Preliminary Results
Origin Enterprises Plc
20 September 2007
Preliminary Results Announcement
Year ended 31 July 2007
Origin Enterprises plc, the agri/nutrition and food group, announces its
Preliminary Results for the year ended 31 July 2007.
Financial Highlights 31 July, 2007
Group revenue increased 8.9% €889.4m
EBITDA increased by 8.6% € 45.7m
*Group operating profit 10% higher €38.1m
*Profit before financing costs increased by 7% €41.8m
*EPS diluted (cent per share) 23.93c
Cashflow from operating activities €46.7m
Group net debt €71.7m
*adjusted for intangible amortisation and exceptional items
Operational Highlights
•Establishment of Origin Enterprises plc ('Origin') to maximise the
development potential of the former core Agri-Nutrition and Ambient Food
businesses of IAWS Group plc.
•Completion of €350m syndicated bank facilities.
•Successful IPO on the IEX and AIM stock markets raising €100m for future
development activities.
•Strong operational and financial performance across all Group operations.
•Acquisition of controlling interest in Odlum Group ('Odlums') subsequent
to year end.
•Comprehensive submissions on the draft Cork South Docks Local Area Plan
in relation to Origin's 32 acre developable footprint.
Origin Enterprises plc
Chief Executive Officer's comment:
Commenting on the 2007 performance, Origin Chief Executive Officer, Tom O'Mahony
said:
'2007 marked a significant milestone in the development of Origin. All Group
businesses performed strongly reflecting demand led growth within Agri-Nutrition
and brand extension and development within Food. The successful IPO and
syndication of bank facilities during the year provides Origin with investment
capacity to fund strategic development. The acquisition of the controlling
interest in Odlums subsequent to year-end is an excellent fit complementing the
Group's existing food brands and represents the first step in the strategic
development of Origin. The Group continues to make progress with its significant
property portfolio. We remain confident about the prospects for earnings growth
from our existing businesses and from strategic development opportunities.'
The Preliminary Results Announcement is available on the company website
www.originenterprises.com. The institutional presentation will be posted on the
website during the day.
ENDS
For reference contact:
Brendan Fitzgerald, Chief Financial Officer +353 1 6121259
Joe Murray, Murray Consultants +353 1 4980300
+353 86 2534950
PRELIMINARY RESULTS STATEMENT
The year under review saw the emergence of renewed optimism within the primary
sectors of the food industry resulting in strong demand led growth bringing new
momentum to Origin's key Agri-Nutrition markets. In Food, the Group continued to
reposition and extend its core brands creating new growth opportunities. Plans
to maximise the potential of the Group's extensive property portfolio have also
been advanced, particularly for its landmark 32 acre Cork city centre docklands
footprint.
Group revenue was 8.9 per cent higher at €889.4m, driven primarily by the
Agri-Nutrition Division which accounts for 73 per cent of revenues. Increasing
worldwide demand for food and the development of new applications for
traditional food crops is driving the value of primary producer output resulting
in higher demand for key protein, energy and nutrient ingredients supplied by
Origin. Revenues in the Agri-Nutrition division increased by 11 per cent in the
period.
The Food Division experienced strong like for like revenue growth from the
development of its branded product ranges. Ongoing development work and new
product introductions are driving the successful extension of these brands into
the convenience snacking and wellness categories. Since year end this momentum
has been accelerated with the acquisition of the remaining 50 per cent of
Odlums, adding an additional high profile range of branded goods to the Shamrock
and Roma offerings. Underlying revenue in Food grew by 9 per cent.
Origin's 32 acre Cork city centre site is central to the proposed Cork South
Docks Local Area Plan which is designed to facilitate the development and
regeneration of Cork city as well as the wider Southwest region. Origin has made
comprehensive submissions in response to this plan and is currently finalising a
planning application for its key gateway site to the South Docks.
Operating profit * increased by 10 per cent to €38.1m from €34.7m in the
previous year. Operating profit within the Agri-Nutrition division increased by
12 per cent to €27.7m, benefiting from improved operating efficiencies and
increased volumes. Operating profit within Food increased by 5 per cent to
€10.4m, principally driven by sales growth in its branded products and the
extension of these product lines. The operating margin in Food improved from 4.2
per cent to 4.3 per cent.
