ANNUAL REPORT 2024 OUR VISION TO BE THE LEADING PROVIDER OF TRANSPORT AND LOGISTICS SOLUTIONS WITHIN OUR TARGET MARKETS IN AUSTRALIA AND NEW ZEALAND CONTENTS Chairman’s Report 1 Financial Overview 3 Managing Director’s Report 4 Environmental, Social and Governance 6 Directors’ Report 10 Remuneration Report 18 Consolidated Statement of Profi t or Loss and Other Comprehensive Income 25 Consolidated Statement of Financial Position 26 Consolidated Statement of Changes in Equity 27 Consolidated Statement of Cash Flows 28 Notes to the Financial Statements 29 Consolidated Entity Disclosure Statement 60 Directors’ Declaration 61 Auditor’s Independence Declaration 62 Auditor’s Report to the Members 63 FINANCIAL CALENDAR Annual General Meeting 26 November 2024 Half Year Result 25 February 2025 Full Year Result 26 August 2025 Annual Report to Shareholders 13 October 2025 Annual General Meeting 25 November 2025 CHAIRMAN’S REPORT On behalf of the Board of K&S Corporation Limited (the “Group”), I am pleased to present the Group’s annual report for the year ended 30 June 2024. The transport and logistics sector in FY2024 remained challenging, with continued high levels of competition and pressure on rates, a low growth economic environment and the concentration of bargaining power in large and sophisticated buyers of transport and logistics services. Underlying profit before tax was $42.1 million for the year ended 30 June 2024, a decrease of 3.6% on the prior corresponding period. The underlying profit after tax was $31.7 million, up on the prior corresponding period by $1.0 million. Statutory profit before tax for the year ended 30 June 2024 was $41.3 million, 1.6% higher than the prior corresponding period. Statutory profit after tax was $31.2 million, 9.1% higher than the previous year statutory profit after tax of $28.6 million. Included in the Group’s statutory result for FY2024 was a $0.7 million accounting loss attributable to the Group’s interest rate swap instrument. Operating revenues decreased by 2.9% to $824.6 million in FY2024. Operating cash flow for FY2024 was $65.8 million, 35.2% lower than for the previous year. Safety remains a key focus for the Group. The Group’s lost time injury rate reduced from 5.4 in FY2023 to 3.0 in FY2024. The Group has been impacted by supply chain interruptions, with the timeframes for delivery of new fleet substantially delayed for much of the year. The Group works closely with its equipment suppliers for the procurement of new fleet assets and has been diligent to invest in fleet renewal on an ongoing basis for a prolonged prior period. The Australian transport segment provided another strong financial performance in FY2024. The operating divisions maintained strong cost and service focussed disciplines and continued to progress detailed end-to-end reviews of the operational parameters for a number of core activities and functions, that realised an improved margin compared to FY2023. Full year revenue for the Australian transport segment decreased from FY2023 to FY2024, in part as a result of exiting several customer contracts, lower customer volumes and a reduction in fuel prices. While the Group will continue to explore opportunities to diversify the industry sectors that we service, our strategy remains to improve the quality and contribution of our revenue base, rather than targeting work solely to grow top line revenue. Despite margin compression, the New Zealand business recorded a sound result in FY2024 on stable revenue. New Zealand’s economy entered into a recession in the course of FY2024, with a number of key customers realigning their business focus from the domestic to export market. The New Zealand business continues to target the provision of integrated and value adding services and we continue to review initiatives to further align with key customer logistics functions. The fuel trading business has provided strong financial results on stable revenues in FY2024. The fuel retailing and wholesaling markets remain dynamic and continue to exhibit high levels of competition. We are currently undertaking several projects to expand both our retail and wholesale offering, including the redevelopment of several company owned sites and the purchase of new sites. The ongoing benefits from the implementation of cost reduction strategies across the business continued to contribute to underlying profit. In particular, the Group has maintained its focus on operational efficiencies, supplier renegotiations, cessation of underperforming activities, and the rationalisation and replacement of specific fleet assets that reduced operating costs. BALANCE SHEET AND FUNDING The Group has maintained a very strong balance sheet in FY2024, underpinned by sound trading performance coupled with prudent capital disciplines. The Group’s gearing ratio (excluding lease liabilities) increased to 6.3% at 30 June 2024, compared to (0.1)% in the prior year. The Group’s net debt increased to $23.8 million at 30 June 2024, up from ($0.4) million in the prior comparative period. The increase in debt levels was predominantly attributable to the acquisition of industrial properties in Townsville and Adelaide for a combined purchase price of $20.3 million (excluding GST) in the first quarter of FY2024. The Group is progressing plans to develop both of these sites into transport terminals within the next year. The construction of the new Adelaide transport terminal will facilitate the exit of two existing property leases, and realise operational synergies. The Group acquired fixed assets totalling $70.4 million, compared to $68.7 million in the prior year and continues to invest to maintain a modern operating fleet. Based upon independent valuations, the Group increased the carrying value of its freehold property portfolio by $39.8 million. The Group has a substantial property portfolio consisting of high-quality industrial assets with a carrying value of $284.1 million. K&S CORPORATION LIMITED ANNUAL REPORT 2024 1 CHAIRMAN’S REPORT In the second quarter of FY2024, the Group successfully extended the maturity profile of its debt facilities and negotiated improved terms with its existing panel of lenders. The Group’s debt facilities now comprise funding in four year tranches totalling $125 million (inclusive of a $35 million bank guarantee facility) maturing in September 2027 and five year tranches totalling $80 million maturing in September 2028. DIVIDEND The Directors have declared a fully franked final dividend of 8.0 cents per share (2023: 8.0 cents per share). This follows the fully franked interim dividend of 10.0 cents per share paid in April 2024, making the total fully franked dividend 18.0 cents per share in respect of the year ended 30 June 2024 (2023: 18.0 cents per share). The final dividend will be paid on 4 November 2024, with the date for determining entitlements being 18 October 2024. The dividend reinvestment plan remains suspended in respect of the final dividend. OUTLOOK Providing earnings guidance going forward remains difficult. The current higher inflation and interest rate environment, coupled with increasing key input cost pressures, costs associated with investment in additional internal resources, de-stocking by some customers and lower construction activity, present risks to FY2025 results. The cessation of several customer contracts in the first half of FY2025, coupled with the full year impact of customer contract losses in FY2024, will also place downside pressure on results. The Group anticipates that these impacts will be at least partially offset by price, volume and margin improvements in FY2025. The Group has low gearing levels and a strong balance sheet. We will continue to take a composed approach to financial risk as well as maintaining a strong focus on working capital management and underlying profit improvement. We will continue to target the ongoing improvement of the quality of our revenue