MOVE Logistics Group Annual Report

Annual Report
2021
Moving
Forward.

/ CHARTING A NEW COURSE
We are building on the heritage of our company to create a world
leading integrated supply chain provider in New Zealand.
To do this, we are taking steps to ensure our business is fully optimised
and strongly positioned for the future.
We are being brave in identifying our weaknesses as well as our
strengths and doing what is needed to make MOVE a stronger, leaner
and more profitable business.
We will be bold in our actions as we deliver value for our people and our
customers and look to reduce our impact on the environment.
Delivering exceptional customer service is paramount and we will be
innovative in our thinking to ensure the best solution to meet the long
term needs of our customers.
As we move ahead under new leadership and with a rejuvenated
Board, we remain committed to continually improving safety, customer
service, our workplace environment, sustainability and shareholder
returns.
There is significant potential in, and for, our Group. Now is the time to
chart a new course that unlocks the potential of our business, delivers
value for all stakeholders and positions MOVE as the preferred transport
and logistics provider in New Zealand.
On behalf of the Board and management, we are pleased to present
the MOVE Logistics Group Limited Annual Report for
the year ended 30 June 2021. This Annual Report is dated
29 September 2021 and is signed on behalf of the Board by:
Trevor D Janes Lorraine Witten
Outgoing Chairman Incoming Chair
/ CONTENTS
FY21 Review 5
Looking Forward 14
Building a Better Business 19
Our Board 26
Financial Statements 31
Notes To The Consolidated
Financial Statements 35
Independent Auditor’s Report 72
Additional Statutory Information 78
Corporate Governance 86
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/ MOVING FORWARD WITH A VALUE FOCUSED CULTURE / FY21 AT A GLANCE
OUR CUSTOMERS
We are focused on the needs of our customers. We
recognise without customers we have no business
and do what it takes to be our customers’ logistics
partner of choice. We are easy to do business with,
collaborate and learn from outcomes with our
customers.
SAFETY
We focus on team safety ensuring every employee
arrives home safe and sound whatever their role.
This includes training our staff in the latest safety
procedures and using quality equipment as part of
our processes.
OUR TEAM
We work together as a cohesive group, to empower
our individual strengths. All employees are given
the opportunity for growth and development. We
show pride in the appearance of ourselves and our
equipment. We all share a “can do” attitude.
SUSTAINABILITY
We want to be a leader in sustainable logistics
services. Creation of a sustainable strategy that
focuses on our people, customers, investors and
communities is important. Our strategy extends
to emission reduction targets and transparent
reporting, with the aim being a better environment
for us all.
INNOVATION
We strive to be leaders in logistics innovation and
welcome new technology with enthusiasm and
interest. We always look for ways to improve our
effectiveness and efficiency.
PROFESSIONALISM
We do what we say we will do. We act openly and
honestly both within the organisation and with our
customers. We value ethics, integrity and we do
what is right.
RESULTS DRIVEN
We are committed to providing the best services,
exceeding expectations of our customers and
creating sustainable value for our shareholders and
stakeholders.
OPERATING ENVIRONMENT
• Strengthening demand and constrained supply driving increase in cost pressures across
sectors. Businesses are passing on higher costs
• Supply chain capacity remains congested in New Zealand, leading to inflationary pressure
• Driver shortages becoming more acute
• Improved household income supports spending, with residential construction boosting
activity and oil prices rising
• Agriculture and forestry sector improving but aquaculture activity down
• Continued economic recovery expected, however, supply constraints could temper
growth
KEY EVENTS
• Opened new 6,000 sqm warehouse in Hamilton with cornerstone customer
• Completed acquisition of remaining shares in TNL International joint venture (Melbourne)
• Completed acquisition of assets of Fletcher Construction Asset Hub and entered into
long term contract with Fletcher Construction in July 2020 to supply heavy transport and
logistics services
• Continued to execute Freight Improvement programme
• Significant changes in share register
Post Balance Date
• Refinanced bank debt
• Chris Dunphy and Mark Newman joined the MOVE Board
• Chris Dunphy appointed Executive Director on 27 July 2021 following resignation
of the CEO
• Rebranded to bring businesses under the banner of MOVE, signifying a unified presence
across our end-to-end supply chain solutions
• Commencement of comprehensive business review
SAFETY PERFORMANCE
• Continued reduction in lost time injury frequency rate for the third year in a row
• Rolling out in-cab technology to help prevent fatigue events (% completed: Freight 90%,
Bulk Liquids 64%)
• Accepted into ACC Accredited Employer Program
Recognised with a Global Fleet
Champion Award for Company
Driver Safety
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/ FY21 FINANCIAL PERFORMANCE
Group revenue was up 6% on the prior comparative
period (pcp) to $353.2m, with the continued
economic recovery in New Zealand driving activity
and demand across a range of sectors which
are important sales areas for MOVE, including
residential construction, infrastructure, food &
beverage and agriculture.
Earnings Before Interest, Tax, Depreciation and
Amortisation and non-trading items (EBITDA
1
) of
$61.3m was 7% ahead of the prior year and in line
with guidance.
Group EBITDA margin remained flat at 17% with
revenue gains from increased warehouse
capacity and specialist haulage project work
offset by increasing wage and fuel costs, higher
fleet maintenance costs and significant project
variations.
Four of MOVE’s five divisions delivered increased
revenue and EBITDA, with a slight decrease in the
International division which has been affected by
supply chain headwinds and Covid-19 restrictions.
The turnaround programme for the Freight division
continues with significant work still to come, focused
on improving utilisation and margins.
Net profit after tax was $0.9m including non-trading
and impairment post tax costs of $1.2m
2
. These
were associated with a discontinued IT project, joint
venture impairment and an acquisition which was
not progressed. Excluding these non-trading items,
NPAT was up 71% on prior year to $2.1m.
A prudent approach to capital expenditure in the
post-Covid environment saw spend reduced by
45%, while still maintaining baseline investment in
fleet and equipment maintenance and technology.
Capex is expected to increase in FY22 as the
company resumes sustaining capital expenditure,
and investment into fleet upgrades and technology.
Cashflow metrics remain positive with net cash
generated from operating cashflow increasing to
$43.2m as at 30 June 2021.
Total borrowings reduced to $70.2m at year end,
with $16.2m repaid during the year from cash as
well as net proceeds of $8.2m from the mandatory
convertible note placed in May 2021. Excluding
lease liabilities, net debt decreased to $65.2m as
at year end. The company had cash and cash
equivalents of $13.2m at period end. New financing
arrangements are in place for the FY22 year with
ANZ Bank and UDC Finance, providing improved
terms and tenure.
GROUP REVENUEEDITDA
Before non-trading items
1
EBITDA is Earnings Before Interest, Tax, Depreciation and Amortisation and non-trading costs excluding income and impairment from
associates. EBITDA is a non-GAAP measure
2
Non-trading costs of $1.5m excluding tax comprise $1.2m for a discontinued IT project and $0.3m associated with an acquisition which
was not progressed
SALES REVENUE BY DIVISION
EBITDA
1
BY DIVISION
EBITDA BEFORE
NON-TRADING
ITEMS
1,2

$61.3M
NORMALISED
NPAT UP 71% ON
PRIOR YEAR
$2.1M
NET PROFIT
AFTER TAX
$0.9M
REVENUE
$353.2M

0
FreightBulk LiquidsWarehousing
& Logistics
InternationalSpecialist
FY20FY21
FreightBulk LiquidsWarehousing
& Logistics
InternationalSpecialist
FY20FY21
$M
0
50
100
150
200
$M
0
5
10
15
20
25
30
$M
330
32054
56
58
60
62
340
350
360
FY20FY21
FY20FY21
FY20FY21
$M$M
0
5
10
15
20
FY20FY21
PERCENTAGE
1
2
3
EDITDA MARGIN
Before non-trading items
NPAT
Before non-trading items

0
FreightBulk LiquidsWarehousing
& Logistics
InternationalSpecialist
FY20FY21
FreightBulk LiquidsWarehousing
& Logistics
InternationalSpecialist
FY20FY21
$M
0
50
100
150
200
$M
0
5
10
15
20
25
30
$M
330
32054
56
58
60
62
340
350
360
FY20FY21
FY20FY21
FY20FY21
$M$M
0
5
10
15
20
FY20FY21
PERCENTAGE
1
2
3

0
FreightBulk LiquidsWarehousing
& Logistics
InternationalSpecialist
FY20FY21
FreightBulk LiquidsWarehousing
& Logistics
InternationalSpecialist
FY20FY21
$M
0
50
100
150
200
$M
0
5
10
15
20
25
30
$M
330
32054
56
58
60
62
340
350
360
FY20FY21
FY20FY21
FY20FY21
$M$M
0
5
10
15
20
FY20FY21
PERCENTAGE
1
2
3

0
FreightBulk LiquidsWarehousing
& Logistics
InternationalSpecialist
FY20FY21
FreightBulk LiquidsWarehousing
& Logistics
InternationalSpecialist
FY20FY21
$M
0
50
100
150
200
$M
0
5
10
15
20
25
30
$M
330
32054
56
58
60
62
340
350
360
FY20FY21
FY20FY21
FY20FY21
$M$M
0
5
10
15
20
FY20FY21
PERCENTAGE
1
2
3
7
ANNUAL REPORT 2021
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ANNUAL REPORT 2021

FOREWORD FROM TREVOR JANES, OUTGOING CHAIRMAN
Both Jim Ramsay and myself are retiring by rotation at
this year’s annual meeting and we have both advised
that we will not be seeking re-election. Jim is one of the
founders of MOVE and without him, our company would
not exist. His deep industry knowledge and passion
for the sector have led to the creation of one of New
Zealand’s leading transport companies and we will
take the opportunity to acknowledge his invaluable
contributions at our annual meeting.
It has been a privilege to have been Chairman of MOVE
Logistics Group since its listing three years ago. As part of
our long term Board succession planning, I have stepped
down as Chairman of MOVE Logistics Group from
29 September 2021, with Lorraine Witten appointed as
Chair.
Lorraine has over 20 years’ governance experience and
has been Chair of MOVE’s Audit & Risk committee for
the past three years. She is a dynamic and experienced
director and was the unanimous choice of the Board for
Chair.
Our company is moving ahead in the next stage of its
journey with a refreshed Board and new leadership and
I am confident that MOVE has a long and exciting future
ahead of it.
Lorraine and I are pleased to jointly present this report for
the year ended 30 June 2021.
/ FY21 IN REVIEW
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We were pleased to deliver a year on year increase
in revenue and profit in a challenging environment
in FY21. However, we are conscious that our results
are not where we want them to be and we have
a comprehensive review underway to reset and
reposition our business.
MOVE Logistics Group remains one of New Zealand’s
largest transport and logistics groups, offering an
end to end supply chain solution. The challenges of
the last year have reinforced to us that now is the
time to shake things up and reposition our company
for the future.
The effects of the Covid-19 pandemic are ongoing
and will be with us for a while. Exacerbating this
has been the supply chain disruption, with a global
shortage of shipping containers and congestion at
ports further adding to supply chain woes. Shipping
companies and ports are working together to unlock
the congestion, however, we don’t expect to see a
material easing until late in calendar year 2021.
We are grateful for the efforts of all our people during
the last twelve months, who have continued to
ensure that our customer needs are met, no matter
what the conditions. My thanks go to all the MOVE
teams for their exceptional efforts over a challenging
period. We would also like to thank our shareholders,
our customers and our suppliers for their support
over this time.
Our priority when the pandemic first hit was the
health and safety of our people and we established
protocols to ensure our people remain safe while
operating as essential workers. At the time of writing
this report, New Zealand has once again been locked
down as the Delta variant hits our shores. Until
the majority of people are vaccinated, the serious
impact of Covid-19 will be ongoing, affecting people,
businesses and communities around the globe.
Economic Outlook
While the current momentum in the domestic
economy is expected to continue, supply and
capacity constraints could temper growth in the
short term. Continuing disruption is expected on
supply chains in FY22, with lockdowns, shipping
constraints, port closures and congestion affecting
the import and export of goods from New Zealand.
Inflationary pressures are now looking more
persistent, with increasing wage costs and the
continuing challenge of driver shortages in the
transport industry.
Private and public investment, as well as consumer
demand and Government spending, is expected
to drive demand in certain sectors such as
construction and infrastructure. We will be targeting
those sectors that offer value accretive opportunities
for the business.
The August/September 2021 Covid-19 restrictions
have materially impacted MOVE’s trading in the
first half of the FY22 year, with less Freight and Fuel
transport over this time as a result of reduced
economic activity and consumer demand. The
Board continues to closely monitor the situation and
the impact of any further extensions or restrictions
on the company’s performance. We are taking all
the necessary steps to keep our community and
employees safe and healthy, particularly those
drivers working as essential service workers.
Comprehensive Business Review
Our job now is to get the company match fit, to build
on our strengths to take MOVE Logistics Group into its
future.
We are conscious that our business must and will do
better. We are now taking bold steps to ensure our
For MOVE, the most obvious impact of the pandemic
has been to our clients. Large infrastructure projects
such as windfarms have been delayed, imported
goods are now being freighted directly to customers
to meet built up demand rather than warehoused
and, while some sectors such as residential
construction are booming, many others are suffering
such as tourism, manufacturing and aquaculture.
Our teams have worked alongside customers to
provide support and solutions during this time.
Initiatives undertaken during the year have
strengthened our business for this environment.
Of note, was the refinancing of the Group’s bank
facilities, replacing ASB Bank with ANZ and UDC
Finance, and with better terms and tenure. We
were pleased to re-establish relationships with
these organisations, both of which have a deep
understanding of the industry and our company.
Their support reflects the confidence they have in
our business, our strategy and our team.
The Freight Improvement programme continued to
progress, albeit with significantly more work still be
to be done. And we bought our businesses together
under the MOVE Logistics Group banner, signalling
a unified presence across our end-to-end supply
chain solution.
The sell down by the founders of the business has
introduced new shareholders and increased liquidity.
Following the resignation of the CEO, Chris Dunphy
agreed to take on an Executive Director role in July
2021.
Since balance date, Mark Newman, another
experienced transport and logistics executive, has
also been appointed as a Director. Both Chris and
Mark bring a wealth of experience with them and the
Board is already benefitting from their insights.
business is fully optimised and strongly positioned
for the future. Led by Chris Dunphy, a comprehensive
business review is underway to reset the business
and define a clear strategic pathway that will
deliver on our priorities of margin improvement,
better utilisation of assets and profitability. This will
lead to a clear strategy that unlocks the potential
of our business, delivers value for all stakeholders
and positions MOVE as the preferred transport and
logistics provider in New Zealand.
The first steps have already been taken with an
organisational restructure. The Warehousing &
Logistics and Fuel divisions are being combined
to better align core capabilities and will operate
as business units within a new Contract Logistics
division, with a focus on investing in resources
tailored to specific customer contracts. Margin
improvement and growing shareholder value remain
priorities for the Group.
An update, including the outcomes of the business
review, will be provided to shareholders at or before
the 2021 Annual Meeting.
The Board would like to thank shareholders for their
continued support. We are focused on creating
a world leading business and delivering the
improvements and value that our shareholders
expect and deserve. We look forward to the
challenge and the positive actions we are now
taking to make a step change in our business.
Trevor Janes Lorraine Witten
Outgoing Chairman Incoming Chair

