Interim Results
Origin Enterprises Plc
10 March 2008
Interim Results Announcement
Half Year ended 31 January 2008
Financial Highlights
2008 2007 %
€'000 €'000 increase
Group revenue 546,412 374,924 45.7
Group operating profit*
- Agri-Nutrition 11,744 5,909 98.8
- Food 8,497 5,947 42.9
Total Group operating profit* 20,241 11,856 70.7
Profit before financing costs* 21,183 13,676 54.9
Adjusted fully diluted EPS (cent)* 9.37 8.31 12.8
Comparable Adjusted fully diluted EPS 9.37 5.56 68.5
(cent)**
Group net debt (cash)*** 164,402 (25,563) N/A
*before intangible amortisation
**2007 adjusted to reflect the current capital structure of the Group
***standalone banking facilities for the Origin Group since May 2007
Operational Highlights
•Excellent performance from Agri-Nutrition businesses
•Strong arable crop demand driving growth in UK agri-inputs market
•Strong own branded sales growth in Food
•Acquisition of controlling interest in Odlums extends brand portfolio
•Adoption of Cork South Docks Local Area Plan
•Strong cashflow performance in period
•Masstock acquisition, subsequent to period end, significantly extends
Origin's capacity to support primary production
Chief Executive Officer's comment:
Commenting on the 2008 Interim Results, Origin Chief Executive Officer, Tom
O'Mahony said:
'The period under review has been one of transformational development for Origin
Enterprises plc. The Group has delivered an outstanding performance with a 71
per cent increase in operating profit underpinned by strong demand led growth.
The acquisition in the period of the 50 per cent interest in Odlums not already
owned significantly strengthens our capability within Food. The acquisition of
Masstock subsequent to the period end represents a major strategic investment in
the future growth of Origin.
Origin is well positioned to take advantage of the significant opportunities in
its core markets. We are confident that the momentum shown by the Group in the
first half of the year will continue during the second half of the year.'
Ends
The Interim Results Announcement is available on the company website
www.originenterprises.com. The institutional presentation and webcast will be
posted on the website during the day.
For reference contact:
Brendan Fitzgerald, Chief Financial Officer +353 1 6121259
Origin Enterprises plc
Joe Murray +353 1 4980300
Murray Consultants +353 86 2534950
10 March 2008
INTERIM RESULTS STATEMENT
Origin Enterprises plc ('Origin') announces a 54.9 per cent increase in profit
before financing costs* for the half year ending 31 January 2008 to €21.2m
compared with €13.7m in the previous period. Comparable adjusted fully diluted
earnings per share** for the half year ending 31 January 2008 were 68.5 per cent
higher at 9.37 cent per share compared to 5.56 cent per share in the prior
period.
Group revenue was 45.7 per cent higher at €546.4m. Excluding the impact of
acquisitions, Group revenue increased by 34.9 per cent. The Agri-Nutrition
division achieved revenue of €375.4m, an increase of 48.6 per cent over the
previous period. The Food division recorded revenue growth of 40.0 per cent in
the period to €171.0m. Excluding the impact of the acquisition of Odlums, Food
revenue increased by 6.6 per cent.
Group operating profit* increased by 70.7 per cent to €20.2m from €11.9m in the
previous year. Excluding the impact of the acquisition of Odlums, this was an
increase of 54.0 per cent. Operating profit from the Agri-Nutrition division
increased by 98.8 per cent to €11.7m. Operating profit from Food increased by
42.9 per cent to €8.5m. Excluding the impact of the acquisition of Odlums,
operating profit from Food increased by 9.6 per cent. The operating margin in
Food increased from 4.9 per cent to 5.0 per cent.
Following the acquisition of the controlling interest in Odlums in August 2007,
Origin's associate investment in the period under review primarily consisted of
the 50 per cent interest in the animal feed manufacturer John Thompson and Sons
Ltd, which delivered a satisfactory performance during the period.
