New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>Port of Tauranga (POT) reported a robust FY22 result with EBITDA up +9% and reported NPAT (NZ$111.3m, +9%) in excess of the top end of its previous target band (NZ$103m-NZ$110m).</li><li>POT enjoyed a very strong improvement in operating cashflows due to the adverse prior year working capital movement.</li><li>The company will pay a fully imputed final dividend of 8.2c</li></ul>

Port of Tauranga (POT) reported a robust FY22 result with EBITDA up +9% and reported NPAT (NZ$111.3m, +9%) in excess of the top end of its previous target band (NZ$103m-NZ$110m).POT enjoyed a very strong improvement in operating cashflows due to the adverse prior year working capital movement.The company will pay a fully imputed final dividend of 8.2c

Port of Tauranga: FY22 Result Initial Thoughts