1、Annual Report 2022always powering aheadWhat we aspire to.Why we exist.To be world class in energy solutions.We strengthen communities through responsible energy.ContentsVision:Purpose:2 Chairman&CEO report4 2022 Summary6 APA Group Board8 APA Group Executive Leadership APA Infrastructure Trust(ARSN 0
2、91 678 778)9 Directors Report38 Remuneration Report54 Consolidated Financial Statements APA Investment Trust(ARSN 115 585 441)120 Directors Report124 Consolidated Financial Statements143 Additional Information144 Five Year Summary145 Investor InformationAPA GROUPANNUAL REPORT|20221Suzanne Shipp2Rama
3、n Munisamy and Kevin Lomax3Peter Chappall,Bryan Morris and Mark Florence4Reid Hann5Dylan Ungerer6Kirrily Hawker7Michael Redway8Paul Novinetz9Gretyl Lunn and Peter Horniblow10Hunter Asanuma11Julie Mackenzie12Reid Hann13Gretyl Lunn and Peter Horniblow14Bryan Morris and Kristy Oliver15Kirrily Hawker an
4、d Suzanne ShippCover images:1510111291314786534211 1Chairmans&Managing Directors ReportWe are APA:Always Powering Ahead.As a proudly Australian business,with a vision to be world class in energy solutions,we are determined to play our role in helping Australia transition to a low carbon future and t
5、o pursue investment opportunities presented by the energy transition in the interests of our securityholders,customers and communities.FY22 resultsOur solid performance in FY22 underscores both the strength of our business today and the capacity we have to make investments for the future as the ener
6、gy market transitions.Total statutory revenue(excluding pass-through revenue)was$2,236.6million,up 4.3%compared with the previous year(FY21:$2,144.5 million).Earnings before interest,tax,depreciation and amortisation(Reported EBITDA)1 of$1,630.2 million was down 0.5%on the previous year(FY21:$1,638.
7、8 million).On an underlying EBITDA basis,earnings were up 3.9%to$1,692.3million on the previous year(FY21:$1,628.8 million).This performance,together with our confidence in APAs long-term growth outlook,enabled the Board to declare a final distribution of 28.0 cents,taking the FY22 distribution to 5
8、3.0 cents per security,consistent with guidance.This represents a 3.9%increase on FY21and a continuation of 18 years of growth in distributions to securityholders.Health safety and wellbeingThere is no doubt that the strength of our performance for the period is,in a very large part,thanks to the ha
9、rd work and commitment of our employees,who are fundamental to our success.The safety and security of our people,our communitiesand our assets is always a priority at APA.Pleasingly,we again made meaningful improvements in our safety record in FY22 with a 43%decrease in our Total Recordable InjuryFr
10、equency Rate(TRIFR).At the same time,our customers gas transmission nominations were once again delivered 99.9%of the time,underscoring thereliability of our operations.For more than two decades,APA has delivered responsible energy solutions to customers and communities across mainland Australia,hel
11、ping to ensure we deliver energy security for industry,businesses and households.While lockdowns and other COVID-19 measures continued to challenge the businesses during FY22,our employees again displayed resilience,adaptability and flexibility to continue delivering for our customers and communitie
12、s and we thank themfor their commitment.As we adapt to our new normal ways of working,we are intent onmaking the right safety decisions and always learning and sharing best practices with our people across all our sites.At the same time,our new HybridAPA strategy clarifies our expectations around ho
13、w APAs office-based employees will workin a post-pandemic world and is grounded in our commitment to maintaining an inclusive and diverse workplace.Energy transitionThe recent electricity market events on Australias east coast has underscored the vital role APA plays in delivering energy security fo
14、r Australians today,the importance of our strategy for the future,as well as the critical role that gas will continue to play inAustralias energy transition.The challenges we are seeing play out across the east coast is a real-time window into the potential shocks we need to avoid if we are to navig
15、ate an orderly transition.As coal is withdrawn from Australias energy mix,a combination of renewables brought to market by new and augmented electricity transmission and firmed by gas generation,together with batteries,pumped hydro and future technologies,will deliver the most economical and respons
16、ible pathway to net zero.Importantly,gas generation will help to fast-track renewables intoAustralias energy mix.Thats because gas is the workhorse ofthe energy grid.It is virtually irreplaceable as an energy source for some industries,and because it is able to be turned on quickly and sustained for
17、 extended periods,gas delivers energy security when itsneeded most.Thats why it is vital that we both continue to invest in new gas supplies and in the infrastructure that will getit to market.During FY22,APA progressed with$270 million investment,ahead of forecast gas shortfalls in the southern sta
18、tes,by expanding the capacity of our East Coast Grid between Queensland and southern markets by 25 per cent.This staged investment,which is underway,will provide a costeffective,safe and reliable means of transporting Australian domestic gas from northern gas producers to southern markets.CEO AND MA
19、NAGING DIRECTORROB WHEALSCHAIRMANMICHAEL FRASER1.Excludes significant items.2APA GROUPANNUAL REPORT|2022Organic growth capex expected to exceed$1.4bn over FY23-25Assets owned and/or operated by APA Group$1.4bn+$21bn+Distribution per security up 3.9%53.0powering towards responsible energyWe are also
20、investing now to increase capacity,reliability and security of supply to Victorian homes and businesses through our Western Outer Ring Main project and the expansion of the South West Pipeline.By expanding our East Coast Grid today,APA is making responsible investments that serve our customers and c
21、ommunities with the potential for that same infrastructure to play a role in the delivery of the energy solutions of tomorrow,like hydrogen,biogas and synthetic methane.In Australias West,our Northern Goldfields Interconnect Pipeline in Western Australia will support mining customers to unlock new i
22、nvestment in battery minerals,which will further support the energy transition.The need to continue to invest in gas infrastructure and the role this infrastructure will play in the future was acknowledged at the recent G7 meeting in Germany,where leaders from the worlds major economies recognised t
23、he important role that gas will play in the global energy transition,particularly where projects are“integrated into national strategies for the development of low-carbon and renewable hydrogen”.StrategyThe accelerating pace of the energy transition presents enormous opportunity for APA.As a leading
24、 Australian energy infrastructure business,APA plays a vital role in connecting Australian homes,businesses and communities with responsible energy solutions today,and consistent with our strategy and our vision to be world-class,we are actively investing in the energy solutions oftomorrow.The Austr
25、alian Energy Market Operator has identified that to secure Australias energy future and meet the growing demand for electrification,our nation effectively needs to rebuild the National Electricity Market nearly doubling the amount of electricity it currently delivers,building out a nine-fold increas
26、e in grid-scale renewables,trebling firming capacity,including gas-fired generation,and installing over 10,000 kilometres of new transmission lines.A core part of our strategy is to leverage our capability and experience to support this important national endeavour.Consistent with this strategy we c
27、ontinue to grow our renewables portfolio and have commenced construction of an 88-megawatt solar farm in Mount Isa thats a staggering 65 times the size of the Melbourne Cricket Grounds playing surface.Our research,together with Future Fuels and Wollongong University,to test the ability of a section
28、of the Parmelia Gas Pipeline in Western Australia to carry up to 100%hydrogen continues to achieve promising results.In FY22 we made further hydrogen related investments,including becoming a member of an international consortium undertaking a detailed feasibility study into the development of a larg
29、e-scale green hydrogen project in Central Queensland.If successful,this project proposes to export green hydrogen to Japan and supply large industrial customers inthe Central Queensland region to support emissions reduction for the domestic industry.Net zeroOur infrastructure investments will help s
30、teer Australia towards anet zero pathway,accelerate the technologies of the future,andsupport our own net zero ambitions.In FY22,we advanced our climate change transformation program and set interim 2030 emission reductions commitments that not only embed a pathway in our strategy to achieve our net
31、 zero ambition,but it also firmly positions APA to drive our growth agenda.You can read more about our plan on our website.ConclusionAs the energy transition accelerates,APA is well placed to continue our leading role in delivering responsible energy solutions for Australians.We are proud of our tra
32、ck record of maintaining financial discipline in the execution of our strategy and of consistently creating and growing value for our securityholders.Our objective is to continue to deliver strong distributions while maintaining an appropriate level of funding for growth.That focus will remain when
33、Adam Watson steps into the role of Acting CEO,following Robs decision to resign and finish at APA at the end of September 2022.On behalf of the Board and Management,we thank our securityholders,customers,communities and employees for their ongoing support and our commitment to keep APA Always Poweri
34、ng Ahead.Michael Fraser Rob WhealsChairman Chief Executive Officer and Managing Director3Distribution53.0OF CONSISTENT INCREASE18YEARS DECREASE IN OUR TOTAL RECORDABLE INJURY FREQUENCY RATE(TRIFR)NET ZEROOPERATIONAL EMISSIONSEstablished pathways to achieve43%STRONG FREE CASH FLOW GENERATION$1,081mFr
35、ee Cash Flow2022 SummaryWe are APA:delivering responsible energyUP 20%4APA GROUPANNUAL REPORT|2022Underlying Business PerformanceFinancial results 30 June 2022 30 June 2021 6 ChangesRevenue 2,732.4 2,605.0 4.9%Revenue excluding pass-through 4 2,236.6 2,144.5 4.3%Underlying EBITDA 2 1,692.3 1,628.8 3
36、.9%Total reported EBITDA 1,630.2 1,638.8(0.5%)Profit after tax including significant items 259.7 0.7 35283.0%Profit after tax excluding significant items 240.0 278.9(13.9%)Free cash flow 3 1,080.6 901.9 19.8%Financial positionTotal assets 15,836.3 14,742.9 7.4%Total drawn debt 5 10,668.1 9,665.8 10.
