Napier Port (NPH) AGM 2024 summary

Opening remarks and agenda

• Formal welcome extended to attendees, including online participants, with introductions of board members and senior management.

• Housekeeping and safety instructions provided, and meeting format outlined, including presentations, Q&A, and voting on resolutions.

• Quorum confirmed with proxies representing 79.5% of shares; meeting formally opened.

• Chair, Chief Executive, and Chief Financial Officer delivered addresses, followed by Q&A and general business before closing the meeting.

Financial performance review

• Revenue reached NZD 141.4 million, up 15.9% year-on-year, with strong growth in all key areas.

• Net profit after tax rose to NZD 24.8 million, a 49.7% increase from the previous year.

• Cargo volumes rebounded post-Cyclone Gabrielle, with 4.9 million tons handled, an 8.1% increase; log exports comprised 69% of export cargo.

• Operating profit from activities increased 39.5% to NZD 52 million; operating cashflow was NZD 53.9 million, up NZD 16.7 million.

• Debt reduced by NZD 20.5 million to NZD 109.5 million; debt-to-EBITDA ratio improved to 1.8x from 2.98x.

Board and executive committee updates

• Board and management team introduced, highlighting diverse experience in infrastructure, finance, and governance.

• Debbie Birch elected as director; Vincent Tremaine and Blair O'Keeffe re-elected.

• Board comprises Stephen Moir, Debbie Birch, Vincent Tremaine, John Harvey, Kylie Clegg, and Dan Druzianic.

• Directors up for re-election presented their credentials and experience, with board support for their reappointment.