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| Date/Time | Headline | Source |
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| 11-03-10 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 4054I
Origin Enterprises Plc
11 March 2010
Interim Results Announcement
Half Year ended 31 January 2010
Results Summary
6 months ended 6 months ended %
31 Jan 2010 31 Jan 2009 decrease
EUR'000 EUR'000
Group revenue 596,793 710,099 (16%)
Group EBITA*
- Agri-Nutrition 14,888 18,836 (21%)
- Food 8,127 9,198 (12%)
Group EBITA* 23,015 28,034 (18%)
Profit before financing 21,100 27,800 (24%)
costs**
Profit for the financial 10,228 14,148 (28%)
period
Adjusted fully diluted EPS 8.68 11.17 (22%)
(cent per share)**
Group net debt 190,491 200,356 (5%)
*Group earnings before interest, tax and amortisation ('Group EBITA') includes our contribution from associates and joint venture (before tax) so as to compare year on year on a like for like basis as the results from Marine Proteins and Oils in 2010 are included on the associate and joint venture line.
** before intangible amortisation (2010:EUR2.0m, 2009:EUR1.5m)
Highlights
· Performance in line with our expectations and on track to deliver consensus adjusted fully diluted EPS of c.33 cent per share for the full year
· Group EBITA* of EUR23.0m compared with EUR28.0m last year
· Agri-Nutrition performed satisfactorily in light of later seasonal sales activity in the current year combined with a strong performance from Masstock
· Robust response from Food to challenging market conditions
· Excellent result from Marine Proteins and Oils Joint Venture
· Continued strong cashflow performance.
Origin Enterprises plc
Chief Executive Officer's comment:
Commenting on the announcement of the 2010 Interim Results, Origin Chief Executive Officer, Tom O'Mahony said:
"Origin has performed well during the first half of 2010 in a difficult trading environment. Year on year comparisons are impacted by increased seasonality as agricultural activity becomes more concentrated towards the second half of the financial year with customers adopting a cautious approach and deferring buying decisions until closer to the main application periods.
Origin's integrated agronomy business delivered a strong performance in the first half, emphasising Masstock's resilience in an environment of volatile output markets for primary producers. The excellent contribution from the Group's Marine Proteins and Oils Joint Venture reflects increased fishfeed demand and the enhanced position of the business globally.
Market conditions within Food continue to be extremely competitive. A continuous focus on service, value innovation and cost alignment are key to maintaining the competitive positioning of our consumer brands.
The recent uplift in primary output markets, while welcome, has yet to noticeably impact farm incomes. The business environment remains challenging, however we remain confident for the full year and expect to deliver consensus market expectations. We will continue to focus on cash generation and operational efficiencies to ensure the business is well positioned to respond to new opportunities as they arise."
Ends
The 2010 Interim Results Announcement is available on the company website www.originenterprises.com. There will be a live conference call at 8.30am (GMT) today. To listen to this conference call, please dial the number below. Participants are requested to dial in 5 to 10 minutes prior to the scheduled start time.
Participant access numbers:
Ireland: +353 (0) 1 436 0959
Switzerland: +41 (0) 43 456 9986
UK/International: +44 (0) 20 3003 2666
Enquiries:
Brendan Fitzgerald, Tel: +353 (0) 1 612 1259
Chief Financial Officer
Origin Enterprises plc
Joe Murray Tel: +353 (0) 1 498 0300
Murray Consultants Mobile: +353 (0) 86 253 4950
11 March 2010
INTERIM RESULTS STATEMENT
Financial Review
Origin Enterprises plc ('Origin' or the 'Group') announces adjusted fully diluted earnings per share for the half year ending 31 January 2010 of 8.68 cent per share compared to 11.17 cent per share in the period ending 31 January 2009. The Group's business is seasonal and is weighted towards the second half of the financial year. Following a slow start, performance year to date is in line with our expectation and the result for the second quarter is ahead of the comparative period last year.
Revenue
Group revenue was 16 per cent lower at EUR596.8 million, on a constant currency basis the decrease was 13 per cent.
Agri-Nutrition achieved revenue of EUR461.6 million, a decrease of 17 per cent. On a like for like basis excluding the impact of the bolt on acquisitions completed in the second half of 2009, the transfer of the Marine Proteins and Oils business to Welcon in February 2009, and currency changes, the reduction in revenue was 11.3 per cent principally reflecting lower global fertiliser and feed ingredient pricing.
Food generated revenue for the period of EUR135.2 million, a reduction of 14 per cent. Just over 60 per cent of the reduction in revenue was due to the closure of inefficient milling capacity and lower selling prices reflecting the fall in raw material costs.
Group EBITA*
Group EBITA* decreased by 18 per cent to EUR23.0 million from EUR28.0 million in the previous period. The weakness of sterling relative to the euro in the first half of the financial year reduced EBITA by EUR0.7 million.
