Napier Port IPO

[Sideshow Bob]

Here it is for NZTX......

https://www.nzx.com/announcements/416401

NAPIER PORT WELL POSITIONED FOR CARGO RECOVERY IN FY24

Napier Port (NZX.NPH), the freight gateway for the central and lower North Island, today reports reduced earnings for the nine months ended 30 June 2023 as the impact of Cyclone Gabrielle in February weighed on exports from our region.

The company also reports strategies focused on yield management and pricing adjustments linked to investments in infrastructure and additional customer services have supported revenue. They also position the company well for an anticipated recovery in cargo volumes in the new financial year.

“Off the back of a buoyant first half, we anticipated Cyclone Gabrielle would reduce third quarter export volumes and earnings, However, adverse weather in June and July that limited access to our wharves represented a further challenge to our nine months result,” Napier Port Chief Executive Todd Dawson said.

“The lasting effects of the cyclone on cargo volumes are expected to persist into the fourth quarter, but our confidence of a step up in cargo in the new financial year is growing given the progress of the recovery efforts we are seeing in the region.

“Regional infrastructure rebuilding is well underway, assisted by the ongoing financial commitment and prioritisation by government. We are particularly encouraged by the progress made by key customers affected by the cyclone.

“The strong forward bookings for the upcoming cruise season suggest it could be our busiest on record. Interest from shipping lines meanwhile remains high, which is a measure of confidence in Napier Port’s long-term volume growth potential,” Mr Dawson said.

“Meanwhile, prudent financial management focused on the recovery of rising costs, our investments in capacity and new services coupled with our continuing focus on efficiency, value and customer service means we are well positioned to reap the benefits for the expected ramp up in volumes.”

HIGHLIGHTS

3rd Quarter to 30 June 2023

- Revenue for the third quarter fell 19.5% to $27.7 million from $34.4 million in the same period last year, following post-cyclone volume decreases of 28.6% for bulk cargo and 31.6% for container services
- The result from operating activities decreased 44% to $7.5 million from $13.3 million
- Underlying net profit after tax decreased 73.4% to $1.9 million from $7 million
- An initial $3.5 million of Cyclone Gabrielle insurance income recognised
- Reported net profit after tax, with the benefit of the insurance income, decreased 40.2% to $4.2 million from $7.0 million
9 Months to 30 June 2023
- Revenue for the nine months rose 5.7% to $90 million from $85.1 million in the same period last year
- Cruise revenue of $5.3 million on the return of cruise vessels in the period
- The result from operating activities decreased 1.4% to $29.3 million from $29.8 million as the return of cruise ship calls and revenue yield increases were offset by the post-cyclone trade volume declines and cost inflation
- Underlying net profit after tax decreased 34.3% to $9.3 million from $14.2 million as a result of increased depreciation and finance costs following the completion of the Te Whiti wharf investment
- Reported net profit after tax decreased 19.5% to $12.9 million from $16.0 million
Earnings guidance
- Unchanged guidance for an underlying result from operating activities for the year to 30 September 2023 of between $34.5 million and $36.5 million. This guidance excludes insurance recoveries (of which $3.5 million has been recognised to date)

FINANCIAL RESULTS

Container services

Container services revenue for the quarter of $17.4 million decreased 22.1% from $22.3 million in the same period last year. For the nine months, container services revenue decreased by 1% to $51.9 million from $52.5 million as decreased container volumes were largely offset by higher revenue per TEU.

Average revenue per TEU for the nine months increased 9.9% to $297 from $270 in the same period last year. This was driven by a number of factors including tariff increases, fuel and insurance cost recoveries and increased utilisation of depot and storage services.

Container volumes for the quarter fell 31.6% to 56,000 TEU as the after-effects of Cyclone Gabrielle were felt across nearly all containerised cargo types, and this fall in volume was exacerbated by unexpected weather and swell events during June. For the nine months, container volumes decreased 10% to 175,000 TEU from 194,000 TEU in the same period last year.

Bulk cargo

Bulk cargo revenue for the quarter decreased 17.9% to $9.4 million from $11.4 million in the same period last year, as bulk volumes decreased 28.6% from 1.0 million tonnes to 0.7 million tonnes. For the nine months, bulk cargo revenue decreased by 2% to $30 million from $30.6 million as volumes decreased 16.4% to 2.3 million tonnes from 2.7 million tonnes in the same period a year ago.

