Port of Tauranga (POT) AGM 2024 summary

Opening remarks and agenda

• Warm welcome extended to both in-person and online attendees, with apologies for scheduling on a holiday weekend.

• Hybrid meeting format adopted to increase accessibility and engagement for shareholders.

• Notice of meeting sent on 11 September 2024; quorum confirmed and meeting formally opened.

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

• Voting on resolutions conducted by poll, with both in-person and online participation options.

Financial performance review

• Total cargo volumes decreased 4.2% to 23.6 million tons, with a sharper 8.5% decline in the first half.

• Underlying group profit was NZD 102.7 million, down 12.8% from the previous year.

• Net profit after tax was NZD 90.8 million, including a one-off deferred tax expense of NZD 11.9 million.

• Container volumes decreased 2.5% year-on-year, but log exports rose 7.5%.

• Operating expenses rose 3.8% to NZD 218.6 million; subsidiary and associate earnings fell 29.3%.

Board and executive committee updates

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

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

• Alastair Lawrence retired after nearly 10 years; Fraser Whineray joined as a Quayside nominee.

• Alison Andrew and Julia Hoare stood for re-election; Scott Campbell appointed as Future Director.

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