portfolio committee on public enterprises transnet annual report 31 march 2013 january 2014
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Portfolio Committee on Public EnterprisesTransnet Annual Report 31 March 2013
January 2014
Annual Results 2013 2
Agenda
Executive summary
Volumes and operations
Capital investment
Financial results
Socio economic and sustainability
Conclusion
Interim results for 6 months ended September 2013
Reportable PFMA items
Annual Results 2013 3
Transnet’s performance for 2013 shows resilience despite depressed economic conditions
Capital expenditure increased by 23,4% to R27,5 billion.
Created 28 493 direct and indirect jobs, trained 866 artisans and awarded 122 engineering bursaries.
Continued financial stability with gearing at 44,6% and cash interest cover ratio at 3,7 times.
21,6% growth in containers and automotive on rail.
NMPP capacity utilisation increased by 27,5% to 51 mℓ/week.
Revenue increased by 9,4% to R50,2 billion.
Electricity consumption declined by 3,4% and 151 139 MWh regenerated by new locomotives.
S&P reaffirmed Transnet’s foreign and local currency credit rating of BBB/-
EBITDA increased by 11,5% to R21,1 billion, almost 5 times GDP growth.
DCT Pier 2 achieved 28 GCH, an improvement of 21,7%.
Annual Results 2013 4
Financial results
Annual Results 2013 5
Financial highlights
2013R billion
2012R billion
YoY %change
Revenue 50,2 45,9 9,4
EBITDA 21,1 18,9 11,5
Cash generated from operations 22,6 20,6 9,6
Capital investment* 27,5 22,3 23,4
Key ratios 2013 2012
EBITDA margin (%) 41,9 41,1
Gearing (%) 44,6 41,9
Net debt to EBITDA (times) 3,3 3,0
Cash interest cover (times) 3,7 4,2
Return on average total assets (excluding CWIP)(%)# 6,7 6,8
* Excluding capitalised borrowing costs, including capitalised finance leases and decommissioning restoration liabilities.# Including regulator claw back (7,7% excluding claw back).
Annual Results 2013 6
Revenue and volumes reflective of market conditions
TPL
4%TPT
12%
TNPA 13%
TE
21%
TFR50%
* Excluding specialist units and intercompany eliminations.
+10,6%+9,4%
2013
50 194
2012
45 900
2011
37 952
2010
35 610
2009
33 592
+3,8%+1,2%
2013
4 403
2012
4 352
2011
4 081
2010
3 629
2009
3 800
Revenue (R million) Revenue contribution by operating division* (%)
Port containers (‘000 TEUs)
+3,3%
2013
207,7
84,3
8,8
64,3
20,916,2
11,310,7
2012
201,0
82,7
59,9
22,015,7
11,9
Coal
Iron ore and manganese
Steel and cement
Mineral mining and chrome
Agriculture and bulk
Containers and automotive
Rail volumes (mt)
Annual Results 2013 7
Operating expenses increased by 7,9% to R29,1 billion mainly due to:
•Material costs increased as a result of higher steel prices and increased levels of maintenance to support current and future growth in rail volumes.
•Personnel costs increased to R14,5 billion (2012: R14,1 billion) due to an 8,4% average wage increase as well as headcount and training cost increases in line with MDS requirements, partially offset by a decrease in performance related incentive payments.
•Energy costs increased due to higher electricity tariffs from Eskom as well as fuel price increases.
•The increase in operating expenses was limited by rigorous cost reduction initiatives amounting to R2,2bn.
21
10
Operating expense increases kept to minimum with R2,2 billion cost saving initiatives
21%
10%
19%
50%Material and
maintenance costsOther operating
expenses
Energy costs
Personnel costs29 14327 01822 18921 20120 392
+7,9%
201320122009 20112010
Operating expenses (R million) Operating expenses by cost element (%)
Annual Results 2013 8
* Excludes specialist units and intercompany adjustments.
