2012 Annual General Meeting 12 November 2012
Important Notice This presentation does not constitute investment advice, or an inducement or recommendation to acquire or dispose of any securities in Origin, in any j urisdiction (including the US A). This presentation is for information purposes only, is in a summary form, and does not purport to be complete. This presentation does not take into account the investment obj ectives, financial situation or particular needs of any investor, potential investor or any ot her person. No investment decision should be made in reliance on this presentation. Independent financial and taxation advice should be sought before making any investment decision Independent financial and taxation advice should be sought before making any investment decision. Certain statements in this presentation are in the nature of forward looking statements, including statements of current intent ion, statements of opinion and predictions as to possible future events. S uch statements are not statements of fact and there can be no certainty of outcome in relation to the matters to which the st atements relate. These forward looking statements involve known and unknown risks, uncertainties, assumptions and other important factors that could cause the actual outcomes to be materially different from the events or results expressed or implied by such statements. Those risks, uncertainties, assumptions and other import ant from the events or results expressed or implied by such statements. Those risks, uncertainties, assumptions and other import ant factors are not all within the control of Origin and cannot be predicted by Origin and include changes in circumstances or events that may cause obj ectives to change as well as risks, circumstances and events specific to the industry, countries and markets in which Origin and its related bodies corporate, j oint ventures and associated undertakings operate. They also include general economic conditions, exchange rates, interest rates, the regulatory environment, competitive pressures, selling price, market demand and conditions in the financial markets which may cause obj ectives to change or may cause outcomes not to be realised. None of Origin or any of its respective subsidiaries, affiliates and associated companies (or any of their respective officers, employees or agents) (the f it ti b idi i ffili t d i t d i ( f th i ti ffi l g t ) (th "Relevant Persons") makes any representation, assurance or guarantee as to the accuracy or likelihood of fulfilment of any forward looking statement or any outcomes expressed or implied in any forward looking statements. The forward looking statements in this presentation reflect views held only at the date of this presentation. In addition, statements about past performance are not necessarily indicative of future performance. S ubj ect to any continuing obligations under law or the AS X Listing Rules, Origin and the Relevant Persons disclaim any obligation or undertaking to disseminate after the date of this presentation any updates or revisions to any forward looking statements to reflect any change in expectations in relation to any forward looking statements or any change in events, conditions or circumstances on which such statements are based. All figures in this presentation relate to businesses of the Origin Energy Group (Origin, or the Company), being Origin Energy Limited and its controlled entities, for the year ended 30 June 2012 (this year or the current year) compared with the year ended 30 June 2011 (the prior year), except where otherwise stated. 2 |
Important Notice Origin’ s Full Year Financial S tatements for the year ended 30 June 2012 are presented in accordance with Australian Accounting S tandards. S egment results, which are used to measure segment performance are disclosed in Note 2 of the 2012 Full Year Financial S tatements and are disclosed on a basis consistent with the information provided internally to the Managing Director. Origin’ s S tatutory Profit contains a number of items that when excluded provide a different perspective on the financial and operational performance of Profit contains a number of items that when excluded provide a different perspective on the financial and operational performance of the business. Income S tatement amounts presented on an Underlying basis such as Underlying Consolidated Profit, are non-IFRS financial measures, and exclude the impact of these items consistent with the manner in which the Managing Director reviews the financial and operating performance of the business. Each underlying measure disclosed has been adj usted to remove the impact of these items on a consistent basis. A detailed reconciliation and description of the it ems that contribute to the difference bet ween S tatutory Profit and Underlying Consolidated Profit is provided in Section 5. This presentation also includes certain ot her non-IFRS financial measures. These non-IFRS financial measures are used internally by management to assess the performance of Origin’ s business and make decisions on allocation of resources. Further information regarding the non-IFRS financial measures and other key terms used in this presentation is included in the Glossary in S ection 5. Non-IFRS financial measures have not been subj ect to audit or review. A reference to Contact Energy is a reference to Origin’ s controlled entity (53.0% A reference to Contact Energy is a reference to Origin’ s cont rolled entity (53 0% ownership) Contact Energy Limited in New Zealand In ownership) Contact Energy Limited in New Zealand. In accordance with Australian accounting standards, Origin consolidates Contact Energy within its result. A reference to Australia Pacific LNG or APLNG is a reference to Australia Pacific LNG Pty Ltd in which Origin had a 50% shareholding in until 9 August 2011, when completion of a share subscription agreement between Australia Pacific LNG and S inopec resulted in a dilution in Origin’ s shareholding to 42.5% . Origin’ s shareholding in Australia Pacific LNG, which is equity accounted in line with Origin’ s shareholding, was 42.5% as at 30 June 2012. This shareholding subsequently reduced to 37.5% upon completion of S inopec’ s increased share subscription in Australia Pacific LNG on 12 July 2012. A reference to the NS W acquisition or NS W energy assets is a reference to the Integral Energy and Country Energy retail businesses and the Eraring GenTrader arrangements acquired by Origin in March 2011. A reference to $ is a reference to Australian dollars unless specifically marked otherwise. All references to debt are a reference to interest bearing debt only (excludes APLNG shareholder loans) Individual items and totals are rounded to the nearest appropriate interest bearing debt only (excludes APLNG shareholder loans). Individual items and totals are rounded to the nearest appropriate number or decimal. S ome totals may not add down the page due to rounding of individual components. When calculating a percentage change, a positive or negative change denotes the mathematical movement in the underlying metric rather than a beneficial or a detrimental movement. Measures for which the underlying numbers change from negative to positive are labelled as not applicable. 3 |
Independent Non-executive Director t Di ti Ralph J Norris KNZM t N The Board d I d 4 |
trategy t t d S Executive Director, Finance and S Fi t Karen A Moses Di The Board ti E 5 |
Non-executive Director t Di Bruce G Beeren ti The Board N 6 |
Independent Non-executive Director t Di ti Trevor Bourne t N The Board d I d 7 |
Managing Director t Grant A King Di The Board i M 8 |
Group General Counsel and Company d C l ecretary Andrew C Clarke l C Company S ecretary G G S 9 |
Independent Non-executive Director t Di ti Helen M Nugent AO t N The Board d I d 10 |
Independent Non-executive Director t Di ti Gordon M Cairns t N The Board d I d 11 |
Independent Non-executive Director t Di ti John H Akehurst t N The Board d I d 12 |
2012 Annual General Meeting 12 November 2012
Chairman’s Address 14 |
Outline 1. Origin as an integrated energy company 2. Reflecting on FY2012 performance 3. Energy policy and community expectations 4. S 4. S afety, diversity and philanthropic activity afety, diversity and philanthropic activity 5. Managing Director’s Address 6 6. Outlook O l k 7. Conclusion 15 |
1. Origin as an integrated energy company 16 |
S ince de-merger from Boral in 2000, Origin has built the leading g , g g Australian integrated energy company … Integrated Supplier of energy An expanding supplier to to growing export portfolio of energy markets markets through energy i A in Australia and t li d A Australia Pacific t li P ifi resource New Zealand LNG opportunities … based on the country’s largest customer base largest portfolio power based on the country s largest customer base, largest portfolio power generation assets, and a strong upstream gas business 17 |
Origin expects to have a substantial increase in free cash flows following the completion of Australia Pacific LNG … following the completion of Australia Pacific LNG … underpinning continued growth through a range of development d i i ti d th th h f d l t options that Origin is pursuing 18 |
2. Reflecting on FY2012 performance 19 |
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