Aurizon Holdings Ltd. · ASX:AZJ

Aurizon — H1 FY2015 Earnings Presentation

76 slides from Aurizon's earnings presentation, Feb 16, 2015

  1. Slide 1: Aurizon – Half Year Report Analysts Presentation

    Dominic D Smith Vice President & Company Secretary Aurizon Holdings Limited ABN 14 146 335 622 T +61 7 3019 9000 F +61 7 3019 2188 E CompanySecretary@aurizon.com.au W aurizon.com.au Level 17, 175 Eagle Street Brisbane QLD 4000 GPO Box 456 Brisbane QLD 4001 For personal use only ASX Market Announceme

  2. Slide 2: Interim FY2015 Results Presentation

    For personal use only Interim FY2015 Results Presentation Lance Hockridge – Managing Director & CEO Keith Neate – EVP & CFO 16 February 2015

  3. Slide 3: Important notice

    Important notice ONLYonly No Reliance on this document This document was prepared by Aurizon Holdings Limited (ACN 146 335 622) (referred to as “Aurizon” which includes its related bodies corporate). Whilst Aurizon has endeavoured to ensure the accuracy of the information contained in this document

  4. Slide 4: Half Year in review

    For personal use only Half Year in review Lance Hockridge – Managing Director & CEO 3

  5. Slide 5: Key headlines – 1HFY2015

    Key headlines – 1HFY2015 Safety  Adverse movement in LTIFR and TRIFR reflecting fatal road accident in Central Queensland in October 2014 ONLYonly Results  Revenue flat at $1.97bn  Statutory NPAT up 188% to $308m, statutory EPS up 188% at 14.4cps  Underlying EBIT up 15% to $486m use  ROIC up 0.

  6. Slide 6: Safety performance

    Safety performance, our target is ONLYonly Tragic road accident in Central Queensland in October 2014 resulted in three fatalities - two Aurizon employees and one contractor. Our deepest condolences and thoughts remain with the family, friends and workmates of these men use Lost Time Injury Frequenc

  7. Slide 7: Financial highlights – Underlying

    Financial highlights – Underlying ONLYonly 1H $m FY2015 FY2014 Variance 15% improvement in underlying EBIT Revenue 1,965 1,959 0% use EBITDA 739 674 10% PERSONAL USE EBIT 486 423 15%  EBIT improvement driven by transformation benefits of $69m ($198m delivered to date), and net benefit on sale of pe

  8. Slide 8: Group Operating Highlights

    Group Operating Highlights ONLYonly 1H 1H 2H Variance FY2015 FY2014 fav/(adv) FY2014  Coal Revenue Quality driving 3% increase in use Revenue / NTK ($/000 NTK) 52.7 51.3 3% 52.2 Revenue/NTK Labour Costs / Revenue1 PERSONAL USE 26.8% 26.9% 0.1ppt 27.2%  Labour productivity continues to improve NTK

  9. Slide 9: On track to deliver 75% Operating Ratio in FY2015

    On track to deliver 75% Operating Ratio (‘OR’) in FY2015 1HFY2015 achieved $69m in transformation benefits, with $198m ONLYonly delivered since 1 July 2013 88.0  Operations benefits - $57m ($153m achieved to date ) o $27m in labour productivity 83.4 o $25m in fleet productivity o $3m in fuel consum

  10. Slide 10: Other matters

    Other matters ONLYonly Queensland Enterprise Agreements (‘EA’)update Network Regulation (UT4) update  The proposed Staff EA was approved and implemented effective  Queensland Competition Authority (‘QCA’) published its draft 28 January 2015 (covering 1,400+ employees) decision on Aurizon’s Maximum

  11. Slide 11: Results analysis

    For personal use only Results analysis Keith Neate - EVP & CFO 10

  12. Slide 12: New Segment note reporting from 1HFY2015

    New Segment note reporting from 1HFY2015 (as previously announced) ONLYonly  The Group re-organisation to a functional structure was completed during FY2014  Group operating segments from FY2015 are: use o Commercial & Marketing PERSONAL USE o Network personal o Operations o Other  Restated histo

  13. Slide 13: 1HFY2015 vs. 1HFY2014 underlying EBIT bridge

    1HFY2015 vs. 1HFY2014 underlying EBIT bridge ONLYonly  Notable items include:  Volume impact:  Operations - $57m Includes: o Redbank net benefit - $40m o Iron Ore – ($13m)  Support - $12m  Labour – ($18m) o Loss of sale of CRT – ($3m) o Coal – ($2m)  Derailment - ($7m) o Non-cash provision – (

