Presentation to Analysts. 20 August

Transcription

1 Presentation to Analysts 20 August

2 2015 Result Highlights Parent NPAT up 2.9% to $64.7M Underlying Group NPAT up 1.0 % to $79.0M Group EBITDA up 1.7% to $145M Final dividend of 30 cents per share (total dividend for the year of 52 cps, up 4% on FY14) $54.3M invested in Capex in FY15 Trade volumes of M tonnes up 2.2% Container volumes up 12% to 851,106 TEUs 2

3 Reported Group Profit After Tax $120, ,123 $100,000 $80,000 $60,000 78,252 79,148 Associates/Subsidaries Parent $40,000 $20,000 $0 $000s

4 Reported Profit Adjustments 2015 NZ$ NZ$000 Reported profit after tax 79,148 78,252 Disposal of investments Gain on sale of Subsidiaries to Coda (5,013) 0 Fair value gain recognised on the sale of 49.9% shareholding in (4,731) 0 Timaru Container Terminal Limited Loss on disposal of investment in MetroBox Limited and Cubic 1,135 0 Transport Services Limited Total (8,609) 0 Profit and loss impact of revaluation of property, plant and equipment Impairment of property, plant and equipment on revaluation, net of tax 1,579 0 Total 1,579 0 Impairment of goodwill Impairment of goodwill in Quality Marshalling 6,221 0 Impairment of goodwill and MetroBox Limited Total 6,889 0 Total underlying profit after tax 79,007 78,252 4

5 2015 Asset Revaluation $ million Land 26.0 Buildings 3.3 Wharves/hardstanding 52.0 Channels 0.2 Total 81.5 The increase in asset value will result in an increase in depreciation of approximately $1.7 million from FY

6 Underlying Group Profit After Tax $90,000 $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $0 $000s 77,228 78,252 79, Associates/Subsidaries Parent 6

7 Subsidiaries / Associates NPAT $20,000 $15,000 $14,506 $15,367 $14,272 $10,000 $5,000 $0 $000s

8 Parent Operating Surplus After Taxation $70,000 $60,000 $62,722 $62,885 $64,735 $50,000 $40,000 $30,000 $20,000 $10,000 $0 $000s

9 Group EBITDA $140,000 $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $0 $000s $134,992 $142,565 $145,

10 Total Dividend Cents per share

11 Shareholders Equity 80% 70% 60% 50% 40% 30% 20% 10% 0% 71.4% 70.3% 68.4%

12 New Zealand Import/Export Volume by Port 12

13 Cargo Throughput 000s Tonnes 22,000 20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2, ,065 19,737 20,

14 900, , , , , , , , ,000 0 TEUs Containers 848, , ,

15 Ship Departures 000s Tonnes 1,800 1,600 1,400 1,200 1, ,529 1,612 1,

16 MetroPort Railed TEUs 200, , , , , ,000 TEUs 50,

17 Year Ended June 2015 Exports 13.3M Tonnes 13.0% Logs 3.0% Other Forestry 2014 Exports 13.3M 21.0% 42.0% Kiwifruit Other Exports % Steel 21.0% 3.0% 47.0% 6.0% 15.0% Dairy 5.0% % 17

18 Year Ended June 2015 Imports 6.9M Tonnes Oil 18.0% Fertiliser 2014 Imports 6.4M 20.0% 48% 8.0% 0% 2.0% 2.0% 2.0% Coal Cement Salt Chemicals 43% 8.0% 1% 20.0% Grain/Palm Kernel Other Imports 2.0% 2.0% 2.0% 22.0% 18

19 Logs 000s JASM 19

20 Log Exports by Country 8.0% 6.0% 2.0% China Korea 2014 Exports 21.0% Japan 9.0% 9.0% 1.0% 6.3M 63.0% India Other 18.0% 2015 Exports 5.6M 63.0% 20

21 Cumulative Log Exports (Total New Zealand) 21

22 Sawn Timber 1,200 1, s Tonnes

23 Paper Products s Tonnes

24 Dairy 000s Tonnes 1,800 1,600 1,400 1,200 1, ,682 1,752 1,

25 Meat s Tonnes

26 Kiwifruit s Tonnes

27 Kiwifruit 200 Volume (m TE) 100 Psa impact & recovery 27

28 Oil Products 1,400 1,200 1, ,242 1,298 1, s Tonnes

29 Fertiliser Bases s Tonnes

30 Grain & Dairy Food Supplements 000s Tonnes 1,400 1,200 1, ,070 1,373 1,

31 Subsidiaries / Associates 31

32 Northport 32

33 Quality Marshalling NPAT of $631K Stevedoring of logs at Northport Load/unload trains at Tauranga Container Terminal Operating Plant and Labour at Timaru Container Limited Impairment of Goodwill of $6.2M 33

34 CODA (Tapper Transport / Priority Logistics / MetroPack /MetroBox / Dairy Transport Logistics Formed 1 May 2015) 34

35 Coda LP Formed to drive down the landside cost of transporting containers to and from ports Moves over 5.5 Million tonnes and over 300,000 containers per annum At the peak, responsible for 900 road and rail movements per day Partners with over 60 prequalified logistics providers Large user of KiwiRail Operates a large intermodal freight hub at Savill Drive Auckland 35

36 Coda TSF TSF specifically designed to fit two pallets of milk powder high and fit through tunnels in KiwiRail network Goods transported from Auckland to Palmerston North in TSF TSF loaded with Milk Powder for return trip to Auckland (30% more utilisation) 36

37 Auckland-Palmerston North Optimisation 37

38 Empty Container Optimisation 38

39 Savill Drive Phase 2 Approved 39

40 PrimePort Timaru 40

41 Timaru Container Terminal Containers 100,000 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 TEUs 20,283 71,

42 Highlights Need new graphic

43 Improvement in Safety (LTIFR 2.9) 43

44 Return of Maersk Southern Star 44

45 Container Volumes up 12% to 851,106 TEU s 45

46 Board Approved Purchase of Two More Cranes 46

47 New Harbour Mobile Crane in Timaru 47

48 Two New 74 Tonne Bollard Pull Tugs 48

49 Tauranga Eastern Link Opened 49

50 Dredging Contract Awarded 50

51 MetroPort Christchurch Opened 51

52 Trade Outlook 2015/

53 MetroPort Volumes 53

54 Parent Capital Expenditure Year ended 30 June 2015A Total $000 $000 $000 $000 $000 Committed Maintenance capex 11,200 12,000 12,000 12,000 36,000 7th crane and straddle carriers New Cranes and straddle carriers ,000 23,000 6,000 43,000 New Tugs 15,800 1, ,000 Shed 12 Relocation 10,000 5, ,000 Property Purchases 14, Dredging (Stage 1) ,000 10, ,000 Terminal/Rolleston Expansion 5,800 1, ,000 48,700 68,000 50,000 18, ,000 Uncommitted Mount wharf replacement/tanker Berth ,000 18,000 30,000 Total $48,700 $68,000 $62,000 $36, ,000 54

55 Automation 55

56 Automation 56

57 Significant Strategic Land Holdings 57

58 Redefining our Hinterland 58

59 Port of Tauranga 59