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Review Review ANNUAL REVIEW 2O TEN YEARS OF DELIVERING VALUE AND GROWTH Online Annual Review and Annual Report This document and further information about APA’s financial performance, including details contained in the Annual Report, are available at www.apa.com.au Our vision Our goals Our profile To be Australia’s number one • Provide a safe, stimulating APA Group (APA) is energy infrastructure business. and rewarding workplace Australia’s largest natural Our success will be founded where our employees can gas infrastructure business, upon the strengthening of our learn and grow owning and/or operating more asset footprint. • Deliver value to our than $8 billion of natural gas customers and create transmission and distribution responsive solutions to assets. APA’s pipelines and their needs assets span every state and territory on mainland • Continue to deliver an Australia, delivering more than environmentally responsible, half the nation’s gas usage. safe and essential service to APA has direct management the communities we serve and operational control • Continue to be a reliable and over its assets. APA holds attractive investment which minority interests in energy delivers superior returns for infrastructure enterprises. securityholders APA is listed on the Australian • Positively engaging the Securities Exchange (ASX) . communities within which we operate CONTENT 2 Performance highlights 4 APA Group profile 6 APA history 8 Chairman’s report 10 Managing Director’s report 12 Business report 21 Sustainability report 32 Board of directors 34 Executive management team Front cover: APA Group’s delivery 35 Five year summary point for gas into the Uranquinty Power Station, New South Wales 36 Securityholder information Inside cover: Culcairn compressor Inside cover: Culcairn compressor station and New South Wales to station and New South Wales to Victoria interconnect Victoria interconnect APA has been delivering energy across Australia for 10 years. Since listing in 2000, we have expanded our asset footprint and today we are delivering more than half the natural gas used across the country. For 10 years we have been delivering value to our investors with sustainable and growing distributions. APA has a strong position in the Australian energy infrastructure industry, the people with the skills and know-how to manage and operate the business profitably, and the platform for sustainable and profitable growth. We celebrate 10 years of APA’s successful operation and performance. With APA’s assets, people and financial strength, together with a growing demand for gas, I believe the best days for APA are ahead of us. Mick McCormack Managing Director APA Group Online Annual Review and Annual Report This document and further information about APA’s financial performance, including details contained in the Annual Report, are available at www.apa.com.au APA ANNUAL REVIEW 2010 1 PERFORMANCE HIGHLIGHTS 2010 2009 $million $million Change % Financial results Revenue 989.5 944.4 4.8 Revenue excluding pass-through 659.5 673.0 (2.0) EBITDA 460.0 444.4 3.5 Profit 100.4 78.8 27.4 Operating cash flow 267.8 233.6 14.6 Financial position Total assets 4,982.4 4,747.3 5.0 Net debt 3,156.8 3,056.7 3.3 Securityholders’ equity 1,395.1 1,278.5 9.1 Financial ratios Operating cash flow per security (cents) 51.9 48.2 7.7 Earnings per security (cents) 19.4 22.7 (14.5) Distribution per security (cents) 32.75 31.0 5.6 Distribution payout ratio 64.4% 65.6% Gearing (net debt to net debt plus equity) 69.8% 70.3% Interest cover 2.11 2.13 Strategic objectives Achievements Enhancing our gas • Continued expansion of the Moomba Sydney Pipeline infrastructure portfolio • Commenced expansion of the southern lateral of the Moomba Sydney Pipeline (Young to Wagga Wagga looping) • Commenced augmentation of the northern section of the Victorian Transmission System • Acquired the Berwyndale Wallumbilla Pipeline • Commenced construction of a lateral on the Roma Brisbane Pipeline • Extended the APA Gas Network, Queensland • Invested in Hastings Diversified Utilities Fund Utilising our skills • Increased strategic energy investment management, with services to and knowledge Energy Infrastructure Investments Capturing revenue and • Contracted gas transportation and storage services across assets and operating synergies state borders (New South Wales and Victoria) • Implemented major national initiatives including customer interface, finance systems, operational excellence across transmission and network operations Leveraging our • Invested in North Brown Hill Wind Farm through EII2 partnership with Marubeni infrastructure portfolio Corporation and Osaka Gas Strengthening our • Refinanced $1 billion of debt financial capability • Obtained a Baa2 credit rating from Moody’s to sit alongside the BBB investment grade credit rating from Standard & Poor’s • Raised new equity from securityholders through DRP and SPP 2 APA ANNUAL REVIEW 2010 Meter runs at Watson Regulator station, Australian Capital Territory. 