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Qube Holdings Limited Qube Annual Report 2020

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Qube Holdings Limited Qube Annual Report 2020 QUBE HOLDINGS LIMITED QUBE ANNUAL REPORT 2020 1 QUBE HOLDINGS LIMITED Table of Contents Chairman’s Message 2 Managing Director’s Report 3 Directors' Report 4 • Information on Directors and Senior Management 7 • Review of Operations 12 • Remuneration Report 21 Auditor’s Independence Declaration 50 Financial Report 51 Independent Auditor's Report to the Members 129 Shareholder Information 136 Corporate Directory 138 QUBE ANNUAL REPORT 2020 1 QUBE HOLDINGS LIMITED CHAIRMAN’S MESSAGE FOR THE YEAR ENDED 30 JUNE 2020 Chairman’s Message As Qube Chairman, I’m pleased to be able to report that, with other markets such as automotive, containers and project despite the unprecedented challenges faced in FY2020, the cargo which experienced meaningful reductions in volumes. company was able to deliver a sound financial performance. Moorebank Logistics Park Qube had weathered the tumultuous summer months affected Solid progress was made during the year at the Moorebank by bushfires and floods and was on track to deliver more Logistics Park (MLP). growth for shareholders when COVID-19 reached Australia in late February. In November the first shuttle trains commenced operations between Moorebank and Port Botany and volumes are Our first priority, as always, was the health and safety of our continuing to increase. employees. The Board and Management moved quickly to protect our people and implemented company-wide safety A major highlight was the announcement in June that Qube protocols which responded flexibly to the evolving crisis. had attracted Woolworths to the precinct. In a development that will transform the NSW grocery supply chain, Woolworths In anticipation of a prolonged and severe impact on economic will develop a semi-automated national distribution centre and activity and the impact on Qube’s operations, management an automated regional distribution centre. initiated a proactive and focussed plan in early March to mitigate the impact on Qube’s earnings and minimise the Subject to NSW Government planning approvals, the need for employee stand-downs or job losses. distribution centres are expected to commence operations in 2023 and 2024. This work has been successful in minimising the damage to our people and our operations. Qube is continuing with the previously announced Moorebank monetisation process and has selected a short list of parties However, the economic downturn caused by the pandemic to proceed to the second stage of the process. These parties and other factors has negatively affected Qube’s full-year continue to express a strong interest in the MLP and its earnings as outlined below. unique characteristics. Qube presently expects to have determined whether or not it will proceed with a transaction Key Results towards the end of calendar 2020. Patrick Underlying revenue $1.9 billion (+9.0%) • Despite the impact of COVID-19 in the second half, Patrick • Underlying EBITA $160.3 million (-11.2%) continued to generate strong cashflow in the period, although reflecting the uncertain environment and lower volumes, only • Underlying NPATA $121.2 million (-12.9%) distributed $20.0 million to Qube in the period through a combination of interest, repayment of shareholder loans and • Full-year dividend of 5.2 cents per share fully franked return of capital. Equity Raising Safety Performance In May 2020, the Board and Management sought to raise The Board remains closely focused on maintaining and $500 million through an entitlement offer open to all Qube improving Qube’s strong track record on safety. We continue shareholders. On behalf of the Board, I would like to thank to invest significantly in safety initiatives and the promotion of shareholders for their support in that successful raising. improved health and well-being amongst our workforce. Outlook Qube’s injury rates improved again, continuing the long-term At present, there is very limited visibility regarding near-term improvement trend with a Total Recordable Injury Frequency volumes in Qube’s key markets. Qube presently expects that Rate (TRIFR) of 8.3, a 7% improvement on the rate of 8.9 the generally weaker conditions it experienced in the second reported in FY19. half of FY20 will continue in FY21 until the impact of COVID- Tragically, despite Qube’s efforts and initiatives, in September 19 subsides. As a result, Qube expects volumes in a number 2019 there was a fatality of a Qube employee working at the of its markets to decline in FY21 relative to FY20. IGO Nova Mine site in Western Australia. The learnings from Qube’s underlying earnings in FY21 will therefore depend the fatality investigation have been shared across the largely on the severity and duration of the impact of