Origin Enterprises Plc

Earnings Release • Mar 4, 2025

National Storage Mechanism | Additional information RNS Number : 1809Z Origin Enterprises Plc 04 March 2025 Origin Enterprises plc INTERIM RESULTS STATEMENT Good first half performance driven by a recovery in Agriculture volumes and continued growth of Living Landscapes division 4 March 2025: Origin Enterprises plc ('Origin' or 'the Group'), the international group shaping the future of sustainable land use solutions, today announces its interim results for the half-year ended 31 January 2025 ('H1 2025'). Results Summary 31 Jan 2025 ���'m 31 Jan 2024 ���'m Change ���'m Group revenue 831.7 854.9 (23.2) Operating profit1 14.9 12.7 2.2 Associates and joint venture2 2.1 1.4 0.7 Total Group operating profit1 17.0 14.1 2.9 Finance cost, net (10.0) (8.8) (1.2) Profit before tax1 7.0 5.3 1.7 Adjusted diluted earnings per share (cent)3 5.17 3.75 1.42 Group net bank debt4 (270.1) (215.8) (54.3) Interim dividend per ordinary share (cent) 3.15 3.15 - Financial and Operational Summary �� Good H1 2025 performance with Adjusted EPS of 5.17c, an increase of 1.42c (37.8%) on prior year, driven by continued growth in Living Landscapes and a recovery in Agriculture volumes. �� Operating profit 1 of ���14.9 million, a 17.1% increase on the prior year period (H1 2024: ���12.7 million). �� Group revenues of ���831.7 million driven by a recovery in Agriculture volumes in Q2, as expected, following a delayed start to planting, and strong organic growth in Living Landscapes supported underlying volume growth for the Group (excluding crop marketing) of 3%. The year-on-year revenue decline of 2.7% was driven mainly by lower global feed and fertiliser prices. �� Agriculture: o In the UK, a larger area of Winter planting contributed to an increase in volumes, however in-field conditions in limited areas means total winter cropping remains below the level of a normal season. o Solid start to the year in Continental Europe, with Poland performing well, but growers in parts of Romania remain cautious following two years of drought conditions. o LATAM delivered strong volume growth in a challenging pricing environment with the depreciation in the Brazilian Real being the principal reason for the decline in reported results. �� Living Landscapes: o Continued progress in our Living Landscapes segment, delivering ���2.3 million of operating profit growth in the period from both strong organic growth and the four acquisitions completed in Q1. �� ���10.5 million exceptional gains (net of tax) primarily attributable to the revaluation of property holdings and share of Joint Venture profit on the disposal of assets. �� New ���440 million sustainability-linked credit facility secured, extending to 2030 with extension options and increasing capacity by ���40 million on the existing facility. �� Completed ���20 million share buyback programme and returned ���14.5 million to shareholders in dividends post period end. �� Interim dividend of 3.15 cent per share (H1 2024: 3.15 cent per share). �� Further payment of suspended amounts owing in compliance with international sanctions of ���26.2 million contributing to an increase in net bank debt to ���270.1 million (H1 2024 ���215.8m). Commenting on Origin's interim results, Chief Executive Officer, Sean Coyle said: "The Group delivered a good H1 2025 performance underpinned by a recovery in Agriculture volumes and strong growth in Living Landscapes, resulting in Operating Profit growth of 17% and EPS growth of 38% in the period. Improved in-field conditions across our geographies in Q2 delivered higher volumes, with planting returning to more normal levels. While the underlying performance across Agriculture was strong, reported numbers were negatively impacted by the devaluation of the Brazilian Real relative to Euro. Consistent with our strategy, we are pleased to report strong organic growth in Living Landscapes and welcome four new businesses which strengthen our environmental expertise and further complement our existing services. Our strategic focus on increasing our presence in the professional landscapes and environmental solutions sectors, and expanding the range of products and services we provide to the emerging nature economy, is driving greater earnings diversification and helping to mitigate earnings inconsistency over time. Encouragingly, lower year on year price levels has seen strong demand in order volumes for our animal nutrition and soil nutrition businesses for the remainder of the year, however, given the significant levels of spring volumes yet to be delivered across all of our businesses, it is too early to issue guidance for the full year. Guidance for the FY 2025 year will be issued with our Q3 trading update on 12 June 2025." ENDS Conference Call and Webcast details: The management team will host a live conference call and webcast, for analysts and institutional investors today, 4 March 2025, 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. 