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Australian Pipeline Ltd ACN 091 344 704 | Australian Pipeline Trust ARSN 091 678 778 | APT Investment Trust ARSN 115 585 441 Level 25 , 580 George Street Sydney NSW 2000 | PO Box R41 Royal Exchange NSW 1225 Phone +61 2 9693 0000 Fax +61 2 9693 0093 APA Group | apa.com.au apa 23 February 2021 ASX ANNOUNCEMENT APA Group ( ASX : APA ) APA REPORTS SOLID 1H21 RESULTS AND FY21 DISTRIBUTION GUIDANCE UPGRADE APA Group ( ASX : APA ) today announced its results for the six months ending 31 December 2020 . 1H21 highlights Solid financial performance and outlook in challenging market conditions • • Revenue ( 1 ) , down 0.6 % to $ 1,072 million Strong volume growth in WA , NT and sections of the East Coast Grid offset by softer contract renewals and lower energy consumption in Vic EBITDA ( 2 ) , down 2.3 % to $ 823 million Loss after tax including significant item was $ 11.7 million which includes a non - cash impairment recognised against the Orbost Gas Processing Plant of $ 174.5 million Profit after tax excluding significant item , down 7.0 % to $ 163 million Operating cash flow , up 1.4 % to $ 519 million Reconfirmed FY21 EBITDA ( 2 ) guidance within the range of $ 1,625 million and $ 1,665 million Growing distributions . Interim distribution , up 4.3 % to 24.0 cents per security . Upgraded FY21 distribution guidance of 51.0 cents per security , up 2.0 % on FY20 Reliable operations • Essential services delivery reliability , 99.92 % against customer gas nominations . Successful major overhaul of Diamantina Power Station despite COVID constraints • Production from Orbost Gas Processing Plant improving from Phase 2 works Continued growth and refreshed strategy Organic growth capital expenditure now expected to exceed $ 1 billion over FY21-23 Refreshed strategy leveraging APA's proven capability in energy infrastructure Ambition to achieve Net Zero operations emissions ( Scope 1 and 2 ) by 2050 APA CEO and Managing Director , Rob Wheals , said , " APA has again delivered a solid first half performance , with strong volume growth in key markets against a backdrop of challenging market conditions . Our performance for the period demonstrates the underlying strength and resilience of the business and our decision to upgrade our FY21 distribution guidance to 51.0 cents per security reflects both our confidence in APA's outlook and the capacity that exists within our balance sheet . " Our refreshed strategy positions the business for further growth , complementing our strong organic pipeline . Growth capex is now expected to exceed $ 1 billion through to FY23 , building on our recent investments in the Northern Goldfields Interconnect and the Gruyere Hybrid Energy Microgrid . 1 Revenue excluding pass - through 2 Excludes significant item