COVID- organisation. Qube will continue to work to improve and 19 on the economy and Qube’s markets, and Qube’s ability to enhance its safety systems and performance. mitigate the impact through further cost initiatives, new Operating Division revenue opportunities and accretive acquisitions and Qube’s diversification strategy across Ports, Bulk and investment as well as the timing of a general economic Logistics operations significantly ameliorated the impact of recovery. COVID-19 across the group. Qube remains well positioned for a strong earnings recovery The underlying financial results for the Operating Division when volumes return to more normal levels and to deliver were pleasing given the environment with earnings growth long-term earnings growth from its highly strategic assets. over the prior comparable period, despite headwinds in a In conclusion, I would like to thank directors, number of its markets which impacted volumes and placed management and all employees for their efforts during pressure on margins. The result benefitted from a contribution what has been a very testing period in the last year. from acquisitions and new contracts in the period, as well as Qube’s diversification and strong market positions in its target markets. Allan Davies Diversification was particularly important during the second half of the period during which Qube’s bulk operations continued largely unaffected by COVID-19 which contrasted 25 August 2020 QUBE ANNUAL REPORT 2020 2 QUBE HOLDINGS LIMITED MANAGING DIRECTOR’S REPORT FOR THE YEAR ENDED 30 JUNE 2020 Managing Director’s Report At the outset, I would like to acknowledge the extraordinary COVID-19 efforts of Qube management and employees in meeting the The impact of COVID-19 on Qube’s activities varied challenges of COVID-19. significantly with minimal impact on Qube’s bulk export operations, a modest impact on its New Zealand forestry At Qube we have always strived to build a culture of stevedoring and marshalling operations (mainly due to the practical, sensible and clear leadership which allows the closure of forestry activities for three weeks) and a more group to respond quickly to customer needs and market significant impact on container, import break bulk cargo, and change. automotive volumes. The events of 2020 have undoubtedly tested the strength It is estimated that lower volumes and higher costs due to and resilience of the company in ways which no-one could COVID-19 reduced Qube’s FY20 underlying earnings have predicted. (NPAT) by over $21 million overall of which around $10.5 As the outbreak worsened, we were able to adapt rapidly to million are non-cash expenses. This estimate excludes the protect the health and safety of our people, deliver on impact from lower volumes due to COVID-19 on Patrick’s customer requirements and minimise the economic damage earnings which cannot be reliably estimated. to the group. It is also estimated that lower volumes due to COVID-19 Chief Operating Officer Paul Digney led the company’s reduced Qube’s FY20 revenue by around $135 million during response to the crisis, and supported by his team, achieved the COVID-19 period. The resulting earnings impact was the important goals of protecting our people and minimising partly mitigated by around $10.5 million of cost savings job losses. through initiatives including temporary reductions in fixed remuneration and Board fees, reduced travel expenditure, COVID Safe plans were rolled out across Qube workplaces reduced property and equipment costs as well as lower and strict protocols implemented to minimise the possibility variable costs. of workplace transmission. The impact of COVID-19 on Qube was also felt through Regular communication to all employees and contractors approximately $7.5 million in additional costs directly relating reinforced the importance of social distancing and hygiene. to COVID-19. Operational activities were adjusted, including shift Several regional and automotive ports, including Darwin, scheduling, to minimise interaction between different work Port Kembla, Newcastle, Melbourne and Northern Tasmania groups. Mental health was prioritised with videoconference were severely impacted by reduced volumes during the check-in protocols for personnel that were working from period from April to June 2020. home to ensure they did not become disconnected. In addition to proactive cost-cutting measures, Qube In addition, management across the company accepted very received around $13.5 million in JobKeeper payments to significant pay reductions to support the business during this assist in ensuring that the regional and automotive ports crisis. remained operational and job losses were minimised. Operating Division Positioning for growth Fortunately, most of Qube’s operations were defined as There were a number of significant achievements
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