Origin Enterprises
plc
INTERIM RESULTS
STATEMENT
Solid H1 delivery despite
challenging northern hemisphere weather conditions and market
dynamics
5 March 2024: Origin Enterprises
plc ('Origin' or 'the Group'), the international Agri-Services
group, providing specialist agronomy advice, crop inputs and
digital solutions to promote sustainable land use, today announces
its interim results for the half year ended 31 January 2024 ('H1
2024').
Results Summary
|
31 Jan 2024
€'m
|
31 Jan
2023
€'m
|
Change
€'m
|
31 Jan
2022
€'m
|
Group revenue
|
854.9
|
1,180.0
|
(325.1)
|
877.1
|
Operating
profit1
|
12.7
|
20.3
|
(7.6)
|
11.1
|
Associates and joint
venture2
|
1.4
|
1.6
|
(0.2)
|
1.3
|
Total Group operating profit1
|
14.1
|
21.9
|
(7.8)
|
12.4
|
Finance cost, net
|
(8.8)
|
(8.6)
|
(0.2)
|
(4.8)
|
Profit before tax1
|
5.3
|
13.3
|
(8.0)
|
7.6
|
Adjusted diluted earnings per share
(cent)3
|
3.75
|
8.70
|
(4.95)
|
4.99
|
Group net bank
debt4
|
(215.8)
|
(130.9)
|
(84.9)
|
|
Interim dividend per ordinary share (cent)
|
3.15
|
3.15
|
-
|
|
Highlights
·
Underlying business volumes, excluding crop
marketing, reduced by 2.6% due to adverse weather conditions
impacting autumn/winter planting activity in the northern
hemisphere
·
Expected correction in global feed and fertiliser
raw materials pricing contributed to the decrease in H1 2024 Group
revenues to €854.9 million and operating profit of €12.7 million,
set in the context of a very strong H1 2023 performance driven by
rising commodity markets and strong on-farm demand
·
Diversification of profit drivers, geographic and
sectoral, continues to reduce the impact of adverse weather events
in our core UK and Ireland market on our overall
profitability
· Acquisition of
Groundtrax Systems Limited further enhances our product capability
in the Amenity, Environmental and Ecology portfolio
·
Cumulative acquisition spend of €54.2 million in
last 12 months, including the completion of put/call option for the
residual 35% interest in Fortgreen in Latin America, bringing it
under 100% control
·
In addition, there was a partial payment of
suspended amounts owing in compliance with international sanctions
of €34.3 million, contributing to an increase in net bank
debt4 to €215.8 million
·
Higher interest rates in the period increased
finance costs to €8.8 million
·
Adjusted diluted earnings per share of 3.75 cent
(H1 2023: 8.70
cent)
·
Interim dividend of 3.15 cent per share
(H1 2023: 3.15 cent per
share)
·
€20.0 million FY24 share buyback programme
approximately 27% complete
· Appointment of TJ
Kelly as Divisional Managing Director of Amenity, Environment and
Ecology from 1 August 2024 and a search process to recruit a new
CFO is well advanced. TJ will continue as an Executive Director of
the Board
1 Before amortisation of
non-ERP intangible assets and exceptional items
2 Profit after interest and
tax
3 Before amortisation
of non-ERP intangible assets, net of related deferred tax (2024:
€5.2 million, 2023: €4.7 million) and exceptional items, net of tax
(2024: charge of €2.7 million, 2023: charge of €1.4
million)
4 Net bank debt
excludes IFRS16 Lease liabilities
Commenting on the results, Origin Chief Executive Officer,
Sean Coyle said:
"The Group delivered a solid
operating profit in H1 2024 compared to a very strong H1 2023
performance. The H1 result was achieved despite challenging
planting and weaker in-field conditions across our markets. This
performance has been underpinned by the Group's continued focus on
the strategic diversification of its earnings base.
A challenging planting profile and
a downward-moving price environment resulted in reduced early
season volumes across our portfolio, with
Ireland and the UK, and Continental Europe experiencing more
challenging conditions. Latin America and our Amenity,
Environmental and Ecology businesses delivered solid results
despite also being impacted by fertiliser price
dynamics.
The integration of recent
complementary acquisitions in the Amenity, Environmental, and
Ecology division continues to progress, including our most
recent acquisition, Groundtrax Systems
Limited, which extends our product range and offering in the
sustainable urban drainage systems sector. Our ambition is
for this division to represent 30% of Group operating profit by the
end of FY26 and on 1 August 2024 TJ Kelly will move from the CFO
role to take up a role as Divisional MD reflecting this
ambition.
Outlook
On-farm sentiment remains
cautious, as growers shift towards spring planting and seek to
optimise yields from a reduced autumn/winter planted area. Whilst
progress in spring planting and the main application period in the
months through to the end of May will be key to full year results,
we now anticipate full year earnings in the range of 44c to 49c,
reflecting the effects of adverse weather conditions. We continue
to invest in broadening our product portfolio and diversifying our
earnings. Further guidance will be provided with our Q3 Trading
Update on 13 June 2024."
ENDS
This announcement contains inside
information. The person responsible for arranging release of this
announcement on behalf of Origin is Barbara Keane, General Counsel
& Company Secretary.
Conference Call and Webcast details:
The management team will host a
live conference call and webcast, for analysts and institutional
investors today, 5 March 2024, at 08:30 (Irish/UK time).
Registration details for the Conference Call and Webcast can be
accessed at: www.originenterprises.com
Alternatively, please contact FTI
Consulting by email at originenterprises@fticonsulting.com
Participants are requested to dial
in 5 to 10 minutes prior to the scheduled start
time.
Enquiries
Origin Enterprises plc
|
|
|
TJ Kelly
|
|
|
Chief Financial Officer
|
Tel:
|
+353 (0)1 563 4900
|
|
|
|
Brendan Corcoran
|
|
|
Head of Investor Relations and
Group Planning
|
Tel:
|
+353 (0)1 563 4900
|
|
|
|
Goodbody (Euronext Growth (Dublin)
Adviser)
|
|
|
Joe Gill
|
Tel:
|
+353 (0)1 641 9278
|
|
|
|
Davy (Nominated
Adviser)
|
|
|
Anthony Farrell
|
Tel:
|
+353 (0)1 614 9993
|
|
|
|
Numis Securities
(Stockbroker)
|
|
|
Stuart Skinner
|
Tel:
|
+44 (0)20 7260 1314
|
|
|
|
FTI Consulting (Financial
Communications Advisers)
|
|
|
Jonathan Neilan / Patrick Berkery
/ Niamh O'Brien
|
Tel:
|
+353 (0)86 602 5988
|
About Origin Enterprises plc
Origin Enterprises plc is an
international Agronomy-Services group, providing specialist advice,
inputs, services and digital solutions to promote sustainable land
use. The Group has leading market positions in Ireland, the United
Kingdom, Brazil, Poland and Romania. Origin is listed on the
Euronext Growth (Dublin) and AIM markets of the Irish and London
Stock Exchanges.
Euronext Growth (Dublin) ticker
symbol: OIZ
AIM ticker symbol:
OGN
Website:
www.originenterprises.com
INTERIM RESULTS STATEMENT
Financial Review - Summary
|
6 months
ended
31 Jan
2024
€'m
|
6 months
ended
31 Jan
2023
€'m
|
|
|
|
Group revenue
|
854.9
|
1,180.0
|
Operating
profit1
|
12.7
|
20.3
|
Associates and joint venture,
net2
|
1.4
|
1.6
|
Adjusted Group operating profit1
|
14.1
|
21.9
|
Finance cost, net
|
(8.8)
|
(8.6)
|
Pre-tax profit
|
5.3
|
13.3
|
Income tax charge
|
(0.9)
|
(3.0)
|
Adjusted net profit
|
4.4
|
10.3
|
|
|
|
Adjusted diluted earnings per share
(cent)3
|
3.75
|
8.70
|
|
|
|
|
|
|
Adjusted net profit reconciliation
|
|
|
Reported net
(loss)/profit
|
(3.5)
|
4.2
|
Amortisation of non-ERP intangible
assets
|
6.5
|
5.5
|
Tax on amortisation of non-ERP
related intangible assets
|
(1.3)
|
(0.8)
|
Exceptional items, net of
tax
|
2.7
|
1.4
|
Adjusted net profit
|
4.4
|
10.3
|
|
|
|
Adjusted diluted earnings per share
(cent)3
|
3.75
|
8.70
|
Origin delivered an adjusted
diluted earnings per share3 in H1 2024 of 3.75 cent
compared to 8.70 cent in H1 2023. On a like-for-like basis
(excluding the impact of currency movements and acquisitions) the
underlying decrease in adjusted diluted earnings per
share3 was 6.08 cent.
Group revenue
Group revenue was €854.9 million
in H1 2024 compared to €1,180.0 million in the corresponding period
last year, a decrease of 27.6%. On a constant currency
basis, revenues decreased by €336.3
million (28.5%).
