APA GROUP — Annual Report 2014

Aug 19, 2014

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Financial Results Year ended 30 June 2014

20 August 2014

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Result overview and strategic highlights

Mick McCormack Managing Director and CEO

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APA FY14 Results Presentation

Value creation and innovation

FY14 highlights

 Developing opportunities in a dynamic industry

• Expanding and extending our infrastructure portfolio

• Grid services in the east and west providing tailored gas transportation and storage services

• Flexibility and service options transforming how customers manage their portfolios

• $1 billion of organic projects completed or in progress

• New multi-pipeline revenue agreements

• Installing bi-directional capability across the east coast grid

• Implementing capacity trading services

 Industry leading expertise

• Comprehensive internal expertise and skills – infrastructure development, engineering, operations, commercial

• Enhancing and improving operations and maintenance

• Adopting global industry best practice

• National infrastructure focus across pipeline and network operations

• New skills brought in-house as required – gas storage and power generation

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APA FY14 Results Presentation

Another solid financial performance

$ million	2014	2013(1)	Change	Change
Normalised results(2)
EBITDA	747	662	up	13 %
Net profit after tax	200	175	up	14 %
Operating cash flow(3)	440	433	up	2 %
Operating cash flow per security (cents)	52.6	56.0	down	(6) %
Statutory results
EBITDA	747	764	down	(2) %
Net profit after tax	344	295	up	16 %
Operating cash flow(3)	432	374	up	15 %
Operatingcash flowper security (cents)	51.6	48.5	up	6 %
Distributions
Distribution per security (cents)	36.25	35.5	up	2 %
Distributionpayout ratio(4)	68.9%	68.2%

(1) APA has adopted revised AASB 119 during the year. As the revised standard must be applied retrospectively, comparative numbers have been restated.

(2) Normalised results exclude one-off significant items, reflecting APA’s core earnings from operations .

(3) Operating cash flow = net cash from operations after interest and tax payments.

• (4) Distribution payout ratio = total distribution payments as a percentage of normalised operating cash flow.

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APA FY14 Results Presentation

Developing growth capital projects across Australia

• Continued expansion and enhancement of APA’s gas infrastructure portfolio, with many growth opportunities unique to APA – $1 billion capital projects completed or in progress in FY14

• Committed projects underwritten by long term revenue contracts and/or regulatory arrangements

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FY 2014 FY 2015 FY 2016
Moomba Sydney Southern lateral expansion for northern
Pipeline gas flow
Victorian Capacity expansion of southern and northern sections of the transmission system;
Transmission System Other capital expenditure as approved under the current access arrangement
Diamantina and
Leichhardt
Goldfields
Pipeline expansions Power Stations
Gas Pipeline Goldfields Gas
Pipeline
Eastern Goldfields Capacity expansion Wallumbilla
New 292 km gas pipeline in the Goldfields region, WA
Pipeline Compression
Capacity expansion
South West
Easternhaul and bi-directional capability
Queensland Pipeline
Compression for eastern haul
Moomba compression transportation Moomba South West
Compression
Queensland Pipeline
Wallumbilla Compression at Wallumbilla hub for Capacity expansion Bi-directional
compression deliveries to Gladstone LNG capability
Eastern Goldfields
Pipeline
Mondarra Gas New 292km pipeline
Storage Facility
APA Assets and investments Victorian Transmission Moomba Sydney Pipeline
southern lateral
Diamantina 242 MW gas fired power station APA Operated assets System Capacity expansion
Capacity expansion
Power Station 60 MW back up generation Other natural gas pipelines
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APA FY14 Results Presentation

East coast grid services creating value

• Customer take-up of grid services

• New short and longer term gas transportation agreements across multiple pipelines

• Storage services available throughout the grid, close to source or end use

• Flexibility services to manage shifts in gas supply and dem ~~a~~ nd portfolios