  14. Slide 14: Underlying EBIT by function

    Underlying EBIT by function ONLYonly 1H 1H 2H Variance FY2015 FY2014 fav/(adv) FY2014 Key drivers of Group performance: $m  Network – Revenue based on use Network 218 217 0% 195 transitional tariffs for CQCN. Tariffs under UT4 expected to be higher PERSONAL USE  Coal Volumes down 1% in Queensland,

  15. Slide 15: Key 1HFY2015 functional drivers

    Key 1HFY2015 functional drivers ONLYonly Network Commercial & Marketing Operations Other  Underlying EBIT flat:  Underlying EBIT down $21m  Underlying EBIT up $39m  Underlying EBIT up $44m (-1%): (+3%): (+90%) largely due to: use o Revenue growth capped by transitional tariffs and o Freight reve

  16. Slide 16: Continued improvement in core operational drivers

    Continued improvement in core operational drivers ONLYonly Metric 1HFY2015 1HFY2014 Variance Net operations Opex1/NTK  Improvement in Opex/NTK (ex-access) 35.4 35.6 1% despite lower volumes due to ongoing (‘000 NTK) Opex transformation benefit Net operations Opex/NTK 22.1 22.9 3% use (ex-access)2(‘

  17. Slide 17: Cash flow summary

    Cash flow summary 1H ONLYonly $m FY2015 FY2014 EBITDA - statutory 739 452  1HFY2014 includes non-cash impairments of $197m Working capital & other movements (48) 199 use Cash from operations 691 651 PERSONAL USE Interest received 4 6 Income taxes paid (9) (84)  Lower tax paid reflecting FY2014 imp

  18. Slide 18: Transformational and productivity capex driving incremental returns

    Transformational and productivity capex driving incremental returns and operational improvements ONLYonly  1HFY2015 Transformational and productivity capex $52m: Capital expenditure FY2015 – FY2017 ($m)1 ~548 ~1,100 o Operations IT/Technology, Fleet Monitoring/Upgrades, Yard/Workshop Consolidation

  19. Slide 19: Strong balance sheet

    Strong balance sheet ONLYonly As at ($m) 31 Dec 2014 30 June 2014 Total current assets 926 1,336  Reduction in total current assets due to $127m decrease in cash, $111m reduction in receivables and $97m reduction in assets held for sale use Property, plant & equipment 9,692 9,441  Other non curren

  20. Slide 20: Debt summary

    Debt summary Aurizon Group $0.325bn1 maturity profile as ONLYonly $m at 31 December 2014  Credit ratings unchanged at BBB+/Baa1 25 Drawn Debt  Debt maturity profile average tenor increased to 4.8 years Undrawn Debt (FY2014 - 3.5 years) 300 275 use  Liquidity at 31 December 2014 $1.0bn (undrawn fa

  21. Slide 21: Other – business update

    For personal use only Other – business update Lance Hockridge – MD & CEO 20

  22. Slide 22: Aurizon's focus to drive shareholder value

    Aurizon’s focus to drive shareholder value Management’s core focus is driving returns – all investment and activities must meet or exceed internal hurdle rates  Focus on achieving our Operating Ratio and ROIC targets ONLYonly o 75% in respect of FY2015 - 73% in FY2016, 71.5% in FY2017 and high 60’s

  23. Slide 23: Strategic Projects update

    Strategic Projects update ONLYonly West Pilbara Infrastructure Project (WPIP) growth Moorebank option progressing  Exclusive negotiations with Commonwealth Government for the development/operation of strategically located freight hub at  Initial Request For Quote (RFQ) from suppliers received and

  24. Slide 24: Our Markets

    Our Markets ONLYonly Coal – Above Rail Coal – Below Rail  1HFY2015 coal railings:  Top six mining companies account for 80% of contract volumes o ~50% metallurgical  Majority of WIRP return is regulated use o ~50% Thermal Iron ore  Investment grade customers account for 72% of Above Rail PERSONA

  25. Slide 25: Freight strategy update

    Freight strategy update ONLYonly First priority in Freight strategy was cost-out and Focus for FY2015 and beyond - Revenue quality and Productivity improvements market share transformation Integrated operating plan (IOP) Bulk use  Improved asset productivity & efficiency  On target to transform 80

