4 r aranaki limited l repo a annu · pdf file13 social report 16 our values 17 ... joe govier...

An

nu

Al

Repo

Rt 2

014

PO

RT

TA

RA

NA

KI

LIM

ITE

D

MAKInG A ReAl DIFFeRenCe In tARAnAKI

“TO PROVIDE WORLD CLASS LOGISTICS FOR

PORT TARANAKI CUSTOMERS”

OUR MISSION STATEMENT

CONTENTS

2 Highlights

3 Major Customers and Our Staff

4 Chairman's Report

5 Chief Executive's Report

11 Directors

12 Environmental Report

13 Social Report

16 Our Values

17 Statutory Information

18 Financial Statements

44 Independent Auditor's Report

45 Power Station Demolition

46 Comparative Review

47 Directory

“TO MAKE A REAL

DIFFERENCE TO THE TARANAKI

ECONOMY”OUR VISION

HIGHLIGHTS

TA R A N A K I

C U S T O M E R SC U S T O M E R S

HEALTH &

SAFETY

CASH FROM OPERATIONS 23%

RETURN ON EQUITY 46%

VESSEL ARRIVALS 32%

LOST TIME INJURY RATEREDUCED

NET PROFIT AFTER TAX 57%

TOTAL TRADE VOLUMES 21%

DIVIDENDS 25%

PORT TARANAKI LIMITED REPORT 2014

2

REVENUE 23%


3

MAJOR CUSTOMERS AND OUR STAFF

■ OIL AND GAS CUSTOMERS

■ DRY BULK CUSTOMERS

■ DAIRY CUSTOMER

■ LOG CUSTOMERS

MAJOR CUSTOMERS • ANADARKO NEW

ZEALAND COMPANY • AWE TARANAKI LTD

• COASTAL OIL LOGISTICS LTD • DOWNER NEW

ZEALAND LTD • FONTERRA CO-OPERATIVE GROUP LTD • FOREST OWNER MARKETING

SERVICES • GLENCORE GRAIN (NZ) LTD • GOLDEN BAY CEMENT • GREYMOUTH PETROLEUM LTD • HOLCIM (NEW ZEALAND) LTD

• INTERNATIONAL NUTRITIONALS LTD • J. SWAP CONTRACTORS LTD • LIQUIGAS LTD • MATARIKI FOREST TRADING LTD • METHANEX NEW ZEALAND

LTD • NZEC WAIHAPA LTD • OMV NEW ZEALAND LTD • ORIGIN ENERGY RESOURCES (KUPE) LTD • PROGRAMMED TOTAL MARINE OFFSHORE SERVICES LTD

• RAVENSDOWN FERTILISER CO-OP LTD • SHELL EXPLORATION NZ LTD • SHELL TODD OIL SERVICES LTD • SHELL (PETROLEUM MINING) CO LTD • TECHNIX TARANAKI

TERMINAL LTD • TEGEL FOODS LTD • TENCO LTD • TODD PETROLEUM MINING LTD • TPT FORESTS LTD • Z ENERGY LTD

OUR STAFF

• ANTON ABRAHAM • KAREN ADAMS • PAULINE ALLEN

• NIKI ALLERTON • LUKE ANDREWS • NEIL ARMITAGE • LEITH ASTWOOD • PETER ATKINSON • MICHAEL BAKKER

• MARK BAMFORD • PAUL BARKER • SHAYNE BATCHELOR • MICHAEL BIRCH • GARRY BIRCHALL • TONI BLAIR • GREG BOULTON • BRUCE BOWERS • GARRY BRADLEY

• MARK BRENNAN • PHILLIP BRETT • KIERAN BUTTIMORE • DIANE CADWALLADER • JACK CAMERON • PAUL CAMPBELL • MICHELLE CARDY • ROSS “SID” CARLEY • DAN CARLEY • ANDREA CHADFIELD • ARUN CHAUDHARI • IAN

“SHORTY” CLARK • DIANA CLEARWATER • PAUL CLEARWATER • BRONWYN CLEMENT • JEFF CLEMENT • ASHLEY CLOUGH • ALAN COLDRICK • SCOTT COOPER •MATT CORBETT • KATHRINE CROWLEY • KIM DAINE • REX DAVIS • KEITH DAWSON

• MARK DOWMAN • ADAM EAGER • CRAIG EATON • PAUL EDIE • BILL EDIE • STEVE ELVY • NIGEL GIDDY • JOCELYN GILMOUR • BARRY GOVIER • JOE GOVIER • BRUCE GRAY • DON GRANT • CHRISTOPHER GREENWAY • JAMIE

GRIEVE • BRADLEY GYDE • BRIAN HALL • TIU HAMILTON • RICHARD HARDEGGER • JOHN HARRIDGE • BRIDGET HARRISON • STEVE HART • MICHAEL HASKELL • AMANDA HASSALL • SHANE HAYBITTLE

• MURRAY HAYMAN • LAUREN HENDERSON • NOEL HENDERSON • DENNIS HIBBERT • RENEE HIBBERT • CELESTE HINTZ • MARK HOFMANS • CHRISTOPHER HOPKINS • HAYLEY HOPKINSON • ANDREW HOSKIN • ERANA HOSKIN • JOHN IRELAND • CHRISTOPHER JENKINS • LLOYD JULIAN • IAN JURY

• JASON KERR • FRED KING • DENIS LEATHAM • JOHN LEHMAN • DENIS LEIGHTON • ANTHONY LEWIS • KURT LIGHTFOOT • KENNETH LEONARD • Y T LIM • BRUCE LOW • JOSHUA LOWE

• GRAEME LOWE • NEILL MACKEAN • NIGEL MACNEIL • CAROLYN MAGON • ROBIN MAINDONALD • TOM MANGU • CORY MANSON • DAN MANU • PAT MARTIN • MERIANNE

MARTUL • PAUL MAXWELL • SHANE MCKAY • KIRI MCRAE • STUART MILLS • SHERYN MIKALOVICH • RODNEY MISCHEWSKI • CINDY MITCHELL • GRANT MORRIS • DWIGHT MURFITT • SCOTT MURFITT • ROB MURRAY • PAUL MURRAY • GREG NEWTON • LARRY

O’BYRNE • FRANK PARR • ROB PARSONS • SIMON PENWARDEN • PETER PHEAR • ALBERT PLANT • RON PRICE • ERUERA RANGER • DUNCAN REID • GLENYS REID • WAYNE ROBERTSON • KEITH RODEL • GUY ROPER • CLARE ROSE • KATE RUMBALL • ASH RYAN • TONY SALEMAN • DAVID SHARROCK • SIMON SIMPHALIVANH • ROBIN SMITH • NATALIE SOUNESS • ANDRE

SOUTHORN • CHRIS SPURLING • GRANT SQUIRE •TARA STEPHENS • NIGEL STOKELL • GARTH STONE • LINNIE TAINUI • JOHN TAIPARI • WILLIE TOA • STEVEN TAYLOR • AMY TUAVAO

• PETER VAN DER BEEK • OLAF WAHLEN • PETER WALES • MICHAEL WATSON • HANNAH WATSON • STEWART WATSON • JAMES WATSON

• ROY WEAVER • MURRAY WELLS • BRIAN WELLS • JOHN WEST • BRENT WHITTLE • BARRY WILLIAMSON • ROB

WILSON • ANDREW WISEMAN • JONATHON WYNDHAM-JONES • SHARYN YIANNET

• WAYNE ZALOUM


4

The 2014 financial period will be remembered as one of the busiest years in the port’s history with not only 7% growth in cargo visits but also significant growth in offshore support vessel activity.

We were pleased to reach a new revenue record of $55.3m for the year which led to 57% growth in profit after tax of $11.7m.

It was also a record year for our health and safety performance with just one lost time injury totalling three days.

It was the busiest ever period for offshore oil and gas exploration with four campaigns running during the year. The port welcomed the Noble Bob Douglas drill ship, the ENSCO 107 jack–up rig, and the Kan Tan IV semi-submersible rig onto the Taranaki coast to join the rig currently operating off the Maui platforms.

Methanol exports ramped up by 35% during the year, leading to a very busy time and high occupancy on the Newton King Tanker Terminal berths.

The port has continued its development as a log and dry bulk hub this year, with dry bulk volumes growing a further 10%. Port Taranaki has focussed on the development of its recent acquisition, the 18.8 hectare power station site. One of New Zealand’s largest demolition contracts was awarded to Nikau Contractors Limited in February 2014 and demolition is expected to be completed in the second quarter of 2015.

None of the above records and achievements would have been possible without Port Taranaki’s dedicated staff. Their focus on safety and teamwork has delivered results which we can all be proud of.

Port Taranaki’s vision is “To make a real difference to the Taranaki economy” and with the support of our Shareholder, the Taranaki Regional Council, the Company will continue to uphold and fulfill this vision.

I would like to thank our customers and suppliers for their support and commitment during the 2014 financial year. The Company’s mission is “To provide world class logistics to Port Taranaki customers”. Port Taranaki is working hard to achieve this mission.

My appreciation also goes to my fellow Board members for their valuable contribution during the year.

JOHN AULD Chairman

It was a year of records for Port Taranaki Limited in 2013/2014.

CHAIRMAN'S REPORT


5

It is very pleasing to report that trade activity increased across bulk liquids, bulk dry cargoes, and offshore services during the 2013/2014 financial year.

This continued trade growth was accompanied by a further improvement in our health and safety outcomes. This is a credit to the teamwork between staff and their colleagues across all of the Port’s customer and service base.

Taranaki is the first port in New Zealand to move to site-wide compulsory drug and alcohol testing, a move that will further strengthen and integrate our multiple port users’ safety focus.

Over the past two years, Port Taranaki has embarked on an ambitious development programme which has included a new organisation structure and the acquisition of 18.8 hectares of prime quayside real estate - the former Contact Energy power station. In addition, Port Taranaki has provided offshore supply bases for multiple parties exploring for oil and gas. This sector has grown to become approximately 20% of revenue generation for the Port in the 2013/2014 financial year. The development programme has the potential to enhance the contribution to shareholders and customers alike.

Financial PerformanceTotal revenue increased 22.9% to $55.26m. Whilst operating expenses increased to reflect the increased activity, the Company delivered a net profit before tax of $16.37m.

Net finance expense increased from $1.45m in 2012/2013 to $1.93m as a result of increased average borrowing levels during the year.

Dividends of $3.70m were paid to the Taranaki Regional Council.

Debt levels reduced to $31.87m as a result of positive cash flows before debt payments of $7.86m being generated before financing activities.

The year-end equity ratio of 72.25% signifies a further consolidation of the financial position that will support future growth.

The return on average shareholder’s funds (net profit after tax divided by average shareholder’s funds) lifted to 10.4% for the current financial period.

A trend of strengthening volume and profitability for Port Taranaki Limited.

CHIEF EXECUTIVE’S REPORT


6

Cash flows from operations amounted to $18.80m which is 22.6% higher than the previous year.

The Company invested $11.90m in fixed asset projects which included an amount of $4.95m relating to the power station demolition and $3.03m for a new pilot launch (the ‘Mikotahi’).

OperationsHealth and Safety • Safe Working

For the year ended 30 June 2014, the Company incurred 25 work related accidents of which one resulted in lost time totalling three days. This is the lowest number of lost time injuries and days recorded for the past 15 years.


TOTAL TRADE VOLUMES 2010-20146,000

5,500

5,000

4,500

4,000

3,500

3,000

2,500

2,000

1,500

1,000

500

0

(000

s ton

nes)

20142013201220112010

Left to right: Noel Henderson (Human Resource Manager), Roy Weaver (Chief Executive), Bill Edie (Property and Infrastructure Manager), John Lehman (Business Services Manager), and Guy Roper (Commercial Manager).

EXECUTIVE LEADERSHIP TEAM


7


• Safety Culture

Over the past five plus years health and safety training has centred on providing positive messages, for example “I always work safely” as opposed to “Don’t have an accident”. This has led to the adoption of the “Zero Harm” philosophy with the catch phrase of “Safely Home Every Day” or “SHED” as it is popularly known. Much of our effort has been spent in developing a safety culture that is second to none. This is now providing the Company with the desired results – the current accident statistics are evidence of this. Staff have also been actively encouraged to report all accidents and/or near misses to assist with lead and lag indicators plus provide trends as a means of implementing proactive safety measures.

