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FY2014 Results Presentation

Lance Hockridge Managing Director & CEO
Keith Neate EVP & CFO
Mike Franczak EVP Operations
18 August 2014
FY2014 Results Presentation
Lance Hockridge Managing Director & CEO
Keith Neate EVP & CFO
Mike Franczak EVP Operations
18 August 2014
FY2014 Results Presentation
Lance Hockridge Managing Director & CEO
Keith Neate EVP & CFO
Mike Franczak EVP Operations
18 August 2014
FY2014 Results Presentation
Lance Hockridge Managing Director & CEO
Keith Neate EVP & CFO
Mike Franczak EVP Operations
18 August 2014
FY2014 Results Presentation
Lance Hockridge Managing Director & CEO
Keith Neate EVP & CFO
Mike Franczak EVP Operations
18 August 2014

FY2014 Results Presentation

Lance Hockridge Managing Director & CEO
Keith Neate EVP & CFO
Mike Franczak EVP Operations
18 August 2014
FY2014 Results Presentation
Lance Hockridge Managing Director & CEO
Keith Neate EVP & CFO
Mike Franczak EVP Operations
18 August 2014
FY2014 Results Presentation
Lance Hockridge Managing Director & CEO
Keith Neate EVP & CFO
Mike Franczak EVP Operations
18 August 2014

FY2014 Results Presentation

Lance Hockridge Managing Director & CEO
Keith Neate EVP & CFO
Mike Franczak EVP Operations
18 August 2014
FY2014 Results Presentation
Lance Hockridge Managing Director & CEO
Keith Neate EVP & CFO
Mike Franczak EVP Operations
18 August 2014
FY2014 Results Presentation
Lance Hockridge Managing Director & CEO
Keith Neate EVP & CFO
Mike Franczak EVP Operations
18 August 2014
FY2014 Results Presentation
Lance Hockridge Managing Director & CEO
Keith Neate EVP & CFO
Mike Franczak EVP Operations
18 August 2014sdadads
42
FOR PERSONAL USE ONLY
Coal profit & loss - Underlying
$m FY2014
FY2014
FY2013
FY14 vs.
FY13
2H 1H Variance
Revenue - Above Rail 1,211 614 597 1,079 12%
- Below Rail 649 289 360 776 (16%)
- Other 4 3 1 8 (50%)
Total Revenue 1,864 906 958 1,863 Operating costs (1,291) (608) (683) (1,369) 6%
EBITDA 573 298 275 494 16%
EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt
Depreciation and amortisation (173) (85) (88) (174) 1%
EBIT 400 213 187 320 25%
Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt
Above rail revenue increased $132m
driven by the strong volumes
Below rail access revenue (and the
corresponding operating cost)
decreased $127m reflecting the
lower transitional tariffs, and
increases in customers paying
Access Tariffs direct to Network
$41m in transformation benefits
principally lower labour, fuel
efficiency and maintenance costs42
FOR PERSONAL USE ONLY
Coal profit & loss - Underlying
$m FY2014
FY2014
FY2013
FY14 vs.
FY13
2H 1H Variance

Revenue - Above Rail 1,211 614 597 1,079 12%

- Below Rail 649 289 360 776 (16%)
- Other 4 3 1 8 (50%)
Total Revenue 1,864 906 958 1,863 Operating costs (1,291) (608) (683) (1,369) 6%
EBITDA 573 298 275 494 16%
EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt
Depreciation and amortisation (173) (85) (88) (174) 1%
EBIT 400 213 187 320 25%
Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt
Above rail revenue increased $132m
driven by the strong volumes
Below rail access revenue (and the
corresponding operating cost)
decreased $127m reflecting the
lower transitional tariffs, and
increases in customers paying
Access Tariffs direct to Network
$41m in transformation benefits
principally lower labour, fuel
efficiency and maintenance costs42
FOR PERSONAL USE ONLY
Coal profit & loss - Underlying
$m FY2014
FY2014
FY2013
FY14 vs.
FY13
2H 1H Variance
Revenue - Above Rail 1,211 614 597 1,079 12%
- Below Rail 649 289 360 776 (16%)
- Other 4 3 1 8 (50%)
Total Revenue 1,864 906 958 1,863 Operating costs (1,291) (608) (683) (1,369) 6%
EBITDA 573 298 275 494 16%
EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt
Depreciation and amortisation (173) (85) (88) (174) 1%
EBIT 400 213 187 320 25%
Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt
Above rail revenue increased $132m
driven by the strong volumes
Below rail access revenue (and the
corresponding operating cost)
decreased $127m reflecting the
lower transitional tariffs, and
increases in customers paying
Access Tariffs direct to Network
$41m in transformation benefits
principally lower labour, fuel
efficiency and maintenance costs42
FOR PERSONAL USE ONLY
Coal profit & loss - Underlying
$m FY2014
FY2014
FY2013
FY14 vs.
FY13
2H 1H Variance
Revenue - Above Rail 1,211 614 597 1,079 12%
- Below Rail 649 289 360 776 (16%)

