Interim Results Statement

RNS Number : 9441R

Origin Enterprises Plc

06 March 2019

 

Origin Enterprises plc

INTERIM RESULTS STATEMENT

Positive start to trading in first half

 

6 March 2019

Origin Enterprises plc ('Origin' or 'the Group'), the Agri-Services group, today announces its interim results for the half year ended 31 January 2019.

 

Highlights

·    Group revenue up 19.5% to €701.6 million (H1 2018: €586.9 million), driven by increased agronomy services revenue and crop input volumes, increased fertiliser prices and the Fortgreen acquisition in Latin America

·    Positive performance in the first half of the year with operating profit of €9.1 million (H1 2018: €2.3 million)

·    Good first-time contribution, as guided, from the Fortgreen acquisition in Latin America, with an operating profit of €5.5 million

·    Underlying operating profit increase of €1.0 million reflecting favourable early season demand in Ireland and the UK

·    Good progress achieved in digital agronomy services enablement.  Over 800,000 hectares on-boarded on Contour digital platform by the end of the period 

·    Increase in net debt to €238.8 million (H1 2018: €171.4 million), following acquisition activity and increased investment in working capital

·    Interim dividend of 3.15 cent per share (H1 2018: 3.15 cent per share)

Results Summary	31 Jan 2019 €'000	31 Jan 2018 €'000	Change €'000	Constant Currency    €'000
Group revenue	701,551	586,909	114,642	116,311
Operating profit1	9,071	2,263	6,808	6,751
Associates and joint venture2	1,809	1,707	102	97
Total Group operating profit1	10,880	3,970	6,910	6,848
Finance cost, net	(5,881)	(4,001)	(1,880)	(1,886)
Profit/(loss) before tax1	4,999	(31)	5,030	4,962
Adjusted diluted earnings per share (cent)3	3.61	0.27	3.34	3.30
Group net debt	238,818	171,378	(67,440)
Interim dividend per ordinary share (cent)	3.15	3.15	-

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 (2019: €3.4 million, 2018: €2.4 million) and exceptional items, net of tax (2019: €0.7 million, 2018: €Nil)

Origin Enterprises plc

Commenting on the results, Origin Chief Executive Officer, Tom O'Mahony said:

"Origin has achieved a good first half result, recording an operating profit of €9.1 million, up from €2.3 million in the first half of 2018.  The performance reflects the benefit of favourable early season demand for agronomy services and crop inputs, together with a strong first-time contribution from our Latin American segment.  Our investment in Latin America underlines the Group's ambition to pursue meaningful geographical diversification and seasonality balance in attractive growth markets. 

Looking ahead, the autumn and winter cropping profile established to date provides a solid foundation for the seasonally more important second half.  A full year outlook will be provided at the time of the update on third quarter trading on 19 June 2019."

ENDS

Capital Markets Day

Origin will host a capital markets day for analysts and institutional investors in London on Wednesday 8 May 2019. Further information will be circulated in due course.

Conference Call

The results announcement is available on the Company website www.originenterprises.com.  There will be a live conference call at 8.30am (Irish/UK time) today.  To participate in this conference call, please dial the number below.  Participants are requested to dial in 5 to 10 minutes prior to the scheduled start time.

Participant access numbers:

Ireland:	Tel: [phone]
UK/International:	Tel: [phone]
Confirmation Code:	1371908

Replay

A replay of this call will be available for seven days.

Replay Access Code:		1371908
Replay Access Numbers:
Dublin:		Tel: [phone]
UK/International:		Tel: [phone]

Enquiries

Origin Enterprises plc
Sean Coyle
Chief Financial Officer	Tel:	[phone]
Brendan Corcoran
Head of Investor Relations and Group Planning	Tel:	[phone]
Goodbody (Euronext Growth (Dublin) Adviser)
Siobhan Wall	Tel:	[phone]
Davy (Nominated Adviser)
Anthony Farrell	Tel:	[phone]
Numis Securities (Stockbroker)
Stuart Skinner	Tel:	[phone]
Powerscourt (Financial PR Advisers)
Jack Hickey / Eavan Gannon (Ireland)	Tel:	[phone]
Rob Greening / Jana Tsiligiannis (UK)	Tel:	[phone]

About Origin Enterprises plc

Origin Enterprises plc is a focused Agri-Services group providing specialist on-farm agronomy services, digital agricultural services and the supply of crop technologies and inputs.  The Group has leading market positions in Ireland, the United Kingdom, Belgium, Brazil, Poland, Romania and Ukraine.  Origin is listed on the Euronext Growth (Dublin) and AIM markets of the Irish and London Stock Exchanges.

Euronext Growth (Dublin) ticker symbol:          OIZ

AIM ticker symbol:                                            OGN

Website:                                                           www.originenterprises.com

INTERIM RESULTS STATEMENT

Financial Review - Summary

	6 months ended 31 Jan 2019 €'000	6 months ended 31 Jan 2018 €'000
Group revenue	701,551	586,909
Operating profit1	9,071	2,263
Associates and joint venture, net2	1,809	1,707
Group operating profit1	10,880	3,970
Finance cost, net	(5,881)	(4,001)
Pre-tax profit/(loss)	4,999	(31)
Income tax (charge)/credit	(393)	366
Adjusted net profit	4,606	335
Adjusted diluted earnings per share (cent)3	3.61	0.27
Adjusted net profit reconciliation
Reported net profit/(loss)	441	(2,024)
Amortisation of non-ERP intangible assets	4,265	2,726
Tax on amortisation of non-ERP related intangible assets	(833)	(367)
Exceptional items, net of tax	733	-
Adjusted net profit	4,606	335
Adjusted diluted earnings per share (cent)3	3.61	0.27

Origin delivered adjusted diluted earnings per share³ for the period of 3.61 cent compared to adjusted diluted earnings per share of 0.27 cent in the corresponding period last year.  On a like-for-like basis (excluding the impact of currency movements and acquisitions) the underlying increase was 0.47 cent. 

Group revenue

Group revenue was €701.6 million compared to €586.9 million in the corresponding period last year, an increase of 19.5%.  On an underlying basis at constant currency, revenues increased by €79.4 million (13.5%), reflecting increased agronomy service revenue and crop input volumes in addition to increased fertiliser prices.

