Port of Tauranga (POT) AGM 2024 summary

Opening remarks and agenda

• Warm welcome extended to both in-person and online shareholders, emphasizing accessibility and engagement through a hybrid meeting format.

• Annual Meeting of Shareholders held on 25 October 2024, chaired by Julia Hoare.

• Formal meeting procedures outlined, including confirmation of quorum and introduction of auditors, lawyers, and share registry managers.

• Voting on resolutions conducted via poll, with instructions provided for both in-person and online participants.

• Directors, executive team, and management introduced, including the appointment of a future director as part of a development program.

Financial performance review

• Total cargo volumes decreased 4.2% to 23.6 million tons, with a sharper 8.5% decline in the first half; container numbers grew 13.7% in the second half.

• Underlying group profit was NZD 102.7 million, down 12.8% from the previous year; reported net profit after tax was NZD 90.8 million, including a one-off deferred tax expense of NZD 11.9 million.

• Operating expenses increased 3.8% to NZD 218.6 million; subsidiary and associate earnings fell 29.3%, offset by strong performances from Quality Marshalling and Port Connect.

• Container volumes decreased 2.5% year-on-year, but log exports rose 7.5%; direct dairy export volumes dropped 3.4%, while kiwifruit exports increased 8.5%.

• Final dividend declared at NZD 0.087 per share, total dividend for FY2024 at NZD 0.147 per share.

Board and executive committee updates

• Two new directors joined the board, including the return of Sir Rob McLeod as an independent director and chair of the audit committee.

• Fraser Whineray appointed as a Quayside-nominated director, bringing significant governance and executive experience.

• Alison Andrew and Julia Hoare stood for re-election, both highlighting their experience and commitment to the company's future.

• Board includes Julia Hoare (Chair), Alison Andrew, Dean Bracewell, Fraser Whineray, Doug Leeder, Sir Robert McLeod, Brodie Stevens, and Scott Campbell (Future Director).

• Senior management led by CEO Leonard Sampson and CFO Simon Kebbell.