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Australia's leading energy infrastructure company, APA Group (ASX:APA) has announced its half-yearly results for FY2019. In the half year results, the company has highlighted its robust top-line and bottom-line growth. Its EBITDA has been reported up by 4.3% to $787.7 Mn (PCP: $755.3 Mn), total revenue (excluding pass-through revenue) up by 6.1% to $1,012.9 Mn (PCP: $954.7 Mn), and Net profit after tax up by 27.0% to $157.4 Mn (PCP: $124.0 Mn).
The operating cash flow has been reported up by 1.7% to $470.2 Mn (PCP: $462.5 Mn) predominantly due to an increase in receipts from customers and a reduction in interest cost offset by an increase in cash tax paid during the period. Â
The company announced an interim dividend distribution per security of 21.5 cents, an increase of 2.4% from 21.0 cents in H1 FY2018. The cash tax payment of $49.1 Mn (PCP: $36.3 Mn) has enabled the company to attach franking credits of 3.2 cents per security (PCP: 2.5 cents).
In its capital structure, the company highlighted cash and committed undrawn facilities of around $1,220 Mn as on 31 December 2018 to meet the continuing needs of the business. On capital ratios, gearing has been reported at 66.5%, interest cover ratio at 2.8x, average interest rate applying to drawn debt at 5.49%, interest rate exposure fixed or hedged at 95.0%, and an average maturity of senior facilities at 6.4 years.
As per the companyâs operational performance, new earnings were delivered from - Reedy Creek Wallumbilla pipeline, Emu Downs Solar Farm, Darling Downs Solar Farm, Mt Morgans Gas Pipeline. Companyâs contract variations on the East Coast Grid announced generating $130 Mn in new and renewed revenue across 3 years, maximizing the flexibility and service offerings to the customers of APAâs 7,600 km East Coast Grid. It is working on its expansion plan for Western Australia assets across all classes - pipelines, gas-fired and renewable power generation.
The company expects its full-year EBITDA on 30 June 2019 to be within the upper end of the previously advised range of $1,550 Mn to $1,575 Mn. Based on actual expenditure to date and its further expectations for the balance of FY2019, it expects net interest costs to settle towards the lower end of the range of $500 Mn to $510 Mn. It anticipates growth capex for FY2019 will total around $425 Mn. It further expects its distributions per security for the FY2019 to be in the order of 46.5 cents per security, with 3.2 cents per security of franking credits announced for the half year and any further franking credits which may be allocated to the final distribution, will attach to that total cash payout.
In another announcement, the company has reported the appointment of James Fazzino as a non-independent Non-executive Director to the Board of Australian Pipeline Limited (APL) with effect from 21 February 2019 and the retirement of Russell Higgins AO from the Board.
On stock information, APA group last traded at $9.380 down 0.213% (ASX: 5:52 PM, February 20, 2019) with the market capitalization of ~$11.09 Bn. Its current PE multiple is at 40.34x. Its 52 weeks high has been noted at $10.29 and low at $7.59. Its absolute return for the last 3 months, 1 year, and 5 years are 5.26%, 15.49%, and 52.23% respectively.
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