Origin Enterprises Plc — Earnings Release 2024

Mar 5, 2024

National Storage Mechanism | Additional information RNS Number : 5470F Origin Enterprises Plc 05 March 2024 Origin Enterprises plc INTERIM RESULTS STATEMENT Solid H1 delivery despite challenging northern hemisphere weather conditions and market dynamics 5 March 2024: Origin Enterprises plc ('Origin' or 'the Group'), the international Agri-Services group, providing specialist agronomy advice, crop inputs and digital solutions to promote sustainable land use, today announces its interim results for the half year ended 31 January 2024 ('H1 2024'). Results Summary 31 Jan 2024 ���'m 31 Jan 2023 ���'m Change ���'m 31 Jan 2022 ���'m Group revenue 854.9 1,180.0 (325.1) 877.1 Operating profit1 12.7 20.3 (7.6) 11.1 Associates and joint venture2 1.4 1.6 (0.2) 1.3 Total Group operating profit1 14.1 21.9 (7.8) 12.4 Finance cost, net (8.8) (8.6) (0.2) (4.8) Profit before tax1 5.3 13.3 (8.0) 7.6 Adjusted diluted earnings per share (cent)3 3.75 8.70 (4.95) 4.99 Group net bank debt4 (215.8) (130.9) (84.9) Interim dividend per ordinary share (cent) 3.15 3.15 - Highlights �� Underlying business volumes, excluding crop marketing, reduced by 2.6% due to adverse weather conditions impacting autumn/winter planting activity in the northern hemisphere �� Expected correction in global feed and fertiliser raw materials pricing contributed to the decrease in H1 2024 Group revenues to ���854.9 million and operating profit of ���12.7 million, set in the context of a very strong H1 2023 performance driven by rising commodity markets and strong on-farm demand �� Diversification of profit drivers, geographic and sectoral, continues to reduce the impact of adverse weather events in our core UK and Ireland market on our overall profitability �� Acquisition of Groundtrax Systems Limited further enhances our product capability in the Amenity, Environmental and Ecology portfolio �� Cumulative acquisition spend of ���54.2 million in last 12 months, including the completion of put/call option for the residual 35% interest in Fortgreen in Latin America, bringing it under 100% control �� In addition, there was a partial payment of suspended amounts owing in compliance with international sanctions of ���34.3 million, contributing to an increase in net bank debt4 to ���215.8 million �� Higher interest rates in the period increased finance costs to ���8.8 million �� Adjusted diluted earnings per share of 3.75 cent (H1 2023: 8.70 cent) �� Interim dividend of 3.15 cent per share (H1 2023: 3.15 cent per share) �� ���20.0 million FY24 share buyback programme approximately 27% complete �� Appointment of TJ Kelly as Divisional Managing Director of Amenity, Environment and Ecology from 1 August 2024 and a search process to recruit a new CFO is well advanced. TJ will continue as an Executive Director of the Board 1 Before amortisation of non-ERP intangible assets and exceptional items 2 Profit after interest and tax 3 Before amortisation of non-ERP intangible assets, net of related deferred tax (2024: ���5.2 million, 2023: ���4.7 million) and exceptional items, net of tax (2024: charge of ���2.7 million, 2023: charge of ���1.4 million) 4 Net bank debt excludes IFRS16 Lease liabilities Commenting on the results, Origin Chief Executive Officer, Sean Coyle said: "The Group delivered a solid operating profit in H1 2024 compared to a very strong H1 2023 performance. The H1 result was achieved despite challenging planting and weaker in-field conditions across our markets. This performance has been underpinned by the Group's continued focus on the strategic diversification of its earnings base. A challenging planting profile and a downward-moving price environment resulted in reduced early season volumes across our portfolio, with Ireland and the UK, and Continental Europe experiencing more challenging conditions. Latin America and our Amenity, Environmental and Ecology businesses delivered solid results despite also being impacted by fertiliser price dynamics. The integration of recent complementary acquisitions in the Amenity, Environmental, and Ecology division continues to progress, including our most recent acquisition, Groundtrax Systems Limited, which extends our product range and offering in the sustainable urban drainage systems sector. Our ambition is for this division to represent 30% of Group operating profit by the end of FY26 and on 1 August 2024 TJ Kelly will move from the CFO role to take up a role as Divisional MD reflecting this ambition. Outlook On-farm sentiment remains cautious, as growers shift towards spring planting and seek to optimise yields from a reduced autumn/winter planted area. Whilst progress in spring planting and the main application period in the months through to the end of May will be key to full year results, we now anticipate full year earnings in the range of 44c to 49c, reflecting the effects of adverse weather conditions. We continue to invest in broadening our product portfolio and diversifying our earnings. Further guidance will be provided with our Q3 Trading Update on 13 June 2024." ENDS This announcement contains inside information. The person responsible for arranging release of this announcement on behalf of Origin is Barbara Keane, General Counsel & Company Secretary. Conference Call and Webcast details: The management team will host a live conference call and webcast, for analysts and institutional investors today, 5 March 2024, at 08:30 (Irish/UK time). Registration details for the Conference Call and Webcast can be accessed at: www.originenterprises.com Alternatively, please contact FTI Consulting by email at originenterprises@fticonsulting.com Participants are requested to dial in 5 to 10 minutes prior to the scheduled start time. Enquiries Origin Enterprises plc TJ Kelly Chief Financial Officer Tel: +353 (0)1 563 4900 Brendan Corcoran Head of Investor Relations and Group Planning Tel: +353 (0)1 563 4900 Goodbody (Euronext Growth (Dublin) Adviser) Joe Gill Tel: +353 (0)1 641 9278 Davy (Nominated Adviser) Anthony Farrell Tel: +353 (0)1 614 9993 Numis Securities (Stockbroker) Stuart Skinner Tel: +44 (0)20 7260 1314 FTI Consulting (Financial Communications Advisers) Jonathan Neilan / Patrick Berkery / Niamh O'Brien Tel: +353 (0)86 602 5988 About Origin Enterprises plc Origin Enterprises plc is an international Agronomy-Services group, providing specialist advice, inputs, services and digital solutions to promote sustainable land use. The Group has leading market positions in Ireland, the United Kingdom, Brazil, Poland and Romania. Origin is listed on the Euronext Growth (Dublin) and AIM markets of the Irish and London Stock Exchanges. Euronext Growth (Dublin) ticker