base, with our focus also maintained on growth in specific market segments, be that organic or through acquisition, as well as continuing to invest in our property portfolio, in each case where we can realise accretive returns on investment. On behalf of the Board, I thank our customers, suppliers and employees, who have contributed to the continued success of the Group. In particular, I thank the senior management team, led by Paul Sarant, for their ongoing commitment and dedication. Tony Johnson Chairman 2 K&S CORPORATION LIMITED ANNUAL REPORT 2024 FINANCIAL OVERVIEW 2024 2023 2022 2021 2020 2019 OPERATING REVENUE ($M) 848.9 824.6 905.2 790.6 688.5 776.2 OPERATING CASH FLOW ($M) 2024 2023 2022 2021 2020 2019 101.6 65.8 61.8 83.1 75.5 64.7 2024 2023 2022 2021 2020 2019 UNDERLYING PROFIT AFTER TAX ($M) 16.7 12.0 31.7 2.3 8.3 30.7 2024 2023 2022 2021 2020 2019 GEARING (%) 6.5 6.3 35.4 22.5 9.0 -0.1 K&S CORPORATION LIMITED ANNUAL REPORT 2024 3 MANAGING DIRECTOR’S REPORT The Group’s operating revenues decreased by 2.9% to $824.6 million in FY2024. The underlying profit before tax was $42.1 million, a decrease of 3.6% on the prior corresponding period, and statutory profit before tax for FY2024 was $41.3 million, an increase of $0.6 million or 1.6% on the prior corresponding period. The underlying result was underpinned by our strong ongoing continuous improvement initiatives. While we realised a strong result in FY2024, the Group has been impacted by ongoing supply chain interruptions, with the timeframes for delivery of new fleet substantially delayed for much of the year. The Group works closely with its equipment suppliers for the procurement of new fleet assets and has, for a prolonged prior period, been diligent to invest in fleet renewal on an ongoing basis. SAFETY The Group’s lost time injury rate reduced from 5.4 in FY2023 to 3.0 in FY2024. The Group continues to invest in our safety management system and on road compliance and the training of our employees. The Group recognises that its social license to operate is contingent upon achieving industry leading on-road behaviors and safety outcomes. In FY2024, the Group undertook its second People at Work (PAW) employee survey to assess key psychosocial hazards and factors that may have potential impacts upon employee mental health and wellbeing, job burnout, productivity, increased sickness related absence and physical disorders. Pleasingly more than half of the Group’s employees participated in the PAW survey, providing a strong response rate to underpin the integrity of the survey results. The Group is committed to addressing any psychosocial hazards and factors within the workplace and is reviewing a number of new initiatives to be rolled out in the course of FY2025. Following a stringent review process by the Safety Rehabilitation and Compensation Committee, the Group’s self-insurance licence for workers compensation claims under the Commonwealth Comcare scheme was recently extended for a further four years through to 30 June 2028. This is an outstanding result, and the licence extension was only granted after the Group’s safety management system was subject to external audit by Comcare as part of the renewal process. ENVIRONMENT The Group continues to proactively demonstrate its commitment towards improving environmental performance and the transition to a Euro 6 compliant fleet. As of FY2024, over 90% of the operating fleet is either Euro 5 or Euro 6 compliant. In the past decade the group has invested approximately $423 million on fleet upgrades, underpinning its emissions improvements. This positions the Group at the forefront of the industry in Australia. During the year vehicle emissions reductions reached 84% of 2003 levels for NOx (FY2023: 83%), and 96% of 2003 levels for particulate matter (FY2022: 96%). Carbon dioxide generation for FY2023 was 105,408 tonnes, down from 112,338 tonnes in FY2022. The Group continues to proactively engage with major heavy vehicle manufacturers in relation to alternate technology platforms that support zero emissions vehicles. It is the Group’s assessment that there are currently a number of barriers to the short term deployment of a zero emissions fleet solution within the Group’s operations, primarily encompassing a lack of suitable supporting infrastructure (coupled with a lack of a supportive governmental regulatory environment to drive investment in that infrastructure), high up front asset cost, reduced payload, and end of life management obligations associated with electric vehicles. While heavy vehicle manufacturers have deployed some zero emissions light vehicles there are not currently any zero emissions heavy vehicle solutions suitable for longhaul applications commercially available in Australia. In the meantime, major heavy vehicle manufacturers continue to invest heavily in conventional diesel powered vehicles that will meet the higher Euro 7 standards, which are currently scheduled to come into force in Europe in July 2027. The Group will continue to monitor the feasibility of the deployment of zero emissions vehicles. The comparatively short whole of life investment cycle in fleet employed by the Group provides the opportunity to adopt lower and zero emissions technology as it becomes commercially viable to do so. COMPLIANCE The Group has maintained ISO 9001:2015 accreditation standards, including other relevant accreditations which included: WA Main Roads, NHVAS Mass, Maintenance, and Basic Fatigue Management, along with Food Safety/HACCP and TruckSafe. AUSTRALIAN TRANSPORT The Australian transport segment provided another strong financial performance in FY2024. The operating divisions maintained strong cost and service focused disciplines and continued to progress detailed end-to-end reviews of the operational parameters for a number of core activities and functions, that realised an improved margin compared to FY2023. Full year revenue for the Australian transport segment decreased from FY2023 to FY2024, in part as a result of exiting several customer contracts, lower customer volumes and a reduction in fuel prices. 4 K&S CORPORATION LIMITED ANNUAL REPORT 2024 The ongoing benefits from the implementation of cost reduction strategies across the business continued to contribute to underlying profit. In particular, the Group has maintained its focus on operational efficiencies, supplier renegotiations, cessation of underperforming activities, and the rationalisation and replacement of specific fleet assets that reduced operating costs. Intermodal steel volumes reduced modestly in FY2024 and are expected to decrease further in FY2025 with the cessation of several parcels of work. Timber volumes remained steady. The rail division once again experienced significant disruptions as a result of flooding on the eastern seaboard, as well as on the east-west lane and the Adelaide-Darwin lane. While rail related revenue softened in FY2024, the rail division maintained its margins. Our focus remains on securing accretive parcels of rail volume that improve our rail network balance and performance. While revenue reduced marginally year on year, our contract logistics business unit delivered another strong result in FY2024. Chemical and energy transportation businesses in FY2024 also maintained sound performance on steady revenue. The Western Australia based heavy haulage business enjoyed a sound year in FY2024 with a strong forward order book. The financial performance of our specialised aviation refueling was in line with the previous year on flat revenue with minimal fire season activity. A continued focus on cost disciplines and efficiencies sees this business poised for a solid financial upside if there is a return to more normal fire season activity levels. We are currently experiencing input cost pressure and also seeing aggressive competition in this market segment. FUEL AGENCY The fuel trading business has provided strong financial