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/ DIVISION PERFORMANCE
MOVE operates across five divisions,
with its three largest divisions – Freight,
Warehousing and Bulk Liquids - making
up ~90% of revenue and EBITDA. The
rebranding of the Group in July 2021 brings
the divisions and businesses together under
the banner of MOVE Logistics Group Limited.
FREIGHT
The first 12 months of the freight
improvement plan have been completed,
with early benefits being seen in operational
efficiency, customer interaction and back
office administration. Other transport modes
continue to be adopted as part of customer
solutions, with growing demand for multi-
modal solutions in response to supply chain
headwinds. However, margins remain below
acceptable levels with the increase in sales
offset by higher overheads. Initiatives are
being adopted to both improve margins
and return on capital employed (ROCE), and
‘fixing Freight’ is one of three top priorities for
FY22.
WAREHOUSING & LOGISTICS
Revenue and margins improved year
on year with revenue growth driven by
increased warehouse capacity, offset
by softer transport volumes and port
congestion in Auckland, and warehousing
utilisation levels in Christchurch.
Opportunities have been identified
to improve ROCE including property
rationalisation, capacity utilisation and
expansion into different market segments.
BULK LIQUIDS
Revenue and EBITDA improved year on year,
with a small decrease in margin as a result of
higher fleet and staff costs. MOVE’s Bulk Liquids
division provides a highly specialised service
and it remains one of the largest fuel haulage
providers in New Zealand. The business remains
alert to future opportunities and continues
to work closely with its partners to develop
the potential for both the use and haulage of
hydrogen fuel.
SPECIALIST
New business wins in the construction sector
and large windfarm projects have continued to
drive revenue increases, although significant
variations to windfarm project milestones have
had a small impact on margins. Existing assets
are being utilised for new project work, delivering
an improved ROCE. New opportunities are being
targeted which leverage MOVE’s specialist skills
and experience moving bulky and oversize items
onto difficult-to-reach sites. In particular, the
extension to the Tiwai Point Aluminium Smelter
has seen increased interest in a number of
electricity generation projects that could come
on stream in the next two to three years.
INTERNATIONAL
The International division had a challenging
year, with a number of clients yet to recover
to pre-Covid levels, as well as supply chain
headwinds. A slow and steady recovery is
expected, once Covid restrictions and port
congestion ease.
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/ MOVE-ING TO IMPROVE
WITH EXECUTIVE DIRECTOR, CHRIS DUNPHY
Chris Dunphy was appointed to the Board in July 2021, taking on the
role of Executive Director later that month following the resignation of
the CEO. He is currently leading a comprehensive review of the MOVE
business, with the goal to deliver improvement for all stakeholders.
Chris has a wealth of knowledge and experience in the transport and
logistics industry in New Zealand and Australia. He is a former executive
director of Mainfreight, joining the company in 1993 and helping to take it
public in 1996. After ten years of senior management roles in Mainfreight,
spearheading their global growth-by-acquisition strategy, Chris resigned
as executive director in 2003 to pursue private investments in a number of
freight, shipping and logistics businesses.
/ What does your role of Executive Director
entail?
The resignation of the previous CEO opened
up an opportunity for me to be more hands
on with the business. I invested in MOVE and
subsequently came on board as Executive
Director as I believe there is great potential
for our company to be the leader in the
transport and logistics sector in New Zealand.
/ Tell us more about the business review
that you are leading.
MOVE has grown and evolved over the
last 150 years and has a great platform for
growth. But the potential for the company
is not currently being realised. Our review is
looking at all aspects of the business.
We will be brave in identifying our
weaknesses as well as our strengths and
doing what is needed to make MOVE
a stronger, leaner and more profitable
business. Essential to our success is our
commitment to delivering value for our
people and our customers and reducing
our impact on the environment.
Three immediate priorities have been
identified to drive margin improvement,
better utilisation of assets and profitability:
• Turn around and reset the Freight division
• Define, invest in and deliver an attractive multi-
service solution for contracted clients
• Optimise the property footprint to service client
demand
We have already identified a number of exciting
opportunities to refocus our business, build on our
client partnerships and deliver innovative logistics
solutions. The potential to organically grow our
business is astounding and I look forward to sharing
an update with shareholders at or before MOVE’s
annual meeting.
/ How important are people and culture to MOVE’s
success?
People are our everything - they are the face of our
company and the ones delivering on our customer
excellence promise to our customers.
We are focused on building a culture that builds on
our values and empowers our people to deliver the
best possible service and solution to our customers.
Over the last 18 months, MOVE people have proved
their ability to adapt, innovate and overcome
obstacles in their quest to deliver excellence. They
have worked under challenging conditions as
essential workers during lockdowns, keeping both
themselves and our customers safe.
Health and safety remains paramount across all
levels of the business as we deliver on our vision
of “No Harm to People, the Environment or Assets”.
While there is always more to do, we were pleased to
see the Company’s injury frequency rates reducing
for the third year in a row.
Talent recruitment and retention is an important
pathway for our business and we will be aligning our
teams with strong executives capable of leading
change and transformation. We recognise that
women are under-represented in in our industry and
have plans in place to address this as much as we
can.
/ How do you see MOVE addressing the sector’s
environmental challenges?
We are conscious of the impact that the transport
industry has on New Zealand’s carbon emissions,
primarily from diesel fuel used by trucks. New
Zealand’s transport network and geography means
that trucks will always be an essential part of how
we move goods from a to b. However, there are
opportunities to reduce our carbon impact, through
the use of alternative fuels, upgrading to newer and
more fuel efficient trucks and by further developing
multi-modal freight solutions that benefit clients and
environment and supply chains.
MOVE has led the way in the sector, supporting
the use of hydrogen as an alternative fuel source.
We are now taking another bold step and have
confirmed an order for the first two HYZON hydrogen
fuelled trucks to come to New Zealand, making us
the first freight company in the country to utlise this
new and exciting alternative fuel opportunity.
/ What are your aspirations for MOVE over
the medium term?
We are focussed on providing shareholders,
team members and clients with a
commitment to improvement.
• We will improve our shareholder returns,
so that we are measured comparably to
our listed peers
• We will improve our facilities and
incentivise good outcomes to retain
good people and attract more like-
minded MOVErs
• We will improve our client response
times, our metrics and our ability
to make change that benefits our
customers’ businesses
• We will improve our commitment to all
stakeholders as to sustainability and our
carbon footprint.
I’m delighted to be a part of the MOVE team
and bringing the skills I’ve learned over
decades into what is already a really good
business to make it even better. That’s my
mission; that’s why I’m here.
MOVE is making history, having confirmed an order which
will make MOVE the first freight company in New Zealand
to have hydrogen fuel trucks in our fleet. The two HYZON
trucks are expected to be in service second half of 2022
and will add to the electric metro trucks we already
have operating in the Auckland area.
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Customer first approach
with focus on developing
and maintaining long
term relationships.
FIX THE FREIGHT DIVISION• Turn around and reset the Freight division
• Define and refine the sectors we operate in
• Target those sectors that offer value accretive
opportunities for the business
• Ensure that we have the right tools to do the job
• Manage for margin, not size
• Realign the culture from trucks to client
DEVELOP OUR ‘CONTRACT
LOGISTICS’ OFFERING
• Invest in our business in response to the
specific needs of contracted clients
• Customer first approach with focus on
developing and maintaining long term
relationships
• Attract high-calibre executives to grow this
offering
REPOSITION OUR ASSET BASE• Optimise the property footprint to best serve
client demand
• Exit company-owned vehicles in favour of
leases & Owner Drivers
• Invest in best-of-breed IT that can drive
operational improvement
• Attract good people and retain the best people
/ OUR PRIORITIES FOR FY22
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/ CONTINUALLY BUILDING A BETTER BUSINESS
We believe it is every business’ responsibility to add value and leave the
world in a better place. For us, that means continuing our sustainability
journey, supporting our people and engaging with our communities.
62,249 TONNES
CO2 EMISSIONS
3
13% FEMALE LEADERS
IN A TEAM OF 1,477
EMPLOYEES
OVER 50 FACILITIES
LOCATED IN
COMMUNITIES AROUND
THE COUNTRY
GENERATED 140,907 KW
OF SOLAR ENERGY FROM
OUR ROLLESTON
WAREHOUSE
ABOVE AVERAGE
EMPLOYEE
ENGAGEMENT
SCORE
65% OF OUR
WAREHOUSE FORKLIFT
FLEET IS ELECTRIC
3
Subject to final Toitū certification review
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/ OUR PEOPLE
Rochelle Scott is an owner driver for MOVE
Logistics, operating a fleet of three trucks,
a van and a forklift and employing other
drivers to assist her in the delivery of
goods around the Bay of Plenty region.
Originally a driver for Mainfreight, Rochelle
joined MOVE early in 2021 and says the
best thing about the change has been
the support and encouragement she has
received to help her achieve her goals.
“I couldn’t think of a job or occupation
I would rather do. I love driving trucks,
working with the MOVE team and delivering
the best customer service I can.”
Rochelle entered the transport industry
after time in the Army, as a professional
firefighter and working as a courier driver.
She says while the sector is changing,
there’s a lot of old school drivers, and it
took perseverance and hard work to prove
herself. But it’s an industry she loves and
she encourages anyone, including other
women, who love a challenge and being
out and about to consider it as a career.
“It’s not about gender – we are all owner
drivers and business people. We have the
same goals, want to do amazing things
and all want to be treated equally. MOVE
recognises this and is really supportive of
its people.”
With four children and a growing business,
Rochelle continues to step up and prove
herself time and again. She’s not resting
on her laurels and is planning to include
line haul trucks in her fleet at some time
in the future. But for now, she says, the
fun of working the metro route, jumping
in and out of her truck and working with
customers is something she can’t get
enough of.
Our people are the backbone of our business and
our team values recognise teamwork to empower
individual strengths, pride in our work and a ‘can
do’ attitude.
The industry continues to face challenges recruiting
young people and the border restrictions have
added to the labour shortages already confronting
the sector. We are working with partners to develop
a cadetship which would provide a gateway
programme for year 12 and 13 students, with a clear
pathway to gaining a full Class 5 licence and training
in the Fuel sector. We have also been working with
a logistics partner to support people back into the
workforce and provide further career development
opportunities.
The launch of our Emerging Leaders Group
programme, which focuses on supporting career
growth and development for frontline emerging
leaders in MOVE Freight, has been positively received
by participants. This will be an ongoing initiative as
we increase our focus on development and learning
across the Group.
We have 1,477 employees, from truck drivers to
warehouse staff, admin, support staff and managers.
The sector remains male dominated, with 18%
female employees across the company and 13%
in leadership roles. Encouraging more females
into the sector is a key goal for MOVE and will be a
focus for our cadetship programme. We will also
be addressing this need with targeted recruitment
and re-engineering driving roles to provide more
flexibility including investigating the opportunity for
job-sharing.
Our first Group-wide Employee Engagement Survey
generated valued feedback and insights into our
People & Culture programme. Pleasingly, at an
Individual level, our employees are feeling aligned
and appreciate the ability to be able to arrange
time off work when they need to. Our Managers are
recognised for building alignment and showing
genuine care towards employees’ wellbeing. At an
organisational level, there’s a good awareness of
what our company values are.
HEALTH, SAFETY AND WELLBEING
Staying safe, keeping others safe, and being
corporately responsible are fundamental to what
we are as an organisation. Operating our business
in this way helps us deliver on our vision of “No Harm
to People, the Environment or Assets”. Paying close
attention to safety, wellbeing, sustainability, ethics
and integrity go hand in hand with that vision.
Training was an important focus for the Health &
Safety team in FY21, with courses tailored to specific
roles and levels.
The Company’s injury frequency rates provide a lag
indicator of performance with the LTI rates reducing
for the third year in a row.
More information on health and safety can be read
on page 92 in the Governance Report.
“It’s not about gender –
we are all owner drivers
and business people. We
have the same goals,
want to do amazing things
and all want to be treated
equally. MOVE recognises
this and is really
supportive of its people.”
– Rochelle Scott
2021
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/ ENVIRONMENT/ OUR COMMUNITIES
We recognise that the transport sector has an
impact on climate change and the environment.
As a business, we take this seriously.
We are at the start of our journey to measure,
monitor and reduce our emissions. Our carbon
footprint is dominated by diesel fuel and we have
an improvement programme in place to reduce
our emissions. This includes investing in electric
forklifts, installing solar panels on new warehouses
and building with sustainability in mind. In line with
this, 65% of the Warehousing division’s forklift fleet
has now been electrified. As we upgrade our fleets,
we will transition to new, more fuel efficient models.
Driver training also seeks to develop behaviour that
reduces the use of fuel on the road.
A Purr-fect Match
MOVE Freight Christchurch is continually looking at
ways to reduce the amount of waste sent to landfill.
In any given day, the business is transporting a wide
range of goods and supplies around the Canterbury
region and beyond. Occasionally food products may
be damaged in transit and when this happens, we
work with our customers to redirect items to a good
cause.
Our team works closely with local organisations
including Satisfy Food Rescue which re-directs
surplus perishable food that would otherwise have
been destined for landfill or animal feed, to those in
the community who most need it.
When a customer had a shipment of damaged dry
cat food, the MOVE team worked with them to find
the perfect new home – at the local SPCA shelter.
As a local business, supporting our local community
is important and so is helping our customers make
sustainable choices by redistributing these items to
those that need it.
We have over 50 branches, depots and warehouses
located in communities around the country. We
also work in partnership with many different groups
and organisations.
We are committed to adding value to our
communities and we support a number of charity,
businesses and organisations across our network.
Often it is the individuals in our teams that drive our
involvement, sharing their passion and desire to
make our communities a better place.
Blankets on Beds
The Hamilton team were challenged to step up and
take action after a local girl Hayley Minturn featured
on the One News segment ASB Good as Gold. Hayley
started her initiative, Blankets on Beds, when she
was just 11, buying blankets for a local emergency
housing charity. Now at 17, she has inspired her whole
school to get behind her and is supplying bedding to
multiple emergency housing providers.
The MOVE team partnered with Hayley, helping with
transport of bedding between suppliers and those
delivering it. It is a privilege to support young people
in our communities who are making a difference.
Driving Food Runs in New Plymouth
For many of us, when we feel hungry, we can go to
our fridge or pantry for a snack or meal. Sadly, for
some in our community, this is not a reality.
MOVE New Plymouth has partnered with Taranaki
Food Bank for a number of years, supplying the driving
power and trucks for the regular food runs. The use
of MOVE’s Metro trucks significantly increases the
amount that can be collected by volunteers.
Planting for future generations
Sometimes all it takes is a small amount of effort and time to make a big difference.
Duder Regional Park on the Whakakaiwhara Peninsula in Auckland was created in 1995. The
Auckland Regional Council manages the Peninsula as a farmed park, while also restoring
coastal forest, valley and wetland ecosystems.
Members of the MOVE Fuel Auckland Team dedicated their weekend time to take part in the
Duder Park planting day, assisting with plating of over 2,000 trees. Not disclosed to the team
prior to the day was the sheer climb to the top to then dig holes. However, the views and
camaraderie more than made up for the additional exercise and a great day was had by all...
building team spirt and benefiting the environment at the same time.
We are always humbled to
see how generous the people
and business of Taranaki are
with the food runs and we
are proud to be part of this
event each year.
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/ INVESTING IN TECHNOLOGY
Technology and the insights provided by
enhanced data analytics allow us to reduce
our cost to serve, improve operational
efficiency and add value to our customers.
Importantly, technology is also enhancing
our health and safety pathway, providing
access to online training to ensure our
people remain safe in their workplaces.
In the last 12 months, our initiatives have
ranged from:
• Automation of packing slip printing for
customers – this has saved our team
manually printing over 100 individual
packing slips a day
• Enhancement to the Freight mobility
software, enabling track and trace,
notification and milestone features
• Reporting and dashboards for key
customers
• Label printing kiosks allowing drivers and
freight handlers to print off consignment
labels without having to go to dispatch
• Assura health and safety system-
upgraded and consolidated across the
group
• Rollout of new cloud based all-in-one
spend management software which
includes accounts payable automation
• Integration of Atrax re-measure
equipment to MOVE’s TMS is enabling
automated weight and volume
adjustments to ensure customers are
charged the correct rates
In the next financial year, we will continue
to invest in technology that adds value for
our business and our customers. We will
be introducing image recognition to read
and load orders into our systems, adding
further tracking, integration and reporting
features for customers and maximising our
technology platform while continuing to
strengthen our cybersecurity processes to
ensure our data and systems are secure.
/ Tempo is the Transport Event
Management and Resource
Optimisation software system used in
our Freight business to deliver visibility
for our drivers and our customers.
Additional features were enabled in
FY21, making it easier to use for our
drivers and warehouse staff, and
allows our customers to track and
trace their freight as it travels through
our network.
The system follows a job from dispatch
and freight allocation to delivery and
includes many of the standard and
non-standard processes a driver may
need to carry out in the field.
2425
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TREVOR JANES
OUTGOING CHAIR, AUDIT & RISK COMMITTEE CHAIR
APPOINTED 6 DECEMBER 2017
Trevor Janes has significant governance experience with a number of private
and public companies. During the year he was appointed as Chair of NZ RegCo,
having previously been a member of the NZX Markets Disciplinary Tribunal. His
career has been in investment banking and financial analysis and he is a Fellow
of INFINZ and of CA ANZ, a Member of the Chartered Financial Analysts Institute
(USA), and a Chartered Fellow of the Institute of Directors.
JAMES (JIM) RAMSAY
NON-INDEPENDENT DIRECTOR
APPOINTED 6 DECEMBER 2017
Jim has extensive experience in the New Zealand transport industry and has
spent some 45 years in lead management roles with Hookers, TNL/Newmans
Group and MOVE. He has been responsible for building MOVE from a local New
Plymouth trucking operation into a New Zealand wide transport force. He has
served as Chair of MOVE and several associated companies, and has played
a significant part in transport industry matters. He has been honoured with
Life Membership in his local Road Transport Association and is a Fellow of the
Chartered Institute of Logistics and Transport. In 2013 Jim was inducted into the NZ
Road Transport Hall of Fame. Jim resigned as executive director on 31 December
2019 and since then has been a non-executive director of the Company. Jim is a
substantial shareholder in the Company.
LORRAINE WITTEN
INCOMING CHAIR
APPOINTED 6 DECEMBER 2017
Lorraine Witten is an experienced executive and entrepreneur with extensive
commercial experience in high growth and high change environments. Her skills
are in technology, ICT, construction, services and network economics, where she
has 30 years’ experience in senior management and finance roles. Lorraine has
20 years of governance experience and is a Fellow of the Institute of Directors.
She currently sits on the board of a number of private and public companies
including Pushpay, Horizon Energy Group and Rakon.
DANNY CHAN
INDEPENDENT DIRECTOR
APPOINTED 6 DECEMBER 2017
Danny is an experienced New Zealand director with extensive accounting and
finance and investment and education experience. He holds a number of
directorships with companies associated with his private investments both in New
Zealand and offshore. He is a member of the China Council and was a member
of the Department of Prime Minister and Cabinet-China Project Advisory Group.
He is a Trustee of Asia New Zealand Foundation and a member of University of
Auckland Business School Advisory Board. During the year Danny completed his
term as a member of the New Zealand Market Disciplinary Tribunal.
PETER DRYDEN
INDEPENDENT DIRECTOR
APPOINTED 23 OCTOBER 2019
Peter is a professional company director and advisor, based in Taranaki. He
currently sits on the Boards of several private and public companies including
Port Taranaki and Aquafortus Limited. Peter has worked in leadership positions
across Asia, Australia and New Zealand, and has a strong background in
the development and implementation of growth strategies and change
management. He has extensive executive experience and was Managing Director,
Australia and New Zealand, for DowAgroSciences for nine years until May 2016.
CHRIS DUNPHY
EXECUTIVE DIRECTOR
APPOINTED 1 JULY 2021
Chris Dunphy is a former executive director of Mainfreight and general manager
of Mainfreight’s international division. Chris joined Mainfreight in 1993 and
spearheaded their global growth-by-acquisition strategy, before resigning in
2003 to pursue private investments in a number of freight, shipping and logistics
businesses. Chris assumed the role of Executive Director of MOVE Logistics Group
on 27 July 2021.
MARK NEWMAN
INDEPENDENT DIRECTOR
APPOINTED 27 JULY 2021
Mark has extensive domestic and international transport and logistics industry
expertise, having held senior leadership roles with Mainfreight for over 20 years, as
CEO Mainfreight Europe and General Manager New Zealand Transport. He has a
deep understanding of the New Zealand transport landscape along with a wealth
of experience in building successful teams and developing strong culture. His
extensive knowledge in bringing together businesses, brands and people are of
value as MOVE Logistics Group moves into a new era.
/ OUR BOARD AS AT 29 SEPTEMBER 2021
Move’s Board comprises directors with a wealth of skills and experience that add value to the business and for
shareholders. The ongoing rejuvenation of the Board has seen in two new appointees in the last six months, with
Chris Dunphy and Mark Newman joining the team. Both are alumni of Mainfreight and experienced transport
and logistics sector executives. In July 2021, Chris accepted the role of Executive Director and is currently leading
a comprehensive review of the business and operations.
Both Trevor Janes and Jim Ramsay are to retire by rotation at the 2021 Annual Meeting later this year. In line with
the Board’s succession planning, both Trevor and Jim have advised that they will not be standing for re-election.
Jim was a founding partner in the relaunch and expansion of what has today become one of New Zealand’s
largest transport and logistics businesses. Trevor is one of New Zealand’s most experienced directors and joined
the Board as Chair at the time MOVE listed on the NZX in November 2017. Both Trevor and Jim have been valued
members of the Board and Directors would like to take this opportunity to acknowledge and thank them for their
contributions.
More information on Governance at MOVE can be read on pages 86 to 93.
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Financial Statements
For the year ended 30 June 2021
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ANNUAL FINANCIAL STATEMENTS
ANNUAL FINANCIAL STATEMENTS JUNE 2021
CONTENTS
Consolidated Statement of Profit or Loss & Other Comprehensive Income1
Consolidated Balance Sheet2
Consolidated Statement of Changes in Equity3
Consolidated Statement of Cash Flows4
Notes to the consolidated financial statements5 - 41
DIRECTORS’ STATEMENT
FOR THE YEAR ENDED 30 JUNE 2021
The Directors of MOVe Logistics Group Limited are pleased to present the financial statements for MOVe Logistics Group
Limited and its subsidiaries (together the Group) for the year ended 30 June 2021 contained on pages 1 - 41.
Financial statements for each financial year fairly present the financial position of the Group and its financial
performance and cash flows for that period and have been prepared using appropriate accounting policies, consistently
applied and supported by reasonable judgments and estimates and all relevant financial reporting standards have been
followed.
Proper accounting records have been kept that enable, with reasonable accuracy, the determination of the financial
position of the Group and facilitate compliance of the financial statements with the Financial Markets Conduct Act 2013.
Adequate steps have been taken to safeguard the assets of the Group to prevent and detect fraud and other
irregularities.
The Directors hereby approve and authorise for issue the financial statements for the year ended 30 June 2021. They do
not have the power to amend these financial statements after issue.
For and on behalf of the Board
Trevor Janes - Chairman
25 August 2021
Lorraine Witten - Director
25 August 2021
1
ANNUAL FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF PROFIT OR LOSS &
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2021
NOTES
30 JUNE 2021
$000
30 JUNE 2020
$000
Revenue 7353,247333,811
Gains on disposal of assets 869648
Lease income1,6321,333
Other income 1,05812,223
Total Income 7356,806348,015
Transport costs(136,891)(132,718)
Employee costs(127,609)(125,309)
Rental / lease expenses(3,459)(5,114)
Other operating expenses(27,533)(26,248)
Changes in contingent consideration-225
Depreciation of right of use assets(31,471)(28,460)
Other depreciation / amortisation expenses (14,891)(14,442)
Other non operating expenses(1,451)(104)
Impairment of investment in associates16.2(95)(440)
Total Operating Expenses 8(343,400)(332,610)
Finance costs relating to lease liabilities(8,046)(7,947)
Other finance costs - interest on borrowing(3,181)(3,940)
Interest income on short term deposit163
Operating surplus before income tax2,1803,581
Share of (loss) of associates (149)(86)
Profit Before Income Tax 2,0313,495
Income tax expense 9(727)(984)
PROFIT FOR THE YEAR FROM CONTINUING OPERATIONS 1,3042,511
Profit attributable to:
Owners of the company8692,015
Non-controlling interests435496
1,3042,511
Other comprehensive income:
Comprehensive Income for the Period, Net of Tax --
TOTAL COMPREHENSIVE INCOME FOR THE YEAR, NET OF TAX 1,3042,511
Earnings per share for profit attributable to the ordinary
equity holders of the Company
CENTSCENTS
Basic and diluted earnings per share 110.992.31
The above consolidated Statement of Profit or Loss & Other Comprehensive Income should be read in conjunction with the accompanying
notes.
DIRECTORS’ STATEMENTCONSOLIDATED FINANCIAL STATEMENTS
3031
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2
ANNUAL FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2021
NOTES
30 JUNE 2021
$000
30 JUNE 2020
$000
ASSETS
Current Assets
Cash and cash equivalents 12.113,21411,882
Inventories 5568
Trade and other receivables 12.249,75443,711
Tax receivable450
-
Advances to associates 12.3218305
Total Current Assets 63,69155,966
Non-Current Assets
Property, plant and equipment 13.187,78594,229
Right of use assets13.2164,826170,029
Intangible assets 13.321,17323,821
Investments in associates 16.2417653
Total Non-Current Assets 274,201288,732
TOTAL ASSETS 337,892344,698
EQUITY
Share capital1437,05437,054
Other reserves48-
Accumulated losses(873)(1,742)
Equity attributable to owners of the parent 36,22935,312
Non-controlling interest in equity1,7381,614
TOTAL EQUITY 37,96736,926
LIABILITIES
Current Liabilities
Trade and other payables 12.431,84027,050
Tax payable-461
Deferred revenue7504361
Borrowings 12.667,3526,100
Lease liability13.227,31025,882
Employee entitlements 12.512,52414,208
Provision for other liabilities and charges
-
294
Total Current Liabilities 139,53074,356
Non-Current Liabilities
Borrowings 12.62,81180,163
Lease liability13.2144,218147,600
Convertible note12.77,395-
Derivative financial instrument12.7834-
Deferred income tax liability 13.42,6823,340
Provisions for other liabilities and charges 13.52,4552,313
Total Non-Current Liabilities160,395233,416
TOTAL LIABILITIES 299,925307,772
TOTAL EQUITY & LIABILITIES 337,892344,698
The above consolidated Balance Sheet should be read in conjunction with the accompanying notes.
3
ANNUAL FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2021
ATTRIBUTABLE TO OWNERS OF THE
COMPANY
NOTESSHARE CAPITALRETAINED EARNINGS/(ACCUM. LOSSES)OTHER RESERVESTOTAL NON-CONTROLLING INTERESTTOTAL EQUITY
$000$000$000$000$000$000
Balance as at 1 July 201935,449(2,364)-33,0851,23734,322
Adoption of NZ IFRS 16-765-765-765
Revised balance as at 1 July 201935,449(1,599)-33,8501,23735,087
Comprehensive income
Profit for the year-2,015-2,0154962,511
Other comprehensive income-
-----
Total comprehensive income-2,015-2,0154962,511
Transactions with owners:
Dividends and dividend reinvestment plan1,605(2,158)-(553)(119)(672)
Balance as at 30 June 202037,054(1,742)-35,3121,61436,926
Balance as at 1 July 2020
37,054(1,742)-35,3121,61436,926
Comprehensive income
Profit for the year
-869-8694351,304
Other comprehensive income
------
Total comprehensive income
-869-8694351,304
Cumulative translation adjustment
--(9)(9)-(9)
Transactions with owners:
Employee share scheme20
--5757-57
Non-controlling interest on acquisition of
subsidiary
----6060
Dividends and dividend reinvestment plan
----(371)(371)
Balance as at 30 June 2021
37,054(873)4836,2291,73837,967
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS
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4
ANNUAL FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2021
NOTES
30 JUNE 2021
$000
30 JUNE 2020
$000
Cash flows from operating activities
Receipts from customers 351,850344,947
Interest received 163
Dividends received 51218
Deferred consideration-(4,000)
Payments to suppliers and employees (295,389)(298,291)
Government subsidy received26710,723
Notional finance charge on NZ IFRS 16 leases(8,046)(7,947)
Interest paid (3,011)(3,652)
Income tax paid (2,504)(1,205)
Net cash generated from operating activities 15.143,21940,856
Cash flows used in investing activities
Purchase of business, net of cash acquired(230)(5)
Purchase of property, plant and equipment(6,253)(13,428)
Proceeds from sale of property, plant and equipment1,4676,584
Purchase of intangible assets(359)(2,190)
Advances to associates -275
Net cash used in investing activities (5,375)(8,764)
Cash flows from financing activities
Repayment of borrowings15.2(16,242)(5,721)
Proceeds from borrowings-2,750
Convertible note15.28,200-
Repayment of lease liability (NZ IFRS 16)15.2(28,099)(22,956)
Dividends paid to shareholders / non-controlling interests(371)(672)
Net cash flow used in financing activities(36,512)(26,599)
Net increase in cash and cash equivalents1,3325,493
Cash and cash equivalents at beginning of year 11,8826,389
Cash and cash equivalents 30 June13,21411,882
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 5
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS

1. GENERAL INFORMATION

1.1. REPORTING ENTITY
The core operations of MOV
e Logistics Group Limited (formerly known as TIL Logistics Group limited, refer note 21) (“MOVe
Logistics” or the “Company”) and its subsidiaries (collectively “the Group”) are in the New Zealand logistics sector. These
include general transport, bulk liquids, heavy haulage, shipping, storage and distribution, freight forwarding, national and
international household removals and storage.
The Company is incorporated and domiciled in New Zealand, registered under the Companies Act 1993 and is a FMC
Reporting Entity under part 7 of the Financial Markets Conduct Act 2013. The Company is listed on the NZX Main Board.
The registered office of the Company is at 330 Devon Street East, New Plymouth, New Zealand.
The consolidated financial statements of the Company as at, and for the year ended 30 June 2021, comprise the Company
and its subsidiaries (refer note 16.1), together referred to as the “Group”.
1.2. BASIS OF PREPARATION
These financial statements have been prepared on a historical cost basis.
The preparation of financial statements in conformity with NZ IFRS requires the use of certain critical accounting
estimates. It also requires Management to exercise its judgement in the process of applying the Group’s accounting
policies. The areas where assumptions and estimates are significant to the consolidated financial statements are
disclosed in note 4.
The consolidated financial statements have been prepared in accordance with the Financial Reporting Act 2013 and the
Companies Act 1993.
The principal accounting policies adopted in the preparation of the financial statements are selected and applied in a
manner which ensures that the resulting financial information satisfies the concepts of relevance and reliability, thereby
ensuring that the substance of the underlying transaction and other events is reported. These policies have been
consistently applied to all the periods presented, unless otherwise stated. To ensure consistency with the current period,
comparable figures have been restated where appropriate.
1.3. STATEMENT OF COMPLIANCE
The Group is a for-profit entity. Its financial statements have been prepared in accordance with, and comply with, New
Zealand Generally Accepted Accounting Practice (NZ GAAP). They comply with New Zealand Equivalents to International
Financial Reporting Standards and other applicable Financial Reporting Standards and Authoritive Notices, as appropriate
for for-profit entities. The financial statements comply with International Financial Reporting Standards (IFRS).
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
2.1. CONSOLIDATION
a. Subsidiaries
Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to,
or has rights to, variable returns from its involvement with the entity, and has the ability to affect those returns through its
power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred
to the Group. They are de-consolidated from the date that control ceases.
The Group uses the acquisition method of accounting to account for business combinations. The consideration
transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the
equity interest issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting
from a contingent consideration arrangement and the elimination of any balances arising between the Group and the
acquiree.
CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
3435
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ANNUAL REPORT 2021

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 6
a. Subsidiaries (continued)
If the business combination is achieved in stages, the acquisition date carrying value of the acquirer’s previously
held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gain or loss arising from
remeasurement is recognised in profit or loss.
Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities
assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition
by acquisition basis, the Group recognises any non-controlling interest in the acquisition either at fair value or at the non-
controlling interest’s proportionate share of the acquiree’s net assets.
The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree, and the
acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the Group’s share of the
identifiable net assets acquired, is recorded as goodwill.
Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are
subsequently re-measured to fair value with changes in fair value recognised in profit or loss.
Inter-company transactions, balances and unrealised gains on transactions between Group companies are eliminated.
Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted
by the Group.
Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated Statement of
Profit or Loss & Other Comprehensive Income, Statement of Changes in Equity and Balance Sheet respectively.
b. Associates
Associates are all entities over which the Group has significant influence but not control, generally accompanying
a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the
equity method of accounting after initially being recognised at cost. The Group’s investment in associates includes
goodwill identified on acquisition, net of an accumulated impairment loss. The Group’s share of its associates post-
acquisition profits or losses is recognised under ‘Share of (loss) / profit of associates’ in the Statement of Profit or Loss &
Other Comprehensive Income, and its share of post-acquisition movements in reserves is recognised in reserves. The
cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the Group’s
share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables,
the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the
associate.
Unrealised gains on transactions between the Group and its associates are eliminated to the extent of the Group’s
interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an
impairment of the asset transferred. Accounting policies of associates have been changed where necessary to ensure
consistency with the policies adopted by the Group.
2.2. FOREIGN CURRENCY TRANSLATION
a. Functional and presentation currency
Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary
economic environment in which the entity operates (‘the functional currency’). The financial statements are presented in
New Zealand dollars (rounded to thousands), which is the functional and the presentation currency of all companies in
the Group.
b. Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the
dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and
from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are
recognised in profit or loss.
2.3. NEW ACCOUNTING STANDARDS

During the year the Company has revised its accounting policy in relation to upfront configuration and customisation
costs incurred in implementing Software-as-a-Service (SaaS) arrangements in response to the IFRIC agenda decision
clarifying its interpretation of how current accounting standards apply to these types of arrangements. The new
accounting policy is disclosed in note 13.3. There are no significant customisation or configuration costs and therefore no
material impact on the financial statements.
2.4. STANDARDS ISSUED BUT NOT YET ADOPTED
There are no new standards or amendments to standards and interpretations that are effective for periods beginning on
or after 1 July 2021 that will have a material impact on the consolidated financial statements.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 7
3. FINANCIAL RISK MANAGEMENT
The Group’s principal financial instruments comprise bank loans, convertible notes and overdrafts, cash, trade creditors
and accruals and trade debtors. The main purpose of these financial instruments is to raise and provide working capital
for the Group’s operations.