The decrease in underlying
business volumes, excluding crop marketing, was 2.6% in H1 2024
compared to H1 2023 (increase of 1.2% including crop
marketing).
Operating profit1
Operating profit1 in H1
2024 was €12.7 million compared to €20.3 million in H1 2023.
On an underlying basis, the decrease in operating profit
year-on-year was €9.4 million.
Associates and joint venture2
Origin's share of profit after
interest and taxation from associates and joint
venture amounted to €1.4 million, a €0.2
million decrease on H1 2023.
Net bank debt and financing costs
Net bank debt5 at 31
January 2024 was €215.8 million compared to €130.9 million at 31
January 2023 and is 2.09 times EBITDA4 for the twelve
months to 31 January 2024.
The increase in net bank debt, for
the 12-month period ended 31 January 2024, reflects an acquisition
spend of €54.2 million, including the settlement of the Fortgreen
put/call option, payment of c.50% of outstanding suspended supplier
amounts in compliance with sanctions regimes amounting to €34.3
million and cumulative shareholder returns of €29.5
million.
Net finance costs amounted to €8.8
million compared to €8.6 million in H1 2023. The increase in net
finance costs in the period was primarily driven by higher interest
rates across each of the markets in which the Group
operates.
At period end, the Group's key
banking covenants are as follows:
|
Banking
Covenant
|
H1 2024
Times
|
H1 2023
Times
|
FY 2023
Times
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net debt to EBITDA
|
Maximum
3.5
|
2.09
|
1.03
|
-
|
|
|
|
|
|
|
|
|
|
EBITDA to net interest
|
Minimum
3.0
|
9.28
|
9.91
|
8.57
|
|
|
Working capital
Following the seasonal investment
in working capital in the period, the net cash outflow from
operating activities was €214.3 million (H1 2023: €131.5 million)
and there was an increase in working capital at period end to
€164.4 million (H1 2023: €138.3 million). The period end working
capital position includes the residual net impact of trade payables
which have been suspended in accordance with international
sanctions imposed by authorities in response to the Russian
invasion of Ukraine in 2022. We continue to closely monitor the
situation with regard to sanctions and act accordingly.
Sustainability
We are delighted to announce our
participation in a £3.3 million Nitrogen Use Efficiency project
sponsored by the Department for Environment, Food and Rural Affairs
in the UK to optimise UK grassland farming's mineral nitrogen
fertiliser use. As the exclusive fertiliser company in this
project, we will leverage our expertise in crop nutrition and
digital solutions to enhance farm efficiency and environmental
enhancement. Progress on the delivery of
our environmental objectives was sustained in the period and we
maintained our CDP rating at B.
Dividend
We are pleased to announce that an
interim dividend of 3.15 cent per share (H1 2023: 3.15 cent per
share) will be paid on 21 June 2024 to shareholders on the register
on 31 May 2024.
Share Buyback Programme
On 21 November 2023 the Group
commenced a share buyback programme to repurchase up to €20.0
million of ordinary shares. The programme is progressing to plan
and is currently approximately 27% complete.
Corporate Development
Subsequent to the period end, we
completed the acquisition of Groundtrax Systems Limited, a leading
supplier of ground protection and sustainable urban drainage
systems, which extends our product range and offering in the
Amenity sector. During the period we
completed the Fortgreen put/call option, bringing it under 100%
control.
Appointment of Divisional Managing Director of Amenity,
Environmental and Ecology Services
We are pleased to announce the
appointment of TJ Kelly, Group CFO, to the newly established role
of Divisional Managing Director of our Amenity, Environmental and
Ecology Services division, effective 1 August, 2024. In line
with our strategic objectives, and consistent with recent
acquisitions, Origin is committed to accelerating its presence in
amenity, environmental and ecology markets. Providing
sustainable ecological and environmental solutions in the emerging
nature economy, in areas such as forestry, landscaping and habitat
conservation, represents a significant growth opportunity in
existing and new geographies. Our ambition is for this division to
represent 30% of Group operating profit by the end of FY26. TJ's
appointment to this position reflects this ambition.
The recruitment of a new Group CFO
is well advanced and a further update will be provided in due
course. To ensure an orderly transition, TJ will continue as Group
CFO until the appointment of his successor. In his new role,
TJ will continue as an Executive Director of the Board.
1 Operating profit
and Group operating profit are stated before amortisation of
non-ERP intangible assets and exceptional items
2 Profit after
interest and tax
3 Before
amortisation of non-ERP intangible assets, net of related deferred
tax (2024: €5.2 million, 2023: €4.7 million) and exceptional items,
net of tax (2024: charge of €2.7 million, 2023: charge of €1.4
million)
4 Net debt/EBITDA
ratio as per the requirements of the Group's syndicated bank loan
agreement
5 Net bank debt
excludes IFRS16 Lease liabilities
Review of
Operations
Group
Overview
|
|
|
Change
on prior period
|
|
H1 2024
€'m
|
H1
2023
€'m
|
Change
€'m
|
Underlying4
€'m
|
Constant
Currency5
€'m
|
|
|
|
|
|
|
Revenue
|
854.9
|
1,180.0
|
(325.1)
|
(350.5)
|
(336.3)
|
Operating
profit1
|
12.7
|
20.3
|
(7.6)
|
(9.4)
|
(7.8)
|
|
|
|
|
|
|
Associates and joint
venture2
|
1.4
|
1.6
|
(0.2)
|
(0.3)
|
(0.3)
|
|
|
|
|
|
|
Adjusted diluted EPS
(cent)3
|
3.75
|
8.70
|
(4.95)
|
(6.08)
|
(5.07)
|
|
|
|
|
|
|
1
Before amortisation of non-ERP intangible assets
and exceptional items
|
2
Profit after interest and tax
|
3
Before amortisation of non-ERP intangible assets,
net of related deferred tax (2024: €5.2 million, 2023: €4.7
million) and exceptional items, net of tax (2024: charge of €2.7
million, 2023: charge of €1.4 million)
|
4
Excluding currency movements and the impact of
acquisitions
|
5
Excluding currency movements
|
|
|
|
|
|
|
|
|
|
|
|
|
Origin delivered a
solid operating profit performance in H1, set
against an exceptional H1 FY23. Group
revenue decreased by 27.6% to €854.9 million on a reported basis
and by 28.5% on a constant currency basis. Operating profit
and adjusted fully diluted earnings per share reduced to €12.7
million and 3.75 cent, respectively.
The reduction in underlying
business volumes, excluding crop marketing, was 2.6% in H1 2024
compared to H1 2023 (increase of 1.2% including crop
marketing).
Ireland and the United
Kingdom
|
|
|
Change
on prior period
|
|
H1 2024
€'m
|
H1
2023
€'m
|
Change
€'m
|
Underlying3
€'m
|
Constant
Currency4
€'m
|
|
|
|
|
|
|
Revenue
|
516.1
|
754.0
|
(237.9)
|
(254.8)
|
(240.6)
|
Operating
(loss)/profit1
|
(3.1)
|
2.9
|
(6.0)
|
(7.6)
|
(6.1)
|
|
|
|
|
|
|
Associates and joint
venture2
|
1.4
|
1.6
|
(0.2)
|
(0.3)
|
(0.3)
|
|
|
|
|
|
|
1
Before amortisation of non-ERP intangible assets
and exceptional items
|
2
Profit after interest and tax
|
3
Excluding currency movements and the impact of
acquisitions
|
4
Excluding currency movements
|
|
|
|
|
|
|
|
|
|
|
Ireland and the United Kingdom
recorded a decrease in revenues of €237.9 million in the period.
Operating profit reduced from €2.9 million in H1
2023 to an operating loss of €3.1 million in H1
2024.
The decreased contribution is a
result of a reduced winter planting
profile impacting early season volumes
across the crop protection and fertiliser
portfolios, together with the impact of a further correction in global feed and fertiliser raw
material pricing. These factors contributed to a reduction in
underlying business volumes of 5.7% in the period.
Integrated On-Farm Agronomy
Services
Integrated On-Farm Agronomy
Services saw reduced revenues and contribution in the period.
Persistent wet weather across the period resulted in delayed
in-field activity, and combined with a downward moving price
market, led to less purchasing on-farm.
The challenging weather conditions
encountered across the UK to date has impacted the planting profile
with a shift to spring planting expected. Total autumn and winter
plantings for principal crops are estimated to be 20% behind last
year at 2.1 million hectares, with the expected area of winter
wheat back 24% to 1.4 million hectares, however on-going rainfall
puts the viability of a portion of this crop at risk.
At this point in the year,
combined autumn/winter and spring plantings for the 2024 crop
production year are expected to be 4% behind 2023 at 4.1 million
hectares.
Business-to-Business
Agri-Inputs
Business-to-Business Agri-Inputs
had a steady H1 2024 with reduced revenues, compared to H1 2023
driven by the continued correction in global feed and fertiliser
raw material pricing. Volumes have also been impacted by the
adverse weather experienced to date.