results on stable revenues in FY2024. The fuel retailing and wholesaling markets remain dynamic and continue to exhibit high levels of competition. We are currently undertaking several projects to expand both our retail and wholesale offering, including the redevelopment of several company owned sites and the purchase of new sites. NEW ZEALAND TRANSPORT Despite margin compression, the New Zealand business recorded a sound result in FY2024 on stable revenue. New Zealand’s economy entered into a recession in the course of FY2024, with a number of key customers realigning their business focus from the domestic to export market. The New Zealand business continues to target the provision of integrated and value adding services and we continue to review initiatives to further align with key customer logistics functions. PEOPLE AND CULTURE Employee engagement and communications programs remain a high priority and area of focus across our business. The Group has invested heavily in the people and culture team in the course of FY2024. We are seeing strong results in terms of a more strategic approach to enhancing our employee value proposition, as well as in filling vacancies to underpin improved asset utilisation. The people and culture team is focused on growing overall organisational capability for the Group. The Group is currently in the process of deploying a new human resources information system (HRIS). We anticipate that the HRIS will assist the Group to elevate the engagement and performance of our workforce, as well as providing a number of administrative efficiencies. As part of the roll out of the new HRIS, the Group is also implementing a new learning management system (LMS). The Group is undertaking a complete refresh of all training materials in conjunction with the deployment of the LMS to ensure that the delivery of training is engaging and results in industry leading safety outcomes for our workforce. We continue to align the operational and management structures to service the needs of business units and customers, while maintaining our strong focus on the retention and development of skilled and qualified employees as the Group’s most valuable asset. OTHER ITEMS The Group completed a major upgrade of its IT network in FY2024. The upgrade has delivered higher connection speeds across operating sites as well as network redundancy for each site in the event that the primary network is compromised. The network upgrades will assist with productivity. The Group also continues to invest heavily in cyber-security measures. The implementation of cost reduction strategies continued across the business, contributing strongly to improved underlying profit. In particular, the Group has maintained its focus on operational efficiencies, supplier renegotiations, cessation of underperforming activities, and the rationalisation and replacement of specific fleet assets that reduced operating costs. Ongoing cost reductions are expected to continue to be accretive in FY2025. However, we recognise that the current higher inflation and interest rate environment, coupled with increasing key input cost pressures, costs associated with investment in additional internal resources, de-stocking by some customers and lower construction activity, present risks to FY2025 results. I would like to take this opportunity to thank all employees and supporters of the Group who have collectively worked exceptionally hard to continue to improve our company. Paul Sarant Managing Director and CEO K&S CORPORATION LIMITED ANNUAL REPORT 2024 5 ENVIRONMENTAL, SOCIAL AND GOVERNANCE We recognise that in order to create long term value for our shareholders and customers, we must achieve and maintain sustainable outcomes for our business including in the following areas. Motor vehicle emissions represent a significant environmental cost. We are committed to reducing emissions and waste, however we are mindful of not making broad statements on net-zero targets until there is greater clarity on when this may become technically and commercially feasible. We monitor industry developments on an ongoing basis. On-road behaviours of the highest standard, keeping people safe and caring for their health and mental wellbeing. Attracting and retaining a capable, diverse and highly engaged workforce who support the Group’s values and behaviours. Climate change People Health, Safety, Security and Environment 24% female representation in our senior leadership; FY2023: 21% HIGHLIGHTS 3.0 lost time injuries frequency rate (LTIFR); FY2023: 5.4 84% vehicle emissions reductions from 2003 levels for NOx 92% of prime movers are either Euro V or Euro VI compliant as at 30 June 2024 $423M spent over the past decade in fleet upgrades 6 K&S CORPORATION LIMITED ANNUAL REPORT 2024 FUEL EFFICIENT FLEET – 92% of total Australian truck fleet are either Euro V or Euro VI compliant and 39% of total Australian truck fleet is Euro VI compliant. – Majority of remaining trucks to be replaced within 12 – 48 months. MAXIMISING PAYLOAD; MINIMISING EMISSIONS – Carrying goods in larger combinations whenever possible. – Accredited as a heavy vehicle operator with the National Heavy Vehicle Accreditation Scheme (NHVAS). MAXIMISING RAIL AND SEA TRANSPORT – Intermodal terminals across the nation to help customers seamlessly integrate rail and sea transport. RESPONSIBLE, FUEL-EFFICIENT DRIVING – Ongoing driver education on fuel-efficient driving practices. – Driver behaviours monitored with in-vehicle telematics; ongoing feedback is provided. EMBEDDED WORKSHOPS REDUCING EMISSIONS – 13 of our workshops are embedded within transport depots. ACCELERATING RECYCLING EFFORTS – Our workshops recycle 100% of used truck batteries, air filters, engine oils and coolers. – 100% of our used truck tyres are recycled. – 1,768 tonnes of non-hazardous waste from our operational sites were recycled in FY2024. DECREASING ELECTRICITY CONSUMPTION – Solar panel installations at major company-owned sites. – LED lighting upgrades completed at all major company-owned sites. K&S EFFICIENCY INITIATIVES K&S CORPORATION LIMITED ANNUAL REPORT 2024 7 ENVIRONMENTAL, SOCIAL AND GOVERNANCE K&S GOVERNANCE & SOCIAL INITIATIVES SUPPORTING PEOPLE TO SPEAK UP – Our Whistleblower Policy supports our people to report whistleblower complaints. – We proactively investigate any feedback or complaints from the public regarding on-road driver behaviour. STRONG RISK MANAGEMENT PRACTICES – Externally audited transport-specific accreditations (e.g. NHVAS mass, fatigue and maintenance, TruckSafe, Main Roads WA, HACCP). This, coupled with our Comcare self-insurance, underpins our safety management system, transport law compliance and maintenance regimes. – Risk management and identification via ongoing monitoring and remediation of documented risks in the risk register. – Committed to continuous improvement and implementation of recommendations arising from outsourced internal audit reviews and from the external auditor. – Strong and proactive engagement with our panel of insurers and broker. SAFETY OBSESSED – Mandatory monthly safety statistics reported to the Board. – Safety targets linked to executive incentive plans. – Mandatory completion of regular safety walks for EGMs. – Toolbox meeting culture, where safety conversations are encouraged. – Comprehensive safety management system (SMS), as part of Comcare self-insurance licence under the Safety Rehabilitation & Compensation Act (Cth). – External audits of SMS in FY2023 and FY2024 found K&S compliant with all 107 applicable audit criteria. – Safety compliance for sub-contractor fleet supported via online portal, Kassub. EMPLOYEE WELLBEING – Committed to the psychosocial wellbeing of our people. – Identify, assess and benchmark our psychosocial risks via online People at Work survey. – Employee Assistance Program (EAP) available to support employees coping with life’s difficult issues. – Partner with Healthy Heads in Trucks and Sheds to improve psychological safety and physical wellbeing outcomes for employees across the transport, warehousing and logistics industries in Australia. – Annual participation in R U OK? Day. SOCIAL RESPONSIBILITY – Fully compliant with annual reporting obligations for modern slavery, the Workplace Gender Equality Agency (WGEA) and the National Greenhouse and Energy Reporting (NGER) Act. – Raised in excess of $210k for the Royal Children’s Hospital in Melbourne (over the past five years) via the K&S annual charity golf day with suppliers and customers. 