Origin Enterprises plc
INTERIM RESULTS STATEMENT
Good first half performance
driven by a recovery in Agriculture volumes
and continued growth of
Living Landscapes division
4
March 2025: Origin Enterprises plc
('Origin' or 'the Group'), the international group shaping the
future of sustainable land use solutions, today announces its
interim results for the half-year ended 31 January 2025 ('H1
2025').
|
Results Summary
|
31 Jan 2025
€'m
|
31 Jan 2024
€'m
|
Change €'m
|
|
Group revenue
|
831.7
|
854.9
|
(23.2)
|
|
Operating
profit1
|
14.9
|
12.7
|
2.2
|
|
Associates and joint
venture2
|
2.1
|
1.4
|
0.7
|
|
Total Group operating profit1
|
17.0
|
14.1
|
2.9
|
|
Finance cost, net
|
(10.0)
|
(8.8)
|
(1.2)
|
|
Profit before tax1
|
7.0
|
5.3
|
1.7
|
|
Adjusted diluted earnings per share
(cent)3
|
5.17
|
3.75
|
1.42
|
|
Group net bank
debt4
|
(270.1)
|
(215.8)
|
(54.3)
|
|
Interim dividend per ordinary share (cent)
|
3.15
|
3.15
|
-
|
Financial and Operational
Summary
· Good H1 2025
performance with Adjusted EPS of 5.17c, an increase of 1.42c
(37.8%) on prior year, driven by continued growth in Living
Landscapes and a recovery in Agriculture volumes.
·
Operating profit1 of €14.9 million, a 17.1%
increase on the prior year period (H1 2024: €12.7
million).
·
Group revenues of €831.7 million driven by a
recovery in Agriculture volumes in Q2, as expected, following a
delayed start to planting, and strong organic growth in Living
Landscapes supported underlying volume growth for the Group
(excluding crop marketing) of 3%. The year-on-year revenue
decline of 2.7% was driven mainly by lower global feed and
fertiliser prices.
·
Agriculture:
o In the
UK, a larger area of Winter planting contributed to an increase in
volumes, however in-field conditions in limited areas means total
winter cropping remains below the level of a normal
season.
o Solid
start to the year in Continental Europe, with Poland performing
well, but growers in parts of Romania remain cautious following two
years of drought conditions.
o LATAM
delivered strong volume growth in a challenging pricing environment
with the depreciation in the Brazilian Real being the principal
reason for the decline in reported results.
·
Living Landscapes:
o Continued progress in our Living Landscapes segment,
delivering €2.3 million of operating profit growth in the period
from both strong organic growth and the four acquisitions completed
in Q1.
·
€10.5 million exceptional gains (net of tax)
primarily attributable to the revaluation of property holdings and
share of Joint Venture profit on the disposal of assets.
·
New €440 million sustainability-linked credit
facility secured, extending to 2030 with extension options and
increasing capacity by €40 million on the existing
facility.
·
Completed €20 million share buyback programme and
returned €14.5 million to shareholders in dividends post period
end.
·
Interim dividend of 3.15 cent per share (H1 2024:
3.15 cent per share).
·
Further payment of suspended amounts owing in
compliance with international sanctions of €26.2 million
contributing to an increase in net bank debt to €270.1 million (H1
2024 €215.8m).
Commenting on Origin's interim results, Chief Executive
Officer, Sean Coyle said:
"The Group delivered a good H1
2025 performance underpinned by a recovery in Agriculture volumes
and strong growth in Living Landscapes, resulting in Operating
Profit growth of 17% and EPS growth of 38% in the
period.
Improved in-field conditions
across our geographies in Q2 delivered higher volumes, with
planting returning to more normal levels. While the underlying
performance across Agriculture was strong, reported numbers were
negatively impacted by the devaluation of the Brazilian Real
relative to Euro.
Consistent with our strategy, we
are pleased to report strong organic growth in Living Landscapes
and welcome four new businesses which strengthen our environmental
expertise and further complement our existing services.
Our strategic focus on increasing our presence in
the professional landscapes and environmental solutions sectors,
and expanding the range of products and services we provide to the
emerging nature economy, is driving greater earnings
diversification and helping to mitigate earnings
inconsistency over
time.
Encouragingly, lower year on year
price levels has seen strong demand in order volumes for our animal
nutrition and soil nutrition businesses for the remainder of the
year, however, given the significant levels of spring volumes yet
to be delivered across all of our businesses, it is too early to
issue guidance for the full year.
Guidance for the FY 2025 year will
be issued with our Q3 trading update on 12 June 2025."
ENDS
Conference Call and Webcast details:
The management team will host a
live conference call and webcast, for analysts and institutional
investors today, 4 March 2025, 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.
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 (2025: €4.7 million, 2024: €5.2 million) and exceptional items,
net of tax (2025: income of €10.5 million, 2024: charge of €2.7
million)
4 Net
bank debt excludes IFRS16 Lease liabilities
INTERIM RESULTS STATEMENT
Financial Review - Summary
|
|
6 months
ended
31 Jan
2025
€'m
|
6 months
ended
31 Jan
2024
€'m
|
|
|
|
|
|
Group revenue
|
831.7
|
854.9
|
|
Operating
profit1
|
14.9
|
12.7
|
|
Associates and joint venture,
net2
|
2.1
|
1.4
|
|
Adjusted Group operating profit1
|
17.0
|
14.1
|
|
Finance cost, net
|
(10.0)
|
(8.8)
|
|
Pre-tax profit
|
7.0
|
5.3
|
|
Income tax charge
|
(1.2)
|
(0.9)
|
|
Adjusted net profit
|
5.8
|
4.4
|
|
|
|
|
|
Adjusted diluted earnings per share
(cent)3
|
5.17
|
3.75
|
|
|
|
|
|
|
|
|
|
Adjusted net profit reconciliation
|
|
|
|
Reported net
profit/(loss)
|
11.7
|
(3.5)
|
|
Amortisation of non-ERP intangible
assets
|
5.9
|
6.5
|
|
Tax on amortisation of non-ERP
related intangible assets
|
(1.3)
|
(1.3)
|
|
Exceptional items, net of
tax
|
(10.5)
|
2.7
|
|
Adjusted net profit
|
5.8
|
4.4
|
|
|
|
|
|
Adjusted diluted earnings per share
(cent)3
|
5.17
|
3.75
|
Adjusted diluted earnings per share
Origin delivered adjusted diluted
earnings per share3 in H1 2025 of 5.17 cent compared to
3.75 cent in H1 2024. On a like-for-like basis (excluding the
impact of currency movements and acquisitions) the underlying
increase in adjusted diluted earnings per share3 was
2.89 cent.
Group revenue
Group revenue for H1 2025 was
€831.7 million, representing a 2.7% decrease compared to €854.9
million in H1 2024. On a constant currency basis, revenue declined
by €26.9 million (3.1%).
Revenue excluding crop marketing
decreased by €2.6 million (0.4%), with underlying volumes
increasing by 3%. Contributions from acquisitions of 0.9% and a
foreign exchange benefit of 0.1% were offset by pricing of (4.4%)
reflecting the reduction in global feed and fertiliser
pricing.
Operating profit1
Operating profit1 in H1
2025 was €14.9 million compared to €12.7 million in H1 2024, an
increase of 17.1%. On an underlying basis, the increase in
operating profit year-on-year was €4.0 million. Foreign currency
exchange was a material headwind in the period, with a negative
€2.5m impact to reported operating profit, primarily due to
devaluation of the Brazilian Real relative to Euro.
Exceptional items
€10.5 million exceptional gains
(net of tax) in the period consist primarily of gains on the
revaluation of property holdings, share of Joint Venture profit on
the disposal of assets, offset by acquisition related costs
incurred in the period.
Associates and joint venture2
Origin's share of profit after
interest and taxation from associates and joint venture amounted to
€2.1 million, a €0.7 million increase on H1 2024.
