generations to come", said Lara Stevens, Chief
Financial Officer�
Some of the project ambassadors include Chris Mac from the
band Six60 and Jason Paris, CEO of One NZ, both of whom
have a strong connection to Invercargill� They plan to continue
their involvement when the hub is operating through ongoing
mentoring and education�
THE GRACE STREET PROJECT
›
Hawthorndale Care Village is an aged residential care facility
based on a village model of care� The Village is a community
where older people in need of care can live as normal a life as
possible, as close as possible to how they enjoyed their lives
before their need for care�
The $39 million aged care facility, which opened on 20 March
2025, offers residents the opportunity to engage in everyday
activities both indoors and outdoors within the safety and
security of the Village� The facility includes: 10 two-bedroom
retirement villas for independent living; 13 care houses with a
total of 86 beds providing residential, dementia, and hospital-
level care; and a Village Centre set in a garden environment
featuring a café, dairy, library, theatre, chapel, hair salon, gym,
and men's shed�
Community Sponsorship
HAWTHORNDALE CARE VILLAGE
›
SOUTHLAND RUGBY REFEREES
›
“
”
The Hawthorndale Care
Village is transforming
dementia care in Southland.
From left: Janette Malcolm, Chair, Invercargill Community
Connections Trust, with Lara Stevens, Chief Financial Officer, at
the site of the Grace Street Project�
South Port initially provided financial support for the project
and continues to back the volunteer efforts of Frank O'Boyle,
Infrastructure and Environmental Manager, and Helen Young,
People and Safety Manager� Since its inception, both have
served on the board, with Frank stepping into the role of Chair
in 2021�
Frank's engineering and project management expertise has
proved invaluable to the project, and Helen has provided legal
and human resources insight�
From left: Frank O'Boyle, Infrastructure and Environmental Manager,
Margaret Brown, General Manager, Hawthorndale Care Village; Helen
Young, People and Safety Manager, on site at the Hawthorndale
Care Village�
From left: Ethan Holland, Referee Support, Rugby Southland,
Nigel Gear, Chief Executive, Andrew Rowland, Chairman, Rugby
Southland Referees, Geoff Finnerty, Port General Manager�
A long history of support for sport in Southland has brought
about a new sponsorship agreement between South Port
and the Southland Referees Association� In its infancy, this
collaboration is grounded in mutual respect, shared purpose,
and a belief in the power of community�
"Both organisations are driven by integrity, professionalism,
and a sincere commitment to making a difference in the lives of
those around us� South Port's support not only enables us to
invest in referee training and mentoring, but also reinforces the
importance of leadership, teamwork, and accountability - values
that are essential both on the field and in business," said Andrew
Rowland, Chairman, Southland Referees Association�
"Thanks to South Port's backing, we've been able to invest
meaningfully in the recognition and retention of referees across
Southland - people who give their time and energy to ensure our
games are fair, safe, and enjoyable for all," he said�
This sponsorship will see the South Port logo on all of the
referees' uniform items, including warm-up gear and jackets, for
a three year term�
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04
Section
04
PEOPLE AND COMMUNITIES
“
”
The Grace Street Project
has planned spaces
where every person feels
enabled, supported, and
inspired to grow.

”
“
The Southland provincial rugby team, the Southland Stags, have one of
the largest and most loyal fan bases in the country� The annual game
against rivals Otago known as 'Stag Day', reached record attendance
numbers in 2025�
South Port is proud to have a long-standing sponsorship relationship
with the Southland Stags, which sees the logo on the back of a playing
jersey each season�
This sponsorship is also used to host both customers and staff during
the season�
SOUTHLAND STAGS
›
With former local player Wendy Frew taking over the coaching role for
the 2025 ANZ Premiership netball season, the Southern Steel have a
renewed local emphasis, and are developing a number of local players�
Invercargill has long been known for its passion for netball, and with a
world-class stadium, every Southern Steel home game for the 2025
season has been sold out�
South Port is pleased to assist this local team which embodies
community spirit�
SOUTHERN STEEL
›
The Southland Sharks had a remarkable 2025 Sals National Basketball
League (NBL) season, making the Grand Final following an eight game
winning streak� Unfortunately they couldn't quite clinch the final, going
down to the Wellington Saints in a tightly fought battle�
South Port is proud to be a long-standing sponsor, with the Executive
Leadership Team hosting customers courtside at games, and the
sponsors complimentary tickets offered to staff�
The Southland Sharks focus on a positive team culture and resilience,
which aligns well with South Port's values�
SOUTHLAND SHARKS
›
Community Sporting Sponsorship
This annual cycle race is recognised worldwide as being a tough course
- not only because of the challenges of the Southern terrain, but the
added variables from the Southland weather conditions� As the riders
make their way around Southland across five days, they can be met
with sun, snow, hail and high winds - often facing a mixture of these all
in one day�
As a supporting sponsor of a tour team, the South Port logo is displayed
on the legs of the cyclists uniform�
TOUR OF SOUTHLAND
›
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ANNUAL REPORT 2025
PEOPLE AND COMMUNITIES
Section
04
THE YEAR IN REVIEW
Section
02
ENVIRONMENT
Section
03
PEOPLE AND COMMUNITIES
Section
04
GOVERNANCE
Section
05
Section
01
INTRODUCTION
SPOTLIGHT
Section
06
FINANCIALS
Section
07
ABOUT US
Section
08
The Board and Leadership
Team of South Port are
committed to maintaining
the highest standards of
governance by implementing
the best practice principles
and policies, as set out in this
section.
Directors .........................................................................................48
Statutory Report of Directors
......................................................49
Statutory Disclosure in Relation to Shareholders
.....................52
Shareholder Highlights
.................................................................53
Corporate Governance Statement
.............................................54
PHOTO SUPPLIED BY TOUR OF SOUTHLAND
PHOTO BY MONICA TORRETTO

PRINCIPAL ACTIVITIES
The Company is primarily engaged in the commercial operation of the
Port of Bluff� There has been no significant change in the nature of the
Company’s business during the year.
ACCOUNTING PERIOD
The financial statements are for the 12-month period from 1 July 2024
to 30 June 2025�
RESULTS
The Company recorded a Net Surplus After Tax for the period of
$13,318,000�
DISCLOSURE OF SHARE DEALING BY
DIRECTORS
The following Directors hold the following equity securities in the
Company:
1

|
Rounded to the nearest whole number
Opening
Shareholding
1 July 2024
Number of
Shares
acquired
Number of
Shares
sold
South Port
Directors
P Cory-Wright 3,437 – – 3,437
M Henderson 566
1
– – 566
Balance of
shares held
30 June
2025
DIVIDEND
The Directors have declared an ordinary dividend of $7,346,000
(28.00 cps) for the period ended 30 June 2025 including the final
dividend amount of $5,378,000 (20.50 cps) payable in November
2025�
DIRECTORS’ AND OFFICERS’ LIABILITY
INSURANCE
The Company has arranged Directors’ and Officers’ Liability Insurance
with Vero Liability Insurance Limited� This cover insures Directors
against liabilities to other parties that may arise from their positions as
Directors� The insurance does not cover liabilities arising from criminal
actions�
ACCOUNTING POLICIES
There were no changes in accounting policies during the period� All
policies are consistent with those applied in the previous year�
STATUTORY REPORT OF
DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2025
https://southport.co.nz/about-us-and-our-people#directors_teamScan the QR code to read more.
Nicola
Greer
Independent
Director
MCom (Hons)
Appointed

November 2019
Sam
Grant
Intern
Director
BCom
NZX Advisor
Appointed

February 2025
Cassandra
Crowley
Non-Independent
Director
LLB, BCA,
GradDipProfAccy,
MInstD
Environment Southland
Investment Committee
Independent Member
Appointed

November 2023
Clare
Kearney
Independent
Director
BAgSci,
MProfStuds,
GradDipArts(Phil),
CFInstD
Appointed

October 2016
Philip
Cory-Wright
Independent
Director
BCA, LLB (Hons),
CFInstD
Appointed

September 2010
Chair from 2023
John
Schol
Independent
Director

MBA, FCA, CMInstD,
DipGrad, BCom,
NZDipBus
Appointed

November 2022
Michelle
Henderson
Independent
Director
BE (Hons), CMInstD
Appointed

October 2021
DIRECTORS
49
South Port
ANNUAL REPORT 2025
48
South Port ANNUAL REPORT 2025
GOVERNANCE
Section
05
Section
05
GOVERNANCE

$100,001 - $110,000 12
$110,001 - $120,000
5
$120,001 - $130,000
9
$130,001 - $140,000
5
$140,001 - $150,000
2
$150,001 - $160,000
1
$160,001 - $170,000
1
$170,001 - $180,000
1
$200,001 - $210,000
2
$210,001 - $220,000
1
$240,001 - $250,000
2
$250,001 - $260,000
1
$290,001 - $300,000
1
$320,001 - $330,000
3
$330,001 - $340,000
1
$490,001 - $500,000
1
Remuneration
Number of
Employees
The Chief Executive Officer’s Employment Contract is reviewed
annually by the Board� It is not a fixed-term contract�
The remuneration of senior management is reviewed annually
and is determined in a transparent, deliberate, and objective
manner�
AUDIT AND RISK COMMITTEE
The Company has a formally constituted Audit and Risk
Committee comprising N J Greer (Chair), W J Schol and
M A Henderson�
It is the role of the Audit and Risk Committee to review the
Company’s financial statements and announcements, liaise
directly with the Company’s Auditors and review the Company's
accounting policies, practices and related matters�
AUDITOR’S REMUNERATION
During the year $141,900 was paid to the Company’s Auditors
for services carried out by Matt Laing, as appointed auditor
using the resources of Deloitte Limited, for the Controller and
Auditor General for the year ended 30 June 2025� These fees
relate to:
Audit services $111,900
GHG limited assurance $30,000
The Company did not pay the Auditors for any advice or
guidance on other matters�
REMUNERATION OF DIRECTORS
Directors’ remuneration for the 12 month period ended 30 June
2025 was as follows:
Remuneration of Directors
01/07/2024 to 30/06/2025
No other benefits have been provided by the Company to a
Director or in any other capacity� No loans have been made by
the Company to a Director nor has the Company guaranteed
any debts incurred by a Director�
REMUNERATION OF EMPLOYEES
Section 211(1)(g) of the New Zealand Companies Act 1993
requires disclosure of remuneration and other benefits, including
redundancy and other payments made on termination of
employment, in excess of $100,000 per year, paid in respect of
the current year by the Company to any employees who are not
Directors of the Company�
Remuneration for Employees over $100,000
1 July 2024 - 30 June 2025
P W Cory-Wright
Chair
Position
Mr P W Cory-Wright
NZ Local Government Funding Agency Director
Papa Rererangi i Puketapu Limited Chair
(New Plymouth Airport)

NZ Windfarms Limited Director
Matariki Forestry Group Director

(and its wholly owned subsidiaries)
Powerco NZ Holdings Limited Director

(and its wholly owned subsidiaries)
TRH Holdings Director

(and its wholly owned subsidiaries)
United Civil Advisory Board Director
Mrs C M Kearney
Observatory Village Care Ltd Director
Observatory Village Lifecare Ltd Director
Mrs M A Henderson
Meridian Energy Limited Director
Cycling New Zealand Incorporated Board Member
DIRECTORS' INTERESTS
The Company is required to maintain an Interests Register in which particulars of certain transactions and matters involving the Directors
must be recorded� No material transaction entries were recorded in the Interests Register for the period 1 July 2024 to 30 June 2025�
The Directors of the Company have declared interests in the following identified entities as at 30 June 2025:
21 August 2025
Ms N J Greer
Fidelity Life Assurance Company Limited Director
New Zealand Railways Corporation Limited Director
Precinct Properties New Zealand Limited Director
Precinct Properties Investments Limited Director
Vulcan Steel Limited Director
NZ Markets Disciplinary Tribunal Member
Mr W J Schol
Invercargill City Holdings Limited Director
Malloch McClean Limited Director
Amberly Trustees Limited Director
Clarity HQ Limited Director
The Gap 2014 Limited Director
Plus More Capital Limited Director
Busck Group Limited Director
CAANZ Professional Conduct Committee Member
Ms C R Crowley
Aratu Forests Limited Director
Southern Cross Benefits Limited,
t/a Southern Cross Travel Insurance Chair
Silver Fern Farms Limited Director
Waka Kotahi – NZ Transport Agency Deputy Chair
K�L�C� Limited Chair
Ngāti Manawa Development Limited Director
Auckland Council,
Audit and Risk Committee
Independent Member
Environment Southland
Investment Committee Independent Member
Position
N J Greer
Chair, Audit and
Risk Committee
Name
Board
Fees $
Audit and Risk
Committee $
Total
Remuneration $
Philip Cory-Wright143,429
—
143,429
Cassandra Crowley71,714
—
71,714
Nicola Greer71,71415,00086,714
Michelle Henderson71,7147,50079,214
Clare Kearney71,714
—
71,714
John Schol71,7147,50079,214
Total502,00030,000532,000
5150
South Port
ANNUAL REPORT 2025South Port ANNUAL REPORT 2025
GOVERNANCE
Section
05
Section
05
GOVERNANCE

Top Twenty Ordinary Shareholdings
*
Shareholder Holding Percent
Southland Regional Council 17,441,573 66.48
Forsyth Barr Custodians Limited 1,706,663 6.51
Russell John Field and Anthony James Palmer 1,318,454 5.03
Accident Compensation Corporation 755,387 2.88
HSBC Nominees (New Zealand) Limited 391,585 1.49
Michael Robert Mayger and Eleanor Margaret Mayger 246,840 0.94
Daniel Martin Noonan 175,364 0.67
Citibank Nominees (NZ) Ltd 170,573 0.65
Bnp Paribas Nominees NZ Limited 164,891 0.63
Custodial Services Limited 160,555 0.61
Forsyth Barr Custodians Limited 148,572 0.57
New Zealand Depository Nominee 136,714 0.52
Howard Cedric Zingel 78,804 0.30
John James O`Brien 76,392 0.29
Owen John Bennett 74,245 0.28
Pauline Ann Stapel and Stephen Thomas Mckee 70,881 0.27
David Grindell 56,000 0.21
Private Nominees Limited 53,585 0.20
Glenn Owen Johnston 50,000 0.19
Ian Gerald Arnot 49,000 0.19
Substantial Security Holders
According to notices given to the Company under the Financial Markets Conduct Act 2013, as at 30 June 2025, the substantial product
holders in the Company and their relevant interests are noted below:
Holder No. of Shares % of Issued Capital Date of Notice
Southland Regional Council 17,441,573 66.48 20 October 2000
K and M Douglas Trust, Douglas Irrevocable Trust,
Douglas Family Trust 1,706,663 6.50 24 December 2009
J I Urquhart Family Trust 1,318,454 5.03 28 October 2010
Size of Holding
1 - 1,000 429 44.50 2216,306 0.82%
1,001 - 5,000 368 38.17 991,819 3.78%
5,001 - 10,000 100 10.37 768,014 2.93%
10,001 - 50,000 53 5.50 1,020,159 3.89%
50,001 - 100,000 5 0.52 356,322 1.36%
Greater than 100,000 9 0.94 22,882,278 87.22%
964 100 26,234,898 100
Size of Holding
HoldersIssued CapitalIssued Capital%
Prices for Shares
Traded During This Year
As at 30 June 2025 $7.01
High $7.01
Low $5.20
* New Zealand Central Securities Depository Limited (NZCSD) provides a custodial depository service which allows electronic trading of securities to its members. For the purpose of this
table, shares in the Company held by NZCSD have been allocated to the applicable members� For reference, as at 30 June 2025, the total through NZCSD in the top holders list was 1,547,543
ordinary shares or 5�90% of shares on issue�
Range

Holders %
STATUTORY DISCLOSURE IN RELATION TO SHAREHOLDERS
AS AT 30 JUNE 2025
0%
50%
100%
150%
200%
250%
300%
2016201720182019202020212022202320242025
Domicile of Shareholdings
NEW ZEALAND REGION Holders % Holders Issued Capital % Issued Capital

Northland 29 3.01 96,886 0.37
Auckland (incl North Shore, Waitakere and Rodney) 184 19.09 2,149,617 8.19
Greater Auckland Region (includes Manukau) 45 4.67 107,674 0.41
Waikato and Bay of Plenty 141 14.63 681,361 2.60
Taranaki, Wanganui, Hawkes Bay and Gisborne 72 7.47 205,721 0.78
Wellington Region 47 4.87 166,949 0.64
Wellington City 40 4.15 368,575 1.40
Upper South Island 68 7.05 1,836,939 7.00
Christchurch 48 4.98 261,920 1.00
Lower South Island 254 26.35 20,026,817 76.34
928 96.27 25,902,459 98.73
(Breakdown above)
COUNTRY
Holders % Holders Issued Capital % Issued Capital

Australia 21 2.18 242,829 0.93
Canada 1 0.10 49,000 0.19
Germany, Federal Republic Of 1 0.10 1,000 0.00
Hong Kong 2 0.21 5,070 0.02
New Zealand 928 96.27 25,902,459 98.73
Philippines 1 0.10 1,000 0.00
Singapore 1 0.10 4,125 0.02
South Africa 1 0.10 550 0.00
Switzerland 1 0.10 5,365 0.02
Taiwan 1 0.10 5,000 0.02
Thailand 2 0.21 13,200 0.05
United Kingdom 4 0.41 5,300 0.02
964 100.00 26,234,898 100.00
10 Year Cumulative Total Shareholder Return
SHAREHOLDER HIGHLIGHTS
5352
South Port
ANNUAL REPORT 2025South Port ANNUAL REPORT 2025
GOVERNANCE
Section
05
Section
05
GOVERNANCE

The Board of Directors (the Board), and
Executive Leadership Team (ELT) of South
Port New Zealand Ltd (South Port) are
committed to building long-term value for
shareholders, stakeholders, and employees�
We are honouring this commitment by
maintaining the highest standards of
governance, supported by best practice
structures, people, practices and policies�
This includes maintaining high standards
of business integrity and ethics in all of our
activities� The extent to which South Port
has followed the recommendations of the
NZX Corporate Governance Code dated
31 January 2025 (NZX Code) for the financial
year ended 30 June 2025 is detailed below�
This statement was approved by the Board
on 21 August 2025 and was accurate as at
that date�
Consistent with its commitment to best practice corporate
governance, the Board’s view is that South Port’s corporate
governance policies, practices and processes generally
follow the recommendations set by the NZX Code in all
material aspects for the financial year ending 30 June 2025�
The Board regularly reviews and assesses South Port’s
governance policies, procedures, and practices to ensure they
are appropriate and effective� This Corporate Governance
Statement includes disclosure to the extent to which South Port
has followed each of the recommendations of the NZX Code
or, if applicable, an explanation of why a recommendation was
not followed and any alternative practices followed in lieu of the
recommendation�
South Port’s key corporate governance documents referred to in
this statement, including charters and policies, can be found on
the Company’s website:

