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Trainzrail's 1/4 and full year result

Fourth Quarter and Full Year Result for the Period Ended 30 June 2002

Tranz Rail Holdings Limited today announced an operating profit in line with its 23 July 2002 forecast of NZ$23.9 million compared with NZ$45.2 million in the 2001 financial year. The operating profit is before gains realised on the sale of the Auckland Corridor and Tranz Scenic business, and costs associated with asset write-offs, changes in accounting treatments, and reorganisation.

The company announced a net loss of NZ$122.7 million for the 12 months to 30 June 2002 compared with a net profit of NZ$5.6 million for the same period last year.

The result included NZ$143.3 million arising from asset write-downs and changes in accounting treatments, an amount at the lower end of the range signalled to the market in July.

Managing director Michael Beard said the company is performing to budget since balance date and remains confident of achieving its targeted operating profit of NZ$55.8 million for the 2003 financial year.

“The 2002 financial year was always going to be the most heavily affected by our change programme with the benefits of restructuring not appearing until the 2003 financial year.

“We needed to make these changes, however, as the company’s historical business model was not sustainable.

“We’ve started the current year well. We have achieved gains from new freight business in recent months, and improving levels of customer service and delivery reliability.”

Total revenue for the year rose 6% to NZ$665.9 million. Contributing to the increase were gains of NZ$5.8 million on the sale of the Tranz Scenic long distance rail passenger business and NZ$58.3 million on the sale of the Auckland Rail Corridor, both of which took place in December 2001.

The sale of Tranz Scenic contributed to an overall 3% decline in passenger revenue.

Freight revenue was down 6%, although the company made some major volume gains, including carrying record milk volumes during the dairy season. As some export product volume was carried over a shorter distance, dairy’s revenue contribution was actually lower than in 2001.

Contributing to the downturn in freight revenues was the rationalisation of low-margin engineered forestry traffic that was not providing a sufficient return.

Temporary disruptions associated with the implementation of the change programme caused service performance to slip in certain freight businesses, impacting the Company’s revenue. However, these disruptions have largely been overcome and service continues to improve.

The introduction of point-to-point services running to a fixed timetable and with fixed available capacity is providing new and existing customers with the reliability they require. Tranz Rail’s on-time performance is currently averaging 75% compared with less than 50% just a year ago while service failure rates continue to improve dramatically now that new systems and processes are bedded in with staff.

Operating costs of NZ$736.7 million were impacted by asset write-offs, a change in the accounting treatment of the Aratere lease, and costs associated with reorganisation. Excluding these non-recurring costs and the impact of the change in accounting treatment, operating costs for the year decreased NZ$5.3 million from 2001.

Staff numbers were reduced 29% during the year, from 4,143 to 2,934 reflecting in large part the outsourcing of key engineering functions. The Company’s operating performance for July and August 2002 are in line with the forecast presented to the market in July 2002. In July, the Company achieved strong revenues in the transport of bulk products and intermodal traffic. Costs of the derailment in July at Te Wera, near Stratford, had not been forecast and therefore kept the operating result in line with expectation. The preliminary operating result for August 2002 remains in line with forecast.

Monthly coal volumes reached a record high in April 2002. This achievement was repeated in August 2002, and improvements to the coal route service will enable the business to grow alongside the export levels of major customer Solid Energy.

Last month, the company secured additional interisland container traffic for a major international shipping company for its rail freight network, adding to July’s success in securing additional container traffic between Christchurch and Timaru.

The gains reflect the company’s focus on containerisation and improvements in the reliability and quality of services.

