34.6M NEW ZEALAND S 2012 INTERIM REPORT

Transcription

1 2032 UNDERLYING HALF YEAR PROFIT UP 13.4% 39.2 MILLION FOR 6 MONTHS ENDED DEC FOR 6 MONTHS ENDED DEC 34.6M NEW ZEALAND S INTERIM REPORT

2 INTERIM REPORT SIX MONTHS ENDED 31 DECEMBER : port OF TAURANGA LIMITED AND SUBSIDIARIES HALF YEAR REVIEW Port of Tauranga continues to consolidate its position as New Zealand s pre-eminent freight gateway as it achieves another record half-year result. Revenue increased to $118.6 million for the six months - an increase of 12.2% from $105.6 million on the previous corresponding period. Net Profit After Tax increased from $34.6 million to $74.2 million. This included a net gain of $35.0 million on the sale of our shares in C3 Limited in November. Underlying half year profit, which excludes the gain on sale of C3 Limited, rose to $39.2 million - up 13.4% from $34.6 million, for the six months ended December. The Board considers that using underlying profit gives readers a better comparison of normal operations and therefore has excluded the net gain from C3 Limited in determining underlying profit. The results reflect continued strong growth in freight volumes across the port due to recognition of Port of Tauranga s reliability and productivity levels. They are a credit to the staff and service providers who have responded to the many challenges we faced over the period. Gearing is conservative with liabilities to total assets at 26.6%, from 29.9% at the same time last year. The Board has declared an increased fully imputed interim dividend of 20 cents per share - up 66% from the 12 cents per share for the interim dividend. The Board has decided to modify the dividend policy to increase the proportion of dividends paid as interim to approximately 45% of the annual dividend. The record date for entitlement to the interim dividend is 8 March 2013 and it will be paid on 22 March Cargo Trends Trade volumes increased 10.6% to 9.4 million tonnes, from 8.5 million tonnes over the same period last year. Dairy volumes represented the largest increase - up 87% to 935,000 tonnes. Meat exports were up 31% to 184,000 tonnes. Log volumes rose 13.8% to million tonnes. The number of containers handled by the port rose 25.5% to 431,840 TEUs (twenty foot equivalent units) at the end of the current period from 344,081 TEUs in the six months to. MetroPort, our inland port in the heart of Auckland s industrial zone, played a pivotal role in driving this growth. Traffic through its gates increased by 25.6% to 101,440 TEUs, from 80,746 TEUs in the same period last year. Port of Tauranga s container volumes have continued to grow at a greater rate than other New Zealand ports. Trans-shipped cargo volumes (cargo shipped across Port of Tauranga wharves before being shipped on to another New Zealand port) grew by 48% to 93,008 TEUs, underscoring our position as New Zealand s hub port. Investment in Capacity and Productivity In order to retain the port s competitive position, we are focused on further improving systems to manage growth including pursuing our extensive port capacity expansion programme. Capital works spending totalled $33.5 million in the last half of. The Company is midway through a $170 million, three-year programme, which includes major expansion of the Tauranga Container Terminal. The Terminal s berthage capacity is being increased by 28% with a 170-metre wharf extension which will be completed by late March A sixth ship-to-shore gantry will be commissioned late March The Port hopes to begin dredging of the shipping channel later this year to cater for growing traffic at the port and the impending arrival of the large 7,000 TEU capacity ships. These ships will be an enabler of growth not only for the Port of Tauranga, but also the broader national economy. New Zealand s economy desperately needs the $338 million of benefits that the New Zealand Shippers Council estimates will flow from bigger ships operating on the South East Asia trade routes. 1 In September, Port of Tauranga and Ports of Auckland launched a joint cargo management system, PortConnect, which creates a single interface for customers dealing with the ports independent IT systems. PortConnect gives shipping companies, importers, exporters, transporters and regulatory authorities an easyto-use system for improving the timeliness and accuracy of cargo information. Larger Vessels Visit Port The summer cruise ship season, which draws to a close in early April, is expected to see a record 84 ship visits with a growing trend to larger vessels. They include the largest cruise ships to ever visit Tauranga the 317-metre Celebrity Solstice and the 312-metre Voyager of the Seas. 1 New Zealand Shippers Council, August 2010: The Question of Bigger Ships.