8 K&S CORPORATION LIMITED ANNUAL REPORT 2024 K&S CORPORATION LIMITED ANNUAL REPORT 2024 9 DIRECTORS’ REPORT The Directors present their report, together with the consolidated financial report of the Group comprising K&S Corporation Limited (the “Company”) and its subsidiaries (the “Group”), for the year ended 30 June 2024 and the Auditor’s Report thereon. DIRECTORS The Directors of the Company in office at the date of this report, together with particulars of their qualifications, experience and special responsibilities are set out below. Tony Johnson Chairman Director since 1986 Tony Johnson BA, LLB, LLM (Companies & Securities), FAICD is a lawyer and an accredited mediator. Mr Johnson is a founder and former Chairman of the national law firm Johnson Winter & Slattery. He has worked extensively in the corporate advisory and commercial disputes area. Mr Johnson is also Chairman of AA Scott Pty Ltd, the largest Shareholder of K&S Corporation Limited and Chairman of Adelaide Community Healthcare Alliance. Member of: – Environmental Committee (Chairman) – Nomination and Remuneration Committee Paul Sarant Managing Director and Chief Executive Officer Director since 2014 Paul Sarant B.Eng., has extensive experience in the transport and logistics sector. Mr Sarant held the position of Executive General Manager DTM for seven years at K&S Corporation prior to his appointment as Managing Director and Chief Executive Officer. Prior to this, Mr Sarant occupied a range of senior management roles, including general management and senior manufacturing, engineering and logistics roles in the course of his fifteen years at Amcor Printing Paper Group/ PaperlinX and was former General Manager at Spicer Stationery Group. Member of: – Environmental Committee Legh Winser Director since 2013 Legh Winser is a former Managing Director of the Company, a position which he held for 16 years. He has extensive knowledge of the transport and logistics industry with more than 40 years’ experience. Mr Winser is also a director of AA Scott Pty Ltd, the largest Shareholder of K&S Corporation Limited. Member of: – Environmental Committee – Nomination and Remuneration Committee 10 K&S CORPORATION LIMITED ANNUAL REPORT 2024 K&S CORPORATION LIMITED ANNUAL REPORT 2024 11 SECRETARY Chris Bright Secretary since 2005 Chris Bright BEc, LLB, Grad Dip CSPM, FCIS has held the position of General Counsel for 22 years. Mr Bright was admitted as a solicitor in South Australia in 1997. He also has experience working in private practice, principally in commercial dispute resolution. Graham Walters AM (Independent Director) Director since 2018 Graham Walters AM FCA is an experienced chartered accountant and director of successful public and private companies and associations, with extensive experience in accounting, finance, audit, risk management and corporate governance. Mr Walters AM is a former Chairman of Partners South Australia of KPMG and a former Chairman of Westpac South Australia. Mr Walters AM is a Director of Adelaide Community Healthcare Alliance. Member of: – Audit Committee (Chairman) – Nomination and Remuneration Committee (Chairman) Sallie Emmett (Independent Director) Director since 2019 Sallie Emmett GAICD LLB GDLP, is a lawyer with over 30 years’ experience as a practising solicitor in both legal and management roles. Mrs Emmett is a former partner of national law firm Johnson Winter & Slattery. Mrs Emmett has a broad range of commercial exposure including in workplace relations. Mrs Emmett operates her own legal and management consulting business and has advised the boards and management of a variety of organisations including private and public companies, government, and educational institutions. Mrs Emmett has significant transport sector experience, having acted for a number of transport companies. Mrs Emmett also sits on the board of a number of not for profit organisations. Member of: – Audit Committee Robert Dalton (Independent Director) Director since 2021 Robert Dalton BA CA, has been a registered company auditor for over 25 years and is a former Managing Partner of the Ernst & Young Melbourne Accounting and Assurance Practice. Mr Dalton also has a wealth of entrepreneurial knowledge and experience having previously run Ernst & Young’s entrepreneurship initiatives across the Oceania region as well as being a Regional Director of Ernst & Young’s Asia Pacific Entrepreneur management team. Mr Dalton has worked with a variety of public, private, and start up organisations advising on strategy, commercialisation, and global expansion, as well as providing audit and assurance services. Mr Dalton has been a non-executive director of ASX listed Helloworld Travel Limited since 9 November 2021 and a non-executive director of ASX listed EQT Holdings Limited since 4 September 2023. Mr Dalton is also a director of several private companies. Member of: – Audit Committee DIRECTORS’ REPORT 12 K&S CORPORATION LIMITED ANNUAL REPORT 2024 DIRECTORS’ MEETINGS The number of Directors’ meetings (including meetings of Committees of Directors) and number of meetings attended by each of the Directors of the Company during the financial year were: Director Directors’ Meetings Audit Committee Meetings Nomination & Remuneration Committee Meetings Environmental Committee Meetings Number of meetings held: 11 6 2 4 Number of meetings attended: Mr T Johnson 11 – 2 4 Mr P Sarant 11 – – 4 Mr L Winser 11 – 2 4 Mr G Walters AM 11 6 2 – Mrs S Emmett 11 6 – – Mr R Dalton 11 6 – – PRINCIPAL ACTIVITIES The principal activities of the Group during the course of the financial year were transport and logistics, warehousing and fuel distribution. There were no significant changes in the nature of the activities of the Group during the year. OPERATING AND FINANCIAL REVIEW The Board presents the FY2024 Operating and Financial Review, which has been designed to provide Shareholders with a clear and concise overview of the Group’s operations, financial position, business strategies and outlook. The review complements the financial report and has been prepared in accordance with the guidelines in ASIC RG247. K&S CORPORATION LIMITED ANNUAL REPORT 2024 13 The consolidated profit for the year ended 30 June 2024 attributable to the members of K&S Corporation Limited (“K&S”) is shown below, along with comparative results for the previous corresponding period: Financial Overview 2024 2023 % Movement Operating Revenue $’000 824,577 848,942 (2.9%) Statutory profit after tax $’000 31,225 28,630 9.1% Statutory profit before tax $’000 41,347 40,679 1.6% Earnings before interest and tax (EBIT) $’000 44,905 44,050 1.9% Earnings before interest, tax and depreciation (EBITDA) $’000 87,645 90,124 (2.8%) Add significant items $’000 744 2,964 (74.9%) Underlying profit before interest, tax & depreciation1 $’000 88,389 93,088 (5.0%) Underlying profit before interest & tax1 $’000 45,649 47,014 (2.9%) Underlying profit before tax1 $’000 42,091 43,643 (3.6%) Underlying operating profit after tax1 $’000 31,746 30,705 3.4% Total assets $’000 652,375 597,082 9.3% Net borrowings excluding lease liabilities $’000 23,776 (448) 5,407.1% Shareholders’ funds $’000 355,946 321,680 10.7% Finance costs $’000 3,558 3,371 5.5% Depreciation $’000 42,740 46,074 (7.2%) Dividend per share cents 18.0 18.0 0.0% Net tangible assets per share $ 2.56 2.31 10.8% Operating cash flow $’000 