PORT OF TAURANGA - ANNUAL REPORT

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2 NEW ZEALAND S PORT FOR THE FUTURE As New Zealand s preferred cargo gateway, we are creating opportunities for our customers and increasing returns for our shareholders. We will be the first New Zealand port to welcome the bigger ships soon heading to our shores, securing the country s global competitiveness. Our diverse investments allow us to create innovative cargo solutions, handle greater volumes of freight and create economic value for New Zealand. CONTENTS: 2. CHAIRMAN S REPORT 5. BOARD OF DIRECTORS 6. CHIEF EXECUTIVE S REVIEW 10. SENIOR MANAGEMENT TEAM 12. OUR CUSTOMERS 16. OUR PARTNERS 22. OUR PEOPLE 30. SUSTAINABILITY 36. CORPORATE GOVERNANCE STATEMENT 40. REPORT OF DIRECTORS TO SHAREHOLDERS 43. AUDIT REPORT 2 Jon Mapp, Tug Master piloting the Sir Robert. 3 3

3 Larger VesselS Dredging programme Greater Capacity The future of shipping will see much larger vessels visiting our port. These Larger ships, with their lower operating costs and greater fuel efficiency, will enhance New Zealand s global competitiveness by lowering freight costs. We will become the first New Zealand port capable of hosting container ships with a capacity of 5,000 to 6,000 TEU, as well as larger bulk cargo and cruise ships. Port of Tauranga has won regulatory approval to dredge Tauranga Harbour to accommodate these bigger vessels, with work likely to commence in The dredging project will be carved out in stages and ultimately widen and deepen the shipping channel to accommodate ships of up to 347 metres in length and 14.5 metres draught. This dredging work is part of a $170M programme to expand capacity and improve productivity. We spent a total of $68 million to increase wharf space, cargo storage and equipment, including the purchase of a new container crane. We have purchased additional land in Tauranga and Auckland to prepare for further strong growth in import and export volumes. Our total land holding is now approximately 190 hectares. Total Land Holdings 190 Hectares CONTAINER SHIPS Length: 350M Capacity: 6,000TEU Draught: 14.0M 14.5M Future draught at low water LOG SHIPS Length: 250M Capacity: 50,000 tonne Draught: 14.0M 13.2M First stage of dredging draught at low water OIL TANKERS CRUISE SHIPS Length: 245M Capacity: 80,000 tonne Draught: 14.0M Length: 350M Capacity: 4,000 Passengers Draught: 11.0M 11.7M Current draught at low water RESULTS IN BRIEF Year $000 Year $000 Operating income 244, ,242 Surplus after taxation reported 112,123 73,469 Surplus after taxation underlying 77,228 73,469 Total assets 1,112,581 1,033,878 Total equity 793, ,874 Dividends paid/proposed (per share) 46 cents 39 cents Shareholders equity (%) Net asset backing per share ($) Return on average equity (%) Cargo throughput (000 tonnes) 19,065 18,452 Containers (TEU) 848, ,024 The Board approved a final dividend of 26.0 cents per share ($34.8 million) after year end and is payable on 4 October. 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%. - Log exports up 14% to 5.6 million JASM. - Dairy exports up 27% to million tonnes. - Container volumes increase 7% to 848,384 twenty foot equivalent units (TEU) consolidating Port of Tauranga s position as New Zealand s largest container terminal. - Final dividend of 26 cents per share, lifting full-year dividend 18% to 46 cents per share. - Capex of $68 million, largely to increase capacity at the Tauranga Container Terminal. - Completion of the 170 metre Tauranga Container Terminal berth extension. - Commissioning of the sixth Liebherr gantry crane. - Approval of dredging consent to widen and deepen channels.

4 CHAIRMAN S REPORT CHAIRMAN S REPORT CHAIRMAN S REPORT Port of Tauranga is in good shape. Financially it is strong with good profits, steadily increasing dividends and a strong balance sheet. Most important is its readiness for the future. After four years and some $2.5 million of costs, we have the green light to dredge the harbour and channel to accommodate much bigger ships. That dredging should commence in 2014, with ancillary investments completed in the financial year under review or well under way. These projects include the addition of 170 metres of additional berth at Sulphur Point, two new container cranes (one installed and the other due for commissioning in March 2014), six additional straddle carriers and some reconfiguration of container storage and handling facilities. The dredging programme, while important for the future of our container trade, is also important for our bulk business, with larger vessels and their improved efficiencies being possible for cargoes such as fertiliser and logs plus larger cruise vessels. Our very important bulk business has not been ignored. Burgeoning log volumes are being accommodated with an additional 2.3 hectares of storage having been paved during the year. FINANCIAL PERFORMANCE Reported Group Net Profit After Tax rose 52% to $112.1 million from $73.5 million a year earlier, lifted by strong earnings from subsidiary and associate companies and a $38.2 million profit on the sale of our 50% share in freight logistics company C3 Limited. Underlying Group Net Profit After Tax was $77.2 million for the year ended 30 June, an increase of 5% from last year s underlying profit of $73.5 million. Our container business grew and the standout contributions to the result were logs and dairy products. Our subsidiary and associate companies had an outstanding year, with excellent results reported by Northport Limited and Tapper Transport Limited and our new subsidiary, Quality Marshalling Limited also contributing strongly. We have invested $68 million in property, plant and equipment during the / year, largely relating to increasing the container capacity of the Tauranga Container Terminal. Our balance sheet remains strong. We have negotiated a $50 million increase to our bank facility and extended $130 million of this debt facility from 2015 out to 2018 maturity. TRADE Total trade increased 3%, with strong growth in log and dairy product volumes driving export growth of 6%. Imports decreased by 3% overall, with volumes slipping for some bulk imports due to climatic and supply influences. However container numbers increased 7%. SALES AND ACQUISITIONS This financial year saw the departure of C3 Limited from the Port of Tauranga Group. Maintaining a strong presence in the forest industry supply chain is a core and strategic component of our business, therefore we acquired Quality Marshalling Limited in February. Quality Marshalling is New Zealand s second largest log marshalling and scaling operation, with operations at Northport, Port of Tauranga, Murupara, Rotorua, Kaingaroa and Napier. The $34 million acquisition was earnings accretive from day one. DIVIDEND Directors have declared a final dividend of 26 cents per share, on top of the interim dividend of 20 cents per share, bringing the total dividend to 46 cents per share. This is an increase of 18% on last year s dividend distribution. Our very important bulk business has not been ignored. Burgeoning log volumes are being accommodated with an additional 2.3 hectares of storage having been paved during the year. JOHN PARKER - Chairman 2 3