Profit before financing costs* for the half year increased by 54.9 per cent to
€21.2m compared to €13.7m in 2007. The profit for the half year after tax was
€11.9m.
Comparable adjusted fully diluted earnings per share** for the half year ending
31 January 2008 was 68.5 per cent higher at 9.37 cent per share compared to 5.56
cent per share for the previous period.
Group net debt was €164.4m at the end of the period compared to €71.7m at the
end of July 2007. This is a strong performance following an acquisition spend of
€59.3m, capital expenditure of €15.4m and a seasonal increase in working capital
of €37.3m. Interest cover is strong at 3.5 times.
Cashflow from operating activities improved by 47.0 per cent from an outflow of
€25.0m in the previous period to an outflow of €13.2m in the current period. The
outflow principally reflects the seasonal increase in working capital during the
first half of the year and represents an excellent performance against the
background of significantly higher commodity prices.
*EPS, Profit before financing costs and Operating profit are stated before
intangible amortisation.
**Before intangible amortisation. The 2007 comparative has been adjusted to
reflect the current capital structure of the Group.
Review of Operations
Agri-Nutrition
Revenue in Agri-Nutrition which comprises agri-inputs (feed and fertiliser) and
marine proteins and oils, grew by 48.6 per cent to €375.4m. The division
delivered an excellent performance in the period with operating profit
increasing by 98.8 per cent from €5.9m to €11.7m principally driven by strong
volume momentum. Operating margin was 3.1 per cent.
Increased fertiliser volumes, principally in the UK, were the main driver of the
increased profitability in the period due to higher application resulting from a
combination of higher cereal prices and increased plantings. The Irish
fertiliser business is more seasonal in nature with the main activity taking
place in the second half of the financial year. In Ireland, feed delivered a
satisfactory performance benefiting from higher volumes underpinned by an
overall stability in livestock numbers and the continuing momentum in dairy.
Farming is now entering a period of substantial opportunity underpinned by the
rapidly changing context for primary food production. Food demand is rising,
driven by a combination of world population growth and increasing consumption of
protein and dairy foods over carbohydrates. Global agricultural output is not
keeping pace with this permanent increase in demand, principally as a result of
population pressures on land and fresh water availability.
Increasing demand is resulting in significant upward cost pressure across the
majority of key farm inputs with returns for primary producer markets, in
particular arable and dairy enterprises, benefiting from higher output prices.
Pig and poultry enterprises continue to experience margin pressure as market
prices have not yet fully reflected the increased costs of production. Origin
has the benefit of a well developed business model to support primary producers
in the delivery of an appropriate inputs profile on a timely and cost effective
basis.
In January 2008, Origin announced the acquisition of Masstock which was
completed on 1 February 2008. Masstock is the leading provider of specialist
agronomy services directly to over 10,000 arable and grassland farm enterprises
across the UK and Poland. The business delivers a fully integrated production
system providing specialist advice to farm businesses on crop selection,
nutrition, protection and application techniques. The Masstock proposition is
centred on the delivery of high yielding, high performing marketable crops.
The acquisition of Masstock significantly enhances Origin's capability to
support primary food production. The business combines science with prescription
and precision based farming practice and economics to deliver long-term
sustainable farming solutions.
Origin's marine proteins and oil business delivered a satisfactory performance
in the period against a backdrop of lower price realisations. The market
continues to benefit from growth in aquaculture and currently from higher
inclusions of fishmeal in pig and poultry feed diets as an economic source of
phosphorus.
In October 2007, planning permission was granted by An Bord Pleanala for the
development of the Group's new fishmeal and fish oil manufacturing facility at
the Fishery Harbour Centre in Killybegs, North West Ireland. Killybegs'
proximity to major fishing resources represents the optimal landing location in
the North Atlantic for large commercial trawlers given the increasing emphasis
on operating efficiency in the sourcing and landing of fish raw material.