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 (2025: ���4.7 million, 2024: ���5.2 million) and exceptional items, net of tax (2025: income of ���10.5 million, 2024: charge of ���2.7 million) 4 Net bank debt excludes IFRS16 Lease liabilities INTERIM RESULTS STATEMENT Financial Review - Summary 6 months ended 31 Jan 2025 ���'m 6 months ended 31 Jan 2024 ���'m Group revenue 831.7 854.9 Operating profit1 14.9 12.7 Associates and joint venture, net2 2.1 1.4 Adjusted Group operating profit1 17.0 14.1 Finance cost, net (10.0) (8.8) Pre-tax profit 7.0 5.3 Income tax charge (1.2) (0.9) Adjusted net profit 5.8 4.4 Adjusted diluted earnings per share (cent)3 5.17 3.75 Adjusted net profit reconciliation Reported net profit/(loss) 11.7 (3.5) Amortisation of non-ERP intangible assets 5.9 6.5 Tax on amortisation of non-ERP related intangible assets (1.3) (1.3) Exceptional items, net of tax (10.5) 2.7 Adjusted net profit 5.8 4.4 Adjusted diluted earnings per share (cent)3 5.17 3.75 Adjusted diluted earnings per share Origin delivered adjusted diluted earnings per share3 in H1 2025 of 5.17 cent compared to 3.75 cent in H1 2024. On a like-for-like basis (excluding the impact of currency movements and acquisitions) the underlying increase in adjusted diluted earnings per share3 was 2.89 cent. Group revenue Group revenue for H1 2025 was ���831.7 million, representing a 2.7% decrease compared to ���854.9 million in H1 2024. On a constant currency basis, revenue declined by ���26.9 million (3.1%). Revenue excluding crop marketing decreased by ���2.6 million (0.4%), with underlying volumes increasing by 3%. Contributions from acquisitions of 0.9% and a foreign exchange benefit of 0.1% were offset by pricing of (4.4%) reflecting the reduction in global feed and fertiliser pricing. Operating profit1 Operating profit1 in H1 2025 was ���14.9 million compared to ���12.7 million in H1 2024, an increase of 17.1%. On an underlying basis, the increase in operating profit year-on-year was ���4.0 million. Foreign currency exchange was a material headwind in the period, with a negative ���2.5m impact to reported operating profit, primarily due to devaluation of the Brazilian Real relative to Euro. Exceptional items ���10.5 million exceptional gains (net of tax) in the period consist primarily of gains on the revaluation of property holdings, share of Joint Venture profit on the disposal of assets, offset by acquisition related costs incurred in the period. Associates and joint venture2 Origin's share of profit after interest and taxation from associates and joint venture amounted to ���2.1 million, a ���0.7 million increase on H1 2024. Net bank debt and financing costs Net bank debt5 at 31 January 2025 was ���270.1 million compared to ���215.8 million at 31 January 2024 and is 2.42 times EBITDA4 for the twelve months to 31 January 2025. The increase in net bank debt, for the 12-month period ended 31 January 2025, reflects an increase in working capital of ���36.4 million largely impacted by the payment of ���26.2 million of outstanding suspended supplier amounts in compliance with sanctions regimes, acquisition expenditure of ���20.0 million, capital expenditure of ���36.5 million and cumulative shareholder returns of ���34.0 million. On the 31st January 2025, the Group agreed a new five-year ���440 million sustainability-linked revolving credit facility ('RCF'). The new facility represents an increase of ���40 million on the existing facility and extends the facility to 31 January 2030. The facility also had the option of two further extension options of one year each and a further ���100 million uncommitted loan facility. Net finance costs amounted to ���10.0 million compared to ���8.8 million in H1 2024. The increase in net finance costs in the period was primarily driven by higher average net debt levels year on year. At period end, the Group's key banking covenants are as follows: Banking Covenant H1 2025 Times H1 2024 Times FY 2024 Times Net debt to EBITDA Maximum 3.5 2.42 2.09 0.66 EBITDA to net interest Minimum 3.0 6.64 9.28 6.51 Working capital Following the seasonal investment in