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View Annual Report 19 October 2017 ASX Announcement Annual Report Notice of Annual General Meeting and proxy form Attached below are Qube’s 2017: . Annual Report; and . Notice of Annual General Meeting and proxy form. Adam Jacobs Company Secretary BUILT STRONG FOR LONg-TERM GROWTH QUBE HOLDINGS LIMITED HOLDINGS QUBE ANNU A L REPORT 2017 REPORT L QUBE HOLDINGS LIMITED ANNUAL REPORT 2017 ABN 14 149 723 053 QUBE’S VISION IS TO BE AUSTRALIA’S LEadING PROVIDER OF INTEGRATED LOGISTICS SOLUTIONS FOCUSED ON IMPORT AND EXPORT SUPPLY CHAINS Contents 13 Operational Summary 2 Chairman’s Letter 20 Financial Information 4 Managing Director’s Report 134 Shareholder Information 10 Safety, Health and Environment 137 Corporate Directory ANNUAL REPORT 2017 1 Over 100 locations across Australia and NZ Over 6,500 employees and contractors No.1 in our core markets Over $3.75 billion in market capitalisation Annual General Meeting The 2017 Annual General Meeting of Qube Holdings Limited will be held at PricewaterhouseCoopers (PwC), Level 15, One International Towers Sydney, Watermans Quay, Barangaroo Sydney on Wednesday 22 November 2017 at 10.00am (Sydney time). 2 QUBE HOLDINGS LIMITED down as Chairman just prior to the end of the 2017 financial year. As many of you know, it was Chris and our Deputy Chairman Sam Kaplan, who 10 years ago began assembling the assets which would become Qube today. Under Chris’s leadership Qube has grown from a 200 million dollar investment fund to being an ASX-listed top 100 company with a market capitalisation of more than 3.75 billion dollars. I can say confidently that Chris has realised his vision of Qube becoming a major player in the freight CHAIRMan’s logistics market in Australia bringing COMpleteD overdue efficiencies to the import-export Letter acQUISITIon supply chain. As the new Chairman, I know I have big 50% IntereST shoes to fill and hopefully I won’t disappoint IN PatrICK our shareholders and employees. I am well supported by the Board in this job and also welcome our new director Sue Palmer who was appointed on 1 September 2017. Sue brings a wealth of operational and board experience to Qube and we are all looking forward to her contributions to our business. Financial Results The FY17 financial year saw the completion of several major acquisitions which have substantially enhanced the quality of Qube’s asset base and long-term earnings. Qube also significantly strengthened its balance Allan sheet underpinned by an increased and Davies diversified funding capacity. Chairman Highlights for the period include: n Strong revenue and earnings growth from both the Logistics and Ports & Bulk divisions which were brought together under a Chief Operating Officer for the first time; n Continued focus on safety with a further 8% improvement in lost time 2017 was a very successful year for COMpleteD injuries and recordable injuries; Qube as the Company completed major n The completion in August 2016 of the strategic acquisitions while still managing acQUISITIon acquisition of a 50% interest in Patrick to grow earnings and revenue in our core 100% in conjunction with Brookfield who businesses around Australia. OWnerSHIP own the other 50%; The transformational Moorebank Logistics OF aat n The completion in November 2016 Park project remains on track with of the acquisition of an additional 50% new tenants signing up. Our balance interest in AAT giving Qube a 100% sheet is strong with diversified funding ownership interest; sources and low gearing positioning the n The completion in December 2016 Company well for continued growth in the of the acquisition of Aurizon’s 33% years ahead. interest in the Moorebank land and However, before turning to the detail, I must related project, giving Qube a 100% begin by thanking and acknowledging my ownership interest; predecessor Chris Corrigan who stepped ANNUAL REPORT 2017 3 COMPLETED THREE STRATEGIC ACQUISITIONS SUBSTANTIALLY ENHANCING THE QUALITY OF QUBE’S ASSETS AND LONG TERM EARNINGS n The achievement in January 2017 The Logistics and Ports & Bulk divisions The contribution from Patrick will depend of financial close with the Moorebank are both expected to deliver underlying on several factors, most importantly Intermodal Company (MIC), effectively organic revenue and earnings growth. market sector growth and Patrick’s market being day 1 of the Moorebank Logistics The extent of growth in earnings in the share (including Patrick’s success in Park project; and Ports & Bulk division will be influenced securing any available new business) n Successful completion of a range of by conditions across commodity markets, during the period. Management is also funding initiatives to ensure that Qube new passenger vehicle sales as well as focusing on cost reductions and the has