Investor Presentaiton
EBITDA bridge to Free Cash Flow
$ million
Underlying EBITDA (2)
less Equity Accounted Earnings
Underlying EBITDA Excluding Associates/JV's
Change in Working Capital/other
Cash impact of Non Operating Items/Other(3)
Gross Operating Cash Flow
plus Dividends from Associates and JV's
Proceeds from repayment of finance Lease
Net Interest
Tax
Operating Cash Flow
SIB CAPEX
Material Technology Transformation Projects (4)
Free Cash Flow(5)
FY23
FY22
% Change(1)
1,725
1,692
2.0%
(23)
(28)
-17.9%
1,702
1,664
2.3%
9
10
-10.0%
(64)
(21)
204.8%
1,647
1,653
-0.4%
19
27
-29.6%
1
1
(439)
(441)
-0.5%
(22)
(43)
-48.8%
1,206
1,197
0.8%
(193)
(130)
48.5%
57
14
307.1%
1,070
1,081
-1.0%
(3)
€23
(1)
(2)
Positive/negative changes are shown relative to impact on profit or other relevant performance metric.
Excluding non-operating and significant items
(4)
45
(5)
Represents costs associated with technology transformation projects to develop and uplift the organisation capabilities, including SaaS customisation and configuration costs incurred during implementation, which were previously capitalised prior to the
publication of the IFRIC Agenda decision in April 2021. The $64m comprises: $57m of Strategically Significant Transformation Projects, $9m of SaaS implementation costs, as well as other non-operating items including payroll review costs, Basslink integration
costs and Basslink AEMC market compensation.
Non-operating expenses relating to Strategically Significant Transformation Projects added back to calculate Free Cash Flow
Free Cash Flow (FCF) is Operating Cash Flow adjusted for strategically significant transformation projects, less stay-in-business (SIB) capex. SIB capex includes operational assets lifecycle replacement costs and technology lifecycle costs. FCF supports APA's
operations and the maintenance of capital assets.
apa
APA FY23 Results Investor Presentation
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