Origin's associate investments in the period under review include a 50 per cent
interest in Odlums and a 50 per cent interest in John Thompson and Sons Ltd
('Thompsons'). Share of profit from associates in the year was €3.7m compared to
€4.4m in 2006, principally due to the timing of price increases within Odlums.
Thompsons delivered a satisfactory performance in the period.
Profit before financing costs* for the year increased by 7 per cent to €41.8m
compared to €39.1m in 2006.
The profit for the financial year*, was €32.0m compared to €30.8m in 2006.
Adjusted earnings per share** amounted to 24.65 cent for the year while the
adjusted diluted earnings per share amounted to 23.93 cent.
Cashflow from operating activities was €46.7m with year end net debt of €71.7m,
following receipt of IPO proceeds of €100m and a payment of €256m to acquire the
undertaking and assets of the original businesses of IAWS Group, plc.
*EPS, Profit for the financial year, Profit before financing and Operating
profit are stated before intangible amortisation and exceptional items.
** Profit before tax, Profit for the financial year and Earnings per Share for
the year ended 31 July 2007 are not directly comparable with the 2006 numbers as
the 2007 results reflects the financing costs associated with the separate bank
facilities put in place by Origin in May 2007. Prior to May 2007 the Origin
businesses were funded as part of the wider IAWS Group plc and the interest
charge accordingly does not reflect the current financial structure.
Review of Operations
Agri-Nutrition
Agri-Nutrition which comprises agri-inputs (animal feed ingredients and
fertiliser importing and distribution) and marine proteins & oils (manufacture
and distribution of fishmeal and oil) increased revenue in the year by 11 per
cent to €647.7m with operating profit increasing by 12 per cent to €27.7m.
Higher sales volumes and improved operating efficiencies were the main
contributors to the improved performance. The outlook for primary food
production remains buoyant. This is being driven by increasing food demand
resulting from a combination of global population growth and rising living
standards against a back drop of a restricted capability of global agricultural
production to match this increased demand. In addition the increased awareness
of climate change and energy security has placed a significant focus on
agriculture as an alternative energy supplier in the form of increased demand
for grain crops for use in the biofuels industry. The combination of these
factors has provided a price impetus in the key primary markets.
In Ireland both Feed Ingredients and Fertiliser delivered a satisfactory
performance. At farm level confidence remains high as evidenced by stable
livestock numbers and continuing capital investment despite the impact of
significant input cost pressure. While the immediate effects of the single farm
decoupled payment are difficult to isolate at this stage the longer term impact
will be improved economies of scale and greater control over decision making at
the level of the farm enterprise.
In the UK the improved returns for arable farming in particular had a positive
impact on the Group's fertiliser volumes in the year. The substantial investment
in UK biofuel capacity is providing an impetus to UK cereal production leading
to increased cereal plantings which augurs well for future fertiliser
consumption.
Marine Proteins delivered a satisfactory performance in a year characterised by
high prices for fishmeal principally driven by the continued growth in
aquaculture. Origin's manufacturing facilities are strategically located in
close proximity to the main pelagic fisheries in the North Atlantic. Killybegs
in the North West of Ireland represents the optimal landing location for large
commercial trawlers given the increasing emphasis on trawler efficiency in terms
of the sourcing and landing of fish raw material. Plans to double Origin's
capacity at Killybegs are progressing and the Group remains on schedule to
commission a modern state-of-the-art facility.
Food
Food delivered a satisfactory performance with strong underlying sales growth in
the Shamrock and Roma brands as well as continuing growth within its agency
businesses. Revenue increased to €241.7m with operating profit increasing by 5
per cent to €10.4m.
Roma which has a leading market position within ambient Italian food ingredients
experienced strong sales growth reflecting the continuing momentum within the
category and the benefit of a number of new product launches during the year.
Shamrock as Ireland's leading home-baking brand achieved very satisfactory year
on year sales growth, through a combination of its strong home baking base and
the continuing extension of the brand into broader convenience snacking and
wellness categories.
On 30 August 2007, following receipt of clearance from the Competition
Authority, Origin completed the acquisition of the remaining 50 per cent of
Odlums for a consideration of €35m plus the assumption of related bank debt of
€22m. Odlums, as Ireland's premier cereal miller, has a strong branded market
position within the growing flour and oatmeal categories in Ireland in addition
to a growing branded export oatmeal business. The acquisition is an excellent
fit for Origin complementing its existing food brands and raw material sourcing
and logistics capability. The business comes with the benefit of a developable
property footprint within the area covered by the recently published Cork South
Docks Local Area Plan and is adjacent to Origin's existing property holding.