Mr Beard said the company was staying focused on both its medium and long-term growth strategy. Key elements of this strategy include:

Revenue growth through selling improved service quality and reliability, introducing new services to the market and optimally pricing unutilised capacity Competitive cost structure through cost savings from improved service quality and a continued focus on cost control & accountability Improve the returns of the mature interisland line business through further detailed consideration of using Clifford Bay as an alternative to Picton, and of the fleet configuration Focus on core profitable business through completing the divestment of the rail passenger operation and obtaining maximum shareholder value from its associate company, Australia Transport Network Limited (ATN)
Detailed Commentary Result for the Fourth Quarter Ended 30 June 2002

THE COMPANY RECORDED A NET LOSS FOR THE QUARTER ENDED 30 JUNE 2002 OF NZ$146.9 MILLION OR NZ$(1.16) PER ORDINARY SHARE (DILUTED), COMPARED TO A NET LOSS OF NZ$0.8 MILLION (1) CENT PER ORDINARY SHARE (DILUTED) FOR THE QUARTER ENDED 30 JUNE 2001.

Total revenue for the quarter of NZ$147.0 million decreased NZ$4.6 million (3.0%) compared to the corresponding quarter in the 2001 financial year.

Freight revenue of NZ$110.0 million decreased NZ$3.4 million (3.0%) compared to the corresponding quarter in the prior year, particularly as a result of lower volumes in forestry and manufactured products.

Freight revenue for the quarter analysed by key product sectors:
Quarter Ended 30 June 2002
2002 (NZ$ millions) 2001 (NZ$ millions) Change (NZ$ millions) Change (%)
Agricultural and food products 41.5 41.8 (0.3) (0.7)%
Forestry products 12.9 17.1 (4.2) (24.6)%
Manufactured products 11.8 16.8 (5.0) (29.8)%
Coal 9.7 7.0 2.7 38.6 %
Fertiliser, minerals & aggregates 2.6 4.2 (1.6) (38.1)%
Other freight 31.5 26.5 5.0 18.9 %
TOTAL 110.0 113.4 (3.4) (3.0)%
Agricultural and food products revenue was at similar levels to last year.

Forestry products revenue continued to be affected by the Company’s strategy to exit low margin traffic where adequate returns were not being achieved and capital expenditure would otherwise have been required to replace the equipment. Revenue was also affected by volumes moved by road and coastal shipping as a result of changes in distribution patterns by some major customers.

Manufactured products revenues this quarter were impacted by lower volumes and revenue tonne kilometres across the mainly domestic sector. Iron and steel volumes reduced due to the temporary partial closure of a customer’s plant, while metals continued to be impacted by the loss of traffic to coastal shipping.

Coal revenue benefited from increases in both export and domestic volumes in the quarter. Volume effects were partially offset by a reduction in average rates arising from a change in the freight mix between export and domestic, additional export volume achieving lower marginal rates than domestic volume.

Fertiliser, minerals and aggregates revenue decreased as a result of a change in the distribution pattern of a major customer. Additionally, volumes were affected following the temporary closure of a customer’s plant.

Other freight revenue includes commercial vehicle movements on the interisland ferries, Tranz Link International revenue, freight haulage for freight forwarders, operations at Metroport and other miscellaneous freight activities. The NZ$5.0 million (18.9%) increase in other freight revenue reflects the impact of a number of key initiatives including the ongoing success of the Port of Tauranga’s seven-days a week operation which has provided the Company with additional movements of international containers. Additionally, the Company’s Intermodal Transformation Project (ITP) has achieved increased volumes as forwarders have supported the new services.

Passenger revenue decreased NZ$5.1 million (16.0%) to NZ$26.8 million, primarily attributable to the loss of long distance rail passenger revenues following the sale of the Tranz Scenic business in December 2001.

Miscellaneous revenue of NZ$10.2 million increased NZ$3.9 million (61.9%) from the comparative 2001 quarter. Contributors to the increase included revenue from the Tranz Scenic business for the provision of certain services, a net gain on the sale of surplus assets and scrap revenue from materials recovered following the outsourcing of Tranz Rail maintenance operations sites.

Operating costs before reorganisation costs and asset value adjustments were NZ$149.9 million, an increase of NZ$7.8 million (5.5%) compared to the corresponding quarter for the 2001 financial year. Total costs for the quarter amounted to NZ$268.0 million, an increase of NZ$121.1 million (82.4%) on the corresponding quarter in the 2001 financial year.

