FY24 Results

NZX RELEASE

27 February 2025
Channel Infrastructure NZ Limited (Channel or Channel Infrastructure) (NZX: CHI), New Zealand’s
largest fuel import terminal business, has today released its financial results for the year ended 31
December 2024 (FY24).

Highlights
• Strong safety track record maintained
• Throughput up 3% to 3.5 billion litres, reflecting continued growth in jet fuel demand and relatively
stable diesel and petrol demand
• Updated Envisory outlook continues to show that Channel’s business will be underpinned by jet fuel
demand and the need for a liquid fuel decarbonisation pathway for aviation in the long-term
• Continued world-class delivery of capital projects with the Transmix project completed, and the multi-
year conversion project and private storage projects on track to complete safely, within budget and to
schedule
• Three new storage contracts signed delivering ~$120 million (before PPI indexation) in incremental
revenue over a 15-year period for an investment of between $55-66 million of incremental growth
capital expenditure
• Successful bank refinancing and $50 million capital raise lowers Channel’s WACC and positions it to
deliver on future growth opportunities
• Marsden Point Energy Precinct Concept released which outlines a range of potential energy projects
that would boost New Zealand’s energy resilience. Being considered by the New Zealand
Government as a potential Special Economic Zone
• Entered into a conditional project development agreement with Seadra Energy Inc, who is partnering
with consortium members Qantas, Renova Inc, Kent Plc, and ANZ, to develop a biorefinery at
Channel’s Marsden Point site
• $381 million uplift in fair values of import terminal system and unutilised land resulting in an uplift in
Net Tangible Assets to $1.98 per share
• The Board has declared an unimputed ordinary final dividend of 6.6 cents per share taking total
dividends for the year to 11 cents per share for FY24, representing a dividend payout ratio of 69%
• FY25 EBITDA guidance of $89-$94 million, stay-in-business capex guidance of 8-10% of revenue
and Normalised Free Cash Flow conversion in line with FY24

Key Financial Highlights – Continuing Operations

FY24
$m
FY23
$m

% change
Revenue 139.8 130.7 +7%
EBITDA 95.1 87.2 +9%
EBITDA Margin 68% 67% n/a
Growth Capital Expenditure 29.3 30.6 -4%
Free Cash Flow Conversion 67% 71% n/a
Normalised Free Cash Flow 63.4 61.8 +3%
Total Ordinary Dividend 11 cps 10.5 cps +5%

Commenting, Chair James Miller said “Channel has made significant progress towards our vision of
becoming a world-class energy infrastructure company. Delivering resilient infrastructure solutions to meet
changing fuel and energy needs guides how we have approached our growth opportunities for the benefit
of our shareholders, our people, our community, and New Zealand in 2024.
“Our infrastructure and facilities play a key role in providing fuel security and fuel resilience for New Zealand.
As New Zealand’s strategic fuel storage reserve, with assets, capabilities, and the capacity for growth, we
are looking forward to progressing the Marsden Point Energy Precinct concept in the year ahead.
We are delighted that the Government has indicated it would consider the Marden Point Energy Precinct
as a potential Special Economic Zone, which could include business-friendly regulations, infrastructure and
facilities, investment support and customs and trade facilitation. All of the potential options noted by the
Minister as forming part of a potential Special Economic Zone would help us to deliver our vision for
Marsden Point as an Energy Precinct, grow our operations, and create new jobs in Northland.”
CEO Rob Buchanan said “Alongside the successful and safe running of the import terminal to keep New
Zealand supplied with fuel, our team has continued the safe, on-time and on-budget delivery of a number
of capital projects, with $55 million invested into Channel’s infrastructure across 2024.
“Throughout 2024, we have made excellent progress towards our plan to meet New Zealand’s changing
fuel and energy needs by maximising the value of our highly strategic assets and increasing the proportion
of our revenue that is independent of fuel demand. We signed three significant contracts with current and
new customers in 2024 with revenues of ~$120 million (before PPI indexation) in incremental revenue over
15 years.
“There are many opportunities for Channel to support New Zealand’s energy transition, and the Energy
Precinct concept outlines the exciting potential for these to fit together on our highly strategic site. These
include opportunities for additional fuels storage, lower-carbon future fuels manufacture, as well as a range
of energy security projects such as electricity firming and storage opportunities that are good for New
Zealand.”

Strong financial result in line with guidance
Revenue increased 7% to $139.8 million, with higher terminal fees, reflecting a 3% increase in fuel
throughput, PPI indexation and additional private storage revenue. EBITDA from continuing operations
was $95.1 million (up 9%) and Normalised Free Cash Flow was $63.4 million (up 3%), which represents a
67% Free Cash Flow conversion. Channel Infrastructure continues to target credit metrics consistent with
a BBB+ shadow credit rating and net debt finished the year at $296 million (31 December 2023: $315
million).
Stay-in-business capital expenditure was $12.3 million
1
with ongoing investment in upgrading terminal
control systems, scheduled jetty upgrades and statutory tank inspections. Conversion capital expenditure
of $12.9 million reflected completion of the firefighting upgrades and continued work on upgrading the
bunds. Growth capital expenditure of $29.3 million reflected the private storage bund upgrades, the recently
commissioned Transmix storage upgrades and works associated with the Z Energy jet storage contract.
Following more confidence in the long-term fuel outlook and increased recognition of the strategic value of
the land, the 2024 financial accounts reflect a combined $381 million uplift in fair values of import terminal
system and unutilised land resulting in Net Tangible Assets per share of $1.98 at December 2024.
In November 2024, Channel’s bank debt was refinanced lowering our cost of capital and in December, $50
million of capital was successfully raised to fund the future growth of the company and position the company
to execute on further growth opportunities.
Board declares final dividend of 6.6 cents per share
The Board is committed to delivering stable ordinary dividends over time, while maintaining credit metrics
consistent with a shadow investment grade credit rating of BBB+. Channel Infrastructure’s dividend policy
is to pay-out 60-70% of normalised Free Cash Flows.
With steadily increasing and stable cash flows, alongside investing in the resilience of the import terminal
and further growth, Channel continues to pay out increasing dividends. The Board has declared a final
unimputed ordinary dividend of 6.6 cents per share, which will be paid on 27 March 2025. This brings the
total FY24 dividend to 11 cents per share.
Operational excellence and delivery of capital projects
Over 2024, customers imported 3.5 billion litres of fuel through Channel’s infrastructure. This was up 3%
on 2023, reflecting continued growth in jet fuel demand and relatively stable diesel and petrol demand.
There has been an increased number of long-range vessels, resulting in fewer ship movements overall,
following the commissioning of more storage last year.
Channel Infrastructure has continued the safe, on-time and on-budget delivery of a number of capital
projects with $55 million invested in Channel’s infrastructure across 2024, including the new automatic
firefighting equipment, bund upgrades, and upgrades to our infrastructure to enable Transmix to be stored
and exported from Marsden Point was completed.




1
Capital expenditure on an accrual basis, $11 million on a cash basis

Investing in growth
Throughout 2024, Channel has made excellent progress towards our plan to meet New Zealand’s changing
fuel and energy needs by maximising the value of our highly strategic assets and increasing the proportion
of our revenue that is independent of fuel demand.
Three significant contracts were signed with current and new customers in 2024 with revenues commencing
over 2025 to 2027, together these deliver an additional $11 million per annum of revenue a year by 2027
and a total of ~$120 million (before PPI indexation) in incremental revenue over 15 years.
An Energy Precinct for New Zealand
The Marsden Point Energy Precinct Concept outlines a range of opportunities for Channel Infrastructure to
support New Zealand’s energy transition. We are already making exciting steps towards the delivery of the
Energy Precinct.
In October, we announced that Seadra, and consortium partners Qantas, Renova Inc, Kent Plc, and ANZ,
were actively considering development of a biorefinery at Marsden Point. While still at the early stages of
assessment, should it go ahead, this project would create value for shareholders through the sale of
decommissioned assets and revenue from long-term contracts for the use of our land, and other
infrastructure. The Seadra consortium continue to make good progress towards a final investment decision.
Should the biorefinery proceed, a substantial proportion of the asset sale proceeds is likely to be reinvested
by Channel in early demolition (already provisioned in the balance sheet), and growth capital expenditure
associated with the construction of infrastructure and storage assets to the biorefinery, for above WACC
returns with long-term contracted revenues.
Work continues on the e-Sustainable Aviation Fuel (e-SAF) project, with Fortescue progressing its study to
the pre-feasibility phase, including more detailed engineering and design studies and developing further
detail on the economic viability of the project. Reflecting the significant advantage of investment already
made into diesel infrastructure at Marsden Point, Channel completed a scoping study on a potential diesel
peaker to support resilience by creating a buffer in dry-years in the electricity system. The proposed model
for the project would result in Channel receiving capacity payments for making the plant available to
potential customers. This model ensures the wholesale market risk is appropriately passed to industry
players who can offset the risk. Channel would only proceed with building the plant if there is contracted
interest from electricity market participants.
FY25 guidance
Looking forward to FY25, EBITDA from continuing operations is expected to be in the range of $89-94
million. This compares to $95.1 million for FY24 or $89.1 million excluding the legacy Wiri lease revenue
which will end at the expiry of the lease in February 2025. This principally reflects the benefit of PPI
indexation on all contracted revenue and a full year contribution from the Transmix contract signed May
2024 and the contracted step down of the fixed fee portion of the import terminal revenue. Stay-in-business
capital expenditure for FY25 is expected to around 8-10% of revenue and the Normalised Free Cash flow
conversion factor expected to be broadly in line with FY24.
- ENDS -

Conference Call
Channel Infrastructure’s Chief Executive Officer, Rob Buchanan and Chief Financial Officer, Alexa Preston
will give a presentation on the Company’s financial and operational performance at 10:30am today.

To access the audio call, dial 09 929 1687 (New Zealand) or 02 9007 3187 (Australia) and ask to be
connected to the Channel Infrastructure results briefing. To pre-register for direct access to the call, go to
Event Registration

Authorised by:

Chris Bougen
General Counsel and Company Secretary

Contact details

Investor Relations contact:
Anna Bonney
investorrelations@channelnz.com

Media contact:
Laura Malcolm
communications@channelnz.com

About Channel Infrastructure

Channel Infrastructure is New Zealand’s largest fuel import terminal, storing and distributing 40% of New
Zealand’s transport fuel, including 80% of New Zealand’s jet fuel. We receive, store, test and distribute
petrol, diesel, and jet fuel that our customers import and supply to Auckland and Northland.
Fuel is imported via our deep-water harbour and jetty infrastructure at Marsden Point and stored in more
than 290 million litres of contracted storage tanks on site. The fuel is then distributed via our 170-
kilometre pipeline to Auckland, or by our customers (bp, Mobil, and Z Energy) via truck into Northland. We
underpin the resilience of New Zealand’s fuel supply chain with our tank capacity, which enables
increased storage of fuel in New Zealand, and through efficient, low-emission distribution of the fuel into
the Auckland market. Given our proximity to Auckland, and critical role in the jet fuel supply chain,
Channel is well positioned to support the renewable fuel transition in New Zealand.
Our plan for growth includes supporting fuel resilience for New Zealand through additional fuel storage on
our site, unlocking the strategic value of the Marsden Point Energy Precinct Concept which reflects the
significant role Channel could play in supporting New Zealand’s energy transition – through potential
opportunities including supporting the manufacture of lower-carbon future fuels, as well as a range of
potential energy security opportunities, and exploring expansion beyond Marsden Point through the
acquisition of other terminals infrastructure in New Zealand.
Channel Infrastructure’s wholly-owned subsidiary, Independent Petroleum Laboratory Limited, provides
fuel quality testing services throughout New Zealand.
For more information on Channel Infrastructure, please visit: www.channelnz.com

---

Annual Report
2024

Welcome To This Report
Annual Report Overview
This 2024 Annual Report outlines the operational and
financial
performance of Channel Infrastructure NZ
Limited for the 12 months ended 31 December 2024.
Comparative financial information reflects continuing
operations of the fuels import terminal for the 12 months
ended 31 December 2023. This Annual Report also
includes an overview of the Company’s Strategy and
Corporate Governance Framework and includes the
annual Remuneration Report.
In this report, references to “Channel Infrastructure”,
"
Channel", the “Company”, the “Group”, “we”, “us”, “our”
refer to Channel Infrastructure NZ Limited (NZX: CHI),
unless otherwise stated. All dollar figures are in New
Zealand dollars (NZD) unless otherwise stated.
Channel Infrastructure has used non-GAAP (Generally
Accep
ted Accounting Principles) measures when
discussing financial performance in this report. The
directors and management believe that these measures
provide useful information as they are used internally to
evaluate business performance, to establish operational
goals and to allocate resources. Non-GAAP measures
are not prepared in accordance with New Zealand
International Financial Reporting Standards (NZ IFRS)
and are not uniformly defined, therefore the non-GAAP
measures reported in this document may not be
comparable with those that other companies report
and should not be viewed in isolation or considered
as a substitute for measures reported by Channel
Infrastructure in accordance with NZ IFRS. The non-GAAP
measures Channel Infrastructure has used are EBITDA,
EBITDA margin and Normalised Free Cash Flow (FCF).
The
definitions of these can be found on page 104 of
this report.
Reporting Suite
The 2024 Annual Report is published in conjunction with
the 2
024 Sustainability Report which provides information
on our approach, progress and performance in relation
to Channel Infrastructure’s most material environmental,
social and governance (ESG) issues as well as our
climate related physical and transition risks, measures
and t
argets. Channel Infrastructure is a climate reporting
entity for the purposes of the Financial Markets Conduct
Act 2013 (FMCA 2013), and the Sustainability Report has
been prepared in compliance with Part 7A of the FMCA
2013, NZ XRB's Climate-related Disclosure Standards (NZ
CS) and the NZX Corporate Governance Code (refer to
www.nzx.com
). It is also referenced to specific United
Nations' Sustainable Development Goals (SDGs) where
appropriate, to acknowledge our global partnership in
addressing sustainability and climate change concerns.
This Annual Report, the 2024 Sustainability Report and
Channel Infr
astructure’s Governance Statement together
form an integrated suite of reports and should be read
in conjunction with each other, and where possible, we
have drawn links between each. They are all available
for download at: www.channelnz.com, along with several
underlying documents and policies referred to throughout
this report.
Directors' Statement
The Directors are pleased to present Channel
Infr
astructure NZ Limited’s Annual Report and Financial
Statements for the year ended 31 December 2024.
This Annual Report is dated
26 February 2025 and is
signed on behalf of the Board by:
JB Miller
Chair of the Board
AM Molloy
Chair, Audit and
Finance Committee

2
Channel Infrastructure NZ Limited | 2024 Annual Report

Contents
About Us
4
2024 Highlights
8
Numbers at a Glance
10
Letter from Chair and CEO
14
Our Strategy
20
Board of Directors
26
Corporate Lead Team
28
Financial Commentary
31
Governance
40
Remuneration Report
42
Shareholder and Bondholder Information
50
Statutory Disclosures
56
Consolidated Financial Report
62
Glossary
104
Corporate Directory
105
3
Channel Infrastructure NZ Limited | 2024 Annual Report

