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APA/APA_100Pages/Text_TextNeedles/APA_100Pages_TextNeedles_page_1.txt

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+tomorrowpowering
+ANNUAL  
+REPORT 2023

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+About APA 
+PURPOSE · WHY WE EXIST
+To strengthen communities 
+through responsible energy.
+STRATEGY · WHAT WE DO
+To be the partner  
+of choice in delivering 
+infrastructure  
+solutions for the 
+energy transition.
+8
+APA GROUP  ANNUAL REPORT 2023

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+APA Infrastructure Trust and its Controlled Entities  
+For the financial year ended 30 June 2023
+Notes to the consolidated financial statements 
+Basis of Preparation
+1. About this report
+In the following financial statements, note disclosures are grouped into six sections being: Basis of Preparation; Financial 
+Performance; Operating Assets and Liabilities; Capital Management; Group Structure; and Other. Each note sets out the 
+accounting policies applied in producing the results along with any key judgements and estimates used. 
+Basis of Preparation  98
+1. About this report 98
+2. General information 99
+Financial Performance 101
+3. Segment information 101
+4. Revenue 106
+5. Expenses 108
+6. Income tax 109
+7. Earnings per security 112
+8. Distributions 113
+Operating Assets and Liabilities 115
+9. Receivables 115
+10. Payables 115
+11. Assets classified as held for sale 116
+12. Property, plant and equipment 117
+13. Goodwill and intangibles 119
+14. Impairment of non-financial assets 121
+15. Provisions 123
+16. Other non-current assets 124
+17. Employee superannuation plans 125
+18. Leases 126
+Capital Management 128
+19. Net debt 128
+20. Financial risk management 130
+21. Other financial instruments 144
+22. Issued capital 147
+Group Structure 148
+23. Non-controlling interests 148
+24. Joint arrangements and associates 149
+25. Subsidiaries 151
+Other 154
+26. Basslink Asset Acquisition 154
+27. Commitments and contingencies 155
+28.  Director and Executive Key  
+Management Personnel remuneration 155
+29. Remuneration of external auditor 156
+30. Related party transactions 157
+31. Parent entity information 158
+32.  Adoption of new and revised  
+Accounting Standards 158
+33. Events occurring after reporting date 159
+98
+APA GROUP   ANNUAL REPORT 2023

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+APA Group is a leading Australian energy infrastructure 
+business, owning, operating and managing a diverse 
+$22 billion portfolio. We are proud of the role we play in 
+delivering energy solutions to millions of customers in every 
+State and Territory. 
+Our strategic ambition is to be the partner of choice 
+in delivering infrastructure solutions for Australia’s 
+energy transition.
+Our approach is customer driven as we look to support the 
+decarbonisation ambitions of our priority customer groups 
+– including governments, resource companies, energy 
+supply and wholesale customers, and large commercial 
+and industrial customers.
+Through this approach to market we see immense 
+opportunities across our four priority asset classes 
+of contracted renewables and firming, electricity 
+transmission, gas transportation and future energy.
+Our behaviours 
+Our behaviours set the benchmark for how our people 
+interact with customers, communities and each other.
+They support our strategy and the high-performance 
+culture that we strive for. The behaviours guide how  
+we conduct our business and help to shape our  
+inclusive culture:
+We are customer focused, innovative and collaborative, 
+with empowered and energised teams.
+PURPOSE · WHY WE EXIST
+To strengthen communities 
+through responsible energy.
+STRATEGY · WHAT WE DO
+To be the partner  
+of choice in delivering 
+infrastructure  
+solutions for the 
+energy transition.
+COURAGEOUS
+We are honest and 
+transparent; we learn 
+from our mistakes 
+and we challenge the 
+status quo.
+ACCOUNTABLE
+We spend time 
+on what matters, 
+we do what we say 
+and deliver world 
+class solutions.
+NIMBLE
+We are curious, 
+adaptive and 
+future focused.
+COLLABORATIVE
+We are inclusive, work 
+together and respect 
+and listen to our 
+stakeholders.
+IMPACTFUL
+We create positive 
+legacies and 
+work safely, for 
+our customers, 
+communities, 
+our people and 
+the environment.
+OPERATING & FINANCIAL REVIEWSUSTAINABILITYGOVERNANCEAPA INFRASTRUCTURE TRUST FINANCIAL REPORTAPA INVESTMENT TRUST FINANCIAL REPORTADDITIONAL INFORMATION
+9

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+APA PORTFOLIO OF ASSETS AND INVESTMENTS
+About APA  
+(continued)
+Pipeline
+3 Amadeus Gas Pipeline (inc laterals)
+13 Berwyndale W allumbilla Pipeline
+1  Bonaparte Gas Pipeline
+9 Carpentaria Gas Pipeline (inc laterals)
+22 Central Ranges Pipelines
+23 Central West Pipeline
+37 Eastern Goldfields Pipeline
+47 Goldfields Gas Pipeline
+38 Kalgoorlie Kambalda Pipeline
+40 Mid West Pipeline
+20 Moomba Sydney Pipeline (inc laterals)
+21 Moomba to Sydney Ethane Pipeline
+28 Mortlake Gas Pipeline
+39 Northern Goldfields Interconnect
+45 Parmelia Gas Pipeline
+48 Pilbara Pipeline System
+12 Reedy Creek Wallumbilla Pipeline
+15 Roma Brisbane Pipeline (inc Peat lateral)
+30 SEA Gas Pipeline
+29 SESA Pipeline
+10 South West Queensland Pipeline
+49 Telfer/Nifty Gas Pipelines and lateral
+25 Victorian Transmission System
+14 Wallumbilla Gladstone Pipeline (inc laterals)
+2 Wickham Point Pipeline
+36 Yamarna Gas Pipeline
+51 Kurri Kurri Lateral Pipeline (KKLP)
+52 Western Outer Ring Main (WORM)
+Gas Processing and Storage
+27  Dandenong (680TJ/12000t)
+18  Kogan North (12TJ/d)
+46       Mondarra (18PJ)
+Gas Distribution
+16 Allgas Gas Network
+50 Australian Gas Networks
+24 Tamworth Gas Network
+Electricity Transmission
+19 Directlink
+31 Murraylink
+53 Basslink*
+ 
+Generation
+17  Daandine (30 MW)
+6  Diamantina (242 MW)
+33  Gruyere (47 MW)
+7  Leichhardt (60 MW)
+5  Thomson (22 MW)
+4  X41 (41 MW)
+35  Gruyere Battery Station (4.4 MW/MWh)
+Solar Farm
+43  Badgingarra (19 MW)
+11  Darling Downs (108 MW)
+41  Emu Downs (20 MW)
+34  Gruyere Solar Farm (13.2 MW)
+8  Dugald River Solar Farm (88 MW)
+Wind Farm
+44  Badgingarra (130 MW)
+42  Emu Downs (80 MW)
+32  North Brown Hill (132 MW)
+K ey
+APA G r o up asse t
+APA Group distribution network asset
+APA Group investment
+Investment distribution network
+APA G r oup managed  asset (no t ow ned )
+Managed distribution network
+Other natural gas pipelines
+Under construction
+Wind farm
+Solar farm
+LNG plan
+Battery storage
+Gas storage facility
+Gas processing plant
+Gas power station
+Integrated Operations Centre
+ 
+ 
+ 
+Dubbo
+53
+Gruyere
+45
+46
+48 4
+1
+2
+5
+6
+7
+8
+9
+10
+13
+12
+11
+14
+15 16
+17
+23
+24
+22
+25
+28
+29 27
+20
+19
+21
+32
+31
+30
+18
+33
+47
+36
+3435
+3738
+41
+42
+43
+44
+40
+39
+3
+49
+50
+51
+Kurri Kurri
+W allumbilla
+R oma
+Mount Isa
+Karratha
+Ballar at
+Bendigo
+T a mwor th
+I O C
+Lithgow
+T r opicana
+Y armana
+Alice Springs
+K atherine
+Kalgoorlie
+Gladstone
+Moomba
+Albury
+Sydney
+Canberra
+Brisbane
+Melbourne
+Hobart
+D arwin
+Perth
+Adelaide
+Melbourne
+Melbourne 
+Airport
+52
+Ballera
+*  Acquired October 2022.
+10
+APA GROUP   ANNUAL REPORT 2023

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+External environment 
+APA is committed to working with our customers, 
+communities and governments to deliver an energy transition 
+that prioritises reliable, affordable and low emissions energy 
+for all Australians.
+Major trends 
+Both industry and governments continue to confront the 
+challenge of balancing the competing demands of the 
+energy sector to deliver:
+• reliable energy
+• affordable energy and
+• low emissions energy
+Australia, like most countries, strives to balance these 
+three interconnected objectives as our energy sector 
+transitions towards net zero.
+As low emission variable renewable electricity (‘VRE’) 
+steps in to replace coal-fired generation, industry and 
+governments are searching for solutions to ensure the 
+transition remains affordable and reliable. Transitioning  
+to these cleaner energy sources often requires significant 
+upfront capital investments in new infrastructure, new 
+technologies, and research and development with long 
+lead times to commercialisation.
+1 AEMO Market Suspension FAQs June 2022.
+Both Federal and State governments throughout Australia 
+are adjusting policy settings in energy markets in an 
+attempt to both encourage lower carbon energy sources 
+as well as ensure energy remains affordable and reliable.
+Interventions that commenced in FY22 continued in  
+FY23 as it was deemed necessary by government bodies 
+to take action in the electricity, coal and gas markets 
+across eastern Australia. This was driven by supply 
+constraints leading to high energy prices and included: 
+• The National Electricity Market (NEM) was suspended 
+in June 2022 by the Australian Energy Market Operator 
+(AEMO). Supply shortages made the ongoing operation 
+of the market under the National Electricity Rules 
+‘practically impossible’.1 
+• The Federal Government introduced legislation  
+in December 2022 which applies a temporary price  
+cap of $12/GJ on the supply of regulated gas for  
+12 months. The government also requested a domestic 
+coal price cap of $125/T to be implemented in  
+New South Wales and Queensland.
+• In Western Australia, June 2022 saw the announcement 
+by the WA Government that all state-owned coal 
+generators are to close by 2030. Following this, the 
+WA Government announced a review of the State's 
+domestic gas reservation policy. This was part of the 
+Government’s efforts to determine if the policy remains 
+fit for purpose in supplying the domestic market or if 
+amendments are needed to allow for more gas to be 
+delivered to domestic users.
+OPERATING & FINANCIAL REVIEWSUSTAINABILITYGOVERNANCEAPA INFRASTRUCTURE TRUST FINANCIAL REPORTAPA INVESTMENT TRUST FINANCIAL REPORTADDITIONAL INFORMATION
+11

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+Economic regulatory matters
+Gas pipelines in Australia are regulated under the 
+National Gas Law (NGL) and National Gas Rules (NGR) by 
+the Australian Energy Regulator (AER) or the Economic 
+Regulation Authority of Western Australia (ERA). On  
+2 March 2023, amendments to the NGL and NGR were 
+proclaimed and came into effect across all States except 
+Western Australia. Prior to these amendments the NGL 
+and NGR established two 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 prices and comply with information 
+provision requirements.
+2. Non-Scheme pipelines (NGR Part 23) where tariffs and 
+terms are negotiated between parties.
+The 2 March 2023 amendments to the NGL and NGR 
+discontinue light regulation and transition to a:
+• ‘heavier’ form of regulation, based on the current full 
+regulation for scheme pipelines; or 
+• ‘lighter’ form of regulation, based on the previous  
+Part 23 (now Part 10) regime for non-scheme pipelines.
+In practice, pipelines currently subject to full regulation 
+are not expected to experience much change. APA’s 
+non-scheme pipelines and pipelines previously subject 
+to light regulation will transition to the new ‘lighter’ form 
+of regulation.
+Following on from this legislative change, the regulator will 
+now have the power to determine the form of regulation 
+to apply to a particular pipeline. In effect, this means that 
+the AER can decide to apply full regulation to non-scheme 
+pipelines. The AER would then have the role of approving 
+capital and operating expenditure and rates of return 
+under five year access arrangement proposals. APA will 
+also be required to publish actual contracted prices across 
+its pipeline network. Further changes to the information 
+disclosure framework will take place from FY25, under a 
+new Pipeline Information Disclosure Guideline, currently 
+under development.
+APA pipelines (owned and/or operated) – by regulation type
+External environment  
+(continued)
+Full regulation pipelines
+Light regulation pipelines
+Non-scheme pipelines
+Partly full regulation/non-scheme pipelines
+12
+APA GROUP   ANNUAL REPORT 2023

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+Regulatory resets
+The diagram below shows the scheduled regulatory reset 
+dates for pipelines owned and operated by APA. During 
+FY23, approximately 8.2% of APA’s Energy Infrastructure 
+revenues were subject to regulated outcomes.
+Key regulatory matters relating to APA assets addressed 
+during the year included:
+• Victorian Transmission System (VTS) 2023-2027 
+access arrangement – On 9 December 2022, the AER 
+published its final 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 Victorian gas users. 
+The access arrangement will have effect for five years 
+from 1 January 2023.
+• Murraylink 2023-2028 revenue proposal1 – 
+On 28 April 2023, the AER published its final 
+determination for the Murraylink electricity transmission 
+interconnector between South Australia and Victoria, 
+approving total revenues for the 2023-28 period at 
+levels 4.5% lower than allowed for in the 2018-22 
+period. This cut was driven largely by reductions in the 
+allowed cost of capital.
+Energy industry policy developments
+In FY23 APA continued to engage in national and 
+jurisdictional policy processes focused predominantly on 
+gas security, development of the hydrogen and renewable 
+gas industries, and the decarbonisation of the economy. 
+The focuses of our submissions were as follows:
+• Gas security – APA submitted that market approaches, 
+rather than direct Government intervention, are the 
+most efficient means of ensuring gas is delivered 
+to customers. Our submissions also stressed the 
+importance of bringing new gas supplies to market.
+• Hydrogen and renewable gas reforms – APA lodged 
+submissions to various jurisdictional processes 
+proposing to extend licensing and technical 
+frameworks to include hydrogen and renewable gases. 
+• Decarbonisation of the economy – APA supports 
+the development of Renewable Energy Zones and 
+contestability in transmission delivery to help efficiently 
+connect renewable generation to the National 
+Electricity Market. APA also supported amendments 
+to the National Energy Objectives and the Safeguard 
+Mechanism to help drive the decarbonisation of 
+the economy.
+• Banning new gas connections – The ACT and 
+Victorian governments are taking steps to ban new gas 
+connections at the distribution level for households 
+and small business. Both governments are also offering 
+subsidies for households and small business to replace 
+gas appliances with electric ones.
+Scheduled regulatory reset dates for pipelines owned and operated by APA 2
+Victorian Transmission System 31 DECEMBER 2027
+Roma Brisbane Pipeline 30 JUNE 2027
+CY23 CY24 CY25 CY26 CY27
+Amadeus Gas Pipeline 30 JUNE 2026
+Goldfields Gas Pipeline 31 DECEMBER 2024
+1  APA has ~20% ownership of Murraylink.
+2 Victorian Transmission System access arrangement from 1 January 2023 to 31 December 2027.
+OPERATING & FINANCIAL REVIEWSUSTAINABILITYGOVERNANCEAPA INFRASTRUCTURE TRUST FINANCIAL REPORTAPA INVESTMENT TRUST FINANCIAL REPORTADDITIONAL INFORMATION
+13

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+Our strategy
+Creating value as
+THE PARTNER OF 
+CHOICE
+Meeting the needs of our customers
+WHERE WE HAVE 
+A COMPETITIVE 
+ADVANTAGE
+Disciplined investment 
+ACROSS FOUR ASSET 
+CLASSES
+14 APA GROUP   ANNUAL REPORT 2023
+The secret office supply is a "stapler".

