Port Of Tauranga Limited · NZX:POT
Port Of Tauranga — H1 FY2025 Earnings Presentation
48 slides from Port Of Tauranga's earnings presentation, Feb 28, 2025
Slide 1: Half Year Result to 31 December 2024
Half Year Result to 31 December 2024 28 February 2025
Slide 2: Disclaimer
Disclaimer The information in this presentation is for information purposes and has been prepared by Port of Tauranga Limited with due care and attention. However, neither the Company, nor any of its Directors, officers, employees, contractors or agents, shall have any liability whatsoever to any pe
Slide 3: Six months ended 31 December 2024 highlights
a cena RSHING end ended 31 December 2024 Group Net Profit After Tax millions $60.2 a 274% increase from $47.2 million Imports million tonnes 4.4 a 14.9% increase from 3.9 milliof tonnes Subsidiary and-associate company earnings 11% = increase Total trade million tonnes 12.4 a 6.9% increase from 11.6
Slide 4: Group Net Profit after tax
Group Net Profit after tax For the six months ended December 2024 $70,000 $62,725 $60,198 $56,341 $60,000 $50,000 $47,241 $40,000 $000s $30,000 $20,000 $10,000 $0 FY22 FY23 FY24 FY25 4
Slide 5: Interim dividend
Interim dividend 8 7.0 6.8 6.5 6.0 6 Cents per share 4 2 0 FY22 FY23 FY24 FY25 5
Slide 6: Total trade increased 6.9%
Total trade increased 6.9% For the six months ended December 2024 13.50 13.00 13.05 12.72 12.50 tonnes (millions) 12.44 12.00 11.50 11.63 11.00 10.50 FY22 FY23 FY24 FY25 6
Slide 7: Facilitating New Zealand's Trade
Facilitating New Zealand's Trade Connecting New Zealand and the World Total New Zealand tonnes by port New Zealand's largest port by cargo value for the six months ended December 2024 for the six months ended December 2024 12 25 33.1% 34.3% 10 20 NZD CIF (Billions) 8 tonnes (millions) 15 6 10 11.2%
Slide 8: New Zealand's largest container terminal
New Zealand’s largest container terminal New Zealand sea port container volume for the six months ended December 2024 NZ Ports Overall TEU - for the six months ended December 2024 300,000 Export Import Total FY25 (6) % Port of Tauranga 257,932 176,274 434,206 40% 250,000 Ports of Auckland 88,262 216
Slide 9: Breakbulk volume increased 1.2%
Breakbulk volume increased 1.2% For the six months ended December 2024 6,500,000 6,000,000 5,965,208 5,925,983 5,997,296 5,500,000 5,626,658 5,000,000 4,500,000 4,000,000 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 FY22 FY23 FY24 FY25 9
Slide 10: Total bulk cargo by commodity
Total bulk cargo by commodity For the six months ended December 2024 Coal 6,000,000 All Other Goods Steel Salt 5,000,000 Liquid Bulk Cement breakbulk tonnes 4,000,000 Grain Fertilisers 3,000,000 Other Wood Product Kiwifruit Proteins & Feeds 2,000,000 Oil Products Logs 1,000,000 FY22 FY23 FY24 FY25 1
Slide 11: Log exports decreased 10.5%
Log exports decreased 10.5% For the six months ended December 2024 3,582,708 JAS (tonnes) 3,206,788 3,087,763 3,009,325 FY22 FY23 FY24 FY25 FY 2024 period included circa 600,000 of windthrow logs from Cyclone Gabrielle 11
Slide 12: Forestry outlook
Forestry outlook • 3% downturn in total NZ forestry exports for the half year from 11.68M tonnes to 11.3M tonnes. • Early signs the Chinese government stimulus package will kick start construction activity, providing optimism for increased demand. • Inventory levels in China increasing through Chine
Slide 13: Container volumes increased 10.2%
Container volumes increased 10.2 % For the six months ended December 2024 Total TEU 637,729 622,272 591,934 536,928 TEU FY22 FY23 FY24 FY25 13
Slide 14: Transhipped TEU volume increased by 20.8%
Transhipped TEU volume increased by 20.8% For the six months ended December 2024 160,100 144,771 132,400 119,848 TEU FY22 FY23 FY24 FY25 14
Slide 15: Export TEU volume increased by 7.6%
Export TEU volume increased by 7.6% For the six months ended December 2024 266,016 254,661 251,678 233,967 TEU FY22 FY23 FY24 FY25 15
Slide 16: Import TEU volume increased by 6.8%
Import TEU volume increased by 6.8% For the six months ended December 2024 223,856 222,968 195,485 183,115 TEU FY22 FY23 FY24 FY25 16
Slide 17: MetroPort containers decreased 3.6%
MetroPort containers decreased 3.6 % 105,160 97,264 rail containers 67,475 65,033 FY22 FY23 FY24 FY25 • High rail costs impacting MetroPort demand. • Core train programme reduced 16% from 64 to 54 trains per week. • 15% increase in capacity utilisation compared with previous corresponding period. 17