Net bank debt and financing costs
Net bank debt5 at 31
January 2025 was €270.1 million compared to €215.8 million at 31
January 2024 and is 2.42 times EBITDA4 for the twelve
months to 31 January 2025.
The increase in net bank debt, for
the 12-month period ended 31 January 2025, reflects an increase in
working capital of €36.4 million largely impacted by the payment of
€26.2 million of outstanding suspended supplier amounts in
compliance with sanctions regimes, acquisition expenditure of €20.0
million, capital expenditure of €36.5 million and cumulative
shareholder returns of €34.0 million.
On the 31st January
2025, the Group agreed a new five-year €440 million
sustainability-linked revolving credit facility ('RCF'). The new
facility represents an increase of €40 million on the existing
facility and extends the facility to 31 January 2030. The facility
also had the option of two further extension options of one year
each and a further €100 million uncommitted loan
facility.
Net finance costs amounted to
€10.0 million compared to €8.8 million in H1 2024. The increase in
net finance costs in the period was primarily driven by
higher average net debt levels year on year. At period
end, the Group's key banking covenants are as follows:
|
|
Banking Covenant
|
H1 2025
Times
|
H1 2024
Times
|
FY 2024
Times
|
|
|
|
|
|
|
|
|
|
|
|
Net debt to EBITDA
|
Maximum 3.5
|
2.42
|
2.09
|
0.66
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA to net interest
|
Minimum 3.0
|
6.64
|
9.28
|
6.51
|
|
|
Working capital
Following the seasonal investment
in working capital in the period, the net cash outflow from
operating activities was €175.3 million (H1 2024: €214.3 million).
Working capital at 31 January 2025 amounted to €200.8 million
compared to €164.4 million in the prior period. The period end
working capital position reflects the payment of €26.2 million as
noted above, of supplier amounts which had been previously
suspended in accordance with international sanctions imposed by
authorities in response to the Russian invasion of Ukraine in 2022.
A €5.7 million balance remains to be paid
to entities connected to sanctioned parties.
Sustainability
The Group is committed to
developing products and services that align with customer needs
while supporting industry and government objectives to reduce
greenhouse gas emissions and enhance biodiversity.
As part of our focus on optimising
land use, we have made a strategic investment in BioGains, a
UK-based company specialising in habitat bank creation. This
investment aligns with our expertise in ecology and environmental
solutions, strengthening our ability to support customers in
accessing biodiversity net gain (BNG) credits and meeting evolving
regulatory requirements.
In parallel, we continue to embed
sustainability across our business and product portfolio, including
the appointment of a Group Head of Biostimulants, Adjuvants, and
Micronutrients. This newly created role will drive innovation,
supplier collaboration, and in-house expertise, supporting the
transition to more sustainable agricultural solutions.
Interim dividend
We are pleased to announce that an
interim dividend of 3.15 cent per share (H1 2024: 3.15 cent per
share) will be paid on 20 June 2025 to shareholders on the register
on 30 May 2025.
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 (2025: €4.7 million, 2024: €5.2 million) and exceptional items,
net of tax (2025: income of €10.5 million, 2024: charge of €2.7
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
2025
€'m
|
H1
2024
€'m
|
Change
€'m
|
Underlying4
€'m
|
Constant
Currency5 €'m
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
Agriculture
|
756.5
|
793.6
|
(37.1)
|
(38.6)
|
(38.6)
|
|
Living
Landscapes
|
75.2
|
61.3
|
13.9
|
5.0
|
11.7
|
|
Group
|
831.7
|
854.9
|
(23.2)
|
(33.6)
|
(26.9)
|
|
Operating profit1
|
|
|
|
|
|
|
Agriculture
|
11.1
|
11.2
|
(0.1)
|
2.5
|
2.5
|
|
Living
Landscapes
|
3.8
|
1.5
|
2.3
|
1.5
|
2.2
|
|
Group
|
14.9
|
12.7
|
2.2
|
4.0
|
4.7
|
|
|
|
|
|
|
|
|
Associates and joint
venture2
|
2.1
|
1.4
|
0.7
|
0.7
|
0.7
|
|
Adjusted diluted EPS
(cent)3
|
5.17
|
3.75
|
1.42
|
2.89
|
3.17
|
|
|
|
|
|
|
|
|
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 (2025: €4.7 million, 2024: €5.2 million) and exceptional items,
net of tax (2025: income of €10.5 million, 2024: charge of €2.7
million)
|
|
4 Excluding
currency movements and the impact of acquisitions
|
|
5 Excluding
currency movements
|
|
|
|
|
|
|
|
|
|
|
|
|
Agriculture:
Ireland and the United
Kingdom
|
|
|
|
Change
on prior period
|
|
|
H1
2025
€'m
|
H1
2024
€'m
|
Change
€'m
|
Underlying3
€'m
|
Constant
Currency4 €'m
|
|
|
|
|
|
|
|
|
Revenue
|
430.5
|
454.8
|
(24.3)
|
(35.7)
|
(35.7)
|
|
Operating
(loss)1
|
(1.2)
|
(4.6)
|
3.4
|
3.5
|
3.5
|
|
|
|
|
|
|
|
|
Associates and joint
venture2
|
2.1
|
1.4
|
0.7
|
0.7
|
0.7
|
|
|
|
|
|
|
|
|
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 €24.3 million in the period.
Operating result for the period improved from
operating loss of €4.6 million in H1 2024 to an operating loss of
€1.2 million.
The increased contribution was
driven by stronger fertiliser demand in Ireland ahead of the
application season and a recovery in the winter cropping profile
across the UK, as conditions improved through the season. However,
in the UK, a cautious approach to pre-season purchases persisted
due to ongoing impact of soft commodity prices on grower sentiment.
As a result, underlying business volumes declined by
1.5%.
Sustainable
Agronomy
Agronomy services revenues
declined during H1 2025 as growers adjusted purchasing strategies,
opting for a just-in-time approach ahead of the spring application
period. This aligns with seasonal demand cycles, and we are
well-positioned to support customers as application activity
accelerates.
As a positive sign, winter wheat
planting has increased by c.23% vs prior year to 1.65 million
hectares, despite weather-related challenges on later-sown crops.
While short of the 1.75 million hectares projected in Q1, crop
development has been good.
Total autumn/winter and spring
plantings for the 2024/25 crop production year are forecasted to
reach over 4 million hectares, an increase of c.0.1 million
hectares compared to last year.
Soil
Nutrition
Soil Nutrition delivered a good
performance in H1 2025, with increased volumes year-on-year.
Stronger pre-season fertiliser sales in Ireland were partially
offset by a slower pre-season trade in the UK, where customers are
adopting a just-in-time stocking approach ahead of the upcoming
application season. Order volumes for the upcoming season are
stronger than the previous year.
Aligned with an increasing market
focus on soil health, the Group continues to witness an ongoing
shift away from commoditised products towards enhanced efficiency
fertiliser blends. As customers adapt to climate regulations and
seek to optimise nutrient availability, demand for
higher-performance solutions continues to grow and the Group's
product portfolio is positioned to support this
transition.
Animal
Nutrition
Feed Ingredients delivered a good
performance in H1 2025, 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, reflecting the shortage of fodder stock
in the market following challenging growing conditions in 2024 and
strong output prices for dairy, beef, poultry, pork and
eggs.
Continental
Europe1
|
|
|
|
Change
on prior period
|
|
|
H1
2025
€'m
|
H1
2024
€'m
|
Change
€'m
|
Underlying3
€'m
|
Constant
Currency4 €'m
|
|
|
|
|
|
|
|
|
Revenue
|
151.4
|
139.0
|
12.4
|
10.5
|
10.5
|
|
Operating
profit2
|
1.2
|
1.5
|
(0.3)
|
(0.3)
|
(0.3)
|
|
|
|
|
|
|
|
|
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 delivered a solid start to
the year, generating an operating profit of €1.2 million in the
seasonally quieter first half. Current soil moisture levels remain
adequate, and winter crops are in good condition across both
geographies. As a result, underlying business volumes (excluding
crop marketing) across Romania and Poland increased by 14.5% in H1
2025, compared to the same period last year.
