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What Drives Our Business What drives our business 8 Chairperson’s review Transnet Integrated Report 2020 9 What drives our business Aside from the catastrophic impacts of state capture, Building a competitive freight and Two years in, Chairperson’s review Transnet has performed below its potential in recent years, which has constrained its financial position and supply chain network we remain left us with limited room for budgetary adjustments. Repositioning to deliver on our committed “We have repositioned Insufficient maintenance of ageing infrastructure and a sedentary posture towards safety and systems mandate to fixing the the Company reliability has impaired our operations, resulting in Among the key challenges we face in South Africa inadequate service delivery. The knock-on effects have is an economy that is not growing sufficiently and basics strategically, with a included declining levels of customer satisfaction, is shedding jobs even as it grapples with the reality lower volumes and undue financial pressure. This said, of high levels of unemployment, especially amongst we are making steady inroads in correcting our future the youth. This is compounded by the return of renewed focus on the course. Most notably, we have completely restructured energy-supply challenges facing South Africa. our executive management cadre appointing talented Further, the emergence of Covid-19 has brought into strategic levers and experienced executives and are refocusing aspects focus the vulnerability of global supply chains to of the business to curb overspending, validate business disruption. As such, we intend to develop a more acute of customer service, cases and incentivise capital efficiency. We have also focus on understanding the strategic risks inherent repositioned the Company strategically, with a people, asset utilisation, renewed focus on the five essential strategic levers of in our customers’ supply chains and to respond customer service , people, asset utilisation, safety, more decisively and proportionately to these safety and cost control cost control and underpinned by ethical leadership. disruptions. underpinned by ethical We provide more comprehensive perspectives on our We provide a more comprehensive perspective on our operational performance in the chapter on our future commodity outlook in the chapter on Our leadership” 42 strategic progress on page 42 and Our performance performance and outlook on page 76. 76 76 and outlook starting on page 76. Transnet’s port container and automotive terminals Our strategy play a critical role in the manufacturing, agri and retail sectors enabling the export and import of from Wuhan to other cities in China, hundreds of miles The second dimension of our long-term sustainability intermediate and final goods. These sectors will play away, and mere weeks to spread beyond China along relates to our medium- to long-term strategic an increasingly important role in Transnet’s revenue major trade and tourism routes and international planning and resource allocation, and the urgency with mix going forward. supply chains. which we can address our shortcomings in the context of changing economic and market dynamics. During It is gratifying to see that our initiatives to improve As a rail, port and pipeline company, Transnet is the first year of this Board’s tenure, the main port efficiencies are already producing tangible directly exposed to global macroeconomic trends. strategic objective was to ‘stabilise the core’, which results. While writing this review, the Port of Cape A goliath in every respect, the Covid-19 pandemic has aimed to preserve, repair and strengthen Transnet’s Town exceeded its efficiency targets for citrus played out in critical tandem with other socio- operational core by optimising and restoring its exports. The port had been hit hard during the first economic challenges affecting Southern Africa over essential and vital operational capability. Two years stages of Covid-19, with only one port team working the past decade, including reducing agricultural in, we remain committed to fixing the basics, with a at the main terminal, with delays of up to 21 days in productivity, escalating trade tensions, limiting job focus on operational excellence across the supply the roadstead. Now, halfway through the citrus prospects, and increasing political and regulatory chain and on meeting existing customer demand. We season, and despite the lingering challenges of Covid, uncertainty. Resilience is a critical consideration in are, however, in a stronger position to assess what we are exceeding reefer targets and have improved The global Covid-19 pandemic was first reported on evaluating the medium- to long-term sustainability of operational challenges and opportunities direct our Cape Town Container Terminals’ handled volumes, 31 December 2019 by the World Health Organization any company, along with its ability to adapt to strategic impetus. thanks to constant communication with customers to (WHO) following a cluster of pneumonia cases in infrequent but potentially devastating humanitarian maximise 24-hour