• Drug and Alcohol Policy

With the Port and all site domiciled companies actively undertaking random drug and alcohol testing, the Port is introducing random testing for all Port users. Under this policy, random testing will be conducted at the two entrance gates to the Port. This will be a first for New Zealand ports and is a natural progression to maximising steps to ensure the safety of all who work at the Port.

• Health and Safety Reform Legislation

Work is well underway to ensure that the Port is in a sound position for a smooth transition to the proposed new Health and Safety legislation. Our goal is to not only meet but to exceed minimum requirements.

• Farewell to the Port’s First Full-Time Specialist Health and Safety Person

It is appropriate that we record the retirement of Wayne Robertson, Health and Safety Co-ordinator. The development of Port Taranaki’s health and safety performance to the stage where it has, in many aspects, become the industry benchmark, is testament to Wayne’s enthusiasm and commitment in the field of health and safety.

REVENUE BY BUSINESS SECTOR 2014

REVENUE AND NET PROFIT AFTER TAX 2010-2014

Property Land

8%18%Offshore

12%Dry Bulk Operations

6%Log Operations

11%Container Facilities

45%Bulk Liquids

Operations

RevenueNet Profit After Tax

20142013201220112010

37.8

-1.3

39.3

3.1

41.3

4.4

45.0

7.5

55.3

11.7


8


Personnel

• Leadership Teams

With the arrival of Guy Roper, Commercial Manager, and John Lehman, Business Services Manager, during 2013 the new Executive Leadership Team (ELT) was complete. During the remaining period of the year, apart from settling into their new roles, the ELT were also reviewing their own team structures and their needs to enable them to deliver the outcomes/meet the targets set in the Company’s strategic plan.

Within Property and Infrastructure this saw the appointment of Keith Rodel as Port Engineering Manager. Keith, South African born, had 14 years’ experience in the Port of Durban prior to immigrating to New Zealand. He had a further seven years with the Port of Napier before joining us in Taranaki.

A restructure in the Commercial Division saw the creation of an Operations Manager role to take responsibility for the landside activities at the port.

This restructure has resulted in some positions being disestablished, notably that of the Manager Petrochemicals and Port Security, Arun Chaudhari.

Arun will leave the Company in November 2014 after almost 14 years with the Port. Arun’s contribution has been exemplary and spans a wide range of disciplines from operations management, emergency preparedness and response, customer liaison and contract management, to being Port Taranaki’s link with the Taranaki Chamber of Commerce and the Oil and Gas Specialist Technologies Group.

• Our People

The number of permanent fulltime employees increased by one to 122. Additional staff consisted of six permanent part-timers, 14 fixed-term employees, and a group of ten casual staff who cover for leave and work fluctuations.

During the year eleven staff left, four of those due to retirement. Ten replacement staff were engaged including the Commercial Manager and the Port Engineering Manager, two employees who transferred from Spiire, an apprentice and a heavy

plant mechanic, a tug engineer, a trainee pilot, a gatehouse security officer, and a Newton King Tanker Terminal (NKTT) Superintendent.

The weekly staff newsletter “Porttalk” continues to be an eagerly awaited Friday publication.

• Training/Versatility

Training continued to be carried out under three categories - compliance training, personal development, and awareness training.

A new introduction this year under the banner of “awareness training” was Fatigue Awareness and six workshops were run by Lowie Fatigue Management. The workshops concentrate on how to recognise fatigue and the steps needed to be taken to minimise it. As part of the recognition process attendees were introduced to “sleep apnea.” The workshops were extremely well received.

The offshore oil and gas industry continues to be a major player in the Port’s activities whether it be our marine staff with pilotage, the provision of tugs on an “as required” basis, or our crane operators and cargo staff in servicing the requirements of the various support vessels involved with production fields of Maui, Tui, Maari and Pohokura.

Over the past year, the servicing of the offshore drilling industry has resulted in staff being seconded to other roles to meet the needs of the industry.

The teamwork, flexibility, and willingness of staff to take on other roles have been major factors in the Port achieving its goals.

Marine

It was another busy year for the Port’s marine division.

The month of May saw the arrival of the Company’s new pilot launch ‘Mikotahi’, a collaborative team effort between Scottish company Camarc Design, Q-West Boat Builders in Whanganui and Port Taranaki.

Constructed as a replacement for the ‘Westgate Rescue’, the ‘Mikotahi’ is a leader in safety and the first pilot launch in New Zealand to be built to Lloyds Class.

There were two significant incidents during the year. Fumigants onboard the bulk ship ‘Poavosa Wisdom’ came in contact with water releasing a chemical smoke. A port wide evacuation occurred and the


9


source of the chemicals was removed offsite and disposed of. The bulk carrier ‘Lake Triview’ dragged anchor while outside harbour limits awaiting a berth. Both incidents have served as a timely reminder to lift the preparedness for response to emergencies.

The tugs were well utilised throughout the year not only during pilotage operations in the Port area but also in the offshore industry and towage operations.

In addition to the largest dry bulk import and largest grain import of 29,000 tonnes of palm kernel meal, the ‘Yangtze Brilliance’ had the largest log export of 21,000 JAS in May.

Bulk Liquids

Bulk liquids trade at Port Taranaki grew by 0.8m freight tonnes, reflecting a 23% increase over the previous financial year. A total of 4.3m freight tonnes were exchanged across NKTT, accounting for 78% of the total trade through the port. Methanol made up 53% of the total volumes, crude oil and condensate were 38%, LPG formed 5%, while diesel oil and other bulk liquids made up the remaining 4%. This increase in volume was handled without incident and to the most demanding international standards.

Port Taranaki continued to play a leadership role in the Oil and Gas Specialist Technologies Group (OGST) through Arun Chaudhari’s activity as Chair. OGST consists of over 30 companies that service the oil and gas industry.

Offshore

The tug ‘Rupe’ had hook-ups for AWE New Zealand Pty Limited’s Floating Production Storage and Offloading (FPSO) Umuroa and the ‘Tuakana’ had cargo runs to the Kupe platform for Origin Energy Resources (Kupe) Limited. The ‘Tuakana’ also had “float off” assists with the Kan Tan IV and the Ensco 107 rigs in Admiralty Bay and assisted with the disconnection and re-connection of the FPSO Raroa when it went to Nelson for its refit in October-November 2013.

Offshore projects included:

• Anadarko’soffshoreexplorationincludingtheirSouthern Basin campaign, their tenure of Blyde 2 wharf and occupation of part of the Port Taranaki Centre.

• ThearrivaloftwooffshoredrillingrigsforOMVNewZealand Limited signalling a continued busy period

BULK LIQUIDS 2010-20145,000

4,500

4,000

3,500

3,000

2,500

2,000

1,500

1,000

500

0

(000

s ton

nes)

20142013201220112010

BULK LIQUID VOLUMES 2014

5%LPG

53%

38%

Methanol

Crude Oils

4%Other (Fuel Oils, Bitumen, Bunkers, Chemicals, Other)


10


for both the Breakwater 1 and Blyde 2 facilities once Anadarko had completed their campaigns.

• PartoftheEasternReclamationandsomecoveredstorage in the power station was leased by Anadarko for their drill pipe/casing and specialised equipment in readiness for their return within 24 months.

• AWENewZealandPtyLimited’sdiscoveryinthePateke field ensuring a construction programme and continued production for the FPSO Umuroa.

• ThelongrunningpartnershipbetweenShellTodd Oil Services Limited and Port Taranaki will continue as we seek to strengthen and give life extension to Blyde 3 berth given the larger offshore vessels now in use.

Dry Bulk

Bulk dry imports recorded an increase from the previous year’s record high of 10% to 0.6m freight tonnes. This was off a strong milk price and the growing demand for animal and poultry feed. This important sector is primed for further growth.

Logs

Log volumes remained at levels consistent with the previous year of 325k JAS. The final quarter saw a fall-off in volume as excess stocks accumulated in the major Chinese market and exporters/growers held off in the wave of softer pricing.

Log storage areas and a covered log scaling area for C3 Limited were completed during the year.

Containers

Container volumes fell with the withdrawal of the MSC Line service mid–year. Continued support is evident with importers/exporters valuing the weekly coastal call by the Swire-owned Pacifica service. This service now links with Auckland and Tauranga facilitating transhipment to deep sea services.

GovernanceAt the annual meeting on 26 September 2013, John Auld and Peter Horton were re-elected as Directors of the Company. Following this meeting, John Auld and Craig Norgate were re-elected Chairman and Deputy Chairman respectively.

Mr Graeme Marshall joined the Board from 8 April 2014. He was previously Commercial Manager for the Port of

Tauranga and is currently the Chair of the Biosecurity Ministerial Advisory Committee.

The Board met on nine occasions during the year.

The Board’s Audit Committee comprised Craig Norgate (Chairman), Peter Horton, and Roger Taylor. They met on two occasions during the year.

The Board’s Personnel Committee met on two occasions. The committee comprised John Auld (Chairman), Richard Krogh, David MacLeod, and Craig Norgate.

As provided by section 42 of the Company’s Constitution, Richard Krogh and David MacLeod retire by rotation at the upcoming twenty-sixth annual meeting of the Company and, being eligible, offer themselves for re-election.

OutlookThe outlook for 2014/2015 is for continued growth in the bulk liquids sector, driven primarily by Methanex New Zealand Limited. Offshore support activity has reduced but remains at a solid level with three offshore rigs currently in operation.

China softened its demand for logs in the middle of 2014 and this is expected to significantly lower volumes handled through this port for the full financial year.

Profitability is predicted to drop slightly from the record levels achieved in 2013/2014 but still provide an adequate return on equity.

The current organisational redevelopment process will conclude during 2014/2015 and provide the Port with a sound platform for growth and development.

This port company aims to continue to make a real difference to the Taranaki economy by providing world class logistics solutions to our customers.

We look forward to the challenges ahead with confidence.

Roy Weaver

Chief Executive


11

DIRECTORS

Roger Taylor

John Auld (Chairman)

Craig Norgate (Deputy Chairman)

Peter Horton

Graeme Marshall Richard Krogh

David MacLeod


12

ENVIRONMENTAL REPORT

ENVIRONMENTAL POLICY Port Taranaki places a high value on the quality and long term sustainability of the environment in which it operates. Accordingly, Port Taranaki gives a commitment to its stakeholders ensuring that its activities are conducted in a manner that will avoid, remedy, or mitigate, to the most practical extent, any adverse effect on the environment.

Key Performance Indicators(1) Non-Compliance Notices for Port Taranaki’s Activities

There were no non-compliance notices issued to Port Taranaki during the year under review.

(2) Ngamotu Beach Water Quality

The TRC sampled the water quality at Ngamotu Beach on 20 occasions during the period from 5 November 2013 to 3 April 2014 and there was full compliance with bathing water quality standards.

(3) Marine Pollution Incidents

There were no marine pollution incidents.

IncidentsThe following table sets out the environmental

incidents during the current year compared to the previous two years, captured by the Company’s incident

reporting system.

The discharge to land incident was a minor spill of hydraulic fluid from a customer’s truck and was readily cleaned up.

Following extensive work to improve stormwater quality around the Port, there have been no incidents of discharge to water.

Three of the four discharge to air incidents related to palm kernel odour or dust from Glencore Grain (NZ) Limited’s store on Ocean View Parade, resulting in complaints from nearby residents. This issue is being addressed with Glencore through the Taranaki Regional Council (TRC). The other discharge to air related to odorous smoke from a customer’s vessel. Following the complaint, the vessel was asked to leave the Port.

The first noise incident related to the use of the new hoppers and has been resolved by changing how the vibrators on the hoppers are operated. The second was a complaint from a neighbour that was traced to activities related to unloading ship cargo and remediation is underway.