37、4%Total equity 2,628.4 2,951.0(10.9%)Financial ratiosFree cash flow per security(cents)91.6 76.4 19.9%Earnings per security(cents)including significant items 22.1 0.1 22000.0%Earnings per security(cents)excluding significant items 20.4 23.7(13.9%)Distribution per security(cents)53.0 51.0 3.9%Distrib
38、ution payout ratio(%)7 57.9 66.7(13.4%)FFO/Debt(%)11.5 11.0 4.5%FFO/Interest(times)3.6 3.1 16.1%1.Financial results exclude significant items.2.Underlying Earnings before interest,tax,depreciation,and amortisation(EBITDA)excludes recurring items arising from other activities,transactions that are no
39、t directly attributable to the performance of APA Groups business operations and significant items.3.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
40、and technology lifecycle costs.4.Pass-through revenue is offset by pass-through expense within underlying EBITDA.Any management fee earned for the provision of these services is recognised as part of asset management revenues.5.APAs liability to repay debt at relevant due dates of the drawn faciliti
41、es.This amount represents current and non-current borrowings as per balance sheet and is adjusted for deferred borrowing costs,the effect of unwinding of discount,unrealised foreign exchange differences reported in equity and deducting other financial liabilities that are reported as part of borrowi
42、ngs in the balance sheet differences reported in equity and deducting other financial liabilities that are reported as part of borrowings in the balance sheet.6.The financial years prior to FY22 have been restated as a result of the provision for payroll review.7.Distribution payout ratio=total dist
43、ribution applicable to the financial year as a percentage of free cash flow.UnderlyingEBITDA 2,6($m)FY18FY19FY20FY21FY22Free cash flow 3($m)FY18FY19FY20FY21FY22FY21FY22Revenue excl.pass-through 4($m)FY18FY19FY20Free cash flowper security 5(cents)FY18FY19FY20FY21FY22Distributionsper security(cents)FY
44、18FY19FY20FY21FY22Total assets($b)FY18FY19FY20FY21FY2215.81,6921,0812,23791.61,5151,5701,65091989495715.215.416.01,9412,0312,13080.875.781.145.047.050.01,62990214.72,14576.451.053.05APA Group BoardMichael FraserBCom FCPA MAICDIndependent ChairmanAppointed 1 September 2015Appointed Chairman 27 Octobe
45、r 2017Michael has more than 35 years experience in the Australian energy industry.He has held various executive positions at AGL Energy culminating in his role as Managing Director and Chief Executive Officer for 7 years until February 2015.Michael is a Director of Orora Limited.He is also a former
46、Chairman of the CleanEnergy Council,Elgas Limited,ActewAGL and the NEMMCo Participants Advisory Committee,as well as a former Director of Aurizon Holdings Limited,Queensland Gas Company Limited,the Australian Gas Association and the EnergyRetailers Association of Australia.Michael is a member of the
47、 Audit and Risk Management Committee and is the Chairman of the Nomination Committee.Robert(Rob)WhealsBCom CA GAICDChief Executive Officer and Managing DirectorAppointed 6 July 2019 to end of September 2022Rob has more than 25 years experience in Australia and internationally in energy infrastructur
48、e and telecommunications,across roles in operations,finance,commercial,strategy,infrastructure investments and M&A,as well as regulatory.Rob joined APA in 2008 as General Manager Commercial to manage the commercial function of APAs transmission business,which includes over 15,000 km of gas transmiss
49、ion pipelines,storage and processing facilities.In 2012,Rob was appointed Group Executive Transmission,responsible for approximately 85%of APAs earnings before interest,tax and depreciation.In this role,Rob was responsible for the commercial,operational and safety performance of APA Groups transmiss
50、ion and gas storage assets.Rob has a deep understanding of the Australian energy market and the challengesfacing Australia today and into the future,in particular the challenge ofbalancing sustainable lower emissions energy with reliable and affordable energy for end users.Prior to joining APA,Rob w
51、as General Manager of Strategy at AAPT in Sydney.Rob has a Bachelor of Commerce Degree.He is a Chartered Accountant and aGraduate Member of the Australian Institute of Company Directors.Debra(Debbie)GoodinBEc FCA MAICDIndependent DirectorAppointed 1 September 2015Debbie is an experienced Non-Executi
52、ve Director and Chairman of both listed and unlisted corporates.She is currently Chairman of Atlas Arteria Limited.She was formerly a Director of oOh!media Limited,Senex Energy Limited,Ten Network Holdings Limited and Australia Pacific Airports Corporation Limited.Debbie also has executive experienc
53、e in operations,finance and corporate development,including with engineering and professional services firms and is a Fellow of Chartered Accountants Australia and New Zealand.Debbie is the Chair of the Audit and Risk Management Committee,a member of the Health,Safety,Environment and Heritage Commit
54、tee and a member of the Nomination Committee.James FazzinoBEc(Hons)FCPAIndependent DirectorAppointed 21 February 2019James has experience both locally and internationally in industrial chemicals,fertilisers,explosives and manufacturing sectors.James is currently the Chair of Manufacturing Australia
55、and Tassal Group Limited,and a Director of Rabobank Australia Limited.He is also a convenor of the Champions of Change Coalition.He was formerly the Chairman of Osteon Medical,Managing Director and Chief Executive Officer of Incitec Pivot Limited and before that its Finance Director andChief Financi
56、al Officer.James is a member of the Audit and Risk Management Committee and a member of the Health,Safety,Environment and Heritage Committee.6APA GROUPANNUAL REPORT|2022Peter WasowBCom GradDip(Management)Fellow(CPA Australia)Independent DirectorAppointed 19 March 2018Peter has experience in the reso
57、urces sector as both a senior executive and director.He retired as Managing Director and Chief Executive Officer of Alumina Limited in mid-2017.Previously,he was Executive Vice President and Chief Financial Officer at Santos Limited and,in a 20-year plus career at BHP,he had held the senior position
58、s including Vice President,Finance and other senior roles in Petroleum,Services,Corporate,Steel and Minerals.Peter is a Non-Executive Director with Oz Minerals Limited.He was formerly a Non-Executive Director of Alcoa of Australia Limited,AWA Brazil Limitada,AWAC LLC,Alumina Limited and the privatel
59、y held GHD Group.Peter is the Chair of the People and Remuneration Committee and a member of the Audit and Risk Management Committee.Rhoda PhillippoMSc telecommunications Business GAICDIndependent DirectorAppointed 1 June 2020Rhoda has considerable experience in the telecommunications,IT and energy
60、sectors.She is currently Chairperson of Kinetic IT Pty Ltd,and a Non-Executive Director with Pacific Hydro.She is also an advisor to the Board of Tally Group,an energy billing solutions provider.She was formerly a Non-Executive Director of Datacom Group Limited,Vocus Group Ltd and LINQ,the Chairman
61、of Snapper Services inNewZealand and Deputy Chair of Kiwibank in New Zealand.Rhoda spent much of her career in the telecommunications industry in the United Kingdom,New Zealand and Australia in senior management positions before joining Optimation,in New Zealand,as Chief Executive Officer.Rhoda late
62、r joined HRL Morrison&Co and,during this time,was Managing Director of Lumo Energy for 2 years.Rhoda is a member of the Health,Safety,Environment and Heritage Committee anda member of the People and Remuneration Committee.Shirley Int VeldBCom LLB(Hons)Independent DirectorAppointed 19 March 2018Shirl
63、ey has expertise and experience in the energy,mining and renewables sectors.Shirley is currently a Non-Executive Director with Alumina Limited,Develop Global Limited and Karora Resources Inc.She was formerly Deputy Chair of CSIRO;a Non-Executive Director of NBN Co Limited,Northern Star Resources Lim
64、ited,Perth Airport,DUET Group,Asciano Limited and Alcoa of Australia Limited;and a Council Member of the Chamber of Commerce and Industry of Western Australia.She was also the Managing Director of Verve Energy(2007 2012).Before that,she worked for 10 years in senior roles at Alcoa of Australia Limit
65、ed,WMC Resources Ltd,Bond Corporation and BankWest.In 2014,Shirley was Chairman of the Queensland Government Expert Electricity Panel and a member of the Renewable Energy Target Review Panel for the Department of Prime Minister and Cabinet and was,until recently,a Council member of the Australian In
66、stitute of Company Directors(WA)and an Advisory Board member of the SMART Infrastructure Facility(University of Wollongong).Shirley is Chair of the Health,Safety,Environment and Heritage Committee and a member of the People and Remuneration Committee.Steven(Steve)CraneBCom FAICD SF FinIndependent Di
67、rectorAppointed 1 January 2011Steve has more than 40 years experience in the financial services industry.His background is in investment banking,having previously been Chief Executive Officer of AB AMRO Australia and BZW Australia.Steve has experience as a non-executive Director of listed entities.H
68、e is currently Chairman of Global Valve Technology Limited and a Director of SCA Property Group.He was formerly Chairman of nib Holdings Limited,Adelaide Managed Funds Limited,Investa Property Group Limited and Taronga Conservation Society Australia;a Director of Bank of Queensland Limited,Transfiel
69、d Services Limited,Adelaide Bank Limited,Foodland Associated Limited and APA Ethane Limited,theresponsible entity of Ethane Pipeline Income Fund;and a member of the Advisory Council for CIMB Securities International(Australia)Pty Ltd.Steve is a member of the Audit and Risk Management Committee,a mem
70、ber of the Nomination Committee and a member of the People and Remuneration Committee.APA Group Board continued7APA Executive LeadershipAdam WatsonBBus FCPA GAICDChief Financial OfficerAdam is responsible for APAs financial,risk and technology functions.He joined APA in 2020.Adam has more than 20 ye
71、ars global experience in executive and senior leadership roles in the infrastructure,transport,aviation,energy,heavy manufacturing and industrial services industries,covering finance,corporate development,strategy,technology,joint ventures,mergers and acquisitions,customer experience andoperations.A
72、dam will assume the role as Acting Chief Executive Officer on Rob Wheals retirement in September 2022.Amanda CheneyLLB(Hons)BArts FGIAGroup General Counsel and Company SecretaryAmanda holds the role of Group General Counsel and Company Secretary.She joined APA in August 2012.Amanda has 20 years expe
73、rience in energy and infrastructure industries,having worked as a senior lawyer in Australia and overseas.She holds a Graduate Diploma of Applied Corporate Governance andisa Fellow of the Governance Institute of Australia.Darren RogersBEng MEng MBA GAICDGroup Executive OperationsDarren is responsibl
74、e for the safe operations,maintenance and asset management of APAs portfolio of Transmission,Power,Networks and Midstream infrastructure assets.Darren joined APA Group in 2017 as General Manager Asset Management for Transmission before becoming Group Executive Transmission in 2019.He previously held
75、 senior executive roles in commercial,asset management and operations,leading company-wide portfolios.Jane ThomasBBus LLB(Hons)MPsychol(org)GAICD Fellow AHRIGroup Executive People,Safety and CultureJane is responsible for managing APA Groups People,Safety and Culture division.She joined APA Group in
76、 May 2021.Jane is a highly experienced HR executive and business leader who has driven transformational change in top ASX companies,including Westpac,Newcrest Mining and AGL,and in industries spanning energy,mining,banking and finance,fast moving consumer goods,retailandmanufacturing.Julian PeckBCom
77、Group Executive Strategy and CommercialJulian is responsible for delivering APAs corporate development and investments,customers and contract management,energy solutions,strategy and markets,economic regulation and policy development,and APAs net zero 2050 ambition.Julian joined APA in August 2020.H
78、e has more than 20 years experience in investment banking,specialising in the infrastructure,utility and power sectors.Julian has announced his intention to retire from APA in late 2022,but will continue in his executive capacity as Group Executive Strategy and Commercial until his cessation with AP
79、A Group.Kevin LesterBEng MIEAust CPEng EngExec GAICDGroup Executive Infrastructure DevelopmentKevin is responsible for delivering APA Groups infrastructure expansion and growthprojects and APAs Pathfinder program,which pursues innovation,technology and new energy opportunities.Kevin joined APA Group
80、 in August 2012,continuing a career in managing major infrastructure projects,including energy infrastructure.He is a Director and a past President of the Australian Pipelines andGasAssociation.Ross GersbachBBusPresident North American DevelopmentRoss is responsible for progressing APA Groups invest
81、ment strategy in North America,based in Houston,Texas.He was a director of APA Group from 2004 and joined the management team in April 2008.Ross has more than 25 years experience in senior positions across a range of energy related sectors,including infrastructure investments,mergers and acquisition
82、s,and strategic developments.8APA GROUPANNUAL REPORT|20221.DirectorsThe names of the Directors of the Responsible Entity during the year and since year end areCurrent Directors First appointedMichael Fraser 1 September 2015/Chairman:27 October 2017Robert(Rob)Wheals Chief Executive Officer and Managi
83、ng Director:6 July 2019Steven(Steve)Crane 1 January 2011James Fazzino 21 February 2019Debra(Debbie)Goodin 1 September 2015Shirley Int Veld 19 March 2018Rhoda Phillippo 1 June 2020Peter Wasow 19 March 2018The Company Secretaries of the Responsible Entity during the year were Nevenka Codevelle(until 2
84、2 October 2021)and Amanda Cheney.2.State of affairsOn 22 October 2021,Hannah McCaughey resigned as Group Executive Transformation and Technology.On 22 October 2021,Nevenka Codevelle resigned as Group Executive of Governance and External Affairs.Shirley Chowdhary held the position of Interim Group Ex
85、ecutive,Governance and External Affairs from 18 October 2021 to 20 December 2021.Amanda Cheney was appointed to the new Executive Leadership Team position of Group General Counsel and Company Secretary on30 May 2022 and continues to hold this role.On 6 May 2022,APA Group changed its group entity nam
86、es to better reflect its renewed focus on energy infrastructure,with a portfolio ofgas,electricity,solar and wind assets across Australia.The naming conventions,now harmonised across the APA Group,are:Australian Pipeline Limited changed to APA Group Limited(APA)Australian Pipeline Trust changed to A
87、PA Infrastructure Trust(APA Infra)APT Investment Trust changed to APA Investment Trust(APA Invest)Directors ReportAPA Infrastructure Trust and its Controlled EntitiesThe Directors of APA Group Limited(the Responsible Entity)submit their financial report of APA Infrastructure Trust(APA Infra)and its
88、controlled entities(together,APA or Consolidated Entity)for the year ended 30 June 2022.This report refers to the consolidated results of APA and APA Investment Trust(APA Invest).Kirrily Hawker and Suzanne Shipp93.Subsequent eventsOn Thursday,28 July 2022 APA completed the sale of Orbost Gas Process
89、ing Plant to Cooper Energy Limited(ASX:COE).APA continues to operate the plant and will do so until the Major Hazard Facility Licence is transferred to COE.APA expects to receive cash consideration of between$270.0 million and$330.0 million.The total consideration to be received is subject to post-c
90、ompletion plant performance.On 19 August 2022,APA announced that following an APA-initiated independent review of payroll,it found system errors relating to seven Enterprise Agreements,which has resulted in the identification of payment errors to employees over a seven year-period.APA has commenced
91、a process to remediate the errors for affected employees and has included a provision of$32.4 million in its financial statements for the year ended 30 June 2022.On 22 August 2022,APA announced that CEO and Managing Director,Rob Wheals,would be stepping down at the end of September 2022.Adam Watson,
92、APAs Chief Financial Officer,was appointed as acting CEO while the Board undertakes a full search process for a new CEO.APAs General Manager of Investor Relations,Kynwynn Strong,was appointed as acting CFO.On 24 August 2022,the Directors declared a final distribution of 28.0 cents per security($330.
