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Powering Better Journeys, Today and Tomorrow

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Powering Better Journeys, Today and Tomorrow Ampol Limited 2020 Annual Report Annual Report 2020 Powering better journeys, today and tomorrow Powering better journeys, today and tomorrow Our company has always been about more than fuel. Fuel may be the foundation of our business, but our motivation and purpose comes from the passion of our people and our dedication to the customers, industries and communities we serve. From our origins until today, we’ve always been inspired by the role we can play in people’s lives – to keep them moving, to make journeys happen. Today, Ampol is back to being the momentum behind every journey. From delivering the very best in fuels, lubricants, convenience and quality service, to solving our customers’ energy needs now and into the future, we enable them to go further. We’ve been powering journeys for over 100 years, leveraging our market-leading infrastructure and the knowledge and passion of our people, and we’ll be here powering journeys for 100 more. Our Values The Ampol Values underpin everything we do. In particular, the Ampol Value of ‘Never stop caring’ encourages us to always do the right thing and have a positive impact on the communities and economies in which we operate. Connect to win We collaborate as an integrated business to drive growth. Find new ways We innovate to deliver positive outcomes. Own it We make bold decisions and are accountable for the outcomes. Make a difference for customers We are connected to our customers and support their changing needs. Never stop caring We keep safety front of mind and make a positive contribution to those around us. Contents 2020 highlights 02 Chairman’s report 04 Managing Director and CEO’s report 06 Bringing back Ampol 08 Our operations 10 Fuels and Infrastructure 12 Convenience Retail 16 Sustainability 20 Financial report 24 About this report This 2020 Annual Report for Ampol Limited (ACN 004 201 307) has been prepared as at 30 March 2021. Throughout this document, terms such as Ampol and Ampol Australia have the same meaning as Ampol Group, unless the context states otherwise. Shareholders can request a printed copy of the Annual Report, free of charge, by emailing [email protected] or writing to Boardroom Pty Limited Level 12, 225 George Street, Sydney NSW 2000 2020 highlights Despite the significant challenges and disruptions in 2020, we continued the execution of our strategy and delivered on our promises to shareholders Strong progress made Execution of retail delivering our International strategy supporting growth strategy improved shop performance Group RCOP EBIT Fuels and Infrastructure Convenience Retail $401m International EBIT RCOP EBIT Operating cash flow 18% 43% $268m on 2019 on 2019 76 $25m Dividend new Seaoil increase in shop contribution sites added margin on 2019 cps 48 10 7% new Gull increase in full year dividend sites added like-for-like sales (fully franked) 26 sites rebranded to Ampol International volumes up 4 pilot Ampol Woolworths 36% Metro stores added on 2019 02 Ampol Limited We delivered on our strategic Keeping our people, communities commitments to shareholders and environment safe Safety — TRIFR Fuels and Infrastructure $500m FY18 7.7 subordinated notes FY19 10.7 issuance completed FY20 4.6 Convenience Retail FY18 10.4 $300m FY19 14.0 FY20 10.1 Off-market Buy-back announced. Completed in January 2021 $2.47m 0.8 community investment Scope 1 & 2 GHG emissions Charter Hall and GIC via Ampol Foundation (Mt CO2-e) consortium acquired a 49% interest in 203 core freehold sites for $682m 37.7% $15.7b female representation direct economic value at leadership level generated in 2020 Annual Report 2020 03 Chairman’s report Ampol delivered a resilient financial result in 2020 in a challenging operating environment Ongoing government restrictions implemented in response to COVID-19 and the depth and breadth of the Responding to COVID-19 Executing our growth challenges to the Australian economy Faced with challenging conditions strategies impacted demand for our products created by COVID-19, the business In 2020, we made strong progress in throughout the year, while sustained responded quickly throughout the the delivery of our growth strategies. weakness in refining margins negatively year to protect our balance sheet and In Fuels and Infrastructure International, impacted the performance of our cash flow and enable us to emerge in we achieved 18% earnings growth, and Lytton refinery. a strong position as markets recover. volumes increased by 36% in volatile On a historic cost profit basis, Ampol’s In just a few weeks from March 2020, market conditions. Milestones in the net profit after tax (NPAT) was a loss of we brought forward and extended evolution of our international operations $485 million, impacted by a $360 million our Lytton refinery Turnaround and were also achieved, with the extension inventory loss and $337 million loss in Inspection (T&I), reduced our capital of our international storage program Significant Items. Our replacement cost expenditure for 2020 and took strong and the opening of our Houston Trading of sales operating profit EBIT result was action on costs, including reducing fees and Shipping office. $401 million, down 34% on 2019. and salaries for our Board and executive team members. Despite this, there were several highlights as we continued to Unfortunately, many of our employees execute our strategy and deliver on were also impacted, with stand-downs, commitments made to shareholders. reduced working hours and other Significant capital was released changes to employment required. I am through our Convenience Retail property proud of the efforts of all our employees transaction, we issued a $500 million in responding to the challenges of hybrid bond as part of our capital COVID-19. management strategy and announced Despite the significant disruption to a $300 million Off-market Buy-back global hydrocarbon markets, throughout which has benefited all shareholders. the year our supply chains remained We also completed our CEO transition resilient and we continued to deliver process, made two new appointments safely and reliably for our customers to the Ampol Board and began the and the broader Australian community. execution of our exciting transition to Ampol. 04 Ampol Limited These milestones support opportunities for further expansion into new geographies, products and services CEO transition and Board Looking ahead over the medium to long term. appointments Market conditions in 2021 will continue In Convenience Retail, we delivered In June 2020, I was pleased to announce to be challenging and there remains a 7% increase in like-for-like sales the completion of our CEO transition considerable uncertainty over the and a $25 million increase in shop process, with Matthew Halliday outlook and timing for economic contribution margin, reflecting appointed as Managing Director and recovery. We will continue to execute improvements in our operational Chief Executive Officer. Matt did our strategy for the benefit of performance and customer offer. an outstanding job as Interim Chief shareholders, with a focus on cost We also reached practical completion Executive Officer, leading Ampol through and capital efficiency. of our transition from franchise a period of unprecedented disruption On behalf of the Board, I would operations. As the Australian following the onset of COVID-19. His like to extend our thanks to Matt, convenience market continues to skills and knowledge of the business his leadership team and to all grow, we will continue to execute and track record in 2020 give the Board employees for their efforts to deliver our retail growth strategy to achieve every confidence in Matt’s ability to for customers and shareholders in a our non-fuel earnings uplift target of successfully deliver our strategy. tough environment. $85 million by 2024. In June, I was also pleased to announce I would also like to thank the the appointment of Michael Ihlein and shareholders for their continued Gary Smith to the Ampol Board as support of Ampol as we move forward Independent Non-executive Directors. to execute our strategy for the medium Michael and Gary bring substantial and long term. experience as executives and directors and will be significant assets to the Board over the coming years. Steven Gregg Chairman “ There were several highlights as we continued to execute our strategy and deliver on commitments made to shareholders. Significant capital was released through our Convenience Retail property transaction, we issued a $500 million hybrid bond as part of our capital management strategy and announced a $300 million Off-market Buy-back which has benefited all shareholders. We also completed our CEO transition process, made two new appointments to the Ampol Board and began the execution of our exciting transition to Ampol.” Annual Report 2020 05 Managing Director and CEO’s report Our strategic priorities are well established and we remain focused on advancing them I am honoured to have been appointed We were also able to deliver on our to lead this great Australian company. commitment to release franking Ampol has a rich history here in Delivering on our promises credits to shareholders, with a Australia and our track record of Despite a year of significant volatility $300 million Off-market Buy-back delivering for shareholders, customers and uncertainty, with severe economic announced in November and completed and communities remains at the heart impact from bushfires, adverse weather in January 2021, which was further of everything that we do. and the COVID-19 pandemic, we have supplemented by a 48 cents per share While it has been a difficult 12 months made excellent progress on delivering fully franked full-year dividend. with myriad challenges impacting our the strategic initiatives outlined to financial performance, I am optimistic shareholders in 2019. I am proud of how about our future.
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