 https://southport�co�nz/investors
-centre#corporate_governance
CORPORATE GOVERNANCE STATEMENT
These documents should be read in conjunction with this
statement:
Corporate Governance Manual
Company Constitution
Director and Executive Remuneration Policy
Sensitive Expenditure Policy
Health and Safety Policies
OUR DIRECTORS AND BOARD COMPOSITION
South Port’s Directors bring a diverse wealth of experience,
acting on behalf of our shareholders and other stakeholders�
Directors are chosen for their corporate leadership skills,
professional backgrounds, experience and expertise� The right
blend of skills and experience, combined with the diversity of
Directors’ perspectives, is crucial to ensuring the attainment of
long-term value for South Port’s shareholders.
At 30 June 2025, the Board comprised five independent
directors; Philip Cory-Wright, Nicola Greer, Michelle Henderson,
Clare Kearney and William (John) Schol, and one non-
independent director; Cassandra Crowley�
Under the NZX Listing Rules, a director must not hold office
(without re-election) past the third annual meeting following
that Director’s appointment or three years, whichever is longer.
The Company’s Constitution also requires at least one third of
the Board to retire annually� Accordingly, Clare Kearney and
William (John) Schol are required to retire by rotation this year.
Being eligible, Mr Schol has offered himself for re-election at the
Annual Meeting in October 2025; however, Mrs Kearney has
elected to retire from the Board�
For more information about our Board, please visit:
 https://southport�co�nz/about-us-and
-our-people
“Directors should set high standards of ethical
behaviour, model this behaviour and hold
management accountable for these standards
being followed throughout the organisation.”
CODE OF ETHICS
Recommendation 1.1: The board should document minimum
standards of ethical behaviour to which the issuer’s directors
and employees are expected to adhere (a code of ethics) and
comply with the other requirements of Recommendation 1.1 of
the NZX Corporate Governance Code.
South Port expects its directors, senior management and
employees to maintain the highest standards of honesty,
integrity and ethical conduct in day-to-day behaviour and
decision making. The Company’s Code of Ethics sets out the
standard of conduct expected of everyone working at South
Port including directors, management, staff and contractors�
The Code of Ethics provides a guide to the conduct that is
consistent with the Company’s values and behaviours, business
goals and legal obligations� It also outlines internal reporting
procedures for any breaches and incorporates the other
requirements of Recommendation 1�1 of the NZX Corporate
Governance Code� An introduction to the Code of Ethics forms
part of the induction and training process of new employees�
Subsequently, every three years employees are required to
complete a Code of Ethics refresh session� This key corporate
governance document is available on the Company’s website
within the Company’s Corporate Governance Manual and staff
are reminded to refamiliarise themselves with it on a regular
basis via internal training processes� The Code of Ethics is
subject to annual review by the Board�
South Port also has formal whistleblowing procedures in the
form the Protected Disclosures / Whistleblowing Policy� This is
contained in the Company’s Corporate Governance Manual.
SENSITIVE EXPENDITURE POLICY
This policy sets out the Company’s expectations on sensitive
or discretionary expenditure incurred by directors or employees
and is available on the Company’s website.
SECURITIES TRADING POLICY AND GUIDELINES
Recommendation 1.2: An issuer should have a financial product
dealing policy which applies to employees and directors.
The Company is committed to transparency and fairness in
dealing with all of its stakeholders and to ensure adherence to
all applicable laws and regulations� The Securities Trading Policy
and Guidelines governs trading in the Company’s securities by
directors, employees and other associated persons� This policy
can be found on the Company’s website within the Company's
Corporate Governance Manual�
While it is not compulsory for directors or ELT members to own
shares in South Port, they may buy South Port shares and hold
them as a long-term investment�
“To ensure an effective Board, there should be
a balance of independence, skills, knowledge,
experience and perspectives.”
BOARD CHARTER
Recommendation 2.1: The board of an issuer should
operate under a written charter which sets out the roles and
responsibilities of the board. The board charter should clearly
distinguish and disclose the respective roles and responsibilities
of the board and management.
The Board has adopted a formal Board Charter to ensure
compliance with the NZX Corporate Governance Code� The
Charter sets out the roles, responsibilities and structure of the
Board and provides guidance for the effective oversight of the
Company by the Board� The Board is responsible for setting the
Company’s strategic direction, overseeing the management
of the Company and directing performance by optimising the
short-term and long-term best interests of the Company and
its shareholders� The Board delegates management of the day-
to-day affairs and management responsibilities of the Company
to achieve the strategic direction and goals determined by the
Board� The roles and responsibilities of management are also
outlined in this Charter�
NOMINATION AND APPOINTMENT OF DIRECTORS
Recommendation 2.2 and 2.3: Every issuer should have a
procedure for the nomination and appointment of directors to
the board. An issuer should enter into written agreements with
each newly appointed director establishing the terms of their
appointment.
The Board’s procedure for the nomination and appointment of
directors to the Board is set out in the Board Charter� Careful
consideration is given to the composition of the Board in relation
to the Company’s needs and operating environment. The Board
should at all times comprise members whose skills, experience
and attributes together reflect diversity, balance, and cohesion
and match the demands facing the Company� This also applies
to the consideration of additional or replacement directors�
Priority is given to ensuring the skills, experience and diversity
necessary for the Board to fulfil its governance role and to
contribute to the long-term strategic direction of the Company�
The Board may engage consultants to assist in the identification,
recruitment and appointment of suitable candidates�
Board Composition
and Performance
PRINCIPLE 2
›
Ethical Standards
PRINCIPLE 1
›
5554
South Port
ANNUAL REPORT 2025South Port ANNUAL REPORT 2025
GOVERNANCE
Section
05
Section
05
GOVERNANCE

CAPABILITYKEY ELEMENTS
DIRECTOR
EXPERTISE
Infrastructure/
Capital Projects
Experience working in an industry with projects involving large-
scale capital expenditure and long-term investment horizons�
Financial AcumenA strong accounting or financial background, including
knowledge and understanding of accounting rules and
standards, as defined by the NZX Listing Rules�
Business AcumenPort industry knowledge and expertise (port/shipping/supply
chain/transport).
Risk ManagementAn understanding of both financial and non-financial risk
management, and the ability to assess risk associated with
the business, particularly those that would threaten the
organisation’s business model, future performance, solvency or
liquidity�
Legal, Regulatory
and Public Policy
Experience in corporate and commercial law, including major
contracts; or legal background or experience in regulatory and
public policy�
Health and SafetyRelevant experience and familiarity with nature of business
operations and associated hazards and risks related to health,
safety, environmental and sustainability�
CultureDetailed understanding of organisation’s corporate purpose and
values and experience in developing and maintaining a positive
organisational culture�
Information
Technology
Knowledge and experience in the strategic use and governance
of information management and information technology�
Strategy
Development/
Implementation
Experience in developing, implementing and challenging a plan
of action designed to achieve long-term goals�
Environmental,
Social and Corporate
Governance (ESG)
Experience in developing, implementing and reporting on ESG
goals and objectives�
Stakeholder
Management
Experience in dealing with and presenting to iwi, strategic
clients, strategic partners, key financiers/suppliers and industry/
regulatory bodies� Has worked in businesses with a diversity of
stakeholders, having played a role in successfully engaging them
over time�
KEY
This key represents the
assessment of the strength
of the skills and experience
of the Board as a whole�
South Port enters into appointment agreements with each newly
appointed director� Among other things, the agreement includes
information about the Company’s expectations of the director, the
expected time commitment to South Port, remuneration entitlements,
the requirement to comply with corporate policies and charters, the
right to access information, the requirement to disclose interests
that may impact the director’s independence, and indemnity and
insurance arrangements� The agreement covers all aspects outlined
in recommendation 2�3 of the NZX Corporate Governance Code�
DIRECTOR PARTICULARS
Recommendation 2.4: Every issuer should disclose information
about each director in its annual report or on its website, including a
profile of experience, length of service, and ownership interests; the
director’s attendance at board meetings; and the board’s assessment
of the director’s independence, including a description as to why
the board has determined the director to be independent if one of
the factors listed in table 2.4 applies to the director, along with a
description of the interest, relationship or position that triggers the
application of the relevant factor.
As at 30 June 2025, the Board was comprised of five independent
non-executive directors including a non-executive Chair, and
one non-independent director� Cassandra Crowley is no longer
considered an independent director as she has been appointed to
the Investment Committee of related party and majority shareholder
Environment Southland (Southland Regional Council). The biography
of each Board member is set out in the “Directors’ Profiles” section of
this Annual Report and is also available on the Company’s website.
The size and composition of the Board is subject to the limits
imposed by South Port’s Constitution and in accordance with the
provisions of the Port Companies Act 1988� The Constitution requires
the Board to comprise of a minimum number of six directors� Under
the NZX Listing Rules the Board is required to maintain at least two
independent directors, being directors who are not employees of
South Port, and who have no Disqualifying Relationship under the
Rules� The criteria for director independence are outlined in the Board
Charter. Pursuant to the Company’s Constitution, one third of the
directors retire by rotation at each annual meeting but are eligible for
reappointment by shareholders�
The Chair facilitates a formal process to determine the support or
otherwise for directors who offer themselves for re-election� While
the Company does not currently have a formal policy on director
tenure, in time South Port will be working towards establishing a
nine-year or three-term tenure for non-executive directors, unless
the Board and shareholders support a further term of an individual to
ensure the Company maintains the right skillset in the best interests
of South Port�
South Port director ownership interests can be found in the
“Statutory Report of Directors” section of this Annual Report�
South Port director attendance at board meetings is set out at
recommendation 3�5�
South Port director independence is discussed at recommendation
2�8�
BOARD SKILLS MATRIX
This Board Skills Matrix is intended as an additional tool to assist the Board to record the skills the Board currently has, and to identify
existing or future gaps� Directors will be appointed to the Board because of their specific skills, diversity, knowledge and experience, and
their ability to work as a collaborative but courageous team�
The table below shows the representation of expertise among the current directors for the Board as a whole�
Very strong
Strong
Solid
Some gaps
5756
South Port
ANNUAL REPORT 2025South Port ANNUAL REPORT 2025
GOVERNANCE
Section
05
Section
05
GOVERNANCE

DIVERSITY
Recommendation 2.5: An issuer should have a written
diversity policy which includes requirements for the board or a
relevant committee of the board to set measurable objectives
for achieving diversity (which, at a minimum, should address
gender diversity) and to assess annually both the objectives
and the entity’s progress in achieving them. An issuer should
disclose its diversity policy or a summary of it.
The Company and its Board recognise and believe that
building a diverse and inclusive workforce provides significant
opportunity to leverage engagement, innovation, productivity
and improved service to our customers�
South Port is committed to providing an inclusive work
environment that recognises and values different skills, abilities
and experiences and where people are treated fairly in order
to attract and retain talented people who will contribute to
the achievement of South Port’s commercial success. As
such it seeks to use appointment processes that ensure the
opportunity for unconscious or conscious bias is minimised� It
also seeks to manage staff in a manner that they can “bring
their best self” to work�
Diversity and inclusion are commitments to recognising and
appreciating the variety of characteristics that make individuals
unique; for example, gender, age, race, ethnicity, culture,
disability, education and background�
The South Port Diversity and Inclusion Policy is disclosed on
the Company’s website within the Company's Corporate
Governance Manual and includes the following specific
measurable objectives set by the Board:
At least 25% gender
diversity across all South
Port Staff by 2025;
At least 20% gender
diversity across South
Port Supervisors by 2025;
At least 25% gender
diversity across South
Port Executive by 2025;
At least 25% gender
diversity across South
Port Board by 2025; and
At least 10% gender
diversity across
operational areas by
2025�
The following table compares the above measurable objectives
against the actual data at balance date:
CategoryTargetActualAchieved
Board 25 67 67 
Executive 25 29 29 
Supervisors 20 10 - 
Operational 10 11 11 
All Permanent Staff 25 26 25 
2025
% FEMALE
2025
% FEMALE
2024
% FEMALE
The following table sets out the gender composition of South
Port's directors and officers at balance date:
DIRECTOR TRAINING
Recommendation 2.6: Directors should undertake appropriate
training to remain current on how to best perform their duties as
directors of an issuer.
South Port’s directors are expected to undertake continuous
education to remain current on how best to perform their
responsibilities and keep abreast of changes and trends in
governance practices around economic, political, social,
financial, sustainability and legal climates� The Board also
ensures that new directors are appropriately introduced to
management and the business, that all directors are updated
on relevant industry and company issues and receive copies
of appropriate company documents to enable them to perform
their duties�
EVALUATION OF PERFORMANCE OF DIRECTORS
Recommendation 2.7: The board should have a procedure to
regularly assess director, board and committee performance.
The Chair of the Board leads an annual performance review
and evaluation of the Board as a whole, and of the Board
committees against the Board and Committee Charters
including seeking director’s views relating to board and
committee process, efficiency and effectiveness, for discussion
by the full Board� The Chair of the Board also engages with
individual directors to evaluate and discuss performance and
professional development�
An independent review of the performance of individual
directors and the Board was last undertaken in July 2024� This
was supported by external consultants, and was supplemented
by surveys, self-evaluation, and Board discussion�
DIRECTOR INDEPENDENCE
Recommendation 2.8: A majority of the board should be
independent directors
South Port acknowledges that having a majority of independent
directors makes it harder for any individual or small group
of individuals to dominate the Board’s decision-making and
maximises the likelihood that the decisions being made by
the Board will reflect the best interests of the entity and its
shareholders�
South Port’s Board Charter specifies that the Board shall
maintain at least a minimum number of two independent
directors or where the Board comprises eight or more directors,
the number of independent directors shall be at least three or
one-third of all directors� The Chair of the Board must be a non-
executive director�
As at 30 June 2025, the Board was comprised of five
independent directors including an independent Chair, and
one non-independent director� Those directors considered by
the Board to be “independent” directors, who do not have a
Disqualifying Relationship are considered independent having
regard to (amongst other things) the following factors. None of
those independent directors:
Is currently, or was within the last three years, employed in
an executive role by South Port, or any of its subsidiaries;
Is currently deriving, or within the last 12 months derived a
substantial portion of their annual revenue from South Port;
Is currently, or was within the last 12 months, in a senior
role in a provider of material professional services to South
Port, or any of its subsidiaries;
Is currently, or was within the last three years, employed by
the external auditor to South Port, or any of its subsidiaries;
Currently has, or did have within the last three years,
a material business relationship (e�g� as a supplier or
customer) with South Port or any of its subsidiaries;
Is a substantial product holder (as defined in the Financial
Markets Conduct Act 2013) of South Port, or a senior
manager of, or person otherwise associated with a
substantial product holder of South Port;
Is currently, or was within the last three years, in a material
contractual relationship with South Port or any of its
subsidiaries, other than as a director;
Has close family ties or personal relationships (including
close social or business connections) with anyone in the
categories listed above�
Although Philip Cory-Wright has been a director of South
Port for a period of more than 12 years, he is considered to be
sufficiently independent from management to still be considered
an independent director� His tenure on the Board reflects the
skills and experience that he brings to the Company�
South Port’s Board Charter requires directors to declare
to the Board any relationship or interest that is relevant to
its assessment of whether the Director has a disqualifying
relationship�
INDEPENDENT CHAIR
Recommendation 2.9: An issuer should have an independent
chair of the board.
The current Chair of the South Port Board, Philip Cory-Wright is
an independent Chair, as noted above under the discussion of
recommendation 2�8�
SEPARATION OF THE BOARD CHAIR AND CHIEF
EXECUTIVE OFFICER (CEO)
Recommendation 2.10: The Chair and the CEO should be
different people.
The positions of the Chair and the CEO of South Port are held by
different people�
“The Board should use committees where this will
enhance its effectiveness in key areas, while still
retaining Board responsibility.”
AUDIT AND RISK COMMITTEE
Recommendation 3.1: An issuer’s audit committee should
operate under a written charter. An audit committee should only
comprise non-executive directors of the issuer. One member
of the committee should be both independent and have an
adequate accounting or financial background. The chair of the
audit committee should be an independent director and not the
chair of the board.
The Audit and Risk Committee (ARC) provides the Board with
assistance in fulfilling their responsibilities to shareholders, the
investment community and others for overseeing the Company’s
financial statements, financial reporting processes, internal
accounting systems, financial controls, risk management,
climate-related disclosures, and South Port’s relationship with its
independent auditors�
The Committee is governed by an Audit and Risk Committee
Charter which is available on the Company’s website within the
Company's Corporate Governance Manual� The Board regularly
reviews the performance of the Committee in accordance with
the Charter�
The Company has developed an External Auditor Relationship
Framework to ensure external audit independence is in line
with best practice to ensure reliable and credible reporting� This
framework is disclosed on the Company’s website within the
Company's Corporate Governance Manual�
The Committee comprises of three independent non-executive
members of the Board of Directors, being Nicola Greer, John
Schol, and Michelle Henderson�
The Committee Chair, also appointed by the Board, cannot
also be the Chair of the Company� Nicola Greer is the Audit and
Risk Committee Chair� At least one member of the Committee
should be both independent and have an adequate accounting
or financial background; John Schol is a Fellow Chartered
Accountant and holds a Master of Business Administration (MBA)
and a Certificate of Public Practice with Chartered Accountants
Australia and New Zealand (CAANZ), and Nicola Greer has a
Master of Commerce and an extensive background in the banking
and finance sectors� Both are independent directors�
Male Female Gender Diverse Total
2024
Directors 2 4 — 6
Executive Leadership Team 5 2 — 7
7 (54%) 6 (46%) — (0%) 13
2025
Directors 2 4 — 6
Executive Leadership Team 5 2 — 7
7 (54%) 6 (46%) — (0%) 13
Board Committees
PRINCIPLE 3
›
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GOVERNANCE
Section
05
Section
05
GOVERNANCE

Recommendation 3.2: Employees should only attend audit
committee meetings at the invitation of the audit committee.
The Chief Executive and Chief Financial Officer attend the Audit
and Risk Committee meetings by invitation. South Port’s external
auditor also attends the Committee meeting by invitation� During
each meeting, all executives leave the meeting for a period of
time to enable the Board to have open discussions with the
external auditor without any management present�
REMUNERATION COMMITTEE
Recommendation 3.3: An issuer should have a remuneration
committee which operates under a written charter (unless
this is carried out by the whole board). At least a majority of
the remuneration committee should be independent directors.
Management should only attend remuneration committee
meetings at the invitation of the remuneration committee.
The Board does not operate a separate remuneration committee
as director and senior management remuneration is considered
by the entire Board� The Director and Executive Remuneration
Policy outlines the structure of director and executive/
management remuneration, the formal process for shareholder
review, transparency and reporting of actual remuneration paid,
and a biennial review of the Remuneration Policy and processes�
The Board intends to establish a People and Performance
Committee in FY26�
NOMINATION COMMITTEE
Recommendation 3.4: An issuer should establish a nomination
committee to recommend director appointments to the board
(unless this is carried out by the whole board), which should
operate under a written charter. At least a majority of the
nomination committee should be independent directors.
The Board does not operate a separate nomination committee�
The process and procedure for the appointment of directors
to the Board is outlined in the Board Charter� The appointment
of a director is a shareholder decision� Director nominations
are called for from shareholders in accordance with the Rules�
The Board will then consider the candidates who have been
nominated for appointment as a director� Directors are selected
based on a range of factors, including the needs of the Board at
the time and the independence of the candidates�
OVERVIEW OF BOARD COMMITTEES
Recommendation 3.5: An issuer should consider whether it is
appropriate to have any other board committees as standing
board committees. All committees should operate under written
charters. An issuer should identify the members of each of its
committees, and periodically report member attendance.
During FY25, the Board did not operate any other committees
apart from the Audit and Risk Committee� Consideration has
been given as to whether any other standing board committees
are appropriate and determined that a People and Performance
Committee, and a Health and Safety Committee will be
established by the Board in FY26�
DIRECTORS’ ATTENDANCE AT MEETINGS
1 July 2024 to 30 June 2025
CONTROL TRANSACTIONS
Recommendation 3.6: The board should establish appropriate
protocols that set out the procedure to be followed if there is
a ‘control transaction’ for the issuer including the procedure
for any communication between the issuer’s board and
management 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 control transaction committee, and the likely
composition and implementation of an independent control
transaction committee.
The Board has not established protocols for setting out
procedures to be followed in the event of a control transaction�
This is because the Board considers receipt of a control
transaction to be an extremely unlikely event given the
Southland Regional Council’s (Environment Southland) majority
shareholding in the Company�
“The Board should demand integrity in financial
and non-financial reporting, and in the timeliness
and balance of corporate disclosures.”
The Board is committed to providing full and timely financial and
non-financial information that is accurate, balanced, meaningful
and consistent� As a listed company, keeping the market
informed is a key component to ensure securities are fairly
valued�
CONTINUOUS DISCLOSURE
Recommendation 4.1: An issuer’s board should have a written
continuous disclosure policy.
South Port has a Continuous Disclosure Policy which is available
on the Company’s website within the Company's Corporate
Governance Manual�
South Port is committed to providing accurate, timely and
consistent disclosures which comply with its continuous
disclosure regime, in accordance with the NZX Listing Rules�
The Company is required to disclose to the market, matters
which could be expected to have a material effect on the price
or value of the Company’s shares. Management processes
are in place to ensure that all material matters which may
require disclosure are promptly reported to the Board through
established reporting lines� Matters reported are assessed as
and when required against the NZX Listing Rules and advised
to the market� The Chair, Chief Executive, and Chief Financial
Officer are responsible for communications with NZX and for
ensuring that such information is not provided to any person or
organisation until NZX has confirmed its release to the market�
All material announcements are posted on the Company’s
website�
CHARTERS AND POLICIES
Recommendation 4.2: An issuer should make its code of ethics,
board and committee charters and the policies recommended
in the NZX Code, together with any other key governance
documents, available on its website.
Information about South Port’s corporate governance
framework (including the Code of Ethics, Board and Committee
Charters and other selected key governance codes and policies)
is available to view on the South Port website:
 www�southport�co�nz
FINANCIAL REPORTING
Recommendation 4.3: Financial reporting should be balanced,
clear and objective.
The Audit and Risk Committee oversees the quality and
integrity of external financial reporting including the accuracy,
completeness and timeliness of financial statements� The
Committee is committed to balanced, clear and objective
financial reporting�
It reviews half-yearly and annual financial statements and makes
recommendations to the Board concerning accounting policies,
areas of judgement, compliance with accounting standards,
stock exchange and legal requirements, and the results of the
external audit�
Management accountability for the integrity of the Company’s
financial reporting is reinforced by the certification from the
Chief Executive and the Chief Financial Officer�
The Chief Executive and the Chief Financial Officer have
provided the Board with written confirmation that the
Company’s financial report presents a true and fair view, in all
material respects, of the Company’s financial position for the
year ended 30 June 2025, and that the operational results are in
accordance with relevant accounting standards�
NON-FINANCIAL REPORTING - SUSTAINABILITY
Recommendation 4.4: An issuer should provide non-financial
disclosure at least annually, including considering environmental,
social sustainability and governance factors and practices. It
should explain how operational or non-financial targets are
measured. Non-financial reporting should be informative,
include forward looking assessments, and align with key
strategies and metrics monitored by the board.
South Port assesses its exposure to environmental, economic
and social sustainability as part of an overall framework
for managing risk (see Principle 6 – Risk Management).
Environmental, social and governance factors and practices
are always considered when making decisions� South Port has
separate sections included in the Annual Report to report on
environmental, social sustainability, and governance factors
(ESG) which covers the following areas:
Environment
People and Communities
Governance
South Port also annually discloses:
Climate-related disclosures as per the requirements of the
Aotearoa New Zealand Climate Standards�
Greenhouse Gas (GHG) Emissions Profile.
The Company is committed to improving standards of
environmental performance to enable a more efficient
and sustainable future and is working towards continuous
improvement in this area. The Company’s GHG emissions data
is reported annually as part of the climate-related disclosures�
“The remuneration of directors and executives
should be transparent, fair and reasonable.”
DIRECTOR REMUNERATION
Recommendation 5.1: An issuer should have a remuneration
policy for the remuneration of directors. An issuer should
recommend director remuneration to shareholders for approval
in a transparent manner. Actual director remuneration should be
clearly disclosed in the issuer’s annual report.
Total Meetings
1 8 3
P Cory-Wright 1 8 3
C Crowley

