PRELIMINARY FULL YEAR ANNOUNCEMENT
Origin Energy Contact Finance No.2 Limited
The Period Ended 30 June 2008
(referred to in this report as the "current period")
Preliminary full year announcement on consolidated results in accordance with
Listing Rule 10.4.2. This announcement has been prepared in accordance with
applicable Financial Reporting standards and complies with generally accepted
accounting practice. This announcement gives a true and fair view of the
matters to which the announcement relates and contains all additional
information required to ensure the announcement is not misleading. This
announcement is based on unaudited financial statements. The Listed Issuer,
Origin Energy Contact Finance No.2 Limited ("The Company"), does not have a
formally constituted Audit Committee of the Board of Directors.
The Listed Issuer was incorporated on 8 August 2007 and this preliminary full
year announcement includes the financial results for the period to 30 June
2008. There is no comparative period results.
Origin Energy Contact Finance No.2 Limited
Results for announcement to the market
Current Reporting Period period to 30 June 2008
Previous Corresponding Reporting Period The listed issuer was incorporated on
8 August 2007. There is no comparative period results.
Amount ($NZ''000s) Percentage Change
Revenue from ordinary activities 7,079 -
Profit/(loss) from ordinary activities after tax attributable to security
holders 7,134 -
Net profit/(loss) attributable to security holders 7,134 -
Interim/Final Dividend Dividend paid 15 October 2007:
The first dividend on the listed securities was paid on 15 October 2007 and
was fully imputed. The Dividend Rate for the first dividend was 10.23% per
annum.
Dividend paid 15 April 2008:
The semi-annual dividend on the listed securities was paid on 15 April 2008
and was fully imputed. The Dividend Rate for this dividend was 10.23% per
annum.
Further information regarding dividends:
The Company pays dividends on the issued Preference Shares in accordance with
the terms of issue of the Preference Shares. Subsequent dividends are to be
paid semi-annually on 15 October and 15 April. Refer to note 17 for further
information.
Record Date Not Applicable
Dividend Payment Date 15 October 2007 and 15 April 2008
Comments In this report the "Current period" includes the results for
the period from 8 August 2007 to 30 June 2008.
The percentage movements between the Current Full Year and Previous
Corresponding Period have been normalised. The Current Full Year includes
the results for the 12 months to 30 June 2006 and the Previous Corresponding
Period includes the results for the 6 months to 30 June 2005.
Statement of
Financial Performance
Current Previous
1 STATEMENT OF FINANCIAL Period Up/(Down) Corresponding
Period
PERFORMANCE (Period ended
30 June 2008) %
$NZ''000 $NZ''000
1.1 OPERATING REVENUE
a Trading Revenue - n/a 0
b Other Revenue 7,186 n/a 0
c Total Operating Revenue 7,186 n/a 0
1.2 OPERATING SURPLUS/(LOSS) BEFORE TAXATION 7,161 n/a 0
a Less taxation on operating result (27) n/a
0
1.3 OPERATING SURPLUS/(LOSS) AFTER TAX 7,134 n/a 0
a Extraordinary Items after Tax [detail in Item 3] 0
n/a 0
b Unrealised net change in value of investment properties 0
n/a 0
1.4 NET SURPLUS/(LOSS) FOR THE PERIOD 7,134 n/a 0
a Net Surplus/(Loss) attributable to members of the listed
issuer 0 n/a 0
1.5 NET SURPLUS/(LOSS) ATTRIBUTABLE TO MEMBERS
OF THE LISTED ISSUER 7,134 n/a 0
The percentage movements between the Current Period and Previous
Corresponding Period are not applicable because the company was incorporated
on 8 August 2007 and there are no comparative results.