5 CHAIRMAN S REPORT BOARD OF DIRECTORS DIRECTORS As previously announced, I will be retiring from the Board and my position as Chairman at the Annual Meeting. David Pilkington, who has served on the Board since 2005, will take over as Chairman. David is a very experienced Director and Chairman and is currently Chairman Designate of Rangatira and a Director of Restaurant Brands, Ballance Agri-Nutrients and ZESPRI. Kim Ellis will take up my vacant seat on the Board. Kim was Chief Executive of Waste Management for 13 years and is a Director of EnviroWaste Services, Freightways, Ballance Agri-Nutrients, Moa Group and Fonterra Shareholders Fund. We are very pleased to have him on the Board. As a consequence of Kim Ellis joining the Board, the number of Directors has increased from seven to eight. The Board deemed the addition of a new Director for five months until my departure to be valuable. The constitution allows up to nine Directors. At the Annual Meeting, Michael Smith will retire and being eligible, will offer himself for re-election. Kim Ellis will offer himself for election in accordance with the Company s Constitution. STAFF Congratulations to our Chief Executive, Mark Cairns, who was named Executive of the Year in the Deloitte/Management Magazine Top 200 Awards. Mark leads a great team and it was gratifying for Port of Tauranga to also receive the Most Improved Performance Award at the annual ceremony in November. INDUSTRY ENVIRONMENT Larger and larger vessels are calling at the port, including container ships, bulk carriers and cruise ships. The growth in average ship length simply reinforces our well publicised view that we must cater for bigger vessels. Not only do they wish to come because of their greater economics, but New Zealand wants them for the cost advantage they contribute to exporters, importers and the whole New Zealand economy. FUTURE Our view of the future, particularly in terms of larger ships and one or two hub ports, has been publicly expounded for some years. We are committed and our intended investment to purchase 50% of the Port of Timaru (it awaits public consultation by the Timaru District Council) provides further evidence of that commitment, as does our further land purchases in Auckland and Tauranga. We believe that earnings growth for the Company will continue, based on the soundness of our diversification strategy and the success in attracting new business to the port. FAREWELL In my 17 years as a Director of the Company, it has grown from a market capitalisation of $108 million to nearly $2 billion. In the 20 years since listing on the New Zealand Stock Exchange, the growth has been spectacular, with shareholders receiving a 24% compounding annual return on their investment. I would love to claim the credit but it wouldn t be deserved. In fact, good companies, and this one is very good, are so because of a history of good decisions and good people. Fraser McKenzie as Chair and Jon Mayson as Chief Executive with very good Directors and staff established this company well. Mark Cairns and his executive team have improved mightily on that strong base under the guidance of a Board that has been a pleasure to work with. I m absolutely confident that Port of Tauranga in terms of people and direction is well positioned for the future. John Parker Chairman BOARD OF DIRECTORS M J Smith LLB A Tauranga lawyer, Michael Smith is Chairman of Quayside Group of Companies, Craigs Investment Partners Investment Management Limited, Craigs Investment Partners Superannuation Management Limited and Tauranga Civic Investments Limited and a Director of Custodial Services Limited, First Mortgage Trust and Norfolk Southern Cross Limited. He has an extensive corporate and commercial legal background. Mr Smith chairs the Remuneration Committee and joined the Board in August A W BAYLIS MCom 1st Class Honours, FCA, FNZIM, AFInstD INDEPENDENT DIRECTOR Bill Baylis is Chairman of Blackhead Quarries Limited, Dairy Holdings Limited and Landcorp Farming Limited, and Director of Dunedin City Holdings Limited. He has broad governance experience over a wide range of industries. Mr Baylis chairs the Audit Committee and joined the Board in February J S Parker B Ag Sc, Chairman INDEPENDENT DIRECTOR John Parker is Chairman of Northport Limited, Director of Dairy Holdings Limited and Trustee of Ruapehu Alpine Lifts Limited. Mr Parker chairs the Nomination Committee and joined the Board of Port of Tauranga Limited in June J M CRONIN MNZM, JP, CA, AFInstD John Cronin, an experienced company director, is Chairman of Bay of Plenty Regional Council (Environment Bay of Plenty), and a Director of Piccadilly Investments Limited. John joined the Board in August Sir Dryden Spring DSc (Hon) INDEPENDENT DIRECTOR Sir Dryden Spring is a Member of the Advisory Board of Visy Industries Limited. Sir Dryden joined the Board in April K TEMPEST INDEPENDENT DIRECTOR Keith Tempest retired in 2009 after being Chief Executive of TrustPower for eight years. He is currently a Director of Bay Leisure and Events Limited, Crown Fibre Holdings, NZ Bus Limited and Transpower. He joined the Board in December D A Pilkington BSc, BE, GradDip Dairy Science & Technology INDEPENDENT DIRECTOR David Pilkington was a member of Fonterra s senior executive team. He holds Directorships in Ballance Agri-Nutrients Limited, Douglas Pharmaceuticals Limited, Restaurant Brands NZ Limited, Ruapehu Alpine Lifts Limited and ZESPRI Group Limited. Mr Pilkington chairs Hellers and is Deputy Chairman of Rangatira Limited. He has a strong background in marketing, international business and supply chain logistics. He joined the Board in July K R Ellis BCA 1st Class Honours Economics, BE 1st Class Honours Chemical INDEPENDENT DIRECTOR Kim Ellis is Chairman of Macaulay Metals and NZ Social Infrastructure Fund Limited, and a Director of Ballance Agri-Nutrients Limited, EnviroWaste Services Limited, Fonterra Shareholders Fund (FSF) Management Company Limited, Freightways Limited, Moa Group Limited, and Tasman Tanning Limited. Kim joined the Board in May. 4 5

