INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER October 2014 Presented by Mr Brian Molefe, Group Chief Executive Investor and Media
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1 INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 29 October Presented by Mr Brian Molefe, Group Chief Executive Investor and Media 1
2 Agenda Macro economic context Executive summary Actual performance to date in perspective Financial results Capital investment Volumes and operations Socio-economic and sustainability Conclusion 2 TRANSNET INTERIM RESULTS
3 Macro-economic context is significantly worse than 12 months ago 12 months ago Today Global indicators Global GDP growth % 3,6 3,8 BRICs GDP growth China % 7,3 7,1 Brazil % 2,5 1,4 India % 5,1 6,4 Russia % 3,0 0,5 Iron ore $/ton 132,67 82,38 Thermal coal price $/ton 1 80,65 67,86 South African indicators Crude oil (Brent) $/bbl 107,66 85,83 GDP growth % 2,9 1,4 Rand/$ 9,90 10,95 Inflation (CPI) % 5,5 5,9 Current account deficit % of GDP 5,9 6,2 1. Richards Bay 6 000kcal 3 TRANSNET INTERIM RESULTS
4 Executive summary 30 September Revenue increased by 6,4% to R30,3 billion. Capital investment increased by 66,8% to R18,7 billion. EBITDA increased by 6,0% to R12,8 billion. Cash generated from operations after working capital changes increased by 57,4% to R17,7 billion. Gearing at 46,8% and cash interest cover at 4,4 times. Strong volume growth in automotive and containers on rail of 14,3%. DIFR at 0,68 reflects a 4 year stable safety record. B-BBEE spend of R24,9 billion or 105,6% of total measured procurement spend for the period per DTI codes. 4 TRANSNET INTERIM RESULTS
5 Performance to date in perspective Year-on-year Volume growth (weighted) +2,8% (2,4%) Revenue +6,4% (7,1%) EBITDA * +6,0% (7,4%) Depreciation +19,0% (7,9%) Finance cost +15,9% (8,2%) Net profit after tax (24,9%) (15,5%) Capital investments +66,8% +59,5% Cash interest cover +29% (9,4%) (Budget comparison excludes R6,1bn loco accruals). Gearing +2,1% +1,0% 5 TRANSNET INTERIM RESULTS
6 Financial highlights R billion R billion % variance Revenue 30,3 28,5 6,4 EBITDA 12,8 12,0 6,0 Cash generated from operations after working capital changes 17,7 11,3 57,4 Capital investment * 18,7 11,2 66,8 Key ratios EBITDA margin (%) 42,1 42,3 Gearing (%) 46,8 45,9 Cash interest cover (times) 4,4 3,4 # Return on average total assets (excluding CWIP) (%) 6,5 6,5 * Excludes capitalised borrowing costs and intangible assets, including capitalised finance leases and decommissioning restoration liabilities. # Excludes Regulator claw backs. 6 TRANSNET INTERIM RESULTS
7 Abridged income statement % R million R million variance Revenue ,4 Net operating expenses excluding depreciation, derecognition and amortisation (17 522) (16 426) 6,7 EBITDA ,0 Depreciation, derecognition and amortisation (5 757) (4 838) 19,0 Profit from operations before items listed below (2,7) Impairment of assets, fair value adjustments and other items (719) (288) 149,7 Net finance costs (3 227) (2 748) 17,4 Profit before taxation (26,5) Taxation (913) (1 308) (30,2) Profit for the period (24,9) 7 TRANSNET INTERIM RESULTS
8 Revenue and volumes Revenue (R million) Rail volumes (mt) ,4% ,8 41,9 +4,4% 110,5 43,7 Coal (+4%) Iron ore and manganese (+5%) Containers and automotive (+14%) Mineral mining and chrome (+13%) Steel and cement (-4%) 31,4 32,9 Agriculture and bulk (-5%) 9,1 5,8 6,3 11,3 10,3 5,5 7,2 10,9 Revenue contribution by Operating Division* (%) Port containers ( 000 TEUs) TPT 13 TPL ,8% TNPA TFR 15 TE * Excludes specialist units and intercompany eliminations. 8 TRANSNET INTERIM RESULTS
9 Operating expenses Operating expenses (R million) Operating expenses contribution by cost element (%) +6,7% Personnel costs Energy costs 10 Material and maintenance costs Other operating expenses The operating cost increase was managed closely by the implementation of numerous cost-reduction and containment initiatives implemented throughout the Company, which resulted in a R1,3 billion saving in planned costs. Expenses increased by 6,7% to R17,5 billion mainly due to: Increase in energy costs due to the higher electricity tariffs as well as fuel price increases impacted by foreign exchange volatility. Marginal increase in personnel costs to R9,0 billion (: R8,9 billion). 9 TRANSNET INTERIM RESULTS
