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TWO NEW DIRECTORS APPOINTED TO CENTREPORT BOARD

Two new directors have been elected to the CentrePort Board at the 25 November Annual General Meeting.

Chairman Lachie Johnstone welcomes Warwick Tauwhare-George and Chris Day to the Board.

“Warwick brings a wealth of commercial acumen and Māori business experience, involved in the food and fibre, property and hospitality industries including as a director on Ngai Tahu Farming Limited.

“And we welcome Chris’s extensive expertise in the finance, technology and energy sectors.   His range of skills and experience along with those of Warwick will be real assets to the Board,” Mr Johnstone said.

Mr Tauwhare-George and Mr Day replace departing directors John Monaghan and Kerrie-Lee Magill.

Mr Johnstone thanked the retiring directors for their contribution.

“Kerrie Lee leaves after nearly two-and-a-half years and her wide range of commercial experience has benefited to the Board.

“John Monaghan departs having served 11 years.  We thank John for his wise counsel and contribution over a period that has marked major changes and challenges for the business.  These have included the 2016 Kaikoura earthquake and latterly the global pandemic,” said Mr Johnstone.

CENTREPORT CHIEF EXECUTIVE BOWS OUT AFTER DECADE AT THE PORT

The Board of CentrePort has reluctantly accepted the resignation of Chief Executive Derek Nind who has been with the business since 2012.

“We’re incredibly grateful for Derek’s leadership during some of the most challenging times in the port’s history,” Chairman Lachie Johnstone says.

“Derek was instrumental in leading the business through the devastating impacts of the Kaikoura Earthquake on 14 November 2016 and subsequent recovery and regeneration.

“He has overseen one of the country’s biggest insurance claims and capital regeneration programmes which is vital to supporting thousands of jobs across central New Zealand and beyond.”

Mr Johnstone says the Board acknowledges Mr Nind’s decade of service, which includes six-and-a-half years as Chief Executive.  He was previously General Manager, Commercial from 2012 until 2015 when he established the successful CentreRail container service for the region’s importers and exporters.

Mr Nind says he is proud of the CentrePort family who have worked hard to make the port a resilient and sustainable business.

“I’ll be taking the memories of our people with me, including Teihi Whaanga who tragically died on 13 February 2017, following an accident at work”.

The Board will start a comprehensive search for a new Chief Executive, with Mr Nind continuing in the role until 31 March 2022.

CentrePort 2021 Annual Result

CentrePort has recorded a positive financial result despite ongoing COVID-19 related impacts and incurring residual 2016 earthquake-related costs, Chairman Lachie Johnstone announced.

CentrePort recorded an underlying net profit after tax (NPAT) of $7.2m (this is before Kaikoura earthquake-related items, Changes in Fair Value, Abnormal Items and the tax impact of these items) compared to $14.7 million in FY20.  

Operating revenue of $80.2m compared with $84.9 million the previous year reflected the absence of Cruise due to the ongoing COVID-related ban on international cruise ship visits.  These visits are not anticipated to resume in FY22.

Effective cost management saw significant reductions in operating expenses from $87.5m to $73.9m, with more to be achieved in the coming year.    CentrePort received the final earthquake related insurance settlement in FY20, however quake-related costs continued during the year such as road-bridging until March, and machine hire and generator costs.  Cost savings less increased depreciation charges in these areas, of $2.7m will be achieved next year.

Dividends of $5m were paid to the shareholders – Greater Wellington Regional Council and Horizons Regional Council - (FY20 $5m) as well as a special dividend of $15m. 

“CentrePort’s strong balance sheet and having successfully finalised the Kaikoura Earthquake claims in 2019, meant the company was in the position to pay the special dividend.

"This restores the dividend pay-out to 50 percent of underlying NPAT over the financial years spanning 2017-2020,” said Mr Johnstone.

During the year CentrePort applied for a private binding ruling from Inland Revenue to confirm the tax treatment of the Kaikoura Earthquake insurance settlement payments received in prior years. Inland Revenue has indicated that it disagrees with some tax positions taken in the Group’s 30 June 2020 financial statements. This has resulted in a prior period adjustment to income tax expense of $23.5m recognised in the current year.