working capital in the period, the net cash outflow from operating activities was ���175.3 million (H1 2024: ���214.3 million). Working capital at 31 January 2025 amounted to ���200.8 million compared to ���164.4 million in the prior period. The period end working capital position reflects the payment of ���26.2 million as noted above, of supplier amounts which had been previously suspended in accordance with international sanctions imposed by authorities in response to the Russian invasion of Ukraine in 2022. A ���5.7 million balance remains to be paid to entities connected to sanctioned parties. Sustainability The Group is committed to developing products and services that align with customer needs while supporting industry and government objectives to reduce greenhouse gas emissions and enhance biodiversity. As part of our focus on optimising land use, we have made a strategic investment in BioGains, a UK-based company specialising in habitat bank creation. This investment aligns with our expertise in ecology and environmental solutions, strengthening our ability to support customers in accessing biodiversity net gain (BNG) credits and meeting evolving regulatory requirements. In parallel, we continue to embed sustainability across our business and product portfolio, including the appointment of a Group Head of Biostimulants, Adjuvants, and Micronutrients. This newly created role will drive innovation, supplier collaboration, and in-house expertise, supporting the transition to more sustainable agricultural solutions. Interim dividend We are pleased to announce that an interim dividend of 3.15 cent per share (H1 2024: 3.15 cent per share) will be paid on 20 June 2025 to shareholders on the register on 30 May 2025. 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 (2025: ���4.7 million, 2024: ���5.2 million) and exceptional items, net of tax (2025: income of ���10.5 million, 2024: charge of ���2.7 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 2025 ���'m H1 2024 ���'m Change ���'m Underlying4 ���'m Constant Currency5 ���'m Revenue Agriculture 756.5 793.6 (37.1) (38.6) (38.6) Living Landscapes 75.2 61.3 13.9 5.0 11.7 Group 831.7 854.9 (23.2) (33.6) (26.9) Operating profit1 Agriculture 11.1 11.2 (0.1) 2.5 2.5 Living Landscapes 3.8 1.5 2.3 1.5 2.2 Group 14.9 12.7 2.2 4.0 4.7 Associates and joint venture2 2.1 1.4 0.7 0.7 0.7 Adjusted diluted EPS (cent)3 5.17 3.75 1.42 2.89 3.17 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 (2025: ���4.7 million, 2024: ���5.2 million) and exceptional items, net of tax (2025: income of ���10.5 million, 2024: charge of ���2.7 million) 4 Excluding currency movements and the impact of acquisitions 5 Excluding currency movements Agriculture: Ireland and the United Kingdom Change on prior period H1 2025 ���'m H1 2024 ���'m Change ���'m Underlying3 ���'m Constant Currency4 ���'m Revenue 430.5 454.8 (24.3) (35.7) (35.7) Operating (loss)1 (1.2) (4.6) 3.4 3.5 3.5 Associates and joint venture2 2.1 1.4 0.7 0.7 0.7 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 ���24.3 million in the period. Operating result for the period improved from operating loss of ���4.6 million in H1 2024 to an operating loss of ���1.2 million. The increased contribution was driven by stronger fertiliser demand in Ireland ahead of the application season and a recovery in the winter cropping profile across the UK, as conditions improved through the season. However, in the UK, a cautious approach to pre-season purchases persisted due to ongoing impact of soft commodity prices on grower sentiment. As a result, underlying business volumes declined by 1.5%. Sustainable Agronomy Agronomy services revenues declined during H1 2025 as growers adjusted purchasing strategies, opting for a just-in-time approach ahead of the spring application period. This aligns with seasonal demand cycles, and we are well-positioned to support customers as application activity accelerates. As a positive sign, winter wheat planting has increased by c.23% vs prior year to 1.65 million hectares, despite weather-related challenges on later-sown crops. While short of the 1.75 million hectares projected in Q1, crop development has been good. Total autumn/winter and spring plantings for the 2024/25 crop production year are forecasted to reach over 4 million hectares, an increase of c.0.1 million hectares compared to last year. Soil Nutrition Soil Nutrition delivered a good performance in H1 2025, with increased volumes year-on-year. Stronger pre-season fertiliser sales in Ireland were partially offset by a slower