- Other 4 3 1 8 (50%)
Total Revenue 1,864 906 958 1,863 Operating costs (1,291) (608) (683) (1,369) 6%
EBITDA 573 298 275 494 16%
EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt
Depreciation and amortisation (173) (85) (88) (174) 1%
EBIT 400 213 187 320 25%
Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt
Above rail revenue increased $132m
driven by the strong volumes
Below rail access revenue (and the
corresponding operating cost)
decreased $127m reflecting the
lower transitional tariffs, and
increases in customers paying
Access Tariffs direct to Network
$41m in transformation benefits
principally lower labour, fuel
efficiency and maintenance costs42
FOR PERSONAL USE ONLY
Coal profit & loss - Underlying
$m FY2014
FY2014
FY2013
FY14 vs.
FY13
2H 1H Variance
Revenue - Above Rail 1,211 614 597 1,079 12%
- Below Rail 649 289 360 776 (16%)
- Other 4 3 1 8 (50%)
Total Revenue 1,864 906 958 1,863 Operating costs (1,291) (608) (683) (1,369) 6%
EBITDA 573 298 275 494 16%
EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt
Depreciation and amortisation (173) (85) (88) (174) 1%
EBIT 400 213 187 320 25%
Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt
Above rail revenue increased $132m
driven by the strong volumes
Below rail access revenue (and the
corresponding operating cost)
decreased $127m reflecting the
lower transitional tariffs, and
increases in customers paying
Access Tariffs direct to Network
$41m in transformation benefits
principally lower labour, fuel
efficiency and maintenance costs42
FOR PERSONAL USE ONLY
Coal profit & loss - Underlying
$m FY2014
FY2014
FY2013
FY14 vs.
FY13
2H 1H Variance
Revenue - Above Rail 1,211 614 597 1,079 12%
- Below Rail 649 289 360 776 (16%)
- Other 4 3 1 8 (50%)
Total Revenue 1,864 906 958 1,863 -

Operating costs (1,291) (608) (683) (1,369) 6%

EBITDA 573 298 275 494 16%
EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt
Depreciation and amortisation (173) (85) (88) (174) 1%
EBIT 400 213 187 320 25%
Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt
Above rail revenue increased $132m
driven by the strong volumes
Below rail access revenue (and the
corresponding operating cost)
decreased $127m reflecting the
lower transitional tariffs, and
increases in customers paying
Access Tariffs direct to Network
$41m in transformation benefits
principally lower labour, fuel
efficiency and maintenance costs42
FOR PERSONAL USE ONLY
Coal profit & loss - Underlying
$m FY2014
FY2014
FY2013
FY14 vs.
FY13
2H 1H Variance
Revenue - Above Rail 1,211 614 597 1,079 12%
- Below Rail 649 289 360 776 (16%)
- Other 4 3 1 8 (50%)
Total Revenue 1,864 906 958 1,863 Operating costs (1,291) (608) (683) (1,369) 6%
EBITDA 573 298 275 494 16%
EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt
Depreciation and amortisation (173) (85) (88) (174) 1%
EBIT 400 213 187 320 25%
Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt
Above rail revenue increased $132m
driven by the strong volumes
Below rail access revenue (and the
corresponding operating cost)
decreased $127m reflecting the
lower transitional tariffs, and
increases in customers paying
Access Tariffs direct to Network
$41m in transformation benefits
principally lower labour, fuel
efficiency and maintenance costs42
FOR PERSONAL USE ONLY
Coal profit & loss - Underlying
$m FY2014
FY2014
FY2013
FY14 vs.
FY13
2H 1H Variance
Revenue - Above Rail 1,211 614 597 1,079 12%
- Below Rail 649 289 360 776 (16%)
- Other 4 3 1 8 (50%)
Total Revenue 1,864 906 958 1,863 Operating costs (1,291) (608) (683) (1,369) 6%
EBITDA 573 298 275 494 16%

EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt

Depreciation and amortisation (173) (85) (88) (174) 1%
EBIT 400 213 187 320 25%
Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt
Above rail revenue increased $132m
driven by the strong volumes
Below rail access revenue (and the
corresponding operating cost)
decreased $127m reflecting the
lower transitional tariffs, and
increases in customers paying
Access Tariffs direct to Network
$41m in transformation benefits
principally lower labour, fuel
efficiency and maintenance costs42
FOR PERSONAL USE ONLY
Coal profit & loss - Underlying
$m FY2014
FY2014
FY2013
FY14 vs.
FY13
2H 1H Variance
Revenue - Above Rail 1,211 614 597 1,079 12%
- Below Rail 649 289 360 776 (16%)
- Other 4 3 1 8 (50%)
Total Revenue 1,864 906 958 1,863 Operating costs (1,291) (608) (683) (1,369) 6%
EBITDA 573 298 275 494 16%
EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt
Depreciation and amortisation (173) (85) (88) (174) 1%
EBIT 400 213 187 320 25%
Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt
Above rail revenue increased $132m
driven by the strong volumes
Below rail access revenue (and the
corresponding operating cost)
decreased $127m reflecting the
lower transitional tariffs, and
increases in customers paying
Access Tariffs direct to Network
$41m in transformation benefits
principally lower labour, fuel
efficiency and maintenance costs42
FOR PERSONAL USE ONLY
Coal profit & loss - Underlying
$m FY2014
FY2014
FY2013
FY14 vs.
FY13
2H 1H Variance
Revenue - Above Rail 1,211 614 597 1,079 12%
- Below Rail 649 289 360 776 (16%)
- Other 4 3 1 8 (50%)
Total Revenue 1,864 906 958 1,863 Operating costs (1,291) (608) (683) (1,369) 6%
EBITDA 573 298 275 494 16%
EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt
Depreciation and amortisation (173) (85) (88) (174) 1%

