Mainfreight Limited — Interim / Quarterly Report 2024

May 28, 2024

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Results announcement (for Equity Security issuer/Equity and Debt Security issuer)

Results for announcement to the market	Results for announcement to the market	Results for announcement to the market
Name of Issuer	Mainfreight Limited
Reporting Period	12 months to 31 March 2024
Previous Reporting Period	12 months to 31 March 2023
Currency	NZD
	Amount (000s)	Percentage Change
Revenue from Continuing Operations	$4,717,796	-16.9%
Total Revenue	$4,717,796	-16.9%
Net Profit/(Loss) from Continuing Operations	$208,671	-51.1%
Total Net Profit/(Loss)	$208,671	-51.1%
Interim/Final Dividend
Amount per Quoted Equity Security	$0.87000000
Imputed Amount per Quoted Equity Security	$0.15352941
Record Date	12/07/2024
Dividend Payment Date	19/07/2024
	Current Period	Prior Comparable Period
Net tangible assetsper Quoted EquitySecurity	$15.5798	$14.2252
A brief explanation of any of the figures above necessaryto enable the figures to be understood	A tax abnormal item of $69.224m was included in total net profit that was a non-cash accounting adjustment - refer to note 4.
Authority for this Announcement
Name of person authorised to make this announcement	Tim Williams, Chief Financial Officer
Contact person for this announcement	Tim Williams
Contact phone number	+64 9 259 5510
Contact email address	tim@mainfreight.com
Date of release through MAP	29/05/2024

Unaudited financial statements accompany this announcement.

MAINFREIGHT LIMITED Preliminary Full Year Announcement For the Full Year ended 31 March 2024

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Preliminary full year report on consolidated results (including the results for the previous corresponding full year). This report has been prepared in a manner which complies with generally accepted accounting practice and fairly presents the matters to which the report relates and is based on unaudited financial statements. The Listed Issuer has a formally constituted Audit Committee of the Board of Directors.

Income Statement For the Full Year ended 31 March 2024

Notes	Year ended Year ended 31 March 2024 31 March 2023 unaudited unaudited
Total Revenue Transport Costs Labour Expenses Other Expenses Earnings before Finance Costs, Tax, Depreciation and Amortisation Depreciation of Right to Use Assets Finance Costs Relating to Lease Liabilities Other Depreciation & Amortisation Expenses Other Finance Costs Profit Before Abnormal Items and Taxation for the Year Income Tax on Profit Before Abnormal Items Net Profit Before Abnormal Items for the Year Abnormal Tax Item - deferred tax liability on buildings arising from legislative change 4 Profit before Taxation for the Year Income Tax Expense Net Profit for the Year Earnings per share Basic and diluted earnings (cents per share)	$NZ000 $NZ000
	4,717,796 5,675,709
	(2,623,077) (3,444,287) (1,011,808) (1,023,106) (362,330) (357,288)
	720,581 851,028
	(193,146) (155,359) (25,611) (17,326) (99,822) (83,630) (6,619) (7,315)
	395,383 587,398 (117,488) (160,922)
	277,895 426,476 (69,224) - 395,383 587,398 (186,712) (160,922)
	208,671 426,476
	207.22 423.52
For the Full Year ended 31 March 2024 Statement of Comprehensive Income
Net Profit for the Period Other Comprehensive Income for the Period, Net of Tax Other comprehensive income to be reclassified to profit/(loss) in subsequent periods Exchange Differences on Translation of Foreign Operations Income Tax Effect Net Other Comprehensive income to be reclassified to profit/(loss) in subsequent periods Other comprehensive income not to be reclassified to profit/(loss) in subsequent periods Revaluation of Land including Foreign Exchange Movements Income Tax effect Defined Benefit Pension Provision Income Tax effect Net Other Comprehensive income not to be reclassified to profit/(loss) in subsequent periods Other Comprehensive Income for the Period, Net of Tax Total Comprehensive Income for the Period, Net of Tax	208,671 426,476 30,046 41,514 426 1,420
	30,472 42,934
	84,405 1,625 (22,469) (411) (120) 157 30 (39)
	61,846 1,332
	92,318 44,266
	300,989 470,742