3 INTERIM REPORT SIX MONTHS ENDED 31 DECEMBER : port OF TAURANGA LIMITED AND SUBSIDIARIES According to Cruise New Zealand research, the economic value added to the Bay of Plenty economy by cruises was expected to grow to around $40.7 million this season, supporting 732 jobs. The arrival of larger ships has made the Port s plans to deepen and widen harbour channels ever more pressing. Port of Tauranga continues to attract new services calling at the port. In the last year, we secured seven new shipping services. Sale of C3 Limited In November, Port of Tauranga sold its share in C3 Limited to Asciano. The Company s subsequent $34 million purchase of Quality Marshalling (Mount Maunganui) Limited took effect from 1 February 2013 and will be reflected in the full year accounts. Quality Marshalling, like Port of Tauranga s other subsidiaries and associates, helps to consolidate and develop the Port s customer supply relationships. It is New Zealand s second largest log marshalling and scaling company, with operations at Mount Maunganui, Northport, Murupara, Rotorua, Kaingaroa, Napier and Auckland. Earnings from associates rose 13.1% to $7.553 million, with strong performances from Tapper Transport and Northport. Senior Appointment Dan Kneebone has been appointed to the Senior Management Team as Property and Infrastructure Manager. He replaces Tony Reynish, who retires after 25 years in the business, but will remain employed on a consultancy basis. Dan offers a wealth of experience in commercial property management and development, having previously worked for Bunnings Limited as their National Property and Development Manager. Outlook Port of Tauranga has entered its twenty-first year as a listed company well positioned for the second half of the financial year. Log exports are expected to continue to increase in volume, due to strong demand from the Chinese markets. We also expect to increase container volumes as the port consolidates its position as the preeminent national freight gateway. The growing diversity of our freight ensures Port of Tauranga is well placed to weather any short-term fluctuations in individual cargo volumes. We remain comfortable with our previous market guidance of after-tax earnings for the 12 months to 30 June 2013 in the region of $75 million to $79 million. John Parker CHAIRMAN Mark Cairns CHIEF EXECUTIVE interim Report 1

4 CONSOLIDATED INCOME STATEMENTS For the six months ended : port of tauranga limited and subsidiaries INTERIM REPORT CONSOLIDATED INCOME STATEMENTs (Unaudited) (Unaudited) (Audited) Year 30 June Revenue 118, , ,193 Other income ,049 Operating income 118, , ,242 Contracted services for port operations (25,080) (20,338) (46,449) Contracted services for transport operations (2,535) (2,820) (5,824) Employee expenses (15,033) (13,944) (28,388) Direct fuel and power expenses (4,397) (3,859) (8,631) Maintenance of property, plant and equipment (3,710) (3,469) (9,880) Other expenses (7,859) (7,404) (13,751) Operating expenses (58,614) (51,834) (112,923) Results from operating activities 59,975 53, ,319 Depreciation and amortisation (8,584) (8,595) (17,100) Impairment of property, plant and equipment on revaluation 0 0 (1,305) (8,584) (8,595) (18,405) Operating profit before finance costs and taxation 51,391 45,231 95,914 Finance income 1,358 1,495 2,856 Finance expenses (11,412) (7,176) (13,769) Net finance costs (10,054) (5,681) (10,913) Gain on sale of associate 38, Share of profit from associates 6,367 6,055 12,280 Profit before income tax 86,039 45,605 97,281 Income tax expense (11,830) (11,034) (23,812) Profit for the period 74,209 34,571 73,469 Attributable to: Owners of the Parent Company 74,218 34,612 73,554 Non controlling interest (9) (41) (85) Profit for the period 74,209 34,571 73,469 Basic and diluted earnings per share (cents) Supplementary (non statutory) disclosure Underlying Profit After Tax Underlying profit after tax is presented to allow readers to make an assessment of underlying profit after removing one-off and non operational items. Underlying profit after tax (refer note 5) 39,193 34,571 73,469 Earnings per share (cents) interim Report

5 CONSOLIDATED statements of comprehensive income For the six months ended : port of tauranga limited and subsidiaries (Unaudited) (Unaudited) (Audited) Year 30 June Profit for the period 74,209 34,571 73,469 Other comprehensive income Effective portion of changes in fair value of cash flow hedges, net of tax (1,597) (8,449) (11,109) Change in fair value of cash flow hedges transferred to the income statement, net of tax 4,809 1,396 3,076 Changes in cash flow hedges transferred to property, plant and equipment, net of tax Net change in share of associates cash flow hedge reserves 107 (115) 33 Net change in share of associates revaluation reserves Asset revaluation, net of tax ,483 Total comprehensive income 78,040 27,419 77,893 Attributable to: Owners of the Parent Company 78,049 27,460 77,978 Non controlling interest (9) (41) (85) Total comprehensive income 78,040 27,419 77,893 INTERIM REPORT Consolidated statements of comprehensive income interim Report 3

