SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report to Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

For the period from September 14, 2003 to October 3, 2003

Commission File Number:_________________

Origin Energy Limited

(Translation of registrant’s name into English)

Level 39

AMP Centre

50 Bridge Street

SYDNEY NSW 2000

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F x Form 40-F ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):_______

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form6-K in paper as permitted by Regulation S-T Rule 101(b)(1)(7):______

Note: Regulation S-T Rule 101(b)(1)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ¨ No x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-

INDEX TO EXHIBITS


Item

1.		ASX Release “Onshore Taranaki Basin New Zealand-Tuihu-1A Re-entry Weekly Progress Report”, dated September 15, 2003

2.		Presentation “European and US Roadshow”

3.		ASX Release “Onshore Taranaki Basin New Zealand–Tuihu-1A Weekly Progress Report”, dated September 15, 2003

4.		ASX Announcement “ Origin Energy Limited: Takeover Bid for Oil Company of Australia Limited”, dated September 23, 2003

5.		ASX Announcement Coversheet “Origin Energy Limited: Takeover of Oil Company of Australia Limited” enclosing a pro-forma Form 6021 “Notice of compulsory acquisition following takeover bid, dated September 23, 2003

6.		ASX Release “Jingemia 3 Weekly Progress Report, Onshore Perth Basin, Western Australia”, dated September 25, 2003

7.		ASX Release “Onshore Taranaki Basin New Zealand-Tuihu-1A Weekly Progress Report”, dated October 1, 2003

8.		ASX Announcement Coversheet “ Initial Substantial Holder Notice” enclosing Form 603 Notice of initial substantial holder, dated October 2, 2003

9.		ASX Release “Jingemia 2 Progress Report, Onshore Perth Basin, Western Australia”, dated September 15, 2003

10.		ASX Announcement Coversheet “Appendix 3Y Notices” enclosing Appendix 3Y Change of Director’s interest notices for C Carter, J Williams, H Nugent, T Bourne dated October 3, 2003

11.		ASX Release “Origin reaches compulsory acquisition threshold in its bid for Oil Company of Australia”, dated September 16, 2003

12.		Origin 2003 Annual Accounts

13.		ASX Announcement Coversheet “Substantial Holder-change of interests” enclosing Form 604 Notice of Change of Interests of Substantial Holder, dated September 17, 2003

14.		ASX Announcement Coversheet “Appendix 3B Notice” enclosing Appendix 3B exercise of options under the Senior Executive Option Plan, dated September 19, 2003

15.		ASX Release “Jingemia 2 Weekly Progress Report, Onshore Perth Basin, Western Australia” dated, September 19, 2003

16.		ASX Announcement Coversheet “Overseas Share Sale Facility” enclosing correspondence to registered shareholders, dated September 22, 2003

17.		ASX Announcement “Presentation to investment institutions”, dated September 22, 2003

The information contained in this report is incorporated by reference into the Registration Statement on Form F-3 (file no. 333-103886).

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Item 1

ASX Release

15 September 2003

Onshore Taranaki Basin New Zealand—Tuihu-1A Re-entry Weekly Progress Report

Origin Energy Resources (NZ) has been advised by the Operator, that the Tuihu-1A re-entry well, located in onshore Taranaki Basin permit PEP 38718, New Zealand, was side-tracked to a depth of 4310m, and 7” liner has been cemented. Current operations were changing to a synthetic oil-based mud system, and preparing to drill ahead.

The Tuihu-1A re-entry well is designed to deepen the Tuihu-1 exploration well that was drilled in late 2000/early 2001 to a total depth of 4530m. During drilling of this well significant gas shows were encountered in fractured Oligocene sandstones. As a result, Tuihu-1 was suspended at that time pending further geological investigation.

Forward operations at the Tuihu-1A well are expected to take another 9 days to drill to a total depth of 5100m. The primary targets are reservoirs within the Tariki Sandstone and the Kapuni Formation.

Tuihu-1A is located 6 kilometres from the Tariki gas pipeline, and if successful, could be brought on production rapidly.

Participants in the Tuihu-1A well are


Swift Energy New Zealand Limited	50 %	(Operator)
Origin Energy Resources NZ Limited	20 %
New Zealand Oil and Gas Limited	20 %
Indo Pacific NL (subject to regulatory approvals)	10 %

For further information contact:

Rob Willink

General Manager Exploration

Telephone: 07 3858 0676

Email: rob.willink@upstream.originenergy.com.au

Origin Energy Limited ABN 30 000 051 696 Ÿ Level 39, AMP Centre, 50 Bridge Street Sydney NSW 2000

GPO Box 5376, Sydney NSW 2001 Ÿ Telephone (02) 9220 6400 Ÿ Facsimile (02) 9235 1661 Ÿ www.originenergy.com.au

Item 2

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Strategy, Performance, and Growth

Delivering Value for Shareholders

September 2003

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•

Overview

–

Australian energy market

–

Origin Energy

•

Financial Performance and Outlook

•

Opportunities for Further Development

•

Appendix

–

Full Year Results Announcement – August 2003

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Page 2

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Overview

Australian energy market

Origin Energy

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End use sales of electricity, gas, and related products and services in Australia exceeds A$32 billion per annum and has been growing steadily as energy consumption increases.

	Australian End Use Energy Sales and Growth in GDP
A GROWING MARKET	[GRAPHIC]	A GROWING COMPANY
• Growth in domestic demand for energy has averaged over 4% per annum over the last 20 years even through times of recession		• Since listing in February 2000, revenues have increased by 120% to $3.4 billion (30% CAGR), profit after tax is up 116% to $162 million (29% CAGR)
• Growth in demand to continue with ABARE predicting compound growth of 3.2% for natural gas and 2.2% for electricity from 2001 to 2020		• While Origin is one of the largest participants in the domestic energy market our share of sales is only around 10% of the total
	Source: ABARE, Access Economics

Origin’s business combines the reliability of cash flows usually associated with utilities with growth opportunities more typical of resource and development industries

Page 4

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Origin’s strategy is to focus on the competitive segments of the energy market and pursue opportunities characterised by the ability to:

•

Develop sustainable competitive advantage

•

Identify additional value through operational or strategic synergies

•

Establish internal hedges against other exposures that reduce the overall risk in the business

•

Access and use skills that will provide new opportunities for growth and can leverage into other areas of related business (eg oil exploration, infrastructure management)

This strategy provides opportunities for growth while effectively managing risks associated with changes in the industry

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Page 5

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The effective implementation of this strategy has resulted in strong growth in the company’s operations and profits

2P Reserves (PJe) up 100% [GRAPHIC]	EBITDA by Segment (A$, millions) [GRAPHIC]	Customers (millions) up 67% [GRAPHIC]



Generation Capacity (MW) up 150% [GRAPHIC]	EBITDA up 81% (CAGR of 22%)	Networks Managed (kms) up 34% [GRAPHIC]
	OCAT up 185%(CAGR of 42%)
	EPS up 86% (CAGR of 23%)

Page 6

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The growth in Origin’s operations and profits is reflected in the increased share price since Origin was first listed in February 2000 following the demerger from Boral

Origin Energy Share Price vs. the All Ordinaries Index		• Market capitalisation has increased from around $700 million after listing to around $2.7 billion

[GRAPHIC]		• Origin was included in the MSCI index (Energy – Integrated Oil & Gas classification) in November 2001

		• In April 2003 Origin was included in the official S&P ASX top 50 index

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Page 7

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Liquidity has also increased significantly

Origin Energy Liquidity over 3 month intervals		• In the last 6 months 35% of the stock has turned over, and 67% in the last year (on a volume basis)

		• Daily average turnover during the last six months has been A$7.7 million

[GRAPHIC]		• International shareholders hold 11% of Origin’s stock (after holding as little as 3% shortly after the demerger)

		• Australian funds hold around 43% of the register, with only one fund holding more than 5% (as at September 2002)

		• Origin retains retail appeal with over 100,000 shareholders

Page 8

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Origin targets top third performance on a TSR basis.....

Total Shareholder Return

1 March 2000 to 12 September 2003

Peer Sector Companies in ASX 100	Annualised TSR
Origin Energy Ltd	43	%
Alinta Gas *	29	%
Santos Ltd	19	%
Woodside Petroleum	15	%
Australian Gas Light	14	%
Oil Search Ltd	-12	%

* Alinta Gas TSR since October 17, 2000 (date of listing)

TSR Performance of top third of companies in the ASX 100

.....and has outperformed most companies in the ASX 100 on this measure

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Page 9

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Financial Performance and Outlook

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Profit & Loss
	Jun 00 ($m)		Jun 01 ($m)		Jun 02 ($m)		Jun 03 ($m)
Total revenue	1,530		1,687		2,429		3,352
EBITDA	271		305		405		491
EBIT	131		173		231		295
Net interest expense	(30	)	(32	)	(43	)	(49	)
Tax expense	(23	)	(38	)	(54	)	(80	)
Outside equity interests	(3	)	(6	)	(5	)	(4	)
PAT	75		98		129		162
Earnings per share (cents)	13.3	¢	17.1	¢	20.2	¢	24.8	¢
Free cash flow per share (cents)	12.6	¢	29.7	¢	40.1	¢	53.7	¢
Return on equity	6.2	%	7.6	%	8.1	%	9.2	%

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Page 11

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Revenue has grown 120% over the last three years largely as the result of acquisitions in the Retail segment


‘00	‘01	‘02	‘03
1,530	1,687	2,437	3,352

Revenue

•	Revenue increase driven by:

–

contributions from the Powercor and CitiPower electricity retail businesses purchased in May 2001 and July 2002

–

significant retail tariff increases in gas and electricity achieved since 2002

•	Further growth is expected next year through

–

cessation of payments to the Victorian Government (~$60 million)

–

increased oil production from the Perth Basin

–

full year contribution from the Mt Stuart power station

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Page 12

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EBITDA has grown by nearly 81% over the last three years

‘00		‘01		‘02		‘03
271		305		405		491

EBITDA

•	EBITDA growth driven by

–

contributions from the Powercor and CitiPower retail electricity businesses

–

favourable wholesale positions in electricity

–

cessation of payments to the Victorian Government

–

tariff increases

–

growing contributions from the generation business

•	The coming financial year will reflect increased contributions from

–

Perth Basin oil production

–

Mt Stuart power station and SEA Gas pipeline

–

cost reductions associated with integration benefits and business efficiency (possibly offset by increasing costs of contestability and lower wholesale margins)

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Page 13

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Operating cash flow after tax over funds employed (OCAT Ratio) is our primary performance measure......

	Jun 00 ($m)		Jun 01 ($m)		Jun 02 ($m)		Jun 03 ($m)
EBITDA	271		305		405		491
Non-cash items	(8	)	(8	)	(17	)	13
Change in Working Capital	(20	)	11		16		39
Stay in business CAPEX	(67	)	(83	)	(65	)	(94	)
Tax/Subvention Payments	(36	)	(24	)	(40	)	(50	)

OCAT	140		201		299		399
Net Interest Paid	(33	)	(31	)	(43	)	(49	)

Free cash flow	107		170		256		350

Funds Employed	1,692		1,891		2,189		2,465
OCAT Ratio	8.3	%	10.6	%	13.7	%	15.6	%

......and significantly exceeds our cost of capital of 8.0% after tax

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Page 14

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At the segment level Origin uses a before tax target (OCFR) of 14.3%

Segments OCFR	Jun 01		Jun 02		Jun 03
E&P (Upstream)	22.8	%	16.7	%	14.2	%
Retail	1.6	%	16.4	%	21.8	%
Generation	6.2	%	10.7	%	16.1	%
Networks	18.0	%	16.8	%	17.1	%

Initially Upstream cashflows funded Retail growth, while Retail cashflows are now funding further growth in Upstream and Generation

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Page 15

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Acquisitions in Retail and Generation have provided immediate contributions.......