Statement of
Financial Performance
2 DETAILS OF SPECIFIC RECEIPTS/OUTLAYS, REVENUES/ Current
Previous
EXPENSES Period Corresponding
Period
$NZ''000 $NZ''000
2.1 INCLUDED IN STATEMENT OF FINANCIAL
PERFORMANCE
a Interest revenue included in Item 1.1(b)
107 0
b Unusual items for separate disclosure (gain/loss) (detail -
Item 3) 0 0
c Equity earnings (gain/loss) (detail - Item 16) 0
0
d Interest expense included in Item 1.2 0
0
e Leasing and renting expenses 0 0
f Depreciation 0 0
g Diminution in the value of assets (other than depreciation)
0 0
h Amortisation of goodwill 0 0
i Amortisation of other intangible assets 0
0
j Impairment of goodwill 0 0
k Impairment of other intangible assets 0
0
Statement of
Financial Performance
Previous
Current Corresponding
Period Period
2.2 SUPPLEMENTARY ITEMS $NZ''000 $NZ''000
a Interest costs excluded from Item 2.1(d) and capitalised
0 0
b Outlays (other than those arising from the acquisition of an
existing
business) capitalised in intangibles 0
0
c Unrecognised differences between the carrying value and
market value
of publicly traded investments 0 0
3 DISCONTINUED, UNUSUAL (INCLUDING NON RECURRING), AND Current
EXTRAORDINARY ITEMS OF THE GROUP Period
Operating Operating
Revenue Surplus
$NZ''000 $NZ''000
Discontinued Activities: 0 0
Material Unusual (including Non Recurring) Items (included in
1.2): 0 0
Extraordinary Items (Ref. Item 1.3(a)): 0
0
Statement of Movements
In
Equity
Previous
4 STATEMENT OF MOVEMENTS IN EQUITY Current Corresponding
Period Period
$NZ''000 $NZ''000
4.1 NET SURPLUS/(LOSS) ATTRIBUTABLE TO MEMBERS OF LISTED ISSUER
a Net Surplus/(Loss) attributable to members of the listed
issuer 7,134 -
4.2 OTHER RECOGNISED REVENUE AND EXPENSES
a Increases (decreases) in revaluation reserves 0
0
b Current Translation Differences 0 0
c Minority interest in other recognised revenue and expenses
0 0
4.3 TOTAL RECOGNISED REVENUES AND EXPENSES 0 0
4.4 OTHER MOVEMENTS
a Contributions by Owners 200,368 -
b Distributions to Owners (7,079) -
c Other 0 0
4.5 EQUITY AT BEGINNING OF PERIOD 0 0
4.6 EQUITY AT END OF PERIOD 200,423 -
5 EARNINGS PER SECURITY Previous
Calculation of basic and fully diluted, EPS in accordance with IAS33:
Earnings Current Corresponding
Per Share Period Period
$NZ''000 $NZ''000
(a) Basic EPS n/a* n/a*
(b) Diluted EPS (if materially different from (a))
n/a* n/a*
EPS is not applicable for the listed securities as the preference
shares have set dividends (refer note 17).
6 MATERIAL ACQUISITIONS OF SUBSIDIARIES
Nil
7 MATERIAL DISPOSALS OF SUBSIDIARIES
Nil
8 REPORTS FOR INDUSTRY AND GEOGRAPHICAL SEGMENTS
The company operates in New Zealand in the financial industry.