Log export volume for the quarter decreased by 0.2 million tonnes, or 21.4%, and for the nine-month period decreased by 16.1% to 1.8 million tonnes from 2.1 million tonnes due to adverse weather, damaged roading infrastructure and subdued log export market conditions.

Average revenue per tonne for the nine months increased 17.3% to $13.26 from $11.31 in the same period last year, driven by yield increases and an increased contribution from our debarking operation.

Cruise services

The cruise season completed in April with 64 vessel calls and nearly 100,000 passengers visiting the region, contributing $5.3 million to revenue.

Operating results

The result from operating activities for the third quarter decreased 44% to $7.5 million from $13.3 million in the prior year period, as the post-cyclone third quarter revenue reduction of $6.7 million exceeded the fall in operating expenses of $0.8 million.
For the nine months, the result from operating activities decreased 1.4% to $29.3 million from $29.8 million in the prior year period as higher revenue arising from the return of cruise ship calls and revenue yield increases were offset by lower trade volumes and continued cost inflation pressures.

During the third quarter, Napier Port recognised $3.5 million of insurance income receivable related to progress claims for business interruption losses incurred following the Cyclone Gabrielle event during February and as a result of supporting correspondence with insurers.

Underlying net profit after tax for the third quarter, after adjusting for unrealised fair value movements on investment properties and Cyclone Gabrielle related net insurance income, fell by 73.4% to $1.9 million from $7 million in the same period last year.
For the nine months this decreased by 34.3% to $9.3 million from $14.2 million as a result of increased depreciation and finance costs recognised in the income statement following the completion of the Te Whiti wharf investment in the prior financial year.

Reported net profit after tax for the third quarter fell 40.2% to $4.2 million from $7.0 million in the same period last year, and for the nine months decreased 19.5% to $12.9 million from $16.0 million.

CYCLONE GABRIELLE TRADE IMPACT UPDATE

Six months post-cyclone, all road access to Napier Port is open and KiwiRail have indicated a mid-September reinstatement of the rail line from Hastings to Napier Port.

Once the rail line is fully operational, we expect pulp, meat and log cargoes from the central North Island to revert back to rail mode, with a positive effect on volumes.

Pan Pac’s timber operations are expected to restart in the first quarter of our next financial year, and pulp processing by the second quarter, with a ramp up towards normal production levels over the subsequent quarters.

Ravensdown’s fertiliser plant in Awatoto restarted manufacturing operations in July.

The forestry sector has seen some reduction in capacity however forest-based production has been re-established. Log volumes are steady and we are receiving some additional windthrown logs from the central North Island. Export market conditions for logs remains subdued.

The extent of pipfruit areas that will require remediation and replanting to restore production will become clearer in the Spring when fruit buds appear.

CAPITAL MANAGEMENT

Over the nine-month period Napier Port has invested $11 million in capital assets, including mobile plant, planned site maintenance and post-cyclone restorative dredging.

Cash flows from operating activities increased by $7.8m, or 31.2%, to $33.0 million from $25.1 million in the same period last year.

Napier Port ended June 2023 with total drawn debt of $132 million and undrawn bank facilities of $48 million, and with a Debt to EBITDA ratio of 3.09 times.

ENDS

[nztx]

Here it is for NZTX......

https://www.nzx.com/announcements/416401

NAPIER PORT WELL POSITIONED FOR CARGO RECOVERY IN FY24

Napier Port (NZX.NPH), the freight gateway for the central and lower North Island, today reports reduced earnings for the nine months ended 30 June 2023 as the impact of Cyclone Gabrielle in February weighed on exports from our region.

The company also reports strategies focused on yield management and pricing adjustments linked to investments in infrastructure and additional customer services have supported revenue. They also position the company well for an anticipated recovery in cargo volumes in the new financial year.

“Off the back of a buoyant first half, we anticipated Cyclone Gabrielle would reduce third quarter export volumes and earnings, However, adverse weather in June and July that limited access to our wharves represented a further challenge to our nine months result,” Napier Port Chief Executive Todd Dawson said.