6 CHIEF EXECUTIVE S REVIEW CHIEF EXECUTIVE S REVIEW We expanded the container wharf length by nearly a third, installed a new Super-Post Panamax container crane and ancillary equipment, and grew our landside cargo capacity to meet everincreasing volumes. Mark Cairns - Chief Executive CHIEF EXECUTIVE S REVIEW There has been much to celebrate over the last year at Port of Tauranga, with two significant milestones in our ongoing growth story. The Rt Hon John Key opens the Sulphur Point berth extension April. The Prime Minister officially opened a major expansion of the Tauranga Container Terminal earlier this year and the High Court finally recommended to the Minister of Conservation to grant planning permission to proceed with our dredging project, to prepare for larger ships. In granting the consents, the Minister of Conservation highlighted the efficiency gains of these larger ships, estimated at more than $300 million per year for our exporters and importers and claimed these sorts of productivity gains are essential in order for New Zealand to achieve the Government s Business Growth Agenda goal of increasing exports from 30 40% of GDP. We expanded the container wharf length by nearly a third, installed a new Super-Post Panamax container crane and ancillary equipment, and grew our landside cargo capacity to meet everincreasing volumes. A seventh container crane has been ordered for delivery early next year and will be commissioned by March The next stage of our expansion now begins, with dredging to widen and deepen shipping channels to accommodate larger ships. DAIRY AND LOG EXPORTS LEAD CARGO GROWTH Total trade increased 3% to more than 19 million tonnes in /. Log exports grew 14% to just over 5.6 million tonnes. Other forestry product exports were down slightly due to increases in domestic demand as well as reduced supply from some manufacturers. 6 7