10 EBITDA EBITDA (R million) EBITDA contribution by Operating Division* (%) +6,0% TPL 9 TPT TFR EBITDA margin (%) TNPA 26-0,2% 42,3 42,1 * Excludes specialist units and intercompany adjustments. 10 TRANSNET INTERIM RESULTS
11 Depreciation, derecognition and amortisation, impairment, net finance costs and profit for the period Depreciation, derecognition and amortisation (R million) ,0% Depreciation, derecognition and amortisation of assets for the period increased by 19,0%, mainly as a result of capital investments as well as the depreciation of revalued port facilities and pipelines. This trend is expected to continue in line with the execution of the capital investment programme. Impairment of assets (R million) +233,2% Net finance costs (R million) +17,4% Impairment of assets, amounting to R653 million relates primarily to the impairment of trade and other receivables, as well as an impairment of property, plant and equipment Net finance costs increased by 17,4%, in line with expectations, due to increased borrowings to fund the capital investment programme. Profit for the period (R million) -24,9% The decrease in profit for the period was 24,9% as a result of higher depreciation, impairment charges and finance costs for the period. 11 TRANSNET INTERIM RESULTS
12 Abridged statement of financial position September March R million R million ASSETS Property, plant and equipment Investment properties Other non-current assets Non-current assets Current assets Total assets EQUITY AND LIABILITIES Capital and reserves Non-current liabilities Current liabilities Total equity and liabilities TRANSNET INTERIM RESULTS
13 Property, plant and equipment (PPE) Property, plant and equipment (R million) +7,3% (5 663) (322) PPE increased by 7,3% to R222,4 billion. Capital investment for the period increased by R18,7 billion, with R9,0 billion being invested in the expansion of infrastructure and equipment, while R9,7 billion was invested in maintaining existing capacity. March Additions Revaluation Depreciation Borrowing costs Other Sept Return on average total assets (excluding CWIP) (%)* 6,5 6,5 Return on average total assets at 6,5% as at 30 September due to the significant increase in the asset base. March Sept * Excludes Regulator claw backs. 13 TRANSNET INTERIM RESULTS
14 Total borrowings Total borrowings (R million) ,1% Transnet raised R16,6 billion for the period and repaid borrowings amounting to R9,6 billion. The 10,1% increase is in line with the funding plan. March Sept Gearing (%) 45,9 +0,9% 46,8 The gearing ratio increased to 46,8%. The ratio remains below the Group s target range of 50,0%, reflecting significant capacity available to pursue the counter cyclical investment strategy. March Sept 14 TRANSNET INTERIM RESULTS
15 Abridged cash flow statement and funding Cash and cash equivalents at the beginning of the period % R million R million change ,8 Cash flows from operating activities ,6 Cash interest cover (times) 3,4 4,4 3,0 Cash generated from operations ,6 Changes in working capital (1 277) (421,0) Other operating activities (3 601) (3 484) 3,4 Cash flows utilised in investing activities (19 734) (10 778) 83,1 Cash flows from financing activities (including repayments) ,3 Net increase in cash and cash equivalents (53,9) Total cash and cash equivalents at the end of the period (10,6) Sources of funding R billion R billion DFI s/btmu/bilateral loans 9,0 1,7 Domestic bonds and Commercial paper 3,7 6,7 Call loans 3,9 1,0 Total 16,6 9,4 Credit rating: Long-term foreign currency A3 Negative outlook BBB- Stable outlook 15 TRANSNET INTERIM RESULTS
16 Capital investment spend R billion Capital investment by commodity 10,2 9,5 +16,2% 12,8 11,2 +66,8% 18,7 Piped products 10% Port containers 4% Export iron ore 6% Bulk 2% 6% Export coal Other 7% 65% GFB Capital investment by operating segment Expansion vs replacement 8% 6% Replacement: R9,7 billion 10% 76% Rail Ports Pipelines Engineering and other 52% 48% Expansion: R9,0 billion Transnet achieved 88,5% of the R31,2 billion budget for 16 TRANSNET INTERIM RESULTS