About us
Channel’s customers import
3.5BL
of fuel through Channel’s
infrastructure
~350ML
tank capacity available
for conversion
~290ML
of shared and dedicated
storage in service
170km
pipeline to Auckland
Only pipeline capable
of transporting liquid
fuels to Auckland
New Zealand’s
only natural deep
water harbour.
Two jetties capable of receiving
amongst the largest refined
product ships in the world.
180 hectares of highly strategic land
of which only 1/3 is currently in use
Long-term resource consents
relating to fuel manufacturing
Marsden Point Energy Precinct
zoning overlay
Industrial gas, water and
electricity grid connections
4
Channel Infrastructure NZ Limited | 2024 Annual Report

Fuel supply
into Northland
Fuel supply
into Auckland
40%
of New Zealand’s liquid
transport fuel demand
80%
of New Zealand’s
jet fuel demand
Key supply route
t
o Auckland
International
Airport
Lower-carbon future fuels can ‘drop in’ to our
existing infrastructure, replacing today’s fossil
fuels over time, and keeping New Zealand moving
throughout the energy transition.
5
Channel Infrastructure NZ Limited | 2024 Annual Report

Flow Battery
Gas/Diesel
Peaker
MCH, Ammonia imports & other products
Floating LNG Receipt & Gasification
Services for SAF Manufacture
SAF Manufacture
(Phase 1)
Bitumen Terminal
Biofuels Manufacture
SAF Manufacture Expansion
(Phase 2)
IPL
Public Access
(Mair Road)
Stormwater Retention Basin
Truck Loading Facility
(Leased to WOSL
1
)
Lease
(to Long-term Tenant)
Transpower, Northpower
Diesel/Biofuels Compound
(120
Million Litres Capacity)
Jet/SAF Compound
(120 Million Litres Capacity -
45 Million Litres in Service)
Jetties
Owned by Others
Current Facility
Leased to Third Parties
Additional Storage Opportunities
Future Fuels Manufacturing Opportunities
Energy Security Opportunities
Marsden Point Energy
Precinct Concept
6
Channel Infrastructure NZ Limited | 2024 Annual Report

Flow Battery
Gas/Diesel
Peaker
MCH, Ammonia imports & other products
Floating LNG Receipt & Gasification
Services for SAF Manufacture
SAF Manufacture
(Phase 1)
Bitumen Terminal
Biofuels Manufacture
SAF Manufacture Expansion
(Phase 2)
IPL
Public Access
(Mair Road)
Stormwater Retention Basin
Truck Loading Facility
(Leased to WOSL
1
)
Lease
(to Long-term Tenant)
Transpower, Northpower
Diesel/Biofuels Compound
(120
Million Litres Capacity)
Jet/SAF Compound
(120 Million Litres Capacity -
45 Million Litres in Service)
Jetties
Owned by Others
Current Facility
Leased to Third Parties
Additional Storage Opportunities
Future Fuels Manufacturing Opportunities
Energy Security Opportunities
7
Channel Infrastructure NZ Limited | 2024 Annual Report

Realising value of infrastructure
Zero
Tier 1 or 2 process
safety incidents
(FY23: 1)
61
Ships received
and discharged
(FY23: 70)
$55M
Invested in Channel’s
infrastructure in 2024
2.0
TRCF
Total Recordable
Case Frequency
(FY23: 0.9)
Two potential lower-carbon
fuels projects attracted
to Channel’s strategic
assets and infrastructure
THREE NEW GROWTH
CONTRACTS SIGNED
~$120M
Incremental revenue
over a 15-year period
PROVEN CAPITAL
PROJECT DELIVERY
Safely
On time
On budget
2024 Highlights
Safe, reliable & efficient
ASSET AVAILABILITY
>99%
Pipeline availability
100%
Tank availability
8
Channel Infrastructure NZ Limited | 2024 Annual Report

Good neighbour, good citizen
3.5BL
of Customers’ fuel delivered to
market from Marsden Point Terminal
84%
Pipeline utilisation
(average FY24)
~50ML
of redundant tank
capacity contracted
for conversion
Keeping Aotearoa moving
JET FUEL
1,404ML
(+12% PCP)
LEGACY HYDROCARBON PLUME
10%
Reduction in legacy plume over
5 years from 2024
DIESEL
1,087ML
(-1% PCP)
PETROL
992ML
(-2% PCP)
Delivering resilient infrastructure
solutions to meet changing fuel
and energy needs
9
Channel Infrastructure NZ Limited | 2024 Annual Report

Strong cashflow and balance sheet
Sustainable financial performance
REVENUE
$139.8M
Numbers at a glance
91%
subject to PPI
indexation
EBITDA
$95.1M
67%
EBITDA to FCF
conversion
68%
EBITDA
margin
NET DEBT
1
$296M
as at 31 December 2024
LEVERAGE
3.1
x EBITDA
NET TANGIBLE ASSETS
$1.98
per share
1
Excludes Fair Value Hedge Movements
10
Channel Infrastructure NZ Limited | 2024 Annual Report

Delivering to shareholders
TOTAL DIVIDEND
11
CPS
DIVIDEND YIELD
2
5.9%
TSR
37.4%
Total shareholder
return in 2024
2
Based on the 31 December 2024 Share price of $1.87
11
Channel Infrastructure NZ Limited | 2024 Annual Report

12
Channel Infrastructure NZ Limited | 2024 Annual Report

Letter
from Chair
and CEO
13
Channel Infrastructure NZ Limited | 2024 Annual Report

Dear Shareholder

Our dedicated team has made
significant progress
towards our vision of becoming a world-class energy
infrastructure company across 2024. Delivering resilient
infrastructure solutions to meet changing fuel and energy
needs guides how we have approached our growth
opportunities for the benefit of our shareholders, our
people, our community, and New Zealand.
Health and safety remains our
oper
ational priority
Getting ‘everyone safely home every day’ is our
s
afety philosophy and is central to how we operate
our business. Our strong safety culture is a clear
demonstration of our commitment to delivering world-
class operations. In 2024, we focused on increasing
the reporting of incidents, including minor incidents and
near-misses. This ensures we take every opportunity
to learn and prevent incidents in the future. At the
same time, we have changed the way we work with
our contractor workforce, implementing stringent new
workforce processes that empower our contractors to
take responsibility for their own safety while working on
our site.
Fuel Resilience for New Zealand
Our infrastructure and facilities play a key role in
pr
oviding fuel security and fuel resilience for New
Zealand. Our unique site, assets, and capabilities
position us as a key strategic site for New Zealand’s
fuel reserve.
We welcomed the Government’s 2024 Fuel Security
S
tudy, which has now drawn to a close, with a strong
recognition of the strategic potential and opportunities
that our Marsden Point site has to support New Zealand’s
fuel security, through the possibility of Marsden Point
becoming one of the first Special Economic Zones if they
are introduced.
Resilience is a question of choice, and how much
pr
otection against external factors is considered
necessary, and through the closure of the Fuel Security
Study, the Government has now indicated it will assess
additional options for fuel supply chain security for New
Zealand. In an increasingly unstable world, and with New
Zealand continuing to rely on supply lines that traverse
some of the most congested, and contested parts of
the world, it is timely that we should be having a public
conversation on our tolerance for risk in the energy supply
chain. Cabinet is set to consider further options for fuel
resilience in New Zealand, including an increase in diesel
Minimum Stockholding Obligations from 21 to 28 days
(additional ~70 million litres of on-shore storage) but not
including reopening an oil refinery due to high cost and
limit
ed effectiveness. Channel is strategically positioned
to support fuel importers to meet these obligations if they
come into force with ~350 million litres of former tank
capacity that can be repurposed.
As we look to the future, we will continue to have
con
versations with current, and potential partners
on how we can utilise our highly strategic Marsden
Point assets and Channel Infrastructure's capabilities to
accommodate energy projects that could boost New
Zealand's energy resilience in the future. We look forward
to further detail from the Government on both Special
Economic Zones, and additional resilience measures.
Operational excellence and delivery of
capit
al projects
World-class operations will ensure the secure and reliable
long-
term operation of our critical assets for New
Zealand’s energy supply chain and earn the confidence
of our customers, community, and stakeholders, to deliver
our future growth. According to global benchmarking we
have undertaken, we are already delivering pipeline and
tank availability statistics in line with some of the best
import terminals in the world, which is something we are
proud of.  
Over 2024, 3.5 billion litr
es of our customers’ fuel
came through our infrastructure. This was up 3% on
2023, reflecting continued growth in jet fuel demand
and relatively stable diesel and petrol demand. We
have seen an increased number of long-range vessels
calling at our jetty, and fewer ship movements overall,
following the commissioning of more storage last year. 
Channel is the only import terminal in New Zealand
capable of accepting this largest class of long-range
vessels, which improves supply chain efficiency for our
customers as they can bring in larger parcels of fuel in
fewer shipments.   
Alongside the successful and safe running of the import
t
erminal to keep New Zealand supplied, our team has
continued the safe, on-time and on-budget delivery of
a number of capital projects with $55 million invested
in Channel’s infrastructure across 2024. New automatic
firefighting equipment has now been commissioned and
work continues to upgrade all site bunds surrounding
our tank compounds, bringing these up to the highest
safety and environmental protection standards. In just
under seven months we also completed an upgrade to
our infrastructure to enable transmix
1
to be stored and
exported from Marsden Point.
1
Transmix is a mix of petrol/jet/diesel product that results from operation of terminals and multi-product pipelines
14
Channel Infrastructure NZ Limited | 2024 Annual Report

Strong
financial result in line
with guidance  
Revenue increased 7% to $139.8 million, with higher
t
erminal fees reflecting both an increase in fuel
throughput, and the inflation-linked revenue from our
long-term terminal services and storage contracts.
EBITDA from continued operations was $95.1 million and
Normalised Free Cash Flow was $63.4 million, which
represents a 67% Free Cash Flow conversion. We continue
to target credit rating metrics consistent with a BBB+
shadow credit rating and net debt finished the year at
$296 million.
Channel continued to invest for resilience and growth.
S
tay-in-business capital expenditure was $12.3 million
1
with ongoing investment in upgrading terminal control
systems, scheduled jetty upgrades and statutory
tank inspections. Conversion capital expenditure of
$12.9 million reflected completion of the firefighting
upgrades and continued work on upgrading the bunds.
Gr
owth capital expenditure of $29.3 million reflected
the private storage bund upgrades, the recently
commissioned transmix storage project and works
associated with the Z Energy jet storage contract.
During 2024, Envisory updated our fuel forecast which,
along with the s
ecured growth projects has given us
greater certainty of the fuel outlook beyond 2050. As a
result, we have seen a $274 million increase in the fair
value of our import terminal system. The 2024 accounts
also take into consideration the unique attributes of the
Marsden Point site, including its port-adjacent nature,
along with likely heavy industrial use for the site. The
unutilised land value has increased $106 million to
$122 million. This does not represent the full potential
value of the land to Channel or reflect the potential
future value of the Marsden Point Energy Precinct. The
$381 million combined uplift in fair value of import terminal
system and unutilised land has resulted in an uplift in
Channel Infrastructure Net Tangible Assets per share
to $1.98.
We
refinanced our bank debt in November, lowering our
cost of capital, and in December we successfully raised
$50 million of capital from shareholders to fund the future
growth of the company. We are extremely pleased
with the significant level of shareholder support received
across both the Retail and Institutional Offers, reflecting
continued confidence in our team and Company.
Looking forward to FY25, Channel Infrastructure expects
FY
25 EBITDA from continued operations in the range of
$89-94 million and stay-in-business capital expenditure
between 8-10% of revenue and free cash
flow conversion
in line with FY24.
Investing in growth
Throughout 2024, we have made excellent progress
t
owards our plan to meet New Zealand’s changing fuel
and energy needs by maximising the value of our highly
strategic assets and increasing the proportion of our
revenue that is independent of fuel demand.
We signed three significant contracts with current, and
ne
w customers in 2024 with revenues commencing over
2025 to 2027. Together these deliver an additional
$11 million per annum of revenue per year by 2027
and a total of ~$120 million (before PPI indexation) in
incremental revenue over 15 years.
In May, we announced a new seven-year contract
t
o upgrade our infrastructure to enable transmix to
be stored and exported from Marsden Point. This
upgrade is now complete, with revenue from this contract
commencing in December 2024.
In August, we announced a new contract with Z Energy
t
o more than double Z’s current private jet fuel storage at
Marsden Point. This contract also meaningfully increases
the jet storage capacity at Marsden Point.
Finally, in November we welcomed the
first new
customer to Marsden Point since our conversion to
an import terminal, with our agreement with Higgins
Contractors Limited, a subsidiary of Fletcher Building
Limited, to develop a bitumen import terminal for
them. This represents a significant milestone in Channel
Infrastructure’s growth strategy by diversifying the
Company’s customer base and expanding its product
handling set.
An Energy Precinct for New Zealand 
In October, we presented our exciting future vision
f
or Marsden Point to shareholders – the Marsden
Point Energy Precinct Concept. This vision provides
a bold template for our bright future, and it was
fantastic to receive endorsement from the Government
for this vision and the critical role we play in New
Zealand’s energy security. There are many and varied
opportunities for Channel to support New Zealand’s
energy transition, and the Energy Precinct outlines the
exciting potential for these to fit together on our highly
strategic site. Shareholders will see opportunities for
even more additional storage, lower-carbon future fuels
manufacture, as well as a range of energy projects such
as electricity firming and storage opportunities.
The Energy Precinct will bring
significant benefits, not just
for Channel, but for the entire Northland region. Projects
within the precinct will require significant
investment
in regional New Zealand, using local contractors
and expertise where possible, and creating a large
number of highly-skilled and well paid regional jobs
1
Capital expenditure on an accrual basis, $11 million on a cas
h basis
15
Channel Infrastructure NZ Limited | 2024 Annual Report