7 CHIEF EXECUTIVE S REVIEW CHIEF EXECUTIVE S REVIEW Dairy product exports grew by 27% and frozen meat exports also increased in volume by 8%. Total exports increased by 6% to just over 13 million tonnes. Total imports were slightly down, reducing 3% to just over six million tonnes. There was reduced demand locally for fertiliser, grain and cement, due to the drought as well as the domestic construction industry focus on the Christchurch rebuild. Salt and stock feed imports increased significantly in volume. The number of containers handled increased 7% to 848,384 TEU (twenty foot equivalent units). Transhipped containers (transferred from one ship to another at Tauranga) increased by 12% over the year, where they now represent 25% of containers handled at the container terminal. This follows an 88% increase in transhipped containers from the previous year, which clearly demonstrates the Company s consolidation as New Zealand s hub port. MANAGING UNPRECEDENTED CONTAINER GROWTH The $30 million berth extension added 170 metres to the existing 600 metres of container wharves, which allows us to now accommodate three large vessels simultaneously. For our customers, that means a greater choice of berth windows, booking flexibility, and greater crane intensity to load and unload ships more quickly. We commissioned our sixth container crane during the year and net crane productivity improved over the year by 13% to average a best in class 34.5 moves per hour (as measured by the Australian Productivity Commission). We expect continued productivity improvements with increased twin-lifting of containers and also the commissioning of the seventh container crane early next year. Recently, our team at the container terminal managed record productivity on Hamburg Sud s 5,000 TEU Cap Ferrato vessel, managing an exchange of 2,110 container moves in 22.1 hours, giving a vessel rate of 95 moves per hour with three cranes, or an average net container rate of 38.7 moves per hour (as measured by the Australian Productivity Commission). Modifications to the rail sidings at Sulphur Point now allow three trains to be loaded and unloaded at once. An additional 4.1 hectares of container storage has been paved and made available for terminal operations, and an additional hectare of land has been made available outside the port boundaries for empty container storage. Over the last two years, we have increased ground slot capacity by 30% and refrigerated container plugs by 60%. Six new straddle carriers were delivered during the year and additional drivers trained to operate them. The terminal s straddle fleet now numbers 36. We have been fortunate to have the opportunity to acquire a number of further properties in Tauranga over the year, increasing our Tauranga property holdings by a further 3.8 hectares to nearly 190 hectares. We have also acquired Gateside Industrial Park from Goodman Property Trust. This 6.8 hectare property includes three large industrial warehouses, an office building, and more than two hectares of vacant land immediately adjacent to our South Auckland freight village at MetroPort. HUBBING STRATEGY We consider our recently announced agreement to acquire a 50% stake in PrimePort Timaru provides another building block towards fulfilling our aspiration of being New Zealand s hub port, allowing the opportunity to marshall South Island cargo to be transhipped over Port of Tauranga. LOG OPERATIONS ALSO EXPAND Export volumes of logs remain resilient, with New Zealand increasing its market share of global exports to China. We continue to work with the log exporters using the Mount Maunganui wharves to find ways to maximise stock turn and achieve even more efficient storage practices. We have removed another storage shed to free up wharfside marshalling space for ship loading. DREDGING TO BEGIN The next phase of our $170 million capital investment programme is the dredging project, which will widen and deepen shipping channels in Tauranga Harbour. Detailed design work is currently being completed and we expect to commence the first stage of dredging next year. This is estimated to cost $40 to $50 million, and will provide access to container ships with a capacity of 5,000 to 6,000 TEU. CRUISE SHIPS EXPAND TOO Dredging will also allow larger bulk cargo and larger cruise ships to visit Tauranga. The largest cruise ships ever to visit Tauranga the 317 metre Celebrity Solstice and 312 metre Voyager of the Seas were regular callers during the season. They demonstrate a growing trend to cruise ships over 290 metres long. All our pilots received specialised training to ensure they could handle these ships in all weather conditions. The Company has also invested in additional gangways and berth fenders to better manage larger new vessels which are regularly bringing in loads of up to 3,500 passengers. A total of 83 cruise ships called during the summer, and we expect a similar number of vessels for /2014. Mobil Oil New Zealand has upgraded its bunkering facilities at the Mount Maunganui wharves to increase capacity by eight million litres, to meet the growing demand from visiting cargo and cruise ships. BETTER TOOLS FOR CUSTOMERS Customers of both Port of Tauranga and Ports of Auckland now have a single container management IT portal to better manage freight flows. We have also introduced a new terminal operations computer system, NAVIS N4 at Sulphur Point. While the implementation did have a number of challenges, we are confident that it will further increase efficiency, for everyone s benefit. STAFF Property & Infrastructure Manager Dan Kneebone has joined the Senior Management Team from Bunnings Limited where he was their National Property and Development Manager. He replaces Tony Reynish, who retired at the end of after 25 years in the business. Dan is responsible for managing the Company s extensive property portfolio and infrastructure assets as well as plant and equipment. Tragically, in January we lost valued employee Rex Riddler, who died suddenly of a coronary attack after 26 years with the Company. As sole draughtsman at Port of Tauranga, virtually every proposal for port development had Rex s mark on it. In late, we will farewell retiring Commercial Manager Graeme Marshall. Graeme joined Port of Tauranga in 1997 after having spent almost 20 years as General Manager at Port of Napier. Over the last 16 years, Graeme can be credited with a significant shift in the way Port of Tauranga seeks to conduct itself as a customer driven business. I do say it every year, but please do not think my words are trite - it remains my view that it is our Port People who generate the Company s greatest source of competitive advantage. The can-do attitude and task focus of our whole community of Port People working on and around the wharf, including our staff, stevedores and marshallers, shipping agents, transport operators (both road and rail), and Ministry for Primary Industries staff, truly gives us a winning competitive advantage. SAFETY Whilst it was disappointing to incur five Lost Time Injuries over the year, I do consider that we have achieved a significant improvement in safety culture and employee engagement, with far better reporting of accidents and near miss incidents and a greater personal accountability for safety. Port of Tauranga does have the lowest level of Accident Compensation Corporation claims of any port in the country, but we consider that any claim is one too many and we aspire to provide a zero harm work place. With more than 2,000 employees working at the port, but only 185 of those employed directly by us, safety needs to be addressed as an ongoing, collaborative effort by everyone working on the port. We will continue to insist that safety is our number one priority. Above all else, we value human life and expect that our port colleagues will go home to loved ones at the end of their shift in the same condition they entered the port gate. FAREWELL TO CHAIRMAN JOHN PARKER I d like to take the opportunity to publicly thank our outgoing Chairman, John Parker, who has served on the Board for 17 years and as Chair for nine. John s inclusive and no nonsense style has ensured that the Senior Management Team has been empowered to deliver on the Company s vision and growth strategy. He has been a great mentor, applying a steady hand whilst encouraging management to pursue innovative and bold moves to develop and grow Port of Tauranga s position in New Zealand s supply chain. It was pleasing to see John recognised this year by the New Zealand Shareholders Association, receiving their Beacon Award for outstanding performance in leadership and guidance on corporate practice. PORT FOR THE FUTURE Finally, I would like to thank most importantly our customers and also the wider port community for all their support. They have supported us in meeting our challenges and aspirations - by working together, we have created New Zealand s Port for the Future. Mark Cairns Chief Executive 8 9

8 SENIOR MANAGEMENT TEAM SENIOR MANAGEMENT TEAM SENIOR MANAGEMENT STEVEN GRAY Chief Financial Officer GRAEME MARSHALL Commercial Manager MARK CAIRNS Chief Executive SARA LUNAM Corporate Services Manager DAN KNEEBONE Property and Infrastructure Manager 10 11