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+An effective transition requires an ambitious but 
+pragmatic approach to delivering affordable, reliable and 
+low emissions energy. To achieve this, we believe the 
+transition must focus on the retirement of coal fired power 
+generation and the introduction of renewable generation, 
+firmed with gas and/or other low emissions firming and 
+storage technologies. 
+APA is well positioned in Australia to play a key role in 
+developing and deploying energy solutions that strike the 
+balance between these often competing priorities. Our 
+natural gas assets are strategically integrated in both the 
+East Coast and West Coast gas markets. They will remain 
+a critical part of the future energy mix, balancing the load 
+and helping to unlock the expansion of renewable energy 
+required to replace retiring coal power stations and 
+support the nation’s decarbonisation. In addition, natural 
+gas continues to play an important role for powering 
+hard-to-abate and hard-to-electrify industrial sectors and 
+provides essential heating in colder climates. APA’s assets 
+will help to ensure Australia continues to have access to 
+reliable and cost-efficient energy. 
+APA’s strategy is to be the partner of choice in delivering 
+infrastructure solutions for the energy transition . 
+We will do this in select asset classes, where we have 
+a competitive advantage – renewable electricity and 
+firming, electricity transmission, gas transportation 
+and future energy (including clean fuels such as hydrogen 
+and renewable methane).
+This approach will be underpinned by anticipating  
+the needs of our customers, partnering with them, 
+pursuing unsolicited proposals, and delivering bundled 
+energy solutions.
+APA’s energy transition strategy is focused on four asset classes
+APA’s strategy is to be the partner of choice in delivering 
+infrastructure solutions for the energy transition. 
+We are supporting  
+Australia’s energy  
+transition through  
+investment in
+OPERATING & FINANCIAL REVIEWSUSTAINABILITYGOVERNANCEAPA INFRASTRUCTURE TRUST FINANCIAL REPORTAPA INVESTMENT TRUST FINANCIAL REPORTADDITIONAL INFORMATION
+15
+Contracted  
+Renewables and Firming
+Electricity  
+Transmission
+Gas  
+Transportation
+Future  
+Energy

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+Our strategy  
+(continued)
+BRINGING THE APA STRATEGY TO LIFE THROUGH A CUSTOMER DRIVEN APPROACH TO MARKET  
+RESOURCE INDUSTRY ENERGY SUPPLY 
+AND WHOLESALE GOVERNMENT LARGE COMMERCIAL 
+AND INDUSTRIAL
+... ACROSS VARIOUS ASSET CLASSES
+... MEETING THE NEEDS OF OUR CUSTOMERS WHERE WE HAVE A COMPETITIVE ADVANTAGE ...
+A CUSTOMER FOCUSED STRATEGY ...
+Levelised cost of energy 
+remains key
+Flexibility to respond to 
+changing supply sources
+Reliability of service 
+remains high
+Opportunity across both 
+East and West coasts
+Leverage current assets 
+along with incremental learning 
+and execution
+Require trusted partner to 
+support accelerating transition
+Reliability and social 
+licence are key
+Cost is important, but timely 
+delivery drives outcomes
+Opportunity estimated amounts 
+to $54bn including REZs and 
+subsea cables
+Basslink, Murraylink, Directlink 
+illustrate our capability
+Ability to provide flexible 
+and responsive services to 
+changing market demands
+Reliability of supply with 
+a trusted partner
+Requiring innovative ways to 
+respond to the energy transition
+Opportunity across both 
+East and West coasts
+Core operating business 
+with a proven track record
+Resource companies are 
+decarbonising – majority 
+have CO 2  reduction goals
+Reliability of energy supply 
+with a trusted operator/partner
+Levelised cost of energy remains 
+key for global competitiveness
+Significant opportunity exists 
+in North West Minerals Province, 
+Pilbara, Goldfields
+Mt Isa and Gruyere showcases 
+our capability
+Asset class and total estimated addressable market size /one.numr :
+$8bn  
+Gas 
+Pipelines
+$260bn  
+Hydrogen
+$54bn  
+Electricity 
+Transmission  
+(including 
+Subsea Cables)
+$206bn 
+Contracted 
+VRE and 
+Firming 
+on Grid (NEM)
+$13bn 
+CO 2 
+Transmission
+$25bn  
+Contracted 
+VRE and 
+Firming 
+Remote Grid
+1 Estimated addressable market sizes in Australia. Estimates are based on a number of key assumptions, including in relation to macroeconomic factors, future technology 
+advancements and costs, market demand, regulatory requirements and government policies and there can be no assurance the estimates are accurate. The actual 
+addressable market sizes may differ materially from the estimates because events frequently do not occur as projected.
+16
+APA GROUP  ANNUAL REPORT 2023

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+Our sustainability roadmap 
+As a leading Australian energy infrastructure business, 
+we believe we have a responsibility to steward our natural 
+resources and preserve long-term value for security-
+holders, communities and our people. 
+At APA we see sustainability as a priority that involves 
+both opportunities and risks. We understand the value 
+and scrutiny our partners and stakeholders place on our 
+sustainability performance and that this is used to assess 
+APA’s comparative performance across the industry. 
+Our approach to sustainability is governed by a 
+Sustainability Roadmap centred on nine material 
+sustainability issue areas identified through a consultative 
+process. Our Roadmap provides a three-year framework 
+for building the foundations of sector-leading sustainability 
+performance. 
+APA’s Net Zero ambitions and the low-carbon transition 
+are at the heart of our Roadmap and we are prioritising 
+achievement of the targets outlined within our Climate 
+Transition Plan (CTP). 
+Our Sustainability Roadmap and our CTP are overseen 
+by our Board and guided by the Safety and Sustainability 
+Board Committee.
+Climate Change Transition and Risk  Environmental Management
+including Heritage Management
+Safety, Health and Wellbeing
+Community and Social Performance
+First Nations Peoples
+ Inclusion and Diversity 
+People and Culture
+Governance and Risk Management
+Sustainable Development
+Sustainability issues
+Leverage our strengths and focus on the things 
+that matter
+Engage, listen and innovate with key stakeholders 
+and alliances
+Achieve consistently meaningful, measurable and 
+impactful outcomes
+Anticipate and be well positioned to respond to fast 
+moving issues and opportunities
+Accelerate our improvement actions to close the gap Take a ‘know and show’ approach with disclosure 
+and transparency
+ESG SCORECARD
+ROADMAP AND PLAN PRINCIPLES
+BUILD ACCELERATE MAINTAIN AND EVOLVE
+Priority issues to be built 
+into strengths
+Fundamental issues which 
+require strengthening
+Existing plans and processes 
+to evolve via ESG lens
+1
+2
+3
+4
+5
+6
+OPERATING & FINANCIAL REVIEWSUSTAINABILITYGOVERNANCEAPA INFRASTRUCTURE TRUST FINANCIAL REPORTAPA INVESTMENT TRUST FINANCIAL REPORTADDITIONAL INFORMATION
+17

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+ACKNOWLEDGEMENT OF COUNTRY
+At APA, we acknowledge the Traditional 
+Owners and Custodians of the lands on which 
+we live and work throughout Australia.  
+We acknowledge their connections to land, 
+sea and community. 
+We pay our respects to their Elders past and 
+present and commit to ensuring APA operates 
+in a fair and ethical manner that respects  
+First Nations peoples’ rights and interests. 
+About this report: The 2023 Annual Report is our primary report to securityholders 
+and provides a consolidated summary of APA Group’s performance for the financial 
+year ended 30 June 2023. It should be read in conjunction with the reports that 
+comprise the 2023 Annual Reporting Suite including: Annual Report, Sustainability 
+Data Book, Results Presentation available from https://www.apa.com.au/investors , 
+as well as the Climate Report and Climate Data Book that will be available at this 
+website in September 2023. In this report, unless otherwise stated, references to 
+‘APA Group’, ‘we’, ‘us’ and ‘our’ refer to APA comprising the ASX-listed entity and 
+the APA Infrastructure Trust and the APA Investment Trust. Any reference in this 
+report to a ‘year’ relates to the financial year ended 30 June 2023. All dollar figures 
+are expressed in Australian dollars unless otherwise stated.
+The Board acknowledges its responsibility for the 2023 Annual Report and has been 
+directly involved in its development and direction. The Board reviewed, considered 
+and provided feedback during the production process and approved the Annual 
+Report at its August 2023 Board meeting. 
+This report outlines APA Group’s activities – governed by our purpose, vision 
+and values and corporate strategy – delivering the financial, non-financial and 
+sustainability performance required to capture opportunities whilst managing risks. 
+Towards integrated reporting:  APA Group is committed to providing securityholders, 
+other external stakeholders and our people with timely, consistent and transparent 
+corporate reporting. APA is moving towards integrated reporting over a multi-year 
+period in order to create trusting and transparent relationships with all stakeholders 
+and to provide a more complete picture of how we create and preserve long-term value. 
+The integrated reporting concept refers to a principles-based, multi-capital 
+framework in which companies can communicate clearly and concisely about how 
+their strategies, governance, performance, prospects and sustainability-related 
+actions create value in the context of their external environment. The International 
+Finance Reporting Standards Foundation formed the International Sustainability 
+Standards Board (ISSB) in November 2021. The ISSB’s purpose is to deliver a 
+comprehensive global baseline of sustainability-related disclosure standards that 
+provide investors and other capital market participants with information about 
+companies’ sustainability-related risks and help them make informed investment. 
+These standards, when issued, are expected to result in a more definitive approach 
+for companies to follow with regard to integrated reporting. Our FY23 Annual Report 
+has been developed with this in mind.

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+Risks and  
+opportunities
+EMBRACING 
+the energy transition opportunity
+OPTIMISING 
+outcomes in a highly regulated  
+and fluid environment
+FUTURE PROOFING 
+APA with the right capability  
+and technology
+18 APA GROUP   ANNUAL REPORT 2023
+The secret instrument is a "trumpet".

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+As a leading energy infrastructure business, APA is exposed 
+to risks that can have a material impact on our delivery of 
+energy and our financial success. Our approach to managing 
+material risks is summarised below.
+Risk management framework 
+APA’s risk management framework supports the 
+identification, management, escalation and reporting 
+of material risks. By implementing an effective risk 
+management framework APA’s Board and executive aim 
+to ensure that strategies are in place to manage potential 
+opportunities and threats.
+APA adopts a three lines model for managing risks and 
+establishing controls to promote the behaviours and 
+decision making to support effective risk management. 
+This model of risk management is depicted below. 
+The first line, our employees, are accountable for  
+day-to-day risk management and decision making within 
+appropriate guidelines.   
+In lines two and three, APA’s Executive Leadership  
+Team, the Board’s Risk Management Committee and the 
+relevant business divisions have oversight of and review 
+material risks regularly, with the support of internal and 
+external experts. 
+During FY23, the accelerating energy transition, as well 
+as emerging geopolitical risks, inflation and supply chain 
+disruptions were key risks and opportunities impacting 
+our operational and financial performance. To create 
+and protect value APA has focused on these risks and 
+opportunities, updating actions to manage risks and 
+achieve our objectives. Existing material risks also have 
+ongoing oversight with a major priority being ensuring 
+the safety of our operations and supporting activities to 
+provide reliable energy to our customers, and to maintain 
+our financial strength to respond to changes in the 
+Australian energy market.
+BOARD
+Accountable to stakeholders for organisational oversight
+RISK MANAGEMENT COMMITTEE/AUDIT AND FINANCE COMMITTEE
+Delegates, directs, ensures adequate resourcing and provides oversight
+EXECUTIVE RISK MANAGEMENT COMMITTEE
+Accountable for risk and reporting to the Risk Management Committee
+MANAGEMENT INTERNAL AUDIT
+EXTERNAL ASSURANCE PROVIDERS
+(External Audit1, Regulator Audit, Third Party Audit, Advisory Reviews)
+LINE ONE
+Owns and manages risks
+LINE TWO
+Builds, reviews and supports
+LINE THREE
+Independent assurance
+Group Executives 
+Our People
+Enterprise/Divisional Risk, Compliance and 
+Assurance Teams, HSEH, Enterprise 
+Security, Enterprise PMO
+Group Internal Audit
+• Provide products/services to customers
+• Implement risk management frameworks 
+(identify, assess, own and manage risks 
+to achieving objectives)
+• Own internal controls and actions
+• Own and manage compliance with legal, 
+regulatory and ethical expectations
+• Control attestation/self-assessment
+• Provide expertise, support, monitoring 
+and challenge on risk-related matters
+• Maintain and continuously improve 
+risk management practices at an 
+enterprise/function, system or 
+process level
+• Report on the adequacy and 
+effectiveness of risk management
+• Coordinate insurance
+• Maintain and implement risk-based 
+control assurance programs at 
+enterprise/function level
+• Provide independent and objective 
+assurance of objectives
+• Ensure that governance structures and 
+processes are appropriately designed 
+and operating as intended
+• Provide oversight and direction in 
+aligning governance activities, including 
+integrated assurance
+Key: Accountability reporting
+1   External Auditors have not provided assurance over the risk management framework in FY23.
+Alignment, communication, coordination, collaborationDelegation, direction, resources, oversight
+OPERATING & FINANCIAL REVIEWSUSTAINABILITYGOVERNANCEAPA INFRASTRUCTURE TRUST FINANCIAL REPORTAPA INVESTMENT TRUST FINANCIAL REPORTADDITIONAL INFORMATION
+19

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+Material risks
+APA currently considers the following risks to have the possibility of materially impacting our ability to meet our business 
+objectives. Material risks are subject to enhanced oversight by management and the Risk Management Committee. 
+This list is not exhaustive and is subject to change as new risks emerge or are no longer considered material risks.
+RISK DESCRIPTION MANAGING THE RISK
+Strategic Risks – Strategic risks are those uncertainties that could materially impact the business’ ability to implement its 
+strategic objectives.
+Energy market transition Accelerating decarbonisation and carbon 
+emissions (net zero) targets drives potential 
+for cleaner power generation, renewables 
+development, and energy innovation/new 
+entrants in markets.
+Government net zero policies/targets and 
+new technologies could materially decrease 
+the market for gas and gas transportation 
+and APA may fail to grow in other energy 
+infrastructure classes, limiting domestic 
+market growth.
+• Execution of APA’s customer-focused strategy 
+creates value as the partner of choice, delivering 
+infrastructure solutions for the energy transition 
+where APA has a competitive advantage and 
+across targeted asset classes.
+• Actively contribute to Government policy process 
+and advocate for the importance of APA’s role in 
+supporting energy transition and managing the 
+intermittency of renewables.
+• Engage with customers and pro-actively manage 
+opportunities to retain, re-contract or switch to 
+alternative APA assets via structured, flexible and 
+competitive price and service offerings.
+Government and regulatory 
+intervention
+APA is exposed to regulatory policy change 
+and government interventions.
+These changes and interventions may be at 
+Federal, state or territory level, and may vary. 
+They could include those that are designed 
+to support decarbonisation, limit the impacts 
+of climate change, or manage the impact of 
+Australia's transitioning energy system.
+Those policy changes and interventions 
+may constrain gas supply (including through 
+limiting or restricting new gas projects), 
+impact the availability of competitively priced 
+gas, increase compliance costs for APA and 
+its customers and otherwise place additional 
+operating restrictions or complexities on 
+APA's businesses and the businesses of its 
+customers.
+In addition, under the recent amendments to 
+the National Gas Law and National Gas Rules, 
+the Australian Energy Regulator (AER) will 
+now have the power to determine the form 
+of regulation to apply to a particular pipeline, 
+and could apply full regulation to pipelines 
+that are currently non-scheme.
+If implemented, any of those policy 
+changes and interventions may change the 
+commercial viability of existing or proposed 
+projects or operations and adversely impact 
+APA's future business and operations.
+• Maintain strong regulatory and policy functions 
+and be an active participant and stakeholder in the 
+development of regulation and policy, including 
+AER guidelines which support the exercise of its 
+new powers. 
+• Continually assess and respond to key policy 
+change proposals with potential impacts on 
+APA’s businesses.
+• Actively engage with updating/developing relevant 
+Australian standards.
+Social licence APA relies on a level of public acceptance 
+for the development and operation of its 
+assets. Changing societal and community 
+sentiment in relation to the energy industry, 
+as well as APA’s business, may impact APA’s 
+commercial opportunities, and its ability to 
+develop new projects and operate its assets.
+• Engage with key stakeholders (landowners, 
+producers, customers, government etc) to identify 
+focus areas.
+• Monitor expectations, major trigger events within 
+the community and APA’s reputation score. 
+• Drive community and social performance initiatives 
+and programs working with First Nations People.
+• Implementation of APA’s Climate Tranistion Plan, 
+Sustainability Roadmap, transparent and proactive 
+annual disclosure.
+Risks and opportunities  
+(continued)
+20
+APA GROUP   ANNUAL REPORT 2023
+The secret object #1 is a "chair".