1

8

n/a
N Greer 1 8 3
M Henderson 1 8 3
C Kearney 1 8 n/a
J Schol 1 8 3
Annual
Meeting
Board
Meeting
Audit and Risk
Committee (ARC)
Reporting and Disclosure
PRINCIPLE 4
›
Remuneration
PRINCIPLE 5
›
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GOVERNANCE
Section
05
Section
05
GOVERNANCE

South Port’s Director and Executive Remuneration Policy
contains the policy for remuneration of directors� In accordance
with the Remuneration Policy and the Company’s Constitution,
shareholder approval is sought on any increase in the pool
available to pay directors’ fees. The Remuneration Policy is
available at:
 https://southport�co�nz/investors-
centre#corporate_ governance
Director remuneration is paid in the form of director’s fees. South
Port does not offer performance-based remuneration, equity-
based remuneration or retirement payments to directors� On
31 October 2023 the shareholders approved the directors’
fee pool limit of $532,000 per annum. South Port’s Board
considered and presented the proposal to increase the
director fee pool from the FY23 level, and sought and
considered independent advice from PwC, which reviewed the
remuneration of directors of comparable listed companies in
New Zealand. A copy of the Summary Directors’ Fees Report
was provided to shareholders and can be found at:
 https://southport�co�nz/assets/reports/
South-Port-NED-Summary-Report
-2023.pdf
Information on director remuneration is available in the South
Port Annual Report 2025; refer “Statutory Report of Directors”
(page 49). It includes a breakdown of remuneration for board
fees� There were separate fees provided for members of the
Audit and Risk Committee during FY25, which are included in the
pool limit noted above� Directors are entitled to reimbursement
of reasonable travel and other expenses incurred by them in
connection with their attendance at Board or Annual Meetings,
or otherwise in connection with South Port business�
EXECUTIVE REMUNERATION
Recommendation 5.2: An issuer should have a remuneration
policy for remuneration of executives which outlines the
relative weightings of remuneration components and relevant
performance criteria.
South Port has adopted a Director and Executive Remuneration
Policy as outlined above� This sets out the guiding principles
and structure of South Port’s remuneration to its executives,
together with the review process and reporting requirements to
ensure that remuneration is transparent, fair and reasonable to
meet the needs of the business, corporate governance bodies
and shareholders� The Board seeks to ensure that executives
receive remuneration that is fair and reasonable in a competitive
market for the skills, knowledge and experience required by the
Company�
Guidance is sought from independent remuneration consultants
by the Board as required�
The Board is responsible for reviewing the remuneration of the
Company’s executive leadership team (ELT) in consultation
with the Chief Executive of the Company� The remuneration
packages of the ELT consist of a mixture of a base remuneration
package and a variable remuneration component (short-term
incentive, or STI) based on relevant performance measures,
designed to attract, motivate and retain high quality employees
who will enable the Company to achieve its short and long-term
objectives. The Company also has a long-term incentive (LTI) for
the ELT in the form of a performance share rights plan� The plan
grants participants a right to receive ordinary shares in South
Port for no consideration if the following vesting conditions/
hurdles are met at the conclusion of a three-year period and the
participants remain employed by the Group during that period:
Total shareholder return exceeds a cost of equity target
(absolute return performance rights 33.33%);
Total shareholder return is above a target percentile of the
NZX50 peer group companies (relative return performance
rights 33.33%); and
Earnings per share compound annual growth rate exceeds
a target rate (EPS performance rights 33.33%).
Details relating to the number of employees and former
employees who received remuneration and other benefits in
excess of $100,000 during the year ended 30 June 2025 is
available in the South Port Annual Report 2025, refer “Statutory
Report of Directors” (page 49).
CHIEF EXECUTIVE REMUNERATION
Recommendation 5.3: An issuer should disclose the
remuneration arrangements in place for the CEO in its annual
report. This should include disclosure of the base salary, short-
term incentives and long-term incentives and the performance
criteria used to determine performance-based payments.
The Chief Executive’s remuneration is made up of fixed
remuneration and variable remuneration� Variable remuneration
refers to remuneration that is “at risk” and linked to individual
and organisational performance with clearly defined metrics�
The Chief Executive’s remuneration is reviewed annually
by the Board and an external consulting firm is engaged as
appropriate to review market relativity and comparability against
peer groups� The Chief Executive is entitled to redundancy
compensation if his/her employment is terminated as a result of
redundancy, however, no retirement benefits, sign-on bonuses
or retention payments are offered�
The fixed remuneration is determined in relation to the market
for comparable sized and performing companies and includes all
benefits and allowances� The position in the market will normally
be comparable to the median� Adjustments are not automatic
and are determined by performance which is reviewed annually
by the Board�
Fixed remuneration includes a base salary, employer KiwiSaver
contributions of 3%, vehicle allowance and medical insurance�
STI TARGETOUTCOMESTI EARNED AND AWARDED
STI
Component
MeasureWeighting$
*
Achievement on STI
Target
% awarded for
STI measure
$ awarded for
STI measure
*
Financial
EBITDA70%$54,075EBITDA achieved was 119%
of target, resulting in a
147% outcome against the
financial measure
147%$52,994
Other STI
measures
Health and
Safety measures
10%$5,150100% of critical risk
and control reviews,
leadership walks and safety
observations completed
100%$5,150
Other
non-financial
measures
20%$10,300Not achieved0%
$ —
Total STI target100%$69,525Total STI payment
against target
*
84%$58,144
* Including KiwiSaver
STI OUTCOME FOR FY25:
Short-term incentive (STI) is set at a maximum of $69,525
per annum (including KiwiSaver) for the Chief Executive. The
scheme has three measures, these are:
70% related to EBITDA performance (with the actual
opportunity ranging from 0% to 150%).
10% related to health and safety measures (with the actual
opportunity ranging from 0% to 100%).
20% related to individual non-financial measures (with the
actual opportunity ranging from 0% to 100%).
For the scheme to activate, the following trigger must be met
(company-wide):
90% of budgeted EBITDA
Zero fatalities�
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GOVERNANCE
Section
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Section
05
GOVERNANCE

Strategic
Financial
Regulatory
Reputational
Operational
Employee
Health, Safety
and Wellbeing
Environmental
Climate
Social, and
Cultural Risk
“Directors should have a sound understanding
of the material risks faced by the issuer and how
to manage them. The Board should regularly
verify that the issuer has appropriate processes
that identify and manage potential and material
risks.”
RISK MANAGEMENT FRAMEWORK
Recommendation 6.1: An issuer should have a risk
management framework for its business and the issuer’s board
should receive and review regular reports. An issuer should
report the material risks facing the business and how these are
being managed.
South Port’s risk management framework supports a structured
approach for identifying, assessing, and managing risks that
may affect the Company’s business objectives. The framework
is based on the AS/NZS ISO 3100:2018 standards and principles.
The risk management framework outlines the purpose and
benefits of risk management, such as informed decision-
making, resource prioritisation, balance of risk and reward,
anticipation of challenges, mitigation of adverse impacts, and
enhancement of organisational resilience�
The risk framework explains the steps and tools for conducting
risk assessments, such as establishing the context, identifying
risks, analysing risks, evaluating risks, treating risks, monitoring
and reviewing risks, and communicating and consulting with
stakeholders� The framework describes risk categories, contains
risk matrices, and describes control assessment methodology�
RISK MANAGEMENT AND RESPONSIBILITIES
The Board is ultimately responsible for reviewing and approving
the Company’s risk management strategy.
The Board delegates day-to-day management of risk to the
Chief Executive, who may further delegate such responsibilities
to the executive and other officers� Management meets with
the Risk and Technology Manager regularly to discuss the
Company’s risk matrix and make changes as required.
The Company encourages a risk-aware culture, where risks are
identified and managed within the respective risk appetite levels
set by the Board�
Risks are assessed with consideration to the potential impact on
the business across a number of areas including:
The Audit and Risk Committee is responsible for overseeing risk
management practices and works closely with management,
external advisors and the Company’s auditors to ensure that risk
management issues are properly identified and addressed� The
Board reviews the Company’s material risks matrix at least three
times a year�
The Group maintains insurance policies to assist in mitigating its
principal insurable risks�
MATERIAL RISKS
MATERIAL RISKRISK DESCRIPTIONMITIGATION PRINCIPALS
Climate-Related
Physical and transitional risks that have the potential
to impact our operations - sea level rise, storm surges,
and high wind events present a material physical
risk, and changes to insurance (cost and cover), and
appropriate timing with the investment in transitioning
to low carbon assets�
Assessment and monitoring of climate-related risks is
undertaken annually to ensure the risk remains within
tolerable levels and the controls and treatments
remain effective
Critical Equipment or
Asset Failure
Failure of critical assets or equipment could have
a flow on effect through our business and cause
significant business interruption�
Regular programmed maintenance
Auditing
Asset management planning
Business continuity planning
Insurance
Cyber Security
Protecting South Port's systems and information
from threats that could compromise their availability,
integrity, and result in loss is vital for our business
operations
�
Constant monitoring and reporting
Partner with third parties to leverage additional
expertise
Training and awareness for our teams
Health and Safety
The risk of an incident in the port environment is
always present� Protecting our team members and
port users is essential to ensuring a safe working
environment�
Mature Health and Safety culture - Safety First
Critical risk review, monitoring, and reporting
Proactive hazard identification
Training in safe operating procedures
Legislative and
Regulatory
Failure to comply with requirements could result in
financial penalties, legal action, or impact or restrict
our business operations�
Active monitoring and notification of legislative
requirements
Annual attestation
Community relationships
Market Changes and
Competition
Changes in demand due to local or geopolitical
environment� Risk could present as trade restrictions,
tariffs, supply chain disruptions, and conflicts
impacting our and our customer's business
operations�
Risk assessments
Diversification
Stakeholder engagement
Strategic planning and review
Severe or
Catastrophic Event
Whilst the threat of a major earthquake, destructive
tsunami, extreme weather event, explosion, fire,
shipping/marine incident, or act of terrorism is unlikely,
the potential risk impact to the Port needs to be
identified and managed accordingly�
Asset management planning
Standard operating procedures
Business continuity and emergency response
planning
Material damage and business interruption insurance
CEO REMUNERATION OUTCOMES
20252024
Fixed Remuneration
Base Salary$434,793$419,707
Benefits
1
$56,948$62,668
Short-term Incentive (STI)
Target STI$69,525$55,620
STI Earned
2
$58,144
—
STI Earned as % of Target84%0%
Long-term Incentive (LTI)
Shares vested
——
Market value at vesting
——
Total Earned
$549,885$482,375
Share Rights allocated and at risk
3
12,6728,795
1. Benefits include KiwiSaver, a vehicle allowance and medical insurance�
The CEO is eligible to receive a KiwiSaver company contribution of 3% of
gross taxable earnings (including STI).
2. STI earned in the reporting period reflects the cash value of amounts
received following achievement of performance measures related to the
current period� These were actually paid in the following financial year i�e�
FY25 STI earned paid in FY26� During FY24 the CEO was also paid the
second half of a one-off bonus relating to project Kia Whakaū ($40,000
+ 3% KiwiSaver).
3. LTI Share Rights allocation refers to the number of Share Rights issued
in August 2024 for the 2025 year and remaining at risk�
RISK MONITORING AND EVALUATION
Risks and treatments are monitored regularly to ensure that
they remain within tolerable levels and that the controls and
treatments are effective� Risk reviews consist of reassessing the
inherent risk, assessing emerging risks, and assessing control
effectiveness and treatment options�
The Audit and Risk Committee reviews the reports of
management and the external auditors on the effectiveness
of systems for internal control, financial reporting and risk
management�
The Company has a separate Risk Management Committee
which meets at least annually to review changes to the risk
profile of the business and to consider ways of mitigating
additional risks identified� The Board are invited to attend all Risk
Management Committee meetings�
The material risks which may impact the Company’s ability
to achieve its strategic objectives and secure its financial
prospects, are managed through the strategic planning process�
The Company has a Treasury Policy to help manage liquidity
and funding risk, foreign exchange risk, interest rate risk and
other treasury risk. The Treasury Management Group (TMG)
consisting of the Chief Executive, Chief Financial Officer and
other senior managers (as appropriate) meets at least quarterly
to review and discuss treasury risk� The minutes taken at these
meetings are shared with the Board�
The Long-term incentive (LTI) noted under recommendation
5�2 is only in year two of three, therefore no performance rights
have been vested during the years ended 30 June 2025 or
30 June 2024� However, the Chief Executive was offered 8,795
performance rights on 1 November 2023 which will vest in 2026,
and 12,672 performance rights on 30 August 2024 which will
vest in 2027 if the required hurdles are met�
Risk Management
PRINCIPLE 6
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GOVERNANCE
Section
05
Section
05
GOVERNANCE

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE
(ESG) FACTORS
South Port is a Climate Reporting Entity (CRE) under the
Aotearoa New Zealand Climate Standards which came into
effect on 1 January 2023. FY24 was the Group’s first mandatory
reporting period under these new standards�
The new climate standards provide a consistent framework for
entities to consider the climate-related risks and climate-related
opportunities that climate change presents for their activities
over the short, medium and long-term� The climate-related
disclosures cover four pillars being; governance, strategy, risk
management, and metrics and targets�
South Port’s climate-related disclosures for FY25 will be
published on or before 31 October 2025, and made available on
our website:
 https://southport�co�nz/
communication-centre?url=reports
HEALTH, SAFETY AND WELLBEING
Recommendation 6.2: An issuer should disclose how it
manages its health and safety risks and should report on its
health and safety risks, performance and management.
Health, safety and wellbeing (HSW) continues to be a key focus
of the Company and continuous improvement has been made
in this area over recent years� The Company presently has four
full-time personnel dedicated to HSW matters in addition to
all personnel having responsibility for HSW in their daily work
processes�
South Port has identified six site critical risks being mobile plant
vs person, working at heights, falling objects, working on or near
water, uncontrolled energy release and hazardous substances�
The Port’s focus is to establish controls to prevent these
accidents/incidents occurring while also providing controls to fail
safely if an accident/incident were to occur in one of these six
critical risk areas�
The Board operates a Health and Safety Panel which consists of
the full board, two Health and Safety personnel, together with
two senior managers and two staff representatives� The Health
and Safety Panel’s function is to establish a HSW strategic plan,
monitor its implementation, undertake scheduled operational
site visits and address key HSW issues facing the business, with
the objective of achieving continuous improvement� The Health
and Safety Panel meets at least two times each year�
Another important tool used to deliver HSW improvement is the
Company’s Port Achieving Combined Excellence Programme
(PACE), with the Health and Safety component being driven by
the South Port Health and Safety Committee� Output from the
PACE Programme and the Health and Safety Committee is fed
through to the Health and Safety Panel for consideration�
“The Board should ensure the quality and
independence of the external audit process.”
EXTERNAL AUDIT
Recommendation 7.1 and 7.2: The board should establish a
framework for the issuer’s relationship with its external auditors.
This should include procedures prescribed in the NZX Corporate
Governance Code. The external auditor should attend the
issuer’s Annual Meeting to answer questions from shareholders
in relation to the audit.
The independence of the external auditor is of particular
importance to shareholders and the Board� The Audit and Risk
Committee is responsible for overseeing the external audit of the
Company� Accordingly, it monitors developments in the areas
of audit and threats to audit independence to ensure its policies
and practices are consistent with emerging best practice�
The Board has adopted a policy on audit independence (the
External Auditor Relationship Framework), the key elements of
which are:
the external auditor must remain independent of the
Company at all times;
the external auditor must monitor its independence and
annually report to the Board in writing that it has remained
independent;
the audit firm is permitted to provide non-audit services
that are not considered to be in conflict with the
preservation of the independence of the auditor; and
the Audit and Risk Committee must approve significant
permissible non-audit work assignments that are awarded
to the external auditor�
It is the responsibility of the Audit and Risk Committee,
among others, to act as a formal forum for free and open
communication between the Board and the external auditors
and management�
ENGAGEMENT OF THE EXTERNAL AUDITOR
The Auditor-General is the auditor of South Port� The Auditor-
General is responsible for audit firm rotation and has appointed
Deloitte Limited to carry out the audit of the consolidated
financial statements and limited assurance over Scope 1 and
2 GHG emissions of the Group on his behalf� Deloitte was first
appointed as South Port’s auditor for the year ended 30 June
2022� The Lead Audit Partner for FY22 to FY24 was Mike
Hawken, and for FY25 is Matt Laing�
South Port does not obtain external limited assurance over their
other non-financial disclosures�
ATTENDANCE AT THE ANNUAL MEETING
Deloitte Limited, as appointed auditor of the 2025 financial
statements, has been invited to attend the Annual Meeting
and will be available to answer questions about the conduct
of the audit, preparation and content of the auditor’s
report, accounting policies adopted by South Port and the
independence of the auditor in relation to the conduct of the
audit�
INTERNAL AUDIT
Recommendation 7.3: Internal audit functions should be
disclosed.
South Port has robust internal controls and processes in place
which alleviates the need to have a formal internal audit function
as recommended by the NZX Corporate Governance Code�
While there is no formal function in place, the Company does
undertake some internal audit tasks as required to ensure robust
internal processes are being maintained� The Chief Executive
is accountable for all operational and compliance risk across
the Company’s operations. The Chief Financial Officer has
management accountability for the effective implementation
and improvement of internal systems and controls. South Port’s
Risk and Technology Manager also plays a vital role in helping
to monitor and manage the Company’s risks and compliance
obligations�
“The Board should respect the rights of
shareholders and foster constructive
relationships with shareholders that encourage
them to engage with the issuer.”
INFORMATION FOR SHAREHOLDERS
Recommendation 8.1: An issuer should have a website where
investors and interested stakeholders can access financial
and operational information and key corporate governance
information about the issuer.
South Port seeks to ensure its shareholders are appropriately
informed of its operations and results, with the delivery of timely
and focused communication, and the holding of shareholder
meetings in a manner conducive to achieving shareholder
participation�
To ensure shareholders have access to relevant information, the
Company:
Provides a website which contains media releases, current
and past annual reports, corporate governance policies,
share price information, notices of meetings and other
information about the Company;
Makes available printed half-year and annual reports and
encourages shareholders to access these documents on
the website and to receive advice of their availability by
email;
Publishes press releases on issues/events that may have
material information/content that could impact the price of
its traded securities;
Issues additional explanatory memoranda where
circumstances require, such as explanations of dividend
changes, independent reviews of director's fees, and other
explanatory memoranda as may be required by law; and
Maintains regular contact with leading analysts and brokers
who monitor the Company’s activities.
Key investor information can be found at:
 https://southport�co�nz/communication
-centre
 https://southport�co�nz/investors-centre
COMMUNICATING WITH SHAREHOLDERS
Recommendation 8.2: An issuer should allow investors the
ability to easily communicate with the issuer, including by
designing its shareholder meeting arrangements to encourage
shareholder participation and by providing shareholders the
option to receive communications from the issuer electronically.
South Port provides options for shareholders to receive and
send communications electronically, to and from both South
Port and South Port’s share registrar, MUFG Corporate Markets
(previously Link Market Services). The Board welcomes investor
enquiries�
Although the Board’s policy is to hold South Port’s annual
shareholder meetings at the Port in Bluff, shareholders are
also able to attend the meeting online via a Teams Link which
enables them to ask questions during the meeting� However,
shareholders do not have the option of voting online during the
meeting, but they can vote in advance� The 2025 meeting is
intended to be a hybrid meeting again as it was in 2024, and
shareholders will have the opportunity to attend and participate
in Bluff or online via an internet connection� More information will
be provided in the Notice of Meeting�
The ‘full’ hybrid option (including online voting) was made
available in the past at a considerable cost to the Company but
was not taken advantage of by the shareholders� South Port
has historically shown high levels of proportionate physical only
attendance such that the costs of the virtual aspects of a ‘full’
hybrid meeting are uneconomic�
SHAREHOLDER VOTING RIGHTS
Recommendation 8.3: Quoted equity security holders should
have the right to vote on major decisions which may change the
nature of the issuer in which they are invested.
Shareholder Rights and
Relations
PRINCIPLE 8
›
Auditors
PRINCIPLE 7
›
6766
South Port
ANNUAL REPORT 2025South Port ANNUAL REPORT 2025
GOVERNANCE
Section
05
Section
05
GOVERNANCE

