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HALF-YEAR REPORT

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					HALF-YEAR
REPORT
For half-year to 31 December 2007
Appendix 4D
Results for announcement to the market

Australian Power and Gas Company Limited
ABN 96 077 206 583

                                       Change from previous period      $’000s

Revenue from continuing                Up by $12,008,000, n/a% to       $12,008
operations

Loss from continuing operations        Up by ($6,348,000), 414% to      ($7,879)
after tax attributable to members

Net loss for the period attributable   Up by ($6,325,000), 407% to      ($7,879)
to members



No dividends were paid or provided for during the reporting period.

A review of the results is contained in the directors’ report for the
half-year attached to the announcement.
CONTENTS
Directors’ report
Auditor’s declaration
Auditor’s report
Directors’ declaration
Financial report
        Income statement
        Balance sheet
        Statement of changes in equity
        Cash flow statement
        Notes to financial report
            1. Significant accounting policies
            2. Segment information
            3. Seasonality
            4. Issuance, repurchase and repayment of equity securities
            5. Issuance of debt securities
            6. Subsequent events




                                                                              




                                                                          
CONTENTS
Directors’ report                                                            4
Auditor’s independence declaration                                           7
Auditor’s report                                                             9
Directors’ declaration                                                      12
Financial report                                                            13
        Income statement                                                    14
        Balance sheet                                                       15
        Statement of changes in equity                                      16
        Cash flow statement                                                 17
Notes to the condensed consolidated financial statements                    18
        1. Significant accounting policies                                  19
        2. Segment information                                              20
        3. Seasonality of results                                           20
        4. Reconciliation of cash and cash equivalents                      21
        5. Issuance of debt securities                                      21
        6. Issuance, repurchase and repayment of equity securities          21
        7. Subsequent events                                                22




                                                   Australian Power and Gas Company Limited I Half-year report I 3
DIRECTORS’
REPORT




      Australian Power and Gas Company Limited I Half-year report I 4
The directors of Australian Power and Gas Company Limited (the company) present the financial report of
the company and its subsidiaries (the group) for the half-year ended 31 December 2007. In order to comply
with the provisions of the Corporations Act 2001, the directors report as follows:


1. Directors

The names of the directors of the company in office during or since the end of the half-year to the date of
this report are:

Mr Ian McGregor           Chairman
Mr Michael Hogg           Non-executive director
Mr Richard Poole          Non-executive director
Mr James Myatt            Managing director                  appointed 16 November 2007
Mr Wayne Bellman          Non-executive director             resigned 6 November 2007
Ms Anne Harley            Non-executive director             resigned 16 October 2007


Directors have held office for the entire period unless noted.



2. Review of operations and operating result

The group continued to build its energy retailing customer base established during the prior financial year.
A further 48,000 (unaudited figure) customer accounts were signed during the half-year, bringing customer
accounts signed since inception to 74,000. Revenue during the reporting period was $12,008,000 (2006:
nil). Due to the time required to pass customers through the process of transferring to the group of 6 to 8
weeks, at 31 December 2007 accounts that were actively producing revenue billable by the group were
approximately 37,000 (unaudited figure). Revenue for the year included an amount of $3,833,000 not yet
invoiced to customers.

Other income of $431,000 consisted of interest income from deposits and unrealised exchange gains arising
on a US dollar denominated convertible loan.

Expenses for the year totalled $21,533,000 and in view of the significant change in activities of the group
during the 2007 half-year, bear no relationship to past amounts. The main categories of expenses were:

•   costs of sales of $10,967,000 including the benefit of hedging contracts;

•   employee benefits expense of $2,196,000;

•   administration expenses of $4,324,000;

•   depreciation and amortisation of $2,228,000;

•   finance costs of $1,818,000; and

•   a benefit from tax losses of $1,215,000.


The net loss after income tax was $7,879,000 whereas the 2006 result was a loss of $1,554,000. The
relatively small size of the loss during the 2006 half-year reflected the fact that the energy business was in a
planning phase.


                                                     Australian Power and Gas Company Limited I Half-year report I 5
Capitalised payments for customer acquisition as at 31 December 2007 totalled $2,054,000, net of
amortisation. Customer acquisition costs relating to customers on term contracts are amortised over the
estimated life of the contract. Financial facility costs capitalised totalled $4,490,000, net of amortisation, and
are amortised in accordance with the Accounting Standards over the period of the relevant agreements.

