Below Rail Services provided by Aurizon Network Financial Statements for the year ended 30 June Aurizon Network Pty Ltd

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1 Below Rail Services provided by Aurizon Network Financial Statements for the year ended 30 June 2012 Aurizon Network Pty Ltd

2 ABN Financial Statements for the year ended 30 June 2012 Pursuant to Aurizon Network s Access Undertaking Below Rail Services Provided by Aurizon Network Contents Page Purpose and Scope of the Financial Statements 3 Financial Statements Statement of Earnings before Interest and Tax 4 Statement of Assets 5 Statement of Investments 5 Notes to and forming part of the Financial Statements 6 Certificate of Aurizon Network Pty Ltd 10 Independent Audit Report 11 Glossary 13 2

3 Financial Statements pursuant to Aurizon Network s Access Undertaking Purpose and Scope of the Financial Statements Aurizon Holdings Limited (Aurizon) formerly QR National Limited [ACN ], the parent company of Aurizon Operations Limited formerly QR Limited [ABN ] has established its organisational structure to facilitate the separation of the management of Rail Infrastructure from the operation of Train Services. To this end, Aurizon Network Pty Ltd (Aurizon Network) formerly QR Network Pty Ltd [ABN ] was incorporated as a wholly owned subsidiary of Aurizon Operations Limited [ABN ] on 11 July 2008, responsible for: (a) Provision of Below Rail Services including: (i) Access to Aurizon Network rail network and the negotiation and administration of all access agreements; (ii) Managing Aurizon Network network assets including infrastructure maintenance, renewal and enhancement; and (iii) Network operations including train control and scheduling, emergency response and incident management and investigation. (b) Management of the Acacia Ridge common user freight terminal until 30 June Aurizon Network is obligated under sub clause of the QR Network Access Undertaking to prepare financial statements for Below Rail Services provided by Aurizon Network and under sub clause of the QR Network Access Undertaking, publish those financial statements. In order to prepare financial statements of the Below Rail Services, there are certain adjustments to include below rail transactions captured outside of the Aurizon Network legal entity and exclude non-below rail transactions that have been accounted for within the Aurizon Network legal entity. The Below Rail financial statements do not therefore fully reflect the statutory financial position of Aurizon Network. These financial statements are prepared in accordance with the Costing Manual, and take the form of a Statement of Earnings before Interest and Tax, a Statement of Assets and a Statement of Investments and separately identify the Central Queensland Coal Region from the rest of the network. Comparative information in these financial statements has not been restated to account for changes in the QR Network Access Undertaking and Costing Manual unless specifically stated otherwise. Significant changes in state of affairs On 1 December 2012, QR Network Pty Ltd changed its name to Aurizon Network Pty Ltd. This follows the name change of the ultimate parent company from QR National Limited to Aurizon Holdings Limited on the same date. 3

4 Financial Statements pursuant to Aurizon Network s Access Undertaking BELOW RAIL SERVICES PROVIDED BY AURIZON NETWORK STATEMENT OF EARNINGS BEFORE INTEREST AND TAX FOR YEAR ENDED 30 JUNE 2012 FOR YEAR ENDED 30 JUNE 2011 * Central Qld Total Central Qld Total Coal Rest of Below Coal Rest of Below Region Network Rail Region Network Rail $000's $000's $000's $000's $000's $000's REVENUE Access charges - coal 696, , ,633 1, ,092 Access charges - other 12,300-12,300 12,379-12,379 Electric traction energy charges 35,205-35,205 29,805-29,805 Contributions from developers Other 41, ,881 56, ,467 Total Revenue 786, , ,707 1, ,547 OPERATING EXPENSES Infrastructure maintenance 127, , , ,675 Derailment / collision / flood repairs 8,278-8,278 15,289-15,289 Train operations management 29,572-29,572 26,942-26,942 Insurance and accreditation 8,747-8,747 7,593-7,593 Other expenses 147, , , ,849 Overhead transfers from Aurizon Holdings Limited Group 18,808-18,808 25,154-25,154 Depreciation and amortisation 162, , , ,132 Total Expenses 503, , , ,633 EARNINGS BEFORE INTEREST AND TAX 283, , ,074 1, ,914 The above Statement of Earnings before Interest and Tax should be read in conjunction with the accompanying notes. * Refer to Note 7 for explanations of retrospective adjustments recognised as a result of a change in accounting policy. The comparatives have also been restated to classify Access Facilitation Charges consistent with present year presentation as Other revenue rather than Access charges coal. 4