This note explains the Group’s exposure to financial risks and how these risks affect the Group’s future financial
performance.
RiskExposure arising fromMeasurement
Credit risk
Cash and cash equivalents and trade
receivables.
Aging analysis & credit ratings
Market risk - interest rateLong term borrowing at variable ratesSensitivity analysis
Liquidity riskBorrowings and other liabilitiesRolling cash flow forecast

The Group’s risk management is carried out by a central treasury department (Group Treasury) under policies approved
by the Board of Directors. Group Treasury identifies, evaluates and manages financial risks in close co-operation with the
Group’s operating units. The Board provides written principles for overall risk management, as well as policies covering
specific areas, such as foreign exchange risk, funding risk, interest rate risk, credit risk and use of derivative financial
instruments and non-derivative financial instruments.
3.1. CREDIT RISK MANAGEMENT
In the normal course of business the Group incurs credit risk from trade debtors and transactions with financial
institutions. The Group has a credit policy that it uses to manage this risk. As part of this policy limits on exposures with
counter-parties have been set and approved by the Board of Directors and are monitored on a regular basis.
The Group has no significant concentrations of credit risk. The Group does not require any collateral or security to support
financial instruments due to the quality of the financial institutions and trade debtors dealt with. The Group normally gives
30 or 60 days credit on its trade receivables.
At 30 June the Group’s credit risk exposure is equal to the carrying value of its financial assets.
2021
$000
2020
$000
Trade and other receivables
Trade receivables47,41843,740
Credit loss provision(1,152)(2,952)
Total trade receivables46,26640,788
Accrued revenue1,476717
Sundry receivables497534
Advances to associates218305
Cash and short term bank deposits
Bank with AA- credit rating13,21411,882

a. Impaired trade receivables
Individual receivables which are known to be uncollectible are written off by reducing the carrying amount directly. The
other receivables are assessed collectively to determine whether there is objective evidence that an impairment has
been incurred but not yet been identified. For these receivables the estimated impairment losses are recognised in
a separate provision for impairment. The Group considers that there is evidence of impairment if any of the following
indicators are present:
• significant financial difficulties of the debtor
• probability that the debtor will enter bankruptcy or financial reorganisation, and
• default or delinquency in payments.
Receivables for which an impairment provision was recognised are written off against the provision when there is no
expectation of recovering additional cash.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 8
3.1. CREDIT RISK MANAGEMENT (CONTINUED)
Impairment losses are recognised in profit or loss within other expenses. Subsequent recoveries of amounts previously
written off are credited against other expenses.
Movements in the provision for impairment of trade receivables that are assessed for impairment collectively are as
follows:
2021
$000
2020
$000
At 1 July2,952865
Provision for impairment recognised during the year193393
Provision for credit notes to revenue(1,770)1,770
Receivables written off during the year as uncollectible(223)(76)
At 30 June 1,1522,952
The table below sets out information about the credit quality of trade receivables net of the expected credit loss provision:
Current1 -29 days
overdue
30 - 59 days
overdue
60+ days
overdue
Total
$000$000$000$000$000
30 June 2020
Gross carrying amount36,3062,8382,0322,56443,740
Baseline32267193352934
Specific-7931,225-2,018
Total expected credit loss rate0.9%30.3%70.0%13.7%
Credit loss provision3228601,4183522,952
30 June 2021
Gross carrying amount41,7533,4101,0951,16047,418
Baseline125661268351,152
Specific-----
Total expected credit loss rate0.3%1.9%11.5%72.0%
Credit loss provision125661268351,152

Critical estimates and judgements
a. Credit loss provision
To measure expected credit losses, trade receivables have been grouped and reviewed on the basis of the number of
days past due. The credit loss provision has been calculated by considering the impact of the following characteristics:
• The baseline loss rate takes into account the average write-off history of the Group over a two-year period as a
predictor of future conditions and applies an increasing expected credit loss estimate by trade receivables aging
profile.
• Specific credit loss provisions are made based on any specific customer collection issues that are identified.
Collections and payments from our customers are continuously monitored and a credit loss provision is maintained
to cover any specific customer credit losses anticipated.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 9
3.1. CREDIT RISK MANAGEMENT (CONTINUED)
The Group has performed an assessment of credit risk on its customer base taking into consideration the factors below:
• profile of the customer, i.e. corporate or individual customers
• region the customer is based in
• industry the customer operates within
• size and nature of the customer
• and, the Group’s understanding of and experience with the customer
As a result of this assessment, the Group has assessed its baseline provision to $1,152,000 (2020: $934,000), to reflect the
estimated financial impact of its assessment of the credit risk.
3.2. INTEREST RATE RISK
The Group’s main interest rate risk arises from long term borrowing with variable rates which exposes the Group to cash
flow interest rate risk. The Group adopts a policy of ensuring that some of its exposure to changes in interest rates on
borrowings is on a fixed rate basis by entering into interest rate swaps.
The table below summarises the Group’s current interest rate swaps:
Date effectiveFace valueMaturity dateInterest rate paid
8 July 201920,000,0008 July 20241.59% p.a.
The Group does not hedge account so all market adjustments are recognised in the Statement of Profit or Loss & Other
Comprehensive Income. As part of refinancing, the swap was novated to the ANZ Bank Limited and the interest rate is
now 1.625% p.a. (refer note 21).

Sensitivity analysis
The effect of a 1% increase or decrease in the floating interest rates for the Group would be a decrease/increase in profit
and equity of $575,000 (2020: $663,000).
3.3. LIQUIDITY RISK
Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through an
adequate amount of committed credit facilities. Due to the dynamic nature of the underlying businesses, the Group
maintains flexibility in funding through having flexible funding lines available to them. Management monitors rolling
forecasts of the Group’s liquidity reserve, which comprises its undrawn borrowing facility and cash and cash equivalents
(note 12.1) on the basis of expected cash flows.
The Group had access to the following undrawn borrowing facilities at the end of the reporting period:
2021
$000
2020
$000
Expiring within one year (bank overdraft)
2,00010,000
Total2,00010,000

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 10
3.3. LIQUIDITY RISK (CONTINUED)
The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal
their carrying balances or the impact of discounting is not significant.
Less than 1
year
Between 1
and
2 years
Between 2
and
5 years
Beyond 5
years
Total
contractual
cash flows
Carrying
amount
(assets)/
liabilities
$000$000$000$000$000$000
2020
Borrowings9,15078,6523,025-90,82786,263
Lease liabilities33,17930,28766,55486,556216,576173,482
Trade and other
payables
27,050---27,05027,050
Employee entitlements14,208---14,20814,208
Total83,587108,93969,57986,556348,661301,003
2021
Borrowings69,7179662,059-72,74270,163
Convertible note4104101,162-1,9828,229
Lease liabilities34,50931,48064,40380,748211,140171,528
Trade and other
payables
31,840---31,84031,840
Employee entitlements12,524---12,52412,524
Total 149,00032,85667,62480,748330,228294,284
The Group provides guarantees, these are detailed in note 17.
3.4. CAPITAL MANAGEMENT
The Group’s objectives when managing capital are to safeguard their ability to continue as a going concern, so that they
can continue to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal structure
to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders,
return capital to shareholders, issue new shares or sell assets to reduce debt.
The Group monitors capital on the basis of the gearing ratio and bank covenant compliance. The Group’s gearing ratio at
30 June 2021 is as follows:
2021
$000
2020
$000
Bank borrowings70,16386,263
Convertible note8,229-
Less: cash and cash equivalents(13,214)(11,882)
Net debt (excluding lease liabilities)65,17874,381
Equity37,96736,926
Gearing ratio63.2%66.8%

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 11
4. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition,
seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
a. Estimated impairment of goodwill
The Group tests annually whether goodwill has suffered any impairment. The recoverable amounts of cash-generating
units have been determined based on value-in-use calculations. These calculations require the use of estimates. Refer to
note 13.3 for further details.
b. Working capital
The Group has a negative working capital balance. Management note the impact of the current lease liability on the
current liability balance and consider that there are assets available to meet the Group’s liabilities as they fall due. In
addition, the Group notes the classification of debt as current and its use of the going concern basis given refinancing
(refer note 12.6). Given the liability profile, aspects of the balances presented as current liabilities will be funded by the
ongoing future activities of the business and new funding arrangements.
c. Valuation of convertible note
In May 2021 the Group issued convertible notes of $8.2m which included an embedded derivative component. The fair
value of this derivative is considered an estimate in the financial statements (refer note 12.7).


5. RECONCILIATION TO GAAP MEASURE

The Group results are prepared in accordance with New Zealand Generally Accepted Accounting Practice (“GAAP”) and
comply with International Financial Reporting Standards (“IFRS”).
These financial statements include non-GAAP financial measures that are not prepared in accordance with IFRS. The
non-GAAP financial measures used in this presentation are as follows:
• EBITDA (a non-GAAP measure) represents profit before income taxes (a GAAP measure), excluding interest
income, interest expense, depreciation and amortisation, share of loss of associates, bargain on acquisition,
impairment of investment in associates, deferred consideration, asset impairment and acquisition related costs
(non operating expenses) and advisor costs as reported in the financial statements.
• EBIT (a non-GAAP measure) represents profit before income taxes (a GAAP measure), excluding interest
income, interest expense, share of loss of associates, bargain on acquisition, impairment of investment in
associates, deferred consideration, asset impairment and acquisition related costs (non operating expenses) and
advisor costs as reported in the financial statements.
The Group believes that these non-GAAP measures provide useful information to readers to assist in the understanding
of the financial performance and position of the Group as they are used internally to evaluate the performance of
business units and to establish operational goals. They should not be viewed in isolation, nor considered as a subsitute for
measures reported in accordance with IFRS. Non-GAAP measures as reported by the Group may not be comparable to
similarly titled amounts reported by other companies.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
4041
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 12
5. RECONCILIATION TO GAAP MEASURE (CONTINUED)
The following is a reconciliation between these non-GAAP measures and net profit after tax:
Reconciliation to GAAP measure 12 months to
June 2021
$000
12 months to
June 2020
$000
Profit Before Income Tax (GAAP measure)2,0313,495
Add back:
Share of loss of associates 14986
Finance costs11,22611,824
Impairment of investment in associates95440
Other non operating expenses
- Asset impairment1,133-
- Acquisition related costs318104
Bargain on acquisition-(1,106)
Depreciation & amortisation 46,36242,902
Deferred consideration and advisor costs expensed -(225)
EBITDA (non-GAAP measure) 61,31457,520
Reconciliation to GAAP measure 12 months to
June 2021
$000
12 months to
June 2020
$000
Profit Before Income Tax (GAAP Measure)2,0313,495
Add back:
Share of loss of associates 14986
Finance costs (net)11,22611,824
Impairment of investment in associates95440
Other non operating expenses
- Asset impairment1,133-
- Acquisition related costs318104
Bargain on acquisition-(1,106)
Deferred consideration and advisor costs expensed-(225)
EBIT (non-GAAP measure) 14,95214,618
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 13
6. SEGMENT INFORMATION
Operating segments are reported in a manner consistent with the internal reporting to the Chief Operating Decision
Maker (CODM). The CODM is responsible for allocating resources and assessing performance of the operating segments.
The Group has made the decision that the thirteen operating segments that form part of the reporting to the Group CEO
can be aggregated into six reporting segments. Reportable segments have been determined by having regard to the
nature of the services, the processes the various business units undertake to service customers, the type of customers
serviced, and the nature of the distribution channels.
In addition to GAAP measures, the Group CEO also uses non-GAAP measures (EBITDA and EBIT) to assess the commercial
performance of the segments (refer note 5). The revised reportable operating segments have been determined as:
INTERNATIONAL
This segment includes international freight forwarding and shipping agency services across a broad range of industries.
SPECIALIST
This segment provides transport and lifting solutions for oversized and large items. They also carry out specialist moving
jobs.
FREIGHTING
This segment provides nationwide general freight transport services with regional strength. It is able to transport a wide
range of freight types.
WAREHOUSING & LOGISTICS
This segment specialises in warehousing and supply chain capabilities which enable comprehensive supply chain
solutions to customers.
BULK LIQUIDS
This segment includes the service for delivery of various bulk liquid goods.
CORPORATE
This segment includes our corporate services function.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 14
6. SEGMENT INFORMATION (CONTINUED)
The segment information for the year ended 30 June is as follows:
InternationalSpecialistFreightingWarehousing
& Logistics
Bulk LiquidsCorporate Total
$000$000$000$000$000$000$000
Year ended 30 June 2020
Total segment revenue 8,97618,722168,17673,55678,798-348,228
Inter-segment revenue (4)(312)(6,949)(2,245)(4,907)-(14,417)
Revenue from external customers 8,97218,410161,22771,31173,891-333,811
EBITDA2,5635,36416,93321,52313,919(2,782)57,520
Depreciation - tangible assets1071,9595,6592,6331,58124512,184
Depreciation - ROU assets1177189,25112,8615,41210128,460
Depreciation - intangible assets19-291,851-3592,258
EBIT2,3202,6871,9944,1786,926(3,487)14,618
Assets7,94725,932143,200110,95742,18014,482344,698
Liabilities4,1733,902104,78377,25633,07884,580307,772
Capital expenditure including
intangibles
5012,3425,9833,0482,5782,71317,165
Year ended 30 June 2021
Total segment revenue 8,24224,301181,21973,89282,862-370,516
Inter-segment revenue (9)(182)(12,226)(162)(4,690)-(17,269)
Revenue from external customers 8,23324,119168,99373,73078,172-353,247
EBITDA2,0756,83317,61823,97014,456(3,638)61,314
Depreciation - tangible assets1462,0705,8902,6491,52430212,581
Depreciation - ROU assets23297110,42814,3555,32416131,471
Depreciation - intangible assets156121,840-4012,310
EBIT1,6963,7361,2885,1267,608(4,502)14,952
Assets11,47127,419136,775114,25735,11212,858337,892
Liabilities7,1377,141100,39180,79828,75475,704299,925
Capital expenditure including
intangibles
1792871,7142,0212,2107497,160
Interest income and expense are not allocated to segments, as this type of activity is driven by the central treasury
function, which manages the cash position of the Group.
Sales between segments are eliminated on consolidation. The amounts provided to the CODM with respect to segment
revenue are measured in a manner consistent with that of the financial statements.
Revenues of approximately $46,500,000 (2020: $43,800,000) are derived from a single external customer which exceeds 10%
or more of our entity’s revenue. These revenues are attributed to the Bulk Liquid segment.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 15
7. REVENUE & OTHER SOURCES OF INCOME

Revenue comprises the fair value of the consideration received or receivable for the sale of services in the ordinary
course of the Group’s activities. Revenue is shown net of GST, rebates and after eliminating sales within the Group.
a. Sale of services
Freight Services
The Group performs transportation services. Revenue is recognised over the time of delivery, being from the time of
acceptance of the goods to delivery to the final destination.
Warehousing Services
The logistics function provides warehousing and storage services. Revenue from providing these services is recognised in
the accounting period in which the services are rendered. Some contracts include multiple deliverables. However, these
are easily identifiable and are accounted for as separate performance obligations.
Trading Services
The Group performs freight forwarding and shipping agency services. Revenue is recognised over the time of delivery,
being from the time of acceptance of the job to completion of the shipment. Revenue is recognised on a net basis after
disbursements as the Group are acting as an agent for the customer.
For fixed priced contracts, revenue is recognised based on the actual service provided to the end of the reporting period
as a proportion of the total services to be provided. This is because the customer receives and uses the benefits of the
service simultaneously.
Customers are invoiced on a daily, weekly or monthly basis and consideration is payable when invoiced. There are no
significant financing arrangements for any of the Group’s revenue streams. The Group does not offer any refunds or
warranties.
The Group derives the following types of revenue:
2021
$000
2020
$000
Freight295,463277,881
Warehousing48,13045,809
Trading9,65410,121
Total Revenue353,247333,811
Timing of revenue recognition
June 2021June 2020
$000$000
Over time
353,247333,811
At a point in time
--
Total Revenue
353,247333,811
b. Interest income
Interest income is recognised on a time-proportion basis using the effective interest method.
c. Dividend income
Dividend income is recognised when the right to receive payment is established.
d. Lease income
Lease income from operating leases where the Group is a lessor is recognised as rental income on a straight-line basis
over the lease term.
e. Financing component
The Group does not expect to have any contracts where the period between the transfer of the promised service to the
customer and payment by the customer exceeds one year. As a consequence, the Group does not adjust any of the
transaction prices for the time value of money.
f. Contract liability
The Group recognises a contract liability (deferred revenue) when the Group has received consideration for performance
obligations yet to be fulfilled. The opening balance has been recognised in revenue in the current year. In the current
year, there was $361,000 of revenue recognised relating to contract liabilities at the prior year end. The average timing
of satisfaction of performance obligation in relation to the payment of the contract liability is between 1 and 5 days.
Management expects that 100% of the revenue (transaction price) allocated to unsatisfied performance obligations as of
30 June 2021 will be recognised as revenue during the next reporting period ($504,000).
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 16
7. REVENUE & OTHER SOURCES OF INCOME (CONTINUED)

g. Government grants
Grants from the Government are recognised at their fair value where there is reasonable assurance that the grant will be
received, and the Group will comply with the attached conditions.
COVID-19 wage subsidy grants of $267,000 (2020: $10,723,000) are included in the ‘other income’ line item. There are no
unfulfilled conditions or other contingencies attached to these grants. The Group did not benefit directly from any other
forms of government assistance. Government grants relating to income are deferred and recognised in profit or loss over
the period necessary to match them with the conditions that they are intended to compensate.

8. OPERATING EXPENSES BY NATURE

2021
$000
2020
$000
Transport costs
1
136,891132,718
Employee costs (note 8.1)127,609125,309
Property lease expenses5741,129
Operation lease expenses2,8853,985
Trading and warehousing expenses5,0216,002
Communications5,8604,892
Occupancy costs6,6546,118
Travel and accommodation3,9833,378
Bad debts193393
Foreign exchange loss2437
Remuneration paid to principal auditors (PwC)
Assurance services
Audit and review of financial statements, including associated disbursements325353
Non-assurance services
Other advisory services related to:
-Remuneration benchmarking-19
-Taxation services38-
Donations1820
Directors fees 430398
Depreciation and amortisation46,36242,902
Impairment of investment in associates95440
Net change in contingent consideration and advisor costs-(225)
Non operating expenses
2
1,413104
Share based payments57-
Other expenses4,9684,638
Total operating expenses343,400332,610

1
Includes costs relating to transportation including road user charges (RUC), fuel, tyres, repairs and maintenance, owner driver and subcontractor costs.
2
Non operating expenses are shown net of PwC non assurance services of $38,000 in this note as required by NZ IFRS. Total non operating expenses including this
amount are $1,451,000 (refer note 5).
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 17
8.1. EMPLOYEE COSTS
a. Superannuation benefits
The Group operates a defined contribution superannuation scheme. The scheme is funded through employee and Group
contributions to a trustee-administered fund. The Group has no further payment obligations once contributions have
been paid. Contributions are recognised as an employee benefits expense when they are due.