In January 2008, Origin announced it had entered exploratory discussions with
Austevoll Seafood ASA with a view to combining their respective fishmeal and
fish oil operations in Europe. These discussions are ongoing with final
agreement subject to confirmatory due diligence, mutually acceptable legal
documentation, respective Board approvals and receipt of relevant consents.
Food
Food delivered a very satisfactory performance in the period driven by strong
sales growth in own brand categories and continuing growth in its agency
business. Revenue from continuing operations increased by 6.6 per cent to
€130.4m. Operating profit from continuing operations increased by 9.6 per cent
to €6.5m. The Shamrock and Roma brands achieved very satisfactory sales growth
of 14 per cent reflecting continuing category momentum.
Shamrock, the brand leader within home baking, is benefiting from additional new
line extensions into the 'Wellness' snacking category with the launch of the new
look Shamrock 'Just' range. Roma, a market leader in branded ambient Italian
food ingredients, continues to strengthen its position across its core lines.
Through new product introductions, both Shamrock and Roma are successfully
broadening their market reach into the foodservice sector.
On 30 August 2007, Origin completed the acquisition of the remaining 50 per cent
of Odlums not already owned. Odlums, as Ireland's premier cereal miller, has
strong branded positions in the growing flour and oatmeal categories in Ireland
in addition to a growing branded export oatmeal business, under the McCann's
brand.
Post-acquisition revenues and operating profit relating to Odlums amounted to
€40.6m and €2.0m respectively. During the period under review, Odlums
experienced a challenging trading environment principally relating to the timing
of implementing price increases reflecting higher wheat input costs. A programme
to integrate the business within Origin commenced during the period.
Property
Cork South Docks
The Group's major property asset comprises 32 acres in the Cork South Docks,
close to the City Centre. The Cork South Docks Local Area Plan ('SDLAP'), was
formally adopted by Cork City Council on 11 February 2008, providing certainty
on zoning objectives and build density. The Government has formed the Cork
Docklands Development Forum, which will provide national momentum behind the
development of this key asset. Cork City Council has made a submission for
funding under the Gateway Innovation Fund in relation to key elements of
infrastructure to facilitate the wider development of the Docklands.
Dividend
No dividend will be paid in respect of the period ended 31 January 2008. The
Board will review its dividend policy later in the year bearing in mind the
financial resources required for the development of the Group.
Outlook
Origin has had an excellent performance year to date. We are confident that the
momentum shown by the Group in the first half of the year will continue during
the second half of the year.
ENDS
Origin Enterprises plc
Consolidated interim income statement
for the six months ended 31 January 2008
Six months Six months
ended 31 ended 31 Year Ended
January 2008 January 2007 31 July 2007
€'000 €'000 €'000
(Unaudited) (Unaudited) (Audited)
Revenue 546,412 374,924 889,363
Cost of sales (495,962) (340,138) (793,046)
___________ __________ __________
Gross profit 50,450 34,786 96,317
Distribution,
administration
and other expenses (30,209) (22,930) (58,190)
___________ __________ __________
Operating profit before
amortisation and
exceptional items 20,241 11,856 38,127
Intangible amortisation (787) (362) (797)
Exceptional items - - 1,146
___________ __________ __________
Operating profit 19,454 11,494 38,476
Share of profit of
associates 942 1,820 3,674
___________ __________ __________
Profit before financing
costs 20,396 13,314 42,150
Financing costs (5,859) (101) (2,645)
___________ __________ __________
Profit before tax 14,537 13,213 39,505
