Interim Results Statement

Origin Enterprises Plc

05 March 2024

 

Origin Enterprises plc

INTERIM RESULTS STATEMENT

Solid H1 delivery despite challenging northern hemisphere weather conditions and market dynamics

5 March 2024: Origin Enterprises plc ('Origin' or 'the Group'), the international Agri-Services group, providing specialist agronomy advice, crop inputs and digital solutions to promote sustainable land use, today announces its interim results for the half year ended 31 January 2024 ('H1 2024').

Results Summary	31 Jan 2024 €'m	31 Jan 2023 €'m	Change €'m	31 Jan 2022 €'m
Group revenue	854.9	1,180.0	(325.1)	877.1
Operating profit1	12.7	20.3	(7.6)	11.1
Associates and joint venture2	1.4	1.6	(0.2)	1.3
Total Group operating profit1	14.1	21.9	(7.8)	12.4
Finance cost, net	(8.8)	(8.6)	(0.2)	(4.8)
Profit before tax1	5.3	13.3	(8.0)	7.6
Adjusted diluted earnings per share (cent)3	3.75	8.70	(4.95)	4.99
Group net bank debt4	(215.8)	(130.9)	(84.9)
Interim dividend per ordinary share (cent)	3.15	3.15	-

 

Highlights

·    Underlying business volumes, excluding crop marketing, reduced by 2.6% due to adverse weather conditions impacting autumn/winter planting activity in the northern hemisphere

·    Expected correction in global feed and fertiliser raw materials pricing contributed to the decrease in H1 2024 Group revenues to €854.9 million and operating profit of €12.7 million, set in the context of a very strong H1 2023 performance driven by rising commodity markets and strong on-farm demand

·    Diversification of profit drivers, geographic and sectoral, continues to reduce the impact of adverse weather events in our core UK and Ireland market on our overall profitability

·   Acquisition of Groundtrax Systems Limited further enhances our product capability in the Amenity, Environmental and Ecology portfolio

·    Cumulative acquisition spend of €54.2 million in last 12 months, including the completion of put/call option for the residual 35% interest in Fortgreen in Latin America, bringing it under 100% control

·    In addition, there was a partial payment of suspended amounts owing in compliance with international sanctions of €34.3 million, contributing to an increase in net bank debt⁴ to €215.8 million

·    Higher interest rates in the period increased finance costs to €8.8 million

·    Adjusted diluted earnings per share of 3.75 cent (H1 2023: 8.70 cent)

·    Interim dividend of 3.15 cent per share (H1 2023: 3.15 cent per share)

·    €20.0 million FY24 share buyback programme approximately 27% complete

·   Appointment of TJ Kelly as Divisional Managing Director of Amenity, Environment and Ecology from 1 August 2024 and a search process to recruit a new CFO is well advanced. TJ will continue as an Executive Director of the Board

¹  Before amortisation of non-ERP intangible assets and exceptional items

²  Profit after interest and tax

³  Before amortisation of non-ERP intangible assets, net of related deferred tax (2024: €5.2 million, 2023: €4.7 million) and exceptional items, net of tax (2024: charge of €2.7 million, 2023: charge of €1.4 million)

⁴  Net bank debt excludes IFRS16 Lease liabilities

Commenting on the results, Origin Chief Executive Officer, Sean Coyle said:

"The Group delivered a solid operating profit in H1 2024 compared to a very strong H1 2023 performance. The H1 result was achieved despite challenging planting and weaker in-field conditions across our markets. This performance has been underpinned by the Group's continued focus on the strategic diversification of its earnings base.

A challenging planting profile and a downward-moving price environment resulted in reduced early season volumes across our portfolio, with Ireland and the UK, and Continental Europe experiencing more challenging conditions. Latin America and our Amenity, Environmental and Ecology businesses delivered solid results despite also being impacted by fertiliser price dynamics.

The integration of recent complementary acquisitions in the Amenity, Environmental, and Ecology division continues to progress, including our most recent acquisition, Groundtrax Systems Limited, which extends our product range and offering in the sustainable urban drainage systems sector.  Our ambition is for this division to represent 30% of Group operating profit by the end of FY26 and on 1 August 2024 TJ Kelly will move from the CFO role to take up a role as Divisional MD reflecting this ambition.

Outlook

On-farm sentiment remains cautious, as growers shift towards spring planting and seek to optimise yields from a reduced autumn/winter planted area. Whilst progress in spring planting and the main application period in the months through to the end of May will be key to full year results, we now anticipate full year earnings in the range of 44c to 49c, reflecting the effects of adverse weather conditions. We continue to invest in broadening our product portfolio and diversifying our earnings. Further guidance will be provided with our Q3 Trading Update on 13 June 2024."  

ENDS

This announcement contains inside information. The person responsible for arranging release of this announcement on behalf of Origin is Barbara Keane, General Counsel & Company Secretary.

Conference Call and Webcast details:

The management team will host a live conference call and webcast, for analysts and institutional investors today, 5 March 2024, at 08:30 (Irish/UK time). Registration details for the Conference Call and Webcast can be accessed at: www.originenterprises.com

Alternatively, please contact FTI Consulting by email at [e-mail]

Participants are requested to dial in 5 to 10 minutes prior to the scheduled start time.                                

Enquiries

Origin Enterprises plc
TJ Kelly
Chief Financial Officer	Tel:	[phone]
Brendan Corcoran
Head of Investor Relations and Group Planning	Tel:	[phone]
Goodbody (Euronext Growth (Dublin) Adviser)
Joe Gill	Tel:	[phone]
Davy (Nominated Adviser)
Anthony Farrell	Tel:	[phone]
Numis Securities (Stockbroker)
Stuart Skinner	Tel:	[phone]
FTI Consulting (Financial Communications Advisers)
Jonathan Neilan / Patrick Berkery / Niamh O'Brien	Tel:	[phone]

About Origin Enterprises plc

Origin Enterprises plc is an international Agronomy-Services group, providing specialist advice, inputs, services and digital solutions to promote sustainable land use. The Group has leading market positions in Ireland, the United Kingdom, Brazil, Poland and Romania. Origin is listed on the Euronext Growth (Dublin) and AIM markets of the Irish and London Stock Exchanges.