MOVe Freight Limited has a historic defined contribution company superannuation scheme that has been operating for a
number of years. The Company has contribution rates from 4% - 10%.
Members contribute a minimum of 4% of their salary/wage and can go as high as 15%. The Company contributions are
vested to the member at the rate of 20% per year of service with the Company i.e. 100% after five years of service.
b. Other employee benefits
Liabilities for wages and salaries, including non-monetary benefits and accumulating sick leave are expected to be
settled within 12 months. They are measured at the amounts expected to be paid when the liabilities are settled.
c. Long service leave
The liabilities for long service leave and annual leave are not expected to be settled wholly within 12 months after the
end of the period in which the employees render the related service. They are therefore measured at the present value
of expected future payments to be made in respect of services provided by employees up to the end of the reporting
period. Consideration is given to expected future wage and salary levels, experience of employee departures and periods
of service. Expected future payments are discounted using market yields at the end of the reporting period of high-quality
corporate bonds with terms and currencies that match, as closely as possible, the estimated future cash outflows. Re-
measurement as a result of experience adjustments and changes in actuarial assumptions are recognised in profit or
loss.
d. Profit-sharing and bonus plans
The Group recognises a liability and an expense for bonuses and profit-sharing based on a formula that takes into
consideration the profit attributable to the Company’s shareholders after certain adjustments. The Group recognises a
provision where contractually obliged or where there is a past practice that has created a constructive obligation.
2021
$000
2020
$000
Wages, salaries & leave costs120,244118,043
Superannuation fund contributions2,9792,806
Other employee related costs4,3864,460
Total127,609125,309
9. INCOME TAX EXPENSE

The tax expense for the year comprised current and deferred tax. Tax is recognised in the profit or loss component of the
Statement of Profit or Loss & Other Comprehensive Income except to the extent that it relates to items recognised directly
in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive
income or equity respectively.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance
sheet date in the countries where the Company and its subsidiaries operate and generate taxable income.

2021
$000
2020
$000
Current tax on profit for the year(1,463)(1,760)
Adjustments in respect to prior years(26)(46)
Deferred tax762822
(727)(984)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 18
9. INCOME TAX EXPENSE (CONTINUED)
The prima facie income tax expense on pre-tax accounting profit from operations reconciles to the income tax expense
in the financial statements as follows:

2021
$000
2020
$000
Profit before income tax2,0313,495
Add back:
Contingent consideration-(225)
Impairment of investment in associates95440
Share of loss of associates14986
Bargain on acquisition-(1,106)
2,2752,690
Prima facie tax (payable) at 28%(637)(753)
Tax effects of:
Expenses not deductible(64)(185)
Prior year adjustment(26)(46)
Income tax expense(727)(984)
Imputation credits
2021
$000
2020
$000
Imputation credits available for use in subsequent periods7,5605,028
Refer note 21 for subsequent events in relation to imputation credits.
10. DIVIDENDS PAID AND PROPOSED

Dividends to the company shareholders are recognised in the Group’s financial statements in the period in which the
dividends are declared.
No dividends have been declared or recognised in the current year (2020: nil).

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 19
11. EARNINGS PER SHARE

The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is computed based
on the weighted average number of ordinary shares outstanding during the period. Diluted EPS is computed based on
the weighted average number of ordinary shares plus the effect of dilutive potential ordinary shares outstanding during
the period.

12 months to 30
June 2021
12 months to 30
June 2020
$000$000
Profit attributable to the owners for the year 8692,015
Weighted average number of shares87,684,88287,363,352
CentsCents
Basic & diluted earnings per share 0.992.31

12. FINANCIAL ASSETS AND FINANCIAL LIABILITIES

The Group classifies its financial assets at amortised cost. The classification depends on the purpose for which the
financial assets are held. Management determines the classification of its financial assets at initial recognition.
Financial assets are included in current assets, except for those with maturities greater than 12 months after the
reporting date which are classified as non-current assets. The Group’s financial assets comprise ‘Trade and other
receivables’, ‘Cash and cash equivalents’ and ‘Advances to associates’ in the Balance Sheet. Financial assets that are
stated at amortised cost are reviewed individually at balance date to determine whether there is objective evidence of
impairment. Any impairment losses are recognised in profit or loss in the statement of comprehensive income.
This note provides information about the Group’s financial instruments, including:
• An overview of all financial instruments held by the Group
• Specific information about each type of financial instrument
• Information about determining the fair value of the instruments, including judgements and estimations of
uncertainty involved.

The Group holds the following financial instruments:

AMORTISED COST
Financial AssetsNotes
2021
$000
2020
$000
Cash and cash equivalents
12.1
13,21411,882
Trade and other receivables
1
12.2
48,23942,039
Advances to associates
12.3
218305
Total61,67154,226
1
excluding prepayments
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 20
12. FINANCIAL ASSETS AND FINANCIAL LIABILITIES (CONTINUED)

FINANCIAL LIABILITIES AT AMORTISED COST
Financial LiabilitiesNotes
2021
$000
2020
$000
Trade Payables
1
12.4
30,42526,031
Employee entitlements
12.5
12,52414,208
Borrowings
12.6
70,16386,263
Convertible note
12.7
8,229-
Total121,341126,502
1
excluding non-financial liabilities
The Group’s exposure to various risks associated with the financial instruments is discussed in note 3. The maximum
exposure to credit risk at the end of the reporting period is the carrying amount of each class of financial assets
mentioned above, other than for trade and other receivables where the maximum credit risk is the balance before
impairment, being $49,391,000 (2020: $44,991,000 ).
12.1. CASH AND CASH EQUIVALENTS
Cash and cash equivalents includes cash on hand, deposits held on call with banks, other short-term highly liquid
investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within
borrowings in current liabilities on the Balance Sheet.
Cash and cash equivalents include the following for the purpose of the cash flow statement:
2021
$000
2020
$000
Cash13,21411,882
Bank overdrafts (undrawn, refer note 3.3)--
Total13,21411,882
12.2. TRADE AND OTHER RECEIVABLES
Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using the
effective interest method less provision for expected credit loss.
The Group assesses on a forward looking basis the expected credit losses associated with trade receivables carried at
amortised cost. The Group applies the simplified approach permitted by NZ IFRS 9, which requires expected lifetime losses
to be recognised from initial recognition of the receivables. Impairment of trade receivables is recognised in profit or loss.
Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation,
and default or delinquency in payments are considered indicators that the trade receivable has been impaired. The
amount of the provision is the difference between the asset’s carrying amount and the present value of the estimated
future cash flows, discounted at the original effective interest rate.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 21
1ʥ.ʥ. TRADE AND OTʻER RECEIˉAʵʿES (CONTINUED)

2021
$000
2020
$000
Trade receivables47,29043,642
Trade receivables related parties 12898
Less expected credit loss (refer note 3.1(a))(1,152)(2,952)
Net trade receiva˕les46,26640,788
Accrued revenue1,476717
Sundry receivables497534
ʹinancial assets at amortised cost48,23942,039
Prepayments1,5151,672
Total trade and other receivables49,75443,711
Trade receivables are generally due for settlement within 30 to 90 days.
12.3. ADVANCES TO ASSOCIATES
2021
$000
2020
$000
Eamonn Stephen Farrell-88
UNITE Logistics Limited
1
218217
Total218305
1
The advance with UNITE Logistics Limited is due on demand and is non-interest bearing.
12.4. TRADE AND OTHER PAYABLES
Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective
interest method.

2021
$000
2020
$000
Trade payables19,94516,851
Trade payables related parties164181
GST payable1,4151,019
Lease incentive461121
Accrued expenses9,8558,878
Total31,84027,050

Trade payables are unsecured and are usually paid within 30 to 60 days of recognition.
12.5 EMPLOYEE ENTITLEMENTS
2021
$000
2020
$000
Leave provision8,5878,343
Salary and wage accruals3,9375,865
Total12,52414,208
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
5051
ANNUAL REPORT 2021
ANNUAL REPORT 2021

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 22
12.6. BORROWINGS
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at
amortised cost using the effective interest method. Any borrowings are classified as current liabilities unless the Group
has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date.

Borrowing costs are expensed as incurred, unless they relate to the acquisition, construction or production of a
qualifying asset in which case the borrowing costs are capitalised.

The ASB Bank Limited (ASB) facilities include a $65m revolving committed cash facility, an overdraft facility of $2m, a
term loan of $1.5m and bank guarantee’s totalling $10.8m (refer note 3.3).
30 June
2021
$000
30 June
2020
$000
Non-Current
Secured loan ASB -76,488
Secured loan Mainland Capital / De Lage Landen564
Secured loan Toyota Finance2,8063,611
2,81180,163
Current
Secured loan ASB 66,4885,259
Secured loan Mainland Capital / De Lage Landen5972
Secured loan Toyota Finance805769
67,3526,100
Total secured borrowings70,16386,263
The ASB facilities are secured by way of a first ranking security over the Group’s assets and undertakings.
Toyota Finance Limited holds a registered security over the motor vehicles that relate to the assets used as security for
the ATL Limited acquisition.
The Group is required to comply with a number of financial covenants. These are as follows:
• Leverage Ratio of <3.5x
• Interest Cover Ratio of >3.0x
• Debt Service Cover Ratio of >1.2x
• Operating Leases Commitments for fleet & equipment are <$70m
The Group has fully complied with the reset covenants and undertakings to 30 June 2021.
Subsequent to year end, as a result of the 30 June 2022 expiry of its current facility with the ASB the Group has
negotiated new facilities with ANZ Bank Limited (ANZ) and UDC Finance Limited (UDC). These facilities include:
• ANZ - $27.5m 3 year term loan facility
• ANZ - $5m overdraft facility
• ANZ - $10.8m bank guarantees
• UDC - $37.5m 5 year asset based loan
Based on forward looking forecasts and the financial covenants agreed with the ANZ and UDC the Group is expected
to comply with the financial covenants for at least 12 months from the date of signing the financial statements.
Accordingly, the consolidated financial statements are prepared on a going concern basis (refer note 21).
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 23
12.7 CONVERTIBLE NOTE
Convertible notes are comprised of two elements: a debt note liability component and an embedded derivative
component. At the inception, the fair value of the host liability portion of the convertible notes is determined as being the
difference between the proceeds and the fair value of any identifiable derivative contained within the note. This amount
is recorded as a liability on an amortised cost basis until extinguished on conversion or maturity of the notes.
The fair value of the embedded derivative component is calculated through a valuation model using a variety of
assumption, with the residual value assigned to the debt host components. The estimates and associated assumptions
are based on various factors that are believed to be reasonable under the circumstances, the results for which form
the basis of making the judgements. Actual results may differ from these estimates. The estimates and underlying
assumptions are reviewed on an ongoing basis. No gain or loss on fair value changes is recognised on inception.
Valuation of the embedded derivative is calculated at each year end, with any gain or loss recognised in the
consolidated statement of comprehensive income.
The debt liability component is subsequently carried at amortised cost.
Embedded derivatives
Derivatives are initially recognised at fair value and are subsequently remeasured to their fair value at each reporting
date.
An embedded derivative is a component of a hybrid contract that also includes a non-derivative host (e.g. convertible
notes). Derivatives embedded in hybrid contracts that are financial liabilities are treated as separate derivatives when
they meet the definition of a derivative, their risks and characteristics are not closely related to the host contract and the
host contract is not measured at fair value through profit or loss.
In May 2021 the Group issued $8.2m (2020: $0) of mandatory convertible notes. Each note has a principal amount of $50k
with a maturity date of 30 April 2026. Note holders may elect to convert their notes prior to maturity however this cannot
occur before 1 May 2023. Upon maturity all outstanding notes will be converted to shares at a variable rate based on a
10% discount to the market price.
Interest of 5% per annum is paid quarterly on the convertible notes.
The conversion option of the convertible note represents an embedded derivative which is separated from the debt host
contract on initial recognition and measured through the profit and loss. The debt component is held at amortised cost
and on initial recognition is offset by the fair value of the conversion element, this is incorporated in the effective interest
which is recognised over the term of the convertible note.
The movement in the carrying value of the convertible notes liability is as follows:
2021
$000
2020
$000
As at 1 July--
Proceeds of issue of convertible note8,200-
Capitalised interest costs using the effective interest method(832)-
Fair value of embedded derivative liability at date of issue27-
As at 30 June7,395-
The movement in the carrying value of the convertible note derivative liability is as follows:
2021
$000
2020
$000
As at 1 July--
Fair value of embedded derivative liability at date of issue832-
Fair value movement2-
As at 30 June834-

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
5253
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ANNUAL REPORT 2021

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 24
12.8 RECOGNISED FAIR VALUE MEASUREMENTS
Fair value reflects the amount for which an asset could be exchanged, or a liability settled, between knowledgeable,
willing parties in an arm’s length transaction.
Financial instruments are classified at either amortised cost or fair value through profit or loss.
Financial instruments which are measured subsequent to initial recognition at fair value are classified under the three-
level hierarchy based on the level that the fair value is observable:
• Level 1: based on quoted prices in an active market for identical assets and liabilities
• Level 2: based on inputs other than quoted prices included with level 1 that are observable for the asset or liability,
either directly or indirectly
• Level 3: based on valuation techniques that include inputs which are not observable
The following tables provide the fair value measurement hierarch of the Group’s liabilities:
Level 1Level 2Level 3Total
$000$000$000$000
At 30 June 2020
Convertible notes - derivative----
At 30 June 2021
Convertible notes - derivative--834834


For financial assets and liabilities measured at fair value at the end of the reporting period, limited to the derivative
components of the convertible notes, the following table gives information about how the fair value was determined:
Financial asset
and liability
Valuation
technique and
key inputs
Significant unobservable
inputs
Relationship and
sensitivity of
unobservable inputs to
fair value
Convertible notes -
derivative
Valuation model
based on market
price, optimal
conversion date
and discount
rate
The significant
unobservable inputs are
the current share price,
expected conversion
date and discount rate
applied.
The volume weighted
average market price was
valued at $1.11 as at 30
June 2021.
The optimal conversion
date used was 30 June
2023.
This discount rate applied
at 30 June 2021 was
4.5%.
The higher the volume
weighted average
market price the more
valuable the options
become. The convertible
notes convert based
a fixed discount on
the share price at
conversion. An increased
in the market share
price of plus or minus
10% would not have a
notable impact of the
contract due to the
options converting at a
fixed discount on market
price.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 25
13. NON-FINANCIAL ASSETS AND LIABILITIES

This note provides information about the Group’s non-financial assets and liabilities, including specific information about
each type of non-financial asset and non-financial liability:
• Property, plant and equipment (note 13.1)
• ROU assets and lease liabilities (note 13.2)
• Intangible assets (note 13.3)
• Deferred tax balances (note 13.4)
• Provisions for other liabilities and charges (note 13.5)
Impairment of non-financial assets
Goodwill, indefinite-life intangible assets and intangible assets that are not yet ready for use are tested annually for
impairment. Assets that are sub ̋ect to depreciation and amortisation are reviewed for impairment whenever events or
changes in circumstances indicate that the carrying amount exceeds its recoverable amount. The recoverable amount is
the higher of an asset’s fair value less costs to dispose and value in use. For the purposes of assessing impairment, assets
are grouped at the lowest levels for which there are separately identifiable cash Єows (cash-generating units). Non-
financial assets, other than goodwill, that suffered an impairment are reviewed for possible reversal of the impairment at
each reporting date.
13.1. PROPERTY, PLANT AND EQUIPMENT
All property, plant and equipment is stated at historical cost less depreciation. ʻistorical cost includes expenditure that is
directly attributable to the acquisition of the items.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only
when it is probable that future economic benefits associated with the item will Єow to the Group and the cost of the item
can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance
are charged to profit or loss during the financial period in which they are incurred.
Depreciation on assets is calculated using the diminishing value (DV) or straight-line (Sʿ) method.