65,780 101,586 (35.2%) Return on assets % 6.3 6.6 (4.5%) Gearing ratio (excluding lease liabilities) % 6.3 (0.1) 6,400.0% Employee numbers 2,076 2,141 (3.0%) Lost time injuries 12 22 (45.5%) Lost time injuries frequency rate (LTIFR) 3.0 5.4 (44.4%) 1. Underlying profits and earnings per share based on underlying profits are categorised as non-IFRS financial information and therefore have been presented in compliance with ASIC Regulatory Guide 230 – Disclosing non-IFRS financial information issued in December 2011. An underlying adjustment has been considered in relation to its size and nature and has been adjusted from the statutory information for disclosure purposes to assist readers to better understand the financial performance of the underlying business in each reporting period. This adjustment is the unrealised loss on the Group’s interest rate swap, which was primarily driven by the underlying market volatility in the short and mid-term interest expectations. The exclusion of this item provides a result which, in the Directors view, is more closely aligned with the ongoing operations of the Consolidated Group. The non-IFRS financial information has not been subject to audit or review by the auditor. The Group is a tier one logistics provider, recognised as a leader in the development and provision of specialist logistics solutions for its customers. The Group operates in the Australian and New Zealand markets. The Group’s success is underpinned by a strong continuous improvement based focus on safety, service and employee engagement. The environment for the transport and logistics sector in FY2024 remained challenging. The transport and logistics sector continues to experience high levels of competition and pressure on rates, a low growth economic environment and the concentration of bargaining power in large and sophisticated buyers of transport and logistics services. The Group has also been impacted by supply chain interruptions, with the timeframes for delivery of new fleet substantially delayed for much of the year. The Group works closely with its equipment suppliers for the procurement of new fleet assets and has been diligent to invest in fleet renewal on an ongoing basis for a prolonged prior period. Operating revenues decreased by 2.9% to $824.6 million in FY2024. The Group achieved a statutory profit before tax of $41.3 million, an increase of $0.6 million or 1.6% on the prior corresponding period. DIRECTORS’ REPORT 14 K&S CORPORATION LIMITED ANNUAL REPORT 2024 Included in the Group’s statutory result for FY2024 was a $0.7 million accounting loss attributable to the Group’s interest rate swap instrument. After adjusting for the above significant item, the current year underlying profit before tax was $42.1 million, a decrease of 3.6% on the prior corresponding period. The underlying profit after tax was $31.7 million, up on the prior corresponding period by $1.0 million. Safety remains a key focus for the Group. The Group’s lost time injury rate has decreased to a record low of 3.0 (FY2023: 5.4). Australian Transport The Australian transport segment provided another strong financial performance in FY2024. The operating divisions maintained strong cost and service focussed disciplines and continued to progress detailed end-to-end reviews of the operational parameters for a number of core activities and functions, that realised an improved margin compared to FY2023. Full year revenue decreased from FY2023 to FY2024, in part as a result of exiting several customer contracts, lower customer volumes and a reduction in fuel prices. The ongoing benefits from the implementation of cost reduction strategies across the business continued to contribute to underlying profit. In particular, the Group has maintained its focus on operational efficiencies, supplier renegotiations, cessation of underperforming activities, and the rationalisation and replacement of specific fleet assets that reduced operating costs. While the Group will continue to explore opportunities to diversify the industry sectors that we service, our strategy remains to improve the quality and contribution of our revenue base, rather than targeting work solely to grow top line revenue. Intermodal steel revenues remained steady in FY2024. We anticipate that these will reduce in FY2025. Timber revenues decreased marginally. The rail division again experienced significant disruptions as a result of flooding and bushfires. Our focus remains on securing accretive parcels of rail volume that improve our rail network balance and performance. FY2024 revenue for our contract logistics business unit reduced modestly; the division delivered a sound result. Chemical and energy transportation businesses in FY2024 also performed well, albeit marginally lower than the prior year. Buoyed by mining demand, the Western Australia based heavy haulage business experienced a strong year. The financial performance of our specialised aviation refuelling business was consistent with the prior year. The focus on cost reductions and efficiencies has continued and we have experienced input cost pressures in this business in the second half of FY2024. Fuel Agency The fuel trading business has provided strong financial results on stable revenues in FY2024. The fuel retailing and wholesaling markets remain dynamic and continue to exhibit high levels of competition. We are currently undertaking several projects to expand both our retail and wholesale offering, including the redevelopment of several company owned sites and the purchase of new sites. New Zealand Transport Despite margin compression, the New Zealand business recorded a sound result in FY2024 on stable revenue. New Zealand’s economy entered into a recession in the course of FY2024, with a number of key customers realigning their business focus from the domestic to export market. The New Zealand business continues to target the provision of integrated and value adding services and we continue to review initiatives to further align with key customer logistics functions. Balance Sheet and Funding The Group has maintained a very strong balance sheet in FY2024, underpinned by sound trading performance coupled with prudent capital disciplines. The Group’s gearing ratio (excluding lease liabilities) increased to 6.3% at 30 June 2024, compared to (0.1)% in the prior year. The Group’s net debt increased to $23.8 million at 30 June 2024, up from ($0.4) million in the prior comparative period. The increase in debt levels was predominantly attributable to the acquisition of industrial properties in Townsville and Adelaide for a combined purchase price of $20.3 million (excluding GST) in the first quarter of FY2024. The Group is progressing plans to develop both of these sites into transport terminals within the next year. The construction of the new Adelaide transport terminal will facilitate the exit of two existing property leases, and realise operational synergies. The Group acquired fixed assets totalling $70.4 million, compared to $68.7 million in the prior year and continues to invest to maintain a modern operating fleet. Based upon independent valuations, the Group increased the carrying value of its freehold property portfolio by $39.8 million. The Group has a substantial property portfolio consisting of high-quality industrial assets with a carrying value of $284.1 million. In the second quarter of FY2024, the Group successfully extended the maturity profile of its debt facilities and negotiated improved terms with its existing panel of lenders. The Group’s debt facilities now comprise funding in four year tranches totalling $125 million (inclusive of a $35 million bank guarantee facility) maturing in September 2027 and five year tranches totalling $80 million maturing in September 2028. K&S CORPORATION LIMITED ANNUAL REPORT 2024 15 Safety The Group continues to invest in our safety management system and on road compliance and the