Income tax (2,627) (2,469) (6,856)
___________ __________ __________
Profit for the period 11,910 10,744 32,649
=========== ========== ==========
Origin Enterprises plc
Consolidated interim income statement (continued)
for the six months ended 31 January 2008
Six months Six months
ended 31 ended 31 Year Ended
January 2008 January 2007 31 July 2007
€'000 €'000 €'000
(Unaudited) (Unaudited) (Audited)
Attributable as
follows:
Equity
shareholders 12,149 10,692 32,686
Minority
interest (239) 52 (37)
___________ ____________ _____________
11,910 10,744 32,649
========== =========== =============
Earnings per share
for the period
Basic- adjusted
Excluding
amortisation and
exceptional items 9.69c 8.31c 24.65c
Diluted-
adjusted Excluding
amortisation and
exceptional items 9.37c 8.31c 23.93c
Basic Including
amortisation and
exceptional items 9.14c 8.04c 24.57c
Diluted Including
amortisation and
exceptional items 8.84c 8.04c 23.86c
Origin Enterprises plc
Consolidated interim balance sheet
as at 31 January 2008
31 January 31 January 31 July
2008 2007 2007
€'000 €'000 €'000
(Unaudited) (Unaudited) (Audited)
ASSETS
Non current
assets
Property, plant
and equipment 93,967 99,086 71,149
Investment properties 192,418 - 165,473
Goodwill and
intangible
assets 53,026 16,954 15,220
Investments in
associates 15,490 21,373 26,521
Deferred tax
assets 3,710 2,082 1,633
_________ _________ ________
Total non
current
assets 358,611 139,495 279,996
_________ _________ ________
Current assets
Inventory 124,932 80,583 67,476
Trade and other
receivables 110,440 83,976 84,993
Cash and cash
equivalents 48,828 27,332 31,989
_________ _________ ________
Total
current 284,200 191,891 184,458
assets
_________ _________ ________
TOTAL ASSETS 642,811 331,386 464,454
========= ========= ========
Origin Enterprises plc
Consolidated interim balance sheet (continued)
as at 31 January 2008
31 January 31 January 31 July
2008 2007 2007
€'000 €'000 €'000
(Unaudited) (Unaudited) (Audited)
EQUITY
Called up share capital 1,385 - 1,382
Share premium 265,182 - 265,182
Retained earnings and other
reserve (71,494) 103,118 (83,171)
_________ _________ ________
Total equity attributable to
equity shareholders
of parent 195,073 103,118 183,393
Minority interest 2 331 241
TOTAL EQUITY 195,075 103,449 183,634
_________ _________ ________
LIABILITIES
Non current liabilities
Interest bearing loans 210,000 - 83,000
Employee benefits 16,897 9,311 1,771
Deferred government grants 2,838 2,647 2,674
Deferred tax liabilities 39,245 5,655 31,740
_________ _________ ________
Total non current liabilities 268,980 17,613 119,185
_________ _________ ________
Current liabilities
Interest bearing loans 3,230 1,769 20,691
Trade and other payables 160,198 91,623 127,026
Corporation tax payable 11,087 7,906 8,556
Derivative financial
instruments 4,241 123 2,216
Amounts due to IAWS Group plc
and subsidiaries - 108,903 3,146
_________ _________ ________
Total current liabilities 178,756 210,324 161,635
_________ _________ ________
TOTAL LIABILITIES 447,736 227,937 280,820
_________ _________ ________
TOTAL LIABILITIES AND EQUITY 642,811 331,386 464,454
========= ========= ========
Origin Enterprises plc
Consolidated interim cash flow statement
for the six months ended 31 January 2008
Six months Six months
ended 31 ended 31 Year Ended
January 2008 January 2007 31 July 2007
€'000 €'000 €'000
(Unaudited) (Unaudited) (Audited)
Cash flows from operating
activities
Profit before tax 14,537 13,213 39,505
Financing costs, net 5,859 101 2,645
Share of profit of
associates (942) (1,820) (3,674)
Depreciation of property, plant
and equipment 3,655 3,595 7,527
Amortisation of intangible
assets 787 362 797
Amortisation of government
grants (65) (52) (124)
Employee share-based payment
charge 314 - 205
Exceptional items - - (1,146)
Other - - 32
___________ _____________ ______________
Operating profit before
changes in working
capital 24,145 15,399 45,767
Increase in inventory (51,738) (23,416) (11,736)