• Capacity trading services added

• Expanding and optimising grid infrastructure and operation

• Increasing capacity to move gas between Victoria and NSW

• Increasing compression capacity at Wallumbilla hub and Moomba

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Gladstone
Wallumbilla
Brisbane
Moomba
Sydney
Adelaide APA natural gas pipelines
Other natural gas pipelines
Bi-directional capability
Gas storage
Melbourne
Gas production
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Developing bi-directional capability

• Progressively configuring pipelines to operate as a single network system

• Progressively installing bi-directional capability on pipelines across the grid

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Forward haul  Requires modification of
existing (or new)
compressor stations with
pipework and valves
Backward haul 
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APA FY14 Results Presentation

Developing an integrated Western Australian portfolio

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PILBARA PIPELINE
SYSTEM
Pilbara mining
region
GOLDFIELDS
GAS PIPELINE
Goldfields
mining region
EASTERN GOLDFIELDS
PIPELINE
MONDARRA GAS
STORAGE FACILITY
Perth
APA natural gas pipelines
Other natural gas pipelines
Gas storage
Gas production
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 Gas supply security and flexibility

• Mondarra Gas Storage Facility expansion commenced commercial operation July 2013

• Underpinned by 20 year contract with Synergy (electricity generator/retailer)

• Additional customers utilising storage capacity under shorter term agreements

• Serving mining operations in the Pilbara and Goldfields – Goldfields Gas Pipeline increased capacity available for Rio Tinto and Mt Newman JV

• Murrin Murrin Operations 15-year contract renewal

• Pilbara Pipeline System lateral expansion for onshore LNG (Sub161)

• Development of the Eastern Goldfields Pipeline

• New 292km pipeline supplying mining operations in the Goldfields region

• Capital cost of $140 million underpinned by new long term gas transportation agreements with AngloGold Ashanti

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APA FY14 Results Presentation

Focus on safety and operational excellence

 Health and safety

• Long-term safety goal of Zero Harm – a program of continuous improvement

• Decrease of LTIFR[(1)] to 0.7, down from 2.1

• Enhancing infrastructure operations and maintenance

• Consolidating pipeline control and monitoring operations to better manage grid operations

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LTIFR
7.3
6.1
4.9
2.2 2.1
0.7
FY09 FY10 FY11 FY12 FY13 FY14
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• Improving asset maintenance management systems and processes across the portfolio

• Progressively adopting global industry best practice

These and other initiatives are focused on

improving service safety and reliability, operations efficiency and extending the economic life of the assets

• (1) Lost time injury frequency rate (LTIFR) is measured as the number of lost time injuries per million hours worked.

Damian Both, Network Operations, Queensland

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APA FY14 Results Presentation

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Financial performance

Peter Fredricson Chief Financial Officer

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APA FY14 Results Presentation

Reconciliation – statutory and normalised results

$ million		2014			2013(1)		Change
	Normalised	Significant	Statutory	Normalised	Significant	Statutory	Normalised
		items			items
Revenue excluding pass-through(2)	992.5	-	992.5	919.5	-	919.5	7.9 %
EBITDA	747.3	-	747.3	661.9	101.7	763.6	12.9 %
Depreciation and amortisation	(156.2)	-	(156.2)	(130.5)	-	(130.5)	(19.8) %
EBIT	591.1	-	591.1	531.5	101.7	633.2	11.2 %
Net interest expense	(325.1)	-	(325.1)	(299.6)	8.7	(290.9)	(8.5) %
Pre-tax profit	266.0	-	266.0	231.9	110.4	342.3	14.7 %
Tax	(66.4)	144.1	77.7	(59.5)	9.6	(49.9)	(11.6) %
Non-controlling interests	(1)	-	(1)	2.8	-	2.8	Nm
Net profit after tax	199.6	144.1	343.7	175.1	120.0	295.1	14.0 %
Operating cash flow	439.7	(8.2)	431.5	432.6	(58.3)	374.4	1.6 %

(1) APA has adopted revised AASB 119 during the year. As the revised standard must be applied retrospectively, comparative numbers have been restated.