Euronext Growth (Dublin) ticker symbol:   OIZ

AIM ticker symbol:                                    OGN

Website:                                                     www.originenterprises.com

INTERIM RESULTS STATEMENT

Financial Review - Summary

	6 months ended 31 Jan 2024 €'m	6 months ended 31 Jan 2023 €'m
Group revenue	854.9	1,180.0
Operating profit1	12.7	20.3
Associates and joint venture, net2	1.4	1.6
Adjusted Group operating profit1	14.1	21.9
Finance cost, net	(8.8)	(8.6)
Pre-tax profit	5.3	13.3
Income tax charge	(0.9)	(3.0)
Adjusted net profit	4.4	10.3
Adjusted diluted earnings per share (cent)3	3.75	8.70
Adjusted net profit reconciliation
Reported net (loss)/profit	(3.5)	4.2
Amortisation of non-ERP intangible assets	6.5	5.5
Tax on amortisation of non-ERP related intangible assets	(1.3)	(0.8)
Exceptional items, net of tax	2.7	1.4
Adjusted net profit	4.4	10.3
Adjusted diluted earnings per share (cent)3	3.75	8.70

Origin delivered an adjusted diluted earnings per share³ in H1 2024 of 3.75 cent compared to 8.70 cent in H1 2023. On a like-for-like basis (excluding the impact of currency movements and acquisitions) the underlying decrease in adjusted diluted earnings per share³ was 6.08 cent. 

Group revenue

Group revenue was €854.9 million in H1 2024 compared to €1,180.0 million in the corresponding period last year, a decrease of 27.6%.  On a constant currency basis, revenues decreased by €336.3 million (28.5%).

The decrease in underlying business volumes, excluding crop marketing, was 2.6% in H1 2024 compared to H1 2023 (increase of 1.2% including crop marketing).  

Operating profit¹

Operating profit¹ in H1 2024 was €12.7 million compared to €20.3 million in H1 2023.  On an underlying basis, the decrease in operating profit year-on-year was €9.4 million. 

Associates and joint venture²

Origin's share of profit after interest and taxation from associates and joint venture amounted to €1.4 million, a €0.2 million decrease on H1 2023. 

Net bank debt and financing costs

Net bank debt⁵ at 31 January 2024 was €215.8 million compared to €130.9 million at 31 January 2023 and is 2.09 times EBITDA⁴ for the twelve months to 31 January 2024.  

The increase in net bank debt, for the 12-month period ended 31 January 2024, reflects an acquisition spend of €54.2 million, including the settlement of the Fortgreen put/call option, payment of c.50% of outstanding suspended supplier amounts in compliance with sanctions regimes amounting to €34.3 million and cumulative shareholder returns of €29.5 million.

Net finance costs amounted to €8.8 million compared to €8.6 million in H1 2023. The increase in net finance costs in the period was primarily driven by higher interest rates across each of the markets in which the Group operates.

At period end, the Group's key banking covenants are as follows:

	Banking Covenant	H1 2024 Times	H1 2023 Times	FY 2023 Times
Net debt to EBITDA	Maximum 3.5	2.09	1.03	-
EBITDA to net interest	Minimum 3.0	9.28	9.91	8.57

Working capital

Following the seasonal investment in working capital in the period, the net cash outflow from operating activities was €214.3 million (H1 2023: €131.5 million) and there was an increase in working capital at period end to €164.4 million (H1 2023: €138.3 million). The period end working capital position includes the residual net impact of trade payables which have been suspended in accordance with international sanctions imposed by authorities in response to the Russian invasion of Ukraine in 2022. We continue to closely monitor the situation with regard to sanctions and act accordingly.

Sustainability

We are delighted to announce our participation in a £3.3 million Nitrogen Use Efficiency project sponsored by the Department for Environment, Food and Rural Affairs in the UK to optimise UK grassland farming's mineral nitrogen fertiliser use. As the exclusive fertiliser company in this project, we will leverage our expertise in crop nutrition and digital solutions to enhance farm efficiency and environmental enhancement. Progress on the delivery of our environmental objectives was sustained in the period and we maintained our CDP rating at B.

Dividend

We are pleased to announce that an interim dividend of 3.15 cent per share (H1 2023: 3.15 cent per share) will be paid on 21 June 2024 to shareholders on the register on 31 May 2024. 

Share Buyback Programme

On 21 November 2023 the Group commenced a share buyback programme to repurchase up to €20.0 million of ordinary shares. The programme is progressing to plan and is currently approximately 27% complete.

Corporate Development

Subsequent to the period end, we completed the acquisition of Groundtrax Systems Limited, a leading supplier of ground protection and sustainable urban drainage systems, which extends our product range and offering in the Amenity sector. During the period we completed the Fortgreen put/call option, bringing it under 100% control.

Appointment of Divisional Managing Director of Amenity, Environmental and Ecology Services

We are pleased to announce the appointment of TJ Kelly, Group CFO, to the newly established role of Divisional Managing Director of our Amenity, Environmental and Ecology Services division, effective 1 August, 2024.  In line with our strategic objectives, and consistent with recent acquisitions, Origin is committed to accelerating its presence in amenity, environmental and ecology markets.  Providing sustainable ecological and environmental solutions in the emerging nature economy, in areas such as forestry, landscaping and habitat conservation, represents a significant growth opportunity in existing and new geographies. Our ambition is for this division to represent 30% of Group operating profit by the end of FY26. TJ's appointment to this position reflects this ambition.

The recruitment of a new Group CFO is well advanced and a further update will be provided in due course. To ensure an orderly transition, TJ will continue as Group CFO until the appointment of his successor.  In his new role, TJ will continue as an Executive Director of the Board.

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

²        Profit after interest and tax

³        Before amortisation of non-ERP intangible assets, net of related deferred tax (2024: €5.2 million, 2023: €4.7 million) and exceptional items, net of tax (2024: charge of €2.7 million, 2023: charge of €1.4 million)

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

⁵        Net bank debt excludes IFRS16 Lease liabilities

Review of Operations

Group Overview

					Change on prior period
	H1 2024 €'m		H1 2023 €'m			Change €'m			Underlying4 €'m	Constant Currency5 €'m
Revenue	854.9		1,180.0			(325.1)			(350.5)	(336.3)
Operating profit1	12.7		20.3			(7.6)			(9.4)	(7.8)
Associates and joint venture2	1.4		1.6			(0.2)			(0.3)	(0.3)
Adjusted diluted EPS (cent)3	3.75		8.70			(4.95)			(6.08)	(5.07)
1        Before amortisation of non-ERP intangible assets and exceptional items
2        Profit after interest and tax
3        Before amortisation of non-ERP intangible assets, net of related deferred tax (2024: €5.2 million, 2023: €4.7 million) and exceptional items, net of tax (2024: charge of €2.7 million, 2023: charge of €1.4 million)
4        Excluding currency movements and the impact of acquisitions
5        Excluding currency movements

Origin delivered a solid operating profit performance in H1, set against an exceptional H1 FY23. Group revenue decreased by 27.6% to €854.9 million on a reported basis and by 28.5% on a constant currency basis.  Operating profit and adjusted fully diluted earnings per share reduced to €12.7 million and 3.75 cent, respectively. 

