REG - Origin Enterprises - Interim Results Statement
04/03/2025 07:00
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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 profit(1) 14.9 12.7 2.2
Associates and joint venture(2) 2.1 1.4 0.7
Total Group operating profit(1) 17.0 14.1 2.9
Finance cost, net (10.0) (8.8) (1.2)
Profit before tax(1) 7.0 5.3 1.7
Adjusted diluted earnings per share (cent)(3) 5.17 3.75 1.42
Group net bank debt(4) (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 profit(1) 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 6 months ended
31 Jan 2025 31 Jan 2024
€'m €'m
Group revenue 831.7 854.9
Operating profit(1) 14.9 12.7
Associates and joint venture, net(2) 2.1 1.4
Adjusted Group operating profit(1) 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 share(3) 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 share(3) 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 profit(1)
Operating profit(1) 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 venture(2)
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 debt(5) at 31 January 2025 was €270.1 million compared to €215.8
million at 31 January 2024 and is 2.42 times EBITDA(4) 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 31(st) 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 H1 2024 FY 2024
Times Times 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 H1 2024 Change Underlying(4) Constant Currency(5) €'m
€'m €'m €'m €'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 profit(1)
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 venture(2) 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 H1 2024 Change Underlying(3) Constant Currency(4) €'m
€'m €'m €'m €'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 venture(2) 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 Europe(1)
Change on prior period
H1 2025 H1 2024 Change Underlying(3) Constant Currency(4) €'m
€'m €'m €'m €'m
Revenue 151.4 139.0 12.4 10.5 10.5
Operating profit(2) 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 H1 2024 Change Underlying(2) Constant Currency(3) €'m
€'m €'m €'m €'m
Revenue 90.1 94.7 (4.6) 10.0 10.0
Operating profit(1) 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 H1 2024 Change Underlying(2) Constant Currency(3) €'m
€'m €'m €'m €'m
Revenue 75.2 61.3 13.9 5.0 11.7
Operating profit(1) 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
(http://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 (324) 9 (37)
hedges
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 15,819 (10,769)
shareholders
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 - - - - - - (664) - - 664 -
to retained earnings
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 - - - - - - (214) - - 214 -
to retained earnings
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 (http://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 43,528 43,236 388 - 43,916 43,236
(including other financial assets)
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) 4,417 2,001
Provided in the period - 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 (http://www.originenterprises.com) ). A printed
copy is available to the public at the Company's registered office.
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