during the construction phase, as well as to run the
pr
ojects. Economic activity and growth in Northland is
positive for our community, and international inbound
investment supports New Zealand’s economic growth.
The Government announced it is considering a Special
E
conomic Zone for Marsden Point, which would help us to
deliver our vision for Marsden Point as an Energy Precinct.
It is a resounding vote of confidence in the future of
our Company, and we look forward to seeing the full
potential of the Energy Precinct delivered over time.
We are already making exciting steps towards the
deliv
ery of the Energy Precinct.
In October, we announced that Seadra, and consortium
par
tners Qantas, Renova Inc, Kent Plc, and ANZ, were
actively considering development of a biorefinery at
Marsden Point. While at the early stages of assessment,
should it go ahead, this project would create value
for shareholders through the sale of decommissioned
assets and revenue from long-term contracts for the
use of our land and other infrastructure. The Seadra
consortium continue to make good progress towards a
final investment decision.
The proposed
biorefinery project has been located on
the Marsden Point site such that it would not impact
on the proposed footprint for the previously announced
proposed e-Sustainable Aviation Fuel project at our site
with Fortescue. Work continues on this project, with
Fortescue continuing to progress its study to the pre-
feasibility phase, including more detailed engineering
and design studies and developing further detail on the
economic viability of the project.
The exciting future vision of our Energy Precinct, as well
as the pr
ojects signalled in 2024, demonstrate the way
we will unlock the strategic value of Marsden Point for
the benefit of New Zealand, and we are excited about
beginning to deliver on these plans in 2025.  
Governance changes to drive our
s
trategy forward 
In 2024, we continued our planned succession and
r
enewal of the Board to ensure we have the right
skills and experience at the Board table to take your
company forward.
Lucy Nation stepped down in April, and Vanessa
S
toddart will retire at the 2025 Annual Shareholders’
Meeting, after more than 11-years on the Board. Lucy
provided world-class experience in terminal operations
and future fuels, alongside invaluable contributions to
the Health, Safety and Operations Committee and
People and Culture Committee. Vanessa led our focus on
putting people at the centre of our decision making, in
particular through the company transition. Vanessa has
been a passionate advocate for diversity, and has set us
up with a s
trong culture to ensure we are developing our
leaders from within the business.
We welcomed Felicity Underhill to the Board in March,
and Angela B
ull in October. Felicity is highly experienced
in the energy and future fuels sectors, and was one of the
early movers working on energy transition challenges and
projects across the Asia Pacific region. Reflective of the
Board’s desire to strengthen its expertise in commercial
land use development and infrastructure, Angela brings
deep experience in large scale commercial land use
development, property and infrastructure development.
Following these changes, our Board has 7 out of 8
independent dir
ectors, an excellent balance of skills
and an impressive, combined total of more than 100
years of experience in property estate development, fuel
terminals, oil and gas, and fuel supply chain sectors.
Shareholder returns
With steadily increasing and stable cash
flows, alongside
investing in the resilience of our terminal and further
growth, we have continued to pay out increasing
dividends to our loyal shareholders. The Board has
declared a final unimputed ordinary dividend of 6.6 cents
per share, which will be paid on 27 March 2025. This
brings the total FY24 dividend to 11 cents per share.
In 2024, we have delivered another good year of returns
f
or our shareholders with a dividend yield
2
of 5.9%,
alongside a free cash flow yield of 8.3% and a Total
Shareholder Return of 37.4%.
Thank you 
Finally, a note of thanks. The delivery of so many
mile
stones in 2024 would not have been possible without
the hard work and dedication of our experienced and
proven world-class team. We have also been well
supported over many years by our loyal shareholders and
bondholders - and we thank you. Thank you also to
our customers and the local community for continuing to
work closely with us for the benefit of New Zealand.
James Miller
Chair
Rob Buchanan
Chief Executive Officer
2
Based on the
31 December share price of $1.87
16
Channel Infrastructure NZ Limited | 2024 Annual Report

17
Channel Infrastructure NZ Limited | 2024 Annual Report

Our
Strategy
18
Channel Infrastructure NZ Limited | 2024 Annual Report

19
Channel Infrastructure NZ Limited | 2024 Annual Report

World-class energy
infrastructure
company
Delivering resilient
infrastructure solutions
to meet changing fuel
and energy needs
Our strategic
framework
Our Vision
Our Purpose
Our Strategic Priorities
New Zealand’s Infrastructure
Partner of Choice
Grow through supporting
the Energy Transition
More sustainable future
World-class
Operator
Grow from
the Core
Disciplined
Capital
Management
Strong safety
systems and
culture
Resilient
infrastructure

Long-term asset
management
Customer
focused
Brownfield
opportunities
at Marsden Point
Consolidator
of fuels
infrastructure
Supply chain
optimisation for
our customers
Target credit
metrics
consistent with
a BBB+ shadow
credit rating
Deliver above
WACC returns
Cost
management
Stable dividends
People and
capability
development
Future focused
Continuous
Improvement
Adaptive
Repurposing
Marsden Point

Support
transition of
aviation to lower
carbon fuels
Marsden Point
Energy Precinct

Reducing
environmental
impacts
Community
engagement
and iwi relations
Just transition
Transparency
and disclosure
High
Performance
Culture
Support
Energy
Transition
Good
Neighbour,
Good Citizen
20
Channel Infrastructure NZ Limited | 2024 Annual Report

Our Strategy
New Zealand's Infrastructure Partner of Choice
STRATEGIC PILLAR2024 HIGHLIGHTS
World-class Operator
Safe and reliable operator of critical infrastructure
Customer satisfaction survey
reflects meaningful improvement in
overall satisfaction
Supply chain
efficiencies for customers with fewer ship visits and a reduction in
alongside time
World-class delivery of fire fighting equipment and bund upgrade projects
World-class availability
Strong lead indicator performance
High
Performance Culture
5+ percentage point lift in engagement and 26+ percentage point lift since
conversion to an import terminal
Specific
skills and knowledge recruited into the business to drive strategic
outcomes and enhanced world-class capability
Apprenticeship program implemented to improve depth and resilience in key roles
Grow through supporting the Energy Transition
STRATEGIC PILLAR2024 HIGHLIGHTS
Grow from the Core
Three growth contracts secured delivering ~$120 million o
f incremental revenue
Biorefinery
proposed at Marsden Point with a conditional agreement announced
Continue to investigate other potential energy opportunities to support the
ener
gy transition, including partnership with Fortescue
Support
Energy Transition
Marsden Point Energy Precinct Concept released
Other potential energy opportunities to support the transition
21
Channel Infrastructure NZ Limited | 2024 Annual Report

More sustainable future
STRATEGIC PILLAR2024 HIGHLIGHTS
Disciplined
Capital Management
Successfully
refinanced bank facilities, reducing financing costs, increasing total
facility tenor and adding $30 million of liquidity headroom.
Successfully raised $50 million equit
y to fund growth projects secured across 2024
Delivered EBITDA, Free Cash Flow and capex guidance
Good Neighbour,
Good Citizen
Maintained a high standard of environmental performance and continue to focus
on r
educing our impact on the surrounding environment
Engaging with the local community through local business forums and regular
mee
tings with iwi
Iwi Scholarship launch and Leadership training opportunities extended to Iwi
Incorporated ESG into long-term business model planning
Reduced Scope 1 and 2 emissions by 76%
22
Channel Infrastructure NZ Limited | 2024 Annual Report

23
Channel Infrastructure NZ Limited | 2024 Annual Report

Board of Directors
and Corporate
Lead Team
24
Channel Infrastructure NZ Limited | 2024 Annual Report

25
Channel Infrastructure NZ Limited | 2024 Annual Report

Board of Directors
QUALIFICATIONTENURECOMMITTEES
James Miller
Chair
BCom
FCA
6 yearsAudit & Finance
People & Culture
Andrew Brewer
Director
BEng (Hons)
BSc
Post Grad. Dip.
In Management
1 yearHealth, Safety,
En
vironment
& Operations
Angela Bull
Director
BA/LLBAppointed
24 October
2024
People & Culture
Andrew Holmes
Director
BSc (Hons)
MBA
3 yearsHealth, Safety,
En
vironment
& Operations
People & Culture
26
Channel Infrastructure NZ Limited | 2024 Annual Report

QUALIFICATIONTENURECOMMITTEES
Anna Molloy
Director
BEng
BCom
CFA
3 yearsAudit & Finance (Chair)
People & Culture
Vanessa Stoddart
Director
BCom/LLB (Hons)
Post Grad. Dip.
P
rofessional Ethics
GAICD, CFInstD
11 yearsPeople & Culture (Chair)
Felicity Underhill
Director
BA
MA (Dist)
Appointed
15 March
2024
Audit & Finance
Health, Safety,
En
vironment
& Operations
1
Paul Zealand
Director
BSc (Hons)
MBA
8 yearsAudit & Finance
Health, Safety,
En
vironment &
Operations (Chair)
1
From
1 January 2025
27
Channel Infrastructure NZ Limited | 2024 Annual Report

Corporate Lead Team
Rob Buchanan
CEO
BCom, M.Bus
Executive
Certificate in
Management and Leadership
Rob has been Channel's CEO since early 2023, leading the company through
it
s strategy refresh, drive for world-class and delivery of its growth projects.
With a passion for helping energy and infrastructure companies create value
while navigating challenging s
trategic issues and changing industry dynamics,
Rob has had a key role in the execution of Channel's growth plans and drive to
deliver further value to Channel Infrastructure’s shareholders.
Prior to joining Channel, Rob was GM Growth & Trading at Manawa Energy,
with r
esponsibility for the company’s renewables development, energy trading
and commercial and industrial sales functions.
Prior to Manawa Energy, Rob had an almost 20-year career in investment
banking, advis
ing companies in New Zealand, Australia and Europe, including
as Head of Mergers & Acquisitions at Forsyth Barr in New Zealand. Rob also
worked in the investment banking business of ABN AMRO Bank, working across
Australasia and Europe.
Alexa Preston
CFO
BBus, CA
Alexa joined Channel as Chief Financial Officer in late 2023, and has played
a crucial r
ole in the business, leading Channel Infrastructure Finance, Human
Resources and IT functions and overseeing the successful execution of
Channel's $50 million equity raise and successful debt refinance in 2024.
Alexa has more than 20 years’ experience in senior management, finance,
commercial, investment banking and advisory roles. Prior to joining Channel,
s
he held the position of Finance Lead Partner - Group Performance and
Investor Relations at Spark New Zealand Limited.
Alexa began her career with PricewaterhouseCoopers. She has held senior
r
oles with Grant Samuel & Associates, KPMG, NZME Limited and Spark New
Zealand Limited.
Jack Stewart
GM Operations
BE (Mech)
Jack is GM Operations at Channel Infrastructure, and has played a key role
in the oper
ational delivery of the company's growth, with responsibility for
operations, maintenance, project works as well as the day-to-day delivery of
terminal services to our customers.
Jack has worked at Marsden Point for over 20-years, joining the business as
a mechanical engineer at the s
tart of his career. He has performed a broad
range of leadership roles over his time with the company, including in the
areas of engineering, maintenance, project management, operations, health
and safety and environment. Jack led the business through the transition from
refinery to terminal operations as Project Director for the Conversion Project
prior to his appointment as Channel's GM Operations.
28
Channel Infrastructure NZ Limited | 2024 Annual Report

Chris Bougen
General Counsel and
C
ompany Secretary
LLB (Hons), LLB, LLM
Chris is Channel Infrastructure’s General Counsel and Company Secretary
and is r
esponsible for managing the Group’s legal affairs, governance, and
company secretarial functions.
Chris was heavily involved in the preparations for the company's transition
t
o Channel Infrastructure, including securing the overwhelming support of
shareholders for this change. Since then, Chris has played a crucial role
negotiating new contracts and growth for the company.
Chris has extensive experience in both private practice and in-house legal
r
oles across the energy and heavy industrial sectors in New Zealand, with
experience advising on a wide range of commercial matters as well as
providing legal support for major corporate and governance matters. Prior
to joining the company, Chris worked for Fletcher Building and for a leading
national law firm.
Peter van Cingel
Business
Development Manager
BE(Mech) (Hons)
Peter is Channel Infrastructure’s Business Development Manager and
is r
esponsible for executing Channel’s growth strategy and business
development activities.
Peter has held a broad range of roles in the supply chain, commercial,
s
trategic, and business development areas since joining the company in 2002.
As Business Development Manager, Peter is central to the delivery of new
long-term growth projects that support Channel’s customers.
Peter previously held roles in the upstream oil industry, in Europe, Russia, and
the Middle E
ast, as well as supply chain management, procurement and
business improvement.
Steve Levell
General Manager IPL
DipEng, CMS
Steve is General Manager IPL, the fuel testing business which is a wholly-
o
wned subsidiary of Channel Infrastructure.
Steve joined the company in 2012 and has held a broad range of leadership
r
oles, including business improvement, before he was appointed to the IPL
General Manager role in 2021.
Steve has a strong engineering background and prior to joining Refining NZ
held a number o
f Technical and Leadership positions in the Petro/Chemical
and Scientific research sectors.
29
Channel Infrastructure NZ Limited | 2024 Annual Report

30
Channel Infrastructure NZ Limited | 2024 Annual Report

Financial
Commentary
31
Channel Infrastructure NZ Limited | 2024 Annual Report

Import terminal delivers stable
returns and strong margins
and cash flow conversion
2024 Highlights2025 Outlook
FY24 REVENUE
$139.8M
EBITDA TO FCF
CONVERSION
67%
FY25 EBITDA
GUIDANCE
$89-94M
8-10%
OF REVENUE
FY25 stay-in-business
capex
EBITDA
$95.1M
Strong financial
performance
TOTAL DIVIDEND
11
CPS
32
Channel Infrastructure NZ Limited | 2024 Annual Report

Income Statement
Continuing Operations
The results from continuing operations include import
t
erminal fees earned under the Terminal Services
Agreements and Contracted Storage Agreements and
Wiri land and terminal lease, and the associated
operating costs, as well as the results of Independent
Petroleum Laboratory.
FY23FY24
$ MILLION$ MILLION
Revenue130.7139.8
Operating Costs43.544.7
EBITDA
87.295.1
Depreciation35.438.7
Financing costs
17.620.0
Net
Profit before tax
34.136.4
Income tax expense
6.510.5
Net Profit after tax from
continuing operations27.626.0
Revenue
Channel Infrastructure's primary source of revenue comes
fr
om the fees earned under the Terminal Services
Agreements, a combination of fixed and throughput
related fees, for fuels delivered via Channel's pipeline to
Auckland and the Truck Loading Facility, and wharfage.
Fees under the Terminal Services Agreements are subject
to take-or-pay commitments, set at $100 million per
annum (real) for the first three years reducing to
$90 million per annum (real) from 1 April 2025.
Additional revenue is earned through Contracted
S
torage Agreements. Contracted revenue relates to fees
earned from Private and Additional Storage Agreements
with our Customers, and the agreement for the handling,
storage and export of transmix are capacity-based (i.e.
independent of throughput), with revenue of $17 million
in 2024.
All fees under the Terminal Services Agreement and
C
ontracted Storage Agreements are subject to PPI
escalation with a one-year lag (i.e. 2024 inflation 4.18%
applies to 2025 fees charged).
The $6 million per annum o
f legacy Wiri lease fees will
continue until February 2025 when the lease expires. This
revenue relates to a lease arrangement that was entered
into in 1990. On 28 February 2025 ownership of the Wiri
terminal assets will revert to bp, Mobil and Z Energy.
Wiri lease and other
Contracted Storage
Laboratory testing
Terminal fees – fixed
Terminal fees – variable
Revenue
(Continuing Operations)($m)
61.5
4 8.9
17.3
7. 1
5.1
70
60
50
40
30
20
10
0
FY23 FY24FY23 FY24FY23 FY24FY23 FY24FY23 FY24
Revenue
(Continuing Operations)($m)
Wiri lease and other
Contracted Storage
Laboratory testing
Terminal fees – fixed
Terminal fees – variable
33
Channel Infrastructure NZ Limited | 2024 Annual Report

