Ampol Limited · ASX:ALD
Ampol — Shareholder Meeting (February 2016)
84 slides from Ampol's shareholder meeting presentation, Feb 11, 2016
Slide 1: 2015 Annual General Meeting Addresses and Presentation
BY ELECTRONIC LODGEMENT ASX ANNOUNCEMENT CALTEX AUSTRALIA LIMITED ACN 004 201 307 LEVEL 24, 2 MARKET STREET SYDNEY NSW 2000 AUSTRALIA 7 May 2015 Company Announcements Office Australian Securities Exchange CALTEX AUSTRALIA LIMITED 2015 ANNUAL GENERAL MEETING ADDRESSES AND PRESENTATION The 2015 Annual
Slide 2: Chairman's and Managing Director & CEO's Addresses
CALTEX AUSTRALIA LIMITED ACN 004 201 307 ANNUAL GENERAL MEETING 7 MAY 2015 CHAIRMAN’S AND MANAGING DIRECTOR & CEO’S ADDRESSES Good morning everyone, and welcome to the 2015 Annual General Meeting of Caltex Australia Limited. Operational Excellence Moment At Caltex, we open meetings of five or more p
Slide 3: Chairman's address: 2014 transformational year
Our understanding is that the offer was two-times oversubscribed. The fact that there was so much interest in the Caltex shares is a strong endorsement of our strategy and the disciplined way it is executed. However, before we focus on the events of 2015, let’s first reflect on 2014. 2014 was a sign
Slide 4: Chairman's address: dividends and share price
per share, fully franked for 2013. These dividend payments reflect the reduction in the target dividend payout ratio to 20% to 40% during the Kurnell closure period. Following the successful closure of the Kurnell refinery, the Board has determined that as of 2015, our previous target dividend payou
Slide 5: Chairman's address: debt levels and thanks
credits to shareholders. In doing so, we will at all times maintain sensible debt levels, including maintaining sufficient headroom to capitalise on growth opportunities, and to respond to changes to the operating environment and major liquidity events. Finally, the Board and management would like t
Slide 6: CEO's address: marketing results
television advertisements which ran as part of the brand campaign. These ads were shown prior to the AGM commencing today. Higher sales of premium grades of petrol and diesel, and jet fuel, continued to offset the long term decline in demand for unleaded petrol, including E10. In 2014, our gross tra
Slide 7: CEO's address: Lytton refinery and Q1 2015
Caltex’s Lytton refinery in Brisbane continues to perform well, following a record 2014 performance. Strong operational performance has allowed Caltex to take advantage of favourable refining margins, which have continued into the start of 2015. For the first quarter of 2015, the average Caltex Refi
Slide 8: CEO's address: outlook and people
2014 was a challenging year for many people across Caltex. Despite the uncertainty generated by the review, the changes to teams and the reallocation of workloads, our people have continued to deliver. I know that I set the bar high for the people of Caltex and they continually rise to the challenge
Slide 9: 2015 Annual General Meeting
2015 ANNUAL GENERAL MEETING 10am (AEST), Thursday 7 May 2015
Slide 10: Board of Directors: Elizabeth Bryan
BOARD OF DIRECTORS Elizabeth Bryan CHAIRMAN 2
Slide 11: 2015 Annual General Meeting
2015 ANNUAL GENERAL MEETING 10am (AEST), Thursday 7 May 2015
Slide 12: Agenda
AGENDA Operational Excellence Moment Addresses Shareholder Questions Items of business 1. Consideration of Reports 2. Election of Directors 3. Non-executive Directors’ Fee Pool Increase 4. Remuneration Report 4
Slide 13: Board of Directors: Julian Segal
BOARD OF DIRECTORS Julian Segal MANAGING DIRECTOR & CEO 5
Slide 14: Board of Directors: Greig Gailey
BOARD OF DIRECTORS Greig Gailey INDEPENDENT, NON-EXECUTIVE DIRECTOR 6
Slide 15: Board of Directors: Barbara Ward
BOARD OF DIRECTORS Barbara Ward INDEPENDENT, NON-EXECUTIVE DIRECTOR 7
Slide 16: Board of Directors: Trevor Bourne
BOARD OF DIRECTORS Trevor Bourne INDEPENDENT, NON-EXECUTIVE DIRECTOR 8
Slide 17: Board of Directors: Peter Lim