  26. Slide 26: Outlook & summary

    For personal use only Outlook & summary Lance Hockridge – MD & CEO 25

  27. Slide 27: FY2015 Outlook

    FY2015 Outlook ONLYonly  Based on current market conditions, our volume outlook in respect of FY2015 is: o Coal – haulage volume range 210 - 220mt unchanged use o Iron Ore – ~23mt in FY2015 PERSONAL USE o Freight – modest increase in bulk and intermodal volumes of ~4% in FY2015 personal  However,

  28. Slide 28: Summary

    Summary ONLYonly  75% OR in respect of FY2015 on track o Thereafter, focus on: - Drive to high 60’s OR by FY2020 use - Improving ROIC – targeting an average of 10.5% over the next three years - Actioning growth opportunities that meet our investment criteria PERSONAL USE  Queensland Enterprise Agr

  29. Slide 29: Questions & Answers

    For personal use only Questions & Answers 28

  30. Slide 30: Interim FY2015 Supporting information

    For personal use only Interim FY2015 Supporting information 16 February 2015

  31. Slide 31: Interim FY2015 Results additional information

    For personal use only Interim FY2015 Results additional information 30

  32. Slide 32: Index

    Index ONLYonly # Description Slide 1. General 32 - 33 use 2. Group Financial Information 34 - 40 PERSONAL USE 3. Function & Segment detail 41 - 61 personal 4. Capital Expenditure 62 - 67 5. Global Markets 68 - 73 6. Definitions 74 For FOR 31

  33. Slide 33: Aurizon's Australian Operations

    personal For FOR PERSONAL USE useONLYonly Aurizon’s Australian Operations 32

  34. Slide 34: North American Class 1s operating ratios and ROICs

    North American Class 1s have shown operating ratios <70% and ROICs >12% are achievable – Aurizon is on its way ONLYonly Operating ratios below 70% are achievable for Aurizon, All Class 1's have steadily improved return but it is a long term journey (often 10+ years) on capital since 2004, moving tow

  35. Slide 35: Group Financial Information

    For personal use only Group Financial Information 34

  36. Slide 36: Accounting Changes

    Accounting Changes (compared to FY2014 Financial Statements) ONLYonly  Income statement: presentation has been changed to show net finance costs and to make the costs categorisation consistent with revised segment reporting note. (i.e. Energy and Fuel and Track Access expenditure has been split out

  37. Slide 37: Reconciliation Consolidated Underlying vs. Statutory earnings

    Reconciliation Consolidated Underlying vs. Statutory earnings ONLYonly 1H 2H FY2015 FY2014 FY2014 use Underlying EBIT 486 423 428  No significant items recorded during the half Significant items PERSONAL USE Voluntary redundancy program - (25) (44) personal Asset impairment - (197) (120) Statutory

  38. Slide 38: 1HFY2015 vs. 2HFY2014 underlying EBIT bridge

    1HFY2015 vs. 2HFY2014 underlying EBIT bridge ONLYonly  Volume growth:  Operations - $23m Includes: o Coal – $23m  Support - $11m  Labour – ($19m) o Bulk – $11m  Derailment - ($7m) use o Intermodal – $5m  Depreciation – ($6m) o Iron Ore – ($12m)  Network Maintenance - ($5m)  All increases are

  39. Slide 39: Reconciliation of Borrowings

    Reconciliation of Borrowings ONLYonly As at 31 December 2014 ($m) Commentary Total debt per slide 19 (cash basis) 2,981 Add/(less): use Short-term borrowings 30 • Short-term borrowing PERSONAL USE • Transaction costs directly attributable to borrowing is capitalised in accordance with Transaction co

  40. Slide 40: Continued improvement in Return on Invested Capital

    Continued improvement in Return on Invested Capital ONLYonly Return on Invested Capital (ROIC)1 use 0.8ppt PERSONAL USE personal 9.4 8.6 8.8 8.0 6.7 For FOR 4.4 2.0 FY2010 FY2011 FY2012 FY2013 1HFY2014 FY2014 1HFY2015 1. ROIC = Rolling Underlying EBIT/Net working capital + Net PP&E + Assets Under Co

  41. Slide 41: Dividend history

    Dividend history ONLYonly Payment Date Amount per share (cents) Franking FY2015 Final 28 September 2015 n/a FY2015 Interim 23 March 2015 10.1 0% use FY2015 Total dividend PERSONAL USE FY2014 Final 22 September 2014 8.5 0% FY2014 Interim 28 March 2014 8.0 80% personal FY2014 Total dividend 16.5 FY201