The reduction in underlying business volumes, excluding crop marketing, was 2.6% in H1 2024 compared to H1 2023 (increase of 1.2% including crop marketing).

Ireland and the United Kingdom

				Change on prior period
	H1 2024 €'m		H1 2023 €'m		Change €'m		Underlying3 €'m	Constant Currency4 €'m
Revenue	516.1		754.0		(237.9)		(254.8)	(240.6)
Operating (loss)/profit1	(3.1)		2.9		(6.0)		(7.6)	(6.1)
Associates and joint venture2	1.4		1.6		(0.2)		(0.3)	(0.3)
1        Before amortisation of non-ERP intangible assets and exceptional items
2        Profit after interest and tax
3        Excluding currency movements and the impact of acquisitions
4        Excluding currency movements

Ireland and the United Kingdom recorded a decrease in revenues of €237.9 million in the period. Operating profit reduced from €2.9 million in H1 2023 to an operating loss of €3.1 million in H1 2024.

The decreased contribution is a result of a reduced winter planting profile impacting early season volumes across the crop protection and fertiliser portfolios, together with the impact of a further correction in global feed and fertiliser raw material pricing. These factors contributed to a reduction in underlying business volumes of 5.7% in the period.

Integrated On-Farm Agronomy Services

Integrated On-Farm Agronomy Services saw reduced revenues and contribution in the period. Persistent wet weather across the period resulted in delayed in-field activity, and combined with a downward moving price market, led to less purchasing on-farm.

The challenging weather conditions encountered across the UK to date has impacted the planting profile with a shift to spring planting expected. Total autumn and winter plantings for principal crops are estimated to be 20% behind last year at 2.1 million hectares, with the expected area of winter wheat back 24% to 1.4 million hectares, however on-going rainfall puts the viability of a portion of this crop at risk.  

At this point in the year, combined autumn/winter and spring plantings for the 2024 crop production year are expected to be 4% behind 2023 at 4.1 million hectares.

Business-to-Business Agri-Inputs

Business-to-Business Agri-Inputs had a steady H1 2024 with reduced revenues, compared to H1 2023 driven by the continued correction in global feed and fertiliser raw material pricing. Volumes have also been impacted by the adverse weather experienced to date.

Fertiliser

Fertiliser delivered a satisfactory result in H1 2024, with reduced volumes set in the context of the continuing global correction in fertiliser raw material pricing. Despite these challenges, the Group continues to execute strongly across the business. 

In addition to focusing on growing its speciality and bespoke nutrition product ranges, the Group continues to maintain a focus on sustainable land use and soil health and we will continue to invest in innovative products to meet evolving needs of our customers.

Feed Ingredients

Feed Ingredients delivered a satisfactory performance in H1 2024, in line with expectations.

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

Amenity, Environmental and Ecology

The Group's Amenity, Environmental and Ecology business delivered a good result in the period, recording increased revenues and operating profit compared to the prior year. The result reflected a positive operating profit from the Group's recent acquisitions in this sector, with integration progressing to plan. 

Continental Europe¹

				Change on prior period
	H1 2024 €'m	H1 2023 €'m			Change €'m		Underlying3 €'m	Constant Currency4   €'m
Revenue	139.0	222.9			(83.9)		(86.0)	(86.0)
Operating profit2	1.5	2.6			(1.1)		(1.2)	(1.2)
1        Excluding crop marketing.  While crop marketing has a significant impact on revenue, its impact on operating profit is insignificant.  An analysis of revenue and profit attributable to agronomy services and inputs more accurately reflects the underlying drivers of business performance
2        Before amortisation of non-ERP intangible assets and exceptional items
3        Excluding currency movements and the impact of acquisitions
4        Excluding currency movements

Continental Europe had a satisfactory start to the year in the seasonally quieter first half, delivering an operating profit of €1.5 million. Cautious farm sentiment and raw material price uncertainty has resulted in delayed on-farm purchasing decisions in the period compared to 2023 which had seen stronger early season demand in anticipation of on-farm price increases. Consequently, excluding crop marketing volumes, underlying business volumes decreased by 6.1% in H1 2024, compared to H1 2023. 

Poland

Poland had a solid start to the year despite reduced volumes and contribution across the business, in the seasonally quiet H1. In 2024 we have experienced more cautious farm sentiment reflecting weather and output price concerns.

Autumn and winter plantings are forecasted to be marginally ahead of FY23 at 5.6 million hectares.  Crop establishment to date is generally good across Poland, with the total cropping area for the 2024 growing season expected to be broadly equivalent to last year at 9.0 million hectares. 

Romania

Romania had a slow start to the year, recording reduced volumes and earnings compared to the prior period, reflecting cautious farm sentiment from weather and output price concerns.  

Dry conditions in autumn led to delayed planting and autumn and winter plantings are expected to be 5% behind of the prior year at 3.4 million hectares.  Combined winter and spring plantings for the growing season are currently forecasted to be in line with last year at 8.4 million hectares.

Latin America

						Change on prior period
			H1 2024 €'m		H1 2023 €'m		Change €'m		Underlying2 €'m			Constant Currency3 €'m
Revenue		94.7		89.6		5.1				4.8	4.8
Operating profit1		13.9		14.2		(0.3)				(0.4)	(0.4)
1        Before amortisation of non-ERP intangible assets and exceptional items 2        Excluding currency movements and the impact of acquisitions 3        Excluding currency movements

Latin America delivered a solid performance in the period, recording an increase in underlying business volumes of 32.5%. The Group continues to invest in the sales organisation and operations infrastructure to meet future growth plans, including during the start-up phase of our F1rstAg biologicals business.  Volume growth in our lower margin Controlled Release Fertiliser business was stronger than our Physiology and Nutrition business, contributing to a negative mix effect on margin. Market pricing also fell, reflecting the underlying downward movement in global fertiliser raw material prices.

As a result, operating profit decreased marginally to €13.9 million in H1 2024 from €14.2 million in H1 2023, with an underlying reduction of €0.4 million.