(2) Pass-through revenue is revenue on which no margin is earned.

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APA FY14 Results Presentation

EBITDA by business segment

$ million	2014(1)	2013(1,2,3)	Change
Energy Infrastructure
Queensland	212.8	163.7	30.0 %
New South Wales	106.6	112.1	(4.9)%
Victoria & South Australia	116.9	124.7	(6.3)%
Western Australia & Northern Territory	186.7	147.7	26.4%
Energy Infrastructure total	623.0	548.3	13.6%
Asset Management	56.2	41.9	34.1%
Energy Investments	68.1	51.2	33.1%
Continuing business EBITDA	747.3	641.3	16.5%
Divested business(3)	-	20.6	nm
Total EBITDA	747.3	661.9	12.9%

FY14 EBITDA by business segment

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Energy
Investments
Asset
9.1%
Management
7.5%
Queensland
28.5%
Western
Australia &
Northern
New South
Territory
Victoria & Wales
25.0%
South 14.3%
Australia
15.6%
Energy Infrastructure
83.4%
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(1) Normalised results .

(2) APA has adopted revised AASB 119 during the year. As the revised standard must be applied retrospectively, comparative numbers have been restated. (3) Moomba Adelaide Pipeline System sold May 2013.

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APA FY14 Results Presentation

EBITDA

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$105.9 million $747.3 million
$661.9 million ($20.6 million)
$641.3 million
Energy Investments
Asset Management
16.5%
Energy Infrastructure
FY13 EBITDA Divested business FY13 EBITDA Growth FY14 EBITDA
(continuing business) (historic continuing
business)
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APA FY14 Results Presentation

Energy Infrastructure

Queensland EBITDA $240m South West Queensland Pipeline $213 million  New short term agreements $200m Moomba compression  Construction nearing completion $160m Wallumbilla compression  Long-term agreement for compression $120m services  Construction nearing completion

• Eastern haul

$80m $40m $0m FY11 FY12 FY13 FY14

Berwyndale Wallumbilla Pipeline

• Gas transportation agreement

• Installing bi-directional capability

South West Queensland Pipeline Berwyndale Wallumbilla Pipeline Carpentaria Gas Pipeline Roma Brisbane Pipeline

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APA FY14 Results Presentation

Energy Infrastructure

EBITDA $120m $107 million $80m Moomba Sydney $40m Pipeline $0m FY11 FY12 FY13 FY14 EBITDA $117 million $120m $80m SESA $40m Victorian Transmission System $0m FY11 FY12 FY13 FY14

New South Wales

• Three agreements to transport increased gas volumes north from Victoria, commencing Jan 2014, Jan 2015 and Jun 2015

• A new 7-year grid services agreement, mainly utilising the Moomba Sydney Pipeline

• Capacity expansion on southern lateral

Victoria & South Australia

• Decrease in regulated tariffs with commencement of new access arrangement

• Reduced state volume due to milder weather offset by increased gas flow north to NSW

• Capacity expansion of northern interconnect commenced, underpinned by regulated and contracted revenue

• Nearing completion of Winchelsea compressor upgrade, southern Victoria

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APA FY14 Results Presentation

Energy Infrastructure

Western Australia & Northern Territory

Goldfields Gas Pipeline

Goldfields Gas Pipeline
Expansion project nearing completion	EBITDA
Pilbara Pipeline System 12 months’ contribution	$200m					$187 million	Amadeus Gas Pipeline
Additional revenue agreements	$160m						Emu Downs
Mondarra Gas Storage Facility							Wind Farm
Expansion completed; commercial operation from July 2013	$120m						Other WA assets
Eastern Goldfields Pipeline Long term gas transportation agreements to mines in the Goldfields region; seamless service across 3 pipelines	$40m $80m						Mondarra Gas Storage Facility Pilbara Pipeline
Construction of a new 292 km pipeline							System
	$0m						Goldfields Gas Pipeline
			FY11	FY12	FY13	FY14

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APA FY14 Results Presentation