EBIT 400 213 187 320 25%

Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt
Above rail revenue increased $132m
driven by the strong volumes
Below rail access revenue (and the
corresponding operating cost)
decreased $127m reflecting the
lower transitional tariffs, and
increases in customers paying
Access Tariffs direct to Network
$41m in transformation benefits
principally lower labour, fuel
efficiency and maintenance costs42
FOR PERSONAL USE ONLY
Coal profit & loss - Underlying
$m FY2014
FY2014
FY2013
FY14 vs.
FY13
2H 1H Variance
Revenue - Above Rail 1,211 614 597 1,079 12%
- Below Rail 649 289 360 776 (16%)
- Other 4 3 1 8 (50%)
Total Revenue 1,864 906 958 1,863 Operating costs (1,291) (608) (683) (1,369) 6%
EBITDA 573 298 275 494 16%
EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt
Depreciation and amortisation (173) (85) (88) (174) 1%
EBIT 400 213 187 320 25%
Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt
Above rail revenue increased $132m
driven by the strong volumes
Below rail access revenue (and the
corresponding operating cost)
decreased $127m reflecting the
lower transitional tariffs, and
increases in customers paying
Access Tariffs direct to Network
$41m in transformation benefits
principally lower labour, fuel
efficiency and maintenance costs42
FOR PERSONAL USE ONLY
Coal profit & loss - Underlying
$m FY2014
FY2014
FY2013
FY14 vs.
FY13
2H 1H Variance
Revenue - Above Rail 1,211 614 597 1,079 12%
- Below Rail 649 289 360 776 (16%)
- Other 4 3 1 8 (50%)
Total Revenue 1,864 906 958 1,863 Operating costs (1,291) (608) (683) (1,369) 6%
EBITDA 573 298 275 494 16%
EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt
Depreciation and amortisation (173) (85) (88) (174) 1%
EBIT 400 213 187 320 25%
Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt

Above rail revenue increased $132m

driven by the strong volumes
Below rail access revenue (and the
corresponding operating cost)
decreased $127m reflecting the
lower transitional tariffs, and
increases in customers paying
Access Tariffs direct to Network
$41m in transformation benefits
principally lower labour, fuel
efficiency and maintenance costs42
FOR PERSONAL USE ONLY
Coal profit & loss - Underlying
$m FY2014
FY2014
FY2013
FY14 vs.
FY13
2H 1H Variance
Revenue - Above Rail 1,211 614 597 1,079 12%
- Below Rail 649 289 360 776 (16%)
- Other 4 3 1 8 (50%)
Total Revenue 1,864 906 958 1,863 Operating costs (1,291) (608) (683) (1,369) 6%
EBITDA 573 298 275 494 16%
EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt
Depreciation and amortisation (173) (85) (88) (174) 1%
EBIT 400 213 187 320 25%
Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt
Above rail revenue increased $132m
driven by the strong volumes
Below rail access revenue (and the
corresponding operating cost)
decreased $127m reflecting the
lower transitional tariffs, and
increases in customers paying
Access Tariffs direct to Network
$41m in transformation benefits
principally lower labour, fuel
efficiency and maintenance costs42
FOR PERSONAL USE ONLY
Coal profit & loss - Underlying
$m FY2014
FY2014
FY2013
FY14 vs.
FY13
2H 1H Variance
Revenue - Above Rail 1,211 614 597 1,079 12%
- Below Rail 649 289 360 776 (16%)
- Other 4 3 1 8 (50%)
Total Revenue 1,864 906 958 1,863 Operating costs (1,291) (608) (683) (1,369) 6%
EBITDA 573 298 275 494 16%
EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt
Depreciation and amortisation (173) (85) (88) (174) 1%
EBIT 400 213 187 320 25%
Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt
Above rail revenue increased $132m
driven by the strong volumes

Below rail access revenue (and the

corresponding operating cost)
decreased $127m reflecting the
lower transitional tariffs, and
increases in customers paying
Access Tariffs direct to Network
$41m in transformation benefits
principally lower labour, fuel
efficiency and maintenance costs42
FOR PERSONAL USE ONLY
Coal profit & loss - Underlying
$m FY2014
FY2014
FY2013
FY14 vs.
FY13
2H 1H Variance
Revenue - Above Rail 1,211 614 597 1,079 12%
- Below Rail 649 289 360 776 (16%)
- Other 4 3 1 8 (50%)
Total Revenue 1,864 906 958 1,863 Operating costs (1,291) (608) (683) (1,369) 6%
EBITDA 573 298 275 494 16%
EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt
Depreciation and amortisation (173) (85) (88) (174) 1%
EBIT 400 213 187 320 25%
Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt
Above rail revenue increased $132m
driven by the strong volumes
Below rail access revenue (and the
corresponding operating cost)
decreased $127m reflecting the
lower transitional tariffs, and
increases in customers paying
Access Tariffs direct to Network
$41m in transformation benefits
principally lower labour, fuel
efficiency and maintenance costs42
FOR PERSONAL USE ONLY
Coal profit & loss - Underlying
$m FY2014
FY2014
FY2013
FY14 vs.
FY13
2H 1H Variance
Revenue - Above Rail 1,211 614 597 1,079 12%
- Below Rail 649 289 360 776 (16%)
- Other 4 3 1 8 (50%)
Total Revenue 1,864 906 958 1,863 Operating costs (1,291) (608) (683) (1,369) 6%
EBITDA 573 298 275 494 16%
EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt
Depreciation and amortisation (173) (85) (88) (174) 1%
EBIT 400 213 187 320 25%
Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt
Above rail revenue increased $132m
driven by the strong volumes
Below rail access revenue (and the
corresponding operating cost)

