Investor Presentaiton
5 year normalised financials
Financial Performance
Revenue
Revenue excluding pass-through(1)
Underlying EBITDA (2)
Total reported EBITDA (3)
Depreciation and amortisation expenses
Reported EBIT(3)
FY23
FY22
FY21
FY20
FY19
$m
2,913
2,732
2,605
2,591
2,452
$m
2,401
2,236
2,145
2,130
2,031
$m
1,725
1,692
1,629
1,650
1,570
$m
1,686
1,630
1,639
1,652
1,565
$m
(750)
(735)
(674)
(651)
(611)
$m
936
895
965
1,001
954
Net interest expense(3)
$m
(459)
(483)
(505)
(508)
(497)
Significant items - before income tax
$m
28
(397)
Income tax expense (including significant items)
$m
(190)
(180)
(62)
(184)
(175)
Statutory net profit after tax (including significant items)
$m
287
260
1
309
282
Significant items - after income tax
$m
20
(278)
Net profit after tax (excluding significant items)
$m
287
240
279
309
282
Financial Position
Total assets
Total drawn debt(4)
Total equity
Cash Flow
Operating cash flow(5)
Free cash flow (6)
Key financial ratios
$m
15,866
15,836
14,742
15,994
15,429
$m
11,240
11,146
9,666
9,984
9,352
$m
1,910
2,629
2,951
3,200
3,584
$m
1,206
1,197
1,051
1,088
1,007
$m
1,070
1,081
902
957
894
Earnings/(loss) per security including significant items
cents
24.3
22.1
0.1
26.2
23.9
Earnings/(loss) per security excluding significant items
cents
24.3
20.4
23.7
26.2
23.9
Free cash flow per security
cents
90.7
91.6
76.4
81.1
75.7
Distribution per security
cents
55.0
53.0
51.0
50.0
47.0
Funds From Operations to Net Debt(7)
%
10.6
11.1
11.0
12.1
10.7
Funds From Operations to Interest
Times
3.3
3.6
3.1
3.2
3.0
Weighted average number of securities
m
1,180
1,180
1,180
1,180
1,180
(1)
(2)
(3)
Pass-through revenue is offset by pass-through expense within EBITDA. Any management fee earned for the provision of these services is recognised as part of asset management revenues.
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
Excludes significant items.
(4)
(5)
(6)
(7)
APA's ability to repay debt at relevant due dates of the drawn debt facilities. This amount represents the actual debt outstanding in Australian dollars at period end. The methodology of calculating debt has changed, for details refer to the Financing Activities
section of APA Group's FY23 Annual Report.
Operating cash flow = net cash from operations after interest and tax payments.
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.
The credit metric ratios are now calculated to be more closely aligned with credit rating agency methodology (FY22 comparative has also been restated). Based on the previous methodology, FFO/Net debt was 11.5% for the 12 months to 30 June 2022.
FFO/Interest is unchanged at 3.6 times for the 12 months to 30 June 2022.
apa
APA FY23 Results Investor Presentation
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