6 CONSOLIDATED statements of CHANGES IN EQUITY For the six months ended : port of tauranga limited and subsidiaries INTERIM REPORT CONSOLIDATED statements of CHANGES IN EQUITY Share Capital Share Based Payment Reserve Hedging Reserve Revaluation Reserve Retained Earnings Non Controlling Interest Total Balance at 30 June 68, (8,723) 585,375 55,193 (27) 700,252 Profit for the period ,612 (41) 34,571 Total other comprehensive income 0 0 (7,152) (7,152) Total comprehensive income 0 0 (7,152) 0 34,612 (41) 27,419 Bonus share issue to employees 190 (210) Increase in share capital Dividends paid during the year (refer note 8) (28,164) 0 (28,164) Total transactions with owners in their capacity as owners 195 (210) 0 0 (28,144) 0 (28,159) Balance at 68,419 0 (15,875) 585,375 61,661 (68) 699,512 Profit for the period ,942 (44) 38,898 Total other comprehensive income 0 0 (596) 12, ,576 Total comprehensive income 0 0 (596) 12,172 38,942 (44) 50,474 Bonus share issue to employees (20) 0 (20) Increase in share capital Dividends paid during the year (16,094) 0 (16,094) Total transactions with owners in their capacity as owners (16,094) 0 (16,112) Balance at 30 June 68,421 0 (16,471) 597,547 84,489 (112) 733,874 Profit for the period ,218 (9) 74,209 Total other comprehensive income 0 0 3, ,831 Total comprehensive income 0 0 3, ,218 (9) 78,040 Increase in share capital Dividends paid during the year (refer note 8) (36,211) 0 (36,211) Total transactions with owners in their capacity as owners (36,211) 0 (35,933) Acquisition of non controlling interest without change in control Total change in ownership interest in subsidiaries Balance at 68,699 0 (12,640) 597, , ,102 4 interim Report

7 CONSOLIDATED STATEMENTS OF FINANCIAL POSITION As at : port of tauranga limited and subsidiaries (Unaudited) (Unaudited) (Audited) 30 June Assets Property, plant and equipment 914, , ,036 Intangible assets 16,543 17,307 16,897 Advances and receivables 3,714 23,567 21,943 Investments in associates 47,724 57,711 61,993 Total non current assets 982, , ,869 Cash and cash equivalents 39,115 11,478 9,244 Receivables and prepayments 35,647 32,778 34,256 Inventories Total current assets 75,301 44,511 44,009 Total assets 1,057, ,164 1,033,878 Equity Share capital 68,699 68,419 68,421 Hedging reserve (12,640) (15,875) (16,471) Revaluation reserve 597, , ,547 Retained earnings 122,496 61,661 84,489 Total equity attributable to owners of the Parent Company 776, , ,986 Non controlling interest 0 (68) (112) Total equity 776, , ,874 INTERIM REPORT CONSOLIDATED STATEMENTS OF FINANCIAL POSITION Liabilities Loans and borrowings 130, , ,077 Deferred consideration 0 1,000 1,000 Derivative financial instruments 16,116 19,823 20,827 Provisions 1,275 2,215 2,487 Deferred tax liabilities 46,650 43,571 45,533 Total non current liabilities 194, , ,924 Loans and borrowings 62, Deferred consideration 1,000 2,000 0 Derivative financial instruments 962 1,397 1,421 Trade and other payables 16,435 15,474 19,750 Provisions 2,749 2,993 3,992 Provision for tax 3,135 4,071 8,956 Total current liabilities 86,515 26,604 35,080 Total liabilities 281, , ,004 Total equity and liabilities 1,057, ,164 1,033,878 interim Report 5