decreased $127m reflecting the

lower transitional tariffs, and
increases in customers paying
Access Tariffs direct to Network
$41m in transformation benefits
principally lower labour, fuel
efficiency and maintenance costs42
FOR PERSONAL USE ONLY
Coal profit & loss - Underlying
$m FY2014
FY2014
FY2013
FY14 vs.
FY13
2H 1H Variance
Revenue - Above Rail 1,211 614 597 1,079 12%
- Below Rail 649 289 360 776 (16%)
- Other 4 3 1 8 (50%)
Total Revenue 1,864 906 958 1,863 Operating costs (1,291) (608) (683) (1,369) 6%
EBITDA 573 298 275 494 16%
EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt
Depreciation and amortisation (173) (85) (88) (174) 1%
EBIT 400 213 187 320 25%
Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt
Above rail revenue increased $132m
driven by the strong volumes
Below rail access revenue (and the
corresponding operating cost)
decreased $127m reflecting the
lower transitional tariffs, and
increases in customers paying
Access Tariffs direct to Network
$41m in transformation benefits
principally lower labour, fuel
efficiency and maintenance costs42
FOR PERSONAL USE ONLY
Coal profit & loss - Underlying
$m FY2014
FY2014
FY2013
FY14 vs.
FY13
2H 1H Variance
Revenue - Above Rail 1,211 614 597 1,079 12%
- Below Rail 649 289 360 776 (16%)
- Other 4 3 1 8 (50%)
Total Revenue 1,864 906 958 1,863 Operating costs (1,291) (608) (683) (1,369) 6%
EBITDA 573 298 275 494 16%
EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt
Depreciation and amortisation (173) (85) (88) (174) 1%
EBIT 400 213 187 320 25%
Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt
Above rail revenue increased $132m
driven by the strong volumes
Below rail access revenue (and the
corresponding operating cost)
decreased $127m reflecting the
lower transitional tariffs, and

increases in customers paying

Access Tariffs direct to Network
$41m in transformation benefits
principally lower labour, fuel
efficiency and maintenance costs42
FOR PERSONAL USE ONLY
Coal profit & loss - Underlying
$m FY2014
FY2014
FY2013
FY14 vs.
FY13
2H 1H Variance
Revenue - Above Rail 1,211 614 597 1,079 12%
- Below Rail 649 289 360 776 (16%)
- Other 4 3 1 8 (50%)
Total Revenue 1,864 906 958 1,863 Operating costs (1,291) (608) (683) (1,369) 6%
EBITDA 573 298 275 494 16%
EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt
Depreciation and amortisation (173) (85) (88) (174) 1%
EBIT 400 213 187 320 25%
Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt
Above rail revenue increased $132m
driven by the strong volumes
Below rail access revenue (and the
corresponding operating cost)
decreased $127m reflecting the
lower transitional tariffs, and
increases in customers paying
Access Tariffs direct to Network
$41m in transformation benefits
principally lower labour, fuel
efficiency and maintenance costs42
FOR PERSONAL USE ONLY
Coal profit & loss - Underlying
$m FY2014
FY2014
FY2013
FY14 vs.
FY13
2H 1H Variance
Revenue - Above Rail 1,211 614 597 1,079 12%
- Below Rail 649 289 360 776 (16%)
- Other 4 3 1 8 (50%)
Total Revenue 1,864 906 958 1,863 Operating costs (1,291) (608) (683) (1,369) 6%
EBITDA 573 298 275 494 16%
EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt
Depreciation and amortisation (173) (85) (88) (174) 1%
EBIT 400 213 187 320 25%
Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt
Above rail revenue increased $132m
driven by the strong volumes
Below rail access revenue (and the
corresponding operating cost)
decreased $127m reflecting the
lower transitional tariffs, and
increases in customers paying
Access Tariffs direct to Network

$41m in transformation benefits

principally lower labour, fuel
efficiency and maintenance costs42
FOR PERSONAL USE ONLY
Coal profit & loss - Underlying
$m FY2014
FY2014
FY2013
FY14 vs.
FY13
2H 1H Variance
Revenue - Above Rail 1,211 614 597 1,079 12%
- Below Rail 649 289 360 776 (16%)
- Other 4 3 1 8 (50%)
Total Revenue 1,864 906 958 1,863 Operating costs (1,291) (608) (683) (1,369) 6%
EBITDA 573 298 275 494 16%
EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt
Depreciation and amortisation (173) (85) (88) (174) 1%
EBIT 400 213 187 320 25%
Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt
Above rail revenue increased $132m
driven by the strong volumes
Below rail access revenue (and the
corresponding operating cost)
decreased $127m reflecting the
lower transitional tariffs, and
increases in customers paying
Access Tariffs direct to Network
$41m in transformation benefits
principally lower labour, fuel
efficiency and maintenance costs42
FOR PERSONAL USE ONLY
Coal profit & loss - Underlying
$m FY2014
FY2014
FY2013
FY14 vs.
FY13
2H 1H Variance
Revenue - Above Rail 1,211 614 597 1,079 12%
- Below Rail 649 289 360 776 (16%)
- Other 4 3 1 8 (50%)
Total Revenue 1,864 906 958 1,863 Operating costs (1,291) (608) (683) (1,369) 6%
EBITDA 573 298 275 494 16%
EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt
Depreciation and amortisation (173) (85) (88) (174) 1%
EBIT 400 213 187 320 25%
Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt
Above rail revenue increased $132m
driven by the strong volumes
Below rail access revenue (and the
corresponding operating cost)
decreased $127m reflecting the
lower transitional tariffs, and
increases in customers paying
Access Tariffs direct to Network
$41m in transformation benefits
principally lower labour, fuel

