Statutory loss from total operations was $589 million, an improvement of 10 per cent on the prior year. The main drivers of this result include the lower underlying profit from continuing
operations ($249 million), the sale of Origin’s interest in Contact Energy ($55 million) and a
reduction ($386 million) in items excluded from underlying profit.
Items excluded from underlying profit include non-cash, after tax impairments of $515 million
in the full year, $271 million of which was taken in the second half, driven mainly by
downward revisions to reserves previously disclosed in the Company’s Annual Reserves
Report in July 2016.
Net cash from operating and investing activities improved $3.3 billion to $1.2 billion driven by asset sales and improving cash flow as capital expenditure and operating costs reduced. As a consequence of improved cash flows, asset sales and the Entitlement Offer in October
2015, Origin’s adjusted net debt decreased $4 billion to $9.1 billion.
ORG Price at posting:
$5.84 Sentiment: Buy Disclosure: Held
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