据说是hd的 acct5931_asst-zeus-group

8/2/2019 HD ACCT5931_ASST-ZEUS-GROUP

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ZEUS CONSULTING GROUP

Authored by: Youko Oka, z3098537. Qiong Guo z3312609,

Jianqing Lu- z3309921, Zen Low z3300863, Anmol Bhaumik - z3318071

Queensland Rail National (QRN)


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Queensland

RailNational(QRN)|

Executive Summary

QR National is the worlds largest transporter of coal from mine to ports for export markets

and is Australias largest rail freight operator .The growing demand for coal and iron ore from

Asian markets especially from India and China with a forecasted growth of 8.5% fromFY2009 TO FY 2015 has made the company bullish on its future . Prior to its planned initial

public offering the company completed the acquisition of $3 billion worth of loans from

various Banks .The company has also projected an increase in EBITA from $894 million in

FY2011 to $1101 million in FY2012.

An analysis is undertaken to provide key strategic initiatives for QR National to undertake in

order to meet its objectives.

Due to the capital intensive nature of QRNs business, it is paramount that its assets are

utilized efficiently to maximize returns. Moreover, with the recent privatization of QRN into

an ASX Listed company, it is important that shareholders expectations a more lean and

efficient workforce be realized. It is therefore reflected in three of our four recommendations

of strategic initiatives that QRN focuses on asset utilization and employee culture

improvement through the use of benchmarking, key performance indicators and incentives

with the inclusion of an ERP software integration initiative across all of QRNs business

divisions.

The fourth strategy will allow QRN to pursue a related diversification strategy into Western

Australia which will leverage on its core competencies and key strengths.

RecommendationsRecommendationsRecommendationsRecommendations

1. Formation of Performance Excellence department to establish and monitorindividual business unit benchmarks to control operating costs.

2. Implementation of a bonus share program and employee incentive scheme forachieving key performance indicator targets to encourage a performance based culture.

3. Execution of an enterprise wide IT integration using ERP SAP software to linkdivision wide business units for supply chain logistics for customer and suppliers.

4. Diversifying growth by aggressive expansion into iron ore markets through QRN railand network services products.


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1. IntroductionThis report is presented to the Board members and the Senior Management team of the QR

National to propose recommended key strategies based on the initiatives outlined in the 2010

QR National Prospectus which will be aligned with stakeholders interests and generate,

increase the shareholders value. Going through various strategic analyses including SWOT,

Stakeholders analysis, Strategy map and Balance Scorecard would support to identify the key

strategies.

2. Evaluation of external and internal environment

In order to assess QRNs external environment, it is necessary to look into three specific

areas; which are general, industry specific and competitive environment.

The general environment can be analyzed by using PEST DG model, which is shown in

Appendix 1. We have identified some major factors that work to QRNs advantage such as

having a 99 years term of lease with the QLD government, expectation of growth in

Australian GDP, high demand of coal supply from Asian market. There are some potential

issues ahead for QRNs future as well such as possible introduction of the carbon tax by the

Australian government that may cause to have higher operation cost domestically, increasing

of interest rates would impact on repayment of the debts which QRN taken out recently.

Industry and competitive environment can be analyzed by using Porters 5 forces model that

is shown in Appendix 2 and 3. Threat of new entrants seems to be quite low since QRN has

got a long history of being based in QLD and it is a mature industry. Power of buyers is

medium, since there is only limited number of customers available that would give more

buying power and backward integration is potentially an issue for QRN. Power of suppliers

overall within Queensland is low to medium. Intensity of rivalry is high since Pacific

Nationals is their main competitor, and they are looking into entering towards QLD coal

market. Threat of substitutes is low since there are little substitutes for bulk coal freight to

port. Road freights could be seen as a possible substitute, however operating long haul road

freight may be much more costly to run by them.

In its intangible assets department, QRN prides itself with the strong reputation of 145 years

of railway experience with established supplier and customer relationship with a skilled

workforce of more than 9000 employees. From the resources shown in Appendix 4, QRN has

a strong tangible asset backing of $7.24 billion and a $3billion loan facility for its capital

expenditure projects.