Statement of Financial Position
At end of current As shown in
last
9 CURRENT ASSETS: Period Annual Report
$NZ''000 $NZ''000
9 CURRENT ASSETS:
(a) Cash 439 0
(b) Trade receivables 0 0
(c) Investments 0 0
(d) Inventories 0 0
(e) Other assets, current 11 0
TOTAL CURRENT ASSETS 450 0
9.1 NON-CURRENT ASSETS
a Trade receivables 0 0
b Investments in related group company (1)
200,000 0
c Inventories 0 0
d Property, plant and equipment 0 0
(e) Goodwill 0 0
(f) Deferred taxation assets 0 0
(g) Other Intangible Assets 0 0
(h) Other assets, non current 0 0
9.2 TOTAL NON-CURRENT ASSETS 200,000 0
9.3 TOTAL ASSETS 200,450 0
9.4 CURRENT LIABILITIES
a Trade Creditors 0 0
(b) Income in advance, current 0 0
c Secured loans 0 0
d Loans to related Origin Energy group company 0
0
e Provisions, current 0 0
f Other liabilities (including tax liabilities), current
27 0
TOTAL CURRENT LIABILITIES 27 0
9.5 NON-CURRENT LIABILITIES
a Accounts payable, non-current 0 0
(b) Secured loans 0 0
(c) Unsecured loans 0 0
(d) Provisions, non-current 0 0
(e) Deferred taxation liability, non-current
0 0
(f) Other liabilities, non-current 0 0
9.6 TOTAL NON-CURRENT LIABILITIES 0 0
9.7 TOTAL LIABILITIES 27 0
9.8 NET ASSETS 200,423 0
9.9 SHAREHOLDERS'' EQUITY
(a) Share capital 200,368 0
(c) Retained Surplus 55 0
9.1O SHAREHOLDERS'' EQUITY ATTRIBUTABLE TO MEMBERS 200,423 0
OF THE LISTED ISSUER
(a) Minority equity interests in subsidiaries
0 0
9.11 TOTAL SHAREHOLDERS'' EQUITY 200,423 0
(a) Returns on Assets (%) (EBIT divided by Total Assets)
4% n/a
(b) Return on Equity (%) (Net Income divided by Shareholders''
Equity) 4% n/a
(c) Net tangible assets per security (%) (Net tangible assets
divided by
number of securities) 1.00 0.00
(d) Debt to Equity Ratio (%) (Total Liabilities divided by
Shareholders'' Equity) n/a n/a
(1) The company holds preference shares in Origin Energy
Pacific Holdings, a related Group Company. The rights attached to the
preference shares are equal and opposite to the listed preference shares
issued by the company. Refer note 17.
Statement
of cashflows
Current Pervious
Corresponding
10 CASH FLOWS RELATING TO OPERATING ACTIVITIES Period
Period
$NZ''000 $NZ''000
(a) Receipts from customers 0 0
(b) Interest received 107 0
c Dividends received - Preference Share Dividends
7,079 0
d Payments to suppliers and employees 0
0
e Interest paid 0 0
(f) Income taxes paid 0 0
(g) Other cash flows (36) 0
NET OPERATING FLOWS 7,150 0
11 CASH FLOWS RELATING TO INVESTING ACTIVITIES
(a) Cash proceeds from sale of property, plant and equipment
0 0
(b) Cash proceeds from sale of equity investments 0
0
(c) Loans received from related entities 0
0
(d) Cash paid for purchases of property, plant and equipment
0 0
(e) Interest paid - capitalised 0 0
(f) Cash paid for purchases of equity investments in related
Group Company (200,000) 0
(g) Loans to other entities 0 0
(h) Other cash flows relating to operating activities
0 0
NET INVESTING CASH FLOWS (200,000)
0
12 CASH FLOWS RELATED TO FINANCING ACTIVITIES
(a) Cash proceeds from issue of shares, options, etc.
200,368 0
(b) Borrowings 0 0
(c) Repayment of borrowings 0 0
(d) Dividends paid (7,079) 0
(e) Other cash flows relating to operating activities
0 0
NET FINANCING CASH FLOWS 193,289 0
13 NET INCREASE/(DECREASE) IN CASH HELD
Net Increase/(decrease) in cash held 439 0
(a) Cash at beginning of period 0 0
(b) Exchange rate adjustments to Item 12.3(a) above
0 0
(c) CASH AT END OF PERIOD 439 0
14 NON-CASH FINANCING AND INVESTING ACTIVITIES
Provide details of financing and investing transactions which have
had a material effect on group assets and
and liabilities but did not involve cash flows: Nil
15 RECONCILIATION OF CASH Previous
For the purposes of the above Statement of cash flows, cash includes:
Current Corresponding
Cash on hand, at bank and short term deposits at call.