Underlying growth in agronomy services and crop input volumes, excluding crop marketing, was 9.3% in the period compared to the corresponding period last year.

Operating profit¹

Operating profit¹ from the Agri-Services business was €9.1 million compared to a profit of €2.3 million in the corresponding period last year.  On an underlying basis, at constant currency, the increase year-on-year was €1.0 million.  Acquisitions contributed €5.8 million to operating profit, primarily due to a strong first-time contribution from the Group's Latin American division.

Associates and joint venture²

Origin's share of the profit after interest and taxation from associates and joint venture amounted to €1.8 million, a 6.0% increase on the prior year.

Net debt and financing costs

The Group's financial position remains strong.

Average net debt amounted to €277.1 million compared to €222.0 million in the prior year.  Net debt at 31 January 2019 was €238.8 million compared with €171.4 million at 31 January 2018, and is 2.57 times EBITDA⁴ for the twelve months to 31 January 2019.  The average and period end net debt increase is principally attributable to the acquisition and working capital investment relating to the Brazil-based Fortgreen business, some build up of inventories in our UK businesses as a contingency against the uncertain outcome regarding Brexit and an increased investment in working capital in Continental Europe. Net finance costs amounted to €5.9 million compared to €4.0 million in the corresponding period last year.

At period end our key banking covenants are as follows:

	Banking Covenant	2019 Times	2018 Times
Net debt to EBITDA	Maximum 3.5	2.57	2.17
EBITDA to net interest	Minimum 3.0	9.25	11.24

Working capital

Following the seasonal investment in working capital in the period, the net cash outflow from operating activities was €134.1 million (H1 2018: €97.5 million) and there was an increase of €137.5 million in working capital (H1 2018: €92.6 million).  The year-on-year net working capital outflow reflects planned inventory build in our UK businesses as a contingency against uncertain Brexit outcomes and a short-term increase in working capital investment in Continental Europe primarily driven by the later collection of receivables due to extended logistical bottlenecks impacting the timing of farmer grain sales.  Additional factors impacting working capital include the Fortgreen acquisition in Latin America and an overall increase in Group revenue.  We expect the increased level of working capital investment to unwind over the coming months.

Dividend

An interim dividend of 3.15 cent per share will be paid on 12 April 2019 to shareholders on the register on 29 March 2019.

¹            Operating profit and Group operating profit are stated before amortisation of non-ERP intangible assets and exceptional items

²            Profit after interest and tax

³            Before amortisation of non-ERP intangible assets, net of related deferred tax (2019: €3.4 million, 2018: €2.4 million) and exceptional items, net of tax (2019: €0.7 million, 2018: €Nil)

⁴            Net debt/EBITDA ratio as per the requirements of the Group's syndicated bank loan agreement

Review of Operations

Group Overview

			Change on prior period
	2019 €m	2018 €m		Change €m		Underlying4 €m	Constant Currency5 €m
Revenue	701.6	586.9		114.7		79.4	116.3
Operating profit1	9.1	2.3		6.8		1.0	6.8
Associates and joint venture2	1.8	1.7		0.1		0.1	0.1
Adjusted diluted EPS (cent)3	3.61	0.27		3.34		0.47	3.30
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 (2019: €3.4 million, 2018: €2.4 million) and exceptional items, net of tax (2019: €0.7 million, 2018: €Nil)
4 Excluding currency movements and the impact of acquisitions
5 Excluding currency movements

Origin has delivered a strong financial and operating performance in the period with growth in Group revenue, operating profit and adjusted fully diluted earnings per share of €114.7 million, €6.8 million and 3.34 cent, respectively.  Performance in the period benefited from underlying growth in demand for agronomy services and crop inputs together with the impact of acquisitions in the period, contributing €5.8 million to operating profit.

Ireland and the United Kingdom

			Change on prior period
	2019 €m	2018 €m		Change €m		Underlying3 €m	Constant Currency4 €m
Revenue	433.9	377.5		56.4		55.5	55.6
Operating profit1	2.8	1.2		1.6		1.6	1.6
Associates and joint venture2	1.8	1.7		0.1		0.1	0.1
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 very satisfactory performance in the seasonally quiet first half.

Higher revenues and margins in the period largely reflected strong performances in Business-to-Business Agri-Inputs.  On an underlying basis at constant currency there was a €1.6 million increase in operating profit. Underlying agronomy service and crop input volume growth was 12.4% in the period.

In December 2018 the Group acquired a small UK based business, Symbio, which specialises in biological based crop technologies with applications in the Amenity and the broader Integrated Agronomy channels.

Integrated On-Farm Agronomy Services

Integrated Agronomy and On-Farm Services achieved a good performance in the first half supported by higher agronomy service revenues and crop input volumes.  An exceptionally mild and largely settled weather pattern for the period supported an extended autumn and winter crop planting season resulting in robust activity levels on-farm.  The favourable volume momentum in the period reflected, in part, early procurement planning by growers and farmers due to the current lack of certainty regarding the nature of the UK's departure from the European Union on 29 March 2019.  

Total autumn and winter plantings for the principal combinable crops are estimated to be 3.2% above last year at 2.8 million hectares with an increase in the area of winter wheat of 3.7% to 1.83 million hectares, more than offsetting a reduction in the area for oilseed rape by 4.4% to 0.6 million hectares.  Total autumn, winter and spring plantings for the 2019 growing season are forecasted to be marginally ahead of last year at 4.5 million hectares.

Digital Agricultural Services

Digital Agricultural Services delivered a strong operational performance in the period, with focus on product adoption and the implementation of extended application functionality covering agile decision support and new crop disease risk models.  The roll out of Contour, the Group's proprietary digital platform for agronomists and farmers, continued at pace with over 800,000 hectares on-boarded at the end of the period.

We remain focused on execution and helping farmers and growers realise the practical on-farm benefits of these new data and digitally enabled tools, increasing customer loyalty, and supporting our value-added distribution businesses. 

Business-to-Business Agri-Inputs

Business-to-Business Agri-Inputs recorded a good result in the period, with a strong performance from Fertiliser and Feed Ingredients set against a lower underlying contribution from Amenity. 