	Jun 00 ($m)	Jun 01 ($m)	Jun 02 ($m)	Jun 03 ($m)
Growth & Acquisitions
E & P	47	56	129	179
Retail	1	342	78	154
Generation	70	46	116	93
Networks	15	0	15	0
Corporate	2	2	0	—

Total Growth &	135	446	338	427
Acquisitions
Stay in business	67	83	65	97

Total capital expenditure	202	529	403	524

......while development capital invested in E&P will provide returns in years to come

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Page 16

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In the medium term growth projects requiring capital expenditure of $1.4 billion are already being developed.....

FY ‘03 Free Cash Flow $350 mill. pa		• Current free cash flow will cover the majority of the capital required for this organic growth

[GRAPHIC]		• Conservative gearing of 29% and borrowing capacity of over $400 million provide funding flexibility

		.....and will underpin the growth of the company over the next several years

Ongoing projects	Perth Basin	FRC
BassGas	CSG	Thylacine/Geographe
Renewables	Quarantine (CCGT)	SEA Gas
Acquisitions

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Page 17

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Funding & Interest

	Jun 00		Jun 01		Jun 02		Jun 03
Net debt ($m)	431		727		633		732
Total equity ($m)	1,240		1,328		1,626		1,790
Net debt to equity (%)	35	%	55	%	39	%	29	%
Net interest expense ($m)	(30	)	(32	)	(43	)	(49	)
Net interest cover (x EBIT)	4.4		5.5		5.4		6.1
Average interest rate	7.5	%	6.7	%	6.6	%	6.7	%

•

Completed US$250 million US Private Placement debt issuance over 7 to 15 years with all proceeds hedged to Australian dollars and used to repay shorter term facilities

•

Additional committed facilities in excess of $300 million are immediately available with capacity to fund over $400 million within our covenants

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Page 18

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Earnings per share has grown 86% through the last three annual results (CAGR 23%)

		• Origin’s capital base has increased by 16% following the equity raising in 2001, DRP and employee share plans

[GRAPHIC]		• Nonetheless EPS has increased 23% on a compound basis

		• Cashflow per share has increased 2.7 times

		• Board guidelines target around 40% of EPS to be paid as dividends


	‘00		‘01	‘02	‘03

CFPS	19		30	40	54

EPS	13		17	20	25

DPS	6	^*	4⁺	5⁺	10	^#

* Final Dividend – unfranked

+ Total Dividend – fully franked

# Total Dividend – franked to 4 cents

We expect Origin’s target of growing EPS at 10 –15% pa to be achieved in the coming year

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Page 19

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Opportunities for Further Development

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[GRAPHIC]

Longer term the energy industry in Australia provides continuing opportunities for new developments

• Upstream

– Perth Basin

– Offshore Otway and Bass Basins

– Surat Basin / Myall Creek

– Coal seam gas (CSG)

• Retail

– Further consolidation

– Margin growth

• Generation

– Demand growth substantial for gas fired and renewable generation

– Power requirements of the Retail business reduce development risk

• Network opportunities

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Page 21

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[GRAPHIC]

New infrastructure and acreage awards are opening up opportunities in the Otway and Bass Basins

• Following the Thylacine and Geographe gas discoveries the offshore Otway has attracted many new players

• Prospectivity centres on a reservoir fairway known as the Shipwreck Trough

• Origin has recently acquired interests in the deep water permit T/34P and the near shore permit Vic/P37(V) –both along this trend

• In the Bass Basin the Trefoil prospect will be drilled in 2004 at the same time as the development wells for the BassGas project

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Page 22

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[GRAPHIC]

An emerging oil play and gas prospects close to existing infrastructure provide opportunities for growth in the North Perth Basin

• The Hovea, Jingemia, and Eremia discoveries have changed industry perception of region from poorly prospective for gas to highly prospective for both gas & oil

• Current target is for 10,000 bopd gross by end of calendar year (5,000 bopd Origin net)

• Onshore discoveries can be rapidly developed to provide early cash flow

• 3D seismic is again providing new insights into this geologically complex area

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Page 23

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New play opportunities have provided the largest discovery in over a decade in the Surat Basin

• Recent successes in the Surat Basin suggest a large gas resource may be stratigraphically trapped at Myall Creek in the Permian Tinowon Fm.

• A further 4 wells will be drilled starting in September, and 3D seismic will be acquired to define the aerial extent of the accumulation

• This renewed activity in the Surat Basin complements the CSG assets of Origin in the Bowen Basin

[GRAPHIC]

Page 24

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Origin has established the leading position in the commercialisation of CSG resources in Australia

[GRAPHIC]		• Origin has been involved in CSG for 7 years in Australia and is now seeing the commercial reward for diligent technical efforts

		• Early failures in Australia have been reversed with application of appropriate technology and greater emphasis on coal characterisation

		• Origin now carries over 900 PJ of Proved and Probable CSG reserves

		• In particular the Durham/Fariview fields have world class properties in coal permeability, gas content, seam thickness and accessibility

		• December 2002 contract to supply AGL with 340 PJ over 15 years (52% from Origin)

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Page 25

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In Retail, opportunities exist to build scale through market growth/consolidation and margin expansion

Eastern Australian energy retailers: market share by energy accounts		• Deregulation and privatisation of the energy markets has proceeded in Victoria and South Australia, but remains stalled in Queensland and NSW

[GRAPHIC]		• In the medium to long term growth in market share is most likely to come from government retailers

Origin Retail Margins		• Retail margins have improved as scale advantages have been brought to the business and there is significant scope for further efficiency gains

[GRAPHIC]		• Governments have maintained oversight of gas and electricity pricing through transitional powers

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Page 26

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Origin is focussing on four major streams to expand Retail margins........

Automation & Business Transformation	•	Improve efficiency through system automation, people and process reengineering

Manual Process Improvement	•	Realisation of efficiencies through process improvement and streamlining manual procedures, predominantly in the Customer Operation areas

Market Entry	•	Develop and enhance capabilities to enter all State based energy markets

Products	•	Build, deliver, maintain and manage new products and product related systems

......and deliver better choices to customers at competitive prices

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Page 27

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Origin has grown the Generation business from a few MW in the mid 90’s to 883 MW of gas turbine & cogeneration plant

Peak Demand & Generation Capacity

[GRAPHIC]

• Over 530 MW is contracted to 3^rdparties, while 250 MW is contracted to the Retail division through a tolling arrangement, offsetting less than 10% of Retail’s peak requirement, and 5% of total energy requirements

Total Energy

[GRAPHIC]

• Origin is a small player in the overall generation market, with annual growth in both peak capacity and total energy requirements in the NEM many times the size of Origin’s business

Covering a greater % of our Retail exposure with cost effective generation provides a low risk / high reward opportunity to further expand generation capacity

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Page 28

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Origin has established a portfolio of renewable generation projects that provide value in an uncertain environment

Renewables—MRET^#GWh Possible requirements		• Solar: Origin SLIVER^® Solar Cell technology tested and commercial viability established. Planning for pilot plant well advanced

[LOGO]		• Wind: Option to acquire 50% equity interest in Challicum Hills and progressed plans for development of the Kemmiss Hill Rd and Troubridge wind farms in SA

		• HDR*: Origin has taken a 19% stake in Geodynamics at a cost of $5 million and secured arrangements to take up to 50% of the potential output. This unique resource potentially provides “base load” renewable generation
# MRET: Mandated Renewable Energy Target – an Australian Government scheme to increase use of renewable energy * HDR – Hot Dry Rocks – a source of geothermal power

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Page 29

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Origin does not own regulated assets but invests in them through its 19% holding in Envestra and manages assets on behalf of third parties. Assets continue to churn in this area.......

•

Aquila / UEL / Alinta transaction in early 2003

•

EPIC is in the process of selling pipeline assets in Western Australia and eastern Australia with a total value in excess of $2 billion

•

Other underutilised assets include Duke’s Longford to Sydney and Longford to Tasmania gas pipelines with construction costs in excess of $1 billion

•

TXU has confirmed it is examining an IPO for up to 49% of its Australian assets, with an estimated enterprise value of more than $4 billlion

•

Regional water authorities in Victoria and NSW are under pressure to improve efficiencies and reduce costs

......providing the opportunity to benefit from further rationalisation of the regulated utility businesses

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Page 30

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Origin will continue to deliver value to shareholders through:

•

A strategic position that has differentiated Origin from other energy companies in Australia

•

A focus on risk management and improving the performance of existing businesses

•

Growth from prospects generated within the business and acquisition of value adding businesses

Origin maintains the long term goal of achieving growth of 10-15% pa and expects to continue to achieve this over the next few years

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Page 31

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For more information.

For more information on Origin Energy please contact

Angus Guthrie

Manager, Investor Relations

Email: angus.guthrie@originenergy.com.au

Office: +61-2-9220 6558

Mobile: + 61-4-1786 4255

Fax: +61-2-9235 1661

Alternatively visit our website

www.originenergy.com.au

and follow the prompts to the Investor Centre

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Page 33

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Item 3

ASX Release

22 September 2003

Onshore Taranaki Basin New Zealand—Tuihu-1A Weekly Progress Report

Origin Energy Resources (NZ) has been advised by the Operator, that the Tuihu-1A re-entry well, located in onshore Taranaki Basin permit PEP 38718, New Zealand, was drilling at 4390m in the side-tracked hole.

Forward operations at the Tuihu-1A well are expected to take another one to two weeks to drill to a total depth of 5100m. The primary targets are reservoirs within the Tariki Sandstone and the Kapuni Formation.

Tuihu-1A is located 6 kilometres from the Tariki gas pipeline, and if successful, could be brought on production rapidly.

Participants in the Tuihu-1A well are:

Swift Energy New Zealand Limited	50	% (Operator)
Origin Energy Resources NZ Limited	20	%
New Zealand Oil and Gas Limited	20	%
Indo Pacific Energy Limited	10	%

For further information contact:

Dr Rob Willink

General Manager – Exploration

Phone: 07 3858 0676

Email: rob.willink@upstream.originenergy.com.au

Origin Energy Limited ABN 30 000 051 696 Ÿ Level 39, AMP Centre, 50 Bridge Street Sydney NSW 2000

GPO Box 5376, Sydney NSW 2001 Ÿ Telephone (02) 9220 6400 Ÿ Facsimile (02) 9235 1661 Ÿ www.originenergy.com.au

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Item 4


To	Company Announcements Office	Date	23 September 2003


Company	Australian Stock Exchange Limited	Pages	1


From	Bill Hundy


Subject	Origin Energy Limited (“ORG”) Takeover Bid for Oil Company of Australia Limited (“OCA”)

We refer to ORG’s takeover bid for all the shares in OCA. The takeover bid closed at 5.00pm on 22 September 2003. In accordance with Listing Rule 3.3, ORG hereby gives notice that:

1.	ORG and its associates currently have a relevant interest in 99.69% of OCA shares;

2.	ORG will proceed to compulsory acquisition of the outstanding OCA shares.

Regards

Bill Hundy

Company Secretary

02 9220 6467 – bill.hundy@originenergy.com.au

Origin Energy Limited ABN 30 000 051 696 Ÿ Level 39, AMP Centre, 50 Bridge Street Sydney NSW 2000

GPO Box 5376, Sydney NSW 2001 Ÿ Telephone (02) 9220 6400 Ÿ Facsimile (02) 9235 1661 Ÿ www.originenergy.com.au

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Item 5


To	Company Announcements Office	Date	23 September 2003


Company	Australian Stock Exchange Limited	Pages	2


From	Bill Hundy


Subject	Origin Energy Limited: Takeover of Oil Company of Australia Limited

In accordance with section 661B(1)(d) of the Corporations Act 2001 we enclose a copy of a pro-forma Form 6021 Notice of compulsory acquisition following takeover bid, lodged earlier today with the Australian Securities and Investments Commission.