93、4 million)for APA Group,an increase of 3.7%,or 1.0 cent per security over the previous corresponding period(30 June 2021:27.0 cents).This comprises a distribution of 21.71cents per security from APA Infra and a distribution of 6.29 cents per security from APA Invest.The APA Infra Trust distribution
94、represents 6.31 cents per security profit distribution and 15.40 cents per security capital distribution.The APA Invest distribution represents a 1.14 cent per security unfranked profit distribution and 5.15 cents capital distribution.Franking credits of 2.70 cents per security will be allocated to
95、the APA Infra Trust franked profit distribution.The distribution will be paid on 14 September 2022.Subsequent to 30 June 2022,APA Group entered into a series of bilateral facilities that provide an additional$900.0 million of undrawn liquidity facilities.These bilateral agreements have been put in p
96、lace to replace aging credit lines of$750.0 million that have been cancelled since 30 June 2022.At the time of reporting,the uncertain situation in respect of the COVID-19 pandemic continues to be closely monitored by APA Groups management and directors.Nothing has come to the attention of APA Group
97、 that would require adjustment or additional disclosure in these financial statements as a result of any recent COVID-19,global and domestic political developments.Other than noted above,and as disclosed elsewhere in this report,in the interval between 30 June 2022 and the date of this report,no mat
98、ter or circumstance has significantly affected or may significantly affect,the Groups operations,the results of those operations,or the Groups state of affairs in future financial years.4.About APAPrincipal activitiesIn FY22,APAs principal activities continued without significant change being:Energy
99、 infrastructure gas transmission,gas storage and processing,and gas-fired and renewable energy power generation across Australia Asset management services for most of APAs energy investments,and for third parties Energy investments in unlisted entities.APA overviewAPA is a leading Australian Securit
100、ies Exchange(ASX)listed energy infrastructure business.APA owns and/or manages and operates a diverse,$21 billion portfolio of gas,electricity,solar and wind assets.Consistent with APAs purpose to strengthen communities through responsible energy,APA delivers about half of the nations gas use and co
101、nnects Victoria with South Australia and New South Wales with Queensland through investments in electricity transmission assets.APA also owns and operates renewable power generation assets in Australia,with wind and solar projects across the country.Since listing on 13 June 2000,APAs market capitali
102、sation has increased more than 27-fold to around$14 billion.At 30 June 2022,APA had achieved a total securityholder return(TSR)of 16.4%1 per annum on an annual compounding basis since listing to 30 June 2022.Directors Report continuedAPA Infrastructure Trust and its Controlled EntitiesGretyl Lunn an
103、d Peter Horniblow1.Total securityholder return is the capital appreciation of APAs security price,adjusted for capital management actions(such as security splits and consolidations)and assuming distributions are reinvested at the ex-distribution rate per security.The figures quoted are sourced from
104、Bloomberg.10APA GROUPANNUAL REPORT|20224546484125678910131211141516172324222528292726201921323130183347363435373841424344403934950WallumbillaRomaMount IsaGrifthBallaratBendigoDubboTamworthIOCLithgowTropicanaYarmanaAlice SpringsKatherineKalgoorlieGladstoneMoombaAlburyKalgoorlieSydneyCanberraBrisbaneM
105、elbourneDarwinPerthAdelaideAPAs portfolio of assets and investmentsGas Distribution16 Allgas Gas Network50 Australian Gas Networks24 Tamworth Gas NetworkElectricity transmission19 Directlink31 MurraylinkGeneration17 Daandine(30 MW)6 Diamantina(242 MW)33 Gruyere(45 MW)7 Leichhardt(60 MW)5 Thomson(22
106、MW)4 X41(41 MW)Solar Farm43 Badgingarra(19 MW)11 Darling Downs(110 MW)41 Emu Downs(20 MW)34 Gruyere Solar Farm(13.2 MW)8 Mica Creek(88 MW)1Wind Farm44 Badgingarra(130 MW)42 Emu Downs(80 MW)32 North Brown Hill(132 MW)Pipeline3 Amadeus Gas Pipeline(inc laterals)13 Berwyndale Wallumbilla Pipeline1 Bona
107、parte Gas Pipeline9 Carpentaria Gas Pipeline22 Central Ranges Pipelines23 Central West Pipeline37 Eastern Goldfields Pipeline47 Goldfields Gas Pipeline38 Kalgoorlie Kambalda Pipeline40 Mid West Pipeline20 Moomba Sydney Pipeline21 Moomba to Sydney Ethane Pipeline28 Mortlake Gas Pipeline39 Northern Go
108、ldfields Interconnect 145 Parmelia Gas Pipeline48 Pilbara Pipeline System12 Reedy Creek Wallumbilla Pipeline15 Roma Brisbane Pipeline(inc Peat lateral)30 SEA Gas Pipeline29 SESA Pipeline10 South West Queensland Pipeline49 Telfer/Nifty Gas Pipelines and lateral25 Victorian Transmission System14 Wallu
109、mbilla Gladstone Pipeline(inc laterals)2 Wickham Point Pipeline36 Yamarna Gas PipelineGas processing and storage27 Dandenong(680TJ/12000t)35 Gruyere Battery Station(4.4 MW/MWh)18 Kogan North(12TJ/d)46 Mondarra(18PJ)26 Orbost(49TJ/d)2KeyAPA Group assetAPA Group distribution network assetAPA Group inv
110、estmentInvestment distribution networkAPA Group managed asset(not owned)Managed distribution networkOther natural gas pipelinesWind farmSolar farmGas storage facilityGas processing plantGas power stationBattery storageLNG plantIntegrated Operations Centre1.Under construction.2.Average rate as report
111、ed by Cooper Energy Limited(ASX:COE)on 2 August 2022.Directors Report continuedAPA Infrastructure Trust and its Controlled Entities11StrategyAPAs strategy is to:Respond to the changing needs of its customers and communities and deliver services they value Invest in energy infrastructure(contracted a
112、nd regulated)Leverage its energy infrastructure capabilities into next generation energy technologies through the Pathfinder Program Pursue disciplined investments,deliver growing securityholder returns and maintain a strong balance sheetAs the energy market transitions to deliver net zero by 2050,s
113、ignificant investment opportunities in energy infrastructure will arise across gas pipelines,electricity transmission infrastructure,renewable energy,electricity firming and storage,and clean fuels such as hydrogen and renewable methane.APAs strategy enables it to participate in these opportunities
114、by investing in contracted and regulated energy infrastructure.APA is well-positioned in Australia to play a key role in developing and deploying energy solutions.Its natural gas assets are strategically integrated into the national energy market and will remain a critical part of the future energy
115、mix,helping to unlock the expansion of renewable energy required to replace retiring coal power stations and support an electrified economy.Natural gas is currently irreplaceable for powering hard-to-abate and hard-to-electrify industrial sectors and provides essential heating in colder climates.APA
116、sassets will help to ensure Australia continues to have access to secure,reliable and cost-efficient energy.Directors Report continuedAPA Infrastructure Trust and its Controlled Entities12APA GROUPANNUAL REPORT|2022Climate Transition PlanAPAs Climate Transition PlanIn August 2022,APA published its i
117、naugural Climate Transition Plan.The plan represents an important step in APAs commitment to actively participate in and support Australias energy transition and fulfils our commitment to provide an update on our interim emissions reduction goals and targets to 2030 on our pathway to achieve net zer
118、o.APAs updated net zero commitments and interim goals and targetsAPA has sought to set interim commitments that align with the Paris goal to limit warming to well below 2.0oC.The commitments,summarised in the table,are fit-for-purpose,based on currently available technologies and are tailored to ref
119、lect the different rates of decarbonisation of our diversified energy infrastructure portfolio.APA has prioritised structural abatement where reasonable to do so and will use high-quality offsets that meet clearly defined responsibility criteria to ensure credibility.Reflecting this tailored approac
120、h,APA has revised its headline net zero goal and increased the level of ambition for the power generation and electricity transmission components of our portfolio with a revised goal to 2040.APAs interim target for gas infrastructure of 30%emissions reduction by 2030 will be achieved by a focus on c
121、ompressor and site methane emissions,operational efficiency and compressor electrification.APA has evaluated the cost of our gas infrastructure reduction initiatives,on a P50 basis,as approximately$150$170 million(nominal)for FY23 to FY30.Directors Report continuedAPA Infrastructure Trust and its Co
122、ntrolled EntitiesGoal:gas infrastructure net zero operational emissions by 2050 1Goal:power generation and electricity transmission infrastructure net zero operational emissions by 2040 2Target:30%emissions reduction for gas infrastructure(FY21 base year)Target:100%renewable electricity procurement
123、from FY23 onwardsCommitment:Responsible criteria applied when ofsets are requiredGoal:100%zero direct emission fleet by 2030Total nominal expenditure to 2030 Approximately$150M-$170MKey Supporting Commitments1Incorporation of the Methane Guiding Principles2Hold a non-binding securityholder vote on o
124、ur Climate Transition Plan(starting at 2022 Annual Meeting)3Report annually on progress against the targets,goals and commitments in our Climate Transition Plan4Link executive remuneration to climate-related performance from FY235Scope 3 emissions goalto be finalised before orin conjunction with nex
125、t Climate Transition PlanGoal:35%reduction in emissions intensity for power generation(FY21 base year)Goal:Contribute positively to grid decarbonisation measured by MW of enabled renewable infrastructureCommitment:Active program to reduce emissions we can control and apply best practice management t
126、echniques to managing line lossesInvestmentGrowth capital investmentInterim Commitments for 20301.Includes transmission,distribution,gas processing,storage and corporate.2.Includes power generation and interconnectors.When setting goals and targets APA has been careful to provide clarity to stakehol
127、ders on APAs commitments,distinguishing by the level of uncertainty of the pathway to get there:Target:an intended outcome where we have identified one or more pathways for delivering that outcome,subject to certain assumptions or conditions.Goal:an ambition to seek an outcome for which there is no
128、current pathway but for which efforts will be pursued towards addressing that challenge,subject to certain assumptions or conditions.13Ensuring strategy supports APAs net zero ambitionAPAs energy infrastructure assets play a critical enabling role in Australias decarbonisation journey,supporting rel
129、iable and least cost decarbonisation of the electricity sector.This demands a wider perspective and a whole of economy approach.As such,some investments may,on their own,increase APAs short-term emissions,but facilitate overall system emissions reductions by supporting higher renewable energy penetr
130、ation.APA is committed to strengthening its approach so it can achieve the highest standards of transparency and accountability and evolve in accordance with stakeholder expectations.The APA corporate scorecard for executive remuneration now incorporates a dedicated and specific component of the sho
131、rt-term incentive(STI)scheme directly linked to implementing this plan.The component will be 10%of the STI.From FY23 onwards,it will apply to relevant members of the executive.APA has committed to undertaking a non-binding shareholder advisory vote on adopting this Climate Transition Plan and from F
132、Y23,will provide an annual performance report against progress made on the targets,goals and commitments made in the plan.Scenario analysis and resilience planningAPA continued to evolve its approach to scenario analysis and resilience testing.APA evaluated the resilience of four APA assets to clima
133、te transition(or stranded asset)risk under several Paris-aligned scenarios to identify potential implications if they eventuated.The assets selected were the:Moomba to Sydney Pipeline(MSP)and the South West Queensland Pipeline(SWQP),the Victorian Transmission System(VTS)and the Diamantina Power Stat