EBITDA growth in excess of GDP
TPL
9%TPT8%
TNPA 23%
TE
6%
TFR54%
15 763
2010
14 409
2009
13 200
+12,4%+11,5%
2013
21 051
2012
18 882
2011
+0,8
2013
41,9
2012
41,1
2011
41,5
2010
40,5
2009
39,3
EBITDA (R million)
EBITDA margin (%)
EBITDA contribution by operating division* (%)
Annual Results 2013 9
Depreciation, derecognition and amortisation, net finance costs, taxation and profit for the year
+5,4%
2013
4 340
2012
4 119
2011
4 184
2010
3 150
2009
5 226
Depreciation, derecognition and amortisation (R million)
Net finance costs (R million)
Profit for the year (R million)Taxation (R million)
-6,7%
2013
1 980
2012
2 122
2011
1 508
2010
1 763
2009
1 492
+36,4%
2013
5 140
2012
3 767
2011
2 878
2010
2 436
2009
1 966
9 2778 355
7 1846 089
4 779
+11,0%
20132012201120102009The increase of 11,0% is due to the ramp up in capital investment over the last 7 years and depreciation of revalued port facilities and pipelines.
Net finance costs increased by 36,4% due to increased borrowings of 25,7% to fund the capital investment programme.
The reduction of 6,7% in the taxation charge primarily relates to non-taxable income on assets previously written off, but re-recorded to reflect continued useful lives.
Despite increase in depreciation and net finance costs, profit for the year increased by 5,4% and an increase of 8,3% in headline earnings.
Annual Results 2013
Financial position remains strong
10
2013 2012
R million R million
ASSETS Property, plant and equipment 176 921 155 953
Investment properties 7 938 7 732
Other non-current assets 5 123 1 695
Non-current assets 189 982 165 380
Current assets 13 914 12 625
Total assets 203 896 178 005
EQUITY AND LIABILITIES
Capital and reserves 84 954 79 421
Non-current liabilities 98 543 78 946
Current liabilities 20 399 19 638
Total equity and liabilities 203 896 178 005
Annual Results 2013
Assets and borrowings
11
Property, plant and equipment (R million) Total borrowings (R million)
Gearing (%)Return on average total assets (excluding CWIP)(%)
176 9212281 0539 0851 75727 471
155 953
+13,4%
March 2013
OtherBorrowing costs
DepreciationRevaluationAdditionsMarch 2012
Increase in assets mainly due to R11,3 billion invested in the expansions and R16,2 billion invested in maintaining capacity.
Including the 2nd GMTN bond issuance to international investors (largest order book ever achieved by a South African corporate issue) at 10-year US$ bond coupon of 4,0%.
Return on average total assets (including the impact of Regulator claw back) in line with expectations due to the intensive capital investment programme.
The ratio remains within expectations and below the Group’s target range of 50,0%, with adequate capacity to fund future capital investments.
2013
6,7
2012
6,8
2011
6,6
2010
7,7
2009
9,0
41,1
2010
39,8
2009
37,7
2013
44,6
2012
41,9
2011
50
73 08858 13260 030
47 43437 013
+25,7%
20132012201120102009
Max
Annual Results 2013
Strong operating cash flows supporting investment grade credit rating
12
2013
2012
YoY %
R million
R million
change
Cash and cash equivalents at the beginning of the year
1 189 10 876 (89,1)
Cash flows from operating activities 16 776 17 910 (6,3) •Cash generated from operations 22 599 20 616 9,6 •Security of supply petroleum levy 1 315 1 315 -
•Changes in working capital (1 273) 781 (263,0)
•Other operating activities (5 865) (4 802) (22,1)Cash flows utilised in investing activities
(27 241) (24
661) (10,5)
Cash flows from/(utilised in) financing activities
11 874 (2 936) 504,4
Net increase/(decrease) in cash and cash equivalents
1 409 (9 687) 114,5
Total cash and cash equivalents at the end of the year
2 598 1 189 118,5
Sources of funding 2013
R billion
GMTN/DFI’s/ECA’s 10,8Domestic Bonds and commercial paper
3,2
Bank loans/other 0,6Total 14,6
Credit rating: Long-term foreign currency
A3/- BBB/-
*
2013
3,7
2012
4,2
2011
3,9
2010
4,1
2009
3,7
3,0
Cash interest cover (times)
Excluding R3,5 billion from the African French Development Bank and R1,7 billion short-term financing, which was included in the 2012 financial year funding requirement.