Regards

LOGO

Bill Hundy

Company Secretary

02 9220 6467 – bill.hundy@originenergy.com.au

Origin Energy Limited ABN 30 000 051 696 Ÿ Level 39, AMP Centre, 50 Bridge Street Sydney NSW 2000

GPO Box 5376, Sydney NSW 2001 Ÿ Telephone (02) 9220 6400 Ÿ Facsimile (02) 9235 1661 Ÿ www.originenergy.com.au


ASIC registered agent number
lodging party or agent name	Clayton Utz
office, level, building name or PO	Levels 22-35
street number & name	No.1 O’Connell Street
suburb/city	Sydney state/territory NSW postcode 2000
telephone	(02) 9353 4000
facsimile	(02) 8220 6700		ASS.	¨	RE
DX number	370 suburb/city Sydney		CASH.	¨	RE
			PROC.	¨



	Australian Securities & Investments Commission		form 6021

	Notice of compulsory acquisition following takeover bid		Corporations Act 2001 661B(1)(a)


	DPID
	<<ADDRESS 1>>
	<<ADDRESS 2>>
To	<<ADDRESS 3>>
	<<ADDRESS 4>>
	<<ADDRESS 5>>
	<<ADDRESS 6>>



	Ordinary shares (“shares”) of	Oil Company of Australia Limited ABN 68 001 646 331			(“the Company”)

1.	Under an Off Market Bid offers were made by	Origin Energy Limited ABN 30 000 051 696 (“the Bidder”)

	in respect of the acquisition of shares in the Company. The offers closed on 22 September 2003 at 5.00 pm (Sydney Time).

2.	You are, or are entitled to be, registered as the holder of shares in respect of which an offer was made, but have not accepted the takeover offer.

3.	The bidder hereby gives you notice under subsection 661B(1) of the Corporations Act 2001 (“the Act”) that the bidder elects and has bec ome entitled pursuant to subsections 661A(1) and (4) of the Act to compulsorily acquire all your shares and desires to acquire all your shares.

4.	Under section 661D of the Act, you have the right, by notice in writing given to the bidder within one month after this notice is lodged with ASIC, to ask the bidder for a written statement of the names and addresses of everyone else the bidder has given this notice to. This notice is lodged with ASIC on 23 September 2003.

5.	Under section 661E of the Act, you have the right to apply to the Court for an order that the shares not be compulsorily acquired. You must apply: (a) by 27 October 2003; or (b) if you ask for the statement referred to in paragraph 4 of this notice, within 14 days after being given that statement; whichever is later

6.	The bidder is entitled and bound to acquire the shares on the terms that applied under the takeover bid immediately before the end of the offer period.

7.	Unless on application made by you referred to in paragraph 5 of this notice the Court otherwise orders, the bidder must comply with paragraph 6 of this notice.



Signature

print name	Bruce G Beeren capacity Director

sign here	date 23 / 9 / 2003

Origin Energy Limited ABN 30 000 051 696 Ÿ Level 39, AMP Centre, 50 Bridge Street Sydney NSW 2000

GPO Box 5376, Sydney NSW 2001 Ÿ Telephone (02) 9220 6400 Ÿ Facsimile (02) 9235 1661 Ÿ www.originenergy.com.au

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Item 6

ASX Release

25 September 2003

Jingemia 3 Weekly Progress Report, Onshore Perth Basin, Western Australia

Origin Energy Resources Limited* advises that the appraisal well Jingemia 3 located in the onshore Perth Basin Exploration Permit 413 was at 0630 hours WST running 7 inch casing at a total measured depth of 2,625 metres.

Jingemia 3 intersected the primary objective Dongara Sandstone at a measured depth of 2,533.5 (2411mTVDSS) metres, 31 metres low to Jingemia 1 and 30 metres high to Jingemia 2. Analysis of the Dongara Sandstone reservoir in the well has confirmed it to be in pressure communication with Jingemia 1. The oil water contact in the well is estimated to be 2,414 metres subsea. This compares to an assumed oil water contact for the field of approximately 2,411 metres subsea prior to the drilling of Jingemia 2 and 3. Reservoir quality is interpreted to be suitable for water injection and the well will now be completed to provide pressure support.

Following completion of the well, other associated activities and obtaining necessary approvals, it is anticipated that a second Extended Production Test of the field will commence in October.

Once the drilling rig is released from Jingemia 3 it will move to Hovea 9 with drilling of this well expected to occur in mid October.

Participants in EP 413 and Jingemia 3 are:

Origin Energy Developments Pty Limited* (Operator)	49.189	%
Hardman Oil and Gas Pty Ltd	22.376	%
AWE (Perth Basin) Pty Ltd	15.245	%
Voyager Energy Limited	6.270	%
Victoria Petroleum NL	5.000	%
Norwest Energy NL	1.278	%
Roc Oil (WA) Pty Limited	0.250	%
ARC Energy NL	0.250	%
John Kevin Geary	0.142	%

Origin Energy Limited ABN 30 000 051 696 Ÿ Level 39, AMP Centre, 50 Bridge Street Sydney NSW 2000

GPO Box 5376, Sydney NSW 2001 Ÿ Telephone (02) 9220 6400 Ÿ Facsimile (02) 9235 1661 Ÿ www.originenergy.com.au

Participants in Hovea 9 are:

Origin Energy Developments Pty Limited* (Operator)		50.00%
ARC Energy NL		50.00%

*a wholly owned subsidiary of Origin Energy Limited

For further information contact:

John Piper

Executive General Manager—Oil and Gas Production

Origin Energy

Phone: 07 3858 0681

Email: john.piper@upstream.originenergy.com.au

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Item 7

ASX Release

1 October 2003

Onshore Taranaki Basin New Zealand—Tuihu-1A

Weekly Progress Report

Origin Energy Resources (NZ) has been advised by the Operator that as from 0600 hours on 30 September 2003 the Tuihu-1A re-entry well, located in onshore Taranaki Basin permit PEP 38718, New Zealand, was tripping for a bit change at 4577m in the side-tracked hole.

Tuihu-1A is located 6 kilometres from the Tariki gas pipeline, and if successful, could be brought on production rapidly.

Participants in the Tuihu-1A well are:

Swift Energy New Zealand Limited	50	%(Operator)
Origin Energy Resources NZ Limited	20	%
New Zealand Oil and Gas Limited	20	%
Pacific Energy Limited Indo	10	%

For further information contact:

Dr Rob Willink

General Manager – Exploration

Phone: 07 3858 0676

Email: rob.willink@upstream.originenergy.com.au

Origin Energy Limited ABN 30 000 051 696 · Level 39,AMP Centre, 50 Bridge Street Sydney NSW 2000

GPO Box 5376, Sydney NSW 2001 · Telephone (02) 9220 6400 · Facsimilie (02) 9235 1661 · www.originenergy.com.au

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Item 8

To	Company Announcements Office	Facsimile	1300 300 021

Company	Australian Stock Exchange	Date	2 October 2003

From	Bill Hundy	Pages	8

Subject	INITIAL SUBSTANTIAL HOLDER NOTICE

We wish to advise that Origin Energy Limited has a substantial shareholding in Geodynamics Limited (GDY) and attach the Form 603 Notice of initial substantial holder.

Regards

Bill Hundy

Company Secretary

02 9220 6467 – bill.hundy@originenergy.com.au

Copy to: Company Secretary

Geodynamics Limited

Origin Energy Limited ABN 30 000 051 696 · Level 39,AMP Centre, 50 Bridge Street Sydney NSW 2000

GPO Box 5376, Sydney NSW 2001 · Telephone (02) 9220 6400 · Facsimilie (02) 9235 1661 · www.originenergy.com.au

604 page 1 15 July 2001

Form 603

Corporations Act 2001

Section 671B

Notice of initial substantial holder

To Company Name/Scheme	Geodynamics Limited

ACN/ARSN	095 006 090

1. Details of substantial holder (1)

Name	Origin Energy Limited
ACN/ARSN (if applicable)	000 051 696

The holder became a substantial holder on		30 / 09 / 2003

2. Details of voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:


Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities

Origin Energy Limited	Legal and Beneficial owner as acquired pursuant to Investment Deed, the terms of which are set out in the Notice of Meeting attached as “Annexure A”	10,000,000 Ordinary

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

6. Addresses

The addresses of persons named in this form are as follows:


Name		Address

Origin Energy Limited		Level 39, AMP Centre, 50 Bridge Street, Sydney, NSW 2000

Signature

print name	William M Hundy	capacity Secretary

sign here		date 2 / 10 / 2003

DIRECTIONS

(1)

If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 7 of the form.

(2)	See the definition of “associate” in section 9 of the Corporations Act 2001.

(3)	See the definition of “relevant interest” in sections 608 and 671B(7) of the Corporations Act 2001.

(4)	The voting shares of a company constitute one class unless divided into separate classes.

(5)	The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a relevant interest in.

(6)	The person’s votes divided by the total votes in the body corporate or scheme multiplied by 100.

(7)	Include details of:

(a)

any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

(b)

any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities

See the definition of “relevant agreement” in section 9 of the Corporations Act 2001.

(8)	If the substantial holder is unable to determine the identity of the person ( eg. if the relevant interest arises because of an option) write “unknown”.

(9)

Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

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Item 9

ASX Release

15 September 2003

Jingemia 2 Progress Report, Onshore Perth Basin, Western Australia

Origin Energy Resources Limited* advises that the appraisal well Jingemia 2 located in the onshore Perth Basin Exploration Permit 413 was at 0630 hours WST finalising wireline logging at a total measured depth of 2781metres.

Analysis of the Dongara Sandstone reservoir in the well has indicated it to be of poor reservoir quality and unsuitable for water injection likely due to thinning of the section from Jingemia 1. It has therefore been agreed to sidetrack the well to a revised bottom hole location to intersect improved reservoir quality.

Participants in EP 413 and Jingemia 2 are:

Origin Energy Developments Pty Limited* (Operator)	49.189	%
Hardman Oil and Gas Pty Ltd	22.376	%
AWE (Perth Basin) Pty Ltd	15.245	%
Victoria Petroleum NL	5.000	%
Voyager Energy Limited	6.270	%
Norwest Energy NL	1.278	%
Roc Oil (WA) Pty Limited	0.250	%
ARC Energy NL	0.250	%
John Kevin Geary	0.142	%

*a wholly owned subsidiary of Origin Energy Limited

For further information contact:

John Piper

Executive General Manager - Oil and Gas Production

Phone: 07 3858 0681

Email: john.piper@upstream.originenergy.com.au

Origin Energy Limited ABN 30 000 051 696 · Level 39, AMP Centre, 50 Bridge Street Sydney NSW 2000

GPO Box 5376, Sydney NSW 2001 · Telephone (02) 9235 1661 · www.originenergy.com.au

LOGO

Item 10

To	Company Announcements Office	Facsimile	1300 300 021

Company	Australian Stock Exchange Limited	Date	3 October 2003

From	Bill Hundy	Pages	9

Subject	APPENDIX 3Y NOTICES

Please find attached Appendix 3Y – Change of Director’s Interest Notices for:

•

C B Carter

•

J R Williams

•

H M Nugent

•

T Bourne

Regards

LOGO

Bill Hundy

Company Secretary

02 9220 6467 – bill.hundy@originenergy.com.au

Origin Energy Limited ABN 30 000 051 696 · Level 39, AMP Centre, 50 Bridge Street Sydney NSW 2000

GPO Box 5376, Sydney NSW 2001 · Telephone (02) 9235 1661 · www.originenergy.com.au

Appendix 3Y

Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.


Name of entity		ORIGIN ENERGY LIMITED

ABN		30 000 051 696

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.


Name of Director		Colin B Carter

Date of last notice		5 March 2003

Part 1—Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust


Direct or indirect interest	Direct and Indirect

Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	Shares held in: • Colangie Nominees Pty Ltd—Colin Carter a Director • Origin Energy Non-Executive Directors’ Share Plan

Date of change	30 September 2003

No. of securities held prior to change	5,000	Ordinary Fully Paid Shares held directly
	11,000	Ordinary Fully Paid Shares held indirectly

Class	Ordinary

Number acquired	2,204

Number disposed	Nil

+	See chapter 19 for defined terms.

30/9/2001

Appendix 3Y

Change of Director’s Interest Notice


Value/Consideration		$4.1397
Note:	If consideration is non-cash, provide details and estimated valuation

No. of securities held after change		5,000	Ordinary Fully Paid Shares held directly
		13,204	Ordinary Fully Paid Shares held indirectly

Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back			Purchase of securities under Non-Executive Directors’ Share Plan

Part 2—Change of director’s interests in contracts


Detail of contract		N/A

Nature of interest		N/A

Name of registered holder (if issued securities)		N/A

Date of change		N/A

No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed		N/A

Interest acquired		N/A

Interest disposed		N/A

Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation		N/A

Interest after change		N/A

+	See chapter 19 for defined terms.