134、ion Complex(DPSC).Scenarios are not forecasts and there are inherent limitations on their use,including the use of a range of assumptions.APA encourages the reading of the sections in the Climate Transition Plan explaining the purpose and limitations.Under the modelled climate scenarios:MSP and SWQP
135、,grouped together for this analysis,are considered resilient to climate risk(particularly until 2040),assuming northern gas supplies are sufficient to supply demand.In practice,this may require new basin development.Beyond 2040,the assets are more exposed to lower export and domestic demand,eroding
136、value compared to APAs current BAU Case.For the DPSC,all three climate scenarios present value erosion compared to APAs BAU Case.This represents both risk and opportunity,as DPSC value is highly sensitive to customer contracting behaviour and its operating response.The VTS is effectively protected a
137、gainst stranded asset risk by the functioning of the regulatory regime hence financial implications have not been presented in the plan.APAs interim net zero goals and targets are now in place and we enter a twelve month embed phase from October 2022.Sustainability RoadmapIntroduced in FY21,APAs Sus
138、tainability Roadmap is a 3-year framework for building sector-leading sustainability performance.It is based on the issues identified in the FY21 materiality assessment,which classified each issue according to its maturity:Build Priority issues to be grown into strengths Accelerate Fundamental issue
139、s that require strengthening Maintain and evolve Issues where APA already has existing plans and processes,with opportunities for incremental improvements.In FY22,APA focused on areas classified as build and deliver as these will deliver the most positive impact for APA and highest value for its sta
140、keholders.Many initiatives addressed cross-functional or business-wide material issues,such as Climate Change Transition and Risk,Community and Social Performance,and First Nations Peoples.More detail on APAs sustainability efforts can be found in the FY22 Sustainability Report and Section 9.Directo
141、rs Report continuedAPA Infrastructure Trust and its Controlled EntitiesFinancial implications insights for MSP/SWQP relative to the BAU CaseFinancial implications insights for DPSC relative to the BAU CaseClimate scenario1.5C2.0C2.0C DisorderlyFY203020402050203020402050203020402050EBITDA(weighted av
142、erage for period up to financial year ended)NPV for cashflows(over the period)Climate scenario1.5C2.0C2.0C DisorderlyFY203020402050203020402050203020402050EBITDA(weighted average for period up to financial year ended)NPV for cashflows(over the period)+/-5%of BAU Casesomewhat(5-15%)below BAU Casemate
143、rially(15%+)below BAU CaseKEYBAU Case=EBITDA or Valuation14APA GROUPANNUAL REPORT|20225.Financial performanceEarnings before interest and tax(EBIT)and EBIT before depreciation and amortisation(EBITDA)excluding significant items are financial measures not prescribed by Australian Accounting Standards
144、(AIFRS)and represent the profit under AIFRS adjusted for specific significant items.The Directors consider these measures to reflect the core earnings of APA Group,and therefore these are described in this report as underlying measures.In FY22,APA delivered a solid result,as shown in the table below
145、.Profit after tax including significant items of$259.7 million increased significantly(FY21$0.7 million)due to a non-cash impairment of$249.3 million recognised in FY21 against the Orbost Gas Processing Plant and one-off finance costs of$148.0 million.Excluding significant items,APA generated a FY22
146、 profit after tax of$240.0 million(FY21:$278.9).Underlying EBITDA was$63.5 million or 3.9%higher than FY21,representing solid growth in the underlying operations of the business.Free cash flow was 19.8%higher than FY21 owing to a stronger operating performance,lower tax payments and lower interest c
147、osts.On 24 August 2022,the Directors announced a final distribution of 28.0 cents per security,taking APAs FY22 total distributions to 53.0 cents per security and in line with guidance.This represents an increase of 3.9%,or 2.0 cents,over the FY21 distributions of 51.0 cents per security.Key financi
148、al data for FY22 30 June 2022 30 June 2021 1 Changes$000$000$000%Statutory RevenueTotal revenue 2,732,378 2,605,013 127,365 4.9%Pass-through revenue 2 495,733 460,465 35,268 7.7%Total revenue excluding pass-through 2,236,645 2,144,548 92,097 4.3%Underlying EBITDA 3 1,692,261 1,628,761 63,500 3.9%Fai
149、r value(losses)/gains on contract for difference(30,462)18,018(48,480)(269.1%)Technology transformation projects(21,192)(7,957)(13,235)166.3%Wallumbilla Gas Pipeline hedge accounting unwind(15,156)(15,156)Interest income on Basslink debt investment 12,198 12,198 Payroll review(7,465)(7,465)Total rep
150、orted EBITDA 3 1,630,184 1,638,822(8,638)(0.5%)Depreciation and amortisation expenses(735,178)(674,370)(60,808)9.0%Total reported EBIT 3 895,006 964,452(69,446)(7.2%)Net finance costs and interest income(483,022)(504,779)21,757(4.3%)Significant items Reversal of impairment/(impairment of)property,pl
151、ant and equipment 28,106(249,322)277,428(111.3%)Interest charge on bond note redemption (147,987)147,987 Profit before income tax 440,090 62,364 377,726 605.7%Income tax expense(180,379)(61,630)(118,749)192.7%Profit after tax including significant items 259,711 734 258,977 35,283.0%Profit after tax
152、excluding significant items 240,037 278,850(38,813)(13.9%)Free cash flow 4 1,080,632 901,914 178,718 19.8%Free cash flow per security(cents)91.6 76.4 15.2 19.9%Earnings/(loss)per security including significant items(cents)22.1 0.1 22.0 22,000.0%Earnings per security excluding significant items(cents
153、)20.4 23.7(3.3)(13.9%)Distribution per security(cents)53.0 51.0 2.0 3.9%Distribution payout ratio(%)5 57.9 66.7(8.8)(13.2%)Weighted average number of securities(000)1,179,894 1,179,894 Notes:Numbers in the table may not add up due to rounding.1.FY21 is restated as a result of the provision for payro
154、ll review.2.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.3.Excludes significant items.4.Free cash flow is Operating Cash Flow adjusted for strategically significan
155、t transformation projects,less stay-in-business(SIB)capex.SIB capex includes operational assets lifecycle replacement costs and technology lifecycle costs.5.Distribution payout ratio=total distribution applicable to the financial year as a percentage of free cash flow.Directors Report continuedAPA I
156、nfrastructure Trust and its Controlled Entities15Business segment performance and operational reviewAPA reports across 3 business segments:Energy Infrastructure APAs wholly or majority owned energy infrastructure assets across all categories transmission and compression,processing,generation(gas and
157、 renewables)and storage.Asset Management The provision of asset management and operating services for third parties and the majority of APAs investments.Energy Investments APAs interests in energy infrastructure investments.FY22 statutory reported revenue and underlying EBITDA performance of each se
158、gment 30 June 2022 30 June 2021 Changes$000$000 1$000%Revenue 2Energy Infrastructure East Coast Gas 805,958 768,638 37,320 4.9%West Coast Gas 341,825 328,795 13,030 4.0%Wallumbilla Gladstone Pipeline 580,602 552,307 28,295 5.1%Power Generation 354,271 339,564 14,707 4.3%Energy Infrastructure total 2
159、,082,656 1,989,304 93,352 4.7%Asset Management 114,541 113,755 786 0.7%Energy Investments 28,194 30,921(2,727)(8.8%)Other non-contract revenue 13,219 7,438 5,781 77.7%Total segment revenue 2,238,610 2,141,418 97,192 4.5%Pass-through revenue 495,733 460,465 35,268 7.7%Wallumbilla Gas Pipeline hedge a
160、ccounting unwind(15,156)(15,156)Interest revenue on Basslink debt investment 12,198 12,198 Unallocated revenue 3 993 3,130(2,137)(68.3%)Total revenue 2,732,378 2,605,013 127,365 4.9%EBITDAEnergy Infrastructure East Coast Gas 648,174 627,468 20,706 3.3%West Coast Gas 287,802 270,824 16,978 6.3%Wallum
161、billa Gladstone Pipeline 577,869 549,651 28,218 5.1%Power Generation 196,293 174,622 21,671 12.4%Energy Infrastructure total 1,710,138 1,622,565 87,573 5.4%Asset Management 73,608 80,337(6,729)(8.4%)Energy Investments 28,194 30,921(2,727)(8.8%)Corporate costs(119,679)(105,062)(14,617)13.9%Underlying
162、 EBITDA 1,692,261 1,628,761 63,500 3.9%Fair value gains/losses on contract for difference(30,462)18,018(48,480)(269.1%)Technology transformation projects(21,192)(7,957)(13,235)166.3%Wallumbilla Gas Pipeline hedge accounting unwind(15,156)(15,156)Interest revenue on Basslink debt investment 12,198 12
163、,198 Payroll review(7,465)(7,465)Total reported EBITDA 4 1,630,184 1,638,822(8,638)(0.5%)Notes:Numbers in the table may not add up due to rounding.1.FY21 is restated as a result of the provision for payroll review.2.Refer to revenue note 4 for additional disclosure on revenue streams from contracts
164、with customers disaggregated by geographical location and major sources.3.Interest income is not included in calculation of EBITDA but nets off against interest expense in calculating net interest cost.4.Excludes significant items.Directors Report continuedAPA Infrastructure Trust and its Controlled
165、 Entities16APA GROUPANNUAL REPORT|2022Energy InfrastructureIn FY22,Energy Infrastructure is the largest business segment contributor to group revenue at 93.6%(excluding pass-through)and 94.4%of underlying EBITDA(before corporate costs).Of this revenue:85.4%was derived from either long-term,take-or-p
166、ay contracts or regulated assets,as shown below,providing predictability and cashflow stability.81.7%was derived from investment grade counterparties with a diversified customer base across the energy,utility,resources andindustrial sectors.Directors Report continuedAPA Infrastructure Trust and its
167、Controlled Entities41.9%A-rated or better33.0%BBB to BBB+rated6.8%Investment grade14.0%Not rated4.3%Sub-investment gradeFY22 Energy Infrastructure RevenuesBy Counterparty Credit Rating81.7%Investmentgrade48.3%Energy23.6%Utility24.1%Resources4.0%Industrial&otherFY22 Energy Infrastructure Revenuesby C
168、ustomer Industry SegmentDiverse Source ofrevenue74.8%Capacity charge revenue8.2%Regulated revenue2.4%Contracted fixed revenue11.9%Throughput charge&other variable revenue1.7%Flexible short term services1.0%OtherFY22 Energy Infrastructure by Revenue Type85%Take or pay/regulatedNotes:An investment gra
169、de credit rating from either S&P(BBB-or better)or Moodys(Baa3 or better),or a joint venture with an investment grade average rating across owners.Ratings shown as equivalent to S&Ps rating scale.17Comparing FY22 performance to FY21:East Coast GasUnderlying EBITDA benefited from higher inflation link
170、ed revenues,stronger demand from the Victorian Transmission System and a full year contribution from the Orbost Gas Processing Plant.West Coast GasUnderlying EBITDA benefited from newly commissioned laterals connecting into the Goldfields Gas Pipeline mainline for new customers that include Kalium L
171、akes,Capricorn Metals,Salt Lake Potash and RED5.Wallumbilla Gladstone PipelineUnderlying EBITDA benefited from a 7.5%increase in tariffs from 1 Jan 2022.Power GenerationDiamantina Power Station and Badgingarra Renewables drove higher underlying EBIDA in power generation.Directors Report continuedAPA
172、 Infrastructure Trust and its Controlled Entities0FY19FY20FY21Energy Infrastructure EBITDA by asset2004006008001,0001,2001,4001,8001,600A$mWallumbilla Gladstone PipelineSouth West Queensland PipelineRoma Brisbane PipelineCarpentaria Gas PipelineDiamantina Power StationDarling Downs Solar FarmOther Q
173、ld assetsMoomba Sydney Pipeline and other NSW pipelinesVictorian SystemsSESA Pipeline and other SA assetsAmadeus Gas PipelineGoldfields Gas PipelineEastern Goldfields PipelineEmu Downs Wind and Solar FarmsPilbara Pipeline SystemMondarra Gas Storage and Processing FacilityGruyere Power StationBadging
174、arra Wind and Solar FarmsOther WA assetsFY22Energy Infrastructure Revenue by segmentEast Coast GasWest Coast GasPower GenerationWallumbilla Gladstone Pipeline05001,0001,5002,000A$2,500mFY19FY20FY21FY22Energy Infrastructure EBITDA by segmentEast Coast GasWest Coast GasPower GenerationWallumbilla Glad