operations. Wuhan City, Hubei Province of China. The virus has crises such as Covid-19. The next phase of our strategic repositioning will since spread to more than 100 countries, including intensify our focus on future growth opportunities South Africa, leaving few businesses untouched. th Ethical leadership while continuing to build an enabling environment for Adapting to the 4 Industrial Revolution our people, particularly given the new work practices As we prepare to publish our 2020 Integrated Report, While attending the World Economic Forum on Africa The first dimension of our long-term sustainability and technological trends developing post the Covid-19 global cases of the pandemic have surpassed the in September 2019, I was once again reminded of the relates to competent, capable and ethical leadership. lockdown. A diversified growth path will be driven 29 million count, with more than 900 000 fatalities relentless advancement of the 4th Industrial The Board of Directors is two years into its mandate to across three planning horizons. The core growth Revolution, and what it means for our Company in worldwide and more than 650 000 confirmed cases in restore the integrity of the Company following the horizon will optimise Transnet’s rail, ports and practical terms. As a transport and logistics SOC, we Our initiatives South Africa. Soon after the WHO’s December report, widely publicised phenomenon of state capture over pipelines freight logistics systems through investment are facing nothing short of an operational paradigm we observed the first tangible signs of a slowdown in the past nine years. Since my appointment as Transnet and operating partnerships with the private sector, shift. This shift encompasses not only the automation to improve port world trade, changing flows in tourism and disruptions Chair in 2018, I have observed the Company’s genuine while strategic equity partnerships will enhance our efficiencies in global supply chains, particularly for businesses efforts to correct past mistakes. Our cooperation with global competitiveness and regional integration. of our operating environment, but extends to how we that rely on manufactured products. It became various law enforcement agencies is starting to bear Adjacent growth prospects will look to regional approach new technological advancements and also are already apparent to the world that China is the only fruits. The Company has conducted disciplinary expansion of the rail, ports and pipelines logistics how we prepare our people for changing skills sets producing manufacturing hub that provides multiple global processes to deal with malfeasance that has tarnished systems; while new growth will see Transnet venturing and operational methodologies, specifically our supplies on a large scale. In the age of just-in-time 42 younger generations. its reputation over the years. Some of the litigation to into diversified businesses spaces. Please read more tangible results logistics, it took the coronavirus just days to spread matters are still underway. 46 on our strategic direction on pages 42 to 46. What drives our business 10 Chairperson’s review Transnet Integrated Report 2020 11 With more than 200 million people aged between 15 Achieving our developmental Transnet remains well positioned to raise funding operations and the country who have been impacted As an SOC, and 24, Africa has the youngest population in the through the domestic medium-term note. Transnet is by Covid-19. world, and the current trend indicates that this figure mandate in the process of securing several long-term facilities the lesson of As an SOC, the lesson of the pandemic has been to which will help improve its liquidity profile in the will double by 2045. One set of cautious estimates by Appreciation the pandemic the World Economic Forum shows that 75 million jobs bring our developmental mandate into sharper focus. near term. For us, as for all companies post-pandemic, the only Foremost, I would like to acknowledge the people of may be displaced by a shift in the division of labour sustainable advantage going forward is to recognise Transnet for your commitment to keeping the has been to between humans and machines, while 133 million new Outcome of the external audit our inherent and integral connections to all who make proverbial wheels turning under difficult conditions. bring our roles may emerge that are more adapted to the new up our society, and to recommit to our overarching Despite all efforts to accurately identify, quantify and The Covid-19 situation evolves from day to day, and division of labour between humans, machines and purpose, which is to serve the people of South Africa. report irregular expenditure, the Company has again there is a lot we do not know about the long-term developmental algorithms. While these numbers remain a moving been unable to satisfy the external auditors in this implications for our business and the transport and target, they are useful in highlighting the types of As we navigated the first few months of Covid-19, regard, resulting in an audit qualification for the third logistics sector.
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