Full Year 2024 APA Group Earnings Call Transcript
Key Points
- Solid financial performance with earnings and distributions in line with guidance.
- Recent investments, such as Pilbara Energy and Basslink, are delivering returns as expected.
- Successful refinancing of a significant amount of debt, maintaining a strong balance sheet.
- Progress in business development activities, including new agreements with CS Energy.
- Improved safety performance and increased representation of women in the workforce.
- Higher interest costs expected in FY25 due to refinancing $1.7 billion of debt.
- Increased tax payments anticipated as accelerated depreciation allowances are fully utilized.
- Net profit after tax decreased due to higher depreciation, amortization, and interest costs.
- Uncertainty around regulatory changes could impact future investments and returns.
- Free cash flow relatively flat year-on-year, with expectations of continued pressure from higher debt costs and tax payments.
Thank you, and good morning, everyone. Thank you for joining us at today's FY24 results presentation. I'm joined by Garrick Rollason, our CFO, as well as the Broader Investor Relations team.
Let me start by acknowledging the Gadigal people of the Eora Nation, traditional custodians of the land on which I'm speaking today. First Nations people have taken care of our lands and waterways for the past 60,000 years. We acknowledge and pay our respects to their Elders past, present, and emerging.
As a sign of how APA is making a difference with our communities, we're at the halfway point with our reconciliation action plan, and we've already achieved 50% of our commitments. While this means we're on track and we have great momentum, we acknowledge we do have more to do.
Moving to slide 4 for a safety share. In June this year, we commissioned a new monitoring system on Basslink. It allows us to safely transport electricity above our nameplate capacity for short periods when there's heightened market demand. In simple terms, we've
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