training of our employees. The Group recognises that its social licence to operate is contingent upon achieving industry leading on-road behaviours and safety outcomes. In FY2024, the Group undertook its second People at Work (PAW) employee survey to assess key psychosocial hazards and factors that may have potential impacts upon employee mental health and wellbeing, job burnout, productivity, increased sickness related absence and physical disorders. Pleasingly more than half of the Group’s employees participated in the PAWs survey, providing a strong response rate to underpin the integrity of the survey results. The Group is committed to addressing any psychosocial hazards and factors within the workplace and is reviewing a number of new initiatives to be rolled out in the course of FY2025. Following a stringent review process by the Safety Rehabilitation and Compensation Committee, the Group’s self-insurance licence for workers compensation claims under the Commonwealth Comcare scheme was recently extended for a further four years through to 30 June 2028. This is an outstanding result and the licence extension was only granted after the Group’s safety management system was subject to external audit by Comcare as part of the renewal process. Dividend The Directors have declared a fully franked final dividend of 8.0 cents per share (2023: 8.0 cents per share). This follows the fully franked interim dividend of 10.0 cents per share paid in April 2024, making the total fully franked dividend 18.0 cents per share in respect of the year ended 30 June 2024 (2023: 18.0 cents per share). The final dividend will be paid on 4 November 2024, with the date for determining entitlements being 18 October 2024. The dividend reinvestment plan remains suspended in respect of the final dividend. Outlook Providing earnings guidance going forward remains difficult. The current higher inflation and interest rate environment, coupled with increasing key input cost pressures, costs associated with investment in additional internal resources, de-stocking by some customers and lower construction activity, present risks to FY2025 results. The cessation of several customer contracts in the first half of FY2025, coupled with the full year impact of customer contract losses in FY2024, will also place downside pressure on results. The Group anticipates that these impacts will be at least partially offset by price, volume and margin improvements in FY2025. The Group has low gearing levels and a strong balance sheet. We will continue to take a composed approach to financial risk as well as maintaining a strong focus on working capital management and underlying profit improvement. We will continue to target the ongoing improvement of the quality of our revenue base, with our focus also maintained on growth in specific market segments, be that organic or through acquisition, as well as continuing to invest in our property portfolio, in each case where we can realise accretive returns on investment. SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS There were no significant changes in the state of affairs of the Group during the financial year. ENVIRONMENTAL REGULATION AND PERFORMANCE The Group’s operations are subject to environmental regulations under both Commonwealth and State legislation in relation to its transport and storage business and its fuel business. The Group has a Board Committee which monitors compliance with environmental regulations. Climate Change While extreme weather events such as the floods in the Nullarbor and central Australia impacted on several of our operations, the geographic spread and functional mix of the Group’s operations partially mitigates this risk. Reporting under the National Greenhouse Energy Reporting regime (NGER) was completed and submitted in FY2024. Transport and Warehousing The transport and warehousing business is subject to the Dangerous Goods Acts in Commonwealth and State Legislation. The Group monitors performance and recorded several minor incidents during the year, none of which has the potential to result in any material restrictions being placed upon the Group’s ability to continue its operations in their current form. Fuel The fuel business is subject to the South Australian Environmental Protection Act 1993 and the South Australian Dangerous Substances Act 1979. The Group monitors performance and recorded a number of minor fuel related incidents during the year. In all cases, corrective actions have been taken. DIRECTORS’ REPORT 16 K&S CORPORATION LIMITED ANNUAL REPORT 2024 DIVIDENDS Dividends paid or declared by the Company to members since the end of the previous financial year were: 1. A fully franked ordinary dividend (taxed to 30%) of 8.0 cents per share amounting to $10,947,919 in respect of the year ended 30 June 2023 was declared on 22 August 2023 and paid on 3 November 2023; 2. A fully franked preference dividend (taxed to 30%) of 4.0 cents per share amounting to $4,800; and 3. An interim fully franked dividend (taxed to 30%) of 10.0 cents per share in respect of the year ended 30 June 2024 was declared on 21 February 2024 and paid on 3 April 2024 amounting to $13,684,898. The final dividend declared by the Company for the year ended 30 June 2024 and payable on 4 November 2024 in respect of the year ended 30 June 2024 comprises: 1. A fully franked ordinary dividend (taxed to 30%) of 8.0 cents per share amounting to $10,947,919 (based on the Company’s current issued share capital); and 2. A fully franked preference dividend (taxed to 30%) of 4.0 cents per share amounting to $4,800. The preference share dividends are included as interest expense in determining net profit. DIVIDENDS PAID TO SHAREHOLDERS (cents per share) ■ Interim ■ Final 0 2 4 6 8 10 12 14 16 18 20 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 3.0 2.0 3.0 2.0 2.0 1.5 2.0 1.5 3.5 4.5 5.0 10.0 8.0 10.0 8.0 3.5 2.0 3.5 K&S CORPORATION LIMITED ANNUAL REPORT 2024 17 EVENTS SUBSEQUENT TO BALANCE DATE On 27 August 2024, the Directors of K&S Corporation Limited declared a final dividend on ordinary shares in respect of the 2024 financial year. The total amount of the dividend is $10,947,919 which represents a fully franked dividend of 8.0 cents per share. The dividend has not been provided for in the 30 June 2024 financial statements and is payable on 4 November 2024. No other matters have arisen in the interval between the end of the financial year and the date of this report, including any item, transaction or event of a material and unusual nature which, in the opinion of the Directors of the Company, are likely to affect significantly the operations of the Group, the results of those operations, or the state of affairs of the Group in future financial years. INDEMNIFICATION AND INSURANCE OF DIRECTORS AND OFFICERS Indemnification The Company indemnifies current and former Directors, Executive Officers and the Secretaries of the Company and its controlled entities against all liabilities, costs and expenses to another person (other than the Company or a related body corporate) to the maximum extent permitted by law that may arise from their position as Directors, Executive Officers and Secretaries of the Company and its controlled entities, except where the liability arises out of conduct involving a lack of good faith. Insurance premiums Since the end of the previous financial year, the Company has paid insurance premiums of $210,271 in respect of Directors’ and Officers’ Liability insurance contracts for current and former officers, including Directors, Executive Officers and the Secretaries of the Company and its controlled entities. The insurance premiums relate to: – Costs and expenses incurred by the relevant officers in successfully defending proceedings, whether civil or criminal; and – Other liabilities that may arise from their position, with the exception of conduct involving a wilful breach of duty or position to gain a