RNS Number : 1809Z
Origin Enterprises Plc
04 March 2025
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
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.
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IR SSFFUDEISEED