Fertiliser
Fertiliser delivered a
satisfactory result in H1 2024, with reduced volumes set in the
context of the continuing global correction in fertiliser raw
material pricing. Despite these challenges, the Group continues to
execute strongly across the business.
In addition to focusing on growing
its speciality and bespoke nutrition product ranges, the Group
continues to maintain a focus on sustainable land use and soil
health and we will continue to invest in innovative products to
meet evolving needs of our customers.
Feed Ingredients
Feed Ingredients delivered a
satisfactory performance in H1 2024, in line with
expectations.
The Group's animal feed
manufacturing associate, John Thompson & Sons Limited, in which
the Group has a 50% shareholding, also delivered a solid
performance in the period.
Amenity, Environmental and
Ecology
The Group's Amenity, Environmental
and Ecology business delivered a good result in the period,
recording increased revenues and operating profit compared to the
prior year. The result reflected a positive operating profit from
the Group's recent acquisitions in this sector, with integration
progressing to plan.
Continental
Europe1
|
|
|
Change
on prior period
|
|
H1 2024
€'m
|
H1
2023
€'m
|
Change
€'m
|
Underlying3
€'m
|
Constant
Currency4
€'m
|
|
|
|
|
|
|
Revenue
|
139.0
|
222.9
|
(83.9)
|
(86.0)
|
(86.0)
|
Operating
profit2
|
1.5
|
2.6
|
(1.1)
|
(1.2)
|
(1.2)
|
|
|
|
|
|
|
1
Excluding crop marketing. While crop
marketing has a significant impact on revenue, its impact on
operating profit is insignificant. An analysis of revenue and
profit attributable to agronomy services and inputs more accurately
reflects the underlying drivers of business performance
|
2
Before amortisation of non-ERP intangible assets
and exceptional items
|
3
Excluding currency movements and the impact of
acquisitions
|
4
Excluding currency movements
|
|
|
|
|
|
|
|
|
|
|
Continental Europe had a
satisfactory start to the year in the seasonally quieter first
half, delivering an operating profit of €1.5 million. Cautious farm
sentiment and raw material price uncertainty has resulted in
delayed on-farm purchasing decisions in the period compared to 2023
which had seen stronger early season demand in anticipation of
on-farm price increases. Consequently, excluding crop marketing
volumes, underlying business volumes decreased by 6.1% in H1 2024,
compared to H1 2023.
Poland
Poland had a solid start to the
year despite reduced volumes and contribution across the business,
in the seasonally quiet H1. In 2024 we have experienced more
cautious farm sentiment reflecting weather and output price
concerns.
Autumn and winter plantings are
forecasted to be marginally ahead of FY23 at 5.6 million hectares.
Crop establishment to date is generally good across Poland,
with the total cropping area for the 2024 growing season expected
to be broadly equivalent to last year at 9.0 million
hectares.
Romania
Romania had a slow start to the
year, recording reduced volumes and earnings compared to the prior
period, reflecting cautious farm sentiment from weather and output
price concerns.
Dry conditions in autumn led to
delayed planting and autumn and winter plantings are expected to be
5% behind of the prior year at 3.4 million hectares. Combined
winter and spring plantings for the growing season are currently
forecasted to be in line with last year at 8.4 million
hectares.
Latin
America
|
|
|
|
Change
on prior period
|
|
H1 2024
€'m
|
H1
2023
€'m
|
Change
€'m
|
Underlying2
€'m
|
Constant
Currency3
€'m
|
|
|
|
|
|
|
Revenue
|
|
94.7
|
89.6
|
5.1
|
4.8
|
4.8
|
Operating
profit1
|
|
13.9
|
14.2
|
(0.3)
|
(0.4)
|
(0.4)
|
|
|
|
|
|
|
|
1
Before amortisation of non-ERP intangible assets
and exceptional items
2
Excluding currency movements and the impact of
acquisitions
3
Excluding currency movements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Latin America delivered a solid
performance in the period, recording an increase in underlying
business volumes of 32.5%. The Group continues to invest in the
sales organisation and operations infrastructure to meet future
growth plans, including during the start-up phase of our F1rstAg
biologicals business. Volume growth in our lower margin
Controlled Release Fertiliser business was stronger than our
Physiology and Nutrition business, contributing to a negative mix
effect on margin. Market pricing also fell, reflecting the
underlying downward movement in global fertiliser raw material
prices.
As a result, operating profit
decreased marginally to €13.9 million in H1 2024 from €14.2 million
in H1 2023, with an underlying reduction of €0.4
million.
The total cropping area dedicated
to soya, Brazil's principal crop, is expected to increase by 4% on
the prior year to 45.4 million hectares. The expected soya harvest
is currently estimated to be 150.1 million tonnes, down from the
154.6 million tonnes in the prior year.
ENDS
Origin Enterprises plc
Condensed Interim Consolidated
Income Statement
for the six months ended 31 January 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months
|
|
Six months
|
|
Six months
|
|
Six
months
|
|
Year
|
|
|
ended
|
|
ended
|
|
ended
|
|
ended
|
|
ended
|
|
|
January
|
|
January
|
|
January
|
|
January
|
|
July
|
|
|
2024
|
|
2024
|
|
2024
|
|
2023
|
|
2023
|
|
|
Pre-exceptional
|
|
Exceptional
|
|
Total
|
|
Total
|
|
Total
|
|
|
€'000
|
|
€'000
|
|
€'000
|
|
€'000
|
|
€'000
|
|
Notes
|
|
|
Note 6
|
|
|
|
Note
8
|
|
Note
8
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
5
|
854,913
|
|
-
|
|
854,913
|
|
1,180,042
|
|
2,456,168
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
(716,754)
|
|
-
|
|
(716,754)
|
|
(1,030,438)
|
|
(2,122,029)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
138,159
|
|
-
|
|
138,159
|
|
149,604
|
|
334,139
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs
|
|
(131,939)
|
|
(2,762)
|
|
(134,701)
|
|
(136,299)
|
|
(261,272)
|
|
|
|
|
|
|
|
|
|
|
|
Share of profit of associates and
joint venture
|
1,366
|
|
-
|
|
1,366
|
|
1,615
|
|
7,732
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
5
|
7,586
|
|
(2,762)
|
|
4,824
|
|
14,920
|
|
80,599
|
|
|
|
|
|
|
|
|
|
|
|
Finance income
|
|
3,494
|
|
-
|
|
3,494
|
|
1,544
|
|
2,080
|
|
|
|
|
|
|
|
|
|
|
|
Finance expense
|
|
(12,254)
|
|
-
|
|
(12,254)
|
|
(10,171)
|
|
(15,043)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/profit before income tax
|
|
(1,174)
|
|
(2,762)
|
|
(3,936)
|
|
6,293
|
|
67,636
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
credit/(expense)
|
|
388
|
|
64
|
|
452
|
|
(2,109)
|
|
(16,604)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/profit attributable to equity
shareholders
|
(786)
|
|
(2,698)
|
|
(3,484)
|
|
4,184
|
|
51,032
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months
|
|
Six
months
|
|
Year
|
|
|
|
|
|
|
ended
|
|
ended
|
|
ended
|
|
|
|
|
|
|
January
|
|
January
|
|
July
|
|
|
|
|
|
|
2024
|
|
2023
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
|
Basic (loss)/earnings per share
|
7
|
|
|
|
|
(3.12c)
|
|
3.65c
|
|
45.24c
|
|
|
|
|
|
|
|
|
|
|
|
Diluted (loss)/earnings per share
|
7
|
|
|
|
|
(3.12c)
|
|
3.52c
|
|
43.31c
|
Origin Enterprises plc
Condensed Interim Consolidated
Statement of Comprehensive Income
for the six months ended 31 January 2024
|
|
|
|
|
|
|
Six
months
|
|
Six months
|
|
Year
|
|
ended
|
|
ended
|
|
ended
|
|
January
|
|
January
|
|
July
|
|
2024
|
|
2023
|
|
2023
|
|
€'000
|
|
€'000
|
|
€'000
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/profit for the period
|
(3,484)
|
|
4,184
|
|
51,032
|
|
|
|
|
|
|
Other comprehensive (expense)/income
|
|
|
|
|
|
|
|
|
|
|
|
Items that are not reclassified subsequently to the Group
income statement:
|
|
|
|
|
|
Group/Associate defined benefit pension
obligations
|
|
|
|
|
|
- remeasurements of Group's
defined benefit pension schemes
|
(915)
|
|
(4,334)
|
|
(6,103)
|
- deferred tax effect of
remeasurements
|
230
|
|
1,075
|
|
1,506
|
- share of remeasurements on
associate's defined benefit pension schemes
|
-
|
|
-
|
|
(53)
|
- share of deferred tax effect of
remeasurements - associates
|
-
|
|
-
|
|
13
|
|
|
|
|
|
|
Items that may be reclassified subsequently to the Group
income statement:
|
|
|
|
|
|
Group foreign exchange translation details