5 Financial Statements pursuant to Aurizon Network s Access Undertaking BELOW RAIL SERVICES PROVIDED BY AURIZON NETWORK STATEMENT OF ASSETS AS AT 30 JUNE 2012 AS AT 30 JUNE 2011 * Central Qld Total Central Qld Total Coal Rest of Below Coal Rest of Below Region Network Rail Region Network Rail $000's $000's $000's $000's $000's $000's CURRENT ASSETS Receivables 50, , , ,897 Other ,270-2,270 Total Current Assets 50, , , ,167 NON - CURRENT ASSETS Receivables 34,641-34, Fixed assets Property (Land and Buildings) 15,097-15,097 14,316-14,316 Plant and Equipment 7,002-7,002 7,334-7,334 Infrastructure Permanent way 2,563,520-2,563,520 2,091,624-2,091,624 Other 1,048,271-1,048, , ,942 Assets under construction 665, , , ,408 4,333,816-4,333,816 3,773,624-3,773,624 Other Total Non-Current Assets 4,333,816-4,333,816 3,773,624-3,773,624 Total Assets 4,384, ,384,939 3,941, ,941,791 STATEMENT OF INVESTMENTS FOR THE YEAR ENDED 30 JUNE 2012 FOR THE YEAR ENDED 30 JUNE 2011 Central Qld Total Central Qld Total Coal Rest of Below Coal Rest of Below Region Network Rail Region Network Rail $000's $000's $000's $000's $000's $000's Expenditure on fixed assets 705, , , ,221 The above financial statements should be read in conjunction with the accompanying notes. * Refer to Note 7 for explanations of retrospective adjustments recognised as a result of a change in accounting policy 5

6 Financial Statements pursuant to Aurizon Network s Access Undertaking NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 30 JUNE 2012 NOTE 1. Basis of Preparation These financial statements are prepared to meet the needs of the Queensland Competition Authority (QCA) and access seekers for access to rail infrastructure for the purpose of operating trains. These financial statements are special purpose financial reports prepared in accordance with sub clause of the QR Network s Access Undertaking and the Costing Manual. The Costing Manual was originally approved by the QCA on 18 February 2010 for adoption when preparing the 30 June 2009 financial statements. The QCA agreed for Aurizon Network to continue to adopt the Costing Manual, without further material amendment, for its 2011 financial statements. The Costing Manual has been subsequently revised and approved by the QCA on 27 July 2012 to apply to the 30 June 2012 financial statements. QR Network s Access Undertaking was approved by the QCA on 1 October 2010 and has been adopted when preparing the 30 June 2012 financial statements. The Australian Accounting Standards, other authoritative pronouncements of the Australian Accounting Standards Board applicable to Aurizon s general purpose financial statements as reported in Aurizon s Financial Report for the year ended 30 June 2012 are applicable in the preparation of these statements, unless specifically stated otherwise. For a summary of the significant accounting policies used, refer to Note 1 of the general purpose financial statements published in Aurizon s Financial Report for the year ended 30 June QR Network was incorporated as a wholly owned subsidiary of QR Limited on 11 July QR Limited is a wholly owned subsidiary of QR National Limited which was incorporated on 14 September 2010 and listed on the Australian Securities Exchange (ASX) on 22 November QR National Limited changed its name to Aurizon Holdings Limited on 1 December 2012, and consequently QR Network Pty Ltd become Aurizon Network Pty Ltd and QR Limited became Aurizon Operations Limited on the same date. Comparative information has not been restated for restructure changes or changes in the QR Network Access Undertaking and Costing Manual unless specifically stated otherwise. Statement of Earnings Before Interest and Tax The sources of information for the Statement of Earnings Before Interest and Tax for the year are: (a) The accounting records of Aurizon Network, for the period from 1 July 2011 to 30 June 2012; and (b) The accounting records of Aurizon and its subsidiaries for the purposes of determining the allocation of a portion of the Corporate Overhead from Aurizon Holdings Limited. In preparing the Statement of Earnings Before Interest and Tax these accounts have been adjusted for this special purpose reporting by the treatment of internal charges and inter-company charges as revenue (see Note 2) and revenue net off (see Note 8). Statement of Assets The Statement of Assets as at 30 June 2012 comprises the asset accounts from Aurizon Network s Balance Sheet, varied as follows: (a) Fixed assets held by Aurizon on behalf of Aurizon Network at 30 June 2012 have been added to the Statement of Assets; and (b) Aurizon Network s future income tax benefit has been offset against deferred income tax at 30 June 2012 and the resulting net liability excluded from the Statement of Assets. Statement of Investments The Statement of Investments has been based on internal investment reports, and relates to the amounts spent during the year on those capital projects that comprise assets under construction in Aurizon Network s Balance Sheet. 6