The accompanying notes form part of these financial statements

MAINFREIGHT LIMITED Balance Sheet As at 31 March 2024

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	31 March 2024 31 March 2023 unaudited unaudited	31 March 2024 31 March 2023 unaudited audited
$NZ000 $NZ000 Current Assets Current Liabilities Bank 213,562 341,991 Trade Creditors & Accruals Trade Debtors 614,933 619,470 Employee Entitlements Income Tax Receivable 13,827 22,411 Provision for Taxation Properties Held for Sale - 7,748 Lease Liability Other Debtors 73,124 66,295 Asset Finance Loans 915,446 1,057,915 Non-current Tangible Assets Non-current Liabilities Property 1,272,324 1,068,880 Bank Term Loan Plant & Equipment 331,973 276,983 Employee Entitlements Right of Use Assets 975,726 744,914 Lease Liability Deferred Tax Liability Asset Finance Loans 2,580,023 2,090,777 Total Liabilities Non-current Intangible & Deferred Tax Assets Shareholders' Equity Software 57,905 54,638 Share Capital Goodwill 226,165 218,894 Retained Earnings Other Intangible Assets 1,594 1,130 Revaluation Reserve Deferred Tax Asset 70 19,693 Foreign Currency Translation Reserve Defined Benefit Pension Reserve 285,734 294,355 Total Equity Total Assets 3,781,203 3,443,047 Total Liabilities & Equity		$NZ000 $NZ000
		495,659 492,966 98,732 147,311 17,553 60,979 180,742 155,626 12,319 9,258
		805,005 866,140 147,402 186,788 4,804 4,085 843,657 625,478 93,517 10,613 32,222 23,134
		1,121,602 850,098 1,926,607 1,716,238 85,821 85,821 1,441,930 1,405,355 270,781 209,951 56,287 25,815 (223) (133)
		1,854,596 1,726,809
		3,781,203 3,443,047

The accompanying notes form part of these financial statements

MAINFREIGHT LIMITED Statement of Changes in Equity For the Full Year ended 31 March 2024
	Foreign Defined Asset Currency Benefit Ordinary Revaluation Translation Pension Retained Total Shares Reserve Reserve Reserve Earnings Equity
Twelve Months to 31 March 2024 (unaudited) Balance at 1 April 2023 Profit for the Period Transfer of Revaluation Reserve for Land Sold Other Comprehensive Income Total Comprehensive Income for the Period Transactions with Owners in their Capacity as Owners Dividends Paid Balance at 31 March 2024 Twelve Months to 31 March 2023 (unaudited) Balance at 1 April 2022 Profit for the Period Other Comprehensive Income Total Comprehensive Income for the Period Transactions with Owners in their Capacity as Owners Dividends Paid Balance at 31 March 2023	$NZ000 $NZ000 $NZ000 $NZ000 $NZ000 $NZ000
	85,821 209,951 25,815 (133) 1,405,355 1,726,809 - - - - 208,671 208,671 - (1,106) - - 1,106 - 61,936 30,472 (90) - 92,318
	- 60,830 30,472 (90) 209,777 300,989 - - - - (173,202) (173,202)
	85,821 270,781 56,287 (223) 1,441,930 1,854,596
	85,821 208,737 (17,119) (251) 1,152,081 1,429,269 - - - - 426,476 426,476 - 1,214 42,934 118 - 44,266
	- 1,214 42,934 118 426,476 470,742 - - - - (173,202) (173,202)
	85,821 209,951 25,815 (133) 1,405,355 1,726,809

The accompanying notes form part of these financial statements

MAINFREIGHT LIMITED Cash Flow Statement For the Full Year ended 31 March 2024

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	Year ended Year ended 31 March 2024 31 March 2023 unaudited unaudited
Cash Flows from Operating Activities Receipts from Customers Interest Received Payments to Suppliers and Team Members Finance Charge on NZ IFRS 16 Leases Interest Paid Income Taxes Paid Net Cash Flows from Operating Activities Cash Flows from Investing Activities Proceeds from Sale of Property, Plant & Equipment Proceeds from Sale of Software Purchase of Property, Plant & Equipment Purchase of Software Purchase of Licences Repayments from Team Members Net Cash Flows from Investing Activities Cash Flows from Financing Activities Proceeds of Long Term Loans Dividend Paid to Shareholders Repayment of Loans Lease Payments NZ IFRS 16 Net Cash Flows from Financing Activities Net Increase / (Decrease) in Cash and Cash Equivalents Net Foreign Exchange Differences Cash and Cash Equivalents at Beginning of Period Cash and Cash Equivalents at End of Period Comprised: Bank Bank Overdraft	$NZ000 $NZ000
	4,740,396 5,894,809 4,362 2,767 (4,062,677) (4,931,112) (25,611) (17,326) (10,980) (10,082) (140,691) (181,851)
	504,799 757,205
	20,216 9,843 763 132 (249,995) (303,491) (24,712) (20,396) (676) - - 3
	(254,404) (313,909) 88,921 197,925 (173,202) (173,202) (122,059) (197,348) (182,850) (146,734)
	(389,190) (319,359) (138,795) 123,937 10,367 15,796 341,991 202,258
	213,563 341,991
	213,563 341,991 - -
	213,563 341,991

The accompanying notes form part of these financial statements

MAINFREIGHT LIMITED Notes to the Financial Statements For the Full Year ended 31 March 2024

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1 Corporate Information

The preliminary full year report announcement of Mainfreight Limited ("the parent") and its subsidiaries ("the Group") for the full year ended 31 March 2024 was authorised for issue in accordance with a resolution of the Directors.