  42. Slide 42: Function & Segment detail

    For personal use only Function & Segment detail 41

  43. Slide 43: Network profit & loss - Underlying

    Network profit & loss - Underlying ONLYonly 1H 2H 1H Variance $m FY2015 FY2014 fav/(adv) FY2014 Tonnes (million) 115 108 7% 107 use Revenue - Access 501 490 2% 461 PERSONAL USE - Services 6 8 (25%) 9 personal - Other 23 23 0% 21 Total Revenue 530 521 2% 491 Operating costs (206) (206) 0% (196) EBITD

  44. Slide 44: Commercial & Marketing profit & loss - Underlying

    Commercial & Marketing profit & loss - Underlying ONLYonly 1H 2H 1H Variance $m FY2015 FY2014 fav/(adv) FY2014 Total revenue 1,654 1,698 (3%) 1,572 use Coal 970 958 1% 906 PERSONAL USE - Above Rail 612 598 2% 617 personal - Below Rail 358 360 (1%) 289 Freight 509 550 (7%) 479 Iron ore 175 190 (8%) 1

  45. Slide 45: Operations profit & loss - Underlying

    Operations profit & loss - Underlying 1H 2H ONLYonly 1H Variance $m FY2015 FY2014 fav/(adv) FY2014 Revenue 176 191 (8%) 147 Employee Benefits (413) (401) (3%) (389) use Energy & Fuel (109) (152) 28% (116) PERSONAL USE Track Access (497) (488) (2%) (428) personal Consumables (325) (343) 5% (299) Othe

  46. Slide 46: Other profit & loss - Underlying

    Other profit & loss - Underlying ONLYonly 1H 2H 1H Variance $m FY2015 FY2014 fav/(adv) FY2014 Revenue 47 5 840% 11 use Employee Benefits (30) (31) 3% (29) PERSONAL USE Consumables (10) (21) 52% (25) personal Other (10) (1) (900%) (3) Total operating expenses (50) (53) 6% (57) EBITDA (3) (48) 94% (46

  47. Slide 47: Underlying EBIT by segment (old reporting regime)

    Underlying EBIT by segment (old reporting regime) ONLYonly 1H 1H 2H $m Variance FY2015 FY2014 fav/(adv) FY2014 Key drivers of Group performance:  Network – Revenue based on transitional tariffs for use Network 218 217 0% 195 CQCN. Volumes up 7% PERSONAL USE  Improved revenue quality and performanc

  48. Slide 48: Coal profit & loss - Underlying

    Coal profit & loss - Underlying ONLYonly 1H 2H 1H Variance $m FY2015 FY2014 fav/(adv) FY2014 Revenue - Above Rail 612 598 2% 617 use - Below Rail 358 360 (1%) 289 PERSONAL USE Total Revenue 970 958 1% 906 personal Operating costs (681) (683) 0% (608) EBITDA 289 275 5% 298 EBITDA margin 29.8% 28.7% 1

  49. Slide 49: Iron Ore profit & loss - Underlying

    Iron Ore profit & loss - Underlying ONLYonly 1H 1H 2H Variance fav/(adv) $m FY2015 FY2014 FY2014 use Revenue 175 190 (8%) 188 PERSONAL USE Operating costs (110) (120) 8% (119) personal EBITDA 65 70 (7%) 69 EBITDA margin 37.1% 36.8% 0.3ppt 36.7% Depreciation expense (19) (20) 5% (16) EBIT 46 50 (8%)

  50. Slide 50: Freight profit & loss – Underlying

    Freight profit & loss – Underlying (Freight includes Bulk and Intermodal businesses) ONLYonly 1H 1H 2H Variance ($m) FY2015 FY2014 fav/(adv) FY2014 use Revenue 509 550 (7%) 479 (461) (501) 8% (440) PERSONAL USE Operating costs EBITDA 48 49 (2%) 39 personal EBITDA margin 9.4% 8.9% 0.5ppt 8.1% Depreci

  51. Slide 51: Aurizon Network Overview

    Aurizon Network Overview ONLYonly Central Queensland Coal Network (CQCN)  The CQCN comprises 4 major coal systems and 1 connecting system link serving Queensland’s Bowen use Basin coal region: Newlands, Goonyella, Blackwater and Moura with GAPE the connecting system link PERSONAL USE – 2,670 kilome