Compliance Monitoring and State of the EnvironmentThe TRC continued its programme of stormwater discharge sampling and testing. During the 12 months, stormwater quality has greatly improved following the installation of stormwater treatment and the paving of some log yards. The suspended solids in stormwater from these areas are now consistently within the resource consent limits.

Improvement InitiativesLast year Port Taranaki reported on its initiatives to improve its environmental performance and reduce dust from ship unloading operations and suspended solids in stormwater. We are pleased to report that all the planned projects have been carried out and our performance in these two areas has greatly improved. Details on the projects are:

• $1.8mwasspentonpavinglogyardsaroundMoturoaBasinandimplementing a monthly programme of sweeping roads and yards.

• $0.7mwasspentonstormwatertreatmentimprovementsinPortTaranaki’s log yards.

• $0.9mwasspenttopurchasetwonewhoppers.Thesehavenowbeen commissioned and are being used to unload bulk dry cargo.

In 2014/2015, Port Taranaki plans the following environmental initiatives:

•Workwithcustomerstoimprovetheenvironmentalperformance of their facilities and operations within the Port.

•CompletethereviewoftheEnvironmentalPlanandstarttoimplement the recommendations.

IncIdent type IncIdentS IncIdentS IncIdentS 2011/2012 LASt yeAR tHIS yeAR

dIScHARge to LAnd 5 2 1

dIScHARge to wAteR 1 2 0

dIScHARge to AIR 1 1 4

noISe 2 2 2

otHeR 0 0 0

TOTAL 9 7 7

With the guidance of members of the West New Plymouth Rotary Club, the Moturoa School gardening project continued with children planting further areas around the Port Taranaki Centre.


13

SOCIAL REPORT

Support of major stakeholders continued during the year.

Community• Paiddividendsof$3.7mtosoleshareholder,TaranakiRegionalCouncil.The

dividend is used to offset Taranaki Regional Council rates for the benefit of the people of the region.

• ContinuedtoprovidepeppercornleaserentalstoNewPlymouthDistrictCouncil and Department of Conservation and discounted lease rentals to community organisations.

• Providedandmaintainedfreeaccesstopublicareasincludingtheboatramp, jetties, and car/trailer parking at the Lee Breakwater.

• ContinuedtoconsultwiththeNewPlymouthDistrictCouncilandNgati Te Whiti Hapu Society Incorporated on the development and management of the recreational areas in the vicinity of Ngamotu Beach through the Ngamotu – Port Taranaki Liaison Group.

• Providedlawn-mowingservicesatWaitapuCemetery,BaylyRoad,fortheWaitapu Urupa Trustees.

• Providedfacilitiesand/orvenuefor:

• majorsportingeventsincludingtheNewPlymouthTriathlonITUWorldCup, Trans-Tasman Yacht Race 2014, Weetbix Kids TRYathlon, Flannagan Cup, Wells NP Half Ironman, and Optimist North Island Yachting Championships;

• sportingactivitiesorganisedbyNewPlymouthYachtClub,SurfLifeSaving Taranaki, New Plymouth Sportfishing and Underwater Club, Taranaki Triathlon Club, and other community organisations; and

• othereventsincludingSeaweekCommunitySnorkeldays,Splash‘nDash and beach volleyball series; Methanex Family Fun Ride, Port to Park Fun Run/Walk, Big Dig event, and various school events.

• DonatedproceedsfromastaffraffletoTaranakiSearchandRescueanddonated to Variety–The Children’s Charity for a Sunshine Coach for Marfell School.

• Conductedporttoursandmadepresentationstocommunitygroups.

• ContinuedtoprovidemeetingfacilitiesforMoturoaToastmasters’Club.

SPONSORSHIPS DURING THE YEAR INCLUDED:-

Community – Taranaki Regional Council 2013 Environmental awards, Coastguard

Taranaki, and “Seaweek” 2014.

Sporting – Taranaki Rugby Football Union Inc, Surfing Taranaki Inc for NZ

Surf Festival 2014 – Women’s Pro naming rights, New Plymouth Triathlon ITU World

Cup for naming rights, Surf Life Saving New Zealand for general funding and for

NZ Under 20 team international challenge in Japan, Flannagan Cup Open Water

Swim, New Plymouth Old Boys Surf Life Saving Club, New Plymouth Swimming Club, New Plymouth Surf Riders Club for

2013 Port Surf Series, New Plymouth Yacht Club, 2014 Taranaki Secondary Schools’

Rowing for New Zealand and North Island Regattas, Portview Bowling Club, East

End Surf Life Saving Club for water safety equipment and signage, and Taranaki

Windsurf Club for Taranaki Wave Classic competition.

Business – Deloitte Annual Energy Excellence Awards (Overall Energy

Company of the Year Category), New Zealand Petroleum Conference, Chartered

Institute of Logistics and Transport, Westpac Taranaki Chamber of Commerce Business Excellence Award (Excellence in Service to the Energy Industry category),

Engineering Taranaki Apprenticeship Awards, Port Taranaki Limited Shippers’

and Exporters’ Golf Tournament, Taranaki Chamber of Commerce, and Taranaki

Federated Farmers’ annual conference.

Employees – membership of Moturoa Toastmasters’ Club, Harry Blyde Golf

tournament, and a staff member who participated in “Ride to Conquer

Cancer” event.


14

SOCIAL REPORT

Customers• Continuedtoprovideforumsfordiscussiononport-

related matters including environmental, health and safety, risk management, and security through

the Port Taranaki Safety Advisory Group, Port Taranaki Security Committee, and the NKTT

Users’ Safety Group.

•Providedvenueforportrelatedmeetings/forums.

•ContinuedtobeanactivememberoftheTaranaki Transport Network.

•PublishedthreeissuesofthePortTaranakimagazine, ‘PORTAL’, with feature articles on

customers.

•ChiefExecutivecontinuedasatrusteeofVentureTaranaki Economic Development Agency and was President/

Past President of the Chartered Institute of Logistics and Transport, New Zealand (CILT).

• ManagerPetrochemicalsandPortSecuritycontinuedas Chairman of the Oil and Gas Specialist Technologies Group and a Board member of the Taranaki Chamber of Commerce. He was a judge for the regional Westpac Taranaki Chamber of Commerce Business Excellence Awards.

• CompanywasrepresentedontheEngineeringTaranakiConsortium.

• HostedPortTaranakiLimitedShippers’andExporters’ Golf Tournament.

• HostedTaranakiITMCuprugbygames.

• HostedPetroleumExplorationandProduction (PEPANZ) visits.

• Conductedporttoursandmadepresentations to customers.

“The team I work in is close knit, caring, and respectful. We are all team players, have a bit of fun but work is always first priortiy”.STAFF SURVEY QUOTE


15

SOCIAL REPORT

Employees• Publishedtheweeklystaffnewsletter,‘PortTalk’,

and the quarterly health and safety newsletter.

• ChiefExecutivemadetwo“StateoftheNation”presentations to all available staff.

• Conducteda“BestWorkplaces”surveyandheldaction planning workshops.

• ContinuedtheavailabilityofEAPServicesLimitedto staff and their families and offered flu injections and hearing tests to all staff.

• Fatiguemanagementtrainingsessionsweremade available to staff and the “Lowie Fit for Work” initiative was launched.

• Opportunityofferedtostafftouse“Tracksuit”website for health suggestions and challenges.

•Continuedtoprovidegroupmedicalinsurance schemes, a subsidised

superannuation scheme and Kiwisaver, and the “Westpac Employee Pac”.

•SocialClubcontinuedtoorganise a range of activities for staff and their families.

•ProvidedSocialClubfacilitiesandan onsite gymnasium.

•Oneemployeeattended“DiscoveryMasters” course at Anakiwa under the John

Young Memorial Outward Bound Scholarship.

• Toursofthepowerstationincludingthechimneywere made available to staff.

• PortTaranakiSuperstarscompetedinthe team section of the Age Group Sprint Triathlon at ITU World Cup.

• Providedsummervacationemploymentfortertiary students (children of current employees).

• Companyactivitiesforstaffincludedsoupdaywhich raised funds for the staff emergency fund.

“The people – despite being so busy and under a lot of pressure at

times, we still have fun in our department.

Flexibility allows me to have work/home

balance”.STAFF SURVEY QUOTE

“The Company shows commitment to develop people and provide a safe and pleasant environment for them to work in”.STAFF SURVEY QUOTE

OUR VALUES

16PORT TARANAKI LIMITED REPORT 2014

Pioneering spirit is about weighing up what is possible, and how our business and our lives can be made better. We have the courage to put new ideas into practice, and when things don’t work out, we’re resilient and we learn.

The port is more than a place to work – it’s a team, a family and a community. Staying in close touch with our colleagues, our community, and our customers is essential to our success.

We challenge ourselves and strive for excellence, taking pride in doing each job as well as we can. A job well done means we set high standards, and we go home safe. It means customers are happy with us, and we grow our business.

STATUTORY INFORMATION

Statutory InformationComparison of Performance with Statement of Corporate Intent

As required under section 16 (4)(a) of the Port Companies Act 1998, a comparison of the performance targets in the Statement of Corporate Intent for the period 1 July 2013 to 30 June 2016 against the actuals for 2013/2014 is shown below:

2013/2014 Target Actual Achieved

Financial:Return on average total assets (NPAT/ATA) 5.93% 7.43% YesReturn on average shareholder’s funds (NPAT/ASF) 8.14% 10.40% Yes

Non-financial:Wharf Utilisation (berth occupancy)

Moturoa Over 30% 33% Yes Newton King Tanker Terminal Over 20% 37% Yes Blyde 1 and 2 Over 10% 45% Yes Main Breakwater Over 30% 48% Yes

NPAT – Net Profit After Tax ATA – Average Total Assets ASF – Average Shareholder’s Funds


The accompanying notes form part of these financial statements.

FOR THE YEAR ENDED 30 JUNE 2014


18

FINANCIAL STATEMENTS

Statement of Profit or Loss and Other Comprehensive Income 2014 2013

NOTE NZ$ NZ$

Revenue from operations 2 55,247,174 44,958,224

Operarting expenses 2 (36,949,522) (32,796,703)

Operating profit before finance income and expenses 18,297,652 12,161,521

Finance Income 2 12,726 7,692

Finance expenses 2 (1,938,376) (1,461,922)

Net finance expense (1,925,650) (1,454,230)

Profit Before Taxation 16,372,002 10,707,291

Income tax expense 3 (4,627,257) (3,244,453)

Profit for the period (attributable to owners of the company) 11,744,745 7,462,838

Other comprehensive income (items that may be reclassified subsequently to profit or loss when specific conditions are met)

Revaluation of property, plant and equipment 15 - 12,364,969

Change in Cash flow hedge reserve 18 666,875 634,366

Other comprehensive income for the period, net of income tax 666,875 12,999,335

Total comprehensive income for the period (attibutable to owners of the company) 12,411,620 20,462,173

Statement of Changes in Equity

NOTE Issued Retained Revaluation Cash Flow Hedge Total Capital Earnings Reserve Reserve Equity NZ$ NZ$ NZ$ NZ$ NZ$

As at 1 July 2012 26,000,000 28,435,748 36,611,833 - 91,047,581

Changes in Equity for 2013

Profit and total comprehensive Income for the period - 7,462,838 12,364,969 634,366 20,462,173

Dividends 17 - (2,950,000) - - (2,950,000)

As at 30 June 2013 26,000,000 32,948,586 48,976,802 634,366 108,559,754

Changes in Equity for 2014

Profit and total comprehensive Income for the period - 11,744,745 - 666,875 12,411,620

Dividends 17 - (3,700,000) - - (3,700,000)