Operating costs are analysed as follows:
Quarter Ended 30 June 2002
2002 (NZ$ millions) 2001 (NZ$ millions) Change (NZ$ millions) Change (%)
Labour and related costs 43.6 50.8 7.2 14.2 %
Purchased services 30.0 10.4 (19.6) (188.5)%
Lease and rental costs 17.4 16.2 (1.2) (7.4)%
Contractor costs 16.6 15.0 (1.6) (10.7)%
Depreciation and amortisation 12.5 12.9 0.4 3.1 %
Fuel and traction electricity 11.9 15.8 3.9 24.7 %
Materials and supplies 3.9 7.8 3.9 50.0 %
Casualties and insurance 3.5 1.3 (2.2) (169.2)%
Other expenses 10.5 11.9 1.4 11.8 %
Operating costs 149.9 142.1 (7.8) (5.5)%
Reorganisation costs 18.5 4.8 (13.7) (285.4)%
Asset value adjustments 99.6 - (99.6) (100.0)%
TOTAL COSTS 268.0 146.9 (121.1) (82.4)%
Labour and related costs decreased NZ$7.2 million (14.2%) reflecting a full quarter’s impact of the reduced staff numbers arising from the change in the Company’s cost structure to an outsourced service environment. Labour previously incurred by the Company is now incurred directly by external suppliers, the service charge for which is included in purchased services. Labour costs for the 2002 quarter included certain costs in connection with the transfer of engineering maintenance functions to the outsource service providers.

Purchased services increased by NZ$19.6 million (188.5%) reflecting a full quarter’s impact of the cost of outsourcing contracts the Company entered into with external service providers in earlier quarters. Labour and materials costs previously incurred by the Company are now incurred directly by external suppliers, the service charge for which is included in purchased services.

Lease and rental costs increased NZ$1.2 million (7.4%) primarily due to the comparative quarter’s cost being net of a reclassification of interisland fleet reconfiguration costs to reorganisation costs. The increase is partially offset by a NZ$1.4 million reduction in lease costs resulting from the change in accounting treatment of the Aratere lease from an operating lease to a finance lease Contractor costs increased by NZ$1.6 million (10.7%) this quarter. The increase was attributable to increased freight volumes from the refrigerated distribution business, and an increased requirement for road bridging to and from the rail head following the implementation of ITP, due to the suspension of services at low volume customer sidings. Depreciation and amortisation decreased NZ$0.4 million (3.1%) reflecting the various asset sales completed in earlier quarters, offset by a NZ$0.6 million net increase from the change in accounting treatment of the Aratere lease. The increase attributable to the Aratere lease, is net of the amortisation of the deferred gain previously netted against lease and rental costs in the comparative 2001 quarter. Fuel and traction electricity costs decreased by NZ$3.9 million (24.7%) due to a reduction in the average fuel price together with volume reductions following the sale of the Tranz Scenic business, and lower freight volumes.

Materials and supplies decreased by NZ$3.9 million (50.0%), also reflecting a full quarter’s impact of the change in the Company’s cost structure to an outsourced service environment.

Casualties and insurance costs increased NZ$2.2 million (169.2%) from the comparative quarter last year, an increase which is primarily attributable to the comparative quarter including a release of provisions established for certain derailments and incidents totalling NZ$2.1 million, following decisions to not repair damaged equipment.

Other expenses decreased NZ$1.4 million (11.8%) from the comparative quarter last year. Contributors to the decrease included lower claims costs as the Company continues to make improvements in its service delivery following the reengineering of operational practices during 2002, and reduced domestic travel, communication and training costs as the relocation of certain operational functions to Auckland nears completion.

Reorganisation costs of NZ$18.5 million were incurred during the quarter in relation to the Company’s change programme. Reorganisation costs incurred in the comparative period amounted to NZ$4.8 million and included certain one-off costs associated with the reconfiguration of The Interisland Line fleet.