Fertiliser

Fertiliser has performed strongly in the period, recording higher volumes and positive margin development.  This performance has largely been driven by a stable pricing environment and favourable weather conditions which have provided confidence to primary producers to secure a portion of their nutrition requirements in advance of the 2019 spring season, resulting in the earlier timing of sales.  Volumes for the period have also been positively impacted by the extended 2018 season due to catch up activity on-farm with producers remediating the impact of poor growing conditions in spring and summer 2018.  Sales margins continue to be positively supported by growth in sales of differentiated fertiliser and bespoke nutrition applications.

Amenity

Amenity delivered a satisfactory result, despite lower demand, which reflected higher levels of carried forward customer stockholding following unseasonal weather conditions experienced in 2018 which adversely impacted input and service application in that period.  Volume development is expected to return to normal levels in the main spring and summer application periods in 2019, however total volumes are expected to be lower for the year as a whole.

Feed Ingredients

Feed Ingredients achieved a good result in the period with performance supported by the continuation of strong spot demand in the first half following poor grass growing conditions in 2018.  Demand is expected to normalise in the second half of the financial year against the heightened levels experienced in the prior year.

The Group's animal feed manufacturing associate, John Thompson & Sons Limited, in which the Group has a 50% shareholding, delivered a satisfactory performance in the period.  

Continental Europe¹

			Change on prior period
	2019 €m	2018 €m		Change €m		Underlying3 €m	Constant Currency4 €m
Revenue	147.9	121.6		26.3		12.2	27.6
Operating profit2	0.6	0.9		(0.3)		(0.7)	(0.4)
1  Excluding crop marketing. While crop marketing has a significant impact on revenue, its impact on operating profit is insignificant.  An analysis of revenues, profits and margins 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 recorded a €0.7 million reduction in underlying operating profit at constant currency in the seasonally less significant first half.  The performance reflects challenging market conditions and a particularly demanding operating environment for farmers.

Service providers are responding to the effects of the delayed spring season and prolonged dry conditions in 2018 which limited harvest outcomes and early crop establishment in the period.  The resulting impacts on primary producer economics and on-farm cash flow drove lower agronomy service and crop input application in the period.

Underlying business volumes reduced by 0.3% compared with the corresponding period last year.  Value added technologies maintained good growth momentum throughout the region and continued to generate opportunities for the Group's agronomy portfolios.

Belgium

Belgium delivered a very satisfactory performance in the period, supported by favourable volume and margin development.  Positive on-farm sentiment drove robust early season demand together with favourable momentum in the case of differentiated and bespoke nutrition applications.

Poland

Unseasonably dry weather impacted volumes in Poland for the period resulting in lower underlying agronomy service and crop input volumes.  Early season demand was impacted by a reduction in oilseed rape crop plantings, with the lower oilseed rape area being offset by an increase in later sown winter cereal varieties.  Autumn and winter plantings are estimated to be approximately 1.9% higher than the prior year at 4.7 million hectares.  Spring plantings are forecast to be broadly in line with last year resulting in an increase in the total cropping area for the 2019 season of 0.9% to 8.2 million hectares. 

Romania

Romania delivered a satisfactory result in the period in challenging market conditions.  Sustained dry conditions during the early autumn have hampered oilseed and cereal crop establishment resulting in lower agronomy service and input demand in the period.  Total autumn and winter crop plantings are forecast at 2.5 million hectares compared with 3.1 million hectares last year.

The reduction in autumn and winter plantings is expected to be largely offset by an increase in spring cropping, resulting in combined winter and spring plantings for the 2019 growing season as a whole estimated to be 1.5% behind last year at 8.1 million hectares.

Ukraine

Ukraine recorded lower margins on higher underlying revenues in the period with service providers responding to a more competitive market backdrop.  The period was characterised by lower liquidity at primary producer level due to logistical bottlenecks which have impacted the timing of the grain movement off-farm.  

Growing conditions in the period were excellent with total autumn and winter crop plantings estimated to be 6.4% ahead of the comparative period at 8.3 million hectares.  Total crop plantings for the 2019 growing season are currently forecast at 22.9 million hectares against 22.7 million hectares for the prior year.

Latin America

					Change on prior period
			2019 €m	2018 €m		Change €m	Underlying2 €m		Constant Currency3 €m
Revenue		21.3		-	21.3			-	21.3
Operating profit1		5.5		-	5.5			-	5.5
1  Before amortisation of non-ERP intangible assets and exceptional items 2 Excluding currency movements and the impact of acquisitions 3 Excluding currency movements

Origin entered the Latin American market in August 2018 through the acquisition of Fortgreen, a business which is focused on the development and marketing of value added crop nutrition and speciality inputs and which is headquartered in Paraná State in southern Brazil.

Latin America has delivered an excellent first-time contribution in the period. Integration is progressing to plan, with performance in line with pre-acquisition expectations.  A strong innovation pipeline supported good growth in speciality soluble nutrition technologies for grain and speciality crop applications.  

The harvest period for Brazil's principal spring crop, Soya, is progressing well with circa 51% of Paraná's planted area harvested with some localised damage to the crops following a period of dry weather in December and January.  

The acquisition of a 20% shareholding in the Brazilian business Ferrari Zagatto E Cia. Ltda., announced in the prior financial year, is expected to complete in the second half of the current financial year.

Brexit

The Group continues to monitor Brexit negotiations and ensure that appropriate planning for a no-deal Brexit is in place. 

Additional storage was secured over the winter period as we come into the traditional peak season and additional inventory has been secured both on an owned and consigned / contract storage basis.  As a result we believe that we are well prepared for any short-term logistical disruption that may result from a no-deal Brexit.  However, the Board and senior management will continue to closely monitor the situation and adjust the Group's strategic plans as necessary. 

Outlook

Looking ahead, the autumn and winter cropping profile established to date provides a solid foundation for the seasonally more important second half.  A full year outlook will be provided at the time of the announcement of the third quarter trading update on 19 June 2019.

