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View Annual Report ANNUAL REPORT ANNUAL 15/16 Contents Our Vision To be a world leading rail-based transport business that partners FY2016 in Review ................................................... 1 with customers for growth . Chairman’s Report ................................................ 2 Our Mission Directors’ Report ...................................................4 We are an Australian rail-based transport business with a global orientation that creates value sustainably for our customers, – Operating and Financial Review ............... 10 shareholders, employees and the communities in which we operate. – Remuneration Report ....................................23 Our Values Auditor’s Independence Declaration .........37 Safety: Safety of ourselves and others is our number one priority. Safety is at the core of everything we do as we commit Corporate Governance Statement ............. 38 to ZEROHarm. Financial Report ..................................................44 People: Diversity strengthens our capability. Our energy, courage, and passion motivate us to create extraordinary outcomes. Shareholder Information ................................ 96 Integrity: We are honest, fair and conduct business with the Glossary .................................................................. 98 highest ethical standards. We are respectful in all of our dealings. Corporate Information .................................. 100 Customer: Customers are at the heart of our business. We consistently deliver what we promise. Excellence: We create value through collaboration and innovation. Our hallmarks are clear accountability, continuous improvement and disciplined execution. FY2016 in Review Financial headlines ($M) FY2016 FY2015 VARIANCE % Total revenue 3,458 3,780 (9%) EBITDA – underlying 1,432 1,489 (4%) EBIT – underlying 871 970 (10%) Adjustments – asset impairments (528) - - EBIT – statutory 343 970 (65%) NPAT – underlying 510 604 (16%) NPAT – statutory 72 604 (88%) Free cash flow (FCF) 478 355 35% Final dividend (cps) 13.3 13.9 (4%) Total dividend (cps) 24.6 24.0 3% Earnings per share – underlying (cps) 24.4 28.4 (14%) Return on invested capital (ROIC) 8.6% 9.7% (1.1ppt) EBITDA margin – underlying (%) 41.4% 39.4% 2ppt Operating ratio (OR) (%) 74.8% 74.3% (0.5ppt) Total Above Rail volumes (mt) 270.9 281.2 (4%) Operations net opex/NTK (excluding access ) ($/’000 NTK) 19.9 21.5 7% Gearing (net debt/net debt + equity) 37.4% 30.2% (7.2ppt) Highlights Transformation Outlook › 35% increase in free cash flow to › Transformation program continues to deliver › FY2017 guidance: revenue $3.35bn-$3.55bn, $478 million (m) due to a reduction in sustainable value: underlying EBIT $900m-$950m, key capex and more efficient capital allocation • $131m benefits delivered in FY2016 and assumptions as follows: › Final FY2016 dividend of 13.3cps (100% $383m of cumulative benefits over the • Above Rail: volumes 255-275mt, including payout ratio applied to underlying NPAT), last three years Coal 200-212mt. Stable pricing with total dividend of 24.6cps, an increase of 3% • All operating metrics were favourable to exception of Iron Ore for customer Karara › $830m of cash distributed to shareholders FY2015 despite lower volumes, including • Below Rail: Flat EBIT (pre corporate for the year including $301m share buy back a 7% improvement in Operations net opex overhead allocation) despite $73m › The share buyback has been stopped to per NTK (excluding access) one-off true up from revenue under manage near term balance sheet capacity • FY2016-2018 transformation target collection in FY2014 and FY2015 for possible growth opportunities, noting remains at least $380m with – Step up in Maximum Allowable also that free cash flow is expected to increasing confidence of delivery Revenue (MAR) excluding true-up increase significantly during the next few offset by prior year adjustments years as capex is reduced and additional – $50m-$60m increase in depreciation transformation savings are realised (full year impact of WIRP › Below Rail underlying EBIT up $22m (5%) on commissioning and rail renewal record volumes and finalisation of UT4 tariffs capitalisation) and operating and › Above Rail underlying EBIT down $117m (21%) energy costs due to inflation and • $123m transformation benefits delivered, higher electricity charges ahead of target • Continued delivery of transformation • $111m reduction in Freight net revenue as benefits consistent with enterprise target a result of lower volumes (9%), lower TSC but excluding significant restructuring payments ($70m) and the sale of CRT costs, expected to be more than $100m • $46m impact from non-recurring in FY2017 FY2015 asset sales (Redbank) and • No major weather impacts contract expiry (QR) › FY2018 OR target