The number of full time employees as at 31 December 2007 was 21. Full time staff are engaged in the
management of the operating processes or customer acquisition support functions.

The group had cash and cash equivalents of $8,551,000 at 31 December 2007, including amounts held as
security for guarantees issued to suppliers of $4,193,000.



3. Dividends

No dividends were paid or provided during the half-year to 31 December 2007.



4. Auditor’s independence declaration

The auditor’s independence declaration is included on page 8 of the half-year financial report.



5. Rounding of amounts

The company is of the kind referred to in the Australian Securities and Investment Commission Class Order
98/100 dated 10 July 1998 and in accordance with that Class Order, amounts in the directors’ report and the
half-year financial report have been rounded to the nearest thousand dollars, unless otherwise indicated.

Signed in accordance with a resolution of directors made pursuant to s306(3) of the Corporations Act 2001.


On behalf of the directors




                
Ian McGregor
Chairman
28 February 2008




                                                      Australian Power and Gas Company Limited I Half-year report I 6
 



AUDITOR’S
INDEPENDENCE
DECLARATION




      Australian Power and Gas Company Limited I Half-year report I 7
    Australian Power and Gas Company Limited I Half-year report I 8
AUDITOR’S
REPORT




      Australian Power and Gas Company Limited I Half-year report I 9
    Australian Power and Gas Company Limited I Half-year report I 10
    Australian Power and Gas Company Limited I Half-year report I 11
DIRECTORS’
DECLARATION
The directors declare that:


(a) In the directors’ opinion, there are reasonable ground to believe that the company will be able to pay its
    debts as and when they become due and payable; and

(b) In the directors’ opinion, the attached financial statements and notes thereto are in accordance with the
    Corporations Act 2001, including compliance with accounting standards and giving a true and fair view
    of the financial position and performance of the consolidated entity.


Signed in accordance with a resolution of the directors made pursuant to s.303(5) of the Corporations Act
2001.


On behalf of the directors




               
Ian McGregor
Chairman
28 February 2008




                                                   Australian Power and Gas Company Limited I Half-year report I 12
FINANCIAL
REPORT
 

 

 

 




      Australian Power and Gas Company Limited I Half-year report I 13
Condensed consolidated income statement
for the half-year ended 31 December 2007


                                                                               Consolidated
                                                                              Half-year ended

                                                                        31 Dec 2007        31 Dec 2006
                                                                              $’000              $’000

Continuing operations
Revenue                                                                       12,008                   -
Other income                                                                     431                 234
Expenses                                                                    (17,487)             (1,165)
Share of losses of associates and joint controlled entities
using the equity method                                                             -              (344)


Loss before finance costs, depreciation and amortisation                     (5,048)             (1,275)

Depreciation and amortisation                                                (2,228)                 (5)

Loss before finance costs                                                    (7,276)             (1,280)

Finance costs                                                                (1,818)               (251)

Loss before income tax                                                       (9,094)             (1,531)

Income tax income / (expense)                                                  1,215                   -

Loss from continuing operations                                              (7,879)             (1,531)

Discontinued operations
Loss from discontinued operations                                                   -               (23)

Loss for the period                                                          (7,879)             (1,554)

Earnings per share
Basic and diluted (cents per share)                                             (9.1)              (4.8)

Earnings per share from continuing operations
Basic and diluted (cents per share)                                             (9.1)              (4.7)




Notes to the condensed consolidated financial statements are included on pages 18 to 22




                                                        Australian Power and Gas Company Limited I Half-year report I 14
Condensed consolidated balance sheet
as at 31 December 2007

                                                                                          Consolidated

                                                              Notes             31 Dec 2007              30 June 2007
                                                                                      $’000                     $’000

Current assets
Cash and cash equivalents                                       4                      8,551                   6,871
Trade and other receivables                                                            5,965                   1,599
Other financial assets                                                                 9,685                  12,109
Intangible assets                                                                      1,025                   1,447
Other                                                                                  2,249                   3,472
Total current assets                                                                  27,475                  25,498

Non-current assets
Other financial assets                                                                 7,256                   9,301
Property, plant and equipment                                                            169                     271
Intangible assets                                                                     36,381                  35,352

Other                                                                                     578                    728

Total non-current assets                                                              44,384                  45,652