Market
sentiment in Romania remains cautious, as capital availability is
constrained following two consecutive years of drought impacting
certain regions. In contrast, the outlook in Poland remains more
positive, following a strong start to the year.
Poland
Poland delivered a strong start to
the year achieving higher volumes across its product portfolios in
a competitive market, supported by a strong seed sales campaign and
continued growth in its Biological, Adjuvant, and Micronutrient
(BAM) portfolio. The business remains focused on optimising its
product mix and integrating agronomic solutions into its sales
strategy.
Autumn and winter plantings are
expected to align with the prior year harvested area at 5.3 million
hectares, with winter crops reported in good condition. Overall
crop establishment remains positive, despite recent cold
temperatures affecting some regions. The total cropping area for
the 2025 growing season is expected to remain broadly in line with
last year at 8.9 million hectares.
Romania
Romania delivered a satisfactory
H1 2025, with increased volumes across all product categories. On
farm sentiment remains cautious, influenced by two consecutive dry
seasons that have impacted yields and restricted spending power. As
a result, farmers are prioritising lower cost options, including a
shift toward farm-saved seed over certified alternatives with a
negative margin mix to the operating profit.
A 22% year-on-year increase in
winter crop plantings has reshaped the cropping profile, supporting
higher sales during the period. Winter crops are well established
and in good condition, except in southern regions, where drought
conditions persisted for most of H1 2025, although recent snowfalls
in this area will contribute to a better outlook for
crops.
The total cropping area for the
2025 growing season is expected to remain broadly in line with last
year at 8.4 million hectares, with a reduction in maize planting,
reflecting the shift toward winter cropping.
Latin
America
|
|
|
|
|
Change
on prior period
|
|
|
H1
2025
€'m
|
H1
2024
€'m
|
Change
€'m
|
Underlying2
€'m
|
Constant
Currency3 €'m
|
|
|
|
|
|
|
|
|
Revenue
|
|
90.1
|
94.7
|
(4.6)
|
10.0
|
10.0
|
|
Operating
profit1
|
|
10.8
|
13.9
|
(3.1)
|
(0.5)
|
(0.5)
|
|
|
|
|
|
|
|
|
|
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 underlying performance, with business
volumes increasing by 11.5% across all product categories despite a
competitive pricing environment. Reported results however were
impacted by a 18.5% currency translation effect, following the
devaluation of the Brazilian Real against the Euro.
Growth
was achieved across all product categories, with the Controlled
Release Fertiliser (CRF) business leading volume expansion,
reflecting the Group's ongoing investment in capacity expansion.
CRF volumes outpaced those in the Physiology and Nutrition segment,
however the higher share of lower-margin CRF sales resulted in a
negative mix effect on margins.
As a
result, operating profit declined to €10.8 million in H1 2025,
compared to €13.9 million in H1 2024, primarily due to the impact
of currency translation, with an underlying reduction of €0.5
million.
Brazil's
soya cropping area is projected to increase by 2.8% year-on-year to
47.4 million hectares, with the expected harvest reaching 171.0
million tonnes, a 15.8% (23.3 million tonnes) increase on the prior
year, reinforcing strong demand fundamentals in the
region.
Living
Landscapes:
|
|
|
|
|
Change
on prior period
|
|
|
H1
2025
€'m
|
H1
2024
€'m
|
Change
€'m
|
Underlying2
€'m
|
Constant
Currency3 €'m
|
|
|
|
|
|
|
|
|
Revenue
|
|
75.2
|
61.3
|
13.9
|
5.0
|
11.7
|
|
Operating
profit1
|
|
3.8
|
1.5
|
2.3
|
1.5
|
2.2
|
|
1 Before
amortisation of non-ERP intangible assets and exceptional
items
2 Excluding
currency movements and the impact of acquisitions
3 Excluding
currency movements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Living
Landscapes saw a strong start to the year, delivering €3.8 million in operating
profit up from €1.5 million in H1 2024 driven by
underlying profit growth
of €1.5 million and €0.7m benefit from
acquisitions.
The
segment reported robust performance across all three business
areas:
- Sports
benefited from favourable trading conditions, driving increased
demand.
- Landscapes continued to see good underlying
growth, further enhanced by an expanded product portfolio following
recent acquisitions.
- Environment broadened its geographic reach and
specialist service offerings, leveraging recent acquisitions to
strengthen its market position.
The
expansion of Living landscapes continues to enhance the Group's
capabilities in ecological consultancy, biodiversity solutions, and
environmental planning, positioning Living Landscapes as a leading
provider of integrated land-use solutions.
ENDS
Enquiries
|
Origin Enterprises plc
|
|
|
|
Colm Purcell
|
|
|
|
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
|
|
|
|
|
|
Berenberg (Corporate
Broker)
|
|
|
|
Clayton Bush
|
Tel:
|
+44 (0)20 3207 7800
|
|
|
|
|
|
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 champions
sustainable land use through technically-led solutions, empowering
our customers to enrich their land so it can achieve its true
potential. The Group has leading market positions in Ireland, the
United Kingdom, Brazil, Poland and Romania, and is listed on the
Euronext Growth Dublin market and the AIM market of the London
Stock Exchange.
Euronext Growth (Dublin) ticker
symbol:
OIZ
AIM ticker symbol:
OGN
Website: www.originenterprises.com
Origin Enterprises plc
Condensed Interim Consolidated
Income Statement
for the six months ended 31 January 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months
|
|
Six months
|
|
Six months
|
|
Six
months
|
|
Year
|
|
|
|
ended
|
|
ended
|
|
ended
|
|
ended
|
|
ended
|
|
|
|
January
|
|
January
|
|
January
|
|
January
|
|
July
|
|
|
|
2025
|
|
2025
|
|
2025
|
|
2024
|
|
2024
|
|
|
|
Pre-exceptional
|
|
Exceptional
|
|
Total
|
|
Total
|
|
Total
|
|
|
|
€'000
|
|
€'000
|
|
€'000
|
|
€'000
|
|
€'000
|
|
|
Notes
|
|
|
Note 6
|
|
|
|
Note
8
|
|
Note
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
5
|
831,676
|
|
-
|
|
831,676
|
|
854,913
|
|
2,045,701
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
(689,546)
|
|
-
|
|
(689,546)
|
|
(716,754)
|
|
(1,701,665)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
142,130
|
|
-
|
|
142,130
|
|
138,159
|
|
344,036
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs
|
|
(133,195)
|
|
4,212
|
|
(128,983)
|
|
(134,701)
|
|
(281,150)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share of profit of associates and
joint venture
|
2,118
|
|
7,020
|
|
9,138
|
|
1,366
|
|
8,074
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
5
|
11,053
|
|
11,232
|
|
22,285
|
|
4.824
|
|
70,960
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance income
|
|
4,888
|
|
-
|
|
4,888
|
|
3,494
|
|
3,386
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance expense
|
|
(14,911)
|
|
-
|
|
(14,911)
|
|
(12,254)
|
|
(21,952)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit/(Loss) before income tax
|
|
1,030
|
|
11,232
|
|
12,262
|
|
(3,936)
|
|
52,394
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