In accordance with the Companies Act 1993, the Company’s
Constitution and the NZX Listing Rules, South Port refers any
significant matters to shareholders for approval at a shareholder
meeting� Where shareholder votes are conducted by poll, each
shareholder is entitled to one vote per share�
CAPITAL RAISING
Recommendation 8.4: If seeking additional equity capital,
issuers of quoted equity securities should offer further equity
securities to existing equity security holders of the same class
on a pro rata basis, and on no less favourable terms, before
further equity securities are offered to other investors.
If South Port was to ever look at raising further capital, it would
consider the interests of existing shareholders when looking
at capital raising options� Where practical, the Company
would favour capital raising methods that provide existing
equity security holders with an opportunity to avoid dilution by
participating in the offer� As such, a pro rata offer should be the
preferred approach�
For the avoidance of doubt, this does not preclude the Company
from allowing it to offer equity securities to employees (including
executive directors), as the primary purpose of such incentives
is not to raise capital�
NOTICE OF ANNUAL MEETING
Recommendation 8.5: The board should ensure that the
notices of annual or special meetings of quoted equity security
holders is posted on the issuer’s website as soon as possible
and at least 20 working days prior to the meeting.
South Port posts any Notices of Shareholder Meetings on the
website as soon as these are available� The general practice
is to make these available not less than four weeks prior to the
shareholder meeting�
Shareholder meetings are generally held at the Company’s place
of business (Bluff) at a time which best ensures full participation
by shareholders� The Board also supports the Annual Meeting
being livestreamed and available for replay after the meeting so
that shareholders unable to attend in person can still view the
meeting and ask questions�
Full participation of shareholders at the Annual Meeting is
encouraged to ensure a high level of accountability and
identification with the Company’s strategies and goals.
Shareholders have the opportunity to submit questions prior to
each meeting and senior management and auditors are present
to assist in answering any specific queries raised� There is also
an opportunity for informal discussion with directors and senior
management for a period after the meeting concludes�
South Port’s Notice of Meeting was made available on its
website at least 20 working days prior to the FY24 annual
meeting of shareholders�
68
South Port
ANNUAL REPORT 2025
GOVERNANCE
Section
05
”
“
THE YEAR IN REVIEW
Section
02
ENVIRONMENT
Section
03
PEOPLE AND COMMUNITIES
Section
04
GOVERNANCE
Section
05
Section
01
INTRODUCTION
SPOTLIGHT
Section
06
FINANCIALS
Section
07
ABOUT US
Section
08
Spotlight on collaboration
with health and safety,
infrastructure, and our
customers.
Collaboration: Health and Safety ................................................70
Collaboration: Infrastructure
........................................................72
Collaboration: Environmental
......................................................73
Collaboration: Customers
............................................................74
MSC Shipping Overview
..............................................................76

COLLABORATION : HEALTH AND SAFETY
Shared responsibilities are the day-to-day reality of the Port�
The Health and Safety at Work Act 2015 recognises that when
multiple PCBUs operate side-by-side, they must consult,
cooperate, and coordinate to manage risks� South Port has
welcomed this as an opportunity to move beyond compliance
and foster a culture of genuine collaboration�
The 2025 rollout of Port-wide random drug and alcohol testing
is a prime example of this� South Port worked closely with
PCBUs to develop a consistent, transparent, and fair testing
protocol� Early engagement and consultation ensured each
organisation's operational needs were respected, aligning
under a shared standard�
The Company is embedding shared responsibility into
planning, language, and leadership� The approach is
integrated, with a focus on reducing duplication and
implementing proportionate, effective, and workable controls
for all involved�
SHARED EFFORTS TO IMPROVE AND EMPOWER
The Company is continuing to foster strong relationships with
PCBUs operating within the Port through quarterly Port User
Forums� These provide a valuable platform for open dialogue,
knowledge sharing, and collective problem-solving among
those working on the Port�
With Maritime New Zealand taking on the role of lead regulator
for ports in July 2024, we recognised the importance of
strengthening collaboration� Maritime New Zealand has an open
invitation to address our Port User Forums, which has proven to
be a positive step forward� This initiative facilitates meaningful
conversations about safety, compliance, and shared learning�
By bringing everyone to the table - operators, contractors, and
regulators - we are collectively working toward a safer, more
unified Port community�
Overlapping Duties – Person Conducting Business or Undertaking (PCBU) Collaboration
PROFESSIONALLY DEVELOPING TOGETHER
Strong leadership shapes a resilient and high-performing safety
culture� Safety leadership is a skill that can be developed, and
collaboration is most effective when we grow together�
This year, we invited PCBUs operating on Port to participate in
professional development workshops� This inclusive approach
further developed an understanding of our aligned values
and how collaboration can deliver stronger outcomes� It has
strengthened relationships, fostered mutual respect, and
encouraged a collaborative culture across the Port community�
Sharing information and expertise allows us to build on ideas,
solve problems more efficiently, and achieve common goals
collaboratively�
”
“
Working through this together meant it wasn’t about
pushing a single company’s agenda — it was about
protecting everyone working on site. South Port’s
willingness to collaborate, listen, and adapt made a real
difference in how this was received�
Bevan Hatcher
Group Manager Health,
Safety and Wellbeing
SANFORD LIMITED
Justin Frew
Service Centre Manager,
Awarua
BALLANCE AGRI-NUTRIENTS
“
Overlapping duties were once a grey area, but through
joint planning and open communication, it now makes
more sense� This shared approach helps eliminate
confusion and proactively addresses gaps before they
lead to harm�
”
CLARIFYING SHARED RESPONSIBILITIES THROUGH GENUINE COLLABORATION
The Port Shared Responsibility Agreements are the product of
open and constructive discussions, starting with understanding
each other’s work environments, constraints, and obligations.
From this foundation, collectively we mapped out where risks
intersect, clarified who leads which controls, and agreed on
escalation and communication pathways when things change�
This form of consultation is an ongoing commitment which
includes collaborative forums, toolbox meetings, joint
workshops, and site walkarounds providing opportunities to
provide practical feedback and continuous improvement�
By prioritising relationships with Port users, investing time
aligning systems and expectations, we are able to clarify
responsibilities and build a culture of mutual accountability�
Together, we are developing effective health and safety
management in a multi-PCBU environment�
7170
South Port
ANNUAL REPORT 2025South Port ANNUAL REPORT 2025
SPOTLIGHT
Section
06
Section
06
SPOTLIGHT

Discharge Agreement and Environmental
Management Plan (EMP)
One of the main instruments that enable and ensure compliance
of South Port's operations is our Discharge Agreement, signed
in 2012 with Environment Southland� The agreement addresses
incidental discharges into water and air originating from South
Port's activities, and includes a Code of Practice to mitigate the
risks associated with these discharges�
The agreement ends in 2026, at which point it will be replaced
by a similar one with additions which better reflect the current
environmental compliance standards� We began working with
Environment Southland in 2023 to define the best strategy for
transitioning from the current agreement to its replacement, and
have been meeting regularly since�
In 2024, Environment Southland provided the first draft of
the new agreement, and we developed the Environmental
Management Plan (EMP). This mechanism will replace the
current Code of Practice, expanding and improving the
approach to managing activities related to discharges into water
and air�
The partnership between South Port and Environment
Southland also extended to Te Rūnanga o Ngā
i Tahu�
Internally, this project involved a multi-departmental effort,
including Infrastructure and Environmental, Bulk Cargo,
Container Services and Marine, to ensure that the EMP is
thorough and effective� Collaboration between departments
during the development of the EMP will support its successful
implementation�
COLLABORATION : INFRASTRUCTURECOLLABORATION : ENVIRONMENTAL
South Port actively participates in the annual Port Engineers
Forum, a key event that brings together port engineers from
across New Zealand� Hosted in rotation by different ports, the
forum includes annual updates, technical presentations, open
discussions, and a tour of the host port’s infrastructure.
The forum provides a valuable platform for sharing lessons
learned, exploring new technologies, and collaborating on
common challenges� South Port has both gained from, and
contributed to this knowledge-sharing environment�
PORT TARANAKI 
STORMWATER MANAGEMENT
Insights into log yard run-off treatment and sediment
control have helped form South Port’s own stormwater
system improvements�
These exchanges continue to strengthen collaboration across the sector and support
South Port’s commitment to continuous improvement, innovation and resilience in
infrastructure management�
PORT OF TAURANGA 
EROSION PROTECTION
The use of rock bags around Aids to Navigation (AtoNs),
for shoreline stability has influenced South Port’s
approach to erosion-prone areas�
PORT MARLBOROUGH AND LYTTELTON PORT 
INSPECTION TECHNOLOGY
Encouraged drone and 360° camera
inspections at South Port for asset
monitoring�
CENTREPORT WELLINGTON
JOB REQUEST PORTALS
CentrePort’s digital system for managing infrastructure
work requests has inspired South Port to use similar tools
to improve internal workflows and defect notification�
VARIOUS PORTS 
SEISMIC MONITORING
The use of seismographs on key assets and integration
into emergency response planning is being reviewed for
application at South Port�
CONCRETE REPAIRS 
Our techniques for durable and cost-effective repairs on
wharves and bridges have been adopted by other ports
looking to extend asset life�
SOUTH PORT HAS ALSO CONTRIBUTED VALUABLE KNOWLEDGE TO THE FORUM:
DREDGING SOFTWARE 
South Port’s use of dredging software for asset planning
and maintenance has generated interest, with other ports
seeking advice on implementation�
PRIMEPORT TIMARU 
STORM BOLLARDS
Use of heavy-duty bollards designed for extreme weather
conditions motivated South Port to investigate options for
high use berths
�
Scope 3 Green House Gas (GHG) Guidance
In early 2024, the New Zealand Ports Environment and
Sustainability Forum began discussions on creating a guide for
ports to report their Scope 3 Greenhouse Gas (GHG) emissions,
as these are more subjective than Scope 1 and Scope 2
emissions�
A guidance document was recommended to promote
consistency in Scope 3 accounting within the port sector�
Tonkin + Taylor, environmental and engineering consultants, in
collaboration with New Zealand ports, prepared this guidance to
help ports develop an organisational Scope 3 carbon inventory,
by outlining relevant principles and methodology�
Helen Brown
Senior Regional Planner
ENVIRONMENT SOUTHLAND
Te Taiao Tonga
”
“
We welcomed the open and honest discussions
between the groups working on the replacement
Discharge Deed of Agreement�
This style of collaboration meant the project continued
to move forward with minimal hold ups or rework� We
look forward to continuing our work with South Port
this way in the future�
Marta Karlik-Neale
Technical Director – Carbon
Accounting and Climate
Mitigation
Tonkin + Taylor
”
“
Collaboration is key to unlocking the carbon reduction
potential of Scope 3 emissions� New Zealand ports have
taken a significant step forward by working together on
sector-specific guidance� A consensus-building process
grounded the guidance in a clearer understanding
of the sector’s objectives and challenges - making
carbon accounting easier to navigate, while supporting
frontrunners in scaling and evolving the practice�
Engineers Forum
7372
South Port
ANNUAL REPORT 2025South Port ANNUAL REPORT 2025
SPOTLIGHT
Section
06
Section
06
SPOTLIGHT

COLLABORATION : CUSTOMERS
Peter Mourits
General Manager
ADM NEW ZEALAND LTD
Phillip Harrison
General Manager
AGRIFEEDS
Graeme Fyfe
Operations Manager – NZ
BUNGE NZ LTD
(formerly Viterra)
”
“
Bunge NZ Ltd (formerly Viterra) considers South Port an extremely
important strategic business partner, facilitating the gateway to the
agricultural markets in Southland and Southern Otago� The buoyant
dairy market, coupled with a very wet spring has resulted in strong
feed demand over the 2024/2025 season�
The Southland market is changing to produce higher quality feeds
which suits Bunge’s global reach in sourcing products. Over the
2024/25 dairy season we have imported in excess of 300,000 tonnes
of bulk feed products into Southland through the Port, and these
products have been blended with locally grown wheat and barley� This
was achievable due to the deeper draft capabilities at South Port to
allow us to send bigger vessels, and therefore effectively service the
increased demands of the region more efficiently�
”
“
ADM New Zealand values the relationship we have built with South
Port� Over the past decade, our business in the Southland region has
grown significantly – and the support from South Port has been key
to achieving that success�
As our business expanded, so has our footprint at the Port, allowing
us to handle larger volumes and improve overall efficiency� With the
recent deepening of the channel, larger vessels can now call at South
Port, further reinforcing Southland’s role as a vital trade gateway and
supporting growth in the sector�
We look forward to continuing this positive relationship and the
opportunities that lie ahead�
”
“
Agrifeeds highly values its relationship with South Port
as an interactive partner, enabling the efficient import of
stockfeed through the Port into the Southland agricultural
sector�
The recent investment by South Port in deepening the
channel to allow larger vessels into Port is a further
demonstration of South Port’s drive to better support the
Southland region's import and exports, and economy�
A core aspect of our operations at the
Port involves collaborating and supporting
multiple businesses throughout the supply
chain, with a combined goal of improved
efficiencies and continued growth�
Collaboration with customers plays a vital role in this, as it
allows the Port to anticipate market needs, adapt and innovate,
and to look for opportunities to create additional value for all
stakeholders�
Stockfood is a prime example of this, involving several businesses
collaborating towards the success of the
agriculture sector in
Southland� Agriculture and primary production are one of the
main contributors to Southland’s economy and it has seen
significant growth since 1990, making Southland the third
largest dairy region in New Zealand�
However, with the unpredictable weather in Southland, having
access to an alternative stockfood option is essential to keep
the agriculture sector functioning�
Communication and customer collaboration helped influence
the Company’s decision to invest in the channel deepening
project, Kia Whakaū, completed in October 2024.
This has enhanced operational efficiencies for multiple
customers through improved vessel loading capabilities, and
there has been a notable increase in imported stockfood as our
customers have been able to take advantage of the channel
deepening as depicted on the graph below:
20252024202320222021202020192018
Imported stockfood volumes through Bluff
7574
South Port
ANNUAL REPORT 2025South Port ANNUAL REPORT 2025
Section
06
SPOTLIGHTSPOTLIGHT
Section
06
SPOTLIGHT
Section
06

PORT CHALMERS
BLUFF
LYTTELTON
WELLINGTON
NAPIER
TAURANGA
AUCKLAND
NELSON
NOUMEA
BRISBANE
SYDNEY
MELBOURNE
ADELAIDE
FREMANTLE
SINGAPORE
JAKARTA
HONG KONG
YANTIAN
NINGBO
SHANGHAI
OAKLAND
LONG BEACH
CHARLESTON
SAVANNAH
FREEPORT
PHILADELPHIA
BALBOA
RODMAN
CRISTOBAL
COLOMBO
VALENCIA
LE HAVRE
FOS-SUR-MER
LA SPEZIA
PORT LOUIS
ANTWERP
POINTE DES GALETS
LONDON
GATEWAY
ROTTERDAM
HAMBURG
BELL BAY
SEATTLE
VANCOUVER
PAPEETE
ENNORE
SUVA
LAUTOKA
XIAMEN
GIOIA TAURO
BUSAN
NANSHA
QINGDAO
CARTAGENA
AUSTRALIA
|
NEW ZEALAND
SHIPPING OVERVIEW
Standard Route
Red Sea Omission
AUSTRALIA EXPRESS
(Standard Route)
SydneyMelbourneAdelaide
FremantleSingaporeEnnore
ColomboGioia TauroValencia�
London GatewayRotterdam
HamburgAntwerpLe Havre
Fos-Sur-MerLa SpeziaGioia Tauro�
Pointe Des GaletsPort LouisSydney
AUSTRALIA EXPRESS (Red Sea Omission)
SydneyMelbourneAdelaide
FremantleSingapore�
EnnoreColomboLondon Gateway�
RotterdamHamburgAntwerp�
Le HavreValenciaLa Spezia�
Fos-Sur-MerPointe Des Galets
Port LouisSydney
WALLABY
Hong KongYantianXiamen�
ShanghaiNingboSydneyMelbourne�
AucklandBluffLytteltonWellington�
NapierTaurangaMelbourne�
BrisbaneHong Kong
PANDA
BrisbaneSydneyMelbourne�
BrisbaneBusanQingdaoShanghai�
NingboNanshaHong KongYantian�
Brisbane
NOUMEA EXPRESS
SydneyBrisbaneNoumea
LautokaSuvaTauranga Nelson 
WellingtonSydneyBell Bay Sydney
OCEANIC LOOP 1
SydneyMelbourneAdelaide*�
TaurangaPapeete*Seattle*�
Vancouver*OaklandLong Beach�
AucklandSydney
OCEANIC LOOP 2 Up to Jan 2026
SydneyMelbournePort Chalmers
TaurangaCartagenaPhiladelphia
CharlestonBalboaTaurangaSydney
*indicates fortnightly/ad hoc port call
Mediterranean
Shipping
Company
675
Offices
22.5 million
*

TEU carried annually
*estimated 2024
200,000+
MSC Group
Empoyees
155
Countries
520
Ports of call
300
Routes
7
Aircraft
900
Vessels
KEY FIGURES
›
AUSTRALIA
|
NEW ZEALAND
SHIPPING OVERVIEW
›
KOALA
FremantleAdelaideMelbourne 
Jakarta ShanghaiHong Kong
Jakarta Fremantle
EAGLE SERVICE from Feb 2026
PhiladelphiaSavannah Freeport
Rodman Papeete Auckland Sydney
Melbourne Brisbane Tauranga
Rodman Cristobal Philadelphia
7776
South Port ANNUAL REPORT 2025South Port ANNUAL REPORT 2025
SPOTLIGHT
Section
06
Section
06
SPOTLIGHT

“
To The Shareholders of South Port New Zealand Limited
Opinion
We have audited the consolidated financial statements of the Group on pages 82 to 105, that comprise the consolidated statement
of financial position as at 30 June 2025, the consolidated statement of comprehensive income, consolidated statement of changes
in equity and consolidated statement of cash flows for the year then ended, and the notes to the consolidated financial statements,
including a summary of material accounting policy information�
In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the
Group as at 30 June 2025, and its consolidated financial performance and its consolidated cash flows for the year then ended in
accordance with New Zealand equivalents to IFRS Accounting Standards (‘NZ IFRS’) as issued by the External Reporting Board and
IFRS Accounting Standards (‘IFRS’) as issued by the International Accounting Standards Board.
Basis for our opinion
We conducted our audit in accordance with the Auditor-General’s Auditing Standards, which incorporate the Professional and
Ethical Standards and the International Standards on Auditing (New Zealand) issued by the New Zealand Auditing and Assurance
Standards Board. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the
consolidated financial statements section of our report. We are independent of the Group in accordance with the Auditor-General’s
Auditing Standards, which incorporate Professional and Ethical Standard 1: International Code of Ethics for Assurance Practitioners
(including International Independence Standards) (New Zealand) (PES 1) issued by the New Zealand Auditing and Assurance
Standards Board, and we have fulfilled our other ethical responsibilities in accordance with these requirements�
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion�
Other than in our capacity as auditor we have no relationship with, or interests in, South Port New Zealand Limited or any of its
subsidiaries�
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial
statements for the current period� These matters were addressed in the context of our audit of the financial statements as a whole,
and in forming our opinion thereon, and we do not provide a separate opinion on these matters�
The Auditor-General is the auditor of South Port New Zealand Limited and its subsidiaries (the Group). The Auditor-General has
appointed me, Matt Laing, using the staff and resources of Deloitte Limited, to carry out the audit of the consolidated financial
statements of the Group on his behalf�
INDEPENDENT AUDITOR’S REPORT
79
South Port ANNUAL REPORT 2025
Auditor's Report.............................................................................79
Statement of Comprehensive Income/
Statement of Changes in Equity
.................................................82
Statement of Financial Position
..................................................83
Statement of Cash Flows
............................................................84
Notes to the Financial Statements
.............................................86
Financial and Operational Five-Year Summary .......................106
The Independent Auditor’s
Report and financial
statements for the year
ended 30 June 2025.
THE YEAR IN REVIEW
Section
02
ENVIRONMENT
Section
03
PEOPLE AND COMMUNITIES
Section
04
GOVERNANCE
Section
05
Section
01
INTRODUCTION
SPOTLIGHT
Section
06
FINANCIALS
Section
07
ABOUT US
Section
08
Section
07
FINANCIALS
”

