First Impression: Origin Energy-ORG FY16 result

Bell Potter


Reported NPAT of a -A$589m loss was below our estimate of -A$270m on resulting impairments post reserve revisions | Divisional EBITDA): Energy Markets up 6% to $1330m. Integrated Gas down 22% to $386m | APLNG EBITDA guidance maintained on higher oil prices: ORG guidance for Train 2 start up is 2QFY17 (from 1HFY17), with revenue recognition remaining from 3QFY17, and project finance lenders test met in CY17 | Net operating cash flow up 6.5% to $1061m.

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Bell Potter

Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to a diversified client base that includes individuals, institutions and corporations.

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