symbol: OIZ AIM ticker symbol: OGN Website: www.originenterprises.com INTERIM RESULTS STATEMENT Financial Review - Summary 6 months ended 31 Jan 2024 ���'m 6 months ended 31 Jan 2023 ���'m Group revenue 854.9 1,180.0 Operating profit1 12.7 20.3 Associates and joint venture, net2 1.4 1.6 Adjusted Group operating profit1 14.1 21.9 Finance cost, net (8.8) (8.6) Pre-tax profit 5.3 13.3 Income tax charge (0.9) (3.0) Adjusted net profit 4.4 10.3 Adjusted diluted earnings per share (cent)3 3.75 8.70 Adjusted net profit reconciliation Reported net (loss)/profit (3.5) 4.2 Amortisation of non-ERP intangible assets 6.5 5.5 Tax on amortisation of non-ERP related intangible assets (1.3) (0.8) Exceptional items, net of tax 2.7 1.4 Adjusted net profit 4.4 10.3 Adjusted diluted earnings per share (cent)3 3.75 8.70 Origin delivered an adjusted diluted earnings per share3 in H1 2024 of 3.75 cent compared to 8.70 cent in H1 2023. On a like-for-like basis (excluding the impact of currency movements and acquisitions) the underlying decrease in adjusted diluted earnings per share3 was 6.08 cent. Group revenue Group revenue was ���854.9 million in H1 2024 compared to ���1,180.0 million in the corresponding period last year, a decrease of 27.6%. On a constant currency basis, revenues decreased by ���336.3 million (28.5%). The decrease in underlying business volumes, excluding crop marketing, was 2.6% in H1 2024 compared to H1 2023 (increase of 1.2% including crop marketing). Operating profit1 Operating profit1 in H1 2024 was ���12.7 million compared to ���20.3 million in H1 2023. On an underlying basis, the decrease in operating profit year-on-year was ���9.4 million. Associates and joint venture2 Origin's share of profit after interest and taxation from associates and joint venture amounted to ���1.4 million, a ���0.2 million decrease on H1 2023. Net bank debt and financing costs Net bank debt5 at 31 January 2024 was ���215.8 million compared to ���130.9 million at 31 January 2023 and is 2.09 times EBITDA4 for the twelve months to 31 January 2024. The increase in net bank debt, for the 12-month period ended 31 January 2024, reflects an acquisition spend of ���54.2 million, including the settlement of the Fortgreen put/call option, payment of c.50% of outstanding suspended supplier amounts in compliance with sanctions regimes amounting to ���34.3 million and cumulative shareholder returns of ���29.5 million. Net finance costs amounted to ���8.8 million compared to ���8.6 million in H1 2023. The increase in net finance costs in the period was primarily driven by higher interest rates across each of the markets in which the Group operates. At period end, the Group's key banking covenants are as follows: Banking Covenant H1 2024 Times H1 2023 Times FY 2023 Times Net debt to EBITDA Maximum 3.5 2.09 1.03 - EBITDA to net interest Minimum 3.0 9.28 9.91 8.57 Working capital Following the seasonal investment in working capital in the period, the net cash outflow from operating activities was ���214.3 million (H1 2023: ���131.5 million) and there was an increase in working capital at period end to ���164.4 million (H1 2023: ���138.3 million). The period end working capital position includes the residual net impact of trade payables which have been suspended in accordance with international sanctions imposed by authorities in response to the Russian invasion of Ukraine in 2022. We continue to closely monitor the situation with regard to sanctions and act accordingly. Sustainability We are delighted to announce our participation in a ��3.3 million Nitrogen Use Efficiency project sponsored by the Department for Environment, Food and Rural Affairs in the UK to optimise UK grassland farming's mineral nitrogen fertiliser use. As the exclusive fertiliser company in this project, we will leverage our expertise in crop nutrition and digital solutions to enhance farm efficiency and environmental enhancement. Progress on the delivery of our environmental objectives was sustained in the period and we maintained our CDP rating at B. Dividend We are pleased to announce that an interim dividend of 3.15 cent per share (H1 2023: 3.15 cent per share) will be paid on 21 June 2024 to shareholders on the register on 31 May 2024. Share Buyback Programme On 21 November 2023 the Group commenced a share buyback programme to repurchase up to ���20.0 million of ordinary shares. The programme is progressing to plan and is currently approximately 27% complete. Corporate Development Subsequent to the period end, we completed the acquisition of Groundtrax Systems Limited, a leading supplier of ground protection and sustainable urban drainage systems, which extends our product range and offering in the Amenity sector. During the period we completed the Fortgreen put/call option, bringing it under 100% control. Appointment of Divisional Managing Director of Amenity, Environmental and Ecology Services We are pleased to announce the appointment of TJ Kelly, Group CFO, to the newly established role of Divisional Managing Director of our Amenity, Environmental and Ecology Services division, effective 1 August, 2024. In line with our strategic objectives, and consistent with recent acquisitions, Origin is committed to accelerating its presence in amenity, environmental and ecology markets. Providing sustainable ecological and environmental solutions in the emerging nature economy, in areas such as forestry, landscaping and habitat conservation, represents a significant growth opportunity in existing and new geographies. Our ambition is for this division to represent 30% of Group operating profit by the end of FY26. TJ's appointment to this position reflects this ambition. The recruitment of a new Group CFO is well advanced and a further update will be provided in due course. To ensure an orderly transition, TJ will continue as Group CFO until the appointment of his successor. In his new role, TJ will continue as an Executive Director of the Board. 