The total cropping area dedicated to soya, Brazil's principal crop, is expected to increase by 4% on the prior year to 45.4 million hectares. The expected soya harvest is currently estimated to be 150.1 million tonnes, down from the 154.6 million tonnes in the prior year.  

ENDS

Origin Enterprises plc

Condensed Interim Consolidated Income Statement     

for the six months ended 31 January 2024

		Six months		Six months		Six months		Six months		Year
		ended		ended		ended		ended		ended
		January		January		January		January		July
		2024		2024		2024		2023		2023
		Pre-exceptional		Exceptional		Total		Total		Total
		€'000		€'000		€'000		€'000		€'000
	Notes			Note 6				Note 8		Note 8
Revenue	5	854,913		-		854,913		1,180,042		2,456,168
Cost of sales		(716,754)		-		(716,754)		(1,030,438)		(2,122,029)
Gross profit		138,159		-		138,159		149,604		334,139
Operating costs		(131,939)		(2,762)		(134,701)		(136,299)		(261,272)
Share of profit of associates and joint venture		1,366		-		1,366		1,615		7,732
Operating profit	5	7,586		(2,762)		4,824		14,920		80,599
Finance income		3,494		-		3,494		1,544		2,080
Finance expense		(12,254)		-		(12,254)		(10,171)		(15,043)
(Loss)/profit before income tax		(1,174)		(2,762)		(3,936)		6,293		67,636
Income tax credit/(expense)		388		64		452		(2,109)		(16,604)
(Loss)/profit attributable to equity shareholders		(786)		(2,698)		(3,484)		4,184		51,032
						Six months		Six months		Year
						ended		ended		ended
						January		January		July
						2024		2023		2023
Basic (loss)/earnings per share	7					(3.12c)		3.65c		45.24c
Diluted (loss)/earnings per share	7					(3.12c)		3.52c		43.31c

Origin Enterprises plc

Condensed Interim Consolidated Statement of Comprehensive Income

for the six months ended 31 January 2024

	Six months		Six months		Year
	ended		ended		ended
	January		January		July
	2024		2023		2023
	€'000		€'000		€'000
(Loss)/profit for the period	(3,484)		4,184		51,032
Other comprehensive (expense)/income
Items that are not reclassified subsequently to the Group income statement:
Group/Associate defined benefit pension obligations
- remeasurements of Group's defined benefit pension schemes	(915)		(4,334)		(6,103)
- deferred tax effect of remeasurements	230		1,075		1,506
- share of remeasurements on associate's defined benefit pension schemes	-		-		(53)
- share of deferred tax effect of remeasurements - associates	-		-		13
Items that may be reclassified subsequently to the Group income statement:
Group foreign exchange translation details
- exchange difference on translation of foreign operations	(4,020)		(12,349)		(1,580)
Group/Associate cash flow hedges
- effective portion of changes in fair value of cash flow hedges	(2,424)		7,570		7,387
- fair value of cash flow hedges transferred to operating costs	(392)		(7,989)		(7,801)
- deferred tax effect of cash flow hedges	298		455		394
- share of associates and joint venture cash flow hedges	(71)		(2,193)		(1,960)
- deferred tax effect of share of associates and joint venture cash flow hedges	9		273		245
Other comprehensive expense for the period, net of tax	(7,285)		(17,492)		(7,952)
Total comprehensive (expense)/income for the period attributable to equity shareholders	(10,769)		(13,308)		43,080

Origin Enterprises plc

Condensed Interim Consolidated Statement of Financial Position

as at 31 January 2024

			January		January		July
			2024		2023		2023
	Notes		€'000		€'000		€'000
ASSETS
Non-current assets
Property, plant and equipment	9		124,350		111,116		118,107
Right of use asset			55,267		46,040		54,037
Investment properties			2,270		2,270		2,270
Goodwill and intangible assets	10		304,228		256,735		299,906
Investments in associates and joint venture	11		42,333		45,296		52,387
Other financial assets			903		534		898
Derivative financial instruments			4,373		6,579		6,960
Deferred tax assets			7,478		6,407		8,737
Post employment benefit surplus			2,007		3,688		2,579
Total non-current assets			543,209		478,665		545,881
Current assets
Properties held for sale			5,800		5,800		5,800
Inventory			322,334		431,355		232,167
Trade and other receivables			298,655		360,658		440,398
Derivative financial instruments			207		325		118
Cash and cash equivalents	14		86,552		77,033		151,237
Total current assets			713,548		875,171		829,720
TOTAL ASSETS			1,256,757		1,353,836		1,375,601

Origin Enterprises plc

Condensed Interim Consolidated Statement of Financial Position (continued)

as at 31 January 2024

			January		January		July
			2024		2023		2023
	Notes		€'000		€'000		€'000
EQUITY
Called up share capital presented as equity	15		1,253		1,253		1,253
Share premium			160,526		160,526		160,526
Retained earnings and other reserves			219,282		201,696		248,814
TOTAL EQUITY			381,061		363,475		410,593
LIABILITIES
Non-current liabilities
Interest-bearing borrowings	14		302,166		199,340		96,964
Lease liability	14		43,295		35,044		42,835
Deferred tax liabilities			19,342		18,516		20,720
Provision for liabilities	12		8,620		6,225		11,331
Derivative financial instruments			711		-		25
Total non-current liabilities			374,134		259,125		171,875
Current liabilities
Interest-bearing borrowings	14		229		8,638		1,098
Lease liability	14		14,471		11,735		12,081
Trade and other payables			456,619		653,737		722,605
Corporation tax payable			2,374		7,031		11,937
Provision for liabilities	12		12,114		4,217		11,987
Put option liability			-		29,235		32,382
Dividend payable to shareholders	16		15,149		14,506		-
Derivative financial instruments			606		2,137		1,043
Total current liabilities			501,562		731,236		793,133
TOTAL LIABILITIES			875,696		990,361		965,008
TOTAL EQUITY AND LIABILITIES			1,256,757		1,353,836		1,375,601

