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Annual Financial Results Australian Pipeline Ltd ACN 091 344 704 | Australian Pipeline Trust ARSN 091 678 778 | APT Investment Trust ARSN 115 585 441 Level 25, 580 George Street Sydney NSW 2000 | PO Box R41 Royal Exchange NSW 1225 Phone +61 2 9693 0000 | Fax +61 2 9693 0093 APA Group | apa.com.au 21 August 2019 ASX ANNOUNCEMENT APA Group (ASX: APA) ANNUAL FINANCIAL RESULTS The following announcements are attached: • Australian Pipeline Trust Appendix 4E • Australian Pipeline Trust Annual Report • APTIT Investment Trust Annual Report Nevenka Codevelle Company Secretary Australian Pipeline Limited For further information, please contact: Investor enquiries: Media enquiries: Jennifer Blake Louise Watson Telephone: +61 2 9693 0097 Telephone: +61 2 8011 0591 Mob: +61 455 071 006 Mob: +61 419 185 674 Email: [email protected] Email: [email protected] About APA Group (APA) APA is a leading Australian energy infrastructure business, owning and/or operating in excess of $21 billion of energy infrastructure assets. Its gas transmission pipelines span every state and territory on mainland Australia, delivering approximately half of the nation’s gas usage. APA has direct management and operational control over its assets and the majority of its investments. APA also holds ownership interests in a number of energy infrastructure enterprises including SEA Gas Pipeline, SEA Gas (Mortlake) Partnership, Energy Infrastructure Investments and GDI Allgas Gas Networks. APT Pipelines Limited is a wholly owned subsidiary of Australian Pipeline Trust and is the borrowing entity of APA Group. For more information visit APA’s website, apa.com.au Australian Pipeline Trust Results for announcement to the market For the year ended 30 June 2019 Appendix 4E Change Amount Statutory and Normalised Results $’000 Revenue up 2.7% to 2,452,171 EBITDA up 3.6% to 1,573,756 EBIT up 2.4% to 962,398 Profit after tax up 8.8% to 288,013 Operating cash flow down 1.9% to 1,012,127 Operating cash flow per security down 4.9¢ to 85.8¢ Earnings per security Up 1.1¢ to 24.4¢ EBIT = Earnings before interest and tax EBITDA = EBIT before depreciation and amortisation Reporting Period The above results are for the financial year ended 30 June 2019, reference is made to movements from the previous corresponding period being the financial year ended 30 June 2018. APA Group Franked Amount per amount per Distributions paid and proposed security security Final distribution proposed profit distribution 11.08¢ 3.66¢ capital distribution 14.42¢ - 25.50¢ 3.66¢ Interim distribution paid profit distribution 12.47¢ 3.20¢ capital distribution 9.03¢ - 21.50¢ 3.20¢ 47.00¢ 6.86¢ Record date for determining entitlements to the unrecognised final distribution in respect of the current financial year is 28 June 2019. Australian Pipeline Trust Results for announcement to the market For the year ended 30 June 2019 Appendix 4E Distribution information is presented on an accounting classification basis. The APA Group Annual Tax Statement and Annual Tax Return Guide to be (released in September 2019) provide the classification of distribution components for the purposes of preparation of security holder income tax returns. The Directors have reviewed APA Group’s financial position and funding requirements and have decided to retain the suspension of the Distribution Reinvestment Plan until further notice. 2019 2018 Net asset backing per security $ $ Net tangible asset backing per security (0.33) (0.04) Net asset backing per security 3.05 3.50 Additional information and commentary on results for the year For additional disclosures refer to the APA Group annual report for the year ended 30 June 2019 accompanying this Appendix 4E. APA Group Annual Report. For the financial year ended 30 June 2019 APA Group Annual Report for the year ended 30 June 2019 CHAIRMAN’S REPORT 1 MANAGING DIRECTOR’S REPORT 3 APA GROUP BOARD 6 APA GROUP SENIOR MANAGEMENT 8 2019 HIGHLIGHTS 10 AUSTRALIAN PIPELINE TRUST DIRECTORS’ REPORT (ARSN 091 678 778) 11 1 Directors 11 2 State of Affairs 11 3 Subsequent Events 11 4 About APA 12 5 Financial Overview 18 6 Business Segment Performances and Operational Review 21 7 Capital and Investment Expenditure 31 8 Financing Activities 35 9 Regulatory Matters, Energy Policy and Energy Industry Developments 40 10 Sustainability 43 11 Risk Overview 48 12 Directors 53 13 Options Granted 55 14 Indemnification of Officers and External Auditor 55 15 Remuneration Report 55 16 Auditor 55 17 Information Required for Registered Schemes 56 18 Rounding of Amounts 56 19 Corporate Governance Statement 56 20 Authorisation 57 AUSTRALIAN PIPELINE TRUST REMUNERATION REPORT 58 1 Individuals covered by this Remuneration Report 59 2 Executive Summary 59 3 Executive Remuneration Framework 62 4 FY2019 Executive Incentive Plans and Outcomes 64 5 Other Remuneration Elements 68 6 Non-executive Directors 70 7 