BOARD OF DIRECTORS Peter Lim GM, LEGAL AND CORPORATE AFFAIRS COMPANY SECRETARY 9
Slide 18: Board of Directors: Bruce Morgan
BOARD OF DIRECTORS Bruce Morgan INDEPENDENT, NON-EXECUTIVE DIRECTOR 10
Slide 19: Caltex Senior Management
CALTEX SENIOR MANAGEMENT Simon Hepworth Chief Financial Officer Bruce Rosengarten General Manager – Marketing Simon Willshire General Manager – Human Resources Andrew Brewer General Manager – Supply Chain Operations Adam Ritchie General Manager – Supply 11
Slide 20: External Auditor: Greg Boydell
EXTERNAL AUDITOR Greg Boydell KPMG PARTNER 12
Slide 21: Voting Process
VOTING PROCESS Electronic voting process using handsets. John Smith A plastic card should have been inserted into your handset when you registered this morning. Cancel Send Vote 13
Slide 22: How to Cast Your Vote
HOW TO CAST YOUR VOTE When the poll opens, the handset will display John Smith the voting options being: For x 1 to vote for Against 2 to vote against Cancel Send Vote Press the appropriate button on the handset to submit your vote. The word “received” will appear briefly on your screen and an ‘
Slide 23: How to Cancel or Change Your Vote
HOW TO CANCEL OR CHANGE YOUR VOTE To change your vote, simply enter your new John Smith choice (1 or 2) while the poll is open. For x Against If you wish to cancel your vote, press Cancel Send Vote the red triangle button . 15
Slide 24: Practice Resolution
PRACTICE RESOLUTION Shareholders will be asked to consider and, if thought fit, pass an ordinary resolution that the asset test limit for the pension should be increased. The poll on this resolution is open – please cast your vote 1 to vote FOR the resolution 2 to vote AGAINST the resolution 16
Slide 25: Practice Resolution: poll closed
PRACTICE RESOLUTION Shareholders will be asked to consider and, if thought fit, pass an ordinary resolution that the asset test limit for the pension should be increased. The poll on this resolution is now closed. 17
Slide 26: Notice of Meeting
Sx) CALTEX GENERAL MEETING € CALTEX | With you all the way
Slide 27: Agenda
AGENDA Operational Excellence Moment Addresses Shareholder Questions Items of business 1. Consideration of Reports 2. Election of Directors 3. Non-executive Directors’ Fee Pool Increase 4. Remuneration Report 19
Slide 28: Operational Excellence Moment
OPERATIONAL EXCELLENCE MOMENT
Slide 29: Operational Excellence Moment
ITEM 1 OPERATIONAL EXCELLENCE MOMENT • Calstores undertakes over a million manual handling tasks per month • ZERO incidents • ZERO total treatable injury frequency rate • 715 days incident free as at 1 May 2015 = 23 million tasks • 802 days previous incident free record • 2012 – CEO Stellar Award fo
Slide 30: Agenda
AGENDA Operational Excellence Moment Addresses Shareholder Questions Items of business 1. Consideration of Reports 2. Election of Directors 3. Non-executive Directors’ Fee Pool Increase 4. Remuneration Report 22
Slide 31: Chairman's Address
CHAIRMAN’S ADDRESS 23
Slide 32: Strong Endorsement of Caltex Strategy
STRONG ENDORSEMENT OF CALTEX STRATEGY 24
Slide 33: 2014 – A Transformational Year
2014 – A TRANSFORMATIONAL YEAR 25
Slide 34: Strong Results in Marketing and Supply Chain
STRONG RESULTS IN MARKETING AND SUPPLY CHAIN 26
Slide 35: Total Treated Injury Frequency Rate
TOTAL TREATED INJURY FREQUENCY RATE per million hours worked (including contractors) 3.04 2.83 2.53 While our personal safety performance is 1.76 still industry leading, 1.36 we are taking additional steps to champion the need for continued improvement in 2015 2010 2011 2012 2013 2014 27
Slide 36: Results: HCOP and RCOP
RESULTS Historic Cost of Sales Operating Profit Replacement Cost of Sales Operating (HCOP) ($ million)* Profit (RCOP) ($ million)# 530 493 458 317 318 332 57 20 264 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 * Including # Excluding significant items -714 significant items 28
Slide 37: Top Quartile Shareholder Returns