Property
The Group has a dedicated team in place to maximise the value of its property
portfolio. Plans for its key sites are being progressed.
Cork South Docks
The Group's major property asset comprises 32 acres in the South Docks, close to
the City Centre. In September 2006, Origin submitted a strategic master plan
setting out its vision for the rejuvenation of this key city asset. In June
2007, Cork City Council published the 'Cork South Docks Local Area Plan'
('SDLAP'). The SDLAP sets out, for consultation, the City Council's vision for
development of the South Docks. In August 2007, Origin made comprehensive
submissions in response to the SDLAP in respect of its holdings. Cork City
Council will shortly publish proposed amendments to the draft Plan arising from
consideration of the various submissions received.
A planning application for Origin's key 2 acre riverfront site is currently
being finalised. This site, by virtue of its position adjacent to the City
Centre, provides
opportunities not only to extend the city itself but also to act as a 'Gateway'
from the City Centre to the South Docks.
Newhall
Origin's 55 acre greenfield site at Newhall near Naas, Co. Kildare is currently
zoned for industrial / warehouse use under the Kildare County Development Plan
2005 - 2011. A master plan for this site is currently being prepared for
discussion with Kildare County Council.
Dividend
As previously outlined no dividend will be paid in respect of the year ended 31
July 2007. The Board will review its dividend policy in 2008 bearing in mind the
financial resources required for the development of the Group.
Outlook
The Origin businesses are well positioned and have the operational flexibility
to take advantage of opportunities within the primary sectors of the food
industry. The Group is well placed to achieve growth from continuing operations
in the current financial year.
ENDS
Origin Enterprises plc
Group income statement
for the year ended 31 July 2007
Pre- Pre-
exceptional Exceptional Total exceptional Exceptional Total
2007 2007 2007 2006 2006 2006
€'000 €'000 €'000 €'000 €'000 €'000
Revenue 889,363 - 889,363 816,871 - 816,871
Cost of (793,046) - (793,046) (726,971) - (726,971)
sales
__________ __________ __________ __________ __________ __________
Gross profit 96,317 - 96,317 89,900 - 89,900
Operating
costs, net (58,190) 1,146 (57,044) (55,210) 1,575 (53,635)
__________ __________ __________ __________ __________ __________
Operating
profit
before
amortisation
of intangible
assets 38,127 1,146 39,273 34,690 1,575 36,265
Amortisation
of intangible
assets (797) - (797) (722) - (722)
__________ __________ __________ __________ _________ __________
Operating
profit 37,330 1,146 38,476 33,968 1,575 35,543
Share of
profit of
associates 3,674 - 3,674 4,371 - 4,371
__________ __________ __________ __________ _________ __________
Profit
before
financing
costs 41,004 1,146 42,150 38,339 1,575 39,914
Financing
income 2,310 - 2,310 1,173 - 1,173
Financing
costs (4,955) - (4,955) (2,119) - (2,119)
__________ __________ __________ _________ __________ __________
Profit
before tax 38,359 1,146 39,505 37,393 1,575 38,968
Income tax
expense (6,406) (450) (6,856) (6,617) (674) (7,291)
_________ __________ __________ __________ __________ __________
Profit for
the financial
year 31, 953 696 32, 649 30,776 901 31,677
========= ========= ======== ======== ======== =========
Attributable
as follows:
Equity
shareholders 32,686 31, 605
Minority
interest (37) 72
__________ __________
32, 649 31,677
========= =========
Origin Enterprises plc
Group income statement (continued)
for the year ended 31 July 2007
Earnings per share 2007 2006
Basic -adjusted
Excluding amortisation and exceptional items 24.65c 23.62c
Diluted adjusted
Excluding amortisation and exceptional items 23.93c N/A
Basic
Including amortisation and exceptional items 24.57c 23.76c
Diluted
Including amortisation and exceptional items 23.86c N/A
Origin Enterprises plc
Group statement of recognised income and expense
for the year ended 31 July 2007
2007 2006
€'000 €'000
Items of income and expense
recognised directly in
equity
Foreign exchange translation
adjustment 2,053 1,417
Actuarial gain on Group's
defined benefit pension
schemes 7,039 2,932
Deferred tax effect of
actuarial gain (895) (214)
Actuarial gain on
associate's defined
benefit scheme 3,745 -
Loss relating to cash flow
hedges and other (1,027) (1,531)
Deferred tax effect of
cash flow hedges and other 298 159
Revaluation gains on properties
transferred to investment
properties 87,380 -
Deferred tax effect on
gains on revaluation of properties