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SWOT Analysis

SWOT Analysis

INTERNAL EXTERNAL

Strength Opportunity

Experienced and seniormanagement to lead strategy andchange initiatives in QRN

Reputation as a market leader incoal haulage

Synergy of above rail (QR Coal &Freight) and below rail operations(QR Network)

A large tangible asset base of 7.2bwith extensive capital investments

Skilled operational workforce iswell experienced

2 principal drivers of demand forAustralia rail freight service globally iscoal and iron ore, for local driver is theeconomic activities in construction andmanufacturing sectors. Both have

positive outlook.

Benefit of geographic location of QRNin Queensland being the largest coalmining system in Australia which is inclose proximity to Asian regions

Proposed port and mine capacityexpansion increases throughput for QRN

Opening of iron ore mines in Mid-western Australia represents growth forQR

Weakness Threats

Inefficient and redundantadministrative staff

Lack of performance culture frombeing a former public governmentorganization

Nonperforming freight terminals(Note: Freight division is making loss)

Inefficient use of capital assets 3b loan facility could restrict further

expansion

Customers could backward integrate andfreight coal and iron ore themselves

Competition from Pacific National whichhas 35% of rail freight business overall andlook to expand coal business in Blackwaterand Goonyella regions

Natural disasters in Queensland dramaticallyaffects mine and rail operations

Mineral resources and carbon tax threatensprofitability of coal mines and increasesoperating costs for QRN

High operating costs which are exposed tointerest rate fluctuations

In summary (from Appendix 5) it is reasonable to say that QRN has a sustainable competitive

advantage from its core competencies of being able to leverage on its cross business synergies

between QR Coal and QR Network Divisions. This synergy fulfils all the criteria for a

sustainable competitive advantages of being valuable, rare, non substitutable and costly to

imitate. Moreover, historical conditions with the Queensland Government as a shareholder,

regulator, and customer and the social complexity of the relationships between suppliers (e.g.

Network access), customers (in the form of longer term contracts), and creditors (3b loan

facility) also adds to our view that QRN has a sustainable competitive advantage.


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Stakeholder Analysis

Stakeholders Specific Interest Shareholders Value

1) Customers Cost saving for freight and coaldelivery

Good logistics and supply chainsystemExtensive and efficient rail

network coverage for delivery

Safety and reliability

Aligned:

Increased customers loyaltyincreases QRN revenue.

Opposed:

Higher operating capitalexpenditures to satisfycustomers.

2) Suppliers Shorter repayment periodKeep long-term relationship, as

QRN is an important customerfor them

Aligned:

Intimate relationship withsuppliers on the long termdecreases transaction costs.

Opposed:

Less available cash to invest ifQRN repaid on shorter time

period.

3) Employees Enhanced employee benefitsStable financial performance topay salary

Good development trainingprogram

Safe and healthy workingenvironment

Aligned:

Retain skilled employeesand improve workingefficiency

Opposed:

Higher expenditure inlabour costs

4) Government As a regulator, enforces QRNfollow state and rail, andworkplace legislation

As a facilitator of industry,facilitates the provision ofsupporting rail and port

infrastructure to stimulatedomestic economy

As a lessor, benefits QR byproviding favourable lease terms

Aligned:

Stable and long-termrelationship with government

Opportunity to facilitatebusiness and expand

Opposed:

Increased compliance costs5) Creditors Positive cash flow

Capability to repay debts in time Aligned:Maintain operating ratiosOpposed:

QRN assets seized ifcovenants are broken


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Strategic Initiative 1: Commercial Excellence

This initiative is to increase returns and profitability through establishing of performance

benchmarks of operating metrics. Efficient utilization of assets also increases returns on invested

capital and profitability.

Strategy Assessment :

Suitability: Given the threat of competition from Pacific National to initiate aggressive expansion

into Queensland, QRN needs to focus on its competitiveness and costs due to shareholders

expectations. Given the preliminary performance analysis, QRN has a weakness of inefficiency and

productivity compared to competitors.

Feasibility: Available data from Class 1 US Railways and Pacific National for comparison, they

have the raw data and available IT systems to create commercial benchmarks as goals for

commercial returns. However, reduction of overhead administrative staff might provoke strike

action and crucial skilled staff needs to be maintained.

Stakeholder Interest

Customers (Medium): Positive impact - Increased cost savings, reliability, efficiency, and

productivity means that a better offering can be made to QRNs customers.

