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Annual Report 2015 Abn 14 149 723 053 Qube Holdings Limited Level 22, 44 Market Street Sydney Nsw 2000

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Annual Report 2015 Abn 14 149 723 053 Qube Holdings Limited Level 22, 44 Market Street Sydney Nsw 2000 QUBE ANNUAL REPORT 2015 QUBE ANNUAL REPORT ANNUAL REPORT 2015 ABN 14 149 723 053 QUBE HOLDINGS LIMITED LEVEL 22, 44 MARKET STREET SYDNEY NSW 2000 Annual General Meeting The 2015 Annual General Meeting of Qube Holdings Limited will be held in The Blaxland Ballroom, Level 8, The Swissôtel, 68 Market Street, Sydney on Tuesday 24 November 2015 at 10:00am (Sydney time). QUBE ANNUAL 01 HOLDINGS REPORT LIMITED 2015 QUBE IS ESTABLISHED AS A LEADING LOGISTICS PROVIDER FOR IMPORT AND EXPORT FREIGHT. Chairman’s Managing Operational Letter Director’s Review Report 02 04 07 Sustainability Financial Corporate and Safety, Information Directory Health and Environment 18 20 132 02 QUBE ANNUAL HOLDINGS REPORT LIMITED 2015 2015 WAS A YEAR OF MAJOR ACHIEVEMENTS AND SIGNIFICANT CHALLENGES FOR QUBE WHICH DELIVERED ANOTHER SUCCESSFUL RESULT FOR SHAREHOLDERS Qube delivered record underlying revenue growth in the year of 18% to $1.43 billion and underlying EBITA growth of 14% to $172.4 million. Qube’s underlying net Christopher D Corrigan profit after tax increased by approximately Chairman 19% to $105.2 million and underlying earnings per share increased by 8% to 10.0 cents. Underlying earnings per share pre amortisation increased to 10.5 cents from 9.8 cents. Statutory revenue increased to approximately $1.46 billion and profit after tax attributable to shareholders after allowing for impairments was $85.9 million. Statutory diluted earnings per share were 8.1 cents. The statutory result was impacted by impairments included in the Ports & Bulk division relating to Qube’s Utah Point and Dampier Transfer facilities. These impairments were partly offset by fair value gains in the Strategic Assets division reflecting the increased value of Qube’s strategic investment properties at Minto and Moorebank. The directors have determined to pay a fully franked final dividend of 2.8 cents Qube continued to produce good per share, bringing the full year dividend CHAIRMAN’S revenue and net profit growth in the to 5.5 cents, an 8% increase on the prior face of worsening economic and financial year. This reflects a payout ratio LETTER market headwinds. The Company is of around 55% of Qube’s underlying now clearly positioned as the leading earnings per share consistent with provider of logistics solutions in the Qube’s target payout ratio of 50‑60% import and export supply chains. of underlying earnings per share. The major achievement for 2015 clearly Other highlights for the full year include: was reaching an agreement with the n a substantial and continued Commonwealth to develop Australia’s improvement in safety performance largest logistics hub at Moorebank in across the Group; South Western Sydney. This project will n the announcement of a joint venture transform the movement, storage and with Japan’s TonenGroup to develop distribution of freight in Sydney and will fuel storage facilities in Australia; also transform Qube over the next decade n construction of grain handling facilities as we develop the intermodal precinct. at Port Kembla as part of our Quattro The Company’s greatest challenge for joint venture with key international the year was successfully navigating the grain trading partners; and decline in commodity prices in 2015 and n the completion of several acquisitions the ensuing negative impact on some and continued investment in of our major customers. Our strategy equipment and facilities to support of diversifying the group by product, our long term growth. geography and customer enabled Qube to mitigate the downside effects of the commodity slowdown to deliver this pleasing result. CHAIRMAN’S 03 LETTER Overall underlying earnings growth in FY16 parallel with this, Qube will progress will depend on a range of factors including its assessment of the optimal ownership FY15 general economic activity, the competitive and funding options for the warehousing environment, Qube’s ability to secure to be developed at Moorebank. UNDERLYING new contracts and undertake accretive Qube will use its strong operating cashflow REVENUE acquisitions, and earnings contributions to invest in facilities and equipment to from Moorebank and Quattro. build scale, enhance Qube’s competitive GREW BY As previously announced, Qube expects position, and will also assess suitable that, excluding the contribution from acquisitions that meet Qube’s financial, 18% any new contracts or acquisitions, the strategic and risk criteria. This will ensure underlying earnings from the Ports & Bulk that Qube is well placed to improve division will be lower in FY16 compared margins and earnings when external and to FY15. This is a result of the conclusion economic conditions improve. of three significant contracts and the Strategically, Qube continues to assess a revised terms of the Atlas contract that broad range of acquisition and investment occurred in the second half of FY15. opportunities to provide further scale A key priority for the Company