*
Min
Annual Results 2013 13
Capital investments
Annual Results 2013
Capital investment over last 6 years totalling R125 billion
2011
21,5
2010
18,4
2009
19,3
2008
15,8
27,5+23,4%
20132012
22,3
Rail 67% R18,3bn
Ports 14% R3,9bn
Pipelines 10% R2,8bn
Engineering and other 9% R2,5bn
Maintain R16,2 billionExpansion R11,3 billion
14
7%10%
7%
11%
47%14%
4%
Bulk
Export
iron ore
GFBPort
containers
Export coal
Piped products
Other
Capital investment (R billion) Capital investment by commodity (%)
Expansion vs. maintain (R billion)Capital investment by operating segment
Annual Results 2013
Major capital deliveries during the year
Asset type Quantity
Acquisitions 2013 Cumulative
Outstanding *
Locomotives
110 Class 19E dual voltage
16 110 -
100 Class 43 GE Diesel 62 100 -
43 Class 43 Diesel 20 20 23
32 Class 15E Electric 16 16 16
Wagons Quantity
General freight 2 481 17 470
Export coal 696 1 300
Asset type Quantity
Port infrastructure
Tandem lift Ship-to-shore cranes for Durban Container Terminal
7
Mobile harbour cranes (Durban MPT and Maydon Wharf)
6
Haulers and trailers (Durban MPT and Maydon Wharf)
38
Reach stackers (Durban MPT and Maydon Wharf)
8
Haulers and Trailers (Richards Bay MPT)
30
Haulers and Trailers for Ngqura Container Terminal
30
Ship loader (Richards Bay) 1
Ship un-loader (Richards Bay) 1
Asset type Stage of completio
n
Pipeline infrastructure
Coastal terminal 57%
Inland terminal 79%
Asset type Quantity
Rail refurbishment: Infrastructure
Rail replacements 715km 5 690
Screening 560km 4 770
Sleepers 487 119 3 572 881
Asset type Quay length
(metres)
Basinchart datum
Port: Infrastructure
Cape Town Container Terminal 1 132 (15,5)
15
* This represent the quantities that are projected for delivery in the next seven years. The projected quantities for export coal wagons is zero for 2014 and 1 300 for the two years thereafter.
Annual Results 2013 16
Volumes and operations
Annual Results 2013 17
Volumes and operations
GTK/loco/month (‘000)
On-time arrivals (minutes delayed)
GFB volumes increased modestly by 1,6mt to 82,6mt. Further details on key GFB commodities are provided on the next slide.
On-time departures (minutes delayed)
82,6+2,0%
20132012
81,0
2011
73,7
2010
72,1
2009
78,4
356-0.3%
20132012
357
2011
434
2010
265
2009
311
2012
5 167
2011
5 121
2010
5 239
2009
4 722 4 973-3.8%
2013
280-1.4%
20132012
284
2011
350
2010
165
2009
184
Volumes (mt)
Productivity and efficiency
Scheduled railway philosophy is being implemented with no deterioration in key KPIs.
Locomotive utilisation declined by 3.8% due to older and less reliable locomotives being utilised while waiting for the roll-out of new locomotives.
Annual Results 2013 18
GFB volumes (mt)
Iron ore and manganese
+10,5%
2013
8,4
2012
7,6
Volume growth is attributable to higher than expected demand for manganese exports and capacity being created.
Containers and automotive
+21,6%
2013
10,7
2012
8,8
Growth in market share arising from the road-to-rail modal shift.
Mineral mining and chrome
+3,2%
2013
16,2
2012
15,7
Marginal growth is mainly due to the decline in global demand and slowing customer production.
Coal
+0,7%
2013
15,1
2012
15,0
Growth was negatively impacted by the economic slowdown and a two month shutdown of the Ressano Garcia line. However, Eskom volumes increased by 22%.
Steel and cement
2012 2013
22,0
-5,0%
20,9
Decline is mainly to the slowdown in economic growth that affected demand from customers.
Agriculture and liquid bulk
20132012
11,311,9
-5,0%
Decline is a result of the migration to NMPP and a slow start to the grain season.
Excluding export iron ore line
Excluding export coal line
Annual Results 2013 19
Volumes and operations
GTK/loco/month (‘000)
On-time arrivals (minutes delayed)
Export coal achieved 69,2mt, which could have been higher were it not for the decline in export coal prices and TFR challenges at the Overvaal tunnel.