1 Operating profit and Group operating profit are stated before amortisation of non-ERP intangible assets and exceptional items 2 Profit after interest and tax 3 Before amortisation of non-ERP intangible assets, net of related deferred tax (2024: ���5.2 million, 2023: ���4.7 million) and exceptional items, net of tax (2024: charge of ���2.7 million, 2023: charge of ���1.4 million) 4 Net debt/EBITDA ratio as per the requirements of the Group's syndicated bank loan agreement 5 Net bank debt excludes IFRS16 Lease liabilities Review of Operations Group Overview Change on prior period H1 2024 ���'m H1 2023 ���'m Change ���'m Underlying4 ���'m Constant Currency5 ���'m Revenue 854.9 1,180.0 (325.1) (350.5) (336.3) Operating profit1 12.7 20.3 (7.6) (9.4) (7.8) Associates and joint venture2 1.4 1.6 (0.2) (0.3) (0.3) Adjusted diluted EPS (cent)3 3.75 8.70 (4.95) (6.08) (5.07) 1 Before amortisation of non-ERP intangible assets and exceptional items 2 Profit after interest and tax 3 Before amortisation of non-ERP intangible assets, net of related deferred tax (2024: ���5.2 million, 2023: ���4.7 million) and exceptional items, net of tax (2024: charge of ���2.7 million, 2023: charge of ���1.4 million) 4 Excluding currency movements and the impact of acquisitions 5 Excluding currency movements Origin delivered a solid operating profit performance in H1, set against an exceptional H1 FY23. Group revenue decreased by 27.6% to ���854.9 million on a reported basis and by 28.5% on a constant currency basis. Operating profit and adjusted fully diluted earnings per share reduced to ���12.7 million and 3.75 cent, respectively. The reduction in underlying business volumes, excluding crop marketing, was 2.6% in H1 2024 compared to H1 2023 (increase of 1.2% including crop marketing). Ireland and the United Kingdom Change on prior period H1 2024 ���'m H1 2023 ���'m Change ���'m Underlying3 ���'m Constant Currency4 ���'m Revenue 516.1 754.0 (237.9) (254.8) (240.6) Operating (loss)/profit1 (3.1) 2.9 (6.0) (7.6) (6.1) Associates and joint venture2 1.4 1.6 (0.2) (0.3) (0.3) 1 Before amortisation of non-ERP intangible assets and exceptional items 2 Profit after interest and tax 3 Excluding currency movements and the impact of acquisitions 4 Excluding currency movements Ireland and the United Kingdom recorded a decrease in revenues of ���237.9 million in the period. Operating profit reduced from ���2.9 million in H1 2023 to an operating loss of ���3.1 million in H1 2024. The decreased contribution is a result of a reduced winter planting profile impacting early season volumes across the crop protection and fertiliser portfolios, together with the impact of a further correction in global feed and fertiliser raw material pricing. These factors contributed to a reduction in underlying business volumes of 5.7% in the period. Integrated On-Farm Agronomy Services Integrated On-Farm Agronomy Services saw reduced revenues and contribution in the period. Persistent wet weather across the period resulted in delayed in-field activity, and combined with a downward moving price market, led to less purchasing on-farm. The challenging weather conditions encountered across the UK to date has impacted the planting profile with a shift to spring planting expected. Total autumn and winter plantings for principal crops are estimated to be 20% behind last year at 2.1 million hectares, with the expected area of winter wheat back 24% to 1.4 million hectares, however on-going rainfall puts the viability of a portion of this crop at risk. At this point in the year, combined autumn/winter and spring plantings for the 2024 crop production year are expected to be 4% behind 2023 at 4.1 million hectares. Business-to-Business Agri-Inputs Business-to-Business Agri-Inputs had a steady H1 2024 with reduced revenues, compared to H1 2023 driven by the continued correction in global feed and fertiliser raw material pricing. Volumes have also been impacted by the adverse weather experienced to date. Fertiliser Fertiliser delivered a satisfactory result in H1 2024, with reduced volumes set in the context of the continuing global correction in fertiliser raw material pricing. Despite these challenges, the Group continues to execute strongly across the business. In addition to focusing on growing its speciality and bespoke nutrition product ranges, the Group continues to maintain a focus on sustainable land use and soil health and we will continue to invest in innovative products to meet evolving needs of our customers. Feed Ingredients Feed Ingredients delivered a satisfactory performance in H1 2024, in line with expectations. The Group's animal feed manufacturing associate, John Thompson & Sons Limited, in which the Group has a 50% shareholding, also delivered a solid performance in the period. Amenity, Environmental and Ecology The Group's Amenity, Environmental and Ecology business delivered a good result in the period, recording increased revenues and operating profit compared to the prior year. The result reflected a positive operating profit from the Group's recent acquisitions in this sector, with integration progressing to plan. Continental Europe1 Change on prior period H1 2024 ���'m H1 2023 ���'m Change ���'m Underlying3 ���'m Constant Currency4 ���'m Revenue 139.0 222.9 (83.9) (86.0) (86.0) Operating profit2 1.5 2.6 (1.1) (1.2) (1.2) 1 Excluding crop marketing. While crop marketing has a significant impact on revenue, its impact on operating profit is insignificant. An analysis of revenue and profit attributable to agronomy services and inputs more accurately reflects the underlying drivers of business performance 2 Before amortisation of non-ERP intangible assets and exceptional items 3 Excluding currency movements and the impact of acquisitions 4 Excluding currency movements Continental Europe had a satisfactory start to the year in the seasonally quieter first half, delivering an operating profit of ���1.5 million. Cautious farm sentiment and raw material price uncertainty has resulted in delayed on-farm purchasing decisions in the period compared to 2023 which had seen stronger early season demand in anticipation of on-farm price increases. Consequently, excluding crop marketing volumes, underlying business volumes decreased by 6.1% in H1 2024, compared to H1 2023. Poland Poland had a solid start to the year despite reduced volumes and contribution across the business, in the seasonally quiet H1. In 2024 we have experienced more cautious farm sentiment reflecting weather and output price concerns. Autumn and winter plantings are forecasted to be marginally ahead of FY23 at 5.6 million hectares. Crop establishment to date is generally good across Poland, with the total cropping area for the 2024 growing season expected to be broadly equivalent to last year at 9.0 million hectares. Romania Romania had a slow start to the year, recording reduced volumes and earnings compared to the prior period, reflecting cautious farm sentiment from weather and output price concerns. Dry conditions in autumn led to delayed planting and autumn and winter plantings are expected to be 5% behind of the prior year at 3.4 million hectares. Combined winter and spring plantings for the growing season are currently forecasted to be in line with last year at 8.4 million hectares. Latin America Change on prior period H1 2024 ���'m H1 2023 ���'m Change ���'m Underlying2 ���'m Constant Currency3 ���'m Revenue 94.7 89.6 5.1 4.8 4.8 Operating