credit/(expense)
|
|
76
|
|
(683)
|
|
(607)
|
|
452
|
|
(11,966)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit/(Loss) attributable to equity
shareholders
|
1,106
|
|
10,549
|
|
11,655
|
|
(3,484)
|
|
40,428
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months
|
|
Six
months
|
|
Year
|
|
|
|
|
|
|
|
ended
|
|
ended
|
|
ended
|
|
|
|
|
|
|
|
January
|
|
January
|
|
July
|
|
|
|
|
|
|
|
2025
|
|
2024
|
|
2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings/(loss) per share
|
7
|
|
|
|
|
10.98c
|
|
(3.12c)
|
|
36.73c
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings/(loss) per share
|
7
|
|
|
|
|
10.42c
|
|
(3.12c)
|
|
35.21c
|
Origin Enterprises plc
Condensed Interim Consolidated
Statement of Comprehensive Income
for the six months ended 31 January 2025
|
|
|
|
|
|
|
|
|
Six
months
|
|
Six months
|
|
Year
|
|
|
ended
|
|
ended
|
|
ended
|
|
|
January
|
|
January
|
|
July
|
|
|
2025
|
|
2024
|
|
2024
|
|
|
€'000
|
|
€'000
|
|
€'000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit/(loss) for the period
|
11,655
|
|
(3,484)
|
|
40,428
|
|
|
|
|
|
|
|
|
Other comprehensive income/(expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
(948)
|
|
(915)
|
|
3,154
|
|
- deferred tax effect of
remeasurements
|
225
|
|
230
|
|
(836)
|
|
- share of remeasurements on
associate's defined benefit pension schemes
|
-
|
|
-
|
|
(79)
|
|
- share of deferred tax effect of
remeasurements - associates
|
-
|
|
-
|
|
20
|
|
|
|
|
|
|
|
|
Items that may be reclassified subsequently to the Group
income statement:
|
|
|
|
|
|
|
Group foreign exchange translation details
|
|
|
|
|
|
|
- exchange difference on
translation of foreign operations
|
2,261
|
|
(4,020)
|
|
(12,089)
|
|
Group/Associate cash flow hedges
|
|
|
|
|
|
|
- effective portion of changes in
fair value of cash flow hedges
|
(1,132)
|
|
(2,424)
|
|
(3,068)
|
|
- fair value of cash flow hedges
transferred to operating costs
|
1,785
|
|
(392)
|
|
(414)
|
|
- deferred tax effect of cash flow
hedges
|
(295)
|
|
298
|
|
250
|
|
- share of associates and joint
venture cash flow hedges
|
2,592
|
|
(71)
|
|
295
|
|
- deferred tax effect of share of
associates and joint venture cash flow hedges
|
(324)
|
|
9
|
|
(37)
|
|
|
|
|
|
|
|
|
Other comprehensive income/(expense) for the period, net of
tax
|
4,164
|
|
(7,285)
|
|
(12,804)
|
|
|
|
|
|
|
|
|
Total comprehensive income/(expense) for the period
attributable to equity shareholders
|
15,819
|
|
(10,769)
|
|
27,624
|
|
|
|
|
|
|
|
Origin Enterprises plc
Condensed Interim Consolidated
Statement of Financial Position
as at 31 January 2025
|
|
|
|
January
|
|
January
|
|
July
|
|
|
|
|
2025
|
|
2024
|
|
2024
|
|
|
Notes
|
|
€'000
|
|
€'000
|
|
€'000
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
|
|
Property, plant and
equipment
|
9
|
|
135,523
|
|
124,350
|
|
132,665
|
|
Right of use asset
|
|
|
63,541
|
|
55,267
|
|
59,834
|
|
Investment properties
|
|
|
8,500
|
|
2,270
|
|
2,270
|
|
Goodwill and intangible
assets
|
10
|
|
322,026
|
|
304,228
|
|
308,852
|
|
Investments in associates and
joint venture
|
11
|
|
43,916
|
|
42,333
|
|
44,484
|
|
Other financial assets
|
|
|
921
|
|
903
|
|
913
|
|
Derivative financial
instruments
|
|
|
1,850
|
|
4,373
|
|
2,760
|
|
Deferred tax assets
|
|
|
3,557
|
|
7,478
|
|
6,866
|
|
Post employment benefit
surplus
|
|
|
5,900
|
|
2,007
|
|
6,715
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-current assets
|
|
|
585,734
|
|
543,209
|
|
565,359
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
Properties held for
sale
|
|
|
5,800
|
|
5,800
|
|
5,800
|
|
Inventory
|
|
|
296,475
|
|
322,334
|
|
228,132
|
|
Trade and other
receivables
|
|
|
365,438
|
|
298,655
|
|
477,851
|
|
Derivative financial
instruments
|
|
|
1,592
|
|
207
|
|
634
|
|
Cash and cash
equivalents
|
14
|
|
62,583
|
|
86,552
|
|
124,540
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
731,888
|
|
713,548
|
|
836,957
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
|
1,317,622
|
|
1,256,757
|
|
1,402,316
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Origin Enterprises plc
Condensed Interim Consolidated
Statement of Financial Position (continued)
as at 31 January 2025
|
|
|
|
January
|
|
January
|
|
July
|
|
|
|
|
2025
|
|
2024
|
|
2024
|
|
|
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
|
|
|
243,599
|
|
219,282
|
|
243,151
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL EQUITY
|
|
|
405,378
|
|
381,061
|
|
404,930
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
|
|
|
Interest-bearing
borrowings
|
14
|
|
328,179
|
|
302,166
|
|
196,225
|
|
Lease liability
|
14
|
|
51,302
|
|
43,295
|
|
47,184
|
|
Deferred tax
liabilities
|
|
|
18,496
|
|
19,342
|
|
21,732
|
|
Provision for
liabilities
|
12
|
|
13,908
|
|
8,620
|
|
9,419
|
|
Derivative financial
instruments
|
|
|
758
|
|
711
|
|
538
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-current liabilities
|
|
|
412,643
|
|
374,134
|
|
275,098
|
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
Interest-bearing
borrowings
|
14
|
|
4,489
|
|
229
|
|
1
|
|
Lease liability
|
14
|
|
14,197
|
|
14,471
|
|
14,348
|
|
Trade and other
payables
|
|
|
461,067
|
|
456,619
|
|
693,992
|
|
Corporation tax payable
|
|
|
2,552
|
|
2,374
|
|
6,538
|
|
Provision for
liabilities
|
12
|
|
2,588
|
|
12,114
|
|
6,455
|
|
Dividend payable to
shareholders
|
16
|
|
14,476
|
|
15,149
|
|
-
|
|
Derivative financial
instruments
|
|
|
232
|
|
606
|
|
954
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
499,601
|
|
501,562
|
|
722,288
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
|
|
|
912,244
|
|
875,696
|
|
997,386
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL EQUITY AND LIABILITIES
|
|
|
1,317,622
|
|
1,256,757
|
|
1,402,316
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Origin Enterprises plc
Condensed Interim Consolidated
Statement of Changes in Equity
for the six months ended 31 January 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 2024
|
1,253
|
|
160,526
|
|
(67,569)
|
|
145
|
|
(105)
|
|
12,843
|
|
7,602
|
|
(196,884)
|
|
(57,417)
|
|
544,536
|
|
404,930
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the period
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
11,655
|
|
11,655
|
|
Other comprehensive
income/(expense) for the period
|
-
|
|
-
|
|
-
|
|
-
|
|
2,626
|
|
-
|
|
-
|
|
-
|
|
2,261
|
|
(723)
|
|
4,164
|
|
Share buyback
|
-
|
|
-
|
|
(1,850)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(1,850)
|
|
Re-issue of treasury
shares
|
-
|
|
-
|
|
955
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
955
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transfer of share-based payment
reserve
to retained earnings
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(664)
|
|
-
|
|
-
|
|
664
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend payable to shareholders
(Note 16)
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(14,476)
|
|
(14,476)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 31 January 2025
|
1,253
|
|
160,526
|
|
(68,464)
|
|
145
|
|
2,521
|
|
12,843
|
|
6,938
|
|
(196,884)
|
|
(55,156)
|
|
541,656
|
|
405,378
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(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 Cash Flows