Origin Enterprises plc

Condensed Interim Consolidated Statement of Changes in Equity

for the six months ended 31 January 2024

													Share-				Foreign
							Capital		Cashflow				based				currency
	Share		Share		Treasury		redemption		hedge		Revaluation		payment		Re-organisation		translation		Retained
	capital		premium		shares		reserve		reserve		reserve		reserve		reserve		reserve		earnings		Total
	€'000		€'000		€'000		€'000		€'000		€'000		€'000		€'000		€'000		€'000		€'000
At 1 August 2023	1,253		160,526		(51,689)		145		2,869		12,843		6,226		(196,884)		(45,328)		520,632		410,593
Loss for the period	-		-		-		-		-		-		-		-		-		(3,484)		(3,484)
Other comprehensive expense for the period	-		-		-		-		(2,580)		-		-		-		(4,020)		(685)		(7,285)
Share buyback	-		-		(4,560)		-		-		-		-		-		-		-		(4,560)
Re-issue of treasury shares	-		-		1,772		-		-		-		-		-		-		(826)		946
Transfer of share-based payment reserve to retained earnings	-		-		-		-		-		-		(214)		-		-		214		-
Dividend payable to shareholders (Note 16)	-		-		-		-		-		-		-		-		-		(15,149)		(15,149)
At 31 January 2024	1,253		160,526		(54,477)		145		289		12,843		6,012		(196,884)		(49,348)		500,702		381,061

Origin Enterprises plc

Condensed Interim Consolidated Statement of Changes in Equity

for the six months ended 31 January 2024

													Share-				Foreign
							Capital		Cashflow				based				currency
	Share		Share		Treasury		redemption		hedge		Revaluation		payment		Re-organisation		translation		Retained
	capital		premium		shares		reserve		reserve		reserve		reserve		reserve		reserve		earnings		Total
	€'000		€'000		€'000		€'000		€'000		€'000		€'000		€'000		€'000		€'000		€'000
At 1 August 2022	1,253		160,521		(36,005)		145		4,604		12,843		4,194		(196,884)		(43,748)		495,854		402,777
Profit for the period	-		-		-		-		-		-		-		-		-		4,184		4,184
Other comprehensive income for the period	-		-		-		-		(1,884)		-		-		-		(12,349)		(3,259)		(17,492)
Share buyback	-		-		(13,135)		-		-		-		-		-		-		-		(13,135)
Share-based payment charge	-		-		-		-		-		-		2,597		-		-		-		2,597
Change in fair value of put option	-		-		-		-		-		-		-		-		-		(955)		(955)
Shares issued	-		5		-		-		-		-		-		-		-		-		5
Dividend payable to shareholders (Note 16)	-		-		-		-		-		-		-		-		-		(14,506)		(14,506)
At 31 January 2023	1,253		160,526		(49,140)		145		2,720		12,843		6,791		(196,884)		(56,097)		481,318		363,475

Origin Enterprises plc

Condensed Interim Consolidated Statement of Cash Flows

for the six months ended 31 January 2024

		Six months		Six months		Year
		ended		ended		ended
		January 2024		January 2023		July 2023
		€'000		€'000		€'000
Cash flows from operating activities
(Loss)/profit before tax		(3,936)		6,293		67,636
Exceptional items		2,762		1,454		797
Finance income		(3,494)		(1,544)		(2,080)
Finance expense		12,254		10,171		15,043
Profit on disposal of property, plant and equipment		(204)		(69)		718
Share of profit of associates and joint venture		(1,366)		(1,615)		(4,040)
Depreciation of property, plant and equipment		4,428		4,425		8,678
Depreciation of right of use assets		6,916		5,738		12,810
Amortisation of intangible assets		6,640		5,922		14,218
Employee share-based payment charge		-		2,597		2,550
Pension contributions in excess of service costs		(298)		(301)		(834)
Payment of exceptional Ukraine related costs		(2,334)		(1,189)		(1,918)
Payment of exceptional acquisition and disposal related costs		(552)		(265)		(1,537)
Operating cash flow before changes in working capital		20,816		31,617		112,041
(Increase)/decrease in inventory		(89,661)		(62,330)		146,884
Decrease in trade and other receivables		139,315		81,692		19,845
Decrease in trade and other payables		(270,325)		(169,012)		(122,835)
Cash (absorbed)/generated from operating activities		(199,855)		(118,033)		155,935
Interest paid		(5,654)		(4,578)		(11,526)
Income tax paid		(8,769)		(8,870)		(19,631)
Cash (outflow)/inflow from operating activities		(214,278)		(131,481)		124,778

Origin Enterprises plc

Condensed Interim Consolidated Statement of Cash Flows (continued)

for the six months ended 31 January 2024

		Six months		Six months		Year
		ended		ended		ended
		January 2024		January 2023		July  2023
		€'000		€'000		€'000
Cash flows from investing activities
Proceeds from sale of property, plant and equipment		797		164		235
Purchase of property, plant and equipment		(9,842)		(10,190)		(18,567)
Additions to intangible assets		(10,928)		(5,470)		(17,683)
Consideration relating to acquisition		(755)		(11,162)		(30,112)
Payment of contingent acquisition consideration		(2,237)		(10)		(115)
Purchase of other financial assets		-		-		(345)
Payment of put option liability		(31,706)		-		-
Dividends received from associates		11,435		260		144
Net proceeds from disposal of subsidiary		-		-		705
Cash outflow from investing activities		(43,236)		(26,408)		(65,738)
Cash flows from financing activities
Drawdown of bank loans		265,622		256,020		334,599
Repayment of bank loans		(63,308)		(185,639)		(369,244)
Lease liability payments		(5,477)		(6,569)		(14,810)
Share issued		-		5		5
Share buyback		(4,560)		(13,135)		(20,000)
Proceeds from re-issue of treasury shares		1,607		-		1,654
Payment of dividends to equity shareholders		-		-		(17,990)
Cash inflow/(outflow) from financing activities		193,884		50,682		(85,786)
Net decrease in cash and cash equivalents		(63,630)		(107,207)		(26,746)
Translation adjustment		(186)		(768)		515
Cash and cash equivalents at start of period		150,139		176,370		176,370
Cash and cash equivalents at end of period (Note 14)		86,323		68,395		150,139

Origin Enterprises plc

Notes to the Condensed Interim Consolidated Financial Statements

for the six months ended 31 January 2024

1      Basis of preparation

The Group condensed interim consolidated financial statements have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting (IAS 34), as endorsed by the EU. The condensed interim consolidated financial statements have been prepared as information for the shareholders and do not include all the information and disclosures required in the annual financial statements. They should be read in conjunction with the Group's annual financial statements in respect of the year ended 31 July 2023, which have been prepared in accordance with IFRSs. The financial statements for the year ended 31 July 2023 are available on the company's website www.originenterprises.com. Those financial statements contained an unqualified audit report.

The Group condensed interim consolidated financial statements for the six months ended 31 January 2024 and the comparative figures for the six months ended 31 January 2023 are unaudited and have not been reviewed by the Auditors. The summary financial statements for the year ended 31 July 2023 represent an abbreviated version of the Group's full accounts for that year.