Other information
The Directors are responsible on behalf of the Group for
the other information� The other information comprises the
information included on pages 2 to 78 and 106 to 111, but does
not include the consolidated financial statements and our
auditor’s report thereon.
Our opinion on the consolidated financial statements does not
cover the other information and we do not express any form of
audit opinion or assurance conclusion thereon�
In connection with our audit of the consolidated financial
statements, our responsibility is to read the other information
and, in doing so, consider whether the other information
is materially inconsistent with the consolidated financial
statements or our knowledge obtained in the audit or
otherwise appears to be materially misstated� If, based on the
work we have performed, we conclude that there is a material
misstatement of this other information, we are required to
report that fact� We have nothing to report in this regard�
Key audit matter
Revenue Recognition
As disclosed in note 5, the Group recognised revenue
totalling approximately $23�4 million relating to marine
and storage services, for the year in the consolidated
statement of comprehensive income�
There is complexity involved in assessing the timing of
revenue recognition as South Port has a large volume
of revenue transactions recognised over time within this
revenue stream�
Revenue recognition on revenue recognised over time is
a key audit matter due to the significance of the balance
and the level of effort involved in performing our audit
procedures�
In performing our audit procedures:
• We evaluated the processes and controls in place over
the recording of revenue, including how the timing of
revenue is determined�
• We obtained direct confirmation of the revenue received
from certain large customers�
• We tested a sample of revenue transactions recorded
near year end to assess whether they were recorded in
the correct period�
• We considered the adequacy of revenue disclosures in
the consolidated financial statements�
How our audit addressed the key audit matter
Matt Laing
Deloitte Limited
On behalf of the Auditor-General
Hamilton, New Zealand
21 August 2025
Auditor’s responsibilities for the audit of the consolidated
financial statements
Our objectives are to obtain reasonable assurance about
whether the consolidated financial statements as a whole are
free from material misstatement, whether due to fraud or error,
and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not
a guarantee that an audit conducted in accordance with the
Auditor-General’s Auditing Standards will always detect a
material misstatement when it exists� Misstatements can arise
from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to
influence the economic decisions of shareholders taken on the
basis of these consolidated financial statements�
As part of an audit in accordance with the Auditor-General’s
Auditing Standards, we exercise professional judgement and
maintain professional scepticism throughout the audit� We also:
• Identify and assess the risks of material misstatement
of the consolidated financial statements, whether due
to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion�
The risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as
fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control�
• Obtain an understanding of internal control relevant to
the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose
of expressing an opinion on the effectiveness of the
Group’s internal control.
• Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and
related disclosures made by management�
• Conclude on the appropriateness of the use of the going
concern basis of accounting by the directors and, based
on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may
cast significant doubt on the Group’s ability to continue as
a going concern� If we conclude that a material uncertainty
exists, we are required to draw attention in our auditor’s
report to the related disclosures in the consolidated
financial statements or, if such disclosures are inadequate,
to modify our opinion� Our conclusions are based on the
audit evidence obtained up to the date of our auditor’s
report� However, future events or conditions may cause the
Group to cease to continue as a going concern�
• Evaluate the overall presentation, structure and content
of the consolidated financial statements, including the
disclosures, and whether the consolidated financial
statements represent the underlying transactions and
events in a manner that achieves fair presentation�
• Plans and performs the group audit to obtain sufficient
appropriate audit evidence regarding the financial
information of the entities or business units within the
group as a basis for forming an opinion on the group
financial statements� The auditor is responsible for the
direction, supervision and review of the audit work
performed for the purposes of the group audit� The auditor
remains solely responsible for the audit opinion�
We communicate with the Directors regarding, among other
matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in
internal control that we identify during our audit�
We also provide the Directors with a statement that we
have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships
and other matters that may reasonably be thought to bear on
our independence, and where applicable, related safeguards�
From the matters communicated with the Directors, we
determine those matters that were of most significance in the
audit of the consolidated financial statements of the current
period and are therefore the key audit matters� We describe
these matters in our auditor’s report unless law or regulation
precludes public disclosure about the matter or when, in
extremely rare circumstances, we determine that a matter
should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication�
Our responsibilities arise from the Public Audit Act 2001�
Directors’ responsibilities for the consolidated financial
statements
The Directors are responsible on behalf of the Group for the
preparation and fair presentation of the consolidated financial
statements in accordance with New Zealand equivalents to
IFRS Accounting Standards and IFRS Accounting Standards,
and for such internal control as the Directors determine is
necessary to enable the preparation of consolidated financial
statements that are free from material misstatement, whether
due to fraud or error�
In preparing the consolidated financial statements, the Directors
are responsible on behalf of the Group for assessing the
Group’s ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the
going concern basis of accounting unless the Directors either
intend to liquidate the Group or to cease operations, or have no
realistic alternative but to do so�
The Directors’ responsibilities arise from the Financial Markets
Conduct Act 2013�

Issued 08/24 Office of the Auditor-General 4
From the matters communicated with the Directors, we determine those matters that were of most
significance in the audit of the consolidated financial statements of the current period and are therefore
the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes
public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter
should not be communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.

Our responsibilities arise from the Public Audit Act 2001.

Matt Laing
Deloitte Limited
OOnn bbeehhaallff ooff tthhee AAuuddiittoorr--GGeenneerraall
HHaammiillttoonn,, NNeeww ZZeeaallaanndd
21 August 2025

Section
07
Section
07
8180
South Port
ANNUAL REPORT 2025South Port ANNUAL REPORT 2025
FINANCIALSFINANCIALS

GROUP
NOTEGROUP
OF SOUTH PORT NEW ZEALAND LIMITED FOR THE YEAR ENDED 30 JUNE 2025
Share-based
Payment Reserve
Retained EarningsTotal Equity
In Thousands of New Zealand Dollars
Balance 1 July 2023 9,418 — 50,485 59,903
Profit/(loss) after income tax — — 7,376 7,376
Total comprehensive income — — 7,376 7,376
Contributions by and distributions to owners
Equity settled share-based payment accrual 36 36
Dividends paid during the period — — (7,083) (7,083)
Balance as at 30 June 2024 9,418 36 50,778 60,232
Balance 1 July 2024 9,418 36 50,778 60,232
Profit/(loss) after income tax — — 13,318 13,318
Total comprehensive income — — 13,318 13,318
Contributions by and distributions to owners
Equity settled share-based payment accrual — 106 — 106
Dividends paid during the period — — (7,083) (7,083)
Balance as at 30 June 2025 9,418 142 57,013 66,573
OF SOUTH PORT NEW ZEALAND LIMITED FOR THE YEAR ENDED 30 JUNE 2025
NOTE
In Thousands of New Zealand Dollars 2025 2024

Total operating revenues from port services 5 63,282 56,128
Total operating expenses 7 (35,599) (33,187)
Operating profit before administrative and finance costs 27,683 22,941
Administrative expenses (7,126) (6,615)
Operating profit before financing costs 20,557 16,326

Financial income 65 58
Financial expenses (2,907) (3,016)

Net financing costs 6 (2,842) (2,958)

Other income 5 63 65
Surplus before income tax 17,778 13,433

Income tax 10 (4,460) (6,057)

Net surplus after income tax 13,318 7,376

Other comprehensive income — —
Total other comprehensive surplus/(loss) after income tax — —
Total comprehensive surplus/(loss) after income tax 13,318 7,376

Basic earnings per share 17 $0.508 $0.281
Diluted earnings per share 17 $0.506 $0.281
Share Capital
15
24
15
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
OF SOUTH PORT NEW ZEALAND LIMITED AS AT 30 JUNE 2025
On behalf of the Board
21 August 2025
The accompanying notes form part of these financial statements
In Thousands of New Zealand Dollars 2025 2024
TOTAL EQUITY 66,573 60,232
NON-CURRENT ASSETS
Property, plant and equipment 11 94,548 91,876
Right-of-use assets 25 146 239
Financial assets 14 — 321
Total non-current assets 94,694 92,436
CURRENT ASSETS
Cash and cash equivalents 12 6,075 2,310
Trade receivables and prepayments 13 8,898 8,220
Financial assets 14 — 398
Total current assets 14,973 10,928

Total assets 109,667 103,364
NON-CURRENT LIABILITIES
Employee entitlements 19 59 47
Loans and borrowings 18 31,008 35,750
Deferred tax liability 10(d) 499 1,097
Lease liabilities 25 55 163
Contract liability 5 2,246 —
Financial liabilities 21 25 —
Total non-current liabilities 33,892 37,057
CURRENT LIABILITIES
Trade and other payables 20 4,532 4,036
Employee entitlements 19 1,983 1,451
Provision for taxation 10(c) 2,355 482
Lease liabilities 25 115 106
Contract liability 5 133 —
Financial liabilities 21 84 —
Total current liabilities 9,202 6,075

Total liabilities 43,094 43,132
TOTAL NET ASSETS 66,573 60,232
Net asset backing per share 17 $2.54 $2.30
NOTEGROUP
Philip Cory-Wright
Chair
Nicola Greer
Chair, Audit and Risk Committee
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
The accompanying notes form part of these financial statements
Section
07
Section
07
8382
South Port
ANNUAL REPORT 2025South Port ANNUAL REPORT 2025
FINANCIALSFINANCIALS

The accompanying notes form part of these financial statements
OF SOUTH PORT NEW ZEALAND LIMITED FOR THE YEAR ENDED 30 JUNE 2025
In Thousands of New Zealand Dollars 2025 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided by (applied to):
Receipts from customers 64,916 54,410
Payments to suppliers and employees (35,523) (35,040)
Interest received 65 58
Interest paid (2,168) (2,483)
Income taxes paid (3,183) (4,954)
Net goods and services tax paid (435) 795
Net cash flow from operating activities 26 23,672 12,786
CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided by (applied to):
Proceeds from disposal of non-current PPE 69 203
Acquisition of PPE (8,043) (10,283)

Net cash used in investing activities (7,974) (10,080)

CASH FLOWS FROM FINANCING ACTIVITIES
Cash was provided by (applied to):
Dividend paid (7,083) (7,083)
Drawdown/(repayment) of borrowings (4,742) 5,750
Lease liabilities paid (108) (98)
Net cash used in financing activities (11,933) (1,431)
NET INCREASE (DECREASE) IN CASH HELD 3,765 1,275
Add cash at beginning of year 2,310 1,035
TOTAL CASH AT END OF YEAR 12 6,075 2,310
NOTEGROUP
CONSOLIDATED STATEMENT OF CASH FLOWS
85
South Port ANNUAL REPORT 2025
Section
07
84
South Port
ANNUAL REPORT 2025
Section
07
FINANCIALSFINANCIALS

NOTES TO THE FINANCIAL STATEMENTS
01 REPORTING ENTITY ....................................................................
South Port New Zealand Limited (the “Company”) is a company
domiciled in New Zealand, registered under the Companies Act
1993 and listed on the New Zealand Stock Exchange (“NZX”). The
Company is an issuer in terms of the Financial Reporting Act 2013�
The consolidated financial statements of South Port New Zealand
Limited as at and for the period ended 30 June 2025 comprise the
Company and its subsidiary Awarua Holdings Ltd (together referred
to as the “Group”). South Port New Zealand Ltd is primarily involved
in providing and managing port and warehousing services�
02 BASIS OF PREPARATION ...........................................................
(a) Statement of Compliance
The Parent Company is a Financial Markets Conduct (FMC) reporting
entity for the purposes of the Financial Reporting Act 2013 and the
Financial Markets Conduct Act 2013� These financial statements
comply with these Acts and have been prepared in accordance with
the New Zealand Equivalents to IFRS Accounting Standards (NZ IFRS)
and other applicable Financial Reporting Standards, as appropriate for
profit-oriented entities� These financial statements comply with IFRS
Accounting Standards (IFRS).
The financial statements were approved by the Board of Directors
on 21 August 2025�
(b) B asis of Measurement
The financial statements have been prepared:
›On the basis that the Group is a going concern
›On the historical cost basis except for the following:
‐Financial instruments measured at fair value
The methods used to measure fair values are discussed further in
Note 04�
(c) F unctional and Presentation Currency
These financial statements are presented in New Zealand dollars ($),
which is the Company's functional currency� All financial information
presented in New Zealand dollars has been rounded to the nearest
thousand�
(d) Use of Estimates and Judgements
The preparation of financial statements requires management
to make judgements, estimates and assumptions that affect the
application of accounting policies and the reported amounts of
assets, liabilities, income and expenses� Actual results may differ
from these estimates�
Estimates and underlying assumptions are reviewed on an ongoing
basis� Revisions to accounting estimates are recognised in the
period in which the estimate is revised and in any future periods
affected�
In particular, information about significant areas of estimation
uncertainty and critical judgements in applying accounting policies
that have the most significant effect on amounts recognised in the
financial statements are as detailed below:
›Depreciation Rates and Asset Useful Lives (Note 03(e))
›Classification of leased assets PPE vs Investment Property
(Note 11)
›Uncertain tax position (Note 10)
03 MATERIAL ACCOUNTING POLICIES
.....................................
The accounting policies set out below have been applied
consistently to all periods presented in these financial statements,
and have been applied consistently by Group entities�
(a) B asis of Consolidation
Consolidation of a subsidiary begins when the Group obtains control
over the subsidiary and ceases when the Group loses control of the
subsidiary� Assets, liabilities, income and expenses of a subsidiary
acquired or disposed of during the year are included in the statement
of comprehensive income from the date the Group gains control until
the date the Group ceases to control the subsidiary�
Control is achieved when the Group is exposed, or has rights, to
variable returns from its involvement with the investee and has the
ability to affect those returns through its power over the investee�
The financial statements of subsidiaries are prepared for the
same reporting period as the parent company, using consistent
accounting policies�
In preparing the consolidated financial statements, all inter-
company balances and transactions, income and expenses and
profit and losses resulting from intra-group transactions have been
eliminated in full�
Subsidiaries are fully consolidated from the date on which control is
obtained by the Group and cease to be consolidated from the date
on which control is transferred out of the Group�
(b) F oreign Currency
Transactions in foreign currencies are translated to the respective
functional currencies of the Group at exchange rates at the dates of
the transactions�
(c) Goods and Services Tax (GST)
All financial information is expressed exclusive of GST, except
for trade and other receivables, and trade and other payables,
which are expressed inclusive of GST in the Statement of Financial
Position�
(d) Financial Instruments
(i ) Non-derivative financial instruments
The Group is party to financial instruments as part of its normal
operations� These financial instruments include cash and cash
equivalents, trade and other receivables, loans and borrowings,
and trade and other payables�
Non-derivative financial instruments are recognised initially
at fair value on transaction date plus, for instruments not at
fair value through the profit or loss, any directly attributable
transaction costs� Subsequent to initial recognition non-
derivative financial instruments are measured as described
below�
A financial instrument is recognised if the Group becomes a
party to the contractual provisions of the instrument� Financial
assets are derecognised if the Group’s contractual rights to
the cash flows from the financial assets expire or if the Group
transfers the financial asset to another party without retaining
control or substantially all risks and rewards of the asset�
Purchases and sales of financial assets are accounted for at
trade date. Financial liabilities are derecognised if the Group’s
obligations specified in the contract expire or are discharged or
cancelled�
Cash and cash equivalents comprise cash balances and call
deposits�
Trade and other receivables
Trade and other receivables are recognised initially at fair value�
Trade receivables are held with the objective of collecting the
contractual cash flows and therefore they are subsequently
measured at amortised cost, less a provision for expected
credit loss�
OF SOUTH PORT NEW ZEALAND LIMITED FOR THE YEAR ENDED 30 JUNE 2025
Interest-bearing borrowings
Borrowings are initially recognised at fair value, net of
transaction costs incurred� After initial recognition, interest-
bearing loans and borrowings are subsequently measured at
amortised cost using the effective interest method� Borrowings
are classified as current liabilities unless the Group has a right
at the end of the reporting period to defer settlement of the
liability for at least 12 months after the balance sheet date�
Trade and other payables
Trade and other payables represent liabilities for goods and
services provided to the Group prior to the end of financial year
which are unpaid� The amounts are unsecured and are usually
paid within 30 days of recognition�
Trade payables are recognised initially at fair value less
transaction costs and subsequently measured at amortised cost�
(ii ) Derivative financial instruments and hedging activities
The Group uses derivative financial instruments to hedge its
exposure to foreign exchange and interest rate risks arising
from financing and investment activities�
In accordance with its treasury policy, the Group does not hold
or issue derivative financial instruments for trading purposes�
However, derivatives that do not qualify for hedge accounting
are accounted for as trading instruments�
Derivative financial instruments qualifying for hedge accounting
are classified as non current if the maturity of the instrument
is greater than 12 months from reporting date and current if
the instrument matures within 12 months from reporting date�
Derivatives accounted for as trading instruments are classified
as current�
Derivative financial instruments are recognised initially at
fair value and transaction costs are expensed immediately�
Subsequent to initial recognition, derivative financial
instruments are stated at fair value� The gain or loss on re-
measurement to fair value is recognised immediately in profit or
loss� However, where derivatives qualify for hedge accounting,
recognition of any resultant gain or loss depends on the nature
of the hedging relationship�
Interest rate swaps
Derivative financial instruments also include interest rate
swaps to hedge (economically but not in accounting terms)
the Group’s risks associated with interest rate fluctuations.
Such derivative financial instruments are initially recognised at
fair value on the date on which a derivative contract is entered
into and are subsequently remeasured to fair value� Derivatives
are carried as assets when their fair value is positive and as
liabilities when their fair value is negative�
Any gains or losses arising from changes in the fair value of
interest rate swaps are taken directly to profit or loss for the year�
The fair values of interest rate swap contracts are determined
by reference to market values for similar instruments�
(e) Pr operty, Plant and Equipment (PPE)
(i ) Recognition and measurement
Items of property, plant and equipment are measured at cost,
less accumulated depreciation and impairment losses� Land
and dredging are not depreciated�
The initial cost includes the purchase price and any costs
directly attributable to bringing the asset to the state of being
ready for use in location� These costs can include installation
costs, borrowing costs, cost of obtaining resource consents
etc� Any feasibility costs are expensed�
(ii ) Subsequent expenditure
Subsequent expenditure is added to the gross carrying amount
of an item of property, plant or equipment, if that expenditure
increases the future economic benefits of the asset beyond
its existing potential, or is necessarily incurred to enable future
economic benefits to be obtained and its cost can be measured
reliably�
(iii ) Disposal of property, plant and equipment
Where an item of PPE is disposed of, the gain or loss is
recognised in the Statement of Comprehensive Income at the
difference between the net sale price and the net carrying
amount of the item�
(iv) Depreciation
Property, plant and equipment are depreciated on a straight-
line basis so as to allocate the costs of assets over their
estimated useful lives as follows:
Land Nil
Dredging Nil - 5 years
Buildings 12.5 – 50 years
Wharves 15 – 50 years
Other Property, Plant and Equipment 4 – 30 years

Depreciation methods, useful lives and residual values are
reassessed at the reporting date�
(f) Impa irment
The carrying amounts of the Group’s non-financial assets are
reviewed at each balance sheet date to determine whether there is
any objective evidence of impairment�
An impairment loss is recognised whenever the carrying amount
of an asset exceeds its recoverable amount� Impairment losses
directly reduce the carrying amount of assets and are recognised in
the Statement of Comprehensive Income�
(i ) Impairment of receivables
For trade and other receivables the Group makes use of a simplified
approach, as permitted by NZ IFRS 9, and records the loss
allowances as lifetime expected credit losses from that recognition�
This is expected credit losses that result from all possible default
events over the life of the financial instrument�
(ii ) Impairment of Property, Plant and Equipment (PPE)
For property, plant and equipment, the Group assesses whether
there are any circumstances that have materially changed
during the year or after balance date that could lead to the
potential impairment of PPE� If there is a risk of impairment, then
Management prepare cash flow models for the Cash Generating
Units (CGU) that could potentially be adversely affected, to
determine whether any impairment against PPE needs to be
recognised in the financial statements�
(g) Pr ovisions
A provision is recognised if, as a result of a past event, the Group
has a present legal or constructive obligation that can be estimated
reliably, and it is probable that an outflow of economic benefits will
be required to settle the obligation�
(h) R evenue
(i) R evenue from Port services
Port operations revenue is derived from an integrated performance
obligation for the provision of marine services, berthage, wharfage,
storage and other services� Revenue is recognised both at a
point in time when the Group satisfies its performance obligations
by transferring the promised services to its customers, and
over time as the Group performs the service and the customer
simultaneously benefits from the service� All services performed
have short service performance timeframes� Revenue received in
advance is recorded as a liability and recognised as revenue when
the performance obligation is satisfied�
Section
07
Section
07
8786
South Port
ANNUAL REPORT 2025South Port ANNUAL REPORT 2025
FINANCIALSFINANCIALS