Operating profit** from the wholly owned Agri-Nutrition businesses amounted to EUR7.8 million compared to EUR18.0 million in the prior period. For the current financial period the results from Marine Proteins and Oils are included on the associates and joint venture line. Excluding this and the impact of currency changes the year on year reduction is 18 per cent.
Operating profit** from Food decreased by 12 per cent to EUR8.1 million. The operating margin in Food increased from 5.9 per cent to 6.0 per cent, principally reflecting a changed mix of business.
Associates and Joint Venture
Our share of the profit after interest and taxation from associates and joint venture increased from EUR0.6 million to EUR5.2 million, principally reflecting a contribution from our 50 per cent interest in Welcon.
Profit before financing costs
Profit before financing costs** decreased by 24 per cent to EUR21.1 million compared to EUR27.8 million in 2009.
Cashflow, Net Debt and Working Capital
Net cash outflow from operating activities was EUR33.7 million (2009: EUR37.7 million outflow) reflecting the seasonal investment in working capital during the first half of the financial year.
Group net debt was EUR190.5 million at 31 January 2010 compared to EUR153.8 million at 31 July 2009, principally reflecting the seasonal investment in working capital of EUR43.3 million (2009: EUR54.9 million). Net debt is EUR10 million lower than at 31 January 2009 following a spend of EUR46 million on acquisitions and capital investment over the past year. This performance reflects the continuing strong cash generative nature of the Groups activities.
Investment in working capital is a key area of focus for the Group given the funding costs and the related risks in the current environment. The half year represents a high point in the working capital cycle for the Group reflecting the seasonality of the business.
Dividend
On 2 February 2010 the inaugural dividend of 8 cent per share was paid in respect of the year ended 31 July 2009. Reflecting the seasonality of the business the Group will declare an annual dividend at the time of the preliminary results announcement in September.
*Group earnings before interest, tax and amortisation ('Group EBITA') includes our contribution from associates and joint venture (before tax) so as to compare year on year on a like for like basis as the results from Marine Proteins and Oils in 2010 are included on the associate and joint venture line. See note 11 in the Group condensed interim financial information.
**Operating profit and profit before financing costs are stated before intangible amortisation (2010:EUR2.0 million, 2009:EUR1.5 million).
Review of Operations
Agri-Nutrition
2010 2009 %
EUR'000 EUR'000 Decrease
Revenue 461,624 553,455 (17%)
Group EBITA* 14,888 18,836 (21%)
Group EBITA % 3.2% 3.4% (17 bps)
Agri-Nutrition comprises integrated agronomy services, agri-inputs (business-to-business feed ingredients and fertiliser importing, blending and distribution) and marine proteins and oils. These businesses provide customised solutions that address the efficiency, quality and output requirements of primary food producers. Revenue decreased by 17 per cent to EUR461.6 million during the period. On a like for like basis the decrease was 11.3 per cent principally reflecting the impact of lower global fertiliser and feed ingredient pricing.
Integrated Agronomy Services
The Group's Integrated Agronomy Services business operating under Masstock in the United Kingdom and Dalgety in Poland performed strongly in the seasonally quiet first half of the year.
Favourable arable planting conditions in the autumn underpinned demand for full service agronomy and prescription input applications. The increasing requirement for focussed crop improvement and yield enhancement led to an excellent take-up of new seed varieties, treatment applications and an extended roll-out of precision farming technologies to optimise input usage. Over fifty technical forums, showcasing state-of-the-art systems based crop management programmes, were hosted throughout the UK in the period as part of Masstock's industry-leading SMART Farming initiative. These best practice platforms tangibly demonstrate to growers Masstock's technology and innovative agronomy solutions to sustain profitable primary food production.
The integration of CSC Crop Protection and GB Seeds, two bolt-on acquisitions made in the latter half of 2009, is progressing well. These acquisitions consolidate Masstock's fully serviced agronomy presence in the UK, and provide access to enhanced precision farming technologies.
Increased winter acreage in the United Kingdom for the key wheat and oil seed rape crops provides a positive platform for the full year performance of the business. Dalgety's result in the period was underpinned by an excellent grain marketing campaign and the benefit of favourable cropping patterns.
Agri-Inputs
As anticipated agri-inputs had a mixed performance in the first half reflecting the continuing pressures on Irish farm incomes driven by weak global output markets. This resulted in a change in the normal input purchasing patterns.
In Ireland, the animal feed ingredients business had a challenging first half as customers were reluctant to commit forward until closer to the main usage period. The outlook for feed volumes remains positive for the financial year. There is optimism at farm level that the projected milk price for the coming season will return the dairy enterprise to profitability. Spring cereal production continues to remain under pressure with an expectation of a 10 to 15 per cent reduction in plantings over the full year.