Mainfreight Limited is a company limited by shares incorporated in New Zealand whose shares

are publicly traded on the NZX Main Board (New Zealand Stock Exchange).

2 Changes in Accounting Policies

The accounting policies applied in the preparation of the consolidated financial statements are consistent with the prior year, except for the adoption of a new standard effective 1 January 2023, namely Amendment to NZ IAS 12 – International Tax Reform – Pillar Two Model Rules. The introduction of this amendment did not have a material impact on the financial statements. The Group has not early adopted any other standards, interpretation or amendment that have been issued but are not yet effective.

The Group has no new material standards that require adoption in future years

3 Required NZX Disclosures

Required NZX Disclosures Movements in Ordinary Shares on Issue Closing balance Average balance during the period Net Tangible Assets Net Tangible Assets Net Tangible Assets per Security (cents per share) Dividends Paid and Proposed Recognised Amounts Declared and Paid during the Period to Parent Shareholders Final Fully Imputed Dividend for 2023: 87.0 cents (2022: 87.0 cents) Interim Fully Imputed Dividend for 2024: 85.0 cents (2023: 85.0 cents) Unrecognised Amounts Final Fully Imputed Dividend for 2024: 87.0 cents (2023: 87.0 cents)	Parent Year ended Year ended 31 March 2024 31 March 2023 unaudited audited
	Shares Shares
	100,698,548 100,698,548 100,698,548 100,698,548
	$NZ000 $NZ000
	1,568,862 1,432,454 1,557.98 1,422.52 87,608 87,608 85,594 85,594
	173,202 173,202 87,608 87,608

After the balance date, the above unrecognised dividends were approved by Directors' resolution dated 28 May 2024

• 4 Abnormal Items

Abnormal items are determined in accordance with the principles of consistency, relevance and clarity. Transactions considered for classification as abnormal items include acquisition and disposal costs; impairment or reversal of impairment of assets; business integration; and transactions or events outside of the Group’s ongoing operations that have a significant impact on reported after tax profit.

During the year the Group had no abnormal pre-tax expenses (2023 nil). The related after tax expense was $69,224,000 (2023 nil).

Building Depreciation Taxation	2024 Pre-Tax Tax After Tax
	$NZ000 $NZ000 $NZ000
	- (69,224) (69,224)

On 28 March 2024, the New Zealand Government enacted changes to the tax legislation to remove the ability to depreciate buildings with a life over 50 years for tax deduction purposes. For the Group the application of this taxation change under NZIAS 12 Income Taxes creates a tax carrying value of nil from 1 April 2024 onwards for these New Zealand buildings. This increases the deferred taxation liability by $69,224,000 and creates a one-off non-cash accounting adjustment to the taxation expense for deferred tax on buildings for the year ended 31 March 2024 of $69,224,000. The application of NZIAS 12 which creates this large deferred taxation liability does not reflect taxation payable if the assets were sold.

The annual report is expected to be available on 25 June 2024.

The Annual Meeting is to be held at 4.00pm on Thursday 25 July 2024; venue to be advised.

5 Annual Report and Annual Meeting

MAINFREIGHT LIMITED Notes to the Financial Statements For the Full Year ended 31 March 2024

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5 Segmental Reporting

An operating segment is a component of an entity that engages in business activities from which it may earn revenues and incur expenses whose operating results are regularly reviewed by the entity’s chief operating decision maker and for which discrete financial information is available. The Group operates in the domestic supply chain (i.e. moving and storing freight within countries) and air and ocean freight industries (i.e. moving freight between countries).

New Zealand, Australia, The Americas and Europe are each reported to management as seperate segments as the businesses there perform both domestic and air and ocean services.

The segmental results from operations are disclosed below.

Geographical Segments

The following table represents revenue, margin and certain asset information regarding geographical segments for the years ended 31 March 2024 and 31 March 2023.

