25 February 2020 ASX Announcement Investor Presentation - FY 20 Interim Results Attached is Qube's Investor Presentation for the half year ended 31 December 2019. Authorised for release by: The Board of Directors, Qube Holdings Limited Further enquiries: Media: Analysts/Investors: Paul White Paul Lewis Director, Corporate Affairs Chief Financial Officer paul.white@qube.com.au paul.lewis@qube.com.au +61 417 224 920 +61 2 9080 1903
QUBE BE HOLDI LDINGS NGS LIMITED MITED Investor or Prese senta ntatio tion FY 20 Interi erim m Results lts
Discl clai aime mer r – Importa rtant nt Notic ice The information contained in this Presentation or subsequently provided to the recipient whether orally or in writing by, or on behalf of Qube Holdings Limited (Qube) or any of its directors, officers, employees, agents, representatives and advisers (the Parties) is provided to the recipient on the terms and conditions set out in this notice. The information contained in this Presentation has been furnished by the Parties and other sources deemed reliable but no assurance can be given by the Parties as to the accuracy or completeness of this information. To the full extent permitted by law: (a) no representation or warranty (express or implied) is given; and (b) no responsibility or liability (including in negligence) is accepted, by the Parties as to the truth, accuracy or completeness of any statement, opinion, forecast, information or other matter (whether express or implied) contained in this Presentation or as to any other matter concerning them. To the full extent permitted by law, no responsibility or liability (including in negligence) is accepted by the Parties: (a) for or in connection with any act or omission, directly or indirectly in reliance upon; and (b) for any cost, expense, loss or other liability, directly or indirectly, arising from, or in connection with, any omission from or defects in, or any failure to correct any information, in this Presentation or any other communication (oral or written) about or concerning them. The delivery of this Presentation does not under any circumstances imply that the affairs or prospects of Qube or any information have been fully or correctly stated in this Presentation or have not changed since the date at which the information is expressed to be applicable. Except as required by law and the ASX listing rules, no responsibility or liability (including in negligence) is assumed by the Parties for updating any such information or to inform the recipient of any new information of which the Parties may become aware. Notwithstanding the above, no condition, warranty or right is excluded if its exclusion would contravene the Competition and Consumer Act 2010 or any other applicable law or cause an exclusion to be void. The provision of this Presentation is not and should not be considered as a recommendation in relation to an investment in Qube or that an investment in Qube is a suitable investment for the recipient. References to ‘underlying’ information is to non -IFRS financial information prepared in accordance with ASIC Regulatory Guide 230 (Disclosing non-IFRS financial information) issued in December 2011. 2 Non-IFRS financial information has not been subject to audit or review.
Table of conten tents ts FY 20 Interim Results Highlights 1. Divisional Summary 2. Key Financial Information 3. Outlook and Guidance 4. Appendices – Additional Financial Information 5. 3
FY 20 Inter terim im Re Results lts Hi Highlights hts Contin inued ed growth in a challeng lenging ng environmen ronment Half Year in review Key financial metrics • Underlying earnings growth despite continued headwinds in several of Qube’s key markets reflecting Qube’s diversified earnings base and strong market positions Statutory revenue Underlying revenue +14.4% $957.3 million +12.9% $970.1 million • Increased recognition by customers of the unrivalled breadth of Qube’s logistics capabilities and cost and service benefits of Qube’s ongoing investment in sites, equipment, technology, safety and people to support its operations Statutory EBITA Underlying EBITA • Medium term growth to benefit from major contracts with Shell Australia and +9.8% +2.1% $102.8 million $95.6 million BlueScope Steel secured by the Operating Division during the period • Continued progress across the Moorebank Logistics Park (MLP) activities with the Target warehouse completed, Moorebank Precinct West (MPW) Stage 2 approval Underlying NPAT Statutory NPAT received and commencement of terminal and rail operations +5.3% -15.9% $68.0 million $51.7 million • Progressed commercial terms with a potential major new tenant at MLP to be located on MPW. Currently expect documents to be finalised and approvals to proceed in the near future Underlying NPATA Statutory NPATA (NPAT pre-amortisation)* (NPAT pre-amortisation)* • Commenced a monetisation / partnering process focussed on MLP that may enable -13.7% +5.1% $76.3 million $60.0 million Qube to realise some of the substantial value that has already been created and to reduce Qube’s future funding requirements Underlying EPSA Statutory EPSA • Interim dividend increased by 3.6% to 2.9 cents, fully franked (EPS pre-amortisation)* (EPS pre-amortisation)* +4.4% 4.7 cents 3.7 cents • -14.0% Statutory earnings lower than underlying earnings and prior year statutory earnings mainly due to the impact of the new lease accounting standard (AASB 16) from 1 July *Note : NPATA is NPAT adjusted for Qube’s amortisation and Qube’s share of Patrick’s amortisation . 2019 EPSA is NPATA divided by the fully diluted weighted average number of shares outstanding. The underlying information excludes certain non-cash and non-recurring items in order to more accurately reflect the underlying financial performance of Qube. References to 4 ‘underlying’ information are to non -IFRS financial information prepared in accordance with ASIC Regulatory Guide 230 (Disclosing non-IFRS financial information) issued in December 2011. Non-IFRS financial information has not been subject to audit or review.
FY 20 Interim terim Re Results lts Hi Highli lights hts Under derly lying ng earn arnin ings gs grow rowth (NPATA) A) achiev hieved ed despit espite e cont ntinu inued ed head eadwinds nds in key mark rkets Underlying NPATA (+5.1%) Market container trade growth (TEU) at 4 ports 4,000 +4.4% vs pcp 76.3 3,900 80 0.8 (5.5) (2.0) 72.6 9.1 2.9 (1.6) -4.0% vs pcp +8.1% vs pcp 3,800 3,700 60 TEU ('000) 3,600 $ million 3,500 40 3,400 3,300 20 3,200 3,100 3,000 0 H1 FY 19 Operating Infrastructure & Patrick** Other Corporate Net interest H1 FY 20 H1 FY 18 H1 FY 19 H1 FY 20 Division* Property Associates costs costs Source: Port Authorities, Qube analysis . Division* *Note : Excluding earnings contribution from divisional Associates. New vehicle sales in Australia **Note : Qube’s share of Patrick’s underlying NPAT (pre -amortisation) and post tax interest income on shareholder loan. 600 +1.7% vs pcp • Positive results achieved despite continued decline in volumes in several of Qube’s key markets 580 New vehicle sales ('000) • Pleasing contribution from the Operating Division reflecting organic growth plus the full period 560 -7.1% vs pcp contribution from prior year acquisitions and capex 540 • The Infrastructure & Property division was impacted by lower vehicle volumes (AAT), higher 520 -7.2% vs pcp operating costs and lower ancillary income relating to MLP 500 • Increased earnings from Patrick despite a decline in market volumes. This reflects Patrick’s high 480 market share, the full period impact of higher infrastructure levies and lower interest costs following the successful debt refinancing in March 2019 460 H1 FY 18 H1 FY 19 H1 FY 20 • Higher Corporate costs mainly driven by increased size and breadth of activities of the group Source: Federal Chamber of Automotive Industries, Qube analysis. The underlying information excludes certain non-cash and non-recurring items in order to more accurately reflect the underlying financial performance of Qube. References to 5 ‘underlying’ information are to non -IFRS financial information prepared in accordance with ASIC Regulatory Guide 230 (Disclosing non-IFRS financial information) issued in December 2011. Non-IFRS financial information has not been subject to audit or review.
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