9 OUR CUSTOMERS OUR CUSTOMERS TIMBERLANDS LIMITED The whole supply chain through the port, including the stevedoring and marshalling, is very efficient from our perspective. DAVID BALFOUR - Managing Director China s appetite for wood continues unabated, fuelling the ongoing growth in New Zealand log exports. Port of Tauranga handled more than 5.6 million tonnes of logs in /, an increase of 14% in volume on the previous year. Over the past five years, export volumes have more than doubled. In /, China took 59% of the logs shipped from Tauranga. Korea took 17%, Japan 12% and India 10%. Forestry management company Timberlands Limited, who acts on behalf of forest owners, is typical of the major log exporters in experiencing strong growth in sales to China. Prices have risen alongside demand, shipping costs have decreased and New Zealand has grabbed market share from its exporting rivals North America and Russia. Timberlands Limited Managing Director David Balfour says the buoyancy is likely to continue, with New Zealand still able to gain market share and Chinese economic expansion on track. David says the increase in volumes over the past five years is part of a longer story of log export growth. It s difficult to see a negative position for New Zealand logs in terms of demand. As economic activity picks up in North America, their logs are more likely to be used there rather than shipped to China, so there is an opportunity to pick up even more market share, says David. The company currently ships around 1.7 million tonnes of logs, on behalf of forest owners, annually through Port of Tauranga. Timberlands Limited manages New Zealand s largest plantation forest, Kaingaroa Timberlands, which is also one of the world s largest and oldest softwood plantations. Kaingaroa Timberlands is a major supplier of radiata pine to domestic and export markets and covers 182,000 hectares of Maori-owned land. The forest itself is owned by a partnership between the New Zealand Superannuation Fund, a Canadian pension investment fund and an affiliate of the Harvard Endowment Fund. Timberlands Limited, a privately owned company, undertakes on behalf of forest owners, all forestry operations, from tree breeding through to log sales, as well as financial management and compliance. David says the space that Port of Tauranga allocates to log storage and marshalling is vital to maintaining efficiency and harnessing costs. It s important that we keep investing in the infrastructure that keeps us competitive globally in the commodities we are good at growing milk, meat and trees. Kaingaroa Timberlands forest is directly connected to the port by rail. David says the relationship with Port of Tauranga is a good one, with Timberlands Limited utilising Port land for its operations. The whole supply chain through the port, including the stevedoring and marshalling, is very efficient from our perspective

10 OUR CUSTOMERS OUR CUSTOMERS FONTERRA LIMITED We have a great deal of respect for the Port s management team. We think their plans are very well aligned to export growth and to the advent of larger vessels. Andy Sanderson - GM Logistics, Network Development & Design Fonterra and its freight management company Kotahi have welcomed Port of Tauranga s moves to become big ship-capable. Kotahi s Chief Executive, Chris Greenough, says New Zealand will only reap the economic benefits of larger vessels if it can convince carriers it has the facilities as well as the cargo volume at hub ports. We will only get ships bigger than 5,000 TEUs in size when we have a port that can handle them, and if cargo is consolidated at that port to ensure ships are as full as possible. Big ships are cheaper to run but they can quickly get expensive if they are not full. He says the average size of vessel visiting New Zealand is already increasing steadily as larger ships are deployed on the main global trade routes. This will become a problem for smaller ports. Fonterra s General Manager Logistics, Network Development and Design, Andy Sanderson, says the dairy company has been transparent in its desire to consolidate export cargo at fewer ports. Tauranga is a key player in that as an enabler of our logistics network 2020 strategy, says Andy. Obviously shipping is our biggest cost so the forwardlooking approach and proactivity of the Port helps us find new ways to increase efficiency. Andy says last year s customer feedback revealed high satisfaction with shipping integrity delivering orders in full and on time - in which the Port had a significant role. Our international customer base demands service excellence, with an emphasis on quality from the entire value chain end to end. The Port is integral to that, he says. Kotahi was established two years ago to consolidate export cargo volumes on behalf of Fonterra, Silver Fern Farms and other primary commodity producers. Tauranga is its single biggest export port. The constant challenge is getting shipping services, port services, road and rail transport all aligned. There s no point in aggregating freight volumes if you can t get them to and from the port efficiently, says Chris. He expects coastal shipping to play an increasing role as New Zealand exporters demand choice and better connectivity to hub ports. Chris supports Port of Tauranga s investment in infrastructure capacity and says it is good for New Zealand. We have a great deal of respect for the Port s management team. We think their plans are very well aligned to export growth and to the advent of larger vessels