Total assets                                                                          71,859                  71,150

Current liabilities
Trade and other payables                                                               9,660                   5,013
Borrowings                                                      5                      1,787                   1,205
Other financial liabilities                                                              360                     360
Provisions                                                                                93                      62
Total current liabilities                                                             11,900                   6,640

Non-current liabilities
Borrowings                                                      5                      9,747                   3,060
Deferred tax liabilities                                                                   -                   2,659
Other financial liabilities                                                            1,754                   1,651
Total non-current liabilities                                                         11,501                   7,370


Total liabilities                                                                     23,401                  14,010


Net assets                                                                            48,458                  57,140

Equity
Issued capital                                                  6                     66,769                   65,390
Reserves                                                                              15,285                   17,468
Accumulated losses                                                                  (33,596)                 (25,718)
Total equity                                                                          48,458                   57,140

Net tangible assets per security
(cents per share)                                                                         15.2                    0.6


Notes to the condensed consolidated financial statements are included on pages 18 to 22



                                                      Australian Power and Gas Company Limited I Half-year report I 15
 

Condensed consolidated statement of changes in equity
for the half-year ended 31 December 2007


                                                                         Consolidated
                                                                        Half-year ended

                                                                   31 Dec 2007            31 Dec 2007
                                                                         $’000                  $’000

Total equity at the beginning of the half-year                           57,140                 2,408

Reserves
 Payment on acquisition of subsidiary                                         -                 3,452
 Convertible note option                                                    353                     -
 Share based payments to employees                                          435                   110
 Issue of options                                                           279                     -
 Reversal of hedge reserve                                              (4,644)                     -
 Tax on reversal of hedge reserve                                         1,394                     -

Net income / (loss) recognised directly in equity                       (2,182)                 3,562

Loss for the period                                                     (7,879)               (1,555)

Total recognised income and expense for the year                        (7,879)               (1,555)

Transactions with equity holders in the capacity as
equity holders:
  share issues                                                            1,763               31,379
  less: transaction costs                                                 (384)                   (1)

                                                                          1,379               35,793


Total equity at the end of the financial year                            48,458               35,793




Notes to the condensed consolidated financial statements are included on pages 18 to 22
 




                                                      Australian Power and Gas Company Limited I Half-year report I 16
Condensed consolidated cash flow statement
for the half-year ended 31 December 2007


                                                                                           Consolidated
                                                                                          Half-year ended

                                                              Notes            31 Dec 2007              31 Dec 2006
                                                                                     $’000                    $’000

Cash flow from operating activities
Receipts from customers                                                                7,232                    188
Payments to suppliers and employees                                                 (17,143)                (1,446)
Interest received                                                                        215                     36
Borrowing costs paid                                                                   (443)                     (1)

Net cash used in operating activities                                               (10,139)                (1,223)

Cash flows from investing activities
Payments for property, plant and equipment                                              (30)                  (130)
Payments for investment in other entity                                                    -                  (790)
Proceeds from sale of business assets                                                     92                    250
Proceeds from repayment of related party loans                                             -                    147
Proceeds from repayment of other loans                                                   280                      -
Proceeds from repayment of deposits                                                      470                      -
Restricted cash                                                                      (3,077)                  (202)

Net cash used in investing activities                                                (2,265)                  (725)

Cash flows from financing activities
Proceeds from issues of ordinary shares                                                   3,413                 202
Proceeds from convertible note                                                            3,000                   -
Proceeds from borrowings                                                                  4,600                 223
Repayment of borrowings                                                                      (5)                  -

Net cash provided by financing activities                                            11,008                     425

Net decrease in cash and cash equivalents                                            (1,396)                (1,523)

Cash and cash equivalents at the
beginning of the period                                                                   5,754               1,612

Cash and cash equivalents at the
end of the period                                               4                         4,358                  89



Notes to the condensed consolidated financial statements are included on pages 18 to 22




                                                      Australian Power and Gas Company Limited I Half-year report I 17
NOTES TO THE
CONDENSED
CONSOLIDATED
FINANCIAL
STATEMENTS
 

 

1.   Significant accounting policies
2.   Segment information
3.   Seasonality of results
4.   Reconciliation of cash and cash equivalents
5.   Issuance of debt securities
6.   Issuance, repurchase and repayments of equity securities
7.   Subsequent events
      




