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Annual Integrated Report 2019 Welcome – Tēnā Koutou

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Annual Integrated Report 2019 Welcome – Tēnā Koutou F.18A KIWIRAIL’S EVOLUTION ANNUAL INTEGRATED REPORT 2019 WELCOME – TĒNĀ KOUTOU Rail has a long and proud history in reservation and tracking system. Those services contribute to our New Zealand, stretching back more We will also be replacing aging purpose of building a better than 150 years. The financial year to locomotives and wagons and improve New Zealand through stronger 30 June 2019 (FY19) has seen the our major maintenance depots at Hutt connections. Government renew that commitment and Waltham. It will also be used to We do this by putting the customer at to rail, laying the foundations for us to progress the procurement of two new, the centre of everything we do, and our play the role we should in delivering for rail-enabled ferries that will replace workers strive every day to meet their the country. Interislander’s aging Aratere, Kaitaki, needs. In the 2019 Budget, the Government and Kaiarahi ferries. allocated $741 million through Vote Our workforce, spread throughout That outstanding level of investment Transport over the next two years and New Zealand, reflects the nation. It made a further $300 million available is a clear recognition of the value includes men and women from all for regional rail projects through the rail adds to New Zealand’s transport corners of the world, and from diverse Provincial Growth Fund (PGF). system. ethnic backgrounds. There is however still room to improve. The money is being used to address It is a driver of economic development legacy issues to improve reliability and employment, delivered through These are exciting times for rail in and resilience for tracks, signals, our freight network, world-class tourism New Zealand, and we look forward to bridges and tunnels, for new freight services, and the commuter services building a future on the investment that handling equipment and a new freight we enable in Auckland and Wellington. has been made in us. 2 | KIWIRAIL ANNUAL INTEGRATED REPORT 2019 CONTENTS OVERVIEW OF OUR BUSINESS CAPITALS REVIEW GOVERNANCE REVIEW At a glance............................................4 Financial .............................................23 The KiwiRail Board .............................. 50 Our purpose..........................................6 Case study: Selling more The KiwiRail Executive Team ............. 52 than just a journey ............................25 How we are governed.......................... 54 MANAGEMENT REVIEW People ................................................26 Case study: FutureYou STATUTORY REVIEW Chair’s message ...................................8 programme .......................................29 Milestones ..........................................10 Key Performance Indicators ................ 60 Assets .................................................30 Group Chief Executive’s report ...........12 Vote Transport .................................... 62 Case study: iReX .............................33 Our reporting approach ......................14 Financial statements............................ 64 Skills and know-how ...........................34 Statement of responsibility .................14 Independent Auditor’s Report .............. 96 Case study: Napier to Wairoa ..........36 How KiwiRail creates value ................16 Directory .............................................. 98 Relationships ......................................37 BUSINESS REVIEW Case study: Environment - Steel Wheels and Fonterra ............41 Performance of our business.............. 18 Environment .......................................42 Case study: Midland Port ......................22 United Nations’ Sustainable Development Goals ............................46 Strategic outlook .................................48 KIWIRAIL ANNUAL INTEGRATED REPORT 2019 | 3 Overview of our business: At a glance AT A GLANCE: HIGHLIGHTS FROM FY19 FINANCIAL PEOPLE ASSETS Operating surplus1 of $55 million Staff engagement hits record high Project iReX confirms two large which is up by $6 million compared with Employee Net Promoter Score rail-enabled ferries to replace to 2018 reaching to +24 in 2019, up 23 from existing fleet +1 in 2018, improvement on a low Overall revenue up by 11% of -21 in 2016 and -7 in 2017 Rolling stock and mechanical facilities replacement program Solid growth in rail freight revenue 13,600 Safe Work Conversations underway, with 15 DL Gen - $39 million up on last year recorded over the year, a 212% 2.3 Locomotives delivered (excludes impact of fuel cost increase on previous year in October 2018 and all in recovery) commercial service High Performance High Growth in domestic freight revenue Engagement (HPHE) has 13 Wellington Metro 98% on