Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
15 Aug 2024annual report▲ Good
Cover note lodging the FY24 Appendix 4E, Annual Report, Reserves Report and governance statement. Figures: statutory profit $1,397m (up from $1,055m), revenue down 2% to $16,138m, final dividend 27.5c fully franked (20c prior year). Detail is in the results release.
15 Aug 2024other● Neutral
Annual sustainability report covering climate transition plan progress, customers, communities and people. No financial figures or transactions relevant to shareholders in the extracted text.
15 Aug 2024investor presentation● Neutral
Full-year results presentation repeating the release: underlying profit $1,183m, net debt 1.0x EBITDA (1.2x a year earlier), 27.5c final dividend. It notes the FY25 cost-to-serve target won't be met; a $100-150m reduction from FY24 to FY26 is now targeted.
15 Aug 2024half year report▲ GoodMajor
FY24 underlying profit rose to $1,183m (from $747m) and statutory profit to $1,397m, driven by Energy Markets and Integrated Gas. Final dividend 27.5c fully franked, 55c for the year (73% of free cash flow). FY25 Energy Markets EBITDA is guided lower.
12 June 2024investor presentation● Neutral
Investor briefing on Origin's strategy, citing rising electricity demand and renewables growth as favouring its gas generation fleet, retail base, APLNG and Octopus. The extracted text shows no new transactions or figures for Origin; it largely restates known positions.
23 May 2024material agreement● NeutralMajor
Origin agreed with the NSW Government to run Eraring until 19 August 2027, two years later than the earlier August 2025 target. It may receive compensation of up to $225m a year for losses, or pay 20% of profits capped at $40m. Closure no later than April 2029.
12 Apr 2024asset acquisition disposition▲ GoodMajor
Origin agreed to buy Virya Energy's Yanco Delta project in NSW: a 1.5GW wind farm with an 800MWh battery, already approved. It pays $125m upfront plus up to $175m on milestones, funded from corporate debt. Origin will look for capital partners to build it.
11 Apr 2024director officer appointment● NeutralMajor
Tony Lucas, an Origin executive of 22 years, will become CFO from 1 July 2024. He replaces Lawrie Tremaine, whose retirement was announced in February, resolving the successor search. Tremaine stays until end of July for handover.
22 Feb 2024remuneration report● Neutral
After the scheme failed, the Board approved Performance Share Rights worth $612,900 for CEO Frank Calabria, 25% of his maximum, tied to relative shareholder return against the ASX-50. This restores the share-based hurdle replaced by deferred cash in August 2023.
15 Feb 2024half year report▲ GoodMajor
HY2024 underlying profit was $747m (up from $44m) and statutory profit $995m. A 27.5c fully franked interim dividend was set, up from 16.5c. Energy Markets EBITDA guidance improved, and the CEO said Origin will evaluate its key strategic choices after the failed takeover.
15 Feb 2024half year report▲ Good
Cover note and Appendix 4D lodging the half-year report to 31 December 2023. Statutory profit was $995m (up from $399m), revenue fell 9% to $7,996m, and a 27.5c fully franked interim dividend was set. Full detail is in the results release.
15 Feb 2024investor presentation● Neutral
Presentation of the half-year result, repeating known figures: underlying profit $747m, interim dividend 27.5c, adjusted net debt 0.9x EBITDA (1.2x at June 2023). It also notes the Beach price review is concluded and a 'evolving view on capital allocation'. Little new beyond the release.
1 Feb 2024director officer appointment● NeutralMajor
CFO Lawrie Tremaine, in the role since mid-2017, told the Board he intends to retire, expected at the end of July 2024. A search for a successor has begun. The announcement gives no reason beyond retirement.
18 Dec 2023asset acquisition disposition▲ GoodMajor
Origin will invest £280m (~A$530m) in Octopus Energy, lifting its stake from 20% to 23% at a £5.6bn pre-money valuation, about 60% above December 2021. Octopus is now the UK's largest electricity retailer. Completion needs UK FCA approval.
7 Dec 2023material agreement termination● NeutralMajor
Origin terminated the March 2023 Scheme Implementation Deed with the Brookfield-led consortium and EIG because shareholders did not approve the scheme. This formally ends the takeover, so Origin stays independent and listed. The special dividend was conditional on the scheme and is not covered here.