(ii ) Rental income
Rental income from property is recognised in the Statement of
Comprehensive Income on a straight-line basis over the term of
the lease�
(i) Lease Payments
The Group leases certain property, plant and equipment� The
Group recognises a right-of-use asset and a corresponding lease
liability with respect to all lease arrangements in which it is the
lessee, except for short-term leases and leases of low value assets
where the Group recognises the lease payments as an operating
expense on a straight-line basis over the term of the lease�
Lease Liabilities
The lease liability is initially measured at the present value of the
lease payments that are not paid at the commencement date,
discounted by using the rate implicit in the lease� If this rate cannot
be readily determined, the Group uses its incremental borrowing
rate (IBR).
Lease payments included in the measurement of the lease liability
comprise:
›Fixed lease payments (including in-substance fixed payments),
less any lease incentives receivable;
›Payments of penalties for terminating the lease if the lease term
reflects the exercise of an option to terminate the lease�
The lease liability is presented as a separate line in the
consolidated statement of financial position�
The lease liability is subsequently measured by increasing the
carrying amount to reflect interest on the lease liability (using the
effective interest method) and by reducing the carrying amount to
reflect the lease payments made�
The Group remeasures the lease liability (and makes a
corresponding adjustment to the related right-of-use asset)
whenever:
›The lease term has changed or there is a significant event
or change in circumstances resulting in a change in the
assessment of exercise of a purchase option, in which case the
lease liability is remeasured by discounting the revised lease
payments using a revised discount rate�
›The lease payments change due to changes in an index or rate or
a change in expected payment under a guaranteed residual value,
in which cases the lease liability is remeasured by discounting the
revised lease payments using the initial discount rate (unless the
lease payments change is due to a change in a floating interest
rate, in which case a revised discount rate is used).
›A lease contract is modified, and the lease modification is not
accounted for as a separate lease, in which case the lease
liability is remeasured based on the lease term of the modified
lease by discounting the revised lease payments using a revised
discount rate at the effective date of the modification�
Rig ht of Use (ROU) Assets
The ROU assets comprise the initial measurement of the
corresponding lease liability, lease payments made at or before the
commencement date, less any lease incentives received and any
initial direct costs� They are subsequently measured at cost less
accumulated depreciation and impairment losses�
ROU assets are depreciated over the shorter period of lease term and
useful life of the underlying asset using the straight-line method� The
estimated useful lives of ROU assets are determined on the same
basis as similar owned assets within property, plant and equipment�
Depreciation starts at the commencement date of the lease�
ROU assets are presented as a separate line in the consolidated
statement of financial position�
The Group applies NZ IAS 36; Impairment to determine whether a
ROU asset is impaired and accounts for any identified impairment loss
under the same policy adopted for property, plant and equipment�
The Group as a lessor
The Group enters into lease agreements as a lessor with respect to
some of its properties� Leases for which the Group is a lessor are
classified as finance or operating leases� Whenever the terms of the
lease transfer substantially all the risks and rewards of ownership
to the lessee, the contract is classified as a finance lease� All other
leases are classified as operating leases�
Rental income from operating leases is recognised on a straight-line
basis over the term of the relevant lease�
(j) Shar e-Based Payments
The employee performance share rights plan is an equity-settled
share-based payment arrangement� The fair value of the rights,
measured at the grant date, is expensed on a straight-line basis over
the vesting period with a corresponding increase in the share-based
payment reserve� When the non-market performance conditions
(EPS CAGR) or the service condition (absolute or relative TSR) is not
met, the expense is revised to reflect the number of rights expected
to vest� When the rights vest, or they lapse because the market
conditions are not met, the amount in the share-based payment
reserve relating to those rights is transferred to share capital�
(k) Finance Income and Expenses
Finance income comprises interest income on funds invested,
dividend income, foreign currency gains and changes in the fair
value of financial assets at fair value through profit or loss�
Interest income is recognised as it accrues, using the effective
interest method� Dividend income is recognised on the date that the
Group’s right to receive payment is established.
Finance expenses comprise interest expense on borrowings and
lease liabilities, foreign currency losses, interest rate swap losses,
and impairment losses recognised on financial assets� All borrowing
costs are recognised in the Statement of Comprehensive Income
using the effective interest method�
(i) Income Tax Expense
Income tax expense comprises current and deferred tax� Income tax
expense is recognised in the Statement of Comprehensive Income
except to the extent that it relates to items recognised directly in
equity, in which case it is recognised in equity�
Current tax is the expected tax payable on the taxable income for
the year, using tax rates enacted or substantively enacted at the
reporting date, and any adjustment to tax payable in respect of
previous years�
Deferred tax is recognised using the balance sheet method,
providing for temporary differences between the carrying amounts
of assets and liabilities for financial reporting purposes and the
amounts used for taxation purposes�
Deferred tax is not recognised for the following temporary
differences: the initial recognition of assets or liabilities in a
transaction that is not a business combination and that affects
neither accounting nor taxable profit, does not result in equal taxable
and deductible temporary differences, and differences relating to
investments in subsidiaries to the extent that they probably will not
reverse in the foreseeable future�
Deferred tax assets and liabilities are measured at the tax rates that
are expected to be applied to the temporary differences when they
reverse, based on the laws that have been enacted or substantively
enacted by the reporting date�
A deferred tax asset is recognised to the extent that it is probable
that future taxable profits will be available against which temporary
differences can be utilised� Deferred tax assets are reviewed at each
reporting date and are reduced to the extent that it is no longer
probable that the related tax benefit will be realised�
Additional income taxes that arise from the distribution of dividends
are recognised at the same time as the liability to pay the related
dividend is recognised�
(m) Earnings per Share
Basic earnings per share
Basic earnings per share (EPS) is calculated by dividing the profit
attributable to the shareholders of the Group by the weighted
average number of ordinary shares outstanding during the
financial year�
Diluted earnings per share
Diluted earnings per share (EPS) adjusts for any commitments
the Group has to issue shares in the future that would decrease
the basic EPS� The Group only has one type of dilutive potential
ordinary shares, being the Executive Long-Term Incentive
plan share rights (refer to note 24). Diluted EPS is calculated
by adjusting the weighted average number of ordinary shares
outstanding to assume conversion to share rights�
(n) Seg ment Reporting
Operating segments are reported in a manner consistent with
the internal reporting provided to the chief operating decision
maker� The chief operating decision maker, who is responsible for
allocating resources and assessing performance of the operating
segments, has been identified as the Chief Executive�
The Group operates solely in the port industry and all operations
are carried out in the Southland region, therefore there are no
separately reportable segments to be disclosed�
(o) Amendments to NZ IFRS
The Group has adopted all new, revised or amended accounting
standards issued by the International Accounting Standards
Board (IASB) and the New Zealand Accounting Standards Board
(NZASB). None have had a material impact on the financial
statements�
(p) NZ IFRS issued but not yet effective
A number of new standards, amendments to standards and
interpretations are effective for annual periods ending after
30 June 2025 and have not been applied in preparing these
consolidated financial statements� Those which may be relevant
to the Group are set out below� The Group does not plan to adopt
these standards early�
NZ IFRS 18: Presentation and Disclosure in Financial Statements
This new standard will take effect for reporting periods starting on
or after 1 January 2027 and mandates that income and expenses
be divided into operating, investment, financing, income taxes,
and discontinued activities categories� Additional guidelines on
aggregation/disaggregation principles applied to all financial
statements and notes, as well as improved disclosures for
management-defined performance measures, are among other
requirements�
The Group has not yet assessed the impact of this standard, but
it is expected that it will impact the presentation of the financial
statements�
No other standards, amendments or interpretations that have
been issued but are not yet effective are expected to materially
impact the Group’s financial statements.
04 DETERMINATION OF FAIR VALUES....................................
A number of the Group’s accounting policies and disclosures
require the determination of fair value, for both financial and non-
financial assets and liabilities� Fair values have been determined
for measurement and/or disclosure purposes based on the
following methods� Where applicable, further information about the
assumptions made in determining fair values is disclosed in the notes
specific to that asset or liability�
(a) Deriv ative Financial Instruments
The fair value of forward exchange contracts and interest rate
derivatives are determined using quoted rates at balance date�
(b) Ot her Non-Derivative Financial Instruments
The carrying values less impairment provisions of trade
receivables and payables are assumed to approximate their fair
values�
The carrying values of loans and borrowings approximate their
fair values�
In Thousands of New Zealand Dollars 2025 2024
Marine and storage services 23,360 21,338
Cargo and logistics services 33,792 28,749

Rental revenue 6,130 6,041

Total operating revenue from port services 63,282 56,128

Other income 63 65
Total operating revenue 63,345 56,193

GROUP
05 OPERATING REVENUE ..........................................................
Revenue arises from the delivery of port related services (under NZ
IFRS 15), and rental property leases (under NZ IFRS 16). To determine
whether to recognise revenue, the Group follows a 5-step process:
1� Identifying the contract with a customer
2� Identifying the performance obligations
3� Determining the transaction price
4� Allocating the transaction price to the performance obligations
5� Recognising revenue when/as performance obligations are
satisfied
Marine and storage services revenue is derived from an integrated
performance obligation for the provision of channel navigation,
berthage, and storage of customer cargo� This revenue is recognised
over time as South Port performs the service, and the customer
simultaneously benefits from that service�
Cargo and logistics services revenue is derived from an integrated
performance obligation for the provision of wharfage, container
packing and other cargo logistics services� This revenue is recognised
at a point in time when South Port satisfies its performance obligations
by transferring the promised services to its customers�
All port services performed have short service performance
timeframes� All revenue is shown net of volume discounts�
Rental revenue from property leased under operating leases is
recognised on a straight-line basis over the term of the relevant
lease, as per NZ IFRS 16� Total variable rental revenue for 2025 was
$1,664,000 (2024: $1,752,000).
Other income relates to the gain on sale from property, plant and
equipment� This income is recognised when an unconditional
contract is in place, and it is probable that the Group will receive the
consideration due and significant risks and rewards of ownership of
assets have been transferred to the buyer�
Contract Liability On 31 January 2025, South Port New Zealand
Limited received a lump sum payment from New Zealand Aluminium
Smelter Limited (NZAS). This payment was made under the 1969
deed entered into between the parties and represents NZAS’s agreed
share of costs incurred by South Port in the Kia Whakaū capital
dredging project� This payment is recognised as a contract liability on
the balance sheet and released to revenue over the remaining life of
the existing licence for the Tiwai Wharf being the period over which
NZAS, as the customer, will benefit from the payment� As at 30 June
2025 the existing licence has a remaining useful life of 18 years� An
amount of $133,000 was released to revenue during the year�
Section
07
Section
07
8988
South Port
ANNUAL REPORT 2025South Port ANNUAL REPORT 2025
FINANCIALSFINANCIALS

In Thousands of New Zealand Dollars 2025 2024
INCOME
Interest income 65 58
Total finance income 65 58
EXPENSES
Interest expense (2,068) (2,519)
Interest expense on lease liabilities (11) (17)
Loss on fair value of interest rate swap (828) (480)
Total finance expenses (2,907) (3,016)
Net finance costs (2,842) (2,958)
GROUP
In Thousands of New Zealand Dollars 2025 2024
Bad debts written off 7 —
Depreciation of property, plant and equipment (Note 11) 5,109 4,817
Depreciation of right-of-use assets (Note 25) 103 98
Directors’ fees 532 480
Donations 5 4
Short-term rental and lease expenses 106 179
Increase/(decrease) in liability for long-service leave 14 14
Loss on disposal of assets 31 18
GROUP
The following items of expenditure are included in total operating expenses:
In Thousands of New Zealand Dollars
2025 2024
Salaries and wages 15,059 15,040
Defined contribution plans 514 529
Other employee benefits 333 212
15,906 15,781
GROUP
06 FINANCE INCOME AND EXPENSES .................................................................................................................................................................
07 OPERATING EXPENSES ........................................................................................................................................................................................
08 EMPLOYEE BENEFITS EXPENSE ........................................................................................................................................................................
The amounts recorded above are included in operating expenses.
In Thousands of New Zealand Dollars 2025 2024
Short-term employee benefits (including Director fees) 2,418 2,921
Defined contribution plans 51 67
Other long-term employee benefits 4 20
Share-based payments 106 36

2,579 3,044
GROUP
The compensation of the Directors, Chief Executive and other senior management, being the key management personnel of the
entity, is set out below:
In Thousands of New Zealand Dollars 2025 2024
(A) INC OME TAX RECOGNISED IN PROFIT OR LOSS
Tax expense/(income) comprises:
Current tax expense / (credit):
Current year 5,037 3,871
Adjustments for prior years 21 (17)

5,058 3,854
Deferred tax expense / (credit)
Origination and reversal of temporary differences (598) (65)
Adjustments relating to tax legislation changes* — 2,268
(598) 2,203

Total tax expense / (income) 4,460 6,057
The prima facie income tax expense on pre-tax
accounting surplus reconciles to the income tax
expense in the financial statements as follows:
Surplus / (deficit) before income tax 17,778 13,433

Income tax expense (credit) calculated at 28% 4,978 3,761
Temporary differences (552) (54)
Non-deductible expenses 49 108
Non assessable income (36) (9)

4,439 3,806
(Over) / under provision of income tax in previous year 21 (17)
Adjustment relating to tax legislation changes* — 2,268
Income tax expense 4,460 6,057
GROUP
The tax rate used in the above reconciliation is the corporate tax rate of 28% payable on taxable profits under New Zealand tax law. There
has been no change in the corporate tax rate when compared with the previous reporting period. Uncertain tax provisions excluding the
related interest amounted to $635,000. This relates to the payment received from New Zealand Aluminium Smelter Limited for the agreed
share of costs incurred by South Port in the Kia Whakaū capital dredging project. South Port is treating these costs as capital in nature for
tax purposes on the basis they are reimbursing South Port for capital expenditure. The classification of an amount as capital is inherently
uncertain as it requires a subjective weighing of various considerations derived from caselaw. South Port has received expert tax advice when
taking this position and is also actively engaging with Inland Revenue to obtain a binding ruling to further resolve this uncertainty.
* Adjustment relates to legislation which has removed the ability to claim tax deductions relating to depreciation of commercial buildings.
09 KEY MANAGEMENT PERSONNEL
.....................................................................................................................................................................
10 INCOME TAXES ......................................................................................................................................................................................................
In Thousands of New Zealand Dollars 2025 2024
Audit and Review of the Financial Statements
Audit of the annual financial statements 112 105
Other Assurance Services and Other Agreed Upon Procedures
Climate related disclosures - other assurance 30 —
142 105
GROUP
Section
07
Section
07
9190
South Port
ANNUAL REPORT 2025South Port ANNUAL REPORT 2025
FINANCIALSFINANCIALS

2024
(includes wharves)
Note 10 continued...
(B) INC OME TAX RECOGNISED DIRECTLY IN EQUITY
There was no current or deferred tax charged / (credited) directly to equity during the period.
In Thousands of New Zealand Dollars 2025 2024
(C) C URRENT TAX ASSETS AND LIABILITIES
Current tax payable 2,355 482
(D) D EFERRED TAX BALANCES COMPRISE:
Taxable and deductible temporary differences arising from the following:
GROUP
1 July 2024
Opening Balance
Recognised in
profit/loss
Recognised in
equity
30 June 2025
Closing Balance
2025
In Thousands of New Zealand Dollars
Gross deferred tax assets / (liabilities):
Property, plant and equipment 632 (2,129) — (1,497)
Other provisions 474 (74) — 400
Net deferred tax asset / (liability) 1,106 (2,203) — (1,097)
GROUP
In Thousands of New Zealand Dollars 2025 2024
(E) IMPUTATION CREDIT ACCOUNT BALANCES
Balance at beginning of year 20,431 19,293
Less Taxation (payable) receivable 2024 (482) (1,582)
Taxation paid 3,183 4,954
Attached to dividends paid (2,755) (2,716)
Add Taxation payable (receivable) 2025 2,355 482
Balance at end of year 22,732 20,431
GROUP
GROUP
1 July 2023
Opening Balance
Recognised in
profit/loss
Recognised in
equity
30 June 2024
Closing Balance
2024
Asset recoverable through future operating activities.
In Thousands of New Zealand Dollars
Gross deferred tax assets / (liabilities):
Property, plant and equipment (PPE) (1,497) 491 (1,006)
Other provisions 400 97 497
Other assets/(liabilities) — 10 10
Net deferred tax asset / (liability) (1,097) 598 (499)
11 PROPERTY, PLANT AND EQUIPMENT ..............................................................................................................................................................
* These amounts relate to adjustments for crane spare parts to/from maintenance after a stocktake of spares is completed each balance date,
and the reclassification of buildings that were sitting under plant and machinery in the previous year.
The Group has land, buildings and wharves that are leased to customers, however, the Group also provides significant port services to these
customers. The Group determines that these properties should be classified as property, plant and equipment and accounted for under NZ
IAS 16 as these properties are only leased to customers to facilitate the movement of cargo through the port and arrangements are in nature
of rendering a service rather than property investment.
Included in the property, plant and equipment are the following assets, all integral to the import or export of goods through the port and
subject to an operating lease with a port customer.
GROUP
LandBuildings and
Wharves
Total
In Thousands of New Zealand Dollars
Cost
Balance 1 July 2023 788 17,960 18,748
Additions — — —

Cost at 30 June 2024 788 17,960 18,748
Balance 1 July 2024 788 17,960 18,748
Additions — — —
Cost at 30 June 2025 788 17,960 18,748
Accumulated Depreciation
Balance 1 July 2023 — 8,490 8,490
Depreciation for the period — 325 325
Accumulated Depreciation at 30 June 2024 — 8,815 8,815
Balance 1 July 2024 — 8,815 8,815
Depreciation for the period — 320 320
Accumulated Depreciation at 30 June 2025 — 9,135 9,135
Net book value
As at 30 June 2024 788 9,145 9,933
As at 30 June 2025 788 8,825 9,613
LEASED ASSETS
2025
(includes wharves)
In Thousands of
New Zealand Dollars
Cost
1 July
2024
AdditionsDisposalsCost
30 June
2025
Accumulated
Depn and
Impairment
charges
1 July 2024
Depn
Expense
Accumulated
Depn
reversed on
Disposal
Accumulated
Depn and
Impairment
charges
30 June 2025
Carrying Amt
30 June 2025
*Other
Transfers
from
Work in
Progress
Land 4,482 — — — — 4,482 — — — — 4,482
Buildings 23,275 — 580 — 10 23,865 9,128 513 — 9,641 14,224
Dredging 12,955 — 275 — — 13,230 — 289 — 289 12,941
Plant and machinery 115,129 — 4,580 (940) (26) 118,743 56,549 4,307 (884) 59,972 58,771
Work in progress 1,712 7,853 (5,435) — — 4,130 — — — — 4,130

157,553 7,853 — (940) (16) 164,450 65,677 5,109 (884) 69,902 94,548
In Thousands of
New Zealand Dollars
Cost
1 July
2023
AdditionsDisposalsCost
30 June
2024
Accumulated
Depn and
Impairment
charges
1 July 2023
Depn
Expense
Accumulated
Depn
reversed on
Disposal
Accumulated
Depn and
Impairment
charges
30 June 2024
Carrying Amt
30 June 2024
*Other
Transfers
from
Work in
Progress
Land 4,477 — 5 — — 4,482 — — — — 4,482
Buildings 23,242 — 259 (226) — 23,275 8,856 498 (226) 9,128 14,147
Dredging — — 12,314 — 641 12,955 — — — — 12,955
Plant and machinery 109,704 — 6,268 (202) (641) 115,129 52,353 4,319 (123) 56,549 58,580
Work in progress 11,513 9,045 (18,846) — — 1,712 — — — — 1,712

148,936 9,045 — (428) — 157,553 61,209 4,817 (349) 65,677 91,876
Section
07
Section
07
9392
South Port
ANNUAL REPORT 2025South Port ANNUAL REPORT 2025
FINANCIALSFINANCIALS

In Thousands of New Zealand Dollars 2025 2024
Prepayments 1,404 1,269
Trade receivables 7,508 6,983
Expected credit losses (14) (32)

8,898 8,220
GROUP
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at
meetings of the Company. All of the 26,234,898 ordinary shares rank equally with regard to the Company’s residual assets. All shares are fully
paid and have no par value. There were no shares issued or redeemed during the year.
DIVIDENDS
Dividends are recognised in the period that they are authorised and declared.
In Thousands of New Zealand Dollars 2025 2024
2024 final dividend paid on all ordinary shares
@ 19.50 cents per share (2023: 19.50 cents) 5,116 5,116
2025 interim dividend paid on all ordinary shares
@ 7.50 cents per share (2024: 7.50 cents) 1,967 1,967
Total distributions to shareholders 7,083 7,083
After 30 June 2025 the following dividends were proposed by the directors for 2025. The dividends have not been provided for and there
are no income tax consequences. Total imputation credits to be attached to the dividend are $2,091,500.