Slide 18: Export kiwifruit volume increased 70.2%
Export kiwifruit volume increased 70.2% For the six months ended December 2024 • Containerised volume increased 85% 814,648 810,690 to 20,503 TEU compared to the previous corresponding period. • ~95% of kiwifruit harvest shipped via cubic meters (m3) 571,602 Port of Tauranga. 476,264 • Kiwifruit exp
Slide 19: Kiwifruit outlook
Kiwifruit outlook • 2024 season was a record crop and a significant increase in volume from a low 2023 crop. • The industry handled the big increase in crop well both onshore and in markets aided by good fruit quality so goes into 2025 with confidence. Kiwifruit export annual volume growth by variet
Slide 20: Export dairy volume increased 4.7%
Export dairy volume increased 4.7% For the six months ended December 2024 72,356 141,880 tonnes 1,025,913 80,920 993,358 45,327 960,684 949,689 FY22 FY23 FY24 FY25 Transhipment Load Export • Transhipment dairy tonnes increased 80.6% compared to previous corresponding period. 20
Slide 21: Dairy outlook
Dairy outlook • Favourable weather conditions increasing milk production in August / September compared with previous year. • Positive volume growth through the first half of the season, particularly in transhipment. • Global dairy trade prices expected to hold due to supply constraints from other k
Slide 22: Export meat volumes up 10.9%
Export meat volumes up 10.9% For the six months ended December 2024 • Overall NZ export volume has decreased, transhipment 159,830 116,141 volume through Port of tonnes 72,559 74,490 Tauranga has more than 192,555 201,503 205,782 197,338 doubled since FY23 (H1). • Meat and wool sector export revenue
Slide 23: Meat outlook
Meat outlook • Sustained supply originating in Australia and NZ to meet demand of the US and European markets. • Despite higher export prices, NZ volume forecast to decline through rising input costs and fewer livestock slaughtered. • Tighter global supply expected from a slow down in production wit
Slide 24: Total vessel calls increased 2.4%
Total vessel calls increased 2.4% For the six months ended December 2024 373 371 336 353 vessel calls 328 338 337 311 FY22 FY23 FY24 FY25 All Other Vessels Container Vessels 24
Slide 25: Cruise vessels 2024/2025
Cruise vessels 2024/2025 Cruise season visits to Mount Maunganui 91 cruise vessel visits 28 30 26 22/23 23/24 24/25 24/25 (Full Year Forecast) • Busy start to the cruise season, we expect a total of 91 vessel calls for the year to June 2025 vs 109 FY 2024. • 84 visits currently forecast for the 2025
Slide 26: New Zealand port productivity
Crane Rate 10.0 15.0 20.0 25.0 30.0 35.0 40.0 2018 Q1 2018 Q2 Auckland 2018 Q3 2018 Q4 2019 Q1 Source: FIGS, Ministry of Transport 2019 Q2 2019 Q3 Lyttelton 2019 Q4 2020 Q1 2020 Q2 2020 Q3 2020 Q4 Napier 2021 Q1 2021 Q2 2021 Q3 2021 Q4 Otago 2022 Q1 2022 Q2 2022 Q3 2022 Q4 New Zealand ports - crane
Slide 27: Container storage income
Container storage income For the six months ended December 2024 $1,600 $1,400 $6.431 million $6.306 million $1,200 $1,000 $4.824 million $000’s $800 $600 $400 $200 $0 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 27
Slide 28: Subsidiaries and associates net profit after tax up 1.1%
Subsidiaries and associates net profit after tax up 1.1% For six months ended December 2024 $10,000 $7,341 $7,383 $4,861 $4,913 000s $5,000 $0 FY22 FY23 FY24 FY25 28
Slide 29: Reported profit down 10.7% to $3.280 million
• Reported profit down 10.7% to $3.280 million. • Breakbulk volumes down 11.6% to 1.132 million tonnes. • Log volumes down 6.3% to 0.858 million tonnes. • Container volumes 8,672 TEU. • Strong contribution once again from NorthTugz. 29
Slide 30: Reported profit up 71.8% to $1.208 million
• Reported profit up 71.8% to $1.208 million. • Bulk trade volumes up 10.2% to 0.883 million tonnes. • Log volumes up 13.9% to 0.158 million tonnes. • Vessel calls increased by 0.5% to 213. 30
Slide 31: Reported an operating loss of $0.884 million
• Reported an operating loss of - $0.884 million vs a loss of -$0.642 million in the prior corresponding period. • 3PL and Distribution Centre segments making losses due to challenging trading environment with lower consumer demand and corresponding reductions in import volumes. • Management strateg