175、stone Pipeline05001,0001,500A$2,000mFY19FY20FY21FY2218APA GROUPANNUAL REPORT|2022Asset ManagementIn FY22,Asset Management contributed 5.1%to group revenue(excluding pass-through)and 4.1%of underlying EBITDA(before corporate costs).APAs major third-party customers are Australian Gas Networks Limited(
176、AGN),Energy Infrastructure Investments(EII)and GDI,who receive asset management services under long-term contracts.The decrease in Asset Management EBITDA in FY22 compared to FY21 was driven by a combination of lower margin activities relative to FY21 and reduced customer contributions which fluctua
177、te from one period to the next.Customer contributions for FY22 were$27.4 million.Energy InvestmentsIn FY22,Energy Investments contributed 1.3%to group revenue(excluding pass-through)and 1.6%of underlying EBITDA(before corporate costs).FY22 EBITDA was lower than in FY21 due to reduced equity income f
178、rom SEAGAS as a result of contract changes.Corporate CostsCorporate costs excluding significant items for FY22 were higher than FY21 largely due to investment in strategic growth opportunities and capability.Directors Report continuedAPA Infrastructure Trust and its Controlled EntitiesAsset Manageme
179、nt RevenueOne-of Customer ContributionsUnderlying Asset Management Asset Management EBITDA0507525100A$m0609030120A$mFY19FY20FY21FY22FY19FY20FY21FY22Asset and ownership interestsAsset details and APA servicesPartnersMortlake Gas Pipeline50%SEA Gas(Mortlake)Partnership83 km gas pipeline connecting the
180、 Otway Gas Plant to the Mortlake Power StationRESTSEA Gas Pipeline50%South East Australia Gas Pty Ltd687 km gas pipeline from Iona and Port Campbell in Victoria to AdelaideRESTNorth Brown Hill Wind Farm20.2%EII2132 MW wind farm in South AustraliaInfrastructure Capital Group OsakaGasAllgas Gas Distri
181、bution Network20%GDI(EII)3,900 km Allgas gas distribution network inQueensland with 119,000 connectionsMarubeni Corporation StateSuperX41 Power StationKogan North Processing PlantDirectlink and Murraylink Electricity InterconnectorsNifty and Telfer Gas PipelinesWickham Point and Bonaparte Gas Pipeli
182、nes19.9%Energy Infrastructure InvestmentsGas-fired power generation 41MWGas processing facilities 12TJ/dayElectricity transmission cables 243kmGas pipelines totalling 786kmMM Midstream Investments OsakaGasCORPORATE SERVICESCORPORATE SERVICESCORPORATE SERVICESOPERATIONAL MANAGEMENTOPERATIONAL MANAGEM
183、ENTMAINTENANCEMAINTENANCE196 Capital expenditureIn FY22,total capital expenditure of$1,276.5 million was$844.0 million higher than in FY21,driven by the investment in the senior secured debt of Basslink,higher growth capex,and transformation and technology expenditure to ensure systems and processes
184、 are secure and reliable and support APAs net zero ambition.Capital and investment expenditure for FY22Capital and investment 30 June 2022 30 June 2021 expenditure 1 Description of major projects$million$millionGrowth expenditureRegulated Western Outer Ring Main(WORM);Victorian Transmission System,R
185、oma Brisbane Pipeline and Goldfields Gas Pipeline Access Arrangement allowed expenditure 68.4 50.2Non-regulatedEast Coast Gas South West Queensland Pipeline and Moomba Sydney Pipeline capacity expansion,upgrade of Orbost Gas Processing Plant,Kurri Kurri Gas Lateral 129.3 47.9West Coast Gas Northern
186、Goldfields Interconnect,Lake Way Gas Pipeline,Murrin Murrin Lateral Looping,Karlawinda Gas Pipeline,King of the Hills Gas Lateral 217.4 106.5Power generation Thomson Power Station and Gruyere Hybrid Energy Microgrid 75.7 51.0Customer contribution Channel Island Bridge Pipeline Replacement Project an
187、d Thornlie Link projects and others Parmelia Pipeline re-location Project and Wilton property development 33.2 28.3Sub-total non-regulated capex 455.6 233.7Total growth capex 524.0 283.9SIB capexAsset lifecycle capex 2 122.9 134.6IT lifecycle capex 7.3 14.4Total SIB capex 130.2 149.0Foundation capex
188、Technology and other capex 17.9 Corporate Real Estate 17.0 Total Foundation capex 34.9 432.9Total capital expenditure 689.1 432.9Investment and acquisitions Basslink debt 587.4 Total capital and investment expenditure 1,276.5 432.9Notes:Numbers in the table may not add up due to rounding.1.The capit
189、al expenditure shown in this table represents net cash used in investing activities as disclosed in the cash flow statement,and excludes accruals brought forward from the prior period and carried forward to next period.2.Represents stay-in-business capital expenditure not recoverable from customers
190、and/or regulatory frameworks.Directors Report continuedAPA Infrastructure Trust and its Controlled EntitiesDiamantina Power Station,Mount Isa20APA GROUPANNUAL REPORT|2022Regulated growth capital expenditure Western Outer Ring Main(WORM)project Engineering and approvals work,including landholder liai
191、son,continued during the year.In January 2022,an Environmental Effects Statement determination deemed the projects environmental impacts acceptable,conditional on APA implementing the project in accordance with the Ministers assessment.The Pipeline License was issued in May 2022 and approval under t
192、he EPBC Act received in June 2022.Construction,which began in early August 2022,is expected to be complete in late Q4 FY23.The Australian Energy Regulator(AER)included growth capital expenditure for the WORM in the draft access arrangement decision.The final decision is expected in December 2022.The
193、 project will enhance gas security of supply by supporting higher withdrawals in summer and injections in winter from the Iona Underground Storage Facility in Victorias west.Winchelsea Compressor Station In April 2022,APA reached a Final Investment Decision for a$60 million expansion of the South-We
194、st Pipeline in the Victorian Transmission System.The project,to install an additional compressor facility at Winchelsea Compressor Station,is expected to enable additional capacity ahead of winter 2023 gas supply shortfalls highlighted by the Australian Energy Market Operator(AEMO)in its 2022 Gas St
195、atement of Opportunities(GSOO).Recognising the critical importance of natural gas to Victorias energy system,APA has worked with the Australian Energy Regulator and the Victorian Government to expedite the project.Approvals,engineering and procurement is underway.The project is scheduled to complete
196、 and become operational in Q4 FY23.Unregulated growth capital expenditureEast Coast Gas East Coast Grid Expansion Stage 1 of the expansion works,increasing Wallumbilla to Wilton capacity by 12%,is scheduled for commissioning in late Q3 FY23.This will help mitigate the forecast 2023 southern state wi
197、nter supply risks identified in the 2022 AEMO GSOO.Approvals are complete,engineering and procurement are well advanced,with earthworks started on both the Queensland and New South Wales Stage 1 sites.Confirmation of Stage 2,which will add a further 13%of capacity,was announced in May 2022.APAs deci
198、sion to begin the Stage 2 expansion is driven by strong confidence in Stage 1 contracting and continuing customer demand for transportation capacity.Approvals for Stage 2 are well advanced,and engineering and procurement are underway,with works currently targeted for commissioning ahead of the forec
199、ast potential winter 2024 shortfalls.Kurri Kurri Lateral Pipeline On 20 June 2022,APA executed a Gas Transportation and Storage Agreement and a Development Agreement with Snowy Hydro Limited to develop a 20 km Kurri Kurri Lateral gas pipeline connection.APA will build,own and operate the Kurri Kurri
200、 Lateral,connecting the Sydney to Newcastle Pipeline to the Hunter Power Project at Kurri Kurri in New South Wales.The project includes a 70 TJ gas storage facility to service the Hunter Power Project.The development is subject to APA obtaining third-party approvals to develop and operate the facili
201、ties,including obtaining a pipeline licence,and various development matters being agreed with Snowy Hydro.During the year,APA submitted an environmental impact statement(EIS)to the New South Wales Government and worked closely with Snowy Hydro to ensure the Kurri Kurri Lateral will be hydrogen-blend
202、 ready.Electric drive compressors will be used to minimise the emissions intensity of operations.A final investment decision is expected in 2H FY23.Orbost Gas Processing Plant(OGPP)On 28 July 2022,APA completed the sale of the OGPP to Cooper Energy.APA will remain the OGPP operator on behalf of Coop
203、er Energy until the Major Hazard Facilities Licence is transferred to the new owner.West Coast Gas Northern Goldfields Interconnect(NGI)The NGI pipeline will connect the Perth Basin to APAs Goldfields Gas Pipeline and APAs Eastern Goldfields network.During the year,all remaining approvals,including
204、the EIS,were received and all 35,000 tonnes of coated line pipe arrived on site.Construction of the pipeline and compressor station is well underway.Project completion is expected in Q3 FY2023.Power Generation Gruyere Power Station Expansion and Hybrid Energy Microgrid APAs first hybrid energy micro
205、grid investment,will expand the existing reciprocating gas-fired power station,with a 13MWp solar farm backed up by a 4.4MW/4.4MWh battery energy storage system(BESS).The microgrid uses a hybrid control system to monitor and react to cloud movements,battery control and the existing reciprocating eng
206、ine control systems to optimise efficiency and maximise the use of renewable generation.During the year,the expansion to the existing reciprocating gas-fired power station was completed and commissioned,and the solar farm and BESS constructed.Commissioning and performance testing was completed on 31
207、 July 2022 after delays due to interface issues with the existing Gruyere processing plant.Total installed capacity of the microgrid is 64MW(60 MW of power generation and 4.4 MW of battery storage).Mica Creek Solar Farm Construction of the$150 million 88MW Mica Creek Solar Farm was approved in March
208、 2022.The project is underpinned by two offtake agreements a new 15-year solar offtake agreement to supply renewable energy to MMG Dugald River mine and a variation to an existing agreement with existing APA customer,Mount Isa Mines Limited to supply renewable energy for 15 years.As part of the proj
209、ect,APA entered into a 32-year lease agreement with the Queensland Government to locate the Mica Creek Solar Farm near the Diamantina Power Station Complex.The solar farm is expected to be complete and operational in late FY23.Directors Report continuedAPA Infrastructure Trust and its Controlled Ent
210、ities21Prospective projectsIn FY22,APA progressed preliminary work on several other large projects including:Central West Orana Renewable Energy Zone,New South Wales APA and its consortium partners,CIMIC Group companies Pacific Partnerships,CPB Contractors and UGL,have been shortlisted to progress t
211、o the Request For Proposal phase for this project,which will be New South Wales first Renewable Energy Zone.Western Slopes Pipeline,New South Wales APA plans to build,own and operate the proposed 460km Western Slopes Pipeline(WSP)in northern New South Wales.The pipeline will connect the Narrabri Gas
212、 Project to APAs Moomba Sydney Pipeline and subsequently the East Coast domestic gas market.The development owner has recently announced the acquisition of a competing alternative pipeline route.Should the development owner provide approval for the WSP,APA will move to the next phase of project as a
213、greed under the Project Development Agreement.Bowen and Galilee Basins,Queensland A non-binding MOU remains in place with Blue Energy to investigate pipeline route options in both the Bowen and Galilee Basins.During the year,APA continued to engage resource holders in the Bowen and Galilee Basin,and
214、 the Queensland and Federal Governments,to progress the efficient development of infrastructure to deliver future gas supply to the East Coast Gas Grid.Specifically,in the Bowen Basin,concepts were progressed for a pipeline to efficiently connect the northern Bowen Basin to APAs East Coast Gas Grid,