8 CONSOLIDATED statements of CASH FLOWS FOR THE SIX MONTHS ENDED 31 DECEMBER : port of tauranga limited and subsidiaries INTERIM REPORT CONSOLIDATED statements of CASH FLOWS (Unaudited) (Unaudited) (Audited) Year 30 June Cash flows from operating activities Cash inflows 121, , ,198 Cash outflows (94,770) (74,498) (148,694) Net cash inflow from operating activities 26,535 26,336 74,504 Cash flows from investing activities Cash inflows 77,837 7,694 12,736 Cash outflows (35,170) (14,391) (43,807) Net cash inflow from/(used in) investing activities 42,667 (6,697) (31,071) Cash flows from financing activities Cash inflows 413 7, Cash outflows (39,744) (28,164) (46,758) Net cash used in financing activities (39,331) (20,427) (46,455) Net increase/(decrease) in cash and cash equivalents 29,871 (788) (3,022) Add opening cash brought forward 9,244 12,266 12,266 Ending cash carried forward 39,115 11,478 9,244 RECONCILIATION OF PROFIT FOR THE PERIOD TO CASH FLOWS FROM OPERATING ACTIVITIES Profit for the period 74,209 34,571 73,469 Add non cash and non operating items Finance lease interest (716) (900) (1,559) Depreciation and amortisation expense 8,584 8,595 17,100 Decrease in deferred taxation expense (331) (384) (1,111) Share of surpluses retained by associates (6,367) (6,055) (12,280) Impairment of property, plant and equipment on revaluation 0 0 1,305 Insurance proceeds 0 0 (1,046) Gain on disposal of associate (38,335) 0 0 Other 200 (1,422) 960 (36,965) (166) 3,369 Less movements in working capital (10,709) (8,069) (2,334) Net cash flows from operating activities 26,535 26,336 74,504 6 interim Report

9 NOTES TO THE INTERIM FINANCIAL STATEMENTS As at : port of tauranga limited and subsidiaries 1 Reporting Entity Port of Tauranga Limited (the Parent Company ) is a company incorporated and domiciled in New Zealand, registered under the Companies Act 1993 and listed on the New Zealand Stock Exchange ( NZX ). The Parent Company, which is designated as profit-orientated for financial reporting purposes, is an issuer in terms of the Financial Reporting Act The unaudited interim financial statements (the financial statements ) for the Port of Tauranga Limited comprise the Port of Tauranga Limited and its subsidiaries and the s interest in associates (together referred to as the ). 2 Basis of Preparation These financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting Practice (NZ GAAP) and New Zealand International Accounting Standard (NZ IAS) 34 Interim Financial Reporting. They do not include all information required for full annual financial statements and should be read in conjunction with the annual financial statements and related notes included in Port of Tauranga Limited s Annual Report for the year ended 30 June. 3 Significant Accounting Policies The accounting policies adopted are consistent with those followed in the preparation of the s annual financial statements for the year ended 30 June. No new standards and amendments to standards have been adopted by the in the current period. 4 Accounting Estimates and Judgements The preparation of the financial statements in conformity with NZ IAS 34 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. In preparing these financial statements, the significant judgements made by management in applying the s accounting policies and the key sources of estimation and uncertainty, were the same as those applied to the s consolidated financial statements for the year ended 30 June. INTERIM REPORT NOTES TO THE INTERIM FINANCIAL STATEMENTS 5 Underlying Profit After Tax (Non Statutory) Disclosure Reported profit after tax 74,209 34,571 Gain on sale of associate (38,335) 0 Loss on termination of interest rate swaps 4,610 0 Tax impact of termination of interest rate swaps (1,291) 0 Underlying profit after tax 39,193 34,571 The key difference between the underlying profit and the reported profit in relates to the sale of the investment in C3 Limited, and the derivative contracts closed out that related to debt repaid from consideration received from the sale. The Company sold its 50% share in C3 Limited on 28 November. The share of associate profits from C3 Limited during this interim reporting period amounted to $2.457 million (six months ended : $2.663 million, year ended 30 June $5.734 million), which is included within share of profit of associates in the income statement. interim Report 7

