South Port NZ Ltd – Interim Report to 31 December 2020

8 March 2021 South Port New Zealand Limited - Interim Report and Interim Dividend Advice Dear Shareholder INTERIM REPORT South Port New Zealand's Interim Report for the period ended 31 December 2020 is now available on our website. You can view the Report here: URL South Port New Zealand Ltd has recorded a strong start to the financial year. Containers, Cold Storage and Marine operations were the standout performers. Bulk Cargo volumes were consistent with the previous financial period and remain the backbone of the Company's cargo mix. South Port's NPAT for the first six months of FY2021 was $6.1 million, a 33% lift in profitability (FY2020 $4.6 million). Several factors impacted on this record interim result including: - Record container throughput. - Higher returns from cold storage as a result of increased storage and blast freezing activities. - Increased marine activity. - Timing - some container volumes have been brought forward due to supply chain issues. Total cargo activity was 1,720,000 tonnes compared with 1,687,000 tonnes in the prior year interim period. This represents an increase in cargo flows of 33,000 tonnes or 2%. There was a pleasing increase in log volumes (+125,000) however other bulk cargoes were negatively impacted with fertiliser (-20,000), woodchips (-23,000) and NZAS cargoes (-70,000) all down from the prior half year. Based on all known factors at the date of releasing its 2021 interim result, South Port estimates that its full year earnings should fall in the range of $10.00 million to $10.50 million (FY2020 $9.43 million). PERFORMANCE SNAPSHOT - Containerised cargo increased 28% to 27,000 TEU (FY2020 21,000 TEU). The main increases were reflected in dairy, timber and refrigerated cargoes. - The impact of the COVID-19 pandemic on restaurants globally, together with an improvement in the utilisation of the existing storage space has increased the level of refrigerated cargoes held in our Cold Stores. This coupled with the high use of our new blast freezer has improved the returns on this facility at the Port. - Record volumes of dairy products have been received and packed at the Port during the last quarter of 2020 for Open Country Dairy. This is the result of the commissioning and operation of the new third dryer at Awarua and the improvement of market conditions for dairy products. Interim NPAT to 31 Dec 2020 $6.10M (up 33%) Interim Dividend 7.50 cps (no change) INTERIM DIVIDEND The South Port interim dividend of 7.50 cents per share for the half year ending 31 December 2020 is due to be paid to your nominated bank account today. Your electronic dividend advice is now available from the Link Investor Centre (South Port's Share Registry). To access your dividend advice(s) please follow the instructions below: 1. Click on the Shareholder link(s) below (each link represents a separate shareholding): 2. Enter your Authorisation Code (FIN) for secure access. 3. Click on the icon next to the payment dated 8 March 2021 to view the payment advice. Yours sincerely Nigel Gear Chief Executive South Port New Zealand Limited End CA:00368725 For:SPN Type:INTERIM Time:2021-03-08 11:20:27