Asset value adjustments of NZ$99.6 million were recorded in the quarter, comprising a write-down in the value of fixed assets (NZ$61.9 million), a write-down in the value of inventory (NZ$17.3 million), a write-down in the value of goodwill (NZ$11.6 million), and an accrual for the return payment under the rolling stock lease (NZ$8.8 million).

Operating loss after reorganisation costs and asset value adjustments for the quarter was NZ$121.0 million. Excluding the impact of reorganisation costs and asset value adjustments, the operating loss was NZ$2.9 million compared to an operating profit of NZ$9.5 million for the corresponding quarter in the 2001 financial year.

Net interest expense and deferred financing costs amortisation for the quarter was NZ$6.2 million, an increase of NZ$0.6 million (10.7%) from the prior year quarter. The net increase includes a NZ$2.3 million increase arising from the change in accounting treatment of the Aratere lease from an operating lease to a finance lease, offset by reduced interest costs following the retirement of debt from the proceeds of asset sales.

Tax expense for the quarter of NZ$6.2 million resulted from the recognition of a deferred tax liability following the forfeit of prior year tax losses due to a change of shareholder continuity as a result of major shareholding changes in the Company. Tax losses incurred in the current year were insufficient to fully compensate for the effect of forfeited tax losses.

Equity earnings from the Company’s investment in Australian Transport Network Limited (ATN), and Tranz Scenic 2001 Limited represented a net loss of NZ$13.5 million for the quarter. The net loss included a share of associate companies’ earnings of NZ$0.4 million, offset by a NZ$13.9 million write-down of the investment in ATN to market value. In the comparative quarter of the 2001 financial year, the Company’s investment in ATN contributed NZ$0.1 million.


Result for the Year Ended 30 June 2002

The Company reported a net loss of NZ$122.7 million or (97) cents per ordinary share (diluted) for the year ended 30 June 2002 compared to a net profit of NZ$5.6 million or 4 cents per ordinary share (diluted) for the year ended 30 June 2001.

Total revenue for the 12 months was NZ$665.9 million, an increase of NZ$37.5 million (6.0%) compared to the prior year. The Company completed the sale of its Tranz Scenic business and the sale of the Auckland Corridor in December 2001, and the increase in net revenue includes the net profit on sale of these assets.

Freight revenue decreased NZ$28.9 million (6.2%) to NZ$434.6 million. The volume of freight tonnage reduced slightly (0.9%) whilst average rates were comparable to the prior year. The reduction is in part due to the inclusion of $7.5 million of non-recurring revenue associated with the expansion of the Metroport services with the Port of Tauranga in the prior year.

Freight revenue for the 12 months analysed by key product sector:
12 Months to 30 June 2002
2002 (NZ$ millions) 2001 (NZ$ millions) Change (NZ$ millions) Change (%)
Agricultural and food products 163.8 165.1 (1.3) (0.8)%
Manufactured products 61.3 71.5 (10.2) (14.3)%
Forestry products 54.0 73.0 (19.0) (26.0)%
Coal 35.8 32.6 3.2 9.8 %
Fertiliser, minerals & aggregates 11.4 17.1 (5.7) (33.3)%
Other freight 108.3 104.2 4.1 3.9 %
TOTAL 434.6 463.5 (28.9) (6.2)%
Passenger revenue decreased NZ$4.5 million (3.1%) to NZ$139.4 million. Revenue from all of the ongoing passenger businesses increased compared to the previous financial year, but increases were offset by a reduction in long distance rail passenger revenues following the closure of non-profitable services followed by the sale of the Tranz Scenic business in December 2001. Miscellaneous revenue of NZ$91.9 million increased NZ$70.9 million compared to the 2001 financial year, primarily due to the recognition of gains on asset sales. In December 2001, the Company finalised agreements to sell the Auckland Corridor and its long distance rail passenger business, Tranz Scenic, and recorded gains of NZ$58.3 million and NZ$5.8 million respectively.

