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Port of Tauranga Records Record Profit

22 August 2013
Port of Tauranga Records Record Profit

Highlights

• Revenue increases 7% to $244.1 million.

• Reported net profit after tax rises 52% to $112.1 million.

• Underlying net profit after tax rises 5% to $77.2 million, a new record.

• Total trade volume increased by 3% to just over 19 million tonnes, driven by export growth of 6%.

• Container volumes increase 7% to 848,384 twenty foot equivalent units (TEU) consolidating Port of Tauranga s position as New Zealand s leading container terminal.

• Final dividend of 26 cents per share, lifting full-year dividend 18% to 46 cents per share.

• Invested $68 million for further growth.

New Zealand s international freight gateway Port of Tauranga (NZX: POT) has today reported another record annual result as it reaps the rewards of its twenty-year investment programme to extend its freight catchment across the country.

Revenue rose 7% from $227.2 million to $244.1 million. Underlying Group Net Profit After Tax [Underlying Group net profit after tax is a non-Generally Accepted Accounting Practice (GAAP) performance measure and is defined and reconciled to GAAP on page 4 of this release. All references to this measure throughout this release are consistent with the definition.] rose 5% from $73.5 million to a new record of $77.2 million, reflecting cost containment and strong growth in containers and bulk cargo shipped across Port of Tauranga s wharves.

Reported net profit after tax rose 52% to $112.1 million from $73.5 million a year earlier, lifted by strong earnings from associate companies and a $38.2 million profit on the sale of our 50% share in freight logistics company C3 Limited.

Port of Tauranga Chairman John Parker said: Port of Tauranga has delivered another stand-out annual result. Over the last two decades we have grown to become New Zealand s largest port by marshalling freight from an ever-widening area and delivering world-class productivity in our freighthandling operations.

Our recently announced agreements to acquire a 50% stake in PrimePort Timaru and an additional 6.8 hectares of land next to MetroPort, our highly-successful inland port in Auckland s industrial precinct, will put in place key building blocks for this growth to continue.

We have a strong balance sheet, net bank debt stands at $191 million and gearing as measured by net bank debt to net bank debt plus equity is 20%, providing capacity to make these moves and prepare our facilities for even greater cargo volumes.

Reflecting our confidence in Port of Tauranga s outlook and our policy to steadily increase dividend payments year-on-year, consistent with Company performance and the Board has declared a final dividend of 26 cents per share.

Combined with our interim dividend of 20 cents per share, the final dividend lifts the total dividends for the year by 18% from 39 cents to 46 cents per share.

As previously announced, I intend to retire as Chairman at the Annual Shareholders Meeting in October after 17 years as a Director and nine years as Chairman, and David Pilkington, who has sat on the Board since 2005, will take over the chair.

I am proud of the achievements we have made over the period I have been a Director and I am looking forward to watching the Port s next phase of development, Mr Parker said.

Port of Tauranga Chief Executive Mark Cairns said: Port of Tauranga has delivered another excellent result. Over the last year we have benefited from the consolidation of international shipping services on Port of Tauranga.

Our Tauranga Container Terminal now hosts 16 separate international services more than any other port in the country and is now a key New Zealand hub for international traffic.

Shippers are meanwhile recognising the Port offers a quicker and more flexible route to international markets thanks to the frequency of these visits, combined with the Port s world-class productivity.

Full announcement: POT_Annual_Result_2013.pdf

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