Suppliers (Low): Improved productivity may or may not affect suppliers.

Creditors (Medium): Positive impact - If QRN was to operate more efficiently with increased

profits and reduced operating costs, the creditors will benefit because QRN will be more liquid to

repay and stay within limits of debt covenants.

Employees (High): Both negative and positive impact- QRN being more efficient might mean

that the workforce number will be decreased leading to redundancies. This will be a concern for

QRNs highly unionized workforce. However, employees will also benefit by training.

Government (Low): Might benefit from the increased taxes being paid.

Shareholders Value

This strategy is a long term investment in QRNs business, at the best QRN can achieve 4-8%

improvement in EBITDA margins from benchmarking comparisons in the 5 to 10 years time frame.


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Strategic Initiative 2: Performance based culture

Improvement in organizational beliefs and values to be aligned with a performance culture

across all levels of management and operational staff through the use of achievable KPIs and

incentives. QRN needs to recruit experienced middle and senior management to manage this

initiative.

Strategy Assessment

Suitability: Given the change from the Government run company to an ASX listed corporation,

it is important that QRN has the right culture to implement change and carry out its strategies.

Incentives are needed because the high level competition for labour in the mining and rail

industry, QRN needs to keep its best people. Incentives also encourage a performance based

culture in line with contemporary industry standards.

Feasibility: It is feasible because current board headed by Lance Hockridge has sufficient

commercial experience to implement such a change. Key performance indicators (KPI) can be

set using industry wide metrics and QRNs internal processes. It is possible to have incentives

and share programs to motivate current employees but on the short term QRN will face

increased operating employee costs before returns can be seen.


Customers (Medium): Positive - Will benefit through increased efficiency of QRNs service.

Suppliers (Low):Positive May experience an increase in purchases

Creditors (Low): Positive Increased efficiency and productivity improves cash flows

Employees (High): Positive Bonuses and share schemes for achievable KPIs will improve

performance.

Government (Low): Minimal impact.

Shareholders Value

Shareholders will benefit from the right culture and work ethic from QRNs workforce. A

reputation for competent staff will increase financial performance adding to shareholders value.


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Strategic Initiative 3: Diversify Growth

Implement strategy to pursue related diversification into iron ore and intermodal freight

markets.

Strategy Assessment

Suitability: Suitable strategy given the trends in projected iron ore demand of 8.5% per annum

on average and increase in contestable contracts in the Mid-Western Australia. There is also

increased demand for intermodal freight due to local GDP growth of 3%.

Feasibility: It is a feasible strategy because of the existence of ARG which is a QR subsidiary

already based in Perth, which is positioned for expansion into Western Australia. Additional

locomotives have already been purchased. For the intermodal freight expansion, recent rollingstock investments in the Cairns-Melbourne and Sydney-Perth corridors positions QRN for

growth in this segment. The acquisition of CRT group in Melbourne which provides specialist

logistics through use of trucks is also favourable for QRN.


Customers (High): Positive-because of the increase in range of services and also the spread of

geographical outreach in all the major states of Australia is now offered by QRN.

Suppliers (High): Positive - Increase in the volume of purchases of fuel, electricity and

locomotives and wagons.

Creditors (Medium): Negative or Positive contingent on the profitability of these ventures.

Creditor will scrutinize QRN to make sure that certain ratios and debt covenant is met.

Employees (Medium): Positive- Will lead to increase in number of employees.

Government (Low): Will follow QRN to make sure all regulations are met.

Shareholders Value

Diversification of operations reduces business risk so if the strategy is successful will increase

profits and shareholders value.


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Strategic Initiative 4: Customer Focus

This strategy focuses on customer satisfaction and fleet availability/reliability. So while QRN

needs to maintain its safety, due to the nature of the industry, throughput and efficiency are the

key factors. Competitive pricing and flexible contracts are also important and if successful

increases switching costs and customer loyalty.

Strategy Assessment

Suitability: Suitable, given the threat of competition from Pacific Nationals in Queensland

and the threat of backward integration by coal mines( for eg.: Xrail formed by Xstrata mining).

Moreover, over 60% of the contracts are held by the biggest 5 clients of QRN. There is also animpending renewal for the contract in regards to BHP Mitsubishi Alliance.

