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18 March 2020 the Manager Market Announcements Office Australian Securities Exchange Electronic Lodgment 2019 Annual Report

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18 March 2020 the Manager Market Announcements Office Australian Securities Exchange Electronic Lodgment 2019 Annual Report 18 March 2020 The Manager Market Announcements Office Australian Securities Exchange Electronic lodgment 2019 Annual Report The attached document has been authorised for release by the Board of Viva Energy Group Limited. Julia Kagan Company Secretary Annual Report 2019 Our purpose Helping people reach their destination Viva Energy Group Limited ABN 74 626 661 032 Who we are Viva Energy is one of Australia’s leading energy companies with more than 110 years of operations in Australia. We refine, store and market specialty petroleum products across the country and we are the sole supplier of Shell fuels and lubricants in Australia. In 2019, we supplied approximately a quarter of Australia’s liquid fuel requirements to a national network of retail sites and directly to our commercial customers. We also operate a nationwide fuel supply chain, including the strategically located Geelong Refinery, an extensive import, storage and distribution infrastructure network, including a presence at over 50 airports and airfields. Our values Integrity The right thing always Responsibility Safety, environment, our communities Curiosity Be open, learn, shape our future Commitment Accountable and results focused Respect Inclusiveness, diversity, people We are proud to present our inaugural Reconciliation Action Plan (RAP) 2019–2021. See page 49 for details. 01 Viva Energy Group Limited Annual Report 2019 Contents About us 04 Financial report 79 Chairman and Chief Executive Officer’s report 06 Consolidated financial statements 80 Board of Directors 08 Notes to the consolidated financial statements 85 Executive Leadership Team 10 Directors’ declaration 135 Operating and financial review 13 Independent auditor’s report 136 Sustainability 32 Disclosures 143 Remuneration report 56 Additional information 146 Directors’ report 73 Corporate directory 149 Auditor’s independence declaration 78 About this Annual Report This Annual Report contains information on the operations, activities and entities. Accordingly, the previous period results presented for comparison, performance of the ‘Viva Energy Group’ for the period ended 31 December adopt and incorporate the results of Viva Energy Holding Pty Limited and 2019 and its financial position as at 31 December 2019. The Viva Energy Group its controlled entities at such time. comprises Viva Energy Group Limited (ACN 626 661 032) (the ‘Company’) and Printed copies of this Annual Report will be posted to those shareholders its controlled entities. who have requested to receive a printed copy. Otherwise, shareholders are In this Annual Report, references to ‘we’, ‘us’, ‘our’, and ‘Group‘ are references notified when the Annual Report becomes available and provided details to the Viva Energy Group. of where the report can be accessed electronically. The Company was admitted to the Official List of ASX on 13 July 2018. In connection with its ASX listing, the Company completed a corporate Corporate Governance Statement restructure, which included the acquisition of Viva Energy Holding Pty Limited You can find our 2019 Corporate Governance Statement on the Investor (the former holding company of the Viva Energy Group) and its controlled Centre section of our website at www.vivaenergy.com.au. 02 Viva Energy Group Limited Annual Report 2019 See the rest of our 2019 annual reporting suite at www.vivaenergy.com.au Corporate Governance Statement • Annual Report 2019 2019 • Taxes Paid Report 2019 • Corporate Governance Statement 2019 Taxes Paid Report 2019 03 Viva Energy Group Limited Annual Report 2019 About us Our operations We source crude oil (domestic and international) for domestic refining, and refined products from international refineries. We transport refined product to bulk storage fuel terminals by pipe or ship. Domestic refineries Sourcing We refine crude oil into fuel products – including petrol, Domestic and Imported diesel and specialty products. imported crude oil refined products Pipelines Shipping 1. Procurement/Supply 2. Domestic Refining 3. Primary Distribution Our year at a glance Terminals are typically located near major metropolitan, industrial and mining centres We sell bulk fuel (closer to end customers). products directly Pipelines Wholesale Commercial to commercial People and community distributorsSafety andcustomers environmentcustomers. We sell fuel products to retail Shipping Trucking customers through a retail fuel Terminal We transport product from terminal to Retail network of more storage1,320retail sites and commercial end customers. Retail sites4.55customers than 1,260 sites. Total recordable injury frequency Employees rate (per million hours worked) 4. Storage 5. Secondary Distribution 6. Fuels Marketing FY2018: 5.77 24% 2 Women in our workforce Significant spills >1,000kg FY2018: 22% FY2018: 3 $382,448 Process Safety Events Raised by our employees 0 2 through Double My Donation API Tier 1 Events API Tier 2 Events and Team Fundraising (includes Viva Energy matching) FY2018: 0 FY2018: 4 04 Viva Energy Group Limited Annual Report 2019 We source crude oil (domestic and international) for domestic refining, and refined products from international refineries. We transport refined product to bulk storage fuel terminals by pipe or ship. Domestic refineries Sourcing We refine crude oil into fuel products – including petrol, Domestic and Imported diesel and specialty products. imported crude oil refined products Pipelines Shipping About us 1. Procurement/Supply 2. Domestic Refining 3. Primary Distribution Executive Officer’s report Chairman and Chief Terminals are typically located near major metropolitan, industrial and mining centres We sell bulk fuel (closer to end customers). products directly Pipelines Wholesale Commercial to commercial distributors customers customers. We sell fuel Board of Directors products to retail Shipping Trucking customers through a retail fuel Terminal We transport product from terminal to Retail network of more storage retail sites and commercial end customers. Retail sites customers than 1,260 sites. 4. Storage 5. Secondary Distribution 6. Fuels Marketing Leadership Team Executive Operational and financial financial review performance Operating and 14.7BL $644.5M Fuel sales volume Group Underlying EBITDA (RC)* Sustainability Up 4.6% on FY2018 Down 17% on FY2018 42.0Mbbl 4.7¢ Remuneration report Refining intake FY2019 dividend per share, fully franked Up 4.7% on FY2018 Directors’ report 65MLpw $161.7M Average weekly Alliance volumes FY2019 Capex for 2H2019 Down from $241.3M in FY2018 Up 9% from 1H2019 Auditor’s independence declaration 05 Viva Energy Group Limited Annual Report 2019 Chairman and Chief Executive Officer’s report Robert Hill Scott Wyatt Chairman Chief Executive Officer Dear Shareholders, from any sustained improvement in trading conditions. Several expiring commercial contracts were successfully renewed during the year, and we also expanded strategic relationships 2019 performance and progress with key partners, such as the Australian Defence Force, on strategic priorities which provide opportunities for growth in the years ahead. Over the last year we have seen several changes which have We maintained strong capital discipline, with operating capital altered the industry landscape. Changes in the ownership expenditure reducing by 33% to $162 million and relatively low of competitor fuel and convenience businesses and the net debt of $137 million. Following the sell down of our stake renegotiation of our retail Alliance arrangements were material in Viva Energy REIT (VVR), we also intend to undertake a Share developments in the retail market, while the global transition buyback to return proceeds to shareholders (subject to obtaining to lower sulphur marine fuels and, more generally, changes the required regulatory and shareholder approvals). We have in crude flows as a result of regional conflict and trade barriers maintained a dividend pay-out ratio of 60% of distributable net led to periods of volatility in oil prices and refining margins. profit after tax Retail and refining margins were particularly impacted, with Group underlying EBITDA (RC) down 17% on FY2018 at $644.5 million. Sustainability Notwithstanding these results, we are pleased with the We are pleased to present our second report on sustainability. underlying performance of the business and the progress made The objective of our sustainability program is to maintain and on our strategic priorities. Total sales volumes were up 4.6% grow a resilient and sustainable company that is aligned to on 2018 as a result of substantially improved performance in our values, strategy and the expectations of our employees, our retail Alliance business, continued growth in our Liberty the communities in which we operate, and our external channels, and solid sales across our commercial and wholesale stakeholders. Operating sustainably also provides us with sectors. Refining operations were strong, with periods of record opportunities to be part of the solution to help address the production, high levels of unit availability and utilisation, and a climate change challenge and to expand and diversify our focus on optimisation to minimise earnings exposure in a lower operations as a trusted energy provider seeking to participate margin environment. in the transition to a low-carbon future. This year we advanced our sustainability reporting by taking an in-depth look at our Over the course of the year we re-negotiated the Alliance focus areas that underpin our sustainability program. To further
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