215、leveraging its existing network of Surat Basin pipelines.APA commenced its own assessment of a high volume pipeline from the northern Bowen Basin to Wallumbilla,prior to the Queensland Governments Bowen Basin Concept Study,and continues to progress this independently of that study.Beetaloo and McArt
216、hur Basins,Northern Territory In FY22,APA entered a non-binding MOU with Empire Energy to progress feasibility studies on APA providing processing and transportation infrastructure for Empire Energys Beetaloo and McArthur Basins Project.APA continued to engage with other Northern Territory resource
217、holders to promote capital efficient,staged and common user gas transportation solutions to both Darwin and the east coast,leveraging existing gas transmission infrastructure.Gabanintha Vanadium Project,Western Australia During the year,APA progressed the non-binding MOU with a customer for gas tran
218、sportation services along a proposed 152km new pipeline to supply gas to the Gabanintha Vanadium Project.In June 2022,APA entered into an Early Works Agreement to progress early work activities for the proposed pipeline,including confirming the pipeline route,preparing appropriate licences,initial e
219、ngineering design and identifying long lead procurement items.During the year,as part of its Pathfinder program,APA continued to explore new opportunities in emerging energy infrastructure markets,including clean molecules,energy storage and new technologies.Hydrogen transport The Parmelia Gas Pipel
220、ine(PGP)conversion project continued to provide insights into the potential role natural gas transmission pipelines can play in transporting hydrogen.Phase 1 findings indicated the PGP should be able to transport 100%hydrogen without reducing operating pressures.Phase 2 commenced in late CY21,includ
221、ing laboratory testing of the pipeline material in gaseous hydrogen conditions.APA signed an MOU with Wesfamers Chemical,Energy and Fertilisers(WesCEF)on 4 May 2022 for a pre-feasibility study.The study will assess the viability of producing and transporting green hydrogen via APAs PGP for delivery
222、to WesCEFs ammonia production facility in Kwinana.Green hydrogen In September 2021,APA joined an Australian and Japanese energy consortium to establish Queenslands largest proposed green hydrogen project Central Queensland Hydrogen Project.APA has been working closely with Stanwell and the Japanese
223、companies Iwatani Corporation,Kawasaki Heavy Industries,Kansai Electric Power Company and Marubeni to complete a detailed feasibility study of the technical and commercial viability of an export scale liquified hydrogen project from Central Queensland to Japan.Target first production is mid-2020s,sc
224、aling up to more than 3GW of electrolysis capacity by the early 2030s.Blue hydrogen APA continued to investigate opportunities for incorporating hydrogen production with carbon capture and storage in Western Australia.APA completed a pre-feasibility study with Pilot Energy Limited and Warrego Energy
225、 Limited,assessing the potential use of the Cliff Head oil project and other reservoirs across the broader Perth Basin to store captured carbon dioxide.Renewable methane APA is working with Southern Green Gas on a renewable methane technology demonstration project,with funding support from the Austr
226、alian Renewable Energy Agency(ARENA).The project aims to better understand the technical and commercial benefits of integrating CO2 direct air capture,solar PV and hydrogen electrolysis to produce renewable methane.The project will generate cost and technical data,which will be used to assess the fe
227、asibility of a larger,commercial scale renewable methane concept system.Directors Report continuedAPA Infrastructure Trust and its Controlled EntitiesPGP ConversionPhase 1 completed Aug 21,Phase 2due to be completed Dec 22,Phase 3 due to commenceQ3 FY23Hydrogen TransportCentral Queensland HydrogenMo
228、U signed Sept 21,Feasibility Study commenced Sept 21,FS completed June 22,FEEDexpected to be completedQ2 FY24Green HydrogenWallumbilla Renewable MethaneCompletion of laboratory baseddemonstration Q2FY23,Completion of sitebased testing Q4 FY23Renewable MethaneMid West Blue H2MoU signed Oct 21,Pre-Fea
229、sibility Study commenced Oct 21,PFS completed August 22Blue HydrogenParmelia Green H2(WesCEF)MoU signed May 22,Pre-Feasibility Study commenced July 22,PFStudydue to be completed Q2 FY2322APA GROUPANNUAL REPORT|20227.Financing activitiesCapital managementDuring the year,the trust constitutions for AP
230、A Infra and APA Invest were updated to authorise the purchase and cancellation of APA Group stapled securities.This gives APA Group the flexibility to buyback securities if deemed appropriate from a capital management perspective.At 30 June 2022,APA had 1,179,893,848 securities on issue.This is unch
231、anged from 30 June 2021.Debt facilitiesAt 30 June 2022,APA had$10,668.1 million(compared with$9,665.8 million at 30 June 2021)of committed drawn debt facilities,with an additional$1,250 million of undrawn committed bank facilities.APAs debt portfolio has a broad spread of maturities across the globa
232、l debt capital markets extending out to FY36,with an average maturity of drawn debt of 6.7 years.APAs treasury policy requires high levels of interest rate hedging to minimise the potential impacts from adverse movements in interest rates.At year end,100%(30 June 2021:100%)of interest obligations on
233、 gross drawn borrowings was either hedged into or issued at fixed interest rates for varying periods extending out to 2036.In June 2022,APA raised AUD$1.0 billion of senior unsecured debt via a syndicated loan facility from leading Australian and Asian banks.The new facility comprises two equal tran
234、ches of 5 and 7-year tenors,both swapped into fixed rates,with the overall cost broadly in line with APAs existing average cost of debt.The proceeds were variously used to refinance the short term debt used to fund the acquisition of Basslink debt,to contribute to APAs future growth projects and for
235、 general corporate purposes.Foreign exchange hedgingIn June 2015,APA acquired the Wallumbilla Gladstone Pipeline(WGP),which receives revenues in USD.To minimise the foreign exchange volatility of the cash inflows and cash outflows,APA entered into a range of AUD:USD Forward Exchange Contracts(FECs)u
236、p to March 2022.In addition,debt borrowed to support the acquisition was also fixed in USD to support the natural hedge against the USD cash inflows over the life of the WGP contract.At 30 June 2022,around US$3.0 billion of the original debt was fixed in USD at an all-in annual interest rate of 4.6%
237、.For accounting purposes,this USD debt is considered a designated hedge to manage foreign currency exposure for WGP revenues.The average AUD to USD FX rate on realised revenue cash flows from WGP was 0.72 in FY21 and 0.71 from July 2021 to March 2022.From March 2022 through December 2025,APA has sec
238、ured:FECs for the monthly revenue cash flows at an AUD:USD rate of 0.72 FECs for the bi-annual interest payment at an AUD:USD rate of 0.72 A FEC to repay the US$1.1 billion 144A Notes due March 2025 at an AUD:USD rate of 0.71.APA has commenced recording an additional revenue adjustment(affecting EBI
239、TDA)for the impact of exiting the portion of the original natural hedging relationship attributed to the period the new FECs have been entered into.This will result in a non-cash A$130 million FX accounting loss to be brought to account over the period February 2022 through October 2025.The resultin
240、g outcome is that revenue is recognised at a blended rate of 0.76 between 2022 and 2025.The impact of the non-cash adjustment to revenue and EBITDA for FY22isA$15 million.The annualised impact of the non-cash adjustment to revenue and EBITDA is A$36 million per annum.The impact on operating cash flo
241、ws(revenue less interest)from entering into the new FECs is expected to be immaterial because the FECs were entered into at similar AUD:USD rates as those in place for recent previous reporting periods.Directors Report continuedAPA Infrastructure Trust and its Controlled Entities1.A debt maturity pr
242、ofile as at 30 June 2022.2.USD denominated obligations translated to AUD at the prevailing rate at inception(USD144A AUD/USD=0.7879,EMTN and Sterling AUD/USD=0.7772).APA Debt Maturity Profile and Diversity of Funding Sources 1FY22FY23FY24FY25FY26FY27FY28FY29FY30FY31FY32FY33FY34FY35FY36A$m5361,140 27
243、38133200879 25009265001,0187701,396 21,104380 245055065050Bank borrowingsHeadroom(bank borrowings)US 144a NotesEUR MTNAustralian MTNJPY MTNSterling MTN23Interest costsDuring the year,net finance costs decreased by$21.8 million or 4.3%,to$483.0 million(FY21$504.8 million).The decrease relative to FY2
244、1 is primarily due to lower average interest rates on borrowings as a result of the Liability Management exercise undertaken in 2021.The average interest rate,including credit margins,applying to drawn debt was 4.59%for FY22(FY21:5.09%).This reflects the full-year impact of the new lower interest co
245、st attributable to the EUR 1,100 million and GBP 250 million senior unsecured Euro Medium Term Notes as part of the Liability Management exercise.Credit ratingsDuring the year,APA Infrastructure Limited,the borrowing entity of APA,maintained two investment grade credit ratings:BBB long-term corporat
246、e credit rating(outlook Stable)assigned by Standard&Poors(S&P)in June 2009,and last confirmed on 25November 2021 Baa2 long-term corporate credit rating(outlook Stable)assigned by Moodys Investors Service(Moodys)in April 2010,and last confirmed on 28 February 2022.APA calculates the Funds From Operat
247、ions(FFO)to Interest to be 3.6 times(FY21:3.1 times)and FFO to Net Debt to be 11.5%for FY22(FY21:11.0%).FFO to Net Debt is the key quantitative measure used by S&P and Moodys to assess APAs credit worthiness and credit rating.FFO to Interest of 3.6 times is at the stronger end of BBB/Baa2 rating met
248、ric guidelines.APA therefore continues to have confidence that its balance sheet can support both organic growth and longer-term growth in securityholder distributions.Capital management strategyAPAs 5-pillar capital management strategy,which was reviewed during the year,positions APA for its next p
249、hase of growth.It comprises:Securityholder returns focus on maximising available free cash flow and distributions Access to capital maintain investment grade credit metrics and a diverse source of funding Capital allocation make disciplined investments aligned to strategy and investment hurdles that
250、 drive long-term value Risk management use a funding strategy focused on diversification,tenor and maturities,with Treasury policies that support strong liquidity and reduce volatility Market engagement implement a proactive investor relations program.Income taxDuring the year,income tax expense of$
251、180.4 million included a$8.4 million accounting income tax expense from reversing the impairment of Orbost(significant item).Income tax expense,excluding significant items,for FY22 of$171.9 million resulted in an effective income tax rate of 41.7%,compared with 39.3%in the previous year.The high eff
252、ective rate is due to significant amortisation charges relating to contract intangibles acquired with the Wallumbilla Gladstone Pipeline,which are not tax deductible.After using available tax losses and research&development and imputation credit tax offsets,income tax of$85.6 million will be payable
253、 for the year ended 30 June 2022(FY21:$48.3 million).The cash tax payable results in an effective tax paid rate of 20.3%in FY22,compared with 17.7%in FY21.APA has published a Tax Transparency Report,including a reconciliation of profit to income tax payable,on its website.To assist APA securityholde
254、rs who wish to submit their annual tax return before receiving their annual APA Tax Statement in mid-September,APA has developed an indicative online tax estimator tool which will be available in the Investor page on APAs website.DistributionsFinal FY21 distribution paid 15 September 2021Interim FY2
255、2 distribution paid 17 March 2022 Cents Total distribution Cents Total distribution per security$000 per security$000APA Infrastructure Trust franked profit distribution 9.43 111,304APA Infrastructure Trust unfranked profit distribution APA Infrastructure Trust capital distribution 18.63 219,820 10.