efficiency and maintenance costs42

FOR PERSONAL USE ONLY
Coal profit & loss - Underlying
$m FY2014
FY2014
FY2013
FY14 vs.
FY13
2H 1H Variance
Revenue - Above Rail 1,211 614 597 1,079 12%
- Below Rail 649 289 360 776 (16%)
- Other 4 3 1 8 (50%)
Total Revenue 1,864 906 958 1,863 Operating costs (1,291) (608) (683) (1,369) 6%
EBITDA 573 298 275 494 16%
EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt
Depreciation and amortisation (173) (85) (88) (174) 1%
EBIT 400 213 187 320 25%
Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt
Above rail revenue increased $132m
driven by the strong volumes
Below rail access revenue (and the
corresponding operating cost)
decreased $127m reflecting the
lower transitional tariffs, and
increases in customers paying
Access Tariffs direct to Network
$41m in transformation benefits
principally lower labour, fuel
efficiency and maintenance costs42
FOR PERSONAL USE ONLY
Coal profit & loss - Underlying
$m FY2014
FY2014
FY2013
FY14 vs.
FY13
2H 1H Variance
Revenue - Above Rail 1,211 614 597 1,079 12%
- Below Rail 649 289 360 776 (16%)
- Other 4 3 1 8 (50%)
Total Revenue 1,864 906 958 1,863 Operating costs (1,291) (608) (683) (1,369) 6%
EBITDA 573 298 275 494 16%
EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt
Depreciation and amortisation (173) (85) (88) (174) 1%
EBIT 400 213 187 320 25%
Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt
Above rail revenue increased $132m
driven by the strong volumes
Below rail access revenue (and the
corresponding operating cost)
decreased $127m reflecting the
lower transitional tariffs, and
increases in customers paying
Access Tariffs direct to Network
$41m in transformation benefits
principally lower labour, fuel
efficiency and maintenance costs42
FOR PERSONAL USE ONLY

Coal profit & loss - Underlying

$m FY2014
FY2014
FY2013
FY14 vs.
FY13
2H 1H Variance
Revenue - Above Rail 1,211 614 597 1,079 12%
- Below Rail 649 289 360 776 (16%)
- Other 4 3 1 8 (50%)
Total Revenue 1,864 906 958 1,863 Operating costs (1,291) (608) (683) (1,369) 6%
EBITDA 573 298 275 494 16%
EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt
Depreciation and amortisation (173) (85) (88) (174) 1%
EBIT 400 213 187 320 25%
Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt
Above rail revenue increased $132m
driven by the strong volumes
Below rail access revenue (and the
corresponding operating cost)
decreased $127m reflecting the
lower transitional tariffs, and
increases in customers paying
Access Tariffs direct to Network
$41m in transformation benefits
principally lower labour, fuel
efficiency and maintenance costs42
FOR PERSONAL USE ONLY
Coal profit & loss - Underlying
$m FY2014
FY2014
FY2013
FY14 vs.
FY13
2H 1H Variance
Revenue - Above Rail 1,211 614 597 1,079 12%
- Below Rail 649 289 360 776 (16%)
- Other 4 3 1 8 (50%)
Total Revenue 1,864 906 958 1,863 Operating costs (1,291) (608) (683) (1,369) 6%
EBITDA 573 298 275 494 16%
EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt
Depreciation and amortisation (173) (85) (88) (174) 1%
EBIT 400 213 187 320 25%
Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt
Above rail revenue increased $132m
driven by the strong volumes
Below rail access revenue (and the
corresponding operating cost)
decreased $127m reflecting the
lower transitional tariffs, and
increases in customers paying
Access Tariffs direct to Network
$41m in transformation benefits
principally lower labour, fuel
efficiency and maintenance costs42
FOR PERSONAL USE ONLY
Coal profit & loss - Underlying
$m FY2014

FY2014
FY2013
FY14 vs.
FY13
2H 1H Variance
Revenue - Above Rail 1,211 614 597 1,079 12%
- Below Rail 649 289 360 776 (16%)
- Other 4 3 1 8 (50%)
Total Revenue 1,864 906 958 1,863 Operating costs (1,291) (608) (683) (1,369) 6%
EBITDA 573 298 275 494 16%
EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt
Depreciation and amortisation (173) (85) (88) (174) 1%
EBIT 400 213 187 320 25%
Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt
Above rail revenue increased $132m
driven by the strong volumes
Below rail access revenue (and the
corresponding operating cost)
decreased $127m reflecting the
lower transitional tariffs, and
increases in customers paying
Access Tariffs direct to Network
$41m in transformation benefits
principally lower labour, fuel
efficiency and maintenance costs42
FOR PERSONAL USE ONLY
Coal profit & loss - Underlying
$m FY2014
FY2014
FY2013
FY14 vs.
FY13
2H 1H Variance
Revenue - Above Rail 1,211 614 597 1,079 12%
- Below Rail 649 289 360 776 (16%)
- Other 4 3 1 8 (50%)
Total Revenue 1,864 906 958 1,863 Operating costs (1,291) (608) (683) (1,369) 6%
EBITDA 573 298 275 494 16%
EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt
Depreciation and amortisation (173) (85) (88) (174) 1%
EBIT 400 213 187 320 25%
Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt
Above rail revenue increased $132m
driven by the strong volumes
Below rail access revenue (and the
corresponding operating cost)
decreased $127m reflecting the
lower transitional tariffs, and
increases in customers paying
Access Tariffs direct to Network
$41m in transformation benefits
principally lower labour, fuel
efficiency and maintenance costs42
FOR PERSONAL USE ONLY
Coal profit & loss - Underlying
$m FY2014
FY2014
FY2013

FY14 vs.
FY13
2H 1H Variance
Revenue - Above Rail 1,211 614 597 1,079 12%
- Below Rail 649 289 360 776 (16%)
- Other 4 3 1 8 (50%)
Total Revenue 1,864 906 958 1,863 Operating costs (1,291) (608) (683) (1,369) 6%
EBITDA 573 298 275 494 16%
EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt
Depreciation and amortisation (173) (85) (88) (174) 1%
EBIT 400 213 187 320 25%
Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt
Above rail revenue increased $132m
driven by the strong volumes
Below rail access revenue (and the
corresponding operating cost)
decreased $127m reflecting the
lower transitional tariffs, and
increases in customers paying
Access Tariffs direct to Network
$41m in transformation benefits
principally lower labour, fuel
efficiency and maintenance costs42
FOR PERSONAL USE ONLY
Coal profit & loss - Underlying
$m FY2014
FY2014
FY2013
FY14 vs.
FY13
2H 1H Variance
Revenue - Above Rail 1,211 614 597 1,079 12%
- Below Rail 649 289 360 776 (16%)
- Other 4 3 1 8 (50%)
Total Revenue 1,864 906 958 1,863 Operating costs (1,291) (608) (683) (1,369) 6%
EBITDA 573 298 275 494 16%
EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt
Depreciation and amortisation (173) (85) (88) (174) 1%
EBIT 400 213 187 320 25%
Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt
Above rail revenue increased $132m
driven by the strong volumes
Below rail access revenue (and the
corresponding operating cost)
decreased $127m reflecting the
lower transitional tariffs, and
increases in customers paying
Access Tariffs direct to Network
$41m in transformation benefits
principally lower labour, fuel
efficiency and maintenance costs42
FOR PERSONAL USE ONLY
Coal profit & loss - Underlying
$m FY2014
FY2014
FY2013
FY14 vs.
FY13