30/9/2001

Appendix 3Y

Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.


Name of entity		ORIGIN ENERGY LIMITED

ABN		30 000 051 696

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.


Name of Director		James Roland Williams

Date of last notice		24 March 2003

Part 1—Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust


Direct or indirect interest		Direct and Indirect

Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.		Shares held in: • Origin Energy Non-Executive Directors’ Share Plan

Date of change		30 September 2003

No. of securities held prior to change		17,178	Ordinary Fully Paid Shares held directly

Class		Ordinary

Number acquired		2,645

Number disposed		Nil

Value/Consideration		$4.1397
Note:	If consideration is non-cash, provide details and estimated valuation

No. of securities held after change		17,178	Ordinary Fully Paid Shares held directly
		2,645	Ordinary Fully Paid Shares held indirectly

+	See chapter 19 for defined terms.

30/9/2001

Appendix 3Y

Change of Director’s Interest Notice


Nature of change
Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back		Purchase of securities under Non-Executive Directors’ Share Plan

Part 2—Change of director’s interests in contracts


Detail of contract		N/A

Nature of interest		N/A

Name of registered holder (if issued securities)		N/A

Date of change		N/A

No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed		N/A

Interest acquired		N/A

Interest disposed		N/A

Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation		N/A

Interest after change		N/A

+	See chapter 19 for defined terms.

30/9/2001

Appendix 3Y

Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.


Name of entity		ORIGIN ENERGY LIMITED

ABN		30 000 051 696

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.


Name of Director		Helen M Nugent

Date of last notice		25 March 2003

Part 1—Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust


Direct or indirect interest		Direct and Indirect

Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.		Shares held in: • Origin Energy Non-Executive Directors’ Share Plan

Date of change		30 September 2003

No. of securities held prior to change		2,000 Ordinary Fully Paid Shares held directly

Class		Ordinary

Number acquired		2,048

Number disposed		Nil

Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation		$4.1397

No. of securities held after change		2,000 Ordinary Fully Paid Shares held directly 2,048 Ordinary Fully Paid Shares held indirectly

+	See chapter 19 for defined terms.

30/9/2002

Appendix 3Y

Change of Director’s Interest Notice


Nature of change
Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back		Purchase of securities under Non-Executive Directors’ Share Plan

Part 2 – Change of director’s interests in contracts

Detail of contract	N/A

Nature of interest	N/A

Name of registered holder (if issued securities)	N/A

Date of change	N/A

No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed	N/A

Interest acquired	N/A

Interest disposed	N/A

Value/Consideration Note: If consideration is non- cash, provide details and an estimated valuation	N/A

Interest after change	N/A

+	See chapter 19 for defined terms.

30/9/2001

Appendix 3Y

Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.


Name of entity		ORIGIN ENERGY LIMITED

ABN		30 000 051 696

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.


Name of Director		Trevor Bourne

Date of last notice		24 March 2003

Part 1—Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust


Direct or indirect interest		Direct and Indirect

Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.		Shares held in: • Origin Energy Non-Executive Directors’ Share Plan

Date of change		30 September 2003

No. of securities held prior to change		16,658	Ordinary Fully Paid Shares held directly

Class		Ordinary

Number acquired		2,351

Number disposed		Nil

Value/Consideration		$4.1397
Note:	If consideration is non-cash, provide details and estimated valuation

No. of securities held after change		16,658	Ordinary Fully Paid Shares held directly
		2,351	Ordinary Fully Paid Shares held indirectly

+	See chapter 19 for defined terms.

30/9/2001

Appendix 3Y

Change of Director’s Interest Notice


Nature of change
Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back		Purchase of securities under Non-Executive Directors’ Share Plan

Part 2—Change of director’s interests in contracts


Detail of contract		N/A

Nature of interest		N/A

Name of registered holder (if issued securities)		N/A

Date of change		N/A

No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed		N/A

Interest acquired		N/A

Interest disposed		N/A

Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation		N/A

Interest after change		N/A

+	See chapter 19 for defined terms.

30/9/2001

Appendix 3Y

LOGO

Item 11

ASX Release

16 September 2003

Origin reaches compulsory acquisition threshold in its bid for Oil Company of Australia

Origin Energy Limited today announced that the acceptance by Santos Ltd of Origin’s off-market take-over offer of $4.25 per Oil Company of Australia (“OCA”) share has taken Origin’s interest in OCA to 99.1%.

Origin’s offer closes at 5.00 pm Sydney time on Monday, 22 September 2003, following which Origin intends to proceed to compulsory acquisition of the remaining shares in OCA in accordance with the provisions of the Corporations Act.

For further information contact:

Bruce Beeren

Executive Director, Commercial

Origin Energy

Telephone: (02) 9220 6301

Mobile: 0419 617 901

Item 12

LOGO


To	Company Announcements Office	Facsimile	1300 300 021

Company	Australian Stock Exchange Limited	Date	16 September 2003

From	Bill Hundy	Pages	121

Subject	ANNUAL ACCOUNTS

We attach the audited accounts of Origin Energy Limited and controlled entities for the financial year ended 30 June 2003 comprising:

1.	the Financial Statements

2.	the Concise Annual Report including Directors’ Report

3.	Notice of Annual General Meeting and Proxy Appointment Form

These documents are being sent to shareholders today.

We confirm that the Company will be treated as having lodged the reports with the Australian Securities and Investments Commission by reason of having given them to you.

Regards

LOGO

Bill Hundy

Company Secretary

02 9220 6467 – bill.hundy@originenergy.com.au

Origin Energy Limited ACN 000 051 696 Ÿ Level 39, AMP Centre, 50 Bridge Street Sydney NSW 2000

GPO Box 5376, Sydney NSW 2001 Ÿ Telephone (02) 9220 6400 Ÿ Facsimile (02) 9235 1661 Ÿ www.originenergy.com.au

1/1

LOGO

...value.

Our focus on strategy, performance and growth is the key driver of increased shareholder value. Our Total Shareholder Return since listing in February 2000 has averaged more than 40% per year making Origin Energy one of the best performing companies on the ASX.

Origin Energy Limited ABN 30 000 051 696

Contents


Statements of Financial Performance		2

Statements of Financial Position		3

Statements of Cash Flows		4

Notes to the financial statements

1.	Statement of significant accounting policies	5

2.	Segments	10

3.	Profit from ordinary activities	12

4.	Income tax expense/(benefit) relating to ordinary activities	15

5.	Dividends	15

6.	Receivables	16

7.	Inventories	16

8.	Other assets	17

9.	Investments accounted for using the equity method	17

10.	Other financial assets	17

11.	Property, plant and equipment	18

12.	Exploration, evaluation and development expenditure	20

13.	Intangible assets	20

14.	Deferred tax assets	20

15.	Payables	21

16.	Interest-bearing liabilities	21

17.	Lease liabilities	22

18.	Tax liabilities	22

19.	Provisions	22

20.	Contributed equity	24

21.	Reserves	24

22.	Retained profits and total equity	25

23.	Outside equity interests in controlled entities	25

24.	Notes to the statements of cash flows	26

25.	Auditors’ remuneration	28

26.	Contingent liabilities	28

27.	Commitments	29

28.	Details of credit facilities available to the consolidated entity	30

29.	Financial instruments	30

30.	Acquisition/disposal of controlled entities	34

31.	Controlled entities	34

32.	Equity accounted investments	37

33.	Interest in joint venture operations	39

34.	Employee benefits	40

35.	Related party disclosures	44

36.	Remuneration of executives	47

37.	Deed of cross guarantee	47

38.	Earnings per share	49

39.	Events subsequent to balance date	49

Statutory statements		50

Share and shareholder information		52

Directory		back cover

These are the Financial Statements referred to in the Annual Report.

Origin Energy Limited and Controlled Entities 1

Statements of Financial Performance

for year ended 30 June

		Consolidated				Origin Energy Limited
	Note	2003 $’000		2002 $’000		2003 $’000		2002 $’000
Revenue from ordinary activities	3(a)	3,352,303		2,428,808		153,078		155,860
Expenses from ordinary activities excluding borrowing costs	3(b)	(3,068,179	)	(2,204,790	)	(29,485	)	(26,433	)
Borrowing costs	3(c)	(50,138	)	(44,476	)	(84,970	)	(67,507	)
Share of net profits of associates and joint venture entities accounted for using the equity method		12,565		8,338		—		—

Profit from ordinary activities before related income tax expense		246,551		187,880		38,623		61,920
Income tax expense/(benefit) relating to ordinary activities	4	80,248		54,280		(9,726	)	3,545

Net profit		166,303		133,600		48,349		58,375
Net profit attributable to outside equity interests		4,351		4,940		—		—

Net profit attributable to members of the parent entity, Origin Energy Limited	22	161,952		128,660		48,349		58,375

Non-owner transaction changes in equity:
Net decrease in retained profits on initial adoption of revised AASB 1028 “Employee Benefits”		(283	)	—		(7	)	—
Net exchange difference relating to self-sustaining foreign operations	21	(1,779	)	(1,444	)	—		—

Total revenues, expenses and valuation adjustments attributable to members of Origin Energy Limited recognised directly in equity		(2,062	)	(1,444	)	(7	)	—

Total changes in equity from non-owner related transactions attributable to members of the parent entity, Origin Energy Limited	22	159,890		127,216		48,342		58,375

Basic earnings per share	38	24.8 cents		20.2 cents
Diluted earnings per share	38	24.7 cents		20.1 cents

The Statements of Financial Performance should be read in conjunction with the accompanying notes set out on pages 5 to 49, which form an integral part of the financial statements.

2 Financial statements 2003

Statements of Financial Position

as at 30 June

		Consolidated		Origin Energy Limited
	Note	2003 $’000	2002 $’000	2003 $’000	2002 $’000
Current assets
Cash assets		16,431	17,255	37,036	7,933
Receivables	6	621,085	485,538	3,008,290	3,108,179
Inventories	7	53,913	46,392	—	—
Other	8	43,063	37,064	4,159	3,966

Total current assets		734,492	586,249	3,049,485	3,120,078

Non-current assets
Receivables	6	31,675	21,499	12,173	19,000
Investments accounted for using the equity method	9	55,272	53,347	—	—
Other financial assets	10	170,713	196,135	790,559	780,665
Property, plant and equipment	11	1,352,527	1,155,372	2,021	851
Exploration, evaluation and development expenditure	12	154,300	130,655	—	—
Intangible assets	13	777,948	634,436	—	—
Deferred tax assets	14	123,192	171,654	1,342	6,421
Other	8	8,622	8,587	—	—

Total non-current assets		2,674,249	2,371,685	806,095	806,937

Total assets		3,408,741	2,957,934	3,855,580	3,927,015

Current liabilities
Payables	15	475,026	371,534	1,664,252	1,777,031
Interest-bearing liabilities	16	85,522	85,238	25,000	92,775
Current tax liabilities	18	546	3,290	—	18,428
Provisions	19	71,330	67,451	15,840	29,761

Total current liabilities		632,424	527,513	1,705,092	1,917,995

Non-current liabilities
Payables	15	11,840	6,100	—	4,000
Interest-bearing liabilities	16	663,012	565,139	663,012	565,000
Deferred tax liabilities	18	243,904	197,055	59	797
Provisions	19	67,957	36,088	5,180	6,247

Total non-current liabilities		986,713	804,382	668,251	576,044

Total liabilities		1,619,137	1,331,895	2,373,343	2,494,039

Net assets		1,789,604	1,626,039	1,482,237	1,432,976

Equity
Contributed equity	20	418,612	385,039	418,612	385,039
Reserves	21	110,764	112,347	5,723	5,723
Retained profits	22	1,223,977	1,095,158	1,057,902	1,042,214

Total parent entity interest		1,753,353	1,592,544	1,482,237	1,432,976
Outside equity interests	23	36,251	33,495	—	—

Total equity	22	1,789,604	1,626,039	1,482,237	1,432,976

The Statements of Financial Position should be read in conjunction with the accompanying notes set out on pages 5 to 49, which form an integral part of the financial statements.

