Lachie Johnstone, Chairman
Chair's Report: Lachie Johnstone

Pleasing progress during a challenging year

CentrePort’s regeneration continued to gain momentum while it provided essential services throughout the COVID-19 crisis in what was a challenging 2019/20 financial year (FY20).

Financial and Operational Performance

CentrePort recorded an underlying net profit after tax (NPAT), before Kaikōura earthquake impacts, changes in fair value and realisation of financial instruments, of $14.7m. Total comprehensive income net of tax was $157m.

This compares with an underlying NPAT of $17.6m in FY19. A dividend of $5m was paid to shareholders compared to $4m in the previous year.

Insurance Claim Finalisation

A major highlight was the finalisation in October 2019 of the 2016 Kaikōura earthquake claims.

It was a watershed moment for CentrePort. Finalising the insurance claims ($667.2m net of deductibles) provided surety to progress our regeneration. It allowed us to move from planning to implementation.

The plan to deliver a 21st-century logistics supply chain asset, designed with the assistance of international and New Zealand experts, was adopted by the Board and relayed to shareholders.

I’d like to thank Mark Petersen and David Benham, who finished their tenures on the Board. They provided valuable contributions, support and commitment to CentrePort and associated companies through a period of technological change, earthquakes and other challenges.

We welcomed two new Directors in Nicki Crauford and Martin Lewington. Nicki has extensive governance and senior management experience in energy, water and telecommunications utilities. She brings a combination of technical, commercial and strategic skills to the board. Martin has more than 30 years’ experience in corporate advisory consulting in New Zealand and the United Kingdom. He brings a wealth of knowledge and global experience in a variety of industries. His governance experience covers local government, crown entity and listed companies.

The Board thanks CentrePort’s people, including Chief Executive Derek Nind. They navigated challenges such as the global pandemic, ensuring the continuation of essential services while maintaining progress in CentrePort’s regeneration programme.

Demolition work happening on port