2H 1H Variance
Revenue - Above Rail 1,211 614 597 1,079 12%
- Below Rail 649 289 360 776 (16%)
- Other 4 3 1 8 (50%)
Total Revenue 1,864 906 958 1,863 Operating costs (1,291) (608) (683) (1,369) 6%
EBITDA 573 298 275 494 16%
EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt
Depreciation and amortisation (173) (85) (88) (174) 1%
EBIT 400 213 187 320 25%
Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt
Above rail revenue increased $132m
driven by the strong volumes
Below rail access revenue (and the
corresponding operating cost)
decreased $127m reflecting the
lower transitional tariffs, and
increases in customers paying
Access Tariffs direct to Network
$41m in transformation benefits
principally lower labour, fuel
efficiency and maintenance costs42
FOR PERSONAL USE ONLY
Coal profit & loss - Underlying
$m FY2014
FY2014
FY2013
FY14 vs.
FY13
2H 1H Variance
Revenue - Above Rail 1,211 614 597 1,079 12%
- Below Rail 649 289 360 776 (16%)
- Other 4 3 1 8 (50%)
Total Revenue 1,864 906 958 1,863 Operating costs (1,291) (608) (683) (1,369) 6%
EBITDA 573 298 275 494 16%
EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt
Depreciation and amortisation (173) (85) (88) (174) 1%
EBIT 400 213 187 320 25%
Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt
Above rail revenue increased $132m
driven by the strong volumes
Below rail access revenue (and the
corresponding operating cost)
decreased $127m reflecting the
lower transitional tariffs, and
increases in customers paying
Access Tariffs direct to Network
$41m in transformation benefits
principally lower labour, fuel
efficiency and maintenance costs42
FOR PERSONAL USE ONLY
Coal profit & loss - Underlying
$m FY2014
FY2014
FY2013
FY14 vs.
FY13
2H 1H Variance
Revenue - Above Rail 1,211 614 597 1,079 12%

- Below Rail 649 289 360 776 (16%)

- Other 4 3 1 8 (50%)
Total Revenue 1,864 906 958 1,863 Operating costs (1,291) (608) (683) (1,369) 6%
EBITDA 573 298 275 494 16%
EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt
Depreciation and amortisation (173) (85) (88) (174) 1%
EBIT 400 213 187 320 25%
Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt
Above rail revenue increased $132m
driven by the strong volumes
Below rail access revenue (and the
corresponding operating cost)
decreased $127m reflecting the
lower transitional tariffs, and
increases in customers paying
Access Tariffs direct to Network
$41m in transformation benefits
principally lower labour, fuel
efficiency and maintenance costs42
FOR PERSONAL USE ONLY
Coal profit & loss - Underlying
$m FY2014
FY2014
FY2013
FY14 vs.
FY13
2H 1H Variance
Revenue - Above Rail 1,211 614 597 1,079 12%
- Below Rail 649 289 360 776 (16%)
- Other 4 3 1 8 (50%)
Total Revenue 1,864 906 958 1,863 Operating costs (1,291) (608) (683) (1,369) 6%
EBITDA 573 298 275 494 16%
EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt
Depreciation and amortisation (173) (85) (88) (174) 1%
EBIT 400 213 187 320 25%
Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt
Above rail revenue increased $132m
driven by the strong volumes
Below rail access revenue (and the
corresponding operating cost)
decreased $127m reflecting the
lower transitional tariffs, and
increases in customers paying
Access Tariffs direct to Network
$41m in transformation benefits
principally lower labour, fuel
efficiency and maintenance costs42
FOR PERSONAL USE ONLY
Coal profit & loss - Underlying
$m FY2014
FY2014
FY2013
FY14 vs.
FY13
2H 1H Variance
Revenue - Above Rail 1,211 614 597 1,079 12%
- Below Rail 649 289 360 776 (16%)
- Other 4 3 1 8 (50%)

Total Revenue 1,864 906 958 1,863 Operating costs (1,291) (608) (683) (1,369) 6%
EBITDA 573 298 275 494 16%
EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt
Depreciation and amortisation (173) (85) (88) (174) 1%
EBIT 400 213 187 320 25%
Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt
Above rail revenue increased $132m
driven by the strong volumes
Below rail access revenue (and the
corresponding operating cost)
decreased $127m reflecting the
lower transitional tariffs, and
increases in customers paying
Access Tariffs direct to Network
$41m in transformation benefits
principally lower labour, fuel
efficiency and maintenance costs42
FOR PERSONAL USE ONLY
Coal profit & loss - Underlying
$m FY2014
FY2014
FY2013
FY14 vs.
FY13
2H 1H Variance
Revenue - Above Rail 1,211 614 597 1,079 12%
- Below Rail 649 289 360 776 (16%)
- Other 4 3 1 8 (50%)
Total Revenue 1,864 906 958 1,863 Operating costs (1,291) (608) (683) (1,369) 6%
EBITDA 573 298 275 494 16%
EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt
Depreciation and amortisation (173) (85) (88) (174) 1%
EBIT 400 213 187 320 25%
Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt
Above rail revenue increased $132m
driven by the strong volumes
Below rail access revenue (and the
corresponding operating cost)
decreased $127m reflecting the
lower transitional tariffs, and
increases in customers paying
Access Tariffs direct to Network
$41m in transformation benefits
principally lower labour, fuel
efficiency and maintenance costs42
FOR PERSONAL USE ONLY
Coal profit & loss - Underlying
$m FY2014
FY2014
FY2013
FY14 vs.
FY13
2H 1H Variance
Revenue - Above Rail 1,211 614 597 1,079 12%
- Below Rail 649 289 360 776 (16%)
- Other 4 3 1 8 (50%)
Total Revenue 1,864 906 958 1,863 Operating costs (1,291) (608) (683) (1,369) 6%