Origin Energy Limited and Controlled Entities 3

Statements of Cash Flows

for year ended 30 June

			Consolidated				Origin Energy Limited
	Note		2003 $’000		2002 $’000		2003 $’000		2002 $’000
Cash flows from operating activities
Cash receipts in the course of operations			3,703,004		2,553,539		26,702		19,916
Cash payments in the course of operations			(3,193,463	)	(2,155,062	)	(17,376	)	(17,026	)
Dividends/distributions received from associates/ joint venture entities			10,998		6,000		—		—
Other dividends received			413		409		18,547		39,947
Interest received			1,832		1,785		121,560		104,584
Borrowing costs paid			(50,571	)	(44,919	)	(85,983	)	(67,951	)
Income taxes paid			(39,619	)	(22,455	)	(3,888	)	—
Subvention payments			(10,000	)	(18,000	)	(10,000	)	(18,000	)

Net cash provided by operating activities	24	(d)	422,594		321,297		49,562		61,470

Cash flows from investing activities
Payments for purchases of property, plant and equipment			(146,776	)	(169,464	)	(1,433	)	(335	)
Payments for exploration, development and mine properties			(132,454	)	(135,379	)	—		—
Payments for purchases of businesses	24	(e)	(131,614	)	—		—		—
Proceeds from sale of non-current assets			3,494		18,613		—		16
Payments for purchases of investments			(459	)	(15,904	)	—		(15,178	)
Payments for purchases of controlled entities	24	(e)	(93,107	)	(87,452	)	(89,025	)	—

Net cash used in investing activities			(500,916	)	(389,586	)	(90,458	)	(15,497	)

Cash flows from financing activities
Proceeds from borrowings			1,092,626		385,591		896,626		385,500
Repayments of borrowings			(987,675	)	(485,000	)	(852,114	)	(485,000	)
Dividends paid			(25,858	)	(35,282	)	(23,947	)	(29,554	)
Proceeds from issues of securities			5,417		198,465		5,417		198,465
Net movement in loans with controlled entities			—		—		58,292		(131,602	)

Net cash provided by/ (used in) financing activities			84,510		63,774		84,274		(62,191	)

Net increase/(decrease) in cash held			6,188		(4,515	)	43,378		(16,218	)
Cash and cash equivalents at the beginning of the year			10,551		15,910		(6,342	)	9,876
Effect of exchange rate changes on cash			(308	)	(844	)	—		—

Cash and cash equivalents at the end of the year	24	(a)	16,431		10,551		37,036		(6,342	)

The Statements of Cash Flows should be read in conjunction with the accompanying notes set out on pages 5 to 49, which form an integral part of the financial statements.

4 Financial statements 2003

Notes to the financial statements

1.	Statement of significant accounting policies

Basis of preparation:

The following is a summary of significant accounting policies which have been adopted in the presentation of these financial statements which is a general purpose financial report prepared in accordance with Accounting Standards, Urgent Issues Group Consensus Views, other authoritative pronouncements of the Australian Accounting Standards Board and the Corporations Act 2001. The financial statements have been prepared on a historical cost accounting basis. These accounting policies have been consistently applied by each entity in the consolidated entity and, except where there is a change in accounting policy, are consistent with those of the previous year.

Principles of consolidation:

The consolidated financial statements of the consolidated entity include the financial statements of Origin Energy Limited and all entities in which it had a controlling interest. The effects of transactions between entities incorporated in the consolidated financial statements are eliminated. Outside interests in the contributed equity, reserves and results of entities that are under the control of Origin Energy Limited are shown as a separate item in the consolidated financial statements. Where control of entities commenced or ceased during the year, the results are included only from the date control commenced or up to the date control ceased. Associates are those entities, other than partnerships, over which the consolidated entity exercises significant influence and which are not intended for sale in the near future. In the consolidated financial statements, investments in associates are accounted for using equity accounting principles.

Acquisition of assets:

All assets acquired including property, plant and equipment and intangibles other than goodwill are initially recorded at their cost of acquisition at the date of acquisition, being the fair value of the consideration provided plus incidental costs directly attributable to the acquisition. When equity instruments are issued as consideration, their market price at the date of acquisition is used as fair value. Transaction costs arising on the issue of equity instruments are recognised directly in equity.

Receivables:

The collectibility of debts is assessed at balance date and a specific provision is made for any doubtful accounts. Unbilled debtors are net of realisation costs.

Inventories and work in progress:

Inventories and work in progress are valued at the lower of cost and net realisable value. Cost is determined predominantly on the first-in-first-out basis of valuation.

Deferred expenses:

Expenditure is deferred to the extent that it is probable that future economic benefits embodied in the expenditure will eventuate and can be reliably measured. Deferred expenses are amortised on a straight-line basis over the period in which the related benefits are expected to be realised.

Recoverable amount of non-current assets:

The carrying amounts of non-current assets, excluding exploration and development expenditure (refer below), are reviewed at each reporting date to ensure that the carrying amounts are not in excess of recoverable amounts. If the carrying amount of a non-current asset exceeds the recoverable amount, the asset is written down to the recoverable amount. In assessing recoverable amounts the relevant cash flows are discounted to their present value.

Intangibles:

Goodwill: Goodwill, being the excess of the cost of acquisition incurred over the fair value of the identifiable net assets acquired, is amortised to the Statements of Financial Performance using the straight-line method of calculation over the period of time during which the benefits are expected to arise, but not exceeding twenty years. The unamortised balance of goodwill is reviewed at each reporting date and recognised as an expense in the Statements of Financial Performance to the extent that future benefits are no longer probable. The methodology applied in carrying out the review of the unamortised balance of goodwill does include, but is not limited to, an analysis of expected future cash flows discounted to their present value.

Other intangibles: Other identifiable intangible assets are initially recorded at cost and amortised on a straight-line basis over the useful life of the asset, being the estimated period of time over which the future economic benefits are expected to be realised.

Commodity hedging contracts:

Commodity hedging contracts acquired are recorded at their cost of acquisition at the date of acquisition, being the assessed net fair value at that time. The carrying value of the contracts is amortised over the duration of the contracts in accordance with the pattern of benefits which are expected to be realised.

Exploration and development expenditure:

Exploration, evaluation and development expenditure in relation to separate areas of interest is accumulated and carried forward in the Statements of Financial Position. The ultimate recoupment of exploration and evaluation expenditure is dependent on successful development and/or commercial exploitation of the areas of interest. Each area is reviewed at each reporting date to determine whether expenditure should continue to be carried forward in respect of that area of interest. Where an area of interest is abandoned or there is considered to be a permanent diminution in the value of that area of interest, the costs in respect of that area of interest are written off or a provision is raised for tenement write-down. On commencement of production in an area of interest, accumulated exploration and development expenditure is amortised over the life of the area of interest based on the rate of depletion of the economically recoverable reserves.

Origin Energy Limited and Controlled Entities 5

Notes to the financial statements (continued)

1.	Statement of significant accounting policies (continued)

Investments:

Interests in listed and unlisted companies which are not controlled entities, associated entities or joint venture entities are treated as investments and are carried at cost. The carrying values are reviewed at each reporting date to ensure that they do not exceed recoverable amounts. Investments in associates and joint venture entities are accounted for using equity accounting principles. An associate is an entity that the consolidated entity exercises significant influence over. Investments in associates and joint venture entities are carried at the lower of the equity accounted amount and the recoverable amount. The consolidated entity’s share of the associates’ or joint venture entities’ net profit or loss after tax is recognised as revenue in the consolidated Statements of Financial Performance from the date significant influence commences until the date significant influence ceases. Movements in other reserves are recognised directly in consolidated reserves.

Property, plant and equipment:

Items of property, plant and equipment are initially recorded at cost. Depreciation and amortisation are charged at rates which provide for the write-down from cost over the anticipated period of their useful life to the consolidated entity. Predominantly the straight-line method of depreciation and amortisation has been used for items of property, plant and equipment.

Leased plant and equipment: Leases of plant and equipment which are classified as finance leases are capitalised and amortised over the period during which benefits are anticipated. Other leases are classified as operating leases and the lease costs are expensed as incurred.

Operating leases:

Payments made under operating leases are expensed on a straight-line basis over the term of the lease, except where an alternative basis is more representative of the pattern of benefits to be derived from the leased property. Lease incentives are recognised as liabilities. Lease rental payments are allocated between rental expense and reduction of the liability, on a straight-line basis over the period of the incentive.

Joint venture operations:

The consolidated entity’s interests in unincorporated joint ventures are brought to account by including its proportionate share of the joint ventures’ assets, liabilities and expenses and the consolidated entity’s revenue from the sale of its share of output on a line-by-line basis, from the date joint control commences to the date joint control ceases.

Payables:

Liabilities are recognised for amounts to be paid in the future for goods and services received.

Interest bearing liabilities:

Bank loans are recognised at their principal amount, subject to set-off arrangements. Interest expense is accrued at the contracted rate in “trade creditors and accruals”. Borrowings are recognised at their face value. Any premium or discount is booked as prepaid interest and is amortised over the period to maturity.

Employee benefits:

Provision is made in the financial statements for benefits accruing to employees in relation to long service leave and annual leave. The provision for employee benefits for annual leave expected to be settled within 12 months of the year end has been calculated at undiscounted amounts based on remuneration wage and salary rates that the consolidated entity expects to pay as at the reporting date including related on-costs. The provision for employee benefits for long service leave represents the present value of the future cash outflows. The provision is calculated using expected future increases in wage and salary rates including related on-costs and expected settlement dates based on turnover history and is discounted using rates at the reporting date that closely match the terms of maturity of related liabilities. The unwinding of the discount is treated as long service leave expense.

Superannuation plans:

Employee contributory superannuation funds exist to provide benefits for employees and their dependents on retirement, disability or death. Contributions are recognised as an expense as payments are made. The company’s defined benefit superannuation plan has a deficit of accrued liabilities over fund assets as at 30 June 2003. The company has provided in full for this deficit in the year ended 30 June 2003 and will release the provision as and when additional contributions are made by the company to make good the shortfall.

Provisions:

A provision is recognised when there is a legal, equitable or constructive obligation as a result of a past event and it is probable that a future sacrifice of economic benefits will be required to settle the obligation, the timing or amount of which is uncertain. If the effect is material, a provision is determined by discounting the expected future cash flows required to settle the obligation at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability, being risk free rates on government bonds most closely matching the expected future payments, except where noted below. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the recovery receivable is recognised as an asset when it is probable that the recovery will be received and is measured on a basis consistent with the measurement of the related provision. In the Statements of Financial Performance, the expense recognised in respect of a provision is presented net of the recovery.

In the Statements of Financial Position, the provision is recognised net of the recovery receivable only when the entity has a legally recognised right to set-off the recovery receivable and the provision, and intends to settle on a net basis, or to realise the asset and settle the provision simultaneously. A provision for dividend payable is recognised in the reporting period in which the dividends are declared, for the entire undistributed amount, regardless of the extent to which they will be paid in cash.

6 Financial statements 2003

1.	Statement of significant accounting policies (continued)

Restoration: Provisions are made for estimated costs relating to the remediation of soil, groundwater and untreated waste as soon as the need is identified. Provisions are made for field site rehabilitation and restoration on an incremental basis during the course of field life (which includes the field closure phase). Provisions, which are determined on an undiscounted basis, include the following costs: reclamation, plant closure, waste site closure and monitoring activities. These costs have been determined on the basis of current costs, current legal requirements and current technology. Changes in estimates are dealt with on a prospective basis. Significant uncertainties exist as to the amount of the restoration obligations that will be incurred due to uncertainty as to the remaining life of existing operating sites and the impact of changes in environmental legislation.