pre-season trade in the UK, where customers are adopting a just-in-time stocking approach ahead of the upcoming application season. Order volumes for the upcoming season are stronger than the previous year. Aligned with an increasing market focus on soil health, the Group continues to witness an ongoing shift away from commoditised products towards enhanced efficiency fertiliser blends. As customers adapt to climate regulations and seek to optimise nutrient availability, demand for higher-performance solutions continues to grow and the Group's product portfolio is positioned to support this transition. Animal Nutrition Feed Ingredients delivered a good performance in H1 2025, 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, reflecting the shortage of fodder stock in the market following challenging growing conditions in 2024 and strong output prices for dairy, beef, poultry, pork and eggs. Continental Europe 1 Change on prior period H1 2025 ���'m H1 2024 ���'m Change ���'m Underlying3 ���'m Constant Currency4 ���'m Revenue 151.4 139.0 12.4 10.5 10.5 Operating profit2 1.2 1.5 (0.3) (0.3) (0.3) 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 delivered a solid start to the year, generating an operating profit of ���1.2 million in the seasonally quieter first half. Current soil moisture levels remain adequate, and winter crops are in good condition across both geographies. As a result, underlying business volumes (excluding crop marketing) across Romania and Poland increased by 14.5% in H1 2025, compared to the same period last year. Market sentiment in Romania remains cautious, as capital availability is constrained following two consecutive years of drought impacting certain regions. In contrast, the outlook in Poland remains more positive, following a strong start to the year. Poland Poland delivered a strong start to the year achieving higher volumes across its product portfolios in a competitive market, supported by a strong seed sales campaign and continued growth in its Biological, Adjuvant, and Micronutrient (BAM) portfolio. The business remains focused on optimising its product mix and integrating agronomic solutions into its sales strategy. Autumn and winter plantings are expected to align with the prior year harvested area at 5.3 million hectares, with winter crops reported in good condition. Overall crop establishment remains positive, despite recent cold temperatures affecting some regions. The total cropping area for the 2025 growing season is expected to remain broadly in line with last year at 8.9 million hectares. Romania Romania delivered a satisfactory H1 2025, with increased volumes across all product categories. On farm sentiment remains cautious, influenced by two consecutive dry seasons that have impacted yields and restricted spending power. As a result, farmers are prioritising lower cost options, including a shift toward farm-saved seed over certified alternatives with a negative margin mix to the operating profit. A 22% year-on-year increase in winter crop plantings has reshaped the cropping profile, supporting higher sales during the period. Winter crops are well established and in good condition, except in southern regions, where drought conditions persisted for most of H1 2025, although recent snowfalls in this area will contribute to a better outlook for crops. The total cropping area for the 2025 growing season is expected to remain broadly in line with last year at 8.4 million hectares, with a reduction in maize planting, reflecting the shift toward winter cropping. Latin America Change on prior period H1 2025 ���'m H1 2024 ���'m Change ���'m Underlying2 ���'m Constant Currency3 ���'m Revenue 90.1 94.7 (4.6) 10.0 10.0 Operating profit1 10.8 13.9 (3.1) (0.5) (0.5) 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 underlying performance, with business volumes increasing by 11.5% across all product categories despite a competitive pricing environment. Reported results however were impacted by a 18.5% currency translation effect, following the devaluation of the Brazilian Real against the Euro. Growth was achieved across all product categories, with the Controlled Release Fertiliser (CRF) business leading volume expansion, reflecting the Group's ongoing investment in capacity expansion. CRF volumes outpaced those in the Physiology and Nutrition segment, however the higher share of lower-margin CRF sales resulted in a negative mix effect on margins. As a result, operating profit declined to ���10.8 million in H1 2025, compared to ���13.9 million in H1 2024, primarily