Operating costs for the 12 months were NZ$736.7 million, an increase of NZ$132.2 million (21.9%) on the 2001 financial year. Operating costs for the year were impacted by asset write-downs and reorganisation costs as a result of the restructuring programme to rationalise the focus of the Company’s core freight and interisland operations. Operating costs before reorganisation costs and asset value adjustments were NZ$575.0 million, a decrease of NZ$8.2 million (1.4%) compared to the 2001 financial year.

Operating costs are analysed as follows:
12 Months to 30 June 2002
2002 (NZ$ millions) 2001 (NZ$ millions) Change (NZ$ millions) Change (%)
Labour and related costs 190.7 206.5 15.8 7.7 %
Purchased services 67.7 45.6 (22.1) (48.5)%
Lease and rental costs 65.4 60.3 (5.1) (8.5)%
Contractor costs 63.2 62.4 (0.8) (1.3)%
Fuel and traction electricity 58.6 68.7 10.1 14.7 %
Depreciation and amortisation 52.7 50.9 (1.8) (3.5)%
Materials and supplies 25.6 31.1 5.5 17.7 %
Casualties and insurance 10.9 15.5 4.6 29.7 %
Other expenses 40.2 42.2 2.0 4.7 %
Operating costs 575.0 583.2 8.2 1.4 %
Reorganisation costs 45.1 21.3 (23.8) (111.7)%
Asset value adjustments 116.6 - (116.6) (100.0)%
TOTAL COSTS 736.7 604.5 (132.2) (21.9)%
Labour and related costs decreased by NZ$15.8 million (7.7%) in the 2002 year. The decrease reflects reduced staff numbers inherent in the significant change in the Company’s cost structure to an outsourced service environment.

Total full time equivalent (FTE) staff numbers decreased from 4,143 at 30 June 2001 to 2,934 at 30 June 2002, a reduction of 1,209 (29.2%) FTEs.

Purchased services increased by NZ$22.1 million (48.5%) over the prior year. The increase reflects a change in the Company’s cost structure during the year as certain engineering functions, previously performed in-house, have been outsourced to external service providers. Outsourcing agreements were entered into by the Company during the year for motive power and freight equipment maintenance services, infrastructure maintenance services and for an interisland line passenger reservation call centre. Lease and rental costs increased by NZ$5.1 million (8.5%) over the 2001 financial year. The increase is primarily due to the full year cost, lease and port charges, of The Lynx fast ferry service, which operated year-round in 2002 compared to only a seven-month period in 2001. Other contributors to the increase included the full year effect of the move of the Company’s head office to leased premises in Auckland, and an increase in rolling stock lease costs as the hedge against the USD denominated lease charge to the statement of financial performance, that had achieved exchange gains throughout 2001, effectively expired in May 2002.

This increase is net of a NZ$5.5 million cost decrease attributable to the change in accounting treatment of the Aratere lease with effect from 1 July 2001.

Contractor costs increased by NZ$0.8 million (1.3%) over 2001. In the 2002 financial year, the Distribution Services Group renegotiated the payment terms with its owner-drivers from a semi-fixed to a 100% variable rate structure to better align costs with seasonal fluctuations in freight volumes.

Fuel and traction electricity costs reduced by NZ$10.1 million ($14.7%) compared with the prior year, primarily reflecting a reduction in the average fuel price during the year. Fuel and traction electricity costs were high in the 2001 financial year after a sustained period of high diesel fuel and light oil fuel prices, together with a weak exchange rate further impacting these commodities priced in United States Dollars.

Depreciation and amortisation increased NZ$1.8 million (3.5%) compared to 2001 primarily due a NZ$2.6 million increase arising from the change in accounting treatment of the Aratere lease with effect from 1 July 2001. The NZ$2.6 million increase is net of the amortisation of the deferred gain relating to the Aratere lease, which was netted against lease and rental costs in the prior year. This increase is partly offset by the impact of a number of asset sales during the year. Materials and supplies costs decreased by NZ$5.5 million (17.7%) reflecting a change in the Company’s cost structure as certain engineering functions previously performed in-house, have been outsourced during the 2002 financial year. Additionally, there was a reduced level of activity in the period during which the Company prepared and transitioned its maintenance operations to the outsourced service environment.

