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Annual-Report-2012.Pdf ENERGY FOR TODAY and TOMORROW Annual Report 2012 contents 1. A message from your Chairman and Managing Director 1 2. Management Discussion and Analysis 4 3. Directors’ Report 36 4. Lead Auditor’s Independence Declaration 43 5. Remuneration Report 44 6. Board of Directors 66 7. Executive Management Team 68 8. Corporate Governance Statement 70 9. Financial Statements 74 10. Directors’ Declaration 142 11. Independent Auditor’s Report 143 12. Share and Shareholder Information 145 13. Exploration and Production Permits and Data 147 14. Five Year Financial History 151 15. Glossary of Terms 152 COVER IMAGES Top Left Top Right An Origin employee Cuervo River, part of at one of Australia Energía Austral’s hydro Pacific LNG’s CSG development project. wells in Queensland. Bottom Right Bottom Left Origin’s online An Origin employee Smart energy at Uranquinty Power management portal. Station in NSW. 4 A MESSAGE FROM YOUR CHAIRMAN AND MANAGING DIRECTOR ENERGY Managing Director, Grant King and FOR Chairman, Kevin McCann OPPORTUNITY FULL YEAR PROFIT $980M AND UNDERLYING Fellow Shareholder PROFIT UP 33 PER CENT TO $893M Origin has again delivered strong growth Statutory Profit (2) for the year was $980 million, up from $186 million across our operating businesses in the 2012 in the prior year. The primary factors contributing to the increase in Statutory Profit included a higher Underlying Profit, a gain on dilution of financial year, largely driven by the first full Origin’s shareholding in Australia Pacific LNG and a substantial increase year contribution from the New South Wales in the fair value of financial instruments, partially offset by a larger energy assets (1) acquired in March 2011. impairment of assets when compared to the prior year. Underlying Profit increased 33 per cent or $220 million to $893 million, For the past two years, Origin has delivered when compared with the prior year, driven by a full year contribution growth in Underlying Profit (2,3) of more than from the NSW energy assets, a lower exploration expense and higher commodity prices. 50 per cent and growth in Underlying The increase in Underlying Profit was matched by 27 per cent growth in EBITDA (2) of more than 65 per cent. Underlying EBITDA to $2.3 billion and a 12 per cent rise in Group Operating Cash Flow After Tax (2) to $1.8 billion, demonstrating the ongoing strength of Origin’s underlying business. At the same time, your Company has laid the foundations that will Basic earnings per share (EPS) based on Statutory Profit increased by ensure the business continues to grow over the medium to long term. 71.0 cents per share (cps) to 90.6 cps from 19.6 cps last year. Underlying In particular, we continue to progress the Australia Pacific LNG project, EPS rose 16 per cent to 82.6 cps compared with 71.0 cps last year. the most significant project we have undertaken to date and which stands to deliver significant shareholder value as it is completed. In order The Board has declared a final fully franked dividend of 25 cps, taking to support the funding of our interest in Australia Pacific LNG, we have total dividends for the year to 50 cps, in line with the 2011 financial year. reduced capital expenditure outside of our interest in Australia Pacific The full year dividend of 50 cps represents a payout ratio of 61 per cent (2) LNG and also ceased to pursue other activities not considered a priority of Underlying EPS . for the Company at this time. We discuss these activities later in this The final dividend will be paid on 27 September 2012 to shareholders year’s report. of record on 3 September 2012. (1) Refers to Origin’s acquisition of the Integral Energy and Country Energy retail businesses and the Eraring GenTrader arrangements in March 2011. (2) Refer to Glossary of Terms on pages 152-154 of this report. (3) Refer to Section 3 of the Management Discussion & Analysis for a reconciliation between Statutory Profit and Underlying Profit. (4) Underlying EPS is disclosed in note 37 of the Origin Consolidated Financial Statements on page 140 of this report. 1 A message from your chairman and managing director (continued) Origin’s Dividend Reinvestment Plan (DRP) will apply to this dividend. No AUSTRALIA PACIFIC LNG PROGRESSING ON discount will be applied in the calculation of the DRP price and the final SCHEDULE AND ON BUDGET dividend will not be underwritten. The Australia Pacific LNG project is a key focus for Origin for the near PRUDENT CAPITAL MANAGEMENT term. The $23 billion, two train LNG project has been sanctioned and significant progress has been made towards first LNG in 2015, both in Australia Pacific LNG has signed US$8.5 billion of project financing terms of continued growth of reserves and in construction. agreements. This, together with Origin’s strong operating cash flow after Australia Pacific LNG increased 2P