Balance Sheet Strength Provides Opportunities to ... - Origin Energy

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46 The second half of the financial year is expected to be more challenging than the first half • Lower margins in the Retail business due to higher wholesale electricity costs, although margins for the full year are expected to be consistent with the prior year • Future well commitments replaced by less expensive seismic exploration, which will be expensed in the second half • Lower average prices for oil and condensate Compared to the prior year • Adverse hydrology conditions and transmission constraints in New Zealand have reduced Contact’s earnings Compared to prior expectations • Lower interest rates will reduce the earnings uplift of the substantial cash that Origin has on deposit Based on these factors and current market conditions Underlying Profit for the full year is expected to be up 20% to 25% compared with the prior year
47 Origin will continue to progress the development of several major projects which are expected to make contributions following the end of the current financial year… • Construction of the 30 MW Cullerin Range wind farm in New South Wales which is due for completion in mid 2009 • The Kupe Gas Project in New Zealand which is targeting to commence commercial operations in the September Quarter 2009 • The 126 MW expansion of the Mt Stuart power station in Queensland which is due for completion in late 2009 • Completion of the 630 MW combined cycle base load gas fired Darling Downs power station in Queensland which is expected to commence commissioning in early 2010 • Development of the 550 MW gas fired peaking power station at Mortlake in Victoria due for completion in late 2010 • Continued development of CSG operations with current production expected to more than double and reach over 100 PJ per annum by 2011 • Projects under development by Contact include the 200 MW Stratford peaking power station, the Ahuroa gas storage facility and a number of geothermal projects • Full year effect of substantial cash balance … which will drive near term growth in earnings
Page 1 and 2: Balance Sheet Strength Provides Opp
Page 3 and 4: Outline • Company Strategy • St
Page 5 and 6: Origin operates in the domestic ene
Page 7 and 8: Effective implementation of this st
Page 9 and 10: As the operating and economic envir
Page 11 and 12: As a result of this transaction, Or
Page 13 and 14: Strategy Implementation
Page 15 and 16: Developing gas reserves close to ma
Page 17 and 18: Liquids production from the mature
Page 19 and 20: APLNG continues strong growth in CS
Page 21 and 22: With the next phase of APLNG’s CS
Page 23 and 24: Notwithstanding the review of explo
Page 25 and 26: Generation
Page 27 and 28: Origin’s Electricity Generation P
Page 29 and 30: Origin is doubling the capacity of
Page 31 and 32: Darling Downs Power Station is prog
Page 33 and 34: HY2009: EBITDAF was lower primarily
Page 35 and 36: Origin is a leading wholesaler and
Page 37 and 38: Even after higher wholesale prices
Page 39 and 40: HY2009: EBITDAF grew by $99 million
Page 41 and 42: Contact is New Zealand’s leading
Page 43 and 44: Contact has implemented a number of
Page 45: Outlook
Page 49 and 50: Balance Sheet Strength Provides Opp
Page 51 and 52: Appendix
Page 53 and 54: Profit & Loss - Underlying ($ milli
Page 55 and 56: A review of the carrying value of a
Page 57 and 58: APLNG Balance Sheet ($ billion) Dec
Page 59 and 60: APLNG transaction has transformed O
Page 61 and 62: EBITDAF of $686m is up 12% primaril
Page 63 and 64: 63 Interest ($ million) Dec 08 Dec
Page 65 and 66: Capital Expenditure ($ million) Sta
Page 67: Segment Cash Flow & Cash Flow Retur

Balance Sheet Strength Provides Opportunities to ... - Origin Energy

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