Asset Management and Energy Investments

Asset Management

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EBITDA
Asset Management
$80m
Increase in one-off customer contributions for
relocating APA infrastructure $56 million
One-off
customer
$40m
One-off customer contributions
contributions
$30m
Contracted
$20m
services
Average $10m/a
$10m $0m
FY11 FY12 FY13 FY14
$0m
FY09 FY10 FY11 FY12 FY13 FY14
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• Increase in one-off customer contributions for relocating APA infrastructure

Energy Investments

• Increased contribution from Envestra investment

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EBITDA
$80m
$68 million
$40m
$0m
FY11 FY12 FY13 FY14
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APA FY14 Results Presentation

Fully covered distributions

cents 60 56.0 50 51.9 52.6 52.5 52.6 40 36.3 34.4 35.0 35.5 30 32.8 20 10 0 FY10 FY11 FY12 FY13 FY14 Operating cash flow per security (2) Distribution per security

 FY14 distribution payout ratio[(1,2) ] of 68.9%

• Distribution components:

35.61 cents profit distribution 0.64 cents capital distribution 36.25 cents 0

 2.1% growth in distributions

• (1) Distribution payout ratio = distribution payments as a percentage of operating cash flow.

• (2) Based on normalised operating cash flow.

 17

APA FY14 Results Presentation

Capital expenditure

$ million	$0m $100m $200m $300m $400m 2014(1) 2013(1) 65.5 22.6 206.6 80.8 13.2 23.8 73.4 208.9 23.8 29.0 317.0 342.6 382.5 365.2 45.1 24.7 19.1 7.5 446.7 397.4 126.1 330.8 572.8 728.2	Committed growth capex
Growth capex
Regulated- Victoria	65.5 22.6 206.6 80.8 13.2 23.8 73.4 208.9 23.8 29.0 317.0 342.6
Major Projects Queensland
New South Wales
Western Australia
Other
Total growth capex
Stay in business capex	45.1 24.7 19.1 7.5 446.7 397.4 126.1 330.8
Customer contributions
		FY14 FY15 FY16 FY17 Guidance Committed
Total capex
Investments and acquisitions
Total capital & investment expenditure

(1) Capital expenditure represents cash payments as disclosed in the cash flow statement for 2014 and 2013.

 18

APA FY14 Results Presentation

Capital management

 Cash and committed undrawn facilities of around $800 million at 30 June 2014

.	.	Metrics	30 Jun 2014	30 Jun 2013
		Gearing(1,2)	64.2%	62.8%
		Interest cover ratio	2.31 times	2.30 times
		Average interest rate applying to drawn debt(2)	7.12%	7.35%
		Interest rate exposure fixed or hedged	72.8%	83.2%
		Average maturity of senior facilities	5.4 years	6.2 years

 Debt refinancing

Four existing $75 million bilateral bank facilities each increased to $100 million and term extended from 3 years to 5 years, maturing December 2018

Remaining two tranches of the 2011 syndicated bank debt facility were refinanced with a new three tranche facility totalling $1.25 billion, maturing between September 2016 and September 2019

(1) Ratio of net debt to net debt plus book equity.

(2) Includes $515 million of Subordinated Notes .

 19

APA FY14 Results Presentation

Capital management

 Maintain strong BBB/Baa2 investment grade ratings

 Maintain funding flexibility – internal cash flows plus additional equity and/or debt

Debt maturity profile (30 June 2014)

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$1,200m
$1,000m
$200m
$40m
$800m
$225m $120m
$600m
$510m $280m
$425m
$400m
$515m
$735m
$536m
$200m $414m
$271m $295m $289m $300m $296m
$126m
$0m
FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
Sterling MTN US 144a Notes Canadian MTN
Japanese MTN Australian MTN US Private Placement Notes
First Call Date - 60 year Sub Notes Bank borrowings Headroom (bank borrowings)
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APA FY14 Results Presentation

EBITDA guidance for FY15

• Statutory continuing business EBITDA expected within a range of $1,170 million to $1,190 million Normalised continuing business EBITDA $740 million to $760 million

• 6% to 9% increase on FY14 Normalised EBITDA[(1)]

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($50 m)
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• (1) Excluding significant items and Envestra equity earnings.