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+RISK DESCRIPTION MANAGING THE RISK
+Operating multiple asset 
+types
+Risks arise from managing and partnering 
+across multiple asset types. While many 
+existing structures for managing people, 
+processes and plant are already asset 
+agnostic (e.g. asset management framework, 
+IT systems, risk and assurance O&M 
+workforce management and the Integrated 
+Operations Centre), risks will arise from 
+the need to scale up and integrate new 
+asset types.
+• Continue to invest in our capability in electricity 
+transmission development and engineering, power 
+generation optimisation and asset development 
+and integration.
+• Continuous improvement of existing asset agnostic 
+structure and framework for managing people, 
+processes and plant.
+• Continue to invest in maturing asset management 
+framework and real time data analytics.
+Partnering across multiple 
+stakeholder groups
+APA’s engagement spans a diverse range 
+of stakeholders (e.g. across State and 
+Federal Government agencies, community, 
+landholders, customers, suppliers, investors 
+and employees) who hold different 
+perspectives and objectives. 
+Risks arising from engagement with this 
+complex and changing set of stakeholders 
+could lead to reputation damage, loss of 
+stakeholder support/trust which ultimately 
+affects APA’s ability to win projects, source 
+approvals, and diversification into new 
+energy markets.
+• The development of targeted State-based 
+stakeholder engagement plans to ensure 
+appropriate ‘owners’ are assigned to stakeholders 
+and there is coordination and cohesion across  
+the business.
+• Continued investment in core capability around 
+targeted workforce planning.
+Operational Risks – Operational risks potentially arise from weaknesses in internal processes, people or systems or from 
+unforeseen external events.
+Health and safety Preventing workplace injury and keeping all 
+our employees and contractors safe is our 
+highest priority. Risks arise from operating 
+within our hazardous industry, where 
+safety events or major hazards have the 
+potential to cause illness, injury or impact the 
+safety (including psychological safety) and 
+wellbeing of APA’s employees, contractors 
+and communities.
+• APA’s Board Safety and Sustainability Committee 
+has oversight of this risk. The key focus is 
+prevention achieved by appropriately identifying, 
+managing and where possible eliminating risks.
+• Continued focus on comprehensive health 
+and safety management policies, strategies, 
+frameworks (including employee Wellbeing 
+Framework), systems  
+and processes.
+• Reporting of key performance metrics to 
+monitor safe behaviours and identify continuous 
+improvement opportunities.
+Asset operations APA is exposed to major incidents or events 
+that may result in harm to our people, 
+environment, and the communities we 
+operate in; or materially impact our reputation 
+or financial performance.
+• Comprehensive operational, process safety, 
+cultural heritage and environment management 
+programs.
+• Continue to engage with wider industry to stay 
+abreast of best practice asset management 
+processes.
+• Implement asset management and maintenance 
+engineering standards, including integrity 
+monitoring and maintenance programs, as  
+part of risk-based asset lifecycle management.
+• Conduct asset operational monitoring through 
+control rooms to manage assets within  
+design parameters and coordinate asset  
+maintenance issues.
+• Provide comprehensive insurance arrangements as 
+part of the asset protection program.
+Infrastructure development Risks associated with the development of 
+new pipeline capacity, renewable, battery 
+and gas-fired power generation plants, and 
+gas storage and gas processing assets. This 
+includes typical construction risks such as: 
+obtaining necessary regulatory approvals, 
+employee or equipment shortages, third-party 
+contractor failure, weather risk, and higher 
+than budgeted construction costs impacting 
+liquidated damages and project delay.
+• Access and approvals management for new 
+construction projects.
+• Dedicated construction project management 
+capability and governance to manage efficient, 
+safe and quality delivery of construction projects.
+OPERATING & FINANCIAL REVIEWSUSTAINABILITYGOVERNANCEAPA INFRASTRUCTURE TRUST FINANCIAL REPORTAPA INVESTMENT TRUST FINANCIAL REPORTADDITIONAL INFORMATION
+21

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+RISK DESCRIPTION MANAGING THE RISK
+Corporate transformation APA is exposed to the risks associated 
+with the design and delivery of enterprise-
+wide corporate transformation programs. 
+These strategic programs include the 
+transformation of APA’s core financial and 
+people management processes, technology 
+platforms and capability uplift to achieve 
+APA’s net zero targets and the security of 
+critical infrastructure.
+• Roll-out of an enterprise-wide project governance 
+and delivery framework, tools and organisational 
+change management capability.
+• Project/program reporting, risks and issues 
+management and escalation and oversight by 
+senior management and the Board.
+Sustainability The risks arising from the management and 
+disclosure of sustainability issues (including 
+climate and ESG matters) impacting APA 
+performance and reputation.
+• APA’s Board Safety and Sustainability Committee 
+has regular oversight of this risk.
+• Delivery of comprehensive environment and 
+heritage management policies, strategies, 
+frameworks, systems and processes.
+• Refreshed sustainability risk assessment (including 
+climate risks) with clear business ownership.
+• Formalised procedures supporting sustainability 
+including integrated reporting, an enhanced 
+scorecard and APA’s Sustainability Roadmap  
+and strategy.
+People and culture Our leaders are held accountable for creating 
+cultural alignment with APA’s behaviours and 
+establishing a workplace where everyone 
+feels safe, respected and included. 
+APA’s inclusive culture is a prerequisite to our 
+ability to attract, engage, develop and retain 
+a diverse pool of skills and capabilities in a 
+competitive talent market.
+• APA’s Board People and Remuneration Committee 
+has oversight of this risk.
+• Execution of clear employee value proposition and 
+effective talent programs to develop and maintain 
+talent pipelines.
+• Delivery of comprehensive learning and 
+development programs including leadership 
+programs to build the skills and capability required 
+for now and the future.
+• Implementation of holistic cultural programs 
+designed to improve workplace inclusion and 
+diversity, employee experience and wellbeing.
+• Identification of clear expectations of behaviour 
+in APA’s Code of Conduct and Respect@Work 
+procedure.
+Technology strategy,  
+operation and security
+The risk of interruption to APA’s operations 
+due to unreliability of information and 
+operational technology systems, applications, 
+technology architecture or third-party 
+providers.
+• Manage APA’s information and technology assets 
+in accordance with recognised industry standards 
+across hardware, software, applications and 
+communication systems.
+• Apply security standards across APA information 
+and technology systems, including those managed 
+by third-party vendors, with standards continually 
+assessed against new threats and vulnerabilities.
+• Regular reviews and testing of information and 
+operational technology systems.
+Cyber security Cyber-attacks are increasing in frequency, 
+scale and sophistication across both our 
+communities and industry. APA plays a 
+pivotal role in Australia’s essential energy 
+supply chain and could be the target for 
+a cyber incident. Breaches may involve 
+sensitive commercial and/or personal 
+information or impact the operation of critical 
+infrastructure assets and systems possibly 
+leading to shutdowns of our energy assets.
+• Implementation of a program to strengthen the 
+security of APA assets, and cater for emerging 
+threats, security regulation and stakeholder 
+expectations.
+• Robust security monitoring and incident response 
+process supported by regular exercises and 
+security control assurance programs.
+• Compulsory security awareness training for APA 
+employees and contractors, including how to 
+identify phishing emails and keep data safe;  
+and a regular program of random testing.
+Risks and opportunities  
+(continued)
+22
+APA GROUP   ANNUAL REPORT 2023

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+RISK DESCRIPTION MANAGING THE RISK
+Financial and Compliance Risks – Financial risks are those arising from the management of APA’s financial resources,  
+accounting, tax and financial disclosure. Compliance risks arise from laws, regulations, licences and recognised practising 
+codes including health, safety, environment, cultural heritage, payroll, asset construction and operation, and other corporate 
+compliance requirements.
+Legal, compliance and 
+operating licences
+APA is exposed to the risk of operating 
+within a highly regulated environment with 
+complex legal requirements, operating 
+licence conditions, industry standards/codes 
+of practice and corporate obligations.
+• Comprehensive Enterprise Compliance 
+Management Framework in place with regulations 
+identified, controls monitored and assurance 
+operating.
+• Dedicated specialist teams that provide asset level 
+monitoring and assurance for technical, safety, 
+environment and cultural heritage compliance.
+Debt and capital 
+management
+The risk arising from reduced business 
+and financial flexibility due to ineffective 
+management of APA’s debt and capital or 
+limited availability, or unfavorable pricing, 
+timing and access to debt and equity funding.
+• Board approved risk limits and Treasury Risk 
+Management Policy.
+• Regular, independent reviews of corporate and 
+asset models underpinning investment decisions.
+• Effective debt and capital management strategy 
+and hedging against interest rate movements and 
+foreign currency rate fluctuations.
+• Maintain access to a broad range of global banking 
+and debt capital markets.
+Key emerging risks, threats and opportunities
+Below we note several key emerging risks that are highly uncertain by nature and include 
+threats and opportunities for APA:
+EMERGING RISK THREATS AND OPPORTUNITIES APPROACH
+Global economic slowdown Threat: Global economic slowdown 
+impacts financial markets and customer 
+demand, potentially reducing gas 
+contract capacity demand and 
+recontracting revenue, access to  
+new debt markets and liquidity and 
+commodity prices.
+• Strong capital management framework, including 
+hedging arrangements and customer credit 
+monitoring.
+• Actively monitor commodity pricing impacting 
+sourcing of goods and materials utilised in large 
+construction projects and domestic demand.
+• Closely monitor changes in energy demand 
+including substitution.
+Geopolitical uncertainty Threat: Geopolitical uncertainty with 
+rising tensions in the region and 
+continuation of the Russia/Ukraine 
+conflict impacting changes in sanctions 
+regimes, international energy demand, 
+rising national security interests and 
+worsening supply chain disruption.
+• Continue to evaluate options for alternative 
+sources of supply for international construction 
+procurement.
+• Conduct resilience updates for information 
+technology infrastructure, including cyber 
+resilience.
+• Focus on gas reserving management,  
+including increases in gas line pack to meet  
+high demand periods.
+Carbon offsets Opportunity:  Introduction of carbon 
+offsets as part of decarbonisation and 
+climate change requirements to support 
+energy infrastructure development  
+and growth.
+• Continue to investigate a number of carbon offset 
+programs via a mix of direct procurement and 
+investment opportunities.
+Artificial intelligence Opportunity: Growth in artificial 
+intelligence and potential impact  
+on productivity improvements.
+• Initiatives to improve data quality and data 
+governance providing for adoption of digital 
+technologies impacting workforce improvements.
+OPERATING & FINANCIAL REVIEWSUSTAINABILITYGOVERNANCEAPA INFRASTRUCTURE TRUST FINANCIAL REPORTAPA INVESTMENT TRUST FINANCIAL REPORTADDITIONAL INFORMATION
+23
+The secret animal #3 is an "eagle".

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+Sustainability 
+at APA 
+Developed our inaugural APA 
+RECONCILIATION 
+ACTION PLAN
+Supported our communities  
+through our
+SOCIAL INVESTMENT 
+INITIATIVES
+Established 
+GENDER-NEUTRAL 
+PARENTAL LEAVE 
+BENEFITS
+24 APA GROUP   ANNUAL REPORT 2023

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+We prioritise sustainable outcomes so that APA, our 
+employees, customers and communities in which we  
+operate can thrive – now and in the future. 
+At APA we are united behind a singular purpose to 
+strengthen communities through responsible energy.  
+We are committed to act responsibly across all of our 
+business activities.
+We seek continual improvement, working collaboratively 
+with our industry peers and engaging transparently with 
+our stakeholders. We understand the value and focus that 
+our partners and stakeholders place on our sustainability 
+performance and that this is used to assess APA’s 
+performance across the industry.
+Our Sustainability Roadmap provides the foundations 
+for APA to develop key strategic sustainability initiatives 
+and deliver on them in a prioritised way. Over the last two 
+years our main areas of focus have been on the ‘build’ 
+and ‘accelerate’ pillars of our Sustainability Roadmap. 
+These pillars identify fundamental focus areas that require 
+growth and/or strengthening. It is important that we are 
+targeted in our approach and focused on those topics that 
+matter most to APA and our stakeholders. 
+Our material sustainability focus areas
+In FY21, we conducted a stakeholder-centric materiality 
+assessment to identify the core sustainability-related 
+issues that APA should focus on. This process informed 
+the development of our three-year Sustainability Roadmap 
+and enabled us to bring APA’s vision and purpose to life. 
+APA’s Sustainability Roadmap categorises the core issue 
+areas into three groups: Build, Accelerate and Maintain 
+and Evolve. The diagram on page 26 highlights our 
+progress against the Sustainability Roadmap in FY23. 
+To continue to deliver the most positive impact for  
+APA and highest value for our stakeholders, it is critical 
+we regularly re-evaluate the sustainability issues most 
+material to our business and stakeholders. This will 
+enable us to assess the economic, social, environmental 
+and cultural impacts of our activities and business 
+relationships and refine our main focus areas and 
+associated initiatives.
+As our Sustainability Roadmap is due to complete in 
+June 2024, work is underway to prepare a refreshed 
+Roadmap. The first step towards this is delivery of a 
+sustainability materiality assessment, culminating in 
+an impact-based sustainability materiality matrix. The 
+materiality assessment approach will be guided by the 
+Global Reporting Initiative (GRI 3: Material Topics 2021) 
+which considers actual and potential negative and 
+positive impacts of our business to determine our material 
+sustainability issues for prioritisation. 
+Supporting the UN Sustainable 
+Development Goals 
+APA continues to support the delivery of the 17 United 
+Nations Sustainable Development Goals (SDGs).  
+By working more strategically and aligning our 
+initiatives to the relevant SDGs we can tackle major 
+societal, environmental and economic challenges whilst 
+also identifying and unlocking significant business 
+opportunities.
+At their core, the SDGs aim to create a shared value 
+approach through the creation of economic and business 
+value in a way that fundamentally addresses societal 
+needs and challenges. The paradigm shift required to 
+transition from a philanthropic approach to one delivering 
+both business and social values now guides our approach.
+To demonstrate how the business is meeting the relevant 
+SDGs, we have mapped goals to the three areas of our 
+Roadmap and indicated where each goal is connected  
+to our performance and priorities.
+SUSTAINABILITYGOVERNANCEAPA INFRASTRUCTURE TRUST FINANCIAL REPORTAPA INVESTMENT TRUST FINANCIAL REPORTADDITIONAL INFORMATION
+25
+OPERATING & FINANCIAL REVIEW