TOP QUARTILE SHAREHOLDER RETURNS 265 260 255 250 245 240 Caltex Australia Limited and the S&P/ASX 100 Index 235 230 Total Shareholders Return Performance Caltex 225 220 215 1 January 2012 - 31 December 2014 210 205 200 195 190 185 180 175 170 165 160 155 150 145 140 135 130 125 120 ASX100 115 110 10
Slide 38: Caltex and Chevron
CALTEX AND CHEVRON & CALTEX | With you all the way
Slide 39: People of Caltex
PEOPLE OF CALTEX & CALTEX | With you all the way
Slide 40: Managing Director & CEO's Address
MANAGING DIRECTOR & CEO’S ADDRESS 32
Slide 41: Key Safety Measures
KEY SAFETY MEASURES Total treated injury frequency rate Spills > 1 barrel (160 litres) per million hours worked (including contractors) and marine spills, any volume 3.04 26 2.83 2.53 22 22 17 1.76 15 1.36 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 33
Slide 42: Successful Completion of Kurnell Conversion
SUCCESSFUL COMPLETION OF KURNELL CONVERSION 34
Slide 43: Marketing – Another Record Year
MARKETING – ANOTHER RECORD YEAR Operational earnings up 6% to $812 million. Gross transport fuel margin 5.1 cents per cents per litre, compared with 4.41 cents per litre in 2013. Retail fuel sales exceeded 7.8 billion litres. Sales of Vortex 95 and Vortex 98 increased by 3.6% year on year. Sales of
Slide 44: Supply Chain – Strong Result
SUPPLY CHAIN – STRONG RESULT EBIT result of $64 million. Caltex Refiner Margin of US$12.42 per barrel, compares favourably to US$9.34 per barrel in 2013. Lytton refinery performed strongly during the year. 36
Slide 45: Q1 2015 Unaudited Profit Results
Q1 2015 UNAUDITED PROFIT RESULTS Total sales volumes for Q1 2015 were 3.9 billion litres, Q1 net profit after tax compared with 4.1 billion litres in Q1 2014. 174 162 Refiner margin sales from production totalled 1.5 billion litres, down from 2.7 billion litres in Q1 2014. 121 For Q1 2015, the avera
Slide 46: The Caltex Journey – Reflected in the Share Price
THE CALTEX JOURNEY – REFLECTED IN THE SHARE PRICE 40 October 2014 Kurnell refinery closes and Kurnell terminal is operational 35 30 August 2014 Tabula Rasa announced 25 20 15 10 5 August 2011 September 2012 January 2014 Refinery review Kurnell conversion starts Ampol Singapore operational 0 38
Slide 47: Outlook
OUTLOOK & CALTEX | With you all the way
Slide 48: People of Caltex
€ CALTEX | With you all the way
Slide 49: Agenda
AGENDA Operational Excellence Moment Addresses Shareholder Questions Items of business 1. Consideration of Reports 2. Election of Directors 3. Non-executive Directors’ Fee Pool Increase 4. Remuneration Report 41
Slide 50: Shareholder Questions
SHAREHOLDER QUESTIONS 42
Slide 51: Shareholder Questions: joining the queue
SHAREHOLDER QUESTIONS If you would like to ask a question or John Smith make a comment, please press the green Queue square button to enter the queue. Available Join Queue 43
Slide 52: Shareholder Questions: in the queue
SHAREHOLDER QUESTIONS If you are in the queue, an orange icon will John Smith appear on the display screen. In Queue If you decide not to ask a question, press the red triangle button to leave the queue. Join Queue When the Chairman calls your name, please make your way to the nearest microphone. 44
Slide 53: Shareholder Questions
SHAREHOLDER QUESTIONS 45
Slide 54: Agenda
AGENDA Operational Excellence Moment Addresses Shareholder Questions Items of business 1. Consideration of Reports 2. Election of Directors 3. Non-executive Directors’ Fee Pool Increase 4. Remuneration Report 46
Slide 55: Agenda
AGENDA Operational Excellence Moment Addresses Shareholder Questions Items of business 1. Consideration of Reports 2. Election of Directors 3. Non-executive Directors’ Fee Pool Increase 4. Remuneration Report 47
Slide 56: Voting Matters
VOTING MATTERS Items of business to be put to a vote of shareholders • Item 2 - Election of Directors a) Re-election of Elizabeth Bryan b) Re-election of Trevor Bourne c) Re-election of Ryan Krogmeier – withdrawn d) Election of Barbara Ward • Item 3 – Non-executive Directors’ Fee Pool Increase • Ite
Slide 57: Agenda