On-time departures (minutes delayed)
+2,2% 69,2
20132012
67,7
2011
62,2
2010
61,8
2009
61,9
234
201320122011
209 206-1.4%
2009
152
289
2010
375-11.5%
332468
20122011 20132010
309248
2009
24 998
2010 2012* 20132011
13 505
+4,8%23 84514 173
2009
14 728
* 2012 onwards excludes GFB locomotives coal line.
Delays in on-time arrivals improved by 11,5% and on-time departures improved by 1,4% due to improved planning and yard count downs – reconfirming the scheduled railway philosophy.
Locomotive utilisation improved by 4,8% due to the deployment of new locomotives and improved scheduled infrastructure maintenance.
Volumes (mt)
Productivity and efficiency
Annual Results 2013 20
Volumes and operations
GTK/loco/month (‘000)
On-time arrivals (minutes delayed)
Export iron ore volumes increased by 6,9% to 55,9 mt despite industrial action at the mines, unplanned mine shutdowns and depressed commodity prices resulting in customer cancellations.
On-time departures (minutes delayed)
36,844,7
2009
55,9+6,9%
2013
2012
52,3
2011
46,2
2010
7367
161121109
2009
+9,0%
2013
2012
2011
2010
140133
285190183
2009
2012
2011
2010
2013
+5,3%
47 53043 110
38 86638 31046 736
2009
+10,3%
2013
2012
2010
2011
Volumes (mt)
Productivity and efficiency
On time departures and arrivals deteriorated by 9,0% and 5,3% respectively compared to prior year due to post commissioning teething problems at a key mine.
Locomotive utilisation improved by 10,3% mainly due to the new, more powerful and energy efficient 15E locomotives.
Annual Results 2013 21
Volumes and operations
TEUs per STAT hour – Ngqura (number)
Container volumes increased by a marginal 1,2% due to subdued economic growth, despite the R1 billion automotive and container export rebate programme to promote economic activity.
TEUs per STAT hour – Durban (number)
Not operational for full year
GCH – DCT Pier 2 (number)GCH – DCT Pier 1 (number)
4 4034 3524 081
3 6293 800
+1,2%
2013
2012
2011
2010
2009
53454027
47
+17,8%
2013
2012
2011
2010
2009
5141
+24,4%
2013
2012
2011
2010
2009
2327262124
-14,8%
2013
2012
2011
2010
2009
2823232223
+21,7%
2013
2012
2011
2010
2009
Volumes (‘000 TEUs)
Productivity and efficiencyDCT Pier 1 was negatively impacted by unauthorised labour action during the year, resulting in a decrease to 23 GCH for the year.
DCT Pier 2 achieved a 21,7% increase to 28 GCH due to new equipment.
Ngqura Container Terminal achieved a 6,6% increase to 32 GCH and Cape Town Container Terminal achieved a 10,0% increase to 31 GCH through integrated planning and enhanced maintenance.
Annual Results 2013 22
Volumes and operations
Operating cost per Mℓ.km(Real R/Mℓ.km)
Volumes declined by 5,1% mainly due to the Natref shutdown and subdued domestic demand for petroleum products.
NMPP Capacity utilisation(Mℓ/Week)
Not operational
15 88216 74118 02517 75117 216 -5.1%
20132012201120102009
51+27,5%
20132012
40
201120102009
8372
605850
+15,3%
20132012201120102009
Volumes (million ℓ)
Productivity and efficiency
The NMPP capacity utilisation improved substantially from 40Mℓ/week towards the end of 2012 to 51Mℓ/week in 2013. The DJP continued to be utilised in support of the relatively new NMPP.
Pipelines’ operating costs cost per Mℓ.km increased by 15,3% as a result of operating two pipelines (DJP and NMPP) for the full year.
Annual Results 2013
Disabling injury
frequency rate
(DIFR)
DIFR deteriorated compared to the prior year, mainly as the result of a single incident of 66 cases of food poisoning experienced at the School of Rail during October 2012.
Employee fatalities
(Numbers)
Sadly, the company recorded nine employee fatalities during the year:
•Five of the fatalities resulted from motor vehicle accidents.
•Three of the fatalities were as a result of criminal activities where employees were attacked and fatally injured whilst on duty.
•One fatality resulted from health related conditions.
Publicfatalities
(Numbers)
There were 125 public fatalities reported for the year. Trespassers in the rail reserve account for 53%, whilst 23% of these fatalities were due to level crossings incidents.