Casualties and insurance costs decreased by NZ$4.6 million (29.7%) mainly due to the reduced derailments and incidents costs which were adversely impacted in the 2001 year by a number of incidents. The reduced cost of derailments in 2002 reflects the continued improvement in the Company’s safety performance.

Other expenses decreased by NZ$2.0 million (4.7%). Claims costs were significantly lower than the prior year, as the Company continues to make improvements in its service delivery following the reengineering of operational practices during 2002.

Domestic travel, communication and training costs reduced compared to 2001, as the relocation of certain operational functions to Auckland nears completion.

Asset value adjustments The Company recorded asset value adjustments of NZ$116.6 million in the 2002 financial year. In addition to the NZ$99.6 million of asset write-downs recorded in the quarter ended 30 June 2002, the full year asset value adjustments included a NZ$17.0 million adjustment to bring the Aratere lease on-balance sheet at 1 July 2001 to reflect the change in accounting treatment from an operating lease to a finance lease.

Reorganisation costs of NZ$45.1 million were incurred in the year as a result of the strategic change to the Company’s operations initiated in the previous financial year. The costs include employee severance payments, staff relocation and recruitment following the move of the Company’s head office to Auckland, planning and transition costs associated with the outsourcing contracts, costs of implementation of the intermodal transportation project and other change initiatives. A provision of NZ$7.9 million remains at 30 June 2002 to be utilised predominantly for employee severance payments arising from specific initiatives underway at balance date.

In the 2001 financial year, reorganisation costs of NZ$21.3 million were incurred and included redundancy costs associated with management change, relocation of certain marketing and corporate functions from Wellington to Auckland, business reengineering and one time costs incurred in the reconfiguration of The Interisland Line fleet.

The Company recorded an Operating loss for the 2002 financial year of NZ$70.8 million. On a comparable basis to the prior year, after excluding the gains realised on the sale of the Auckland Corridor and Tranz Scenic business, asset writedowns, accounting treatment changes, and reorganisation costs, the operating profit was NZ$23.9 million compared to NZ$45.2 million in the 2001 financial year. Net interest expense and deferred financing costs amortisation for the 2002 financial year was NZ$28.4 million. The increase of NZ$5.5 million compared to the 2001 financial year, includes a NZ$9.5 million increase arising from the change in accounting treatment of the Aratere lease from an operating lease to a finance lease, offset by reduced interest costs following the retirement of debt from the proceeds of asset sales.

Tax expense of NZ$10.8 million compares to the tax credit of NZ$4.1 million in the prior period. In 2002, NZ$4.6 million resulted from assessable income in a subsidiary company against which tax losses were not available. The remaining NZ$6.2 million results from the recognition of a deferred tax liability due to a change in shareholder continuity during the year.

Equity earnings from the Company’s investment in Australian Transport Network Limited (ATN), and Tranz Scenic 2001 Limited contributed a net loss of NZ$12.7 million for the 2002 financial year. The net loss included a share of associate companies’ earnings of NZ$1.2 million, offset by a NZ$13.9 million write-down of the investment in ATN to market value. In the 2001 financial year, the Company’s investment in ATN contributed NZ$0.5 million in equity earnings.