“The lasting effects of the cyclone on cargo volumes are expected to persist into the fourth quarter, but our confidence of a step up in cargo in the new financial year is growing given the progress of the recovery efforts we are seeing in the region.

“Regional infrastructure rebuilding is well underway, assisted by the ongoing financial commitment and prioritisation by government. We are particularly encouraged by the progress made by key customers affected by the cyclone.

“The strong forward bookings for the upcoming cruise season suggest it could be our busiest on record. Interest from shipping lines meanwhile remains high, which is a measure of confidence in Napier Port’s long-term volume growth potential,” Mr Dawson said.

“Meanwhile, prudent financial management focused on the recovery of rising costs, our investments in capacity and new services coupled with our continuing focus on efficiency, value and customer service means we are well positioned to reap the benefits for the expected ramp up in volumes.”

HIGHLIGHTS

3rd Quarter to 30 June 2023

- Revenue for the third quarter fell 19.5% to $27.7 million from $34.4 million in the same period last year, following post-cyclone volume decreases of 28.6% for bulk cargo and 31.6% for container services
- The result from operating activities decreased 44% to $7.5 million from $13.3 million
- Underlying net profit after tax decreased 73.4% to $1.9 million from $7 million
- An initial $3.5 million of Cyclone Gabrielle insurance income recognised
- Reported net profit after tax, with the benefit of the insurance income, decreased 40.2% to $4.2 million from $7.0 million
9 Months to 30 June 2023
- Revenue for the nine months rose 5.7% to $90 million from $85.1 million in the same period last year
- Cruise revenue of $5.3 million on the return of cruise vessels in the period
- The result from operating activities decreased 1.4% to $29.3 million from $29.8 million as the return of cruise ship calls and revenue yield increases were offset by the post-cyclone trade volume declines and cost inflation
- Underlying net profit after tax decreased 34.3% to $9.3 million from $14.2 million as a result of increased depreciation and finance costs following the completion of the Te Whiti wharf investment
- Reported net profit after tax decreased 19.5% to $12.9 million from $16.0 million
Earnings guidance
- Unchanged guidance for an underlying result from operating activities for the year to 30 September 2023 of between $34.5 million and $36.5 million. This guidance excludes insurance recoveries (of which $3.5 million has been recognised to date)

FINANCIAL RESULTS

Container services

Container services revenue for the quarter of $17.4 million decreased 22.1% from $22.3 million in the same period last year. For the nine months, container services revenue decreased by 1% to $51.9 million from $52.5 million as decreased container volumes were largely offset by higher revenue per TEU.

Average revenue per TEU for the nine months increased 9.9% to $297 from $270 in the same period last year. This was driven by a number of factors including tariff increases, fuel and insurance cost recoveries and increased utilisation of depot and storage services.

Container volumes for the quarter fell 31.6% to 56,000 TEU as the after-effects of Cyclone Gabrielle were felt across nearly all containerised cargo types, and this fall in volume was exacerbated by unexpected weather and swell events during June. For the nine months, container volumes decreased 10% to 175,000 TEU from 194,000 TEU in the same period last year.

Bulk cargo

Bulk cargo revenue for the quarter decreased 17.9% to $9.4 million from $11.4 million in the same period last year, as bulk volumes decreased 28.6% from 1.0 million tonnes to 0.7 million tonnes. For the nine months, bulk cargo revenue decreased by 2% to $30 million from $30.6 million as volumes decreased 16.4% to 2.3 million tonnes from 2.7 million tonnes in the same period a year ago.

Log export volume for the quarter decreased by 0.2 million tonnes, or 21.4%, and for the nine-month period decreased by 16.1% to 1.8 million tonnes from 2.1 million tonnes due to adverse weather, damaged roading infrastructure and subdued log export market conditions.

Average revenue per tonne for the nine months increased 17.3% to $13.26 from $11.31 in the same period last year, driven by yield increases and an increased contribution from our debarking operation.

Cruise services

The cruise season completed in April with 64 vessel calls and nearly 100,000 passengers visiting the region, contributing $5.3 million to revenue.