A comprehensive review of the Group's performance for the six months ended 31 January 2024 is included in the financial highlights included on pages 4 to 10. The group's business is seasonal and is heavily weighted towards the second half of the financial year.

2      Going concern

The Group condensed interim financial statements have been prepared on the going concern basis of accounting. The Directors have considered the Group's business activities and how it generates value, together with the main trends and factors likely to affect future development, business performance and position of the Group. Having reassessed the principal risks facing the Group, the Directors believe that the Group is well placed to manage these risks successfully. There are no material uncertainties that cast a significant doubt on the Group's ability to continue as a going concern over a period of at least 12 months from the date of these financial statements.

The Directors report that they have satisfied themselves that the Group is a going concern, having adequate resources to continue in operational existence for the foreseeable future. In forming this view, the Directors have reviewed the Group's forecast for a period not less than 12 months and the long-term plans, and have taken into account the cash flow implications, including capital expenditure, and compared these with the Group's borrowing facilities.

3      Accounting policies

The Group condensed interim consolidated financial statements have been prepared on the basis of the accounting policies as set out on pages 127 to 134 of the Group's Annual Report for the year ended 31 July 2023.

There are a number of new standards which are also effective from 1 August 2023. The following amendments, issued by the International Accounting Standards Board ('IASB') and the International Financial Reporting Interpretations Committee ('IFRIC'), are effective for the Group for the first time in the current financial period and where relevant have been adopted by the Group:

·    IFRS 17 Insurance Contracts

·    Amendments to IAS 1 'Presentation of Financial Statements': Disclosure of Accounting Policies

·    Amendments to IAS 8: 'Accounting Policies, Changes in Accounting Estimates and Errors': Definition of Accounting Estimates

·    Amendments to IAS 12: 'Income Taxes': Deferred Tax related to Assets and Liabilities arising from a Single Transaction

·    Amendments to IAS 12: 'Income Taxes': International Tax Reform-Pillar Two Model Rules

The amendments listed above have had no material impact on the Group condensed interim consolidated financial statements during the period. The Group has not applied early adoption of any standards for which the effective date is not yet required.

Origin Enterprises plc

Notes to the Condensed Interim Consolidated Financial Statements (continued)

for the six months ended 31 January 2024

4      Reporting currency

The Group condensed interim consolidated financial statements are presented in euro (denoted by the symbol '€') and rounded to the nearest thousand, which is the functional currency of the parent. Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the period end date are translated to functional currency at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the Consolidated Income Statement.

The principal exchange rates used for translation of results and balance sheets into euro were as follows:

	Average foreign exchange rate				Closing foreign exchange rate
	Six months	Six months			Six months	Six months
	ended	ended	Year ended		ended	ended	Year ended
	Jan 2024	Jan 2023	July 2023		Jan 2024	Jan 2023	July 2023
	EUR €1=	EUR €1=	EUR €1=		EUR €1=	EUR €1=	EUR €1=
Brazilian Real	5.33018	5.35014	5.39041		5.35209	5.56463	5.21903
British Pound Sterling	0.86309	0.86810	0.87026		0.85310	0.88030	0.8574
Polish Zloty	4.43802	4.71946	4.65058		4.34210	4.71120	4.4110
Romanian Leu	4.96266	4.91117	4.92264		4.97930	4.92350	4.9362
Ukrainian Hryvnia	39.86298	37.74349	38.90247		40.73693	40.02843	40.70899

5      Segment information

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

Ireland and the United Kingdom

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

Continental Europe

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

Latin America

The Group's presence in Latin America is through Fortgreen Commercial Agricola Ltda, a business which is focused on the development and marketing of value-added crop nutrition and speciality inputs and which is headquartered in Parana State in southern Brazil.

Information regarding the results of each reportable segment is included below. Performance is measured based on segment operating profit as included in the internal management reports that are reviewed by the Group's CODM, being the Origin Executive Directors. Segment operating profit is used to measure performance, as this information is the most relevant in evaluating the results of the Group's segments.

Origin Enterprises plc

Notes to the Condensed Interim Consolidated Financial Statements (continued)

for the six months ended 31 January 2024

5      Segment information (continued)

Ireland & UK

Continental Europe

Latin America

Total Group

	Six months		Six months		Six months		Six months		Six months		Six months		Six months		Six months
	ended		ended		ended		ended		ended		ended		ended		ended
	Jan 2024		Jan 2023		Jan 2024		Jan 2023		Jan 2024		Jan 2023		Jan 2024		Jan 2023
	€'000		€'000		€'000		€'000		€'000		€'000		€'000		€'000
Revenue	516,126		753,976		244,070		336,506		94,717		89,560		854,913		1,180,042
Segment result	(3,138)		2,900		1,966		3,157		13,897		14,243		12,725		20,300
Profit from associates and joint venture	1,366		1,615		-		-		-		-		1,366		1,615
Amortisation of non-ERP intangible assets	(5,068)		(3,787)		(583)		(706)		(854)		(1,048)		(6,505)		(5,541)
Operating profit before exceptional items	(6,840)		728		1,383		2,451		13,043		13,195		7,586		16,374
Exceptional items	(1,009)		(265)		(1,753)		(1,189)		-		-		(2,762)		(1,454)
Operating profit	(7,849)		463		(370)		1,262		13,043		13,195		4,824		14,920
Segment earnings before financing and tax													4,824		14,920
Finance income													3,494		1,544
Finance expense													(12,254)		(10,171)
Reported profit before tax													(3,936)		6,293
Income tax credit/(expense)													452		(2,109)
Reported profit after tax													(3,484)		4,184

Origin Enterprises plc

Notes to the Condensed Interim Consolidated Financial Statements (continued)

for the six months ended 31 January 2024

5      Segment information (continued)

(ii) Segment assets

Ireland & UK

Continental Europe

Latin America

Total Group

	Six months		Six months		Six months		Six months		Six months		Six months		Six months		Six months
	ended		ended		ended		ended		ended		ended		ended		ended
	Jan 2024		Jan 2023		Jan 2024		Jan 2023		Jan 2024		Jan 2023		Jan 2024		Jan 2023
	€'000		€'000		€'000		€'000		€'000		€'000		€'000		€'000
Assets excluding investment in associates and joint venture	711,381		788,441		251,140		286,316		152,390		142,905		1,114,911		1,217,662
Investment in associates and joint venture (including other financial assets)	43,236		45,830		-		-		-		-		43,236		45,830
Segment assets	754,617		834,271		251,140		286,316		152,390		142,905		1,158,147		1,263,492