256、69 126,137APA Investment Trust profit distribution 1.67 19,742 1.33 15,647APA Investment Trust capital distribution 6.7 79,010 3.55 41,886Total 27 318,572 25 294,974Franking credits allocated 4.04 47,701.71Directors Report continuedAPA Infrastructure Trust and its Controlled Entities24APA GROUPANNUA
257、L REPORT|2022Distributions continuedFinal FY22 distribution payable 14 September 2022 Cents per Total distribution security$000APA Infrastructure Trust franked profit distribution 6.31 74,437APA Infrastructure Trust unfranked profit distribution APA Infrastructure Trust capital distribution 15.40 18
258、1,750APA Investment Trust profit distribution 1.14 13,502APA Investment Trust capital distribution 5.15 60,682Total 28.00 330,371Franking credits allocated 2.70 31,857The Distribution Reinvestment Plan remans suspended.Distribution outlookAPA anticipates a FY23 distribution of 55.0 cents per securit
259、y,representing a 3.8%increase on the prior period.As part of the energy supply chain,APA can be impacted by economic downturns and reductions in energy demand.Given market conditions are not certain,APAs revenues will continue to be subject to customer recontracting and investment decisions.Looking
260、ahead,APA is in a strong position to continue executing its growth program,investing for the long-term energy needs of its customers.8.Economic regulatory mattersRegulatory overviewGas pipelines in Australia are regulated under the National Gas Rules(NGR)by the Australian Energy Regulator(AER)or the
261、 Economic Regulation Authority of Western Australia(ERA).The NGR presides over 2 regulatory pipeline frameworks:1)Scheme pipelines(NGR Parts 8-12)subject to either:Full regulation with regulator approved tariffs and terms and conditions;or Light regulation where pipeline owners publish services and
262、prices and comply with information provision requirements.2)Non-Scheme pipelines(NGR Part 23)where tariffs and terms are negotiated between parties.On 31 March 2022,Energy Ministers agreed to a final package of legislative amendments that propose to discontinue the current form of light regulation a
263、nd transition to a:Heavier form of regulation,based on the current full regulation;or Lighter form of regulation,based on the current Part 23 regime for non-scheme pipelines.At 23 August 2022,the approved legislative package had not yet been published or introduced into the South Australian parliame
264、nt for implementation.However,pipelines currently subject to full regulation are not expected to experience much change.APAs non-scheme pipelines and pipelines currently subject to light regulation will transition to the new lighter form of regulation.Directors Report continuedAPA Infrastructure Tru
265、st and its Controlled Entities25Regulatory resetsThe diagram below shows the scheduled regulatory reset dates for pipelines owned and operated by APA.During FY22,approximately 8.2%of APAs Energy Infrastructure revenues were subject to regulated outcomes.Key regulatory matters relating to APA assets
266、addressed during the year included:Roma Brisbane Pipeline(RBP)2022-2027 access arrangement On 6 May 2022,the AER published its final decision on the RBP access arrangement from 1 July 2022 to 30 June 2027,approving a real increase in FY23 tariffs of 4.85%for both eastbound and westbound pipeline ser
267、vices on the RBP.Victorian Transmission System(VTS)2023-2027 access arrangement On 30 June 2022,the AER published its draft decision on the 2023-27 VTS access arrangement.The decision recognised the importance of continued investment in the VTS to maintain reliability and system security for Victori
268、an gas users.The AER is expected to release a final decision in December 2022,which will have effect for 5 years from 1 January 2023.Murraylink 2023-2028 revenue proposal On 31 January 2022,APA submitted its 5-year revenue proposal for the Murraylink electricity transmission interconnector between S
269、outh Australia and Victoria.The AER is expected to publish a draft decision in September 2022 and a final decision in April 2023.Energy industry policy developmentsIn FY22,APA continued to actively engage in national and jurisdictional policy processes focused on gas industry development and the dec
270、arbonisation of the economy,including:Victorian Gas Substitution Roadmap APA submitted that gas infrastructure will play a key role in supporting renewables and supporting reliability as coal power retires.The Victorian Governments final roadmap,released on 2 July 2022,recognises that many consumers
271、 continue to choose gas for domestic uses.The roadmap therefore proposes incentives to make electricity more attractive to consumers,making more gas available for commercial customers where electrification is more difficult.National Gas Infrastructure Plan APA submitted that incremental expansion of
272、 existing infrastructure,along with developing new gas supplies,is the most efficient way to ensure gas security and reliability.Hydrogen and renewable gas reforms APA supports a gradual approach to hydrogen and renewable gases regulation,which should only be imposed if there is clear evidence of en
273、during market failure.Directors Report continuedAPA Infrastructure Trust and its Controlled EntitiesAPA Pipelines(owned and/or operated)By Regulation TypeFull regulation pipelinesLight regulation pipelinesNon-scheme pipelinesPartly full regulation/non-scheme pipelinesVictorian Transmission System 11
274、.Victorian Transmission System access arrangement from 31 December 2017 to 31 December 2022.2.Roma Brisbane Pipeline access arrangement from 1 July 2022 to 30 June 2027.20222026202520242023Goldfields Gas PipelineAmadeus Gas PipelineRoma Brisbane Pipeline 226APA GROUPANNUAL REPORT|20229.Sustainabilit
275、yThis section of the Directors Report contains highlights of APAs FY22 sustainability outcomes,and key metrics for APAs FY22 emissions,health,safety,and environment performance.For more information on APAs sustainability outcomes and performance please refer to APAs separate Sustainability Report an
276、d the new FY22 Sustainability Data Book available on APAs website.Climate Change and energy transitionIn FY22,APA maintained momentum towards net zero and managing climate change risk and opportunity.Significant milestones includes evaluating and disclosing interim targets and goals and the accompan
277、ying TCFD-aligned Climate Transition Plan.For information on this strategic progress please refer to page 13 of this report.StrategyEmissions footprintUnder the National Greenhouse and Energy Reporting Act 2007(NGER Act),APA provides the Australian Clean Energy Regulator with a performance report ev
278、ery October.APAs FY21 NGER submission was lodged in October 2021.The FY22 NGER submission is currently being prepared and will be lodged with the Regulator by 31 October 2022.In FY21,APAs total emissions footprint increased on the prior year with gross Scope 1 and Scope 2 emissions in aggregate,risi
279、ng 7.2%from FY20.Scope 1 emissions increased by 8.1%,from 1,322,294 t COe in FY20 to 1,429,954 t COe in FY21.This was primarily due to increased emissions from APAs Diamantina Power station due to higher demand for electricity.Scope 2 emissions decreased by 6.8%,from 87,765 t COe in FY20 to 81,792 t
280、 COe in FY21.This was due to reduced demand on APAs electricity interconnector assets,which resulted in reduced line losses.Year end 30 June FY21 FY20 FY19 FY18 FY17Total Scope 1 emissions 1,2 t-CO22e 1,429,978 1,322,249 1,229,923 1,205,766 1,241,632Total Scope 2 emissions 1,3 t-CO22e 81,790 87,765
281、176,980 178,445 367,387Energy consumption 4 GJ 41,935,935 32,078,649 27,831,008 25,777,203 26,793,2681.Assets APA does not have operational control over are Gruyere and X41 power stations;the Wallumbilla Gladstone pipeline,Victorian Transmission System(VTS)(except maintenance),SEAGAS and Mortlake tr
282、ansmission pipelines;CNG supply to the Perth Bus Network,North Brown Hill Windfarm and Tipton West Gas processing plant.2.Scope 1:are direct emissions such as company vehicles,fuel combustion and fugitive emissions from gas pipelines from facilities that APA has operational control over.3.Scope 2:ar
283、e indirect emissions such as the consumption of electricity or electricity line losses from facilities that APA has operational control over.4.Energy Consumption is referring to the total calculation of energy consumed across all facilities within APAs operational controlCommunity&Social Performance
284、(CSP)To continue delivering energy responsibly,APAs goal is to build strong,respectful and mutually valuable relationships with all stakeholders,especially in the communities adjacent to energy assets.In FY22,APA moved from developing its CSP Strategy(202225)to implementation.The strategy has two ke
285、y elements:1.Community and stakeholder engagementIn FY22,APA developed and implemented targeted community consultation programs for several key projects,including the Northern Goldfields Interconnect,East Coast Grid Expansion,Kurri Kurri Lateral Pipeline and the Central Queensland Hydrogen Project.A
286、PA also continued to run the annual APA Landholder Contact Program in FY22,completing 10,848 landholder contact visits.2.Focusing investment on sustainable development outcomesAPA developed a new Sustainable Development Investment Framework to guide community investment,including defining 4 investme
287、nt priority areas and objectives for APA across:Regional and remote communities First Nations peoples involvement and relationships Climate transition Natural environmentsDuring the year,APA focused on gaining a better understanding and awareness of First Nations peoples across the business,building
288、 the foundations for developing a Reconciliation Action Plan(RAP)in FY23.The RAP will recognise and formalise APAs responsibilities towards reconciliation and support outcomes for First Nations peoples.APA also continued to increase consideration for First Nations peoples and businesses in its workf
289、orce and supply chain and became a member of Indigenous business register,Supply Nation.People and cultureIn FY22,APA continued to build on its Inclusion and Diversity Strategy 20202025,which aims to embrace diversity and build an inclusive culture where everyone feels safe and valued.This included,
290、launching a HybridAPA Strategy to balance employee choice with business needs and leverage the benefits of successfully implementing remote working during the pandemic.APA also enhanced parental leave benefits for both primary and secondary carers,aligning it with industry benchmarks.Directors Repor
291、t continuedAPA Infrastructure Trust and its Controlled Entities27Diversity performanceUnder APAs Gender Target Action Plan,female representation in the Senior Leaders category reached 30.4%in FY22,surpassing the 2025 goal of 30%.APAs female representation among total employees rose slightly to 29.5%
292、compared with 29.3%in FY21.In FY22,APAs challenge to increase its gender balance in operational divisions continued.These areas have a large proportion of roles requiring science,technology,engineering and mathematics(STEM)disciplines,in which women are generally underrepresented across the industry
293、.In operational divisions,24%of employees identified as female,compared with 47%in APAs corporate divisions.Looking at age diversity,92%of employees were aged 30 years and older.APA continued to address this disparity with programs targeting younger talent,such as internships and traineeships,APAs G
294、raduate Program and its National Apprenticeship Program.Investing in APAs futureAPA continued to develop its employees core compliance,technical and leadership skills,with its workforce completing 39,913 hours of training,averaging 17 hours per workforce member.Leadership training and capabilityDesp
295、ite COVID-19 disruptions,online and face-to-face leadership and professional development continued.Initiatives included the Digital Learning Library,Percipo,which gives employees access to thousands of courses,videos,e-books and audiobooks.The Leading at APA course was delivered through virtual work