transferred to investment
properties (15,208) -
________ ________
Net income recognised directly
in equity 83,385 2,763
Profit for the financial year 32,649 31,677
_______ ______
Total recognised income and
expense for the year 116,034 34,440
=========== ==========
Attributable as follows:
Equity shareholders 116,071 34,368
Minority interest (37) 72
_______ ______
Total recognised income and
expense for the year 116,034 34,440
=========== ==========
Origin Enterprises plc
Group balance sheet
as at 31 July 2007
2007 2006
€'000 €'000
ASSETS
Non current assets
Property, plant and equipment 71,149 81,872
Investment properties 165,473 -
Goodwill and intangible assets 15,220 16,647
Investments in associates 26,521 19,620
Deferred tax assets 1,633 2,082
__________ __________
Total non current assets 279,996 120,221
__________ __________
Current assets
Inventory 67,476 56,254
Trade and other receivables 84,993 93,757
Cash and cash equivalents 31,989 34,655
__________ __________
Total current assets 184,458 184,666
__________ __________
TOTAL ASSETS 464,454 304,887
=========== ===========
Origin Enterprises plc
Group balance sheet (continued)
as at 31 July 2007
2007 2006
€'000 €'000
EQUITY
Called up share capital 1,382 -
Share premium 265,182 -
Retained earnings and other reserves (83,171) 89,321
________ ________
Total equity attributable to equity shareholders
of parent 183,393 89,321
Minority interest 241 278
________ ________
TOTAL EQUITY 183,634 89,599
________ ________
LIABILITIES
Non current liabilities
Interest bearing borrowings 83,000 -
Employee benefits 1,771 9,040
Deferred government grants 2,674 2,695
Deferred tax liabilities 31,740 5,482
________ ________
Total non current liabilities 119,185 17,217
________ ________
Current liabilities
Interest bearing borrowings 20,691 232
Trade and other payables 127,026 118,671
Corporation tax payable 8,556 5,300
Derivative financial instruments 2,216 1,188
Amounts due to IAWS Group plc and subsidiaries 3,146 72,680
________ ________
Total current liabilities 161,635 198,071
________ ________
TOTAL LIABILITIES 280,820 215,288
________ ________
TOTAL EQUITY AND LIABILITIES 464,454 304,887
======= =======
Origin Enterprises plc
Group cash flow statement
for the year ended 31 July 2007
2007 2006
€'000 €'000
Cash flows from operating activities
Profit before tax 39,505 38,968
Financing costs, net 2,645 946
Share of profit of associates (3,674) (4,371)
Depreciation of property, plant and equipment 7,527 7,350
Amortisation of intangible assets 797 722
Amortisation of government grants (124) (131)
Employee share-based payment charge 205 -
Exceptional items (1,146) (1,575)
Foreign exchange losses/(gains) 32 (114)
________ ________
Operating profit before changes in working
capital 45,767 41,795
Increase in inventory (11,736) (1,059)
Decrease/(increase) in trade and other receivables 9,103 (16,264)
Increase in trade and other payables 3,561 11,061
________ ________
Cash generated from operating activities 46,695 35,533
Interest paid (1,792) (488)
________ ________
Net cash inflow from operating activities 44,903 35,045
======= =======
Origin Enterprises plc
Group cash flow statement (continued)
for the year ended 31 July 2007
2007 2006
€'000 €'000
Cash flows from investing activities
Proceeds from sale of property, plant and
equipment 205 3,896
Purchase of property, plant and equipment
- Ongoing (3,767) (5,705)
- New investments (2,336) (3,410)
Purchase of intangible assets - (854)
Insurance proceeds, net 6,118 -
Disposal of other investments - 668
Disposal of subsidiary 1,045 -
Dividends received 574 1,604
________ ________
Net cash flow from investing activities 1,839 (3,801)
________ ________
Cash flows from financing activities
Proceeds from issue of share capital 104,192 -
Share issue expenses (1,691) -
Net cash movement in balance with IAWS Group plc (255,545) (35,213)
Drawdown of loan capital 83,000 -
________ ________
Net cash flow from financing activities (70,044) (35,213)
________ ________
Net decrease in cash and cash equivalents (23,302) (3,969)
Translation adjustment 177 10
Cash and cash equivalents at start of year 34,423 38,382
_______ ________
Cash and cash equivalents at end of year 11,298 34,423
======= =======
Origin Enterprises plc
Notes to the preliminary results statement
for the year ended 31 July 2007
1 Basis of preparation / comparatives
The financial information included on pages 8 to 20 of this preliminary results
statement has been extracted from the Group financial statements for the year
ended 31 July 2007 on which the auditor has issued an unqualified audit opinion.