ENDS

 

Origin Enterprises plc

Condensed Interim Consolidated Income Statement       

for the six months ended 31 January 2019

		Six months		Six months		Six months		Six months		Year
		ended		ended		ended		ended		ended
		January		January		January		January		July
		2019		2019		2019		2018		2018
		Pre-exceptional		Exceptional		Total		Total		Total
		€'000		€'000		€'000		€'000		€'000
	Notes									Note 5
Revenue	3	701,551		-		701,551		586,909		1,627,533
Cost of sales		(612,346)		-		(612,346)		(511,273)		(1,389,926)
Gross profit		89,205		-		89,205		75,636		237,607
Operating costs		(84,399)		(733)		(85,132)		(76,099)		(171,409)
Share of profit of associates and joint venture		1,809		-		1,809		1,707		7,221
Operating profit	3	6,615		(733)		5,882		1,244		73,419
Finance income		416		-		416		602		1,432
Finance expense		(6,297)		-		(6,297)		(4,603)		(9,514)
Profit/(loss) before income tax		734		(733)		1		(2,757)		65,337
Income tax credit/(expense)		440		-		440		733		(8,552)
Profit/(loss) attributable to equity shareholders		1,174		(733)		441		(2,024)		56,785
						Six months		Six months		Year
						ended		ended		ended
						January		January		July
						2019		2018		2018
Basic earnings/(loss) per share	4					0.35c		(1.61c)		45.22c
Diluted earnings/(loss) per share	4					0.35c		(1.61c)		44.94c

Origin Enterprises plc

Condensed Interim Consolidated Statement of Comprehensive Income

for the six months ended 31 January 2019

	Six months		Six months		Year
	ended		ended		ended
	January		January		July
	2019		2018		2018
	€'000		€'000		€'000
Profit/(loss)for the period	441		(2,024)		56,785
Other comprehensive (expense)/income
Items that are not reclassified subsequently to the Group income statement:
Group/Associate defined benefit pension obligations
- remeasurements of Group's defined benefit pension schemes	(4,753)		2,205		3,628
- deferred tax effect of remeasurements	800		(365)		(504)
- share of remeasurements on associate's defined benefit pension schemes	-		-		5,865
- share of deferred tax effect of remeasurements - associates	-		-		(997)
Items that may be reclassified subsequently to the Group income statement:
Group foreign exchange translation details
- exchange difference on translation of foreign operations	2,784		(948)		(1,243)
Group/Associate cash flow hedges
- effective portion of changes in fair value of cash flow hedges	(80)		(3,243)		1,396
- fair value of cash flow hedges transferred to operating costs	(2,708)		760		888
- deferred tax effect of cash flow hedges	462		436		(333)
- share of associates and joint venture cash flow hedges	(902)		(1,879)		4,827
- deferred tax effect of share of associates and joint venture cash flow hedges	113		235		(603)
Other comprehensive expense for the period, net of tax	(4,284)		(2,799)		12,924
Total comprehensive (expense)/income for the period attributable to equity shareholders	(3,843)		(4,823)		69,709

Origin Enterprises plc

Condensed Interim Consolidated Statement of Financial Position

as at 31 January 2019

			January		January		July
			2019		2018		2018
	Notes		€'000		€'000		€'000
ASSETS
Non-current assets
Property, plant and equipment	6		124,717		117,418		117,929
Investment properties			11,825		9,675		11,825
Goodwill and intangible assets	7		285,310		215,746		216,334
Investments in associates and joint venture	8		42,867		32,269		48,171
Other financial assets			562		456		450
Derivative financial instruments			608		986		835
Deferred tax assets			5,085		4,663		3,280
Post employment benefit obligations			-		-		725
Total non-current assets			470,974		381,213		399,549
Current assets
Inventory			243,488		221,046		194,192
Trade and other receivables			301,315		229,960		461,199
Derivative financial instruments			1,051		122		1,399
Restricted cash			-		-		500
Cash and cash equivalents			84,892		85,869		147,212
Total current assets			630,746		536,997		804,502
TOTAL ASSETS			1,101,720		918,210		1,204,051

Origin Enterprises plc

Condensed Interim Consolidated Statement of Financial Position (continued)

as at 31 January 2019

			January		January		July
			2019		2018		2018
	Notes		€'000		€'000		€'000
EQUITY
Called up share capital presented as equity	11		1,264		1,264		1,264
Share premium			160,422		160,422		160,422
Retained earnings and other reserves			142,363		97,855		168,561
TOTAL EQUITY			304,049		259,541		330,247
LIABILITIES
Non-current liabilities
Interest-bearing borrowings			281,981		242,131		165,232
Deferred tax liabilities			29,829		18,272		22,171
Put option liability			27,097		5,516		5,531
Provision for liabilities	9		3,999		8,261		8,045
Post employment benefit obligations			3,694		813		-
Derivative financial instruments			197		-		46
Total non-current liabilities			346,797		274,993		201,025
Current liabilities
Interest-bearing borrowings			41,729		15,116		20,836
Put option liability			5,771		-		-
Trade and other payables			383,663		353,028		638,161
Corporation tax payable			4,200		7,657		8,143
Provision for liabilities	9		13,642		4,130		5,467
Derivative financial instruments			1,869		3,745		172
Total current liabilities			450,874		383,676		672,779
TOTAL LIABILITIES			797,671		658,669		873,804
TOTAL EQUITY AND LIABILITIES			1,101,720		918,210		1,204,051

Origin Enterprises plc

Condensed Interim Consolidated Statement of Changes in Equity

for the six months ended 31 January 2019

														Share-				Foreign
								Capital		Cashflow				based		Re-		currency
		Share		Share		Treasury		redemption		hedge		Revaluation		payment		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 2018	1,264		160,422		(8)		134		3,510		12,843		538		(196,884)		(39,319)		387,747		330,247
	Profit for the period	-		-		-		-		-		-		-		-		-		441		441
	Other comprehensive expense for the period	-		-		-		-		(3,115)		-		-		-		2,784		(3,953)		(4,284)
	Share-based payment charge	-		-		-		-		-		-		90		-		-		-		90
	Dividend paid to shareholders (Note 13)	-		-		-		-		-		-		-		-		-		(22,445)		(22,445)
	At 31 January 2019	1,264		160,422		(8)		134		395		12,843		628		(196,884)		(36,535)		361,790		304,049