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

Cash and cash equivalents		86,552		77,033
Derivative financial instruments		4,580		6,904
Deferred tax assets		7,478		6,407
Total assets as reported in Condensed Interim Consolidated Statement of Financial Position		1,256,757		1,353,836

(iii) Segment liabilities

Ireland & UK

Continental Europe

Latin America

Total Group

Six months

Six months

Six months

Six months

Six months

Six months

Six months

Six months

ended

ended

ended

ended

ended

ended

ended

ended

Jan 2024

Jan 2023

Jan 2024

Jan 2023

Jan 2024

Jan 2023

Jan 2024

Jan 2023

€'000

€'000

€'000

€'000

€'000

€'000

€'000

€'000

Segment liabilities

342,373

472,112

156,874

206,202

35,872

61,879

535,119

740,193

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

Interest-bearing loans	302,395		207,978
Derivative financial instruments	1,317		2,137
Dividend payable to shareholders	15,149		14,506
Current and deferred tax liabilities	21,716		25,547
Total liabilities as reported in Condensed Interim Consolidated Statement of Financial Position	875,696		990,361

Origin Enterprises plc

Notes to the Condensed Interim Consolidated Financial Statements (continued)

for the six months ended 31 January 2024

6        Exceptional items

Exceptional items are those that, in management's judgement, should be separately presented and disclosed by virtue of their nature or amount.  Such items are included within the consolidated income statement caption to which they relate.  The following exceptional items arose during the year:

	Six months		Six months
	ended		ended
	January		January
	2024		2023
	€'000		€'000
Acquisition related costs (i)	(553)		(265)
Ukraine related costs (ii)	(2,209)		(1,189)
Total exceptional charge before tax	(2,762)		(1,454)
Tax credit on exceptional items	64		26
Total exceptional charge after tax	(2,698)		(1,428)

(i)      Acquisition related costs

These costs principally comprised of costs incurred in relation to the acquisition completed during the period. The tax impact of this exceptional item in the period was a tax credit of €6,000.

(ii)     Ukraine related costs

Ukraine related costs comprise of rationalisation costs related to termination payments from cessation of operations in Ukraine along with costs associated with international sanctions imposed by authorities in response to the Russian invasion of Ukraine. The tax impact of this exceptional item in the period was a tax credit of €58,000.

7     Earnings per share

Basic earnings per share

	Six months		Six months
	ended		ended
	January		January
	2024		2023
	€'000		€'000
(Loss)/profit for the financial period attributable to equity shareholders	(3,484)		4,184
	'000		'000
Weighted average number of ordinary shares for the period	111,666		114,485
	Cent		Cent
Basic (loss)/earnings per share	(3.12)		3.65

Origin Enterprises plc

Notes to the Condensed Interim Consolidated Financial Statements (continued)

for the six months ended 31 January 2024

7     Earnings per share (continued)

Diluted earnings per share	Six months		Six months
	ended		ended
	January		January
	2024		2023
	€'000		€'000
(Loss)/profit for the financial period attributable to equity shareholders	(3,484)		4,184
	'000		'000
Weighted average number of ordinary shares used in basic calculation	111,666		114,485
Potential impact of shares with dilutive effect	3,840		2,463
Potential impact of SAYE scheme with dilutive effect	1,067		1,759
Weighted average number of ordinary shares (diluted) for the period	116,573		118,707
	Cent		Cent
Diluted (loss)/earnings per share	(3.12)		3.52

The effects of potential ordinary shares are not reflected in the calculation of the diluted loss per share as the impact of these is anti-dilutive.

Adjusted basic earnings per share
		Six months		Six months
		ended		ended
		January		January
		2024		2023
		€'000		€'000
(Loss)/profit for the financial period attributable to equity shareholders		(3,484)		4,184
Amortisation of non-ERP related intangible assets		6,505		5,541
Tax on amortisation of non-ERP related intangible assets		(1,345)		(824)
Exceptional items, net of tax		2,698		1,428
Adjusted basic profit		4,374		10,329
		Cent		Cent
Adjusted basic earnings per share		3.92		9.02
		€'000		€'000
Total adjusted basic earnings - as above		4,376		10,329
		Cent		Cent
Total adjusted diluted earnings per share		3.75		8.70

The calculation of basic adjusted earnings per share is based on the weighted average number of shares in issue during the period of 111,666,049 (31 January 2023: 114,484,781). The weighted average number of shares used in the calculation of adjusted diluted earnings per share is 116,572,536 (31 January 2023: 118,707,841).

Origin Enterprises plc

Notes to the Condensed Interim Consolidated Financial Statements (continued)

for the six months ended 31 January 2024

8     Condensed Interim Consolidated Income Statements for the six months ended 31 January 2023 and year ended 31 July 2023

An analysis of the Condensed Interim Consolidated Income Statement (including exceptional items) for the six months ended 31 January 2023 and year ended 31 July 2023 is set out below.

	Six months ended 31 January 2023
			Six months		Six months		Six months
			ended		ended		ended
			Jan 2023		Jan 2023		Jan 2023
			Pre-Exceptional		Exceptional		Total
			€'000		€'000		€'000
	Revenue		1,180,042		-		1,180,042
	Cost of sales		(1,030,438)		-		(1,030,438)
	Gross profit		149,604		-		149,604
	Operating costs		(134,845)		(1,454)		(136,299)
	Share of profit of associates and joint venture		1,615		-		1,615
	Operating profit		16,374		(1,454)		14,920
	Finance income		1,544		-		1,544
	Finance expense		(10,171)		-		(10,171)
	Profit before income tax		7,747		(1,454)		6,293
	Income tax expense		(2,135)		26		(2,109)
	Profit attributable to equity shareholders		5,612		(1,428)		4,184
	Year ended 31 July 2023
			Year ended		Year ended		Year ended
			July 2023		July 2023		July 2023
			Pre-Exceptional		Exceptional		Total
			€'000		€'000		€'000
	Revenue		2,456,168		-		2,456,168
	Cost of sales		(2,122,029)		-		(2,122,029)
	Gross profit		334,139		-		334,139
	Operating costs		(256,783)		(4,489)		(261,272)
	Share of profit of associates and joint venture		4,040		3,692		7,732
	Operating profit		81,396		(797)		80,599
	Finance income		2,080		-		2,080
	Finance expense		(15,043)		-		(15,043)
	Profit before income tax		68,433		(797)		67,636
	Income tax expense		(16,770)		166		(16,604)
	Profit for the year		51,663		(631)		51,032

