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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Origin Energy Limited    ORG   AU000000ORG5

ORIGIN ENERGY LIMITED

(ORG)
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Origin Energy Expects A$1.16 Billion-A$1.24 Billion Impairment Charges

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07/14/2020 | 08:42pm EDT

By David Winning

SYDNEY--Origin Energy Ltd. forecast a hefty impairment charge on a weaker outlook for commodity prices and the economic impact of the coronavirus pandemic, with more than half of the writedown tied to the Australia Pacific LNG project.

Origin estimated a post-tax charge of between 1.16 billion Australian dollars (US$809.2 million) and A$1.24 billion would be recorded in its results for the year through June.

The company said its share of the Australia Pacific LNG project would be impaired by A$720 million-A$770 million, driven by lower oil-price assumptions.

A noncash charge of A$440 million-A$460 million would also be recognized, relating to an onerous contract provision associated with Cameron LNG.

"Origin has responded quickly to Covid-19 and the decline in commodity prices, reducing operating costs and capital expenditure, and these actions have improved resilience and helped to mitigate some of the impacts on our business," said Chief Executive Frank Calabria.

"These factors, and the broader macroeconomic environment, have contributed to our revised medium and long-term outlook for commodity prices," he added.

Origin said it expects no change to existing guidance for the 2020 fiscal year, including underlying earnings before interest, tax, depreciation and amortization of A$1.4 billion-A$1.5 billion from its Energy Markets business.

 

Write to David Winning at david.winning@wsj.com

 


Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL -1.65% 41.66 Delayed Quote.-35.76%
ORIGIN ENERGY LIMITED 0.23% 4.36 End-of-day quote.-48.40%
WTI -2.04% 39.715 Delayed Quote.-33.87%
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Financials
Sales 2021 12 574 M 8 974 M 8 974 M
Net income 2021 395 M 282 M 282 M
Net Debt 2021 5 103 M 3 642 M 3 642 M
P/E ratio 2021 19,9x
Yield 2021 4,48%
Capitalization 7 665 M 5 451 M 5 470 M
EV / Sales 2021 1,02x
EV / Sales 2022 0,96x
Nbr of Employees 5 232
Free-Float 99,1%
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Technical analysis trends ORIGIN ENERGY LIMITED
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TrendsNeutralBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 12
Average target price 6,46 AUD
Last Close Price 4,36 AUD
Spread / Highest target 78,9%
Spread / Average Target 48,1%
Spread / Lowest Target 7,80%
EPS Revisions
Managers
NameTitle
Frank Calabria Chief Executive Officer, MD & Executive Director
Gordon McKellar Cairns Independent Non-Executive Chairman
Greg Jarvis Executive GM-Energy Supply & Operations
Lawrence John Tremaine Chief Financial Officer
John H. Akehurst Independent Non-Executive Director
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