The fertiliser business had a satisfactory performance during this seasonally quiet period. Trading conditions remain very competitive due to delayed purchasing at farm level following the experience of recent high nutrient price levels. Demand for fertiliser in the second half of the year is expected to improve as animal fodder stock levels are replenished after a long feeding campaign and fertiliser stocking levels within the distribution channel return to normal levels.
In the UK, the farm income situation is more positive, boosted by a successful cereal harvest and a higher Single Farm Payment due to the weakness of sterling. More certainty has returned to fertiliser pricing with increased purchasing activity currently taking place. The business is well positioned to service customers' off-take requirements in the second half of the financial year.
Food
2010 2009 %
EUR'000 EUR'000 Change
Revenue 135,169 156,644 (14%)
Group EBITA* 8,127 9,198 (12%)
Group EBITA % 6.0% 5.9% -
Origin's Food business includes a portfolio of Ireland's leading ambient food brands servicing the home-baking, Italian food ingredients and convenience categories across the retail, food service and manufacturing sectors. The division's activities incorporate sales, marketing, distribution and manufacturing. The business also provides route-to-market services for third party food manufacturers.
Profits declined against the backdrop of challenging economic conditions and an extremely competitive trading environment. Consumption patterns are reflecting greater value consciousness with shoppers migrating to value offerings. The trading environment has also impacted the division's agency distribution business as customers continue to source international food brands directly from manufacturers.
The business remains focused on cost alignment and value innovation. Annualised cost savings of approximately EUR6.0 million have been achieved principally through the closure of inefficient milling capacity and driving supply chain efficiencies. Strong promotional and pricing support programs have been implemented across the division's three brands: Shamrock, Roma and Odlums. The home-baking category continues to demonstrate resilience with Shamrock and Odlums performing very satisfactorily. Category management and in-store theatre activity were fully utilised in the Italian and home-baking categories to maximise each of the brands in-store presence and availability, and to reward customer loyalty. The business has launched a number of new products through the extension of existing lines and the introduction of new offerings.
While the outlook for the division remains challenging, the positioning of Origin's consumer Food brands combined with the alignment to changing consumer purchasing patterns ensures that the business is well placed to maintain its leading market position.
Associates and Joint Venture
Welcon AS ('Welcon')
Welcon, jointly owned by Origin and Austevoll Seafoods ASA is Europe's largest manufacturer of marine proteins and oils for the aquaculture, pig and poultry feed industries.
The business has delivered higher revenues and profits in the period benefiting from increased European aquaculture feed production supported by positive end consumer demand and lower South American fishmeal supply. Pig and poultry feed markets continue to show good demand for fishmeal. Low levels of unsold fishmeal stocks combined with good raw material landings provide a positive backdrop for the business during the second half.
Business integration is progressing to plan and is currently focused on the realignment of manufacturing capacity and process standardisation.
Continental Farmers Group plc ('Continental Farmers')
Continental Farmers, a large scale primary producer of combinable and root crops in Poland and Ukraine made very good operational progress in the period. Successful harvests were completed in both countries with very satisfactory yield outcomes for wheat, oil seed rape, potatoes, sugar beet and maize. Further expansion and development of the Ukrainian operation was undertaken in the period and the business is now equipped with a flexible scale that aligns cropping patterns to maximise output realisations. Continental Farmers is targeting to harvest 16,000 hectares in 2010, compared with 13,000 hectares in 2009.
John Thompson & Son Limited ('John Thompson')
John Thompson, the largest single site animal feed mill on the island of Ireland, in which Origin has a 50 per cent shareholding, delivered a satisfactory performance during the first half.
Outlook
The recent uplift in primary output markets, while welcome, has yet to noticeably impact farm incomes. The business environment remains challenging, however we remain confident for the full year and expect to deliver consensus market expectations. We will continue to focus on cash generation and operational efficiencies to ensure the business is well positioned to respond to new opportunities as they arise.
ENDS
About Origin Enterprises plc
Origin Enterprises plc is a leading Agri-Nutrition and Food company listed on the IEX and AIM markets of the Irish and London Stock Exchanges. The Agri-Nutrition division, through its manufacturing and distribution operations in Ireland, the United Kingdom, Poland and Norway, has leading market positions in the supply of feed ingredients, specialist agronomy services, crop nutrition and marine proteins and oils. The Group's Food division, comprising sales, marketing, distribution and manufacturing activities in Ireland, has leadership positions in ambient food across the retail, food service and manufacturing sectors.
