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Half Year Report and Unaudited Financial Statements for the Six Months Ended 31 December 2011 the KIWIRAIL BUSINESS

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Half Year Report and Unaudited Financial Statements for the Six Months Ended 31 December 2011 the KIWIRAIL BUSINESS half year report and unaudited financial statements for the six months ended 31 December 2011 THE KIWIRAIL BUSINESS KiwiRail is a State Owned Enterprise and the backbone of New Zealand’s integrated transport network. Our vision is to be a world class mover of freight and people by rail and ships, and to be the natural choice for our customers in the markets in which we operate. We have five business units: ▪ KiwiRail Freight provides rail freight services and locomotives for passenger services ▪ KiwiRail Interislander operates the Cook Strait ferry passenger and freight services ▪ KiwiRail Infrastructure and Engineering maintains and improves the rail network and controls the operation of trains on the network – it also operates the workshops which maintain our rolling stock ▪ KiwiRail Passenger provides urban passenger services in Wellington under contract to the Greater Wellington Regional Council through the TranzMetro team, and the Tranz Scenic team operates the long distance passenger rail services. > Operations Whangarei Dargaville Each week, train control operations manage the movement of: ▪ 900 freight trains AUCKLAND ▪ 52 inter-city passenger trains ▪ Approximately 2,200 suburban passenger services in Wellington ▪ Approximately 1,490 suburban passenger services in Auckland. Hamilton Tauranga Kawerau In a year, Interislander manages 4,600 sailings carrying: Te Kuiti Kinleith ▪ 947,000 passengers Gisborne Taumarunui ▪ 59,000 rail wagons New Plymouth ▪ 48,000 trucks Stratford Waiouru Napier ▪ 224,000 cars. Whanganui Dannevirke > Assets Palmerston North ▪ Approximately 4,100 staff Otaki Masterton ▪ 4,000 kms of track Featherston Picton WELLINGTON ▪ 1,656 bridges Blenheim Westport ▪ 144 tunnels ▪ 12,000 culverts Reefton Greymouth Kaikoura ▪ Six million sleepers Hokitika ▪ 18,000 ha of property managed ▪ 169 mainline locomotives ▪ 4,600 freight wagons Rolleston CHRISTCHURCH ▪ 2 owned and 1 leased ferry Ashburton > Further information Timaru For assistance, publications or information Oamaru concerning KiwiRail please visit our website at www.kiwirail.co.nz or contact: Port Chalmers DUNEDIN KiwiRail Communications Wairio PO Box 593, Wellington , 6140 Invercargill Telephone: 0800 801 070 Bluff Email: [email protected] CONTENTS Chairman and Chief Executive’s Review 2 Key Financial Information 2 Business Performance 3 Business Improvements 4 Outlook 5 Key Performance Measures 7 Financial Statements 11 KiwiRail - Half year report December 2011 1 CHAIRMAN AND CHIEF EXECUTIVE’S REVIEW We are pleased to present KiwiRail’s report and unaudited financial statements for the six months ended 31 December 2011. While the first half of this financial year has provided many challenges, as we continue to grow revenue and invest for the future we have still achieved an increase in revenue of almost five percent compared to the same time last year. These challenges have meant a reduction of 12 percent in our overall EBITDA result. Direct comparison to the last half year is difficult as we received John Spencer, Jim Quinn, a revenue boost for Rail Freight and Interislander as a result of Chairman Chief Executive the September 2010 Christchurch earthquake. KEY FINANCIAL INFORMATION December 2011 December 2010 Variance Variance Unaudited Unaudited $m $m $m % Operating Revenue 349.0 332.2 16.8 5.1% Operating Expenses (305.4) (282.7) (22.7) (8.0%) Operating profit before depreciation 43.6 49.5 (5.9) (11.9%) and grant income (‘EBITDA’) Depreciation and amortisation (155.4) (137.7) (17.7) (12.9%) Net finance costs and foreign exchange losses (17.7) (21.6) 3.9 18.1% Taxation (expense)/credit 11.1 (1.7) 12.8 752.9% Net deficit after tax (118.4) (111.5) (6.9) (6.2%) Grant Income 72.7 202.3 (129.6) (64.1%) Net (deficit)/surplus after tax as per financial (45.7) 90.8 (136.5) (150.3%) statements Some of these challenges include the continued impact Our investment programme to improve our national of the Christchurch earthquakes on the Tranz Scenic network continues. We have invested over $150 million business, the increased costs associated with the in the last six months and the Wellington and Auckland construction and commissioning of the Aratere, and the upgrade projects are largely complete. reduced revenue for Tranz Metro due to the transfer of assets to Greater Wellington Regional Council. There We are now focused on improving performance across have been further impacts on our revenue and costs the entire business over the remainder of this financial due to events causing track damage such as ongoing year and beyond in an effort to try and address this earthquakes and slips, the extra resources needed for shortfall in EBITDA. This focus includes a hard look the Rugby World Cup and the slower than planned commissioning of new freight rolling stock. at our costs and investment priorities. As the current challenging economic environment looks unlikely to Despite these issues and flat economic growth we have achieved an increase in freight revenue of $21.5 million, improve its important we are focused on maintaining a with Import-Export volumes up by 16 percent on the tighter control on our costs to ensure we stay on track to same period last year. financial sustainability. 