Remuneration Governance 71 8 Statutory Tables 73 i APA Group Annual Report for the year ended 30 June 2019 AUSTRALIAN PIPELINE TRUST CONSOLIDATED FINANCIAL STATEMENTS 77 APT INVESTMENT TRUST DIRECTORS’ REPORT (ARSN 115 585 441) 152 1 Directors 152 2 Principal Activities 152 3 State of Affairs 152 4 Subsequent Events 153 5 Review of Results and Operations 153 6 Distributions 153 7 Directors 154 8 Options Granted 155 9 Indemnification of Officers and External Auditor 155 10 Information Required for Registered Schemes 156 11 Auditor’s Independence Declaration 156 12 Rounding of Amounts 156 13 Authorisation 156 APT INVESTMENT TRUST CONSOLIDATED FINANCIAL STATEMENTS 157 APA GROUP ADDITIONAL INFORMATION 181 APA GROUP FIVE YEAR SUMMARY 182 APA GROUP INVESTOR INFORMATION 183 ii APA Group Annual Report for the year ended 30 June 2019 CHAIRMAN’S REPORT FY2019 saw the continued delivery of APA’s largest ever organic growth program - more than $1.4 billion of energy infrastructure added to APA’s footprint over the last three years. Of most significance is the value of the services and flexibility this infrastructure will deliver to our customers for years to come. APA has pursued a consistent strategy for almost two-decades and that strategy has demonstrated its value to APA’s customers, Securityholders and business generally. APA has grown significantly over this time - $21 billion of assets owned and/or operated by APA; more than 1,800 employees operating and maintaining those assets; and over $1 billion in operating cash flow generated annually. For Securityholders, distributions have been reliable and have increased as the business has grown. Every dollar invested in APA when it listed in June 2000, has grown more than 22 times over those 19 years(1). Leadership A major contributor to that success has been APA’s long standing CEO and Managing Director, Mick McCormack, who retired in July after 14 years of leading the business. Mick’s foresight and his ‘get-the-job’ done attitude has been instrumental in cementing APA as a leading Australian energy infrastructure owner and operator. On behalf of all APA Securityholders and employees, I would like to acknowledge and thank Mick, and his family, for those 14 years of dedication to leading APA. In May 2019, after an extensive search and selection process, the Board announced Rob Wheals as CEO and Managing Director, effective 6 July 2019. Rob has been with APA since 2008. He started as General Manager Commercial, managing the commercial function in APA’s transmission business and joined the Executive team in 2012 as Group Executive Transmission. Rob has a deep understanding of the Australian energy market and the challenges and opportunities facing APA and the industry as we transition to a lower carbon future. He is particularly passionate about delivering for our customers, and has been instrumental in implementing APA’s Customer Promise over the last few months. Personally, it has been a great pleasure for me to have been involved in the launch of APA’s Customer Promise to our customers. During the financial year, APA’s Board underwent a number of changes. Russell Higgins AO and Patricia McKenzie retired from the Board and I thank them both for their significant contributions to APA, each over a number of years. We were fortunate to welcome James Fazzino to the Board in February 2019. His extensive corporate experience as a former Chief Executive Officer of one of Australia’s larger manufacturing companies exposed to the gas sector will complement the Board’s existing skills and capabilities. Financial results APA’s financial performance for FY2019 was a very solid one, particularly in light of the fact that the organisation was subject to a takeover proposal from a CKI consortium for six months of the year. The results and continued growth of APA in light of those circumstances are a credit to APA’s people and their ability to stay focused on driving the business forward. (1) Total Securityholder Return since listing to 30 June 2019 is calculated on the assumption that all distributions are reinvested at the ex-distribution date. 1 APA Group Annual Report for the year ended 30 June 2019 Total revenue (excluding pass-through revenue) increased 4.6% on FY2018 to $2,031.0 million. Earnings before interest, tax, depreciation and amortisation increased 3.6% to $1,573.8 million. Net profit after tax increased 8.8% to $288.0 million. Operating cash flow (OCF) was slightly below FY2018 levels at $1,012.1 million, primarily due to an increase in income tax paid by APA. The Board has declared a final distribution of 25.5 cents per security, taking total distributions for FY2019 to 47.0 cents per security. As a result of the increased income tax APA paid during the financial year, a further 3.66 cents per security of franking credits will attach to the final distribution for the year.
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