Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Aug 2022investor presentation● Neutral
Full-year results presentation repeating announced figures: underlying profit $407m, free cash flow $1,062m, net debt $2.8bn, 16.5c final dividend. Adds market commentary on the supply crisis and calls for market reform. No new information.
18 Aug 2022half year report● NeutralMajor
Full-year results: underlying profit up 30% to $407m, statutory loss $1,429m on the $2,196m non-cash impairment. Record $1,595m APLNG distribution; net debt $2,838m. Final dividend 16.5c (75% franked), total 29c for the year. Eraring coal contracts now 4.4 million tonnes for FY23.
18 Aug 2022annual report● NeutralMajor
FY2022 annual report: underlying profit $407m, statutory loss $1,429m after a $2,196m non-cash impairment, free cash flow $1,062m, adjusted net debt down to $2,838m. Final dividend 16.5c, partly franked, paid 30 September 2022.
26 July 2022asset acquisition disposition▲ GoodMajor
Origin will invest a further £94m (~$163m) in Octopus Energy to hold its 20% stake, at the same price as September 2021. Recent raisings value Octopus above £3.5bn, versus Origin's initial May 2020 investment; Kraken migration of Origin customers remains on track for end 2022.
1 June 2022other▼ BadMajor
Origin raises FY22 Integrated Gas EBITDA guidance to $1,700-1,800m but cuts Energy Markets to $310-460m (was $450-600m) on Eraring coal shortfalls. It withdrew all FY23 guidance. $185m of the $250m buyback is done.
9 Mar 2022investor presentation▲ GoodMajor
Strategy refresh presentation built on retail growth, renewables and storage, and maximising cash flow. Announces a $250m share buyback as part of capital allocation, and says emissions targets will be updated to a 1.5°C pathway.
4 Mar 2022director officer appointment● Neutral
Dr Nora Scheinkestel joins the board as an independent non-executive director from 4 March 2022. She is a director of Telstra, Brambles and Westpac and will stand for election at the 2022 AGM.
18 Feb 2022asset acquisition disposition▲ GoodMajor
Origin completed the sale of 10% of APLNG to ConocoPhillips for $2bn net, resolving the pre-emption question; EIG is not the buyer. Origin now holds 27.5% (ConocoPhillips 47.5%, Sinopec 25%) and stays upstream operator.
17 Feb 2022half year report● Neutral
Half-year statutory loss of $131m (prior year loss $183m), on revenue up 7% to $6,511m. Interim dividend 12.5c unfranked, payable 25 March 2022. Net tangible assets $2.81 per share.
17 Feb 2022investor presentation● Neutral
Half-year results presentation repeating the announced figures: statutory loss $131m, underlying profit $268m, 12.5c dividend. Covers the proposed Eraring exit from 2025 and says the APLNG sale is expected to complete in the first half of 2022. No new information.
17 Feb 2022other● NeutralMajor
Origin gave AEMO notice it may retire the Eraring coal plant in August 2025, brought forward from the previous 2032 target. A battery of up to 700 MW is planned on site. Eraring's rehabilitation provision is about $240m, based on the earlier 2032 date.
17 Feb 2022half year report▲ GoodMajor
Half-year underlying profit up 18% to $268m; statutory loss $131m reflecting charges on the APLNG sale. FY22 EBITDA guidance raised to $1,950-2,250m. Interim dividend 12.5c (66% of free cash flow). Also signals possible Eraring closure in mid-2025.
10 Feb 2022other▼ Bad
Origin flags non-cash half-year charges from the APLNG 10% sale: impairment of $190-200m (partly offset by a $100-110m reserve release) and capital gains tax of $170-180m. No significant cash tax is expected. Completion now expected in early 2022.
20 Dec 2021asset acquisition disposition▲ GoodMajor
Origin agreed to buy WINconnect, adding 87,000 embedded network and hot water customers plus 36,000 contracted apartments, for a net $42.4m post-tax. It is linked to Intellihub metering changes and a refinancing; completion needs FIRB and other approvals, targeted first half 2022.
9 Dec 2021asset acquisition disposition● NeutralMajor
ConocoPhillips exercised its pre-emption right over Origin's 10% APLNG sale at the same $2.12bn price, subject to FIRB approval. Sinopec has until 17 December to decide. If either takes the stake, the EIG deal lapses and Origin's cash-call guarantee ends.
