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QSL AGM outlines successful transition

Thursday, 25 October 2018

Queensland Sugar Limited (QSL) has reported a successful first year under the industry’s new Marketing Choice arrangements, sharing key achievements at the company’s Annual General Meeting (AGM) in Brisbane today.

QSL Chairman Guy Cowan told the gathering that despite a protracted On-Supply Agreement negotiation process, the industry-owned organisation had retained the mantle of the largest marketer of Queensland sugar during the past financial year, while also securing a new operating agreement to manage the state’s bulk sugar terminals for Sugar Terminals Limited (STL).

Mr Cowan said that while the not-for-profit appreciated the ongoing custom of growers, millers, STL and international refining clients, this support was never a given. 

“We’re off to a promising start, but this pivotal first year of new marketing and operations arrangements has only reinforced our commitment to working harder, working smarter and working creatively to maximise the value delivered by all aspects of our business,” Mr Cowan said.

Key QSL highlights for the 2018 Financial Year included:

QSL Marketing

  • QSL remained the largest marketer of Australian sugar in both the 2017 and 2018 Seasons;
  • The business made its first direct payments to growers and cemented its presence in regional Queensland with new permanent offices in Ingham, Ayr, Proserpine and Sarina;
  • It revised its finance facility to deliver both increased flexibility and savings;
  • It successfully negotiated its 15th Korean Long-Term supply contract;
  • In the pricing space, QSL’s 2017-Season managed ICE 11 pools outperformed the market average by $29.95/tonne IPS Net;
  • The 2017 QSL Shared Pool was + $1.54/tonne IPS Net, outperforming the weighted average benchmark by $8.39/tonne IPS; and
  • QSL’s 2-Season Forward Pool was the highest returning QSL-managed ICE 11 pool during the 2017 Season, finishing at $507/tonne IPS Net.

QSL Operations

  • The QSL Operations team handled just under 3.8 million tonnes of sugar during the 2017 Season across the six Queensland bulk sugar terminals;
  • 100% of shipments were made in full and on time
  • There was 100% compliance with Japan’s rigid import restrictions;
  • QSL Operations received certifications for AS 4801 (Safety) and ISO 14001 (Environment);
  • Phytosanitary accreditation was expanded to all six Queensland bulk sugar terminals, enabling all to export to China; 
  • The business successfully renegotiated the Enterprise Agreement for its bulk sugar terminal employees; and
  • QSL also rolled out a new time and attendance system across all six of its bulk sugar terminal worksites.

Mr Cowan’s full AGM address is available by clicking here.

The QSL Chief Executive Officer’s 2018 AGM presentation is available by clicking here.

QSL’s 2017/2018 Annual Report is also available by clicking here.

For more information contact Cathy Kelly on 0409 285 074.