Operating Costs
Channel Infrastructure's largest costs are electricity and
utilitie
s and payroll, together making up 51 percent of
total operating costs.
Electricity supply is a key operating cost for our
bus
iness and from 1 January 2024 Channel has a fixed
price variable volume contract that delivered significant
benefit throughout a year of high spot prices.
Labour costs
reflect the salary and other employee costs
of import terminal, laboratory and corporate staff.
Administration and other costs comprise insurance, IT,
r
ates and governance and compliance costs.
Materials and contractor payments relate to the cost of
s
ite and asset maintenance.
Depreciation
The depreciation cost of c.$38.6 million per annum
included W
iri asset depreciation of c.$5.5 million which
will cease with the expiry of the Wiri lease on
28 February 2025.
Financing Costs
The
effective interest rate applying in the twelve months
ended 31 December 2024 was 5.7 per cent with the
majority of debt fixed as at 31 December 2024 providing
funding cost certainty.
Salaries, wages
and benefits
Administration
and other costs
Operating Costs
(Continuing Operations)($m)
13.5
9. 3
8.9
13
15
10
5
0
FY23 FY24FY23 FY24FY23 FY24FY23 FY24
Energy and utility costs
Materials and
contractor payments
Salaries, wages and benefits
Administration
and other costs
Operating Costs
(Continuing Operations)($m)
Energy and utility costs
Materials and
contractor payments
Discontinued Operations
A net loss after tax of $12.1 million is reported from
discontinued operations in 2024 which reflects the results
from refining activities. This includes $0.2 million of
revenue recognised in relation to scrap metal sales.
Total expenses amounted to $16 million, comprising
operating costs of $4 million, conversion costs and the
revaluation of assets, relating to the change in fair value
of the refining plant, negative $10 million and non-cash
financing costs of $2 million.
34
Channel Infrastructure NZ Limited | 2024 Annual Report

Cashflow
Strong operating cash flows from continuing operations
funded a
significant portion of capital expenditure
related to conversion and growth capex spend, with net
debt increasing to $296 million.
Capital Expenditure
Channel invested approximately $53 million int
o
infrastructure upgrades throughout 2024 with $42 million
invested in growth and conversion projects. Projects
completed throughout the year have been delivered as
part of the multi-year $220 million conversion project
and $50 million Private Storage project. Projects were
delivered safely, on time, and to budget and include
firefighting
upgrades and bund upgrades. Growth also
includes the recently commissioned transmix storage
upgrade works and the Z Energy jet storage contract
(announced August 2024).
Equity raise
During the year Channel completed a $50 million equit
y
raise to assist with funding the three growth projects
announced during 2024. The equity raise was strongly
supported by existing and new shareholders.
Leverage
The strong cash flow performance for the year has
enabled the Boar
d to declare an unimputed final
ordinary dividend of 6.6 cents per share that will be paid
on 27 March 2025, a total FY24 dividend 11 cents per share
(representing a dividend yield of 5.9%).
315

(94)
Net Debt
FY23
Net Debt
FY24
Op
Cashflow
Financing
SIB
Capex
Ordinary
Dividends
Special
Dividends
Conv
Costs
Gowth
Capex
Equity
Issuance
315
20
11
40
6
19
29
(48)296
Net Debt Movement
($m)
FY23FY24
Stay-in-businessGrowthConversion
80
60
40
20
0
Capex
($m)
35
Channel Infrastructure NZ Limited | 2024 Annual Report

Balance Sheet
Net Assets
Net assets of the Company are $818 million at
31 December
2024 a 64% increase from 31 December
2023 ($499 million). The Import Terminal System (ITS) and
unutilised land were revalued with a combined uplift of
$381 million resulting in an uplift in Net Tangible Assets per
share to $1.98. Key changes impacting the import terminal
system valuation since 31 December 2023 include:
• updated fuel forecast provides greater confidence in
likely fuel consumption beyond 2050 improving the
terminal assumption
• additional growth contracts secured with existing
contr
acts assumed to be renewed given greater
certainty regarding fuel outlook
•significant
reduction in risk free rate reducing
discount rate
The Company's revaluation policy requires independent
as
sessment of value every three years or more frequently
if the value of the assets is likely to have changed
materially (refer to note 9 for additional information).
Provisions and employee benefits
Provisions associated with the conversion to an import
t
erminal have reduced by $7 million, with $3 million
spent on shutdown and decommissioning and workforce
transition. An increase to the discount rate has resulted
in a $2 million reduction in overall conversion provisions,
offset by an increase to the demolition and restoration
provision of $2.9 million and provision discount unwinding
of $2 million. The workforce transition and other provision
is now complete with no further costs to be incurred.
An additional $1.3 million has been r
ecognised in the
environmental provision. The additional costs reflect
works required to upgrade the monitoring of the legacy
hydrocarbon plume in the Northern tank farm area,
including installation of additional monitoring wells and
a recovery pump.
An additional $1.6 million has been r
ecognised relating
to the long-term demolition. The long-term demolition
scope has been reassessed by Liberty Industrial
(specialist contractor) as at June 2024.
Working Capital
Net working capital (after excluding current conversion
pr
ovisions) is positive $5 million.
Borrowings
In November 2024 the Company successfully refinanced
its bank facilities reducing financing costs, increasing
t
otal facility limits and extending tenor.
Total available debt facilities are currently $435 million
with no maturitie
s within 12 months and a
weighted average debt maturity of 4.2 years as at
31 December 2024.
350
300
250
200
150
100
50
0
202520262027202820292030
BankRetail Bonds
Debt Maturity Profile
(as at 31 December 2024)($m)
The Group’s net debt as at 31 December 2024 was
$296 million, resulting in total headroom of $138 million.
Tax Losses
The Company generated significant tax losses through
the con
version to an import terminal. As at 31 December
2024, the Company held tax losses amounting to
c.$421 million which will be used to offset against future
assessable income.
36
Channel Infrastructure NZ Limited | 2024 Annual Report

37
Channel Infrastructure NZ Limited | 2024 Annual Report

Governance
38
Channel Infrastructure NZ Limited | 2024 Annual Report

39
Channel Infrastructure NZ Limited | 2024 Annual Report

Governance
Channel Infrastructure NZ Limited operates in New Zealand and
i
s listed on the NZX’s Main Board. It is subject to regulatory
control and monitoring by both the NZX and the Financial
Markets Authority (“FMA”). Our corporate governance framework
sets out our Board’s practices and processes to provide
accountability to shareholders for Channel Infrastructure’s actions
and performance.
This section of the Annual Report provides summary
inf
ormation on our current corporate governance
framework. The Company’s full Governance Statement,
including detailed reporting against the NZX Corporate
Governance Code, together with our governance policies
can be viewed on the ”Investor Centre” section of our
website: www.channelnz.com.
The Board considers that it has followed the
r
ecommendations in the NZX Corporate Governance
Code during the financial year ended 31 December 2024.
The Governance Statement is annually reviewed
and appr
oved by the Board and is current as at
27 February 2025.
Composition of Board
The Board currently consists of eight Directors:
• James Miller (Chair), Angela Bull, Andrew Holmes, Anna
Mollo
y, Vanessa Stoddart, Felicity Underhill and Paul
Zealand are Independent Directors.
• Andrew Brewer is not an Independent Director.
The Board Chair is an Independent Director,
r
esponsible for representing the Board to shareholders.
Independence is assessed according to the NZX Main
Board Listing Rules criteria. No shareholder has any
constitutional right to appoint Directors.
Responsibilities of the Board and
it
s Committees
The Board is responsible for setting the Company’s
s
trategic direction and for providing oversight of the
management of the Company, with the aim of increasing
shareholder value and ensuring the obligations of the
Company are properly met. The Board is accountable to
shareholders for the performance of the Company, with
day-to-day management of the Company delegated to
the Chie
f Executive Officer.
The Board uses committees to address certain issues
that r
equire detailed consideration by members of the
Board who have specialist knowledge and experience.
The Board retains ultimate responsibility for the functions
of its committees and determines their responsibilities.
There are currently three Board committees:
• The Audit and Finance Committee comprising four
members, all of which are Independent Directors,
• The People and Culture Committee comprising
five
1
members, all of which are Independent Directors,
• The Health, Safety, Environment and Operations
C
ommittee comprising of four members, of which three
are Independent Directors.
With seven of the eight directors now being Independent
Dir
ectors, the Board disestablished the Independent
Directors Committee in 2024, with actual or potential
conflicts involving any director managed in accordance
with protocols in the Board Charter. The respective roles
of the Board, its committees and management (the
Corporate Lead Team) are set out in the Board’s and
relevant committees’ charters.
The committees annually evaluate their own performance
agains
t their charters to ensure that they are appropriate
to assist the Board in effectively fulfilling its role and
meeting its duties. The Board also undertakes a periodic
evaluation of its performance, and the Board will engage
an external consultant in the first half of 2025 to prepare
an evaluation report.
1
As from
1 January 2025.
40
Channel Infrastructure NZ Limited | 2024 Annual Report

Risk Management
The Company's approach to risk management is set out
in the Sus
tainability Report and Governance Statement,
and the Governance Statement contains a summary
of the categories of risk identified as currently
being the k
ey material enterprise risks to Channel
Infrastructure’s business.
Meeting Attendance
Director attendances at Board and committee meetings during 2024 were as follows:
APPOINTEDRESIGNED
BOARD
MEETING
1
AUDIT AND
FINANCE
COMMITTEE
PEOPLE AND
CULTURE
COMMITTEE
INDEPENDENT
DIRECTORS
COMMITTEE
HEALTH,
SAFETY,
ENVIRONMENT
AND
OPERATIONS
COMMITTEE
SITE
WALKS
2
J MillerIndependent
Chair
1 Nov 20189/94/45/54/43
A BrewerNon-
independent
6 Dec 20239/94/43
A BullIndependent24 Oct 20242/21/22
A HolmesIndependent4 Apr 20228/95/54/44/43
AM MolloyIndependent4 Apr 20228/94/45/5
3
3/44/4
3
3
L NationNon-
independent
1 Feb 202130 Apr
2
024
3/32/22/21
VCM StoddartIndependent20 May
2013
8/95/54/43
F UnderhillIndependent15 Mar 20248/83/33/3
3
2/33/3
3
3
P A ZealandIndependent29 Aug 20168/94/44/44/43
1 Includes
30 April 2024 Annual Shareholders’ Meeting.
2 Combination of physical walks and virtual engagements.
3 Attended as an observer
41
Channel Infrastructure NZ Limited | 2024 Annual Report

42
Channel Infrastructure NZ Limited | 2024 Annual Report

Remuneration
Report
43
Channel Infrastructure NZ Limited | 2024 Annual Report

Remuneration Governance
Channel Infrastructure’s remuneration framework and
policie
s are overseen by the People and Culture
Committee (the P&C Committee). The composition of
the P&C Committee as at the date of this report is
set out in the Governance section on page 40 of this
report. All members of the P&C Committee are currently
independent directors. Management only attends P&C
Committee meetings by invitation.
The P&C Committee operates under the People and
Cultur
e Committee Charter, which is available to view on
the Company’s website.
The Company has adopted a Director and Executive
R
emuneration Policy which outlines the remuneration
philosophy and framework for the Channel Infrastructure
group, including the principles and procedures for the
approval of remuneration for Directors and the Corporate
Lead Team.
Key remuneration principles
The key principles of Channel Infrastructure’s
r
emuneration policy are:
• The Company will apply a fair and equal approach
to remuneration and reward practices, based on
the value of services performed within the context
of a competitive market and having regard to the
individual’s experience, skills and performance.
• We aim to attract and retain appropriately qualified
and experienced individuals.
• Performance based compensation is to be aligned
with Channel Infr
astructure’s performance objectives
and risk profile so as to promote sustained value
creation without undue risk taking.
The Channel Infrastructure Board considers the main
ob
jectives and purpose driving the remuneration policy,
the links to performance and delivery of overall company
strategy and qualitative factors. The Boar
d takes
independent advice and establishes market rates and
medians against New Zealand businesses of comparable
size and complexity, having regard to industry specific
and generalist roles. Individual performance, company
performance and market relativity are key considerations
in setting remuneration levels.
Channel Infrastructure is committed to pay equity, and
has adop
ted processes and procedures to monitor, and
identify opportunities to address, the pay equity gap.
As at June 2024, the pay equity gap was 16 per cent.
Channel remains committed to closing the gap and
actively monitors remuneration levels especially during
the appointment of staff into new roles to ensure that
women are actively supported into broader and more
senior roles in the Company.
Directors’ Remuneration and
Fe
e Review
The Board determines the level of remuneration paid
t
o Directors from a total fee pool that is authorised
by shareholders. The current total director fee pool,
approved by shareholders in April 2023, is $927,000.
The Company regularly reviews fees to assess the
appr
opriateness of the fees paid to Directors and
to ensure that the Company’s Director remuneration
practices are consistent with market trends, the objective
of attracting and retaining high calibre individuals
as Directors and ensuring Directors are appropriately
compensated for their workload on the various
Board sub-committees under the Channel Infrastructure
governance framework.
The remuneration and other benefits, excluding
r
eimbursements, received by the individual Directors
of the Company during the 2024 financial year were
as follows:
44
Channel Infrastructure NZ Limited | 2024 Annual Report

BOARD FEES ($)
AUDIT AND FINANCE
COMMITTEE FEES ($)
PEOPLE AND CULTURE
COMMITTEE FEES ($)
HEALTH, SAFETY,
ENVIRONMENT
AND OPERATIONS
COMMITTEE FEES ($)
TOTAL
REMUNERATION ($)
JB Miller196,000---196,000
AT Brewer84,508--5,50090,008
AJ Bull
1
18,441
2
-1,035-19,476
A Holmes98,000-5,5005,500109,000
AM Molloy98,00031,0002,842-131,842
L Nation
3
25,667
2
-1,8331,83329,333
VCM Stoddart98,000-21,000-119,000
FJC Underhill
4
78,064
2
10,754--88,818
PA Zealand98,00013,500-25,000136,500
1 Appointed
24 October 2024.
2 Fees earned for 2024 represent a part year
3 Resigned 30 April 2024.
4 Appointed 15 March 2024.
The Directors do not participate in any
profit-based
incentive system. No Director of the Company has
received, or become entitled to receive, a benefit
(other than a benefit included in the total emoluments
received or due and receivable by Directors shown in this
report), including shares, remuneration paid by subsidiary
company or other payments from services provided
(including Directors and Officers insurance cover). The
Chair does not receive additional fees for being on a
board committee. No loans have been made to Directors.
The Directors of subsidiary companies (refer to page 58)
are not remunerated in those positions.
Chief Executive
Officer Remuneration
Rob Buchanan commenced his employment as Chief
Ex
ecutive Officer in March 2023. As Chief Executive
Officer, he is incentivised to deliver long-term shareholder
value through a high portion of pay at risk and
an appropriate weighting of short- and long-term
incentives. Rob Buchanan’s total remuneration package
is outlined below:
Base salary and benefits
The CEO received a
fixed salary being $570,000 per
annum for FY24, and is entitled to participate in the
Channel Infrastructure Employee Share Purchase Scheme
(s
ubject to its terms) and receives other miscellaneous
benefits such as mileage, accommodation costs when
travelling and Kiwisaver.
Short-term incentive
The CEO is entitled to a short-term performance
incentiv
e (STI) payment based on achievement of agreed
key performance indicators (KPIs). The STI is an incentive
with an “on target” amount of 35 per cent of base salary
per plan year, with the potential for this to increase
to 45 per cent depending on performance. Short-term
incentive payments are deemed “at risk” payments
designed to motivate and reward performance in the
financial year. The STI is paid in the year following the
performance period.
The Chief Executive
Officer’s KPIs for his short-term
incentive entitlement, are based on delivery against
the Company Scorecard, which is a company-wide
scorecard used to benchmark overall performance for all
staff at Channel and an individual CEO Scorecard, with
performance objectives which are
specific to the CEO,
both of which are aligned to the Company’s publicly-
available strategy. The KPIs agreed with the Board for
the 2024 financial year related to
1
:
1
See
five-year summary table on page 47 for the percentage of the STI entitlement earned by the CEO for the 2024 financial year, based on
performance against the agreed KPIs
45
Channel Infrastructure NZ Limited | 2024 Annual Report