In Thousands of New Zealand Dollars 2025
2025 final dividend payable on 11 November 2025 @ 20.50 cents per share 5,378
GROUP
13 TRADE RECEIVABLES AND PREPAYMENTS ..................................................................................................................................................
15 SHARE CAPITAL .....................................................................................................................................................................................................
In Thousands of New Zealand Dollars 2025 2024

Cash at bank and on hand 3,075 2,310
Short-term deposits 3,000 —
Cash and cash equivalents 6,075 2,310

Cash and cash equivalents in the statement of cash flows 6,075 2,310
GROUP
12 CASH AND CASH EQUIVALENTS ......................................................................................................................................................................
14 FINANCIAL ASSETS ..............................................................................................................................................................................................
In Thousands of New Zealand Dollars 2025 2024
Interest Rate Derivatives (non-current) — 321
Interest Rate Derivatives (current) — 398

— 719
GROUP
In Thousands of New Zealand Dollars 2025 2024

Non-current
ANZ Bank New Zealand Limited 31,008 35,750

31,008 35,750
Current
ANZ Bank New Zealand Limited — —

— —

Total Borrowings 31,008 35,750
GROUP
South Port New Zealand Limited’s credit facility of $50 million from
ANZ is split between seven different facilities as follows:
›Term Facility - $5 million expiring 4 November 2026
›Term Facility - $8 million expiring 1 July 2026
›Term Facility - $3 million expiring 30 October 2026
›Term Facility - $5 million expiring 28 July 2028
›Term Facility - $5 million expiring 30 September 2027
›Term Facility - $5 million expiring 30 September 2027
›Commercial Flexi Facility - $19 million finally terminating
1 November 2026
The total facility is secured by way of a general security registered
over all assets both present and future of South Port New Zealand
Limited. The same security was in place the previous year.
The Group’s capital includes share capital and retained earnings. The
Group’s policy is to maintain a strong capital base so as to maintain
investor, creditor and market confidence. The Board of Directors’
objective is to ensure the entity continues as a going concern as well
as to maintain optimal returns to shareholders and benefits for other
stakeholders.
The Group meets its objectives for managing capital through its
investment decisions on the acquisition, disposal and development of
assets and its distribution policy. It is Group policy that the dividend
pay out takes account of its operating free cash flows and reported
profit.
The calculation of the net asset backing per share at 30 June 2025 was based on the total net assets value of $66,573,000
(2024: $60,232,000) and a weighted average number of ordinary shares outstanding of 26,234,898 (2024: 26,234,898).
16 CAPITAL MANAGEMENT
.....................................................................................................................................................................................
17 EARNINGS PER SHARE AND NET ASSET BACKING PER SHARE ..........................................................................................................
18 LOANS AND BORROWINGS ...............................................................................................................................................................................
2025 2024
Basic earnings per share $0.508 $0.281
Diluted earnings per share $0.506 $0.281
Reconciliation of earnings used in calculating earnings per share: $’000 $’000
Basic and diluted earnings per share
Net profit attributable to the ordinary shareholders of the Company 13,318 7,376
Weighted average number of shares used as the denominator:
Weighted average number of ordinary shares used as the denominator 26,234,898 26,234,898
in calculating basic earnings per share
Adjustments for calculation of diluted earnings per share:
Executive Long-Term Incentive Plan share rights 81,677 30,928
Weighted average number of ordinary shares and potential ordinary shares
used as the denominator in calculating diluted earnings per share 26,316,575 26,265,826
The Group is required to comply with certain financial covenants
in respect of external borrowings set by the Group’s bankers. All
covenants have been adhered to throughout the years ended
30 June 2025 and 30 June 2024.
The Group’s policies in respect of capital management are
reviewed regularly by the Board of Directors. There have been no
changes in the Group’s management of capital during the year.
The Facilities as at 30 June 2024 were as follows:
›Term Facility - $5 million expiring 4 November 2025
›Term Facility - $8 million expiring 1 July 2026
›Term Facility - $3 million expiring 31 October 2025
›Term Facility - $5 million expiring 28 July 2028
›Short Term Advances Facility - $25 million finally terminating
1 November 2025

Interest on the first $23 million drawn at any one time is payable
according to the interest rate swap agreements the Company
has with ANZ. Interest on the balance of funds drawn at any time
is calculated using a variable rate based on the BKBM (3 month
bank bill rate).
GROUP
Section
07
Section
07
9594
South Port
ANNUAL REPORT 2025South Port ANNUAL REPORT 2025
FINANCIALSFINANCIALS

EMPLOYEE ENTITLEMENTS
(i) W ages, salaries and annual leave
Liabilities for wages, salaries and annual leave are calculated on an actual entitlement basis at current rates of pay to be settled within
12 months from reporting date�
(ii) Long service leave
The Group’s net obligation in respect of long-term employee benefits is the amount of future benefit that employees have earned in return for
their service in the current and prior periods; that benefit is discounted to determine its present value, and the fair value of any related assets
is deducted� Any actuarial gains or losses are recognised in the Statement of Comprehensive Income in the period in which they arise�
In Thousands of New Zealand Dollars 2025 2024
Trade creditors and accruals 4,532 4,036

4,532 4,036
GROUP
In Thousands of New Zealand Dollars 2025 2024
Interest rate derivatives (non-current) 25 —
Interest rate derivatives (current) 84 —

109 —
GROUP
In Thousands of New Zealand Dollars
Balance 30 June 2024 1,363 135 1,498
Current 1,363 88 1,451
Non-current — 47 47
Change in Provision 568 (25) 543
Utilised during the period (11) 12 1
Balance at 30 June 2025 1,920 122 2,042
Current 1,920 63 1,983
Non-current — 59 59
Wages, Salaries
and Annual Leave
Long Service
Leave
Total
GROUP
21 FINANCIAL LIABILITIES .....................................................................................................................................................................................
20 TRADE AND OTHER PAYABLES ........................................................................................................................................................................
19 EMPLOYEE ENTITLEMENTS ..............................................................................................................................................................................
The Group has exposure to the following risks from its use of
financial instruments:
›Credit risk
›Liquidity risk
›Market risk
22 FINANCIAL INSTRUMENTS
...............................................................................................................................................................................
The Group is exposed to market risk through its use of financial
instruments and specifically to currency risk, interest rate risk and
certain other price risks, which result from both its operating and
investing activities.
The Group has a series of policies to manage the risk associated
with financial instruments. Policies have been established which do
not allow transactions which are speculative in nature to be entered
into and the Group is not actively engaged in the trading of financial
instruments. As part of this policy, limits of exposure have been set
and are monitored on a regular basis.
CREDIT RISK
Financial instruments which potentially subject the Group to credit risk
principally consist of bank balances, interest rate swaps and accounts
receivable. The carrying amount of these financial instruments
represents the maximum exposure to credit risk. Management has a
credit policy in place under which each new customer is individually
analysed for credit worthiness. In order to determine which customers
are classified as having payment difficulties the Group applies a mix of
duration and frequency of default and makes provision for estimated
balances considered to be impaired. The Group does not require
collateral in respect of trade and other receivables. Cash handling is
only carried out with counterparties which have an investment grade
credit rating.
LIQUIDITY RISK
Liquidity risk is the risk that the Group will not be able to meet its
financial obligations as and when they fall due. The Group’s approach
to managing liquidity risk is to ensure, as far as possible, that it will
always have sufficient cash and borrowing facilities available to meet
its liabilities when due, under both normal and adverse conditions.
The Group’s cash flow requirements and the utilisation of borrowing
facilities are continuously monitored, and it is required that committed
bank facilities are maintained above maximum forecast usage.
The only liquidity risks the Group has at balance date are trade
payables totalling $4,532,000 (2024: $4,036,000) which are all due
within 30 days, and loans and borrowings totalling $31,008,000 (2024:
$35,750,000) as per Note 18. The Group has undrawn facilities of
$18,992,000 to assist with managing any liquidity risks.
Funding risk is the risk that arises when either the size of borrowing
facilities or the pricing thereof is not able to be replaced on similar
terms, at the time of review with the Group’s banks. To minimise
funding risk it is Board policy to spread the facilities’ renewal dates
and the maturity of individual loans. Where this is not possible,
extensions to, or the replacement of, borrowing facilities are required
to be arranged at least two months prior to each facility’s expiry.
MARKET RISK
The Group enters into derivative arrangements in the ordinary course
of business to manage foreign currency and interest rate risks.
FOREIGN EXCHANGE RISK
The Group is exposed to foreign currency risk on purchases that
are denominated in a currency other than the Parent's functional
currency, New Zealand dollars ($), which is the presentation currency
of the Group.
The Group does not have any material exposure to currency risk
except for the one-off purchases of assets (e.g. plant and machinery)
denominated in foreign currencies. It is Group policy that foreign
exchange exposures on imported goods must be hedged by way of
foreign exchange forward contracts or options to a minimum of 50%
at the time the exposure is known with certainty on all transactions
that are material.
The purpose of these contracts is to reduce the risk from price
fluctuations of foreign currency commitments associated with these
one-off purchases. Any resulting differential to be paid or received as
a result of the currency change is reflected in the cash flow hedge
reserve to the extent that the hedge is effective, until the asset is
recognised. To the extent that the hedge is ineffective, changes in fair
value are recognised in profit or loss.
The Group has no foreign exchange forward contracts at balance date
(2024: nil).
INTEREST RATE RISK
The Group is exposed to interest rate risk on their borrowings. All debt
is borrowed on either a fixed or floating interest rate basis. As per the
Group’s Treasury Policy, interest rate risk management bands apply
to ‘core debt’ forecasts (defined as the lowest level of debt projected
over the forecast period). Once core debt exceeds $10 million, the
fixed; floating mix is subject to the limits in the following table:
Fixed Debt Minimum Maximum
Maturing within fixed rate fixed rate
0-1 years 40% 100%
1-3 years 25% 80%
3-5 years 0% 60%
Interest payable to ANZ is charged on the following basis:
(i) A range of interest rate swaps; and
(ii) V ariable rates based on the BKBM.

During the period the range of variable interest rates applying to the
credit facility (including margin) were between 5.24% and 7.24% (2024:
6.62% and 6.68%). The Company is exposed to normal fluctuations in
market interest rates.
Interest rate swap (i) – South Port has an interest rate swap in place
which commenced in August 2024 and matures in August 2028.
The interest rate swap has a fixed swap rate of 3.66% with a notional
contract amount of $5 million at 30 June 2025.
Interest rate swap (ii) – South Port has an interest rate swap which
commenced 1 October 2023 and matures in July 2027. The interest
rate swap has a fixed swap rate of 2.01% with a notional contract
amount of $8 million.
Interest rate swap (iii) – South Port has an interest rate swap which
commenced July 2023 and matures in July 2026. The interest rate
swap has a fixed swap rate of 5.17% with a notional contract amount of
$5 million.
Interest rate swap (iv) – South Port has an interest rate swap which
commenced November 2024 and matures in November 2027. The
interest rate swap has a fixed swap rate of 4.50% with a notional
contract amount of $5 million.
Interest rate swap (v) - South Port has a contract in place for a forward
start interest rate swap which commences in July 2027 and matures in
July 2029. This forward start swap has a fixed swap rate of 3.61% with
a national contract amount of $5 million.
The interest rate swaps at 30 June 2024 were as follows:
›Contract in place for $5 million @ 3.64%, commencing November
2019 and maturing November 2024
›Contract in place for $8 million @ 2.01%, commencing October 2023
and maturing July 2027
›Contract in place for $3 million @ 2.59%, commencing November
2021 and maturing October 2024
›Contract in place for $5 million @ 5.17%, commencing July 2023 and
maturing July 2026
›Forward start contract in place for $5 million @ 4.50%, commencing
November 2024 and maturing November 2027
CREDIT FACILITY
At balance date the Group had a total loan facility of $50 million
(2024: $46 million), of which $31,008,000 (2024: $35,750,000) had
been drawn down.
The Group also has an overdraft facility of $200,000 (2024:
$200,000), of which $0 (2024: $0) had been drawn down.
FAIR VALUES
The carrying amount is considered to be the fair value for each
financial instrument.
The maturity profiles of the Group’s interest bearing investments and
borrowings are disclosed on the following pages.
Note 22 continued...
Section
07
Section
07
9796
South Port
ANNUAL REPORT 2025South Port ANNUAL REPORT 2025
FINANCIALSFINANCIALS

FINANCIAL INSTRUMENTS CLASSIFICATION TABLE
The Group held the following financial instruments at reporting date:
Note 22 continued...
As per the Group’s accounting policies, all carrying amounts of financial instruments at balance date approximate their fair values.
2025
Financial Assets at
Amortised Cost
Financial Liabilities
at Fair Value through
Profit or Loss
Financial Liabilities
at Amortised Cost
Total Carrying
Amount
2024
Financial Assets at
Fair Value through
Profit or Loss
In Thousands of New Zealand Dollars
Assets
Interest rate derivatives — 321 — — 321
Total non-current assets — 321 — — 321
Interest rate derivatives — 398 — — 398
Cash and cash equivalents 2,310 — — — 2,310
Trade and other receivables 6,983 — — — 6,983
Total current assets 9,293 398 — — 9,691
Total assets 9,293 719 — — 10,012
Liabilities
Loans and borrowings — — — 35,750 35,750
Lease liabilities — — — 163 163
Total non-current liabilities — — — 35,913 35,913

Loans and borrowings — — — — —
Trade and other payables — — — 4,036 4,036
Lease liabilities — — — 106 106
Total current liabilities — — — 4,142 4,142
Total liabilities — — — 40,055 40,055
In Thousands of New Zealand Dollars
Assets
Interest rate derivatives — — — — —
Total non-current assets — — — — —
Interest rate derivatives — — — — —
Cash and cash equivalents 6,075 — — — 6,075
Trade and other receivables 7,508 — — — 7,508
Total current assets 13,583 — — — 13,583
Total assets 13,583 — — — 13,583
Liabilities
Loans and borrowings — — — 31,008 31,008
Lease liabilities — — — 55 55
Interest rate derivatives — — 25 — 25
Total non-current liabilities — — 25 31,063 31,088

Loans and borrowings — — — — —
Trade and other payables — — — 4,532 4,532
Lease liabilities — — — 115 115
Interest rate derivatives — — 84 — 84
Total current liabilities — — 84 4,647 4,731
Total liabilities — — 109 35,710 35,819
Financial Assets at
Amortised Cost
Financial Liabilities
at Fair Value through
Profit or Loss
Financial Liabilities
at Amortised Cost
Total Carrying
Amount
Financial Assets at
Fair Value through
Profit or Loss
MATURITY PROFILE OF FINANCIAL INSTRUMENTS
The following table details the Group’s exposure to interest rate risk on financial instruments:
Note 22 continued...
CREDIT RISK
The following table details the ageing of the Group’s trade
receivables at balance date:
In Thousands of New Zealand Dollars 2025 2025 2024 2024

Not past due 6,416 11 5,167 9
Past due 0-30 days 507 1 898 —
Past due 31-120 days 527 1 821 5
Past due 121-360 days 43 1 53 13
Past due more than 1 year 15 — 44 5

Total 7,508 14 6,983 32

Gross
Receivable
Expected Credit
Losses
Gross
Receivable
Expected Credit
Losses
There is no collateral held or other credit enhancements for security of trade receivables.
2024
Weighted
Average
Effective
Interest Rate
CCAF
Interest
Rate
Carrying
Value
$’000
Contractual
Cashflows
$’000
Less than 1
year $’000
1 - 2 years
$’000
2 - 3 years
$’000
3 - 4 years
$’000
4 - 5 years
$’000
5 + years
$’000
Non
Interest
Bearing
In Thousands of
New Zealand Dollars
2025
Weighted
Average
Effective
Interest Rate
CCAF
Interest
Rate
Carrying
Value
$’000
Contractual
Cashflows
$’000
Less than 1
year $’000
1 - 2 years
$’000
2 - 3 years
$’000
3 - 4 years
$’000
4 - 5 years
$’000
5 + years
$’000
Non
Interest
Bearing
In Thousands of
New Zealand Dollars
Financial assets:
Cash and cash equivalents 3.20% 3.20% 2,310 2,311 2,311 — — — — — —
Trade and other receivables — — 6,983 6,983 6,983 — — — — — 6,983
Interest rate derivatives
(non-current) 3.48% (1.95%) 321 531 — 368 134 28 — — —
Interest rate derivatives
(current) 3.48% (1.95%) 398 460 460 — — — — — —
Financial liabilities:
Trade and other payables — — (4,036) (4,036) (4,036) — — — — — (4,036)
Loans and borrowings
(non-current) 6.25% 7.68% (35,750) (40,056) (2,747) (23,478) (8,405) (405) (5,022) — —
Loans and borrowings
(current) 6.25% 7.68% — — — — — — — —
Lease liabilities
(non-current) 5.00% — (163) (162) — (115) (46) — — — —
Lease liabilities
(current) 5.00% — (106) (116) (116) — — — — — —
(30,043) (34,085) 2,855 (23,225) (8,317) (377) (5,022) — 2,947
Financial assets:
Cash and cash equivalents 2.39% 2.39% 6,075 6,078 6,078 — — — — — —
Trade and other receivables — — 7,508 7,508 7,508 — — — — — 7,508
Interest rate derivatives
(non-current) — — — — — — — — — — —
Interest rate derivatives
(current) — — — — — — — — — — —
Financial liabilities:
Trade and other payables — — (4,532) (4,532) (4,532) — — — — — (4,532)
Loans and borrowings
(non-current) 5.29% 5.21% (31,008) (35,617) (1,617) (18,593) (10,386) (5,021) — — —
Loans and borrowings
(current) 5.29% 5.21% — — — — — — — — —
Lease liabilities
(non-current) 5.00% — (55) (56) — (54) (2) — — — —
Lease liabilities
(current) 5.00% — (115) (120) (120) — — — — — —
Interest rate derivatives
(non-current) 3.60% (0.07%) (25) (13) — 32 (24) (18) (3) — —
Interest rate derivatives
(current)
3.60% (0.07%) (84) (33) (33) — — — — — —

(22,236) (26,785) 7,284 (18,615) (10,412) (5,039) (3) — 2,976
Section
07
Section
07
9998
South Port
ANNUAL REPORT 2025South Port ANNUAL REPORT 2025
FINANCIALSFINANCIALS

Note 22 continued...
SENSITIVITY ANALYSIS
The following table details a sensitivity analysis for each type of market risk to which the Group is exposed:
2025
In Thousands of
New Zealand Dollars
Carrying
Amount
ProfitEquityProfitEquity
-100bp+100bp-10%+10%-10%+10%
Interest rate riskForeign exchange riskOther price risk
ProfitEquityProfitEquityProfitEquityProfitEquity
Financial assets
Cash and cash equivalents 6,075 (61) — 61 — — — — — — — — —
Trade and other receivables 7,508 — — — — — — — — — — — —
Interest rate derivatives
(non-current) — — — — — — — — — — — — —
Interest rate derivatives
(current) — — — — — — — — — — — — —
Financial liabilities
Loans and borrowings
(non-current) 31,008 310 — (310 ) — — — — — — — — —
Loans and borrowings
(current) — — — — — — — — — — — — —
Trade and other payables 4,532 — — — — — — — — — — — —
Lease liabilities
(non-current) 55 1 — (1) — — — — — — — — —
Lease liabilities
(current) 115 1 — (1) — — — — — — — — —
Interest rate derivatives
(non-current) 25 400 — (400)
Interest rate derivatives
(current) 84 230 — (2 30)
Total increase/(decrease) 881 — (881) — — — — — — — — —
Explanation of interest rate risk sensitivity
The interest rate sensitivity is based on a reasonable possible
movement in interest rates, with all other variables held constant,
measured as a basis points (bps) movement. For example, a
decrease in 100 bps is equivalent to a decrease in interest rates of
1.00%.
The sensitivity for derivatives (interest rate swaps) has been
calculated using a derivative valuation model based on a parallel
shift in interest rates of -100bps/+100bps. (2024: -100bps/+100bps).
Explanation of foreign exchange risk sensitivity
The foreign exchange sensitivity is based on a reasonable possible
movement in foreign exchange rates, with all other variables held
constant, measured as a percentage movement in the foreign
exchange rate.
No sensitivity for derivatives (forward foreign exchange contracts)
has been calculated for 2025 or 2024 since the Group had no
forward foreign exchange contracts in place at balance date.
2024
In Thousands of
New Zealand Dollars
Carrying
Amount
ProfitEquityProfitEquity
-100bp+100bp-10%+10%-10%+10%
Interest rate riskForeign exchange riskOther price risk
ProfitEquityProfitEquityProfitEquityProfitEquity
Financial assets
Cash and cash equivalents 2,310 (23) — 23 — — — — — — — — —
Trade and other receivables 6,983 — — — — — — — — — — — —
Interest rate derivatives
(non-current) 321 (203) — 203 — — — — — — — — —
Interest rate derivatives
(current) 398 (287) — 287 — — — — — — — — —
Financial liabilities
Loans and borrowings
(non-current) 35,750 358 — (358) — — — — — — — — —
Loans and borrowings
(current) — — — — — — — — — — — — —
Trade and other payables 4,036 — — — — — — — — — — — —
Lease liabilities
(non-current) 163 2 — (2) — — — — — — — — —
Lease liabilities
(current) 106 1 — (1) — — — — — — — — —

