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FY2020 Investor Pack

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FY2020 Investor Pack APA Group investor pack. As at 26 August 2020 Thanks for your interest in APA. In this pack you’ll find: • Snapshot, Strategy and Value Proposition 4 - 13 • Company Structure 14 - 16 • Financial Metrics 17 - 22 • Gas Market Overview 23 - 27 • Asset Specific Information 28 - 38 APA overview 3 snapshot of APA …a leading Australian energy infrastructure business Assets owned/operated Market capitalisation ~$22 billion $13.1 billion (as at 21 August 2020) $0.6 billion (as at 30 June 2000) Gas transmission(1) 15,425 km transmission pipelines Credit ratings Moody’s: Baa2 (outlook Stable) Gas distribution(2) S&P: BBB (outlook Stable) ~29,500 km gas mains & pipelines >1.4 million gas consumers Gas fired power generation(1) Listed Employees 418 MW S&P/ASX 50 ~1,900 Renewable energy generation(1) 149.3 MW Solar 342 MW Wind Register composition Gas storage Securities on issue: 1,179.9 million 12,000 tonnes LNG Securityholders: ~75,000 18 PJ gas Institutional/retail: 70:30 (3) Domestic/international: 75:25 Gas processing 113 TJ/day processing plants Electricity transmission 244 km HV Notes: (1) Includes 100% of assets operated by APA Group, which form part of Energy Investments segment, including SEA Gas and EII. (2) Includes 100% of assets operated by APA Group in Queensland, New South Wales, Victoria and South Australia. (3) Includes Orbost Gas Processing Plant at 68 TJ/day nameplate capacity 4 our footprint Darwin APA assets and investments Integrated Operations Centre APA operated assets Gas-fired power station Other natural gas pipelines Gas processing plant Electricity interconnectors Gas storage LNG plant Northern Wind Farm Natural Gas & Territory ethane 2P reserves, Mount Solar Farm as at May 2019 Isa Source: EnergyQuest June 2019 Queensland APA assets and investments Integrated Operations Centre Gladstone Western APA operated assets Gas-fired power station Australia Other natural gas pipelines Gas processing plant Wallumbilla Electricity interconnectors Brisbane South Gas storage LNG plant Australia Moomba Wind Farm Natural Gas & ethane 2P reserves, New South Solar Farm as at May 2019 Wales Source: EnergyQuest June 2019 Perth Sydney Adelaide Victoria Australian gas transmission pipeline ownership by kilometres Melbourne Tasmania Note: *includes SEA Gas Pipeline and Mortlake Pipeline. Source: Company reports; APA data as at 30 June 2020 and includes the Ethane Pipeline. 5 APA’s strategy • Deliver services our customers value consistent with our Customer Promise • Continue to strengthen asset and stakeholder management, development and operational capabilities • Our growth focus is to enhance our portfolio of: – gas transmission pipelines – power generation: gas-fired and renewable energy – midstream energy infrastructure assets, including gas storage and gas processing • Explore growth opportunities in our core business of gas transmission and distribution in North America • Investigation of technology transformation of energy • Maintain APA’s financial strength 6 asset portfolio development 2017-2020 APA’s largest organic growth capex 20 years / >$14 billion program ~$1.7 billion of energy infrastructure added to of investment into the Australian gas market 2014-2016 APA’s footprint over the 4 Access to LNG export year period 2011-2013 market Reedy Creek Wallumbilla Pipeline Creation of the East Wallumbilla Gladstone Yamarna Gas Pipeline Coast Grid Pipeline, APA’s first “off and Gruyere Power shore” asset Station APA’s East Coast Grid (revenue in USD) Orbost Gas Processing comprises of 2006-2010 Plant 7,600 kilometres of Acquisitions includes Agnew Lateral More growth interconnected gas Wallumbilla Gladstone Mt Morgans Gas Obtained investment transmission pipeline, over Pipeline Pipeline grade credit ratings 40 receipt points and ~100 Diamantina and Emu Downs Solar Farm delivery points. It provides giving access to Leichhardt Power Badgingarra Wind and 2001-2005 flexibility for our customers Stations (50% to 100%) Solar Farms Asset consolidation global debt markets to seamlessly move gas Moomba to Sydney Darling Downs Solar throughout eastern Acquisitions: Ethane Pipeline (6% to Farm Acquisitions: Australia. 