for the six months ended 31 January 2025
|
|
|
Six
months
|
|
Six months
|
|
Year
|
|
|
|
ended
|
|
ended
|
|
ended
|
|
|
|
January
2025
|
|
January
2024
|
|
July
2024
|
|
|
|
€'000
|
|
€'000
|
|
€'000
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities
|
|
|
|
|
|
|
|
Profit/(loss) before
tax
|
|
12,262
|
|
(3,936)
|
|
52,394
|
|
Exceptional items
|
|
(11,232)
|
|
2,762
|
|
5,665
|
|
Finance income
|
|
(4,888)
|
|
(3,494)
|
|
(3,386)
|
|
Finance expense
|
|
14,911
|
|
12,254
|
|
21,952
|
|
Profit on disposal of property,
plant and equipment
|
|
(154)
|
|
(204)
|
|
(79)
|
|
Share of profit of associates and
joint venture
|
|
(2,118)
|
|
(1,366)
|
|
(6,421)
|
|
Depreciation of property, plant
and equipment
|
|
4,760
|
|
4,428
|
|
8,822
|
|
Depreciation of right of use
assets
|
|
7,998
|
|
6,916
|
|
14,320
|
|
Amortisation of intangible
assets
|
|
7,277
|
|
6,640
|
|
15,002
|
|
Employee share-based payment
charge
|
|
-
|
|
-
|
|
2,439
|
|
Pension contributions in excess of
service costs
|
|
43
|
|
(298)
|
|
(803)
|
|
Settlement of non-trade related
item
|
|
-
|
|
-
|
|
(7,205)
|
|
Payment of exceptional Ukraine
exit and sanction related costs
|
|
(764)
|
|
(2,334)
|
|
(4,043)
|
|
Payment of exceptional acquisition
and disposal related costs
|
|
(1,254)
|
|
(552)
|
|
(4,669)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating cash flow before changes in working
capital
|
|
26,841
|
|
20,816
|
|
93,988
|
|
|
|
|
|
|
|
|
|
(Increase)/decrease in
inventory
|
|
(67,125)
|
|
(89,661)
|
|
3,809
|
|
Decrease/(increase) in trade and
other receivables
|
|
113,386
|
|
139,315
|
|
(40,449)
|
|
Decrease in trade and other
payables
|
|
(235,572)
|
|
(270,325)
|
|
(26,429)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash (absorbed)/generated from operating
activities
|
|
(162,470)
|
|
(199,855)
|
|
31,099
|
|
|
|
|
|
|
|
|
|
Interest paid
|
|
(8,171)
|
|
(5,654)
|
|
(14,466)
|
|
Income tax paid
|
|
(4,706)
|
|
(8,769)
|
|
(16,064)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash (outflow)/inflow from operating
activities
|
|
(175,347)
|
|
(214,278)
|
|
569
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Origin Enterprises plc
Condensed Interim Consolidated
Statement of Cash Flows (continued)
for the six months ended 31 January 2025
|
|
|
Six
months
|
|
Six months
|
|
Year
|
|
|
|
ended
|
|
ended
|
|
ended
|
|
|
|
January
2025
|
|
January
2024
|
|
July
2024
|
|
|
|
€'000
|
|
€'000
|
|
€'000
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
|
Proceeds from sale of property,
plant and equipment
|
|
768
|
|
797
|
|
924
|
|
Purchase of property, plant and
equipment
|
|
(7,678)
|
|
(9,842)
|
|
(23,542)
|
|
Additions to intangible
assets
|
|
(6,207)
|
|
(10,928)
|
|
(19,831)
|
|
Consideration relating to
acquisition
|
|
(8,581)
|
|
(755)
|
|
(5,302)
|
|
Payment of contingent acquisition
consideration
|
|
(1,463)
|
|
(2,237)
|
|
(8,084)
|
|
Investment in
associates
|
|
(388)
|
|
-
|
|
-
|
|
Payment of put option
liability
|
|
-
|
|
(31,706)
|
|
(30,912)
|
|
Dividends received from
associates
|
|
12,549
|
|
11,435
|
|
16,596
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash outflow from investing activities
|
|
(11,000)
|
|
(43,236)
|
|
(70,151)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities
|
|
|
|
|
|
|
|
Drawdown of bank loans
|
|
171,327
|
|
265,622
|
|
423,226
|
|
Repayment of bank loans
|
|
(40,383)
|
|
(63,308)
|
|
(325,966)
|
|
Lease liability
payments
|
|
(9,148)
|
|
(5,477)
|
|
(15,955)
|
|
Share buyback
|
|
(1,850)
|
|
(4,560)
|
|
(18,150)
|
|
Proceeds from re-issue of treasury
shares
|
|
-
|
|
1,607
|
|
1,608
|
|
Payment of dividends to equity
shareholders
|
|
-
|
|
-
|
|
(18,540)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash inflow from financing activities
|
|
119,946
|
|
193,884
|
|
46,223
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease in cash and cash equivalents
|
|
(66,401)
|
|
(63,630)
|
|
(23,359)
|
|
|
|
|
|
|
|
|
|
Translation adjustment
|
|
(44)
|
|
(186)
|
|
(2,241)
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at start
of period
|
|
124,539
|
|
150,139
|
|
150,139
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period (Note
14)
|
|
58,094
|
|
86,323
|
|
124,539
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Origin Enterprises plc
Notes to the Condensed Interim
Consolidated Financial Statements
for the six months ended 31 January 2025
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 2024, which have
been prepared in accordance with IFRSs. The financial statements
for the year ended 31 July 2024 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 2025 and the comparative figures for the six months ended
31 January 2024 are unaudited and have not been reviewed by the
Auditors. The summary financial statements for the year ended 31
July 2024 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 2025 is
included in the financial highlights included on pages 3 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 119 to 126 of the
Group's Annual Report for the year ended 31 July 2024.
There are a number of new
standards which are also effective from 1 August 2024.
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:
·
Amendments to IAS 1 'Presentation of Financial
Statements': Classification of liabilities as Current or
Non-Current and Non-current Liabilities with Covenants
·
Amendments to IAS 7: 'Statement of Cash Flows'
and IFRS 7 'Financial Instruments: Disclosures': Supplier Finance
Arrangements
·
Amendments to IFRS 16: 'Leases': Lease Liability
in a Sale and Leaseback
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 2025
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 2025
|
Jan
2024
|
July
2024
|
|
Jan 2025
|
Jan
2024
|
July
2024
|
|
|
EUR €1=
|
EUR
€1=
|
EUR
€1=
|
|
EUR €1=
|
EUR
€1=
|
EUR
€1=
|
|
|
|
|
|
|
|
|
|
|
Brazilian Real
|
6.19855
|
5.33018
|
5.46723
|
|
6.11132
|
5.35209
|
6.06923
|
|
British Pound Sterling
|
0.83760
|
0.86309
|
0.85754
|
|
0.83670
|
0.85310
|
0.84320
|
|
Polish Zloty
|
4.28503
|
4.43802
|
4.36862
|
|
4.21050
|
4.34210
|
4.29850
|
|
Romanian Leu
|
4.97344
|
4.96266
|
4.96736
|
|
4.97860
|
4.97930
|
4.9760
|
|
|
|
|
|
|
|
|
|
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.
The Group performed a review of
operating segments during the prior year. Given the recent
acquisitions in the Ecology and Environmental sector and the
Group's strategic objective to expand further into this sector, the
Group has determined there are two operating segments as
follows:
Agriculture
This segment includes the Group's
wholly owned Business-to-Business Agri-Inputs operations,
Integrated Agronomy and On-Farm Services operations in Ireland, the
United Kingdom, Poland, Romania, and Brazil. In addition, this
segment includes the Group's associate and joint venture
undertakings.
Living Landscapes
This segment includes the Group's
wholly owned Sports, Landscapes and Environmental operations,
providing a range of consultancy, inputs and technical solutions in
sports turf management, landscaping, and environmental
conservation.
Prior year comparative information
has been presented on a consistent basis to reflect the changes in
our reporting segments.
