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Graincorp Limited Annual Report 2017

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Graincorp Limited Annual Report 2017 21 November 2017 The Manager Company Announcements Office ASX Limited 20 Bridge Street SYDNEY NSW 2000 GRAINCORP LIMITED: GNC APPENDIX 4E AND ANNUAL REPORT FINANCIAL YEAR ENDED 30 SEPTEMBER 2017 Please find attached the Appendix 4E and Annual Report relating to the financial year ended 30 September 2017. For those Shareholders that elect to receive a hard copy of the Annual Report, this document will be mailed to Shareholders commencing the week of 4 December 2017. Annual General Meeting GrainCorp’s Annual General Meeting will be held in Sydney on Thursday 15 February 2018, commencing at 10:00am (AEDT). Further detail confirming the location and resolutions to the considered at the AGM will be outlined in the Notice of Meeting and Explanatory Memorandum, which will be sent to Shareholders in January 2018. Yours faithfully, GrainCorp Limited Gregory Greer Company Secretary GrainCorp Limited Level 28, 175 Liverpool Street Sydney NSW 2000 Australia PO Box A268 Sydney South NSW 1235 T +61 2 9325 9100 F +61 2 9325 9180 ABN 60 057 186 035 graincorp.com.au GRAINCORP LIMITED APPENDIX 4E FOR THE YEAR ENDED 30 SEPTEMBER 2017 Results for Announcement to the Market Up / % 2017 Down Movement $ M Revenue from ordinary activities Up 10.0% to 4,575.7 Profit before significant items from ordinary activities after tax attributable to Up 168.7% to 141.6 owners of GrainCorp Limited Significant items1 from ordinary activities net of tax Down 24.8% to (16.4) Profit from ordinary activities after tax attributable to owners of GrainCorp Up 305.2% to 125.2 Limited Net profit for the period attributable to owners of GrainCorp Limited Up 305.2% to 125.2 Dividend Information Amount per security Franked amount per security at 30% tax Interim dividend per share (paid 17 July 2017) 15.0 cents 15.0 cents Final dividend per share 15.0 cents 15.0 cents Record date for determining entitlements to the final dividend 30 November 2017 Payment date for final dividend 14 December 2017 Additional Information Net Tangible Assets per share: $6.16 (2016: $5.42) Additional Appendix 4E disclosure requirements can be found in the attached Annual Report. This report is based on the consolidated financial statements and notes which have been audited by PricewaterhouseCoopers. Further information regarding the company and its business activities can be obtained by visiting the company’s website at www.graincorp.com.au. 1 Significant items: GrainCorp defines significant items as not in the ordinary course of business, non-recurring and material in nature and GrainCorp Limited amount. Significant items are shown in Note 1.5 of the Annual Report. Level 28, 175 Liverpool Street Sydney NSW 2000 Australia PO Box A268 Sydney South NSW 1235 T +61 2 9325 9100 F +61 2 9325 9180 ABN 60 057 186 035 graincorp.com.au GrainCorp Limited Annual Report 2017 GRA734 Annual Report Cover_FIN.indd 1 17/11/2017 12:28 PM Contents GrainCorp provides a GrainCorp Overview 2 Chairman’s Statement 4 diverse range of products MD & CEO's Statement 6 Board of Directors 10 and services across the Executive Leadership Team 12 Directors’ Report 14 food and beverage supply Remuneration Report 28 Auditor’s Independence Declaration 41 chain to customers in over 2017 Financial Report 42 Notes to the Financial Statements 48 30 countries. Directors’ Declaration 92 Independent Auditor’s Report to the members of GrainCorp 93 Shareholder Information 99 Corporate Directory IBC Annual General Meeting 15 February 2018, 10:00am Cover image GrainCorp site in Nevertire, NSW. Recent upgrades as part of Project Regeneration will reduce the rail cycle time of a 40-wagon train from 48 to 36 hours. GRAINCORP LIMITED 2017 ANNUAL REPORT 1 GrainCorp Overview Our International Operations Germany Grains United Kingdom Grains China • Saxon Agriculture Grains Malt Oils • Bairds Malt • Scotgrain • Brewers Select North America Grains Australia & • GrainsConnect Canada New Zealand Malt Grains • Canada Malting Company Singapore Oils Grains • Great Western Malting Malt • Country Malt Group • Barrett Burston Malting • Brewcraft USA • Cryer Malt Grains Marketing oce Head oce Malt/Oils facilities Grains operations GrainCorp is a leading international food ingredients and agribusiness company with an integrated business model across three main grain activities: supply chain, origination and processing. 