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APA FY14 Results Presentation

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Outlook and guidance

Mick McCormack Managing Director and CEO

 22

APA FY14 Results Presentation

Well positioned and equipped for growth

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Darwin
Gladstone
Brisbane
Moomba
Perth
APA natural gas pipelines
Sydney
under development
Other natural gas pipelines Adelaide
Gas storage
Gas production
Melbourne
Gas resource
NT link potential pipeline routes
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 Organic growth

• Capacity expansions in line with customer requirements

• Grid enhancement and service developments

• Brownfield and greenfield developments

• Eastern Goldfields Pipeline

• NT – east coast grid pipeline link

 East coast LNG

• East coast grid transportation and storage services

• Potential pipeline ownership and operation

Diverse and interconnected portfolio

National infrastructure development and operational capability

Balance sheet strength

 23

APA FY14 Results Presentation

Outlook and guidance for FY 2015

Outlook

• Continued construction and development of expansion projects

• East coast gas grid development

• Continued Northern Territory – east coast interconnection feasibility study

Guidance

• Statutory EBITDA expected within a range of $1,170 million to $1,190 million Normalised EBITDA $740 million to $760 million

• Net interest cost – expected within a range of $315 million to $325 million

• Distributions at least equal to FY14 total distributions per security of 36.25 cents

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APA FY14 Results Presentation

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Supplementary information

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APA FY14 Results Presentation

Revenue by business segment

$ million	2014	2013(1)	Change
Energy Infrastructure
Queensland(1)	271.7	217.5	24.9%
New South Wales	133.6	139.3	(4.1)%
Victoria & South Australia	156.4	164.7	(5.1)%
Western Australia & Northern Territory	262.4	219.9	19.3%
Energy Infrastructure total	824.1	741.5	11.1%
Asset Management	99.2	82.3	20.5%
EnergyInvestments	68.1	51.2	33.1%
Total segment revenue	991.4	874.9	13.3%
Pass-through revenue	403.5	352.7	40.4%
Unallocated revenue	1.1	11.7	(90.2)%
Divested business(2)	-	32.9	nm
Total revenue	1,396.0	1,272.3	9.7%

FY14 Revenue split

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Other < 1%
Regulated
(revenue subject to
price regulated tariffs)
23%
Contracted
(regulated assets with
negotiated tariffs)
Contracted
16%
(light regulation and
non-regulated assets)
60%
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• (1) APA has adopted revised AASB 119 during the year. As the revised standard must be applied retrospectively, comparative numbers have been restated.

• (2) Moomba Adelaide Pipeline System, consolidated 9 October 2012 and sold 1 May 2013.

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APA FY14 Results Presentation

Balance sheet

$ million	30 June 2014 30 June 2013 Change
Current assets Property, plant and equipment Other non-current assets	203 280 (28) % 5,574 5,280 6 % 2,196 2,139 3 %
Total Assets	7,973 7,699 4 %
Current debt Other current liabilities Total current liabilities Long term debt	- 81 - 374 411 (9) %
	374 492 (24) %
	4,708 4,233 11 %
Other long term liabilities	394 460 (14) %
Total long term liabilities	5,102 4,693 9 %
Total Liabilities	5,476 5,185 6 %
Net Assets	2,496 2,514 (1) %