Origin Enterprises plc

Condensed Interim Consolidated Statement of Changes in Equity

for the six months ended 31 January 2018

														Share-				Foreign
								Capital		Cashflow				based		Re-		currency
		Share		Share		Treasury		redemption		hedge		Revaluation		payment		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 2017	1,264		160,422		(8)		134		(2,665)		12,843		358		(196,884)		(38,076)		349,341		286,729
	Loss for the period	-		-		-		-		-		-		-		-		-		(2,024)		(2,024)
	Other comprehensive expense for the period	-		-		-		-		(3,691)		-		-		-		(948)		1,840		(2,799)
	Share-based payment charge	-		-		-		-		-		-		80		-		-		-		80
	Dividend paid to shareholders	-		-		-		-		-		-		-		-		-		(22,445)		(22,445)
	At 31 January 2018	1,264		160,422		(8)		134		(6,356)		12,843		438		(196,884)		(39,024)		326,712		259,541

Origin Enterprises plc

Condensed Interim Consolidated Statement of Cash Flows 

for the six months ended 31 January 2019

		Six months		Six months		Year
		ended		ended		ended
		January 2019		January 2018		July 2018
		€'000		€'000		€'000
Cash flows from operating activities
Profit/(loss)before tax		1		(2,757)		65,337
Exceptional items		733		-		(663)
Finance income		(416)		(602)		(1,432)
Finance expense		6,297		4,603		9,514
Profit on disposal of property, plant and equipment		(156)		(128)		(285)
Share of profit of associates and joint venture		(1,809)		(1,707)		(7,221)
Depreciation of property, plant and equipment		3,845		3,498		7,451
Amortisation of intangible assets		5,476		3,972		7,946
Employee share-based payment charge		90		80		180
Pension contributions in excess of service costs		(462)		(691)		(852)
Payment of exceptional rationalisaton costs		(829)		(2,943)		(3,334)
Payment of exceptional acquisition costs		(358)		(1,443)		(3,688)
Operating cash flow before changes in working capital		12,412		1,882		72,953
Increase in inventory		(40,746)		(60,830)		(28,505)
Decrease in trade and other receivables		176,595		113,500		(58,469)
Decrease in trade and other payables		(273,359)		(145,253)		87,713
Cash (absorbed)/generated from operating activities		(125,098)		(90,701)		73,692
Interest paid		(4,564)		(2,698)		(6,927)
Income tax paid		(4,449)		(4,073)		(10,428)
Cash (outflow)/inflow from operating activities		(134,111)		(97,472)		56,337

Origin Enterprises plc

Condensed Interim Consolidated Statement of Cash Flows (continued)

for the six months ended 31 January 2019

		Six months		Six months		Year
		ended		ended		ended
		January 2019		January 2018		July  2018
		€'000		€'000		€'000
Cash flows from investing activities
Proceeds from sale of property, plant and equipment		440		1,091		1,410
Purchase of property, plant and equipment		(7,223)		(6,373)		(11,602)
Additions to intangible assets		(1,717)		(1,505)		(5,645)
Arising on acquisitions		(33,239)		(16,164)		(23,857)
Proceeds from sale of Chemical division		-		5,250		5,250
Payment of contingent acquisition consideration		(1,091)		(704)		(1,627)
Restricted cash		500		-		(500)
Loan (advance)/repayment with associate		(98)		84		85
Dividends received from associates		6,909		2,351		2,483
Cash outflow from investing activities		(35,519)		(15,970)		(34,003)
Cash flows from financing activities
Drawdown of bank loans		180,557		86,132		141,775
Repayment of bank loans		(45,000)		(25,893)		(158,155)
Payment of dividends to equity shareholders (Note 13)		(22,445)		(22,445)		(26,371)
Cash inflow/(outflow) from financing activities		113,112		37,794		(42,751)
Net decrease in cash and cash equivalents		(56,518)		(75,648)		(20,417)
Translation adjustment		1,233		141		261
Cash and cash equivalents at start of period		126,559		146,715		146,715
Cash and cash equivalents at end of period (Note 10)		71,274		71,208		126,559

Origin Enterprises plc

Notes to the Condensed Interim Consolidated Financial Statements

for the six months ended 31 January 2019

1      Basis of preparation

The Group condensed interim consolidated financial statements has 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 2018, which have been prepared in accordance with IFRSs.  The financial statements for the year ended 31 July 2018 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 2019 and the comparative figures for the six months ended 31 January 2018 are unaudited and have not been reviewed by the Auditors.  The summary financial statements for the year ended 31 July 2018 represents an abbreviated version of the Group's full accounts for that year.

The Group condensed interim consolidated financial statements are presented in euro and rounded to the nearest thousand, which is the functional currency of the parent.

A comprehensive review of the Group's performance for the six months ended 31 January 2019 is included in the financial highlights section included on pages 5 to 13.  The group's business is seasonal and is heavily weighted towards the second half of the financial year.

2      Accounting policies

The Group interim financial statements have been prepared on the basis of the accounting policies as set out on pages 90 to 97 of the Group's Annual Report for the year ended 31 July 2018, with the exception of the new accounting standards outlined below.

The following Standards and Interpretations are effective for the Group in the current financial period but do not have a material effect on the results or financial position of the Group:

IFRS 9 Financial Instruments 

The Group has adopted IFRS 9 Financial Instruments ("IFRS 9"), which replaces the existing guidance in IAS 39 Financial Instruments: Recognition and Measurement, from 1 August 2018.  Under IFRS 9, on initial recognition, a financial asset is classified as measured at amortised cost or fair value through other comprehensive income ("FVTOCI"), or fair value through profit or loss ("FVTPL").  This classification is dependent on the business model for managing the financial assets and on whether the cash flows represent solely the payment of principal and interest.  The Group has quantified the impact on its consolidated financial statements resulting from the application of IFRS 9.  The vast majority of financial assets held by the Group are trade receivables and cash.

Trade receivables and cash will continue to be accounted for at amortised cost.  IFRS 9 introduces a forward looking expected credit losses model, rather than the current incurred loss model, when assessing the impairment of financial assets in the scope of IFRS 9. Given historic loss rates and normal receivable ageing, the move from an incurred loss model to an expected loss model has not had a material impact.