AGENDA Operational Excellence Moment Addresses Shareholder Questions Items of business 1. Consideration of Reports 2. Election of Directors 3. Non-executive Directors’ Fee Pool Increase 4. Remuneration Report 49
Slide 58: Item 2 – Election of Directors
ITEM 2 - ELECTION OF DIRECTORS Shareholders will be asked to consider and, if thought fit, pass ordinary resolutions to: a) Re-elect Elizabeth Bryan as a director, b) Re-elect of Trevor Bourneas a director, c) Re-election of Ryan Krogmeier – withdrawn, and d) Elect Barbara Ward as a director in acco
Slide 59: Item 2a – Re-election of Elizabeth Bryan
ITEM 2a – RE-ELECTION OF ELIZABETH BRYAN Elizabeth joined the Board in 2002 and became Chairman on 1 October 2007. Elizabeth brings management, strategic and financial expertise to the Caltex Board. She is Chairman of the Nomination Committee and attends meetings of the Audit Committee, Human Resour
Slide 60: Item 2a – Re-election of Elizabeth Bryan
ITEM 2a – RE-ELECTION OF ELIZABETH BRYAN Shareholders are asked to consider and, if thought appropriate, pass the following ordinary resolution: That Elizabeth Bryan, a Non-executive Director and Chairman retiring in accordance with the Constitution, being eligible, is re-elected as a Non-executive
Slide 61: Item 2a – Proxy voting directions
ITEM 2a – RE-ELECTION OF ELIZABETH BRYAN Millions - Proxy voting directions 100 90 99.03% 80 70 60 50 40 30 20 10 0.66% 0.31% 0 For Open Against 53
Slide 62: Item 2a – Poll open
ITEM 2a – RE-ELECTION OF ELIZABETH BRYAN Shareholders are asked to consider and, if thought appropriate, pass the following ordinary resolution: That Elizabeth Bryan, a Non-executive Director and Chairman retiring in accordance with the Constitution, being eligible, is re-elected as a Non-executive
Slide 63: Item 2a – Poll closed
ITEM 2a – RE-ELECTION OF ELIZABETH BRYAN Shareholders are asked to consider and, if thought appropriate, pass the following ordinary resolution: That Elizabeth Bryan, a Non-executive Director and Chairman retiring in accordance with the Constitution, being eligible, is re-elected as a Non-executive
Slide 64: Item 2b – Re-election of Trevor Bourne
ITEM 2b – RE-ELECTION OF TREVOR BOURNE Trevor joined the Board in 2006. Trevor is Chairman of the OHS & Environmental Risk Committee and a member of the Audit Committee, Human Resources Committee and Nomination Committee. He brings to the Board broad management experience in industrial and capital i
Slide 65: Item 2b – Re-election of Trevor Bourne
ITEM 2b – RE-ELECTION OF TREVOR BOURNE Shareholders are asked to consider and, if thought appropriate, pass the following ordinary resolution: That Trevor Bourne, a Non-executive Director retiring in accordance with the Constitution, being eligible, is re-elected as a Non-executive Director of Calte
Slide 66: Item 2b – Proxy voting directions
ITEM 2b – RE-ELECTION OF TREVOR BOURNE Millions - Proxy voting directions 100 90 98.76% 80 70 60 50 40 30 20 10 0.93% 0.31% 0 For Open Against 58
Slide 67: Item 2b – Poll open
ITEM 2b – RE-ELECTION OF TREVOR BOURNE Shareholders are asked to consider and, if thought appropriate, pass the following ordinary resolution: That Trevor Bourne, a Non-executive Director retiring in accordance with the Constitution, being eligible, is re-elected as a Non-executive Director of Calte
Slide 68: Item 2b – Poll closed
ITEM 2b – RE-ELECTION OF TREVOR BOURNE Shareholders are asked to consider and, if thought appropriate, pass the following ordinary resolution: That Trevor Bourne, a Non-executive Director retiring in accordance with the Constitution, being eligible, is re-elected as a Non-executive Director of Calte
Slide 69: Item 2d – Election of Barbara Ward
ITEM 2d – ELECTION OF BARBARA WARD Barbara joined the Board on 1 April 2015. Barbara is a member of the Nomination Committee. She brings strategic and financial expertise in capital intensive industries to the Caltex Board. The Board supports Barbara's election. 61
Slide 70: Item 2d – Election of Barbara Ward