                                                   Australian Power and Gas Company Limited I Half-year report I 18
 

1.    Significant accounting policies


a)    Statement of compliance

This half-year financial report is a general purpose financial report prepared in accordance with the
Corporations Act 2001, and AASB 134: Interim Financial Reporting. Compliance with AASB 134 ensures
compliance with International Financial Reporting Standard IAS 34 Interim Financial Reporting. The half-year
report does not include notes of the type normally included in an annual financial report and should be read in
conjunction with the most recent annual financial report.

b)    Basis of preparation

The condensed consolidated financial statements have been prepared on the basis of historic costs, except for
the revaluation of selected non-current assets, financial assets and financial liabilities for which the fair value
basis of accounting has been applied. All amounts are presented in Australian dollars, unless otherwise noted.

The company is of the kind referred to in the Australian Securities and Investment Commission Class Order
98/100 dated 10 July 1998 and in accordance with that Class Order, amounts in the directors’ report and the
half-year financial report have been rounded to the nearest thousand dollars, unless otherwise indicated.

The accounting policies and methods of computation adopted in the preparation of the half-year financial
report are consistent with those adopted and disclosed in the company’s 2007 annual financial report for the
financial year ended 30 June 2007.

No Australian Accounting Standards issued but not yet effective have been early adopted. It is not considered
early adoption of these standards would have a material impact on the results of the consolidated entity.

c)    Going Concern

The directors have prepared the financial statements on a going concern basis which contemplates the
continuity of normal business activity and the realisation of assets and settlement of liabilities in the normal
course of business.

As at 31 December 2007, the group’s total assets of $71,859,000 exceeded total liabilities of $23,401,000 and
the group’s current assets of $27,475,000 exceeded current liabilities of $11,900,000.

For the half year ended 31 December 2007 the consolidated entity recorded a loss after taxation of
$7,979,000 and net cash used by operating activities was $10,139,000.

These results are in line with Management and Board expectations as the group continues the development
phase its business. During the development phase of the business the generation of sufficient funds from
operating and financing activities in accordance with its current business plan and growth forecasts is
dependent on:

•    the availability of financing facilities to fund working capital requirement;
•    increases in revenue and cash flows from current trading. This is dependent upon increases in customer
     numbers generating a cash inflow to offset the forecast expenditure on marketing and other expenses.
     This is expected as the group continues the roll out of its distribution network; and
•    increased exposure across Australia, initially in the Eastern States, to widen potential customer numbers.
     Current forecasts include marketing campaigns in New South Wales, Victoria and Queensland.

 

 




                                                     Australian Power and Gas Company Limited I Half-year report I 19
 

During the reporting period, the group had in place the following financial arrangements:

• a US$3,500,000 convertible loan and a $10,000,000 standby equity facility. The convertible loan was
  drawn and the proceeds received by 30 June 2007. The convertible loan is repayable over a two year
  period commencing 90 days after receipt of the funds. The loan can be repaid in cash or via share issues
  pursuant to the standby equity facility and an amount of $150,000 was repaid during the reporting period
  by share issues. Other than for the repayment of the convertible loan, the remaining portion of the standby
  equity facility cannot be used while the convertible loan remains outstanding.
• a $10,000,000 convertible note facility. $1,000,000 of this facility was received prior to 30 June 2007 and
  a further $3,000,000 was received prior to 31 December 2007. The remaining $6,000,000 is subject to
  share price performance hurdles, which have not been met at the date of this report.
• a revolving debt facility agreement for the provision of up to $100,000,000. The facility is secured over all
  the assets and businesses of the consolidated entity. The ability to drawdown funds under this facility is
  dependent on the level of receivables owing by customers and continued adherence to financial and
  performance covenants. An amount of $4,000,000 was drawn during the reporting period.

The group’s current forecasts indicate that in order to meet the current business plans and continue as a going
concern additional debt and/or equity funding will be required in the near term. As part of this process a
rights issue of $4,500,000, under written to $3,000,000 was announced on 26 November 2007 and a
prospectus released. Applications for $207,000 were received and 593,187 shares and 296,569 options were
issued prior to the end of the reporting period. A further amount of $2,793,000 was received or agreed to be
offset against outstanding amounts subsequent to the end of the reporting period, pursuant to the
underwriting agreement. As part of ongoing business operations and capital structure planning the group
continues to investigate funding requirements and opportunities, including the placement of the remaining
$1,500,000 not yet raised under the 26 November 2007 prospectus.