7 Financial Statements pursuant to Aurizon Network s Access Undertaking NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 30 JUNE 2012 (Cont.) NOTE 2. Internal Charges Internal charges for services provided by Aurizon Network to other Aurizon companies are treated as revenue. Internal charges treated as revenue are access charges, traction electricity charges, telecommunications charges, and ancillary infrastructure charges. The total internal and intercompany charges reported as below rail revenue for the year ended 30 June 2012 was $642.4 million (2011: $587.4 million). Access charges for Aurizon train services are in accordance with Aurizon Network s access agreements and where applicable consistent with Reference Tariffs approved by the QCA. Other internal charges are either similar to charges levied on external customers or in accordance with internal service agreements. NOTE 3. Below Rail Services Provided by Aurizon Network The QR Network Access Undertaking and Costing Manual require the Statement of Earnings before Interest and Tax, Statement of Assets and Statement of Investments to identify Below Rail Services Provided by Aurizon Network. Below Rail Services are activities associated with the provision and management of Rail Infrastructure, including the construction, maintenance and renewal of Rail Infrastructure assets, and the network management services required for the safe operation of Train Services on the Rail Infrastructure, including Train Control Services and the implementation of safeworking procedures. Aurizon Network is the business established to manage the provision of Below Rail Services with the exception of stations and platforms. NOTE 4. Central Queensland Coal Region The QR Network Access Undertaking and Costing Manual require the Statement of Earnings before Interest and Tax, Statement of Assets and Statement of Investments to separately identify the Central Queensland Coal Region from the rest of Aurizon Network s network. The Central Queensland Coal Region represents the following rail corridors: Gladstone area to Moura Mine, Boundary Hill and Callide Coalfields Gladstone area to Minerva mine and branches Hay Point/ Dalrymple Bay to North Goonyella, Blair Athol Mine and Gregory Junction and branches Abbot Point to Newlands and branches 7