As at 30 June 2014 26,000,000 40,993,331 48,976,802 1,301,241 117,271,374




19

FINANCIAL STATEMENTS

Statement of Financial Position 2014 2013

NOTE NZ$ NZ$

Current Assets

Cash and cash equivalents 6 19,098 530,852

Trade and other receivables 7 7,696,119 4,542,278

Prepayments - 226,908

Inventories 8 680,700 470,002

8,395,917 5,770,040

Non Current Assets

Other intangible assets 10 508,494 841,104

Property, plant and equipment 9 151,545,851 146,503,121

Derivative financial instruments 18 1,301,241 634,366

Deferred tax asset 5 567,778 -

153,923,364 147,978,591

Total Assets 162,319,281 153,748,631

Current Liabilities

Trade and other payables 11 7,129,083 3,367,979

Provisions 12 1,692,419 1,578,444

Borrowings 13 153,597 44,438

Taxation payable 4 2,655,315 1,012,354

11,630,414 6,003,215

Non Current Liabilities

Deferred tax liability 5 - 881,912

Borrowings 13 31,868,493 36,668,750

Trade and other payables 11 590,000 663,000

Provisions 12 959,000 972,000

33,417,493 39,185,662

Equity

Issued capital 14 26,000,000 26,000,000

Asset revaluation reserve 15 48,976,802 48,976,802

Cash flow hedge reserve 18 1,301,241 634,366

Retained earnings 16 40,993,331 32,948,586

117,271,374 108,559,754

Total Equity and Liabilities 162,319,281 153,748,631

For and behalf of the Board

Director Director

Dated 14 August 2014




20

FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 2014

Statement of Cash Flows 2014 2013

NOTE NZ$ NZ$

Cash Flows From Operating Activities

Receipts from customers 59,928,850 53,871,659

Interest received 12,669 7,635

59,941,519 53,879,294

Payments to suppliers and employees (34,745,153) (32,890,879)

Interest paid (1,957,647) (1,633,323)

Income tax paid (4,433,986) (4,011,055)

(41,136,786) (38,535,257)

Net cash provided by operating activities 19 18,804,733 15,344,037

Cash Flows From Investing Activities

Sale of property, plant and equipment and software (net of disposal costs) 17,558 33,105

17,558 33,105

Purchase of property, plant and equipment and software (10,878,218) (21,934,821)

Capitalised interest on purchase of property, plant and equipment (84,000) (48,000)

(10,962,218) (21,982,821)

Net cash (used in)/provided by investing activities (10,944,660) (21,949,716)

Cash Flows From Financing Activities

Proceeds from borrowings - 9,625,000

Repayment of borrowings (4,671,827) -

Interim dividend (1,850,000) (1,500,000)

Final dividend (1,850,000) (1,450,000)

Net cash (used in)/provided by financing activities (8,371,827) 6,675,000

Net Increase/(Decrease) in Cash and Cash Equivalents (511,754) 69,320

Cash and Cash Equivalents at the Beginning of Year 530,852 461,532

Cash and Cash Equivalents at the End of the Year 6 19,098 530,852





21

STATEMENT OF ACCOUNTING POLICIES

GENERAL ACCOUNTING POLICIES

Port Taranaki Limited (the "Company") is a sea port company incorporated under the Companies Act 1993 and domiciled in New Zealand.

The Company's parent and sole shareholder is The Taranaki Regional Council.

The Company's registered office is 2 - 8 Bayly Road, Moturoa, New Plymouth 4310.

The financial statements for the Company were authorised for issue by the directors on 14 August 2014.

The principal activities of the port are described in Note 1.

Statement of Compliance

These are the financial statements of the Company presented in accordance with the Port Companies Act 1988 and the Companies Act 1993, prepared in accordance with the Financial Reporting Act 1993, and in accordance with New Zealand generally accepted accounting practice (NZ GAAP). They comply with New Zealand equivalents to International Financial Reporting Standards (NZ IFRS), International Financial Reporting Standards (IFRS) and other applicable Financial Reporting Standards. The Company is a profit oriented entity.

Basis of Preparation

The financial statements are presented in New Zealand dollars, which is the Company's functional and reporting currency, rounded to the nearest dollar.

They are prepared on the historical cost basis apart from land and derivatives which are stated at their fair value.

The accounting policies set out below have been applied consistently to all periods presented in these financial statements.

SIGNIFICANT ACCOUNTING POLICIES

(a) Cash and Cash Equivalents

Cash and cash equivalents comprise cash on hand, cash in banks and investments in money market instruments. Bank overdrafts are shown within current liabilities in the balance sheet.

(b) Foreign Currency Monetary Balances

Transactions in foreign currencies are converted at the exchange rate ruling at the date of the transaction. At balance date all foreign currency monetary assets and liabilities are translated to New Zealand dollars using the prevailing spot rate of the day. Any gain or loss is recognised in the profit or loss in the reported financial period in which they arise.

(c) Financial Instruments

(c) (i) Derivatives

A derivative is a financial instrument or contract whose value changes in response to the change in a specified interest rate, financial instrument price, commodity price, foreign exchange rate, credit index or other variable. It requires no or a nominal initial investment and is settled at a later date.

The Company uses derivative financial instruments to hedge its exposure to foreign exchange, commodity and interest rate risks arising from operational, financing and investment activities. The Company does not hold or issue derivative financial instruments for trading purposes. Derivatives that do not qualify for hedge accounting are accounted for as trading instruments.

The Company may enter into foreign currency forward exchange contracts, to hedge foreign currency transactions when purchasing major fixed assets and when payment is denominated in foreign currency. Gains and losses on such contracts are recognised in the profit or loss each year at balance date or date of completion by restating the liability to fair value at balance date or at the time of settlement.

Cash Flow Hedges

Changes in the fair value of the derivative hedging instrument designated as a cash flow hedge are recognised directly in the equity to the extent that the hedge is effective. To the extent that the hedge is ineffective, changes in fair value are recognised in the profit or loss with finance expenses.

If the hedging instrument no longer meets the criteria for hedge accounting, expires, or is sold, terminated or exercised, then hedge accounting is discontinued prospectively. The cumulative gain or loss previously recognised in the hedging reserve remains there until the forecast transaction occurs. When the hedged item is a nonfinancial asset, the amount recognised in the hedging reserve is transferred to the carrying amount of the asset when it is recognised. In other cases the amount recognised in the hedging reserve is transferred to the profit or loss in the same period that the hedged item affects the profit or loss.

At year end the Company had one derivative financial instrument in place as per Note 18 (2013: one derivative).

(c) (ii) Financial Assets and Liabilities

Financial Assets

Investments are recognised and derecognised on trade date where the purchase or sale of an investment is under a contract whose terms require delivery of the investment within the timeframe established by the market concerned, and are initially measured at fair value, net of transaction costs. Subsequent to initial recognition, investments in associates are accounted for under the equity method in the financial statements. Other financial assets are classified into the following specified categories: financial assets 'at fair value through the profit or loss', 'held to maturity investments', 'available for sale' financial assets, and 'loans and receivables'. The classification depends on the nature and purpose of the financial assets and is determined at the time of initial recognition.


22


Financial Assets at Fair Value Through Profit or Loss

A financial asset may be designated as at fair value through profit or loss upon initial recognition if:

a) such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise; or

b) the financial asset forms part of a group of financial assets or financial liabilities or both, which is managed and its peak performance is evaluated on a fair value basis, in accordance with the Company’s documented risk management or investment strategy, and information about the grouping is provided internally on that basis; or

c) it forms part of a contract containing one or more embedded derivatives and NZ IAS 39 ‘Financial Instruments: Recognition and Measurement’ permits the entire combined contract (asset or liability) to be designated at fair value through profit or loss.

Financial assets at fair value through profit or loss are stated at fair value, with any resultant gain or loss recognised in profit or loss. The net gain or loss recognised in profit or loss incorporates any dividend or interest earned on the financial asset. Fair value is determined in the manner described in note 18.

Loans and Receivables

Trade receivables, loans, and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method less impairment.

Interest is recognised by applying the effective interest rate.

Impairment of Financial Assets

Financial assets, other than those at fair value through profit or loss are assessed for indicators of impairment at each balance sheet date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been impacted.

For financial assets, objective evidence of impairment could include:

a) significant financial difficulty of the issuer or counterparty; or

b) default or delinquency in interest or principal payments; or

c) it is becoming probable that the borrower will enter bankruptcy or financial re-organisation.

Certain categories of financial assets, such as trade receivables, that are assessed not to be impaired individually are subsequently assessed for impairment on a collective basis. Objective evidence of impairment for a portfolio of receivables includes the Company's past experience of collecting payments, as well as observable changes in national or local economic conditions that correlate with default on receivables and expected

uncollectible items.

For financial assets carried at amortised cost, the amount of the impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade receivables, where the carrying amount is reduced through the use of an allowance account. When a trade receivable is considered uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited off against the allowance account. Changes in the carrying amount of the allowance account are recognised in profit or loss.

If in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortised cost would have been had the impairment not been recognised.

Other Financial Liabilities

Other financial liabilities, including borrowings, and trade and other payables are initially measured at market value, net of transaction costs.

Other financial liabilities are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis.

The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period, to the net carrying amount of the financial liability.

(d) Inventories

Stocks of maintenance materials and supplies are valued at the lower of weighted average cost or net realisable value.

(e) Property, Plant and Equipment

Owned Assets

All items of property, plant and equipment except land are stated at cost less accumulated depreciation and impairment.

After recognition as an asset at date of transition to NZ IFRS an item of land whose fair value can be measured reliably is carried at a revalued amount, being its value at the date of the revaluation less any subsequent accumulated impairment losses. Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at balance date.

Any revaluation increase arising on the revaluation of land is credited to a revaluation reserve, except to the extent that it reverses a revaluation decrease for the same asset





23


previously recognised as an expense in the profit or loss, in which case the increase is credited to the profit or loss to the extent of the decrease previously charged. A decrease in carrying amount arising on the revaluation of land is charged as an expense in the profit or loss to the extent that it exceeds the balance, if any held in the revaluation reserve relating to a previous revaluation of that asset. On the subsequent sale or retirement of a revalued property, the attributable revaluation surplus remaining in the revaluation reserve, is transferred directly to retained earnings.

After recognition as an asset, an item of property, plant and equipment other than land shall be carried at its cost less any accumulated depreciation and any accumulated impairment losses.

Maintenance Dredging

The cost of maintenance dredging incurred is expensed over the period of benefit through to the commencement of the next dredging campaign. The value of the unexpired portion of maintenance dredging at balance date is reflected in property, plant and equipment.

Subsequent Costs

Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate, only when it is probable that the future economic benefits associated with the item will flow to the Company and the cost can be measured reliably. All other costs are charged to the profit or loss during the financial period in which they are incurred.

(f ) Intangibles

Intangible assets acquired by the Company comprise computer software and are stated at cost less accumulated amortisation and impairment losses.

Subsequent expenditure on capitalised intangible assets is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure is expensed as incurred.

(g) Impairment of Non Financial Assets

Assets are reviewed for impairment at each reporting date for events or changes in circumstances that indicate that the carrying amount may not be recoverable. An impairment loss is determined as the amount by which the asset's carrying value exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value, less costs to sell, and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows (cash generating units).

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the assets for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount

of the asset (cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised in the profit or loss immediately, unless the relevant asset is carried at fair value, in which case the impairment loss is treated as a revaluation decrease.

Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised estimate of its recoverable amount, but only to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognised in the profit or loss immediately, unless the relevant asset is carried at fair value, in which case the reversal of the impairment loss is treated as a revaluation increase.

(h) Employee Benefits

(h) (i) Long Term Benefits

The Company's net obligation in respect to future benefits that can extend up to the date of retirement for all existing employees are long term benefits. They relate to benefits that employees have earned in return for their service in the current and prior periods, although they may or may not have vested at balance sheet date. The obligation is calculated using an actuarial method and is discounted to its present value. The discount rate the Company uses is the market yield on long term New Zealand Government bonds as at balance sheet date. The probability of the Company's obligation to pay the future benefit is then determined actuarially.

Long term employee benefits for the Company include: Long service leave, and retirement allowances.

Long Service Leave The Company has long service milestones of 15, 25, 30 and 35 years of service. Leave entitlement accrued towards milestones not yet achieved are calculated in accordance with the long term benefits policy. No benefit is payable to an employee upon leaving the Company for any milestone worked towards but not achieved, however the probability of attaining vested status is determined and applied in calculating the expected liability amount.