profit1 13.9 14.2 (0.3) (0.4) (0.4) 1 Before amortisation of non-ERP intangible assets and exceptional items 2 Excluding currency movements and the impact of acquisitions 3 Excluding currency movements Latin America delivered a solid performance in the period, recording an increase in underlying business volumes of 32.5%. The Group continues to invest in the sales organisation and operations infrastructure to meet future growth plans, including during the start-up phase of our F1rstAg biologicals business. Volume growth in our lower margin Controlled Release Fertiliser business was stronger than our Physiology and Nutrition business, contributing to a negative mix effect on margin. Market pricing also fell, reflecting the underlying downward movement in global fertiliser raw material prices. As a result, operating profit decreased marginally to ���13.9 million in H1 2024 from ���14.2 million in H1 2023, with an underlying reduction of ���0.4 million. The total cropping area dedicated to soya, Brazil's principal crop, is expected to increase by 4% on the prior year to 45.4 million hectares. The expected soya harvest is currently estimated to be 150.1 million tonnes, down from the 154.6 million tonnes in the prior year. ENDS Origin Enterprises plc Condensed Interim Consolidated Income Statement for the six months ended 31 January 2024 Six months Six months Six months Six months Year ended ended ended ended ended January January January January July 2024 2024 2024 2023 2023 Pre-exceptional Exceptional Total Total Total ���'000 ���'000 ���'000 ���'000 ���'000 Notes Note 6 Note 8 Note 8 Revenue 5 854,913 - 854,913 1,180,042 2,456,168 Cost of sales (716,754) - (716,754) (1,030,438) (2,122,029) Gross profit 138,159 - 138,159 149,604 334,139 Operating costs (131,939) (2,762) (134,701) (136,299) (261,272) Share of profit of associates and joint venture 1,366 - 1,366 1,615 7,732 Operating profit 5 7,586 (2,762) 4,824 14,920 80,599 Finance income 3,494 - 3,494 1,544 2,080 Finance expense (12,254) - (12,254) (10,171) (15,043) (Loss)/profit before income tax (1,174) (2,762) (3,936) 6,293 67,636 Income tax credit/(expense) 388 64 452 (2,109) (16,604) (Loss)/profit attributable to equity shareholders (786) (2,698) (3,484) 4,184 51,032 Six months Six months Year ended ended ended January January July 2024 2023 2023 Basic (loss)/earnings per share 7 (3.12c) 3.65c 45.24c Diluted (loss)/earnings per share 7 (3.12c) 3.52c 43.31c Origin Enterprises plc Condensed Interim Consolidated Statement of Comprehensive Income for the six months ended 31 January 2024 Six months Six months Year ended ended ended January January July 2024 2023 2023 ���'000 ���'000 ���'000 (Loss)/profit for the period (3,484) 4,184 51,032 Other comprehensive (expense)/income Items that are not reclassified subsequently to the Group income statement: Group/Associate defined benefit pension obligations - remeasurements of Group's defined benefit pension schemes (915) (4,334) (6,103) - deferred tax effect of remeasurements 230 1,075 1,506 - share of remeasurements on associate's defined benefit pension schemes - - (53) - share of deferred tax effect of remeasurements - associates - - 13 Items that may be reclassified subsequently to the Group income statement: Group foreign exchange translation details - exchange difference on translation of foreign operations (4,020) (12,349) (1,580) Group/Associate cash flow hedges - effective portion of changes in fair value of cash flow hedges (2,424) 7,570 7,387 - fair value of cash flow hedges transferred to operating costs (392) (7,989) (7,801) - deferred tax effect of cash flow hedges 298 455 394 - share of associates and joint venture cash flow hedges (71) (2,193) (1,960) - deferred tax effect of share of associates and joint venture cash flow hedges 9 273 245 Other comprehensive expense for the period, net of tax (7,285) (17,492) (7,952) Total comprehensive (expense)/income for the period attributable to equity shareholders (10,769) (13,308) 43,080 Origin Enterprises plc Condensed Interim Consolidated Statement of Financial Position as at 31 January 2024 January January July 2024 2023 2023 Notes ���'000 ���'000 ���'000 ASSETS Non-current assets Property, plant and equipment 9 124,350 111,116 118,107 Right of use asset 55,267 46,040 54,037 Investment properties 2,270 2,270 2,270 Goodwill and intangible assets 10 304,228 256,735 299,906 Investments in associates and joint venture 11 42,333 45,296 52,387 Other financial assets 903 534 898 Derivative financial instruments 4,373 6,579 6,960 Deferred tax assets 7,478 6,407 8,737 Post employment benefit surplus 2,007 3,688 2,579 Total non-current assets 543,209 478,665 545,881 Current assets Properties held for sale 5,800 5,800 5,800 Inventory 322,334 431,355 232,167 Trade and other receivables 298,655 360,658 440,398 Derivative financial instruments 207 325 118 Cash and cash equivalents 14 86,552 77,033 151,237 Total current assets 713,548 875,171 829,720 TOTAL ASSETS 1,256,757 1,353,836 1,375,601 Origin Enterprises plc Condensed Interim Consolidated Statement of Financial Position (continued) as at 31 January 2024 January January July 2024 2023 2023 Notes ���'000 ���'000 ���'000 EQUITY Called up share capital presented as equity 15 1,253 1,253 1,253 Share premium 160,526 160,526 160,526 Retained earnings and other reserves 219,282 201,696 248,814 TOTAL EQUITY 381,061 363,475 410,593 LIABILITIES Non-current liabilities Interest-bearing borrowings 14 302,166 199,340 96,964 Lease liability 14 43,295 35,044 42,835 Deferred tax liabilities 19,342 18,516 20,720 Provision for liabilities 12 8,620 6,225 11,331 Derivative financial instruments 711 - 25 Total non-current liabilities 374,134 259,125 171,875 Current liabilities Interest-bearing borrowings 14 229 8,638 1,098 Lease liability 14 14,471 11,735 12,081 Trade and other payables 456,619 653,737 722,605 Corporation tax payable 2,374 7,031 11,937 Provision for liabilities 12 12,114 4,217 11,987 Put option liability - 29,235 32,382 Dividend payable to shareholders 16 15,149 14,506 - Derivative financial instruments 606 2,137 1,043 Total current liabilities 501,562 731,236 793,133 TOTAL LIABILITIES 875,696 990,361 965,008 TOTAL EQUITY AND LIABILITIES 1,256,757 1,353,836 1,375,601 Origin Enterprises plc Condensed Interim Consolidated Statement of Changes in Equity for the six months ended 31 January 2024 Share- Foreign Capital Cashflow based currency Share Share Treasury redemption hedge Revaluation payment Re-organisation translation Retained capital premium shares reserve reserve reserve reserve reserve reserve earnings Total ���'000 ���'000 ���'000 ���'000 ���'000 ���'000 ���'000 ���'000 ���'000 ���'000 ���'000 At 1 August 2023 1,253 