(Increase)/decrease in trade
and other receivables (7,890) 10,891 9,103
Increase/ (decrease) in trade
and other payables 22,289 (27,916) 3,561
___________ ____________ ______________
Cash generated from operating
activities (13,194) (25,042) 46,695
Interest paid (3,685) (84) (1,792)
Net cash inflow from operating
activities (16,879) (25,126) 44,903
___________ _____________ ______________
Origin Enterprises plc
Consolidated interim cash flow statement (continued)
for the six months ended 31 January 2008
Six months Six months
ended 31 ended 31 Year Ended
January 2008 January 2007 31 July 2007
€'000 €'000 €'000
(Unaudited) (Unaudited) (Audited)
Cash flows from investing
activities
Proceeds from sale of
property, plant and
equipment 38 57 205
Purchase of property, plant and
equipment
- Ongoing (1,870) - (3,767)
- New investments (600) (3,360) (2,336)
Purchase of
investment properties (12,945) - -
Purchase of
subsidiary
undertakings (32,195) - -
Insurance proceeds,
net - - 6,118
Disposal of
subsidiary - - 1,045
Dividends received 18 74 574
___________ ____________ _________
Net cash flow from
investing activities (47,554) (3,229) 1,839
___________ ____________ _________
Cash flows from financing
activities
Proceeds from issue
of share capital 3 - 104,192
Share issue expenses - - (1,691)
Net cash movement in
balance in IAWS Group
plc - 19,454 (255,545)
Drawdown of loan
capital 100,346 - 83,000
___________ ____________ _________
Net cash flow from
financing activities 100,349 19,454 (70,044)
___________ ____________ _________
Net increase/
(decrease) in cash
and cash equivalents 35,916 (8,901) (23,302)
Translation
adjustment (1,616) 41 177
Cash and cash
equivalents at start
of period 11,298 34,423 34,423
___________ ____________ _________
Cash and cash
equivalents at end of
period 45,598 25,563 11,298
=========== ============ =========
Origin Enterprises plc
Consolidated interim statement of changes in equity
for the six months ended 31 January 2008
Six months Six months
ended 31 ended 31 Year Ended
January 2008 January 2007 31 July 2007
€'000 €'000 €'000
(Unaudited) (Unaudited) (Audited)
At beginning of period 183,634 89,599 89,599
Changes in equity for the
period
Group defined benefit
pension schemes (13,555) 35 7,039
Deferred tax on group
defined pension schemes 1,793 (138) (895)
Net actuarial gain on
associate defined benefit
pension scheme - - 3,745
Losses relating to cash
flow hedges (2,026) 1,065 (1,027)
Deferred tax relating to
cash flow hedges 250 - 298
Profit for the period
attributable to equity
holders 12,149 10,692 32,686
Net revaluation of
previously
held interest in associate 18,116 - -
Revaluation of investment
properties - - 87,380
Deferred tax on revaluation
of investment properties - - (15,208)
Foreign exchange
translation (5,364) 2,144 2,053
__________ ________ ________
Total recognised income and
expense 11,363 13,798 116,071
Issue of ordinary shares 3 - 155,237
Share issuance expenses - - (1,691)
Increase in employee
share-based payments
reserve 314 - 205
Movement on reorganisation
reserve - - (175,750)
Movement in minority
interest (239) 52 (37)
__________ ________ ________
Total change in equity for
the period 11,441 13,850 94,035
__________ ________ ________
At end of period 195,075 103,449 183,634
========= ======== ========
Origin Enterprises plc
Notes to the consolidated interim financial information
for the six months ended 31 January 2008
1. International Financial Reporting Standards
Basis of preparation
The interim financial information has been prepared in accordance with the
accounting policies set out in the Group's consolidated financial statements
for the year ended 31 July 2007 which were prepared in accordance with
International Financial Reporting Standards (IFRS) as endorsed by the
European Commission.
The consolidated interim financial information is presented in euro, rounded
to the nearest thousand, which is the functional currency of the Group.
