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Australia’s Federal Treasurer confirms agreement termination

Published by
World Pipelines,

APA Group (APA), has reconfirmed its FY2019 guidance following termination of the Implementation Agreement with the CKI Consortium. The Implementation Agreement was terminated last night in accordance with its terms, following the Federal Treasurer’s decision to prohibit the CKI Consortium’s proposed acquisition of APA as described in APA’s ASX release of 21 November 2018.

APA confirms that it expects to deliver earnings before interest, tax and depreciation for FY2019 within the range of AUS$1550 million to AUS$1575 million. The guidance takes into account all costs incurred in relation to the CKI Consortium proposal. All other guidance metrics also remain unchanged, including interest costs within the range of AUS$500 million to AUS$510 million and growth capital expenditure expected at around AUS$425 million, based on the current pool of committed projects in FY2019. Total distributions for the year are expected to be in the order of AUS$0.465 per security plus any allocation of franking credits should these be available.

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