The 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 as adopted by the EU.
The consolidated financial information is presented in euro, rounded to the
nearest thousand, which is the functional currency of the parent and majority of
the Group's operations.
In October 2006 IAWS Group plc announced its intention to establish a new
operating company within its Group to create a specialist focus around its
original core Agri and Ambient Foods businesses. In April 2007 as part of a
group reorganisation the original core Agri and Ambient Foods businesses were
transferred to the Company (which was incorporated on 11 September 2006) at
which stage it was a wholly owned subsidiary of IAWS Group plc. It converted to
a plc on 29 May 2007 and shares in Origin were admitted to trading on the IEX
and AIM markets of the Dublin and London Stock Exchanges on 5 June 2007.
The businesses transferred to the Company were distinguishable both
operationally and for financial reporting purposes from the other operations of
IAWS Group plc.
The consolidated financial statements for the Group for the year ended 31 July
2007 have been prepared as if the Group had always existed and consequently
reflect the pre-existing carrying values in IAWS Group plc of the assets and
liabilities transferred to the Company while the Group income statement, Group
statement of recognised income and expenses and Group cash flow statement
present the results, performance and cash flows of the businesses for the full
year to 31 July 2007. The comparative information has also been presented as
though the transaction had been implemented throughout the prior period.
However, stand alone banking facilities and the capital structure of the Group
were only established in May 2007. Consequently, share capital and share premium
are only separately identified from May 2007 and previous financing was
reflected in the total amount due to/from IAWS Group plc.
Accordingly, profit before tax, profit for the financial year and earnings per
share for the year ended 31 July 2007 are not directly comparable with the 2006
comparatives as the financial information for 2007 reflects the financing costs
associated with the separate bank facilities put in place by Origin in
May 2007. Prior to May 2007 the Origin businesses were funded as part of the
wider IAWS Group plc and the interest charge accordingly does not reflect the
current financial structure.
Origin Enterprises plc
Notes to the preliminary results statement (continued)
for the year ended 31 July 2007
2 Segmental information
FOOD AGRI / TOTAL
NUTRITION GROUP
__________ _______ _________ _________ _________ __________
2007 2006 2007 2006 2007 2006
€'000 €'000 €'000 €'000 €'000 €'000
Segment
revenue 241,680 234,916 647,683 581,955 889,363 816,871
====== ====== ====== ====== ====== ======
Operating
profit before
exceptional
items and
amortisation
of intangible
assets 10,474 9,937 27,653 24,753 38,127 34,690
Exceptional
items (1,314) - 2,460 1,575 1,146 1,575
_______ _______ _______ _______ _______ _______
Operating
profit before
amortisation
of intangible
assets 9,160 9,937 30,113 26,328 39,273 36,265
Amortisation
of intangible
assets (501) (498) (296) (224) (797) (722)
_______ _______ _______ _______ _______ _______
Operating
profit 8,659 9,439 29,817 26,104 38,476 35,543
Share of
profit of
associates 1,886 2,667 1,788 1,704 3,674 4,371
_______ _______ _______ _______ _______ _______
Profit
before
financing
costs 10,545 12,106 31,605 27,808 42,150 39,914
====== ===== ====== ====== ====== ======
Origin Enterprises plc
Notes to the preliminary results statement (continued)
for the year ended 31 July 2007
3 Earnings per share
The calculation of basic earnings per share for the year ended 31 July
2007 was based on the profit for the financial year attributable to
ordinary shareholders of €32,686,000 (2006: €31,605,000) and on the
weighted average number of ordinary shares outstanding from the date of
the IPO of Origin in June 2007. Prior to the IPO the Company was under
common control of IAWS Group plc and did not have a representative share
capital. Accordingly, for the purposes of the calculations below it has
been assumed that the shares in issue following the IPO were in issue