160,526 (51,689) 145 2,869 12,843 6,226 (196,884) (45,328) 520,632 410,593 Loss for the period - - - - - - - - - (3,484) (3,484) Other comprehensive expense for the period - - - - (2,580) - - - (4,020) (685) (7,285) Share buyback - - (4,560) - - - - - - - (4,560) Re-issue of treasury shares - - 1,772 - - - - - - (826) 946 Transfer of share-based payment reserve to retained earnings - - - - - - (214) - - 214 - Dividend payable to shareholders (Note 16) - - - - - - - - - (15,149) (15,149) At 31 January 2024 1,253 160,526 (54,477) 145 289 12,843 6,012 (196,884) (49,348) 500,702 381,061 Origin Enterprises plc Condensed Interim Consolidated Statement of Changes in Equity for the six months ended 31 January 2024 Share- Foreign Capital Cashflow based currency Share Share Treasury redemption hedge Revaluation payment Re-organisation translation Retained capital premium shares reserve reserve reserve reserve reserve reserve earnings Total ���'000 ���'000 ���'000 ���'000 ���'000 ���'000 ���'000 ���'000 ���'000 ���'000 ���'000 At 1 August 2022 1,253 160,521 (36,005) 145 4,604 12,843 4,194 (196,884) (43,748) 495,854 402,777 Profit for the period - - - - - - - - - 4,184 4,184 Other comprehensive income for the period - - - - (1,884) - - - (12,349) (3,259) (17,492) Share buyback - - (13,135) - - - - - - - (13,135) Share-based payment charge - - - - - - 2,597 - - - 2,597 Change in fair value of put option - - - - - - - - - (955) (955) Shares issued - 5 - - - - - - - - 5 Dividend payable to shareholders (Note 16) - - - - - - - - - (14,506) (14,506) At 31 January 2023 1,253 160,526 (49,140) 145 2,720 12,843 6,791 (196,884) (56,097) 481,318 363,475 Origin Enterprises plc Condensed Interim Consolidated Statement of Cash Flows for the six months ended 31 January 2024 Six months Six months Year ended ended ended January 2024 January 2023 July 2023 ���'000 ���'000 ���'000 Cash flows from operating activities (Loss)/profit before tax (3,936) 6,293 67,636 Exceptional items 2,762 1,454 797 Finance income (3,494) (1,544) (2,080) Finance expense 12,254 10,171 15,043 Profit on disposal of property, plant and equipment (204) (69) 718 Share of profit of associates and joint venture (1,366) (1,615) (4,040) Depreciation of property, plant and equipment 4,428 4,425 8,678 Depreciation of right of use assets 6,916 5,738 12,810 Amortisation of intangible assets 6,640 5,922 14,218 Employee share-based payment charge - 2,597 2,550 Pension contributions in excess of service costs (298) (301) (834) Payment of exceptional Ukraine related costs (2,334) (1,189) (1,918) Payment of exceptional acquisition and disposal related costs (552) (265) (1,537) Operating cash flow before changes in working capital 20,816 31,617 112,041 (Increase)/decrease in inventory (89,661) (62,330) 146,884 Decrease in trade and other receivables 139,315 81,692 19,845 Decrease in trade and other payables (270,325) (169,012) (122,835) Cash (absorbed)/generated from operating activities (199,855) (118,033) 155,935 Interest paid (5,654) (4,578) (11,526) Income tax paid (8,769) (8,870) (19,631) Cash (outflow)/inflow from operating activities (214,278) (131,481) 124,778 Origin Enterprises plc Condensed Interim Consolidated Statement of Cash Flows (continued) for the six months ended 31 January 2024 Six months Six months Year ended ended ended January 2024 January 2023 July 2023 ���'000 ���'000 ���'000 Cash flows from investing activities Proceeds from sale of property, plant and equipment 797 164 235 Purchase of property, plant and equipment (9,842) (10,190) (18,567) Additions to intangible assets (10,928) (5,470) (17,683) Consideration relating to acquisition (755) (11,162) (30,112) Payment of contingent acquisition consideration (2,237) (10) (115) Purchase of other financial assets - - (345) Payment of put option liability (31,706) - - Dividends received from associates 11,435 260 144 Net proceeds from disposal of subsidiary - - 705 Cash outflow from investing activities (43,236) (26,408) (65,738) Cash flows from financing activities Drawdown of bank loans 265,622 256,020 334,599 Repayment of bank loans (63,308) (185,639) (369,244) Lease liability payments (5,477) (6,569) (14,810) Share issued - 5 5 Share buyback (4,560) (13,135) (20,000) Proceeds from re-issue of treasury shares 1,607 - 1,654 Payment of dividends to equity shareholders - - (17,990) Cash inflow/(outflow) from financing activities 193,884 50,682 (85,786) Net decrease in cash and cash equivalents (63,630) (107,207) (26,746) Translation adjustment (186) (768) 515 Cash and cash equivalents at start of period 150,139 176,370 176,370 Cash and cash equivalents at end of period (Note 14) 86,323 68,395 150,139 Origin Enterprises plc Notes to the Condensed Interim Consolidated Financial Statements for the six months ended 31 January 2024 1 Basis of preparation The Group condensed interim consolidated financial statements have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting (IAS 34), as endorsed by the EU. The condensed interim consolidated financial statements have been prepared as information for the shareholders and do not include all the information and disclosures required in the annual financial statements. They should be read in conjunction with the Group's annual financial statements in respect of the year ended 31 July 2023, which have been prepared in accordance with IFRSs. The financial statements for the year ended 31 July 2023 are available on the company's website www.originenterprises.com. Those financial statements contained an unqualified audit report. The Group condensed interim consolidated financial statements for the six months ended 31 January 2024 and the comparative figures for the six months ended 31 January 2023 are unaudited and have not been reviewed by the Auditors. The summary financial statements for the year ended 31 July 2023 represent an abbreviated version of the Group's full accounts for that year. A comprehensive review of the Group's performance for the six months ended 31 January 2024 is included in the financial highlights included on pages 4 to 10. The group's business is seasonal and is heavily weighted towards the second half of the financial year. 2 Going concern The Group condensed interim financial statements have been prepared on the going concern basis of accounting. The Directors have considered the Group's business activities and how it generates value, together with the main trends and factors likely to affect future development, business performance and position of the Group. Having reassessed the principal risks facing the Group, the Directors believe that the Group is well placed to manage these risks successfully. There are no material uncertainties that cast a significant doubt on the Group's ability to continue as a going concern over a period of at least 12 months from the date of these financial statements. The Directors report that they have satisfied themselves that the Group is a going concern, having adequate resources to continue in operational existence for the foreseeable future. In forming this view, the Directors have reviewed the Group's forecast for a period not less than 12 months and the long-term plans, and have taken into account the cash flow implications, including capital expenditure, and compared these with the Group's borrowing facilities. 