Shares of Tranz Rail Holdings Limited are publicly traded on the New Zealand Stock Exchange under the symbol TRH. The Company’s listing on the NASDAQ National Market System under the symbol TNZR was terminated on 31 July 2002. The Company operates the only commercial railroad in New Zealand, offering an integrated network of rail, road, air and sea distribution and logistics management services that provides customers with transport solutions in the Australasian market place and passenger transport in New Zealand. Freight and passenger services utilise 3,900 route kilometres (2,400 route miles) of track, approximately 145 mainline locomotives, 4,300 wagons (freight cars), 68 carriages (passenger railcars), 154 self propelled passenger railcars, 3,500 shipping containers, two roll-on roll-off ferries and one fast ferry between the North and South Islands. The Company holds a 50% equity interest in Tranz Scenic 2001 Limited which operates long distance rail passenger services in New Zealand utilising approximately 24 locomotives, 92 carriages (passenger railcars) and 6 self propelled passenger railcars. The Company also holds a 27% equity interest in Australian Transport Network Limited which operates in Victoria and New South Wales and provides freight services in Tasmania, Australia, utilising 891 route kilometres (555 route miles) of track, approximately 50 locomotives and 700 wagons (freight cars). (http://www.tranzrail.co.nz)

Contact : Wayne Collins Chief Financial Officer Domestic: 09 270 5046 International: +64 9 270 5046 Facsimile: +64 9 270 5039
TRANZ RAIL HOLDINGS LIMITED (TRH:NZSE)
Quarter Ended 30 June 2002
(unaudited) (NZ GAAP)
2002 2001
NEW ZEALAND DOLLARS (in millions except per share data)
Total Revenue 147.0 151.6
Total Operating Costs 268.0 146.9
Operating (Loss) / Profit (121.0) 4.7
Net Loss (146.9) (0.8)
Average Ordinary Shares outstanding (diluted) (in thousands) 126,660 133,000
Earnings per Ordinary Share (diluted) $(1.16) $(0.01)

Quarter Ended 30 June 2002
(unaudited) (NZ GAAP)
2002 (b) 2001 (b)
UNITED STATES DOLLARS (in millions except per ADS data)
Total Revenue 68.1 62.8
Total Operating Costs 124.2 60.9
Operating Profit (56.1) 1.9
Net Loss (68.1) (0.3)
Average American Depositary Share equivalents outstanding (diluted) (in thousands) (a) 42,220 44,333
Earnings per American Depositary Share equivalent (diluted) (a) $(1.61) $(0.01)


(a) One American Depositary Share (ADS) represents three ordinary shares. New Zealand dollar amounts have been translated into US dollars for convenience at the average daily rate of NZ$1.00 = US$0.4633 and NZ$1.00 = US$0.4144 for the quarter ended 30 June 2002 and 30 June 2001, respectively, based on the noon buying rate for New Zealand dollars as reported by the Federal Reserve Bank of New York.
TRANZ RAIL HOLDINGS LIMITED (TRH:NZSE)
12 Months Ended 30 June 2002
(Audited) (NZ GAAP)
2002 2001
NEW ZEALAND DOLLARS (in millions except per share data)
Total Revenue 665.9 628.4
Total Operating Costs 736.7 604.5
Operating (Loss) / Profit (70.8) 23.9
Net (Loss) / Profit (122.7) 5.6
Average Ordinary Shares outstanding (diluted) (in thousands) 126,293 130,308
Earnings per Ordinary Share (diluted) $(0.97) $0.04

12 Months Ended 30 June 2002
(Audited) (NZ GAAP)
2002 (b) 2001 (b)
UNITED STATES DOLLARS (in millions except per ADS data)
Total Revenue 287.2 266.5
Total Operating Costs 317.7 256.4
Operating (Loss) / Profit (30.5) 10.1
Net (Loss) / Profit (52.9) 2.4
Average American Depositary Share equivalents outstanding (diluted) (in thousands) (a) 42,098 43,436
Earnings per American Depositary Share equivalent (diluted) (a) $(1.26) $0.05


(a) One American Depositary Share (ADS) represents three ordinary shares. New Zealand dollar amounts have been translated into US dollars for convenience at the average daily rate of NZ$1.00 = US$0.4313 and NZ$1.00 = US$0.4241 for the 12 months ended 30 June 2002 and 30 June 2001, respectively, based on the noon buying rate for New Zealand dollars as reported by the Federal Reserve Bank of New York.


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