IEX ticker symbol: OIZ
AIM ticker symbol: OGN
Website: www.originenterprises.com
Origin Enterprises plc
Group income statement
for the six months ended 31 January 2010
Six months Six months
ended 31 ended 31 Year ended
January 2010 January 2009 31 July 2009
EUR'000 EUR'000 EUR'000
Notes (Unaudited) (Unaudited) (Audited)
Revenue 3 596,793 710,099 1,507,837
Cost of sales (531,654) (630,996) (1,326,055)
Gross profit 65,139 79,103 181,782
Operating costs (51,208) (53,342) (109,374)
Exceptional items 8 - - (134,437)
Share of profit of associates 3 5,167 562 3,717
and joint venture
Operating profit /(loss) 3 19,098 26,323 (58,312)
Finance income 2,554 2,681 5,270
Finance expenses (10,316) (11,902) (22,623)
Profit/(loss) before tax 11,336 17,102 (75,665)
Income tax expense (1,108) (2,954) (11,860)
Income tax credit on - - 30,834
exceptional items
Profit/(loss) for the period 10,228 14,148 (56,691)
Origin Enterprises plc
Group income statement (continued)
for the six months ended 31 January 2010
Six months Six months
ended 31 ended 31 Year ended
January 2010 January 2009 31 July 2009
EUR'000 EUR'000 EUR'000
Notes (Unaudited) (Unaudited) (Audited)
Attributable as follows:
Equity shareholders 10,228 14,010 (56,825)
Minority interest - 138 134
10,228 14,148 (56,691)
Earnings per share for the
period
Basic
Including amortisation and 4 7.69c 10.53c (42.72)c
exceptional items
Diluted
Including amortisation and 4 7.43c 10.20c (42.72)c
exceptional items
Basic- adjusted
Excluding amortisation and 4 8.98c 11.53c 37.35c
exceptional items
Diluted- adjusted
Excluding amortisation and 4 8.68c 11.17c 36.16c
exceptional items
Origin Enterprises plc
Group statement of comprehensive income
for the six months ended 31 January 2010
Six months Six months
ended 31 ended 31 Year ended
January 2010 January 31 July 2009
2009
EUR'000 EUR'000 EUR'000
(Unaudited) (Unaudited) (Audited)
Profit/(loss) for the period 10,228 14,148 (56,691)
Other comprehensive income
Foreign exchange translation
effects
-foreign currency borrowings 627 8,099 8,659
-foreign currency net (2,669) (22,814) (16,325)
investments
-recycling on transfer of - - 1,473
subsidiary undertaking
Deferred tax effect of
increase in Irish capital
gains tax
in relation to investment - - (7,035)
properties
Group/associate defined
benefit pension obligations
-actuarial (loss)/gain on
Group's/associate's defined
benefit
pension schemes (821) 1,368 (4,931)
-deferred tax effect of
actuarial (losses)/gains in
group's
defined benefit pension 435 (550) 816
schemes
Cash flow hedges
-gain/(loss) relating to cash 4,511 1,314 (5,382)
flow hedges
-deferred tax effect of cash (628) (164) 731
flow hedges
Total comprehensive income/ 11,683 1,401 (78,685)
(expense) for the period
Attributable as follows:
Equity shareholders 11,683 1,499 (78,712)
Minority Interest - (98) 27
11,683 1,401 (78,685)
Origin Enterprises plc
Group balance sheet
as at 31 January 2010
31 January 31 January 31 July
2010 2009 2009
EUR'000 EUR'000 EUR'000
(Unaudited) (Unaudited) (Audited)
ASSETS
Non current assets
Property, plant and equipment 84,543 100,037 86,760
Investment properties 59,214 192,978 59,214
Goodwill and intangible assets 113,170 99,822 115,999
Investments in associates and joint 87,152 31,863 83,631
venture
Deferred tax assets 5,776 4,535 5,299
Total non current assets 349,855 429,235 350,903
Current assets
Inventory 112,090 190,957 96,265
Trade and other receivables 120,952 104,744 198,856
Derivative financial instruments 2,382 5,062 65
Cash and cash equivalents 25,100 46,498 89,950
Total current assets 260,524 347,261 385,136
TOTAL ASSETS 610,379 776,496 736,039
Origin Enterprises plc
Group balance sheet(continued)
as at 31 January 2010
31 January 31 January 31 July
2010 2009 2009
EUR'000 EUR'000 EUR'000
Notes (Unaudited) (Unaudited) (Audited)
EQUITY
Called up share capital 1,386 1,386 1,386
Share premium 160,399 265,182 160,399
Retained earnings and other (16,305) (42,729) (17,806)
reserves
Total equity attributable to
equity shareholders
of parent 145,480 223,839 143,979
Minority interest - 1,397 -
TOTAL EQUITY 145,480 225,236 143,979
LIABILITIES
Non current liabilities
Interest bearing loans and 202,237 243,926 232,741
borrowings
Employee benefits 24,004 21,354 23,436
Deferred government grants 2,414 2,577 2,476
Deferred tax liabilities 19,582 41,850 19,418
Deferred consideration on 12,287 10,771 12,136
acquisition
Derivative financial 389 - 2,443
instruments
Total non current liabilities 260,913 320,478 292,650
Current liabilities
Interest bearing loans and 13,354 2,928 10,961
borrowings
Trade and other payables 174,023 216,894 281,248
Dividend payable to 7 10,641 - -
shareholders
Corporation tax payable 1,441 5,550 2,534
Derivative financial 4,527 5,410 4,667
instruments
Total current liabilities 203,986 230,782 299,410
TOTAL LIABILITIES 464,899 551,260 592,060
TOTAL EQUITY AND LIABILITIES 610,379 776,496 736,039
Origin Enterprises plc
Group cash flow statement
for the six months ended 31 January 2010