8 Financial Statements pursuant to Aurizon Network s Access Undertaking NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 30 JUNE 2012 (Cont.) NOTE 5. Costing Manual Amendments The QCA has approved a number of amendments to the Costing Manual on 27 July 2012 which have application to the 2011/12 financial statements. These changes were made to reflect Aurizon Network Pty Ltd being a member of the business group Network Services, which comprises Network, Infrastructure Services and Rollingstock Services. (a) Amendments to Standard Allocators Amendments to the Costing Manual include the following changes to Allocators in Schedule C: Removal of Standard Allocator C Central Queensland Coal Regions Share of Network Wide Items. Following the transfer of the metropolitan and non-coal freight networks out of the Group on 30 June 2010, this allocation is no longer necessary. The removal of Standard Allocator C has no impact on the financial statements as it is no longer required. Inclusion of Allocator for Network Services Group Management Costs attributable to businesses other than Aurizon Network (ie Infrastructure Services and Rollingstock Services) of 75%. The impact of this change has had no material impact on the financial statements as they were allocated 70% to other Network Services businesses in the previous financial year. NOTE 6. (a) Other Relevant Matters Other Services Provided by Aurizon Network In addition to the provision of Below Rail Services, Aurizon Network until 30 June 2011 was responsible for the provision of Above Rail Services at common user facilities, e.g. container terminal services and locomotive provisioning at Acacia Ridge. Revenues, expenses and assets associated with these activities have been excluded from Below Rail Services. (b) Comparative Information The comparative information included in the financial statements has been determined by applying procedures included in the Costing Manual in force at the time of preparation. NOTE 7. Voluntary Change in accounting policy The financial statements have been prepared on the basis of a retrospective application of a voluntary change in accounting policy relating to mechanised ballast undercutting. Ballast is the layer of crushed rock or gravel upon which the railway track is laid and ballast undercutting is the renewal of this ballast that supports the track. The new ballast undercutting accounting policy is to capitalise all mechanised ballast undercutting costs as separate identifiable assets with a useful life or 8 years (20 years for spur line). The previous accounting policy was to charge ballast undercutting expenditure against the profit or loss as incurred. The new accounting policy was adopted on 1 July 2011 and has been applied retrospectively from 1 September 2008 onwards, as it was not practicable to apply for periods prior to 1 September The revised policy will now align with global industry practice and hence makes benchmark comparisons with industry peers more relevant and meaningful. The tables below show the impact of the change in accounting policy. 8

9 Financial Statements pursuant to Aurizon Network s Access Undertaking NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 30 JUNE 2012 (Cont.) Total Below Rail Total Below Rail Before change in accounting policy Increase/ Decrease Increase/ Decrease 2011 (Restated) $000's $000's $000's $000's $000's $000's STATEMENT OF ASSETS Fixed assets Infrastructure Permanent way 2,548,500 15,020 2,563,520 2,042,070 49,554 2,091,624 Total Assets 2,548,500 15,020 2,563,520 2,042,070 49,554 2,091,624 STATEMENT OF EARNINGS BEFORE INTEREST AND TAX Operating expenses Infrastructure maintenance 162,258 (34,656) 127, ,483 (30,808) 128,675 Other expenses 144,709 3, , ,176 3, ,849 Depreciation and amortisation 146,092 16, , ,353 10, ,132 Earnings before interest and tax 453,059 (15,020) 438, ,012 (16,357) 404,655 NOTE 8. Revenue Net Off Clause 3.4 of the Costing Manual applicable to the preparation of the financial statements for the year ended 30 June 2011 required that certain non-sales revenues be netted off against related expenses in the preparation of the Statement of Earnings before Interest and Tax. Examples of transactions netted off against related expense are: (a) revenue that is a direct cost reimbursement; and (b) proceeds from the sale of scrap. The total revenue offset against expenses for the year ended 30 June 2011 was $6.05 million. Revenue has been classified in accordance with Aurizon s accounting policy for the year ended 30 June