2010 EBITDA 2001 2002 $460m 2003 up 3.5% 2004 2005 2006 2007 2008 2009 2010 Operating cash flow 2001 $268m 2002 up 14.6% 2003 2004 2005 2006 2007 2008 2009 2010 Distribution per security 2001 32.75c 2002 2003 up 5.6% 2004 2005 2006 2007 2008 2009 2010 Operating cash flow per security 2001 2002 51.9c 2003 up 7.7% 2004 2005 2006 2007 2008 2009 2010 APA ANNUAL REVIEW 2010 3 APA GROUP PROFIlE Today, APA has a strong position in the Australian energy infrastructure industry, the people with the skills and know-how to manage and operate the business profitably, and the platform for sustainable growth. Our strengths Unrivalled natural gas Attractive growth opportunities Internally managed and asset footprint APA’s existing pipelines serve major operated business APA is the largest transporter of growth markets across Australia. Our APA employs more than 1,100 highly natural gas across Australia, owning assets are uniquely positioned to grow skilled and experienced people and/or operating over 12,700 km of as Australia’s demand for natural who are extracting greater value gas pipelines and transporting more gas increases. from the business and responding than half the natural gas used in Stable and secure revenue to the requirements of a dynamic the country. energy market. In excess of 90% of APA’s revenue is Integrated portfolio of natural derived from regulated assets and gas pipeline assets from long-term contracts with large Many of APA’s gas infrastructure creditworthy customers. assets and investments are connected to each other, providing revenue and operating synergies. Business Segments Gas transmission and distribution Assets Queensland New South Wales Victoria and Western Australia and and Roma Brisbane Pipeline 1 Moomba Sydney Pipeline 5 South Australia Northern Territory operations Carpentaria Gas Pipeline 2 Central West Pipeline 6 Victorian Transmission Goldfields Gas Pipeline (88.2%) 12 APA Gas Network 3 Central Ranges Pipeline 7 System 9 Mid West Pipeline (50%) 13 Berwyndale Wallumbilla New South Wales – Victoria Dandenong LNG facility 10 Parmelia Gas Pipeline 14 Pipeline 4 Interconnect 8 SESA Pipeline 11 Mondarra Gas Storage facility 15 Kalgoorlie Kambalda Pipeline 16 Amadeus Gas Pipeline (96%) 17 Transmission 1,707 km 2,578 km 2,037 km 4,111 km pipelines Distribution 2,800 km 40 km networks 82,000 connections 1,000 connections Contribution 23% 21% 23% 22% to 2010 EBITDA EBITDA $103m $97m $106m $103m 0 20 40 60 80 100 120 0 20 40 60 80 100 120 0 20 40 60 80 100 120 0 20 40 60 80 100 120 2010 2009 2010 2009 2010 2009 2010 2009 4 APA ANNUAL REVIEW 2010 APA GROUP ASSETS AND INVESTMENTS 20 Asset map 17 20 NORTHERN TERRITORY 20 2 QUEENSLAND 18 WESTERN 18 12 AUSTRALIA 4 20 1 18 13 20 3 SOUTH AUSTRALIA 20 15 NEW SOUTH 5 WALES 14 16 21 18 22 6 7 18 20 18 8 19 9 18 APA Assets 11 10 VICTORIA APA Investments TASMANIA Asset management Energy Investments Assets Commercial and operational services to: Envestra Limited (32%) 18 and • Energy Infrastructure Investments • Gas distribution networks and pipelines operations • Envestra limited 19 • Ethane Pipeline Income Fund SEA Gas Pipeline (33.3%) Operational services to: Energy Infrastructure Investments (19.9%) 20 • SEA Gas Pipeline • Gas pipelines, electricity transmission, gas-fired power • other third parties stations and gas processing plants Ethane Pipeline Income Fund (6%) 21 Transmission EII2 (20.2%) 22 Services to: pipelines 2,330 km (natural gas) and 1,375 km (ethane) • North Brown Hill Wind Farm Distribution 20,440 km network Hastings Diversified Utilities Fund (17%) networks 1,040,000 connections Contribution 7% 4% to 2010 EBITDA EBITDA $32m $19m 0 20 40 60 80 100 120 0 20 40 60 80 100 120 2010 2009 2010 2009 APA ANNUAL REVIEW 2010 5 June 2OOO APA was created when AGl floated its gas transmission assets. On 13 June 2000, APA was 2OO1 - 2OO3 listed on the Australian Securities Exchange Acquired the minority interests of major APA pipelines: • Roma Brisbane Pipeline • Goldfields Gas Pipeline • Carpentaria Gas Pipeline 2OO4 - 2OO7 Consolidated APA’s asset footprint by means of acquisitions and developments: • Parmelia Gas Pipeline and Mondarra Gas Storage facility • APA Gas Network (Allgas) • Victorian Transmission OUR JOURNEY System and Telfer/Nifty Ten years of profitable growth Pipeline (GasNet) • Murraylink and Directlink Compared to the long life of its assets, APA is a • SEA Gas (33%) and SESA relatively young organisation. Ten years ago, in pipelines June 2000, APA was formed when AGl listed its gas • Envestra asset management transmission assets in a separate company, Australian agreement Pipeline Trust (as APA was called at the time). • Kogan North and Tipton West As we have grown, we have also evolved – from an gas processing facilities infrastructure owner and manager with six employees in • Daandine and X41 power a city office and an external asset operator, to an stations integrated operating business with more than 1,100 people working in over 50 locations across the country.
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