Year to 31 March 2024 (unaudited) Operating Revenue - Sales to Customers outside the Group - Intersegment Sales Total Revenue PBT Net Interest Expense Depreciation & Amortisation Capital Expenditure Trade Debtors Non-current Assets Total Assets Total Liabilities	The Inter- New Zealand Australia Americas Asia Europe Segment Total
	$NZ000 $NZ000 $NZ000 $NZ000 $NZ000 $NZ000 $NZ000
	1,124,062 1,395,989 1,048,272 158,324 991,149 - 4,717,796 17,657 42,051 96,510 118,571 69,022 (343,811) -
	1,141,719 1,438,040 1,144,782 276,895 1,060,171 (343,811) 4,717,796
	148,713 138,572 35,682 22,801 49,615 - 395,383 11,763 11,692 3,515 7 5,253 - 32,230 74,162 74,299 63,789 7,159 73,559 - 292,968
	126,271 53,053 34,256 3,197 57,930 - 274,707 125,511 186,509 142,806 37,272 178,601 (55,766) 614,933 989,969 916,217 399,324 22,873 537,374 - 2,865,757 1,131,098 1,157,890 643,809 125,184 778,988 (55,766) 3,781,203 477,484 595,259 382,810 60,596 466,224 (55,766) 1,926,607

Year to 31 March 2023 (unaudited) Operating Revenue - Sales to Customers outside the Group - Intersegment Sales Total Revenue PBT Net Interest Expense Depreciation & Amortisation Capital Expenditure Trade Debtors Non-current Assets Total Assets Total Liabilities	1,284,860 1,555,064 1,538,575 244,885 1,052,325 - 5,675,709 21,898 60,450 130,382 173,346 85,936 (472,012) -
	1,306,758 1,615,514 1,668,957 418,231 1,138,261 (472,012) 5,675,709
	169,421 150,094 143,048 46,644 78,191 - 587,398 6,826 8,732 5,489 (6) 3,600 - 24,641 63,271 58,272 50,988 5,128 61,330 - 238,989
	101,795 137,732 41,830 2,074 40,456 - 323,887 135,829 170,630 149,925 29,937 186,931 (53,782) 619,470 844,224 688,847 382,986 20,721 448,354 - 2,385,132 1,075,382 922,838 668,477 131,024 699,108 (53,782) 3,443,047 409,252 454,866 409,898 71,963 424,041 (53,782) 1,716,238

MAINFREIGHT LIMITED Notes to the Financial Statements For the Full Year ended 31 March 2024

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5 Segmental Reporting - continued

Revenue Local Currency Year Ended March 2024 Year Ended March 2023 Growth PBT Local Currency Year Ended March 2024 Year Ended March 2023 Growth PBT to Revenue Margin- ROR Year Ended March 2024 Year Ended March 2023	The New Zealand Australia Americas Asia Europe Total
	$NZ000 $AU000 $US000 $US000 €EU000 $NZ000
	1,124,062 1,294,221 639,131 96,530 557,224 4,717,796 1,284,860 1,417,285 959,917 152,784 630,658 5,675,709 (12.5%) (8.7%) (33.4%) (36.8%) (11.6%) (16.9%) Excluding FX Impact (18.0%) 148,713 128,470 21,755 13,902 27,894 395,383 169,421 136,796 89,248 29,101 46,860 587,398 (12.2%) (6.1%) (75.6%) (52.2%) (40.5%) (32.7%) Excluding FX Impact (33.0%) 13.2% 9.9% 3.4% 14.4% 5.0% 8.4% 13.2% 9.7% 9.3% 19.0% 7.4% 10.3%

Division Segments

The following table represents revenue and PBT in respect of the three main types of services for the years ended 31 March 2024 and 31 March 2023.

Year Ended 31 March 2024 Revenue PBT Year Ended 31 March 2023 Revenue PBT	Domestic Transport Warehousing Air & Ocean $NZ000 $NZ000 $NZ000 2,188,882 784,790 1,744,124 172,468 59,654 163,261 2,242,769 750,179 2,682,761 228,498 65,374 293,526	Domestic Transport Warehousing Air & Ocean $NZ000 $NZ000 $NZ000 2,188,882 784,790 1,744,124 172,468 59,654 163,261 2,242,769 750,179 2,682,761 228,498 65,374 293,526	Total
			$NZ000
	2,188,882 784,790 1,744,124 172,468 59,654 163,261 2,242,769 750,179 2,682,761 228,498 65,374 293,526		4,717,796 395,383 5,675,709 587,398
Reconciliation between non-GAAP and the Income Statement Profit before Taxation for the Year Finance Costs Relating to Lease Liabilities Other Net Finance Costs EBITA Depreciation of Right of Use Assets Other Depreciation and Amortisation Expenses EBITDA (Adjusted)		31 March 2024 31 March 2023 unaudited unaudited
		$NZ000 $NZ000
		395,383 587,398
		25,611 17,326 6,619 7,315
		427,613 612,039
		193,146 155,359 99,822 83,630
		720,581 851,028

EBITDA (adjusted) is defined as earnings before net interest expense, tax, depreciation, amortisation, and royalties (segment only; not Group).

There are no customers in any segment that comprise more than 10% of that segment's revenue.

Bank term loan is allocated based on segment net assets excluding bank term loan.

The geographical segments are determined based on the location of the Group's assets.