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13 Glossary Above Rail Services means those activities, other than Below Rail Services, required to provide and operate Train Services, including rollingstock provision, rollingstock maintenance, non Train Control related communications, train crewing, terminal provision and services, freight handling and marketing and administration of those services. Access means the non-exclusive utilisation of a specified section of Rail Infrastructure for the purposes of operating Train Services. Access Charge means the price paid by a Railway Operator for Access under an Access agreement. QR Network Access Undertaking refers to the QR Network Access Undertaking approved on 1 October 2010 in accordance with the Queensland Competition Authority Act 1997 (Qld). Below Rail Services means the activities associated with the provision and management of Rail Infrastructure, including the construction, maintenance and renewal of Rail Infrastructure assets, and the network management services required for the safe operation of Train Services on the Rail Infrastructure within Queensland, including Train Control Services and the implementation of safeworking procedures. Central Queensland Coal Region means the region defined in Note 4 of these statements or Schedule A of the Costing Manual. Costing Manual means a manual prepared by Aurizon Network and approved by the QCA from time to time that identifies the following matters: (i) for Financial Statements prepared under Subparagraph 3.2.1(a)(i): (A) the process for identifying, from Aurizon s audited general purpose financial statements, the cost base for Below Rail Services, separate from other services provided by Aurizon or Related Parties of Aurizon to which those Financial Statements relate; and (B) within the cost base for Below Rail Services, the process for identifying the costs of Below Rail Services provided by Aurizon Network separate from the costs of Below Rail Services provided by Aurizon Operational Business Groups (i.e. the management of stations and platforms); (ii) (iii) within the cost base for Below Rail Services, the process for identifying costs attributable to the specified line sections (line section costs), costs not attributable to specified line sections but attributable to specified geographic regions (regional costs), and costs not attributable to specified line sections or any specified geographic region (network costs); and the format of Financial Statements. Financial Statements means the Statement of Assets, Statement of Earnings before Interest and Tax and Statement of Investments, which separately identify the Central Queensland Coal Region from the rest of the network, and which are required in accordance with the QR Network Access Undertaking. Other Services provided by Aurizon Network means the activities of Aurizon Network other than those associated with the provision and management of rail infrastructure in Queensland, including the provision of services at the Acacia Ridge freight terminal and locomotive provisioning facility. Aurizon Network means Aurizon Network Pty Ltd (ABN ), formerly known as QR Network Pty Ltd, a wholly owned subsidiary of Aurizon Operations Limited incorporated on 11 July Permanent Way means track and bridge assets including formation, retaining walls, drainage systems, access roads, cuttings, embankments, tunnels, subways, fences along the rail corridor, ballast, sleepers, rails, rail fastenings, points and crossings, culverts and pipes (major), rail bridges and road overbridges (excluding footbridges). The term excludes fences surrounding other assets such as stations, freight terminals, workshops, depots and buildings. 13

14 Glossary (Cont.) QCA means the Queensland Competition Authority as established by the Queensland Competition Authority Act 1997 (Qld). Aurizon Operator Business Group means business groups within Aurizon Holdings Limited, and wholly owned subsidiaries of Aurizon Holdings Limited, that undertake the operation of Train Services for transporting passengers or freight for reward. Rail Infrastructure means Rail Transport Infrastructure, except that the term does not include the track and associated infrastructure on those parts of the network not identified as the responsibility of Aurizon Network in the QR Network Access Undertaking. Rail Transport Infrastructure means rail transport infrastructure as defined in the Transport Infrastructure Act 1994 (Qld) for which Aurizon Operations Limited or Aurizon Network Pty Ltd may be the Railway Manager. Railway Manager has the meaning given to that term in the Transport Infrastructure Act 1994 (Qld). Railway Operator has the meaning given to that term in the Transport Infrastructure Act 1994 (Qld). Reference Tariff is an Access Charge applicable for a specified Reference Train Service, set out in Schedule F of the QR Network Access Undertaking, or established by Aurizon Network and authorised by the QCA, the purpose of which is to provide information to Access Seekers as to the likely level of Access Charge for Train Services of a similar type as the specified Reference Train Service (as amended, varied or escalated in accordance with the QR Network Access Undertaking from time to time). Reference Train Service means a notional Train Service identified in respect to a Reference Tariff and conforming to certain criteria, including carrying a specified commodity type, operating between specified geographical areas and conforming to specified technical characteristics, operational characteristics and contract terms and conditions. Train Operations Management means all activities associated with the management and monitoring of train movements on the rail infrastructure. This includes train control and scheduling at train control centres, signalling and safeworking functions at yards and remote locations, management of incidents occurring on the rail infrastructure, and any management function required to ensure the safe operation of train services on the rail infrastructure. 14

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