10 NOTES TO THE INTERIM FINANCIAL STATEMENTS (Continued) As at : port of tauranga limited and subsidiaries INTERIM REPORT NOTES TO THE INTERIM FINANCIAL STATEMENTS 6 Segment Information The determines and presents operating segments based on the information that is internally provided to the Chief Executive, who is the s Chief Operating Decision Maker (CODM), as defined by NZ IFRS 8 Operating Segments. The operates in three main reportable segments, being: Port Operations consists of providing and managing port services, and cargo handling facilities through the Port of Tauranga. The Port s terminal and bulk operations have been aggregated together within the Port Operations segment, due to the similarities in economic characteristics, customers, nature of products and processes, and risks. Property Services consists of managing and maintaining the Port s property assets. Transport Services consists of the road transport and freight handling activities, of Tapper Transport Limited, Tapper SIP Limited and MetroPack Limited. Port Operations and Property Services segments are part of Port activities. Port activities and Transport Services are managed separately as they provide different services to customers and have their own operational and marketing requirements. The remaining activities of the are included in Other, and primarily relate to Port head office functions. The operates in one geographical area, that being New Zealand. Due to the significant shared cost base of the Port activities, operating costs, measures of profitability, assets and liabilities are aggregated and are not reported to the CODM at a segment level, but rather at a port level, as all business decisions are made at a whole port level. Performance of the Transport Services segment is assessed based on profit after taxation. The CODM does not review assets and liabilities in accessing the Transport Services segment s performance. The unaudited segment results for the six months ended are as follows: Port Operations Property Services Other Unallocated (1) Transport Services Total segment revenue (external) 96,349 9, , ,489 Other income and expenditure: Share of profit from associates , ,367 Interest income 0 0 1, ,347 Other finance income Other income , ,435 Interest expense (11,140) (40) (11,180) Depreciation and amortisation expense (7,900) (684) (8,584) Other unallocated expenditure (48,921) (9,925) (58,846) Income tax expense (11,350) (480) (11,830) Total other income and expenditure ,358 (34,609) (11,129) (44,280) Total segment result 96,349 9,872 1,358 (34,609) 1,239 74,209 (1) Operating costs are not allocated to individual business segments within the Parent Company. 8 interim Report

11 NOTES TO THE INTERIM FINANCIAL STATEMENTS (Continued) As at : port of tauranga limited and subsidiaries 6 Segment Information (Continued) The unaudited segment results for the six months ended are as follows: Port Operations Property Services Other Unallocated (1) Transport Services Total segment revenue (external) 83,599 9, , ,948 Other income and expenditure: Share of profit from associates , ,055 Interest income 0 0 1, ,486 Other finance income Other income Interest expense (6,983) (42) (7,025) Depreciation and amortisation expense (8,055) (540) (8,595) Other unallocated expenditure (41,802) (10,183) (51,985) Income tax expense (10,733) (301) (11,034) Total other income and expenditure ,495 (61,518) (11,066) (70,377) Total segment result 84,311 9,579 1,495 (61,518) ,571 (1) Operating costs are not allocated to individual business segments within the Parent Company. 7 Finance Expenses INTERIM REPORT NOTES TO THE INTERIM FINANCIAL STATEMENTS Interest expense on borrowings 6,971 6,751 Less: Interest capitalised to property, plant and equipment (510) 0 6,461 6,751 Loss on termination of interest rate swaps 4,610 0 Interest on finance leases Interest on deferred consideration Interest on contingent consideration Ineffective portion of changes in fair value of cash flow hedges Currency option expense ,412 7,176 interim Report 9

12 NOTES TO THE INTERIM FINANCIAL STATEMENTS (Continued) As at : port of tauranga limited and subsidiaries INTERIM REPORT NOTES TO THE INTERIM FINANCIAL STATEMENTS 8 Dividends The following dividends were paid by the : Final dividend of 27.0 cents per share (: 21.0 cps) 36,211 28,164 36,211 28,164 9 Property, Plant and Equipment Acquisitions and Disposals During the six months ended, the acquired assets with a cost of $ million (six months ended : $ million) and disposed of assets with a carrying value of $0.040 million (six months ended : $0.495 million). 10 Related Party Transactions During the six months ended the Parent Company has had the following transactions with related parties: C3 Limited Services provided to Port of Tauranga Limited* 6,351 6,170 Services provided by Port of Tauranga Limited* 568 1,081 Repayment of capital notes to Port of Tauranga Limited 16,599 0 Accounts receivable by Port of Tauranga Limited (capital notes) 0 16,599 Accounts receivable by Port of Tauranga Limited* 0 99 Accounts payable by Port of Tauranga Limited* 0 1,059 Northport Limited Services provided by Port of Tauranga Limited 8 8 Accounts receivable by Port of Tauranga Limited 3 1 MetroBox Auckland Limited Advances by Port of Tauranga Limited 1,785 1,785 Services provided to Tapper Transport Limited Accounts payable by Tapper Transport Limited 6 3 Port of Tauranga Trustee Company Limited Advances to Port of Tauranga Trustee Company Limited for employees in Share Ownership Plan by Port of Tauranga Limited Tapper Transport Limited Services provided by Port of Tauranga Limited 3 6 Advances by Port of Tauranga Limited 2,900 3,300 Accounts receivable by Port of Tauranga Limited interim Report