CEO Derek Nind thanked CentrePort’s people for navigating another challenging year and achieving continued improvements in health and safety. 

“Health and safety is a primary focus and all staff continued to take greater leadership in achieving good results in this area.

“The COVID pandemic has also created uncertainty for our people, and wellness programmes are helping support them during these difficult times.”

Mr Nind said all trade volumes were up with log exports particularly strong.

“The more than 1.8m JAS of logs exported was the highest in CentrePort’s history and a 21 percent increase on the previous year.   The 194,000 JAS exported in June was the largest volume for a single month.”

Vehicles was another area of strong growth, up 21 percent on FY20, with more than 24,000 units processed through the port.

Mr Nind said despite the global logistics supply chain disruptions CentrePort maintained container volume levels.

“CentrePort worked closely with importers/exporters and shipping lines to minimise disruption for customers,” he said.

CentrePort’s regeneration continued to gather pace with a range of major initiatives achieved and/or underway.

Good progress was made on the $38.6 million Thorndon Container Wharf reinstatement project, which will increase the operational length of the gantry cranes from 126 metres to 261 metres.  The project is due for completion in early 2022.

Ground-resilience improvements throughout the port continued while damaged and redundant structures were removed, creating thousands of square metres of additional operational space.

Mr Nind said implementation of the port’s carbon emissions reduction strategy finalised in August 2020 was well underway.

“We are focused on meeting our targets of reducing emissions by 30 percent by 2030 and the port being a net zero emitter by 2040,” Mr Nind said.

The partnership with New Zealand Green Investment Finance (NZGIF) enabled the procurement and roll out of seven 100 percent electric container-transfer vehicles – a first for any port in New Zealand.  These units assist with lowering carbon emissions and improving operational efficiency.

The ‘enhanced rail onto port’ project, also assisted by the NZGIF facility, was competed in FY21.

Other carbon reduction activity included the introduction of electric forklifts and LED lighting.


HOLIDAY PAY AND LEAVE REMEDIATION INFORMATION FOR FORMER CENTREPORT EMPLOYEES

HOLIDAY PAY REMEDIATION INFORMATION FOR FORMER CENTREPORT EMPLOYEES

CentrePort commissioned an independent review in 2018 of its payroll processes and resulting annual holiday and other leave payments to assess compliance with the Holidays Act 2003. This was in response to advice that the payroll systems of many New Zealand businesses and Government agencies had miscalculated how holiday and leave should be paid to employees.

The review conducted by PWC established that there had been miscalculations in holiday and leave payments for some CentrePort employees, mostly impacting staff who work variable hours.

Now that work is complete, we’re putting things right by providing remediation payments to our people and former employees who were impacted by this legislation between July 2012 and July 2021.

Former employees identified as being underpaid will have received an email communication from CentrePort directing them to this website. Please click on the following link to complete the Former Employee Claim Form

Former Employee Claim Form

Completion of this form is an important step of our verification process and ensures that the information we hold for you is up to date. It safeguards us from making payments to incorrect people and reduces any risk of fraudulent activity. It also ensures that we apply accurate tax calculations and KiwiSaver deductions where applicable.

To complete the form, you will be required to upload some documentation which is listed below:

1. Identity Verification:
A copy of any one of following - birth certificate, passport, certificate of citizenship, Immigration New Zealand visa, driver’s license, firearms license, or HANZ 18+ card.

If the document has text on both sides (e.g. driver's license), both sides need to be scanned for it to be accepted.

2. Proof of bank account
A copy of any pre-printed deposit slip or bank statement which includes the full bank account number (bank, branch, account number, and suffix) and the account holder's name or a clear screenshot of your internet banking page which shows the account number and name on it.

3. Proof of Name change (if applicable)
Attach documentation showing the name change from old to new, e.g. a marriage certificate or a statutory declaration

4. Completed Tax code Declaration (IR330 form)

5. Completed KiwiSaver Member (KS2 form) OR Non-KiwiSaver Member (KS10 form)

6. If making claim on behalf of another person
Power of Attorney or Evidence of executor of a former employer estate

 



For further information please contact the CentrePort payroll team on This email address is being protected from spambots. You need JavaScript enabled to view it.