3 Accounting policies The Group condensed interim consolidated financial statements have been prepared on the basis of the accounting policies as set out on pages 127 to 134 of the Group's Annual Report for the year ended 31 July 2023. There are a number of new standards which are also effective from 1 August 2023. The following amendments, issued by the International Accounting Standards Board ('IASB') and the International Financial Reporting Interpretations Committee ('IFRIC'), are effective for the Group for the first time in the current financial period and where relevant have been adopted by the Group: �� IFRS 17 Insurance Contracts �� Amendments to IAS 1 'Presentation of Financial Statements': Disclosure of Accounting Policies �� Amendments to IAS 8: 'Accounting Policies, Changes in Accounting Estimates and Errors': Definition of Accounting Estimates �� Amendments to IAS 12: 'Income Taxes': Deferred Tax related to Assets and Liabilities arising from a Single Transaction �� Amendments to IAS 12: 'Income Taxes': International Tax Reform-Pillar Two Model Rules The amendments listed above have had no material impact on the Group condensed interim consolidated financial statements during the period. The Group has not applied early adoption of any standards for which the effective date is not yet required. Origin Enterprises plc Notes to the Condensed Interim Consolidated Financial Statements (continued) for the six months ended 31 January 2024 4 Reporting currency The Group condensed interim consolidated financial statements are presented in euro (denoted by the symbol '���') and rounded to the nearest thousand, which is the functional currency of the parent. Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the period end date are translated to functional currency at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the Consolidated Income Statement. The principal exchange rates used for translation of results and balance sheets into euro were as follows: Average foreign exchange rate Closing foreign exchange rate Six months Six months Six months Six months ended ended Year ended ended ended Year ended Jan 2024 Jan 2023 July 2023 Jan 2024 Jan 2023 July 2023 EUR ���1= EUR ���1= EUR ���1= EUR ���1= EUR ���1= EUR ���1= Brazilian Real 5.33018 5.35014 5.39041 5.35209 5.56463 5.21903 British Pound Sterling 0.86309 0.86810 0.87026 0.85310 0.88030 0.8574 Polish Zloty 4.43802 4.71946 4.65058 4.34210 4.71120 4.4110 Romanian Leu 4.96266 4.91117 4.92264 4.97930 4.92350 4.9362 Ukrainian Hryvnia 39.86298 37.74349 38.90247 40.73693 40.02843 40.70899 5 Segment information IFRS 8, 'Operating Segments', requires operating segments to be identified on the basis of internal reports that are regularly reviewed by the Chief Operating Decision Maker ('CODM') in order to allocate resources to the segments and to assess their performance. Three operating segments have been identified: (1) Ireland and the United Kingdom, (2) Continental Europe and (3) Latin America. Ireland and the United Kingdom This segment includes the Group's wholly owned Irish and UK based Business-to-Business Agri-Inputs operations, Integrated Agronomy and On-Farm Services operations and Amenity, Environmental and Ecology operations. In addition, this segment includes the Group's associates and joint venture undertakings. Continental Europe This segment includes the Group's Business-to-Business Agri-Inputs operations, Integrated Agronomy and On-Farm Services operations in Poland, Romania and Ukraine. Latin America The Group's presence in Latin America is through Fortgreen Commercial Agricola Ltda, a business which is focused on the development and marketing of value-added crop nutrition and speciality inputs and which is headquartered in Parana State in southern Brazil. Information regarding the results of each reportable segment is included below. Performance is measured based on segment operating profit as included in the internal management reports that are reviewed by the Group's CODM, being the Origin Executive Directors. Segment operating profit is used to measure performance, as this information is the most relevant in evaluating the results of the Group's segments. Origin Enterprises plc Notes to the Condensed Interim Consolidated Financial Statements (continued) for the six months ended 31 January 2024 5 Segment information (continued) Ireland & UK Continental Europe Latin America Total Group Six months Six months Six months Six months Six months Six months Six months Six months ended ended ended ended ended ended ended ended Jan 2024 Jan 2023 Jan 2024 Jan 2023 Jan 2024 Jan 2023 Jan 2024 Jan 2023 ���'000 ���'000 ���'000 ���'000 ���'000 ���'000 ���'000 ���'000 Revenue 516,126 753,976 244,070 336,506 94,717 89,560 854,913 1,180,042 Segment result (3,138) 2,900 1,966 3,157 13,897 14,243 12,725 20,300 Profit from associates and joint venture 1,366 1,615 - - - - 1,366 1,615 Amortisation of non-ERP intangible assets (5,068) (3,787) (583) (706) (854) (1,048) (6,505) (5,541) Operating profit before exceptional items (6,840) 728 1,383 2,451 13,043 13,195 7,586 16,374 Exceptional items (1,009) (265) (1,753) (1,189) - - (2,762) (1,454) Operating profit (7,849) 463 (370) 1,262 13,043 13,195 4,824 14,920 Segment earnings before financing and tax 4,824 14,920 Finance income 3,494 1,544 Finance expense (12,254) (10,171) Reported profit before tax (3,936) 6,293 Income tax credit/(expense) 452 (2,109) Reported profit after tax (3,484) 4,184 Origin Enterprises plc Notes to the Condensed Interim Consolidated Financial Statements (continued) for the six months ended 31 January 2024 5 Segment information (continued) (ii) Segment assets Ireland & UK Continental Europe Latin America Total Group Six months Six months Six months Six months Six months Six months Six months Six months ended ended ended ended ended ended ended ended Jan 2024 Jan 2023 Jan 2024 Jan 2023 Jan 2024 Jan 2023 Jan 2024 Jan 2023 ���'000 ���'000 ���'000 ���'000 ���'000 ���'000 ���'000 ���'000 Assets excluding investment in associates and joint venture 711,381 788,441 251,140 286,316 152,390 142,905 1,114,911 1,217,662 