2010/11 Queensland Rail Limited Annual Report

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Chairman’s outlook Queensland Rail’s foundation year was both a great challenge and an outstanding success. In my first year as Chairman of a newly formed and highly talented Board, our priority was to establish a solid foundation for Queensland Rail, the state’s largest GOC. Working with a new Executive Leadership Team (ELT) that has extensive transport industry knowledge, a strong commercial orientation and a committed customer focus has enabled Queensland Rail to deliver an outstanding first year result for the people of Queensland. The separation of Queensland Rail and QR National from QR Limited and subsequent establishment of a new company was a challenging task which was achieved in a very short time frame. The successful creation of the new Queensland Rail on 1 July 2010 was testament to the strong leadership, planning and execution undertaken by the organisation and I commend everyone involved. As a new company with more than a century of history, Queensland Rail is an integral part of the state and has myriad opportunities on which to capitalise. In 2010/11, we focused on progressing these through our pillars of Safety, Customer, People, Commercial and Growth. In 2011/12, our focus will expand to include a new pillar— Community. This is to reflect the ongoing and important role that Queensland Rail plays in the community state-wide. Safety I am pleased to report that Queensland Rail has improved its safety performance this year. Safety remains our first priority, and our commitment to ZERO Harm is as firm now as it was when we first came together. Our improved performance can be attributed to a range of measures in place to create a positive safety culture in Queensland Rail. For example, the introduction of Safety Motivated Action Resource Teams (SMART) has proved very successful in empowering employees to work proactively to identify and rectify local safety issues. With more than 300 SMARTs now in place, we now have more than 25% of our employees actively resolving the safety issues that affect them. Financial performance Queensland Rail’s financial performance has yielded a strong result, despite the challenges of the past year, both in the complexity of the company’s establishment and the dramatic impact of natural disasters. The company’s EBIT was $382.5 million compared to a target of $407.0 million. This is a creditable result considering the financial impacts borne by the company in relation to natural disasters in the second half of 2010/11. Return on assets was 7.0% representing a solid return on both existing and recent capital programs. 8 Queensland Rail Limited 2010/11 Annual Report
A provision for a dividend of $84.4 million was declared to shareholders for payment in December 2011. This dividend represents 80% of adjusted post-tax profit. Work is well advanced across the company to increase profitable revenue, make the necessary changes to under-performing areas and reduce the cost base of the company. Enterprise Governance Program (EGP) The EGP was established to create robust governance for Queensland Rail while also applying a consistent focus on governance and risk. In particular, the company’s Risk Management Framework was endorsed by the Board as a consistent approach to risk management and a strong foundation for the future. One Queensland Rail A key priority for the Board during the formation year was to establish a collaborative approach as one organisation with a strong and positive culture. This has been delivered through a range of initiatives aimed at unifying the workforce and making the organisation’s goals clear and accessible to all employees. The focus on One Queensland Rail remains a priority for the business into 2011/12. The importance of Queensland Rail to the community was reinforced during last summer’s flood and cyclone disasters. The work done by our people to restore services around the state in a timely and safe manner was outstanding, and a true reflection of the One Queensland Rail culture we are cultivating in the organisation. Our challenges The challenges ahead for Queensland Rail are many. Strong population growth is increasing the need for public transport and travel. A strong economy led by the mining industry is equally driving demand for rail freight infrastructure and services. There is increasing competition in the travel and tourism markets in which Queensland Rail operates. The size of our workforce brings the challenges of attracting and retaining the best people, and of succession planning. Queensland Rail addresses energy and sustainability issues by investigating and implementing energy, waste and water management initiatives. In a rapidly shifting technological environment. We are leading the way in rail-centred technology delivery. Queensland Rail Limited 2010/11 Annual Report 9
Page 3 and 4: One Queensland Rail
Page 5 and 6: Contents Queensland Rail five pilla
Page 7 and 8: Fast facts 4 intercity express trai
Page 9: Our achievements Following the majo
Page 13 and 14: The CEO’s report As we mark the f
Page 15 and 16: The past year has set a solid found
Page 17 and 18: It has been a massive effort to res
Page 19 and 20: Rebuilding the Western rail systems
Page 21 and 22: “Queensland Rail has had much suc
Page 23 and 24: “The Queensland Police Service ha
Page 25 and 26: What Would You Miss? This year, Que
Page 27 and 28: At Queensland Rail, customers are c
Page 29 and 30: “We commend Queensland Rail and t
Page 31 and 32: Customer Charter Since its establis
Page 33 and 34: Every employee adds to the success
Page 35 and 36: Graduates and apprentices Queenslan
Page 37 and 38: To Faith Timbs Communications Advis
Page 39 and 40: Financial strength and operational
Page 41 and 42: New contract brings big dollars and
Page 43 and 44: The expanded and improved train fle
Page 45 and 46: City network expands in the western
Page 47 and 48: Queensland Rail recognises and embr
Page 49 and 50: positive pARTnerships Just north of
Page 51 and 52: During the year, the team at Queens
Page 53 and 54: Queensland Rail measures performanc
Page 55 and 56: Merren McArthur BA, LLB, Dip AppFin
Page 57 and 58: John Pistak Chief Network Officer J
Page 59 and 60: Principle 3 Promote ethical and res
Page 61 and 62:
Ms Denise McMillan-Hall chairs the
Page 63 and 64:
30 June 2011 actual 2010/11 SCI tar
Page 65 and 66:
Consolidated balance sheet as at 30
Page 67 and 68:
Glossary Above rail Ownership and o
Page 69 and 70:
positive pARTnerships A Queensland
Page 71 and 72:
Key Sunshine Coast line Caboolture
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2010/11 Queensland Rail Limited Annual Report

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