Origin Enterprises plc
Notes to the consolidated interim financial information (continued)
for the six months ended 31 January 2008
2 Segment
information
(a) Segment
revenue and
result
Food Agri-Nutrition TOTAL
_______ ________ _______ _________ __________ _______ ________ _________ _______
6 months 6 months Year 6 months 6 months Year 6 months 6 months Year
ended ended ended ended ended ended ended ended ended
31/01/08 31/01/07 31/07/07 31/01/08 31/01/07 31/07/07 31/01/08 31/01/07 31/07/07
€'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000
Segment
revenue 170,989 122,264 241,680 375,423 252,660 647,683 546,412 374,924 889,363
====== ======= ====== ======= ======= ====== ======= ======== =======
Profit from
operations
before
amortisation
and
exceptional
items 8,497 5,947 10,474 11,744 5,909 27,653 20,241 11,856 38,127
Intangible
amortisation (670) (249) (501) (117) (113) (296) (787) (362) (797)
Exceptional
items - - (1,314) - - 2,460 - - 1,146
_______ _______ _______ _______ _______ _______ ________ _________ _______
Operating
profit 7,827 5,698 8,659 11,627 5,796 29,817 19,454 11,494 38,476
Share of
profit of
associates 201 744 1,886 741 1,076 1,788 942 1,820 3,674
_______ _______ _______ _______ _______ _______ ________ _________ _______
Profit
before
financing
costs 8,028 6,442 10,545 12,368 6,872 31,605 20,396 13,314 42,150
====== ======= ====== ======= ======= ====== ======= ======== =======
Origin Enterprises plc
Notes to the consolidated interim financial information (continued)
for the six months ended 31 January 2008
2 Segment
information (continued)
(b)Segmental assets
Food Agri-Nutrition TOTAL
______ _______ _______ _______ _______ _______ ________ _______ _______
6 months 6 months Year 6 months 6 months Year 6 months 6 months Year
ended ended ended ended ended ended ended ended ended
31/01/08 31/01/07 31/07/07 31/01/08 31/01/07 31/07/07 31/01/08 31/01/07 31/07/07
€'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000
Segment
assets
excluding
investments
in associates 141,611 70,672 69,313 240,754 209,927 169,525 382,365 280,599 238,838
Investment
in associates - 8,677 10,247 15,490 12,696 16,274 15,490 21,373 26,521
Investment
properties 14,000 - - 178,418 - 165,473 192,418 - 165,473
_______ _______ _______ _______ _______ _______ ________ _______ _______
Segment
assets 155,611 79,349 79,560 434,662 222,623 351,272 590,273 301,972 430,832
====== ====== ======= ====== ======= =======
Reconciled
to total assets as
reported in Group
balance sheet
Cash and
cash equivalents 48,828 27,332 31,989
Deferred
tax assets 3,710 2,082 1,633
________ _______ _______
Total
assets as
reported in
Group
balance
sheet 642,811 331,386 464,454
======= ======== =======
Origin Enterprises plc
Notes to the consolidated interim financial information (continued)
for the six months ended 31 January 2008
2 Segment information (continued)
(c) Segmental liabilities
Food Agri-Nutrition TOTAL
_______ _______ _______ ________ _______ _______ _________ ________ _______
6 months 6 months Year 6 months 6 months Year 6 months 6 months Year
ended ended ended ended ended ended ended ended ended
31/01/08 31/01/07 31/07/07 31/01/08 31/01/07 31/07/07 31/01/08 31/01/07 31/07/07
€'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000
Segment 29,369 14,306 23,896 150,564 89,275 107,575 179,933 103,581 131,471
liabilities
====== ====== ====== ======= ====== ======
Reconciled to total
liabilities as reported
in Group balance sheet
Interest
bearing
loans 213,230 1,769 103,691
Due to IAWS
Group, plc
and subsidiaries - 108,903 3,146
Derivative
financial instruments 4,241 123 2,216
Income tax
and deferred tax
liabilities 50,332 13,561 40,296