In the event that sufficient cash flows from operations are not generated and/or the financial support of the
group’s financiers and creditors is not sufficient, the group would seek to implement alternative arrangements
including the raising of further funds. The directors are of the opinion that the use of the going concern basis
of accounting is appropriate as they are satisfied regarding the group’s ability to secure the continued support
of current financiers and/or other sources of funding. Notwithstanding this, as the company is dependent on
the continued support of its current financiers and/or the obtaining of other sources of funding, there is
significant uncertainty as to the ability of the group to continue as going concerns and it may be required to
realise its assets and extinguish their liabilities other than in the normal course of business and at amounts
different from those stated in the financial statements.

The financial report does not include adjustments relating to the recoverability and classification of liabilities
that might be necessary should the group not continue as a going concern.


2. Segment information

During the half year ended 31 December 2007, and the previous corresponding period, the group operated in
one primary geographic and business segment, the Australian retail energy industry.


3. Seasonality of results

The group’s energy retailing business experiences seasonality in its results. The seasonality can arise from a
number of factors, the primary one being the impact of weather on customer energy usage. This impact can
be positive or negative depending on the influence of demand on wholesale energy prices in regions where the
risk is not fully hedged.

                                                     Australian Power and Gas Company Limited I Half-year report I 20
4. Reconciliation of cash and cash equivalents

Cash and cash equivalents at the end of the period as shown in the cash flow statement is reconciled to the
related item in the balance sheet as follows:

                                                                           Consolidated
                                                                         Half-year ended
                                                                     31 Dec 2007      30 Jun 2007
                                                                           $’000            $’000

    Cash and cash equivalents                                                 8,551              6,870
    Less: cash deposits subject to charge                                     4,193              1,116
    Cash per cash flow statement                                              4,358              5,754

    Movements in cash subject to a charge consisted of:
    Balance at beginning of financial period                                  1,116                   -
    Less: cash placed on deposit per cash flow
    statement                                                                 3,077              1,116
    Balance at the end of the financial period                                4,193              1,116

Note: The comparative figures are for the financial year ended 30 June 2007. Cash per the cash flow statement as at
31 December 2006 was $89,000.



5. Issuance of debt securities

During the half-year reporting period the consolidated entity drew down the following amounts under debt
facilities:

•      $4,000,000 under a secured revolving term debt facility. Interest is payable monthly at the Bank Bill Swap
       Rate plus a margin;
•      $600,000 under a short term debt facility. Interest is capitalised monthly at the rate of 6% per annum;
•      $3,000,000 under a secured convertible note facility. Interest is payable monthly at a rate of 6% per
       annum.


6. Issuances, repurchase and repayments of equity securities

During the half-year reporting period the company issued 5,100,841 (2006:55,454,763 on a post consolidation
basis) ordinary shares, as follows:

                                                                       Date       Issue price             Number
                                                                                 $/per share
Issue of shares - debt repayment                                 2 Nov 07             $0.32             231,770
Issue of shares - placement                                     13 Nov 07             $0.35           4,000,000
Issue of shares - debt repayment                                 3 Dec 07             $0.29             258,026
Issue of shares - exercise of options                           19 Dec 07             $0.34              17,858
Issue of shares - prospectus dated 26 Nov 2007                  27 Dec 07             $0.35             593,187
                                                                                                      5,100,841


On 9 October 2007, 185,715 ordinary shares were released from escrow conditions and on 18 December
2007, 3,857,144 ordinary shares were released from escrow conditions.

                                                       Australian Power and Gas Company Limited I Half-year report I 21
During the half-year reporting period the following changes to share options occurred:

(i) Employee share options
    17,858 (2006: nil) share options were exercised on 19 December 2007 at a price of $0.34. These share
    options were granted on 19 December 2002, and had an expiry date of 19 December 2007. The share
    price at the time of exercise was $0.31

    123,288 share options expired unexercised (2006 year 14,286 options).

(ii) Director share options
     400,000 (2006: nil) share options were issued to directors with a fair value at grant date of $0.05 each.
     The exercise price of the options is $0.70 and expiry date 30 September 2010.

(iii) Other options
      5,796,569 (2006: nil) share options were issued to other parties with an average fair value at grant date of
      $0.26 each.