due to the impact of currency translation, with an underlying reduction of ���0.5 million. Brazil's soya cropping area is projected to increase by 2.8% year-on-year to 47.4 million hectares, with the expected harvest reaching 171.0 million tonnes, a 15.8% (23.3 million tonnes) increase on the prior year, reinforcing strong demand fundamentals in the region. Living Landscapes: Change on prior period H1 2025 ���'m H1 2024 ���'m Change ���'m Underlying2 ���'m Constant Currency3 ���'m Revenue 75.2 61.3 13.9 5.0 11.7 Operating profit1 3.8 1.5 2.3 1.5 2.2 1 Before amortisation of non-ERP intangible assets and exceptional items 2 Excluding currency movements and the impact of acquisitions 3 Excluding currency movements Living Landscapes saw a strong start to the year, delivering ���3.8 million in operating profit up from ���1.5 million in H1 2024 driven by underlying profit growth of ���1.5 million and ���0.7m benefit from acquisitions. The segment reported robust performance across all three business areas: Sports benefited from favourable trading conditions, driving increased demand. Landscapes continued to see good underlying growth, further enhanced by an expanded product portfolio following recent acquisitions. Environment broadened its geographic reach and specialist service offerings, leveraging recent acquisitions to strengthen its market position. The expansion of Living landscapes continues to enhance the Group's capabilities in ecological consultancy, biodiversity solutions, and environmental planning, positioning Living Landscapes as a leading provider of integrated land-use solutions. ENDS Enquiries Origin Enterprises plc Colm Purcell 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 Berenberg (Corporate Broker) Clayton Bush Tel: +44 (0)20 3207 7800 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 champions sustainable land use through technically-led solutions, empowering our customers to enrich their land so it can achieve its true potential. The Group has leading market positions in Ireland, the United Kingdom, Brazil, Poland and Romania, and is listed on the Euronext Growth Dublin market and the AIM market of the London Stock Exchange. Euronext Growth (Dublin) ticker symbol: OIZ AIM ticker symbol: OGN Website: www.originenterprises.com Origin Enterprises plc Condensed Interim Consolidated Income Statement for the six months ended 31 January 2025 Six months Six months Six months Six months Year ended ended ended ended ended January January January January July 2025 2025 2025 2024 2024 Pre-exceptional Exceptional Total Total Total ���'000 ���'000 ���'000 ���'000 ���'000 Notes Note 6 Note 8 Note 8 Revenue 5 831,676 - 831,676 854,913 2,045,701 Cost of sales (689,546) - (689,546) (716,754) (1,701,665) Gross profit 142,130 - 142,130 138,159 344,036 Operating costs (133,195) 4,212 (128,983) (134,701) (281,150) Share of profit of associates and joint venture 2,118 7,020 9,138 1,366 8,074 Operating profit 5 11,053 11,232 22,285 4.824 70,960 Finance income 4,888 - 4,888 3,494 3,386 Finance expense (14,911) - (14,911) (12,254) (21,952) Profit/(Loss) before income tax 1,030 11,232 12,262 (3,936) 52,394 Income tax credit/(expense) 76 (683) (607) 452 (11,966) Profit/(Loss) attributable to equity shareholders 1,106 10,549 11,655 (3,484) 40,428 Six months Six months Year ended ended ended January January July 2025 2024 2024 Basic earnings/(loss) per share 7 10.98c (3.12c) 36.73c Diluted earnings/(loss) per share 7 10.42c (3.12c) 35.21c Origin Enterprises plc Condensed Interim Consolidated Statement of Comprehensive Income for the six months ended 31 January 2025 Six months Six months Year ended ended ended January January July 2025 2024 2024 ���'000 ���'000 ���'000 Profit/(loss) for the period 11,655 (3,484) 40,428 Other comprehensive income/(expense) 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 (948) (915) 3,154 - deferred tax effect of remeasurements 225 230 (836) - share of remeasurements on associate's defined benefit pension schemes - - (79) - share of deferred tax effect of remeasurements - associates - - 20 Items that may be reclassified subsequently to the Group income statement: Group foreign exchange translation details - exchange difference on translation of foreign operations 2,261 (4,020) (12,089) Group/Associate cash flow hedges - effective portion of changes in fair value of cash flow hedges (1,132) (2,424) (3,068) - fair value of cash flow hedges transferred to operating costs 1,785 (392) (414) - deferred tax effect of cash flow hedges (295) 298 250 - share of associates