Origin Energy Limited ("Origin") today reported that Underlying EBITDA was up 16 per cent to $818 million on the prior corresponding period. Importantly, Underlying EBITDA before exploration expenses¹ was $915 million, up 26 per cent and Group operating cash flow after tax of $794 million was up 87 per cent.

Underlying Profit of $304 million for the six months to 31 December 2010 was a decrease of 14 per cent on the prior corresponding period, primarily as a result of increased exploration expenses and a higher effective tax rate.

Origin reported a Statutory Loss of $136 million for the period which included $440 million of expenses that do not reflect the underlying business performance. These expenses included the impairment of Origin's investments in the Innamincka Deeps Joint Venture and Geodynamics Limited, stamp duty and costs associated with Origin’s recently announced acquisition of NSW Government energy assets and changes in the fair value of financial instruments.

Financial Highlights HY 2011 HY 2010 Change Underlying EBITDA $818 million $706 million 16% Underlying Profit $304 million $355 million (14%) Underlying EPS 34.4 cps 40.5 cps (15%) Statutory (Loss)/Profit ($136 million) $371 million - Interim fully franked dividend 25 cps 25 cps Steady Group operating cash flow after tax $794 million $425 million 87%

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