  52. Slide 52: Newlands system overview

    Newlands system overview ONLYonly System consists of:  4 mines  1 export coal terminal  3 domestic unload locations  187 kilometres (116 miles) of single line use track  Includes Goonyella to Abbott Point PERSONAL USE Expansion (GAPE) personal Average train size is 3 locomotives and 81 wagons h

  53. Slide 53: Goonyella system overview

    Goonyella system overview ONLYonly System consists of:  20 mines  2 export coal terminals  1 domestic unload location  634 kilometres (394 miles) of duplicated use track PERSONAL USE Average train size is 3 locomotives and 120 wagons hauling 9,820 tonnes of coal personal From FY2010 to FY2014 av

  54. Slide 54: Blackwater system overview

    Blackwater system overview ONLYonly System consists of:  14 mines  2 export coal terminals  4 domestic unload locations  335 kilometres (208 miles) of single line track use  242 kilometres (150 miles) of duplicated track PERSONAL USE Average train size is 4 locomotives and 99 wagons hauling 8,0

  55. Slide 55: Moura system overview

    Moura system overview ONLYonly System consists of:  4 mines  2 export coal terminals  4 domestic unload locations use  266 kilometres (165 miles) of single line track PERSONAL USE Average train size is 3 locomotives and 83 personal wagons hauling 6,000 tonnes of coal From FY2010 to FY2014 averag

  56. Slide 56: Central Queensland Coal Network volumes (mt)

    1 Central Queensland Coal Network volumes (mt) ONLYonly 1H 1H Variance 2H FY2015 FY2014 fav/(adv) FY2014 Newlands 8.0 6.1 1.9 5.9 use Goonyella 60.1 57.3 2.8 57.1 PERSONAL USE Blackwater 32.5 31.7 0.8 31.4 personal Moura 6.5 6.3 0.2 6.1 GAPE 7.6 6.1 1.5 6.4 Total 114.7 107.62 7.1 106.9 For FOR Avera

  57. Slide 57: Queensland 1HFY2015 Take-or-Pay - Network and Coal

    Queensland 1HFY2015 Take-or-Pay - Network and 1 Coal ONLYonly $m Coal Network Consolidated  1HFY2015 GAPE take-or-pay is nil with the maximum capacity revenue billed monthly based on monthly Income volumes in absence of UT4 decision use Coal Customers - - - PERSONAL USE Network Customers - - - Expe

  58. Slide 58: Network revenue cap adjustments

    Network revenue cap adjustments ONLYonly AT2-4 AT5 Total  The FY2014 revenue difference between the FY2014 transitional Year (diesel tariff) (electric tariff) $m $m $m revenue collected and the Transitional System Allowable Revenue was repaid via an Adjustment Charge mechanism in September 2014 1 2

  59. Slide 59: Coal haulage tonnages (mt) by system

    Coal haulage tonnages (mt) by system ONLYonly 1H 2H 1H Variance FY2015 FY2014 fav/(adv) FY2014 use Queensland  Newlands volume growth driven by Newlands 11.3 8.2 3.0 8.2 PERSONAL USE increased GAPE volumes Goonyella 34.8 38.6 (3.7) 32.2 personal  Goonyella decline due to loss of the Rio Blackwater

  60. Slide 60: Coal Take-or-Pay accrual

    Coal Take-or-Pay accrual ONLYonly 1H 2H $m FY2015 FY2014 FY2014 Take-or-Pay charge1 (Expense) (7.2) (5.0) (20.0) use PERSONAL USE Take-or-Pay passed through to - 5.9 9.4 customers (Revenue) personal Adjustments2 relating to earlier - (2.2) - years Net EBIT impact (7.2) (1.3) (10.6) For FOR 1. Princi

  61. Slide 61: Queensland Coal - Deficit Tonnage Charges (DTC)

    Queensland Coal - Deficit Tonnage Charges (DTC) ONLYonly Full Year YoY  A form of protection for the above rail coal business when DTC ($m) 2H 1H Charge Variance actual tonnages are less than contracted 2015 n/a 1 n/a n/a  DTC refers to the period in which the income was recognised in the P&L, not

  62. Slide 62: Above Rail Coal contractual outlook

    Above Rail Coal contractual outlook ONLYonly Aurizon’s Annualised Above Coal above rail revenue “Old Form” vs. “New Form” Rail Coal Contracted breakdown coal volumes4 use Volumes (mtpa)1 232 230 228 100% 100% PERSONAL USE 6% 3% 39 41 45 29% 31% 30% 39% 37% personal 48% 94% 97% 193 189 183 69% 70% 71

