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2019 Annual Report Annual Report Investing in the future 2019 ANNUAL REPORT ANNUAL REPORT Our transformation journey Behind Ports of Auckland’s red fence, our people have quietly been delivering an amazing amount of change. We have achieved a number of world and New Zealand ‘firsts’. We continue to adapt to meet the demands of a growing Auckland and regional New Zealand, while also being a sustainable business. We are investing in new technology and our people to ensure we are a world-class port company. This year’s report provides a look at some of our key transformation projects. Contents Chair’s statement 6 Our strategy 18 Corporate governance 53 Our business model 8 Chief Executive’s statement 22 Group financial statements 59 Understanding our risks Meet our Board 50 and opportunities 12 Meet our Executive team 52 Our master plan PAGE for Auckland 10 Our 30-year master plan provides the roadmap for our transformation in a way that balances Auckland’s economic, social and environmental needs. Automation set PAGE for 2020 launch 16 Our automation project increases our capacity without the need for more land. It also means retraining our people to provide for their future of work. Building a more PAGE 20 inclusive environment We are proud of our diverse team, and have a number of programmes in place to ensure we benefit from different perspectives and approaches as we transform. Supporting local PAGE exporters and importers 28 – and taking trucks off the road Providing sustainable logistics services around our Waitematā seaport and regional freight hubs. Investment in the Golden PAGE Triangle to boost New 32 Zealand’s fastest-growing region Our Waikato Freight Hub is now open, serving New Zealand’s fastest-growing region in the ‘Golden Triangle’. The economic PAGE upside to a 36 zero-emission future We are investing in hydrogen to help us be emissions free by 2040, and to contribute to New Zealand’s hydrogen market. Community PAGE engagement 40 We are proud to be Auckland’s port, engaging with our community and welcoming them to local events. High-performing PAGE coaching for a 44 high-performing culture Supporting our team to navigate change and uncertainty. Highlights of the year World-first electric tug STILL ON TRACK TO BE NEW HYDROGEN ENERGY ordered ZEALAND’S FIRST AUTOMATED PILOT PROJECT UNDERWAY CONTAINER TERMINAL CONTAINERS MOVED BY RAIL CARS TEU 17.5% 14.3% 3.5% 107,755 255,252 939,680 4 / Ports of Auckland Annual Report 2019 Welcome to Ports of Auckland’s 2019 Annual Report Our approach to integrated reporting This report welcomes readers to see what goes on behind the red fence at Ports of Auckland. We have achieved a lot during the year, including a number of world and New Zealand firsts. We continue to adapt to meet the demands of a growing Auckland and regional New Zealand, while also being a sustainable business. We are investing in new technology and our people to ensure we are a world-class port company. This year we have continued on our integrated reporting journey. This report highlights the importance we place on the views of our key stakeholders: our employees, our customers, our shareholder and our community. Our report continues to be developed towards the International Integrated Reporting Framework of the International Integrated Reporting Council. It extends beyond financial reporting to include our social and environmental performance and reflect our integrated thinking. We have also considered the Global Reporting Initiative standard and approach to materiality, alongside the Integrated Reporting Framework. We are committed to being open and transparent with all of our stakeholders and provide much more information about Ports of Auckland and its operations on our website, www.poal.co.nz. Scope and boundary Three new Our Annual Reports are produced and published each year; this one covers the period 1 July 2018 to 30 June 2019. The scope of our report includes all core activities of our cranes business, located primarily in the Auckland region, and related performance against our targeted outcomes. We outline our materiality process on page 13. Topics are deemed material if they have the potential to substantively affect our ability to create and protect delivered value for the port and our stakeholders in the short, medium and long terms. In the past year we have continued our focus on engaging more openly and transparently with our stakeholders, including the community and local iwi. Assurance The Group Financial Statements have been prepared in accordance with New Zealand Generally Accepted Accounting Practice. The Group Financial Statements are included on pages 59-105. Our financial statements have been audited by Deloitte Limited, which has been appointed by the Auditor-General, CRUISE SHIP PASSENGERS and the auditor’s report can be found on pages 57-58. 21.3% Board approval In the Board’s opinion, Ports of Auckland’s 2019 Annual Report provides a fair and balanced account of our performance on the material matters determined to influence our 330,088 ability to create value. This report, including the Group Financial Statements for the year ended 30 June 2019, was approved by the Board of Directors on 26 August 2019, and signed on its behalf by: Liz Coutts Chair Sarah Haydon Director 26 August 2019 26 August 2019 Ports of Auckland Annual Report 2019 / 5 Chair’s statement A quiet transformation These elements were brought together to electric port tug. This came about as Behind Ports of Auckland’s red fence, form the core of our 30-year master plan, a result of our commitment to be zero our people have quietly been delivering which was developed in 2017 and put into emissions by 2040. When we made change. An amazing amount of change. effect in 2018. Implementation of the plan that commitment in 2016 there were no I do not believe many people realise the has been progressing well. electric tugs, and when we approached manufacturers about building one they told enormity of the transformation taking In the past 12 months there has been a us we were dreaming. Management have place – or the number of world and great deal of infrastructure work to support put in considerable effort, working with the New Zealand firsts. automation, as well as thousands of hours manufacturer, to get this tug to the point of testing of our autonomous straddles Much has changed since I joined the of being built. It has been hard work – and (container handling machines). When Board in 2010, as we’ve worked to the up-front cost is higher than that of a automation goes live in 2020 we will be the improve efficiency and put the business diesel tug – but as a company we feel it is first New Zealand port to automate. The on a sustainable footing. Most of that work important to make a statement about our way we are automating and the fact we are has been incremental and has brought commitment to reducing emissions and automating an operating container terminal Ports of Auckland up to international best the urgency of tackling climate change. are world firsts. practice. The work currently underway is The operating cost of an electric tug is revolutionary. Construction of a five-storey car handling significantly lower, so in the long run we facility on Bledisloe Terminal started in will save money. The business has had to adapt to a March 2019 and is progressing well. By shifting operating environment, most Our final first is a project to build building vertical infrastructure to handle notably the desire of many in our Auckland’s first hydrogen production cars, we create more space without the community to end reclamation and and refuelling facility. Hydrogen has the need for reclamation. The building, which expansion in the Waitematā Harbour. potential to be a very useful fuel source will be finished in August 2020, has some We have given a commitment to end for the port as it can be produced and unusual design features intended to help reclamation, but this has created stored on site, allows rapid refuelling, and integrate the port with the surrounding provides a greater range than batteries. We an enormous challenge: Auckland’s community and open up more waterfront have applied for resource consent for the population is expected to grow by around space for public use. a million people in the next 30 years, so project and are in the process of procuring how do we handle everyone’s freight? The building will have a 110-metre-long a supplier for the necessary equipment. LED wall facing Queens Wharf that can be Once you accept that you can’t do the used for visual displays and we will create a Our people old-fashioned things like reclaim land, beautiful green recreational park on the roof Our people deliver these large, important it becomes quite an exciting challenge. for public use. We believe these features infrastructure projects and a lot more How do we put the maximum number are also world firsts for a working port. besides. Their talent and their commitment of containers and other freight through are what makes this a successful business. In April 2019 we officially opened our new our little plot of land? Our response to Our people have had to deal with a tragedy Waikato Freight Hub and completed our this has to be a quite sophisticated, this year, with the death of a colleague, first customer facility. This is a significant integrated approach. This includes some Laboom Dyer, as a result of a straddle milestone for us and for our strategy of physical solutions like automation, vertical accident.
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