Feasibility: There are substantial capital projects underway eg. Blackwater and GAPEX50,

CQCN expansion with a total of 1.5b spent in QLD on above rail capacity. Investment in

hunter valley totals 266m. Larger wagons (106 tonnes) can be made with newer and more

powerful locomotives. More favourable contract agreements on renewal are possible and

necessary for competitive pricing but QRNs margin and profitability needs to be maintained.


Customers (High): Positive meeting anticipated customer demand and expectation of

increased capacity means that QRN will be perceived as a more reliable and efficient option.

Suppliers (Medium to High): Increase in purchases from suppliers.

Creditors (Medium): Positive if successful leads to higher revenue which allows more

operating cash flows to pay back loan.

Employees(Medium): Positive - Employees values and beliefs will need to be aligned with

this customer focus.

Government(Low):Not much impact.

Shareholders Value

If successful will lead to shareholders value from the increase in customer loyalty retention

and profits.


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Strategic Initiative proposals for QRN

1) In our analysis of QRN, there appears to be a lack of specificbusiness unit specific metricswithin each division. So while division wide metrics are useful, it is not appropriate to

apply this as a measure of each business unit. For example, ARG Mineral freight

which is based in Perth will face different operating costs from that of the Intermodal

livestock freight division in Queensland. Therefore, our proposal is that a

Performance Excellence department be formed which will help so that each business

unit develop individual benchmarks and continually monitor each business unit for

variances. Any deviations from established benchmarks need to reported and

substantial differences investigated.

2)

We propose that QRN implement firstly a bonus share program for skilled operational,middle and senior management so that their interests are aligned with that of the

shareholders. As a result, they are able to feel that they own part of QRN. Secondly,

there should be key performance indicators that are set for each division (QR Coal,

QR Freight, and QR Network) along different levels of the organization (operational,

supervisor, lower and middle management) so that a performance based work ethic is

encouraged. Incentives and bonuses should be awarded for achieving targets.

3) The third proposal is to implement a comprehensive enterprise wide IT integrationusing Enterprise Resource Planning (ERP) software like SAP which will allow supply

chain integration across all major business divisions. The ERP software will allow real

time data for demand scheduling and also assist in the procurement of major supplies

like diesel fuel. Real time data will allow mines to estimate coal or mineral production

and have estimates for delivery time and possible network congestions. ERP data will

also facilitate the calculation of division and business unit specific metrics which

improves asset utilization and logistics planning.

4) The fourth strategic initiative to diversify growth given that the iron ore market isforecasted to grow by 8.5% per annum from FY2009 to FY 2015. We propose that

QRN concentrate on expanding its business in Western Australia outside the Pilbara

region by winning additional contracts from its existing customers such Cliff natural

resources and Mount Gibson mining. Investment by the QRN for six new locomotives

for $35 million and 227 wagons for $30 million with united group (UGL) would help

make it a strong contender in the Western Australia market with regards to meeting

customer growth.


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STRATEGY MAP BALANCED SCO

Strategic ObjectivesPerformance

measuresT

Increase profitability

Increase revenue

Lower OPEX &

CAPEX

% EBITDA

Margin

Revenue/ntk

OPEX/ntk

4%

ma

13

Increase customer

satisfaction

Enhance customer

retention and

acquisition

Minutes per

100 train KMs

(average

above rail

delays)


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Appendix 1 PEST+2 Analysis

PEST DG Factors Notes

Political 1. QR Networks revenue (whichaccounts for 1/3 of QRN) is

governed by the QCA

2. Queensland Competition AuthorityAct 1997 which governs the

National Access Regime

Opportunity but could turn apotential threat if the ministerconcerned declares the NationalAccess Regime applies

3. Because of scale of QRNsoperations and expansion is alsogoverned by the ACCC(AustralianCompetition and Consumer

Commission)

It is a threat

4. Workplace relations Threat as this increases cost5. Mineral resources tax Threatens profitability of mining

industry.