and joint venture cash flow hedges 2,592 (71) 295 - deferred tax effect of share of associates and joint venture cash flow hedges (324) 9 (37) Other comprehensive income/(expense) for the period, net of tax 4,164 (7,285) (12,804) Total comprehensive income/(expense) for the period attributable to equity shareholders 15,819 (10,769) 27,624 Origin Enterprises plc Condensed Interim Consolidated Statement of Financial Position as at 31 January 2025 January January July 2025 2024 2024 Notes ���'000 ���'000 ���'000 ASSETS Non-current assets Property, plant and equipment 9 135,523 124,350 132,665 Right of use asset 63,541 55,267 59,834 Investment properties 8,500 2,270 2,270 Goodwill and intangible assets 10 322,026 304,228 308,852 Investments in associates and joint venture 11 43,916 42,333 44,484 Other financial assets 921 903 913 Derivative financial instruments 1,850 4,373 2,760 Deferred tax assets 3,557 7,478 6,866 Post employment benefit surplus 5,900 2,007 6,715 Total non-current assets 585,734 543,209 565,359 Current assets Properties held for sale 5,800 5,800 5,800 Inventory 296,475 322,334 228,132 Trade and other receivables 365,438 298,655 477,851 Derivative financial instruments 1,592 207 634 Cash and cash equivalents 14 62,583 86,552 124,540 Total current assets 731,888 713,548 836,957 TOTAL ASSETS 1,317,622 1,256,757 1,402,316 Origin Enterprises plc Condensed Interim Consolidated Statement of Financial Position (continued) as at 31 January 2025 January January July 2025 2024 2024 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 243,599 219,282 243,151 TOTAL EQUITY 405,378 381,061 404,930 LIABILITIES Non-current liabilities Interest-bearing borrowings 14 328,179 302,166 196,225 Lease liability 14 51,302 43,295 47,184 Deferred tax liabilities 18,496 19,342 21,732 Provision for liabilities 12 13,908 8,620 9,419 Derivative financial instruments 758 711 538 Total non-current liabilities 412,643 374,134 275,098 Current liabilities Interest-bearing borrowings 14 4,489 229 1 Lease liability 14 14,197 14,471 14,348 Trade and other payables 461,067 456,619 693,992 Corporation tax payable 2,552 2,374 6,538 Provision for liabilities 12 2,588 12,114 6,455 Dividend payable to shareholders 16 14,476 15,149 - Derivative financial instruments 232 606 954 Total current liabilities 499,601 501,562 722,288 TOTAL LIABILITIES 912,244 875,696 997,386 TOTAL EQUITY AND LIABILITIES 1,317,622 1,256,757 1,402,316 Origin Enterprises plc Condensed Interim Consolidated Statement of Changes in Equity for the six months ended 31 January 2025 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 2024 1,253 160,526 (67,569) 145 (105) 12,843 7,602 (196,884) (57,417) 544,536 404,930 Profit for the period - - - - - - - - - 11,655 11,655 Other comprehensive income/(expense) for the period - - - - 2,626 - - - 2,261 (723) 4,164 Share buyback - - (1,850) - - - - - - - (1,850) Re-issue of treasury shares - - 955 - - - - - - - 955 Transfer of share-based payment reserve to retained earnings - - - - - - (664) - - 664 - Dividend payable to shareholders (Note 16) - - - - - - - - - (14,476) (14,476) At 31 January 2025 1,253 160,526 (68,464) 145 2,521 12,843 6,938 (196,884) (55,156) 541,656 405,378 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 - - - - - - - - - (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 Cash Flows for the six months ended 31 January 2025 Six months Six months Year ended ended ended January 2025 January 2024 July 2024 ���'000 ���'000 ���'000 Cash flows from operating activities Profit/(loss) before tax 12,262 (3,936) 52,394 Exceptional items (11,232) 2,762 5,665 Finance income (4,888) (3,494) (3,386) Finance expense 14,911 12,254 21,952 Profit on disposal of property, plant and equipment (154) (204) (79) Share of profit of associates and joint venture (2,118) (1,366) (6,421) Depreciation of property, plant and equipment 4,760 4,428 8,822 Depreciation of right of use assets 7,998 6,916 14,320 Amortisation of intangible assets 7,277 6,640 15,002 Employee share-based payment charge - - 2,439 Pension contributions in excess of service costs 43 (298) (803) Settlement of non-trade related item - - (7,205) Payment of exceptional Ukraine exit and sanction related costs (764) (2,334) (4,043) Payment of exceptional acquisition and disposal related costs (1,254) (552) (4,669) Operating cash flow before changes in working capital 26,841 20,816 93,988 (Increase)/decrease in inventory (67,125) (89,661) 3,809 Decrease/(increase) in trade and other receivables 113,386 139,315 (40,449) Decrease in trade and other