KPI CATEGORYWEIGHTING
Delivery against
C
ompany scorecard
Strategic PillarKey Performance Metric50%
NZ Infrastructure Partner
of Choice
Safety engagements and performance
Customer satisfaction
Grow through supporting
the Energy Transition
New contracted revenue originated during the year
More Sustainable Future
EBITDA and Normalised Free Cash Flow performance against budget
Key environmental metrics
Delivery against CEO
scorecard
Strategic PillarKey Performance Metric50%
World Class Operator  
Terminal performance and onsite health and safety compliance
High performance culture  
Workforce engagement 
Grow from the core 
Progress prioritised growth opportunities
Support energy transition 
Delivery of a plan for the repurposing of Marsden Point through the
Ener
gy Precinct
Disciplined
capital management 
Performance against budget EBITDA and free cash flow targets against
budge
t and market guidance
Delivery of shadow BBB+ credit metrics 
Relationships with investors and lenders 
Good neighbour,
good citizen 
Government engagement 
Performance against key environmental KPIs 
Long-Term Remuneration Incentive
• The CEO is entitled to a long-term incentive in the
f
orm of:
– A grant in 2023 of initial share rights equivalent
to $500,000 that are tenure-based in nature and
due to vest on 31 January 2028, and which are
summarised further in the table below;
– An annual award of long-term incentive (LTI) share
right
s equivalent to 45 per cent of base salary
on the
first anniversary of the commencement
date of his employment and with measures and
targets to be agreed with the Board on each
subsequent anniversary;
– The Chief Executive Officer’s LTI entitlement
(including the initial s
hare rights) is capped at
$8 million and thereafter subject to negotiation
The table below provides a summary of share rights
curr
ently issued to the Chief Executive Officer.
COSTS RECOGNISED
(FINANCIAL YEAR)
PERFORMANCEGRANTVESTINGNUMBER OFVALUE AT
GRANT DATE
(PER RIGHT)
20232024TOTAL
YEARDATEDATESHARE RIGHTS$000$000$000
2023 Initial share rights
1
31 Jan 202331 Jan 2028337,975$1.47946363
2024 Long Term Incentive (LTI)
share rights
2
10 Apr 2024Q1 2027175,709$1.4598692998
1 A grant of initial share rights equivalent to $500,000 that are tenure based in nature and due to vest on 31 January 2028 subject to achievement of a
minimum “
on target” performance against annual controllable KPIs during the vesting period as determined and assessed by the Board at the end of
that period, including no workplace death occurring during the 5-year vesting period, where Channel is found to be responsible for such death.
2 The vesting of LTI Share Rights is subject to satisfaction of the following Vesting Conditions:
(a) Remaining a Channel employee during 3-year vesting period subject to certain "good leaver" cessation of employment scenarios at the discretion
o
f the Board.
(b) Satisfaction of the Performance Conditions, comprising (as to 50%) an absolute Total Shareholder Returns (TSR) comparator based on Channel’s
co
st of equity plus an agreed premium (0.5%) compounding equally from 1 March 2024 to the vesting date, and (as to 50%) a relative TSR comparator
based on the extent to which Channel’s TSR exceeds a comparator group comprising selected members of the NZX50.
(c) No workplace deaths occur during the 3-year vesting period, where Channel Infrastructure is found to be responsible for such deaths.
46
Channel Infrastructure NZ Limited | 2024 Annual Report

Other
The Chief Executive
Officer is entitled to six months base
salary (in addition to six months' notice or payment in
lieu) in the event of termination due to redundancy, and
an entitlement to 12 months’ base salary, including notice,
for termination of employment on a “no-fault” basis or
resignation within three months of a change of control of
Channel Infrastructure.
Five-Year Summary – Chief
Ex
ecutive Remuneration
For the purposes of historical comparison, set out below
is a s
ummary of the costs recognised in each of the past
five years (including for the 2024 financial year), in relation
to the Chief Executive Officer’s remuneration package.
COSTS RECOGNISED IN
YEAR $000
FINANCIAL
YEARCEO
BASE
SALARYOTHER
1
TOTAL FIXED
REMUNER-
ATION
SHARE
RIGHTS/LTI
SHORT TERM
INCENTIVE KPI
BASED
2
% of STI
ENTITLEMENT
EARNED
TOTAL
VARIABLE
REMUNER-
ATION
TOTAL
REMUNER-
ATION
FY2024
Rob
B
uchanan
5704261268
3
257129325937
FY2023
Rob
B
uchanan5063754363
3
248129311854
FY2023
Naomi
J
ames2496258741921121003041,178
FY2022
Naomi
J
ames995431,0381,0416471001,6882,726
FY2021
Naomi
J
ames995471,0414176471001,0652,106
FY2020
Naomi
J
ames77347820206--2061,026
FY2020
Paul Zealand187-187----187
FY2020
Mike Fuge1304134----134
1 Other costs include redundancy, final leave accrual and accommodation and mileage, and Employee Share Purchase Scheme entitlement
2 Amounts paid in respect of performance in the applicable year.
3 No LTI entitlement was paid to the CEO in 2023 or 2024 as none of the current LTI entitlements vest until 2027. This cost recognition reflects accounting
tr
eatment, not amounts paid to the CEO.
Corporate Lead Team and Other
Employees' Remuneration Profile
The Corporate Lead Team and employees with Individual
Emplo
yment Agreements (IEAs) are remunerated with a
mix of base salary, benefits, and short-term performance
incentives. The determination of
fixed remuneration
is based on responsibilities, individual performance,
experience, and market data. We believe that setting
fixed remuneration in this way is necessary to attract
and retain appropriately qualified and experienced
individuals to drive delivery of the Company's strategy
and rewards ongoing performance. At risk, variable
remuneration, comprises short-term incentives based
on the KPIs in the Company Scorecard and individual
performance. The Company Scorecard included metrics
for safety engagements, safety incident performance,
customer satisfaction performance and implementation
of action plans, new revenue growth, EBITDA
performance, normalised Free Cash Flow performance
and spills to ground, which take into account our three
strategic pillars. An above target outcome was recorded
overall against these KPIs, and STI payments in respect
o
f this 2024 performance will be made in 2025 totalling
$1.5 million (FY23: $1.3 million) and equivalent to 45% (FY23:
40%) of overall STI entitlement for the Corporate Lead
Team. In 2024, selected members of the Corporate Lead
Team other than the CEO were also issued with LTI Share
Rights (total 136,850 share rights), which are subject to
the same vesting conditions as the 2024 LTI Share Rights
issued to the CEO (as outlined on page 46).
47
Channel Infrastructure NZ Limited | 2024 Annual Report

Employee Share Purchase Scheme
The Company has established the Employee Share
Pur
chase Scheme which is tax exempt in accordance
with section CW26C of the Income Tax Act 2007 (as
amended). The purpose of the Employee Share Purchase
Scheme is to recognise the important contribution of all
employees to the Company’s future and to assist the
Company in retaining and motivating employees.
A trust has been created under the Employee Share
Pur
chase Scheme for the purpose of holding Company
shares on behalf of each participating employee over a
three-year period. For further details on the scheme, refer
to the consolidated financial statements included in this
latest Annual Report.
The Company estimates that the annual cost of
oper
ating the scheme is approximately $65,000. The
value of the awards under the Employee Share Purchase
Scheme amounted to $1,071 for each eligible employee
in 2024.
The funds, totalling $64,241 for the award, were provided
t
o CRS Nominees Limited (Trustee), as Trustee of
the Employee Share Purchase Scheme, to pay the
subscription price in cash for the issue of the shares
as fully paid ordinary shares. The shares are held
by the Trustee for the participating employees until
they are withdrawn by the participants following a
restricted period of three years from the acquisition date,
unless released earlier in certain limited circumstances
(for example death, sickness, redundancy etc). The
participating employees may vote the shares and receive
dividends, if paid.
The total financial assistance given in 2024 in the form of
adv
ances to the Trustee to acquire the shares and fund
the annual costs of operating the Scheme amounted to
$129,241 (2023: $121,131).
Employee Remuneration
The following table shows the number of employees and
f
ormer employees (including members of the Corporate
Lead Team), not being Directors, who, in their capacity
as employees, received remuneration and other benefits
during 2024 of at least $100,000.
The remuneration figures
include all monetary payments
made during the year, including redundancy payments
and contributions made by the Company as part of
the Employee Share Purchase Scheme. No employees
appointed as a Director of any subsidiary company of
Channel Infrastructure NZ Limited receive or retain any
remuneration or other benefits for holding this office.
The analysis (see table) is compiled on a cash basis; the
v
ariable performance rewards (linked to individual and
business performance for a financial reporting period) in
respect of the 2024 financial year, will be paid in March
2025 and reported as part of the remuneration banding
for the 2025 year.
The ratio between employee remuneration (median)
and Chie
f Executive Officer's total annualised, on-target
remuneration for the 2024 financial year (on a cash basis)
was 1:8 (2023: 1:5).
48
Channel Infrastructure NZ Limited | 2024 Annual Report

20242023
AMOUNT OF REMUNERATION $000NO. OF EMPLOYEESNO. OF EMPLOYEES
100-1091211
110-1191012
120-12985
130-13953
140-14959
150-15959
160-16948
170-17948
180-18945
190-19973
200-20922
210-21932
220-22912
230-239-1
240-2491-
250-259--
260-269-1
270-27921
280-28911
290-299-2
300-309--
310-319-1
320-3291-
330-339-1
430-4392-
470-479-1
520-529-1
590-599-1
840-8491-
1,610-1,619-1
49
Channel Infrastructure NZ Limited | 2024 Annual Report

Shareholder
and Bondholder
Information
50
Channel Infrastructure NZ Limited | 2024 Annual Report

51
Channel Infrastructure NZ Limited | 2024 Annual Report

Top Twenty Shareholders - as at 31 December 2024
ShareholdersTotal shares held% of total
1Custodial Services Limited52,584,42912.8
2Z Energy Limited51,960,37412.7
3HSBC Nominees (New Zealand) Limited*
1
34,275,4788.4
4Forsyth Barr Custodians Limited32,922,6928.0
5BNP Paribas Nominees (NZ) Limited*28,393,0806.9
6Citibank Nominees (New Zealand) Limited*20,779,8645.1
7FNZ Custodians Limited14,692,3293.6
8Accident Compensation Corporation*12,405,3393.0
9New Zealand Depository Nominee Limited10,092,5562.5
10TEA Custodians Limited Client Property Trust Account*8,338,0562.0
11HSBC Nominees (New Zealand) Limited A/C State Street*7,422,6611.8
12Public Trust Class 10 Nominees Limited*5,523,7151.3
13Hamish Alexander Jones4,886,3561.2
14Wairahi Investments Limited4,100,0001.0
15HSBC Nominees A/C NZ Superannuation Fund Nominees Limited*3,999,1491.0
16JP Morgan Chase Bank NA NZ Branch-Segregated Clients Acct*3,294,9420.8
17Washington H Soul Pattinson And Company Limited2,941,5740.7
18Investment Custodial Services Limited2,857,6940.7
19Mirrabooka Investments Limited2,850,0000.7
20Leveraged Equities Finance Limited2,608,7520.6
Total306,929,04074.9
1 The shareholder spread below groups shares held by NZCSD (denoted by * in the table above) as a single legal holding
Shareholder Statistics - as at 31 December 2024
No of
financial products
No of shareholders% holderShares% of shares
1 - 4992656.160,3120.0
500 - 9992706.2185,7170.1
1,000 - 1,99946810.7629,5040.2
2,000 - 4,99999122.73,170,2650.8
5,000 - 9,99973716.95,057,8111.2
10,000 - 49,9991,28529.427,140,5076.6
50,000 - 99,9991744.011,610,1192.8
100,000 - 499,9991242.822,344,4635.5
500,000 - 999,999190.412,938,5243.2
1,000,000 - upwards330.8326,867,48079.7
Total4,366100410,004,702100
52
Channel Infrastructure NZ Limited | 2024 Annual Report

Top Twenty Bondholders CHI020 5.80% Bonds - as at 31 December 2024
BondholderTotal bonds held% of total
1Forsyth Barr Custodians Limited35,324,00035.3
2Citibank Nominees (New Zealand) Limited*
1
11,561,00011.6
3FNZ Custodians Limited11,138,00011.1
4Westpac Banking Corporate NZ Financial Markets Group5,661,0005.7
5Investment Custodial Services Limited3,581,0003.6
6Forsyth Barr Custodians Limited2,430,0002.4
7Custodial Services Limited2,168,0002.2
8TEA Custodians Limited Client Property Trust Account*1,977,0002.0
9Mint Nominees Limited1,194,0001.2
10NZX WT Nominees Limited1,140,0001.1
11JBWere (NZ) Nominees Limited727,0000.7
12Forsyth Barr Custodians Limited720,0000.7
13FNZ Custodians Limited659,0000.7
14I J Investments Limited500,0000.5
15Catherine Jane Gibb403,0000.4
16Frimley Foundation300,0000.3
16JN & HB Williams Foundation300,0000.3
18Andrew Brodie Thomson & Razimah Ismail250,0000.3
19Craig John Thompson218,0000.2
20Carlton Cornwall Bowls Incorporated200,0000.2
Total80,451,00080.5
1 The bondholder spread below groups share held by NZCSD (denoted by * in the table above) as a single legal holding
Bondholder Statistics CHI020 5.80% Bonds - as at 31 December 2024
No of
financial products
No of bondholders% holderBonds% of bonds
1 - 4,999----
5,000 - 9,9997610.9433,0000.4
10,000 - 49,99947968.610,069,00010.1
50,000 - 99,9999012.95,274,0005.3
100,000 - 499,999395.65,444,0005.4
500,000 - 999,99940.62,606,0002.6
1,000,000 - upwards101.476,174,00076.2
Total698100100,000,000100
53
Channel Infrastructure NZ Limited | 2024 Annual Report