Six months Six months
ended 31 ended 31 Year ended
January 2010 January 2009 31 July 2009
EUR'000 EUR'000 EUR'000
(Unaudited) (Unaudited) (Audited)
Cash flows from operating
activities
Profit/(loss) before tax 11,336 17,102 (75,665)
Exceptional items - 134,437
-
Finance income (2,554) (2,681) (5,270)
Finance expenses 10,316 11,902 22,623
Share of profit of associates (5,167) (562) (3,717)
and joint venture
Depreciation of property, 3,210 4,310 7,567
plant and equipment
Amortisation of intangible 2,002 1,477 3,294
assets
Amortisation of government (63) (67) (145)
grants
Employee share-based payment 459 458 916
charge
Pension contributions in (562) (55) (1,202)
excess of service costs
Operating profit before 18,977 31,884 82,838
changes in working capital
(Increase)/decrease in (15,992) (43,961) 61,830
inventory
Decrease/(increase) in trade 73,154 81,220 (17,157)
and other receivables
Decrease in trade and other (100,484) (92,150) (42,339)
payables
Cash (absorbed)/generated from (24,345) (23,007) 85,172
operating activities
Interest paid (6,814) (9,654) (17,880)
Income tax paid (2,558) (5,001) (13,528)
Net cash (outflow)/inflow from (33,717) (37,662) 53,764
operating activities
Origin Enterprises plc
Group cash flow statement (continued)
for the six months ended 31 January 2010
Six months Six months
ended 31 ended 31 Year ended
January 2010 January 2009 31 July 2009
EUR'000 EUR'000 EUR'000
(Unaudited) (Unaudited) (Audited)
Cash flows from investing
activities
Proceeds from sale of 777 24 1,422
property, plant and equipment
Purchase of property, plant (2,497) (3,144) (7,715)
and equipment
Additions to investment (560) (775)
properties -
Acquisition of subsidiary
undertaking,
net of cash acquired - (14,234)
-
Investment/loans to associates (772) (3,507) (26,184)
and joint venture
Dividends received from 1,974 1,926 4,174
associates and joint venture
Proceeds from sale of McCanns 6,797 6,837
brand -
Net cash flow from investing (518) 1,536 (36,475)
activities
Cash flows from financing
activities
(Repayment)/drawdown of loan (30,062) 10,132 (10,195)
capital
Payment of finance lease (480) (682) (654)
obligations
Net cash flow from financing (30,542) 9,450 (10,849)
activities
Net (decrease)/ increase in (64,777) (26,676) 6,440
cash and cash equivalents
Translation adjustment (2,732) (4,102) (1,613)
Cash and cash equivalents at 79,834 75,007 75,007
start of period
Cash and cash equivalents at 12,325 44,229 79,834
end of period
Origin Enterprises plc
Notes to the group condensed interim financial information
for the six months ended 31 January 2010
1 Basis of preparation
The group condensed interim financial information has been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting (IAS 34). The condensed interim financial information does not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's annual financial statements in respect of the year ended 31 July 2009, which have been prepared in accordance with IFRSs. The financial statements for the year ended 31 July 2009 were filed with the Registrar of Companies and are available on the company's website www.originenterprises.com. Those financial statements contained an unqualified audit report.
The group condensed interim financial information for the six months ended 31 January 2010 and the comparative figures for the six months ended 31 January 2009 are unaudited and have not been reviewed by the Auditors. The financial information for the year ended 31 July 2009 represent an abbreviated version of the Group's full accounts for that year.
The group condensed financial information is presented in euro, rounded to the nearest thousand, which is the functional currency of the Group.
A comprehensive review of the group's performance for the six months ended 31 January 2010 is included on pages 1 to 9. The group's business is seasonal and is weighted towards the second half of the financial year.
2 Accounting policies
Except as described below, the group condensed interim financial information has been prepared on the basis of the accounting policies, significant judgements, key assumptions and estimates as set out on pages 38 to 44 of the Group's Annual Report for the year ended 31 July 2009.
The following amendments are mandatory for the first time for the financial year beginning 1 August 2009:
- IAS 1 (revised) 'Presentation of financial statements'. The revised standard requires 'non-owner changes in equity' to be presented separately from 'owner changes in equity'. All 'non-owner changes in equity' are required to be shown in a performance statement.
- Entities can choose whether to present one performance statement (the statement of total comprehensive income) or two statements (the income statement and the statement of comprehensive income). The Group has elected to present two statements: income statement and a statement of comprehensive income. The interim financial information has been prepared under the revised presentation requirements.