Investment in associates and joint venture (including other financial assets) 43,236 45,830 - - - - 43,236 45,830 Segment assets 754,617 834,271 251,140 286,316 152,390 142,905 1,158,147 1,263,492 Reconciliation to total assets as reported in Condensed Interim Consolidated Statement of Financial Position Cash and cash equivalents 86,552 77,033 Derivative financial instruments 4,580 6,904 Deferred tax assets 7,478 6,407 Total assets as reported in Condensed Interim Consolidated Statement of Financial Position 1,256,757 1,353,836 (iii) Segment liabilities Ireland & UK Continental Europe Latin America Total Group Six months Six months Six months Six months Six months Six months Six months Six months ended ended ended ended ended ended ended ended Jan 2024 Jan 2023 Jan 2024 Jan 2023 Jan 2024 Jan 2023 Jan 2024 Jan 2023 ���'000 ���'000 ���'000 ���'000 ���'000 ���'000 ���'000 ���'000 Segment liabilities 342,373 472,112 156,874 206,202 35,872 61,879 535,119 740,193 Reconciliation of total liabilities as reported in Condensed Interim Consolidated Statement of Financial Position Interest-bearing loans 302,395 207,978 Derivative financial instruments 1,317 2,137 Dividend payable to shareholders 15,149 14,506 Current and deferred tax liabilities 21,716 25,547 Total liabilities as reported in Condensed Interim Consolidated Statement of Financial Position 875,696 990,361 Origin Enterprises plc Notes to the Condensed Interim Consolidated Financial Statements (continued) for the six months ended 31 January 2024 6 Exceptional items Exceptional items are those that, in management's judgement, should be separately presented and disclosed by virtue of their nature or amount. Such items are included within the consolidated income statement caption to which they relate. The following exceptional items arose during the year: Six months Six months ended ended January January 2024 2023 ���'000 ���'000 Acquisition related costs (i) (553) (265) Ukraine related costs (ii) (2,209) (1,189) Total exceptional charge before tax (2,762) (1,454) Tax credit on exceptional items 64 26 Total exceptional charge after tax (2,698) (1,428) (i) Acquisition related costs These costs principally comprised of costs incurred in relation to the acquisition completed during the period. The tax impact of this exceptional item in the period was a tax credit of ���6,000. (ii) Ukraine related costs Ukraine related costs comprise of rationalisation costs related to termination payments from cessation of operations in Ukraine along with costs associated with international sanctions imposed by authorities in response to the Russian invasion of Ukraine. The tax impact of this exceptional item in the period was a tax credit of ���58,000. 7 Earnings per share Basic earnings per share Six months Six months ended ended January January 2024 2023 ���'000 ���'000 (Loss)/profit for the financial period attributable to equity shareholders (3,484) 4,184 '000 '000 Weighted average number of ordinary shares for the period 111,666 114,485 Cent Cent Basic (loss)/earnings per share (3.12) 3.65 Origin Enterprises plc Notes to the Condensed Interim Consolidated Financial Statements (continued) for the six months ended 31 January 2024 7 Earnings per share (continued) Diluted earnings per share Six months Six months ended ended January January 2024 2023 ���'000 ���'000 (Loss)/profit for the financial period attributable to equity shareholders (3,484) 4,184 '000 '000 Weighted average number of ordinary shares used in basic calculation 111,666 114,485 Potential impact of shares with dilutive effect 3,840 2,463 Potential impact of SAYE scheme with dilutive effect 1,067 1,759 Weighted average number of ordinary shares (diluted) for the period 116,573 118,707 Cent Cent Diluted (loss)/earnings per share (3.12) 3.52 The effects of potential ordinary shares are not reflected in the calculation of the diluted loss per share as the impact of these is anti-dilutive. Adjusted basic earnings per share Six months Six months ended ended January January 2024 2023 ���'000 ���'000 (Loss)/profit for the financial period attributable to equity shareholders (3,484) 4,184 Amortisation of non-ERP related intangible assets 6,505 5,541 Tax on amortisation of non-ERP related intangible assets (1,345) (824) Exceptional items, net of tax 2,698 1,428 Adjusted basic profit 4,374 10,329 Cent Cent Adjusted basic earnings per share 3.92 9.02 ���'000 ���'000 Total adjusted basic earnings - as above 4,376 10,329 Cent Cent Total adjusted diluted earnings per share 3.75 8.70 The calculation of basic adjusted earnings per share is based on the weighted average number of shares in issue during the period of 111,666,049 (31 January 2023: 114,484,781). The weighted average number of shares used in the calculation of adjusted diluted earnings per share is 116,572,536 (31 January 2023: 118,707,841). Origin Enterprises plc Notes to the Condensed Interim Consolidated Financial Statements (continued) for the six months ended 31 January 2024 8 Condensed Interim Consolidated Income Statements for the six months ended 31 January 2023 and year ended 31 July 2023 An analysis of the Condensed Interim Consolidated Income Statement (including exceptional items) for the six months ended 31 January 2023 and year ended 31 July 2023 is set out below. Six months ended 31 January 2023 Six months Six months Six months ended ended ended Jan 2023 Jan 2023 Jan 2023 Pre-Exceptional Exceptional Total ���'000 ���'000 ���'000 Revenue 1,180,042 - 1,180,042 Cost of sales (1,030,438) - (1,030,438) Gross profit 149,604 - 149,604 Operating costs (134,845) (1,454) (136,299) Share of profit of associates and joint venture 1,615 - 1,615 Operating profit 16,374 (1,454) 14,920 Finance income 1,544 - 1,544 Finance expense (10,171) - (10,171) Profit before income tax 7,747 (1,454) 6,293 Income tax expense (2,135) 26 (2,109) Profit attributable to equity shareholders 5,612 (1,428) 4,184 Year ended 31 July 2023 Year ended Year ended Year ended July 2023 July 2023 July 2023 Pre-Exceptional Exceptional Total ���'000 ���'000 ���'000 Revenue 2,456,168 - 2,456,168 Cost of sales (2,122,029) - (2,122,029) Gross profit 334,139 - 334,139 Operating costs (256,783) (4,489) (261,272) Share of profit of associates and joint venture 4,040 3,692 7,732 Operating profit 81,396 (797) 80,599 Finance income 2,080 - 2,080 Finance expense (15,043) - (15,043) Profit before income tax 68,433 (797) 67,636 Income tax expense (16,770) 166 (16,604) Profit for the year 51,663 (631) 51,032 Origin Enterprises plc Notes to the Condensed Interim Consolidated Financial Statements (continued) for the six months ended 31 January 2024 9 Property, plant and equipment January July 2024 2023 ���'000 ���'000 