Operating results

The result from operating activities for the third quarter decreased 44% to $7.5 million from $13.3 million in the prior year period, as the post-cyclone third quarter revenue reduction of $6.7 million exceeded the fall in operating expenses of $0.8 million.
For the nine months, the result from operating activities decreased 1.4% to $29.3 million from $29.8 million in the prior year period as higher revenue arising from the return of cruise ship calls and revenue yield increases were offset by lower trade volumes and continued cost inflation pressures.

During the third quarter, Napier Port recognised $3.5 million of insurance income receivable related to progress claims for business interruption losses incurred following the Cyclone Gabrielle event during February and as a result of supporting correspondence with insurers.

Underlying net profit after tax for the third quarter, after adjusting for unrealised fair value movements on investment properties and Cyclone Gabrielle related net insurance income, fell by 73.4% to $1.9 million from $7 million in the same period last year.
For the nine months this decreased by 34.3% to $9.3 million from $14.2 million as a result of increased depreciation and finance costs recognised in the income statement following the completion of the Te Whiti wharf investment in the prior financial year.

Reported net profit after tax for the third quarter fell 40.2% to $4.2 million from $7.0 million in the same period last year, and for the nine months decreased 19.5% to $12.9 million from $16.0 million.

CYCLONE GABRIELLE TRADE IMPACT UPDATE

Six months post-cyclone, all road access to Napier Port is open and KiwiRail have indicated a mid-September reinstatement of the rail line from Hastings to Napier Port.

Once the rail line is fully operational, we expect pulp, meat and log cargoes from the central North Island to revert back to rail mode, with a positive effect on volumes.

Pan Pac’s timber operations are expected to restart in the first quarter of our next financial year, and pulp processing by the second quarter, with a ramp up towards normal production levels over the subsequent quarters.

Ravensdown’s fertiliser plant in Awatoto restarted manufacturing operations in July.

The forestry sector has seen some reduction in capacity however forest-based production has been re-established. Log volumes are steady and we are receiving some additional windthrown logs from the central North Island. Export market conditions for logs remains subdued.

The extent of pipfruit areas that will require remediation and replanting to restore production will become clearer in the Spring when fruit buds appear.

CAPITAL MANAGEMENT

Over the nine-month period Napier Port has invested $11 million in capital assets, including mobile plant, planned site maintenance and post-cyclone restorative dredging.

Cash flows from operating activities increased by $7.8m, or 31.2%, to $33.0 million from $25.1 million in the same period last year.

Napier Port ended June 2023 with total drawn debt of $132 million and undrawn bank facilities of $48 million, and with a Debt to EBITDA ratio of 3.09 times.

ENDS

A return to 2.5% Dividend Yield possible assuming no further calamities ?

Let's not forget where interest rates have gone while this Star Performer was away licking it's wounds ..

Yet another recent IPO Success Story where the HBRC needed to share the lemons to give the child
it's pocket money back that they had swiped previously


but could have been a few turns worse like MFB or HMY - but alas neither of those own a flash new wharf
to provide a bridge over worsening global trade waters ..

Bound to be a huge multibagger within 2 years

[Ggcc]

A return to 2.5% Dividend Yield possible assuming no further calamities ?

Let's not forget where interest rates have gone while this Star Performer was licking it's wounds ..

Yet another recent IPO Success Story where the HBRC needed to share the lemons to give the child
it's pocket money back that they had swiped previously

Bound to be a huge multibagger within 2 years

Still don’t see this as even an interest in my portfolio yet I know someone who is buying every month with the belief it will be worth $5 by end 2025…… I will watch this space.

[Sideshow Bob]

https://www.nzx.com/announcements/419815

Softening up holders for another average result.....

[Sideshow Bob]

https://www.nzx.com/announcements/421575

Napier Port (NZX.NPH), the premier freight gateway for the central and lower North Island, today reports it is well positioned to build momentum in earnings as the region’s cargo owners emerge from the shadow of February’s Cyclone Gabrielle and the post-pandemic recovery resumes.