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+Sustainability at APA  
+(continued)
+FY23 PROGRESS AGAINST APA’S SUSTAINABILITY ROADMAP
+BUILD
+Priority issues to be built  
+ into strengths
+ACCELERATE
+Fundamental issues which   
+require strengthening
+MAINTAIN AND EVOL VE
+Existing plans and processes   
+to evolve via ESG lens
+  Climate change transition and risk
+  Community and social performance
+  First Nations Peoples
+  Environmental management  
+      including heritage management
+  Safety, health and wellbeing
+  Inclusion and diversity
+  People and culture
+  Governance and risk management
+• Progressed CTP actions in line with 
+FY23 commitments. 
+• Established a dedicated Community 
+and Social Performance (CSP) team 
+to deliver CSP strategy and social 
+investment framework.
+• Hosted workshops with our five 
+corporate partners to understand new 
+and meaningful ways to collaborate 
+together  
+• Contributed $1.2 million through 
+discretionary social investment to 
+communities via targeted community 
+grants programs, corporate 
+partnerships with charitable 
+organisations and local sponsorships 
+and donations. 
+• Prepared APA’s Reconciliation Action 
+Plan (RAP) under the guidance of a 
+newly established cross-functional  
+RAP Working Group.
+• Progressed our four year Environment 
+Improvement Program in line with the 
+HSEH Strategy schedule. Processes, 
+tools and templates for 3 of 8 
+environment risks areas have now 
+been developed/refined, integrated 
+and implemented across the business.
+• Scoped environment data uplift 
+opportunities across the waste, water 
+and contaminated land risk areas. 
+• Uplifted our heritage practices 
+at targeted assets and recruited 
+additional Heritage Specialist. 
+• Ongoing delivery of our three-year 
+weed survey program. 
+• Delivered 15 environment audits.
+• Refreshed our HSEH Policy.
+• Prepared, approved and initiated our 
+five-year HSEH strategy with strategic 
+pillars centred on safety performance, 
+leadership and innovation.
+• Introduction of the Board Safety and 
+Sustainability Committee.
+• Prepared an ESG Risk Register  
+tracking and monitoring our business-
+wide  ESG risks.
+• Revised our Inclusion and Diversity 
+(I&D) Plan and refreshed our Policy  
+to focus on facilitating an inclusive  
+culture, including the launch of 
+our Respect@Work Procedure and 
+e-module and completing a gender  
+pay review. 
+• Established gender-neutral parental 
+leave benefits.
+• Uplifted leadership training and 
+capability including the introduction  
+of the INSEAD Curriculum.
+Refer to APA's FY23 Sustainability Data Book  for further information about our FY23 sustainability performance.
+26
+APA GROUP  ANNUAL REPORT 2023

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+Climate transition plan
+Our CTP is an important step in APA’s commitment to actively participate and support Australia’s energy transition, 
+consistent with the objectives of the Paris Agreement. Our FY23 progress on the commitments in our CTP will be 
+reported in our new FY23 Climate Report, due to be released in September 2023.
+Gas infrastructure – net zero operational 
+emissions by 2050 1  
+Power generation and electricity 
+transmission infrastructure – net zero 
+operational emissions /two.numr  by 2040 3
+GOAL: 
+30% emissions reduction for gas 
+infrastructure (FY21 base year) 
+TARGET: 
+100% renewable electricity procurement 
+from FY23 onwards 
+TARGET: 
+100% zero direct emission fleet by 2030
+Responsible criteria applied when offsets 
+are required
+GOAL: 
+COMMITMENT: 
+INTERIM COMMITMENTS FOR 2030
+KEY SUPPORTING COMMITMENTS
+35% reduction in emissions intensity 
+for power generation (FY21 base year)
+GOAL:
+Contribute positively to grid 
+decarbonisation measured by MW 
+of enabled renewable infrastructure 
+GOAL: 
+Active program to reduce emissions we can 
+control and apply best practice management 
+techniques to managing line losses
+COMMITMENT: 
+GOAL : 
+Incorporation of 
+the Methane 
+Guiding Principles
+When setting APA’s targets and goals, we have made our commitments clear to stakeholders, based on the level of 
+uncertainty in the pathway required to reach them. 
+Target:  an intended outcome where we have 
+identified one or more pathways for delivering that 
+outcome, subject to certain assumptions or 
+conditions.
+1 Includes transmission, distribution, gas processing, storage and corporate.
+2 The organisational boundary for all targets and goals relates to assets under APA’s operational control, as defined by the Greenhouse Gas (GHG) Protocol. The following  
+ assets are not within APA’s operational control for emissions reporting purposes: Victorian Transmission System (maintenance excepted), Gruyere and X41 Power Stations,  
+ Wallumbilla Gladstone Pipeline, SEA Gas Pipeline and Mortlake Pipeline, North Brown Hill Wind Farm and Australian Gas Networks.
+3 Includes power generation and interconnectors.
+Goal:  an ambition to seek an outcome for which there is 
+no current pathway but for which efforts will be pursued 
+towards addressing that challenge, subject to certain 
+assumptions or conditions.
+Hold a non-binding 
+securityholder vote 
+on future material 
+updates to our 
+Climate Transition 
+Plan
+Report annually on 
+progress against 
+the targets, goals 
+and commitments 
+in our Climate 
+Transition Plan
+Link executive 
+remuneration to 
+climate-related 
+performance 
+from FY23
+Scope 3 emissions 
+goal to be finalised 
+before or in 
+conjunction with 
+next Climate 
+Transition Plan
+1 2 3 4 5
+NEW COMMITMENT FOR 2030
+30% methane reduction target (FY21 base year) TARGET: 
+SUSTAINABILITYGOVERNANCEAPA INFRASTRUCTURE TRUST FINANCIAL REPORTAPA INVESTMENT TRUST FINANCIAL REPORTADDITIONAL INFORMATION
+27
+OPERATING & FINANCIAL REVIEW

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+About this report IFC
+Disclaimer 1
+Overview and highlights 2
+Chairman's and Managing Director’s Report 2
+FY23 summary 4
+About APA 8
+External environment 11
+Our strategy 14
+Risks and opportunities 18
+Sustainability at APA 24
+Sustainability highlights 26
+Climate change transition and risk 28
+Community and social performance 30
+First Nations Peoples 34
+Environment and heritage 36
+People and culture 38
+Safety, health and wellbeing 42
+Customers and suppliers 46
+Performance 50
+Outlook 59
+Governance 60
+APA Group Board 62
+APA Executive Leadership 64
+APA Infrastructure Trust Financial Report 68
+Directors’ Report 68
+Remuneration Report 74
+Consolidated Financial Statements 92
+Directors’ Declaration 160
+Auditor Independence / Audit Report 161
+APA Investment Trust Financial Report 168
+Directors’ Report 168
+Consolidated Financial Statements 174
+Directors’ Declaration 189
+Auditor Independence / Audit Report 190
+Additional information 194
+Five year financial summary 195
+Investor information 196
+Glossary 197
+About this report:  APA Group comprises two registered investment schemes, APA 
+Infrastructure Trust (ARSN 091 678 778) and APA Investment Trust (ARSN 115 585 441), 
+the securities of which are stapled together. APA Group Limited (ACN 091 344 704) is the 
+responsible entity of APA Infrastructure Trust and APA Investment Trust. 
+Disclaimer: Please note that APA Group Limited is not licensed to provide financial product 
+or investment advice in relation to securities in APA Group. This publication does not 
+constitute financial product advice and has been prepared without taking into account 
+your objectives, financial situation or particular needs. Before relying on any statements 
+contained in this publication, including forecasts and projections, you should consider 
+the appropriateness of the information, having regard to your own objectives, financial 
+situations and needs and seek professional advice if necessary. Past performance 
+information should not be relied upon as (and is not) an indication of future performance.
+Forward-looking information:  This publication contains forward-looking information, 
+including about APA Group, its financial results and other matters which are subject to risk 
+factors. ‘Forward-looking statements’ may include indications of, and guidance on, future 
+earnings and financial position and performance, statements regarding APA Group’s future 
+strategies and capital expenditure, statements regarding estimates of future demand 
+and consumption and statements regarding APA’s sustainability and climate transition 
+plans and strategies, the impact of climate change and other sustainability issues for 
+APA, energy transition scenarios, actions of third parties, and external enablers such as 
+technology development and commercialisation, policy support, market support and 
+energy and offsets availability. Forward-looking statements can generally be identified 
+by the use of forward-looking words such as, ‘expect’, ‘anticipate’, ‘likely’, ‘intend’, ‘could’, 
+‘may’, ‘predict’, ‘plan’, ‘propose’, ‘will’, ‘believe’, ‘forecast’, ‘estimate’, ‘target’, ‘outlook’, 
+‘guidance’, ‘goal’, ‘ambition’ and other similar expressions and include, but are not limited 
+to, forecast EBIT and EBITDA, free cash flow, operating cash flow, distribution guidance 
+and estimated asset life. 
+At the date of this report, APA Group believes there are reasonable grounds for these 
+forward-looking statements and due care and attention have been used in preparing 
+this report. 
+Forward-looking statements, opinions and estimates are not guarantees or predictions 
+of future performance and involve known and unknown risks and uncertainties and other 
+factors. Many of these are beyond the control of APA Group, and may involve significant 
+elements of subjective judgement and assumptions about future events, which may or may 
+not be correct. There can be no assurance that actual outcomes will not materially differ 
+from these forward-looking statements, opinions and estimates. A number of important 
+factors could cause actual results or performance to differ materially from such forward-
+looking statements, opinions and estimates. These factors include, but are not limited to: 
+general economic conditions; exchange rates; technological changes; the geopolitical 
+environment; the extent, nature and location of physical impacts of climate change; 
+changes associated with the energy market transition; and government and regulatory 
+intervention, including to limit the impacts of climate change or manage the impact of 
+Australia’s transitioning energy system. A number of these factors are described under 
+the heading ‘Material risks’ beginning on page 20 of this report. Readers should review 
+and have regard to these risks when considering the information in this report, and are 
+cautioned not to place undue reliance on forward-looking statements, particularly in 
+light of the long-time horizon which this report discusses. 
+There are also limitations with respect to climate scenario analysis and it is difficult 
+to predict which, if any, of the scenarios might eventuate. Scenario analysis is not an 
+indication of probable outcomes and relies on assumptions that may or may not prove 
+to be correct or eventuate. Scenarios may also be impacted by additional factors to the 
+assumptions disclosed.
+Investors should form their own views as to these matters and any assumptions on which 
+any forward-looking statements, estimates or opinions are based. Except as required 
+by applicable laws or regulations, APA does not undertake to publicly update or revise 
+any forward-looking statements to reflect any change in expectations, contingencies or 
+assumptions, whether as a result of new information or future events. To the maximum 
+extent permitted by law, APA and its officers do not accept any liability for any loss arising 
+from the use of the information contained in this report.
+Non-IFRS financial measures:  APA Group results are reported under International 
+Financial Reporting Standards (IFRS). However, investors should be aware that this 
+report includes certain financial measures that are non-IFRS financial measures for the 
+purposes of providing a more comprehensive understanding of the performance of the 
+APA Group. These non-IFRS financial measures include FCF, EBIT, EBITDA and other 
+'normalised' measures. Such non-IFRS information is unaudited, however the numbers 
+have been extracted from the audited financial statements.
+OPERATING & FINANCIAL REVIEWSUSTAINABILITYGOVERNANCEAPA INFRASTRUCTURE TRUST FINANCIAL REPORTAPA INVESTMENT TRUST FINANCIAL REPORTADDITIONAL INFORMATION
+1
+The secret food is a "sausage".

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+  BUILD
+Climate change  
+transition and risk
+Our FY23 Climate Report will be released in September 
+2023, in line with our commitment to report annually on 
+progress against our CTP. This allows for sufficient time to 
+prepare and independently assure our emissions data. The 
+Climate Report will contain disclosures consistent with the 
+recommendations of the TCFD.
+Our climate transition plan defines interim and long-term 
+emission reduction targets and goals by asset class. We 
+have sought to set interim targets and goals aligned with 
+the objective of the Paris Agreement and to disclose 
+consistent with the Taskforce on Climate-related Financial 
+Disclosures (TCFD) recommendations.
+Since the release of our CTP in August 2022, APA has 
+made clear progress against our plan. Our focus has been 
+on embedding the necessary structures, processes and 
+systems to ensure our approach to climate is integrated 
+across the business.
+Performance against our gas infrastructure and power 
+generation interim targets and goals will be detailed  
+within our FY23 Climate Report. 
+APA's strategy is to achieve our CTP commitments through:
+• Electrifying and optimising the operation of compressors.
+• Reducing the emissions intensity of power generation 
+through investments in renewables. 
+• Reducing methane emissions through leak detection and 
+repair and implementation of specific initiatives such as 
+seal gas recovery.
+• Optimising the performance of existing power generation 
+equipment.
+• Buying or internally generating high quality offsets where 
+emissions reduction is not possible or cost prohibitive.
+APA has committed to finance these infrastructure 
+emission reduction initiatives through a $150 million to 
+$170 million net zero fund over FY23 to FY30. There is 
+some upside pressure on this spend projection in the 
+area of compressor electrification due to higher grid 
+connection and electric motor drive unit costs, while  
+other opportunities may be implemented in a more  
+cost-efficient manner.
+Linked executive remuneration to 
+CLIMATE-RELATED 
+PERFORMANCE OUTCOMES
+Procured large-scale generation certificates  
+(LGCs) to meet our 
+100% RENEWABLE ELECTRICITY 
+PROCUREMENT COMMITMENT
+Set a methane target aligned with  
+the Global Methane Pledge (GMP) of an 
+AT LEAST 30% REDUCTION IN 
+OUR OPERATIONAL METHANE 
+EMISSIONS BY 2030  
+(FY21 BASE YEAR) 
+28
+APA GROUP  ANNUAL REPORT 2023

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+Supporting a lower carbon future  
+and the energy transition 
+APA’s Pathfinder Program
+APA is investing in future fuels through our 
+Pathfinder Program established in FY21, to 
+understand the requirements to support 
+clean molecules in either existing or new 
+infrastructure. In May 2023, our landmark 
+Parmelia Gas Pipeline (PGP) conversion 
+project in Western Australia confirmed via 
+pressurised hydrogen laboratory testing the 
+technical feasibility of converting a 43km 
+section of the PGP to carry 100% hydrogen.
+The testing results indicate it is technically 
+feasible, safe and efficient to run the  
+43km section of the pipeline at the current 
+operating pressure using hydrogen. The 
+project will now consider preparing the 
+section of pipeline for hydrogen service, 
+and will include detailed safety studies  
+and conversion plans, while continuing  
+to investigate potential supply and  
+offtake opportunities.
+Off the back of this research, APA has 
+developed a Pipeline Screening Tool  
+(PST) that provides a high-level assessment 
+of the hydrogen readiness of its national 
+pipeline assets, based on key pipeline 
+material and operating characteristics. Initial 
+assessments using the PST indicate there  
+is a high likelihood that around half of  
+APA’s natural gas pipeline assets could  
+be used for hydrogen transportation in 
+100% pure or blended form, with no, or 
+small, changes to their current operating 
+profile. For the remainder of APA’s 
+pipelines, which consist largely of high 
+strength steel operating at higher pressure, 
+further research and materials testing  
+will be required to determine if any 
+changes in operating pressure are needed 
+to maintain pipeline integrity whilst 
+transporting hydrogen.
+Supporting the PGP conversion project is  
+a Memorandum of Understanding between 
+APA and Wesfarmers Chemicals, Energy 
+and Fertilisers (WesCEF), signed in May 
+2022. As part of this, we committed to a 
+pre-feasibility study to assess the viability of 
+producing and transporting green hydrogen 
+via the PGP to WesCEF’s production 
+facilities in Kwinana. The findings were 
+promising, demonstrating that the PGP 
+study area is likely to be suitable for green 
+hydrogen development. APA and WesCEF 
+are now considering the results further. 
+In September 2021, APA joined an 
+international consortium in an effort to 
+establish Queensland’s largest green 
+hydrogen project – the Central Queensland 
+Hydrogen Project (CQH2). In April 2023, 
+APA paused our involvement in the early 
+stages of the CQH2 project but believes 
+the project has an exciting pathway ahead. 
+APA remains interested in a future role in 
+the project and continues to be involved 
+in other Queensland projects developing 
+hydrogen export supply chains. 
+Pathfinder is investigating other hydrogen 
+and Carbon Capture and Storage (CCS) 
+project opportunities where APA can bring 
+its market-leading energy infrastructure 
+expertise and experience to large-scale 
+projects.
+SUSTAINABILITYGOVERNANCEAPA INFRASTRUCTURE TRUST FINANCIAL REPORTAPA INVESTMENT TRUST FINANCIAL REPORTADDITIONAL INFORMATION
+29
+OPERATING & FINANCIAL REVIEW

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+Community and social  
+performance
+Driven by our purpose, to strengthen communities through 
+responsible energy, we are committed to outstanding 
+performance in our interactions with communities.  
+We work to understand the needs and aspirations of our  
+host communities and contribute to their sustainable 
+development. We seek respectful and mutually valuable 
+relationships with our stakeholders.
+Building stronger community  
+and social performance 
+APA works to embed community engagement, 
+development, partnership and participation in all our 
+business activities. We strive to engage with stakeholders 
+in a culturally appropriate way. 
+In FY23 we prepared a revised Social Investment 
+Framework and 2-year CSP Strategy which is scheduled 
+for consultation in early Q1 FY24. This strategy seeks to 
+elevate practices and drive consistency and awareness 
+throughout the business.  
+Community and stakeholder engagement 
+APA plays a critical role in the energy supply chain and 
+we recognise the impacts our activities may have on a 
+range of stakeholders and on the progress of energy 
+transition more broadly. For APA, understanding who our 
+stakeholders are and how we impact each other is vital  
+to achieving operational excellence. 
+APA’s community and stakeholder engagement programs 
+connect and work with local landholders, Traditional 
+Owners, communities, governments and industry.  
+Our programs are tailored to meet the broad needs  
+of our stakeholders and range from simple awareness  
+of our activities to involvement in the design of  
+new infrastructure.
+Supported more than 84 organisations through our
+SOCIAL INVESTMENT PROGRAMS
+Launched the Mount Isa and Cloncurry 
+COMMUNITY GRANTS PROGRAM
+11,271 landholder contact visits through our 
+LANDHOLDER CONTACT 
+PROGRAM
+  BUILD
+30
+APA GROUP  ANNUAL REPORT 2023
+The secret landmark is the "Taj Mahal".