Retirement Allowance

The Company has a retirement policy in place which provides for a retirement allowance. Actuarial calculations are made to assess both the amount projected to be paid (in accordance with the Company's policy) and the probability that the employee will qualify for the allowance.

(h) (ii) Post Employment Benefits

Defined Benefit Plans

The Company is a participating employer in the National Provident Fund Defined Benefit Plan Contributors Scheme ("the Scheme") which is a multi-employer defined benefit scheme. If the other participating employers ceased to participate in the Scheme, the employer could be responsible for the entire deficit of the Scheme (see note 26). Similarly, if a number of employers ceased


24


to participate in the Scheme, the employer could be responsible for an increased share of the deficit.

The Company treats payments as expenses when incurred, similar to the treatment for defined contribution schemes as sufficient information is not available to use defined benefit accounting.

(h) (iii) Short Term Benefits

Short term benefits represent the Company's net obligation with respect to benefits for services performed that are expected to be paid in the ensuing 12 months. These accruals are calculated based on existing remuneration rates expected to be in place when the benefits are paid.

Short term employee benefits for the Company include: vested leave, sick leave, long service leave and retirement allowance provision.

Vested Leave

Where an employee has rendered service to the Company and has attained the right to paid leave, the undiscounted amount expected to be paid, is recognised as a current liability as all accumulated leave is expected to be used within 12 months of balance sheet date. The remuneration rates expected to be in place when the benefits are paid is applied to the time owed for entitlements to holiday pay earned, and alternate days owing where statutory days have been worked, and long service leave where the milestone has been achieved.

Sick Leave

The Company measures the amount of additional payments that are expected to arise solely from the fact that the benefit accumulates. The accrual is for the amount estimated it will cost the Company for any employee taking leave in excess of their annual entitlement. It is calculated based on the average expected daily rate of all employees, and the actual average number of sick days taken collectively by employees in excess of annual entitlement in the previous three years.

The current portion of the sick leave provision, the long service leave provision, vested annual leave and retiring allowance provision are presented as current employee benefit provisions.

(i) Provisions

A provision is recognised in the balance sheet when the Company has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability.

(j) Trade and Other Payables

Trade and other accounts payable are recognised when the Company becomes obliged to make future payments resulting from the purchase of goods and services. Subsequent to initial recognition, trade payables and other accounts payable are recorded at amortised cost. Given

the nature of these liabilities amortised cost equals their notional principal.

ACC

As a port operator, the Company is liable to pay residual claims levies to the ACC. As at balance date the ACC actuary advises that the residual claims fund is expected to be fully funded by 2019. An accrual is made at balance date reflecting the estimated amount payable through to 2019 based upon current residual levy rates. The assessed figure is discounted at the 10 year government bond rate to determine the final provision.

The current and non current portions of the ACC accrual is presented as trade and other payables.

(k) Interest Bearing Borrowings

All loans and borrowings are initially recognised at fair value, net of transaction costs. Subsequent to the initial recognition, loans and borrowings are carried at amortised cost with any difference between the initial recognised amount and the redemption value being recognised in the profit and loss over the period of the borrowing using the effective interest method, except that they are capitalised in accordance with (q) below.

All interest bearing borrowings are measured at amortised cost using the effective interest rate method which allocates the cost through the expected life of the borrowing. Amortised cost is calculated taking account of any establishment costs.

Borrowings are classified as current liabilities (either advances and deposits or current portion of term debt) unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date.

(l) Income Tax

Income tax on the profit or loss for the year comprises current and deferred tax. Income tax is recognised in the profit or loss except to the extent that it relates to items of other Comprehensive Income, in which case it is recognised in other Comprehensive Income.

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at balance sheet date, and any adjustment to tax payable in respect of previous years.

Deferred tax is provided using the comprehensive balance sheet liability method, for temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred taxation assets attributable to tax losses or deductible temporary differences are recognised when realisation is probable. Deferred taxation liabilities attributable to taxable temporary differences are amounts of income taxes payable in future periods. However, deferred tax assets and liabilities are not recognised if the temporary differences giving rise to them arise from the initial recognition of assets and liabilities (other than as a result of a business combination) which affects neither taxable income nor accounting profit. Deferred tax assets and liabilities are calculated using the tax rates expected





25


to apply when the assets are recovered or liabilities settled, based on those tax rates which are enacted or substantively enacted at balance sheet date.

The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. Current and deferred tax is recognised as an expense in the profit or loss except when it relates to items of other Comprehensive Income. Deferred taxation assets and liabilities can be offset when they relate to income taxes levied by the same taxation authority.

(m) Dividends

Provisions for dividends are recognised in the period in which they are authorised and approved.

(n) Goods and Services Tax (GST)

All items in the Statement of Financial Position are stated exclusive of GST with the exception of receivables and payables, which include GST. All items in the Statement of Comprehensive Income are stated exclusive of GST. Cash flows are included in the Statement of Cash Flows on a gross basis. The GST component of cash flows arising from investing and financing activities which is recoverable from, or payable to the taxation authority is classified as operating cash flows.

(o) Revenue Recognition

Revenue is measured at the fair value of the consideration received or receivable.

Rendering of services

The Company recognises revenue for the rendering of services when the amount can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity, the transaction can be measured reliably and the costs incurred or to be incurred can be measured reliably.

Interest Revenue

Interest revenue is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount.

(p) Research and Development

Expenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, is recognised in the profit or loss when incurred. Expenditure on developing the application of any research findings will only be capitalised if able to demonstrate all of the following conditions: It is technically feasible to complete so it will be available for sale or use, intended to be completed, able to be used or sold, will generate probable future economic benefits, there are adequate technical, financial and other resources to complete the development to use or sell, and can be measured reliably during its development.

(q) Borrowing Costs

The Company recognises as an expense within the profit or loss all borrowing costs incurred, with the exception of

interest costs incurred during construction/assembly of major capital projects, which are capitalised as part of the initial cost of the respective assets.

(r) Depreciation

Property, plant and equipment other than land are depreciated on a straight-line basis over their estimated useful lives.

Depreciation periods are:

Buildings 5 to 45 years Port installations 5 to 66 years Plant, equipment and fittings 2.5 to 25 years Floating plant 3 to 25 years Bulk tanks 5 to 25 years Maintenance dredging 2 years Capital dredging 50 years

The residual values, and the useful lives of assets are reviewed at least annually and, if expectations differ from previous estimates, the change shall be accounted for as a change in accounting estimate in accordance with NZ IAS 8.

(s) Amortisation

Amortisation is charged to the profit or loss on a straight-line basis over the estimated useful life of the intangible assets unless the estimated useful life is indefinite. There are no indefinite life intangible assets held at balance sheet date. Other intangible assets are amortised from the date they are available for use. The estimated useful lives are as follows:

Computer software 2 to 5 years

(t) Operating Leases

An operating lease is one where the lessor retains significant risks and rewards of ownership of the leased asset.

(i) Payments made under operating leases are recognised in the profit or loss on a straight-line basis over the term of the lease, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

(ii) Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease.

(u) Statement of Cash Flows

Cash flows from operating activities are presented using the direct method.

Definitions of terms used in the Statement of Cash Flows:

- Cash means cash on deposit with banks, net of outstanding bank overdrafts.

- Investing activities comprise the purchase and sale of property, plant and equipment, investment properties and investments.

- Financing activities comprise the change in equity and debt capital structure of the Company and the payment of cash dividends.

- Operating activities include all transactions and events that are not investing or financing activities.


26

STATEMENT OF ACCOUNTING POLICIESCRITICAL ACCOUNTING JUDGMENTS AND ESTIMATES

In the application of NZ IFRS management is required to make judgments, estimates and assumptions about carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstance, the results of which form the basis of making the judgments. Actual results may differ from these estimates.

The fair value of financial instruments that are not traded in an active market (for example, over the counter derivatives) is determined by using valuation techniques. The Company uses its judgment to select a variety of methods and make assumptions that are mainly based on market conditions existing at each balance sheet date. The carrying value of the derivative financial instruments are disclosed in note 18.

The estimates and underlying assumptions are reviewed on an on going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Management have made judgments that relate to the estimated useful life of plant, property and equipment, its fair value, and the value of receivables. The judgements are disclosed in Statement of Accounting Policies (r), and Notes to the Financial Statements, note 9 and note 10 carrying amount, revaluations and other disclosures.

If the estimated useful life of depreciable assets was 5% longer/shorter the operating profit for the year would have increased/decreased for the following classes by:

Buildings 41,310 Port installations 85,552 Plant, equipment and fittings 96,068 Bulk tanks 5,000 Floating plant 35,747 Maintenance dredging 54,018 Capital dredging 21,505

CHANGES IN ACCOUNTING ESTIMATES

2014 and 2013: There had been no changes to accounting estimates.

ADOPTION OF NEW AND REVISED ACCOUNTING STANDARDS

In the current year the Company has adopted all of the Standards and Interpretations issued by the External Reporting Board (the XRB) that are relevant to its operations and effective for the current reporting period.

At the date of authorisation of the financial report, the following Standards and Interpretations were on issue but not yet effective:

effective for annual expected to be reporting periods initially applied in the beginning on or after financial year ending

- NZ IAS 19 - Defined Benefit Plans: Employee Contributions - Amendments 1 July 2014 30 June 2015

- NZ IAS 32 - Financial Instruments Presentation - Offsetting Financial Assets and Financial Liabilities 1 January 2014 30 June 2015

- NZ IAS 39 - Financial Instruments: Recognition and Measurement - Novation of Derivatives and Continuation of hedge Accounting 1 January 2014 30 June 2015

- IAS 16 & IAS 38 - Clarification of Acceptable Methods of Depreciation and Amortisation - Amendments 1 January 2016 30 June 2017

- NZ IFRIC 21 - Levies 1 July 2014 30 June 2015

- Annual Improvements to NZ IFRS: 2010 - 2012 Cycle 1 July 2014 30 June 2015

- Annual Improvements to NZ IFRS: 2012 - 2013 Cycle - NZ IFRS 9 - Financial Instruments 1 January 2017 30 June 2018

- NZ IFRS 11 - Accounting for Acquisitions of Interests in Joint Operations - Amendments 1 January 2016 30 June 2017

- IFRS 15 - Revenue with Contracts with Customers 1 January 2017 30 June 2018

Application of the Standards, Amendments and Interpretations is not expected to have a material impact on the financial statement account balances of the Company but may require additional financial statement disclosures. All other Standards, Amendments and Interpretations are not applicable or expected to have a material effect.

CHANGES IN ACCOUNTING POLICIES

Accounting policies have been applied consistently with those in the previous year.



27

NOTES TO THE FINANCIAL STATEMENTS


NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

1 PRINCIPAL ACTIVITIES

The Company facilitates export and import activities through Port Taranaki. 2014

NZ$ NZ$

2 PROFIT FROM OPERATIONS

(a) Revenue

Port operating revenue from sale of services 49,381,038 41,945,107

Lease and rental revenue 5,866,136 3,013,117

55,247,174 44,958,224

Interest revenue 12,726 7,692

Total revenue 55,259,900 44,965,916

(b) Profit before taxation

Profit before tax for the year has been arrived at after charging

the following:

Employee benefits 13,307,372 11,965,570

Employee benefits - termination 628,731 213,866

Defined contribution plans 872,351 794,953

Cost of services used 3,161,404 2,301,699

General expenses 3,886,223 3,634,961

Finance costs 1,938,376 1,461,922

Maintenance dredging - depreciation (Note 9) 1,080,362 1,040,454

Maintenance dredging other costs 10,441 5,078

Repairs and maintenance 7,578,805 6,624,440

Depreciation and amortisation (refer notes 9 and 10) 6,195,577 6,199,091

(excludes maintenance dredging)

Net loss on disposal of property, plant and equipment 228,256 16,592

Included in General expenses were the following expenses:

Change in estimated doubtful debts 6,000 (5,000)

Translation adjustments comprising:

Net loss/(gain) on foreign currency bank balances (45,404) (17,174)

Payments to auditor

Audit fees 70,350 64,390

2013



28

Payments to directors Included with Included with Employee Employee Benefits Benefits 2014 2013

J S Auld 65,000 60,000

P D Horton 33,500 32,000

R Krogh 33,500 32,000

D N MacLeod 33,500 32,000

G Marshall 7,694 -

M C Norgate 40,200 37,500

R N Taylor 33,500 32,000

246,894 225,500

2014 2013 NZ$ NZ$

3 INCOME TAx ExPENSE/(CREDIT)

(a) Income Tax recognised in the Profit and Loss

Current tax expense 6,076,947 3,577,142

Deferred tax on temporary differences (1,449,690) (332,689)

Income tax expense/(credit) per Profit and Loss 4,627,257 3,244,453

Income tax is calculated at an effective tax rate of 28 percent of the estimated assessable profit for the year.

