Quayside Half Year Results – 31 December 2023

Quayside Holdings Limited is pleased to present the results for the interim period ending 31 December 2023. Group Net Profit after Tax (NPAT) for the six months was $45 million (2022: $58 million), a decrease of 22.4%. The performance of the Group is comprised of the result from the 'Port of Tauranga Group' (Port segment) and the 'Quayside Group' (Investing segment) as follows: Port of Tauranga Group Performance Port of Tauranga Group profitability decreased for the first six months of the 2024 financial year as it deals with declining container volumes. Net Profit After Tax for the six months to December 2023 was $47.2 million, a 24.6% decrease on the same period versus the previous year. Operating revenue decreased 5.6% to $200.0 million due the decrease in both terminal ship exchange revenue and storage and congestion revenue. Operating expenses increased 2.0% year-over-year impacted by insurance costs. Share of profits from equity accounted investees is down 45.8% reflecting a difficult period impacted by weak import volumes. The Port has declared as a subsequent event, in its 31 December 2023 interim accounts, a fully imputed interim dividend of 6.0 cents per share, providing Quayside future cash flow of $22 million. Quayside Group Performance The Quayside Group reported an operating loss of $2.3 million (2022: $4.8 million loss) after tax for the first half of the year. This result excludes distributions from Port of Tauranga Group. Of the reported result, $4.0 million is cash income (ex-Port of Tauranga dividend) and $5.3 million is represented by unrealised portfolio gains, including share of results from equity accounted investees (based on 31 December 2023 valuations). Net unrealised gains on investment amounting to $1.0 million were recorded in the first six months of the financial year with the listed assets portfolio, while the private portfolio generated $1.1 million in unrealised gains as of 31 December 2023. In addition to this, Quayside recorded $2.9 million of profit on its equity accounted investees. The Quayside Group paid dividends to Perpetual Preference Shareholders during the period of $4.8 million in accordance with its prospectus. Net dividends paid during the period to the Bay of Plenty Regional Council were $22.5 million (2022: $21.25 million) in line with the current Statement of Intent. Lyndon Settle Chief Executive Officer lyndon@quaysideholdings.co.nz End CA:00427212 For:QHL Type:HALFYR Time:2024-03-01 10:15:29