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+Regulatory 
+Engagement – 
+Basslink 
+Basslink is fundamental to both the supply of 
+affordable and reliable energy to Victoria and 
+Tasmania and also the energy transition through 
+the supply of renewable energy to the National 
+Electricity Market.
+Following the acquisition of Basslink in FY23, 
+we are progressing a revenue proposal and 
+application, seeking approval from the AER for 
+Basslink to become a ‘regulated asset’ as a way to 
+support Basslink’s continued operation. Converting 
+Basslink to a ‘regulated asset’ means the maximum 
+prices consumers pay as part of their retail bills for 
+Basslink would be set by the AER through a public 
+consultation process. For consumers, this means 
+a more transparent and independent approach 
+to setting prices for Basslink, and a range of 
+opportunities for public consultation on what  
+prices consumers should pay.
+In November 2022, we established a Regulatory 
+Reference Group (RRG) to co-design the 
+development and implementation of our regulatory 
+engagement plan for Basslink. This plan identifies 
+the scope, timing, themes and engagement 
+methodology.
+The RRG served as an independent advisory 
+group representing residential, small business and 
+large energy users in Tasmania and Victoria. The 
+RRG guided our understanding of the needs and 
+expectations of different consumer segments and 
+was used to continually refine our engagement 
+materials and our approach to consulting 
+with consumers, industry and Government 
+stakeholders. 
+With direct representation from APA’s senior 
+leadership team, the engagement program was 
+both broad and deep including:
+• regular RRG engagement forums
+• online focus groups
+• consumer workshops in Launceston  
+and Melbourne 
+• an online quantitative survey of 1,200 electricity 
+consumers from Victoria and Tasmania.
+SUSTAINABILITYGOVERNANCEAPA INFRASTRUCTURE TRUST FINANCIAL REPORTAPA INVESTMENT TRUST FINANCIAL REPORTADDITIONAL INFORMATION
+31
+OPERATING & FINANCIAL REVIEW

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+BUILD
+Community and social performance (continued) 
+Landholder engagement 
+APA sees landholders as key partners in our operations. 
+With easements across many properties throughout the 
+country, access to these properties is an essential part of 
+maintaining and developing our infrastructure. When this 
+is needed, we engage proactively with landholders and 
+seek to minimise our footprint as much as possible. 
+In FY23, we continued to run the annual APA Landholder 
+Contact Program, sharing operational and safety 
+information with landholders and providing Before-You-
+Dig information. This Program also allows landholders to 
+update APA about their activities, access and notification 
+requirements, and to raise any concerns.
+The Landholder Contact Program aims to make contact 
+with at least one representative from each parcel every 
+year, preferably face to face. In FY23, we made contact 
+with 11,271 landholder contacts. Over the past few years 
+we have consistently achieved at least 80% of contacts 
+completed in all States. In most cases we have achieved 
+over 90%. In recent years we have conducted a popular 
+APA Landholder Photo Competition, with entries used in 
+our annual calendar to highlight the stunning and diverse 
+landscapes in which we operate. 
+APA continues to receive positive feedback from 
+landholders. Our proactive engagement with landholders 
+is seen as a point of difference with other similar 
+companies.
+The Energy Charter 
+APA works collaboratively across the energy industry to 
+address common issues and improvement opportunities. 
+As a signatory to the Energy Charter  – a national  
+CEO-led collaboration – we share the vision to support 
+better outcomes for energy customers. 
+APA is one of 20 Australian energy businesses forming 
+the charter. Signatories commit to publicly disclose their 
+progress against the Energy Charter Principles through 
+the release of an annual disclosure report.
+In September 2022, we submitted our third disclosure 
+report under the Energy Charter. The annual disclosure 
+report details the actions, investments, partnerships and 
+programs that have been delivered and demonstrates our 
+alignment to the five Energy Charter Principles. A copy of 
+this report is published on the APA website. 
+32
+APA GROUP  ANNUAL REPORT 2023

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+Focusing investment on sustainable 
+development outcomes 
+APA continued to refine and deliver on its Social 
+Investment Framework in FY23. The Framework provides 
+meaningful, valuable discretionary funding to support 
+sustainable development outcomes in host communities. 
+Partnerships and employee contributions 
+As part of our commitment to better outcomes for First 
+Nations people and communities, APA continued our 
+long-standing corporate partnerships with the Clontarf 
+Foundation and The Fred Hollows Foundation in FY23. 
+APA also recommitted to another year of funding with 
+three corporate partners who we began working with  
+in FY22 – the Stars Foundation, Rural Aid and Uniting.
+The Stars Foundation aligns with our commitment to 
+support gender equity and better outcomes for First 
+Nations communities. 
+Rural Aid is our dedicated partner when preparing for 
+and responding to natural disasters through community 
+resilience initiatives. 
+Our corporate partnership with Uniting is derived from our 
+membership of the Energy Charter and provides energy 
+literacy support to individuals and households suffering 
+energy hardship.
+In FY23 we invested $1.2 million in our communities, 
+prioritising rural and regional communities, First Nations 
+Peoples, climate transition and natural environment 
+protection.
+Community grants programs 
+In addition to the partnerships and employee 
+contributions, in FY23 APA contributed more than 
+$92,000 in grants across almost 30 community 
+orgnisations as part of our Community Grants Program. 
+These initiatives align to APA’s Investment Priority Funding 
+Areas and focus on maximising social impact. 
+Projects funded under this program included NAIDOC 
+celebrations, social infrastructure investment and 
+community health and wellbeing initiatives across our East 
+Coast Grid Expansion, Kurri Kurri Lateral Pipeline, and 
+Mount Isa and Cloncurry assets.
+APA’S SOCIAL INVESTMENT PRIORITY AREAS
+REGIONAL AND REMOTE 
+COMMUNITIES
+FIRST NATIONS 
+PEOPLES
+We also recognise the importance of considering the following when designing, selecting and delivering initiatives, 
+investments and partnerships:
+CLIMATE 
+TRANSITION
+NATURAL 
+ENVIRONMENT
+Building the strength 
+and resilience of 
+regional economies and 
+communities located near 
+APA assets/projects
+Working in partnership 
+with First Nations Peoples 
+to support better 
+outcomes for First Nations 
+communities and heritage
+Supporting communities 
+in climate transition 
+outcomes and 
+adaptation activities
+Protecting and enhancing 
+the natural environments 
+and biodiversity located 
+near APA assets/projects
+Impacted community 
+needs and aspirations
+People in vulnerable 
+circumstances Inclusion and diversity Access to energy and 
+energy affordability
+Building human capability 
+e.g. skills
+SUSTAINABILITYGOVERNANCEAPA INFRASTRUCTURE TRUST FINANCIAL REPORTAPA INVESTMENT TRUST FINANCIAL REPORTADDITIONAL INFORMATION
+33
+OPERATING & FINANCIAL REVIEW

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+Reconciliation
+APA’s Sustainability Roadmap identifies First Nations 
+Peoples as a priority area for us to build organisational 
+capability, and in FY22 we committed to developing our 
+first Reconciliation Action Plan (RAP). 
+In FY23, we appointed a Reconciliation and First Nations 
+Manager to improve our First Nations governance, 
+performance and disclosures. We established a cross-
+functional RAP Working Group (RAPWG), chaired by an 
+Executive Sponsor, to develop, implement and report on 
+a Reflect RAP. With the support of our external advisor, 
+Murawin Indigenous Voice Consultancy, we undertook an 
+extensive internal consultation to co-design a quality  
+RAP that meets Reconciliation Australia’s standards.  
+ APA aims to launch our RAP in the first half of FY24.
+Committing to a Reflect RAP allows APA to spend time 
+scoping and developing relationships with stakeholders, 
+defining our reconciliation vision and exploring our 
+sphere of influence, in preparation for future reconciliation 
+initiatives and RAPs.
+Extensive consultation was undertaken to inform 
+development of the RAP, involving targeted, APA-wide 
+engagements, directly involving >700 employees.  
+ 
+First Nations Peoples
+At APA, partnering with First Nations Peoples is central  
+to our purpose. We seek to become a partner of choice for 
+First Nations stakeholders and supporters as we deliver 
+solutions for the energy transition.
+Consultation with more than 700 employees  
+to develop our first
+RECONCILIATION ACTION PLAN
+Over 500 APA employees joined our 
+INAUGURAL NATIONAL 
+RECONCILIATION WEEK 
+DISCUSSION PANEL EVENT
+Launched our new online cultural awareness  
+training module as part of our 
+FIRST NATIONS WORKFORCE 
+STRATEGY
+$2.67 million spend on goods and services  
+with 24 directly engaged 
+FIRST NATIONS SUPPLIERS
+  BUILD
+34
+APA GROUP   ANNUAL REPORT 2023
+The secret tool is a "saw".

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+First Nations engagement
+APA holds Indigenous Land Use Agreements and 
+Cultural Heritage Management Plans with Traditional 
+Owners. These set out processes and plans for protecting 
+Aboriginal cultural heritage and engaging with Traditional 
+Owners in areas where we operate. 
+We are committed to continually improving processes 
+which guide First Nations engagement and Aboriginal 
+cultural heritage management. Our aim is to drive 
+improved land use and benefit sharing with First 
+Nations groups and contribute to community capacity 
+through training and employment in the energy sector. 
+This extends to joint venture and equity partnership 
+opportunities with Traditional Owners.
+Our future engagement will focus on improving the 
+quality and depth of our relationships with First Nations 
+groups to ensure we respect their rights and interests and 
+adequately build in the priorities of Traditional Owners and 
+host communities throughout our assets lifecycle.
+First Nations employment 
+With less than 1% of our workforce who identify as First 
+Nations Peoples compared to 3.2% of the national 
+population, we recognise more work is needed to ensure 
+our workforce reflects the communities where we operate. 
+In support of this we undertook initiatives in FY23 to 
+improve cultural safety for current and future First  
+Nations employees. 
+• In FY23, as part of the implementation of our First 
+Nations Workforce Strategy, we launched our new 
+online cultural awareness training module. 
+• Over 500 APA employees joined our inaugural 
+National Reconciliation Week discussion panel event 
+involving representatives of our RAP Working Group 
+and external First Nations thought leaders. The panel 
+discussed Reconciliation, APA’s RAP and the upcoming 
+Referendum. 
+• Over 100 employees have joined our Reconciliation 
+Allies @ APA community. 
+• In FY23, we engaged a new Employee Assistance 
+Program provider which has capability to provide 
+primary and secondary health and wellbeing support  
+to First Nations staff and family members. 
+• Our Reflect RAP will prioritise our focus and effort on 
+building cultural safety and cultural competency across 
+the entire organisation. 
+First Nations procurement 
+In FY23, APA continued its membership of Supply Nation, 
+a national non-profit organisation that aims to grow the 
+First Nations business sector through the promotion 
+of supplier diversity in Australia. In FY23, we directly 
+engaged 24 First Nations suppliers, spending  
+$2.67 million on goods and services. Suppliers are 
+comprised of Registered and Certified Supply Nation  
+as well as Land Councils. 
+APA’s Reflect RAP will include measurable actions and 
+deliverables to increase the diversity and quantity of 
+goods and services procured directly and indirectly from 
+First Nations-owned businesses. We intend to support and 
+participate in opportunities to build our network of local 
+and First Nations suppliers. 
+We will investigate including First Nations Participation 
+Commitments (FNPCs) in our contracts with key suppliers 
+to help facilitate more opportunities for First Nations 
+businesses. Engaging First Nations businesses via  
+FNPCs will enable more First Nations businesses to 
+participate in our supply chain indirectly, growing local 
+industry and employment opportunities for First  
+Nations communities.
+SUSTAINABILITYGOVERNANCEAPA INFRASTRUCTURE TRUST FINANCIAL REPORTAPA INVESTMENT TRUST FINANCIAL REPORTADDITIONAL INFORMATION
+35
+OPERATING & FINANCIAL REVIEW

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+Environment and heritage
+APA performs an extensive range of activities across 
+a diverse range of environments. We are committed to 
+managing our risks and protecting the environment across 
+all areas of our business. Pursuing a high standard of 
+environment and heritage management is one way  
+we ensure we build and operate our assets in a socially 
+responsible manner.
+In FY23, APA continued our program of strategic initiatives 
+to drive improved environmental performance. We have:
+• Prepared and released updated environmental 
+procedures for Contaminated Site Management and Spill 
+Preparation and Response, including tools, templates and 
+guidelines. The procedures were supported by updates 
+to related business processes and systems and included 
+dedicated staff training and communications. As part of 
+this change a spill response online training module was 
+procured and launched. This has been completed by 
+450 employees.
+• Continued our weed survey program investigating 
+the presence of invasive weeds on APA transmission 
+pipelines. The outcomes of these surveys will inform 
+long-term monitoring and management measures 
+and help to quantify potential impacts on nature 
+and biodiversity. 
+• Completed an assessment of APA’s water consumption 
+to improve our understanding of water usage and 
+determine a pathway forward for more comprehensive 
+water data capture. In addition, we identified all areas of 
+water stress in the areas that we operate and overlaid this 
+information in Geographic Information Systems (GIS) to 
+help inform decision making. 
+• Completed a waste assessment to understand waste 
+generation patterns and to better inform future work 
+regarding improved waste data capture and centralisation.
+• Developed a framework to assess site contamination 
+hazards associated with chemical and hazardous 
+substance storage on APA sites and to manage 
+associated contamination risks.
+LAUNCHED OUR NEW SPILL 
+RESPONSE ONLINE TRAINING 
+MODULE
+completed by 450 employees
+DEVELOPED A FRAMEWORK TO 
+ASSESS SITE CONTAMINATION 
+HAZARDS 
+associated with chemical and hazardous substance 
+storage on APA sites
+EMBEDDED HERITAGE 
+MANAGEMENT 
+launched a 'Being Heritage Aware' training module 
+across the business
+  ACCELERATE
+36
+APA GROUP  ANNUAL REPORT 2023