2 Business Performance SUMMARY – KIWIRAIL BUSINESS EBITDA External Revenue December December December December Variance Variance Variance Variance 2011 2010 2011 2010 $m $m $m % $m $m $m % Freight 63.6 58.7 4.9 8.3% 221.3 199.8 21.5 10.8% Infrastructure (27.6) (31.2) 3.6 11.5% 15.5 12.2 3.3 27.0% Subtotal 36.0 27.5 8.5 30.9% 236.8 212.0 24.8 11.7% Interislander 4.0 6.0 (2.0) (33.3%) 57.1 55.7 1.4 2.5% Tranz Scenic (2.5) (0.1) (2.4) (2,400.0%) 9.9 11.8 (1.9) (16.1%) Tranz Metro 2.0 5.1 (3.1) (60.8%) 23.7 32.5 (8.8) (27.1%) Mechanical (1.9) 1.4 (3.3) (236.0%) 6.0 4.5 1.5 33.3% Property & Corporate 6.0 9.6 (3.6) (37.5%) 15.5 15.7 (0.2) (1.3%) Total 43.6 49.5 (5.9) (11.9%) 349.0 332.2 16.8 5.1% As shown above our freight business, including the The rail freight business has continued its growth in all infrastructure it runs on, continues to perform well, with three sectors in which it operates – Bulk, Import-Export freight in particular increasing tonnages and revenue. and Domestic* – and has achieved a revenue result of But the freight result is still short of our Statement of over $220 million for the half year. This revenue increase Corporate Intent (SCI) EBITDA target by 9.5 percent or almost $10 million. This is due to the Aratere is due to both freight business growth and fuel price commissioning delay, slower than planned commissioning recoveries. This result represents over 60 percent of of new rolling stock and less demand for Domestic freight. KiwiRail’s overall revenue. SUMMARY – KIWIRAIL CORE FREIGHT REVENUE REVENUE VOLUME December December Volume December December Variance Variance 2011 2010 measure 2011 2010 $m $m % $m $m % Bulk 84.9 77.4 9.7% NTKs1 988.0 968.6 2.0% Domestic 53.6 50.1 7.0% TEU Kms2 60.0 60.2 (0.3%) IMEX 61.2 54.4 12.5% TEU Kms 59.9 51.8 15.6% Total 199.7 181.9 9.8% *IMEX (import, export manufactured goods), Bulk (coal, forestry, liquid milk), Domestic (full container loads transported internally in NZ). 1 NTKs – Net Tonne Kilometres is the measure of freight weight multiplied by distance travelled. 2 TEU Kms – The measure of 20 foot equivalent containers multiplied by the distance travelled. The Import-Export volume growth of 16 percent is The Bulk business, including forestry, increased primarily due to strong export dairy demand. We were also revenue by $7.5million and volumes by 5.3 percent. tested and responded well to an increase in ship diversions This was again a result of the highly productive dairy to different ports. We expect the growth in this segment of the freight business to continue as we add more rolling season and the continued demand from China for our stock capacity and customers. forestry products. KiwiRail - Half year report December 2011 3 While Domestic did increase revenue by seven percent replacement ship to help ensure service continuity. over the half year, volumes have remained static. While the cost of this project is still to be finalised we Freight to Christchurch is lower which reflects the spike are disappointed we have exceeded the original budget that followed the September 2010 earthquake and by at least $10 million. Despite this, and following there has also been a flat peak this year. Fuel recovery some initial commissioning challenges, the ship has was the main driver of the revenue increase which of performed well over the summer peak period. course also increased costs. Interislander passenger revenue has increased by During the half year an internal restructure has meant $1.6 million in the last six months and non-rail freight that the freight business has been enhanced to include revenue is in line with budget. Rail freight has been direct management of the maintenance of the KiwiRail impacted by the Aratere delays, but we have already fleet. This is to ensure that this part of the business is seen improvements in this segment now the ship is even more closely aligned with the needs and priorities back in full service. of our customers. The long distance passenger service continues to be Infrastructure and Engineering have delivered a positive impacted by the Christchurch earthquakes and the result with improved EBITDA of $3.6 million from associated reduction in tourism demand with EBITDA the comparable period last year.
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