100%) - Roma Brisbane Pipeline Victorian Transmission (remaining 15%) System Acquisitions: - Carpentaria Gas Central Ranges Pipeline South West Queensland ~$16 b Pipeline Berwyndale Wallumbilla Pipeline Total - (remaining 30%) Pipeline Pilbara Pipeline System ~15asset b - Mondarra Gas Storage Amadeus Gas Pipeline Total 13 Jun 2000 Facility Credit ratings: Emu Downs Wind Farm asset Listed on the - Parmelia Gas Pipeline Moody’s Baa2 - Goldfields Gas Pipeline S&P BBB ASX interest increased to 88.2% 1 foundation contract: Moomba $6.9 b Sydney Pipeline $3.0 b ~$1 b Total $3.1 b asset $1.3 b 7 our value proposition “…owner and operator of energy infrastructure underwritten by long term contracts with highly creditworthy counterparties…” Quality & diversified infrastructure Ongoing Low risk organic business growth model 8 why invest in APA? ➢ Uniquely integrated energy infrastructure portfolio • Interconnected gas transmission pipeline grid / quality infrastructure assets • Provide customers with flexibility – multi asset and/or multi service contract options ~90% • Integrated Operations Centre (IOC) / network synergies and benefits Take or pay • Complementary energy infrastructure assets provide options for growth /regulated – Generation: gas and renewables (solar and wind) – Gas storage: in-pipe, LNG tank, underground – Gas processing • Asset management, operational, commercial and development expertise across distribution and transmission assets ➢ Low risk business model • Stable and predictable cash flows • Earnings are not directly tied to commodity price • Long term take or pay contracts with CPI linkage or price regulated assets ~93% Investment • Credit worthy counterparties and established customer relationships Grade ➢ Long standing, experienced industry-based management team ➢ Consistent distribution growth – since listing: 2,201% TSR since listing 9 reliable guidance (historical) • Stable cash flows • Low risk business model • Majority take or pay contracts with CPI adjustments • Revenue weighted average contract tenor as at 1 Jul 2020 remains ~12 years • Established customer relationships • Quality and diversified asset portfolio $1,800m EBITDA $1,600m Guidance $1,400m $1,200m $1,000m $800m $600m $400m FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 10 capital expenditure Growth capex: A$m $900m >$400 m pa average over the last 5 years 856 $800m >$300 m pa average over the last 10 years $700m $600m 581 $500m 447 427 397 396 $400m 334 341 302 $300m * 249 194 $200m 173 135 $100m $0m FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 Stay-in-business and IT capex Growth capex 5 year 10 year millions FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 avg* avg* SIB and IT 12 16 15 18 24 25 45 51 53 69 113 118 139 99 65 Growth 182 285 121 155 225 373 402 346 281 272 743 463 288 409 355 Total 194 302 135 173 249 397 447 396 334 341 856 581 427 508 420 Notes: *5 year average is from FY16 to FY20, 10 year average is from FY11 to FY20. 11 continued growth momentum Normalised EBITDA Normalised operating cash flow $1,800m $1,200m $1,600m $1,654 $1,096 $1,574 $1,000m $1,518 $1,032 $1,012 $1,400m $1,470 $974 $1,331 $1,200m $1,269 $800m $862 $1,000m $600m $800m $545 $773 $747 $600m $400m $433 $440 $400m $200m $200m $0m $0m FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 $18,000m Total assets 60c Distributions $16,000m $16,007 $15,434 50c $15,046 $15,227 50.0 $14,000m $14,653 $14,843 47.0 45.0 43.5 $12,000m 40c 41.5 38.0 $10,000m 35.5 36.3 30c $8,000m $7,699 $7,973 $6,000m 20c $4,000m 10c $2,000m $0m 0c FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 12 distributions and TSR returns APA’s distributions have increased every year for nearly two decades 16.9% compound annual growth rate pa TSR cents 2500 60.0 TSR: 2,201%(1) since listing CAGR: 16.9% pa 50.0 2000 50.0 47.0 45.0 43.5 41.5 40.0 1500 38.0 35.5 36.3 34.4 35.0 32.8 31.0 30.0 29.5 28.0 1000 24.0 22.5 22.0 21.5 21.5 21.5 20.0 500 10.0 0 0.0 Distributions (RHS) APA TSR (LHS) ASX100 TSR (LHS) ASX 200 Utilities TSR (LHS) Note: 1) Indexed from 13 June 2000, the date of APA’s listing on the ASX to 30 June 2020 13 company structure 14 group structure • APA Group is listed as a stapled structure on the Group Structure Australian Securities Exchange (ASX:APA) APA Group Securityholders • APA is comprised of two registered managed investment schemes: Australian Pipeline Trust APT Investment Trust − Australian Pipeline Trust (ARSN 091 678 778) (APT) (APTIT) − APT Investment Trust (ARSN 115 585 441) is Australian Pipeline Limited a pass-through trust (Responsible Entity) APT Pipelines Ltd 100% • Australian Pipeline Limited (ACN 091 344 704) is the responsible entity of APT and APTIT Operating assets and Passive investments investments • The units of APT and APTIT are stapled and must trade and otherwise be dealt with together • APT Pipelines Limited (ABN 89 009 666 700), a company wholly owned by APT, is APA’s Tax Structure borrowing entity and the owner of the majority of APA’s operating assets and investments APT APTIT Financial reporting segments within APT 30% tax 0% tax • Energy Infrastructure: APA’s wholly or majority owned energy infrastructure assets • Asset Management: provision of asset management ~72% ~28% and operating services for the majority of APA’s APA Group investments • Energy Investments: interests in energy infrastructure investments 15 APA’s new operating model ➢ Clear accountabilities ➢ Strategic alignment ➢ Customer focused ➢ Agile decision making ➢ Empower our people to make the right decisions at the right level ➢ Invest resources into the business where they are needed * Note: *On 12 August 2020, APA announced that Adam Watson would join APA as the new CFO, commencing mid November 2020.
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