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+A four-year Environment Improvement Program is 
+underway to elevate and embed environment processes 
+across the business. This involves uplift of procedures, 
+development of new innovative tools and implementation 
+for eight environment risk areas. Following full completion 
+of the program, all Environment Management Plans will be 
+updated to ensure alignment of content. 
+YEAR ENVIRONMENT RISK AREA STATUS
+FY22 Heritage Completed
+Pests, Diseases and Weeds Completed
+FY23 Spill Preparation and Response Completed
+Contaminated Site Management Completed
+FY24 Soil Management Under way
+Waste Management Pending
+FY25 Biodiversity Pending
+Water Pending
+Environment compliance 
+In FY23 APA received seven penalty infringement notices 
+and two regulatory warning notices. 
+The penalty notices were received from the Queensland 
+Department of Environment and Science and had a total 
+penalty value of $34,461. The notices related to late 
+resubmission of Estimated Rehabilitation Cost  
+(ERC) calculations required under the Environmental 
+Protection Act, 1994, for six operating assets in 
+Queensland. APA promptly resolved the outstanding 
+information with the Department. 
+One warning notice was received from the First People 
+– State Relations (FPSR) portfolio of the Department of 
+Premier and Cabinet (Victoria). The warning notice related 
+to a ground disturbance activity that did not comply with 
+the approved Cultural Heritage Management Plan.  
+APA self-reported the incident and is working with the 
+stakeholders to resolve the matter. 
+The second warning notice related to missing information 
+required under APA’s Environmental Authority for the 
+Kogan North Central Gas Processing Facility. Whilst 
+information was available in technical air quality 
+monitoring reports, required details had not been 
+included in the Register of Fuel Burning and Combustion 
+Equipment Register for the facility. APA rectified the error 
+once aware of the issue.
+Embedding heritage management 
+across the business 
+APA continued to improve heritage management 
+processes throughout FY23. 
+To facilitate continuous improvements in heritage 
+management we have:
+• Completed a targeted heritage study on our 
+operational pipeline asset. The study aimed to 
+understand what ‘unrecorded’ heritage values might 
+existing on ageing infrastructure, constructed in times 
+when heritage management practices and recording 
+were vastly different to today. The heritage surveys, 
+undertaken by the Traditional Owners for the area, 
+identified important heritage values that do remain in 
+these areas. This study will be used to inform  
+APA’s approach nationally. 
+• Commissioned a review of APA’s heritage data 
+management. This review identified opportunities 
+for APA to improve its data management. The 
+recommendations will inform future heritage 
+improvements.
+• Recruited an additional Heritage Specialist to drive 
+positive First Nations engagement and heritage 
+management outcomes on the Moomba Sydney 
+Pipeline.
+Environment warning and penalty notices
+● Environmental warning notices recieved
+● Environmental penalty notices recieved
+0
+1
+2
+3
+4
+5
+6
+7
+8
+9
+10
+FY19FY20FY21FY22FY23
+OPERATING & FINANCIAL REVIEWSUSTAINABILITYGOVERNANCEAPA INFRASTRUCTURE TRUST FINANCIAL REPORTAPA INVESTMENT TRUST FINANCIAL REPORTADDITIONAL INFORMATION
+37
+The secret flower is a "tulip".

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+Message from  
+the Chairman and 
+Managing Director
+FY23 was another solid year of delivery for APA.
+Over the past 12 months we delivered earnings and 
+distribution growth, invested in infrastructure to support 
+Australia’s energy security and refreshed our strategic 
+ambition – to be the partner of choice in delivering 
+infrastructure solutions for the energy transition. 
+With execution against this strategy building momentum, we 
+have revitalised our executive team to position us to capture 
+future growth opportunities. We also made good progress 
+on our three strategic priorities – ensuring our people 
+are engaged, motivated and safe; delivering operational 
+excellence; and creating value for investors and communities. 
+Financial performance
+Our financial performance in FY23 was underpinned by 
+the reliability of our operations and the strength of our 
+infrastructure and capabilities. Total statutory revenue 
+(excluding pass-through revenue) was $2,353 million, up  
+5.1%, driven by a strong Energy Infrastructure performance 
+and initial contributions from Basslink. 
+Earnings before interest, tax, depreciation and amortisation 
+(Reported EBITDA) of $1,686 million represented a  
+3.4% increase on the previous year and on an underlying 
+EBITDA basis, earnings were up 2% to $1,725 million. 
+Statutory profit after tax (including significant items) was up 
+10.4% to $287 million.
+Our performance enabled the Board to declare a final 
+distribution of 29.0 cents, taking the FY23 distribution to  
+55.0 cents per security, in line with guidance. This represents 
+an increase of 3.8% on FY22 and has been delivered in 
+parallel with our ongoing significant investment to build 
+capability and capitalise on emerging growth opportunities.
+Our people
+The skills and dedication of our people are critical to our 
+ongoing success, and their safety and engagement remain a 
+priority focus area.
+We reported zero fatalities and zero serious injuries in FY23 
+and achieved a 42% reduction in our potential serious harm 
+incident frequency rate compared to FY22. This was the 
+result of our focus on incident prevention and drive towards 
+continuous improvement in safety performance. 
+Our Total Recordable Injury Frequency Rate (TRIFR) increased 
+slightly this year following a 42% decrease in FY22.
+Over the last 12 months we also progressed our strategy to 
+improve employee inclusion and diversity. Highlights included 
+increasing female representation across our total workforce 
+from 29.5% to 31.8% and in senior leadership roles from  
+30.4% to 31.4%. These trends are a direct result of the specific 
+action we’ve taken to attract women to APA and support their 
+career progression. 
+We also completed a comprehensive review of like-for-like 
+roles and where any gender pay equity gaps were identified, 
+we ensured they were immediately addressed. 
+Delivering operational excellence 
+Delivering operational excellence goes to the heart of our 
+social licence and underpins our ongoing financial results. In 
+FY23 we opened our new national state-of-the-art Integrated 
+Operations Centre – a facility that will allow us to support all 
+our customers and markets from one central location. 
+In process safety we recorded three Tier 1 incidents, including 
+a rupture on our Young-Lithgow pipeline during a flooding 
+event, as well as two power outages highlighting the need 
+to ensure we are always vigilant in the operation and 
+maintenance of our assets.
+Creating value
+Creating value is central to our success and underpins our 
+ability to deliver for customers, investors, communities and 
+our people. 
+In FY23 we brought clarity to our growth strategy. Our focus 
+is to be the partner of choice in our selected asset classes of 
+contracted renewables and firming, electricity transmission, 
+gas transportation and future energy. 
+We already have momentum with the execution of this 
+strategy. In FY23 we invested $845 million in growth 
+opportunities and completed several major projects. This 
+included the delivery of the largest remote-grid solar farm in 
+Australia, the Dugald River Solar Farm, the acquisition of the 
+Basslink interconnector which further expands our electricity 
+transmission business, delivery of the first stage of the East 
+Coast Gas Grid expansion and completion of the Northern 
+Goldfields Interconnect (NGI) pipeline, providing greater 
+energy security and supporting growth and transition in the 
+Western Australia resources sector.
+2
+APA GROUP  ANNUAL REPORT 2023

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+People and culture
+APA is committed to being a responsible energy company 
+where people are proud to work. We are striving to create  
+a healthy, safe, inclusive and diverse workplace.
+Building on our Inclusion and Diversity Strategy 
+The four pillars of APA’s Inclusion and Diversity  
+Strategy 2020 to 2025 are:
+Gender Equity – We are committed to  
+a level playing field by giving all women 
+and men the same chance to reach  
+their potential.
+Flexibility – Flex APA means we 
+encourage flexible ways of working and 
+empower people to think differently about 
+where, when and how work is completed 
+to meet the professional goals, priorities 
+and lifestyles. 
+Inclusive Culture – We are committed to 
+creating an inclusive culture that values 
+all people and addresses biases. (Age, 
+cultural background, LGBTIQ, disability, 
+indigenous, etc.).
+Inclusive Leadership – Inclusive 
+leadership is about making sure our 
+people feel a sense of belonging, are 
+treated fairly and respectfully, and all our 
+people’s voices are heard and valued.
+COMPLETED A COMPREHENSIVE 
+GENDER PAY EQUITY REVIEW 
+a like-for-like comparison of roles across the 
+organisation, with all identified gaps resolved 
+Launched APA’s 
+RESPECT@WORK PROCEDURE
+INCREASED TOTAL FEMALE 
+REPRESENTATION TO 31.8% 
+among total employees, up from 29.5% in FY22
+Established 
+GENDER-NEUTRAL PARENTAL 
+LEAVE BENEFITS 
+  MAINTAIN AND EVOLVE
+38
+APA GROUP  ANNUAL REPORT 2023

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+In FY23, we have continued to build on our Inclusion and 
+Diversity (I&D) Strategy 2020 to 2025 and refreshed our 
+Inclusion and Diversity Policy. 
+We also completed a comprehensive Gender Pay Equity 
+Review. Recent investments in systems and better quality 
+data enabled a like-for-like comparision of roles across the 
+organisation, with all identified gaps resolved immediately. 
+We are working to strengthen APA policies and 
+remuneration processes to avoid any recurrence of 
+Gender Pay Gaps on like-for-like roles at APA in the future. 
+We have also revised our I&D strategy to focus on the 
+strategic components that will best accelerate the creation 
+of an inclusive culture, including: 
+• Refreshed content for our Inclusive Leadership 
+development program. This program was successfully 
+delivered to our Executive Leadership team in March 
+2023 with roll-out to General Managers and broader 
+leader population starting in August 2023. This program 
+reviews unconscious bias, everyday sexism and the link 
+between diversity and performance.
+• Launched APA’s Respect@Work procedure. This aligns 
+with the I&D Policy and the APA Code of Conduct.  
+To complement this, a Respect@Work e-learning 
+module has also been implemented. The module 
+encourages employees to speak up if they witness 
+harmful behaviours including unlawful discrimination, 
+bullying, harassment, sexual harassment, sex-based 
+harassment, vilification and victimisation. 
+• Introduced APA’s enhanced gender-neutral parental 
+leave benefits aligned to industry benchmarks.
+• Further embedded our Hybrid @ APA working model to 
+improve flexibility for employees. The model – with  
+40% of face-to-face office collaboration over the span 
+of a month – allows employees the flexibility to manage 
+their lifestyles and priorities outside of work.
+• Achieved a 46% female representation in our 2023 
+Graduate program, and a 53% female representation 
+in the 2022/23 intern programs. Further recruitment 
+efforts are underway to ensure our apprenticeship 
+program reaches a 50% gender split.
+• Became sponsors and partners for Chief Executive 
+Women (CEW). 
+• Implemented targeted national campaigns to promote 
+I&D aligned to national recognition days (such as 
+International Women’s Day events, Pride month and 
+NAIDOC Week).
+Supporting our people 
+Diversity performance
+In FY23, under APA’s Gender Target Action Plan, female 
+representation among total employees increased to 
+31.8%, up from 29.5% in FY22. Senior Leader female 
+representation increased to 31.4%, up from 30.4%, with 
+female representation in the Executive Leadership Team 
+increasing from 29% in FY22 to 44% in FY23. The APA 
+Board has set a gender diversity target of 40/40/20, 
+recognising this may vary slightly depending on the size 
+and required skills mix of the Board. At 30 June 2023 
+50% of APA’s non-executive directors were female. With 
+the appointment of Nino Ficca to the APA Board from 1 
+September 2023, female representation will be 43%.
+APA’s challenge is to increase the female representation in 
+operational divisions. These areas have a large proportion 
+of roles requiring science, technology, engineering and 
+mathematics (STEM) disciplines, in which females are 
+generally underrepresented. 
+In FY23, 25% of employees in operational divisions 
+identified as female, compared with 49% in our  
+corporate divisions. 
+APA is also working to improve age diversity. Over 91% of 
+employees are aged 30 years and over. We continued to 
+address this disparity during the year through a focused 
+early talent strategy, including an increase in our FY23 
+Graduate Program intake, and identifying younger talent 
+through a continued focus on internships, traineeships, 
+and our National Apprenticeship Program.
+The increase in workforce mobility experienced nationally 
+over the past 18 months continued. In response, APA 
+accelerated several attraction and retention strategies 
+throughout the year, with APA’s voluntary employee 
+turnover rate improving, at 11.5% for FY23, down from 
+13.4% in FY22.
+SUSTAINABILITYGOVERNANCEAPA INFRASTRUCTURE TRUST FINANCIAL REPORTAPA INVESTMENT TRUST FINANCIAL REPORTADDITIONAL INFORMATION
+39
+OPERATING & FINANCIAL REVIEW

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+MAINTAIN AND EVOLVE
+People and culture (continued)
+Freedom of association and 
+collective bargaining 
+APA supports the right of all employees to choose 
+whether to be, or not to be, a union member. In FY23, 
+a number of unions were party to six of APA’s seven 
+Enterprise Agreements. APA provides industrial relations 
+training for operations leaders in Union Right of Entry and 
+other key Fair Work Industrial Relations principles, such as 
+freedom of association and unprotected industrial action.
+APA does not tolerate any form of discrimination or 
+exclusionary behaviour. In FY23, APA recorded zero 
+incidents of discrimination. 
+For more information on our People and Employment 
+performance, see the FY23 Sustainability Data Book .
+Investing in APA’s future 
+At APA, we continually develop our people’s core 
+compliance, technical and leadership skills. In FY23, 
+the APA workforce completed 40,542 hours of training, 
+averaging 15 hours per team member.
+For more information on our People and Employment 
+performance, see the FY23 Sustainability Data Book .
+68%
+32%
+56%
+44%
+57%34%
+9%
+FY23 gender diversity 
+of APA employees
+/uni25CF  Male
+/uni25CF  Female
+FY23 gender diversity 
+of APA Executive 
+Leadership Team (ELT) /one.numr
+/uni25CF  Male
+/uni25CF  Female
+FY23 age diversity 
+of APA employees
+/uni25CF  <30 years
+/uni25CF  30/endash.case49 years
+/uni25CF  >50  years
+68%
+32%
+56%
+44%
+57%34%
+9%
+FY23 gender diversity 
+of APA employees
+/uni25CF  Male
+/uni25CF  Female
+FY23 gender diversity 
+of APA Executive 
+Leadership Team (ELT) /one.numr
+/uni25CF  Male
+/uni25CF  Female
+FY23 age diversity 
+of APA employees
+/uni25CF  <30 years
+/uni25CF  30/endash.case49 years
+/uni25CF  >50  years
+68%
+32%
+56%
+44%
+57%34%
+9%
+FY23 gender diversity 
+of APA employees
+/uni25CF  Male
+/uni25CF  Female
+FY23 gender diversity 
+of APA Executive 
+Leadership Team (ELT) /one.numr
+/uni25CF  Male
+/uni25CF  Female
+FY23 age diversity 
+of APA employees
+/uni25CF  <30 years
+/uni25CF  30/endash.case49 years
+/uni25CF  >50  years
+30,920
+7,492
+2,130
+FY23 workforce training 
+hours by type
+/uni25CF Mandatory APA 
+ Compliance training 
+/uni25CF Role-specific training 
+/uni25CF Other training 
+1 Executive Leadership Team (ELT) - portion of employees aligned to WGEA Management Category: Key Management Personnel / Head of Business; Key Management 
+Personnel and internationally based ELT members (Excludes CEO).
+40
+APA GROUP  ANNUAL REPORT 2023