4 Dec 2023business combination▼ BadMajor
Shareholders rejected the Brookfield/EIG scheme: 68.92% of votes cast were in favour against the 75% needed, though 77.83% of shareholders voting backed it. The ~$9.39 a share offer lapses and Origin continues as a listed company.
1 Dec 2023production update● Neutral
The stranded LNG vessel has left the Australia Pacific LNG terminal, and loading is expected to restart overnight. Origin will ramp gas production back up. In total three LNG cargoes could not be loaded, resolving the 28 November outage.
30 Nov 2023business combination● NeutralMajor
The Board rejected the consortium's revised proposal as incomplete, complex and highly conditional, and said it undervalues shareholders. The 4 December vote proceeds on the existing scheme, now worth about $9.39 a share, at the top of the expert's range. The Board still unanimously recommends it.
30 Nov 2023business combination● Neutral
Origin gave notice that, if shareholders approve the scheme on 4 December, the Second Court Hearing will be at 3pm on 7 December. Shareholders may appear and oppose. Procedural notice.
28 Nov 2023listing compliance notice● Neutral
Origin replied to an ASX query on how The Australian reported the revised proposal before Origin's 23 November announcement. It said it gave no statement to media, and that confirmed confidentiality obligations were in place. It noted that other press had foreshadowed the Government's scheme expansion. No finding is shown.
28 Nov 2023production update▼ Bad
A loaded LNG vessel lost power at the Australia Pacific LNG terminal on Curtis Island and could not leave, blocking other cargoes. Origin began turning down gas production, and two cargoes were already deferred from FY2024. More deferrals are expected; domestic customers are unaffected.
27 Nov 2023business combination● Neutral
Origin set the adjourned Scheme Meeting for 2pm on 4 December at a new venue, with proxies due 2 December. Second Court Hearing moves to 7 December and implementation to 31 January 2024 if approved. Procedural timetable update.
23 Nov 2023other● Neutral
ASX paused trading in Origin shares pending a further announcement, on the day of the scheme meeting. The text gives no reason, so the cause is not stated.
23 Nov 2023other● Neutral
Chair Scott Perkins opened and immediately adjourned the Scheme Meeting to 4 December, citing the consortium's revised proposal and the Federal Government's expanded Capacity Investment Scheme. No questions were taken. Repeats the adjournment announced earlier that day; no new figures.
23 Nov 2023business combination▼ BadMajor
Origin adjourned the 23 Nov scheme vote to 4 Dec after a non-binding revised proposal from the consortium arrived the night before. It said proxies suggested the scheme would likely have missed the 75% threshold. The Board called the alternative (a ~$12.3bn Energy Markets sale plus an EIG takeover, up to ~$9.08 a share) apparently inferior to the existing ~$9.43 scheme.
21 Nov 2023business combination● Neutral
Origin updated the implied cash payment to about $9.43 per share at an AUD/USD rate of 0.655, down from $9.53 because of the exchange rate, and at the top of the expert's $8.45-$9.48 range. The Board still recommends the scheme ahead of the 23 November vote.
20 Nov 2023business combination● Neutral
Origin gave notice that, if shareholders approve the scheme on 23 November, the Second Court Hearing to approve it will be held on 27 November 2023. Shareholders may appear and oppose. Procedural notice.
13 Nov 2023dividend declaration● Neutral
The Board will pay a fully franked 39c special dividend, conditional on the scheme becoming effective, expected 23 January 2024 to holders on the 15 January record date. It is deducted from the cash consideration, so the total stays about $9.53. A draft ATO class ruling was received.
6 Nov 2023business combination● Neutral
The court approved sending the Supplementary Scheme Booklet covering the raised ~$9.53 per share offer. Grant Samuel still finds the scheme fair and reasonable, and the Board still unanimously recommends it. The vote is set for 23 November. Largely procedural follow-through to the 2 November increase.
2 Nov 2023business combination▲ GoodMajor
The consortium lifted its offer by 69c per share (about $1,200m) to a 'best and final' roughly $9.53 cash, above the independent expert's $8.45-$9.48 range. The Scheme Meeting stays on 23 November, with implementation pushed to 31 January 2024.