|
|
|
|
|
|
- exchange difference on
translation of foreign operations
|
(4,020)
|
|
(12,349)
|
|
(1,580)
|
Group/Associate cash flow hedges
|
|
|
|
|
|
- effective portion of changes in
fair value of cash flow hedges
|
(2,424)
|
|
7,570
|
|
7,387
|
- fair value of cash flow hedges
transferred to operating costs
|
(392)
|
|
(7,989)
|
|
(7,801)
|
- deferred tax effect of cash flow
hedges
|
298
|
|
455
|
|
394
|
- share of associates and joint
venture cash flow hedges
|
(71)
|
|
(2,193)
|
|
(1,960)
|
- deferred tax effect of share of
associates and joint venture cash flow hedges
|
9
|
|
273
|
|
245
|
|
|
|
|
|
|
Other comprehensive expense for the period, net of
tax
|
(7,285)
|
|
(17,492)
|
|
(7,952)
|
|
|
|
|
|
|
Total comprehensive (expense)/income for the period
attributable to equity shareholders
|
(10,769)
|
|
(13,308)
|
|
43,080
|
|
|
|
|
|
|
Origin Enterprises plc
Condensed Interim Consolidated
Statement of Financial Position
as
at 31 January 2024
|
|
|
January
|
|
January
|
|
July
|
|
|
|
2024
|
|
2023
|
|
2023
|
|
Notes
|
|
€'000
|
|
€'000
|
|
€'000
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
|
Property, plant and
equipment
|
9
|
|
124,350
|
|
111,116
|
|
118,107
|
Right of use asset
|
|
|
55,267
|
|
46,040
|
|
54,037
|
Investment properties
|
|
|
2,270
|
|
2,270
|
|
2,270
|
Goodwill and intangible
assets
|
10
|
|
304,228
|
|
256,735
|
|
299,906
|
Investments in associates and
joint venture
|
11
|
|
42,333
|
|
45,296
|
|
52,387
|
Other financial assets
|
|
|
903
|
|
534
|
|
898
|
Derivative financial
instruments
|
|
|
4,373
|
|
6,579
|
|
6,960
|
Deferred tax assets
|
|
|
7,478
|
|
6,407
|
|
8,737
|
Post employment benefit
surplus
|
|
|
2,007
|
|
3,688
|
|
2,579
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-current assets
|
|
|
543,209
|
|
478,665
|
|
545,881
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
Properties held for
sale
|
|
|
5,800
|
|
5,800
|
|
5,800
|
Inventory
|
|
|
322,334
|
|
431,355
|
|
232,167
|
Trade and other
receivables
|
|
|
298,655
|
|
360,658
|
|
440,398
|
Derivative financial
instruments
|
|
|
207
|
|
325
|
|
118
|
Cash and cash
equivalents
|
14
|
|
86,552
|
|
77,033
|
|
151,237
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
713,548
|
|
875,171
|
|
829,720
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
|
1,256,757
|
|
1,353,836
|
|
1,375,601
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Origin Enterprises plc
Condensed Interim Consolidated
Statement of Financial Position (continued)
as
at 31 January 2024
|
|
|
January
|
|
January
|
|
July
|
|
|
|
2024
|
|
2023
|
|
2023
|
|
Notes
|
|
€'000
|
|
€'000
|
|
€'000
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
|
Called up share capital presented
as equity
|
15
|
|
1,253
|
|
1,253
|
|
1,253
|
Share premium
|
|
|
160,526
|
|
160,526
|
|
160,526
|
Retained earnings and other
reserves
|
|
|
219,282
|
|
201,696
|
|
248,814
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL EQUITY
|
|
|
381,061
|
|
363,475
|
|
410,593
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
|
|
Interest-bearing
borrowings
|
14
|
|
302,166
|
|
199,340
|
|
96,964
|
Lease liability
|
14
|
|
43,295
|
|
35,044
|
|
42,835
|
Deferred tax
liabilities
|
|
|
19,342
|
|
18,516
|
|
20,720
|
Provision for
liabilities
|
12
|
|
8,620
|
|
6,225
|
|
11,331
|
Derivative financial
instruments
|
|
|
711
|
|
-
|
|
25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-current liabilities
|
|
|
374,134
|
|
259,125
|
|
171,875
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
Interest-bearing
borrowings
|
14
|
|
229
|
|
8,638
|
|
1,098
|
Lease liability
|
14
|
|
14,471
|
|
11,735
|
|
12,081
|
Trade and other
payables
|
|
|
456,619
|
|
653,737
|
|
722,605
|
Corporation tax payable
|
|
|
2,374
|
|
7,031
|
|
11,937
|
Provision for
liabilities
|
12
|
|
12,114
|
|
4,217
|
|
11,987
|
Put option liability
|
|
|
-
|
|
29,235
|
|
32,382
|
Dividend payable to
shareholders
|
16
|
|
15,149
|
|
14,506
|
|
-
|
Derivative financial
instruments
|
|
|
606
|
|
2,137
|
|
1,043
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
501,562
|
|
731,236
|
|
793,133
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
|
|
|
875,696
|
|
990,361
|
|
965,008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL EQUITY AND LIABILITIES
|
|
|
1,256,757
|
|
1,353,836
|
|
1,375,601
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Origin Enterprises plc
Condensed Interim Consolidated
Statement of Changes in Equity
for the six months ended 31 January 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-
|
|
|
|
Foreign
|
|
|
|
|
|
|
|
|
|
|
|
Capital
|
|
Cashflow
|
|
|
|
based
|
|
|
|
currency
|
|
|
|
|
|
Share
|
|
Share
|
|
Treasury
|
|
redemption
|
|
hedge
|
|
Revaluation
|
|
payment
|
|
Re-organisation
|
|
translation
|
|
Retained
|
|
|
|
capital
|
|
premium
|
|
shares
|
|
reserve
|
|
reserve
|
|
reserve
|
|
reserve
|
|
reserve
|
|
reserve
|
|
earnings
|
|
Total
|
|
€'000
|
|
€'000
|
|
€'000
|
|
€'000
|
|
€'000
|
|
€'000
|
|
€'000
|
|
€'000
|
|
€'000
|
|
€'000
|
|
€'000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 August 2023
|
1,253
|
|
160,526
|
|
(51,689)
|
|
145
|
|
2,869
|
|
12,843
|
|
6,226
|
|
(196,884)
|
|
(45,328)
|
|
520,632
|
|
410,593
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the period
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(3,484)
|
|
(3,484)
|
Other comprehensive expense for
the period
|
-
|
|
-
|
|
-
|
|
-
|
|
(2,580)
|
|
-
|
|
-
|
|
-
|
|
(4,020)
|
|
(685)
|
|
(7,285)
|
Share buyback
|
-
|
|
-
|
|
(4,560)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(4,560)
|
Re-issue of treasury
shares
|
-
|
|
-
|
|
1,772
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(826)
|
|
946
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transfer of share-based payment
reserve
to retained earnings
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(214)
|
|
-
|
|
-
|
|
214
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend payable to shareholders
(Note 16)
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(15,149)
|
|
(15,149)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 31 January 2024
|
1,253
|
|
160,526
|
|
(54,477)
|
|
145
|
|
289
|
|
12,843
|
|
6,012
|
|
(196,884)
|
|
(49,348)
|
|
500,702
|
|
381,061
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Origin Enterprises plc
Condensed Interim Consolidated
Statement of Changes in Equity
for the six months ended 31 January 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-
|
|
|
|
Foreign
|
|
|
|
|
|
|
|
|
|
|
|
Capital
|
|
Cashflow
|
|
|
|
based
|
|
|
|
currency
|
|
|
|
|
|
Share
|
|
Share
|
|
Treasury
|
|
redemption
|
|
hedge
|
|
Revaluation
|
|
payment
|
|
Re-organisation
|
|
translation
|
|
Retained
|
|
|
|
capital
|
|
premium
|
|
shares
|
|
reserve
|
|
reserve
|
|
reserve
|
|
reserve
|
|
reserve
|
|
reserve
|
|
earnings
|
|
Total
|
|
€'000
|
|
€'000
|
|
€'000
|
|
€'000
|
|
€'000
|
|
€'000
|
|
€'000
|
|
€'000
|
|
€'000
|
|
€'000
|
|
€'000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 August 2022
|
1,253
|
|
160,521
|
|
(36,005)
|
|
145
|
|
4,604
|
|
12,843
|
|
4,194
|
|
(196,884)
|
|
(43,748)
|
|
495,854
|
|
402,777
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the period
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
4,184
|
|
4,184
|
Other comprehensive income for the
period
|
-
|
|
-
|
|
-
|
|
-
|
|
(1,884)
|
|
-
|
|
-
|
|
-
|
|
(12,349)
|
|
(3,259)
|
|
(17,492)
|
Share buyback
|
-
|
|
-
|
|
(13,135)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(13,135)
|
Share-based payment
charge
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
2,597
|
|
-
|
|
-
|
|
-
|
|
2,597
|
Change in fair value of put
option
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(955)
|
|
(955)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued
|
-
|
|
5
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend payable to shareholders
(Note 16)
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(14,506)
|
|
(14,506)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 31 January 2023
|
1,253
|
|
160,526
|
|
(49,140)
|
|
145
|
|
2,720
|
|
12,843
|
|
6,791
|
|
(196,884)
|
|
(56,097)
|
|
481,318
|
|
363,475
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Origin Enterprises plc
Condensed Interim Consolidated