  63. Slide 63: Capital Expenditure

    For personal use only Capital Expenditure 62

  64. Slide 64: 1HFY2015 group and functional capital expenditure

    1HFY2015 group and functional capital expenditure ($m) ONLYonly 552 use 200 PERSONAL USE personal 52 299 115 205 8 60 300 39 176 29 For FOR 106 19 5 6 18 1HFY2015 Network Operations Support Other1 Sustaining Transformational and productivity Growth 1. ‘Other’ sustaining breakdown includes Capitalise

  65. Slide 65: Major committed Network growth projects

    Major committed Network growth projects Wiggins Island Rail  WIRP is the staged development of new rail lines and upgrading of existing lines to service the new ONLYonly Project (WIRP) Wiggins Island Coal Export Terminal at the Port of Gladstone  Commenced: FY2012  Spend to 31 December 2014: $631

  66. Slide 66: Wiggins Island Rail Project (WIRP)

    Wiggins Island Rail Project (WIRP) ONLYonly  WIRP is a project designed to link mines in the Southern Bowen Basin with the new Wiggins Island Coal Export Terminal (WICET - currently under construction) at the Port of Gladstone and will increase the total capacity of the use Moura and Blackwater sys

  67. Slide 67: WIRP Fast Facts

    WIRP Fast Facts ONLYonly  Wiggins Island Rail Project (WIRP) Stage 1 will facilitate transport of 27mtpa of coal to the new Wiggins Island Coal Export Terminal (WICET)  33% increase in export tonnage transported in the Blackwater and Moura systems (81mtpa to 108mtpa)  $831m investment in new and

  68. Slide 68: Major committed Coal growth projects

    Major committed Coal growth projects ONLYonly Hexham Train  The construction of the Hexham Train Support Facility (TSF) is well advanced and will provide Support Facility Aurizon existing and future fleet maintenance and provisioning capability, driving improvements in Hunter Valley operational eff

  69. Slide 69: Global Markets

    For personal use only Global Markets 68

  70. Slide 70: Global seaborne thermal coal demand forecast

    Global seaborne thermal coal demand is forecast to grow at 3.4%pa through to 2025 ONLYonly Thermal Coal Seaborne Imports By Country (mt)  Growth in Asia’s thermal coal imports over coming years is +3.4% 1,348 expected to absorb current overcapacity in the seaborne market, subsequently necessitating

  71. Slide 71: Global seaborne metallurgical coal demand forecast

    Global seaborne metallurgical coal demand is forecast to grow at 2.7%pa through to 2025 ONLYonly Metallurgical Coal Seaborne Imports By Country (mt)  Global demand for seaborne metallurgical coal will continue +2.7% 377 to be supported by the emerging Asian economies, with 335 305 322 Other India e

  72. Slide 72: Displacement of China's high cost domestic iron ore

    Displacement of China’s high cost domestic iron ore with imports will continue over coming years ONLYonly 2014 seaborne iron ore cost curve incorporating China domestic supply  Australian-led growth in low cost seaborne supply is US$/dmt (62% Fe fines, FOB) $150 China expected to displace high-cost

  73. Slide 73: Decline in AUD/USD benefits Australia's coal producers

    Sharp decline in AUD/USD in 1HFY2015 has benefited Australia’s coal producers through an uplift in realised AUD revenue AUD/USD foreign exchange rate ONLYonly Daily 1.10  AUD/USD has fallen sharply since mid-CY2014, under 1.05 pressure from the expected narrowing of Australia-US 1.00 interest rate

  74. Slide 74: Australia's coal exports increased strongly in CY14

    Despite subdued global demand, Australia’s metallurgical and thermal coal exports increased strongly in CY14, capturing a greater share of the seaborne market ONLYonly Australia’s metallurgical coal exports by destination (mt)  Australia’s metallurgical coal exports increased by 9%yr in CY14 to 186

  75. Slide 75: Definitions

    Definitions Metric Description ONLYonly Access Revenue Amount received for access to the Network infrastructure under the Access Agreement Average haul length NTK/Total tonnes Contract utilisation Total volumes hauled as a percentage of total volumes contracted CQCN Central Queensland Coal Network d

  76. Slide 76: Interim FY2015 Results Presentation

    For personal use only Interim FY2015 Results Presentation Lance Hockridge – Managing Director & CEO Keith Neate – EVP & CFO 16 February 2015

Aurizon Holdings — H1 FY2015 Earnings Presentation on 6ix