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+Leadership training and capability 
+APA continues to invest in developing our people,  
+seeking to maximise collaboration and effectiveness  
+and give everyone an opportunity to reach their full  
+career potential.
+To further develop the capability of our leaders we offer a 
+suite of leadership development courses, including:
+• Ignite Talent Program: targeted at identified future 
+leaders. This 12-month accelerated talent development 
+program focuses on understanding self and  
+leading others.
+• Elevate Talent Program: designed for senior leaders 
+who have been identified as successors for Executive 
+Leadership Team roles.
+• INSEAD Leadership Curriculum: in partnership with 
+INSEAD, this is a customised program for all leaders 
+which aims to lift the leadership capability bench 
+strength and ensure consistent practice and strategic 
+leadership. Our Executive Leadership completed this 
+Curriculum in February and General Managers in  
+May 2023. The one-week experiential learning program 
+focuses on developing senior leaders in Personal 
+Leadership, Interpersonal Leadership and Strategic 
+Leadership. 
+In addition, we have continued to invest in the Digital 
+Learning Library (Percipio), with thousands of courses, 
+videos, e-books, and audiobooks employees can access 
+any time, from any device. 
+Technical training 
+Over FY23 two new learning technologies were 
+introduced. A wearable digital headset (RealWear) was 
+trialled and introduced as a field-based assessment 
+methodology in the Certificate III Gas Supply (System 
+Operations). The success of the innovation resulted in  
+APA winning Silver at the Australian Training Awards, in 
+the category of Innovation in VET (Vocational Education 
+and Training).
+Additionally, digital avatar software was used across 
+several learning programs to simulate face-to-face 
+engagement in eLearning courses.
+A new national training program was developed and rolled 
+out for frontline Operations and Maintenance Technicians. 
+The Asset Maintenance for Technicians program is 
+focused on developing the knowledge and skills to 
+undertake routine maintenance tasks through completion 
+of 16 learner-led modules delivered using a blended 
+approach of eLearning, field-based coaching (Tech Notes) 
+and an assessment process. A new technician would 
+typically complete the course over an 18-24-month period.
+Talent pipeline 
+As part of our Early Talent Strategy, graduate and intern 
+program intake numbers increased with a greater balance 
+of males and females:
+• 2023 Graduate Program = 24 Graduates with an  
+11 Female: 13 Male gender split (46%) 
+• 2022/2023 Internship Program = 34 Interns with an  
+18 Female: 16 Male gender split (53%)
+SUSTAINABILITYGOVERNANCEAPA INFRASTRUCTURE TRUST FINANCIAL REPORTAPA INVESTMENT TRUST FINANCIAL REPORTADDITIONAL INFORMATION
+41
+OPERATING & FINANCIAL REVIEW

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+IMPROVING SYSTEMS AND PROCESSES
+IMPROVE HEALTH, WELLBEING  
+AND WORKLOAD MANAGEMENT
+• Commitment to proactive process improvement
+• Enable efficiency and systems to drive high 
+performance
+• Embed nimble behaviour through new recognition 
+program and continuous improvement/productive 
+habits program.
+• Proactively increase opportunities for ELT visibility
+• Enable more 1:1 employee interaction with senior 
+leaders
+• ELT personal accountability
+• Educate leaders to have meaningful 
+HSEH conversations
+• Commit to prioritising work to ensure workload is 
+managed to an acceptable level
+• Educate in respect at work to further minimise the risk 
+of bullying and harassment
+• Improve access to Health and Wellbeing support 
+services for all employees
+SENIOR LEADERSHIP VISIBILITY/ACCESSIBILITY
+Safety, health and 
+wellbeing
+APA’s foremost priority is the health, safety and wellbeing 
+of our workforce and our communities. We want everyone 
+to go home healthy and safe every day. We strive for 
+world-class performance in Health, Safety and Wellbeing.
+  MAINTAIN AND EVOLVE
+Delivering against our Health, Safety, 
+Environment and Heritage (HSEH) Strategy
+APA’s new HSEH Strategy commenced in FY23 and all 
+initiatives have been delivered in line with the schedule. 
+Some of the key initiatives undertaken in FY23 are 
+highlighted below.
+Leadership collaboration and learning
+HSEH Interactions
+In FY23, 4,334 HSEH Interactions were completed by our 
+leaders. This was a 13% increase from FY22, and reflects a 
+consistent effort by leadership across the organisation to 
+actively engage in meaningful conversations. 
+Health and safety survey
+A Health and Safety survey was undertaken across the 
+business in December 2022 that focused on four key 
+areas including:
+• Health and Wellbeing
+• Safety Systems
+• Safety Leadership
+• Safety Engagement
+With a participation rate of 70%, APA achieved an 
+overall score of 76%, 1% above the industry benchmark. 
+Safety Engagement, Safety Leadership, and Health and 
+Wellbeing scores exceeded the benchmark while Safety 
+Systems was below benchmark. 
+The results of the survey have been used to inform 
+improvement opportunities which will be incorporated  
+into the APA Culture Action Plan.
+42
+APA GROUP   ANNUAL REPORT 2023
+The secret kitchen appliance is a "pan".

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+Health and Wellbeing
+Health and wellbeing framework
+We have implemented the evidence-based framework, 
+Thrive at Work, which has been adapted to include all 
+health-related initiatives. The framework provides for a 
+balanced approach to Health and Wellbeing prioritisation 
+and management.
+Psychosocial risk management
+APA has taken steps to respond to recent Work Health 
+and Safety (WHS) legislation changes with the inclusion  
+of Psychosocial Risk within the HSEH Risk Register.  
+A new WHS management system protocol has been 
+drafted and an assessment of psychosocial hazards and 
+controls completed. An action plan has been developed  
+to ensure continued review and alignment of systems  
+and processes.
+Improved health and wellbeing support
+To test the effectiveness of support mechanisms 
+associated with psychosocial risk management we 
+completed a review of the Employee Assistance Program 
+(EAP). As a result of the review, a decision was made to 
+partner with Sonder – a best-in-class, technology-enabled 
+platform which assists APA employees, contingent 
+workers and their families across all aspects of Health.
+Sonder will link other health and wellbeing programs and 
+enable access for our people when they need assistance.
+Systems, technology and innovation
+Incident, near miss and hazard management review
+In FY23, we completed a review of the Incident 
+Management and Investigation procedures across  
+APA, resulting in the development and approval of the 
+Incident, Near Miss and Hazard Management Protocol. 
+This Protocol provides the overarching process for 
+reporting all Incidents, Near Misses and Hazards, including 
+Regulatory Events, and Harmful Behaviours.
+Serious Harm Prevention
+Improved assurance schedule targeting critical risk 
+The FY23 Assurance Schedule focused on APA’s critical 
+risks that are linked to our Fatal Risk Protocols. This 
+schedule was designed to measure the effectiveness  
+of critical risks across various APA operations.
+The areas covered in the FY23 Assurance Schedule 
+included:
+• Contractor Management
+• Excavation and Trenching
+• Permit to Work
+• Driving
+• Process Safety
+• Safety Management Plans
+In FY23, a total of 17 Line 2 assurance HSEH Management 
+System activities were undertaken according to the 
+schedule. This included auditing 1,332 controls, resulting 
+in an overall compliance rating of 97% across all  
+assessed areas.
+4,334 HSEH INTERACTIONS 
+COMPLETED BY OUR LEADERS, 
+18% increase from FY22
+76% HEALTH AND SAFETY 
+SURVEY SCORE, 
+1% above industry benchmark
+PARTNERED WITH SONDER; 
+a best-in-class, technology-enabled platform which 
+assists APA employees, contingent workers and their 
+families across all aspects of Health
+SUSTAINABILITYGOVERNANCEAPA INFRASTRUCTURE TRUST FINANCIAL REPORTAPA INVESTMENT TRUST FINANCIAL REPORTADDITIONAL INFORMATION
+43
+OPERATING & FINANCIAL REVIEW

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+MAINTAIN AND EVOLVE
+Safety, health and wellbeing (continued)
+HSEH digital roadmap 
+In FY23, we undertook a comprehensive review of  
+APA’s current suite of digital systems to support the 
+business processes stipulated by the HSEH Management 
+System, identifying the key areas where improvements  
+in our digital systems are necessary to support our  
+HSEH Strategy over a five-year horizon. 
+The roadmap identified seven key areas where significant 
+improvements were required over the next five years: 
+• Mobile-enabled digital tool for employees  
+and contractors
+• Integrated digital HSEH Incident, Near Miss and Hazard 
+Management System
+• New HSEH reporting and analytical framework 
+supporting current and future digital tools
+• Integrated Contractor Management System
+• Digital solutions for HSEH inductions
+• Digital solutions for Permit to Work
+• Predictive Analytics for HSEH
+In FY23 we have focused on collating the business 
+requirements for the first three items in our Roadmap. 
+They represent the foundational building blocks of our 
+digital strategy. In FY24 we will be undertaking the 
+procurement and implementation of these systems.
+HSEH data and analytics improvements 
+In FY23, we rolled out the HSEH Dashboard and Detailed 
+Reports to provide the business with a consolidated view 
+of APA’s leading and lagging HSEH Key Performance 
+Indicators (KPIs). The dashboards are updated on a 
+monthly basis.
+Process safety 
+In FY23 we made progress against our process safety 
+improvement initiatives identified in the HSEH Strategy. 
+This included commencement of the Management of 
+Change (MOC) Uplift initiative where we have:
+• Conducted a thorough current state MOC review
+• Developed and received endorsement for a Business 
+Requirements Document
+The next stage of the MOC Uplift initiative is to implement 
+the specification requirements in our Enterprise Asset 
+Management System prior to rolling out to the business in 
+the second half of FY24. 
+The Process Hazard Analysis (PHA) Revalidation Uplift 
+initiative progressed in FY23 by completing the Moomba 
+Hub and Dalby Compressor Station HAZOP Studies. 
+In FY24 we will continue to revalidate PHAs on critical 
+operating assets.
+The Safety Critical Element (SCE) Management and 
+Assurance initiative has delivered and published  
+SCE dossiers for all transmission assets and developed 
+a draft SCE performance standard. In FY24 we will revise 
+the SCE Lifecycle Process Standard and implement this  
+in our Enterprise Asset Management System. 
+44
+APA GROUP  ANNUAL REPORT 2023
+The secret object #5 is a "towel".

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+Measuring health and safety performance 
+In FY23, our key focus areas included contractor safety 
+across our projects and the identification of incidents 
+and near misses that could have caused serious harm 
+to our employees and contractors. We continue to drive 
+our visible leadership initiatives through the key leading 
+indicators of HSEH Interactions and High Potential  
+Hazard Identification.
+By focusing on visible leadership through HSEH 
+Interactions, leaders can understand the challenges 
+workers face and how they can be addressed to improve 
+safety performance. HSEH interactions underwent 
+an improvement exercise with the introduction of 
+subcategories of focused interactions that include:
+• Health and safety – Focuses on general health  
+and safety 
+• Environment and heritage – Focuses on general 
+environment and heritage
+• Critical control – Focuses on interacting with a work 
+group on the implementation of critical controls for 
+high-risk activities
+• Wellbeing – Introduced to improve health and 
+wellbeing with a focus on psychosocial risk 
+management
+In FY24, there will be a focus on increasing the number  
+of Critical Control and Wellbeing interactions to enhance 
+and complement our Serious Harm Prevention and 
+Wellbeing initiatives. 
+The two key lag indicators for safety performance  
+in FY23 were Potential Serious Harm Incident Frequency 
+Rate (PSHIFR) and Total Recordable Injury Frequency  
+Rate (TRIFR).
+Safety lead indicators 
+Under APA’s HSEH Interactions metric, APA’s leaders 
+have safety-focused discussions on hazard identification, 
+risk mitigation and corrective action mechanisms with 
+employees. In FY23, our leaders completed over  
+4,334 HSEH Interactions, an increase of 13% on FY22. 
+These interactions help to keep safety front-of-mind  
+for everyone.
+Safety lag indicators 
+In FY23, APA did not record any Fatalities or Actual 
+Serious Harm incidents.
+In line with our Serious Harm Prevention initiatives,  
+APA recorded 33 Potential Serious Harm Incidents  
+versus 46 in FY22. The Potential Serious Harm Incident 
+Frequency Rate for FY23 was 3.74, compared to  
+6.51 in FY22 – a 42% decrease. 
+At the end of FY23, APA’s combined employee and 
+contractor TRIFR was 3.4 Recordable Injuries per million 
+hours worked. This represents a slight increase of  
+3% on the FY22 figure of 3.3. This equates to 30 people 
+requiring medical intervention, up from 23 in FY22, against 
+a 24.8% increase in the total number of hours worked by 
+our employees and contractors when compared to FY22.
+Safety compliance 
+APA received one regulatory (safety) penalty infringement 
+notice and 20 regulatory (safety) improvement notices in 
+FY23. Workplace Health and Safety Queensland issued 
+the infringement notice on an APA contractor undertaking 
+electrical repairs on a number of inverters at our Dugald 
+River Solar Farm without the appropriate electrical 
+licences. This resulted in a $2,000 penalty. The  
+20 improvement notices were issued by the same 
+Regulator during an inspection at the Dugald River Solar 
+Farm. All notices were related to minor administrative 
+matters at the site and were promptly rectified. 
+Assurance 
+We engaged Deloitte to undertake limited 
+assurance of selected key performance indicators 
+included in the Safety Performance section of 
+our FY23 Sustainability Data Book, in accordance 
+with the Australian Standard on Assurance 
+Engagements ASAE 3000 Assurance Engagements 
+other than Audits or Reviews of Historical Financial 
+Information issued by the Australian Auditing and 
+Assurance Standards Board (ASAE 3000). Details 
+of the assurance scope, procedures and conclusion 
+are included in the Assurance Report on page 200 
+of this report.
+SUSTAINABILITYGOVERNANCEAPA INFRASTRUCTURE TRUST FINANCIAL REPORTAPA INVESTMENT TRUST FINANCIAL REPORTADDITIONAL INFORMATION
+45
+OPERATING & FINANCIAL REVIEW

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+Customers and suppliers
+We work with our customers to deliver affordable and  
+low emissions solutions and a better customer experience.  
+We keep our customers informed about our assets to help 
+them better meet peak seasonal demands and understand 
+the impact of new regulatory changes. And we step  
+in to assist where we can, including when responding  
+to natural disasters.
+Keeping customers at the heart of what we do 
+FY23 was another dynamic year for the energy sector.  
+The energy transition continued at pace with 
+decarbonisation a key driver for our customers. With the 
+conclusion of pandemic restrictions, APA continued to 
+prioritise customer engagement and communications, 
+innovation and customer experience. We sought to put 
+customers at the centre of our decisions, activities  
+and planning as we worked to deliver on our Energy 
+Charter commitments.  
+We continued to take a customer-led approach to 
+the development of new offers, working to meet our 
+customers’ needs by delivering reliable, affordable and 
+low emissions solutions. We sought to better inform 
+our customers to help them deal with the volatility of 
+peak winter/summer markets as well as new regulatory 
+requirements that might affect day-to-day operations. 
+Finally, we worked to ensure we supported our  
+customers where they faced temporary hardships  
+through natural disasters.
+As in previous years, APA’s customer-driven approach 
+included an annual feedback survey and an action plan  
+in response. 
+HOSTED WINTER READINESS 
+FORUM 
+to keep east coast customers better informed  
+about asset and service availability through the  
+peak winter period
+Launched our 
+RESPONSIBLE PROCUREMENT 
+STRATEGY
+AWARDED THE CIPS CORPORATE 
+ETHICS MARK1
+demonstrating our global commitment to ethical 
+procurement practices 
+1 Ethics Register | CIPS.
+46
+APA GROUP  ANNUAL REPORT 2023