Net book value At beginning of period 118,107 107,906 Arising on acquisition (Note 13) 749 1,459 Additions 10,449 18,891 Disposals (585) (1,014) Depreciation charge (4,428) (8,678) Translation adjustments 58 (457) At end of period 124,350 118,107 10 Goodwill and intangible assets January July 2024 2023 ���'000 ���'000 Net book value At beginning of period 299,906 251,999 Arising on acquisition (Note 13) 184 46,650 Purchase adjustment - (58) Additions 10,928 17,683 Disposals - (886) Amortisation of non-ERP intangible assets (6,505) (13,435) ERP intangible amortisation (135) (783) Translation adjustments (150) (1,264) At end of period 304,228 299,906 Included in the total goodwill and intangible assets above is goodwill of ���214,147,000 (July 2023: ���214,354,000). There have been no indicators of impairment in the first half of the year therefore a full assessment of the carrying value of goodwill and intangibles will be carried out in the second half of the year. Origin Enterprises plc Notes to the Condensed Interim Consolidated Financial Statements (continued) for the six months ended 31 January 2024 11 Investments in associates and joint venture January July 2024 2023 ���'000 ���'000 At beginning of period 52,387 47,053 Share of profits after tax, before exceptional items 1,366 4,040 Share of exceptional items, net of tax - 3,692 Dividends received (11,435) (144) Share of other comprehensive income (62) (1,755) Translation adjustments 77 (499) At end of period 42,333 52,387 12 Provision for liabilities The estimate of provisions is a key judgement in the preparation of the condensed interim consolidated condensed financial statements. January July 2024 2023 ���'000 ���'000 At beginning of period 23,318 5,612 Arising on acquisition (Note 13) Provided in period - 500 15,199 2,738 Utilised in the period (912) (290) Paid in period (2,237) (115) Translation adjustments 65 174 At end of period 20,734 23,318 Provisions primarily relate to contingent acquisition consideration arising on a number of acquisitions completed during prior years. Origin Enterprises plc Notes to the Condensed Interim Consolidated Financial Statements (continued) for the six months ended 31 January 2024 13 Acquisition of subsidiary undertakings In August 2023, the Group acquired the business and operating assets of Suregreen Limited, a UK based landscape and gardening products supplier for trade professionals and DIY customers from its Administrators. Details of the net assets acquired are as follows: ���'000 Assets Non-current Property, plant & equipment 749 Right of use lease assets 187 Intangible assets 184 Total non-current assets 1,120 Current assets Inventory 448 Total current assets 448 Liabilities Trade and other payables (615) Lease liabilities (198) Total liabilities (813) Total net assets acquired 755 Consideration satisfied by: Cash consideration 755 Total consideration related to acquisitions 755 Origin Enterprises plc Notes to the Condensed Interim Consolidated Financial Statements (continued) for the six months ended 31 January 2024 14 Analysis of net cash / (debt) 31 July Non-cash Translation 31 January 2023 Cashflow movements adjustment 2024 ���'000 ���'000 ���'000 ���'000 ���'000 Cash 151,237 (64,497) - (188) 86,552 Overdraft (1,098) 867 - 2 (229) Cash and cash equivalents 150,139 (63,630) - (186) 86,323 Loans (96,964) (202,314) (313) (2,575) (302,166) Net cash / (debt) 53,175 (265,944) (313) (2,761) (215,843) Lease liabilities (54,916) 5,477 (8,076) (251) (57,766) Net debt including lease liabilities (1,741) (260,467) (8,389) (3,012) (273,609) As at 31 January 2024, the Group had unsecured committed banking facilities of ���400.0 million (July 2023: ���400.0 million), which will expire in June 2026. 15 Share capital January July 2024 2023 ���'000 ���'000 Authorised 250,000,000 ordinary shares of ���0.01 each (i) 2,500 2,500 Allotted, called up and fully paid 125,320,375 (2023: 125,320,375) ordinary shares of ���0.01 each (i) 1,253 1,253 Number of treasury shares Nominal value of shares Carrying value of shares ���'000 ���'000 Treasury shares in issue At 1 August 2023 (13,558,484) (136) (51,689) Share buyback (ii) (1,308,272) (13) (4,560) Re-issue of treasury shares (iii) 468,459 4 1,772 (14,398,297) (145) (54,477) (i) Ordinary shareholders are entitled to dividends as declared and each ordinary share carries equal voting rights at meetings of the Company. (ii) During the financial period, the Group commenced a share buyback programme. The total number of ordinary shares purchased by the Group was 1,308,272 for a total consideration before expenses of ���4.6 million. The re-purchased shares are held as treasury shares. (iii) During the financial period, the Group re-issued 468,459 treasury shares to satisfy the exercise of share options granted under the Group's UK and ROI Savings Related Share Option Schemes. Origin Enterprises plc Notes to the Condensed Interim Consolidated Financial Statements (continued) for the six months ended 31 January 2024 16 Dividends On 9 February 2024 a dividend of 13.65 cent per ordinary share was paid in respect of the year ended 31 July 2023. The dividend was approved by shareholders at the Annual General Meeting on 16 November 2023. An interim dividend of 3.15 cent per share will be paid on 21 June 2024 to shareholders on the register on 31 May 2024. These condensed interim consolidated financial statements do not reflect this dividend payable. 17 Taxation The taxation charge for the interim period is an estimate based on the expected full year effective tax rate on full year profits. 18 Contingent liabilities The Group is not aware of any major changes with regard to contingent liabilities in comparison with the situation as of 31 July 2023. 19 Related party transactions Related party transactions occurring in the period were similar in nature to those described in the 2023 Annual Report. 20 Subsequent events Subsequent to 31 January 2024, the Group announced the acquisition of Groundtrax Systems Limited, which is the UK's number one specialist supplier of ground protection and reinforcement systems. There have been no other material events that would require adjustment to or disclosure in this report. 21 Release of half yearly condensed interim consolidated financial statements The Group condensed interim consolidated financial information was approved for release by the Board on 4 March 2024. 22 Distribution of Interim Report This interim report is available on the Group's website (www.originenterprises.com). A printed copy is available to the public at the Company's registered office. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com. 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