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23 August 2012 ASX Market Announcements ASX Limited 20 Dominic D Smith SVP & Company Secretary QR National Limited ABN 14 146 335 622 Level 17, 175 Eagle St Brisbane QLD 4000, Australia GPO Box 456 Brisbane QLD 4001, Australia T +61 7 3019 1976 F +61 7 3019 2188 [email protected] 23 August 2012 ASX Market Announcements ASX Limited 20 Bridge Street Sydney NSW 2000 BY ELECTRONIC LODGEMENT QR National – Annual Report Please find attached a copy of QR National’s 2012 Annual Report. In accordance with the relief from dual lodgment of financial statements under ASIC Class Order 98/104, the Annual Report will not be lodged separately with ASIC. Copies of the Annual Report are expected to be dispatched to all shareholders, whom have elected to receive a copy of the Annual Report, in mid-September 2012. The Company’s Annual General Meeting will be held at 10:00am (Brisbane time) on 7 November 2012. A copy of the Notice of Annual General Meeting is expected to be sent to all shareholders in mid-September 2012. Yours faithfully QR National Dominic D Smith SVP & Company Secretary SECTION HEADING | QR NATIONAL 1 AnnuAl RepoRt 2011–12 ANNuAL REport 2011–12 QR NATIONAL QR National is Australia’s largest rail freight operator, with more than 145 years’ experience. Each day, the Company moves on average more than 500,000 tonnes of coal, iron ore and other minerals, as well as agricultural and general freight, around the nation. QR National owns and operates a coal network made up of almost 2,670 kilometres of heavy haul rail infrastructure in Central Queensland. The Company also provides a range of specialist services in rail design, engineering, construction, management and maintenance, and offers large-scale supply chain solutions to a diverse range of customers Australia-wide. QR National has played a critical role in the economic development and growth of the minerals-rich state of Queensland, providing the transport backbone for one of the world’s largest coal supply chains. Over recent years, QR National has extended its business focus beyond Queensland and applied its expertise and capabilities to coal and iron ore opportunities in New South Wales and Western Australia, as well as intermodal freight across the nation. QR National’s business comprises three major product lines – Coal, Freight and Network. The Company’s performance and future growth is linked to the key demand drivers of the Australian resources sector. As a result, QR National is well placed to benefit from the expected growth in demand for coal and iron ore, particularly from fast-growing Asian economies such as China and India. Our Vision Grow our People. Grow with our Customers. Grow the Nation. Our Mission To be a world-leading transport business, to partner with customers for growth and to double the value of the Company every five years, while becoming the safest transport company in the world. Our Employee Promise To build a diverse, collaborative and creative workplace where people know what they are accountable to do and can count on having what they need to succeed. Our Values Safety — Safety of ourselves and others is our number one priority. Integrity — We are honest and fair and conduct business with the highest ethical standards. Leadership, Passion & Courage — We are passionate about leading change. We deliver results with energy and conviction. World Class Performance — We deliver world class performance and superior value for our shareholders, customers and staff. Contents Chairman’s Report 4 Directors’ Report 18 Managing Director & Remuneration Report 24 CEO’s Report 6 Corporate Governance 39 Year in Review 9 Financial Report 45 Sustainability 14 Shareholder Information 94 QR nAtionAl limited | ABn 14 146 335 622 QR NATIONAL 1 Image: QRN Moura Line QR National’s commitment to achieving quality results, despite the shortfall of almost 50 million tonnes of forecast growth in coal volumes, helped deliver a 52% improvement in EBIT in FY12. Coal volumes (mt) 1 1 Revenue ($m) EBITDA ($m) EBIT1 ($m) +52% 300 4000 1200 600 +10% 584 +25% 3500 3,293 3,625 1000 1,048 500 240 +2% 2,973 3000 840 198 2,605 800 400 383 184 187 182 2500 716 180 186 2,344 2000 600 300 289 505 120 1500 400 200 359 148 1000 60 200 100 500 41 0 0 0 0 FY08 FY09 FY10 FY11 FY12 FY08 FY09 FY10 FY11 FY12 FY08 FY09 FY10 FY11 FY12 FY08 FY09 FY10 FY11 FY12 1Underlying revenue, EBITDA and EBIT. Underlying results differ from the Group’s statutory results. Refer reconcilliation to statutory earnings on page 69. 