13 NOTES TO THE INTERIM FINANCIAL STATEMENTS (Continued) As at : port of tauranga limited and subsidiaries 10 Related Party Transactions (Continued) Cubic Transport Services Limited Services provided to Tapper Transport Limited 0 1 Services provided by Tapper Transport Limited Accounts receivable by Tapper Transport Limited MetroPack Limited Advances by Port of Tauranga Limited Advances by C3 Limited Advances by Tapper Transport Limited Services provided by Port of Tauranga Limited 13 0 Accounts receivable by Port of Tauranga Limited (3) 162 Services provided by Tapper Transport Limited Services provided to Tapper Transport Limited Accounts receivable by Tapper Transport Limited Accounts payable by Tapper Transport Limited 21 5 Factored debtors payable by Tapper Transport Limited Services provided to C3 Limited* Services provided by C3 Limited* 12 0 Accounts payable by C3 Limited* 0 4 * C3 Limited ceased to be an associate of the on 28 November. During the six months ended the entered into transactions with companies in which Directors hold directorships. All such transactions have occurred on normal commercial terms. No related party debts have been written off or forgiven during the period. No interest is charged on advances to associates and joint ventures which are repayable on demand. Controlling Entity Quayside Securities Limited owns 54.94% of the ordinary shares in Port of Tauranga Limited. Quayside Securities Limited is beneficially owned by Bay of Plenty Regional Council. Transactions with Key Management Personnel The does not provide any non cash benefits to Directors and executive officers in addition to their Directors fees or salaries. INTERIM REPORT NOTES TO THE INTERIM FINANCIAL STATEMENTS Short term employee benefits Directors fees Executive salaries 1,658 1,610 interim Report 11

14 NOTES TO THE INTERIM FINANCIAL STATEMENTS (Continued) As at : port of tauranga limited and subsidiaries INTERIM REPORT NOTES TO THE INTERIM FINANCIAL STATEMENTS 11 Commitments Capital commitments Estimated capital commitments for the contracted for at the reporting date but not provided for 53,004 46,464 Capital commitments at relate to the development and expansion of the Tauranga Container Terminal (including contracts for the terminal wharf extension as well as new crane and straddle equipment), and the acquisition of shares in Quality Marshalling (Mount Maunganui) Limited (detailed in note 12). 12 Subsequent Events On 31 January 2013 Port of Tauranga Limited agreed to purchase 100% of the shares of Quality Marshalling (Mount Maunganui) Limited for cash consideration of $34.0 million. Quality Marshalling (Mount Maunganui) Limited provide log marshalling and scaling services, and the acquisition was made to gain synergies within the. At the date of issue of this Interim Report, the initial accounting for the business combination had not been completed. As a result, no estimate has been made of the acquisition date fair values of assets and liabilities in Quality Marshalling (Mount Maunganui) Limited, and therefore information related to the acquisition date fair values and resulting goodwill, if any, have not been disclosed. 12 interim Report

15 Directory FOR THE YEAR ENDED : port of tauranga limited and subsidiaries DIRECTORS J S Parker, Chairman A W Baylis J M Cronin D A Pilkington M J Smith Sir Dryden Spring K Tempest EXECUTIVE M C Cairns, Chief Executive S G Gray, Chief Financial Officer S M Lunam, Corporate Services Manager G J Marshall, Commercial Manager A P Reynish, Property Manager REGISTERED OFFICE Salisbury Avenue Mount Maunganui Private Bag Tauranga Mail Centre Tauranga 3143 New Zealand Telephone Facsimile Internet marketing@port-tauranga.co.nz SHARE REGISTRY For enquiries about share transactions, change of address or dividend payments, contact: Link Market Services Limited PO Box Victoria Street West Auckland 1142 New Zealand Telephone Facsimile enquiries@linkmarketservices.co.nz Copies of the Annual and Interim Reports are available from our website. interim Report 13

16 INTERIM REPORT CONSOLIDATED INCOME STATEMENT New Zealand S 14 interim Report