Statement of Cash Flows
for the six months ended 31 January 2024
|
|
Six
months
|
|
Six months
|
|
Year
|
|
|
ended
|
|
ended
|
|
ended
|
|
|
January
2024
|
|
January
2023
|
|
July
2023
|
|
|
€'000
|
|
€'000
|
|
€'000
|
|
|
|
|
|
|
|
Cash flows from operating activities
|
|
|
|
|
|
|
(Loss)/profit before
tax
|
|
(3,936)
|
|
6,293
|
|
67,636
|
Exceptional items
|
|
2,762
|
|
1,454
|
|
797
|
Finance income
|
|
(3,494)
|
|
(1,544)
|
|
(2,080)
|
Finance expense
|
|
12,254
|
|
10,171
|
|
15,043
|
Profit on disposal of property,
plant and equipment
|
|
(204)
|
|
(69)
|
|
718
|
Share of profit of associates and
joint venture
|
|
(1,366)
|
|
(1,615)
|
|
(4,040)
|
Depreciation of property, plant
and equipment
|
|
4,428
|
|
4,425
|
|
8,678
|
Depreciation of right of use
assets
|
|
6,916
|
|
5,738
|
|
12,810
|
Amortisation of intangible
assets
|
|
6,640
|
|
5,922
|
|
14,218
|
Employee share-based payment
charge
|
|
-
|
|
2,597
|
|
2,550
|
Pension contributions in excess of
service costs
|
|
(298)
|
|
(301)
|
|
(834)
|
Payment of exceptional Ukraine
related costs
|
|
(2,334)
|
|
(1,189)
|
|
(1,918)
|
Payment of exceptional acquisition
and disposal related costs
|
|
(552)
|
|
(265)
|
|
(1,537)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating cash flow before changes in working
capital
|
|
20,816
|
|
31,617
|
|
112,041
|
|
|
|
|
|
|
|
(Increase)/decrease in
inventory
|
|
(89,661)
|
|
(62,330)
|
|
146,884
|
Decrease in trade and other
receivables
|
|
139,315
|
|
81,692
|
|
19,845
|
Decrease in trade and other
payables
|
|
(270,325)
|
|
(169,012)
|
|
(122,835)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash (absorbed)/generated from operating
activities
|
|
(199,855)
|
|
(118,033)
|
|
155,935
|
|
|
|
|
|
|
|
Interest paid
|
|
(5,654)
|
|
(4,578)
|
|
(11,526)
|
Income tax paid
|
|
(8,769)
|
|
(8,870)
|
|
(19,631)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash (outflow)/inflow from operating
activities
|
|
(214,278)
|
|
(131,481)
|
|
124,778
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Origin Enterprises plc
Condensed Interim Consolidated
Statement of Cash Flows (continued)
for the six months ended 31 January 2024
|
|
Six
months
|
|
Six months
|
|
Year
|
|
|
ended
|
|
ended
|
|
ended
|
|
|
January
2024
|
|
January
2023
|
|
July
2023
|
|
|
€'000
|
|
€'000
|
|
€'000
|
|
|
|
|
|
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
Proceeds from sale of property,
plant and equipment
|
|
797
|
|
164
|
|
235
|
Purchase of property, plant and
equipment
|
|
(9,842)
|
|
(10,190)
|
|
(18,567)
|
Additions to intangible
assets
|
|
(10,928)
|
|
(5,470)
|
|
(17,683)
|
Consideration relating to
acquisition
|
|
(755)
|
|
(11,162)
|
|
(30,112)
|
Payment of contingent acquisition
consideration
|
|
(2,237)
|
|
(10)
|
|
(115)
|
Purchase of other financial
assets
|
|
-
|
|
-
|
|
(345)
|
Payment of put option
liability
|
|
(31,706)
|
|
-
|
|
-
|
Dividends received from
associates
|
|
11,435
|
|
260
|
|
144
|
Net proceeds from disposal of
subsidiary
|
|
-
|
|
-
|
|
705
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash outflow from investing activities
|
|
(43,236)
|
|
(26,408)
|
|
(65,738)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities
|
|
|
|
|
|
|
Drawdown of bank loans
|
|
265,622
|
|
256,020
|
|
334,599
|
Repayment of bank loans
|
|
(63,308)
|
|
(185,639)
|
|
(369,244)
|
Lease liability
payments
|
|
(5,477)
|
|
(6,569)
|
|
(14,810)
|
Share issued
|
|
-
|
|
5
|
|
5
|
Share buyback
|
|
(4,560)
|
|
(13,135)
|
|
(20,000)
|
Proceeds from re-issue of treasury
shares
|
|
1,607
|
|
-
|
|
1,654
|
Payment of dividends to equity
shareholders
|
|
-
|
|
-
|
|
(17,990)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash inflow/(outflow) from financing
activities
|
|
193,884
|
|
50,682
|
|
(85,786)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease in cash and cash equivalents
|
|
(63,630)
|
|
(107,207)
|
|
(26,746)
|
|
|
|
|
|
|
|
Translation adjustment
|
|
(186)
|
|
(768)
|
|
515
|
|
|
|
|
|
|
|
Cash and cash equivalents at start
of period
|
|
150,139
|
|
176,370
|
|
176,370
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period (Note
14)
|
|
86,323
|
|
68,395
|
|
150,139
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Origin Enterprises plc
Notes to the Condensed Interim
Consolidated Financial Statements
for the six months ended 31 January 2024
1 Basis of
preparation
The Group condensed interim
consolidated financial statements have been prepared in accordance
with International Accounting Standard 34, Interim Financial
Reporting (IAS 34), as endorsed by the EU. The condensed interim
consolidated financial statements have been prepared as information
for the shareholders and do not include all the information and
disclosures required in the annual financial statements. They
should be read in conjunction with the Group's annual financial
statements in respect of the year ended 31 July 2023, which have
been prepared in accordance with IFRSs. The financial statements
for the year ended 31 July 2023 are available on the company's
website www.originenterprises.com.
Those financial statements contained an unqualified audit
report.
The Group condensed interim
consolidated financial statements for the six months ended 31
January 2024 and the comparative figures for the six months ended
31 January 2023 are unaudited and have not been reviewed by the
Auditors. The summary financial statements for the year ended 31
July 2023 represent an abbreviated version of the Group's full
accounts for that year.
A comprehensive review of the
Group's performance for the six months ended 31 January 2024 is
included in the financial highlights included on pages 4 to 10. The
group's business is seasonal and is heavily weighted towards the
second half of the financial year.
2 Going
concern
The Group condensed interim
financial statements have been prepared on the going concern basis
of accounting. The Directors have considered the Group's business
activities and how it generates value, together with the main
trends and factors likely to affect future development, business
performance and position of the Group. Having reassessed the
principal risks facing the Group, the Directors believe that the
Group is well placed to manage these risks successfully. There are
no material uncertainties that cast a significant doubt on the
Group's ability to continue as a going concern over a period of at
least 12 months from the date of these financial
statements.
The Directors report that they
have satisfied themselves that the Group is a going concern, having
adequate resources to continue in operational existence for the
foreseeable future. In forming this view, the Directors have
reviewed the Group's forecast for a period not less than 12 months
and the long-term plans, and have taken into account the cash flow
implications, including capital expenditure, and compared these
with the Group's borrowing facilities.
3 Accounting
policies
The Group condensed interim
consolidated financial statements have been prepared on the basis
of the accounting policies as set out on pages 127 to 134 of the
Group's Annual Report for the year ended 31 July 2023.
There are a number of new
standards which are also effective from 1 August 2023.
The following amendments, issued by the
International Accounting Standards Board ('IASB') and the
International Financial Reporting Interpretations Committee
('IFRIC'), are effective for the Group for the first time in the
current financial period and where relevant have been adopted by
the Group:
·
IFRS 17 Insurance Contracts
·
Amendments to IAS 1 'Presentation of Financial
Statements': Disclosure of Accounting Policies
·
Amendments to IAS 8: 'Accounting Policies,
Changes in Accounting Estimates and Errors': Definition of
Accounting Estimates
·
Amendments to IAS 12: 'Income Taxes': Deferred
Tax related to Assets and Liabilities arising from a Single
Transaction
·
Amendments to IAS 12: 'Income Taxes':
International Tax Reform-Pillar Two Model Rules
The amendments listed above have
had no material impact on the Group condensed interim consolidated
financial statements during the
period. The Group
has not applied early adoption of any standards for which the
effective date is not yet required.