2 ANNuAL REport 2011–12 Image: Moura Line – Big Country Lost Time Injury Frequency Rate 7.00 6.14 5.25 -22% 3.50 3.08 LTIFR Safety 2.40 1.75 Reduction 0.00 in lost time injuries FY10 FY11 FY12 22% Total Volumes 4% 300 262 252 250 243 200 150 Mtpa Total Volumes 100 50 Million 0 tonnes hauled FY10 FY11 FY12 252 Group Operating Ratio - 4% 100 91% 88% 84% 80 60 % Operating Ratio 40 20 ppt Reduction 0 in Group operating ratio FY10 FY11 FY12 4 Cash Flow from Operations +58% 1000 924 800 639 600 585 $m(A) Cash Flow 400 200 Increased 0 cash inflow FY10 FY11 FY12 58% pERfORmANCE highlights | QR NATIONAL 3 Image: Moura Line – Big Country FY11 FY12 1 Financial Highlights ($m) ($m) Variance Group Operating Metrics FY11 FY12 Variance Statutory Revenue 3,293 3,634 10% Revenue / ntk (A$/000 ntk) 55.1 57.7 5% Statutory EBITDA1 679 1,057 56% Labour Costs / Revenue 34% 31% 3 ppt Underlying EBITDA1,2 840 1,048 25% Statutory EBIT1 222 593 168% ntk / employee (MNTK) 6.6 7.0 6% Underlying EBIT1,2 383 584 52% Opex / ntk (A$/000 ntk) 48.6 48.4 0% 1,3 Statutory NPAT 361 441 22% EBITDA Margin 26% 29% 3 ppt Underlying NPAT 172 420 144% Operating Ratio 88% 84% 4 ppt Statutory EPS (cps)1 15.4 18.1 18% Total Dividends (cps) 3.7 8.3 124% ROIC 4.4% 6.7% 2.3 ppt 1 FY11 comparative restated due to a retrospective application of ntk (bn) 59.8 62.9 5% a voluntary change in accounting policy relating to mechanised Ballast undercutting. Tonnes (m) 243.1 252.2 4% 2 Underlying EBITDA and EBIT in FY12 were adjusted by $8.8m relating to the reversal of stamp duty. Underlying EBITDA and EBIT in FY11 were adjusted for one-off IPO related costs and voluntary People 9,001 8,969 0% redundancy expenses totalling $161.7m. 3 FY11 statutory NPAT includes $281m tax benefit. 1 The Group Operating Metrics are calculated to underlying results. Our 146 years’ experience combined with our recent transformation has made us commercially driven, customer-focused, efficient and primed for future success. 4 ANNuAL REport 2011–12 The completion of QR National’s first full financial year as a listed company is an important milestone in our 146-year history. The 12 months to 30 June 2012 have been an industrious period for the Company supporting our customers with rail transportation services in the coal, bulk and general freight markets. We have navigated the heightened volatility of global markets, a tough domestic economic environment, and diverse operational challenges to deliver a quality financial result and achieve significant gains with our major growth and transformation programs. Quality Results in Challenging Conditions The difficult operating conditions that prevailed Chairman’s in the months following our transition to publicly- listed life persisted over the course of 2011–12. The lingering impacts of Queensland’s record floods in 2010–11, softer global demand and Report industrial action at some Queensland mines have resulted in lower coal production. These events, together with some adverse weather impacting QR National has embraced a on network availability, contributed to weaker strategy to achieve world-class demand for the Company’s coal haulage services. It is against this backdrop that our Company performance across the business, demonstrated the resilience of our business and the benefits of reform initiatives, with the Company with our commitment to customers posting a 22 per cent increase in net profit after tax to $441 million. Underlying1 Earnings Before at the core of our reforms. Interest and Tax (EBIT) was $584 million, a 52 per cent increase over the prior year, and earned on revenues of $3.6 billion. On the strength of these results, at year end the QR National Board declared a final dividend of 4.6 cents per share, giving a full-year dividend of 8.3 cents per share. This represents an increase of 4.6 cents, or 124 per cent over the prior year. While there has been significant market volatility in global equity markets since the unfolding of the European debt crisis, QR National’s Total Shareholder Returns for the year outperformed the S&P/ASX 200 index by 8.8 per cent. QR National’s financial performance for the 2011–12 year is set out in detail in the latter half of this report on pages 45 to 93. 1 Underlying results differ from the Group’s statutory results. Refer reconciliation to statutory earnings on page 69. Image: Moura Line CHAIRmAN’S REpORT | QR NATIONAL 5 Growth and Transformation As QR National grows and builds value as a listed In April, Mrs Karen Field and Mr John Cooper were The transformation of QR National gathered pace entity operating sustainably will continue to be appointed to the Board of Directors. Karen and in 2011–12. The Company embraced a strategy at the heart of our approach to doing business.
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