On this basis, the classification and measurement changes do not have a material impact on the Group's consolidated financial statements.  The impact of adopting IFRS 9 on the consolidated financial statements was not material for the Group and there was no adjustment to retained earnings on application at 1 August 2018.  In line with the transition guidance in IFRS 9 the Group has not restated the 2018 prior year / half year results on adoption.  

IFRS 15 Revenue from Contracts with Customers 

The Group has adopted IFRS 15 Revenue from Contracts with Customers ("IFRS 15"), which replaces the existing guidance in IAS 18 Revenue, from 1 August 2018.  The core principle of IFRS 15 is that an entity should recognise revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.  Under IFRS 15, an entity recognises revenue when (or as) a performance obligation is satisfied i.e. when 'control' of the goods or services underlying the particular performance obligation is transferred to the customer.  At the date of adoption, the Group assessed the impact on its consolidated financial statements resulting from the application of IFRS 15.

The vast majority of the Group's revenue is attributable to (1) Agri-Inputs operations, (2) Agronomy and On-Farm Services operations and (3) Digital Agricultural Services.  Legal title of goods sold is transferred on agreed contracted terms between parties, and generally, there is one performance obligation in each of the Group's sale contracts.  Based on the Group's contractual and trading relationships, the impact of adopting IFRS 15 on the consolidated financial statements was not material for the Group and there was no adjustment to retained earnings on application at 1 August 2018.  The Group has not restated the 2018 prior year / half year results on adoption. 

The Group has not applied early adoption of any standards for which the effective date is not yet required.

On a prospective basis, for all new liabilities recognised in respect of shares held by non-controlling shareholders, all movements in the fair value of such options will be recognised in retained earnings.

IFRS 16  Leases 

The Group's evaluation of the effect of adoption of IFRS 16, 'Leases' is ongoing.  The Group expects that the adoption of IFRS 16 will have a material impact on the financial statements, significantly increasing the Group's recognised assets and liabilities.  The fair values of these leases are currently being evaluated.  As a result of the transition to IFRS 16, the fair value of these leases representing the present value of the lease payments over the expected lease contract period will be recognised as a Right of Use Asset with a corresponding value recognised as a lease liability.  This standard will be effective for and will be adopted by the Group for the 2020 financial year beginning 1 August 2019.

3      Segment information

IFRS 8, 'Operating Segments', requires operating segments to be identified on the basis of internal reports that are regularly reviewed by the Chief Operating Decision Maker ('CODM') in order to allocate resources to the segments and to assess their performance. Three operating segments have been identified: (1) Ireland and the United Kingdom, (2) Continental Europe and (3) Latin America.

Ireland and the United Kingdom

This segment includes the Group's wholly owned Irish and UK based Business-to-Business Agri-Inputs operations, Integrated Agronomy and On-Farm Services operations and Digital Agricultural Services business.  In addition, this segment includes the Group's Associate and joint venture undertakings.

Continental Europe

This segment includes the Group's Business-to-Business Agri-Inputs operations, Integrated Agronomy and On-Farm Services operations in Belgium, Poland, Romania and Ukraine.

Latin America

This segment includes the Group's 65 per cent controlling interest in the Brazilian based speciality nutrition and crop inputs business, Fortgreen Commercial Agricola Ltda.

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.

(i) Segment revenue and result	Ireland and UK				Continental Europe				Latin America				Total Group
	Six months		Six months		Six months		Six months		Six months		Six months		Six months		Six months
	ended		ended		ended		ended		ended		ended		ended		ended
	Jan 2019		Jan 2018		Jan 2019		Jan 2018		Jan 2019		Jan 2018		Jan 2019		Jan 2018
	€'000		€'000		€'000		€'000		€'000		€'000		€'000		€'000
Total revenue	644,207		534,864		246,318		209,418		21,312		-		911,837		744,282
Less revenue from associates and joint venture	(210,286)		(157,373)		-		-		-		-		(210,286)		(157,373)
Revenue	433,921		377,491		246,318		209,418		21,312		-		701,551		586,909
Segment result	2,827		1,220		793		1,043		5,451		-		9,071		2,263
Profit from associates and joint venture	1,809		1,707		-		-		-		-		1,809		1,707
Amortisation of non-ERP intangible assets	(2,119)		(1,876)		(915)		(850)		(1,231)		-		(4,265)		(2,726)
Operating profit/(loss) before exceptional items	2,517		1,051		(122)		193		4,220		-		6,615		1,244
Exceptional items	(437)	-	-		(253)		-		(43)		-		(733)		-
Operating profit / (loss)	2,080		1,051		(375)		193		4,177		-		5,882		1,244
Segment earnings before financing and tax													5,882		1,244
Finance income													416		602
Finance expense													(6,297)		(4,603)
Reported profit/(loss) before tax													1		(2,757)
Income tax credit													440		733
Reported profit/(loss) after tax													441		(2,024)

(ii) Segment assets

Ireland & UK

Continental Europe

Latin America

Total Group

Six months

Six months

Six months

Six months

Six months

Six months

Six months

Six months

ended

ended

ended

ended

ended

ended

ended

ended

Jan 2019

Jan 2018

Jan 2019

Jan 2018

Jan 2019

Jan 2018

Jan 2019

Jan 2018

€'000

€'000

€'000

€'000

€'000

€'000

€'000

€'000

Assets excluding investment in associates and joint venture

555,627

543,842

322,915

250,003

88,113

-

966,655

793,845

Investment in associates and joint venture (including other financial assets)

43,429

32,725

-

-

-

-

43,429

32,725

Segment assets

599,056

576,567

322,915

250,003

88,113

-

1,010,084

826,570

Reconciliation to total assets as reported in Condensed Interim Consolidated Statement of Financial Position

Cash and cash equivalents

84,892

85,869

Derivative financial instruments

1,659

1,108

Deferred tax assets

5,085

4,663

Total assets as reported in Condensed Interim Consolidated Statement of Financial Position