11 OUR PARTNERS OUR PARTNERS NORTHPORT LIMITED As well as more frequent ships, the vessels are getting larger, which means more juggling of the three berths we have available, says Jon. JON MOORE - Chief Executive Northport Limited handled record volumes of cargo including highest ever log export levels in /. The Whangarei deep water port broke previous records in total cargo tonnes, log volumes and ship calls. Total tonnes increased 13.5% on the previous year, to almost 3.1 million. Log volumes increased 23.7% to break 2.4 million tonnes, well above forecast. There are now 13 log exporters using Northport, more than any other New Zealand port. A total of 253 ships called at the port, an increase of 38 on the last financial year. Northport Chief Executive Jon Moore says the record figures across different cargoes demonstrated the facility s maturation as a multi-purpose port. It is now ten years since the port was established, and ongoing investment is ensuring the facility can cope with the fast growth in volumes. Capital works in the / year included increasing paved and sealed log storage by an additional three hectares. Total dedicated on-port log storage now totals 18 hectares excluding roading, stormwater canals and wharf areas. With the recent installation of book ends by the port, exporters can stack logs six metres high, effectively increasing storage capacity by an additional 20%. Jon says an estimated 245,000 tonnes of logs can now be stored on site. In addition, Northport has upgraded port security, including improving access gates. The harbour management control room has been overhauled and the stormwater management system improved by lining canals and installing an aeration pump to the stormwater storage pond. These ongoing improvements ensure we are getting the maximum productivity out of existing infrastructure as we look at the next steps required to expand capacity even further, says Jon. This includes investigating the design and installation of a 270 metre extension to the 570 metres of existing berth. The extension already has resource consent and can be instigated as demand for space increases. As well as more frequent ships, the vessels are getting larger, which means more juggling of the three berths we have available, says Jon. Northport has also commenced corrosion protection of the wharf face steel sheet piling. Northport has ample room to grow, with undeveloped land inside the port gates as well as 180 hectares of industrial land adjacent, which is owned by 50% shareholder Northland Port Corporation

12 OUR PARTNERS OUR PARTNERS QUALITY MARSHALLING LIMITED Our strategy is to be innovative and to challenge, influence and change the historical way of handling log exports, says Shayne. SHAYNE JENKINS - General Manager We want to change the way the game is played. We re aiming for the most efficient process possible from forest to ship, he says. That means ensuring we have the right equipment, the right technology and skilled people to deliver value to our customers. The purchase of Quality Marshalling has cemented Port of Tauranga s position in the forestry supply chain. Quality Marshalling, established in 1991, is the country s second largest log marshalling and scaling company. Quality Marshalling has major log handling operations at Northport and Port of Tauranga. It has inforest operations at Kaingaroa and Murupara, as well as providing machinery and services at the Port of Napier and at the Red Stag saw mill near Rotorua. Its new General Manager is Shayne Jenkins, who has 20 years experience in the forestry export industry. Our strategy is to be innovative and to challenge, influence and change the historical way of handling log exports, says Shayne. We want to change the way the game is played. We re aiming for the most efficient process possible from forest to ship, he says. That means ensuring we have the right equipment, the right technology and skilled people to deliver value to our customers. Shayne says that includes track and trace systems to give customers accurate and timely information for managing their log inventory. Port of Tauranga has taken a long-term view on growth opportunities, with significant investment in equipment and technology, and working to secure contracts for Safety is a priority for the company, which is proud to have had more than two years without a lost time injury at all its operations. Quality Marshalling currently handles around 3.5 million tonnes of export logs annually at Northport and Port of Tauranga plus another 1.4 million tonnes at the Murupara rail exchange. More than 135 staff are employed across sites. Chief Executive, Mark Cairns, says the purchase of Quality Marshalling was a logical one for Port of Tauranga. It s a well-run company with excellent prospects, he says. It also has a long-serving staff with the same can-do attitude that we have at Port of Tauranga. Shayne concurs. It is a very good culture of loyal, hard-working people who are very safety conscious

13 OUR PARTNERS OUR PARTNERS TAPPER TRANSPORT LIMITED We are constantly looking outside the square to see how we can take costs out of the supply chain. Our communication is constant, and our customers know they can rely on our people, says Andrew. DARCY HART - Transport and Business Development Manager / ANDREW SCOTT - Director Auckland-based Tapper Transport Limited had a year of strong growth as its expertise in streamlining supply chains has attracted new customers. Despite fluctuating import volumes, Tapper Transport managed to increase market share and volumes in container cartage and freight handling during the financial year. It s a testament to the strength of our brand, our systems and our people, says Director Andrew Scott. We are constantly looking outside the square to see how we can take costs out of the supply chain. Our communication is constant, and our customers know they can rely on our people, he says. More customers are utilising the Tapper Transport online programme for tracking containers from sea to delivery. It integrates with port information systems and can be customised to operate seamlessly with customer systems. It gives them 100% real-time visibility on what is happening with their deliveries so they can efficiently manage the process and avoid unnecessary demurrage and detention costs, says Andrew. Tapper Transport s crossdocking business enjoyed rapid growth in its first full year, handling 15,000 TEU on behalf of cornerstone customers such as Countdown New Zealand, O-I Glass and Lion Breweries. Containers are unpacked and re-packed at facilities adjacent to the rail hub in Southdown that links Tapper Transport with the ports at Tauranga and Auckland. It avoids the need to move containers around Auckland or pay for their storage. It s another example of us removing costs and delays out of the supply chain, says Transport and Business Development Manager Darcy Hart. It s a new concept for Auckland and we ve got the space, the facilities and the expertise to expand, says Darcy. Tapper Transport is also looking to expand the cross-docking service into other regions late in. Since Port of Tauranga acquired Tapper Transport in 2010, the two companies have worked together to integrate their adjacent Southdown sites, creating a freight and distribution hub at the heart of Auckland s industrial area. Tapper Transport has purchased a second reach stacker to improve efficiency at the container hub, and has leased additional warehouse space. In July, Tapper Transport purchased Mount Maunganuibased company Priority Logistics Limited to expand its geographical reach. Priority Logistics specialises in transport and logistics services, including bulk liquid cartage, throughout the North Island. Tapper Transport is seeking other acquisition opportunities in the coming year and will soon appoint a general manager with a view to driving more growth

