Investor Presentaiton
FY23 delivering growth in EBITDA and distributions
Financial summary
FY23
FY22
% Change(1)
Revenue (excluding pass through)(2)
$m
2,401
2,236
7.4%
Key points
Segment revenue (excluding pass-through)(3)
$m
2,353
2,238
5.1%
Underlying EBITDA(4)
$m
1,725
1,692
2.0%
Underlying EBITDA (excluding Orbost) (5)
$m
1,726
1,667
3.5%
Non operating items(6)
$m
(39)
(62)
37.1%
Reported EBITDA(7)
$m
1,686
1,630
3.4%
Depreciation and amortisation
$m
(750)
(735)
-2.0%
•
Net interest expense (8)
$m
(459)
(483)
5.0%
Income tax expense (excluding significant items)
$m
(190)
(172)
-10.5%
NPAT (excluding significant items)
$m
287
240
19.6%
Significant items after tax
$m
20
•
n.m.
Solid result driven by the Energy Infrastructure segment
Underlying FY23 EBITDA margin of 73%, lower than 76% in FY22 with
continued investment in capability, emissions reduction costs and lower
margin Asset Management activity
The loss from non-operating items declined, with higher technology
transformation costs offset by the Basslink debt revaluation gain and the
Basslink AEMC market compensation receipt
Depreciation and amortisation increased with the acquisition of Basslink
Net interest expense was lower largely due to higher interest income
Statutory NPAT (including significant items)
$m
287
260
10.4%
•
Statutory NPAT (including significant items) up 10%
Free Cash Flow(9)
$m
1,070
1,081
-1.0%
•
FCF down 1% due to higher SIB capex
Distribution per security
cents
55.0
53.0
3.8%
•
FY23 DPS up 4% with a payout ratio of 61%
Cash and undrawn debt facilities
$m
2,111
2,190
-3.6%
(1)
(2)
(3)
(4)
(5)
(6)
Refer to slide 30 for further detail
(7)
(8)
Positive/negative changes are shown relative to impact on profit or other relevant performance metric; n.m. = not meaningful.
Statutory revenue excluding pass-through. Pass-through revenue is offset by pass-through expenses within EBITDA. Any management fee earned for the provision of these services is recognised within total revenue.
Segment revenue excludes: pass-through revenue; Wallumbilla Gas Pipeline hedge accounting unwind; income on Basslink debt investment; Basslink AEMC market compensation and other interest income.
Underlying earnings before interest, tax, depreciation, and amortisation ("EBITDA") excludes recurring items arising from other activities, transactions that are not directly attributable to the performance of APA Group's business operations and significant items.
Underlying FY23 EBITDA excluding the earnings from Basslink and the Orbost Gas Processing Plant was up 1.8% to $1,697m (FY22: $1,667m).
Earnings before interest, tax, depreciation, and amortisation ("EBITDA") including non-operating items.
Excluding finance lease and investment interest income, any gains or losses on revaluation of derivatives included as part of EBIT for segment reporting purposes.
(9)
Free Cash Flow 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
apa
APA FY23 Results Investor Presentation
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