2013 Annual General Meeting 23 October 2013
Important Notice p Forward looking statements This presentation contains forward looking statements, including statements of current intention, statements of opinion and predictions as to possible future events S predictions as to possible future events. S uch statements are not statements of fact and there can be no certainty of outcome in uch statements are not statements of fact and there can be no certainty of outcome in relation to the matters to which the stat ements relate. These forward looking stat ements 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 important 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, l d b di j i d i d d ki Th l i l d l i di i 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 Energy Limited or any of its respective subsidiaries, affiliates and associated companies (or any of their respective officers, employees or agents) (the Relevant Persons) makes any representation, assurance or guarantee as to the accuracy or lik lih likelihood of fulfilment of any forward looking statement or any outcomes expressed or implied in any forward looking statements. The d f f lfil t f f d l ki t t t t d i li d i f d l ki t t t Th forward looking statements in this presentation reflect views held only at the date of this presentation. S tatements about past performance are not necessarily indicative of future performance. Except as required by applicable law or the AS X Listing Rules, the Relevant Persons disclaim any obligation or undertaking to publicly update any forward looking statements, whether as a result of new information or future events. p y g No offer of securities 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. 2 |
Independent Non-executive Director t Di ti Ralph J Norris KNZM t N The Board d I d 3 |
trategy t t d S Executive Director, Finance and S Fi t Karen A Moses Di The Board ti E 4 |
Non-executive Director t Di Bruce G Beeren ti The Board N 5 |
Independent Non-executive Director t Di ti t N Bruce Morgan The Board d I d 6 |
Managing Director t Grant A King Di The Board i M 7 |
Group General Counsel and Company d C l ecretary Andrew C Clarke l C Company S ecretary G G S 8 |
Independent Non-executive Director t Di ti Gordon M Cairns t N The Board d I d 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 John H Akehurst t N The Board d I d 11 |
2013 Annual General Meeting 23 October 2013 12 |
Chairman’s Address 13 |
Outline 1. Overview - 2013 financial year 2. Policy environment 3. Reflecting on Origin’s growth 3. Reflecting on Origin s growth 4. Board and management 5. Conclusion 14 |
1. Overview – 2013 financial year 15 |
2013 financial results ($ million) June 13 June 12 Change Statutory Profit Statutory Profit 378 378 980 980 (61% (61% ) ) S tatutory EPS 34.6 cps 90.6 cps (62% ) Revenue 14,619 12,935 13% Underlying Profit* 760 893 (15% ) Underlying EPS * 69.5 cps 82.6 cps (16% ) Group OCAT* Group OCAT 1 142 1,142 1,781 1 781 (36% (36% ) ) Free cash flow* 1,188 1,415 (16% ) Free cash flow per share* 108.2 cps 129.9 cps (17% ) Capital Expenditure 1 1,172 1,680 (30% ) Origin’s cash contributions to APLNG 2 561 1,167 (52% ) Origin Undrawn Committed Debt Facilities and cash 3 Origin Undrawn Committed Debt Facilities and cash 5 251 5,251 4 191 4,191 25% 25% 1) Capital expenditure is based on cash flow amounts rather than accrual accounting amounts; includes growth and stay-in-business capital expenditure, capitalised interest, acquisition expenditure 2) 2) Origin’s cash contributions to APLNG made partially via loan repayments. Origin s cash contributions to APLNG made partially via loan repayments. 3) Excluding Contact and bank guarantees. * Refer Glossary 16 |
Origin entered into a new $7.4 billion bank loan facility to refinance all existing unsecured bank debt on new to refinance all existing unsecured bank debt on new terms and pricing and extend its debt maturity profile … Origin Debt & Bank Guarantee Pro-forma Maturity Profile as at 30 September 2013^ Recent financing activity: 4,500 •$7.4b Syndicated bank loan Loan & Bank Guarantees - Undrawn 4,000 plus $1.2b oversubscriptions l $1 2b b i ti 3,500 Loans & Bank Guarantees - Drawn $ million 3,000 Hybrids, US and EUR PP, 144A & medium •$2.0b of $7.4b bank loan 2,500 term notes refinanced via US$800m and refinanced via US$800m and 2 000 2,000 A$ €800m note issuances 1,500 1,000 500 0 0 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2023+ ^Origin debt maturity profile as at 30 S eptember 2013 adj usted for: (1) $1.2b bank oversubscriptions; (2) US $800m and Euro 800m notes issuances and cancellation of the $2b Capital Market Tranche; (3) Excludes NZ$200m Preference S hares. … Origin is fully funded for its investment in Australia Pacific LNG 17 |
S ocial changes and environmental challenges in our sector require improved disclosure sector require improved disclosure ... ... Origin’s S ustainability Report demonstrates greater focus and transparency on this critical aspect of our business 18 |
Public debate about coal seam gas has been clouded by misinformation clouded by misinformation ... ... and Origin continues to take a leadership position on CS G 19 |
Origin is focused on fair representation and equitable treatment of women through all levels of our treatment of women through all levels of our workforce ... 40% 40% 27% 27% WOMEN IN THE WOMEN IN PROFESSIONAL AND WORKPLACE MANAGEMENT ROLES 22% 22% WOMEN ON THE BOARD 11% 11% 90% 90% WOMEN IN WOMEN STILL IN ROLES 1 EXECUTIVE YEAR AFTER MATERNITY MANAGEMENT TEAM MANAGEMENT TEAM LEAVE ... which will help Origin be a more successful organisation 20 |
2. Policy environment 21 |
Australia must develop a comprehensive policy framework framework ... ... which will allow the nation to capitalise on its resources position and capture growing market opportunities 22 |
Australia has the potential to create significant benefits through natural gas development benefits through natural gas development ... ... however, policy must promote investment in exploration and supply to meet demand 23 |
Australia needs the appropriate climate change policy settings settings... ...without locking the nation into considerably higher future electricity costs 24 |
Origin has long advocated for energy price deregulation as it promotes competition investment and as it promotes competition, investment and innovation ... ... which is in the long-term interest of both consumers and the broader energy market 25 |
3. Reflecting on Origin’s growth 26 |
S ince demerger from Boral in 2000, Origin has built the leading Australian integrated energy company the leading Australian integrated energy company ... The largest Joint developer Growing integrated of Australia resource energy business Pacific LNG’s opportunities in Australia and in Australia and two train CSG to t t i CSG t d domestically ti ll New Zealand LNG project and overseas ... based on Australia s largest customer base, the largest based on Australia’s largest customer base the largest power generation portfolio and a strong upstream gas business 27 |
The development and growth of the Company ... ... has been captured in our Annual Reports since Origin’s demerger from Boral 28 |
Throughout Origin’s history, the Board and management team have been united in our vision for the Company team have been united in our vision for the Company... ...which has become one of the hallmarks of Origin’s success 29 |
Origin drilled its first CS G exploration well in 1993 ... ... and began acquiring maj or CS G assets in Queensland in 1996/ 97 30 |
4. Board and management 31 |
5. Conclusion 32 |
During the past year, Board and management worked to ensure the relevant issues in Origin are being to ensure the relevant issues in Origin are being addressed ... ... and your Company is well-placed to continue to deliver increasing value for shareholders 33 |
Chairman’s Address 34 |
Managing Director’s Address 35 |
Recommend
More recommend