6. Carbon tax Domestically it will increase theoperating costs

Internationally it will affectdemand as coal which will

reduce the transportationvolumes

7. Leasing with Queensland stategovernment with CQCN

Opportunity because the term ofthe lease is 99 years

8. Aboriginal challenge to some landtittles in Queensland

Not a big threat

9. Expansion of land conservationareas is subject to Ministersdiscretion

Tonis notes on miners beingfined, etc. , related to QRN

10.Subsidies/rebates/favourableconcessions by the State or Federalgovernment

Economic 1. Interest rates/Inflation Forecasted increase by 100points by the treasurer within thenext 12 months will be a threat

2. foreign exchange rates Opportunity because theappreciation of the Australiandollar towards $1.10 USD makesthe purchases of fuel,locomotives and other operatingsupplies cheaper


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PEST DG Factors Notes

Economic 3. Access to capital markets Repayment of foreign purchases4. Tight labour market Increases operating cost5. Supply chain constraints Cant get the best people to do it6. General fuel price Threat because the increase fuel

price will mean a higheroperating cost

Libya, interest rates, inflation,foreign currency, globalfluctuations in fuel price

7. Australian GDP growth of 3.3% for2010, 3.5% for 2011, 3.75 for 2012

Opportunity because theintermodal and bulk freight

business is dependent onAustralian growth.

Social factors 1. Growing support for green energy Threat, but this could mitigatedby the fact that compared tonuclear energy it is safer, andalso it is lowest cost formanufacturers. There is anattitude conservative

protectionism in the Australiangeneral public opinion.

Technology 1. Nuclear energy2. Solar power and other green energy Restrict ability of mining in

Australia

Demographic 1. Aging workforce Small threat because it will havea small impact on the demand forcoal.

2. However, there is a general trend ofincreased migration from NSW toQueensland

Minimal impact.

Global 1. Growth in Asian economies (Chinaand India) will result an increase inthe demand of coal by 8.6% p.a.

Opportunity

2. Australia is well positionedgeographically to provide costefficient coal to supply this demand

Opportunity

3. General recovery the worldeconomy means that the demandfor commodities means that the

demand for coal will stabilize asbefore.

Opportunity because of QRNsexposure to the coal market


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PEST DG

Environment 1. Natural dcyclonesmining pr

Geography 1. Queenslaresource i34 billionto 61% oexports in

Appendix 2 Value Ch

Cop

P

Net

Deman

fleet netwplanning

Capital

allocatio

Planni

Factors

isasters like floods,influences QLDs coaloduction

Threat as raimines get fl

d has the largest coaln Australia of more thantonnes which contributesAustralias total coal2009

This historiopportunity

based in Qu

in Analysis

Finance

HR

Shared services

orate Services

Asset engineering

Safety and environme

Planning

perationalxcellence

Fuel, electricity

Networks

Locomotives and wag

rocurement

CQCN access Rolling stock manufa

and repairork Services

Train

operations

Control

management

&

ork

g

Train, path

scheduling

Rostering

OperationsDeployment

otes

lway lines and coaloded.

al condition is anfor QRN as it isensland.

nt

ons

ture

Maintenance

Scheduling

Maintenance


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Appendix 3 Porters Five Forces

Threat of New Entrants

(Low)

Capital intensive natureof rail freight industry(locomotives, wagons,railways)

Rail network needs longtime to establish

Mining companies havelong term contract withexisting freightcom anies

Threat of Substitute Products

(Low)

Very little substitute forbulk freight from mines toport as it has cost advantage

For intermodal freight,there are substitutes fromroad freight companies.However, the cost on the

long haul is high

Rivalry amongst Competing Firms (High)

The stable growth rate of freight industry leads to quite highcompetition.

There is no leader company in freight industry. Eachcompany has advantages in its region.

The nature of high capital expenditure in freight assetprovides high exit barrier.

The services in freight industry is lack of differentiation

Power of Customers (Medium to High)

Quite high concentration ofcustomers relative to suppliers. Forexample, 66% of the total coalvolume hauled is held by 5

customers for QRN Coal. Mining companies purpose to build

rail line and freight coal bythemselves, for example, HancockCoal. It is a threat of backwardintegration

But, switching costs are high due tothe long term nature of contractsand mining freight is critical tomining companies

Except in West Australia, thebargaining of buyers are quitestrong because they integrate thewhole mining and caring process

Power of Suppliers (Medium)

Products of suppliers are criticalto freight operators(locomotives, wagons, fuel andelectricity and network access)

Network access is governed bystates and regulated by stringentgoverning policies and rules.