HIGHLIGHTS
• Revenue rises 3.4% to $118.4 million due to the return of cruise vessels and yield improvements
• Result from operating activities falls 7.1% to $37.2 million with the revenue increase not fully offsetting the impact of inflationary cost pressures
• Post-Cyclone Gabrielle business interruption insurance claim contributes $7.25 million to earnings
• Underlying net profit after tax of $10.7 million, down from the prior year’s $18.6 million. Reported net profit after tax of $16.6 million, down 18.8% on the prior year’s $20.4 million
• Cyclone recovery efforts make good progress amid positive signs for the forestry and pip fruit trades; cruise visits to increase with 92 bookings for the 2024 season from 64 calls in 2023
• Directors declare a fully imputed final dividend 3.55 cents per share, taking total dividends for the 2023 financial year to 5.25 cents per share from 7.5 cents in the prior year

[Ggcc]

https://www.nzx.com/announcements/421575

Napier Port (NZX.NPH), the premier freight gateway for the central and lower North Island, today reports it is well positioned to build momentum in earnings as the region’s cargo owners emerge from the shadow of February’s Cyclone Gabrielle and the post-pandemic recovery resumes.

HIGHLIGHTS
• Revenue rises 3.4% to $118.4 million due to the return of cruise vessels and yield improvements
• Result from operating activities falls 7.1% to $37.2 million with the revenue increase not fully offsetting the impact of inflationary cost pressures
• Post-Cyclone Gabrielle business interruption insurance claim contributes $7.25 million to earnings
• Underlying net profit after tax of $10.7 million, down from the prior year’s $18.6 million. Reported net profit after tax of $16.6 million, down 18.8% on the prior year’s $20.4 million
• Cyclone recovery efforts make good progress amid positive signs for the forestry and pip fruit trades; cruise visits to increase with 92 bookings for the 2024 season from 64 calls in 2023
• Directors declare a fully imputed final dividend 3.55 cents per share, taking total dividends for the 2023 financial year to 5.25 cents per share from 7.5 cents in the prior year

I had a talk to someone invested heavily into this share and all I heard him say was the enterprise value was worth around $5 per share. With these results, I don't see the share price worth $2 regardless how much it would cost to build this port from scratch. It just hasn't returned enough in dividends and growth to value it as what it has today. Just my 2 cents, but not invested at all and have never been from day dot. Happy to hear others who own this share.

[Dlownz]

I had a talk to someone invested heavily into this share and all I heard him say was the enterprise value was worth around $5 per share. With these results, I don't see it worth $2 regardless how much it would cost to build this port from scratch. It just hasn't returned enough in dividends and growth to value it as what it has today. Just my 2 cents, but not invested at all and have never been from day dot. Happy to hear others who own this share.

Yeah not worth it at all.
I brought early and sold with a nice profit from this one.
From what I hear behind all the share notices is the new wharf is not being used to it's full potential and never will due to its portioning to the weather and the waves
Might be a bit of a white elephant

[nztx]

I had a talk to someone invested heavily into this share and all I heard him say was the enterprise value was worth around $5 per share. With these results, I don't see the share price worth $2 regardless how much it would cost to build this port from scratch. It just hasn't returned enough in dividends and growth to value it as what it has today. Just my 2 cents, but not invested at all and have never been from day dot. Happy to hear others who own this share.

Long sold out of this bar a few stray Lamp-posts kept just a reminder of what a disaster this float has been
of recent times .. all in aid of getting HBRC's problem child out of a ditch so it could spend up larger
on a glitzy project where the rainbow probably disappeared long short of any sort of realistic returns

5.25 cps + 2.04 Imp credits = 7.29c

A mere miserable 3% Gross Div Yield on closing SP of $2.43 today .. well south of deposit rates nowadays

Stakeholders get stiffed again - well done Yee Boardroom Squatters .. an increase in D-Fees
on the table again on this sorry result .. or too soon ?

Likewise - it's difficult to see 2 bucks value in this one

There are obviously still quite a bunch of dreamers out on NZX willing to suck up this one
on current 2023 year results .. but unlikely to improve fast in current global conditions either.

Probably too difficult for some to work out when the turkey is blindfolded running backwards

[Getty]

This port operated through the 1980's accumulating $7M losses.
Not until 1987, the year of the crash did it manage to turn things around with @1M profit.
Back then they had a lot of leasehold land producing income to prop it up.

Not the case anymore.

Speaking of cases, there is a wharfy there called Perry Mason.

He only handles 1 case a week...