for all of 2007 and for all of 2006. The calculation of diluted earnings
per share for 2007 was based on the weighted average number of ordinary
shares calculated as follows:
2007
000's
Weighted average number of ordinary shares used in
basic calculation 133,016
Effect of convertible shares with a dilutive effect 3,968
_______
Weighted average number of ordinary shares (diluted) for the
year 136,984
======
Origin Enterprises plc
Notes to the preliminary results statement (continued)
for the year ended 31 July 2007
3 Earnings per share (continued)
Earnings per share adjusted for exceptional items and intangible
amortisation is set out below:
2007 2007 2006 2006
€'000 Per share €'000 Per
share
€ cent € cent
Basic
Profit for the financial year 32,686 24.57 31,605 23.76
Adjustments:
Amortisation of intangible assets 797 0.60 722 0.54
Exceptional items, net of tax (696) (0.52) (901) (0.68)
_______ _______ _______ _______
Adjusted basic earnings
per share 32,787 24.65 31,426 23.62
====== ====== ====== ======
2007 2007
€'000 Per share
€ cent
Diluted
Profit for the financial year 32,686 23.86
Adjustments:
Amortisation of intangible assets 797 0.58
Exceptional items, net of tax (696) (0.51)
_______ _______
Adjusted diluted earnings
per share 32,787 23.93
====== ======
Origin Enterprises plc
Notes to the preliminary results statement (continued)
for the year ended 31 July 2007
4 Exceptional items
2007 2006
€'000 €'000
Loss on disposal of operations (i) (980) (385)
(Loss)/profit on disposal of property, plant (1,314) 1,531
and equipment
Profit on disposal of other investments - 429
Insurance settlement and other 3,440 -
restructuring costs (ii) _______ _______
1,146 1,575
====== ======
i. •Loss on disposal of operations
Power Seeds Limited, an Irish based company engaged in the sale of seed
and hardware products was disposed of in 2007. Premier Petfoods Limited,
an Irish based company engaged in the distribution of pet foods was
disposed of in 2006.
ii. •Insurance settlement and other restructuring costs
During 2007 two facilities operated by the Group suffered fire
damage. Contingency plans were implemented and the impact on
customers and operations was minimised. The gain represents the
excess of the insurance claim proceeds over the net book value
of the assets destroyed and other restructuring costs incurred
during the year.
Origin Enterprises plc
Notes to the preliminary results statement (continued)
for the year ended 31 July 2007
5. •Statement of changes in shareholders' equity
31 July 2007
Share Foreign
Cash flow Reval- based Re-organ- currency
Share Share hedge uation payment isation translation Retained
capital premium reserve reserve reserve reserve reserve earnings Total
€'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000
(Note 1)
At 1 August 2006 - - (1,041) - - - (3,277) 93,639 89,321
Reclassification
of prior years
retained earnings - - - - - 93,639 - (93,639) -
Revaluation of
investment
properties - - - 87,380 - - - - 87,380
Deferred tax
on revaluation - - - (15,208) - - - - (15,208)
Issue of
ordinary
shares 1,382 153,855 - - - - - - 155,237
Share issue
expenses - (1,691) - - - - - - (1,691)
Movement on
reorganisation
reserve - 113,018 - - - (288,768) - - (175,750)
Share based
payments - - - - 205 - - - 205
Foreign
exchange
translation - - - - - - 2,053 - 2,053
Group defined
benefit pension
schemes - - - - - - - 7,039 7,039
Deferred tax
on Group
defined
benefit
schemes - - - - - - - (895) (895)
Net actuarial
gain on
associate
defined
benefit
pension
scheme - - - - - - - 3,745 3,745
Losses related
to cash flow
hedges and
other - - (1,027) - - - - - (1,027)
Deferred tax
relating to
cash flow hedges
and other - - 298 - - - - - 298
Profit for the
period
attributable
to equity
holders - - - - - - - 32,686 32,686
_______ ________ ________ ________ ________ ________ ________ ________ ________
At 31 July
2007 1,382 265,182 (1,770) 72,172 205 (195,129) (1,224) 42,575 183,393
====== ======= ======= ======= ======= ======= ======= ======= =======
Note 1 The balance of retained earnings at 31 July 2007 comprises income earned
and reported in 2007 which has not been allocated between the periods pre and
post the reorganisation transaction in April 2007 that established the Origin
Group.
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