- Although IFRS 8 Operating Segments has been applied for the first time in the preparation of these group condensed interim financial information, this has not resulted in any changes to the basis of segmentation or to the basis of measurement of operating profit employed in compiling the consolidated financial statements in respect of the year ended 31 July 2009.
Origin Enterprises plc
Notes to the group condensed interim financial information (continued)
for the six months ended 31 January 2010
3 Segment information
(a) Segment revenue
and result
Agri-Nutrition Food Investment Properties - TOTAL
Fair Value Adjustment
6 months 6 months Year 6 months 6 months Year 6 months 6 months Year 6 months 6 months Year
ended ended ended ended ended ended ended ended ended ended ended ended
31/01/10 31/01/09 31/07/09 31/01/10 31/01/09 31/07/09 31/01/10 31/01/09 31/07/09 31/01/10 31/01/09 31/07/09
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
Segment revenue 461,624 553,455 1,212,504 135,169 156,644 295,333 - - - 596,793 710,099 1,507,837
Operating profit
before amortisation 7,806 18,040 59,876 8,127 9,198 15,826 - - - 15,933 27,238 75,702
of
intangibles and
exceptional items
Exceptional items - - 6,751 - - (6,645) - - (134,543) - - (134,437)
Amortisation of (1,339) (1,104) (2,052) (663) (373) (1,242) - - - (2,002) (1,477) (3,294)
intangible assets
Share of profit of 5,167 562 3,717 - - - - - - 5,167 562 3,717
associates and joint
venture
Operating 11,634 17,498 68,292 7,464 8,825 7,939 - - (134,543) 19,098 26,323 (58,312)
profit/(loss)
Origin Enterprises plc
Notes to the group condensed interim financial information (continued)
for the six months ended 31 January 2010
3 Segment
information(
continued)
(b) Segmental assets
Agri-Nutrition Food TOTAL
31/01/10 31/01/09 31/07/09 31/01/10 31/01/09 31/07/09 31/01/10 31/01/09 31/07/09
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
Segment assets 302,184 346,192 357,510 128,571 149,368 140,370 430,755 495,560 497,880
excluding
investments in
associates, joint
venture & investment
properties
Investment in 87,152 31,863 83,631 - - - 87,152 31,863 83,631
associates and joint
venture
Investment 54,912 178,978 54,912 4,302 14,000 4,302 59,214 192,978 59,214
properties
Segment assets 444,248 557,033 496,053 132,873 163,368 144,672 577,121 720,401 640,725
Reconciled to total assets as reported in Group balance sheet
Cash and cash 25,100 46,498 89,950
equivalents
Derivative financial 2,382 5,062 65
instruments
Deferred tax assets 5,776 4,535 5,299
Total assets as reported in Group balance 610,379 776,496 736,039
sheet
Origin Enterprises plc
Notes to the group condensed interim financial information (continued)
for the six months ended 31 January 2010
3 Segment
information(
continued)
(c) Segmental
liabilities
Agri-Nutrition Food TOTAL
31/01/10 31/01/09 31/07/09 31/01/10 31/01/09 31/07/09 31/01/10 31/01/09 31/07/09
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
Segment liabilities 180,441 213,582 277,835 32,287 38,014 41,461 212,728 251,596 319,296
Reconciled to total liabilities as reported in Group balance sheet
Interest bearing 215,591 246,854 243,702
loans and
liabilities
Dividend payable to 10,641 - -
shareholders
Derivative financial 4,916 5,410 7,110
instruments
Income tax and 21,023 47,400 21,952
deferred tax
liabilities
Total liabilities as reported in Group 464,899 551,260 592,060
balance sheet
Origin Enterprises plc
Notes to the group condensed interim financial information (continued)
for the six months ended 31 January 2010
4 Earnings per share
6 months 6 months Year 6 months 6 months Year
ended ended ended ended ended ended
31/01/10 31/01/09 31/07/09 31/01/10 31/01/09 31/07/09
EUR'000 EUR'000 EUR'000 EPS (cent) EPS (cent) EPS (cent)
Basic
Profit/(loss) 10,228 14,010 (56,825) 7.69 10.53 (42.72)
attributable to
equity shareholders
Amortisation of 2,002 1,477 3,294 1.51 1.11 2.48
intangible assets
Amortisation of (281) (141) (380) (0.22) (0.11) (0.29)
related deferred tax
liability
Exceptional items, - - 103,603 - - 77.88
net of tax
Adjusted earnings 11,949 15,346 49,692 8.98 11.53 37.35
per share
Diluted
Profit/(loss) 10,228 14,010 (56,825) 7.43 10.20 (41.35)*
attributable to
equity shareholders
Amortisation of 2,002 1,477 3,294 1.45 1.07 2.40
intangible assets
Amortisation of (281) (141) (380) (0.20) (0.10) (0.28)
related deferred tax
liability
Exceptional items, - - 103,603 - - 75.39
net of tax
Adjusted earnings 11,949 15,346 49,692 8.68 11.17 36.16
per share
The calculation of basic adjusted earnings per share is based on the weighted average number of shares in issue during the period of 133,015,572 (31 January 2009: 133,015,572, 31 July 2009: 133,015,572). The weighted average number of shares used in the calculation of adjusted diluted earnings per share is 137,626,000 (31 January 2009: 137,394,000, 31 July 2009: 137,417,000*).