remains 70% but • $43m impact from lower volumes in achievement dependent on: Coal (2%) and Iron Ore (7%) • Above Rail volume growth and delivery • One off cost for QNI bad debt ($20m) of transformation targets › Coal revenue down $13m (1%) on full year • UT5 outcome volumes of 206.8mt • Outcome of Freight performance review › OR and ROIC 74.8% (up 0.5ppts) and 8.6% (down 1.1ppts) respectively › Statutory EBIT $343m includes $528m of asset impairments FY2016 IN REVIEW 1 Chairman’s Report A message from the Chairman Overview of results Performance overview Dear fellow shareholders, Underlying Earnings Before Interest and Tax A record 225.9 million tonnes (mt) of coal (EBIT) for the year decreased 10 percent on passed through the Company’s Central The 2016 financial year (FY2016) was a FY2015 to $871 million, in line with the market Queensland Coal Network, slightly ahead of challenging year for Aurizon. Market conditions guidance provided in February. Statutory Net last year (225.7mt). As noted, this regulated in the resources sector were not conducive Profit After Tax for the year was $72 million, Network business is central to Aurizon’s value for new developments and the Company down 88%, and Statutory Earnings Before proposition to investors. decided to significantly reduce activity on Interest and Tax was $343 million, a 65% several growth projects. The asset impairments Total volumes in the above rail operations decrease over the prior year. Revenue for the that partly flowed from these decisions were were down on the prior year at 207mt (FY2015: Group was down 9% to $3.5 billion (FY2015: disappointing and we need to improve our 211mt). In Queensland, demand was down $3.8 billion). approach to capital allocation in the future. by 5mt at 163mt, and in New South Wales The financial result was impacted by significant tonnages rose slightly due to the ramp up of Aurizon’s transformation journey continued impairments totalling $528 million. Largely operations by a major Hunter Valley customer. during FY2016. Our team has an excellent track these were associated with the Company’s record at delivering transformation benefits Productivity metrics in both Aurizon’s investment in Aquila Resources and the West and we are confident this will be an area of above and below rail coal businesses have Pilbara Iron Ore Project, with further work on ongoing shareholder value creation for many consistently improved since IPO, validating the feasibility studies stopped due to unfavourable years. Our leadership team articulated new major transformation work that has reduced conditions in the iron ore market. The value transformation targets during the year and costs, increased efficiencies and facilitated the of the Company’s national rollingstock fleet a dedicated internal team was established to introduction of new innovation and technology. was also written down in light of lessening manage the delivery. demand and our continuing success with asset The freight businesses remain challenged, with A very significant part of Aurizon’s value sits productivity improvements. subdued market demand impacting iron ore, in our regulated network asset, approximately bulk and intermodal volumes. Overall tonnes The Board declared a final dividend of 13.3 cents 2,700 kilometres of railway track in hauled was 40mt, a reduction to the previous per share (70% franked), giving a full-year Queensland’s coal supply chain. I have been financial year’s result of 44mt. In response dividend of 24.6 cents per share. It represents impressed by how we maintain and operate to deteriorating conditions and performance an increase of 0.6 cents, or 3% over FY2015, this asset whilst continually looking for levels well below expectations, the Company with the final dividend to be paid to opportunities to improve efficiency and add has commenced a performance review of the shareholders on 26 September 2016. capacity without the need for new capital. intermodal and bulk businesses. The Company’s share price experienced A milestone during FY2016 was the UT4 A comprehensive overview of Aurizon’s volatility in FY2016, closing 6% lower for the draft final decision from the QCA (which performance in FY2016 is detailed in the year. Over the timeframe since Aurizon’s Initial sets Aurizon’s risk and return profile for the Directors’ Report on pages 10 to 22. Public Offer (IPO) and listing of shares on the network asset for a four year period). Whilst Australian Securities Exchange (ASX) however, we are unhappy with many aspects of the Transformation Total Shareholder Return (TSR) is more than final decision, we accepted the decision in The continuation of Aurizon’s customer 110%, compared to 45% for the ASX 200 the interests of providing certainty to our and market-driven transformation
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