296、shops,equipping leaders to have quality conversations.More than 70%of APAs people leaders completed this program during the year.Technical trainingAPA further increased the accredited programs offered to its employees by adding a Certified Locator qualification training program.APAs training program
297、s for technical and compliance skills continued to run in FY22,regardless of COVID lockdowns.A significant number of programs moved to virtual classroom delivery wherever practical,keeping the APA workforce skilled and compliant throughout the year.Health and safetyIn FY22,APAs health and safety foc
298、us was to close the gap between employee and contractor safety performance lag indicators and improve visible leadership through management interactions and hazard identification.Focusing on visible leadership helped leaders to understand the challenges workers face and identify opportunities to imp
299、rove safety performance for the whole workforce.Safety lag indicatorsAPAs lag indicators for safety performance are Total Recordable Injury Frequency Rate(TRIFR),Lost Time Injury Frequency Rate(LTIFR).At year end,APAs combined employee and contractor TRIFR met APAs target of 4.60.The combined TRIFR
300、was 3.25 per million hours worked,equating to 23 persons injured requiring medical intervention.This represented a significant improvement of 43%on the FY21 figure of 5.7(39 people).The reduced TRIFR was driven by an improvement in employee TRIFR,which fell from 4.63 per million hours worked at year
301、 end FY21 to 0.99 at year end FY22.APA ended the year with a combined employee/contractor LTIFR of 0.85,below the year-end target of 1.0 and a decrease from the FY21 LTIFR of 1.62.No employee or contractor fatalities occurred in FY22.1.The FY21 Actual Total Recordable Injury Frequency Rate(TRIFR)was
302、 amended from 6.3 to 5.7 in response to receiving additional contractor hours post the FY21 result.Directors Report continuedAPA Infrastructure Trust and its Controlled EntitiesLost Time Injury Frequency Rate(LTIFR)01.01.52.00.52.5FY18FY17FY19FY20FY21FY22Lost Time Injury Frequency Rate(LTIFR)LTIFR E
303、mployeesLTIFR ContractorsLinear(Lost Time Injury Frequency Rate(LTIFR)1.70.90.3Total Recordable Injury Frequency Rate(TRIFR)06.09.012.03.018.0Total Recordable Injury Frequency Rate(TRIFR)TRIFR EmployeesTRIFR ContractorsLinear(Total Recordable Injury Frequency Rate(TRIFR)FY18FY17FY19FY20FY21 1FY226.3
304、3.31.028APA GROUPANNUAL REPORT|2022Safety lead indicatorsAPAs leaders completed 3,842 management interactions during the year,an increase of 10%on FY21.These interactions help to keep safety front of mind for everyone.APA personnel and contractors collectively identified and reported 3,954 hazards.A
305、t a rate of 546.2 per million hours worked,this was a slight decrease on FY21.Environment and heritageEnvironment Management Plan inductionsIn FY22,APA implemented its updated Environment Management Plans(EMPs),which were refreshed as part of APAs 4-year EMP Improvement Program(FY1821).This included
306、 transforming EMP inductions into structured digital learning packages,with 8 packages currently in production.These online modules ensure employees learn about the environmental risks,responsibilities and requirements specific to their state.The modules are due to be launched across the business in
307、 early FY23.Embedding heritage management across the businessTo support the implementation of its new Heritage Procedure,in FY22 APA systematically identified heritage-listed premises serviced by distribution networks under APAs management.This involved comparing existing gas supply points to the re
308、levant state,territory and local government heritage requirements and creating automated alert notifications as part of APAs work order process.Environment complianceDuring the year,APA had 4 notifiable incidents,a significant decrease from 9 in FY21.These were reported to the appropriate regulatory
309、 authorities.Two incidents were related to unauthorised vegetation removal in Queensland.In both instances APA conducted investigations and applied learnings.The remaining 2 incidents were minor licence non-compliances in Western Australia.Both incidents have been remediated and additional actions a
310、re underway for the second.Customers and suppliersAPA continued to take a customer-centred approach to new products and services,ask its customers for their input into decarbonisation options and make sure it understood the impact of market changes on customers exposed to higher prices.As in previou
311、s years,APAs customer-driven approach included an annual feedback survey and an action plan to respond to any concerns.Decarbonisation and hydrogen readinessIn April 2022,to keep its priorities customer-led,APAs account managers had in-depth discussions with key customers covering decarbonisation,ca
312、rbon offsets and hydrogen readiness.The survey focused on understanding customers decarbonisation priorities and their requirements around potential new products,such as hydrogen blends and carbon offsets.The information will ensure APA develops lower carbon products and services that are of most va
313、lue to customers.Energy CharterIn FY22,APA submitted its second disclosure report under the Energy Charter.A copy of this report is published on the APA website.APA also contributed to the Energy Charters Better Practice Guide to Landholder and Community Engagement.This collaborative effort between
314、industry and landholder representative groups will help to drive the respectful engagement required to design,develop,deliver,operate and maintain APAs new and existing energy assets.Customer complaintsIn FY22,APA received 10 complaints across its commercial customer base compared with 8 complaints
315、in FY21.The complaints spanned power outages,reporting and invoicing issues,system set-up errors,delays in completing new connections and infrastructure builds,processes around planned pipeline maintenance works and misallocation of gas injections.As well as resolving each complaint,APA conducted le
316、ssons learned reviews to ensure underlying issues have been identified and can beimproved.Directors Report continuedAPA Infrastructure Trust and its Controlled Entities29Combatting modern slaveryAPAs Modern Slavery Roadmap is based on a continuous improvement model,so the business can readily respon
317、d to changing regulatory requirements and market expectations while maturing its approach to reducing supply chain risk.In FY22,APA updated its Procurement Policy and Standard to reflect its approach to identifying and mitigating modern slavery risk.We also updated our Supplier onboarding process to
318、 require new suppliers to formally accept APAs Code of Conduct and commit to upholding fundamental human rights.APA also appointed a dedicated Responsible Sourcing Manager to oversee the Procurement function to ensure APA considers modern slavery in all of its sourcing initiatives.Striving to improv
319、e supply chain sustainability performanceIn FY22,238 suppliers participated in APAs Supplier Prequalification Program,which plays a vital role in maintaining supply chain sustainability by tracking supplier commitments and performance in health,safety and environment,modern slavery,social and commun
320、ity performance.Key suppliers are invited to join the Program based on contract size,supply category,lack of readily available alternative sources and the risk to APA operations from an asset and employee perspective.10.Risk managementAPAs Risk Management System comprises 3 elements covering:Risk Ma
321、nagement Policy and Risk Appetite Enterprise Risk Management Framework which sets the approach for identifying,assessing,managing and escalating risks to ensure material risks are managed appropriately and in line with risk appetite.All risk assessments consider a combination of likelihood and conse
322、quence based on the Enterprise Risk Management Framework Risk Management Enablers providing governance,risk awareness in line with APAs culture,technology support,and ongoing training and communicationAPAs approach to risk management aligns to the international risk standard ISO 31000,considering th
323、e internal and external environment,and with coverage of both financial and non-financial risks.All functional risk frameworks align to the Risk Management System to provide consistency and a common language for discussing risk in business decisions.For further information on this process,see APAs C
324、orporate Governance Statement Principle 7.During the year,APA refreshed its risk register ensuring that strategies to manage the potential opportunities and threats arising were in place.APAs Executive Leadership Team,the Boards Audit and Risk Management Committee and the relevant business divisions
325、 reviewed material risks regularly,with the support of internal and external experts.Directors Report continuedAPA Infrastructure Trust and its Controlled EntitiesAPA Group BoardAPA Group Audit&Risk Management CommitteeExecutive Risk Management CommitteeApprove risk strategy&enterprise risk manageme
326、nt frameworkStandards&OversightSets standards&frameworks and monitor the risk and control environmentGroup Risk,Compliance&Insurance IT Security Health,Safety,Environment&Heritage Group SustainabilityBusinessImplements Enterprise risk management frameworks,owns and manages risk and applies risk appe
327、tite in decision makingOperational functionsCorporate functionsIndependent reviewIndependent review of frameworks and control effectivenessInternal AuditExternal AuditThird partiesReview current and emerging material risksApprove and monitor risk appetite and risk taking performanceReview Enterprise
328、 Risk Management Framework and risk strategyReview current and emerging material risks(financial and non-financial)Review asset and corporate insurance programApprove key risk&compliance policiesReview key risk and compliance policies and crisis management planOversight risk frameworks and control e
329、nvironmentPromote risk awareness as part of APAs overall culture30APA GROUPANNUAL REPORT|2022APA currently considers the following key material risks.This list is not exhaustive and subject to change as new risks emerge.Type of RiskDescriptionKey Management Actions to Manage RisksStrategic risks ris
330、ks arising from APAs industry and geography,including its markets,customers,brand and reputation,and regulatory policy.Economic regulationAPA has a number of significant assets and investments in its portfolio subject to economic regulation,including the regulation of prices that APA is permitted to
331、 charge for certain services.Government policy in relation to the Australian domestic gas market also continues to develop,with policy uncertainty as to which assets are regulated and the settings applicable for regulated assets affecting what APA can recover for capital or operating expenditure nec
332、essary to operate price regulated assets.Maintain strong regulatory and policy functions,active in regulatory management and policy development.Assess key policy change proposals for potential impacts on APAs business.Bypass and competition riskAPAs future earnings may be reduced if customers purcha
333、se gas transportation services for new pipelines that by-pass or compete with APAs pipelines,rather than from APAs existing pipelines.New gas development projects that supply export markets may also compete with domestic markets,reducing demand for gas transportation services within Australia.Offer structured and flexible services that leverage APAs capability and infrastructure.Engage with custom
0731-84720580
sgpjbg002
工作日 9:30 - 18:00
研報
新質生產力
DeepSeek?
低空經濟
大模型
AI Agent
AI Infra
具身智能
自動駕駛
寵物
銀發經濟
人形機器人
企業出海
算力
微短劇
薪酬
白皮書
創新藥
人工智能
AI產業
信息科技
互聯網
消費經濟
汽車交通
電商零售
傳媒娛樂
醫藥健康
投資金融
能源環境
地產建筑
傳統產業
英文報告
其它
最新報告
中英對照
全文搜索
報告精選
PDF上傳翻譯
多格式文檔互轉
入駐&報告售賣
會員權益
機構報告
券商研報
財報庫
專題合集
英文報告
數據圖表
會議報告
其他資源
行業聚焦
芯片產業
熱點概念
全球咨詢智庫
人工智能
500強
新質生產力
會議峰會
新能源汽車
企業年報
互聯網
公司研究
行業綜觀
消費教育
科技通信
醫藥健康
人力資源
投資金融
汽車產業
物流地產
電子商務
傳統產業
傳媒營銷
其它
2025低空經濟/低空產業報告合集（共49套打包）
2025年智算中心/AIDC/AI數據中心研究報告合集（共37套打包）
AI、科技與通信
廣告、傳媒與營銷
消費、零售與支付
HR、文化與旅游
金融、保險與投資
能源、環境與工業
醫療制藥與大健康
物流、地產與建筑
其他行業
AI ? 科技 ? 通信
數字化
金融財經
智能制造
電商傳媒
地產建筑
醫療醫學
能源化工
其他行業
收藏
下載
2025-05-20
AI查數
行業數據
政策法規
商業模式
產業鏈
競爭格局
市場規模
產業概述
其它
2025年
AI讀財報
年報
一季報
半年報
三季報
IPO招股書
社會責任報告
A股
IPO申報
港股
美股&全球
新三板
掃碼登錄
手機快捷登錄
賬號登錄