* There were no shares with a dilutive effect in the year ended 31 July 2009 as all convertible shares were anti-dilutive.
Origin Enterprises plc
Notes to the group condensed interim financial information (continued)
for the six months ended 31 January 2010
5 Group statement of
changes in equity
31 January 2010
Foreign
Cashflow Share-based currency
Share Share hedge Revaluation payment Reorganisation translation Retained
capital premium reserve reserve reserve reserves reserve earnings Total
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
At 1 August 2009 1,386 160,399 (5,939) 34,701 1,830 (196,884) (15,593) 164,079 143,979
Share-based payments - - - - 459 - - 459
-
Foreign exchange - - - - - (2,042) - (2,042)
translation -
Group defined - - - - - - (821) (821)
benefit pension -
schemes
Deferred tax on - - - - - - 435 435
group defined -
benefit pension
schemes
Gains relating to - - 4,511 - - - - 4,511
cash flow hedges and -
other
Deferred tax - - (628) - - - - (628)
relating to cash -
flow hedges
Profit for the - - - - - - 10,228 10,228
period -
Dividend payable to - - - - - - (10,641) (10,641)
shareholders(Note 7) -
At 31 January 2010 1,386 160,399 (2,056) 34,701 2,289 (196,884) (17,635) 163,280 145,480
Origin Enterprises plc
Notes to the group condensed interim financial information (continued)
for the six months ended 31 January 2010
5 Group statement of
changes in
equity(continued)
31 January 2009
Foreign
Cashflow Share-based currency
Share Share hedge Revaluation payment Reorganisation translation Retained Minority
capital premium reserve reserve reserve reserves reserve earnings interest Total
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
At 1 August 2008 1,386 265,182 (1,288) 90,132 914 (196,884) (9,400) 71,840 1,495 223,377
Share-based payments - - - - 458 - - - 458
-
Foreign exchange - - - - - (14,479) - (236) (14,715)
translation -
Group defined - - - - - - 1,368 - 1,368
benefit pension -
schemes
Deferred tax on - - - - - - (550) - (550)
group defined -
benefit pension
schemes
Gains relating to - - 1,314 - - - - - 1,314
cash flow hedges and -
other
Deferred tax - - (164) - - - - - (164)
relating to cash -
flow hedges
Profit for the - - - - - - 14,010 138 14,148
period -
At 31 January 2009 1,386 265,182 (138) 90,132 1,372 (196,884) (23,879) 86,668 1,397 225,236
Origin Enterprises plc
Notes to the group condensed interim financial information (continued)
for the six months ended 31 January 2010
5 Group statement of
changes in
equity(continued)
31 July 2009 Cashflow Share-based Foreigncurrency
Share Share hedge Revaluation payment Reorganisation translation Retained Minority
capital premium reserve reserve reserve reserves reserve earnings interest Total
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
(Note I)
At 1 August 2008 1,386 265,182 (1,288) 90,132 914 (196,884) (9,400) 71,840 1,495 223,377
Reduction in share - (104,783) - - - - 104,783 - -
premium -
Share-based payments - - - - 916 - - - 916
-
Transfer from - - - (55,431) - - 55,431 - -
Revaluation reserve -
to revenue reserve
Recycling of Foreign - - - - - 1,473 - - 1,473
Currency translation -
reserve
Foreign exchange - - - - - (7,666) - (107) (7,773)
translation -
Group defined - - - - - - (3,805) - (3,805)
benefit pension -
schemes
Deferred tax on - - - - - - 816 - 816
group defined -
benefit pension
schemes
Net actuarial gain - - - - - - (1,126) - (1,126)
on associate defined -
benefit pension
scheme
Losses related to - - (5,382) - - - - - (5,382)
cash flow hedges and -
other
Deferred tax - - 731 - - - (7,035) - (6,304)
relating to cash -
flow hedges and
other
Transfer to joint - - - - - - - (1,522) (1,522)
venture -
Profit/(loss) for - - - - - - (56,825) 134 (56,691)
the period -
At 31 July 2009 1,386 160,399 (5,939) 34,701 1,830 (196,884) (15,593) 164,079 - 143,979
Note I: The application for a reduction in share premium of EUR104,783,000 pursuant to section 72 of the Companies Act 1963, was approved at an Extraordinary General Meeting of the company held on 1 July 2009 with the reduction subsequently approved by the High Court of Ireland on 21 July 2009.