1,101,720

918,210

(iii) Segment liabilities

Ireland & UK

Continental Europe

Latin America

Total Group

Six months

Six months

Six months

Six months

Six months

Six months

Six months

Six months

ended

ended

ended

ended

ended

ended

ended

ended

Jan 2019

Jan 2018

Jan 2019

Jan 2018

Jan 2019

Jan 2018

Jan 2019

Jan 2018

€'000

€'000

€'000

€'000

€'000

€'000

€'000

€'000

Segment liabilities

264,728

259,920

126,360

111,828

46,778

-

437,866

371,748

Reconciliation of total liabilities as reported in Condensed Interim Consolidated Statement of Financial Position

Interest-bearing loans and liabilities

323,710

257,247

Derivative financial instruments

2,066

3,745

Current and deferred tax liabilities

34,029

25,929

Total liabilities as reported in Condensed Interim Consolidated Statement of Financial Position

797,671

658,669

4      Earnings/(loss) per share

Basic earnings/(loss) per share

	Six months		Six months
	ended		ended
	January		January
	2019		2018
	€'000		€'000
Profit/(loss) for the financial period attributable to equity shareholders	441		(2,024)
	'000		'000
Weighted average number of ordinary shares for the period	125,582		125,582
	Cent		Cent
Basic earnings/(loss)per share	0.35		(1.61)

Diluted earnings/(loss) per share	Six months		Six months
	ended		ended
	January		January
	2019		2018
	€'000		€'000
Profit/(loss) for the financial period attributable to equity shareholders	441		(2,024)
	'000		'000
Weighted average number of ordinary shares used in basic calculation	125,582		125,582
Impact of shares with dilutive effect	1,108		77
Impact of SAYE scheme	726		531
Weighted average number of ordinary shares (diluted) for the period	127,416		126,190
	Cent		Cent
Diluted earnings/(loss) per share	0.35		(1.61)

	Adjusted basic earnings per share		Six months		Six months
			ended		ended
			January		January
			2019		2018
			€'000		€'000
	Profit/(loss) for the financial period attributable to equity shareholders		441		(2,024)
	Amortisation of non-ERP related intangible assets		4,265		2,726
	Tax on amortisation of non-ERP related intangible assets		(833)		(367)
	Exceptional items, net of tax		733		-
	Adjusted basic earnings		4,606		335
			Cent		Cent
	Adjusted basic earnings per share		3.67		0.27
	Total adjusted basic earnings - as above		4,606		335
			Cent		Cent
	Total adjusted diluted earnings per share		3.61		0.27

The calculation of basic adjusted earnings per share is based on the weighted average number of shares in issue during the period of 125,581,696 (31 January 2018: 125,581,696). The weighted average number of shares used in the calculation of adjusted diluted earnings/(loss) per share is 127,416,250 (31 January 2018: 126,190,275).

5      Condensed Interim Consolidated Income Statements for the six months ended 31 January 2018 and year ended 31 July 2018

        An analysis of the Condensed Interim Consolidated Income Statement (including exceptional items) for the six months ended 31 January 2018 and year ended 31 July 2018 is set out below.

	Six months ended 31 January 2018
			Six months		Six months		Six months
			ended		ended		ended
			Jan 2018		Jan 2018		Jan 2018
			Pre-Exceptional		Exceptional		Total
			€'000		€'000		€'000
	Revenue		586,909		-		586,909
	Cost of sales		(511,273)		-		(511,273)
	Gross profit		75,636		-		75,636
	Operating costs		(76,099)		-		(76,099)
	Share of profit of associates and joint venture		1,707		-		1,707
	Operating profit		1,244		-		1,244
	Finance income		602		-		602
	Finance expense		(4,603)		-		(4,603)
	Loss before income tax		(2,757)		-		(2,757)
	Income tax credit		733		-		733
	Loss for the period		(2,024)		-		(2,024)
	Year ended 31 July 2018
			Year ended		Year ended		Year ended
			Jul 2018		Jul 2018		Jul 2018
			Pre-Exceptional		Exceptional		Total
			€'000		€'000		€'000
			ended		ended		ended
	Revenue		1,627,533		-		1,627,533
	Cost of sales		(1,389,926)		-		(1,389,926)
	Gross profit		237,607		-		237,607
	Operating costs		(172,072)		663		(171,409)
	Share of profit of associates and joint venture		7,221		-		7,221
	Operating profit		72,756		663		73,419
	Finance income		1,432		-		1,432
	Finance expense		(9,514)		-		(9,514)
	Profit before income tax		64,674		663		65,337
	Income tax expense		(7,900)		(652)		(8,552)
	Profit for the year		56,774		11		56,785

6      Property, plant and equipment

	January		July
	2019		2018
	€'000		€'000
Net book value
At beginning of period	117,929		105,271
Arising on acquisitions (Note 12)	2,512		10,087
Additions	7,390		11,628
Disposals	(283)		(1,571)
Depreciation charge	(3,845)		(7,451)
Translation adjustments	1,014		(35)
At end of period	124,717		117,929

7      Goodwill and intangible assets

	January		July
	2019		2018
	€'000		€'000
Net book value
At beginning of period	216,334		205,961
Arising on acquisitions (Note 12)	67,973		11,997
Additions	1,621		5,645
Amortisation of non-ERP intangible assets	(4,265)		(5,655)
ERP intangible amortisation	(1,211)		(2,291)
Translation adjustments	4,858		677
At end of period	285,310		216,334

    Included in the total goodwill and intangible assets above is goodwill of €183,704,000 (July 2018: €138,112,000).  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.

8      Investments in associates and joint venture

	January		July
	2019		2018
	€'000		€'000
At beginning of period	48,171		34,206
Share of profits after tax	1,809		7,221
Dividends received	(6,909)		(2,483)
Share of other comprehensive expense	(789)		9,092
Translation adjustments	585		135
At end of period	42,867		48,171

9      Provision for liabilities

        The estimate of provisions is a key judgement in the preparation of the Interim condensed financial statements.

				January			July
				2019			2018
				€'000			€'000
	At beginning of period			13,512			15,464
	Arising on acquisition (Note 12)			6,755			2,995
	Provided in period			121			2,007
	Paid in period			(2,258)			(4,964)
	Released in period			(850)			(2,137)
	Translation adjustments			361			147
	At end of period			17,641			13,512

Provisions for liabilities relate to various operating and employment related costs and contingent acquisition consideration that arose on various acquisitions.