Years
Depreciation
rate
Method
Plant and equipment - leasehold improvements1 - 162.5ʘ - 50ʘSʿʢDV
ˀotor vehicles - trucks 0.5 - 14-Sʿ
ˀotor vehicles - trailers0.5 - 18 -Sʿ
Plant and equipment 1 - 307.5ʘ - 67ʘSʿʢDV
ˀotor vehicles - other1 - 2513ʘ - 30ʘSʿʢDV
Office equipment 1.5 - 148ʘ - 67ʘSʿʢDV
Furniture and fittings0.5 - 144ʘ - 67ʘSʿʢDV
ʿeased assets1 - 12 -Sʿ
ʿand and buildings0ʘ - 30ʘDV
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
5455
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 26
13.1. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
The assets’ useful lives are reviewed, and adjusted if appropriate, at each reporting date.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is
greater than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised
within ‘Gains on disposal of assets’ in the Statement of Profit or Loss & Other Comprehensive Income.
Land and
buildings
Motor
vehicles
Office
equipment
and F&F
Plant and
equipment
Work in
progress
Total
$000$000$000$000$000$000
At 1 July 2019
Cost604156,1384,27820,727801182,548
Accumulated depreciation(260)(77,757)(2,806)(9,412)-(90,235)
Net book amount34478,3811,47211,31580192,313
Year ended 30 June 2020
Additions-4,3395661,1218,94814,974
Acquisition of subsidiaries-5,0087361-5,142
Disposals(23)(1,497)(1)(101)(4,394)(6,016)
Transfers-1,97261,004(2,982)-
Depreciation charge(10)(9,510)(591)(2,073)-(12,184)
Closing net book amount31178,6931,52511,3272,37394,229
At 1 July 2020
Cost 580163,3834,91822,8792,373194,133
Accumulated depreciation(269)(84,690)(3,393)(11,552)-(99,904)
Net book amount31178,6931,52511,3272,37394,229
Year ended 30 June 2021
Additions-2,8225091,5461,9076,784
Acquisition of subsidiaries-203---203
Disposals-(781)-(24)(45)(850)
Transfers-2,218631,634(3,915)-
Depreciation charge(8)(9,830)(564)(2,179)-(12,581)
Closing net book amount30373,3251,53312,30432087,785
At 30 June 2021
Cost580155,9445,49125,788320188,123
Accumulated depreciation(277)(82,619)(3,958)(13,484)-(100,338)
Closing net book amount30373,3251,53312,30432087,785
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 27
13.2. ROU ASSETS AND LEASE LIABILITIES
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net
present value of the following lease payments:
• fixed payments, less any lease incentives receivable and
• variable lease payments that are based on an index or a rate.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined,
the lessee’s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds
necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions.
Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an
expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT
equipment and small items of office furniture.
Right of use assets are measured at the amount equal to the lease liability, adjusted by the amount of any lease
incentives received or restoration costs estimated. There were no onerous lease contracts that would have required an
adjustment to the right of use assets at the date of initial application. These assets are subsequently depreciated using
the straight-line method.
Lease liabilities are measured at the present value of the remaining lease payments, discounted using the lessee’s
incremental borrowing rate. The weighted average lessee’s incremental borrowing rate applied to the lease liabilities is
4.49% (2020: 4.48%).
The Group uses a build up approach that starts with a risk free interest rate adjusted to reflect changes in credit risk for
leases held by the Group and then makes specific adjustments for lease terms.
During the year, the Group applied the following practical expedients:
• the accounting for operating leases with a remaining lease term of less than 12 months as short-term leases
• the use of historical experience in determining the lease term where the contract contains options to extend or
terminate the lease
• recognising rental concessions obtained as a direct result of the COVID-19 pandemic as a reduction to rental
expenses in the Statement of Profit or Loss and Other Comprehensive Income

The recognised right of use assets relate to the following types of assets:
20212020
Right of use assets$000$000
Opening net book value 1 July170,029-
Recognised on transition-177,992
Additions25,72317,818
Disposals(2,015)(149)
Modifications to leases2,5602,828
Depreciation for the period
- Property(20,510)(17,851)
- Motor vehicles(10,239)(9,923)
- Other(722)(686)
Closing net book value 30 June164,826170,029
Cost222,665198,411
Accumulated depreciation(57,839)(28,382)
Net book value 30 June164,826170,029
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
5657
ANNUAL REPORT 2021
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 28
13.2. ROU ASSETS AND LEASE LIABILITIES (CONTINUED)

20212020
Right of use assets$000$000
At 30 June
Property129,641127,849
Motor vehicles32,89939,473
Other2,2862,707
Total right of use assets164,826170,029

Lease liabilities$000
Opening lease liabilities at 1 July 20173,482
Additions27,158
Interest for the period8,046
Lease payments made(36,145)
Disposals(4,501)
Modifications3,488
Lease liabilities at 30 June 2021171,528

Lease liabilities maturity analysisMinimum lease
payment
InterestPresent value
$000$000$000
Within one year34,5097,19927,310
One to five years95,88419,39276,492
Beyond five years80,74813,02267,726
Total211,14139,613171,528
Current lease liabilities34,5097,19927,310
Non-current lease liabilities176,63232,414144,218
Total211,14139,613171,528

20212020
Lease liabilities$000$000
At 30 June
Current lease liabilities27,31025,882
Non-current lease liabilities144,218147,600
Total171,528173,482
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 29
13.2. ROU ASSETS AND LEASE LIABILITIES (CONTINUED)
Lease related expenses included in the Consolidated Statement of Profit & Loss & Other Comprehensive Income:
20212020
$000$000
For the year ended 30 June
Depreciation31,47128,460
Short term lease3,4595,114
Interest on leases8,0467,947
Total42,97641,521


13.3. INTANGIBLE ASSETS
a. Goodwill
Goodwill represents the excess of the consideration transferred, the amount of any non-controlling interest in the
acquiree, and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the
Group’s share of the identifiable net assets acquired. Goodwill on acquisitions of subsidiaries is included in ‘Intangible
assets’ in the Balance Sheet. Goodwill on acquisitions of associates is included in ‘Investments in associates’ in the
balance sheet and is tested for impairment as part of the overall balance. Separately recognised goodwill is tested
annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not
reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.
Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those
cash-generating units or groups of cash-generating units that are expected to benefit from the business combination on
which the goodwill arose.
b. Computer software and Software-as-a-service (SaaS) arrangements
Acquired computer software is capitalised on the basis of the costs incurred to acquire and bring to use the specific
software. These costs are amortised, using the diminishing value method at a rate of 48% and recognised in the profit or
loss. Costs associated with maintaining computer software programmes are recognised as an expense when incurred.
SaaS arrangements are service contracts providing the Company with the right to access the cloud provider’s
application software over the contract period. Costs incurred to configure or customise, and the ongoing fees to obtain
access to the cloud provider’s application software, are recognised as operating expenses when the services are
received.
Some of these costs incurred are for the development of software code that enhances or modifies, or creates additional
capability to, existing on-premise systems and meets the definition of and recognition criteria for an intangible asset.
These costs are recognised as intangible software assets and amortised over the useful life of the software on a straight-
line basis. The useful lives of these assets are reviewed at least at the end of each financial year, and any change
accounted for prospectively as a change in accounting estimate.
c. Customer contracts and lists
Acquired customer contracts and lists are recognised at their fair value at the date of acquisition and are subsequently
amortised on a straight-line basis over six years. Amortisation expense is recognised in the profit or loss.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
5859
ANNUAL REPORT 2021
ANNUAL REPORT 2021

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 30
13.3. INTANGIBLE ASSETS (CONTINUED)

Goodwill
Computer
software
Work in
progress
Customer
lists
Total
$000$000$000$000$000
At 1 July 2019
Cost15,0203,776-10,13228,928
Accum. amortisation and impairment-(1,530)-(3,489)(5,019)
Net book amount15,0202,246-6,64323,909
Year ended 30 June 2020
Additions-312,160-2,191
Disposals--(21)-(21)
Transfers-(31)31--
Amortisation/impairment charge-(652)-(1,606)(2,258)
Closing net book amount 15,0201,5942,1705,03723,821
At 1 July 2020
Cost15,0203,7772,17010,13231,099
Accum. amortisation and impairment-(2,183)-(5,095)(7,278)
Net book amount15,0201,5942,1705,03723,821
Year ended 30 June 2021
Additions-62314-376
Acquisition of subsidiaries197--372569
Transfers-1,063(1,063)--
Amortisation/impairment charge-(665)(1,283)(1,645)(3,593)
Closing net book amount15,2172,0541383,76421,173
At 30 June 2021
Cost15,2174,90213810,50530,762
Accum. amortisation and impairment
-(2,848)-(6,741)(9,589)
Closing net book amount15,2172,0541383,76421,173

The Group has classified its goodwill into the following cash-generating units (CGUs):
2021
$000
2020
$000
MOV
e Freight Limited
1,0271,027
Alpha Customs Limited776776
MOV
e Logistics & Warehousing Limited
12,49212,492
TNL International Limited170170
MOV
e (McAuleys) Limited
555555
TNL International Australia Pty Limited197-
Total15,21715,020
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31
13.3. INTANGIBLE ASSETS (CONTINUED)
The Group tests goodwill for impairment using value in use calculations with cash flow projections based on a five-year
period. Management has prepared an upside, downside and base scenario for each CGU. Each of these include the three
years of Board approved cash flow projections with cashflows beyond this extrapolated using the assumptions as noted
below. The final value in use calculations for each CGU apply an assessed probability weighting to the three scenarios.
Management exercises judgement in confirming the carrying value of goodwill, considering a wide range of inputs
including the state of the industry and market movements. Management has concluded that there are no impairments
for any of the CGUs at 30 June 2021. The MOV
e Logistics & Warehousing Limited and MOVe Freight Limited CGU’s have
significant goodwill balances at 30 June 2021.
The key assumptions for the value in use calculations of MOV
e Logistics & Warehousing Limited and MOVe Freight Limited
CGU’s are summarised below:

Discount
rate post-
tax
Discount
rate pre-tax
Terminal
growth rate
Revenue
growth rate
year 1*
Revenue
growth rate
year 2*
Revenue
growth rate
year 3 - 5*
30 June 2020
MOV
e Logistics &
Warehousing Limited
9.1%10.2%1.7%2.1%3.0%1.9% - 2.0%
MOV
e Freight Limited
9.5%11.0%1.7%0.6%7.6%0.0% - 5.2%
30 June 2021
MOV
e Logistics &
Warehousing Limited
9.5%11.6%2.0%5.3%2.8%0.0% - 2.0%
MOV
e Freight Limited
9.5%12.0%2.0%2.7%5.6%0.0% - 5.6%
*Probability weighted

The discount rate represents the current market assessment of the risks specific to the CGU considering the time value of
money and individual risk of the underlying assets. The discount rate is calculated based on the specific circumstances
of the CGU and its operations and is derived from its weighted average cost of capital (WACC). The Group engaged an
independent third party to assess the post-tax weighted average cost of capital for each of the CGUs. These post-tax
discount rates were applied to post-tax cash flows.
The long-term growth rate is based on growth in GDP, market conditions and opportunities for growth within the industry
and is in line with the mid-point between long term GDP predictions and inflation (as measured by the consumer price
index).
The net right of use assets and lease liabilities have been included in the carrying amount of net operating assets that
have been tested for impairment for each of the CGUs.
Future revenue projections are based on assumed growth in sales to fill the additional capacity as a result of the new
warehouses and opportunities for growth in new and existing customers. Management have confidence in the strategy
to achieve this given the opportunities both internally and the demand within the market.
Based on the probability weighted value in use calculations, the recoverable amounts of the CGUs exceed their carrying
value at 30 June 2021 by the following amounts:
• MOV
e Logistics & Warehousing Limited CGU: $25.1m
• MOV
e Freight Limited CGU: $31.5m

In respect of the MOVe Logistics & Warehousing Limited and MOVe Freight Limited CGU’s any reasonable possible
change in the key assumptions used in the calculations would not cause the carrying values to exceed their recoverable
amounts.
Management has concluded that the goodwill balances at 30 June 2021 are not impaired (either using the probability
weighted case or any of the individual scenarios), although they will continue to monitor the position closely for any
evidence that the goodwill has become impaired.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
6061
ANNUAL REPORT 2021
ANNUAL REPORT 2021

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 32
13.4. DEFERRED INCOME TAX
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases
of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred income
tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business
combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax
is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and
are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.
Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available
against which the temporary differences can be utilised.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets
against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the
same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle
the balances on a net basis.
Temporary differences arise from the following:

ʷe ̇erred ta˫ ʛ˟ia˕i˟itiesʜ
Opening
balance
Recognised in
ˣroЃt or ˟oss
ʴcquisition o ̇
subsidiaries
Closing
balance
$000$000$000$000
2020
Property, plant and equipment(6,528)(778)(355)(7,661)
Right of use assets / lease liability-967-967
Provisions and accruals2,426633393,098
Carry forward losses--256256
ˇota˟ de ̇erred incoˠe ta˫(4,102)822(60)(3,340)
2021
Property, plant and equipment(7,661)(347)(104)(8,112)
Right of use assets / lease liability967909-1,876
Provisions and accruals3,098200-3,298
Carry forward losses256--256
ˇota˟ de ̇erred incoˠe ta˫(3,340)762(104)(2,682)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 33
13.5. PROVISIONS FOR OTHER LIABILITIES AND CHARGES

Provisions for make good obligations are recognised when the Group has a present legal or constructive obligation as a
result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount
can be reliably estimated.
Provisions are measured at the present value of Management’s best estimate of the expenditure required to settle the
present obligations at the end of the reporting period.

Make good
lease provision
Legal claim
provision
Total
$000$000$000
At 1 July 2019767-767
Additional provisions1,5812941,875
Released to profit or loss(35)-(35)
At 30 June 20202,3132942,607
At 1 July 20202,3132942,607
Additional provisions298-298
Utilised / released to profit or loss(156)(294)(450)
At 30 June 20212,455-2,455

a. Information about individual provisions and significant estimates
Make good lease provision
The Group is required to restore the leased premises of its depot and warehouses to their original condition at the end of
the respective lease terms. A provision has been recognised for the estimated expenditure required.
14. SHARE CAPITAL

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in
equity as a deduction, net of tax from the proceeds.

30 June 202130 June 2020
Shares$000Shares$000
Issued & paid-up capital - ordinary shares
Balance at the beginning of the period87,684,88237,05486,347,60835,449
Shares issued - dividend reinvestment plan--1,337,2741,605
Balance at the end of the period87,684,88237,05487,684,88237,054
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
6263
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 34
15. CASH FLOW INFORMATION
15.1 CASH GENERATED FROM OPERATIONS
2021
$000
2020
$000
Reported profit after tax1,3042,511
Non-cash items
Gain on lease modification(121)-
Depreciation expense44,05140,644
Amortisation expense2,3112,258
Bad debts193393
Amortisation of bank fees168287
Contingent consideration-(225)
Bargain on acquisition-(1,106)
Impairment of investment in associates95440
Foreign exchange losses on operating activities2437
Non trading expenses1,283-
Share based payments57-
Cumulative translation adjustment(9)-
49,35645,239
Impact of changes in working capital
Tax receivable / deferred tax(1,776)(200)
Trade and other receivables(4,650)9,681
Creditors and accruals/employee entitlements1,291(12,092)
Creditors relating to purchase of PPE(547)(1,545)
Inventories13234
43,68741,317
Items classified as investing or financing activities
Profit on disposal of property, plant and equipment(617)(547)
Loss for associates14986
Net cash flow from operating activities43,21940,856
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 35
15.2 NET DEBT RECONCILIATION
This section sets out an analysis of net debt and the movements in net debt for each of the periods presented.
2021
$000
2020
$000
Cash and cash equivalents13,21411,882
Lease liability - repayable within one year(27,310)(25,882)
Borrowings - repayable within one year (including overdraft)(67,352)(6,100)
Lease liability - repayable after one year(144,218)(147,600)
Borrowings - repayable after one year(2,811)(80,163)
Convertible note - repayable after one year(8,229)-
Net debt(236,706)(247,863)
Cash and liquid investments13,21411,882
Liability - incremental borrowing rate(171,528)(173,482)
Borrowings - fixed interest rates(31,905)(24,517)
Borrowings - variable interest rates(46,487)(61,746)
Net debt(236,706)(247,863)
Liabilities from financing activities
Convertible
note
BorrowingsLeasesSubtotalCash/bank
overdraft
Total

$000$000$000$000$000$000
Net debt as at 1 July
2019
(84,317)-(84,317)6,389(77,928)
Recognised on
adoption of NZ IFRS 16
--(176,191)(176,191)-(176,191)
Cash flows-2,97122,95625,9275,49331,420
Acquisitions-(4,629)-(4,629)-(4,629)
Lease additions--(17,841)(17,841)-(17,841)
Other non-cash
movements
-(288)(2,406)(2,694)-(2,694)
Net debt as at 30
June 2020
-(86,263)(173,482)(259,745)11,882(247,863)
Cash flows(8,200)16,24236,14544,1871,33245,519
Lease additions--(27,158)(27,158)-(27,158)
Other non-cash
movement
(29)(142)(7,033)(7,204)-(7,204)
Net debt as at 30
June 2021
(8,229)(70,163)(171,528)(249,920)13,214(236,706)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
6465
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 36
16. INTEREST IN OTHER ENTITIES

16.1 SUBSIDIARIES
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in
accordance with the accounting policy described in note 2.1. All subsidiaries are incorporated in New Zealand.
All subsidiaries results up to 30 June 2021 have been incorporated in the consolidated financial statements.
SubsidiaryFormerly named
1
Shareholding
30 June 2021
Shareholding
30 June 2020
Balance
date
Principal activity
MOV
e Freight Limited
TIL Freighting Limited100%100%30 JuneTransport operator
MOV
e Fuel Limited
Pacific Fuel Haul Limited100%100%30 JuneTransport operator
Alpha Custom Services
Limited
-60%60%30 JuneInternational freight
forwarder
Pacific Asset Leasing
Limited
-100%100%30 JuneAsset leasing
MOV
e International
Limited
Hookers Shipping Limited100%100%30 JuneShipping agent
and logistics
MOV
e (McAuleys)
Limited
McAuley’s Transport
Limited
100%100%30 JuneTransport operator
MOV
e Logistics &
Warehousing Limited
MOVE Logistics Limited100%100%30 JuneWarehousing and
distribution
Southern Fleet Leasing
Limited
-100%100%30 JuneAsset leasing
MOV
e (NZL) Limited
NZL Group Limited100%100%30 JuneWarehousing and
distribution
TNL International Limited-50%50%30 JuneInternational freight
forwarder
Appian Transport Limited-100%100%30 JuneNon trading
Global Logistics Group
Limited
-100%100%30 JuneNon trading
MOV
e Specialist Lifting
and Transport Limited
Specialist Lifting and
Transport Group Limited
100%100%30 JuneHeavy Haulage
TNL Logistics Limited-100%100%30 JuneNon trading
Transport Nelson Limited-100%100%30 JuneNon trading
MOV
e Investments
Limited
Transport Investments
Limited
100%100%30 JuneCorporate services
Pacific Liquid Logistics
Limited
-100%100%30 JuneNon trading
MOV
e (ATL) Limited
ATL Limited100%100%30 JuneTransport operator
TNL International
(Australia) Pty Limited
-40%23.75%30 JuneInternational freight
forwarder

1
Name changes occurred on 27th July 2021 (refer note 21).
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 37
16.2 INTERESTS IN ASSOCIATES

Set out below are the associates of the Group as at 30 June 2021 which, in the opinion of the Directors, are material to
the Group. The entities listed below have share capital consisting solely of ordinary shares, which are held directly by
the Group. The country of incorporation or registration is also their principal place of business, and the proportion of
ownership interest is the same as the proportion of voting rights held.

