AmazonScience/document-haystack

1Positioning for the energy transition 2APA has a critical role to play in the energy transition and 3we look forward to progressing the opportunities in front of 4us. The strength of our infrastructure and capabilities will be 5central to this. 6In FY23 we took important steps to further build the capability 7we need to deliver our strategy and capitalise on these 8opportunities. We’ve done this by investing in our people and 9bringing new skills and experiences into the organisation, 10including in our executive leadership team.11We appointed Adam Watson as Chief Executive Officer and 12Managing Director in December. Over the past year we also 13welcomed Liz McNamara as Group Executive, Sustainability 14and Corporate Affairs, and Vin Vassallo as our Group 15Executive, Electricity Transmission. We also announced 16the appointment of Petrea Bradford as Group Executive, 17Operations, and Garrick Rollason as Chief Financial Officer, 18who will both join APA in the first half of FY24. 19Similarly, we have recently announced the appointment of 20Nino Ficca as a Non-Executive Director, with effect from 211 September 2023, who will bring significant electricity 22transmission and energy market experience to APA.23These appointments complement the existing diverse skills 24and experiences of our executive leadership team and Board 25and will ensure we are well positioned to deliver on the next 26phase of growth. 27Building a sustainable business 28Incorporating sustainability into everything we do is central 29to how we operate. 30Further progress against our FY21-24 Sustainability Roadmap 31was delivered throughout the year. This included the release 32of our first Climate Transition Plan (CTP), detailing our 33commitment and pathway to net zero and the development 34of our inaugural Reconciliation Action Plan that we will launch 35in FY24. 36This year we have also brought our non-financial or 37sustainability reporting into our Annual Report as a first step 38towards integrated reporting and look forward to progressing 39this further for securityholders in FY24.40Our FY23 Climate Report will also be released ahead of the 41FY23 Annual General Meeting, satisfying our commitment to 42report annually on the progress against our CTP. 43Delivering for securityholders44Over the past three years we have invested in ongoing safe 45and reliable operations, funded the acquisition of Basslink 46as well as $1.6 billion in organic growth opportunities 47from existing cash flow and debt, all while maintaining an 48investment grade credit rating. In FY23 we again delivered 49growth in EBITDA and distributions.50Reflecting our ongoing investment in the business and the 51significant opportunities presented by the energy transition, 52in FY24 we will ensure our distribution growth is appropriately 53balanced to accommodate ongoing investment in the 54business and drive long-term value accretive growth. 55Looking ahead56Our progress in FY23 provides a strong foundation for us 57to build on. We have clarity around our customer focused 58strategy and the role APA can play in the energy transition. 59The growth opportunity set for our organisation is large. We 60are focused on continuing to invest in our business, executing 61our growth strategy and ensuring we can continue to deliver 62sustainable earnings growth for securityholders over the 63long-term.64On behalf of the Board and leadership team, we would like to 65thank our employees for their ongoing efforts and dedication. 66We would also like to thank our customers, communities and 67other stakeholders for their continuing engagement. 68Finally, our sincere thanks to our securityholders for their 69support. We look forward to updating you over the year ahead. 70Michael Fraser 71Chairman 72Adam Watson 73Chief Executive Officer 74and Managing Director75OPERATING & FINANCIAL REVIEWSUSTAINABILITYGOVERNANCEAPA INFRASTRUCTURE TRUST FINANCIAL REPORTAPA INVESTMENT TRUST FINANCIAL REPORTADDITIONAL INFORMATION76377The secret shape is a "rectangle".