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+Customer performance  
+APA’s annual commercial customer feedback survey was 
+completed in November 2022. It involved a quantitative 
+survey administered by an independent external agency. 
+The key deliverable from the survey is APA’s Customer 
+Experience Score (CES), an average performance score 
+across attributes such as trust, responsiveness, value, 
+ease, rapport and innovation. 
+Our CES was 6.7 out of 10, representing an improvement 
+from our 2021 score of 6.3. The result was driven by 
+improvements in customer relationships with our key 
+commercial counterparts. This reflected the success of 
+our 2022 action plan which focused on re-invigorating 
+relationships, re-establishing APA’s industry leadership 
+and re-prioritising face-to-face meetings after COVID. 
+The survey also highlighted the opportunity to better 
+engage senior representatives within our customer groups 
+and work harder with specific accounts. This means 
+prioritising key attributes such as ease of doing business 
+and innovation, whilst also delivering on commitments, 
+and continuing to work on improved communications 
+and understanding of customers’ concerns. The survey 
+informed our updated 2023 action plan which has now 
+been in implementation for six months.
+Customer experience  
+In addition to our annual survey, we regularly monitor  
+and manage the customer experience through:
+• Dedicated account managers assigned to all 
+commercial customers
+• A quarterly customer experience dashboard focused 
+on practical elements contributing to customers’ 
+experience of APA
+• Key account management with a monthly review 
+meeting to monitor customer feedback, service 
+delivery and performance across APA’s key customers. 
+We also maintain a commercial customer complaints 
+process with four complaints received during FY23 – this 
+compares with 10 complaints in FY22, so a significantly 
+better performance. The complaints related to land 
+access, metering, processes around rejection of non-firm 
+nominations, and the scope of protection works. We are 
+also working to understand how we can better monitor 
+and respond to customer impacts related to power 
+outages as we grow our portfolio of electricity assets.
+As well as working to resolve each complaint, we 
+conducted ‘lessons learnt’ reviews to ensure any 
+underlying issues driving the complaint do not recur. 
+Communications and industry leadership 
+In response to customer feedback, we worked to keep 
+customers better informed about the availability of our 
+assets and services through peak winter and summer 
+periods. We also acted to make sure they understand the 
+impact of key regulatory changes. This included:
+• A Customer Forum on east coast gas asset winter 
+readiness and the new AEMO gas system reliability and 
+supply adequacy powers
+• Approaching winter, regular communications on 
+contracted capacities of key APA east coast assets 
+for north-south gas transport; and on progress on key 
+asset upgrades to support winter peak gas transport. 
+We also published advice on customer behaviours that 
+help manage peak winter loads
+Support for vulnerable customers
+In keeping with our Energy Charter commitments,  
+a monthly ‘Vulnerable Customer’ review meeting is held, 
+monitoring commercial customers who may be facing 
+hardship or credit issues and identifying opportunities  
+for early assistance. 
+During the year, two customers were provided with 
+assistance to help them deal with the impacts of 
+significant flooding, with one entering into a deferred 
+payment program and the other provided with a 
+temporary extension of payment terms.
+SUSTAINABILITYGOVERNANCEAPA INFRASTRUCTURE TRUST FINANCIAL REPORTAPA INVESTMENT TRUST FINANCIAL REPORTADDITIONAL INFORMATION
+47
+OPERATING & FINANCIAL REVIEW

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+Positioning for the energy transition 
+APA has a critical role to play in the energy transition and 
+we look forward to progressing the opportunities in front of 
+us. The strength of our infrastructure and capabilities will be 
+central to this. 
+In FY23 we took important steps to further build the capability 
+we need to deliver our strategy and capitalise on these 
+opportunities. We’ve done this by investing in our people and 
+bringing new skills and experiences into the organisation, 
+including in our executive leadership team.
+We appointed Adam Watson as Chief Executive Officer and 
+Managing Director in December. Over the past year we also 
+welcomed Liz McNamara as Group Executive, Sustainability 
+and Corporate Affairs, and Vin Vassallo as our Group 
+Executive, Electricity Transmission. We also announced 
+the appointment of Petrea Bradford as Group Executive, 
+Operations, and Garrick Rollason as Chief Financial Officer, 
+who will both join APA in the first half of FY24. 
+Similarly, we have recently announced the appointment of 
+Nino Ficca as a Non-Executive Director, with effect from 
+1 September 2023, who will bring significant electricity 
+transmission and energy market experience to APA.
+These appointments complement the existing diverse skills 
+and experiences of our executive leadership team and Board 
+and will ensure we are well positioned to deliver on the next 
+phase of growth. 
+Building a sustainable business 
+Incorporating sustainability into everything we do is central 
+to how we operate. 
+Further progress against our FY21-24 Sustainability Roadmap 
+was delivered throughout the year. This included the release 
+of our first Climate Transition Plan (CTP), detailing our 
+commitment and pathway to net zero and the development 
+of our inaugural Reconciliation Action Plan that we will launch 
+in FY24. 
+This year we have also brought our non-financial or 
+sustainability reporting into our Annual Report as a first step 
+towards integrated reporting and look forward to progressing 
+this further for securityholders in FY24.
+Our FY23 Climate Report will also be released ahead of the 
+FY23 Annual General Meeting, satisfying our commitment to 
+report annually on the progress against our CTP. 
+Delivering for securityholders
+Over the past three years we have invested in ongoing safe 
+and reliable operations, funded the acquisition of Basslink 
+as well as $1.6 billion in organic growth opportunities 
+from existing cash flow and debt, all while maintaining an 
+investment grade credit rating. In FY23 we again delivered 
+growth in EBITDA and distributions.
+Reflecting our ongoing investment in the business and the 
+significant opportunities presented by the energy transition, 
+in FY24 we will ensure our distribution growth is appropriately 
+balanced to accommodate ongoing investment in the 
+business and drive long-term value accretive growth. 
+Looking ahead
+Our progress in FY23 provides a strong foundation for us 
+to build on. We have clarity around our customer focused 
+strategy and the role APA can play in the energy transition. 
+The growth opportunity set for our organisation is large. We 
+are focused on continuing to invest in our business, executing 
+our growth strategy and ensuring we can continue to deliver 
+sustainable earnings growth for securityholders over the 
+long-term.
+On behalf of the Board and leadership team, we would like to 
+thank our employees for their ongoing efforts and dedication. 
+We would also like to thank our customers, communities and 
+other stakeholders for their continuing engagement. 
+Finally, our sincere thanks to our securityholders for their 
+support. We look forward to updating you over the year ahead. 
+Michael Fraser 
+Chairman 
+Adam Watson 
+Chief Executive Officer 
+and Managing Director
+OPERATING & FINANCIAL REVIEWSUSTAINABILITYGOVERNANCEAPA INFRASTRUCTURE TRUST FINANCIAL REPORTAPA INVESTMENT TRUST FINANCIAL REPORTADDITIONAL INFORMATION
+3

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+Striving to improve supply chain sustainability performance 
+APA developed and launched its first Responsible Procurement Strategy during the year. This supports the execution  
+of APA’s Sustainable Development Investment Program by aligning to priority investment areas. 
+Early initiatives included building awareness of the strategy across business groups and starting to improve supplier 
+diversity capability by engaging with First Nations businesses as part of our Supply Nation membership. 
+An initiative to better understand emissions in our supply chain and identify a roadmap of future opportunities to  
+reduce emissions was undertaken in collaboration with the Net Zero and Climate team to support net zero ambitions.
+Responsible Procurement Strategy
+Outlined below is APA’s Responsible Procurement Strategy. It is aligned to APA's Sustainable Development Investment 
+Program and the four priority investment areas. 
+Optimise the full life cycle of goods to consider 
+circularity opportunities and achieving net zero targets
+Create positive community impact through 
+supplier diversity
+Monitor and address sustainability risk in the procurement of high-risk goods and services
+VISION We strengthen communities through impactful supplier relationships with a responsible and resilient supply chain
+SUSTAINABILITY STRATEGY 
+INVESTMENT AREAS:
+TARGETED AREAS 
+OF ACTION
+THE STRATEGY 
+SUPPORTS THE 
+FOLLOWING SUSTAINABLE 
+DEVELOPMENT GOALS:
+PROCUREMENT 
+SPECIFIC GOALS
+ENABLERS
+Regional and remote 
+communities
+First Nations People Climate transition Natural environment
+Supporting local 
+communities and human 
+rights protection
+Increase supplier diversity Enhance climate transition Optimise the full life 
+cycle to consider 
+circularity opportunities
+Capacity and capacity building Digital and technology Governance and reporting
+Customers and suppliers
+(continued)
+48
+APA GROUP   ANNUAL REPORT 2023
+The secret animal #1 is a "lion".

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+Combatting modern slavery 
+As part of the continuous improvement approach to  
+APA’s Modern Slavery Program, a number of key initiatives 
+were progressed through the year. 
+After carefully evaluating several providers and 
+undertaking a pilot due diligence exercise we 
+implemented a technology solution in use from  
+FY24 for modern slavery and ESG risk in our supply chain. 
+The third-party solution assesses the modern slavery/
+ESG risk of a potential supplier and plans ongoing due 
+diligence accordingly. It also assesses risk of the existing 
+supplier base. The ability to assess our supply chain  
+ESG risk will support our broader responsible  
+procurement strategy.
+Implementation of the solution removes the need for 
+manual data analysis and reduces risk of human error. It 
+also enables access to a broader range of source data 
+providing information about high-risk suppliers we would 
+not otherwise have access to.
+As part of our Modern Slavery commitments, we have  
+also undertaken a program maturity assessment to 
+identify recommendations for FY23 and further improve 
+our capability to identify, assess and monitor risk and 
+supplier performance.  
+A deep dive into our renewable energy suppliers was also 
+undertaken as part of the pilot due diligence exercise to 
+identify further steps to reduce risk of modern slavery. 
+Renewable energy is recognised globally as a high-risk 
+area for forced labour and child labour. It’s imperative we 
+keep abreast of these emerging risk areas.
+APA was awarded the Chartered Institute of Procurement 
+and Supply Corporate Ethics Mark 1 during the year. The 
+Ethics Mark is a global commitment to ethical procurement 
+practices and it must be renewed annually to demonstrate 
+ongoing commitment.
+1  Ethics Register | CIPS
+SUSTAINABILITYGOVERNANCEAPA INFRASTRUCTURE TRUST FINANCIAL REPORTAPA INVESTMENT TRUST FINANCIAL REPORTADDITIONAL INFORMATION
+49
+OPERATING & FINANCIAL REVIEW

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+Performance 
+Financial performance
+Earnings before interest and tax (EBIT) and EBIT before depreciation and amortisation (EBITDA) excluding significant items are 
+financial measures not prescribed by Australian Accounting Standards (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 FY23, APA delivered a solid result, as shown in the table below. Underlying EBITDA increased 2.0% to $1,725 million (FY22 
+$1,692 million) representing growth from the Energy Infrastructure segment, partly offset by lower contributions from the Asset 
+Management and Energy Investment segments as well as higher corporate costs. Statutory profit after tax including significant 
+items increased by 10.4% to $287 million (FY22 $260 million) benefiting from lower non-operating items and net finance costs. 
+Free cash flow declined 1.0% to $1,070 million (FY22 $1,081 million) largely due to higher FY23 Stay in Business capital expenditure.
+On 23 August 2023, the Directors announced a final distribution of 29.0 cents per security, taking APA’s FY23 total distributions 
+to 55.0 cents per security, in line with guidance. This represents an increase of 3.8%, or 2.0 cents, over the FY22 distributions of 
+53.0 cents per security.
+Key financial data for FY23
+30 June 2023 
+$m
+30 June 2022 
+$m
+Changes
+$m %1
+Statutory Revenue
+Total revenue 2,913 2,732 181 6.6%
+Pass-through revenue2 512 496 16 3.2%
+Total revenue excluding pass-through 2,401 2,236 165 7.4%
+Underlying EBITDA3 1,725 1,692 33 2.0%
+ Fair value gains/(losses) on contract for difference 12 (30) 42 140.0%
+ Technology transformation projects (67) (22) (45) (204.5%)
+ Wallumbilla Gas Pipeline hedge accounting discontinuation (37) (15) (22) (146.7%)
+ Basslink debt revaluation, interest and integration costs 47 12 35 291.7%
+ Basslink AEMC market compensation 15 – 15 –
+Payroll review (9) (7) (2) (28.6%)
+Total reported EBITDA 1,686 1,630 56 3.4%
+Depreciation and amortisation expenses (750) (735) (15) (2.0%)
+Total reported EBIT 936 895 41 4.6%
+Net finance costs and interest income (459) (483) 24 5.0%
+Significant items
+ Reversal of impairment of property, plant and equipment – 28 (28) (100.0%)
+Profit before income tax 477 440 37 8.4%
+Income tax expense (190) (180) (10) (5.6%)
+Statutory profit after tax including significant items 287 260 27 10.4%
+Profit after tax excluding significant items 287 240 47 19.6%
+Free cash flow4 1,070 1,081 (10) (1.0%)
+Free cash flow per security (cents) 90.7 91.6 (0.9) (1.0%)
+Earnings per security including significant items (cents) 24.3 22.1 2.2 10.0%
+Earnings per security excluding significant items (cents) 24.3 20.4 3.9 19.1%
+Distribution per security (cents) 55.0 53.0 2.0 3.8%
+Distribution payout ratio (%) 5 60.6 57.9 2.7 4.7%
+Weighted average number of securities (millions) 1,180 1,180 – –
+1 Positive/negative changes are shown relative to impact on profit or other relevant performance metric.
+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 Underlying earnings before interest, tax, depreciation, and amortisation ("EBITDA") excludes recurring items arising from other activities, transactions 
+that are not directly attributable to the performance of APA Group's business operations and significant items.
+4 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 and technology lifecycle costs.
+5 Distribution payout ratio = total distribution applicable to the financial year as a percentage of free cash flow. 
+50
+APA GROUP   ANNUAL REPORT 2023

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+Business segment performance and operational review
+APA's principal activities are as follows: 
+• Energy Infrastructure – APA’s wholly or majority owned energy infrastructure assets across gas transmission, compression, 
+processing, storage and electricity generation (gas and renewables) and transmission.
+• Asset Management – The provision of asset management and operating services for third parties and the majority of APA’s 
+investments.
+• Energy Investments – APA’s interests in energy infrastructure investments.
+FY23 statutory reported revenue and underlying EBITDA performance of each segment
+30 June 2023 
+$m
+30 June 2022 
+$m
+Changes
+$m %1 
+Revenue2
+Energy Infrastructure
+ East Coast Gas 808 805 3 0.4%
+ West Coast Gas 369 342 27 7.9%
+ Wallumbilla Gas Pipeline 622 581 41 7.1%
+ Electricity Generation and Transmission 409 354 55 15.5%
+Energy Infrastructure total 2,208 2,082 126 6.1%
+Asset Management 114 115 (1) (0.9%)
+Energy Investments 23 28 (5) (17.9%)
+Other non-contracted revenue 8 13 (5) (38.5%)
+Total segment revenue (excluding pass-through) 2,353 2,238 115 5.1%
+Pass-through revenue 512 496 16 3.2%
+Wallumbilla Gas Pipeline hedge accounting discontinuation (37) (15) (22) (146.7%)
+Income on Basslink debt investment 50 12 38 316.7%
+Basslink AEMC market compensation 15 – 15 –
+Unallocated revenue3 20 1 19 1,900.0%
+Total revenue 2,913 2,732 181 6.6%
+EBITDA 
+Energy Infrastructure
+East Coast Gas 645 646 (1) (0.2%)
+West Coast Gas 305 289 16 5.5%
+Wallumbilla Gas Pipeline 4 620 578 42 7.3%
+Electricity Generation and Transmission 223 194 29 14.9%
+Energy Infrastructure total 1,793 1,707 86 5.0%
+Asset Management 56 73 (17) (23.3%)
+Energy Investments 23 28 (5) (17.9%)
+Corporate costs (147) (116) (31) (26.7%)
+Underlying EBITDA⁵ 1,725 1,692 33 2.0%
+Fair value gains/(losses) on contracts for difference 12 (30) 42 140.0%
+Technology transformation projects (67) (22) (45)  (204.5%)
+Wallumbilla Gas Pipeline hedge accounting unwind (37) (15) (22) (146.7%)
+Basslink debt revaluation, interest and acquisition costs 47 12 35 291.7%
+Basslink AEMC market compensation 15 – 15 –
+Payroll Review (9) (7) (2) (28.6%)
+Total reported EBITDA6 1,686 1,630 56 3.4%
+1 Positive/negative changes are shown relative to impact on profit or other relevant performance metric.
+2 Refer to Revenue Note 4 for additional disclosure on revenue streams from contracts 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 Wallumbilla Gladstone Pipeline is separated from East Coast Grid in this table as a result of the significance of its revenue and EBITDA in the Group.  
+It is categorised as part of the East Coast Grid cash-generating unit for impairment assessment purposes.
+5   Underlying FY23 EBITDA excluding the earnings from Basslink and the Orbost Gas Processing Plant was up 1.8% to $1,697m (FY22: $1,667m). 
+6 Excludes significant items.
+OPERATING & FINANCIAL REVIEWSUSTAINABILITYGOVERNANCEAPA INFRASTRUCTURE TRUST FINANCIAL REPORTAPA INVESTMENT TRUST FINANCIAL REPORTADDITIONAL INFORMATION 51
+The secret object #3 is a "knife".