Place of
business/
country of
incorporation
% of ownership
interest
Nature of
relationship
Measurement
method
Investment in
associates
20212020
2021
$000
2020
$000
UNITE Logistics Limited
1
New Zealand50%50%Associate
Equity method
88353
Emerald Truck Services Limited
2
New Zealand50%33.3%AssociateEquity method329225
Total417578

1
UNITE Logistics Limited is a transport services provider for the Auckland and surrounding area’s construction industry, specialising in crane transport. This service
complements the Group’s current transport services. The balance date for this entity is March.
2
Emerald Truck Services Limited is an automotive repair workshop based in Masterton specialising in trucks and trailers. This service is strategic to the Group given
the material amount spent on repairs and maintenance. The balance date for this entity is June.
The Group’s results of its principal associates, all of which are unlisted, and total assets (including goodwill) and liabilities,
are as follows. The Group equity accounts for these associates based on management reporting for the year end to 30
June (the Group’s balance date).

UNITE Logistics
Limited
Emerald Truck
Services Limited
2021202020212020
$000$000$000$000
Suˠˠarised balance s ̨eet
Current assets
946928900749
Non-current assets
1,6432,064441491
Current liabilities
955807380299
Non-current liabilities
1,6941,785143154
Net assets
(60)400818787
Suˠˠarised stateˠent o ̇ coˠpre ̨ensi˩e incoˠe
Revenue
7,0766,7522,8953,356
Profit after tax from continuing operations
(340)(136)3197
ʼn˩estˠent carryin ̊ aˠount reconciliation
Opening balance
353876225193
Dividends received
----
Consolidation of associate
----
Acquisition
--88
1
-
Impairment of investment
(95)(309)--
Earnings from associates
(170)(214)1632
Closing balance
88353329225

1
On 10 July 2020, as a result of the shareholder default McAuley’s Transport Limited signed a buyout agreement of one of the shareholders of Emerald Truck Services
Limited. From 10 July 2020 McAuley’s Transport Limited holds 50% of the shares in Emerald Truck Services Limited and the consideration for the additional 17%
shareholding was transacted in exchange for the settlement of the outstanding shareholder loan
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
6667
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 38
16.2 INTERESTS IN ASSOCIATES (CONTINUED)
MOVe Logistics Limited as part of its investment in UNITE Logistics Limited has provided the Bank of New Zealand a
guarantee for $500,000 plus one years interest in relation to the loan facility held by UNITE Logistics Limited.
Impairment of associates
UNITE Logistics Limited
During the year, UNITE Logistics Limited continued to be negatively impacted by COVID-19. As a result of its poor
performance and the ongoing uncertainty regarding its financial performance, Management have assessed that the
recoverable amount was below the carrying amount of its investment. As such there was an impairment loss recorded.
17. CONTINGENCIES
Bank Guarantee
The Group provides (via ASB Bank) the below guarantees.
2021
$000
2020
$000
Bank guarantees - property6,1872,787
Bank guarantees - fuel purchases4,5004,500
Bank guarantees - other7575
Total10,7627,362
18. CAPITAL COMMITMENTS

Capital expenditure contracted for at the reporting date but not yet incurred is as follows:
2021
$000
2020
$000
Trucks and trailers359-
Other assets122417
Total481417

19. RELATED-PARTY TRANSACTIONS

19.1 TRANSACTIONS WITH KEY MANAGEMENT
a. Key management compensation
Key management includes Directors, the CEO and his direct reports:
2021
$000
2020
$000
Salaries, short term and post employee benefits3,4742,848
Directors fees430398

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 39
19.2 TRANSACTIONS WITH OTHER RELATED PARTIES
The following transactions occurred with related parties:
2021
$000
2020
$000
Sales and purchases of goods and services
Sales of services to associates814988
Purchases of services from associates1,9862,821
Purchases from entities controlled by key management employees140123
2021
$000
2020
$000
Outstanding balances arising from sales and purchases of
services
Trade receivables 12898
Trade payables164181

The Group determines the above balances are fully collectible.
2021
$000
2020
$000
Advances to related parties
UNITE Logistics Limited217217
Eamonn Stephen Farrell-88
20. SHARE BASED PAYMENTS
Share-based payment reserve
The Group currently has a long-term incentive plan for selected employees. The plan’s participants are members of
the Executive team. The reserve is used to record the accumulated value of the plan which has been recognised in the
Statement of Profit or Loss & Other Comprehensive Income. The long-term incentive plan is an equity settled-share-
based payment which provides eligible employees with the opportunity to acquire shares in the Group. The fair value
of shares granted is recognised as an employee benefit expense with a corresponding increase in equity. The fair value
is measured at grant date and recognised over the vesting period. The fair value of the plan has been assessed by an
independent valuer.
Amounts accumulated in the employee share scheme reserve are transferred to share capital on redemption of the
redeemable shares or to retained earnings where they are forfeited. At the end of each reporting period the Group revises
its estimate of the number of redeemable shares that are expected to vest based on the non-market vesting conditions.
It recognises the impact of the revision to original estimates, if any, in the income statement, with a corresponding
adjustment to the employee share scheme reserve.
Employee Long Term Incentive Plan
The establishment of the MOV
e Logistics Group Long Term Incentive Plan was approved by the Directors on 1 July 2020.
The Employee Option Plan is designed to provide long-term incentives for Executives to deliver long-term shareholder
returns and to reward and retain key employees. Under the plan, participants are granted options which only vest if
certain performance standards are met. Participation in the plan is at the board’s discretion, and no individual has a
contractual right to participate in the plan or to receive any guaranteed benefits. If an employee participates in the
scheme, the value of the options received is part of the total remuneration, which is calculated relative to the market
based remuneration relevant for their role.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
6869
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 40
20. SHARE BASED PAYMENTS (CONTINUED)
The amount of options that will vest depends on MOVe Logistics Group total shareholder returns (TSR) during a three year
vesting period greater than the 50th percentile of the NZX50 Group. The NZX50 Group compromises those companies
on commencement date. Once the hurdle is exceeded, the Share Rights that become Eligible Share Rights increase on
a straight-line basis from 50% being payable where the TSR is greater than the 50th percentile TSR of the NZX50 Group
to 100% where the TSR is equal to or greater than the 75th percentile TSR of the NZX50 Group. Once vested, the options
remain exercisable during the exercise period which will be advised on an eligibility notice.
Options are granted under the plan for no consideration and carry no dividends or voting rights.
The exercise price of options is based on the weighted average price at which the company’s shares are traded on the
New Zealand Stock Exchange for the prior 10 days up to and including the commencement date.
Set out below are summaries of options granted under the plan:
Average exercise
price per share
option
Number of
options
As at 30 June 2019--
Granted during the year--
Forfeited during the year--
As at 30 June 2020--
Vested and exercisable at 30 June 2020--
As at June 2020--
Granted during the year-920,966
Forfeited during the year-(39,180)
As at 30 June 2021$0.90881,786
Vested and exercisable at 30 June 2021--
Share options outstanding at 30 June have the following expiry dates and exercise prices:

Grant dateExpiry dateExercise price
Share options
30 June 2021
Share options
30 June 2020
9 October 2020 (2019 LTI)30 June 2022$1.33284,615-
9 October 2020 (2020 LTI)30 June 2023$0.70597,171-
Total881,786-
Weighted average remaining contractual life of
options outstanding at end of period
2.0 years-
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 41
20. SHARE BASED PAYMENTS (CONTINUED)
Fair value of options granted
The assessed fair value at grant date of options granted during the year ended 30 June 2021 were $0.03 (expiry 30 June
2022) and $0.26 (expiry 30 June 2023) per option (2020: -). The fair value at grant date is independently determined using
an adjusted form of the Black-Scholes model which includes a Monte Carlo simulation model that takes into account the
exercise price, the term of the option, the share price at grant date and the expected volatility of the underlying share, the
expected dividend yield, the risk free rate for the term of the option, and the correlations and volatilities of the peer group
companies
The model inputs for options granted during the twelve months ended 30 June 2021 included:
• options are granted for no consideration and vest based on MOV
e Logistics Group TSR ranking within a peer group
of 50 selected companies over a three year period
• exercise price - 2019 LTI: $1.33 and 2020 LTI: $0.70 (2019: nil)
• grant date - 9 October 2020 (2019: nil)
• expiry date – 2019 LTI: 30 June 2022 and 2020 LTI: 30 June 2023 (2019: nil)
• share price at grant date - $0.71 (2019: nil)
• expected volatility of the company’s shares - 27.9% (2019: nil)
• expected dividend yield - $0.05 per share (2019: nil)
• risk free interest rate – 2019 LTI: .15% and 2020 LTI: .11% (2019: nil)
The expected price volatility is based on the historical volatility (based on the remaining life of the options).
Expenses arising from share-based payment transactions
Total expenses arising from share-based payment transactions recognised during the period as part of the employee
expenses were as follows:
June
2021
June
2020
$000$000
Options issues under employee option plan57-
57-
Subsequent to 30 June 2021 280,648 shares totalling $50,919 (of which $17,932 were expensed in the year to 30 June 2021)
have been forfeited due to an employee resignation.
21. EVENTS AFTER THE REPORTING DATE
On 1 July 2021 Chris Dunphy was appointed to the Board of Directors. On 27 July 2021 he assumed the role of Executive
Director following the resignation of the Group CEO on 20 July 2021.
On 2 July 2021 there was a significant shareholder sell down which resulted in a forfeit of imputation credits of $4,794,000
due to the change in shareholding continuity.
On 26 July 2021 the Group settled its new funding arrangement with ANZ bank and UDC Finance including bank
guarantees (refer note 12).
On 27 July 2021 Mark Newman was appointed to the Board of Directors.
On 27 July 2021 the Group re-branded and changed its legal name to MOV
e Logistics Group Limited (including
subsidiaries). There was no change to business operations disclosed in note 1 & 16.
On 17 August 2021 the New Zealand Government reinstated Covid-19 Alert Level 4 for the whole of New Zealand. The
Alert Level 4 settings are applicable to the Auckland region until 31 August 2021 and for the rest of New Zealand until 27
August 2021. In response to the change in Alert levels, the majority of the Group’s operations continue to trade although
at reduced levels while in compliance with the New Zealand Government’s requirements. The full financial impact on the
Group is unknown at this stage however based on prior lockdowns and information available at present it is not deemed
to have a material impact on the 30 June 2021 reported results.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
7071
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42
ANNUAL FINANCIAL STATEMENTS


PricewaterhouseCoopers, PwC Tower, 15 Customs Street West, Private Bag 92162, Auckland 1142 New Zealand
T: +64 9 355 8000,
www.pwc.co.nz
Independent auditor’s report
To the shareholders of MOVe Logistics Group Limited (formerly known as TIL Logistics Group
Limited)

Our opinion
In our opinion, the accompanying consolidated financial statements of MOVe Logistics Group Limited
(formerly known as TIL Logistics Group Limited) (the Company), including its subsidiaries (the Group),
present fairly, in all material respects, the financial position of the Group as at 30 June 2021, its
financial performance and its cash flows for the year then ended in accordance with New Zealand
Equivalents to International Financial Reporting Standards (NZ IFRS) and International Financial
Reporting Standards (IFRS).
What we have audited
The Group's consolidated financial statements comprise:
● the consolidated balance sheet as at 30 June 2021;
● the consolidated statement of profit or loss and other comprehensive income for the year then
ended;
● the consolidated statement of changes in equity for the year then ended;
● the consolidated statement of cash flows for the year then ended; and
● the notes to the consolidated financial statements, which include significant accounting policies
and other explanatory information.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs
(NZ)) and International Standards on Auditing (ISAs). Our responsibilities under those standards are
further described in the Auditor’s responsibilities for the audit of the consolidated financial statements
section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Independence
We are independent of the Group in accordance with Professional and Ethical Standard 1
International Code of Ethics for Assurance Practitioners (including International Independence
Standards) (New Zealand) (PES 1) issued by the New Zealand Auditing and Assurance Standards
Board and the International Code of Ethics for Professional Accountants (including International
Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA
Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Our firm carries out other services for the Group in the area of taxation advisory services. The
provision of these other services has not impaired our independence as auditor of the Group.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the consolidated financial statements of the current year. These matters were addressed
in the context of our audit of the consolidated financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters.

43
ANNUAL FINANCIAL STATEMENTS


PwC 2
Description of the key audit matter How our audit addressed the key audit matter
Goodwill impairment test
As at 30 June 2021, the Group had a
total goodwill balance of $15.2m, as
disclosed in note 13.3. This is allocated
across six cash generating units (CGUs).
MOV
e Logistics and Warehousing and
MOV
e Freighting are the two largest
CGUs representing $13.5m of the
balance. Accordingly, our procedures
were focused on these CGUs.
Management performed value-in-use
(VIU) impairment tests at 30 June 2021
using a discounted cash flow model based
on probability-weighted forecast cash
flows for both these CGUs and
determined that there was no impairment
of goodwill required. Key estimates and
assumptions in the VIU models include
the discount rates and long-term growth
rates used in the impairment model
The goodwill impairment tests for the
MOV
e Freighting and MOVe Logistics
and Warehousing CGUs are considered a
key audit matter due to the significant
level of management judgement applied in
estimating future cash flows and other key
assumptions in determining the
recoverable amount of these CGUs.

We obtained the impairment tests prepared by
Management and understood the process undertaken
to prepare the forecasts and the assumptions used.
We considered management's assessment of the
respective CGUs in the Group and the allocation of
corporate assets to the CGUs.
We gained an understanding of the current and
forecast outlook for the industry and CGUs and for the
strategic direction of the business. Our understanding
was facilitated by meetings with management during
the year.
We benchmarked the forecasts used within the
impairment models against historical actual trading
results, taking into account the impact of the Covid-19
pandemic to assess that growth rates used in the
model were reasonable.

We assessed the reliability of management's
forecasting process in previous years and considered
the impact on the assessment of forecast earnings.
We ensured the mathematical accuracy of the models
used ensuring that they utilised the assumptions
disclosed and that the recoverable amount calculated
was greater than the carrying amount of the CGU.
We engaged an auditor’s expert to assist us in
assessing and challenging whether the assumptions
used in the model were reasonable.The key areas
assessed included:
● the valuation methodology used;
● the reasonableness of the discount rate; and
● comparing inputs to relevant market and industry
information.
We audited the disclosures in note 13.3 of the
consolidated financial statements to ensure that they
are compliant with the requirements of the relevant
accounting standards.
From our procedures performed, we have no matters
to report.
INDEPENDENT AUDITOR’S REPORTINDEPENDENT AUDITOR’S REPORT
7273
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44
ANNUAL FINANCIAL STATEMENTS


PwC 3
Description of the key audit matter How our audit addressed the key audit matter
Accounting for the convertible note
The Group issued a mandatory
convertible note in May 2021 resulting in a
cash inflow of $8.2m. As at 30 June
2021, the Group recognised a liability of
$7.4m and a derivative financial
instrument of $0.8m to reflect the terms of
the convertible note.
As described in note 12.7, the convertible
note includes a number
of features including an early conversion
option and conversion at a discount to the
weighted average share price on
conversion.
In accordance with NZ IAS 32 Financial
Instruments: Presentation, the instrument
was deemed to include an embedded
derivative.
NZ IAS 32 requires any derivative that is
not closely related to the host contract to
be bifurcated from the instrument and fair
valued. The residual amount of the
proceeds is then accounted for as a
liability at amortised cost.
Management engaged a valuations expert
to fair value the embedded derivative at
initial recognition and at period end.
The accounting for the convertible note is
considered a key audit matter as the
recognition and valuation of embedded
derivatives in host contracts is technically
complex and involves significant
management judgement.
We performed a detailed assessment of the
accounting for the convertible note, with the
involvement of our technical accounting specialists,
by:
● obtaining the convertible note deed and
assessing the key terms in the agreement,
including considering any terms that indicated
the existence of an embedded derivative.
● considering whether the embedded derivative
identified was closely related to the host contract
and whether the derivative portion of the
instrument required bifurcation.
We obtained management’s valuation of the derivative
instrument and engaged our auditor’s valuation expert
to assist us in considering the valuation methodology
applied and in assessing whether the valuations at
initial recognition and at period end are reasonable by
reperforming the calculations using an alternative
approach.
We assessed the competence, independence and
objective of management’s valuations expert.
We ensured that the residual portion of the instrument
was recognised as an other financial liability at
amortised cost separately from the derivative.
We reviewed the disclosures in the financial
statements to ensure compliance with NZ IFRS
requirements.
From our procedures performed, we have no matters
to report.