_________ ________ _______
Total
liabilities
as reported in Group
balance sheet 447,736 227,937 280,820
======== ======= =======
Origin Enterprises plc
Notes to the consolidated interim financial information (continued)
for the six months ended 31 January 2008
3 Earnings per share
6 months 6 months Year 6 months 6 months Year
ended ended ended ended ended ended
31/01/08 31/01/07 31/07/07 31/01/08 31/01/07 31/07/07
€'000 €'000 €'000 EPS (cent) EPS (cent) EPS (cent)
Basic
Profit for
the financial
period 12,149 10,692 32,686 9.14 8.04 24.57
Amortisation
of intangible
assets 787 362 797 0.59 0.27 0.60
Amortisation
of related
deferred tax
liability (52) - - (0.04) - -
Exceptional
items, net
of tax - - (696) - - (0.52)
_______ ________ _______ ________ ________ ________
Adjusted
earnings per
share 12,884 11,054 32,787 9.69 8.31 24.65
======= ======== ====== ======= ======= =======
Diluted
Profit for
the financial
period 12,149 10,692 32,686 8.84 8.04 23.86
Amortisation
of intangible
assets 787 362 797 0.57 0.27 0.58
Amortisation
of related
deferred tax
liability (52) - - (0.04) - -
Exceptional
items, net of tax - - (696) - - 0.51
_______ ________ _______ ________ ________ ________
Adjusted
earnings per
share 12,884 11,054 32,787 9.37 8.31 23.93
======= ======== ====== ======= ======= =======
The calculation of earnings per share is based on the weighted average
number of shares in issue during the period of 133,015,472 (31 January 2007:
133,015,472). The weighted average number of shares used in the calculation
of diluted earnings per share is 137,482,206 (31 January 2007: 133,015,472).
Origin Enterprises plc
Notes to the consolidated interim financial information (continued)
for the six months ended 31 January 2008
4. Acquisitions
During the period, Origin completed the acquisition of the remaining 50%
interest in the Odlum Group ('Odlums) that it did not previously own. Post
acquisition revenues and operating profit relating to Odlums amounted to
€40,632,000 and €1,978,000, respectively.
On 1 February 2008, Origin also acquired Masstock Group Holdings Limited, a
leading provider of integrated agronomy services in the UK and Poland.
5 Effect of exceptional items
Six months Six months
ended 31 ended 31 Year Ended
January 2008 January 2007 31 July 2007
€'000 €'000 €'000
Adjusted operating profit
Operating profit before
financing 20,396 13,314 42,150
Intangible amortisation 787 362 797
Exceptional items - - (1,146)
_________ ___________ __________
Adjusted operating profit
before financing
and exceptional items 21,183 13,676 41,801
========= ========== =========
Adjusted profit before tax
Profit before tax 14,537 13,213 39,505
Intangible amortisation 787 362 797
Exceptional items - - (1,146)
_________ ___________ __________
Adjusted profit before tax and
exceptional items 15,324 13,575 39,156
========= ========== =========
Origin Enterprises plc
Notes to the consolidated interim financial information (continued)
for the six months ended 31 January 2008
6 Analysis of
net debt
31 July Arising on Exchange 31 January
2007 Cashflow Acquisition Adjustment 2008
€'000 €'000 €'000 €'000 €'000
Cash 31,989 18,687 - (1,848) 48,828
Overdrafts (20,691) 17,229 - 232 (3,230)
_______ __________ ___________ ___________ ____________
Cash and
cash equivalents 11,298 35,916 - (1,616) 45,598
Loans (83,000) (100,346) (27,058) 404 (210,000)
_______ __________ ___________ ___________ ____________
Net Debt (71,702) (64,430) (27,058) (1,212) (164,402)
======= ========== =========== =========== ============
This information is provided by RNS
The company news service from the London Stock Exchange
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