Top Twenty Bondholders CHI030 6.75% Bonds - as at 31 December 2024
BondholderTotal bonds held% of total
1Forsyth Barr Custodians Limited31,498,00031.5
2Custodial Services Limited18,339,00018.3
3FNZ Custodians Limited11,084,00011.1
4Citibank Nominees (New Zealand) Limited*
1
7,845,0007.9
5TEA Custodians Limited Client Property Trust Account*4,048,0004.1
6HSBC Nominees (New Zealand) Limited*4,000,0004.0
7Forsyth Barr Custodians Limited1,832,0001.8
8JBWere (NZ) Nominees Limited1,693,0001.7
9Westpac Banking Corporate NZ Financial Markets Group1,547,0001.6
10Investment Custodial Services Limited830,0000.8
11ANZ Custodial Services New Zealand Limited*793,0000.8
12Custodial Services Limited674,0000.7
13Masfen Securities Limited620,0000.6
14CML Shares Limited562,0000.6
15Richard Barton Adams & Allison Ruth Adams500,0000.5
16Sterling Holdings Limited455,0000.5
17FNZ Custodians Limited442,0000.4
18RGTKMT Investments Limited400,0000.4
19Wellspring Television Limited400,0000.4
20NZX WT Nominees Limited393,0000.4
Total87,955,00088.0
1 The bondholder spread below groups share held by NZCSD (denoted by * in the table above) as a single legal holding
Bondholder Statistics CHI030 6.75% Bonds - as at 31 December 2024
No of
financial products
No of bondholders% holderBonds% of bonds
1 - 4,999----
5,000 - 9,99910222.0671,0000.7
10,000 - 49,99929062.26,293,0006.3
50,000 - 99,999367.72,345,0002.3
100,000 - 499,999234.94,826,0004.8
500,000 - 999,99961.33,979,0004.0
1,000,000 - upwards91.981,886,00081.9
Total466100100,000,000100
54
Channel Infrastructure NZ Limited | 2024 Annual Report

55
Channel Infrastructure NZ Limited | 2024 Annual Report

56
Channel Infrastructure NZ Limited | 2024 Annual Report

Statutory
Disclosures
57
Channel Infrastructure NZ Limited | 2024 Annual Report

Directors’ and
Officers’ Insurance
The Company has granted indemnities to its Directors,
C
orporate Lead Team members, and persons whom
it has appointed as Directors of its subsidiaries in
relation to potential liabilities and costs they may incur
in those roles. The indemnities are subject to certain
limitations that are prescribed by law and they do not
cover settlements or admissions prejudicing a successful
defence of a claim without the Company’s consent as
well as the indemnified person’s advisor costs after the
defence of a claim has been assumed by the Company,
unless they are reasonably necessary.
The Company has arranged Directors’ and Officers’
Liability Insurance for its Directors, Corporate Lead Team
and per
sons whom it has appointed as Directors of
its subsidiaries, which provide them with insurance in
respect of certain liabilities and costs they may incur in
those roles. This insurance is limited to cover that is not
prohibited by law.
Independent Professional Advice
With the approval of the Chair, Directors are entitled to
s
eek independent professional advice on any aspect of
their Director’s duties, at the Company’s expense.
Use of Company Information
The Board did not receive any notices from any Director
o
f the Company or its subsidiaries during the year,
requesting to use Company information received in their
capacity as a Director, which would not otherwise have
been available to them. Further, no disclosures were
made of information disclosures under s145(2) of the
Companies Act 1993.
Donations
The Company and its subsidiaries made donations of
$38,
987 during the year ended 31 December 2024 (2023:
$12,500). No political donations were made.
Substantial product holders - as at 31 December 2024
1
Date of noticeNo. of ordinary shares
Z Energy LimitedN/A51,960,374
Forsyth Barr Investment Management Limited14 December 202222,838,492
First Cape Group Limited01 May
202421,722,041
Milford Asset Management Ltd20 June
2024
19,435,732
Channel Infrastructure Subsidiary Directors
SUBSIDIARY  NAME OF DIRECTORS
Independent Petroleum Laboratory Limited  
Rob Buchanan, Chris Bougen
Channel Terminal Services Limited
Rob Buchanan, Chris Bougen
CHI Future Developments Limited 
Rob Buchanan, Chris Bougen
Maranga Rā Holdings Limited 
Rob Buchanan, Chris Bougen
1
As at
31 December 2024, the total number of voting securities on issue was 410,004,702
58
Channel Infrastructure NZ Limited | 2024 Annual Report

Directors' interests in Channel Infrastructure quoted financial products
Set out below are the relevant interests (as defined in the Financial Markets Conduct Act 2013) of the Company’s directors in its
quo
ted financial products as at 31 December 2024:
NAMENUMBER OF ORDINARY SHARESNUMBER OF BONDS
James Miller216,501
1
30,000
Andrew BrewerNilNil
Angela Bull10,000Nil
Andrew HolmesNilNil
Anna Molloy27,06230,000
Vanessa StoddartNilNil
Felicity Underhill5,000Nil
Paul Zealand94,178
2
Nil
1Beneficial interest through ordinary shares held by Custodial Services Limited for Mr JB & Mrs GM Miller.
2 Relevant interest arising due to significant shareholding in Zoenergy Limited.
NAME
DATE
OF TRAN
SACTION
NATURE OF TRANSACTIONNATURE OF RELEVANT INTERESTCONSIDERATION
NUMBER OF
ORDINAR
Y SHARES
James Miller16 December
2024Subscription for Ordinary
Shares through the
Retail Entitlement
Offer announced by
Channel Infrastructure on
25 November 2024
Beneficial owner (through
ordinary shares held by
Custodial Services Limited for Mr
JB & Mrs GM Miller)
$26,40116,501
Anna Molloy16 December
2024Subscription for Ordinary
Shares through the
Retail Entitlement
Offer announced by
Channel Infrastructure on
25 November 2024
Registered holder and
beneficial owner
$3,2992,062
Paul Zealand16 December
2024Subscription for Ordinary
Shares through the
Retail Entitlement
Offer announced by
Channel Infrastructure on
25 November 2024
Holder of 20% or more of the
voting products of Zoenergy
Limited, being the registered
holder of Ordinary Shares.
$11,4857,178
Angela Bull16 December
2024On-market purchase of
ordinary shares
Registered holder and
beneficial owner
$18,20010,000
Felicity Underhill28 November
2024
On-market purchase of
or
dinary shares
Registered holder and
beneficial
owner
$8,9005,000
59
Channel Infrastructure NZ Limited | 2024 Annual Report

General notice of director's interests
No disclosures were made of interests in transactions
under s140(1) o
f the Companies Act.
Directors have made general disclosures of interests in
accor
dance with s140(2) of the Companies Act. Current
interests as at 31 December 2024, including those which
ceased during the year, are tabulated below.
James MillerRyman Healthcare Limited
Vista Group International Limited
Mercury Energy Limited
Fletcher Building Limited (effective
date to be confirmed)
Director
Director
Director
Director
Andrew Brewer

Emerald Fields Trading Inc Phillipines
Ocean Tankers Corporation Phillipines
Seaoil Phillipines Inc
Bonney Energy Victoria Pty Ltd
Bonney Energy Corporate Pty Ltd
Bonney Energy Group Pty Ltd
Ampol Limited Australia (ceased)
Ampol Holdings NZ Limited (ceased)
Z Energy Limited (ceased)
Z Energy 2015 Limited (ceased)
Ampol Australia Petroleum Pty Ltd (ceased)
Ampol QSR Pty Ltd (ceased)
Centipede Holdings Pty Ltd (ceased)
Zeal Achiever Limited British Virgin Islands (ceased)
Director
Director
Director
Director
Director
Director
Employee/Executive
Director
Director
Director
Director
Director
Director
Director
Angela Bull
(appointed 24 October 2024)
Vital Healthcare Property Trust
Property for Industry (PFI)
Foodstuffs
South Island Ltd and Foodstuffs (NZ) Ltd
Fulton Hogan
Bayleys Corporation Ltd
St Cuthbert's College Trust Board
Director
Director
Director
Director
Director
Trustee
Andrew HolmesScaling Green Hydrogen CRC Advisor Board (ceased)
Urban Analytica
Ausholmes Pty Ltd
Board Member
Chair
Director
Anna MolloyANZ New Zealand Investments Limited
Molloy International Limited
Director
Shareholder
Vanessa StoddartOneFortyOne NZ Limited (and subsidiaries)
Waste Management NZ Limited (and subsidiaries)
Iron Duke Partners
Tonkin & Taylor Group Limited (appointed 1 January 2025)
Te Whatu Ora Health NZ (ceased)
Financial Markets Authority (ceased)
Director
Director
Advisory Board
Director
Board Member
Board Member
Felicity Underhill
(appointed 15 March 2024)
Intera Renewables (appointed 28 November 2024, on behalf of
H.E.S.T Australia)
Climate Change Commission (appointed December 2024)
Director
Commissioner
Paul ZealandInfrastructure Holdings Limited
Port Nelson Limited
Genesis Energy Limited (NZ)
Lochard Energy Limited (AU)
Zoenergy Ltd (NZ)

Director
Chair
Director
Director
Director/Shareholder
60
Channel Infrastructure NZ Limited | 2024 Annual Report

61
Channel Infrastructure NZ Limited | 2024 Annual Report

Consolidated
Financial Report
62
Channel Infrastructure NZ Limited | 2024 Annual Report

63
Channel Infrastructure NZ Limited | 2024 Annual Report

Contents
Consolidated Income Statement65
Consolidated Statement of Comprehensive Income66
Consolidated Balance Sheet67
Consolidated Statement of Changes in Equity69
Consolidated Statement of Cash Flows71
Notes to the Consolidated Financial Statements72
Independent Auditor’s Report101
64
Channel Infrastructure NZ Limited | 2024 Annual Report

Consolidated Income Statement
FOR THE YEAR ENDED
31 DECEMBER 2024
GROUPGROUP
20242023
NOTE
$000$000
CONTINUING OPERATIONS
INCOME
Revenue
139,822
130,703
TOTAL INCOME
1
139,822
130,703
EXPENSES
Energy and utility costs
9,343
11,136
Materials and contractor payments
8,899
8,546
Salaries, wages and
benefits
13,522
11,477
Administration and other costs
12,973
12,384
TOTAL EXPENSES44,737
43,543
EARNINGS BEFORE DEPRECIATION, FINANCE COSTS AND INCOME TAX
22
95,085
87,160
DEPRECIATION
2
38,662
35,409
NET PROFIT BEFORE FINANCE COSTS AND INCOME TAX56,423
51,751
Finance income
(227)
(286)
Finance costs2
20,209
17,907
NET FINANCE COSTS19,982
17,621
NET PROFIT BEFORE INCOME TAX36,441
34,130
Income tax4
10,487
6,483
NET PROFIT AFTER INCOME TAX FROM CONTINUING OPERATIONS25,954
27,647
Net loss after income tax from discontinued operations3
(12,067)
(3,583)
NET PROFIT AFTER INCOME TAX13,887
24,064
ATTRIBUTABLE TO:
Owners of the Parent13,887
24,064
EARNINGS PER SHARE FOR PROFIT ATTRIBUTABLE TO THE SHAREHOLDERSCENTS
CENTS
Basic and diluted earnings per share from continuing operations5
6.8
7.4
Basic and diluted earnings per share5
3.7
6.4
The above Consolidated Income Statement is to be read in conjunction with the notes on pages 72 to 100.
65
Channel Infrastructure NZ Limited | 2024 Annual Report

Consolidated Statement of
C
omprehensive Income
FOR THE YEAR ENDED 31 DECEMBER 2024
GROUPGROUP
20242023
$000$000
NET PROFIT AFTER INCOME TAX13,887
24,064
OTHER COMPREHENSIVE INCOME
Items that will not be
reclassified to the Income Statement
Defined
benefit plan and medical scheme actuarial gain
3,590
2,784
Revaluation of property, plant and equipment
380,509
-
Deferred tax
(77,803)
(780)
Total items that will not be
reclassified to the Income Statement
306,296
2,004
Items that may be subsequently
reclassified to the Income Statement
Movement in cash
flow hedge reserve
(4,772)
(4,930)
Deferred tax
1,336
1,380
Total items that may be subsequently reclassified to the Income Statement(3,436)
(3,550)
TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), AFTER INCOME TAX302,860
(1,546)
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD, AFTER INCOME TAX316,747
22,518
ATTRIBUTABLE TO:
Owners of the Parent
316,747
22,518
The above Consolidated Statement of Comprehensive Income is to be read in conjunction with the notes on
pages 72 to 100.
66
Channel Infrastructure NZ Limited | 2024 Annual Report

Consolidated Balance Sheet
AS AT
31 DECEMBER 2024
GROUPGROUP
20242023
NOTE
$000$000
CURRENT ASSETS
Cash and cash equivalents
1,283
4,870
Trade and other receivables7
15,849
25,887
Income tax receivable
107
87
Other assets11
4,487
-
Derivative
financial instruments
845
450
Inventories
5,440
5,514
TOTAL CURRENT ASSETS28,011
36,808
NON-CURRENT ASSETS
Derivative
financial instruments
6,161
10,058
Intangibles8
1,590
1,785
Property, plant and equipment9
1,294,180
906,360
Other assets11
17,315
18,114
Right-of-use assets
882
330
TOTAL NON-CURRENT ASSETS1,320,128
936,647
TOTAL ASSETS1,348,139
973,455
LIABILITIES
CURRENT LIABILITIES
Trade and other payables13
19,413
20,117
Derivative
financial instruments
1,071
603
Borrowings16
-
55,779
Lease liabilities
115
79
Employee
benefits14
2,791
2,880
Provisions15
9,215
18,526
TOTAL CURRENT LIABILITIES32,605
97,984
NON-CURRENT LIABILITIES
Borrowings16
299,742
264,843
Lease liabilities
811
556
Employee
benefits14
3,119
3,220
Provisions15
69,996
67,503
Deferred tax liabilities4
123,609
40,138
TOTAL NON-CURRENT LIABILITIES497,277
376,260
TOTAL LIABILITIES529,882
474,244
NET ASSETS818,257
499,211
67
Channel Infrastructure NZ Limited | 2024 Annual Report

Consolidated Balance Sheet
AS AT
31 DECEMBER 2024
GROUPGROUP
20242023
NOTE
$000$000
EQUITY
Contributed equity17
366,420
318,123
Revaluation reserve9
726,482
422,771
Treasury stock
(341)
(1,317)
Employee share entitlement reserve
315
1,081
Cash
flow hedge reserve
3,139
6,575
Retained earnings
(277,758)
(248,022)
TOTAL EQUITY818,257
499,211
The Board of Directors of Channel Infrastructure NZ Limited authorised these financial statements for issue on
26 February 2025.
For and on behalf of the Board
J B Miller
Chair of the Board
A M Molloy
Chair of the Audit and Finance Committee
The above Consolidated Balance Sheet is to be read in conjunction with the notes on pages 72 to 100.
68
Channel Infrastructure NZ Limited | 2024 Annual Report