But, freight can manufactureproducts for themselves, forexample, QRN has QRN freightto manufacture wagons for itsneed. It is a threat of forwardintegration


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Appendix 4 Resource Based Analysis

Resources

Tangible Assets Intangible Assets

Financial Resources:

Physical Resources:

Book value of tangible fixed assets of$7.4 billion at 30 June 2010

99 year CQCN lease contract at $1 peryear

Organizational Resources :

Formalized reporting structure as ASXlisted company

Employee training and developmentprograms

Technological Resources

Developed IT system Logistic and supply chain system

FY2010

EBIDTA Margin 21.6%

Current Ratio 21.76%

Quick Ratio 18.4%

Debt/Equity Ratio 1.59

ROA(using EBITDA) 7.32%

ROE(using EBITDA) 23.4%

Human Resources

Senior and experienced managementteam

9000+ experienced employees Skilled industrial experience

Reputational Resources

145 years of railway industryexperience

Strong customer and supplierrelationships

Strong relationship with theQueensland State Government dueto previous relationship as a publicgovernment organization


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Appendix 5 Sustainable Competition Advantage Analysis

Capabilities V R NS CI Competiveness

Largest and experienced

transporter of coal Temporary competitive advantage

Integrated supply chain from

mine to port with efficient

logistics, scheduling and

planning

Temporary competitive advantage

Long term lessor relationship Sustainable competitive advantage

IT capabilities and support Competitive parity

Experienced management

leadership and team

Temporary competitive advantage

Cross business synergy Sustainable competitive advantage

Core competencies:

1. Reliable and trusted long established reputation and brand

Australian largest rail freight operator with 145 years of experience

2. Long term lessor relationship

A 99-year lease contract at $1 per year with the State (QTH) of rail track-relatedinfrastructure, comprising the existing CQCN

3. Cross-business synergy

Business synergy between QR Network Services and QR Coal to deliver integrated valueproposition to customer

Appendix 6Appendix 6Appendix 6Appendix 6 Key performance indicators sampleKey performance indicators sampleKey performance indicators sampleKey performance indicators sample

Capital investments $ million

Efficiency

Tonnages Coal mt

Tonnages Iron ore mt

Net ton/kilometres Coal mil Ton Km

Net ton/kilometres Iron ore mil Ton Km

Human Capital

Training spend/personal cost %

Risk, safety and compliance LTIFR per million hours worked


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Anthony, R. and Govindarajan, V. 2007.Management Control Systems, McGraw-Hill, 12th

Edition, pp. 56-62

Atkinson, A.A., Kaplan, R.S., Matusumura, E.M, and Young, S.M.(2007), "Chapter 9: The

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New Jersey, 5th Edition, pp. 395-416

Fraser, A 2011, Privatised QR looks to broaden horizons, The Australian, 27 April 2011,

p.30, accessed 28 April 2011 from Factiva, Inc.

Grant, R.M. 2005. "Chapter 7: The Nature and Source of Competitive Advantage",

Contemporary Strategy Analysis, Blackwell Publishing, 5th Edition, pp 218-222

Harbour city man takes on key role at QR, The Morning Bulletin, 30 March 2011, p.18,

accessed 20 April 2011 from Factiva, Inc.

Hill, C.W.L., Jones, G.R., Galvin, P., and Haidar, A. 2007. "Chapter 6:Competitive business-

level strategy and industry environment", Strategic Managment - An Integrated Approach,

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Johnson, G., Scholes, K., and Whittington, R. 2008. "Chapter 1: Introducing Strategy",

Exploring Corporate Strategy:Text & Cases(8th ed), Pearson Education, pp2-7.

Kaplan, R.S., and Norton, D.P (2008), Chapter 3: Plan the Strategy, The Execution Premium:

Linking Strategy to Operations for Competitive Advantage, HBSP, pp. 92

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media release, accessed on 25 April 2011.

http://www.qrnational.com.au/MediaCentre/MediaReleases/Pages/QRNationalleveragesironoregrowthwithlocomotiveinvestment.aspx


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QR National, 2010. Share Offer Document [online]

Available at

[Accessed on 25 March 2011]

QR National, 2010. Share Offer Document Appendix [online]

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[Accessed on 25 March 2011]

Raggatt, T 2011, New rolling-stock more powerful, quieter ARG locos on track, Townsville

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[Accessed on 25 April 2011]

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