AGL Energy announced its result for 1HFY23 ended 31 December 2022

AGL Energy Limited (ASX: AGL) provided its results for the first half of the financial year ended 31 December 2022:

• It has reported a statutory net loss after tax of AU$1.1 billion, which includes AU$706 million of impairment charges.
• The company’s underlying EBITDA for 1HFY23 was AU$604 million, which declined 16% as compared to the previous corresponding period.
• Underlying net Profit after tax declined by 55% to AU$87 million in 1HFY23 compared to 1HFY22.
• AGL delivered net cash from operating activities of AU$37 million, down 94% on 1HFY22, mainly due to lower Underlying EBITDA and a large outflow of working capital related to payables and margin calls due to substantial market price movements in the period.
• The company has narrowed its Underlying EBITDA guidance to between AU$1,250 million and AU$1,375 million (previous guidance was between AU$1,250 million and AU$1,450 million), and underlying Net Profit after tax narrowed to between AU$200 million and AU$280 million as compared to the prior guidance of AU$200 million to AU$320 million.

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