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Download Annual Report STRATEGY PERFORMANCE GROWTH From resources… ANNUAL REPORT 2007 Contents Financial calendar 2007/08 P.2 2007 Highlights P.30 Executive Management Team 3/9/07 Ex-dividend trading commences P. 4 Chairman’s Message P.31 Corporate Governance 10/9/07 Record date for fi nal dividend P.6 Managing Director’s Review P.39 Directors’ Report 3/10/07 Final dividend paid P.10 Case Study – Strategy in Action P. 44 Remuneration Report 31/10/07 Annual general meeting P.12 Operations Review P.61 Financial Statements 31/12/07 Half-year end – Exploration and Production P.80 Share and Shareholder Information 28/2/08 Half-year profi t announcement P.16 – Generation P.82 Exploration and Production Permits and Data 30/6/08 Financial year end P.18 – Retail P.84 Financial History P.22 – Contact Energy IBC Glossary of Terms Origin Energy Limited P.24 – Sustainability ABN 30 000 051 696 P.26 – Corporate P.28 Board of Directors …to customers It has been a year of signifi cant change for Origin Energy. We have consolidated our strategic focus on the competitive segments of the energy supply chain, and deepened the integration of our business, from resources to customers. Our performance, outlined in this report, demonstrates our ability to deliver earnings growth and predictable cash fl ows in a volatile energy market. 1 FROM RESOURCES TO CUSTOMERS 2007 HIGHLIGHTS • 5 July 2006 – Commenced sales from the BassGas Project. • 30 August 2006 – Prime Minister announces Origin Energy-led consortium to deliver Adelaide Solar City Project. • 29 September 2006 – Negotiated early termination of Mount Stuart Power Purchase Agreement, providing full operational fl exibility. • 1 February 2007 – Acquired Sun Retail business in Queensland. • 23 February 2007 – Rejected proposal by AGL Energy Limited for nil-premium merger. • 6 March 2007 – Announced sale of Rockgas to Contact Energy. • 20 March 2007 – Launched Carbon Reduction Scheme offering Australian businesses an effective, effi c ient and fl exible approach to reduce their carbon footprint. • 4 April 2007 – Announced sale of Networks business to APA Group. • 10 May 2007 – Committed to a 120 MW expansion of the gas-fi red Quarantine Power Station. • 12 June 2007 – Committed to the development of the 630 MW combined cycle gas-fi red Darling Downs Power Station. • 30 June 2007 – Reached milestone of 250,000 signed green energy customers, consolidating Origin Energy’s position as Australia’s leading retailer of green energy. • 3 July 2007 – Signed gas sale agreement with Rio Tinto Aluminium, underpinning coal seam gas expansion. • 31 July 2007 – Announced 2P reserves increase of 42%, including net increase in coal seam gas reserves of 80%. 2 ORIGIN ENERGY Annual Report 2007 PERFORMANCE AND GROWTH 10% 6,500 12% 1,200 38% 450 5,200 900 360 3,900 270 600 2,600 180 ars ars ars ll ll 300 ll do do 1,300 do 90 of of of ons ons ons li li li Mil Mil 0 0 Mil 0 03 04 05 06 07 03 04 05 06 07 03 04 05 06 07 EXTERNAL REVENUE 2007 EBITDAF* 2007 STATUTORY NET PROFIT AFTER TAX 2007# $6,456 MILLION $1,201 MILLION $457 MILLION 17% 126% 31% 20 2,000 55 44 15 1,500 33 10 1,000 22 ars ll re 5 500 Acquisitions are 11 do sh sha of Growth per per ons ts ts li Cen Mil 0 Cen 0 0 Stay-in-business 03 04 05 06 07 03 04 05 06 07 03 04 05 06 07 BASIC EARNINGS PER SHARE 2007 DIVIDENDS 2007 CAPITAL EXPENDITURE 2007 54.7 CENTS 21 CENTS $2,027 MILLION * Earnings before interest, tax, depreciation and amortisation, and the impact of fair value changes to financial instruments. # Statutory profit before elimination of significant items. 3 CHAIRMAN’S MESSAGE TO OUR shareholders IN A CHALLENGING YEAR IN THE ELECTRICITY AND GAS MARKETS WE HAVE DELIVERED SOLID FINANCIAL PERFORMANCE AND CONSOLIDATED A STRONG PLATFORM FOR THE ONGOING GROWTH OF OUR COMPANY. WE CONTINUE TO INVEST FOR GROWTH BY ACQUISITION AND GREENFIELDS PROJECTS. FINANCIAL PERFORMANCE We have reported a statutory profi t for the fi n ancial year to June 2007 of $457 million, up 38% on the prior year. This result was boosted by a number of signifi cant items, including gains on the sale of our Networks business and the impact of fair value changes to fi nancial instruments, offset by a reduction in carrying value of our Cooper Basin assets. The net effect of these items is a gain of $87 million. Consequently, after excluding these items our performance is a net underlying profi t of $370 million, up 10% on the prior year. During the year we invested $1.2 billion to acquire the Sun Retail business in Queensland and around a further $800 million primarily on new projects to expand the gas production from our coal seam gas properties in Queensland, and the BassGas, offshore Otway and Kupe projects. This investment was funded through the sale of our Networks business for $556 