17 Major capital deliveries during the period Asset type September Quantity Cumulative Asset type September Quantity Locomotives Port infrastructure 60 class 43 diesel locomotives E locomotives Wagons GFB Export coal - RTG s NCT 4 Straddle carriers 5 Ship-to-shore cranes for NCT 2 Trailers 25 Asset type Quantity Asset type Stage of completion Rail refurbishment: Infrastructure Pipeline infrastructure Turnouts 67 Universals 256 Screening 247,3 km Sleepers Coastal terminal 75% Inland terminal 89% NMPP Trunkline is 100% complete and fully operational with product. 17 TRANSNET INTERIM RESULTS
18 Locomotive acquisition programme estimated delivery schedule General freight business Export coal Year 95 electric locomotives locomotives 60 diesel locomotives Wagons for MDS 100 electric locomotives _ TRANSNET INTERIM RESULTS
19 Rail export coal Volumes and operations 62,2 67,7 69,2 68,2 Volumes (mt) 74,2 +9% 34,6 36,5 +5% Export coal volumes increased by 5% due to: improved wagon cycle times; and overall improved operational efficiencies LE Sept Sept This was achieved despite 1mt lost due to cable theft. On-time departure (minutes) Productivity and efficiency The latest estimate suggests that at year end export coal volumes will exceed prior year by 9% Route density (Richards Bay corridor) Tonkm/Routekm 37,4 38,0 +2% 9 Sept -79% On-time arrivals (minutes) Sept +39% On-time departures are performing exceptionally well when compared to the prior year, due mainly to improvement initiatives focusing on the countdown and re-planning processes. However, en-route disruptions due to power outages, cable-theft and equipment failures continue to affect on-time arrivals. Sept Sept 19 TRANSNET INTERIM RESULTS
20 Rail export iron ore Volumes and operations Volumes (mt) 46,2 52,3 55,9 54,3 57,1 +5% 27,0 27,9 +3% Export iron ore volumes increased by 3% despite: tippler failures; and the derailment affecting the Khumani mine On-time departure (minutes) 2015 LE Productivity and efficiency Sept Sept On-time arrivals (minutes) The latest estimate suggests that at year end, iron ore volumes will exceed the prior year by 5% % On-time departures deteriorated compared to the prior year, but reflects continued improvement since 2011, due to process adherence improvements Sept +322% Sept On-time arrivals are performing exceptionally well versus the prior year, due to a focus to minimise en-route delays. 20 TRANSNET INTERIM RESULTS
21 Rail General freight business (GFB) Volumes and operations 73,7 81,0 82, On-time departure (minutes) 87,9 Volumes (mt) 92,5 +5% 2015 LE Productivity and efficiency 44,2 Sept On-time arrivals (minutes) 46,1 +4% Sept General freight volumes increased by 4% compared to the prior period, mainly due to: improved operational efficiencies; the optimisation of the value chain with port terminals and customers; and growth of market share arising from the road-to-rail modal shift. Mineral, mining and chrome volumes were hampered by an extended period of strike Sept -56% Sept -41% The latest estimate suggests that at year end, GFB volumes will exceed prior year by 5%. On-time departures and arrivals are performing well due mainly to process adherence improvements, including a focus on the countdown and re-planning processes. 21 TRANSNET INTERIM RESULTS
22 Ports Volumes and operations Container Volumes ( 000 TEUs) % % March Sept +8% % LE Productivity and efficiency Ship turnaround time (hours) +24% 88 +7% 71 +2% % Sept Sept +5% -4% % Maritime container volumes decreased by 4% compared to the prior period, due to a decline in: Transshipment containers; Vehicle and transport equipment imports; and Strong machinery, electronics, base metal and chemical product export volumes. The latest estimate suggests that at year end, maritime container volumes will be 2% below the prior year. Ship turnaround times are performing well at most ports, with the exception of Port Elizabeth, mainly due to aging cranes with limited capability, East London and Richards Bay. Durban Cape Town Port Elizabeth East London Richards Bay Ngqura Coal (RBCT) Iron ore (Saldanha) Manganese (Port Elizabeth) 22 TRANSNET INTERIM RESULTS