personal advantage. The Officers of the Company covered by the policy include the current Directors: T Johnson, L Winser, S Emmett, G Walters AM, R Dalton and P Sarant. Other officers covered by the contract are Executive Officers and the Secretaries of the Company and Directors and the Secretaries of controlled entities (who are not also Directors of the Company), General Managers and other Executive Officers of controlled entities. Indemnification of auditors To the extent permitted by law and excluding in circumstances of negligence, the Company has agreed to indemnify its auditors, Ernst & Young, as part of the terms of its audit engagement agreement against claims by third parties arising from the audit (for an unspecified amount). No payment has been made to indemnify Ernst & Young during or since the financial year. TAX CONSOLIDATION Effective 1 July 2002, for the purposes of income taxation, K&S Corporation Limited and its domestic based 100% owned subsidiaries formed a tax consolidated Group. Members of the Group entered into a tax sharing arrangement in order to allocate income tax expense to the wholly owned subsidiaries on a pro-rata basis. In addition, the agreement provides for the allocation of income tax liabilities between the entities should the head entity default on its tax payment obligations. CORPORATE GOVERNANCE In recognising the need for the highest standards of corporate behaviour and accountability, the Directors of K&S Corporation Limited support the principles of corporate governance. The Company’s Corporate Governance Statement can be found on this URL on our website: http://www.ksgroup.com.au/corporate-governance/. ROUNDING The Company is of a kind referred to in ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191 dated 24 March 2016 and in accordance with that legislative instrument, amounts in the Financial Report and Directors’ Report have been rounded off to the nearest thousand dollars, unless otherwise stated. AUDITOR INDEPENDENCE AND NON-AUDIT SERVICES The entity’s Auditor, Ernst & Young have provided the Group with an Auditors’ Independence Declaration which is on page 57 of this report. During the current year, the entity’s auditor, Ernst & Young Australia, provided non-audit services totalling $12,000. All non-audit services were approved by the entity’s Audit Committee. DIRECTORS’ INTERESTS The beneficial interest of each Director in their own name in the share capital of the Company shown in the Register of Directors’ Shareholdings as at the date of this report is: Ordinary Shares Mr L Winser 46,773 Mr P Sarant 60,000 Directors of the Company have relevant interests in additional shares as follows: Ordinary Shares Mr L Winser 1,342,409 Mr T Johnson 570,202 Mr P Sarant 137,003 Mr G Walters AM 5,252 REMUNERATION REPORT (AUDITED) This Report forms part of the Directors’ Report and has been audited in accordance with section 300A of the Corporations Act 2001. For the purposes of this report, Key Management Personnel (KMP) of the Group are defined as those persons having authority and responsibility for planning, directing and controlling the major activities of the Company and the Group, directly or indirectly, including any Director (whether executive or otherwise) of the parent company. For the purposes of this report, the term executive encompasses the Managing Director, executives, general managers and secretaries of the Parent and the Group. Details of the Key Management Personnel are: i) Directors Mr T Johnson Non-Executive Chairman Mr P Sarant Managing Director and Chief Executive Officer Mr L Winser Non-Executive Director Mr G Walters AM Non-Executive Director Mrs S Emmett Non-Executive Director Mr R Dalton Non-Executive Director ii) Other Key Management Personnel Mr R Parikh Chief Financial Officer Mr C Bright Company Secretary REMUNERATION PHILOSOPHY The performance of the Group depends upon the quality of its Directors and executives. To prosper, the Group must attract, motivate and retain highly skilled Directors and executives. To this end, the Group adopts the following key principles in its remuneration policy: – Remuneration is set at levels that will attract and retain good performers and motivate and reward them to continually improve business performance. – Remuneration is structured to reward employees for increasing Shareholder value. – Rewards are linked to the achievement of business targets. THE NOMINATION AND REMUNERATION COMMITTEE From time to time, the Nomination and Remuneration Committee may be delegated by the Board of Directors of the Company responsibility for reviewing compensation arrangements for the Directors, the Managing Director and executives as well as succession. However, the Company has a small Board of Directors and the review of compensation arrangements and successful succession planning can be, and is, efficiently discharged by the Board itself. Where requested by the Board, the Nomination and Remuneration Committee will assess the appropriateness of the nature and amount of remuneration of Directors and executives by reference to relevant employment market conditions, with the overall objective of ensuring maximum stakeholder benefit from the retention of a high quality Board and executives. While the Nomination and Remuneration Committee may review the remuneration paid to Non-Executive Directors and the Managing Director, and the aggregate remuneration paid to the executive team where requested by the Board, the Board of Directors has ultimate responsibility for determining these amounts. REMUNERATION STRUCTURE In accordance with best practice corporate governance, the structure of Non-Executive Director, Managing Director and other executive remuneration is separate and distinct. 18 K&S CORPORATION LIMITED ANNUAL REPORT 2024 NON-EXECUTIVE DIRECTOR REMUNERATION Objective The Board seeks to set aggregate remuneration at a level which provides the Company with the ability to attract and retain quality Directors, whilst incurring a cost which is acceptable to Shareholders. Structure The Constitution and the ASX Listing Rules specify that the maximum aggregate remuneration of Non-Executive Directors’ shall be determined from time to time by a general meeting of Shareholders. The latest determination was at the Annual General Meeting held on 29 November 2022 when Shareholders approved a maximum aggregate remuneration of $750,000 per year. The amount of aggregate remuneration sought to be approved by Shareholders and the amounts paid to Directors is reviewed annually. The Board considers the fees paid to Non-Executive Directors of comparable companies when undertaking the annual review, as well as periodically taking advice from external recruitment consultants. No advice was taken from external remuneration consultants in relation to the fees paid to Non-Executive Directors in FY2024. However, the fees paid to Non-Executive Directors were benchmarked against comparable entities. Each Non-Executive Director receives a fee for being a Director of the Company. There was a 4.25% increase in fees payable to Non- Executive Directors in FY2024, with that increase being effective from 1 September 2023. Non-Executive Directors have long been encouraged by the Board to hold shares in the Company (purchased by the Director on the market). It is considered good corporate governance for Directors to have a stake in the Company whose Board he or she sits on. The remuneration of Non-Executive Directors for the period ended 30 June 2024 is detailed on page 22 of this report. EXECUTIVE DIRECTOR AND EXECUTIVE REMUNERATION Objective The Company aims to reward executives with a level and mix of remuneration commensurate with their position and responsibilities within the Company to: – reward executives for Company, business unit and individual performance against targets set by reference to appropriate benchmarks; – align the interests of executives with those of