45
ANNUAL FINANCIAL STATEMENTS


PwC 4
Our audit approach
Overview

Overall group materiality: $1.5 million, which represents
approximately 2.5% of reported earnings before tax, finance costs,
depreciation and amortisation, share of loss of associates and
impairment of investment in associates and other non-operating
expenses (EBITDA) as reported in Note 5.
We chose EBITDA as the benchmark because, in our view, it is the
benchmark against which the performance of the Group is most
commonly measured by users, and is a generally accepted
benchmark.
• Full scope audits were performed for 4 of 15 entities in the
Group based on their financial significance;
• Specified audit procedures and analytical review procedures
were performed on the remaining entities.
As reported above, we have two key audit matters, being:
• Goodwill impairment test
• Accounting for the convertible note
As part of designing our audit, we determined materiality and assessed the risks of material
misstatement in the consolidated financial statements. In particular, we considered where
management made subjective judgements; for example, in respect of significant accounting estimates
that involved making assumptions and considering future events that are inherently uncertain. As in all
of our audits, we also addressed the risk of management override of internal controls, including among
other matters, consideration of whether there was evidence of bias that represented a risk of material
misstatement due to fraud.
Materiality
The scope of our audit was influenced by our application of materiality. An audit is designed to obtain
reasonable assurance about whether the consolidated financial statements are free from material
misstatement. Misstatements may arise due to fraud or error. They are considered material if,
individually or in aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of the consolidated financial statements.
Based on our professional judgement, we determined certain quantitative thresholds for materiality,
including the overall Group materiality for the consolidated financial statements as a whole as set out
above. These, together with qualitative considerations, helped us to determine the scope of our audit,
the nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both
individually and in aggregate, on the consolidated financial statements as a whole.
How we tailored our group audit scope
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an
opinion on the consolidated financial statements as a whole, taking into account the structure of the
Group, the accounting processes and controls, and the industries in which the Group operates.
The scope of our audit and the nature, timing and extent of audit procedures performed were
determined by our risk assessment, the financial significance of components and other qualitative
factors (including history of misstatement through fraud or error).
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ANNUAL FINANCIAL STATEMENTS


PwC 5
We performed audit procedures over components considered financially significant in the context of
the Group (full scope audit) or in the context of individual primary statement account balances (audit of
specific account balances). We performed other procedures including analytical review procedures to
address the risk of material misstatement in the residual components.
Other information
The Directors are responsible for the other information. The other information comprises the
information included in the Annual report, but does not include the consolidated financial statements
and our auditor's report thereon. The Annual report is expected to be made available to us after the
date of this auditor's report.
Our opinion on the consolidated financial statements does not cover the other information and we will
not express any form of audit opinion or assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially inconsistent
with the consolidated financial statements or our knowledge obtained in the audit, or otherwise
appears to be materially misstated.
When we read the other information not yet received, if we conclude that there is a material
misstatement therein, we are required to communicate the matter to the Directors and use our
professional judgement to determine the appropriate action to take.
Responsibilities of the Directors for the consolidated financial statements
The Directors are responsible, on behalf of the Company, for the preparation and fair presentation of
the consolidated financial statements in accordance with NZ IFRS and IFRS, and for such internal
control as the Directors determine is necessary to enable the preparation of consolidated financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the Directors are responsible for assessing the
Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the Directors either intend to liquidate
the Group or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial
statements, as a whole, are free from material misstatement, whether due to fraud or error, and to
issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance with ISAs (NZ) and ISAs will always
detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these consolidated financial statements.
A further description of our responsibilities for the audit of the consolidated financial statements is
located at the External Reporting Board’s website at:
https://www.xrb.govt.nz/assurance-standards/auditors-responsibilities/audit-report-1/
This description forms part of our auditor’s report.

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ANNUAL FINANCIAL STATEMENTS


PwC 6
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our audit work has been
undertaken so that we might state those matters which we are required to state to them in an auditor’s
report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company and the Company’s shareholders, as a body, for our
audit work, for this report or for the opinions we have formed.

The engagement partner on the audit resulting in this independent auditor’s report is Maxwell John
Dixon.

For and on behalf of:






Chartered Accountants
25 Au
gust 2021
Auckland

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ADDITIONAL STATUTORY INFORMATION
REMUNERATION
REMUNERATION OF DIRECTORS
The total pool of Directors’ Fees available to non-executive Directors for the year ended 30 June 2021 was $750,000,
which was approved by shareholders at the 2017 Special Meeting of Shareholders. Of this, $430,000 was paid to
non-executive Directors in FY21.
The table below sets out the total of the remuneration and the value of other benefits received by each Director
during the financial year to 30 June 2021. The Board Charter provides that no sum is paid to a Director upon
retirement or cessation of office.
Director Board FeesRisk Assurance and
Audit Committee
Fees
Governance &
Remuneration
Committee Fees
Total Directors fees
FY21
Trevor Janes130,000--130,000
Lorraine Witten70,00010,000-80,000
James Ramsay70,000--70,000
Peter Dryden
1
70,000-1,66771,667
Danny Chan
1
70,000-8,33378,333
Total410,00010,00010,000430,000
1
On 1 May 2021 Peter Dryden replaced Danny Chan as Chair of the Governance and Remuneration Committee.
EMPLOYEE REMUNERATION
Executive remuneration framework
MOVE’s executive remuneration policies and practices are designed to attract, retain and motivate high calibre
people.
The Board has reviewed and benchmarked executive remuneration with the assistance of external independent
advice. Executive remuneration comprises a fixed component, and a short term incentive component (STI) and a
long term incentive component(LTI). The value of any award under the LTI is treated as part of total remuneration,
which is calculated by reference to the benchmarking advice.
Short term incentive plan
Participation in the STI plan is by annual invitation at the discretion of the Board. Target levels of STI opportunity
range from 25% to 50% of base salary, depending on the role of the executive and includes both financial and
non-financial components. For the CEO in FY21 the target was 25% of base salary.
For the Group CEO, the financial component of the STI is based on Group EBITDA. For Corporate Executives, the
financial component of the STI is based on Group EBITDA. For Executives operating specific divisions, the financial
target is based on their divisional EBITDA and Group EBITDA.
Long Term Incentive Plan
The Company has established a Long Term Incentive Plan (LTI or Plan) under the TIL Logistics Group Limited-Long
Term Incentive Plan Rules dated 1 July 2020. The Plan is designed to align employee remuneration with financial
outcomes for shareholders over the longer term.
The Plan is a share rights scheme and participation in any year is by annual invitation at the discretion of the
Company. Under the Plan participants are offered share rights for nil consideration. If the performance hurdles
set by the Company are met, and the relevant employee remains employed by the Company for minimum period
of three years, the employee is entitled to be issued one ordinary share in the Company for each share right that
vests.
In November 2020, the Company made grants of share rights to certain employees in respect of the 2019 year and
the 2020 year. The sole performance criteria is total shareholder return over a three year period relative to the
NZX50. The relative TSR performance and resulting vesting entitlements are as set out below:
Relative TSR PercentilePercentage vesting entitlement
Below 50th percentileNil
50th percentile50%
Above 50th percentile to 75th percentile50%-75% linear pro rata
At 75th percentile or above100%
There were 297,998 share rights issued in respect of 2019 with a vesting date of 30 June 2022. There were 622,968
share rights issued in respect of 2020 with a vesting date of 30 June 2023. As no vesting date has yet been
reached, all share rights remain invested (other than those which have lapsed due an employee no longer being
employed)..
CEO REMUNERATION DISCLOSURE
The CEO’s remuneration as at 30 June 2021, consisted of a base salary, a Short Term Incentive (STI) and a
Long Term Incentive (LTI). The CEO’s remuneration is reviewed annually by the Governance and Remuneration
Committee and approved by the Board.
Fixed RemunerationPay for PerformanceTotal earned
during FY
SalaryBenefits**SubtotalSTI earned
in FY*
Value of
LTI vested
in FY
Subtotal Total
Remuneration
$$$$$$$
FY21510,00082,146592,14698,500-98,500690,646
FY20501,50053,310554,810--- 554,810
* STI payable in the financial year following the achievement of performance targets in respect of the prior financial year, as agreed with
the Board
** Benefits include company car and Kiwisaver employer contributions
Alan Pearson’s remuneration in the financial year to 30 June 2021 was a mix of base salary and short and long
term incentive plan components. The base salary was $510,000. During the financial year Alan received $98,500
which was a short term incentive payment in respect of the FY2020 year. Alan’s potential short term incentive plan
payment for FY21 was 25% of base salary, or $127,500. No short term incentive has been or will be paid in respect of
FY2021.
On 2 November 2020, Alan was granted 280,648 performance share rights under the Company’s long term
incentive plan which is described further below. Of these, 95,865 related to the 2019 financial year, and 184,783
related to the 2020 financial year. The 95,865 share rights related to the 2019 financial year had a face value of
$127,500, based on the volume weighted average share price of $1.33 in the ten trading days prior to 1 July 2019.
The 184,783 share rights related to the 2020 financial year had a face value of $127,500, based on the volume
weighted average share price in the ten trading days prior to 1 July 2020 of $0.69. Upon his resignation, all of these
share rights lapsed. No performance share rights were issued to Alan in respect of the 2021 financial year.
ADDITIONAL STATUTORY INFORMATION ADDITIONAL STATUTORY INFORMATION
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Employee Remuneration
The number of employees of the Company (not being directors of the Company) who received remuneration and
other benefits in their capacity as employees during the year ended 30 June 2021 that in value was or exceeded
$100,000 per annum is set out in the table below. The remuneration amounts include all monetary amounts and
benefits actually paid during the year, including the face value of any long- term incentives that vested during the
year (which for FY21 was nil).
Remuneration No. of Employees
$100,000 - $109,99980
$110,000 - $119,99982
$120,000 - $129,99954
$130,000 - $139,99931
$140,000 - $149,9999
$150,000 - $159,9992
$160,000 - $169,9993
$170,000 - $179,9995
$180,000 - $189,9991
$190,000 - $199,9992
$200,000 - $209,9992
$210,000 - $219,0001
$240,000 - $249,9991
$250,000 - $259,0001
$300,000 - $309,9991
$320,000 - $329,9991
$330,000 - $339,9991
$340,000 - $349,9991
$410,000 - $419,9991
$690,000 - $699,9991
DISCLOSURES
DIRECTORS
The following persons were Directors of MOVE Logistics Group Limited as at 30 June 2021:
Director
Trevor JanesIndependent Chairman
Lorraine WittenIndependent Director
James RamsayNon-independent Director
Danny ChanIndependent Director
Peter DrydenIndependent Director
• Christopher Dunphy was appointed to the Board on 1 July 2021.
• Mark Newman was appointed to the Board on 27 July 2021.
DISCLOSURE OF INTERESTS BY DIRECTORS
In accordance with Section 140(2) of the Companies Act 1993 the Company maintains an interests register in
which Directors interests are recorded. The following are particulars of general disclosures of interest by Directors
holding office at 30 June 2021. Particulars of entries made during the year to 30 June 2021 are noted in brackets, for
the purposes of section 211(1)(e) of the Companies Act 1993.
Director Name of Business or Entity Nature of Activities
of that Business or Entity
Nature and Extent
of Your Interest
Trevor Janes NZ RegcoNZX RegulatorChair
Lorraine Witten PushPay Limited Software Company Director
Rakon LimitedGlobal Technology Business Director, and Shareholder
vWork LimitedSoftware for Mobile Workforce Chair and Shareholder
Simply Security Security Guard Services Chair and Shareholder
Horizon Energy GroupEnergy Distribution CompanyDirector and Chair of Audit
and Risk
Danny Chan Farmers Mutual Group (retired
by rotation 21 August 2020)
InsuranceDirector
SimTutor Limitede-learningDirector/Shareholder
Superthriller Jet Sprint LimitedEntertainmentShareholder
Fastcom LimitedIT ServicesShareholder
iMonitor Intellectual Property Ltd Temperature MonitoringShareholder
The Digital Café LimitedDigital Promotion/MarketingShareholder
Flowerzone International LtdFlower ExporterDirector/Shareholder
Marlborough Wine Estates
Group Ltd
Wine ManufacturerDirector
Orient Pacific Management
Limited
Financial ServicesDirector/Shareholder
James RamsayBowker Holdings 99 LtdInvestmentDirector
Hooker Bros (2019) LimitedInvestmentDirector/Shareholder
Peter DrydenBGI Nominees LimitedPropertyDirector/Shareholder
Port Taranaki LimitedPort OperatorDirector
Aquafortus LimitedChemical CompanyDirector
No entries were made in the interests register of any subsidiary companies during the year ended 30 June 2021.
ADDITIONAL STATUTORY INFORMATION ADDITIONAL STATUTORY INFORMATION
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DIRECTORS’ SHARE DEALINGS
In accordance with the Companies Act 1993 between 1 July 2020 and 30 June 2021 the Board received the
following disclosures from Directors of acquisitions and dispositions of relevant interests in shares issued by the
Company and details of such dealings were entered in the Company’s interests register.
Director TransactionNumber of
Securities
Price per SecurityDate
James Ramsay
1
Sale of shares3,650,000$1.0030 June 2020
1
Shares held by James Ramsay, Nerida Joy Ramsay & Ramsay Family Trustee Limited as trustees of the Nerida Joy Ramsay Family Trust.
DIRECTORS’ SHAREHOLDINGS INTERESTS
As at 30 June 2021 the Directors of the Company had the following relevant interests in the Company’s shares and
in convertible notes which convert into the Company’s shares.
DirectorOrdinary Shares Convertible Notes
$
Trevor Janes1,272,717-
Lorraine Witten104,996-
Danny Chan1,270,6782,000,000
James Ramsay11,638,2091,600,000
Subsequent to the end of the Company’s financial year on 30 June 2021, and as disclosed to NZX on 7 July 2021,
Christopher Dunphy has a relevant interest in 5,000,000 shares held by the Company’s founder shareholders,
in addition to the 750,000 shares in which he already had a relevant interest. In addition, on 3 August 2021 Mark
Newman, who was appointed as a director of the Company on 27 July 2021, disclosed that he had a relevant
interest in 100,000 shares in the Company.
USE OF COMPANY INFORMATION
There were no notices from Directors of the Company pursuant to section 145 of the Companies Act 1993
requesting to use Company information received in their capacity as directors that would not otherwise have
been available them.
SUBSIDIARY COMPANY DIRECTORS
The following persons held office as Directors of subsidiary companies as at 30 June 2021. Employee directors of
subsidiary companies appointed by the Group do not receive director’s fees, remuneration or other benefits in
their capacity as directors. The remuneration and other benefits of such employees, received as employees, are
included in the relevant bands for remuneration disclosed under Employee Remuneration on page 80.
Company (New name of the
company post 28 July
2021)
Directors
Alpha Customs Services
Limited
No change in nameClayton
Imbs
Alan
Pearson
Lee Banks
Appian Transport
Limited
No change in nameJames
Ramsay
Alan
Pearson
Lee Banks
Global Logistics Group
Limited
No change in nameJames
Ramsay
Alan
Pearson
Lee Banks
Hookers Shipping Lmited MOVE International
Limited
James
Ramsay
Alan
Pearson
Lee Banks
McAuley’s Transport
Limitd
MOVE (McAuley’s)
Limited
James
Ramsay
Alan
Pearson
Lee Banks
MOVE Logistics Limited MOVE Logistics &
Warehousing Limited
James
Ramsay
Alan
Pearson
Lee Banks
NZL Group Limited MOVE (NZL) LimitedJames
Ramsay
Alan
Pearson
Lee Banks
Pacific Asset Leasing
Limited
No change in nameJames
Ramsay
Alan
Pearson
Lee Banks
Pacific Fuel Haul Limited MOVE Fuel LimitedJames
Ramsay
Alan
Pearson
Lee Banks
Southern Fleet Leasing
Limited
No change in nameJames
Ramsay
Alan
Pearson
Lee Banks
Transport Investments
Limited
MOVE Investments
Limited
Danny
Chan
Trevor
Janes
James
Ramsay
Lorraine
Witten
Peter
Dryden
TIL Freighting Limited MOVE Freight LimitedJames
Ramsay
Alan
Pearson
Lee Banks
Specialist Lifting and
Transport Group Limited
MOVE Specialist Lifting &
Transport Limited
James
Ramsay
Alan
Pearson
Lee Banks
TNL Logistics Limited No change in nameJames
Ramsay
Alan
Pearson
Lee Banks
TNL International Limited No change in nameClayton
Imbs
John
Lowden
Shayne
Miers
Alan
Pearson
Transport Nelson
Limited
No change in nameJames
Ramsay
Alan
Pearson
Lee Banks
Pacific Liquid Logistics
Limited
No change in nameJames
Ramsay
Alan
Pearson
Lee Banks
ATL LimitedMOVE (ATL) LimitedLee BanksAlan
Pearson
Dallas
Vince
Alexandra Transport
Limited
No change in nameLee Banks
ADDITIONAL STATUTORY INFORMATION ADDITIONAL STATUTORY INFORMATION
* Alan Pearson resigned as CEO of MOVE Logistics Group and from all subsidiary company directorships on 20 July 2021.
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