Lattice-free Origin drives turnaround

DELIVERING its first annual report without the bulk of its upstream assets, the biggest change to Origin Energy for 18 years, the LNG producer and energy retailer has delivered a statutory profit of A$218 million transforming last year’s loss by $2.4 billion.

Lattice-free Origin drives turnaround Lattice-free Origin drives turnaround Lattice-free Origin drives turnaround Lattice-free Origin drives turnaround Lattice-free Origin drives turnaround

Origin is transforming its generation assets.

The profit was driven by a 21% improvement in the energy markets unit with an underlying EIBITDA of $1.8 billion and a 67% improvement in the EBITDA for the integrated gas business to $1.3 billion, for an underlying EBITDA up 36% to $2.9 billion. 
 
The underlying profit was up 110% to $838 million and included the first net cash flows from Australia Pacific LNG of $363 million.
 
Net debt was down $1.6 billion to below $6.5 billion.
 
Origin, which has 4.2 million customers in Australia and supplies around one-third of east coast gas via its interest in the APLNG project with ConocoPhillips and Sinopec, is looking to deliver even higher underlying profits and further debt reduction this yea...

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