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Balance Sheet Strength Provides Opportunities to Grow & Develop

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Balance Sheet Strength Provides Opportunities to Grow & Develop Balance Sheet Strength Provides Opportunities to Grow & Develop Citi’s Australian & New Zealand 6th Annual Investment Conference London 9 March 2009 1 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 jurisdiction (including the USA). 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 objectives, financial situation or particular needs of any investor, potential investor or any other 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. Certain statements in this presentation are in the nature of forward looking statements, including statements of current intention, statements of opinion and predictions as to possiBle future events. Such statements are not statements of fact and there can be no certainty of outcome in relation to the matters to which the statements 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 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 oBjectives to change as well as risks, circumstances and events specific to the industry, countries and markets in which Origin and its related Bodies corporate, joint 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 oBjectives 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 "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. In addition, statements aBout past performance are not necessarily indicative of future performance. The forward looking statements in this presentation reflect views held only at the date of this presentation. Subject to any continuing obligations under law or the ASX 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. No representation or warranty, express or implied, is or will Be made in relation to the accuracy or completeness of the information in this presentation and no responsibility or liaBility is or will be accepted by Origin or any of the Relevant Persons in relation to it. In particular, Origin does not endorse, and is not responsible for, the accuracy or reliaBility of any information in this presentation relating to a third party. All references to "$" are references to Australian dollars unless otherwise specified. A reference to Contact is a reference to Contact Energy of New Zealand, a 51.3% suBsidiary of Origin. 2 2 Outline • Company Strategy • Strategy Implementation • Appendix 3 3 Company Strategy 4 Origin operates in the domestic energy markets in Australia and New Zealand. Growth in demand in these markets for electricity, natural gas and LPG has averaged around 4% per annum since the 1980s even through times of recession Source: ABARE, Access Economics Origin’s share of Eastern Australian end use energy markets has grown from 10% in 2000 to around 15% and the Company is well placed to continue to increase its 5 market share in a steadily growing market 5 Origin’s strategy of being a fuel integrated generator retailer is designed to… Fuel Generator Retailer A leading producer of gas in Largest owner and developer of A leading wholesaler and Eastern Australia involved in the gas fired electricity generation retailer of energy & Australia’s development of Australia’s in Australia largest green energy retailer largest CSG to LNG project Extensive portfolio of both CSG Investing over $1.5 billion in Around 3 million customers and conventional gas & oil generation, douBling capacity to across Australia and Pacific 2,800MW by 2010 Origin’s 2P Reserves Origin’s Generation Capacity Origin’s Energy Sales Source: Origin … Better manage risk and access more 6 opportunities for growth 6 Effective implementation of this strategy has delivered a consistent record of underlying earnings and dividend growth 9,000 Revenue 1,500 EBITDAF Compound annual growth rate: 26% Compound annual growth rate: 23% 7,500 1,200 6,000 900 4,500 $millions $millions 600 3,000 300 1,500 0 0 2001 2002 2003 2004 2005 2006 2007 2008 2001 2002 2003 2004 2005 2006 2007 2008 Underlying earnings per share Dividends per share 50 Compound annual growth rate: 17% 50 Compound annual growth rate: 43% 40 40 30 30 cents cents 20 20 10 10 0 0 2001 2002 2003 2004 2005 2006 2007 2008 2001 2002 2003 2004 2005 2006 2007 2008 Source: Origin 7 7 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% • The interim dividend increased by 108% to 25 EBITDAF $686 m up 12% cps, consistent with Statutory Profit $6,663 m up 1891% Origin’s intention to rebase annual dividends Underlying Profit $277 m up 38% to 50 cps and target an EPS – Statutory 761.0 cps up 1887% increased dividend payout EPS – Underlying 31.6 cps up 38% ratio of at least 60% of underlying earnings OCAT $363 m down 6% • Origin has now elected to Free cash flow per share 25 cps down 17% terminate the on-market BuyBack of shares to Interim dividend fully franked 25 cps up 108% preserve its financial Origin cash on deposit(1) $4,073 m capacity in the current Origin undrawn deBt facilities(2) $2,313 m economic environment Based on current market conditions, Origin expects underlying earnings for the current financial year to be approximately 20–25% higher than the prior year 8 (1) Excluding Contact (2) Excluding Contact and bank guarantees 8 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 9 In addition to the ongoing growth in earnings, the highlight of the current financial year has Been the CSG transaction with ConocoPhillips… ConocoPhillips has subscribed for a 50% interest in Australia Pacific LNG Assets Australia Pacific LNG includes all of Origin’s CSG interests, related production facilities and existing CSG sales contracts ConocoPhillips to initially invest A$8 Billion for a 50% share of a CSG to LNG Joint Venture comprising: • An up-front cash payment of A$6.9 billion (US$5 billion) Consideration • Additional fixed contribution of A$1.15 billion to carry Origin’s share of costs to Final Investment Decision, expected at end 2010 for Train 1 A further US$2 billion will be invested as payments of US$500 million at the time that each of the 4 LNG trains is approved, to partly carry Origin’s share of costs Fully aligned 4 Train CSG to LNG Project using 24 TCF over 30 years(1) Origin is the upstream CSG operator and domestic gas marketer Joint Venture ConocoPhillips to be the downstream LNG operator Joint Venture to market LNG led by ConocoPhillips personnel Train 1 FID expected late 2010 and Train 2 FID expected late 2010/11 Timetable Train 1 first LNG expected in 2014 … which confirmed the value and quality of Origin’s CSG assets and will establish a new export channel to market 10 (1) Excluding ramp and tail gas 10 As a result of this transaction, Origin is now in an unparalleled position with $6.4 billion of cash on deposit and undrawn committed debt facilities… As at 31 December 2008 Undrawn Available Adjusted Committed Funding (1) (2) (1) Gross Debt Cash Debt Facilities Capacity Source: Origin … at a time when we expect increased opportunities to grow 11 (1) Net Cash/(Debt) excluding
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