Restructuring and employee termination benefits: A provision for restructuring, including employee termination benefits, related to an acquired entity or operation is recognised at the date of acquisition where the main features of the restructuring were announced, implementation of the restructuring commenced, or contracts were entered into by the date of acquisition, or a detailed formal plan is developed by the earlier of three months after the date of the acquisition and the completion of this financial report. The provision only relates to costs associated with the acquired entity, and is included in the determination of the fair value of the net assets acquired. The provision includes liabilities for termination benefits that will be paid to employees of the acquired entity as a result of the restructuring.

Other provisions for restructuring or termination benefits are only recognised when a detailed plan has been approved and the restructuring or termination benefits has either commenced or been publicly announced, or firm contracts related to the restructuring or termination benefits have been entered into. Costs related to ongoing activities are not provided for. The liabilities for termination benefits that will be paid as a result of the restructuring have been included in the provision for employee benefits.

Onerous contracts: A provision for onerous contracts is recognised after impairment losses on assets dedicated to the contract have been recognised and when the expected benefits are less than the unavoidable costs of meeting the contractual obligations. A provision is recognised to the extent that the contractual obligations exceed unrecognised assets.

Revenue recognition:

Sales revenue: Sales revenue comprises revenue earned (net of returns, discounts and allowances) from the provision of products or services to entities outside the consolidated entity. Sales revenue is recognised in accordance with the contractual arrangements where applicable and only once title to the goods passes from the company to the customer or when services have been rendered to the customer and collectibility is reasonably assured. In practice the above revenue recognition approach is applied to the company’s business segments as follows:

Revenue from the sale of oil and gas in the Exploration and Production business segment is recognised when the commodities have been loaded for shipment and title passes to the customer.

Revenue from electricity and gas supplied by our Retail business segment is recognised once the electricity and gas has been delivered and is measured through a regular review of usage meters.

The Generation business segment recognises revenues from the generation of electricity when the electricity has been supplied to customers. With effect from 1 July 2002, a tolling arrangement at commercial rates was established between the Retail and Generation business segments in relation to the consolidated entity’s three merchant power stations. The external revenue generated by the merchant power stations is now recognised in Retail’s revenue while Generation receives a tolling fee from Retail for the capacity provided and costs incurred by these power stations.

The revenues earned by the Networks business segment for managing gas distribution networks are recognised once the management services are rendered.

Interest revenue: Interest revenue is recognised as it accrues.

Asset sales: The gross proceeds of asset sales are included as revenue. The profit or loss on disposal of assets is brought to account at the date that substantially all the risks and benefits of ownership have passed to the purchaser.

Dividends: Revenue from distributions from controlled entities is recognised by the parent entity when they are declared by the controlled entities. Revenue from dividends from associates and other investments is recognised when dividends are received. Dividends received out of pre-acquisition reserves are eliminated against the carrying amount of the investment and not recognised in revenue.

Goods and services tax:

Revenues, expenses and assets are recognised net of the amount of goods and services tax (GST), except where the amount of GST incurred is not recoverable from the Australian Tax Office (ATO). In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables are stated with the amount of GST included. The net amount of GST recoverable from, or payable to, the ATO is included as a current asset or liability in the Statements of Financial Position. Cash flows are included in the Statements of Cash Flows on a gross basis. The GST components of cash flows arising from investing and financing activities which are recoverable from, or payable to, the ATO are classified as operating cash flows.

Origin Energy Limited and Controlled Entities 7

Notes to the financial statements (continued)

1.	Statement of significant accounting policies (continued)

Income tax:

The income statement liability method of tax effect accounting has been adopted whereby income tax expense for the period has been matched with accounting profit after allowing for permanent differences relating to deductibility or assessability for income tax purposes of certain items. No liability has been provided for in the financial statements in respect of possible future capital gains tax that may arise on the disposal of assets. Such a liability is provided for at the time of disposal of assets. Deferred tax assets are not brought to account unless realisation of the asset is assured beyond reasonable doubt. Deferred tax assets in relation to tax losses are only recognised when their realisation is virtually certain. The tax effect of capital losses is not recorded unless their realisation is virtually certain.

Borrowing costs:

Borrowing costs include interest, interest rate swap interest, amortisation of discounts or premiums relating to borrowings, amortisation of ancillary costs incurred in connection with arrangement of borrowings, foreign exchange differences net of hedged amounts on borrowings and lease finance charges. Borrowing costs are expensed as incurred unless they relate to qualifying assets. Qualifying assets are assets which take more than 12 months to prepare for their intended use or sale. Where funds are borrowed specifically for the acquisition, construction or production of a qualifying asset, the amount of borrowing costs capitalised is that which is incurred in relation to that borrowing, net of any interest earned on those borrowings. Where funds are borrowed in relation to a qualifying asset, borrowing costs are capitalised using a weighted average capitalisation rate.

Derivatives:

The consolidated entity is exposed to financial risk as a result of fluctuations occurring in interest and foreign exchange rates, electricity prices and certain commodity prices. Accordingly, the consolidated entity uses derivative financial instruments having an off-balance sheet risk to minimise the economic volatility these exposures create. Derivative financial instruments are not held for speculative purposes. Where derivative financial instruments are designated as a hedge of an anticipated transaction, gains and losses on the derivative financial instrument arising up to the date of the anticipated transaction, are deferred and included in the measurement of the anticipated transaction when the transaction has occurred. When the anticipated transaction is no longer expected to occur as designated, the deferred gains and losses relating to the derivative financial instrument are recognised immediately in the Statements of Financial Performance. Option premiums are recorded as prepayments when paid and amortised over the term of the option.

Foreign currencies:

Transactions in foreign currencies are recorded in the financial statements at rates of exchange applicable at the dates of the transactions. Amounts receivable and payable in foreign currencies at balance date are converted to Australian dollars at the exchange rates ruling at balance date. Exchange differences arising from amounts receivable and payable are treated as operating revenue or expense in the period in which they arise. Exchange differences in respect of overseas controlled entities that are self-sustaining, resulting from the translation of assets and liabilities at exchange rates ruling at balance date and revenue and expense items at average rates for the period, together with exchange differences in respect of any long term foreign currency borrowings which have been designated as being hedged against the net assets of overseas controlled entities, have been taken to the foreign currency translation reserve on consolidation, net of income tax where applicable.

For foreign currency hedges of specific purchases or sales, the costs (or gains) of entering the hedge and the exchange differences up to the date of the purchase or sale are deferred and recognised as assets or liabilities on the Statements of Financial Position from the inception of the hedge contract. The gains or losses on the foreign currency hedges are included in the measurement of the hedged transaction, when the transaction has occurred.

Equity-based compensation:

Equity-based compensation benefits are provided to employees via the Senior Executive Option Plan, Employee Share Plan and the Executive Share Plan. Further information regarding these plans is provided in note 34. The accounting policies regarding each of these plans is as follows:

Senior Executive Option Plan: No accounting entries are made in relation to options issued under the options plan until the options are exercised, at which time the proceeds received by the company from the exercise of the options are recognised in the Statements of Financial Position as share capital.

Employee Share Plan and the Executive Share Plan: Where shares allocated to the benefit of employees are purchased by the company on market, the fair value of the shares is recognised as a liability in the Statements of Financial Position until paid and included in employee benefit costs in the Statements of Financial Performance.

Earnings per share:

Basic earnings per share is determined by dividing net profit after tax attributable to members of the company by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the year. Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after income tax effect of financing costs associated with dilutive potential shares and the effect on revenue and expenses of conversion to ordinary shares associated with the dilutive potential ordinary shares, by the weighted average number of shares.

Revisions of accounting estimates:

Revisions to accounting estimates are recognised prospectively in current and future periods only.

Comparative amounts:

Where necessary, the figures for the previous period have been reclassified to facilitate comparison.

Rounding of amounts to the nearest $’000:

The company is of a kind referred to in ASIC Class Order 98/100 dated 10 July 1998 and in accordance with that Class Order, amounts in the financial report and Directors’ report have been rounded off to the nearest thousand dollars, unless otherwise stated.

8 Financial statements 2003

1.	Statement of significant accounting policies (continued)

Changes in accounting policies:

Provisions, contingent liabilities and contingent assets: The consolidated entity has applied AASB 1044 “Provisions, Contingent Liabilities and Contingent Assets” for the first time from 1 July 2002. Dividends are now recognised at the time they are declared, determined or publicly recommended. Previously, final dividends were recognised in the financial year to which they related, despite the dividends being announced after the end of that financial year. The adjustments to the financial statements as at 1 July 2002 as a result of this change were an increase of $19,435,000 in opening retained profits (refer note 22) and a corresponding reduction in the provision for dividends reported in current provisions at the beginning of the current financial year. Had the new accounting policy been applied in the previous financial year, the provision for dividends of $19,435,000 would have been nil.

Employee benefits: The consolidated entity has applied the revised AASB 1028 “Employee Benefits” for the first time from 1 July 2002. The liabilities for wages and salaries, annual leave and sick leave are measured at the amounts expected to be paid when the liabilities are settled. The initial adjustments to the consolidated financial statements as at 1 July 2002 as a result of this change were an increase of $404,000 in provision for employee benefits, a decrease of $283,000 in opening retained profits, and an increase of $121,000 in future income tax benefit.

Foreign currency translation: The consolidated entity has applied the revised AASB 1012 “Foreign Currency Translation” for the first time from 1 July 2002. For hedges of specific purchases or sales, the costs (or gains) of entering the hedge and the unrealised exchange differences up to the date of the specific purchase or sale are now deferred and recognised as assets or liabilities in the Statements of Financial Position from the inception of the hedge contract, not when the specific purchase or sale occurs. As a result of this change in accounting policy, payables and receivables were increased by $15,843,000 representing deferred foreign currency hedge exchange gains and a net hedge receivable as at 30 June 2003.

Origin Energy Limited and Controlled Entities 9

Notes to the financial statements (continued)

	Exploration and Production
	2003 $’000		2002 $’000
2. Segments

(a) Primary reporting – business segments

Revenue
Total sales	330,302		304,736
Intersegment sales elimination *	(43,989	)	(41,884	)

External sales revenue	286,313		262,852
Other revenue	1,534		24,116

Total segment revenue	287,847		286,968
Unallocated revenue
Revenue from ordinary activities
Result
Segment result	103,272		103,209
Share of net profits of associates and joint venture entities	—		—

Earnings before interest and tax (EBIT)	103,272		103,209
Net interest expense
Profit from ordinary activities before income tax
Income tax expense
Net profit
Earnings before interest, tax, depreciation and amortisation (EBITDA)	187,565		185,180

Depreciation and amortisation	84,293		81,971

Other non-cash expenses	23,600		15,501

Acquisitions of non-current assets (includes capital expenditure)	253,604		184,632

Assets
Segment assets	1,081,787		886,348
Equity accounted investments	—		—

Total segment assets	1,081,787		886,348
Unallocated assets **
Total assets
Liabilities
Segment liabilities	110,284		82,681
Unallocated liabilities **
Total liabilities

Intersegment pricing is determined on an arm’s-length basis. Intersegment sales are eliminated on consolidation. With effect from 1 July 2002, a tolling arrangement was established between Retail and Generation in relation to the consolidated entity’s three merchant power stations. The tolling arrangement pricing is at commercial rates. The external revenue from the merchant power stations is now recognised in Retail’s revenue while Generation receives a tolling fee from Retail for the capacity provided and costs incurred by these power stations. Comparative amounts have not been restated.

Unallocated assets consists of cash and deferred tax assets. Unallocated liabilities consists of current and non-current interest-bearing liabilities and current and deferred tax liabilities.

Corporate revenue and expenses are allocated across business segments on the basis of external sales revenue. Corporate assets and liabilities are allocated across business segments based on their share of total assets and total liabilities.

Industry segments:		Products and services:
Exploration and Production		Natural gas and oil
Retail		Natural gas, electricity, LPG, energy related products and services
Generation		Natural gas-fired cogeneration and power generation
Networks		Infrastructure investment and management services

(b) Secondary reporting – geographical segments

The consolidated entity operates predominantly in Australia. More than 90% of revenue, profit, assets and acquisitions of non-current assets relate to operations in Australia.

