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Annual Report and Sustainability Report Australian Pipeline Ltd ACN 091 344 704 | Australian Pipeline Trust ARSN 091 678 778 | APT Investment Trust ARSN 115 585 441 Level 19, 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 22 September 2017 ASX ANNOUNCEMENT APA Group (ASX: APA) (also for release to APT Pipelines Limited (ASX: AQH)) ANNUAL REPORT AND SUSTAINABILITY REPORT The combined Annual Report and Sustainability Report 2017 is attached for release to the market. 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 8079 2970 Mob: +61 455 073 006 Mob: +61 419 185 674 Email: [email protected] Email: [email protected] About APA Group (APA) APA is Australia’s largest natural gas infrastructure business, owning and/or operating around $20 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 interests in a number of energy infrastructure enterprises including SEA Gas Pipeline, SEA Gas (Mortlake) Partnership, Energy Infrastructure Investments, 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 apa group annual report. 2017 energy. connected. our vision. to connect Australia to Maintain APA’s financial strength our strategy. Growth focus to enhance our portfolio of: gas transmissions pipelines power generation: Continue to gas-fired and renewables strengthen asset management, mid-stream energy infrastructure development assets, including gas storage and and operational gas processing capabilities and by exploring opportunities in North America APA Group Annual Report 2017 its energy future. APA is a business that is committed to delivering connected and sustainable energy solutions that are safe, reliable, innovative and cost-effective so that all our stakeholders are better off as we work together with our customers to create a better energy future for Australia. During FY2017, we announced in excess of $1.2 billion of committed projects in areas of pipeline extensions and expansions, renewables and midstream assets. We have been investing in energy infrastructure for 17 years and will continue to do so as our energy infrastructure assets will play an important role in reducing Australia’s carbon footprint, as energy consumption shifts from carbon-intensive fuels such as coal, to more carbon-efficient fuels such as natural gas and renewables. contents. FY2017 IN REVIEW Chairman’s Report 2 Managing Director’s Report 4 APA Leadership 6 Highlights 8 AUSTRALIAN PIPELINE TRUST Directors’ Report 10 Remuneration Report 36 Consolidated Financial Statements 50 APT INVESTMENT TRUST Directors’ Report 106 Consolidated Financial Statements 110 ADDITIONAL INFORMATION 131 FIVE YEAR SUMMARY 132 INVESTOR INFORMATION 133 SUSTAINABILITY REPORT S1 Information contained in this document is current as at 23 August 2017. APA Group Annual Report 2017 1 chairman’s report. APA is a business that is committed to investing in and connecting to Australia’s energy future. From humble beginnings in 2000, APA has grown into a top 50 Australian listed company. We began as a $1 billion company (by total assets) owning the Moomba Sydney Pipeline and interests in several other pipelines. Today, APA owns and/or operates over $20 billion worth of assets across gas pipelines, storage, processing, network distribution, gas-fired and renewable energy and electricity interconnectors. We have achieved this through execution of a consistent and prudent strategy – building on our core capabilities and financial strength to grow our portfolio of energy infrastructure assets, whilst increasing the value of our Securityholders’ investment. This strategy of long term growth has served APA and our Securityholders well for almost two decades. Financial results For FY2017, APA delivered another solid financial performance. Revenue increased by 14.0 per cent to $1,888.3 million 1. Earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 10.5 per cent to $1,470.1 million. Net profit after tax increased by 32.0 per cent to $236.8 million. Our business model delivers highly predictable results in all market conditions. Given the continued challenge in FY2017 of low commodity prices for many of our customers, APA has again demonstrated the resilience of our prudent approach to growth. We are in business to meet the needs of our customers, working with them to deliver innovative and cost effective solutions. This in turn generates returns for our investors. The total distributions for FY2017 of 43.5 cents per security represent a 4.8 per cent or 2.0 cents per security increase over FY2016. Securityholders also benefitted from a total of 4.0 cents per security of franking credits attached to those distributions. As per our distribution policy, distributions have been fully covered by operating cash flows with an appropriate amount of those cash flows retained within the business to support ongoing growth. And we continue to grow. What has also been as pleasing as our sound results, is the fact that we have announced $1.2 billion worth of committed growth projects during the year, which will add to APA’s cash flow in future years. Operating cash flow for FY2017, increased by 12.9 per cent to $973.9 million. Given there were no new securities issued during the year, operating cash flow per security also increased by 12.9 per cent to 87.4 cents. We continue to do what we say we will do and that is to grow the business for the benefit of all stakeholders. Another busy year APA’s Energy Infrastructure segment contributed 94.6 per cent of group EBITDA (before corporate costs) in FY2017. This segment includes the interconnected energy infrastructure footprint including gas transmission, gas compression, processing and storage assets, renewable energy power generation and gas-fired power generation. The increase in FY2017 earnings for this segment was primarily due to the full year contribution from the Eastern Goldfields Pipeline in Western Australia, the Diamantina and Leichhardt Power Stations in Queensland and the 1) Total revenue, excluding pass-through. 2 APA Group Annual Report 2017 Ethane Pipeline in New South Wales. The benefit of our investors to have access to objective disclosure of the diverse asset and geographical footprint is clearly evident climate change risks, opportunities and management in our results. strategies before APA. To achieve this, we have elected to follow as far as practicable, the framework recently Add to this the committed projects announced during released by the Task Force on Climate-related Financial the year, including three renewable energy projects, gas Disclosure by reporting on governance, strategy and risk processing facilities, a gas-fired power station and two management measures to address risks posed by climate greenfield pipelines - and indeed it has been a busy year. change. You can read more about APA’s approach on our Working with stakeholders website as well as within the Directors’ and Sustainability Maintaining our existing operations and developing new Reports. projects not only requires capital and technical skills, but Good governance also investment in relationships. Our achievements during Given the structure of APA, there are certain governance the year around community stakeholder engagement are and remuneration related obligations under the detailed in APA’s FY2017 Sustainability Report. Within the Corporations Act 2001 and the ASX Listing Rules that do Directors’ Report are also examples of our engagement not normally apply to APA, but which would ordinarily apply with other stakeholders during the year including customers to ASX listed public companies. The Board is committed and other businesses, federal and state entities, emergency to the highest standards of corporate governance, and response bodies and other utility teams and local council on 1 July 2017 APA adopted a corporate governance and economic development organisations. framework which is designed to be as consistent, as far as We recognise that as a business, we have an impact on a is practicable, with the best practice procedures of public broad range of stakeholders. And we work collaboratively to listed companies. continue to create value and maintain our reputation as a The new APA Corporate Governance Framework gives company that does what it says it’s going to do. Securityholders a number of additional entitlements Energy policy in relation to governance and remuneration matters. Energy policy continued to be a hotly debated topic This includes giving Securityholders the right to remove during the year, with a number of reports finalised over Directors from the Board, and to also vote on APA’s the last two years. A number of the regulatory reform annual Remuneration Report. If at two consecutive initiatives around gas markets are being developed and Annual Meetings at least 25% of the votes cast on the implemented by the Gas Market Reform Group led by Dr Remuneration Report are voted against its adoption, then
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