Safety
23
0,7413,8%
2013
2012
0,65
2011
0,98
2010
0,72
2009
1,09
97
12
8
13
+2
2013
2012
2011
2010
2009
125100
173197
153
2009
2013
2011
2010
2012
+25
Annual Results 2013 24
Socio economic and sustainability
Annual Results 2013
Created 28 493 direct and indirect jobs
A representative workforce.
Skills development, capacity building and job creation.
Corporate social investment spending of R132 million.
Phelophepa I and II Healthcare train programme, including Teenage Health programme (R53.2 million).
Educator Development programme targeting the following regions: Makana in Eastern Cape, Motheo in Free State, Moretele in North West, Mtubatuba and Durban South in KZN (R10,1 million).
Orphan Youth Programme - Providing educational and general support (R2,1 million).
South African Football Association (SAFA)/Transnet Football School of Excellence (R10,1 million).
Rural and farm schools sport development programme (R10,5 million).
Environmentally friendly container infrastructure to targeted communities (R5,4 million).
Designated Categories (%) 2012 2013
Black 78,5 80,5
Females at Group Exco 30,0 41,7
Females at Extended Exco 37,8 37,3
Females below Extended Exco 22,0 23,8
PWD’s 0,9 1,4
•Transnet achieved and exceeded its targets for black employees across all occupational levels.
•Female representation is growing steadily. However, significant challenges in attracting female employees in an operations heavy environment still exist especially at semi and unskilled levels.
Key Performance Indicator Unit of measure Target Actual
Training spend % of personnel costsRand value
≥ 4,0R846 million
4,4R864 million
Engineering trainees Number of learners ≥ 120 122
Technician trainees Number of learners ≥ 300 315
Artisan trainees Number of learners ≥ 500 866
Sector specific trainees Number of learners ≥ 1 800 2 160
Protection officers Number of learners 800 815
Direct jobs created (Transnet employees) Number of jobs ≥ 4 048 3 804
25
Annual Results 2013
BBBEE spend of 88% per DTI codes and local supplier industry supported through CSDP initiatives
Broad-based black economic empowerment and local supplier industry development.
% BBBEE spend of TMPS BBBEE categories spend % of TMPS
85+3,0
+8,0
2013
88
2012
8070
2011
7565
ActualTarget
777109
11
17
1212
68
5
201320122011
BWOBOQSEEME
+21%
Total contract value
17 06514 066
20132012
+33%
Committed CSDP obligation
7 2395 428
+37%
Actual CSDP obligation delivered
4 0462 964
26
Competitive Supplier Development Programme (R million)
Annual Results 2013 27
Reduced energy consumption and carbon emissions
151 139 MWh electricity regenerated by new 19E & 15E locomotives.
-3,4%
2013
3,7
2012
3,8
Road-to-Rail 2013: Top 10 commodity volume gains on rail reduced the transport sector’s
carbon emissions by 206 540 tCO2e.
-2,0%
2013
4,3
2012
4,4
Total electricity consumption (million MWh) GHG emissions (mtCO2e)
Annual Results 2013 28
Audit opinion, Controls and PFMA
Annual Results 2013
2013 Internal Control, Audit Opinion and PFMA
29
Audit Opinion – Internal Audit
Based on the reviews executed by Transnet Internal Audit (TIA), their overall assessment of the effectiveness of the system of
internal controls and risk management for the year is as follows:
In the opinion of the Audit Committee, the internal controls of the Company are considered appropriate in terms of:
Meeting the strategic objectives of the Company;
Evaluating and mitigating the key risks facing the company;
Ensuring compliance with applicable laws and regulations;
Ensuring the Company’ s assets are safeguarded; and
Ensuring that transactions undertaken are correctly recorded in the Company’s accounting records.
Audit Opinion – External Audit
External Auditors of Transnet SOC Limited have expressed an unfounded audit opinion on the financial statements for the year
ended 31 March 2013.
Annual Results 2013
PFMA – Reportable items for 2013 andItems reported internally below the materiality threshold
30
Amounts classified as fruitless and wasteful and irregular expenditure as well as losses through criminal conduct, below the
materiality limit are reported internally to the Group Executive Committee and the Board to ensure that control weaknesses are
identified and that corrective action is taken.
* Represents cumulative reportable items of the same nature, and the numbers in brackets represent prior year.
