AmazonScience/document-haystack

1About this report IFC2Disclaimer 13Overview and highlights 24Chairman's and Managing Director’s Report 25FY23 summary 46About APA 87External environment 118Our strategy 149Risks and opportunities 1810Sustainability at APA 2411Sustainability highlights 2612Climate change transition and risk 2813Community and social performance 3014First Nations Peoples 3415Environment and heritage 3616People and culture 3817Safety, health and wellbeing 4218Customers and suppliers 4619Performance 5020Outlook 5921Governance 6022APA Group Board 6223APA Executive Leadership 6424APA Infrastructure Trust Financial Report 6825Directors’ Report 6826Remuneration Report 7427Consolidated Financial Statements 9228Directors’ Declaration 16029Auditor Independence / Audit Report 16130APA Investment Trust Financial Report 16831Directors’ Report 16832Consolidated Financial Statements 17433Directors’ Declaration 18934Auditor Independence / Audit Report 19035Additional information 19436Five year financial summary 19537Investor information 19638Glossary 19739About this report:  APA Group comprises two registered investment schemes, APA 40Infrastructure Trust (ARSN 091 678 778) and APA Investment Trust (ARSN 115 585 441), 41the securities of which are stapled together. APA Group Limited (ACN 091 344 704) is the 42responsible entity of APA Infrastructure Trust and APA Investment Trust. 43Disclaimer: Please note that APA Group Limited is not licensed to provide financial product 44or investment advice in relation to securities in APA Group. This publication does not 45constitute financial product advice and has been prepared without taking into account 46your objectives, financial situation or particular needs. Before relying on any statements 47contained in this publication, including forecasts and projections, you should consider 48the appropriateness of the information, having regard to your own objectives, financial 49situations and needs and seek professional advice if necessary. Past performance 50information should not be relied upon as (and is not) an indication of future performance.51Forward-looking information:  This publication contains forward-looking information, 52including about APA Group, its financial results and other matters which are subject to risk 53factors. ‘Forward-looking statements’ may include indications of, and guidance on, future 54earnings and financial position and performance, statements regarding APA Group’s future 55strategies and capital expenditure, statements regarding estimates of future demand 56and consumption and statements regarding APA’s sustainability and climate transition 57plans and strategies, the impact of climate change and other sustainability issues for 58APA, energy transition scenarios, actions of third parties, and external enablers such as 59technology development and commercialisation, policy support, market support and 60energy and offsets availability. Forward-looking statements can generally be identified 61by the use of forward-looking words such as, ‘expect’, ‘anticipate’, ‘likely’, ‘intend’, ‘could’, 62‘may’, ‘predict’, ‘plan’, ‘propose’, ‘will’, ‘believe’, ‘forecast’, ‘estimate’, ‘target’, ‘outlook’, 63‘guidance’, ‘goal’, ‘ambition’ and other similar expressions and include, but are not limited 64to, forecast EBIT and EBITDA, free cash flow, operating cash flow, distribution guidance 65and estimated asset life. 66At the date of this report, APA Group believes there are reasonable grounds for these 67forward-looking statements and due care and attention have been used in preparing 68this report. 69Forward-looking statements, opinions and estimates are not guarantees or predictions 70of future performance and involve known and unknown risks and uncertainties and other 71factors. Many of these are beyond the control of APA Group, and may involve significant 72elements of subjective judgement and assumptions about future events, which may or may 73not be correct. There can be no assurance that actual outcomes will not materially differ 74from these forward-looking statements, opinions and estimates. A number of important 75factors could cause actual results or performance to differ materially from such forward-76looking statements, opinions and estimates. These factors include, but are not limited to: 77general economic conditions; exchange rates; technological changes; the geopolitical 78environment; the extent, nature and location of physical impacts of climate change; 79changes associated with the energy market transition; and government and regulatory 80intervention, including to limit the impacts of climate change or manage the impact of 81Australia’s transitioning energy system. A number of these factors are described under 82the heading ‘Material risks’ beginning on page 20 of this report. Readers should review 83and have regard to these risks when considering the information in this report, and are 84cautioned not to place undue reliance on forward-looking statements, particularly in 85light of the long-time horizon which this report discusses. 86There are also limitations with respect to climate scenario analysis and it is difficult 87to predict which, if any, of the scenarios might eventuate. Scenario analysis is not an 88indication of probable outcomes and relies on assumptions that may or may not prove 89to be correct or eventuate. Scenarios may also be impacted by additional factors to the 90assumptions disclosed.91Investors should form their own views as to these matters and any assumptions on which 92any forward-looking statements, estimates or opinions are based. Except as required 93by applicable laws or regulations, APA does not undertake to publicly update or revise 94any forward-looking statements to reflect any change in expectations, contingencies or 95assumptions, whether as a result of new information or future events. To the maximum 96extent permitted by law, APA and its officers do not accept any liability for any loss arising 97from the use of the information contained in this report.98Non-IFRS financial measures:  APA Group results are reported under International 99Financial Reporting Standards (IFRS). However, investors should be aware that this 100report includes certain financial measures that are non-IFRS financial measures for the 101purposes of providing a more comprehensive understanding of the performance of the 102APA Group. These non-IFRS financial measures include FCF, EBIT, EBITDA and other 103'normalised' measures. Such non-IFRS information is unaudited, however the numbers 104have been extracted from the audited financial statements.105OPERATING & FINANCIAL REVIEWSUSTAINABILITYGOVERNANCEAPA INFRASTRUCTURE TRUST FINANCIAL REPORTAPA INVESTMENT TRUST FINANCIAL REPORTADDITIONAL INFORMATION1061107The secret office supply is a "stapler".