(b) Reconciliation of Accounting Profit before Tax and Income Tax Expense/(Credit)

Profit before taxation 16,372,002 10,707,291

Income tax expense calculated at 28% 4,584,160 2,998,041

Tax effect of non deductible expenses in profit before tax 4,528 9,887

Tax effect of zero rated building additions current year 192,668 54,882

Prior period adjustments impacting income expense under/(over) (154,099) 181,643

Income Tax Expense per Statement of Comprehensive Income 4,627,257 3,244,453

4 TAxATION REFUNDAbLE/(PAYAbLE)

Opening balance (1,012,354) (1,446,266)

Prior year tax paid/(refund) 1,033,334 1,539,715

Prior period adjustment 28,486 (93,450)

Current taxation payable (6,105,433) (3,479,019)

Provisional taxation paid 3,400,652 2,466,666

Taxation refundable/(payable) (2,655,315) (1,012,354)




29


5 DEFERRED TAx ASSET/(LIAbILITY) Depreciation/ Provisions/ Receivables/ Total Amortisation Payables Prepayments NZ$ NZ$ NZ$ NZ$

As at 1 July 2012 (2,140,291) 987,010 (61,320) (1,214,601)

(Charged)/credited to Profit or Loss in the Statement of Comprehensive Income 364,678 143,394 (175,382) 332,689

As at 30 June 2013 (1,775,613) 1,130,404 (236,702) (881,912)

(Charged)/credited to Profit or Loss in the Statement of Comprehensive Income 799,813 440,894 208,982 1,449,690

As at 30 June 2014 (975,800) 1,571,298 (27,720) 567,778

There are no income tax losses carried forward.

For the year ended 30 June 2014

2014 2013 NZ$ NZ$

6 CASH AND CASH EQUIVALENTS

Cash at bank and on hand 19,098 530,852

The carrying amount for cash and cash equivalents equals fair value.

7 TRADE AND OTHER RECEIVAbLES

(a) Current

Trade receivables 7,474,744 4,275,842

Provision for impairment (15,000) (9,000)

Net trade receivables 7,459,744 4,266,842

Other receivables 236,375 275,436

7,696,119 4,542,278

The fair value of trade and other receivables approximates their carrying value.

The average credit period on sales of services is 45 days (2013: 29 days). The Company reserves the right entirely at

its discretion to apply an interest charge at 2.5% per month compounding on overdue accounts, as per ‘Standard

conditions of business’ 5.5(c) issued by Port Taranaki Limited. If credit has been granted, then payment for services

rendered is due by the 20th of the month following invoice. The Company has provided in full for any receivables over

90 days old which are considered potentially unrecoverable. All other debtors are provided for based on estimated

irrecoverable amounts determined by reference to past default experience.

Included in the Company’s trade receivable balance are debtors with a carrying amount of $1.062m (2013: $0.349m)

which are past due at the reporting date. The average age of the $1.062m receivables is 51 days (2013: 31 days).



30


2014 2013 NZ$ NZ$

Movement in the provision for impairment

Balance 1 July 9,000 14,000

Increase/(Decrease) in impairment provision recognised in profit or loss 6,000 (5,000)

Balance 30 June 15,000 9,000

In determining the recoverability of a trade receivable the Company considers any change in the credit quality of the

trade receivable from the date credit was initially granted up to the reporting date. The concentration of credit risk lies in

trade debtors where 32.05%, or 25 (2013: 37.88%, 29) by number of trade debtors, represent 92.46% (2013: 85.59%) of

the total amount of trade debtors. 14.21% (2013: 8.17%) of trade receivables were overdue but not impaired at balance

sheet date. 0.20% (2013: 0.21%) of trade receivables were considered impaired.

8 INVENTORIES

Maintenance consumables 680,701 470,003

For the year ended 30 June 2014

9 PROPERTY, PLANT AND EQUIPMENT

Land

Carrying amount at 1 July 74,183,000 47,098,270

Additions - 14,719,761

Revaluations - 12,364,969

Carrying amount at 30 June 74,183,000 74,183,000

Buildings

As at 30 June previous year

Cost 24,902,041 24,775,826

Accumulated depreciation (11,637,334) (10,779,486)

Net book value previous year 13,264,707 13,996,340


Additions 1,000,875 126,215

Disposals (40,733) -

Depreciation (826,209) (857,848)




31


2014 2013 NZ$ NZ$

Maintenance dredging


Cost 2,305,823 2,186,096

Accumulated depreciation (417,428) (1,405,354)

Net book value previous year 1,888,395 780,742

Carrying amount at 1 July 1,888,395 780,742

Additions - 2,148,107

Depreciation (1,080,362) (1,040,454)

Carrying amount at 30 June 808,033 1,888,395

Port installations


Cost 41,604,625 41,417,214




Additions 3,333,135 187,412

Depreciation (1,711,047) (2,036,734)


Bulk tanks


Cost 999,999 -

Accumulated depreciation (8,334) -

Net book value previous year 991,665 -

Carrying amount at 1 July 991,665 -

Additions - 999,999

Revaluations - -

Disposals - -

Depreciation (99,999) (8,334)

Carrying amount at 30 June 891,666 991,665



32


2014 2013 NZ$ NZ$

Plant, equipment and fittings


Cost 26,485,715 26,377,828




Additions 738,257 2,437,165

Revaluations - -

Disposals (31,177) (49,698)

Depreciation (1,921,367) (1,655,677)


Floating plant


Cost 14,450,892 14,413,274




Additions 3,071,285 37,617

Revaluations - -

Disposals - -

Depreciation (714,946) (723,783)


Capital dredging


Cost 21,505,192 21,505,192




Additions - -

Revaluations - -

Disposals - -

Depreciation (430,104) (430,104)


Capital works in progress

Carrying amount at 1 July 1,778,375 504,970

Additions 11,898,673 20,929,682

Transferred upon completion (8,143,551) (19,656,277)


Total plant, property and equipment 151,545,851 146,503,121



33


As at 30 June 2014 Cost Accumulated Carrying depreciation amount

Land (including revaluations) 74,183,000 - 74,183,000

Buildings 25,808,262 (12,409,622) 13,398,640

Maintenance dredging 2,305,823 (1,497,790) 808,033

Port installations 44,937,759 (27,412,000) 17,525,759

Bulk tanks 999,999 (108,333) 891,666

Plant, equipment and fittings 27,041,287 (16,832,328) 10,208,959

Floating plant 17,514,338 (6,941,356) 10,572,982

Capital dredging 21,505,192 (3,081,877) 18,423,315

Capital works in progress 5,533,497 - 5,533,497

Total plant, property and equipment 219,829,157 (68,283,306) 151,545,851

Revaluations

Land was revalued at 30 June 2013 by Mr Ian Baker, a registered valuer with Telfer Young (Taranaki) Ltd, New Plymouth.

Telfer Young have been contracted by Port Taranaki as independent valuers. The revalued amount of land used in this

report amounts to $74.1m using the Direct Sales Comparison Approach methodology.

Land assets have been valued on their highest and best use taking into account the existing zoning, potential for

utilisation and localised port market. All land holdings are used or held for port operational requirements and as such

are valued under the requirements of NZ IAS 16 using fair value (market value).

The carrying amount of land had it been recognised under the cost model is as follows:

2014 2013 NZ$ NZ$

25,206,198 25,206,198

Other disclosures

(i) There are no material items of property, plant or equipment which are not in current use.

(ii) There have been impairment losses recognised in the current period, for three individual assets impaired a

combined value of $173,000.

(iii) $84,000 (2013: $48,000) of borrowing costs were capitalised.

(iv) There are no restrictions in titles relating to property, plant and equipment or items pledged as security for

liabilities apart from those held by Westpac Banking Corporation (note 13).

(v) On 12 June 2013 the Company purchased 18.805 hectares of adjoining land from Contact Energy Limited. As

part of the sale and purchase agreement Contact Energy Limited:

1. Has a right to reacquire 6.66 hectares of specified land at a fixed price for the purposes of electricity generation

and/or gas related import/export facilities for a period of up to 25 years from the settlement date; and

2. Has a right of first refusal. The Company cannot sell any of the 18.805 hectares of land without first providing

Contact Energy Limited the option to reacquire the property under the price terms and conditions the Company

desires to sell.



34


2014 2013 NZ$ NZ$

10 OTHER INTANgIbLE ASSETS – COMPUTER SOFTwARE


Cost 4,565,058 4,463,547

Accumulated amortisation (3,723,954) (3,237,342)

Net book value previous year 841,104 1,226,205

Carrying amount at 1 July 841,104 1,226,205

Additions 159,244 101,511

Revaluations - -

Disposals - -

Amortisation (491,854) (486,612)

As at 30 June 2014 Cost Accumulated Carrying depreciation amount

Computer software 4,724,303 (4,215,809) 508,494

11 TRADE AND OTHER PAYAbLES

(a) Current liabilities

Related parties payables and accruals - 750

Employee benefits 1,466,749 564,595

Interest payable 1,611 360

Trade payables and accruals 5,660,723 2,802,274

7,129,083 3,367,979

Terms of credit are payment on the 20th of the month following invoices unless other terms are specified by suppliers.

The Company has financial risk management systems in place to ensure that all payables are paid within the credit

timeframe.

(b) Non current liabilities

Trade payables and accruals 590,000 663,000

7,719,083

12 PROVISIONS - EMPLOYEE bENEFITS


Sick leave 41,000 51,000

Retiring allowance 223,000 189,000

Annual leave 1,264,646 1,214,827

Long service leave 163,773 123,617

Closing balance 1,692,419 1,578,444

4,030,979



35



Retiring allowance 766,000 763,000

Long service leave 193,000 209,000

Closing balance 959,000 972,000

2,651,419 2,550,444

The provision is affected by a number of estimates including the expected employment period of employees and the

timing of employees utilising the benefits. Benefits are recalculated annually, retiring allowance and long service leave

by an actuary, and all non current portions are discounted using the appropriate government bond rate matched to the

year the provision is due as applicable at balance sheet date. All movements are recorded in operating expenses.

2014 2013 NZ$

13 bORROwINgS


Secured loans - Westpac 153,597 44,438

Weighted average interest rate 0.00% 0.00%


Secured loans - Westpac 31,900,000 36,700,000

Less deferred loan facility fee (31,507) (31,250)

Secured loans - Westpac 31,868,493 36,668,750

Weighted average interest rate 4.49% 3.45%

Other disclosures

(i) The non current loans are due within 3 years.

(ii) The carrying amount for current and non current loans and their fair values are disclosed in note 18.

(iii) The carrying amount for current and non current loans is denominated in New Zealand dollars.

(iv) The secured loans are obtained under a $50 million (2013: $50 million) funding facility provided by Westpac Banking

Corporation. As at 30 June 18.1 million (2013: $13.3 million) was undrawn. The borrowings in the statement of financial

position include accrued interest.

(v) During the year there had not been any defaults or breaches of bank covenants.

(vi) The sole security interest, fixed charge and agreement to mortgage is to Westpac Banking Corporation for a priority

amount of $80 million (2013: $80 million). The security interest is in Port Taranaki’s Personal Property (present and

after acquired) and the fixed charge and agreement to mortgage is granted over Other Property (present and future

rights). Other Property is defined as any other land or assets not deemed Personal Property. Personal Property can be

considered to be any property other than land.