The above table also reflects the disciplinary steps taken against employees for non-compliance to the PFMA. It reflects the
number of finalised disciplinary cases instituted against employees. However, it must also be noted that of the 31 disciplinary
actions pending at the time of above reporting, 25 (Criminal conduct - 1; Fruitless & wasteful expenditure - 12; and Irregular
expenditure – 12) actions have subsequently been finalised to date. The remaining 6 cases are in progress.
The Shareholder Representative has determined that the materiality limit for reporting in terms of sections 55(2) (b) (i), (ii) and
(iii) of the PFMA is R25 million per transaction. In terms of this materiality framework, one item is reported as irregular
expenditure.
Irregular Expenditure - Expenditure in excess of the approved budget without the necessary approval.
•The total expenditure to a service provider for the procurement of container handling equipment was exceeded by more than
10% without prior approval being obtained as required by the procurement procedures. Three written warnings have been issued
and management will determine if further disciplinary actions are required pending the outcome of additional investigations.
Value was derived by the Company as a result of the additional cost of R30 million, and R700 000 was refunded by the supplier
subsequent to the initial forensic investigation. Refresher procurement training and awareness is also underway to ensure
relevant stakeholders are aware of the requirements contained in clause 2.5.1.1 of the Procurement Procedures Manual (PPM).
Category of reportable items R million Number of Incidents
Number of finalised disciplinary /criminal
cases
Fruitless and wasteful expenditure
17.5 (89.6) 52 (186) 14/2 (62/0)
Losses through criminal conduct
37.5 (76.9) 72* ( 35)
18/340 (2/173)
Irregular expenditure 230.8 (195.5) 47 ( 27)
18/0 (10/0)
Annual Results 2013 31
Pursuant to the significant increase in and on-going reportable PFMA incidents resulting mainly from non-compliance with
Procurement Policies and Procedures, the Company has made a commitment in 2012/13 to prevent/reduce such irregular
expenditure by embarking on various initiatives to achieve a sustainable solution. 15 initiatives were undertaken in 2013/14 to
decrease fruitless & wasteful and irregular expenditure, and 10 have been completed and 5 carried over to 2014/15.
PFMA actions to reduce violations
Annual Results 2013 32
September 2013 Interim Results
Annual Results 2013
Highlights of the interim results for the 6 months ended September 2013
Capital investment for the period of R11,2 billion.
B-BBEE spend of R19,6 billionor 85,0% of total measuredprocurement spend for the period per DTI codes.
Strong volume growth in automotive and containers on rail of 26,0%.
EBITDA increased by 19,3% to R12,0 billion.
Profit for the period increased by 71,2% to R2,9 billion.
Gearing at 44,7% and cash interest cover at 3,4 times.
Revenue increased by 14,3% to R28,5 billion.
Cash generated from operations after working capital changes increased by 15,2% to R11,3 billion.
Transnet continues to maintain its investment grade credit rating.
Operating profit increased by 39,3% to R7,2 billion.
TRANSNET INTERIM RESULTS 2013 33
Annual Results 2013
Financial highlights – September 2013 Interim Results
Sept 2013R billion
Sept 2012R billion
%change
Revenue 28,5 24,9 14,3
EBITDA 12,0 10,1 19,3
Profit for the period 2,9 1,7 71,2
Cash generated from operations after working capital
11,3 9,8 15,2
Capital investment* 11,2 12,8 12,8
Key ratios Sept 2013 Sept 2012
EBITDA margin (%) 42,3 40,5
Gearing (%) 44,7 44,2
Cash interest cover (times) 3,4 3,3
Return on average total assets (excluding CWIP)(%)# 7,5 6,9
* Excluding capitalised borrowing costs, including capitalised finance leases and decommissioning liabilities.# Excluding Ports Regulator clawback (7,6% including clawback; Sept 2012: 6,0%).
TRANSNET INTERIM RESULTS 2013 34
Annual Results 2013 35
Conclusion
Despite the economic challenges Transnet reports robust performance, underpinned by:
• Growth in volumes despite depressed economic environment.
• Financial stability.
• Improvement in operational efficiencies and productivity.
• The achievement on numerous socio-economic initiatives and supplier development.
• Enhanced reputation of the Company both internally and externally.
The 2013 performance has set a solid platform to continue with the execution of the Market Demand Strategy in the years ahead.
35
Thank you and questions
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