Consolidated Statement of
Changes in Equity
FOR THE YEAR ENDED
31 DECEMBER 2024
CONTRIBUTED
EQUITY
REVALUATION
RESERVE
TREASURY
STOCK
EMPLOYEE
SHARE
SCHEME
ENTITLEMENT
RESERVE
CASH FLOW
HEDGE
RESERVE
RETAINED
EARNINGSTOTAL EQUITY
NOTE
$000$000$000$000$000$000$000
AT 1 JANUARY 2023314,504422,771(1,462)4,24010,125(231,686)518,492
COMPREHENSIVE INCOME
Net
profit after income tax-----24,06424,064
Other comprehensive income
Movement in cash
flow
hedge reserve----(4,930)-(4,930)
Defined
benefit actuarial gain-----2,7842,784
Deferred tax on other
compr
ehensive income
----1,380(780)600
TOTAL OTHER COMPREHENSIVE
GAIN/(LOSS), AFTER
INCOME TAX
----(3,550)2,004(1,546)
TRANSACTIONS WITH OWNERS
OF THE PARENT
Equity-settled share-
bas
ed payments---605--605
Shares vested to employees3,529-235(3,764)---
Treasury shares issued90-(90)----
Dividends paid17-----(42,417)(42,417)
Unclaimed dividends
writ
ten back
-----1313
TOTAL TRANSACTIONS WITH
OWNERS OF THE PARENT
3,619-145(3,159)-(42,404)(41,799)
AT 31 DECEMBER 2023
318,123422,771(1,317)1,0816,575(248,022)499,211
69
Channel Infrastructure NZ Limited | 2024 Annual Report

Consolidated Statement of
Changes in Equity
FOR THE YEAR ENDED
31 DECEMBER 2024
CONTRIBUTED
EQUITY
REVALUATION
RESERVE
TREASURY
STOCK
EMPLOYEE
SHARE
SCHEME
ENTITLEMENT
RESERVE
CASH FLOW
HEDGE
RESERVE
RETAINED
EARNINGSTOTAL EQUITY
NOTE
$000$000$000$000$000$000$000
AT 1 JANUARY 2024
318,123422,771(1,317)1,0816,575(248,022)499,211
COMPREHENSIVE INCOME
Net
profit after income tax
-----13,88713,887
Other comprehensive income
Revaluations of property, plant
and equipment9
-380,509----380,509
Movement in cash
flow
hedge reserve
----(4,772)-(4,772)
Defined
benefit actuarial gain
-----3,5903,590
Deferred tax on other
compr
ehensive income
-(76,798)--1,336(1,005)(76,467)
TOTAL OTHER COMPREHENSIVE
GAIN/(LOSS), AFTER
INCOME TAX-303,711--(3,436)2,585302,860
TRANSACTIONS WITH OWNERS
OF THE PARENT
Shares issued17
48,297-----48,297
Equity-settled share-
bas
ed payments
---210--210
Shares vested to employees
--976(976)---
Dividends paid17
-----(46,208)(46,208)
TOTAL TRANSACTIONS WITH
OWNERS OF THE PARENT48,297-976(766)-(46,208)2,299
AT 31 DECEMBER 2024366,420726,482(341)3153,139(277,758)818,257
The above Consolidated Statement of Changes in Equity is to be read in conjunction with the notes on pages 72
to 100.
70
Channel Infrastructure NZ Limited | 2024 Annual Report

Consolidated Statement of Cash Flows
FOR THE YEAR ENDED
31 DECEMBER 2024
GROUPGROUP
20242023
NOTE
$000$000
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers
148,749
132,226
Payment for supplies and expenses
(46,156)
(62,516)
Payments to employees
(17,957)
(14,543)
Interest received
227
286
Interest paid
(20,018)
(17,398)
Net GST paid
64
(869)
Income tax paid
(21)
(471)
NET CASH INFLOW FROM OPERATING ACTIVITIES64,888
36,715
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of property, plant and equipment
3,533
7,256
Proceeds from sale of intangible assets
-
5,089
Payments for property, plant and equipment
(52,616)
(63,060)
NET CASH OUTFLOW FROM INVESTING ACTIVITIES(49,083)
(50,715)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from/(repayment of) loans and borrowings16
33,500
(21,000)
Repayment of subordinated notes16
(54,901)
-
Proceeds from Bond issuance16
-
79,901
Proceeds from Equity issuance17
48,297
-
Lease payments
(80)
(1)
Dividends paid17
(46,208)
(42,416)
NET CASH (OUTFLOW) / INFLOW FROM FINANCING ACTIVITIES(19,392)
16,484
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS(3,587)
2,484
Cash and cash equivalents at the beginning of the period
4,870
2,386
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD1,283
4,870
The above Consolidated Cash Flow Statement is to be read in conjunction with the notes on pages 72 to
100.
71
Channel Infrastructure NZ Limited | 2024 Annual Report

Notes to the Consolidated
Financial S
tatements
FOR THE YEAR ENDED 31 DECEMBER 2024
Reporting Entity
Channel Infrastructure NZ Limited (‘Parent’, ‘Company’
or ‘
Channel Infrastructure’) is a profit-oriented company
registered under the Companies Act 1993 and an FMC
Reporting Entity for the purposes of the Financial Markets
Conduct Act 2013. Channel Infrastructure is listed, and its
ordinary shares are quoted under the ticker CHI on the
NZX Main Board Equity Market (‘NZX Main Board’) and its
corporate bonds (ticker CHI020 and CHI030) are quoted
on the NZX Debt Market.
These consolidated financial
statements ('financial
statements') comprise Channel Infrastructure together
with its subsidiaries (‘the Group’). Subsidiaries are
all entities over which the Group has control and
includes Channel Terminal Services Limited, Independent
Petroleum Laboratory Limited, Maranga Rā Holdings
Limited and CHI Future Developments Limited.
Basis of Preparation
These
financial statements comply with New Zealand
equivalents to the International Financial Reporting
Standards (‘NZ IFRS’) and International Financial
Reporting Standards ('IFRS') as appropriate for for-
profit entities and have been prepared in accordance
with the Financial Markets Conduct Act 2013 and
Generally Accepted Accounting Practice in New Zealand
(‘NZ GAAP’).
These
financial statements are prepared on a historical
cost basis, except for property, plant and equipment,
investment properties, platinum, derivative financial
instruments and pension plan assets which are measured
at their fair value. Where the Group applies fair value
hedges to borrowings, the carrying value of borrowings
are adjusted for fair value changes attributable to the
hedged risk.
These
financial statements are prepared on a GST
exclusive basis and presented in New Zealand dollars ($)
which is the Group’s functional currency, and the financial
information has been rounded to the nearest thousand
dollars ($000), unless otherwise stated.
Consideration of climate change
In preparing these financial statements the Group has
cons
idered the impact that climate change and the
transition to a low carbon economy may have on
the business.
The impact of climate change has been considered in
de
termining the fuels demand outlook assumption used
in the revaluation of the Import Terminal System (refer to
Note 9 for further details) and also in the assessment of
future taxable profits used to support the recoverability
of tax losses.
The risk of damage to existing assets associated with
changing w
eather patterns and sea level rise are
largely mitigated in the near-term through existing
geohazard monitoring and remediation. Future capital
investment planning considers the longer-term impacts
of climate change and while the longer-term scenarios
remain uncertain, they do not impact on these
financial
statements.
The Group has opportunity to support the transition to a
lo
w carbon economy through:
• the use of its existing infrastructure to store and
transport current and lower-carbon future fuels
without the need for capital expenditure, and
• the repurposing of existing infrastructure for lower-
carbon fuel pr
oduction (refer to Note 9 for details of
potential arrangements).
Further information on climate change risks and
oppor
tunities are presented in the Company's 2024
Sustainability Report.
Use of Judgements and Estimates
The preparation of
financial statements requires
judgements and estimates that affect the application
of accounting policies and reported amounts of assets,
liabilities, income and expenses. Actual results may
differ from these estimates. The following areas involve
significant
judgements and estimates:
•
Fair value of property, plant and equipment –
the Group adopts the fair value model as the
meas
urement base for property, plant and equipment
(refer to Note 9 for further details).
•Assets held for sale – the Group continues to report
decommis
sioned refinery assets that are subject to
a conditional sale agreement, as property, plant and
equipment, rather than as assets held for sale. (Refer
to Note 9 for further details).
•Provisions –
the Group continues to recognise several
provisions in relation to the conversion of the refinery
into a dedicated fuels import terminal operation (refer
t
o Note 15 for further details).
72
Channel Infrastructure NZ Limited | 2024 Annual Report

•Recoverability of tax losses – the Group's
accumulat
ed tax losses amount to c.$421 million at
31 December 2024. A deferred tax asset in respect of
these unutilised tax losses is recognised, having regard
to the Shareholder Continuity Test and an assessment
of future taxable profits available against which the
tax losses can be recovered.
•Discontinued operations – the Group continues to
pr
esent the results from discontinued operations
associated with the refining operations which ceased
in March 2022 (refer to Note 3 for further details).
Material Accounting Policies
The material accounting policies applied in the
pr
eparation of these financial statements have been
consistently applied to all periods presented.
Accounting standards not yet effective
In May 2024 the External Reporting Board issued
NZ IFR
S 18: Presentation and Disclosure in Financial
Statements ('NZ IFRS 18'), effective for reporting periods
commencing on or af
ter 1 January 2027. This accounting
standard is expected to change the presentation of
the Group's income statement and may introduce
additional note disclosures. NZ IFRS 18 does not impact
the financial position, financial performance or cash
flows of the Group. Other standards, amendments and
interpretations which are not yet effective are not
expected to have a material impact on the Group.
Segment reporting
The Group operates in one reportable segment,
Infr
astructure, which comprises the dedicated fuels
import terminal system (including jetty infrastructure at
Marsden Point, storage tanks, and the Marsden Point to
Auckland pipeline), the Wiri land and terminal leases, and
the fuel testing laboratories. The Group operates in one
geographical location, New Zealand.
73
Channel Infrastructure NZ Limited | 2024 Annual Report

1 Income
The Group provides import terminal and pipeline services to customers under long-term Terminal Services Agreements
and C
ontracted Storage Agreements. Import terminal and associated fees are recognised over time as services
are delivered.
Rental income from operating leases (including Wiri terminal rental) is recognised on a straight-line basis in
accor
dance with the substance of the relevant agreements.
Revenue from discontinued operations includes income from the sale of scrap metal (Refer to Note 3 Discontinued
Oper
ations for further details).
GROUPGROUP
20242023
NOTE
$000$000
CONTINUING OPERATIONS
Import terminal revenue
127,677
118,589
Wiri land and terminal and other lease revenue
6,026
5,907
Laboratory revenue
5,090
5,483
Other revenue
1,029
724
TOTAL REVENUE FROM CONTINUING OPERATIONS139,822
130,703
DISCONTINUED OPERATIONS
Processing fees
-
(1,388)
Other
refining related income
183
8,254
TOTAL REVENUE FROM DISCONTINUED OPERATIONS
3
183
6,866
TOTAL REVENUE140,005
137,569
Major customers
The Group has three major customers that each individually account for more than 10 per cent of the Group's revenue
fr
om continuing operations. The revenue earned from each major customer is shown below.
GROUPGROUP
20242023
$000$000
Major customer A
41,937
36,292
Major customer B
34,817
34,815
Major customer C
52,984
48,216
74
Channel Infrastructure NZ Limited | 2024 Annual Report

2 Expenses
Additional information in respect of expenses included in the Income Statement is shown below.
Auditor's fees
GROUPGROUP
20242023
$000$000
Auditor's fees comprises:
Audit of
financial statements
297
276
Reimbursement of travel and accommodation
13
13
Other assurance services and agreed-upon procedures:
Greenhouse gas inventory assurance
69
-
Agreed-upon procedures - interim reporting
20
20
Agreed-upon procedures - assessing AGM votes cast
10
6
Other services:
Greenhouse gas inventory pre-assessment review
-
55
AUDITOR'S FEES409
370
Finance costs
Interest expense is recognised on an accruals basis using the effective interest method.
Finance costs also include the changes in fair value of derivatives used to manage interest rate risk, and the
as
sociated changes in fair value of the borrowings designated in a fair value hedge relationship.
GROUPGROUP
20242023
$000$000
Interest on bank borrowings and related interest rate swaps
1
5,704
5,931
Interest on subordinated notes
522
5,121
Interest on bonds and related interest rate swaps
12,724
7,121
Fair value hedge adjustment on bond
754
-
Interest on lease liabilities
26
25
Unwinding of discount rates and changes in discount rates on provisions
479
(291)
TOTAL FINANCE COSTS20,209
17,907
1 2024 includes $261,000 of unamortised establishment fees expensed on
refinancing of debt facilities in November 2024.
Depreciation
GROUPGROUP
20242023
$000$000
Depreciation on Property, Plant and Equipment
38,106
35,340
Depreciation on Right-to-Use Assets
83
69
Amortisation
228
-
Loss on disposal of Property, Plant and Equipment
245
-
DEPRECIATION38,662
35,409
75
Channel Infrastructure NZ Limited | 2024 Annual Report

3 Discontinued Operations
Discontinued operations relate to refining operations which ceased in March 2022.
The results from discontinued operations include income and costs that are directly related to the closure of refining
operations, or arise from or are directly related to the refining
operations prior to its closure. This includes income from
the sale of scrap metal, costs associated with the sale of permanently decommissioned refining plant and legal costs
associated with settlement of historical litigation claims. Litigation claims relating to revenue recognition have been
settled in the year ended 31 December 2024.
In the prior year, revenue also included proceeds from historical legal claims and the gain on sale of carbon credits.
Conversion costs
reflect those costs attributed to the transition to an import terminal and include the reassessment of
long-term provisions (including demolition) due to cost re-estimation and/or changes in discount rates.
Revaluation of assets relates to the change in fair value of the refining plant (refer to note 9 for further details).
GROUPGROUP
20242023
NOTE
$000$000
INCOME
Revenue1
183
6,866
TOTAL INCOME183
6,866
EXPENSES
Salaries, wages and
benefits
530
1,029
Administration and other costs
3,228
3,121
TOTAL EXPENSES3,758
4,150
NET (LOSS)/PROFIT BEFORE CONVERSION COSTS, ASSET REVALUATION, FINANCE
COSTS AND INCOME TAX
(3,575)
2,716
Conversion costs
3,314
5,879
Revaluation of assets - net revaluation loss9
7,000
-
TOTAL CONVERSION COSTS AND ASSET REVALUATION LOSS10,314
5,879
NET LOSS BEFORE FINANCE COSTS AND INCOME TAX(13,889)
(3,163)
Finance costs
1,641
1,813
NET FINANCE COSTS1,641
1,813
NET LOSS BEFORE INCOME TAX(15,530)
(4,976)
Income Tax
(3,463)
(1,393)
NET LOSS AFTER INCOME TAX(12,067)
(3,583)
20242023
$000$000
CASH FLOWS USED IN DISCONTINUED OPERATIONS
Net cash from/(used in) operating activities
(9,601)
(35,622)
Net cash from/(used in) investing activities
3,533
12,345
Net cash used in
financing activities
-
-
NET CASH FLOWS USED IN DISCONTINUED OPERATIONS(6,068)
(23,277)
76
Channel Infrastructure NZ Limited | 2024 Annual Report