(vii) The weighted average interest rate is based on the applicable fixed rates and floating rates as at balance date. The

weighted average interest rate for the current liability in 2014 is 0.00% (2013: 0.00%) as this is solely interest payable and

only includes interest payable.

NZ$



36


2014 2013 NZ$ NZ$

14 ISSUED CAPITAL

Balance 1 July 26,000,000 26,000,000

Balance 30 June 26,000,000 26,000,000

The total number of shares authorised, issued and fully paid at 30 June 2014 was 52,000,000 (30 June 2013 was

52,000,000). The shares have no par value.

All shares rank equally in terms of voting rights, rights to fixed dividends and rights to share in any surplus on wind up of

the Company.

There is no right of redemption attached to these shares.

15 ASSET REVALUATION RESERVE

The asset revaluation reserve arises on the revaluation of land. Where revalued land is sold, that portion of the asset

revaluation reserve which relates to that asset and is effectively realised, is transferred directly to retained earnings.

Balance 1 July 48,976,802 36,611,833

Revaluation increments/decrements - 12,364,969

Balance 30 June 48,976,802 48,976,802

16 RETAINED EARNINgS

Balance 1 July 32,948,586 28,435,748

Profit for the period 11,744,745 7,462,838

Dividends (note 17) (3,700,000) (2,950,000)

Balance 30 June 40,993,331 32,948,586

17 DIVIDENDS PAID

Paid September 1,850,000 1,450,000

Paid February (2013: March) 1,850,000 1,500,000

3,700,000 2,950,000

All dividends were paid in cash and fully imputed.

18 FINANCIAL INSTRUMENTS AND RISK MANAgEMENT

(a) Capital risk management

The Company manages its capital to ensure it is able to continue as a going concern while maximising the return to

stakeholders through the optimisation of the debt and equity balance.

The capital structure of the Company consists of debt, which includes the borrowings disclosed in note 13, and equity

attributable to the shareholder, comprising issued capital, reserves and retained earnings as disclosed in notes 14, 15

and 16.

The Company’s board of directors monitors and reviews the capital structure annually through the statement

of corporate intent process and treasury policy review. Part of this review includes adherence to bank covenant

requirements which have capital requirements in relation to debt to equity ratio. Through these two processes the

Company seeks to balance the growth objectives of the Company with the Company’s dividend policy objective. Due to

the strength of the Company’s balance sheet all new business ventures of the Company can currently be debt funded.



37


(b) Categories and fair value of financial instruments

The estimated fair values of financial instruments are as follows:

2014 Carrying 2014 Fair 2013 Carrying 2013 Fair Amount Value Amount Value NZ$ NZ$ NZ$ NZ$

Financial Assets

Loans and receivables

Foreign currency bank balances 18,798 18,798 216,406 216,406

Cash and cash equivalents 300 300 314,445 314,445

Receivables 7,696,119 7,696,119 4,542,278 4,542,278

Derivative financial instruments 1,301,241 1,301,241 634,366 634,366

Financial Liabilities

At amortised cost

Payables and accruals current 7,129,083 7,129,083 3,367,979 3,367,979

Payables and accruals non current 590,000 590,000 663,000 663,000

Interest bearing loans - Westpac 32,022,090 32,022,090 36,713,188 36,674,253

The following methods and assumptions were used to estimate the fair value of each class of financial instrument:

Derivative financial instruments – Cash flow hedge

Interest rate swap

The nature of the risk is the variability of the hedged item resulting from the changes on BKBM interest rates associated

with on-going term borrowings.

Fair value is stated at the indicative market value obtained from the calculation agent.

Effective commencement date 24 June 2013

Rate 3.86%

Term 84 months

Expiry date 24 June 2020

Notional value 30,000,000

Cash and cash equivalents, foreign currency balances, receivables and short term payables long term liabilities and

accruals:

The carrying value of these items is equivalent to the fair value.

Interest bearing loans

The fair value of the current loans and term loans are estimated based upon the market prices available for similar debt

securities obtained from the lender at balance sheet date.

(c) Financial risk management objectives

The finance department of the Company provides treasury services to the Company, monitoring and reviewing financial

risk through internal management reporting. These risks include market risk (including currency risk and fair value

interest rate risk), credit risk, liquidity risk and cash flow interest rate risk. The Company seeks to minimise the effects of

these risks by adhering to a treasury policy reviewed by the Company’s board of directors. The treasury policy provides

written guidelines on foreign exchange risk, interest rate risk and credit risk. Surplus funds are either applied against

Company borrowings minimising surplus liquidity or invested short term until required.

The Company does not enter into, or trade financial instruments, including derivative financial instruments for

speculative purposes.



38


(d) Market risk

The Company’s activities expose it to interest rate movement risk principally, and occasionally to foreign exchange

risk when capital assets are purchased in foreign currency. These risks are minimised by adherence to the Company’s

treasury risk policy which endeavours to minimise risk by:

(i) Ensuring a minimum of 50% of the Company's interest bearing debt is fixed term or fixed by way of financial

derivative. At balance date the financial derivative exposure was limited to an interest swap listed in (b) above.

(ii) Ensuring that any capital asset purchase of $250,000 or greater sourced in foreign currency is fully hedged within two

days of unconditional purchase. At balance date the foreign currency exposure was limited to foreign currency bank

balances listed in (b) above.

As at 30 June 2014, if interest rates at that date had been 100 basis points lower with all other variables held constant,

post-tax profit for the year would have been $316,142 (2013: $159,000) higher, arising as a result of lower interest

expense on average variable rate borrowings. If interest rates had been 100 basis points higher, with all other variables

held constant post-tax profit would have been $316,142 (2013: $159,000) lower, arising as a result of higher interest

expense on variable rate borrowings.

(e) Credit risk management

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the

Company. The Company has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient

collateral, where appropriate, as a means of mitigating the risk of financial loss from defaults. The Company’s exposure

and the credit worthiness of its counterparties are continuously monitored and the aggregate value of transactions

concluded is spread amongst approved counterparties.

In the normal course of its business the Company incurs credit risk from trade debtors and financial institutions. The

extent of concentration of credit risk lies in trade debtors. Refer to note 7.

Except, as currently provided for, the Company does not expect the non performance in respect of any outstanding

obligations at balance date.

The carrying amount of financial assets recorded in the financial statements, net of any allowances for losses,

represents the Company’s maximum exposure to credit risk without taking account of any collateral obtained.

No security is held on any of the above amounts.

(f ) Liquidity risk management

Ultimate responsibility for liquidity risk management rests with the board of directors, who have built an appropriate

liquidity risk management framework for the management of the Company’s short, medium and long-term funding and

liquidity management requirements. The Company manages liquidity risk by maintaining adequate reserves, banking

facilities and reserve borrowing facilities by continuously monitoring forecast and actual cash flows and by monitoring

working capital turnover. Included in note 13(iv) is a list of additional undrawn facilities that the Company has at its

disposal to further reduce liquidity risk.

Liquidity and interest risk tables - Financial liabilities

The following tables detail the Company’s remaining contractual maturity for its non-derivative financial liabilities. As

the amounts included in the table are contractual undiscounted cash flows these amounts will not reconcile to the

amounts disclosed in the balance sheet.



39


2014 Interest risk table financial liabilities

Weighted average effective Less than 1-3 3 months 1-5 5+ Total interest rate 1 month months to 1 year years years % NZ$ NZ$ NZ$ NZ$ NZ$ NZ$

Trade and other payables 0.000 5,918,764 445,200 175,119 590,000 - 7,129,083

Provisions 0.000 141,035 282,070 1,269,314 210,980 748,020 2,651,419

Variable interest rate instruments 4.400 2,028,661 330,000 990,000 32,752,110 - 36,100,771

Derivative financial instruments 3.620 - 18,148 54,444 290,368 72,592 435,552

8,088,460 1,075,418 2,488,877 33,843,458 820,612 46,316,825

2013 Interest risk table financial liabilities


Trade and other payables 0.000 3,052,979 315,000 - 530,000 133,000 4,030,979

Provisions 0.000 76,565 153,130 1,348,749 214,000 758,000 2,550,444

Fixed interest rate instruments 3.480 - 48,768 5,840,378 - - 5,889,145

Variable interest rate instruments 3.453 1,200,360 278,757 776,894 30,221,362 - 32,477,372

Derivative financial instruments 2.690 - 88,471 262,529 1,404,000 702,000 2,457,000

4,329,904 884,125 8,228,550 32,369,362 1,593,000 47,404,940

Interest risk tables - financial assets The following table details the Company’s expected maturity for its non-derivative financial assets. The tables below have been drawn up based on the undiscounted contractual assets including interest that will be earnt on those assets except where the Company anticipates that the cash flow will occur in a different period. As the amounts included in the table are contractual undiscounted cash flows these amounts will not reconcile to the amounts disclosed in the balance sheet.

2014 Interest risk table financial assets


Cash and cash equivalents variable 19,098 - - - - 19,098

Trade and other receivables 0.000 7,696,119 - - - - 7,696,119

7,715,217 - - - - 7,715,217

2013 Interest risk table financial assets


Cash and cash equivalents variable 530,852 - - - - 530,852

Trade and other receivables 0.000 4,542,278 - - - - 4,542,278

5,073,130 - - - - 5,073,130



40


g) Fair value

Fair value hierarchy

The Company’s assets and liabilities which are measured at fair value are categorised into one of three levels as follows:

Level one - the fair value is determined using unadjusted quoted prices from an active market for identical assets

and liabilities. A market is regarded as active if quoted prices are readily and regularly available from an exchange,

dealer, broker industry Company, pricing service or regulatory agency, and those prices represent actual and regularly

occurring market transactions on an arm’s length basis.

Level two - the fair value is derived from inputs other than quoted prices included in level one that are observable for

the asset or liability, either directly (i.e. as prices)or indirectly (derived from prices). Financial instruments in this level

include interest rate swaps and options and valuation of land.

Level three - the fair value is derived from inputs that are not based on observable market data.

The Company’s policy is to recognise transfers between fair value hierarchy levels as at the date of the event or change

in circumstances that caused the transfer. There were no transfers between level one, two and three during the year

(2013: nil).

Valuation of level two

Fair value of level two derivatives is determined using methodology described in note 9 revaluation subheading and

note 18b.

2014 2013

NZ$ NZ$

Items carried at fair value

Interest rate swap (note 18b) 1,301,241 634,366

Land valuation (revaluations subheading note 9) 74,183,000 74,183,000

19 RECONCILIATION OF PROFIT FOR THE PERIOD TO NET CASH FLOwS FROM OPERATINg ACTIVITIES

Profit after taxation 11,744,745 7,462,838

Plus/(less) non-cash items:

Depreciation and amortisation 7,275,941 7,239,547

Interest/Derivatives receivable accrued to advance account - -

Decrease/(Increase) in deferred tax balances (1,449,690) (332,689)

Net loss/(Profit) on disposal of property, plant and equipment 228,256 16,592

6,054,507 6,923,450

Changes in net assets and liabilities

(Increase)/Decrease in assets:

Trade and other receivables (3,153,841) 2,063,178

Prepayments 226,908 (172,086)

Derivative financial instruments (666,875) (634,366)

Inventories (210,698) (7,153)



41


2014 2013 NZ$ NZ$

Increase/(Decrease) in liabilities:

Provisions 100,975 67,126

Trade and other payables 4,354,979 294,733

Interest payable (19,271) (171,401)

Taxation payable 1,642,962 (433,912)

2,275,139 1,006,118

Plus/(Less) items classified as investment activities:

Movement in fixed asset creditors (1,269,658) (48,370)

Net cash provided by operating activities 18,804,733 15,344,037

20 OPERATINg LEASES

(a) Non Cancellable Operating Leases as Lessee

Lease commitments due as follows:

Within 1 year 18,040 35,480

Between 1-5 years - 17,440

Greater than 5 years - -

18,040 52,920

Lease payments under operating leases recognised as an expense during

the year. 42,080 250,972

Operating lease payments represent rentals payable by Port Taranaki Limited for the lease of land and buildings. All

operating lease contracts contain market review clauses in the event that Port Taranaki Limited exercises its option

to renew. Port Taranaki Limited does not have an option to purchase any of the leased assets at the end of the lease

periods.