Period Period
NZ$''000 NZ$''000
Cash at the end of the period as shown in the statement of cash flows
is
reconciled to the related items in the financial statements as
follows:
Cash on hand and at bank 439 0
Deposits at call 0 0
Bank overdraft 0 0
Short Term Deposit 0 0
Total = Cash at End of Period (Item 13(c) above)
439 0
16 DETAILS OF ASSOCIATES AND JOINT VENTURE ENTITIES AND CONTROLLED
ENTITIES
Nil
16.1 GROUP SHARE OF RESULTS OF ASSOCIATES
Nil
16.2 MATERIAL INTERESTS IN CORPORATIONS NOT BEING SUBSIDIARIES
Nil
16.3 DETAILS OF ENTITIES OVER WHICH CONTROL HAS BEEN GAINED OR LOST DURING
THE PERIOD
Nil
17 ISSUED AND QUOTED SECURITIES AT END OF CURRENT PERIOD
Number Number
Category of Securities Issued
Quoted
PREFERENCE SHARES:
Preference Shares (1) 200,000,000 200,000,000
Issued during current period 200,000,000
200,000,000
ORDINARY SHARES:
Ordinary Shares on Issue (2) 10,000,100 Nil
Issued during current period 10,000,100 Nil
CONVERTIBLE NOTES
Nil Nil Nil
Issued during current period Nil Nil
OPTIONS:
Nil
Issued during current period Nil
DEBENTURES - Totals only: Nil $
UNSECURED NOTES - Totals only: Nil $
OTHER SECURITIES Nil $ $
(1) The Preference Shares carry a dividend payable semi-annually in
arrears. The Dividend Rate from the Issue Date until the first Dividend
Reset Date of 15 October 2008 will be 10.23% per annum. The Dividend Rate
will be reset each year on 15 October (or the next Business Day) based on the
Benchmark Rate determined on the Dividend Reset Date plus the Margin of 1.50%
per annum. Dividends are calculated by multiplying the Dividend Rate by the
issue price of the Preference Shares. The dividends may consist of a
combination of cash payments and imputation credits. If not cancelled,
Dividends are paid semi-annually on 15 October and 15 April of each year (or
the next Business Day). The Preference Shares have no fixed term. The
Preference Shares can be redeemed at the discretion of the Company (or
purchased by Origin Energy Limited or a subsidiary of Origin Energy Limited)
in certain circumstances.
Details and the Terms of the Preference Shares are contained in the
Investment Statement and Prospectus dated 30 August 2007.
Dividends paid on the listed preference shares during the year were:
- 15 October 2007 - $225,340 (for the period 9/10/2007 to
15/10/2007)
- 15 April 2008 - $6,854,100 (for the period 16/10/2007 to
15/04/2008)
(2) All ordinary shares are owned by Origin Energy Universal Holdings
Limited a related Group Company. On the date of incorporation, 8 August
2007, the Company issued 100 fully paid ordinary shares at an issue price of
$1.00 to Origin Energy Universal Holdings. On 9 October 2007 the Company
issued 10,000,000 Ordinary shares at an issue price of $1.00 per share partly
paid at $0.65 per share.
18 COMMENTS BY DIRECTORS
a Material factors affecting the revenues and expenses of the
Company for the current period
Nil
b Significant trends or events since end of current period
Nil
c Changes in accounting policies since last Annual Report
and/or last Half Year Report to be disclosed
Nil
d Critical Accounting Policies - Management believes the
following to be critical accounting policies. That is they
are both important to the portrayal of the Issuer''s financial
condition and results, as they require management to
make judgments and estimates about matters that are
inherently uncertain
Nil
e Management''s discussion and analysis of financial condition,
result and/or operations -
Nil
f Other comments
Nil
19 DIVIDENDS ON ORDINARY SHARES
(a) Dividend Yield as at balance date (%) (Annual dividend per
share divided by price per share)
Not applicable
(b) Tax Adjusted Dividend Yield as at balance date (%) (Annual
net dividend per share divided by price per share)
Not applicable
Refer to note 17 for information regarding the dividends paid on the
preference shares.
20 ANNUAL MEETING (if full year report)
To be held at:
Not applicable
(b) Date Date 2007 Time
(c) Approximate date of availability of Annual Report
If this full year report was approved by resolution of the Board of
Directors, please indicate date of meeting:
Not applicable
(signed by) Authorised Officer of Listed Issuer (date)
End CA:00169300 For:OCF Type:FLLYR Time:2008-08-28:11:19:37