Shareholders; – link reward with performance of the Company; and – ensure total remuneration is competitive by market standards. Structure In determining the level and make up of executive remuneration, the Nomination and Remuneration Committee seeks external information detailing market levels of comparable executive roles from which the Committee makes its recommendation to the Board. For the Managing Director and the other executives, remuneration programs are balanced with a mix of fixed and variable rewards. The makeup and eligibility criteria for short term incentives are approved by the Board at the commencement of each financial year. The Board reviews and considers the fees paid to the Managing Director and other executives of comparable companies when undertaking the annual review, as well as periodically taking advice from external recruitment consultants. No advice was taken from external remuneration consultants in relation to the fees paid to the Managing Director and other executives for the year ended 30 June 2024. As safety performance is a key organisational goal and critical to the ongoing operations of the Group, the Board believes that aligning the payment of short-term incentives to reducing lost time injuries is appropriate and in the interests of Shareholders. The Company’s annual budget for operating profit before tax is set with a view to achieving a strong financial performance on a sustainable basis and having regard always to prevailing economic conditions and operational factors specific to the Company. As the profit generated by the Company is fundamental to the Company’s capacity to pay dividends, the Board believes that aligning the payment of short-term incentives to the attainment of budgeted profit before tax on an underlying basis is appropriate and in the interests of Shareholders. The Board also believes that having all of the Company’s executives aligned to the common goal of achieving budgeted operating profit before tax drives positive behaviours amongst the executives in maximising Group wide benefits from operating activities. K&S CORPORATION LIMITED ANNUAL REPORT 2024 19 REMUNERATION REPORT (AUDITED) For the year ended 30 June 2024, the Board approved the adoption of at-risk short-term incentives of up to 30% of the base remuneration of the Managing Director and executives. The payment of such short-term incentives is to be settled in cash. Payment of the short-term incentive in respect of the 2024 financial year was conditional upon: – outperformance of budgeted Group and divisional (where applicable) profit before tax on an underlying basis and excluding any non-trading items (e.g., restructuring charges, but including any non-trading items that have been included in the budget) on a sliding scale up to a maximum of 20% of base remuneration: Applicable Subgroup Managing Director, Chief Financial Officer, Company Secretary and other executives in shared services functions Group Underlying Profit Before Tax5,552,627 4.06 4 Ascot Media Investments Pty Ltd 2,719,998 1.99 5 Zena Winser Pty Ltd 702,032 0.51 7 Mr Eric Joseph Roughana 700,000 0.51 8 Winscott Investments Pty Ltd 698,669 0.51 9 Oakcroft Nominees Pty Ltd 622,756 0.46 10 Oakcroft Nominees Pty Ltd 601,822 0.44 11 Tirroki Pty Ltd 570,202 0.42 12 Kailva Pty Ltd 425,000 0.31 13 PS Super Nominee Pty Ltd 350,000 0.26 17 Maine Pty Ltd 298,638 0.22 18 Mrs Edna Grace Scott 241,925 0.18 19 Est Mr Peter Howells 201,000 0.15 20 Jawp Pty Ltd 200,000 0.15 125,024,956 91.36 AA Scott Pty Limited is the registered holder of all the 6% Non Redeemable Cumulative Preference Shares, participating to 8%. The 20 largest shareholders hold 91.36% of the ordinary shares of the Company, and 100% of the preference shares. The following is an extract from the Company’s Register of Substantial Shareholders as at 10th September 2024:- Number % of Class AA Scott Pty Ltd & Associated Companies 83,067,544 65.26 Linfox Australia Pty Ltd 22,977,255 18.05 VOTING RIGHTS The voting rights are as follows: Preference Shares: Nil Ordinary Shares: 1 vote per share 68 K&S CORPORATION LIMITED ANNUAL REPORT 2024 CORPORATE DIRECTORY HEAD OFFICE 591 Boundary Road Truganina Victoria 3029 Phone: (03) 8744 3500 Facsimile: (03) 8744 3599 REGISTERED OFFICE 141-147 Jubilee Highway West Mount Gambier South Australia 5290 Phone: (08) 8721 1700 Facsimile: (08) 8721 1799 STOCK EXCHANGE K&S Corporation Limited’s shares are quoted on the Australian Securities Exchange (ASX code: KSC). SHARE REGISTRY c/o Computershare Investor Services Pty Ltd Level 5, 115 Grenfell Street Adelaide, South Australia 5000 Phone: (08) 8236 2300 Facsimile: (08) 9473 2102 GPO Box 1903 Adelaide SA 5001 Enquiries within Australia: 1300 556 161 Enquiries outside Australia: 61 3 9415 5000 Email: web.queries@computershare.com.au Website: www.computershare.com.au Website: www.ksgroup.com.au OPERATIONS Intermodal/Bulk Melbourne 591 Boundary Road Truganina VIC 3029 Phone: (03) 8744 3700 Portland 53 Fitzgerald Street Portland VIC 3305 Phone: (03) 5523 4144 Geelong 325 Thompson Road North Geelong VIC 3215 Phone: (03) 5278 5777 Ballarat c/o Laminex Industries 16 Trewin Street Wendouree VIC 3355 Phone: (03) 5338 1710 Kyabram 39 McCormick Road Kyabram VIC 3620 Phone: (03) 5852 1011 Sydney 1 Hope Street Enfi eld NSW 2136 Phone: (02) 9735 2400 Brisbane 34 Postle Street Coopers Plains QLD 4108 Phone: (07) 3137 4400 Bundaberg Old Quanaba Mill Grange Road Bundaberg QLD 4670 Phone: (07) 4159 2150 Townsville 677 Ingham Road Mount Saint John QLD 4818 Phone: (07) 4431 2070 Perth Lot 1 Kewdale Freight Precinct Off Fenton Street Kewdale WA 6105 Phone: (08) 6466 6600 Bunbury 28 Barcoo Close Dardanup West WA 6236 Phone: (08) 9725 4400 Adelaide 30-32 Francis Street Port Adelaide SA 5015 Phone: (08) 7224 5400 Mount Gambier 209 Jubilee Highway West Mount Gambier SA 5290 Phone: (08) 8721 2941 Alice Springs 5827 Dalgety Road Alice Springs NT 0870 Phone: (08) 8950 8701 Darwin 16 Berrimah Road Berrimah NT 0828 Phone: (08) 8984 4700 New Zealand Cambridge 3847 Te Awamutu Road Cambridge NZ Phone: (07) 827 6002 Mount Maunganui 35 Portside Drive Mount Maunganui NZ Phone: (07) 575 8265 Auckland 126 Kerwyn Ave Highbrook Auckland NZ Phone: (09) 307 0061 Christchurch 55 Lunns Rd Middleton Christchurch NZ Phone: (03) 344 0171 DTM Sydney 2 Hope Street Enfi eld NSW 2136 Phone: (02) 9735 2300 Melbourne 591 Boundary Road Truganina VIC 3029 Phone: (03) 8744 3509 Adelaide 30-32 Francis Street Port Adelaide SA 5015 Phone: (08) 7224 5400 Brisbane 34 Postle Street Coopers Plains QLD 4108 Phone: (07) 3137 4400 Perth Lot 1 Kewdale Freight Precinct Off Fenton Street Kewdale WA 6105 Phone: (08) 6466 6646 K&S Heavy Haulage Perth 900 Abernethy Road High Wycombe WA 6057 Phone: (08) 6466 6601 K&S Energy/Chemtrans Brisbane 34 Postle Street Coopers Plains QLD 4108 Phone: (07) 3718 4221 Darwin 16 Berrimah Road Berrimah NT 0828 Phone: (08) 8984 4700 Sydney 1 Hope Street Enfi eld NSW 2135 Phone: (02) 9735 2346 Adelaide 19 Bowyer Rd Wingfi eld SA 5013 Phone: (08) 8347 3449 Melbourne 591 Boundary Road Truganina VIC 3029 PO Box 57 Laverton VIC 3028 Phone: (03) 8744 3700 Mackay 112 Spiller Avenue Mackay QLD 4740 Phone: (07) 4431 2040 Port Kembla Cnr King & Wattle Streets Port Kembla NSW 2505 Phone: (02) 4267 9200 Newcastle 45 Greenleaf Road Kooragang Island NSW 2304 Phone: (02) 4033 7000 Townsville 13 Pilkington Street Garbutt QLD 4814 Phone: (07) 4431 2000 Gladstone Lot 152 Red Rover Road Gladstone QLD 4680 Phone: (07) 4973 1700 Perth 900 Abernethy Road High Wycombe WA 6057 Phone: (08) 6466 6601 Perth Cnr Beard and Morley Streets Naval Base WA 6165 Phone: 0417 046 786 K&S Fuels Mount Gambier 40 Graham Road Mount Gambier SA 5290 Phone: (08) 8721 1774 Millicent Cnr Williams & Mt Gambier Roads Millicent SA 5280 Phone: (08) 8733 3133 Aero Refuellers Enfi eld 1 Hope Street Enfi eld NSW 2135 Phone: (02) 9735 2392 Thurgoona 22 Hoff mann Road Thurgoona NSW 2640 Phone: (02) 6054 2200 www.ksgroup.com.au