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

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Origin’s history of profit growth continues with Underlying Profit for the first half up 38% to $277 million Financial Highlights – HY2009 Revenue $4,216 m up 10% EBITDAF $686 m up 12% Statutory Profit $6,663 m up 1891% Underlying Profit $277 m up 38% EPS – Statutory 761.0 cps up 1887% EPS – Underlying 31.6 cps up 38% OCAT $363 m down 6% Origin undrawn debt facilities (2) $2,313 m Free cash flow per share 25 cps down 17% Interim dividend fully franked 25 cps up 108% Origin cash on deposit (1) $4,073 m • The interim dividend increased by 108% to 25 cps, consistent with Origin’s intention to rebase annual dividends to 50 cps and target an increased dividend payout ratio of at least 60% of underlying earnings • Origin has now elected to terminate the on-market buyback of shares to preserve its financial capacity in the current economic environment 8 Based on current market conditions, Origin expects underlying earnings for the current financial year to be approximately 20–25% higher than the prior year (1) Excluding Contact (2) Excluding Contact and bank guarantees
As the operating and economic environment for businesses becomes more challenging, Origin has been able to continue to grow its existing business… • Full half year contribution from Otway Gas Project • Continued development of New Zealand upstream business with full half year contribution from Taranaki Basin and progress on Ahuroa Gas Storage project • Acquired the 640 MW Uranquinty Power Station and committed to the 550 MW Mortlake Power Station • Secured long-term electricity hedge purchase and gas supply agreement with 450 MW Braemar 2 Power Station in Queensland • Entered long-term wind power purchase agreement with ACCIONA Energy for 192 MW • Appraisal activities significantly increased 2P reserves by over 750 PJ and 3P reserves by almost 1,000 PJ in the APLNG joint venture • Selected Wipro Technologies as partner in the transformation of Origin’s Retail systems • Completed Uranquinty Power Station (640 MW), which is now fully operational and commenced commissioning of the Quarantine Power Station expansion (120 MW) … through the completion of current projects, acquisitions and commitment to new development projects 9
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: Effective implementation of this st
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 $99 million
Page 41 and 42: Contact is New Zealand’s leading
Page 43 and 44: Contact has implemented a number of
Page 45 and 46: Outlook
Page 47 and 48: 47 Origin will continue to progress
Page 49 and 50: Balance Sheet Strength Provides Opp
Page 51 and 52: Appendix
Page 53 and 54: Profit & Loss - Underlying ($ 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
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Balance Sheet Strength Provides Opportunities to ... - Origin Energy

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