As Australia’s largest energy infrastructure business, we also have an interest in a number of complementary energy investments across Australia, in addition to the assets we own.
These investments are diverse in both functionality and geographical spread which reduces risks, yet aggregated so that we can apply APA’s considerable expertise in managing and operating energy assets.
In addition to ownership interests, APA also holds a number of roles in respect of our investment businesses be it operational, management and/or corporate services. All investments are equity accounted, with the exception of APA’s interest in Ethane Pipeline Income Fund.
In August 2014, APA divested its 33.05 per cent interest in Australian Gas Networks Limited (“AGN”, formerly Envestra Limited) receiving $784 million in consideration in addition to $21 million we received as a final dividend in July 2014. As a result of the divestment, there was no contribution from AGN to the FY2015 results, however APA retains the operations and management agreement on the AGN assets until 2027.
EBITDA from continuing investments increased by 20.9 per cent to $21.8 million (2014: $18.0 million), driven by increased contributions from GDI, EII2 and the SEA Gas Pipeline, in particular.
During the financial year, Diamantina and Leichhardt Power Stations (collectively “DPS”) were completed and commenced operations contributing to approximately six months of the 2015 financial year. The greenfield joint venture project was announced in 2011 and construction commenced in early 2012.
As project partners, APA and AGL Energy harnessed the expertise of both companies to deliver a total energy solution for North West Queensland that will reliably supply the energy needs of this mineral rich area now and into the future. DPS consists of the 242 megawatt Diamantina combined cycle power station and the 60 megawatt open cycle Leichhardt power station. The site is adjacent to APA’s Carpentaria Gas Pipeline and metering station which supplies gas to the power station precinct.
In line with our strategy, APA will continue to grow our ownership interests in energy infrastructure that complements our existing portfolio and leverages our operational and management capabilities.
IN THE PIPELINE
2016 - BEYOND
We only look forward at APA as to what opportunities for growth lay ahead, never resting on our laurels of what we've achieved. However, we also believe it's healthy to acknowledge our significant growth and success since listing 15 years ago. That's why our celebratory timeline starts at financial year 2015 - like you, we're keen to see what's next in 2016 and beyond, but we're proud of our achievements over the last 15 years.
MARKET CAP $9.2B
SECURITY PRICE $8.24
Wallumbilla Gladstone Pipeline acquisition, underpinned by
20 year take-or-pay gas transportation agreements. APA's largest acquisition
Diamantina and Leichhardt Power
Stations officially opened, underpinned
long term electricity supply contracts until 2030.
SECURITY PRICE $5.73
2013 - 2011
Maximising the value of APA's portfolio through consolidation and expansion - we're more than the sum of our parts.
Completed acquisition of Hastings Diversified Utilities Fund. Creation of APA's East Coast Grid through the addition of the South West Queensland Pipeline. Emergence of the West Coast Grid with acquisition of Pilbara Pipeline System.
Commenced expansion of APA's compression capacity at the Wallumbilla Gas Hub.
Capacity expansion of the Goldfields Gas Pipeline.
Emu Downs wind farm acquisition in the Perth area energy precinct, underpinned by 20 year electricity supply contracts.
Acquisition of the Amadeus Gas Pipeline in the Northern Territory.
Fivefold capacity expansion of Mondarra Gas Storage Facility in the Perth area energy precinct.
Capacity expansion of the Roma Brisbane Pipeline.
SECURITY PRICE $3.45
2010 - 2009
APA obtained investment grade credit ratings from Standard & Poor's (June 2009) and Moody's (April 2010).
2010 - 2008
Enhanced APA's asset footprint by means of capacity expansion, pipeline development and acquisitions.
Acquired the Berwyndale to Wallumbilla Pipeline.
Established Energy Infrastructure Investments (EII) for APA annuity style assets.
Completed construction of the Bonaparte Gas Pipeline.
Acquired the Central Ranges Pipeline.
2007 - 2006
Start of ongoing acquisition and development of complementary assets for the APA portfolio.
APA fully internalised asset management and operational services.
APA acquired Origin Energy Network (Jun/Jul 2007) assets including interests in SEA Gas Pipeline and the Envestra gas distribution network along with the long term operations and management contract for Envestra assets.
APA completed construction and commissioning of Daandine (Jan 2007) and X41 (Nov 2007) Power Stations.
APA completed construction and commissioning of Kogan North (Mar 2006) and Tipton West (Mar 2007) gas processing facilities.
APA acquired the Murraylink (Mar 2006) and Directlink (May 2007) electricity interconnectors.
Acquisition of the Victorian Transmission System (formerly GasNet).
Acquisition of Allgas gas distribution network in Queensland.
2005 - 2001
Period of acquisition of minority interests in major APA pipelines consolidating our ownership positions across Australia.
Acquired the remaining 30% interest in the Carpentaria Gas Pipeline.
SECURITY PRICE $3.45
Goldfields Gas Pipeline interest increased to 88.2%.
Acquired Mondarra Gas Storage Facility, along with the Parmelia Gas Pipeline.
Acquired the remaining 15% interest in the Roma Brisbane Pipeline.
SECURITY PRICE $2.10
13 JUN 2000
APA was listed on the Australian Stock Exchange. Foundation contract was on the only 100% owned Moomba Sydney Pipeline.