Origin Enterprises plc

Notes to the Condensed Interim Consolidated Financial Statements (continued)

for the six months ended 31 January 2024

9     Property, plant and equipment

	January		July
	2024		2023
	€'000		€'000
Net book value
At beginning of period	118,107		107,906
Arising on acquisition (Note 13)	749		1,459
Additions	10,449		18,891
Disposals	(585)		(1,014)
Depreciation charge	(4,428)		(8,678)
Translation adjustments	58		(457)
At end of period	124,350		118,107

10   Goodwill and intangible assets     

	January		July
	2024		2023
	€'000		€'000
Net book value
At beginning of period	299,906		251,999
Arising on acquisition (Note 13)	184		46,650
Purchase adjustment	-		(58)
Additions	10,928		17,683
Disposals	-		(886)
Amortisation of non-ERP intangible assets	(6,505)		(13,435)
ERP intangible amortisation	(135)		(783)
Translation adjustments	(150)		(1,264)
At end of period	304,228		299,906

Included in the total goodwill and intangible assets above is goodwill of €214,147,000 (July 2023: €214,354,000). There have been no indicators of impairment in the first half of the year therefore a full assessment of the carrying value of goodwill and intangibles will be carried out in the second half of the year.

Origin Enterprises plc

Notes to the Condensed Interim Consolidated Financial Statements (continued)

for the six months ended 31 January 2024

11   Investments in associates and joint venture

	January		July
	2024		2023
	€'000		€'000
At beginning of period	52,387		47,053
Share of profits after tax, before exceptional items	1,366		4,040
Share of exceptional items, net of tax	-		3,692
Dividends received	(11,435)		(144)
Share of other comprehensive income	(62)		(1,755)
Translation adjustments	77		(499)
At end of period	42,333		52,387

12   Provision for liabilities

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

	January		July
	2024		2023
	€'000		€'000
At beginning of period	23,318		5,612
Arising on acquisition (Note 13) Provided in period	- 500		15,199 2,738
Utilised in the period	(912)		(290)
Paid in period	(2,237)		(115)
Translation adjustments	65		174
At end of period	20,734		23,318

Provisions primarily relate to contingent acquisition consideration arising on a number of acquisitions completed during prior years.

Origin Enterprises plc

Notes to the Condensed Interim Consolidated Financial Statements (continued)

for the six months ended 31 January 2024

13    Acquisition of subsidiary undertakings

In August 2023, the Group acquired the business and operating assets of Suregreen Limited, a UK based landscape and gardening products supplier for trade professionals and DIY customers from its Administrators.

Details of the net assets acquired are as follows:

		€'000
Assets
Non-current
Property, plant & equipment		749
Right of use lease assets		187
Intangible assets		184
Total non-current assets		1,120
Current assets
Inventory		448
Total current assets		448
Liabilities
Trade and other payables		(615)
Lease liabilities		(198)
Total liabilities		(813)
Total net assets acquired		755
Consideration satisfied by:
Cash consideration		755
Total consideration related to acquisitions		755

Origin Enterprises plc

Notes to the Condensed Interim Consolidated Financial Statements (continued)

for the six months ended 31 January 2024

14   Analysis of net cash / (debt)

		31 July				Non-cash		Translation		31 January
		2023		Cashflow		movements		adjustment		2024
		€'000		€'000		€'000		€'000		€'000
	Cash	151,237		(64,497)		-		(188)		86,552
	Overdraft	(1,098)		867		-		2		(229)
	Cash and cash equivalents	150,139		(63,630)		-		(186)		86,323
	Loans	(96,964)		(202,314)		(313)		(2,575)		(302,166)
	Net cash / (debt)	53,175		(265,944)		(313)		(2,761)		(215,843)
	Lease liabilities	(54,916)		5,477		(8,076)		(251)		(57,766)
	Net debt including lease liabilities	(1,741)		(260,467)		(8,389)		(3,012)		(273,609)

As at 31 January 2024, the Group had unsecured committed banking facilities of €400.0 million (July 2023: €400.0 million), which will expire in June 2026.

15   Share capital

		January		July
		2024		2023
		€'000		€'000
	Authorised
	250,000,000 ordinary shares of €0.01 each (i)	2,500		2,500
	Allotted, called up and fully paid
	125,320,375 (2023: 125,320,375) ordinary shares of €0.01 each (i)	1,253		1,253

	Number of treasury shares		Nominal value of shares		Carrying value of shares
			€'000		€'000
Treasury shares in issue
At 1 August 2023	(13,558,484)		(136)		(51,689)
Share buyback (ii)	(1,308,272)		(13)		(4,560)
Re-issue of treasury shares (iii)	468,459		4		1,772
	(14,398,297)		(145)		(54,477)

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

(ii)    During the financial period, the Group commenced a share buyback programme. The total number of ordinary shares purchased by the Group was 1,308,272 for a total consideration before expenses of €4.6 million. The re-purchased shares are held as treasury shares.

(iii)    During the financial period, the Group re-issued 468,459 treasury shares to satisfy the exercise of share options granted under the Group's UK and ROI Savings Related Share Option Schemes.

Origin Enterprises plc

Notes to the Condensed Interim Consolidated Financial Statements (continued)

for the six months ended 31 January 2024

16   Dividends

On 9 February 2024 a dividend of 13.65 cent per ordinary share was paid in respect of the year ended 31 July 2023. The dividend was approved by shareholders at the Annual General Meeting on 16 November 2023.

An interim dividend of 3.15 cent per share will be paid on 21 June 2024 to shareholders on the register on 31 May 2024. These condensed interim consolidated financial statements do not reflect this dividend payable.

17   Taxation

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

18   Contingent liabilities

The Group is not aware of any major changes with regard to contingent liabilities in comparison with the situation as of 31 July 2023.

19   Related party transactions

Related party transactions occurring in the period were similar in nature to those described in the 2023 Annual Report.

20   Subsequent events

Subsequent to 31 January 2024, the Group announced the acquisition of Groundtrax Systems Limited, which is the UK's number one specialist supplier of ground protection and reinforcement systems.

There have been no other material events that would require adjustment to or disclosure in this report.

21   Release of half yearly condensed interim consolidated financial statements

The Group condensed interim consolidated financial information was approved for release by the Board on 4 March 2024.

22   Distribution of Interim Report

This interim report is available on the Group's website (www.originenterprises.com). A printed copy is available to the public at the Company's registered office.

 

END