 27

APA FY14 Results Presentation

Debt facilities

Total committed debt facilities at 30 June 2014

$million(1)	Facility amount	Drawn amount	Tenor
2011 Bilateral borrowing	150	110	5 years maturing October 2016
2011 Bilateral borrowings(2)	400	280	5years maturingDecember 2018
2014 Syndicated facilities(3)	1,250	625	2.25,3.25 and 5.25year trances maturingSeptember 2016,2017 and 2019
2003 US Private placement	281	281	12 and 15 year tranches maturing September 2015 and 2018
2007 US Private placement	811	811	10, 12 and 15 year tranches maturing May 2017, 2019 and 2022
2009 US Privateplacement	185	185	7 and 10year tranches maturingJuly2016 and 2019
2010 AUD Medium Term Notes	300	300	10 year tranche maturing July 2020
2012 JPY Medium Term Notes	126	126	6.5 year tranche maturing in June 2018
2012 CAD Medium Term Notes	289	289	7.1 year tranche maturing in July 2019
2012 US144a/Reg S Notes	735	735	10 year tranche maturing October 2022
2012 GBP Medium Term Notes	536	536	12year tranche maturingin November 2024
2012 Subordinated Notes	515	515	60year term,first call date March 2018
Total	5,578	4,793

• (1) Australian dollars. Any foreign notes issued have been hedged into fixed-rate Australian dollar obligations.

• (2) Comprises four facilities of $100 million each. In December 2013, the terms of four existing $75 million 2011 facilities were extended to five years and their limits were increased by $25 million each.

• (3) Comprises three facilities, one of $400 million and two of $425 million. The drawn amount includes $50 million under another facility (now cancelled) which was refinanced on 8 July 2014 utilising the 2014 syndicated facilities.

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APA FY14 Results Presentation

Regulatory update

APA’s major price regulated assets

 Regulatory resets over the next five years

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 Victorian Transmission System access arrangement

• AER final decision (May 2013) reviewed by Australian Competition Tribunal, decision Sep 2013

• Recovered approximately $20m in business value from AER decision

 Rate of Return Guidelines

• New Guidelines released on Rate of Return released by the AER, and the ERA in WA

• Adopting a broader approach to estimating the allowed return on capital

• Will first apply to Goldfields Gas Pipeline Access Arrangement Review that was lodged 15 August 2014

 AER Better Regulation Guidelines

• A series of Guidelines addressing methodologies for assessment of expenditure, benchmarking, confidentiality, incentive mechanisms, and customer engagement

 29

APA FY14 Results Presentation

APA asset and investment portfolio

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APA FY14 Results Presentation

Disclaimer

This presentation has been prepared by Australian Pipeline Limited (ACN 091 344 704) the responsible entity of the Australian Pipeline Trust (ARSN 091 678 778) and APT Investment Trust (ARSN 115 585 441) ( APA Group ).

Summary information: This presentation contains summary information about APA Group and its activities current as at the date of this presentation. The information in this presentation is of a general background nature and does not purport to be complete. It should be read in conjunction with the APA Group’s other periodic and continuous disclosure announcements which are available at www.apa.com.au.

Not financial product advice: Please note that Australian Pipeline Limited is not licensed to provide financial product advice in relation to securities in the APA Group. This presentation is for information purposes only and is not financial product or investment advice or a recommendation to acquire APA Group securities and has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and consult an investment adviser if necessary.

Past performance: Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance.

Future performance: This presentation contains certain “forward-looking statements” such as indications of, and guidance on, future earnings and financial position and performance. Forward-looking statements, opinions and estimates provided in this Presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions.

This presentation contains such statements that are subject to risk factors associated with the industries in which APA Group operates which may materially impact on future performance. Investors should form their own views as to these matters and any assumptions on which any forward-looking statements are based. APA Group assumes no obligation to update or revise such information to reflect any change in expectations or assumptions.

Investment risk: An investment in securities in APA Group is subject to investment and other known and unknown risks, some of which are beyond the control of APA Group. APA Group does not guarantee any particular rate of return or the performance of APA Group. Not an offer: This presentation does not constitute an offer, invitation or recommendation to subscribe for or purchase any security.

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APA FY14 Results Presentation

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For further information contact Chris Kotsaris Investor Relations, APA Group Tel: +61 2 9693 0049 E-mail: chris.kotsaris@apa.com.au

Delivering Australia’s energy

or visit APA’s website

www.apa.com.au