Origin Enterprises plc
Notes to the group condensed interim financial information (continued)
for the six months ended 31 January 2010
6 Analysis of net debt
31 July Non cash Translation 31 January 31 January
2009 Cashflow movements Adjustment 2010 2009
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
Cash 89,950 (62,118) - (2,732) 25,100 46,498
Overdrafts (10,116) (2,659) - - (12,775) (2,269)
Cash and cash 79,834 (64,777) - (2,732) 12,325 44,229
equivalents
Finance lease (1,716) 480 - 34 (1,202) (1,196)
obligations
Loans (231,870) 30,062 (433) 627 (201,614) (243,389)
Net Debt (153,752) (34,235) (433) (2,071) (190,491) (200,356)
7 Dividend
On 2 February 2010 a dividend of 8 cent per ordinary share was paid in respect of the year ended 31 July 2009. The dividend was approved by shareholders at the Annual General Meeting on 7 December 2009.
8 Exceptional items
Exceptional items principally comprise of a fair value adjustment on investment properties of EUR134.5m in the year ended 31 July 2009. For additional disclosures please refer to the year end 31 July 2009 annual report of Origin Enterprises plc, available on the company's website www.originenterprises.com.
9 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 2009.
10 Subsequent events
There have been no significant events, outside the ordinary course of business, affecting the Group since 31 January 2010.
Origin Enterprises plc
Notes to the group condensed interim financial information (continued)
for the six months ended 31 January 2010
11 Group Earnings before interest, tax and amortisation ('Group EBITA')
Group EBITA is a non IFRS performance measure used by the Group as a key performance indicator. Group EBITA is computed as follows;
Six months Six months
ended 31 ended 31 Year ended
January 2010 January 2009 31 July 2009
EUR'000 EUR'000 EUR'000
Profit before exceptional 19,098 26,323 76,125
items
Add amortisation of intangible 2,002 1,477 3,294
assets
Add share of tax of associates 1,915 234 1,464
and joint venture
23,015 28,034 80,883
12 Related party transactions
Related party transactions occurring in the period were similar in nature to those described in the 2009 Annual Report.
13 Release of half yearly condensed financial statements
The group condensed financial information was released by the Board on 11 March 2010.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SFUFWSFSSELD
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| 18-02-10 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 3165H Origin Enterprises Plc 18 February 2010 Origin Enterprises plc 2010 Half Yearly Results 18 February 2010 Origin Enterprises plc will release its Half Yearly Results for the six months ended 31 January 2010 at 7.00 a.m. on Thursday 11 March 2010. ENDS Enquiries Origin Enterprises plc Brendan Fitzgerald, Chief Financial Officer Tel: +353 (0)1 612 1259 About Origin Enterprises plc Origin Enterprises plc is a leading Agri-Nutrition and Food company listed on the IEX and AIM markets of the Irish and London Stock Exchanges. The Agri-Nutrition division, through its manufacturing and distribution operations in Ireland, the United Kingdom, Poland and Norway, has leading market positions in the supply of feed ingredients, integrated agronomy services, crop nutrition and marine proteins and oils. The Group's Food division, comprising sales, marketing, distribution and manufacturing activities in Ireland, has leadership positions in ambient food across the retail, food service and manufacturing sectors. IEX ticker symbol: OIZ AIM ticker symbol: OGN Website: www.originenterprises.com This information is provided by RNS The company news service from the London Stock Exchange END NORSFLFAWFSSEEE More |
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| 11-01-10 | RNS |
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RNS Number : 3273F Origin Enterprises Plc 11 January 2010
Appointment of Broker and IEX Adviser 11 January 2010 Origin Enterprises plc announces the appointment of Goodbody Stockbrokers as the Company's broker and Goodbody Corporate Finance as the Company's IEX adviser with immediate effect.
ENDS Enquiries Origin Enterprises plc
Goodbody Corporate Finance
About Origin Enterprises plc Origin Enterprises plc is a leading Agri-Nutrition and Food company listed on the IEX and AIM markets of the Irish and London Stock Exchanges. The Agri-Nutrition division, through its manufacturing and distribution operations in Ireland, the United Kingdom, Poland and Norway, has leading market positions in the supply of feed ingredients, integrated agronomy services, crop nutrition and marine proteins and oils. The Group's Food division, comprising sales, marketing, distribution and manufacturing activities in Ireland, has leadership positions in ambient food across the retail, food service and manufacturing sectors. IEX ticker symbol: OIZ AIM ticker symbol: OGN Website: www.originenterprises.com This information is provided by RNS The company news service from the London Stock Exchange END
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To day first day in trading -great future
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They have not been approved or issued by Interactive Investor Trading Limited.
They have not been approved or issued by Interactive Investor Trading Limited.
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