ITEM 2d – ELECTION OF BARBARA WARD Shareholders are asked to consider and, if thought appropriate, pass the following ordinary resolution: That Barbara Ward, a Non-executive Director appointed by the Directors on 1 April 2015 pursuant to Clause 54.1 of the Constitution and retiring in accordance wit
Slide 71: Item 2d – Proxy voting directions
ITEM 2d – ELECTION OF BARBARA WARD Millions - Proxy voting directions 100 90 99.26% 80 70 60 50 40 30 20 10 0.42% 0.32% 0 For Open Against
Slide 72: Item 2d – Poll open
ITEM 2d – ELECTION OF BARBARA WARD Shareholders are asked to consider and, if thought appropriate, pass the following ordinary resolution: That Barbara Ward, a Non-executive Director appointed by the Directors on 1 April 2015 pursuant to Clause 54.1 of the Constitution and retiring in accordance wit
Slide 73: Item 2d – Poll closed
ITEM 2d – ELECTION OF BARBARA WARD Shareholders are asked to consider and, if thought appropriate, pass the following ordinary resolution: That Barbara Ward, a Non-executive Director appointed by the Directors on 1 April 2015 pursuant to Clause 54.1 of the Constitution and retiring in accordance wit
Slide 74: Agenda
AGENDA Operational Excellence Moment Addresses Shareholder Questions Items of business 1. Consideration of Reports 2. Election of Directors 3. Non-executive Directors’ Fee Pool Increase 4. Remuneration Report 66
Slide 75: Item 3 – Non-Executive Directors' Fee Pool Increase
ITEM 3 – NON-EXECUTIVE DIRECTORS’ FEE POOL INCREASE Shareholders are asked to consider and, if thought appropriate, pass the following ordinary resolution: That the maximum aggregate amount payable to Non-executive Directors of Caltex Australia Limited by way of Directors’ fees be increased by $250,
Slide 76: Item 3 – Proxy voting directions
ITEM 3 – NON-EXECUTIVE DIRECTORS’ FEE POOL INCREASE Millions - Proxy voting directions 100 90 98.39% 80 70 60 50 40 30 20 10 1.29% 0.32% 0 For Open Against
Slide 77: Item 3 – Poll open
ITEM 3 – NON-EXECUTIVE DIRECTORS’ FEE POOL INCREASE Shareholders are asked to consider and, if thought appropriate, pass the following ordinary resolution: That the maximum aggregate amount payable to Non-executive Directors of Caltex Australia Limited by way of Directors’ fees be increased by $250,
Slide 78: Item 3 – Poll closed
ITEM 3 – NON-EXECUTIVE DIRECTORS’ FEE POOL INCREASE Shareholders are asked to consider and, if thought appropriate, pass the following ordinary resolution: That the maximum aggregate amount payable to Non-executive Directors of Caltex Australia Limited by way of Directors’ fees be increased by $250,
Slide 79: Agenda
AGENDA Operational Excellence Moment Addresses Shareholder Questions Items of business 1. Consideration of Reports 2. Election of Directors 3. Non-executive Directors’ Fee Pool Increase 4. Remuneration Report 71
Slide 80: Item 4 – Remuneration Report
ITEM 4 – REMUNERATION REPORT Shareholders are asked to consider and, if thought appropriate, pass the following ordinary resolution: That the Remuneration Report for the year ended 31 December 2014 (set out in the Directors’ Report) is adopted. Note: The vote on this resolution is advisory only and
Slide 81: Item 4 – Proxy voting directions
ITEM 4 – REMUNERATION REPORT Millions - Proxy voting directions 100 90 98.80% 80 70 60 50 40 30 20 10 0.89% 0.31% 0 For Open Against 73
Slide 82: Item 4 – Poll open
ITEM 4 – REMUNERATION REPORT Shareholders are asked to consider and, if thought appropriate, pass the following ordinary resolution: That the Remuneration Report for the year ended 31 December 2014 (set out in the Directors’ Report) is adopted. Note: The vote on this resolution is advisory only and
Slide 83: Item 4 – Poll closed
ITEM 4 – REMUNERATION REPORT Shareholders are asked to consider and, if thought appropriate, pass the following ordinary resolution: That the Remuneration Report for the year ended 31 December 2014 (set out in the Directors’ Report) is adopted. Note: The vote on this resolution is advisory only and
Slide 84: Slide 84