reserves from 11,775 petajoules (1) tax and $4.2 billion in cash and undrawn facilities, provides sufficient equivalent (PJe) at 30 June 2011 to 13,111 PJe at 30 June 2012, with 3P liquidity for Origin’s remaining funding requirement for Australia Pacific reserves increasing from 14,742 PJe to 16,047 PJe. LNG of approximately $3.6 billion to first LNG for both trains, as well as The overall progress of work completed to date is 14 per cent for the the ongoing needs of Origin’s business. Upstream part of the project and 17 per cent for the Downstream part If we achieve the planned dilution in Australia Pacific LNG below Origin’s of the project. There has been no increase to the $23 billion estimated current shareholding of 37.5 per cent, our funding position will further project costs, and the high ratio of fixed versus variable costs provides improve. improved project cost certainty and enables risks to be appropriately managed. More than two thirds of the total project cost is fixed or CONTINUING STRENGTH IN THE UNDERLYING unit rate, with the remainder variable and already largely agreed BUSINESS with contractors. The growth in Origin’s Underlying Profit and Underlying EBITDA reflects When we announced the final investment decision (FID) for the second the continuing strength of Origin’s underlying businesses. train in July 2012, we announced a joint process with ConocoPhillips to Energy Markets Underlying EBITDA increased by 33 per cent or $388 million further dilute our interest in Australia Pacific LNG below 37.5 per cent. to $1,562 million, an increase which was largely attributable to a full year Origin’s intention is to retain around a 30 per cent stake in Australia contribution from the acquired NSW energy assets. Pacific LNG over the longer term. Exploration and Production Underlying EBITDA increased by 23 per cent LOOKING AHEAD or $61 million to $329 million, primarily due to a lower exploration expense and higher commodity prices, partially offset by higher operating costs. To support our major focus of delivering first production from Australia Australia Pacific LNG Underlying EBITDA decreased by 25 per cent or Pacific LNG on schedule and on budget, we have been significantly $16 million to $47 million, primarily due to the dilution of Origin’s reducing our committed capital expenditure on other projects and we shareholding in Australia Pacific LNG from 50 per cent to 42.5 per cent will be focusing on maximising cash flow from the existing businesses following the first Sinopec subscription in July 2011, together with higher and managing the maturity of our existing debt facilities. operating costs to support the expanded operations and meet increased When announcing our full year results in August, we launched a regulatory requirements. $625 million four and five year syndicated bank loan to refinance Contact Energy Underlying EBITDA increased by 16 per cent or $55 million debt maturing in the 2013 financial year. to $400 million, primarily due to reductions in gas and carbon unit costs The outlook for the coming year is more challenging than in prior years, and improved commercial and industrial margins. with less growth coming from new capital investments, regulatory Corporate expenses increased by 19 per cent or $13 million resulting in uncertainty, particularly related to pricing decisions made by the an Underlying EBITDA loss of $81 million. The largest contributor was Queensland Competition Authority for which we have initiated a judicial increased expenditure on development opportunities in Chile, Indonesia review, as well as more uncertainty in forecasting earnings driven by and Papua New Guinea. volatile global commodity prices and changing patterns in the demand for energy in Australia. RETAIL TRANSFORMATION DELIVERING In the Energy Markets segment, we will respond to the uncertainties by IMMEDIATE IMPROVEMENTS focusing on reducing costs, winning and retaining customers, realising benefits of the new SAP billing and customer relationship management Origin’s Energy Markets business continued to make good progress on system and continuing to capture benefits from Origin’s integrated the integration of the NSW energy assets, as well as successfully portfolio. In this segment, we are targeting an Underlying EBIT margin (2) completing a major SAP billing and customer relationship management of around 11 per cent. system implementation. This new system will increase the efficiency of our operations, improve competitiveness and allow us to respond more We expect a higher contribution from our Exploration and Production effectively to customer needs. business with BassGas expected to recommence production in the September Quarter 2012. We are scheduling a shutdown for Otway to While a range of factors constrained Origin’s ability to attract and retain allow for the tie-in of the Geographe project.
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