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APA Group Investor Pack

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APA Group Investor Pack 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 26 August 2020 ASX ANNOUNCEMENT APA Group (ASX: APA) Investor Pack APA Group provides the attached investor pack presentation. Authorised for release by Nevenka Codevelle Company Secretary Australian Pipeline Limited For further information, please contact: Investor enquiries: Media enquiries: Jennifer Blake Vanessa Puli Head of Investor Relations Head of Corporate Communications Telephone: +61 2 9693 0097 Telephone: +61 2 9228 8300 Mob: +61 455 071 006 Mob: +61 436 469 356 Email: [email protected] Email: [email protected] About APA Group (APA) APA is a leading Australian energy infrastructure business, owning and/or operating around $22 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 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%
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