million, $473 million additional equity through an institutional placement and share purchase plan and cash generated by the continued strong cash fl ow from Origin Energy’s existing business. Notwithstanding the high level of capital investment, our balance sheet remains strong. Our gearing at 42% (after excluding the impact of changes in the fair value of fi nancial instruments) is within our targeted range of 40 – 45%. In view of the strength of our underlying profi t and our sound fi nancial position we have declared a fi nal fully franked dividend of 11 cents per share, taking the full year dividend to 21 cents fully franked – a 17% increase over last year. Kevin McCann In the coming year, the Board CHAIRMAN – ORIGIN ENERGY will be focussed on ensuring we deliver growth in earnings from our signifi cant acquisitions and investment in major projects. 4 ORIGIN ENERGY Annual Report 2007 PLATFORM FOR GROWTH emissions of coal-fi red power plants. As Australia moves The acquisition of the Sun Retail business and sale of our towards becoming a carbon-constrained economy, Origin Networks business continued our focus on the competitive Energy is well positioned, as gas will play an important role segments of the energy markets in Australia and New in the supply chain for electricity generation. We are also Zealand. The acquisition has substantially expanded the investing in solar power through the development of the scale of our Retail business. new photovoltaic SLIVER technology and in geothermal power through an investment in Geodynamics. We have announced a signifi cant increase in our gas reserves following an 80% increase in our coal seam Origin Energy has taken a leading and early mover position gas reserves in Queensland. We have also committed to in the climate change policy debate by actively proposing almost double electricity generation capacity through the introduction of proper carbon pricing into the energy the development of the Darling Downs Power Station in market. The energy industry involves large investments Queensland and the expansion of the Quarantine Power and so requires certainty with respect to carbon costs to Station in Adelaide. support its investment decisions. It is important therefore that the Commonwealth Government acts decisively to These and other projects have seen us commit $1.4 billion provide the necessary framework for the introduction of to new projects which is in addition to around $600 million a carbon trading scheme that will allow the market to we have spent on projects in construction during the year. reduce carbon at competitive costs. These acquisitions, and our new projects, continue to deepen the integration across Origin Energy’s Exploration THE YEAR AHEAD and Production, Generation and Retail segments and In the coming year, the Board will be focussed on ensuring provide a platform for ongoing growth. we deliver growth in earnings from our signifi cant acquisitions and investment in major projects. BOARD AND MANAGEMENT We expect the consolidation of the energy industry will This activity has resulted in a busy year for your Board. continue in the coming year and that this will also give rise We held seven unscheduled meetings to review and to additional opportunities for our company. We welcome approve a number of signifi cant decisions, including the conclusions of the Owen Report on the New South acquisitions, divestments and major capital projects. Wales electricity industry and call on the government of Directors also spent signifi cant time evaluating a proposal, New South Wales to implement its recommendations. brought to us by AGL, for a nil-premium merger. After In concluding, I would like to thank my fellow directors, careful consideration, your Board determined that the our Managing Director, Grant King, and all Origin Energy merger terms proposed would not have delivered value employees for their contribution to our strong performance to Origin Energy shareholders and it was rejected. during 2006/07. The Board has visited operations and met with management on the coal seam gas fi elds in Queensland; inspected the Darling Downs Power Station site; and met with business partners, customers and government. Colin Carter retired from the Board in April 2007. A director since Origin Energy’s initial listing in February 2000, Colin made an important contribution to the Board’s work and he leaves with our thanks and best wishes. In June 2007, Gordon Cairns joined the Board. A former KEVIN McCANN Chairman chief executive offi cer of Lion Nathan, Gordon brings a wealth of management expertise and experience in highly competitive retail markets to the Origin Energy Board. His management and marketing expertise will be particularly valuable to our signifi cant Retail business.
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