EBITDA 573 298 275 494 16%

EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt
Depreciation and amortisation (173) (85) (88) (174) 1%
EBIT 400 213 187 320 25%
Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt
Above rail revenue increased $132m
driven by the strong volumes
Below rail access revenue (and the
corresponding operating cost)
decreased $127m reflecting the
lower transitional tariffs, and
increases in customers paying
Access Tariffs direct to Network
$41m in transformation benefits
principally lower labour, fuel
efficiency and maintenance costs42
FOR PERSONAL USE ONLY
Coal profit & loss - Underlying
$m FY2014
FY2014
FY2013
FY14 vs.
FY13
2H 1H Variance
Revenue - Above Rail 1,211 614 597 1,079 12%
- Below Rail 649 289 360 776 (16%)
- Other 4 3 1 8 (50%)
Total Revenue 1,864 906 958 1,863 Operating costs (1,291) (608) (683) (1,369) 6%
EBITDA 573 298 275 494 16%
EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt
Depreciation and amortisation (173) (85) (88) (174) 1%
EBIT 400 213 187 320 25%
Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt
Above rail revenue increased $132m
driven by the strong volumes
Below rail access revenue (and the
corresponding operating cost)
decreased $127m reflecting the
lower transitional tariffs, and
increases in customers paying
Access Tariffs direct to Network
$41m in transformation benefits
principally lower labour, fuel
efficiency and maintenance costs42
FOR PERSONAL USE ONLY
Coal profit & loss - Underlying
$m FY2014
FY2014
FY2013
FY14 vs.
FY13
2H 1H Variance
Revenue - Above Rail 1,211 614 597 1,079 12%
- Below Rail 649 289 360 776 (16%)
- Other 4 3 1 8 (50%)
Total Revenue 1,864 906 958 1,863 Operating costs (1,291) (608) (683) (1,369) 6%
EBITDA 573 298 275 494 16%
EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt

Depreciation and amortisation (173) (85) (88) (174) 1%

EBIT 400 213 187 320 25%
Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt
Above rail revenue increased $132m
driven by the strong volumes
Below rail access revenue (and the
corresponding operating cost)
decreased $127m reflecting the
lower transitional tariffs, and
increases in customers paying
Access Tariffs direct to Network
$41m in transformation benefits
principally lower labour, fuel
efficiency and maintenance costs42
FOR PERSONAL USE ONLY
Coal profit & loss - Underlying
$m FY2014
FY2014
FY2013
FY14 vs.
FY13
2H 1H Variance
Revenue - Above Rail 1,211 614 597 1,079 12%
- Below Rail 649 289 360 776 (16%)
- Other 4 3 1 8 (50%)
Total Revenue 1,864 906 958 1,863 Operating costs (1,291) (608) (683) (1,369) 6%
EBITDA 573 298 275 494 16%
EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt
Depreciation and amortisation (173) (85) (88) (174) 1%
EBIT 400 213 187 320 25%
Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt
Above rail revenue increased $132m
driven by the strong volumes
Below rail access revenue (and the
corresponding operating cost)
decreased $127m reflecting the
lower transitional tariffs, and
increases in customers paying
Access Tariffs direct to Network
$41m in transformation benefits
principally lower labour, fuel
efficiency and maintenance costs42
FOR PERSONAL USE ONLY
Coal profit & loss - Underlying
$m FY2014
FY2014
FY2013
FY14 vs.
FY13
2H 1H Variance
Revenue - Above Rail 1,211 614 597 1,079 12%
- Below Rail 649 289 360 776 (16%)
- Other 4 3 1 8 (50%)
Total Revenue 1,864 906 958 1,863 Operating costs (1,291) (608) (683) (1,369) 6%
EBITDA 573 298 275 494 16%
EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt
Depreciation and amortisation (173) (85) (88) (174) 1%
EBIT 400 213 187 320 25%

Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt

Above rail revenue increased $132m
driven by the strong volumes
Below rail access revenue (and the
corresponding operating cost)
decreased $127m reflecting the
lower transitional tariffs, and
increases in customers paying
Access Tariffs direct to Network
$41m in transformation benefits
principally lower labour, fuel
efficiency and maintenance costs42
FOR PERSONAL USE ONLY
Coal profit & loss - Underlying
$m FY2014
FY2014
FY2013
FY14 vs.
FY13
2H 1H Variance
Revenue - Above Rail 1,211 614 597 1,079 12%
- Below Rail 649 289 360 776 (16%)
- Other 4 3 1 8 (50%)
Total Revenue 1,864 906 958 1,863 Operating costs (1,291) (608) (683) (1,369) 6%
EBITDA 573 298 275 494 16%
EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt
Depreciation and amortisation (173) (85) (88) (174) 1%
EBIT 400 213 187 320 25%
Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt
Above rail revenue increased $132m
driven by the strong volumes
Below rail access revenue (and the
corresponding operating cost)
decreased $127m reflecting the
lower transitional tariffs, and
increases in customers paying
Access Tariffs direct to Network
$41m in transformation benefits
principally lower labour, fuel
efficiency and maintenance costs42
FOR PERSONAL USE ONLY
Coal profit & loss - Underlying
$m FY2014
FY2014
FY2013
FY14 vs.
FY13
2H 1H Variance
Revenue - Above Rail 1,211 614 597 1,079 12%
- Below Rail 649 289 360 776 (16%)
- Other 4 3 1 8 (50%)
Total Revenue 1,864 906 958 1,863 Operating costs (1,291) (608) (683) (1,369) 6%
EBITDA 573 298 275 494 16%
EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt
Depreciation and amortisation (173) (85) (88) (174) 1%
EBIT 400 213 187 320 25%
Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt
Above rail revenue increased $132m