23 Pipelines Volumes and operations Volumes (bl) 18, , ,9 16,6 16, LE +1% 8,3 Sept 8,4 +2% Sept Petroleum product volumes increased by 2% compared to the prior period, mainly due to: Increased avtur volumes transported from the coast; and Improved crude volumes. DJP + NMPP Capacity utilisation (Ml/Week) Usage Capacity Productivity and efficiency 152 Operating cost per Ml.km (Nominal R/Ml.km) % 2012 Sept Sept Ordered vs Delivered volumes Planned vs Actual Delivery time (% of deliverables within 5% of order) (% of deliverables within 2 hours of plan) 100,0 99,0 100,0 84,0 +1% 77,0 81,0 +4% The latest estimate suggests that at year end, petroleum volumes will exceed the prior year by 1%. The NMPP capacity utilisation averaging 112 mega litres per week reflects favourably. DJP and NMPP capacity utilisation, Ordered vs Delivered volumes, and Planned vs Actual delivery times reflect favourably. Sept Sept 23 TRANSNET INTERIM RESULTS
24 Safety, the fourth consecutive year the Company has recorded a DIFR ratio below 0,75 Disabling injury frequency rate (DIFR) 0,82 0,65 0,74 0,69 0,68 The Company recorded a reduction in the disabling injury frequency rate compared to the 0,75 annual target, which is exceptional by international standards. This is the fourth consecutive year that the Company recorded a DIFR ratio below 0,75, due to continued focus and investment in safety. March 2011 March 2012 March March Sept 8 Employee fatalities (Numbers) The organisation remains committed to zero employee fatalities. Despite considerable efforts to improve safety, the Company regrets to report three employee fatalities in the current period, compared to six in the prior period TRANSNET INTERIM RESULTS
25 Human resources A representative workforce. Actual % Target % Designated categories Sept Black 82,3 80,0 Females at Group Exco 40,0 50,0 Females at extended Exco 41,3 50,0 Females below extended Exco 25,5 35,0 PWD s 1,9 2,0 Transnet achieved and exceeded its targets for black employees. Female representation is growing steadily despite significant challenges in an operations heavy environment at semi and unskilled levels. Key performance Indicator Unit of measure Annual Target Sept Actual Training spend % of personnel costs Rand value 4,4 2,4 R274,9 million Engineering trainees Number of learners Technician trainees Number of learners Artisan trainees Number of learners Sector specific trainees Number of learners Skills development, capacity building and job creation. Protection officers Number of learners Direct jobs created (Transnet employees) Number of jobs * Transnet invested 2,4% of the labour cost bill on skills development initiatives to grow and develop capacity requirements to support MDS (focusing on operational and technical training). Transnet achieved its targets for in all critical skills that were the focus for the period, except for sector specific trainees with 79% of the target achieved. Training of 463 protection officers also took place showing positive progress in the School of Security. The Schools of Excellence in Transnet continued to be a great flagship of the Transnet Academy s delivery platforms to contribute to local and regional skills development. * Includes fixed term project and trainee contract employees. 25 TRANSNET INTERIM RESULTS
26 B-BBEE spend of 105,6% per DTI codes and local supplier industry supported through Supplier development initiatives Broad-based black economic empowerment and local supplier industry development. % B-BBEE spend of TMPS** B-BBEE categories spend % of TMPS** Target Actual Emerging enterprises Qualifying small enterprises Black owned Black woman owned +20% +4% +2% % % Supplier development programme (R billion) +75% +53% +67% 32,3 12,2 8,0 18,5 8,0 4,8 Total contract value Committed SD obligation Actual SD obligation delivered **TMPS Total Measurable Procurement Spend. 26 TRANSNET INTERIM RESULTS
27 Conclusion The economic recovery together with the Company s plan will ensure continued successful implementation of the MDS. Capital investment remains on track to create capacity ahead of demand in line with Transnet s counter cyclical investment strategy. Operational efficiency continues to show improvements. The current financial year is a watershed year for MDS implementation and as can be seen from current performance the organisation is well placed to achieve its strategic objectives. 27 TRANSNET INTERIM RESULTS
28 Thank you
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