10 Financial statements 2003

Notes to the financial statements (continued)

	Retail		Generation			Networks		Consolidated
	2003 $’000	2002 $’000	2003 $’000		2002 $’000	2003 $’000	2002 $’000	2003 $’000		2002 $’000
2. Segments

(a) Primary reporting –business segments

Revenue
Total sales	2,836,474	1,937,770	97,308		63,174	149,270	125,382	3,413,354		2,431,062
Intersegment sales elimination *	—	—	(42,816	)	—	—	—	(86,805	)	(41,884	)

External sales revenue	2,836,474	1,937,770	54,492		63,174	149,270	125,382	3,326,549		2,389,178
Other revenue	4,681	1,172	1,667		2	14,490	12,037	22,372		37,327

Total segment revenue	2,841,155	1,938,942	56,159		63,176	163,760	137,419	3,348,921		2,426,505
Unallocated revenue								3,382		2,303

Revenue from ordinary activities								3,352,303		2,428,808

Result
Segment result	142,123	91,341	15,677		7,904	21,632	19,892	282,704		222,346
Share of net profits of associates and joint venture entities	1,694	686	10,871		7,652	—	—	12,565		8,338

Earnings before interest and tax (EBIT)	143,817	92,027	26,548		15,556	21,632	19,892	295,269		230,684
Net interest expense								(48,718	)	(42,804	)

Profit from ordinary activities before income tax								246,551		187,880
Income tax expense								(80,248	)	(54,280	)

Net profit								166,303		133,600

Earnings before interest, tax, depreciation and amortisation (EBITDA)	232,055	166,755	48,258		30,202	23,448	22,473	491,326		404,610

Depreciation and amortisation	88,238	74,728	21,710		14,646	1,816	2,581	196,057		173,926

Other non-cash expenses	10,270	18,494	694		1,122	963	3,059	35,527		38,176

Acquisitions of non-current assets (includes capital expenditure)	169,628	86,308	100,579		116,312	538	15,932	524,349		403,184

Assets
Segment assets	1,633,050	1,405,555	309,183		232,894	189,826	190,881	3,213,846		2,715,678
Equity accounted investments	5,966	4,265	48,956		49,082	350	—	55,272		53,347

Total segment assets	1,639,016	1,409,820	358,139		281,976	190,176	190,881	3,269,118		2,769,025
Unallocated assets **								139,623		188,909

Total assets								3,408,741		2,957,934

Liabilities
Segment liabilities	464,108	349,912	12,298		10,086	39,463	38,494	626,153		481,173
Unallocated liabilities **								992,984		850,722

Total liabilities								1,619,137		1,331,895

Origin Energy Limited and Controlled Entities 11

Notes to the financial statements (continued)

	Consolidated		Origin Energy Limited
	2003 $’000	2002 $’000	2003 $’000	2002 $’000
3. Profit from ordinary activities

(a) Revenue from ordinary activities
Revenue from operating activities:
Revenue from sale of goods	3,176,888	2,263,727	—	—
Revenue from rendering of services	149,661	125,451	—	—

Total sales revenue	3,326,549	2,389,178	—	—
Revenue from outside operating activities ^#	25,754	39,630	153,078	155,860

Revenue from ordinary activities	3,352,303	2,428,808	153,078	155,860

Share of net profits of associates and joint venture entities	12,565	8,338	—	—

Total	3,364,868	2,437,146	153,078	155,860

^# Revenue from outside operating activities:
Interest received or receivable from:
Wholly owned controlled entities	—	—	121,377	103,953
Other parties	1,420	1,672	184	108

	1,420	1,672	121,561	104,061

Dividends received or receivable from:
Wholly owned controlled entities	—	—	11,960	17,992
Partly owned controlled entities	—	—	6,587	21,955
Other parties	413	409	—	—

	413	409	18,547	39,947

Other distributions received	12,821	11,591	12,821	11,591
Proceeds on sale of assets	3,494	18,613	—	16
Net foreign exchange gain	669	—	—	10
Government subsidies received and receivable	1,293	608	149	235
Insurance proceeds	1,664	5,827	—	—
Other income	3,980	910	—	—

	25,754	39,630	153,078	155,860

12 Financial statements 2003

	Consolidated		Origin Energy Limited
	2003 $’000	2002 $’000	2003 $’000	2002 $’000
3. Profit from ordinary activities (continued)

(b) Expenses from ordinary activities excluding borrowing costs
Expenses by nature:
Raw materials and consumables used, and changes in finished goods and work in progress	2,263,030	1,535,775	—	5
Advertising	18,448	13,190	26	25
Bad and doubtful debts	6,760	8,850	—	—
Consultancy costs	24,391	8,177	3,655	1,669
Contracting costs	102,439	88,657	1,618	1,114
Depreciation and amortisation	196,057	173,926	258	266
Employee expenses	206,683	157,495	20,244	14,604
Exploration and production costs	57,677	48,999	—	—
Motor vehicle expenses	15,957	16,259	486	393
Occupancy expenses	26,172	20,422	1,604	2,266
Repairs and maintenance	18,963	17,140	41	28
Royalties	26,134	26,978	—	—
Administration and other expenses from ordinary activities	105,468	88,922	1,553	6,063

Total expenses from ordinary activities excluding borrowing costs	3,068,179	2,204,790	29,485	26,433

(c) Borrowing costs
Borrowing costs paid or payable to:
Wholly owned controlled entities	—	—	39,876	22,969
Partly owned controlled entities	—	—	207	3,298
Other parties	50,138	44,473	44,887	41,240

	50,138	44,473	84,970	67,507
Finance charges on capitalised leases	—	3	—	—

Total borrowing costs	50,138	44,476	84,970	67,507

Borrowing costs capitalised	861	—	—	—

Origin Energy Limited and Controlled Entities 13

Notes to the financial statements (continued)

	Consolidated				Origin Energy Limited
	2003 $’000		2002 $’000		2003 $’000		2002 $’000
3. Profit from ordinary activities (continued)

(d) Profit from ordinary activities before income tax expense has been arrived at after charging/(crediting) the following items:
Cost of goods sold	2,245,899		1,520,661		—		—

Depreciation and amortisation:
Buildings	1,198		1,046		94		94
Plant and equipment	92,320		80,601		164		172
Leased assets capitalised	9		81		—		—
Mine properties	46,452		44,521		—		—
Commodity hedging contracts	22,178		25,851		—		—
Goodwill	14,824		5,630		—		—
Licences	17,476		14,711		—		—
Other	1,600		1,485		—		—

	196,057		173,926		258		266

Net expense/(income) from movements in provision for:
Doubtful debts	(3,155	)	3,366		—		—
Inventories	(1,235	)	1,682		—		—
Diminution in value of investments	3,352		1,437		—		—
Diminution in value of land and buildings	—		1,485		—		—
Write-down of exploration, development and mine properties	15,484		2,370		—		—
Employee benefits	14,721		13,250		428		329
Restoration and environmental rehabilitation	1,314		1,260		—		—
Superannuation defined benefit plan deficit	4,533		—		4,533		—
Other provisions	3,926		2,458		4,110		3,157

	38,940		27,308		9,071		3,486

Net foreign exchange loss	—		127		180		—

Bad debts written off:
Trade debtors	9,915		5,484		—		—

Exploration and development expenditure written off	1,136		5,420		—		—

Government royalties paid and payable	20,424		20,462		—		—

Research and development costs	1,437		4,755		4		18

Operating lease rental charges	20,848		16,224		1,737		2,450

Net gain/(loss) on disposal of non-current assets:
Property, plant and equipment	(2,522	)	769		(11	)	(6	)
Investments	—		3		—		—
Other assets	(5	)	(868	)	—		—

	(2,527	)	(96	)	(11	)	(6	)

14 Financial statements 2003

		Consolidated				Origin Energy Limited
	Note	2003 $’000		2002 $’000		2003 $’000		2002 $’000
4. Income tax expense/(benefit) relating to ordinary activities

Prima facie income tax expense/(benefit) on pre-tax accounting profit:
– at Australian tax rate of 30%		73,965		56,363		11,587		18,576
– adjustment for difference between Australian and overseas tax rates		(7	)	63		—		—

Income tax expense on pre-tax accounting profit at standard rates		73,958		56,426		11,587		18,576

Add/(subtract) tax effect of major items causing permanent differences:
Non-taxable distributions received		(2,649	)	(2,458	)	(5,564	)	(14,290	)
Depreciation and amortisation		12,615		16,491		25		—
Recoupment of capital losses not previously recognised		(918	)	(2,066	)	—		—
Recoupment of capital losses transferred to controlled entities		—		—		(12,101	)	(3,606	)
Share of net profits of associates and joint venture entities		(3,598	)	(2,131	)	—		—
Recoupment of tax losses not previously brought to account		(165	)	(527	)	—		—
Under/(over) provision for tax in previous years		733		(981	)	(1,835	)	2,193
Net benefit of subvention payments		—		(11,301	)	—		—
Other		272		827		(1,838	)	672

		6,290		(2,146	)	(21,313	)	(15,031	)

Income tax expense/(benefit) relating to ordinary activities		80,248		54,280		(9,726	)	3,545

Impact of tax consolidation legislation
As a consequence of the substantive enactment of the Tax Consolidation legislation and since the consolidated tax group within the consolidated entity had not notified the Australian Taxation Office at the date of signing this report of the implementation date for tax consolidation, the consolidated entity has applied UIG 39 “Effect of Proposed Tax Consolidation Legislation on Deferred Tax Balances”. No future income tax benefit previously recognised has been written off to consolidated income tax expense as a consequence of applying UIG 39. There was no impact on the consolidated entity’s future income tax benefits as at 30 June 2003.

5. Dividends

(a) Dividend reconciliation
Final prior year dividend (over)/under provided		(1	)	1,818		(1	)	1,818
Interim dividend of 5 cents per share, franked to 2 cents per share at 30%, paid 24 March 2003 (2002: 2 cents per share, fully franked at 30%)		32,655		12,950		32,655		12,950
Nil final dividend (2002: final dividend of 3 cents per share, fully franked at 30%, paid 21 October 2002)		—		19,435		—		19,435

	22	32,654		34,203		32,654		34,203
Restatement adjustment:
Final dividend previously recognised in the year ended 30 June 2002, now recognised in the current financial year as a result of the initial adoption of AASB 1044 “Provisions, Contingent Liabilities and Contingent Assets” (refer note 1).	22	19,435		—		19,435		—

		52,089		34,203		52,089		34,203

Origin Energy Limited and Controlled Entities 15

Notes to the financial statements (continued)

	Consolidated		Origin Energy Limited
	2003 $’000	2002 $’000	2003 $’000	2002 $’000
5. Dividends (continued)

(b) Subsequent event
Since the end of the financial year, the directors have declared a final dividend of 5 cents per share, franked to 2 cents per share at 30%, payable 3 October 2003.	32,885	—	32,885	—

The financial effect of this dividend has not been brought to account in the financial statements for the year ended 30 June 2003 and will be recognised in subsequent financial statements.