in FY16 will and competitive advantage and support Financial Strength be to progress the existing and potential continued long term earnings growth. strategic projects across the group that Qube ended 2015 in a strong financial In conclusion I would like to thank the will drive sustainable, long term growth. position having achieved material Managing Director Maurice James, his improvements in capacity, pricing and This includes achieving financial close on management team and the Company’s terms of debt facilities. the Moorebank arrangements, commencing thousands of employees and contractors construction and progressing discussions for their continued contribution to Qube’s Qube completed a refinancing of its two with target tenants for the warehousing. In long term success. syndicated debt facilities in December 2014 into a single larger $750 million facility. This provided the group with improved pricing and terms which will support continued growth. Qube’s leverage ratio (net debt / net debt plus equity) was 27% at 30 June 2015 which remains below the bottom end of Qube’s target leverage range of 30‑40%. At 30 June 2015, Qube had net debt (being bank loans and finance lease liabilities less cash on hand) of approximately $519 million. Qube had available cash and undrawn debt facilities of over $260 million providing it with substantial funding capacity to pursue further investment. Outlook Qube expects trading and economic conditions to remain difficult in FY16 and the recent market turmoil only adds to the challenges ahead. Qube’s earnings in FY16 are expected to benefit from the full year contribution from acquisitions made in FY15 and earnings contribution from Moorebank and Quattro. 04 QUBE ANNUAL HOLDINGS REPORT LIMITED 2015 2015 MARKED THE BEGINNING OF THE NEXT PHASE OF QUBE’S DEVELOPMENT AS AUSTRALIA’S LEADING INTEGRATED LOGISTICS COMPANY IN THE EXPORT IMPORT SUPPLY CHAIN Safety Maurice James I am delighted to report that while the Managing Director Company continued to grow, our safety performance continued to improve. A relentless focus on Zero Harm delivered a 30% improvement in lost time injuries compared to 2014. This represents an 85% improvement in safety performance since the current management took over the Qube assets in 2007. It’s a performance of which all employees can be justifiably proud and one which we are determined to improve again next year. FY15 DELIVERED A 30% IMPROVEMENT ON LOST TIME The two operating divisions, Qube INJURIES MANAGING Logistics and Qube Ports & Bulk, continued to deliver great service DIRECTOR’S to our customers and very pleasing REPORT results to our shareholders while the Strategic Assets division won the right to develop Australia’s largest logistics hub at Moorebank in Sydney. Logistics Division The Company also moved further into In 2015 the Logistics division delivered the oil sector with announcement of a another good result in the face of tougher joint venture with Japan’s second largest competition and pressure on margins. fuel supplier TonenGeneral to develop The division reported an underlying fuel storage facilities in Australia. At the revenue increase of 4% on the prior year’s same time, we further progressed our underlying results. Underlying earnings involvement in grain handling with (EBITA) increased by 2% to $58.7 million. Quattro joint venture. The growth achieved by the division was positive given the very competitive operating environment and reflects management’s ability to retain and grow market share. Qube successfully integrated the CRT acquisition, which was completed in December 2014, and is already achieving the target cost synergies with additional benefits expected to flow into FY16. MANAGING 05 DIRECTOR’S REPORT The warehouse development at Victoria Dock was completed in Ports & Bulk Division June 2015, and volumes have been The Ports & Bulk division continued UNDERLYING successfully transitioned from the to deliver record results with very strong Somerton facility (which Qube has growth in 2015. Underlying revenue REVENUE now exited) to Victoria Dock as part and EBITA increased by 33% and 28% GROWTH of Qube’s cost savings initiatives. respectively to $785.1 million and Management will continue to focus $102.4 million compared to the prior OF 33% on tight cost control throughout 2016. year’s underlying results. The Logistics division will ultimately The record result was achieved become the operator of the port shuttle on continued growth in overall bulk and rail terminal at the Moorebank facility commodity volumes despite weakness which is aimed to commence operations in iron ore volumes at the end of the in FY18. period as well as weakness in project cargo. Major achievements included Highlights / Logistics winning several new contracts in the commodities, oil and gas sector Highlights / Ports & Bulk Financial Performance and opening a new supply base in Darwin to support a major contract n Positive result with underlying revenue Financial Performance with Conoco Phillips, the world’s growth of 4% and earnings growth n Very strong performance – underlying largest independent oil and gas (EBITA) of 2% revenue growth of 33% and earnings exploration company.
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