Slide 32: Loss of $0.229 million
• Loss of -$0.229 million up 22.4% from prior corresponding period loss of -$0.295 million. • TCT is highly seasonal with profits earned over the second six- months. • New mobile harbour crane commissioned in December 2024. • Container volumes up 7.5% to 40,200 TEU. 32
Slide 33: Profit of $1.517 million down 3.7%
• Profit of $1.517 million down 3.7% on the prior corresponding period. • QM negatively impacted by lower MetroPort volumes as they operate the rail CT site. POTL rail TEU volumes down 3.2% for the period. • Quality Marshalling is the operator of the Ruakura Inland Port. 33
Slide 34: Ruakura Inland Port opened 1 August 2023
• Opened on 1 August 2023. • Ruakura Inland Port (RIP) made a small loss of -$0.097 million for the period up from the prior corresponding period loss of -$0.208 million. • Forecasting that RIP will be profitable over the second six months of FY25 and will have a reduced loss for the full year. • Co
Slide 35: Ruakura Inland Port
Ruakura Inland Port For the six months ended December 2024 10,000 8,000 cumulative TEU 6,000 4,000 2,000 0 Jul Aug Sep Oct Nov Dec Previous year FY24 Current year FY25 • Forecast to exceed 21,000 TEU in second year of operation 35
Slide 36: A resilient upper North Island supply chain
A resilient upper North Island supply chain 36
Slide 37: Population growth driving imports
Population growth driving imports 37
Slide 38: Container vessel trends
Container vessel trends Current Post-Panamax vessels calling New Zealand circa 25 years old Larger container vessels will continue to cascade from Post- Panamax to New-Panamax (12,000 -15,000 TEU). 92% of order book as of December 2024 is for vessels 8,000 TEU or larger – represents largest orderboo
Slide 39: New Zealand's hub port
New Zealand’s hub port Australia • Melbourne 14.0m • Sydney 13.8m • Brisbane 14.0m • Perth 14.5m New Zealand • Auckland 12.5m • Tauranga 14.7m (consented to 16m HW ) • Napier 12.4m • Centreport 12.4m • Lyttelton 13.2m • Otago 13.5m • NorthPort 14.5m Consented capital dredging expected to commence FY
Slide 40: Berth consent - update
Berth consent - update • Second Environment Court decision received 16 December 2024: • Stage 1 Sulphur Point (285-metre berth extension) granted. • Appealed by three of the parties to the consent 19 December 2024. • Confirmed switch to Fast-track process December 2024. • Consultation commenced Janu
Slide 41: Port of Tauranga – Terminal development
Port of Tauranga – Terminal development 41
Slide 42: Terminal automation project
Terminal automation project • Timing linked to berth consent. • Detailed modelling and emulation undertaken. • ~75% reduction in emissions relative to straddle operation. • Initial stage two ASC blocks proposed. • Staged bolt-on introduction relative to volume growth requirements. 42
Slide 43: Net debt / net debt + equity
Net debt / net debt + equity For the six months ended December 2024 25% 24.5% 20% 18.0% 18.1% 17.1% 15% 10% 5% 0% FY22 FY23 FY24 FY25 43
Slide 44: Parent capital expenditure / investment 2020 – 2026
Parent capital expenditure / investment 2020 – 2026 $140,000 $120,000 $100,000 $80,000 9,000 $000s 130,000 $60,000 21,450 40,000 $40,000 2,135 2,850 $20,000 44,322 38,228 34,691 35,000 23,796 18,612 $0 FY20 FY21 FY22 FY24 FY24 FY25F FY26F Ruakura Inland Port MMH Capex 44
Slide 45: Marsden Maritime Holdings (MMH) - Scheme Implementation Agreement
Marsden Maritime Holdings (MMH) - Scheme Implementation Agreement Conditional offer subject to Northland Regional Council (NRC) public consultation • Consortium consisting of Northport POT, NRC and Tupu Tonu (TT). • Offer to buyout MMH minorities at $5.60 per share. • POT has agreed to exchange its
Slide 46: Outlook 2025
Outlook 2025 • Export volumes expected to remain steady for second half FY25. • Expect to handle circa 1.2 million TEU. • Log volume expected to be circa 6.3M JAS FY25. • Service delivery, safety, productivity, cost control and margin improvement remain a focus. • Infrastructure investment remains a
Slide 47: Sponsorships and community partnerships
Tertiary Scholarships via Turirangi Te Kani Memorial Nga Matarae Charitable Trust Sponsorships and community partnerships 47
Slide 48: Thank you
Thank you Port of Tauranga Connecting New Zealand and the World