driven by the strong volumes

Below rail access revenue (and the
corresponding operating cost)
decreased $127m reflecting the
lower transitional tariffs, and
increases in customers paying
Access Tariffs direct to Network
$41m in transformation benefits
principally lower labour, fuel
efficiency and maintenance costs42
FOR PERSONAL USE ONLY
Coal profit & loss - Underlying
$m FY2014
FY2014
FY2013
FY14 vs.
FY13
2H 1H Variance
Revenue - Above Rail 1,211 614 597 1,079 12%
- Below Rail 649 289 360 776 (16%)
- Other 4 3 1 8 (50%)
Total Revenue 1,864 906 958 1,863 Operating costs (1,291) (608) (683) (1,369) 6%
EBITDA 573 298 275 494 16%
EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt
Depreciation and amortisation (173) (85) (88) (174) 1%
EBIT 400 213 187 320 25%
Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt
Above rail revenue increased $132m
driven by the strong volumes
Below rail access revenue (and the
corresponding operating cost)
decreased $127m reflecting the
lower transitional tariffs, and
increases in customers paying
Access Tariffs direct to Network
$41m in transformation benefits
principally lower labour, fuel
efficiency and maintenance costs42
FOR PERSONAL USE ONLY
Coal profit & loss - Underlying
$m FY2014
FY2014
FY2013
FY14 vs.
FY13
2H 1H Variance
Revenue - Above Rail 1,211 614 597 1,079 12%
- Below Rail 649 289 360 776 (16%)
- Other 4 3 1 8 (50%)
Total Revenue 1,864 906 958 1,863 Operating costs (1,291) (608) (683) (1,369) 6%
EBITDA 573 298 275 494 16%
EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt
Depreciation and amortisation (173) (85) (88) (174) 1%
EBIT 400 213 187 320 25%
Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt
Above rail revenue increased $132m
driven by the strong volumes
Below rail access revenue (and the

corresponding operating cost)

decreased $127m reflecting the
lower transitional tariffs, and
increases in customers paying
Access Tariffs direct to Network
$41m in transformation benefits
principally lower labour, fuel
efficiency and maintenance costs42
FOR PERSONAL USE ONLY
Coal profit & loss - Underlying
$m FY2014
FY2014
FY2013
FY14 vs.
FY13
2H 1H Variance
Revenue - Above Rail 1,211 614 597 1,079 12%
- Below Rail 649 289 360 776 (16%)
- Other 4 3 1 8 (50%)
Total Revenue 1,864 906 958 1,863 Operating costs (1,291) (608) (683) (1,369) 6%
EBITDA 573 298 275 494 16%
EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt
Depreciation and amortisation (173) (85) (88) (174) 1%
EBIT 400 213 187 320 25%
Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt
Above rail revenue increased $132m
driven by the strong volumes
Below rail access revenue (and the
corresponding operating cost)
decreased $127m reflecting the
lower transitional tariffs, and
increases in customers paying
Access Tariffs direct to Network
$41m in transformation benefits
principally lower labour, fuel
efficiency and maintenance costs42
FOR PERSONAL USE ONLY
Coal profit & loss - Underlying
$m FY2014
FY2014
FY2013
FY14 vs.
FY13
2H 1H Variance
Revenue - Above Rail 1,211 614 597 1,079 12%
- Below Rail 649 289 360 776 (16%)
- Other 4 3 1 8 (50%)
Total Revenue 1,864 906 958 1,863 Operating costs (1,291) (608) (683) (1,369) 6%
EBITDA 573 298 275 494 16%
EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt
Depreciation and amortisation (173) (85) (88) (174) 1%
EBIT 400 213 187 320 25%
Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt
Above rail revenue increased $132m
driven by the strong volumes
Below rail access revenue (and the
corresponding operating cost)
decreased $127m reflecting the

lower transitional tariffs, and

increases in customers paying
Access Tariffs direct to Network
$41m in transformation benefits
principally lower labour, fuel
efficiency and maintenance costs42
FOR PERSONAL USE ONLY
Coal profit & loss - Underlying
$m FY2014
FY2014
FY2013
FY14 vs.
FY13
2H 1H Variance
Revenue - Above Rail 1,211 614 597 1,079 12%
- Below Rail 649 289 360 776 (16%)
- Other 4 3 1 8 (50%)
Total Revenue 1,864 906 958 1,863 Operating costs (1,291) (608) (683) (1,369) 6%
EBITDA 573 298 275 494 16%
EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt
Depreciation and amortisation (173) (85) (88) (174) 1%
EBIT 400 213 187 320 25%
Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt
Above rail revenue increased $132m
driven by the strong volumes
Below rail access revenue (and the
corresponding operating cost)
decreased $127m reflecting the
lower transitional tariffs, and
increases in customers paying
Access Tariffs direct to Network
$41m in transformation benefits
principally lower labour, fuel
efficiency and maintenance costs