Origin Enterprises plc
Notes to the Condensed Interim
Consolidated Financial Statements (continued)
for the six months ended 31 January 2024
4 Reporting
currency
The Group condensed interim
consolidated financial statements are presented in euro (denoted by
the symbol '€') and rounded to the nearest thousand, which is the
functional currency of the parent. Transactions in foreign
currencies are translated at the foreign exchange rate ruling at
the date of the transaction. Monetary assets and liabilities
denominated in foreign currencies at the period end date are
translated to functional currency at the foreign exchange rate
ruling at that date. Foreign exchange differences arising on
translation are recognised in the Consolidated Income
Statement.
The principal exchange rates used
for translation of results and balance sheets into euro were as
follows:
|
Average foreign exchange
rate
|
|
Closing foreign exchange
rate
|
|
Six months
|
Six
months
|
|
|
Six months
|
Six
months
|
|
|
ended
|
ended
|
Year
ended
|
|
ended
|
ended
|
Year
ended
|
|
Jan 2024
|
Jan
2023
|
July
2023
|
|
Jan 2024
|
Jan
2023
|
July
2023
|
|
EUR €1=
|
EUR
€1=
|
EUR
€1=
|
|
EUR €1=
|
EUR
€1=
|
EUR
€1=
|
|
|
|
|
|
|
|
|
Brazilian Real
|
5.33018
|
5.35014
|
5.39041
|
|
5.35209
|
5.56463
|
5.21903
|
British Pound Sterling
|
0.86309
|
0.86810
|
0.87026
|
|
0.85310
|
0.88030
|
0.8574
|
Polish Zloty
|
4.43802
|
4.71946
|
4.65058
|
|
4.34210
|
4.71120
|
4.4110
|
Romanian Leu
|
4.96266
|
4.91117
|
4.92264
|
|
4.97930
|
4.92350
|
4.9362
|
Ukrainian Hryvnia
|
39.86298
|
37.74349
|
38.90247
|
|
40.73693
|
40.02843
|
40.70899
|
|
|
|
|
|
|
|
|
5 Segment
information
IFRS 8, 'Operating Segments',
requires operating segments to be identified on the basis of
internal reports that are regularly reviewed by the Chief Operating
Decision Maker ('CODM') in order to allocate resources to the
segments and to assess their performance. Three operating segments
have been identified: (1) Ireland and the United Kingdom, (2)
Continental Europe and (3) Latin America.
Ireland and the United
Kingdom
This segment includes the Group's
wholly owned Irish and UK based Business-to-Business Agri-Inputs
operations, Integrated Agronomy and On-Farm Services operations and
Amenity, Environmental and Ecology operations. In addition, this
segment includes the Group's associates and joint venture
undertakings.
Continental Europe
This segment includes the Group's
Business-to-Business Agri-Inputs operations, Integrated Agronomy
and On-Farm Services operations in Poland, Romania and
Ukraine.
Latin America
The Group's presence in Latin
America is through Fortgreen Commercial Agricola Ltda, a business
which is focused on the development and marketing of value-added
crop nutrition and speciality inputs and which is headquartered in
Parana State in southern Brazil.
Information regarding the results
of each reportable segment is included below. Performance is
measured based on segment operating profit as included in the
internal management reports that are reviewed by the Group's CODM,
being the Origin Executive Directors. Segment operating profit is
used to measure performance, as this information is the most
relevant in evaluating the results of the Group's
segments.
Origin Enterprises plc
Notes to the Condensed Interim
Consolidated Financial Statements (continued)
for the six months ended 31 January 2024
5 Segment information
(continued)
|
Ireland &
UK
|
|
Continental
Europe
|
|
Latin
America
|
|
Total
Group
|
|
Six months
|
|
Six
months
|
|
Six months
|
|
Six
months
|
|
Six months
|
|
Six
months
|
|
Six months
|
|
Six
months
|
|
ended
|
|
ended
|
|
ended
|
|
ended
|
|
ended
|
|
ended
|
|
ended
|
|
ended
|
|
Jan 2024
|
|
Jan
2023
|
|
Jan 2024
|
|
Jan
2023
|
|
Jan 2024
|
|
Jan
2023
|
|
Jan 2024
|
|
Jan
2023
|
|
€'000
|
|
€'000
|
|
€'000
|
|
€'000
|
|
€'000
|
|
€'000
|
|
€'000
|
|
€'000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
516,126
|
|
753,976
|
|
244,070
|
|
336,506
|
|
94,717
|
|
89,560
|
|
854,913
|
|
1,180,042
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment result
|
(3,138)
|
|
2,900
|
|
1,966
|
|
3,157
|
|
13,897
|
|
14,243
|
|
12,725
|
|
20,300
|
Profit from associates and joint
venture
|
1,366
|
|
1,615
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,366
|
|
1,615
|
Amortisation of non-ERP intangible
assets
|
(5,068)
|
|
(3,787)
|
|
(583)
|
|
(706)
|
|
(854)
|
|
(1,048)
|
|
(6,505)
|
|
(5,541)
|
Operating profit before exceptional items
|
(6,840)
|
|
728
|
|
1,383
|
|
2,451
|
|
13,043
|
|
13,195
|
|
7,586
|
|
16,374
|
Exceptional items
|
(1,009)
|
|
(265)
|
|
(1,753)
|
|
(1,189)
|
|
-
|
|
-
|
|
(2,762)
|
|
(1,454)
|
Operating profit
|
(7,849)
|
|
463
|
|
(370)
|
|
1,262
|
|
13,043
|
|
13,195
|
|
4,824
|
|
14,920
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment earnings before financing and tax
|
|
|
|
|
|
|
|
|
|
|
|
|
4,824
|
|
14,920
|
Finance income
|
|
|
|
|
|
|
|
|
|
|
|
|
3,494
|
|
1,544
|
Finance expense
|
|
|
|
|
|
|
|
|
|
|
|
|
(12,254)
|
|
(10,171)
|
Reported profit before tax
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,936)
|
|
6,293
|
Income tax
credit/(expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
452
|
|
(2,109)
|
Reported profit after tax
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,484)
|
|
4,184
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Origin Enterprises plc
Notes to the Condensed Interim
Consolidated Financial Statements (continued)
for the six months ended 31 January 2024
5 Segment information
(continued)
(ii) Segment assets
|
Ireland &
UK
|
|
Continental
Europe
|
|
Latin
America
|
|
Total
Group
|
|
Six months
|
|
Six
months
|
|
Six months
|
|
Six
months
|
|
Six months
|
|
Six
months
|
|
Six months
|
|
Six
months
|
|
ended
|
|
ended
|
|
ended
|
|
ended
|
|
ended
|
|
ended
|
|
ended
|
|
ended
|
|
Jan 2024
|
|
Jan
2023
|
|
Jan 2024
|
|
Jan
2023
|
|
Jan 2024
|
|
Jan
2023
|
|
Jan 2024
|
|
Jan
2023
|
|
€'000
|
|
€'000
|
|
€'000
|
|
€'000
|
|
€'000
|
|
€'000
|
|
€'000
|
|
€'000
|
Assets excluding investment in
associates and joint venture
|
711,381
|
|
788,441
|
|
251,140
|
|
286,316
|
|
152,390
|
|
142,905
|
|
1,114,911
|
|
1,217,662
|
Investment in associates and joint
venture
(including other financial
assets)
|
43,236
|
|
45,830
|
|
-
|
|
-
|
|
-
|
|
-
|
|
43,236
|
|
45,830
|
Segment assets
|
754,617
|
|
834,271
|
|
251,140
|
|
286,316
|
|
152,390
|
|
142,905
|
|
1,158,147
|
|
1,263,492
|
Reconciliation to total assets as reported in Condensed
Interim Consolidated Statement of Financial
Position
Cash and cash
equivalents
|
|
86,552
|
|
77,033
|
Derivative financial
instruments
|
|
4,580
|
|
6,904
|
Deferred tax assets
|
|
7,478
|
|
6,407
|
Total assets as reported in Condensed Interim Consolidated
Statement of Financial
Position
|
|
1,256,757
|
|
1,353,836
|
|
|
|
|
|
(iii) Segment liabilities
|
Ireland &
UK
|
|
Continental
Europe
|
|
Latin
America
|
|
Total
Group
|
|
Six months
|
|
Six
months
|
|
Six months
|
|
Six
months
|
|
Six months
|
|
Six
months
|
|
Six months
|
|
Six
months
|
|
ended
|
|
ended
|
|
ended
|
|
ended
|
|
ended
|
|
ended
|
|
ended
|
|
ended
|
|
Jan 2024
|
|
Jan
2023
|
|
Jan 2024
|
|
Jan
2023
|
|
Jan 2024
|
|
Jan
2023
|
|
Jan 2024
|
|
Jan
2023
|
|
€'000
|
|
€'000
|
|
€'000
|
|
€'000
|
|
€'000
|
|
€'000
|
|
€'000
|
|
€'000
|
Segment liabilities
|
342,373
|
|
472,112
|
|
156,874
|
|
206,202
|
|
35,872
|
|
61,879
|
|
535,119
|
|
740,193
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of total liabilities as reported in Condensed
Interim Consolidated Statement of Financial
Position
Interest-bearing loans
|
302,395
|
|
207,978
|
Derivative financial
instruments
|
1,317
|
|
2,137
|
Dividend payable to
shareholders
|
15,149
|
|
14,506
|
Current and deferred tax
liabilities
|
21,716
|
|
25,547
|
Total liabilities as reported in Condensed Interim
Consolidated Statement of Financial Position
|
875,696
|
|
990,361
|
|
|
|
|
|
Origin Enterprises plc
Notes to the Condensed Interim
Consolidated Financial Statements (continued)
for the six months ended 31 January 2024
6 Exceptional
items
Exceptional items are those that,
in management's judgement, should be separately presented and
disclosed by virtue of their nature or amount. Such items are
included within the consolidated income statement caption to which
they relate. The following exceptional items arose during the
year:
|
Six months
|
|
Six
months
|
|
ended
|
|
ended
|
|
January
|
|
January
|
|
2024
|
|
2023
|
|
€'000
|
|
€'000
|
Acquisition related costs
(i)
|
(553)
|
|
(265)
|
Ukraine related costs
(ii)
|
(2,209)
|
|
(1,189)
|
Total exceptional charge before tax
|
(2,762)
|
|
(1,454)
|
Tax credit on exceptional
items
|
64
|
|
26
|
Total exceptional charge after tax
|
(2,698)
|
|
(1,428)
|
|
|
|
|
|
(i) Acquisition related
costs
These costs principally comprised
of costs incurred in relation to the acquisition completed during
the period. The tax impact of this exceptional item in the period
was a tax credit of €6,000.