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 2025
5 Segment information
(continued)
(i) Segment revenue and
results
|
|
|
Agriculture
|
|
Living
Landscapes
|
|
Total
Group
|
|
|
|
Jan 2025
|
|
Jan 2024
|
|
Jan
2025
|
|
Jan 2024
|
|
Jan
2025
|
|
Jan 2024
|
|
|
|
|
€'000
|
|
€'000
|
|
€'000
|
|
€'000
|
|
€'000
|
|
€'000
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ireland & UK
|
|
430,502
|
|
454,778
|
|
75,152
|
|
61,348
|
|
505,654
|
|
516,126
|
|
|
Continental Europe
|
|
235,953
|
|
244,070
|
|
-
|
|
-
|
|
235,953
|
|
244,070
|
|
|
Latin America
|
|
90,069
|
|
94,717
|
|
-
|
|
-
|
|
90,069
|
|
94,717
|
|
|
Total
|
|
756,524
|
|
793,565
|
|
75,152
|
|
61,348
|
|
831,676
|
|
854,913
|
|
|
Segment Result
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ireland & UK
|
|
(1,235)
|
|
(4,606)
|
|
3,779
|
|
1,468
|
|
2,544
|
|
(3,138)
|
|
|
Continental Europe
|
|
1,563
|
|
1,966
|
|
-
|
|
-
|
|
1,563
|
|
1,966
|
|
|
Latin America
|
|
10,798
|
|
13,897
|
|
-
|
|
-
|
|
10,798
|
|
13,897
|
|
|
Total
|
|
11,126
|
|
11,257
|
|
3,779
|
|
1,468
|
|
14,905
|
|
12,725
|
|
|
Profit from associate & joint
venture
|
|
2,118
|
|
1,366
|
|
-
|
|
-
|
|
2,118
|
|
1,366
|
|
|
Amortisation of non-ERP intangible
assets
|
|
(4,611)
|
|
(5,208)
|
|
(1,359)
|
|
(1,297)
|
|
(5,970)
|
|
(6,505)
|
|
|
Operating profit before exceptional items
|
|
8,633
|
|
7,415
|
|
2,420
|
|
171
|
|
11,053
|
|
7,586
|
|
|
Exceptional items
|
|
12,440
|
|
(2,257)
|
|
(1,208)
|
|
(505)
|
|
11,232
|
|
(2,762)
|
|
|
Operating profit
|
|
21,073
|
|
5,158
|
|
1,212
|
|
(334)
|
|
22,285
|
|
4,824
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(ii) Segment earnings before
financing costs and tax is reconciled to reported profit before tax
and profit after tax as follows:
|
Operating profit
|
22,285
|
|
4,824
|
|
Finance income
|
4,888
|
|
3,494
|
|
Finance expense
|
(14,911)
|
|
(12,254)
|
|
Reported profit before tax
|
12,262
|
|
(3,936)
|
|
Income tax
|
(607)
|
|
452
|
|
Reported profit after tax
|
11,655
|
|
(3,484)
|
Origin Enterprises plc
Notes to the Condensed Interim
Consolidated Financial Statements (continued)
for the six months ended 31 January 2025
5 Segment information
(continued)
(iii) Segment assets
|
|
|
Agriculture
|
|
Living
Landscapes
|
|
Total
Group
|
|
|
|
Jan
2025
|
|
Jan 2024
|
|
Jan
2025
|
|
Jan 2024
|
|
Jan
2025
|
|
Jan 2024
|
|
|
|
€'000
|
|
€'000
|
|
€'000
|
|
€'000
|
|
€'000
|
|
€'000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets excluding investment in
associates & joint venture
|
|
1,037,327
|
|
976,353
|
|
166,797
|
|
138,558
|
|
1,204,124
|
|
1,114,911
|
|
Investments in associates &
joint venture
(including other financial assets)
|
|
43,528
|
|
43,236
|
|
388
|
|
-
|
|
43,916
|
|
43,236
|
|
Segment assets
|
|
1,080,855
|
|
1,019,589
|
|
167,185
|
|
138,558
|
|
1,248,040
|
|
1,158,147
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to total assets as reported in Consolidated
Statement of Financial Position
|
Cash & cash
equivalents
|
|
62,583
|
|
86,552
|
|
Derivative financial
instruments
|
|
3,442
|
|
4,580
|
|
Deferred tax assets
|
|
3,557
|
|
7,478
|
|
Total assets as reported in Consolidated Statement of
Financial Position
|
|
1,317,622
|
|
1,256,757
|
|
|
|
|
|
|
(iv) Segment liabilities
|
|
|
Agriculture
|
|
Living
Landscapes
|
|
Total
Group
|
|
|
|
Jan
2025
|
|
Jan 2024
|
|
Jan
2025
|
|
Jan 2024
|
|
Jan
2025
|
|
Jan 2024
|
|
|
|
€'000
|
|
€'000
|
|
€'000
|
|
€'000
|
|
€'000
|
|
€'000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment liabilities
|
|
485,722
|
|
480,877
|
|
57,340
|
|
54,242
|
|
543,062
|
|
535,119
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to total liabilities as reported in
Consolidated Statement of Financial Position
|
Interest-bearing loans and
borrowings
|
|
332,668
|
|
302,395
|
|
Derivative financial
instruments
|
|
990
|
|
1,317
|
|
Dividend payable to
shareholders
|
|
14,476
|
|
15,149
|
|
Current and deferred tax
liabilities
|
|
21,048
|
|
21,716
|
|
Total liabilities as reported in Consolidated Statement of
Financial Position
|
|
912,244
|
|
875,696
|
|
|
|
|
|
|
Origin Enterprises plc
Notes to the Condensed Interim
Consolidated Financial Statements (continued)
for the six months ended 31 January 2025
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
|
|
|
2025
|
|
2024
|
|
|
€'000
|
|
€'000
|
|
Fair value movement on investment
properties (i)
|
6,230
|
|
-
|
|
Acquisition, disposal and other
related costs (ii)
|
(1,254)
|
|
(553)
|
|
Ukraine exit and sanction related
costs (iii)
|
(764)
|
|
(2,209)
|
|
Exceptional credit/(costs) before tax and before associates
and joint ventures
|
4,212
|
|
(2,762)
|
|
Tax (charge)/credit on exceptional
items
|
(683)
|
|
64
|
|
Exceptional credit/(costs) before associates and joint
ventures
|
3,529
|
|
(2,698)
|
|
Arising in associates and joint
ventures, net of tax (iv)
|
7,020
|
|
-
|
|
Total exceptional credit/(costs) after tax
|
10,549
|
|
(2,698)
|
|
|
|
|
|
|
(i) Fair value movement on
investment properties
Fair value movement on investment
properties relates principally to an uplift in the carrying value
of development land arising from a third party valuation. The tax
impact of this exceptional item in the current period was a charge
of €0.8 million.
(ii) Acquisition, disposal and other
related costs
Acquisition, disposal and other
related costs principally comprised of transaction costs incurred
in relation to the acquisitions completed during the current
period. The tax impact of this exceptional item in the current
period was a charge of €nil.
(iii) Ukraine exit and sanction related
costs
Ukraine exit and sanction related
costs comprise of rationalisation costs attributable to termination
payments from restructuring programmes 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 €0.1 million.
(iv) Arising in associates and joint
venture, net of tax
The costs arising in associates
and joint venture primarily relates to an exceptional gain on a
disposal of assets held under long leases of €8.3 million and
related restructuring costs incurred.