time of 25% following the full reopening initiatives underway across the performance for the 2,200 of the Main North Line business, including higher facility weekly services Growth in forestry revenue of usage and reduced out-of-service Received $8 million initial 12% as the Wall of Wood comes times from maintenance depot funding for the Hamilton to onstream and we increase our log roster changes using HPHE Auckland service, and promised wagon fleet principles, HPHE V2 training and material under construction for a further $14.5 million in the Growth of bulk freight revenue of different levels short term. Work refurbishing the 12% with a strong coal market Hamilton-Auckland carriages is Increasing focus on diversity and progressing well, and network Strong year for tourism – up by $7 inclusion with launch of network and maintenance facility million on last year groups underway: Women, implementation work is about to Rainbow and Young Professionals commence Transitional funding committed for FY20 and FY21 in Government Operations restructure Boost to regional economies Budget implemented to bring all operational through the PGF enabling: teams together into one team additional capacity and premium $300 million earmarked in the PGF carriages on tourism services; for regional rail projects Safety Culture survey with 2,011 reopening of Napier to Wairoa people taking part, providing 800 line; new regional freight hub comments. 53% of participants in Palmerston North; Northland OPERATING believe we are better than other rail investigations; Whanganui’s SURPLUS1 UP companies or as good as the best Castlecliff Line upgrade and in the world other regional studies $6M EMPLOYEE NET PROMOTER SCORE OVERALL REACHES 15 DL REVENUE UP GEN 2.3 LOCOMOTIVES 11% +24 DELIVERED 1. Operating surplus represents earnings before depreciation & amortisation, interest, impairment, capital grants and fair value changes. FY19 Operating surplus excludes impact of non-recurring items. 4 | KIWIRAIL ANNUAL INTEGRATED REPORT 2019 Overview of our business: At a glance SKILLS AND RELATIONSHIPS ENVIRONMENT KNOW-HOW Customer satisfaction ratings for Achieved 58% of our 2020 Interislander at 91%, up +1% on Energy Reduction Target Napier to Wairoa line opened on last year (73.5 GWh) which equates to time. Significant recovery effort reductions of 10,929 tonnes of September to April rebuilding Successful Project Wāheke with CO2-e emissions Raupunga landslip. Excellent 32 in-depth customer interviews team work from all parts of the from the viewpoint of four primary Locomotive fuel burn had a 6.1% business customer archetypes improvement on Base Year FY16 Kaikoura rebuild won global Full reinstatement of the Main North Interislander sailing fuel award – Institution of Civil Line with Coastal Pacific passenger performance had a 2.8% Engineers People’s Choice Award service reopened in December improvement on Base Year FY16 2018, which was welcome news Placements confirmed for 56 new for Kaikoura, as the trains bring in Addition of electric vehicles to Locomotive Engineers with an tourists who play a significant part in fleet at Auckland and Wellington additional intake being planned the local economy offices New governance structure for Developed relationship with Napier significant project investment in and Hawke’s Bay hapū during the place process of opening the Napier to Wairoa line REDUCTION OF INTERISLANDER CIVIL CUSTOMER 10,929 ENGINEERS SATISFACTION PEOPLE’S CHOICE TONNES CO -e EMISSIONS AWARD 91% 2 KIWIRAIL ANNUAL INTEGRATED REPORT 2019 | 5 Overview of our business: Our purpose OUR PURPOSE STRONGER CONNECTIONS. 35 MILLION ONE MILLION 19 MILLION We help commuters make We carry more than one We move more than 35 million low-carbon million tourist passengers 19 million tonnes of journeys each year each year freight each year • Manage 17,800 hectares of land • 3,100 signals • Own more than 1,350 buildings • 1,500 public • 4,756 wagons level crossings • Three long-distance passenger • Over $1 billion invested in renewal and experiences between Auckland upgrade of rail network, rolling stock and Greymouth and property over the last five years • 230,000 passengers per year • Stops at 24 towns and cities in New Zealand 6 | KIWIRAIL ANNUAL INTEGRATED REPORT 2019 Overview of our business: Our purpose BETTER NEW ZEALAND. 1.5 BILLION 16% 26% The total value of rail to We carry around 16% We transport 26% of New Zealand’s economy is of New Zealand’s total New Zealand’s exports $1.5 billion every year freight task (tonnes-km) • 98 tunnels • Three ships • Reduce heavy vehicle • 1,325 bridges • 825,000 passengers impact by 1.2 million • 3,700 sailings truck trips per year per year • Every tonne of freight carried by rail is a 66% emissions saving over road • 3,700 employees • 253 locomotives • 74% union members • 90% of all freight • 46 years
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