25 Oct 2021asset acquisition disposition▲ GoodMajor
Origin agreed to sell 10% of Australia Pacific LNG to EIG for $2.12bn (about $2.0bn net), cutting its stake from 37.5% to 27.5%. Origin stays upstream operator. FY2022 APLNG cash flow guidance stays above $1bn. Subject to ConocoPhillips and Sinopec pre-emption rights.
20 Oct 2021other● Neutral
AGM addresses and presentation lodged. Chair says outlook has improved on higher commodity prices since August, and the share price fell 23% over the year but has recovered over 10% since 30 June. Repeats strategy; no new transactions.
28 Sept 2021capital raising announcement▲ GoodMajor
Generation Investment Management will buy about 7% of Octopus Energy for £211m, valuing it at about £3bn (A$5.5bn), triple the value when Origin invested in 2020. Origin adds £38m (~A$70m) to keep 20%, replacing the earlier £36m estimate.
17 Sept 2021annual report● Neutral
Origin lodges its 2021 Annual Report, repeating the results already released: statutory loss $2,291m, underlying profit $318m, free cash flow $1,140m, 7.5c final dividend. Notes Scope 1 emissions down 11% against the 2017 baseline.
16 Sept 2021annual report● Neutral
Origin lodges its 2021 Sustainability Report covering customers, communities, climate and people. Repeats known commitments, such as updating emissions targets to a 1.5-degree pathway; no new financial information in the visible text.
19 Aug 2021annual report▼ BadMajor
FY2021 statutory loss of $2,291m, mostly $2,247m of non-cash impairments and deferred tax, as flagged on 30 July. Underlying profit $318m (FY20 $1,023m); free cash flow $1,140m; net debt $4.6bn; unfranked final dividend 7.5c.
19 Aug 2021investor presentation● Neutral
Results presentation repeating the full-year figures already released: statutory loss $2,291m, underlying profit $318m, 7.5c final dividend. Notes 94% APLNG 2P reserves replacement and 250k customers on Kraken. No new information.
19 Aug 2021half year report▼ Bad
Release repeating the full-year result: statutory loss $2,291m, underlying profit $318m, free cash flow $1,140m, debt cut $519m. Final dividend 7.5c (31% of free cash flow), total 20c. Targets $100-150m more retail savings by FY2024; Energy Markets headwinds persist into FY2022.
6 Aug 2021regulatory community update● Neutral
Origin will put a non-binding advisory vote on its climate change reporting to shareholders at the 2022 AGM, and is working on more ambitious emissions targets consistent with a 1.5-degree pathway. Eraring closure by 2032 or earlier is reaffirmed.
30 July 2021other▼ BadMajor
Origin expects FY2021 non-cash charges of $2,247m: $1,578m impairments of Energy Markets goodwill and generation assets, and a $669m deferred tax charge on APLNG. FY2022 Energy Markets EBITDA guided down to $450-600m; APLNG distributions were $709m in FY2021.
5 May 2021material agreement▲ GoodMajor
APA Group announced a final investment decision on a roughly $270m, 25% expansion of its East Coast Grid, and a new three-year gas transport agreement with Origin from 1 January 2023 worth about $190m to APA. Supports Origin's southern supply.
16 Apr 2021other▼ BadMajor
An arbitrator's partial award sets a materially higher price for Origin's Beach Energy Otway Basin gas, adding $30-40m to FY2021 costs and $60-80m in FY2022. Energy Markets EBITDA guidance is cut to $940-1,020m; APLNG distribution now expected above $650m.
19 Mar 2021material agreement● Neutral
Blue Energy says it signed a non-binding Heads of Agreement to supply Origin up to 300 PJ of gas over 10 years from 2024, 20-30 PJ a year, from its North Bowen Basin permit. Non-binding, so not yet a firm contract for Origin.
24 Feb 2021other● Neutral
Origin releases an updated Dealing in Securities Policy under Listing Rule 12.10, replacing the September 2016 version. It sets out when directors and staff cannot trade, including closed periods around results. Administrative; no financial substance.
18 Feb 2021investor presentation● Neutral
Half-year presentation repeats the results: underlying profit $224m (down $304m), statutory profit $13m, adjusted net debt $4.7bn, and interim dividend 12.5c. Notes $85m of the $100m retail cost-out achieved and Kraken's first 50,000 accounts migrated.