(ii) Ukraine related
costs
Ukraine related costs comprise of
rationalisation costs related to termination payments from
cessation of operations in Ukraine along with costs associated with
international sanctions imposed by authorities in response to the
Russian invasion of Ukraine. The tax impact of this exceptional
item in the period was a tax credit of €58,000.
7 Earnings per
share
Basic earnings per share
|
Six months
|
|
Six
months
|
|
ended
|
|
ended
|
|
January
|
|
January
|
|
2024
|
|
2023
|
|
€'000
|
|
€'000
|
|
|
|
|
(Loss)/profit for the financial
period attributable to equity shareholders
|
(3,484)
|
|
4,184
|
|
|
|
|
|
'000
|
|
'000
|
|
|
|
|
Weighted average number of
ordinary shares for the period
|
111,666
|
|
114,485
|
|
|
|
|
|
Cent
|
|
Cent
|
|
|
|
|
Basic (loss)/earnings per share
|
(3.12)
|
|
3.65
|
Origin Enterprises plc
Notes to the Condensed Interim
Consolidated Financial Statements (continued)
for the six months ended 31 January 2024
7 Earnings per share
(continued)
Diluted earnings per share
|
Six months
|
|
Six
months
|
|
ended
|
|
ended
|
|
January
|
|
January
|
|
2024
|
|
2023
|
|
€'000
|
|
€'000
|
|
|
|
|
(Loss)/profit for the financial
period attributable to equity shareholders
|
(3,484)
|
|
4,184
|
|
|
|
|
|
'000
|
|
'000
|
|
|
|
|
Weighted average number of
ordinary shares used in basic calculation
|
111,666
|
|
114,485
|
Potential impact of shares with
dilutive effect
|
3,840
|
|
2,463
|
Potential impact of SAYE scheme
with dilutive effect
|
1,067
|
|
1,759
|
Weighted average number of
ordinary shares (diluted) for the period
|
116,573
|
|
118,707
|
|
|
|
|
|
Cent
|
|
Cent
|
|
|
|
|
Diluted
(loss)/earnings per share
|
(3.12)
|
|
3.52
|
|
|
|
|
The effects of potential ordinary
shares are not reflected in the calculation of the diluted loss per
share as the impact of these is anti-dilutive.
Adjusted basic earnings per share
|
|
|
|
|
|
|
Six months
|
|
Six
months
|
|
|
ended
|
|
ended
|
|
|
January
|
|
January
|
|
|
2024
|
|
2023
|
|
|
€'000
|
|
€'000
|
|
|
|
|
|
(Loss)/profit for the financial period attributable to equity
shareholders
|
|
(3,484)
|
|
4,184
|
Amortisation of non-ERP related
intangible assets
|
|
6,505
|
|
5,541
|
Tax on amortisation of non-ERP
related intangible assets
|
|
(1,345)
|
|
(824)
|
Exceptional items, net of
tax
|
|
2,698
|
|
1,428
|
Adjusted basic profit
|
|
4,374
|
|
10,329
|
|
|
|
|
|
|
|
Cent
|
|
Cent
|
|
|
|
|
|
Adjusted basic earnings per share
|
|
3.92
|
|
9.02
|
|
|
|
|
|
|
|
|
|
|
|
|
€'000
|
|
€'000
|
|
|
|
|
|
Total adjusted basic earnings - as
above
|
|
4,376
|
|
10,329
|
|
|
|
|
|
|
|
Cent
|
|
Cent
|
|
|
|
|
|
Total adjusted diluted earnings per share
|
|
3.75
|
|
8.70
|
|
|
|
|
|
The calculation of basic adjusted
earnings per share is based on the weighted average number of
shares in issue during the period of 111,666,049 (31 January 2023:
114,484,781). The weighted average number of shares used in the
calculation of adjusted diluted earnings per share is 116,572,536 (31 January 2023:
118,707,841).
Origin Enterprises plc
Notes to the Condensed Interim
Consolidated Financial Statements (continued)
for the six months ended 31 January 2024
8 Condensed Interim Consolidated
Income Statements for the six months ended 31 January 2023 and year
ended 31 July 2023
An analysis of the Condensed
Interim Consolidated Income Statement (including exceptional items)
for the six months ended 31 January 2023 and year ended 31 July
2023 is set out below.
|
Six months ended 31 January 2023
|
|
|
|
|
|
|
|
|
|
|
Six months
|
|
Six months
|
|
Six months
|
|
|
|
|
ended
|
|
ended
|
|
ended
|
|
|
|
|
Jan 2023
|
|
Jan 2023
|
|
Jan 2023
|
|
|
|
|
Pre-Exceptional
|
|
Exceptional
|
|
Total
|
|
|
|
|
€'000
|
|
€'000
|
|
€'000
|
|
|
Revenue
|
|
1,180,042
|
|
-
|
|
1,180,042
|
|
|
Cost of sales
|
|
(1,030,438)
|
|
-
|
|
(1,030,438)
|
|
|
Gross profit
|
|
149,604
|
|
-
|
|
149,604
|
|
|
Operating costs
|
|
(134,845)
|
|
(1,454)
|
|
(136,299)
|
|
|
Share of profit of associates and
joint venture
|
|
1,615
|
|
-
|
|
1,615
|
|
|
Operating profit
|
|
16,374
|
|
(1,454)
|
|
14,920
|
|
|
Finance income
|
|
1,544
|
|
-
|
|
1,544
|
|
|
Finance expense
|
|
(10,171)
|
|
-
|
|
(10,171)
|
|
|
Profit before income tax
|
|
7,747
|
|
(1,454)
|
|
6,293
|
|
|
Income tax expense
|
|
(2,135)
|
|
26
|
|
(2,109)
|
|
|
Profit attributable to equity shareholders
|
|
5,612
|
|
(1,428)
|
|
4,184
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended 31 July 2023
|
|
|
|
|
|
|
|
|
|
|
Year ended
|
|
Year ended
|
|
Year ended
|
|
|
|
|
July 2023
|
|
July 2023
|
|
July 2023
|
|
|
|
|
Pre-Exceptional
|
|
Exceptional
|
|
Total
|
|
|
|
|
€'000
|
|
€'000
|
|
€'000
|
|
|
Revenue
|
|
2,456,168
|
|
-
|
|
2,456,168
|
|
|
Cost of sales
|
|
(2,122,029)
|
|
-
|
|
(2,122,029)
|
|
|
Gross profit
|
|
334,139
|
|
-
|
|
334,139
|
|
|
Operating costs
|
|
(256,783)
|
|
(4,489)
|
|
(261,272)
|
|
|
Share of profit of associates and
joint venture
|
|
4,040
|
|
3,692
|
|
7,732
|
|
|
Operating profit
|
|
81,396
|
|
(797)
|
|
80,599
|
|
|
Finance income
|
|
2,080
|
|
-
|
|
2,080
|
|
|
Finance expense
|
|
(15,043)
|
|
-
|
|
(15,043)
|
|
|
Profit before income tax
|
|
68,433
|
|
(797)
|
|
67,636
|
|
|
Income tax expense
|
|
(16,770)
|
|
166
|
|
(16,604)
|
|
|
Profit for the year
|
|
51,663
|
|
(631)
|
|
51,032
|
|
|
|
|
|
|
|
|
|
|
Origin Enterprises plc
Notes to the Condensed Interim
Consolidated Financial Statements (continued)
for the six months ended 31 January 2024
9 Property, plant and
equipment
|
January
|
|
July
|
|
2024
|
|
2023
|
|
€'000
|
|
€'000
|
|
|
|
|
Net book value
|
|
|
|
At beginning of period
|
118,107
|
|
107,906
|
Arising on acquisition (Note
13)
|
749
|
|
1,459
|
Additions
|
10,449
|
|
18,891
|
Disposals
|
(585)
|
|
(1,014)
|
Depreciation charge
|
(4,428)
|
|
(8,678)
|
Translation adjustments
|
58
|
|
(457)
|
|
|
|
|
|
|
|
|
At end of period
|
124,350
|
|
118,107
|
|
|
|
|
|
|
|
|
10 Goodwill and intangible
assets
|
January
|
|
July
|
|
2024
|
|
2023
|
|
€'000
|
|
€'000
|
|
|
|
|
Net book value
|
|
|
|
At beginning of period
|
299,906
|
|
251,999
|
Arising on acquisition (Note
13)
|
184
|
|
46,650
|
Purchase adjustment
|
-
|
|
(58)
|
Additions
|
10,928
|
|
17,683
|
Disposals
|
-
|
|
(886)
|
Amortisation of non-ERP intangible
assets
|
(6,505)
|
|
(13,435)
|
ERP intangible
amortisation
|
(135)
|
|
(783)
|
Translation adjustments
|
(150)
|
|
(1,264)
|
|
|
|
|
|
|
|
|
At end of period
|
304,228
|
|
299,906
|
|
|
|
|
|
|
|
|
Included in the total goodwill and
intangible assets above is goodwill of €214,147,000 (July 2023:
€214,354,000). There have been no indicators of impairment in the
first half of the year therefore a full assessment of the carrying
value of goodwill and intangibles will be carried out in the second
half of the year.