14 OUR PEOPLE OUR PEOPLE A SAFER FUTURE I believe that if something goes wrong, it s a symptom of process failure. We ve got to be talking constantly, tweaking things and sharing ownership of the issue to find and resolve such failings. Pat Kirk Group Health and Safety Manager Pat Kirk is Port of Tauranga s first in-house Group Health and Safety Manager. Pat brings to the Port a wealth of knowledge and experience gained from more than 30 years in a variety of industries. For the past decade, Pat ran a successful health and safety consultancy and prior to that was the National Health and Safety Manager for the Carter Holt Harvey Group. Pat initially joined the Port on a project basis to help implement changes after a strategic review of the Company s health and safety policies and procedures. In March, Pat was appointed to the new role of Group Health and Safety Manager. He is charged with developing and enhancing the Group s in-house health and safety knowledge and capacity. A key facet is assisting staff to identify and resolve issues rather than doing it for them. It s the only way for safety to become truly sustainable, he says. Having a consistent safety presence is useful in gaining traction on boosting internal practices, while increasing safety s visibility generally, he says. I believe that if something goes wrong, it s a symptom of process failure. We ve got to be talking constantly, tweaking things and sharing ownership of the issue to find and resolve such failings. He says the changes in culture are already evident, with safety now part of discussions from a project s earliest stages. Employees are raising issues, being more proactive and identifying solutions

15 OUR PEOPLE OUR PEOPLE OUR FUTURE IS IN GOOD HANDS The people I have worked with at the Port have been really important to me over the years. There are some of us who have watched our kids and now grandkids grow up. JO BARNETT Personal Assistant to the Property and Infrastructure Manager Jo Barnett knows better than most just how much change there has been at Port of Tauranga. She joined the Company 34 years ago as Secretary to the Engineering Manager and retires in September. For 20 of those years, Jo worked for Property Manager Tony Reynish, who retired from that role at the end of last year. Jo, her husband and young children moved from Putaruru to Tauranga in 1979 when she won the job. Back then, there was little sign of the big facilities to come. The components for the Port s first crane had just been delivered. There was no Tauranga Harbour Bridge and Sulphur Point was just a pile of reclaimed sand. It s been amazing to witness the physical changes of the place. There s certainly a sense of achievement when a contract document you have worked on takes shape as a physical construction, says Jo. There s never been a dull moment. The collective sense of humour has got us through some of the more demanding times, she says. After 34 years it has been a big decision for me to go, but there are plenty of younger staff now who are rising to the challenge. The people I have worked with at the Port have been really important to me over the years. There are some of us who have watched our kids and now grandkids grow up. Jo s son used to spend his school holidays fishing off the wharf near his mum s office. He now works at the Port too, as a Launchmaster on the Pilot Launch

16 OUR PEOPLE OUR PEOPLE SECURING THE FUTURE Former New Zealand soccer international Paul Probert has a different playing field to challenge him these days. It s a unique industry. The people have generally been around a long time and have great knowledge. You can learn a lot from them. PAUL PROBERT Security Officer The ex-all White works in Security and the 24-hour Customer Service Centre, which manages all ship movements and customer requirements. Having a dual role means plenty of diversity, but both require working with a lot of different people, which I love, says Paul. It s a unique industry. The people have generally been around a long time and have great knowledge. You can learn a lot from them. Paul joined the Port two years ago from Nautilus Shipping, where he was a shipping agent dealing primarily with bulk cargo vessels. However, Nelson-educated Paul started his career in sports development, and worked for Sport Bay of Plenty for eight years. After his international football-playing career finished, Paul obtained his international coaching licence. The people and communication skills he developed in his previous roles have served him well in his customer-centric positions. In his security job, Paul works at a port gatehouse and ensures people entering have done safety training and security checks, while also checking security cameras and organising crew shuttles. In the service centre, Paul monitors ship movements, allocates berths and deals with shipping agent queries. Meanwhile, Paul s sons Thomas (17) and Connor (15) are following his footballing footsteps, both representing New Zealand in their age groups. Paul s wife Gina also works in shipping, as a broker for Oceanbridge

17 OUR PEOPLE OUR PEOPLE CUSTOMER DRIVEN ORGANISATION As a boy, Graeme Marshall had posters all over his bedroom wall. Not of sports or pop stars, but shipping schedules and photos of ocean-going vessels. So it was somewhat inevitable that his career would lead to the port industry, culminating in being General Manager at Port of Napier and then 16 years as Commercial Manager at Port of Tauranga. Graeme retires in December after 36 years in the industry. Graeme s first job was as a shipping clerk. He then had a stint in sales before spotting an ad for a trade promotion officer at Port of Napier. It was the first New Zealand port to truly market itself, he says. Graeme was wooed to Tauranga in 1997 to manage marketing, business development and all operations. The big challenge was to attract services to a fledgling Sulphur Point. Bay of Plenty exporters were sending cargo to Auckland to meet the import ships. We had to figure out how to get the incoming vessels to come here, says Graeme. A plan was hatched to utilise weekend rail capacity and the MetroPort concept was born. The success of Sulphur Point today is a testament to the determination of the people involved and I feel privileged to have been a part. There have been many other innovations, including the 24 hour customer service centre, opening vessel berthing windows and involvement in businesses such as Tapper Transport, to create a more efficient end to end supply chain. We ve moved from being a provincial port to New Zealand s largest and most efficient port, and a model that others want to emulate, says Graeme. Customer relationships, a focused and strategic management team, and a loyal and committed staff have been the keys to the Port s success. It is these relationships I will miss the most, he says. Graeme will be kept busy with chairmanships of the Biosecurity Ministerial Advisory Committee and Cruise New Zealand. Customer relationships, a focused and strategic management team, and a loyal and committed staff have been the keys to the Port s success. It is these relationships I will miss the most. GRAEME MARSHALL Commercial Manager 28 29