(c) Dividend franking account
Origin Energy Limited has no available franking credits.
6. Receivables

Current
Trade and accrued debtors	539,263	460,961	—	—
Receivables from associated entities and related parties	22,958	20,220	—	—

	562,221	481,181	—	—
Less: Provision for doubtful debts	14,347	14,265	—	—

	547,874	466,916	—	—

Loans to wholly owned controlled entities	—	—	2,995,215	3,086,560
Loans to partly owned controlled entities	—	—	—	997

	—	—	2,995,215	3,087,557

Other debtors	73,354	19,109	13,075	20,622
Less: Provision for non-recovery	143	487	—	—

	73,211	18,622	13,075	20,622

	621,085	485,538	3,008,290	3,108,179

Non-current
Receivables from associated entities	10,122	14,825	—	—
Less: Provision for non-recovery	3,897	5,146	—	—

	6,225	9,679	—	—
Other debtors	25,450	11,820	12,173	19,000

	31,675	21,499	12,173	19,000

7. Inventories
Raw materials and stores – at cost	25,935	26,008	—	—
Less: Provision for diminution	435	—	—	—

	25,500	26,008	—	—

Finished goods – at cost	27,485	21,798	—	—
Less: Provision for diminution	24	2,264	—	—

	27,461	19,534	—	—

Work in progress – at cost	952	850	—	—

	53,913	46,392	—	—

16 Financial statements 2003

		Consolidated		Origin Energy Limited
	Note	2003 $’000	2002 $’000	2003 $’000	2002 $’000
8. Other assets

Current
Prepayments		42,302	35,691	4,159	3,966
Deposits		52	81	—	—
Deferred expenses		709	1,292	—	—

		43,063	37,064	4,159	3,966

Non-current
Deferred expenses		8,228	8,587	—	—
Prepayments		394	—	—	—

		8,622	8,587	—	—

9. Investments accounted for using the equity method
Associates	32(a)	15,096	12,417	—	—
Joint venture entities	32(b)	40,176	40,930	—	—

		55,272	53,347	—	—

10. Other financial assets

Non-current
Shares in wholly owned controlled entities – at cost		—	—	526,275	516,460
Shares in partly owned listed controlled entities – at cost ^#		—	—	137,270	137,191

		—	—	663,545	653,651

Listed shares – at cost ^{## *}		17,654	17,545	—	—
Less: Provision for diminution in value		7,416	4,064	—	—

		10,238	13,481	—	—

Listed stapled securities – at cost ^### **		127,014	127,014	127,014	127,014

Other corporations – at cost		6	6	—	—

Commodity hedging contracts – at cost		82,028	82,028	—	—
Less: Accumulated amortisation		48,573	26,394	—	—

		33,455	55,634	—	—

		170,713	196,135	790,559	780,665

^# Market value of shares in partly owned listed controlled entities		—	—	390,861	430,949
^## Market value of shares in listed corporations (refer note 29(e))		9,002	13,518	—	—
^### Market value of listed stapled securities		144,402	112,013	144,402	112,013

The carrying amount of the investments in listed shares is appropriate although being above market value. Internal analysis, including analysis of discounted future cash flows, supports the carrying value of these investments.

Investment in listed stapled securities is comprised of an investment of 18.55% (2002: 19.14%) in Envestra Limited . The principal activities of Envestra Limited are the provision of natural gas haulage services to retailers through the transmission pipelines and distribution networks it owns and manages, and the development of the business through expansion of the existing networks, construction of new networks and acquisitions.

Origin Energy Limited and Controlled Entities 17

Notes to the financial statements (continued)

11.

Property, plant and equipment

Land and buildings are carried at cost. The latest independent valuation of land and buildings at 30 June 2002 was on the basis of market value for existing use in respect of specialised property or vacant possession for non-specialised property and property where specialist use has ceased. The majority of sites were valued on the aforementioned basis, however the Directors consider that the value of certain land, which is contaminated as a result of prior activities conducted, should take into account the estimated cost of remediation. This cost of remediation is reflected in the provision for remediation.

The independent valuation of land and buildings resulted in a valuation of $61,386,000. The valuation excluded land and buildings located in the Pacific region, land and buildings acquired during the 2002 year, buildings constructed during the 2002 year, and leasehold land and buildings. The valuation related to land and buildings with a written down value of $41,033,000 at 30 June 2002. As land and buildings are recorded at cost, the valuation has not been brought to account.

	Consolidated				Origin Energy Limited
	2003 $’000		2002 $’000		2003 $’000	2002 $’000
Land and buildings:
At deemed cost	73,652		66,656		376	376
Less: Provision for remediation	14,920		15,105		—	—
Less: Accumulated depreciation and amortisation	7,201		6,107		188	94
Less: Provision for write-down	1,249		1,485		—	—

	50,282		43,959		188	282

Plant and equipment:
At cost	1,548,076		1,342,599		2,409	1,144
Less: Accumulated depreciation	597,304		524,585		697	575

	950,772		818,014		1,712	569

Leased plant and equipment capitalised	28		225		—	—
Less: Accumulated amortisation	28		178		—	—

	—		47		—	—

	950,772		818,061		1,712	569

Mine properties:
Areas of interest in the production phase – at cost	799,910		693,837		121	—
Less: Accumulated amortisation	362,179		315,727		—	—
Less: Provision for write-down	86,258		84,758		—	—

	351,473		293,352		121	—

	1,352,527		1,155,372		2,021	851


Class of asset	Average depreciation/ amortisation rate
Buildings	1.7	%	1.6	%
Plant and equipment	6.4	%	6.5	%
Mine properties	6.2	%	6.5	%

18 Financial statements 2003

11.

Property, plant and equipment (continued)

Reconciliations

Reconciliations of the carrying amounts of each class of property, plant and equipment are set out below.


	2003 $’000
	Land and buildings		Plant and equipment		Mine properties		Total
Consolidated
Carrying amount at the beginning of the financial year	43,959		818,061		293,352		1,155,372
Additions	8,163		138,342		106,394		252,899
Disposals	(1,856	)	(3,894	)	(169	)	(5,919	)
Additions through acquisition of entities/operations	1,293		91,718		—		93,011
Depreciation/amortisation expense	(1,198	)	(92,329	)	(46,452	)	(139,979	)
Write-down to recoverable amount	—		—		(152	)	(152	)
Provision for remediation movement	185		—		—		185
Provision for write-down	—		—		(1,500	)	(1,500	)
Foreign currency exchange differences	(264	)	(1,126	)	—		(1,390	)

Carrying amount at the end of the financial year	50,282		950,772		351,473		1,352,527

Origin Energy Limited
Carrying amount at the beginning of the financial year	282		569		—		851
Additions	—		1,318		121		1,439
Disposals	—		(11	)	—		(11	)
Depreciation/amortisation expense	(94	)	(164	)	—		(258	)

Carrying amount at the end of the financial year	188		1,712		121		2,021


	2002 $’000
	Land and buildings		Plant and equipment		Mine properties		Total
Consolidated
Carrying amount at the beginning of the financial year	41,301		686,683		281,468		1,009,452
Additions	2,697		149,467		67,954		220,118
Disposals	(130	)	(3,515	)	(12,597	)	(16,242	)
Additions through acquisition of entities/operations	2,977		67,595		—		70,572
Depreciation/amortisation expense	(1,046	)	(80,682	)	(44,521	)	(126,249	)
Provision for remediation movement	129		—		—		129
Provision for (write-down)/reversal	(1,485	)	—		1,048		(437	)
Foreign currency exchange differences	(484	)	(1,487	)	—		(1,971	)

Carrying amount at the end of the financial year	43,959		818,061		293,352		1,155,372

Origin Energy Limited
Carrying amount at the beginning of the financial year	376		336		—		712
Additions	—		427		—		427
Disposals	—		(22	)	—		(22	)
Depreciation/amortisation expense	(94	)	(172	)	—		(266	)

Carrying amount at the end of the financial year	282		569		—		851

Origin Energy Limited and Controlled Entities 19

Notes to the financial statements (continued)

	Consolidated				Origin Energy Limited
	2003 $’000		2002 $’000		2003 $’000	2002 $’000
12. Exploration, evaluation and development expenditure

Net costs carried forward in respect of areas of interest in:
Exploration and evaluation phase	165,081		137,800		—	—
Development phase	15,379		5,031		—	—
Less: Provision for write-down	26,160		12,176		—	—

	154,300		130,655		—	—

The ultimate recoupment of costs carried forward for exploration and evaluation phases is dependent on the successful development and commercial exploitation or sale of the respective areas.

13. Intangible assets

Goodwill – at cost	270,642		109,522		—	—
Less: Accumulated amortisation	38,441		23,830		—	—

	232,201		85,692		—	—

Licences – at cost	600,686		586,207		—	—
Less: Accumulated amortisation	54,939		37,463		—	—

	545,747		548,744		—	—

	777,948		634,436		—	—


Class of asset	Amortisation rate
Goodwill	5.0	%	5.0	%
Licences	2.5	%	2.5	%


14. Deferred tax assets

	Consolidated				Origin Energy Limited
	2003 $’000		2002 $’000		2003 $’000	2002 $’000
Future income tax benefit
Comprises the estimated benefit at the applicable income tax rate of 30% in respect of the following items:
Timing differences	83,247		84,716		1,342	6,421
Tax losses carried forward	39,945		86,938		—	—

	123,192		171,654		1,342	6,421

Future income tax benefits not brought to account
Potential future income tax benefits at 30% that have not been brought to account in respect of tax losses where recovery is not virtually certain:
Revenue losses	96,125		7,789		—	—

Capital losses	76,608		88,709		75,605	87,706

The potential future income tax benefits will only be obtained if:

(i)

the relevant entities derive future assessable income of a nature and an amount sufficient to enable the benefit to be realised, or the benefit can be utilised by another company in the consolidated entity in accordance with Div 170 of the Income Tax Assessment Act 1997;

(ii)

the relevant economic entities continue to comply with the conditions for deductibility imposed by the law; and

(iii)

no changes in tax legislation adversely affect the relevant entities in realising the benefit.

20 Financial statements 2003

		Consolidated		Origin Energy Limited
	Note	2003 $’000	2002 $’000	2003 $’000	2002 $’000
15. Payables

Current
Trade creditors and accruals		467,821	369,835	18,169	21,497
Loans from wholly owned controlled entities		—	—	1,618,487	1,711,936
Loans from partly owned controlled entities		—	—	27,596	43,598
Payable to related parties		—	1,699	—	—
Deferred foreign currency hedge exchange gains		7,205	—	—	—

		475,026	371,534	1,664,252	1,777,031


Non-current
Other creditors		3,202	6,100	—	4,000
Deferred foreign currency hedge exchange gains		8,638	—	—	—

		11,840	6,100	—	4,000


16. Interest-bearing liabilities

Current
Bank loans – unsecured		85,500	78,500	25,000	78,500
Bank overdrafts – unsecured		—	6,704	—	14,275
Lease liabilities – secured	17	—	34	—	—
Other loans – unsecured		22	—	—	—

	28	85,522	85,238	25,000	92,775


Non-current
Capital market borrowings – unsecured		663,012	365,000	663,012	365,000
Bank loans – unsecured		—	200,000	—	200,000
Other loans – unsecured		—	49	—	—
Lease liabilities – secured	17	—	90	—	—

	28	663,012	565,139	663,012	565,000

Interest rates applicable to:

Borrowings including interest rate swap contracts: 4.82% to 7.38% per annum at a weighted average of 6.69% per annum (2002: 4.95% to 10.29% per annum at a weighted average of 6.59% per annum).

Lease liabilities: 5.45% to 8.09% per annum at a weighted average of 6.66% per annum (2002: 5.45% to 8.46% per annum at a weighted average of 6.86% per annum).

The applicable weighted average interest rate for interest-bearing debt as at 30 June 2003 was 5.72% (2002: 5.92%).

Refer to note 29(a) for interest rate risk.

Origin Energy Limited and Controlled Entities 21

Notes to the financial statements (continued)

		Consolidated		Origin Energy Limited
	Note	2003 $’000	2002 $’000	2003 $’000	2002 $’000
17. Lease liabilities
Finance leases:
Lease commitments in respect of finance leases of plant and equipment are payable as follows:
not later than one year		—	35	—	—
later than one year but not later than five years		—	90	—	—

		—	125	—	—
Deduct: Future finance charges and executory costs		—	1	—	—

		—	124	—	—

Operating leases:
Lease commitments in respect of operating leases are payable as follows:
not later than one year		15,534	15,598	—	—
later than one year but not later than five years		28,188	27,260	—	—
later than five years		14,117	11,538	—	—

		57,839	54,396	—	—

The consolidated entity leases property, plant and equipment under operating leases with terms of one to six years.
18. Tax liabilities
Current
Provision for income tax		546	3,290	—	18,428

Non-current
Deferred tax liabilities
Provision for deferred income tax at the applicable income tax rate of 30%		243,904	197,055	59	797

19. Provisions
Current
Dividends		—	19,451	—	19,451
Employee benefits	34	36,274	30,063	2,078	1,638
Onerous contracts acquired		2,133	—	—	—
Commodity hedge losses acquired		6,061	—	—	—
Transaction and integration costs on acquisition		5,448	—	—	—

Class of securities (4)

Number of securities

Person’s votes (5)

Voting power (6)

ORIGIN ENERGY LTD 6-K