AI assistant
APA GROUP — Regulatory Filings 2021
Feb 17, 2021
64398_rns_2021-02-17_d1149df4-428c-4237-96cc-f5c2604c8fbb.pdf
Regulatory Filings
Open in viewerOpens in your device viewer
Australian Pipeline Ltd ACN 091 344 704 | Australian Pipeline Trust ARSN 091 678 778 | APT Investment Trust ARSN 115 585 441 Level 25, 580 George Street Sydney NSW 2000 | PO Box R41 Royal Exchange NSW 1225
Phone +61 2 9693 0000 | Fax +61 2 9693 0093 APA Group | apa.com.au
==> picture [118 x 47] intentionally omitted <==
18 February 2021
ASX ANNOUNCEMENT
APA Group (ASX: APA)
IMPAIRMENT OF ORBOST GAS PROCESSING PLANT
APA Group (ASX: APA) today announced it is expected to recognise, subject to finalisation of the half year accounts and review conducted by the external auditors, a non-cash impairment of approximately $249 million (pre-tax) to its Orbost Gas Processing Plant in its financial statements for the period ended 31 December 2020. The impairment reflects increased capital expenditure and reassessment of the plant’s future cash flows following commissioning work during the half year period.
The impairment charge reflects the continuation of production levels and expenditure based on the current performance of the asset since re-configuration and resumption of processing at the processing plant.
APA and Cooper Energy continue to work together to improve the plant’s operation and processing capacity, with the objective to achieve nameplate capacity of 68 TJ/day. APA and Cooper Energy have a Transition Agreement in place and root cause analysis is underway to address gas processing issues to support a reliable and sustainable production rate.
The impairment charge is a non-cash item and is not expected to impact APA’s FY21 underlying EBITDA, operating cash flow or distributions to securityholders.
APA’s 1H21 results will be released to the market on Tuesday 23 February 2021.
==> picture [110 x 41] intentionally omitted <==
Authorised for release by Nevenka Codevelle Company Secretary Australian Pipeline Limited
For further information, please contact:
Investor enquiries: Yoko Kosugi General Manager, Investor Relations & Analytics Telephone: +61 2 9693 0073 Mob: +61 438 010 332 Email: [email protected]
Media enquiries: Ben Pratt
General Manager, External Affairs & Reputation
Telephone: +61 2 9228 8300 Mob: +61 419 968 734 Email: [email protected]
About APA Group (APA)
APA is a leading Australian energy infrastructure business. Its gas transmission pipelines span every state and territory on mainland Australia, delivering approximately half of the nation’s gas usage. APA has direct management and operational control over its assets and the majority of its investments. APA holds ownership interests in a number of energy infrastructure enterprises including SEA Gas Pipeline, SEA Gas (Mortlake) Partnership, Energy Infrastructure Investments and GDI Allgas Gas Networks. APA is one of Australia’s largest owners and operators of renewable power generation assets, with wind and solar projects across Western Australia, South Australia and Queensland. APA recently announced its first hybrid energy microgrid project at the Gruyere Gold Mine in Western Australia, combining solar energy with battery energy storage.
APT Pipelines Limited is a wholly owned subsidiary of Australian Pipeline Trust and is the borrowing entity of APA Group.
For more information visit APA’s website, apa.com.au
Page 2