          Grant date               Exercise Price                Expiry Date                           Number of
                                                                                                   options issued
          31 Aug 07                    $0.64                      22 June 12                           3,500,000
          13 Nov 07                    $0.60                      30 Sept 10                           2,000,000
          27 Dec 07                    $0.60                      30 Sept 10                             296,569

                                                                                                       5,796,569



7. Subsequent events

The following significant events have occurred after 31 December 2007 to the date of this report:

(a) Rights issue

Pursuant to a prospectus dated 26 November 2007 and a related underwriting agreement, 7,978,241 ordinary
shares were issued for a consideration of $0.35 each on 11 January 2008. An amount of $1,913,250 was
received in cash and $879,134 was offset against amounts owed to Arthur Phillip Pty Limited and The Cobra
Group Pty Limited, a total consideration of $2,792,384. 3,989,121 options over unissued ordinary shares were
also issued to the subscribers of the new shares, with an exercise price of $0.60 and an expiry date of 30
September 2011.

The issue of a further 4,285,715 ordinary shares at $0.35 each to raise $1,500,000 and 2,142,857 attaching
options with an exercise price of $0.60 and an expiry date of 30 September 2011 is being considered. These
securities represent the remaining shortfall under the prospectus dated 26 November 2007.

(b) Employee share option issue

Pursuant to the Australian Power and Gas Employee Share Option Plan, 1,451,357 options over unissued
ordinary shares were granted on 8 February 2008, with an exercise price of $0.35. The options vest over a three
year period and expire 30 September 2012. Vesting is subject to remaining employed with the consolidated
entity.

(c) Ordinary shares subject to performance conditions

In February 2008 performance conditions relating to 7,142,857 ordinary shares were met and the shares are no
longer subject to voting restrictions.



                                                    Australian Power and Gas Company Limited I Half-year report I 22
 

Registered office                                         Australian Stock Exchange
Australian Power and Gas Company Limited                  The company’s ordinary shares are quoted on the
                                                          Australian Stock Exchange.
ABN 96 077 206 583
                                                          ASX Code:         APK
Suite 2.04, 6a Glen Street
Milsons Point NSW 2062

                                                          Bankers
Telephone   (02) 8908 2700                                Commonwealth Bank of Australia
Facsimile   (02) 8908 2701                                Premium Business Services
Email       enquiries@australianpowerandgas.com.au
                                                          Level 15, 52 Martin Place
Web         www.australianpowerandgas.com.au
                                                          Sydney NSW 2000

                                                          Telephone     (02) 9513 1054
                                                          Web           www.cba.com.au

Directors
Mr Ian McGregor                                           Fortress Credit (Australia) II Pty Limited
Mr Michael Hogg                                           Level 50, AMP Centre, 50 Bridge Street
Mr Richard Poole                                          Sydney NSW 2000
                                                          Telephone (02) 8239 1900
Mr James Myatt
                                                          Web            www.fortress.com




                                                          Solicitors
Secretary
                                                          Corrs Chambers Westgarth
Mr David Franks                                           Governor Philip Tower
                                                          1 Farrer Place
                                                          Sydney NSW 2000

                                                          Telephone     (02) 9210 6500
                                                          Facsimile     (02) 9210 6611
Share registry
                                                          Web           www.corrs.com.au
Computershare Investor Services Pty Ltd
Level 3, 60 Carrington Street
Sydney NSW 2000

Telephone 1300 85 05 05
Web        www.computershare.com




Auditor                                                   Advisers
Deloitte Touche Tohmatsu                                  Arthur Phillip Pty Limited
225 George Street                                         Level 14, 15-19 Bent Street
Sydney NSW 2000                                           Sydney NSW 2000

Telephone (02) 9322 7000                                  Telephone     (02) 8257 6500
Facsimile (02) 9322 7001                                  Facsimile     (02) 8257 6501
Web       www.deloitte.com.au                             Web            www.aphillip.com.au




                                                 Australian Power and Gas Company Limited I Half-year report I 23
           

           

           

           

           

           

           




Phone 02 8908 2700 (Monday to Friday 9am to 5pm)
Web   www.australianpowerandgas.com.au
          
Email shareholder@australianpowerandgas.com.au     Australian Power and Gas Company Limited I Half-year report I 24

				
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