2 GRAINCORP LIMITED GrainCorp has operations in Australia, New Zealand, Asia, North America, Europe and the United Kingdom. These markets collectively represent over 50 percent of the international export trade in wheat, barley and canola. GrainCorp has three reporting segments: › GrainCorp Grains1 › GrainCorp Malt › GrainCorp Oils Our Vision To be a leading international agribusiness as our customers’ preferred partner. Our Integrated Supply Chain Accumulation – Largest regional accumulation network in Australia. Storage – Over 20mmt of country storage and handling capacity. Marketing – Marketing to local and global markets. Road & Rail – Full freight connectivity for rapid turnaround. Ports – 7 bulk grain ports with 15mmt elevation capacity and 14 bulk liquid terminals. Processing – A key end producer of malt and oils. Our Values Our values help define our organisational culture by providing a common understanding of how we do things at GrainCorp and how we should behave towards each other, our customers and other stakeholders. › Commit to SAFETY › Deliver for our CUSTOMERS › LEAD the way › OWN the result 1. In August 2017, Storage & Logistics and Marketing were combined into a single "Grains" business unit. 2017 ANNUAL REPORT 3 Dividends Per Share (DPS) (¢) 30 5 40 35 30 20 10 11 FY12 FY13 FY14 FY15 FY16 FY17 Ordinary DPS Special DPS Return on Equity (ROE) 14.4% 10.1% 7.8% 5.4% 3.0% 2.5% FY12 FY13 FY14 FY15 FY16 FY17 Annual ROE % Rolling 5yr average FY17 EBITDA by business unit2 37% 49% 14% Malt Oils Grains3 2. Reflects business unit proportions of EBITDA (excludes corporate costs). 3. Comprises S&L and Marketing. 4 GRAINCORP LIMITED Chairman's Statement I am pleased to deliver my first report as Chairman, in what was a strong year for GrainCorp with our grains businesses benefiting from a large Australian crop and another good performance from GrainCorp Malt. For the year ended 30 September 2017, underlying earnings before interest, tax, depreciation and amortisation (EBITDA) was $390 million and underlying net profit after tax (NPAT) was $142 million4. The significant uplift in earnings largely reflects higher Australian grain throughput, which was a pleasing outcome after three below-average harvests in eastern Australia5. Dividend The Board declared a final dividend of 15 cents per share for the period to 30 September 2017, taking the total dividend for the year to 30 cents per share. This represents a payout ratio of 48%, in line with the Company’s policy of paying out 40-60% of full-year underlying NPAT through the cycle. Strategic priorities We continue to focus on building more stable and reliable earnings streams and improving our return on capital. While we saw strong improvement to returns in FY17, our objective is to achieve a greater level of consistency through the cycle and I am confident we are on the path to achieving this. During the year, we progressed several initiatives that will help to deliver stronger and more consistent returns, including the completion or advancement of several capital investment projects. We “ We continue to focus on also continued to optimise our supply chains to drive operational efficiencies building more stable and and reduce costs. These efforts will continue in FY18, particularly as we reliable earnings streams face significantly lower volumes in the and improving our return Grains business. on capital.” We sold several non-core assets during the year which will free up capacity for future reinvestment. Strengthening our return on capital through asset sales and reinvestment is an important focus Graham Bradley AM for the Group. Chairman Balance sheet strength Our financial position was strong at 30 September 2017, with net debt gearing at 37%,6 below our target of 45%. We will maintain a disciplined approach to capital management as the current capital expenditure cycle winds down and as cash flows are generated from our strategic projects. Strengthening our service I am pleased to have had the opportunity over the past six months, since commencing as Chairman, to meet with our broader management group, employees and customers to see the breadth of our operations first-hand. I am proud of the opportunity to lead the Board as we look to further strengthen the quality of our service offerings and to extend our organisational capabilities. I would also like to make special note of the firm foundations put in place over the past decade under Don Taylor’s Chairmanship, which has helped GrainCorp to become the strong and diverse business it is today. Conclusion I would like to thank GrainCorp’s employees and my fellow Board members for their dedication and achievements during the year. I would also like to thank our shareholders and customers for their continued support. 4. Underlying EBITDA and Underlying NPAT are non-IFRS measures and exclude significant items. 5. Based on 10-year average between 2007/08 and 2016/17. 6. Quarterly rolling average. 2017 ANNUAL REPORT 5 Image: Recently upgraded malt plant in Pocatello, Idaho. 6 GRAINCORP LIMITED MD & CEO’s Statement The 2017 financial year was positive for GrainCorp with strong performances Recordable Injury Frequency Rate across most businesses and a significant improvement in financial results. (RIFR)7 Our grains businesses benefited from the large Australian harvest and the 38.8 increased storage, handling and merchandising opportunities. This included successfully executing a large grain export program despite persistently high global crop supplies and depressed grain prices, which continued to be a headwind for Australian growers. 21.6 Our processing businesses had a mixed year with Malt delivering another strong result and Oils underperforming against expectations.
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