Total increase/(decrease) (152) — 152 — — — — — — — — —
The following table analyses the basis of the valuation of classes of financial instruments measured at fair value in the statement of
financial position:
VALUATION TECHNIQUE
In Thousands of New Zealand Dollars Total Level 1 Level 2 Level 3
Financial assets
Derivatives – interest rate swaps — — — —

Financial liabilities
Derivatives – interest rate swaps 109 — 109 —
2025
There were no transfers between the different levels of the fair value hierarchy during the year and no financial instruments fall under the level
3 category.
Changing a valuation assumption to a reasonable possible alternative assumption would not significantly change fair value.
The fair value of derivatives traded in active markets is based on quoted market prices at the reporting date. The fair value of derivatives that
are not traded in active markets (for example over-the-counter derivatives), are determined by using market accepted valuation techniques
incorporating observable market data about conditions existing at each reporting date.
The fair value of interest rate swaps is calculated at the present value of the estimated future cash flows.
Valuation inputs for valuing derivatives are as follows:
›Interest rate forward price - published market swap rates.
›Discount rate for valuing interest rate derivatives - published market interest rates as applicable to the remaining life of the instrument
adjusted for the credit risk of the counterparty for assets and the credit risk of the Group for liabilities.
Note 22 continued...
FAIR VALUE HIERARCHY
For those instruments recognised at fair value in the statement of financial position, fair values are determined according to the following
hierarchy:
›Quoted market price (level 1) - Financial instruments with quoted prices for identical instruments in active markets.
›Valuation technique using observable inputs (level 2) - Financial instruments with quoted prices for similar instruments in active markets
or quoted prices for identical or similar instruments in inactive markets and financial instruments valued using models where all significant
inputs are observable.
›Valuation techniques with significant non-observable inputs (level 3) - Financial instruments valued using models where one or more
significant inputs are not observable.
VALUATION TECHNIQUE
2024
In Thousands of New Zealand Dollars Total Level 1 Level 2 Level 3
Financial assets
Derivatives – interest rate swaps 719 — 719 —
Financial liabilities
Derivatives – interest rate swaps — — — —
Section
07
Section
07
101100
South Port
ANNUAL REPORT 2025South Port ANNUAL REPORT 2025
FINANCIALSFINANCIALS

23 COMMITMENTS AND CONTINGENT LIABILITIES .....................................................................................................................................
Capital expenditure commitments
As at 30 June 2025, South Port Group had entered into capital
expenditure commitments to investigate the demolition of shed 3,
develop the Western tip of the Island Harbour, upgrade shed 2 and
purchase a new reach stacker as well as other minor capital projects.
The total cost of this capital is estimated to be $3,892,000. (2024:
purchase of a new reachstacker and rock blasting at Berth 11, as well
as other minor capital projects at an estimated cost of $2,320,000).
Contingent liabilities
As at 30 June 2025 the Group has no contingent liabilities.
At 30 June 2024 there was a claim against the Group for $2.1 million
in damages, however the Group had a counter-claim against the
claimant for $5.6 million. During FY25 a settlement was reached
between the parties.
24 SHARE-BASED PAYMENTS
................................................................................................................................................................................
Executive Long-Term Incentive (LTI) Plan
The Group adopted an equity-settled share-based executive
long-term incentive (LTI) plan during FY24. Under this LTI plan,
performance share rights (share rights) with a three-year vesting
period are issued to participating executives. The vesting of share
rights entitle the executive to the receipt of one South Port New
Zealand Limited (SPN) ordinary share per share right at nil cost.
The proportion of share rights that vest depends on the Group’s
performance against the following performance conditions:
2025
NUMBER OF SHARE RIGHTS ISSUED
Grant Date
Vesting
Date
Balance at
1 July 2024
Granted during
the year
Forfeited during
the year
Vested during
the year
Balance at
30 June 2025
30 Oct 2023 30 Jun 2026 30,928 — — — 30,928
30 Aug 2024 30 Jun 2027 — 50,749 — — 50,749
Total LTI Plan 30,928 50,749 — — 81,677
Share rights are valued using a simulation model, modelling the performance of the Group and the NZX50 peer group and adjusting the
present value for the value of forgone dividends prior to vesting.
The following table lists the key inputs into the valuation and fair value of the share rights at the measurement date:
2025 2024
Grant Date 30 Aug 2024 30 Oct 2023
Vesting Date 30 Jun 2027 30 Jun 2026
Vesting Period (years) 2.83 2.67
Expiry Date 30 Jun 2028 30 Jun 2027
Grant Date Share Price $5.67 $7.46
TSR Hurdles Absolute TSR
Relative TSR
EPS CAGR
Volatility of the Share Price 17.5% 22.6%
Risk Free Interest Rate 3.9% 5.5%
Expected Dividends $0.81 $0.81
Valuation per Share Right:
›Absolute TSR Hurdle $2.03 $3.55
›Relative TSR Hurdle $3.24 $3.70
›EPS CAGR Hurdle $5.13 $6.90
›total shareholder return (TSR) exceeding a cost of equity target
(Absolute TSR Hurdle);
›total shareholder return (TSR) falling above a target percentile of
the NZX50 peer group companies (Relative TSR Hurdle); and
›earnings per share (EPS) compound annual growth rate (CAGR)
exceeding a target rate (EPS CAGR Hurdle).
To the extent that performance conditions are not met, or
executives leave employment of the Group prior to the end of the
vesting period, the share rights are forfeited.
During the year ended 30 June 2025, an expense of $106,000 (2024: $36,000) has been recognised in respect of the LTI plan in the
Consolidated Statement of Comprehensive Income.
In Thousands of New Zealand Dollars
2025 2024
Within one year 115 106
One to five years 55 163
More than five years — —
170 269

Current 115 106
Non-current 55 163
Lease liabilities (as Lessee noted above) relate to a ten year land lease commitment with KiwiRail Limited for the lease of a parcel of land
situated on the Island Harbour, Bluff, due to expire in December 2026 and a 9 year, 20 day lease commitment with KiwiRail for the lease of a
parcel of land situated at Invercargill which expires in September 2027.
Lease Liabilities
Amount Recognised in the Statement of Comprehensive Income
In Thousands of New Zealand Dollars 2025 2024
EXPENSES
Depreciation of right-of-use assets 103 98
Interest on lease liabilities 11 17
GROUP
The total cash outflow for leases relating to Right-of-Use Assets in 2025 was $108,000, (2024: $98,000). This amount is split in the cash flow
statement as follows:
›financing activities relative to lease liabilities paid - $108,000 (2024: $98,000).
›operating activities relative to interest paid - Nil (2024: nil).
25 LEASES
.....................................................................................................................................................................................................................
The Group leases certain property, plant and equipment. The Group recognises a right-of-use asset and a corresponding lease liability with
respect to all lease arrangements in which it is the lessee, except for short-term leases and leases of low-value assets where the Group
recognises the lease payments as an other operating expense on a straight-line basis over the term of the lease.
2025
Land 657 9 — 666 (418) (102) — — (520) 146
657 9 — 666 (418) (102) — — (520) 146
In Thousands of
New Zealand
Dollars
Cost
1 July 2024
AdditionsDisposalsAccumulated
Depn and
Impairment
charges
1 July 2024
Depn
Expense
Accumulated
Depn
reversed on
Disposal
OtherAccumulated
Depn and
Impairment
charges
30 June 2025
Carrying Amt
30 June 2025
Cost
30 June 2025
2024
In Thousands of
New Zealand
Dollars
Land 650 7 — 657 (320) (98) — — (418) 239
650 7 — 657 (320) (98) — — (418) 239
Cost
1 July 2023
AdditionsDisposalsAccumulated
Depn and
Impairment
charges
1 July 2023
Depn
Expense
Accumulated
Depn
reversed on
Disposal
OtherAccumulated
Depn and
Impairment
charges
30 June 2024
Carrying Amt
30 June 2024
Cost
30 June 2024
Right-of-Use Assets
GROUP
Section
07
Section
07
103102
South Port
ANNUAL REPORT 2025South Port ANNUAL REPORT 2025
FINANCIALSFINANCIALS

GROUP
Operating lease commitments (as Lessor) relate to various port land, wharves and buildings in Bluff that are leased (both short term and long
term) to a number of tenants for port related activities (refer to Note 11).
In Thousands of New Zealand Dollars 2025 2024
Within one year 4,379 5,053
One to five years 10,894 10,267
More than five years 30,282 31,807
45,555 47,127
GROUP
Future minimum lease receivables under non-cancellable operating leases (as Lessor):
In Thousands of New Zealand Dollars 2025 2024
Surplus after taxation 13,318 7,376
Add/(less) non-cash items
Depreciation and amortisation 5,212 4,914
Net (gain)/loss on disposal (31) (47)
Decrease/(increase) in value of interest rate swaps 828 480
Increase/(decrease) in deferred tax liability (598) 2,203
(Decrease)/increase in share-based payment reserve 106 36
5,517 7,586

Add/(less) movement in working capital
Decrease/(increase) in trade debtors and other receivables (678) (1,711)
(Decrease)/increase in trade creditors and other payables and employee entitlements 1,028 (526)
(Decrease)/increase in the provision for income tax 1,873 (1,100)
Movement in other working capital items classified as investing activities 2,614 1,161
4,837 (2,176)
Net cash provided by operating activities 23,672 12,786
26 NET CASH FLOW FROM OPERATING ACTIVITIES ....................................................................................................................................
Operating leases where the Group is the Lessor.
The following is a reconciliation between the surplus after taxation shown in the statement of comprehensive income and the net cash flow
from operating activities.
27 SEGMENTAL REPORTING
..................................................................................................................................................................................
The South Port Group operates in the Port Industry in Southland, New Zealand, and therefore only has one reportable segment and one
geographical area based on the information as reported to the chief operating decision maker on a regular basis.
South Port engages with one major customer which contributed individually greater than 10% of its total revenue. The customer contributed
$11.06 million for the year ended 30 June 2025 (2024: $10.38 million).
28 RELATED PARTY TRANSACTIONS
..................................................................................................................................................................
CONTROLLING ENTITY
Southland Regional Council (Environment Southland) owns 66.48% of the ordinary shares in South Port. During the year there were no
material transactions with this related party.
A total dividend of $4,709,000 was paid to Environment Southland during the year (2024: $4,709,000).
Rates and consents of $35,600 were paid to Environment Southland during the year (2024: $26,300).
Please refer to note 29 for additional related party transactions disclosed separately in relation to the Company’s subsidiary
Awarua Holdings Ltd.
On 18 June 2025, South Port NZ Ltd completed an amalgamation with its wholly owned subsidiary, Awarua Holdings Ltd. This transaction
qualifies as a resident restricted amalgamation as both entities were New Zealand tax residents immediately prior to amalgamation.
No consideration was exchanged, as the subsidiary was wholly owned. All assets, liabilities, and reserves of Awarua Holdings Ltd have been
transferred to South Port NZ Ltd at cost. The intercompany loan from Awarua to South Port is treated as having been paid in full on date of the
amalgamation. This results in no taxable income or deductible loss arising upon amalgamation.
The amalgamation qualifies as a concessionary amalgamation under New Zealand tax law, and all relevant filings and certificates have been
lodged with the Companies Office and Inland Revenue.
29 AMALGAMATION OF SUBSIDIARY COMPANY
...........................................................................................................................................
FINAL DIVIDEND
On 21 August 2025 the Board declared a final dividend for the year to 30 June 2025 for 20.50 cents per share amounting to $5.378 million
(before supplementary dividends). (2024: Final dividend declared for 19.50 cents per share amounting to $5.116 million).
30 SUBSEQUENT EVENTS
.......................................................................................................................................................................................
Section
07
Section
07
105104
South Port
ANNUAL REPORT 2025South Port ANNUAL REPORT 2025
FINANCIALSFINANCIALS

2 |
Normalised Group surplus after tax removes the volatility of unrealised fair value movements, adjustments relating to tax legislation changes,
and gains/losses on the disposal of assets, to provide a more consistent measure of Group performance.
1 |
Return on Assets equals Earnings Before Interest and Tax/Average Total Assets.
1
”
“
* Based on average of period start and year end
balances
In Thousands of New Zealand Dollars 2025 2024 2023 2022 2021
FIVE-YEAR GROUP FINANCIAL SUMMARY
Operating revenue 63,282 56,128 53,589 48,584 47,291
Total revenue 63,410 56,251 53,965 49,968 47,667
Net operating surplus before tax 17,778 13,433 16,514 17,158 14,679
Reported Group surplus after tax 13,318 7,376 11,712 12,829 10,714
Normalised Group surplus after tax** 13,891 9,956 11,504 11,162 10,452
EBITDA 25,832 21,305 22,768 21,152 18,850
Operating cashflow 23,672 12,786 16,448 13,695 15,827
Shareholders distributions paid 7,083 7,083 7,083 7,083 6,821
Total shareholders’ equity 66,573 60,232 59,903 55,274 49,528
Net interest bearing debt 31,008 35,750 30,000 25,500 9,000
Property, plant and equipment 94,548 91,876 87,727 77,342 57,218
Capital expenditure 7,853 9,045 15,023 24,406 10,184
Total assets 109,667 103,364 97,906 88,136 68,673
Interest cover (times) 9.6 6.3 10.6 18.0 41.0
Shareholders’ equity ratio 60.7% 58.3% 61.2% 62.7% 72.1%
Return on equity/shareholders’ funds* 21.0% 12.3% 20.3% 24.5% 22.5%
Return on assets* 18.6% 15.9% 19.6% 23.2% 23.5%
Basic earnings per share 50.8c 28.1c 44.6c 48.9c 40.8c
Operating cashflow per share 90.2c 48.7c 62.7c 52.2c 60.3c
Dividends declared per share 28.00c 27.00c 27.00c 27.00c 27.00c
Net asset backing per share $2.54 $2.30 $2.28 $2.11 $1.89
In Thousands of New Zealand Dollars 2025 2024 2023 2022 2021
OPERATIONAL SUMMARY
Cargo throughput (000’s tonnes) 3,553 3,213 3,479 3,554 3,454
Cargo ship departures 366 324 349 305 331
Gross registered tonnage (000’s tonnes) 6,217 6,117 6,201 5,690 6,128
Number of permanent employees 141 132 124 120 107
Total cargo ship days in port 955 823 900 846 865
Turn-around time per cargo ship (days) 2.61 2.54 2.58 2.77 2.61
Cargo tonnes per ship 9,708 9,917 9,968 11,652 10,435
Dry warehousing capacity (m
2
) 36,600 36,600 36,600 36,600 38,100
Cold/cool storage capacity (m
3
) 39,500 39,500 39,500 39,500 39,500
Reported Group surplus after tax 13,318 7,376 11,712 12,829 10,714
Gain/Loss on sale of assets after tax (23) (34) (31) 5 (21)
Interest Rate (Gain)/Loss after tax 596 346 (177) (985) (241)
Adjustment relating to prior period deferred tax
on buildings IRE — — — (687) —
Adjustment relating to tax legislation changes — 2,268 — — —
Normalised Group surplus after tax 13,891 9,956 11,504 11,162 10,452
** Normalised Group surplus after tax is calculated
by making the following adjustments.
2
FINANCIAL AND OPERATIONAL FIVE-YEAR SUMMARY
Section
07
106
South Port
ANNUAL REPORT 2025
THE YEAR IN REVIEW
Section
02
ENVIRONMENT
Section
03
PEOPLE AND COMMUNITIES
Section
04
GOVERNANCE
Section
05
Section
01
INTRODUCTION
SPOTLIGHT
Section
06
FINANCIALS
Section
07
ABOUT US
Section
08
A summary about who we
are, and our operation.
Leadership Team .........................................................................108
Directory
.......................................................................................109
Southern Region Production and Cargo Locations
................110
FINANCIALS

DIRECTORS
Philip Cory-Wright
Chair

Cassandra Crowley
Nicola Greer
Michelle Henderson
Clare Kearney
John Schol
Sam Grant
Intern Director
CORPORATE EXECUTIVES
Nigel Gear
Chief Executive Officer
Geoff Finnerty
Port General Manager
Lara Stevens
Chief Financial Officer
Jamie May
Commercial Manager
Hayden Mikkelsen
Container Operations Manager
Frank O’Boyle
Infrastructure and Environmental Manager
Helen Young
People and Safety Manager
GROUP COMPANIES
Parent Company
South Port New Zealand Limited
Subsidiary
Awarua Holdings Limited
(Amalgamated with South Port New Zealand, 18 June 2025)
AUDITOR
Matt Laing using the resources of Deloitte Limited as Agent for
the Controller and Auditor General
Deloitte House, 24 Anzac Parade, Hamilton 3216
SOLICITORS
Chapman Tripp
Level 34, PwC Tower, 15 Customs Street West, Auckland Central,
Auckland 1010
PR Law
45 Yarrow Street, Invercargill 9810
AWS Legal
80 Don Street, Invercargill 9810
BANKERS
ANZ
Ground Floor, ANZ Centre, 23-29 Albert Street, Auckland Central,
Auckland 1010
TAX ADVISORS
PwC
PwC Centre, Level 4, 60 Cashel Street, Christchurch 8013
SHARE REGISTER
MUFG Pension and Market Services
Level 30, PwC Tower, 15 Customs Street West, Auckland Central,
Auckland 1010
REGISTERED OFFICE
Island Harbour, PO Box 1, Bluff 9842

CREDITS
Photographs provided by
Tammi Topi – SouthDrone NZ
Chris Howell
South Port staff

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


  South Port NZ
DIRECTORY
https://southport.co.nz/about-us-and-our-people#leadership_teamScan the QR code to read more.
Jamie
May
Commercial
Manager

BCom
Nigel
Gear
Chief Executive
BCom
Dip Port
Management
Helen
Young
People and
Safety Manager

LLB
Frank
O'Boyle
Infrastructure and
Environmental
Manager
BEng (Civil),
MIPENZ,
CPEngNZ,
Dip Port
Management
LEADERSHIP TEAM
Hayden
Mikkelsen
Container
Operations
Manager
BE (Hons),
MEngNZ
Geoff
Finnerty
Port General
Manager
BCom,
ACA,
PGCertEM
Lara
Stevens
KĀI TAHU
Chief Financial
Officer
BCom,
DipGrad,
CA
109
South Port
ANNUAL REPORT 2025
108
South Port ANNUAL REPORT 2025
ABOUT US
Section
08
Section
08
ABOUT USABOUT US

Kilometres from Bluff
Balclutha
Lumsden
Winton
Te Anau
Mossburn
Tuatapere
Invercargill
Gore
Mataura
Edendale
Bluff
Tapanui
Queenstown
10
6
11
12
9
8
7
5
4
2
3
1
SOUTHERN REGION PRODUCTION AND CARGO LOCATIONS
1
GrainCorp ..................................................0
ADM NZ
.....................................................0
Ravensdown
..............................................0
Sanford Bluff ..............................................0
Southfish
...................................................0
Stolthaven
.................................................0
NZAS Tiwai Smelter
...............................30
2
Ballance Agri-Nutrients ..........................15
Open Country Dairy
................................15
South Pacific Meats ................................15
Southwood Export ..................................15
3
Stabicraft Marine ....................................23
International Specialty Aggregates .......27
Quality Foods Southland ........................27
Sims Metals
.............................................27
Rayonier Matariki Forests
.......................28
IFS Growth ...............................................28
Prime Range Meats
................................33
4
Agrifeeds ...............................................38
Niagara Sawmilling
................................38
Silver Fern Farms
- Kennington Plant ...............................38
Blue Sky Pastures
...................................55
5
Alliance Lorneville Plant .........................40
Alliance Makarewa Plant .......................45
Pyper’s Produce .....................................45
Kilometres from Bluff
6
Winton Stock Feed .................................60
7
Fonterra Edendale ...................................65
8
Daiken Southland ....................................70
Alliance Mataura Plant ............................75
9
Eastern Concrete ...................................80
Silver Fern Farms
- Gore Plant ..........................................80
Mataura Valley Milk ................................93
10
Silver Fern Farms
- Mossburn Plant .................................118
11
Ernslaw One ..........................................130
12
Silver Fern Farms
- Balclutha Plant .................................145
Fonterra Stirling
.....................................145
111110
South Port ANNUAL REPORT 2025South Port ANNUAL REPORT 2025
ABOUT US
Section
08
Section
08
ABOUT US
Section
08

Island Harbour, PO Box 1,
Bluff 9842, New Zealand
+64 3 212 8159
reception@southport.co.nz
southport.co.nz
  South Port NZ
Printed on 100% recycled paper
2025
ANNUAL
REPORT
2025
ANNUAL REPORT

South Port New Zealand Limited employee share rights plan South Port NZ Ltd releases Climate-Related Disclosures

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