Solid result as CentrePort sets for growth

28 September 2022

Media Release

CentrePort has achieved a solid result for FY22 while delivering on strategic objectives increasing resilience and adding new capacity to benefit the New Zealand logistics supply chain.

Financial result

CentrePort recorded an underlying net profit after tax (NPAT [1]) which exclude Kaikōura earthquake-related items, changes in fair value, abnormal items and the tax impacts of these items – of $8.0m compared to $7.2m in FY21. 

Revenue was $84.2m compared to $80.2m the previous year.  The increased revenue and good cost management resulted in a 20.7 percent increase in net cash flows from operating activities.

A dividend of $6m (FY21: $5m excluding a special dividend of $15m) was paid to shareholders Greater Wellington Regional Council and Horizons Regional Council [2].

Health and safety

Chair Lachie Johnstone and Chief Executive Anthony Delaney said the health and safety of CentrePort’s people, and those they work with and use the port facilities, is integral to the port’s operations.

“Employee engagement and empowerment has resulted in continuous improvement in our health and safety culture over a period of years.  

“In May CentrePort welcomed the joint Health and Safety at Work Act (HSWA) assessment by Maritime New Zealand and WorkSafe and supports the Tripartite Ports H&S Leadership Group, including the development of a Code of Practice. 

“Overall, CentrePort performed well in the assessment, with documented procedures consistent with practice and vice versa.  This reflects CentrePort’s philosophy of engaging with our workers and giving them full support to stop work if it looks or feels unsafe, or for them to stop others.  Our people are empowered to develop and review the way we operate including investment into our critical risk,” they said.

Summary Financial Statement

[1] Underlying net profit after tax is an alternative non-NZ GAAP measure that comprises reported net profit after tax adjusted for certain non-recurring and unrealised fair value revaluation items to provide consistency and comparability of the financial information over the periods presented.  Please refer to page 4 of the Summary Financial Statements.

[2] CentrePort pays dividends via holding companies of Greater Wellington Regional Council and Horizons Regional Council – WRC Holdings Limited and MWRC Holdings Limited respectively.