18 SUSTAINABILITY SUSTAINABILITY PROTECTING OUR FUTURE Port of Tauranga strives to take good care of its employees as well as the community and environment in which it operates. To this end, we measure our efforts to improve safety and nourish community spirit. We also aim to ensure our activities have a neutral impact on the natural environment, with a special focus on nurturing Tauranga Moana, our harbour. 30 Our Environment A range of Tauranga Moana-related environmental projects have been instigated in association with the Port s planned harbour dredging works. A new trust, which recognises the relevant Iwi and Hapu as Kaitiaki (guardians) of the harbour, will mitigate the potential harm of the dredging to cultural and spiritual values. The Port envisages the trust will allocate funds to projects to enhance and better understand the Te Awanui Tauranga Harbour catchment. A kaimoana (seafood) restoration plan is being developed to focus on the specific areas affected by the dredging. The Port has been monitoring the turbidity of the harbour, collecting real-time continuous data for the past two years. This information will contribute to the dredging plan to ensure minimal environmental impact. During the procurement of new plant and equipment, a key consideration is the environmental performance. This is evident with the purchase over the last three years of an additional 14 straddles, increasing the fleet to 36. The recent additions to the fleet are all twin lift diesel electrics and have power regeneration capabilities whilst braking and container lowering. This regenerated power reduces fuel consumption while travelling and fuel savings of 15% to 20% compared with earlier model straddle carriers has been achieved. In other environmental projects, the Port has sealed an additional 7.4 hectares of yard space to improve stormwater runoff quality and minimise dust. Port of Tauranga also makes an annual $50,000 contribution to the University of Waikato s Intercoast programme, an international collaboration with a German university that sees doctoral students examine marine systems in the Bay of Plenty and the North Sea. 31

19 SUSTAINABILITY SUSTAINABILITY OUR PEOPLE The past year has seen a significant shift in the way Port of Tauranga approaches health and safety management. The Group s first Health and Safety Manager, Pat Kirk, was appointed in March to coordinate initiatives across our group of Companies. Recent projects include a review of safety signage, with new, standardised noticeboards installed at each work site. New zoning for log storage and operations has been implemented to prevent unauthorised access. A new safety induction process has been implemented for all port employees, contractors, agents and visitors, who must complete an online training session before entering Port premises. More than fifteen thousand people have undergone the training in its first full year. Safety has been introduced as a key engagement factor in the staff performance-based incentive scheme. It will be rolled out through all our work groups over time. The stronger focus on safety has resulted in an increase in reported injuries as staff are encouraged to report all incidents, no matter how minor. The Total Injury Frequency Rate was 39 54% higher than target. In the /2014 year, Port of Tauranga is moving to a more comprehensive reporting system giving greater transparency to safety measures. At 30 June, Port of Tauranga employed 174 full time employees (up from 169 last year), plus 11 permanent parttime staff and 25 casual workers. Staff turnover was just under 5%, including two retirements, confirming the Company s status as an employer of choice. Historical Total Injury Frequency Rate ACTUAL TARGET 25.4 TIR per million hours 32 33

20 SUSTAINABILITY SUSTAINABILITY Our Community Port of Tauranga has contributed $200,000 towards the Pilot Bay Boardwalk being constructed by Tauranga City Council. This asset will prevent further deterioration of the grass foreshore at this popular beach on our doorstep. It will be enjoyed by residents as well as the increasing number of cruise ship passengers visiting our city. The Company is mid-way through a four-year $250,000 partnership with the Phillips Trust to fund the Port of Tauranga Rescue Winch on the TrustPower TECT Rescue Helicopter. The helicopter has been deployed 102 times in the last year with the winch critical to thirteen of those rescue missions. People rescued by the winch include forestry workers, trampers, fishermen, hunters, swimmers and in body recovery. Our popular public tours of the port, held each January, also raised an additional $1000 towards the rescue helicopter fund. In lieu of end-of-year gifts to clients, Port of Tauranga donated $6000 to the Tauranga Community Foodbank and $4000 to Tauranga Riding for the Disabled, which enabled them to purchase a new therapy horse, Kato. The Company has been the principal sponsor of the Port of Tauranga Half Ironman for the past 21 years. The triathlon, held in Mount Maunganui each January, brings thousands of visitors to the region and many individuals and teams from the Port and related companies enter the prestigious race. Throughout the year, various schools, community groups and individuals were supported through smaller donations. Port of Tauranga is also a supporter of business and economic development initiatives such as Priority One. In education, Port of Tauranga awards scholarships annually to assist young people to complete university studies. The threeyear scholarships celebrate the memory of Turirangi Te Kani, a member of the Tauranga Moana Maori Trust Board and cultural advisor to the Company, who died in In the 23rd year of the programme, nine young people were supported, with the number expected to increase to 11 in the /2014 financial year. Community Investment 4% Arts 7% Environment 24% Business 29% Community 22% Sport 14% Education Community Investment 4% Arts 7% Environment 24% Business 29% Community 22% Sport 14% Education 34 35

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