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Lyttelton Port Company’s Net Profit after Tax for financial year 2021 was $16m, $7.5m better than the Statement of Intent target and an improvement of nearly $6m over the underlying operating profit of the previous year.
In the first full year of the Leading the Way strategy, part of which is focused on delivering sustainable profitability and a fair return to shareholders, LPC’s return of equity improved from 2 percent to 4.4 percent.
“It’s been a year of change and success for Lyttelton Port Company, as we continue on our path to greater profitability, a diverse and inclusive culture and operating as a sustainable business. While we’ve faced considerable challenges in an operating environment that has remained uncertain, LPC and its people have performed well,” said LPC Board Chair Margaret Devlin.
LPC CEO Roger Gray said the result had led the Board and Management to make the decisions to pay a performance bonus to all LPC staff.
“LPC will pay a performance bonus of $500 to all current LPC staff who worked for LPC from before 30 June 2021, in recognition of the contribution everyone has made to the success of LPC this year,” Roger said.
Trades proved resilient, with the predicted exception of Cruise. Overall two-way trade rose slightly in total value to $10.4b, with exports down less than a percent and imports rising nearly 4 percent.
Despite the extremely challenging container supply chain, volumes showed only a slight decline overall with total TEUs down 1.7% to 438,343 TEU. This container volume, while roughly in line with the previous year, was achieved with fewer vessel calls as a result of delays elsewhere.
Log volumes increased by nearly 50 percent year on year, after the disruption of lockdown the previous year combined with a fall in export demand in FY20. Fuel came back strongly, with a 3 percent increase in volume, and the car trade exceeding predictions with a 17 percent increase in volume over financial year 2020.
This year, LPC continued the rollout of its sustainability strategy with the development of both a carbon reduction plan and a biodiversity positive roadmap. In carbon reduction, LPC achieved a year-on-year reduction in emissions of 19.5 percent – reducing our emissions by a massive 2,200 tCO2e.
“We are focused on continuing this trend in financial year 2022 through increased investment in a more efficient straddle fleet, the continued electrification of our light vehicle fleet, and the widespread adoption and use of biofuel,” says LPC CEO Roger Gray.
The biodiversity positive roadmap seeks to reduce pressure on biodiversity in Lyttelton Harbour/Whakaraupō, while protecting, enhancing and restoring land and marine ecosystems.
“This ambitious vision is supported by our partnerships, in particular our role as a partner (and co-chair) of Whaka-Ora and our role as Principal Sponsor of the Banks Peninsula Conservation Trust,” said Roger.
In December 2020 LPC released an independent review into workplace culture, which clearly laid out the need for cultural change at the Port. The review was commissioned in May 2020 and was led by Maria Dew QC.
“The board and management want to thank all of the nearly 100 current and former staff who came forward to speak to the review and help build a new culture at LPC. We would also like to acknowledge all four of our workforce Unions, who were fully engaged in the review,” said Margaret Devlin.
“Whilst the findings of the review were sobering for us an organisation, it did allow us to set a clear direction for change. In April 2021 we released an action plan to implement all 32 of the report’s recommendations. The Annual Report contains our first update on progress against that plan,” says Margaret.
As part of LPC’s strategic commitment to Whanaungatanga, work has continued on the introduction of the principles of Interest-Based Problem Solving and High-Performance High-Engagement into the employment relations environment.
“I want to thank all of our Unions for the constructive and cooperative working environment at LPC. This has been particularly important in the ongoing fight against COVID-19,” said Roger Gray.
As an international border, COVID-19 has been a challenge that our staff have handled skilfully. They have carefully followed extensive protocols around physical distancing and the use of PPE while interacting with foreign vessels and have been regularly tested as required by Government Health Orders. Some staff in key roles have been tested dozens of times.
“LPC’s essential staff have been a big part of our successful and safe management of the border and the protection of New Zealanders, and their commitment is reflected in the high levels of vaccine uptake we have seen at LPC. It has been a source of pride for us as a board and management team to see the enormous effort LPC staff and our Unions have undertaken to play their part in keeping the virus out of our community,” says Margaret Devlin.
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LPC corporate office
37-39 Gladstone Quay
Private Bag 501