the funding capacity and structure any improvement in activity levels in the achievement of the target synergies/ to support continued growth in the oil and gas sector. cost efficiencies to mitigate the impact of ongoing rate pressures. business over the long term. The earnings from the Logistics division’s Since the end of the financial year we Sydney operations will be impacted in At this stage, Patrick is expected to have also announced that Target Australia FY18 by additional interim operational contribute a modest increase in underlying will become a major tenant at Moorebank costs as the business waits for the earnings to Qube in FY18 compared Logistics Park and negotiations with other Moorebank Logistics Park’s facilities to FY17 (being interest income and share potential tenants are well advanced. to be developed over the next two years. of profit after tax). It is anticipated that the Sydney operations In FY17, through the acquisitions of 50% DIVIDEND will commence consolidating some of its of Patrick, Aurizon’s Moorebank interests and the other 50% of AAT, Qube has The Board has determined to declare a final existing activities at Moorebank from assembled a unique portfolio of high dividend of 2.8 cents per share fully franked, FY19. As a result, only modest organic quality and strategic infrastructure assets thereby maintaining the full-year dividend earnings growth is currently expected that will drive efficiencies across the at 5.5 cents per share as in the prior year. from the Logistics division in FY18. logistics supply chain. The Board believes this quantum of The earnings from the Strategic Assets In the shorter term, while Qube is dividend is appropriate taking into account division are expected to benefit from a undertaking the investment to develop the increased earnings from the operating full-period contribution from AAT (albeit some of these assets, its earnings will divisions, the stability of Qube’s EPSA with reduced earnings from AAT’s not reflect the substantial value that compared to the prior year, the unrealised Melbourne operations as it exits its is being created. value creation at Moorebank and Qube’s lease at the end of 2017) and increased positive long-term outlook. management fees for MIC-funded works However, despite its significant at Moorebank Logistics Park. investment and ongoing competitive OutlooK Modest warehouse rental income is market conditions, Qube expects to expected from the existing warehouses at report an increase in underlying earnings In FY18 Qube expects overall market Moorebank. The capex from the Strategic in the 2018 financial year. conditions to remain similar to FY17 Assets division is expected to increase In conclusion I would like to thank the with pressure on rates from the ongoing significantly in FY18 as the Moorebank Managing Director Maurice James, his competitive dynamics in Qube’s key markets. development ramps up. management team and the Company’s However, Qube will continue to seek thousands of employees and contractors to deliver growth and maintain its strong for their contribution to Qube’s market positions through its innovative continued success. and reliable logistics solutions and strong cost focus. 4 QUBE HOLDINGS LIMITED QuBE COMpleteD StrateGIC acQUISITIonS anD proactIVELY ADDreSSED funDING neeDS Funding initiatives undertaken to support growth, diversify funding sources and lengthen debt maturity profile 2016 ManaGING UNDerlYING DIrector’S REVenue Report GROWTH Increased exposure of 14.7% to infrastructure type assets and operations through acquisitions *Pre transaction costs and completion adjustments Despite this pressure, the Logistics business did well with increases in revenue and earnings which reflects the success in growing Qube’s customer base across a range of sectors including Maurice agriculture, retail and resources as well as James growth within the existing customer base. Managing The Ports & Bulk division also had a very Director successful year with pleasing volumes across most areas of the business, high levels of customer retention and success in winning new contracts in both bulk and ports activities. The Company has realised the benefits of bringing the two divisions together under Chief Operating Officer Paul Digney. 2017 was a year of acquisition and UNDerlYING The new structure is already delivering implementation at Qube. As Managing synergies with the different parts of Qube Director it was pleasing that we were EBITDA now working more closely together and able to complete several very significant GROWTH savings have been delivered. acquisitions while still remaining focused of 6.2% It was particularly pleasing to see our on our core businesses. continued focus on safety generate a In brief, both the Logistics and
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