Origin Enterprises plc
Notes to the Condensed Interim
Consolidated Financial Statements (continued)
for the six months ended 31 January 2025
7 Earnings per
share
Basic earnings per share
|
|
Six months
|
|
Six
months
|
|
|
ended
|
|
ended
|
|
|
January
|
|
January
|
|
|
2025
|
|
2024
|
|
|
€'000
|
|
€'000
|
|
|
|
|
|
|
Profit/(loss) for the financial
period attributable to equity shareholders
|
11,655
|
|
(3,484)
|
|
|
|
|
|
|
|
'000
|
|
'000
|
|
|
|
|
|
|
Weighted average number of
ordinary shares for the period
|
106,146
|
|
111,666
|
|
|
|
|
|
|
|
Cent
|
|
Cent
|
|
|
|
|
|
|
Basic earnings/(loss) per share
|
10.98
|
|
(3.12)
|
|
Diluted earnings per share
|
|
|
|
|
|
Six months
|
|
Six
months
|
|
|
ended
|
|
ended
|
|
|
January
|
|
January
|
|
|
2025
|
|
2024
|
|
|
€'000
|
|
€'000
|
|
|
|
|
|
|
Profit/(loss) for the financial
period attributable to equity shareholders
|
11,655
|
|
(3,484)
|
|
|
|
|
|
|
|
'000
|
|
'000
|
|
|
|
|
|
|
Weighted average number of
ordinary shares used in basic calculation
|
106,146
|
|
111,666
|
|
Potential impact of shares with
dilutive effect
|
4,912
|
|
3,840
|
|
Potential impact of SAYE scheme
with dilutive effect
|
832
|
|
1,067
|
|
Weighted average number of
ordinary shares (diluted) for the period
|
111,890
|
|
116,573
|
|
|
|
|
|
|
|
Cent
|
|
Cent
|
|
|
|
|
|
|
Diluted
earnings/(loss) per share
|
10.42
|
|
(3.12)
|
|
|
|
|
|
The effects of potential ordinary
shares for the six months ended January 2024 are not reflected in
the calculation of the diluted loss per share as the impact of
these is anti-dilutive.
Origin Enterprises plc
Notes to the Condensed Interim
Consolidated Financial Statements (continued)
for the six months ended 31 January 2025
7 Earnings per share
(continued)
|
Adjusted basic earnings per share
|
|
|
|
|
|
|
|
Six months
|
|
Six
months
|
|
|
|
ended
|
|
ended
|
|
|
|
January
|
|
January
|
|
|
|
2025
|
|
2024
|
|
|
|
€'000
|
|
€'000
|
|
|
|
|
|
|
|
Profit/(loss) for the financial period attributable to equity
shareholders
|
|
11,655
|
|
(3,484)
|
|
Amortisation of non-ERP related
intangible assets
|
|
5,970
|
|
6,505
|
|
Tax on amortisation of non-ERP
related intangible assets
|
|
(1,297)
|
|
(1,345)
|
|
Exceptional items, net of
tax
|
|
(10,549)
|
|
2,698
|
|
Adjusted basic profit
|
|
5,779
|
|
4,374
|
|
|
|
|
|
|
|
|
|
Cent
|
|
Cent
|
|
|
|
|
|
|
|
Adjusted basic earnings per share
|
|
5.44
|
|
3.92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
€'000
|
|
€'000
|
|
|
|
|
|
|
|
Total adjusted basic earnings - as
above
|
|
5,779
|
|
4,374
|
|
|
|
|
|
|
|
|
|
Cent
|
|
Cent
|
|
|
|
|
|
|
|
Total adjusted diluted earnings per share
|
|
5.17
|
|
3.75
|
|
|
|
|
|
|
The calculation of basic adjusted
earnings per share is based on the weighted average number of
shares in issue during the period of 106,145,870 (31 January 2024:
111,666,049). The weighted average number of shares used in the
calculation of adjusted diluted earnings per share is 111,890,288 (31 January 2024:
116,572,536).
Origin Enterprises plc
Notes to the Condensed Interim
Consolidated Financial Statements (continued)
for the six months ended 31 January 2025
8 Condensed Interim
Consolidated Income Statements for the six months ended 31 January
2024 and year ended 31 July 2024
An analysis of the Condensed
Interim Consolidated Income Statement (including exceptional items)
for the six months ended 31 January 2024 and year ended 31 July
2024 is set out below.
|
|
Six months ended 31 January 2024
|
|
|
|
|
|
|
|
|
|
|
|
Six months
|
|
Six months
|
|
Six months
|
|
|
|
|
|
ended
|
|
ended
|
|
ended
|
|
|
|
|
|
Jan 2024
|
|
Jan 2024
|
|
Jan 2024
|
|
|
|
|
|
Pre-Exceptional
|
|
Exceptional
|
|
Total
|
|
|
|
|
|
€'000
|
|
€'000
|
|
€'000
|
|
|
|
Revenue
|
|
854,913
|
|
-
|
|
854,913
|
|
|
|
Cost of sales
|
|
(716,754)
|
|
-
|
|
(716,754)
|
|
|
|
Gross profit
|
|
138,159
|
|
-
|
|
138,159
|
|
|
|
Operating costs
|
|
(131,939)
|
|
(2,762)
|
|
(134,701)
|
|
|
|
Share of profit of associates and
joint venture
|
|
1,366
|
|
-
|
|
1,366
|
|
|
|
Operating profit
|
|
7,586
|
|
(2,762)
|
|
4,824
|
|
|
|
Finance income
|
|
3,494
|
|
-
|
|
3,494
|
|
|
|
Finance expense
|
|
(12,254)
|
|
-
|
|
(12,254)
|
|
|
|
Loss before income tax
|
|
(1,174)
|
|
(2,762)
|
|
(3,936)
|
|
|
|
Income tax credit
|
|
388
|
|
64
|
|
452
|
|
|
|
Loss attributable to equity shareholders
|
|
(786)
|
|
(2,698)
|
|
(3,484)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended 31 July 2024
|
|
|
|
|
|
|
|
|
|
|
|
Year ended
|
|
Year ended
|
|
Year ended
|
|
|
|
|
|
July 2024
|
|
July 2024
|
|
July 2024
|
|
|
|
|
|
Pre-Exceptional
|
|
Exceptional
|
|
Total
|
|
|
|
|
|
€'000
|
|
€'000
|
|
€'000
|
|
|
|
Revenue
|
|
2,045,701
|
|
-
|
|
2,045,701
|
|
|
|
Cost of sales
|
|
(1,701,665)
|
|
-
|
|
(1,701,665)
|
|
|
|
Gross profit
|
|
344,036
|
|
-
|
|
344,036
|
|
|
|
Operating costs
|
|
(273,832)
|
|
(7,318)
|
|
(281,150)
|
|
|
|
Share of profit of associates and
joint venture
|
|
6,421
|
|
1,653
|
|
8,074
|
|
|
|
Operating profit/(loss)
|
|
76,625
|
|
(5,665)
|
|
70,960
|
|
|
|
Finance income
|
|
3,386
|
|
-
|
|
3,386
|
|
|
|
Finance expense
|
|
(21,952)
|
|
-
|
|
(21,952)
|
|
|
|
Profit/(loss) before income tax
|
|
58,059
|
|
(5,665)
|
|
52,394
|
|
|
|
Income tax
(expense)/credit
|
|
(13,316)
|
|
1,350
|
|
(11,966)
|
|
|
|
Profit/(loss) for the year
|
|
44,743
|
|
(4,315)
|
|
40,428
|
|
|
|
|
|
|
|
|
|
|
|
Origin Enterprises plc
Notes to the Condensed Interim
Consolidated Financial Statements (continued)
for the six months ended 31 January 2025
9 Property, plant and
equipment
|
|
January
|
|
July
|
|
|
2025
|
|
2024
|
|
|
€'000
|
|
€'000
|
|
|
|
|
|
|
Net book value
|
|
|
|
|
At beginning of period
|
132,665
|
|
118,107
|
|
Arising on acquisition (Note
13)
|
275
|
|
799
|
|
Additions
|
7,575
|
|
23,519
|
|
Disposals
|
(921)
|
|
(812)
|
|
Depreciation charge
|
(4,760)
|
|
(8,822)
|
|
Translation adjustments
|
689
|
|
(126)
|
|
|
|
|
|
|
|
|
|
|
|
At end of period
|
135,523
|
|
132,665
|
|
|
|
|
|
|
|
|
|
|
10 Goodwill and intangible
assets
|
|
January
|
|
July
|
|
|
2025
|
|
2024
|
|
|
€'000
|
|
€'000
|
|
|
|
|
|
|
Net book value
|
|
|
|
|
At beginning of period
|
308,852
|
|
299,906
|
|
Arising on acquisition (Note
13)
|
12,998
|
|
7,165
|
|
Additions
|
6,207
|
|
19,835
|
|
Disposals
|
-
|
|
(20)
|
|
Amortisation of non-ERP intangible
assets
|
(5,970)
|
|
(13,312)
|
|
ERP intangible
amortisation
|
(1,307)
|
|
(1,690)
|
|
Translation adjustments
|
1,246
|
|
(3,032)
|
|
|
|
|
|
|
|
|
|
|
|
At end of period
|
322,026
|
|
308,852
|
|
|
|
|
|
|
|
|
|
|
Included in the total goodwill and
intangible assets above is goodwill of €229,881,000 (July 2024:
€218,199,000). 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 2025
11 Investments in associates
and joint venture
|
|
January
|
|
July
|
|
|
2025
|
|
2024
|
|
|
€'000
|
|
€'000
|
|
|
|
|
|
|
At beginning of period
|
44,484
|
|
52,387
|
|
Investment in associate
|
388
|
|
-
|
|
Share of profits after tax, before
exceptional items
|
2,118
|
|
6,421
|
|
Share of exceptional items, net of
tax
|
7,020
|
|
1,653
|
|
Dividends received
|
(12,549)
|
|
(16,596)
|
|
Share of other comprehensive
income
|
2,268
|
|
199
|
|
Translation adjustments
|
187
|
|
420
|
|
|
|
|
|
|
|
|
|
|
|
At end of period
|
43,916
|
|
44,484
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
2025
|
|
2024
|
|
|
€'000
|
|
€'000
|
|
|
|
|
|
|
At beginning of period
|
15,874
|
|
23,318
|
|
Arising on acquisition (Note
13)
Provided in the period
|
4,417
-
|
|
2,001
2,458
|
|
Utilised in the period
|
(2,421)
|
|
(2,703)
|
|
Paid in the period
|
(1,463)
|
|
(9,385)
|
|
Translation adjustments
|
89
|
|
185
|
|
|
|
|
|
|
|
|
|
|
|
At end of period
|
16,496
|
|
15,874
|
|
|
|
|
|
|
|
|
|
|
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 2025
13 Acquisition of subsidiary
undertakings
On 30 August 2024, the Group
acquired 100% of the share capital of Bowland Ecology Limited,
specialising in terrestrial and freshwater ecology, delivering a
full range of ecological technical solutions.
On 2 September 2024, the Group
acquired 100% of the share capital of Avian Ecology Limited, a
company providing a broad range of services, particularly
specialising in the areas of ornithology and renewable energy
issues.
On 25 October 2024, the Group
acquired 100% of the share capital of Brooks Ecological Limited, a
company providing expertise in ecology and biodiversity alongside
additional specialisms in arboriculture and landscape
architecture.
On 25 October 2024, the Group
acquired 100% of the share capital of GE Consulting Services (UK)
Limited, a company providing ecological and arboricultural
consulting services and practical land management
solutions.
Details of the net assets acquired
and provisional goodwill arising from the business combinations are
as follows:
|
|
|
Fair value
(1)
|
|
|
|
€'000
|
|
Non-current assets
|
|
|
|
Property, plant &
equipment
|
|
275
|
|
Intangible assets
|
|
2,275
|
|
Total non-current assets
|
|
2,550
|
|
|
|
|
|
Current assets
|
|
|
|
Inventory
|
|
25
|
|
Trade and other
receivables
|
|
2,899
|
|
Cash and cash
equivalents
|
|
3,726
|
|
Total current assets
|
|
6,650
|
|
|
|
|
|
Liabilities
|
|
|
|
Trade and other
payables
|
|
(2,144)
|
|
Corporation tax
|
|
(420)
|
|
Deferred tax liability
|
|
(635)
|
|
Total liabilities
|
|
(3,199)
|
|
|
|
|
|
Total identifiable net assets at fair value
|
|
6,001
|
|
Goodwill arising on
acquisitions
|
|
10,723
|
|
Total net assets acquired
|
|
16,724
|
|
|
|
|
|
Consideration satisfied by:
|
|
|
|
Cash consideration
|
|
12,307
|
|
Contingent consideration arising
from acquisitions
|
|
4,417
|
|
Total consideration related to acquisitions
|
|
16,724
|
|
|
|
|
|
Net cash outflow - arising on acquisitions
|
|
|
|
Cash consideration
|
|
12,307
|
|
Less cash and cash equivalents
acquired
|
|
(3,726)
|
|
Total consideration related to acquisitions
|
|
8,581
|
|
|
|
|
(1) The fair
values presented in this note are based on provisional valuations
due to the close proximity of the transactions to the
end of the half year
period.
Origin Enterprises plc
Notes to the Condensed Interim
Consolidated Financial Statements (continued)
for the six months ended 31 January 2025
14 Analysis of net cash /
(debt)
|
|
|
31 July
|
|
|
|
Non-cash
|
|
Translation
|
|
31 January
|
|
|
|
2024
|
|
Cashflow
|
|
movements
|
|
adjustment
|
|
2025
|
|
|
|
€'000
|
|
€'000
|
|
€'000
|
|
€'000
|
|
€'000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
124,540
|
|
(61,976)
|
|
-
|
|
19
|
|
62,583
|
|
|
Overdraft
|
(1)
|
|
(4,425)
|
|
-
|
|
(63)
|
|
(4,489)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
124,539
|
|
(66,401)
|
|
-
|
|
(44)
|
|
58,094
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
(196,225)
|
|
(130,944)
|
|
(282)
|
|
(728)
|
|
(328,179)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net debt
|
(71,686)
|
|
(197,345)
|
|
(282)
|
|
(772)
|
|
(270,085)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease liabilities
|
(61,532)
|
|
9,148
|
|
(12,658)
|
|
(457)
|
|
(65,499)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net debt including lease liabilities
|
(133,218)
|
|
(188,197)
|
|
(12,940)
|
|
(1,229)
|
|
(335,584)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
During the period, the Group
agreed a new five-year revolving credit facility. As at 31 January
2025, the Group had unsecured committed banking facilities of
€440.0 million (July 2024: €400.0 million), which will expire in
January 2030.
15 Share
capital
|
|
|
January
|
|
July
|
|
|
|
2025
|
|
2024
|
|
|
|
€'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 (2024: 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
2024
|
(18,689,635)
|
|
(187)
|
|
(67,569)
|
|
Share buyback
(ii)
|
(550,839)
|
|
(6)
|
|
(1,850)
|
|
Re-issue of
treasury shares (iii)
|
264,739
|
|
3
|
|
955
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(18,975,735)
|
|
(190)
|
|
(68,464)
|
|
|
|
|
|
|
|
(i)
Ordinary shareholders are entitled to dividends as declared and
each ordinary share carries equal voting rights at meetings of the
Company.
(i) During
the financial period, the Group completed a share buyback
programme. The total number of ordinary shares purchased in the
period was 550,839 for a total consideration of €1.9 million. The
re-purchased shares are held as treasury shares.
(ii) During the
financial period, the Group re-issued 264,739 treasury shares to
satisfy the exercise of share options granted under the Company's
Long-Term Incentive Plan (2015).
Origin Enterprises plc
Notes to the Condensed Interim
Consolidated Financial Statements (continued)
for the six months ended 31 January 2025
16 Dividends
On 14 February 2025 a dividend of
13.65 cent per ordinary share was paid in respect of the year ended
31 July 2024. The dividend was approved by shareholders at the
Annual General Meeting on 21 November 2024.
An interim dividend of 3.15 cent
per share will be paid on 20 June 2025 to shareholders on the
register on 30 May 2025. 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 2024.
19 Related party
transactions
Related party transactions
occurring in the period were similar in nature to those described
in the 2024 Annual Report.
20 Subsequent
events
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 3 March 2025.
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.
