FIVE YEAR SUMMARY


FINANCIAL PERFORMANCE (STATUTORY)   2015 2014 20136 2012 2011
Revenue $m 1,553.6 1,396.0 1,272.3 1,060.7 1,102.0
Revenue excluding pass-through1 $m 1,119.2 992.5 919.5 758.0 720.3
EBITDA $m 1,269.5 747.3 763.6 525.8 492.1
Depreciation and amortisation expense $m (208.2) (156.2) (130.5) (110.4) (100.4)
EBIT $m 1,061.3 591.1 633.2 415.4 391.8
Interest expense $m (324.2) (325.1) (290.9) (234.3) (247.1)
Tax (expense)/benefit $m (177.2) 77.7 (49.9) 50.4 35.9
Non-controlling interests $m (1.0) (1.0) 2.8 - 0.3
Profit after tax and non-controlling interests including significant items $m 559.9 343.7 295.1 130.7 108.5
Significant items - after income tax $m 356.0 144.1 120.0 (9.7) (0.4)
Profit after tax and minorities, excluding significant items $m 203.9 199.6 175.1 140.3 108.9
FINANCIAL POSITION            
Total assets $m 14,652.9 7,972.5 7,698.9 5,496.1 5,427.6
Total drawn debt2 $m 8,642.8 4,789.4 4,412.0 3,223.6 3,239.9
Total equity $m 4,382.7 2,496.5 2,513.9 1,614.0 1,667.8
CASH FLOW AND CAPITAL EXPENDITURE            
Operating cash flow3 $m 562.2 431.5 374.4 335.6 290.0
Capital expenditure $m 2,814.6 446.8 397.4 249.1 173.4
Investments and acquisitions $m 17.4 - 330.8 46.4 342.7
KEY FINANCIAL RATIOS            
Earnings per security4 cents 56.3 39.7 38.2 20.4 19.7
Operating cash flow per security4 cents 56.5 49.8 48.5 52.5 52.6
Distribution per security cents 38.0 36.3 35.5 35.0 34.4
Gearing (net debt to net debt plus equity) % 63.4 64.2 62.8 65.0 66.2
Interest cover ratio times 2.6 2.3 2.3 2.5 2.0
Weighted average number of securities4 m 995.2 866.0 772.3 639.7 551.2
EBITDA BY SEGMENT (EXCLUDING SIGNIFICANT ITEMS)            
EBITDA (Continuing Business)            
Energy Infrastructure            
East Coast Grid: Queensland $m 340.1 234.5 180.7 91.0 82.0
New South Wales $m 120.8 115.6 120.2 122.8 111.8
Victoria $m 130.2 127.6 136.9 138.3 128.8
South Australia $m 1.9 2.4 2.4 2.1 2.1
Western Australia $m 212.6 189.0 149.4 133.9 108.1
Northern Territory $m 18.0 15.2 13.5 10.6 5.6
Asset Management $m 49.5 67.6 51.6 35.6 42.5
Energy Investments $m 21.8 18.0 15.6 9.6 3.2
Divested businesses5 $m 1.0 50.1 56.2 55.2 64.3
  • Pass-through revenue is revenue on which no margin is earned. Pass-through revenue arises in the asset management operations in respect of costs incurred in, and passed on to Australian Gas Networks Limited ("AGN", formerly Envestra Limited) and GDI in respect of, the operation of the AGN and GDI assets respectively.
  • APA's liability to repay debt at relevant due dates of the drawn facilities. This amount represents current and non-current borrowings as per balance sheet and is adjusted for deferred borrowing costs, the effect of unwinding of discount, unrealised foreign exchange differences reported in equity and deducting other financial liabilities that are reported as part of borrowings in the balance sheet.
  • Operating cash flow = net cash from operations after interest and tax payments.
  • Between 23 December 2014 and 28 January 2015, APA issued a total of 278,556,562 new ordinary securities resulting in total securities on issue as at 30 June 2015 of 1,114,307,369. The issue was offered at $6.60 per security, a discount to APA's closing market price of $7.67 per security on 9 December 2014, the last trading day before the record date of the entitlement offer of 15 December 2014. The weighted average number of securities for the current and prior period (FY2014) has been adjusted in accordance with the accounting principles of AASB 133: 'Earnings per Share', for the discounted rights issue.
  • Australian Gas Networks Limited sold in August 2014, Moomba Adelaide Pipeline System sold in FY2013, APA Gas Network Queensland (Allgas) was sold into GDI (EII) Pty Ltd in FY2012, with APA retaining a 20 per cent interest in GDI (EII) Pty Ltd and operates the assets under a long term asset management agreement.
  • The balances for June 2013 have been restated for the effect of applying AASB: 119 'Employee Benefits'.

MORE GROWTH
IN THE PIPELINE
2016 - BEYOND

15 Years
of growth

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.

2015 - 2011

2015

30 JUN 2015
MARKET CAP $9.2B
SECURITY PRICE $8.24

JUN 2015

Wallumbilla Gladstone Pipeline acquisition, underpinned by
20 year take-or-pay gas transportation agreements. APA's largest acquisition
to-date.

2014

DEC 2014

Diamantina and Leichhardt Power Stations officially opened, underpinned by
long term electricity supply contracts until 2030.

2013

28 JUN 2013
MARKET CAP $4.8B
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.

2012

DEC 2012

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.

DEC 2012

Commenced expansion of APA's compression capacity at the Wallumbilla Gas Hub.

2011

DEC 2011

Capacity expansion of the Goldfields Gas Pipeline.

JUL 2011

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.

MAY 2011

Fivefold capacity expansion of Mondarra Gas Storage Facility in the Perth area energy precinct.

APR 2011

Capacity expansion of the Roma Brisbane Pipeline.

2010 - 2006

2010

30 JUN 2010
MARKET CAP $1.9B
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.

MAR 2010

Acquired the Berwyndale to Wallumbilla Pipeline.

2008

DEC 2008

Established Energy Infrastructure Investments (EII) for APA annuity style assets.


Completed construction of the Bonaparte Gas Pipeline.

AUG 2008

Acquired the Central Ranges Pipeline.

2007

2007 - 2006

Start of ongoing acquisition and development of complementary assets for the APA portfolio.

OCT 2007

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.

2006

DEC 2006

Acquisition of the Victorian Transmission System (formerly GasNet).

NOV 2006

Acquisition of Allgas gas distribution network in Queensland.

2005 - 2000

2005

2005 - 2001

Period of acquisition of minority interests in major APA pipelines consolidating our ownership positions across Australia.

FEB 2005

Acquired the remaining 30% interest in the Carpentaria Gas Pipeline.

30 JUN 2005
MARKET CAP $1.0B
SECURITY PRICE $3.45

2004

AUG 2004

Goldfields Gas Pipeline interest increased to 88.2%.


Acquired Mondarra Gas Storage Facility, along with the Parmelia Gas Pipeline.

2001

FEB 2001

Acquired the remaining 15% interest in the Roma Brisbane Pipeline.

2000

30 JUN 2000
MARKET CAP $0.5B
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.