2014 2013 NZ$ NZ$

(b) Non-Cancellable Operating Leases as Lessor

Future minimum lease payments under non-cancellable leases are as follows:

Within 1 year 2,709,910 2,133,991

Between 1-5 years 6,516,693 3,841,635

Greater than 5 years 8,855,325 6,307,895

18,081,928 12,283,521

Port Taranaki Limited leases a range of land and buildings to a number of customers. The majority of leases include

rights of renewal for periods of up to seven years, with several land leases containing rights of renewal from 20 up to 50

years. There were no contingent rents recognised as income in the 2014 and 2013 years.



42


2014 2013 NZ$ NZ$

21 IMPUTATION CREDIT ACCOUNT

The imputation credits available for use in subsequent reporting periods are:

20,062,452 15,423,232

22 RELATED PARTY TRANSACTIONS

The Company has a related party relationship with its parent, directors and executive officers.

(a) Transactions with parent

Port Taranaki Limited was a 100% owned subsidiary of the Taranaki Regional Council (TRC) at all times during the year.

Apart from dividends (see note 17) the following transactions occurred between Port Taranaki Limited and TRC during

the year.

(i) Sale of goods and services to parent 48,416 40,166

(ii) Purchase of goods and services from parent 49,709 42,574

(iii) Current payables to parent at balance date - 750

(iv) Current receivables from parent at balance date - -

(v) There are no guarantees or bad debts

(vi) There was no taxation grouping arrangement in 2014 or 2013.

(b) Transactions with subsidiaries

2014 and 2013: Port Taranaki Limited had no subsidiaries.

(c) Transactions with key management personnel

i) The compensation of the directors and executives, being the key management personnel of the Company is set out

below:

Short term employee benefits 1,825,675 2,521,602

Other long term benefits (4,000) (19,000)

Termination benefits - 217,179

Post employment benefits (46,000) (7,000)

1,775,675 2,712,781

23 COMMITMENTS

Estimated capital expenditure contracted for at balance date but not

provided, $4,034,672 (2013: $2,401,966) for demolition works and property

purchase (2013 for a new launch and roading work). 4,034,672 2,401,966

24 EVENTS SUbSEQUENT TO bALANCE DATE

2014 and 2013: There are no events subsequent to balance date.



43


25 CONTINgENT LIAbILITIES

2014 and 2013: The Company is a participating employer in the NPF DBP Contributors scheme (“the Scheme”) which is

a multi-employer defined benefit scheme. If the other participating employers ceased to participate in the Scheme, the

employer could be responsible for the entire deficit of the Scheme (note 26). Similarly, if a number of employers ceased

to participate in the Scheme, the Company could be responsible for an increased share of the deficit.

26 DEFINED bENEFIT PLAN

As at 30 June 2014 the multi-employer defined benefit plan with National Provident Fund (NPF) entitles 3 employees

(2013: 1 employee at balance date) to retirement benefits. No other post retirement plans are provided by the Company.

The total expenses recognised in the profit or loss of $0 (2013: $0) represents contributions paid to the plan. The Com-

pany has no other known liability in respect to the scheme.

The Schemes Actuary has advised that insufficient information is available to use defined benefit accounting as it is not

possible to determine, from the terms of the Scheme, the extent to which the deficit will affect future contributions by

employers, as there is no prescribed basis for allocation.

As at 31 March 2013, the Scheme had a past service surplus of $17.4million (2012: $19.8 million), 7.7% (2012: 8.3%)

of the liabilities. This amount is exclusive of Employer Superannuation Contribution Withholding Tax. This surplus

was calculated using a discount rate equal to the expected return on the assets, but otherwise the assumptions and

methodology were consistent with the requirements of NZ IAS 19.

The Actuary to the Scheme recommended previously that the employer contributions were suspended with effect from

1 April 2011. In the latest report the Actuary recommended employer contributions remain suspended.

27 OTHER ANNUAL REPORT DISCLOSURES

The shareholder has resolved not to require disclosure of the matters listed in section 211 (1), (e) and (g) of the

Companies Act 1993.

28 STATUTORY COMPLIANCE

2014: During the year there were no breaches of Statutory Compliance.

2013: During the year the Company breached section 322 of the Resource Management Act 1991. Board approved

capital expenditure was in progress at balance sheet date to provide corrective action.


44

INDEPENDENT AUDITOR’S REPORT

TO THE READERS OF PORT TARANAKI LIMITED’S FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2014The Auditor-General is the auditor of Port Taranaki Limited (the company). The Auditor-General has appointed me, Bruno Dente, using the staff and resources of Deloitte, to carry out the audit of the financial statements of the company on her behalf.

We have audited the financial statements of the company on pages 18 to 43, that comprise the statement of financial position as at 30 June 2014, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year ended on that date and the notes to the financial statements that include accounting policies and other explanatory information.

Opinion Financial statements

In our opinion the financial statements of the company on pages 18 to 43:

- comply with generally accepted accounting practice in New Zealand;

- comply with International Financial Reporting Standards; and

- give a true and fair view of the company's:

- financial position as at 30 June 2014; and

- financial performance and cash flows for the year ended on that date.

Other legal requirements

In accordance with the Financial Reporting Act 1993 we report that, in our opinion, proper accounting records have been kept by the company as far as appears from an examination of those records.

Our audit was completed on 14 August 2014. This is the date at which our opinion is expressed.

The basis of our opinion is explained below. In addition, we outline the responsibilities of the Board of Directors and our responsibilities, and explain our independence.

Basis of Opinion

We carried out our audit in accordance with the Auditor-General’s Auditing Standards, which incorporate the International Standards on Auditing (New Zealand). Those standards require that we comply with ethical requirements and plan and carry out our audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

Material misstatements are differences or omissions of amounts and disclosures that, in our judgement, are likely to influence readers' overall understanding of the financial statements. If we had found material misstatements that were not corrected, we would have referred to them in our opinion.

An audit involves carrying out procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgement, including our assessment of risks of material misstatement of the financial statements whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the preparation of the company's financial statements that give a true and fair view of the matters to which they relate. We consider internal control in order to design audit procedures that are appropriate in the circumstances but not for the purpose

of expressing an opinion on the effectiveness of the company’s internal control.

An audit also involves evaluating:

- the appropriateness of accounting policies used and whether they have been consistently applied;

- the reasonableness of the significant accounting estimates and judgements made by the Board of Directors;

- the adequacy of all disclosures in the financial statements; and

- the overall presentation of the financial statements.

We did not examine every transaction, nor do we guarantee complete accuracy of the financial statements. Also we did not evaluate the security and controls over the electronic publication of the financial statements.

In accordance with the Financial Reporting Act 1993, we report that we have obtained all the information and explanations we have required. We believe we have obtained sufficient and appropriate audit evidence to provide a basis for our audit opinion.

Responsibilities of the Board of Directors

The Board of Directors is responsible for preparing financial statements that:

- comply with generally accepted accounting practice in New Zealand; and

- give a true and fair view of the company’s financial position, financial performance and cash flows.

The Board of Directors is responsible for such internal control as it determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. The Board of Directors is also responsible for the publication of the financial statements, whether in printed or electronic form.

The Board of Directors’ responsibilities arise from the Financial Reporting Act 1993 and the Port Companies Act 1988.

Responsibilities of the Auditor

We are responsible for expressing an independent opinion on the financial statements and reporting that opinion to you based on our audit. Our responsibility arises from section 15 of the Public Audit Act 2001 and section 19 of the Port Companies Act 1988.

Independence

When carrying out the audit, we followed the independence requirements of the Auditor-General, which incorporate the independence requirements of the External Reporting Board.

Other than the audit, we have no relationship with or interests in the company.

Bruno Dente DELOITTE On behalf of the Auditor-General Hamilton, New Zealand


45

WORK-IN-PROGRESS

POWER STATION DEMOLITION


46

2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Operations

Trade (millions of freight tonnes)

Imports 0.86 0.75 0.78 0.79 0.66 0.76 0.85 0.77 0.61 0.77

Exports 4.65 3.82 3.06 3.10 2.93 2.76 2.53 2.51 2.04 2.68

Total 5.51 4.57 3.84 3.89 3.59 3.52 3.38 3.28 2.65 3.45

Vessel arrivals (over 100 GT) 899 679 664 783 717 695 927 897 677 562

Total gross tonnage (GT)(millions) 7.49 6.55 5.84 6.94 6.78 6.39 7.20 7.06 6.29 6.32

Permanent full time employees 122 121 122 121 127 129 122 116 113 110

Financial ($millions)

Revenue 55.26 44.97 41.30 39.28 37.83 46.81 42.79 36.95 29.93 27.96

Total interest expense 1.94 1.46 2.32 2.93 3.08 2.72 3.31 1.55 1.57 1.48

Earnings before interest, subvention 18.30 12.16 8.67 7.63 6.71 10.87 11.28 8.96 3.65 3.68

payments and taxation (EBIT)

Taxation 4.63 3.24 2.01 1.64 4.91 2.74 3.25 2.67 1.42 0.70

Net profit after taxation 11.74 7.46 4.36 3.12 (1.27) 5.42 4.76 4.78 2.23 1.45

Dividends 3.70 2.95 2.20 1.85 1.90 3.90 1.80 1.00 0.84 2.20

Capital expenditure and acquisitions 12.06 21.03 2.94 3.78 4.34 16.21 5.90 20.34 11.34 5.68

Equity 117.27 108.56 91.05 88.88 87.61 90.78 89.26 71.56 67.79 67.28

Interest bearing debt 32.02 36.71 27.26 35.93 39.62 40.56 35.30 37.30 26.00 21.30

Total tangible assets 160.51 152.27 126.60 132.00 134.25 137.66 131.16 114.66 99.08 92.68

Earnings per share (¢) 22.59 14.35 8.39 6.01 (2.43) 10.42 9.16 9.19 4.29 2.79

Ordinary dividends per share (¢) 7.12 5.67 4.23 3.56 3.65 7.50 3.46 1.92 1.62 4.23

Net assets per share (¢) 226 209 175 171 168 175 172 138 130 129

Equity (%) 72.25 70.61 71.23 66.53 64.35 65.39 67.97 62.30 68.23 72.59

Return on equity (%) 10.02 6.87 4.79 3.51 (1.45) 5.97 6.34 6.67 3.29 2.15

Return on assets (%) 7.31 4.90 3.44 2.36 (0.95) 3.94 3.63 4.16 2.25 1.56

Operating cashflow 18.80 15.34 10.68 11.92 8.41 14.41 9.21 10.57 6.15 7.42

Interest cover (times covered by net 5.81 4.94 1.88 1.07 (0.39) 1.88 1.44 1.80 1.24 0.98

profit after taxation)

Port Taranaki Limited adopted NZ IFRS for the year commencing 1 July 2006. The earliest year that has been restated under

NZ IFRS for the comparatives above is 2006.

COMPARATIVE REVIEW


DIRECTORY

DirectorsJohn Auld, ChairmanCraig Norgate, Deputy ChairmanPeter HortonRichard Krogh David MacLeodGraeme Marshall (from 8 April 2014)Roger Taylor MNZM

Company SecretaryBronwyn Clement

Executive Leadership TeamRoy Weaver, Chief Executive

Bill Edie, Property & Infrastructure Manager

John Lehman, Business Services Manager

Guy Roper, Commercial Manager (from 19 August 2013)

Noel Henderson, Human Resource Manager

AuditorsDeloitte on behalf of the Auditor-General

BankersWestpac Banking Corporation

SolicitorsGovett Quilliam

Contact DetailsPort Taranaki Centre2-8 Bayly RoadPO Box 348New Plymouth 4340New Zealand Telephone: 64 6 751 0200Facsimile: 64 6 751 0886Website: www.porttaranaki.co.nzEmail: [email protected]

47

4 r aranaki limited l repo a annu · pdf file13 social report 16 our values 17 ... joe govier...

Documents