Origin Enterprises plc
Notes to the Condensed Interim
Consolidated Financial Statements (continued)
for the six months ended 31 January 2024
11 Investments in associates
and joint venture
|
January
|
|
July
|
|
2024
|
|
2023
|
|
€'000
|
|
€'000
|
|
|
|
|
At beginning of period
|
52,387
|
|
47,053
|
Share of profits after tax, before
exceptional items
|
1,366
|
|
4,040
|
Share of exceptional items, net of
tax
|
-
|
|
3,692
|
Dividends received
|
(11,435)
|
|
(144)
|
Share of other comprehensive
income
|
(62)
|
|
(1,755)
|
Translation adjustments
|
77
|
|
(499)
|
|
|
|
|
|
|
|
|
At end of period
|
42,333
|
|
52,387
|
|
|
|
|
|
|
|
|
12 Provision for liabilities
The estimate of
provisions is a key judgement in the preparation of the condensed
interim consolidated condensed financial statements.
|
January
|
|
July
|
|
2024
|
|
2023
|
|
€'000
|
|
€'000
|
|
|
|
|
At beginning of period
|
23,318
|
|
5,612
|
Arising on acquisition (Note
13)
Provided in period
|
-
500
|
|
15,199
2,738
|
Utilised in the period
|
(912)
|
|
(290)
|
Paid in period
|
(2,237)
|
|
(115)
|
Translation adjustments
|
65
|
|
174
|
|
|
|
|
|
|
|
|
At end of period
|
20,734
|
|
23,318
|
|
|
|
|
|
|
|
|
Provisions primarily relate to
contingent acquisition consideration arising on a number of
acquisitions completed during prior years.
Origin Enterprises plc
Notes to the Condensed Interim
Consolidated Financial Statements (continued)
for the six months ended 31 January 2024
13 Acquisition of subsidiary
undertakings
In August 2023, the Group acquired
the business and operating assets of Suregreen Limited, a UK based
landscape and gardening products supplier for trade professionals
and DIY customers from its Administrators.
Details of the net assets acquired
are as follows:
|
|
€'000
|
Assets
|
|
|
Non-current
|
|
|
Property, plant &
equipment
|
|
749
|
Right of use lease assets
|
|
187
|
Intangible assets
|
|
184
|
Total non-current assets
|
|
1,120
|
|
|
|
Current assets
|
|
|
Inventory
|
|
448
|
Total current assets
|
|
448
|
|
|
|
Liabilities
|
|
|
Trade and other payables
|
|
(615)
|
Lease liabilities
|
|
(198)
|
Total liabilities
|
|
(813)
|
|
|
|
Total net assets acquired
|
|
755
|
|
|
|
Consideration satisfied by:
|
|
|
Cash consideration
|
|
755
|
Total consideration related to acquisitions
|
|
755
|
|
|
|
Origin Enterprises plc
Notes to the Condensed Interim
Consolidated Financial Statements (continued)
for the six months ended 31 January 2024
14 Analysis of net cash /
(debt)
|
|
31 July
|
|
|
|
Non-cash
|
|
Translation
|
|
31
January
|
|
|
2023
|
|
Cashflow
|
|
movements
|
|
adjustment
|
|
2024
|
|
|
€'000
|
|
€'000
|
|
€'000
|
|
€'000
|
|
€'000
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
151,237
|
|
(64,497)
|
|
-
|
|
(188)
|
|
86,552
|
|
Overdraft
|
(1,098)
|
|
867
|
|
-
|
|
2
|
|
(229)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
150,139
|
|
(63,630)
|
|
-
|
|
(186)
|
|
86,323
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
(96,964)
|
|
(202,314)
|
|
(313)
|
|
(2,575)
|
|
(302,166)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash / (debt)
|
53,175
|
|
(265,944)
|
|
(313)
|
|
(2,761)
|
|
(215,843)
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease liabilities
|
(54,916)
|
|
5,477
|
|
(8,076)
|
|
(251)
|
|
(57,766)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net debt including lease liabilities
|
(1,741)
|
|
(260,467)
|
|
(8,389)
|
|
(3,012)
|
|
(273,609)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at 31 January 2024, the Group
had unsecured committed banking facilities of €400.0 million (July
2023: €400.0 million), which will expire in June 2026.
15 Share capital
|
|
January
|
|
July
|
|
|
2024
|
|
2023
|
|
|
€'000
|
|
€'000
|
|
Authorised
|
|
|
|
|
250,000,000 ordinary shares of
€0.01 each (i)
|
2,500
|
|
2,500
|
|
|
|
|
|
|
Allotted, called up and fully paid
|
|
|
|
|
125,320,375 (2023: 125,320,375)
ordinary shares of €0.01 each (i)
|
1,253
|
|
1,253
|
|
|
|
|
|
|
Number of treasury
shares
|
|
Nominal value of
shares
|
|
Carrying
value of
shares
|
|
|
|
€'000
|
|
€'000
|
Treasury shares in issue
|
|
|
|
|
|
At 1 August
2023
|
(13,558,484)
|
|
(136)
|
|
(51,689)
|
Share buyback
(ii)
|
(1,308,272)
|
|
(13)
|
|
(4,560)
|
Re-issue of
treasury shares (iii)
|
468,459
|
|
4
|
|
1,772
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(14,398,297)
|
|
(145)
|
|
(54,477)
|
|
|
|
|
|
|
(i)
Ordinary shareholders are entitled to dividends as declared and
each ordinary share carries equal voting rights at meetings of the
Company.
(ii) During the
financial period, the Group commenced a share buyback programme.
The total number of ordinary shares purchased by the Group was
1,308,272 for a total consideration before expenses of €4.6
million. The re-purchased shares are held as treasury
shares.
(iii) During the
financial period, the Group re-issued 468,459 treasury shares to
satisfy the exercise of share options granted under the Group's UK
and ROI Savings Related Share Option Schemes.
Origin Enterprises plc
Notes to the Condensed Interim
Consolidated Financial Statements (continued)
for the six months ended 31 January 2024
16 Dividends
On 9 February 2024 a dividend of
13.65 cent per ordinary share was paid in respect of the year ended
31 July 2023. The dividend was approved by shareholders at the
Annual General Meeting on 16 November 2023.
An interim dividend of 3.15 cent
per share will be paid on 21 June 2024 to shareholders on the
register on 31 May 2024. These condensed interim consolidated
financial statements do not reflect this dividend
payable.
17 Taxation
The taxation charge for the
interim period is an estimate based on the expected full year
effective tax rate on full year profits.
18 Contingent liabilities
The Group is not aware of any
major changes with regard to contingent liabilities in comparison
with the situation as of 31 July 2023.
19 Related party
transactions
Related party transactions
occurring in the period were similar in nature to those described
in the 2023 Annual Report.
20 Subsequent
events
Subsequent to 31 January 2024, the
Group announced the acquisition of Groundtrax Systems Limited,
which is the UK's number one specialist supplier of ground
protection and reinforcement systems.
There have been no other material
events that would require adjustment to or disclosure in this
report.
21 Release of half yearly
condensed interim consolidated financial
statements
The Group condensed interim
consolidated financial information was approved for release by the
Board on 4 March 2024.
22 Distribution of Interim
Report
This interim report is available
on the Group's website (www.originenterprises.com).
A printed copy is available to the public at the Company's
registered office.