10     Analysis of net debt

		31 July		Cash		Arising on		Non-cash		Translation		31 January
		2018		flow		acquisition		movements		adjustment		2019
		€'000		€'000		€'000		€'000		€'000		€'000
	Cash	147,212		(66,744)		3,470		-		954		84,892
	Overdraft	(20,653)		6,756		-		-		279		(13,618)
	Cash and cash equivalents	126,559		(59,988)		3,470		-		1,233		71,274
	Finance lease obligations	(862)		(354)		-		-		(3)		(1,219)
	Loans	(164,553)		(135,203)		(8,177)		(339)		(601)		(308,873)
	Net debt	(38,856)		(195,545)		(4,707)		(339)		629		(238,818)
	Restricted cash	500		(500)		-		-		-		-
	Net debt including restricted cash	(38,356)		(196,045)		(4,707)		(339)		629		(238,818)

The loans included above are unsecured and the facility extends to May 2022.

11     Share capital

		January		July
		2019		2018
		€'000		€'000
	Authorised
	250,000,000 ordinary shares of €0.01 each (i)	2,500		2,500
	Allotted, called up and fully paid
	126,382,206 ordinary shares of €0.01 each (i)	1,264		1,264

(i)     Ordinary shareholders are entitled to dividends as declared and each ordinary share carries equal voting rights at meetings of the Company.

12     Acquisition of subsidiary undertakings

     During the period, the Group completed the acquisition of Fortgreen Commercial Agricola Ltda ('Fortgreen') in Brazil and the acquisition of Symbio Group ('Symbio') in the United Kingdom.  These acquisitions complement the Group's prescription fertilisers and speciality nutrition business.

        Details of the acquisitions are as follows:

(i)    On 14 August 2018 the Group acquired a 65 per cent controlling interest in the Brazilian based speciality nutrition and crop inputs business, Fortgreen Commercial Agricola Ltda.

(ii)   On 20 November 2018 the Group completed the acquisition of 100 per cent of Eco Solutions (C & R) Limited trading as Symbio. Based in the United Kingdom, Symbio specialises in biological based crop technologies.

Details of the net assets acquired and provisional goodwill arising from the business combinations are as follows:

		Fair
		value
Assets		€'000
Non-current
Property, plant and equipment		2,512
Intangible assets		25,561
Total non-current assets		28,073
Current assets
Inventory		6,078
Trade and other receivables		16,221
Corporation tax asset		123
Total current assets		22,422
Liabilities
Trade and other payables		(10,354)
Deferred tax liability		(7,949)
Total liabilities		(18,303)
Total identifiable net assets at fair value		32,192
Goodwill arising on acquisition		42,412
Total net assets acquired (excluding debt acquired)		74,604
Consideration satisfied by:
Cash consideration		36,709
Cash acquired		(3,470)
Net cash outflow		33,239
Contingent consideration		6,755
Put option		26,433
Consideration		66,427
Debt acquired		8,177
Total consideration plus debt acquired		74,604

The goodwill recognised on acquisition is attributable to the skills and technical talent of the acquired business's workforce, and the synergies expected to be achieved from integrating the company into the Group's existing business.

Origin acquired a 65 per cent interest in Fortgreen for cash consideration on 14 August 2018.  The Group have also entered into an arrangement with the minority shareholder, under which the minority shareholder has the right at various dates to sell the remaining 35 per cent interest to Origin based on an agreed formula.  In the event that this is not exercised, Origin has a similar right to acquire the 35 per cent interest.  Origin has recognised an option liability of €26.4 million which is the fair value of the future estimated amount payable to exercise the option.  This has been determined based on an agreed formula which includes an expectation of future trading performance and timing of when the options are expected to be exercised, discounted to present day value.

Origin has elected to apply the anticipated acquisition method in accounting for the option whereby the non-controlling interest is not recognised but rather treated as already acquired by Origin both in the Consolidated Statement of Financial Position and the Consolidated Statement of Comprehensive Income.  This treatment has been adopted as the Directors have formed the view that based on the structure and timing of the option contracts sufficient risks and rewards are deemed to have transferred to Origin.  Profits and losses attributable to the minority shareholder in respect of their 35 per cent interest will be presented as attributable to the equity shareholders of Origin and not as attributable to minority interests.  The €26.4 million financial liability recognised by the Group forms part of the contingent consideration for the acquisition.  For all new liabilities recognised in respect of shares held by non-controlling shareholders, all movements in the fair value of such options will be recognised in retained earnings. 

Post-acquisition revenues and operating profit relating to the current year acquisitions amounted to €21.5 million and €5.8 million.  If the acquisitions had occurred on 1 August 2018, management estimates total consolidated revenue would have been €704.3 million and consolidated operating profit for the six-month period would have been €9.4 million.  In determining these amounts management has assumed that the fair value adjustments that arose on the dates of acquisition would have been the same if the acquisition occurred on 1 August 2018.

13     Dividends

On 15 December 2018 a final dividend of 17.85 cent per ordinary share was paid in respect of the year ended 31 July 2018 which when combined with the interim dividend of 3.15 cent per ordinary share brings the total dividend for the year ended 31 July 2018 to 21 cent per ordinary share.

An interim dividend of 3.15 cent (2018: 3.15 cent) per ordinary share will be paid on 12 April 2019 to shareholders on the register on 29 March 2019.  These condensed interim consolidated financial statements do not reflect this dividend payable.

14     Taxation

The taxation credit for the interim period is an estimate based on the expected full year effective tax rate on full year profits.

15   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 2018.

16   Financial commitments  

The Group has a financial commitment of €7.4 million attributable to a strategic partnership with University College Dublin ('UCD'). The commitment is over a four year period.

17    Related party transactions

 Related party transactions occurring in the period were similar in nature to those described in the 2018 Annual Report.

18    Release of half yearly condensed interim consolidated financial statements

The Group condensed interim consolidated financial information was approved for release by the Board on 5 March 2019.

19   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.

 

END

 

 

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