4 Taxation
(a) Income tax expense
GROUPGROUP
20242023
$000$000
CONTINUING OPERATIONS
Net
profit before income tax expense
36,441
34,130
Tax at the New Zealand corporate income tax rate of 28% (2023: 28%)
10,203
9,556
Tax
effect of amounts which are either non-deductible or taxable in calculating
taxable income:
Income not assessable for tax(1,063)
Expenses not deductible for tax
53
1,552
Adjustments in respect of income tax in relating to previous years
202
(3,562)
Other
29
-
INCOME TAX EXPENSE10,487
6,483
Represented by:
Current tax expense
20
(290)
Deferred tax recognised in the income statement
10,467
6,773
INCOME TAX EXPENSE10,487
6,483
(b) Deferred tax
NET DEFERRED TAX
ASSET / (LIABILITY)
RECOGNISED IN
PROFIT OR LOSS
RECOGNISED IN OTHER
COMPREHENSIVE
INCOME
NET
DEFERRED TAX
ASSET / (LIABILITY)
DEFERRED
TAX ASSET
DEFERRED
TAX LIABILITY
1 JAN 202331 DEC 2023
$000$000$000$000$000$000
Property, plant
and equipment(212,686)8,017-(204,669)-(204,669)
Provisions27,457(2,414)-25,04325,043-
Employee
benefits3,853(542)(780)2,5312,531-
Financial instruments(3,729)(424)1,380(2,773)-(2,773)
Intangibles796(558)-238238-
Right-of-use assets(200)33-(167)-(167)
Leases458(280)-178178-
Inventory6,145(3)-6,1426,142-
Supplementary
dividend cr
edits---659659-
Tax losses141,886(9,206)-132,680132,680-
TOTAL
(36,020)(5,377)600(40,138)167,470(207,609)
77
Channel Infrastructure NZ Limited | 2024 Annual Report

NET DEFERRED TAX
ASSET / (LIABILITY)
RECOGNISED IN
PROFIT OR LOSS
RECOGNISED IN OTHER
COMPREHENSIVE
INCOME
NET
DEFERRED TAX
ASSET / (LIABILITY)
DEFERRED
TAX ASSET
DEFERRED
TAX LIABILITY
1 JAN 202431 DEC 2024
$000$000$000$000$000$000
Property, plant
and equipment
(204,669)11,256(76,798)(270,211)-(270,211)
Provisions
25,043(1,821)-23,22223,222-
Employee
benefits
2,531(933)(1,005)593593-
Financial instruments
(2,773)(138)1,336(1,575)-(1,575)
Intangibles
238(238)----
Right-of-use assets
(167)(253)-(420)-(420)
Leases
17882-260260-
Inventory
6,142(28)-6,1146,114-
Supplementary
dividend cr
edits
659--659659-
Tax losses
132,680(14,931)-117,749117,749-
TOTAL(40,138)(7,004)(76,467)(123,609)148,597(272,206)
The Group generated
significant tax losses through the conversion to an import terminal and has unused tax losses of
$421 million (2023: $474 million) available to carry forward. A deferred tax asset in respect of these unutilised tax losses
is recognised, having regard to the Shareholder Continuity Test and an assessment of future taxable profits available
against which the tax losses can be recovered.
The Shareholder Continuity Test requires at least 49% continuity in shareholding for tax losses to be carried forward.
This t
est must be satisfied in the year the losses are generated and each year the losses are used to offset taxable
income. In the case of a breach of the Shareholder Continuity Test the carry forward of tax losses would be subject to
the Business Continuity Test.
5 Earnings Per Share
Earnings per share is calculated by dividing the profit from continuing and discontinued operations attributable to
shareholders of the Company, by the weighted average number of ordinary shares on issue during the year. The
Company’s share-based payments described in Note 18 have no material dilutive effect on the earnings per share.
TOTALTOTAL
20242023
Profit
after tax from continuing operations attributable to
shareholders of the Company
($000)
25,954
27,647
Profit/(loss)
after tax from discontinued operations attributable
to shareholders of the Company
($000)
(12,067)
(3,583)
Profit after tax attributable to shareholders of the Company($000)
13,887
24,064
Weighted average number of shares on issue000's
380,198
374,695
BASIC EARNINGS PER SHARE FROM CONTINUING OPERATIONS
Cents
6.8
7.4
BASIC EARNINGS PER SHARE FROM
DISCONTINUED OPERATIONS
Cents
(3.2)
(1.0)
BASIC EARNINGS PER SHARE
Cents
3.7
6.4
78
Channel Infrastructure NZ Limited | 2024 Annual Report

6 Cash and Cash Equivalents
The Group’s cash and cash equivalents comprise cash on hand.
Reconciliation of net profit
after income tax to cash flow from operating activities:
GROUPGROUP
20242023
$000$000
NET PROFIT AFTER INCOME TAX13,887
24,064
Adjusted for non-cash transactions:
Depreciation
38,662
35,409
Revaluation of assets
7,000
-
Loss on revaluation
-
-
Movement in deferred tax
83,471
4,118
(Less)/add movement in deferred tax on items included in other
compr
ehensive income
(76,467)
600
Movement in provisions
(6,818)
(19,162)
Less (increase)/decrease in provisions relating to property, plant and equipment
1,307
(1,922)
Employee share scheme entitlement
210
605
Decrease in intangibles
195
4,124
Less proceeds from sale of intangibles
-
(5,089)
Interest and other non-cash movements
(2,895)
(5,027)
Adjusted for movements in working capital items
(Increase)/decrease in trade and other receivables
10,038
(2,840)
(Increase)/decrease in other assets
(3,688)
-
Less non cash portion
(4,289)
-
Increase/(decrease) in trade and other payables
(704)
3,508
Less increase/(decrease) in trade and other payables relating to property,
plant and equipment and int
angibles
1,525
(533)
Decrease in employee
benefits liabilities
(190)
(3,380)
Less employee entitlements included in other comprehensive income
3,590
2,784
(Increase)/decrease in income tax receivable
(20)
(87)
(Increase)/decrease in inventories
74
(457)
NET CASH INFLOW FROM OPERATING ACTIVITIES64,888
36,715
In the Consolidated Statement of Cash Flows, the deposits placements and withdrawals and bank borrowings receipts
and r
epayments are presented on a net basis as their turnover is quick, amounts are large, and the maturities are
relatively short.
79
Channel Infrastructure NZ Limited | 2024 Annual Report

7 Trade and Other Receivables
GROUPGROUP
20242023
$000$000
Trade receivables
13,434
17,792
Other receivables and prepayments
2,415
8,095
TOTAL TRADE AND OTHER RECEIVABLES15,849
25,887
Trade receivables are non-interest bearing and are normally settled on seven to 21-day terms. Due to the short-term
natur
e of trade receivables, their carrying amount is considered the same as their fair value.
Trade and other receivables-related party balances are disclosed in Note 19.
8 Intangibles
Intangible assets are recognised at cost less accumulated amortisation and impairment losses.
Intangible assets of $1.6 million (2
023: $1.8 million) relate to the cost of renewing the Marsden Point resource consents in
2021. The costs are amortised on a straight-line basis over the 35-year consent period.
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Channel Infrastructure NZ Limited | 2024 Annual Report

9 Property, Plant and Equipment
Property, plant and equipment except capital work in progress is recognised at fair value less accumulated
depr
eciation and any impairment losses recognised after the date of revaluation. Capital work in progress is
recognised at cost.
The Group’s import terminal system, land and
refining plant are all categorised as Level 3 in the fair value hierarchy as
described in Note 20. During the year, there were no transfers between the levels of the fair value hierarchy.
Revaluations
A revaluation increase is recognised in comprehensive income and accumulates in the Revaluation Reserve unless it
r
everses a revaluation decrease of the same assets recognised in the Consolidated Income Statement, in which case it
is recognised in the Consolidated Income Statement.
A revaluation decrease is recognised in the Consolidated Income Statement unless it offsets a previous revaluation
incr
ease of the same asset, in which case it is recognised in comprehensive income and accumulates in the
Revaluation Reserve.
Accumulated depreciation as at revaluation date is eliminated against the gross carrying amounts of the assets and
the ne
t amounts are restated to the revalued amounts of the assets.
Revaluation surpluses are transferred from the Revaluation Reserve to Retained Earnings on derecognition of the asset
or if the as
set is transferred to Investment Properties.
Depreciation
Depreciation is provided on a straight-line basis for all property, plant and equipment other than freehold land,
refinery assets and capital work in progress which are not depreciated. The useful lives of the Group’s property, plant
and equipment ar
e reviewed annually. The useful lives of the import terminal system assets for the current and prior
year are outlined below:
USEFUL
LIVES
(YEARS)
Buildings2-30 years
Jetties14-45 years
Tanks20-45 years
Other Assets1-80 years
Marsden Point to Auckland Pipeline and other assets5-45 years
81
Channel Infrastructure NZ Limited | 2024 Annual Report

FREEHOLD LAND
AND
IMPROVEMENTS
REFINING
PLANT
IMPORT
TERMINAL
SYSTEM
CAPITAL WORK
IN PROGRESSTOTAL
$000$000$000$000$000
AT 1 JANUARY 2023
Assets at revalued amount15,61928,800821,496-865,915
Assets at cost---43,37743,377
Accumulated depreciation and impairment losses--(33,238)-(33,238)
NET BOOK AMOUNT15,61928,800788,25843,377876,054
YEAR ENDED 31 DECEMBER 2023
Opening net book value15,61928,800788,25843,377876,054
Additions--1,92263,83665,758
Disposals--(112)-(112)
Depreciation charge--(35,340)-(35,340)
Transfers--55,708(55,708)-
Revaluation-----
CLOSING NET BOOK AMOUNT15,61928,800810,43651,505906,360
AT 31 DECEMBER 2023
Assets at revalued amount15,61928,800845,776-890,195
Assets at cost---51,50551,505
Accumulated depreciation--(35,340)-(35,340)
NET BOOK AMOUNT
15,61928,800810,43651,505906,360
YEAR ENDED 31 DECEMBER 2024
Opening net book value
15,61928,800810,43651,505906,360
Additions
---54,44054,440
Disposals
--(1,215)(808)(2,023)
Depreciation charge
--(38,106)-(38,106)
Transfers
--68,827(68,827)-
Revaluation
106,230(7,000)274,279-373,509
CLOSING NET BOOK AMOUNT121,84921,8001,114,22136,3101,294,180
AT 31 DECEMBER 2024
Assets at revalued amount
121,84921,8001,114,221-1,257,870
Assets at cost
---36,31036,310
Accumulated depreciation
-----
NET BOOK AMOUNT121,84921,8001,114,22136,3101,294,180
82
Channel Infrastructure NZ Limited | 2024 Annual Report

Revaluation reserve
The movements in the revaluation reserve is shown below.
$000
Balance at
1 January 2024422,771
Revaluation of the ITS274,279
Deferred tax on revaluation of the ITS(76,798)
Revaluation of Land106,230
Deferred tax on revaluation of Land-
Balance at 31 December 2024726,482
The carrying amount of the import terminal system and land that would be recognised under the cost model is
$306
.0 million and $4.6 million respectively (31 December 2023: ITS $286.0 million; land $4.6 million). The carrying
amount of the refining plant that would be recognised under the cost model is $21.8 million (31 December 2023:
$28.8 million).
Revaluation of the Import Terminal system
The Import Terminal System (ITS) was independently valued by Deloitte at 31 December 2024. The valuation,
under
taken in accordance with NZ IAS 16 Property, Plant and Equipment and NZ IFRS 13 Fair Value Measurement,
established a “fair value” based on the price a market participant could obtain from selling the asset in an orderly,
well-structured competitive sales process, and includes the benefit from a higher tax depreciable value of property,
plant and equipment for an acquirer. The net present value methodology was used to determine a market participants
sales value. This approach values the assets of the ITS that are currently in operation and the land that the
ITS occupies.
The fair value of the ITS excludes the unutilised land, the residual value of refining assets and the revenue from tanks
that r
equire additional growth capex as at the valuation date, including the 10-year jet fuel storage contract with Z
Energy (announced in August 2024) and the contract to develop a bitumen import terminal for Higgins (announced
in November 2024). The fair value was determined to be in the range of $1,069 million to $1,234 million, with a
mid-point valuation of $1,145 million used for asset revaluation purposes. This valuation exceeded the carrying value of
property, plant and equipment by $274 million which was recognised through the Statement of Comprehensive Income
(Revaluation reserve). As a consequence of the revaluation, accumulated depreciation on the import terminal assets
has been reset to nil.
The fair value of the ITS has increased since 31 December 2023 as a result of changes in the discount rate, and
e
xecution of the Company’s strategy which has resulted in additional contracted storage revenue and changes in the
terminal value methodology to reflect use of the ITS for future fuels storage and transportation.
Assumptions underpinning the ITS valuation
The key assumptions used in the ITS valuation are described below.
•Fuel demand outlook.
Demand outlooks were formulated by Envisory, a third party oil and gas market expert, and
are consistent with the outlook published on Channel’s website (www.channelnz.com). This forecast is a revision of
En
visory’s (Hale & Twomey) forecast released in 2022, which was an input in the previous ITS valuation, updating
for the political consensus to make progress towards net-zero emissions by 2050, updates to national fuels volume
forecast, Channel’s market share and Auckland Airport demand data. For the ITS valuation, the 2060 demand
forecast is considered ‘steady-state’ with volumes assumed flat thereafter. The jet fuel forecast has the most
significant impact on the valuation and the broadest range of forecast outcomes.
•Import terminal fees.
Terminal fees were estimated based on the fuel demand outlooks, and the pricing that
is consistent with Terminal Services Agreements (“TSA”) and Contracted Storage Agreements agreed with the
customers, and subject to a PPI escalation. Approximately 50% of Channel’s current revenue is fixed and
independent o
f fuel volume. The current TSA’s are forecast to roll-over at the expire in August 2042. Each of the
existing storage contracts are forecast to roll-over at their respective expiry, indexed at PPI. Contracted storage
tanks that require additional growth capex as at the valuation date have not been included in the valuation.
•Long term growth rate (PPI). The long term inflation rate adopted in the ITS valuation is 2%.
83
Channel Infrastructure NZ Limited | 2024 Annual Report