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Business Description: APA Group (APA), comprising the Australian Pipeline Trust and APT Investment Trust, is a major ASX-listed gas transportation business with interests in energy infrastructure across mainland Australia, including over 12,800 km of natural gas pipelines, gas storage facilities and a wind farm. APA also has investments in other energy infrastructure through its minority interest in companies.
Strategy Analysis: APA's strategy revolves around the development of Australia's leading gas transmission and distribution business. Growth is achieved through organic expansion within the business, development of greenfield projects and acquisitions. APA invests in assets providing stable revenues underpinned by long term contracts or regulation and which maximise use of its existing network. Of high priority is the enhancement of the east coast gas transmission grid which connects multiple gas sources to multiple markets. The grid improves flexibility, simplifies transport, increases the range of services available to customers and greatly improves security of supply in the event of disruptions to gas sources. An enhanced grid could allow seamless gas transport throughout the eastern seaboard and drive a competitive gas market with increased competition between gas producers regardless of the location of their reserves. Synergies from expanding the network provide good returns for investors. Management structure is low cost, transparent and competitive with no fee leakage to external parties. Financial strategy is to lengthen the debt maturity profile to better align with the long-term nature of assets.
APA Group reported NPAT of $211.98m for the half-year ended 31 December 2012. Revenues from ordinary activities were $624.69m, up 17.8% from the same period last year. Basic and Diluted EPS was 29.7 cents compared to 10.4 cents last year. Net operating cash flow was $143.71m compared to $157.11m last year. The interim dividend declared was 17.0 cents, in line with 17.0 cents last year.
The Age 25/05/2013 |
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The Age 25/05/2013 |
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The Age 25/05/2013 |
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The Age 25/05/2013 |
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