payables (235,572) (270,325) (26,429) Cash (absorbed)/generated from operating activities (162,470) (199,855) 31,099 Interest paid (8,171) (5,654) (14,466) Income tax paid (4,706) (8,769) (16,064) Cash (outflow)/inflow from operating activities (175,347) (214,278) 569 Origin Enterprises plc Condensed Interim Consolidated Statement of Cash Flows (continued) for the six months ended 31 January 2025 Six months Six months Year ended ended ended January 2025 January 2024 July 2024 ���'000 ���'000 ���'000 Cash flows from investing activities Proceeds from sale of property, plant and equipment 768 797 924 Purchase of property, plant and equipment (7,678) (9,842) (23,542) Additions to intangible assets (6,207) (10,928) (19,831) Consideration relating to acquisition (8,581) (755) (5,302) Payment of contingent acquisition consideration (1,463) (2,237) (8,084) Investment in associates (388) - - Payment of put option liability - (31,706) (30,912) Dividends received from associates 12,549 11,435 16,596 Cash outflow from investing activities (11,000) (43,236) (70,151) Cash flows from financing activities Drawdown of bank loans 171,327 265,622 423,226 Repayment of bank loans (40,383) (63,308) (325,966) Lease liability payments (9,148) (5,477) (15,955) Share buyback (1,850) (4,560) (18,150) Proceeds from re-issue of treasury shares - 1,607 1,608 Payment of dividends to equity shareholders - - (18,540) Cash inflow from financing activities 119,946 193,884 46,223 Net decrease in cash and cash equivalents (66,401) (63,630) (23,359) Translation adjustment (44) (186) (2,241) Cash and cash equivalents at start of period 124,539 150,139 150,139 Cash and cash equivalents at end of period (Note 14) 58,094 86,323 124,539 Origin Enterprises plc Notes to the Condensed Interim Consolidated Financial Statements for the six months ended 31 January 2025 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 2024, which have been prepared in accordance with IFRSs. The financial statements for the year ended 31 July 2024 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 2025 and the comparative figures for the six months ended 31 January 2024 are unaudited and have not been reviewed by the Auditors. The summary financial statements for the year ended 31 July 2024 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 2025 is included in the financial highlights included on pages 3 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 119 to 126 of the Group's Annual Report for the year ended 31 July 2024. There are a number of new standards which are also effective from 1 August 2024. 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: �� Amendments to IAS 1 'Presentation of Financial Statements': Classification of liabilities as Current or Non-Current and Non-current Liabilities with Covenants �� Amendments to IAS 7: 'Statement of Cash Flows' and IFRS 7 'Financial Instruments: Disclosures': Supplier Finance Arrangements �� Amendments to IFRS 16: 'Leases': Lease Liability in a Sale and Leaseback 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 2025 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 2025 Jan 2024 July 2024 Jan 2025 Jan 2024 July 2024 EUR ���1= EUR ���1= EUR ���1= EUR ���1= EUR ���1= EUR ���1= Brazilian Real 6.19855 5.33018 5.46723 6.11132 5.35209 6.06923 British Pound Sterling 0.83760 0.86309 0.85754 0.83670 0.85310 0.84320 Polish Zloty 4.28503 4.43802 4.36862 4.21050 4.34210 4.29850 Romanian Leu 4.97344 4.96266 4.96736 4.97860 4.97930 4.9760 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. The Group performed a review of operating segments during the prior year. Given the recent acquisitions in the Ecology and Environmental sector and the Group's strategic objective to expand further into this sector, the Group has determined there are two operating segments as follows: Agriculture This segment includes the Group's wholly owned Business-to-Business Agri-Inputs operations, Integrated Agronomy and On-Farm Services operations in Ireland, the United Kingdom, Poland, Romania, and Brazil. In addition, this segment includes the Group's associate and joint venture undertakings. Living Landscapes This segment includes the Group's wholly owned Sports, Landscapes and Environmental operations, providing a range of consultancy, inputs and technical solutions in sports turf management, landscaping, and environmental conservation. Prior year comparative information has been presented on a consistent basis to reflect the changes in our reporting segments. 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 2025 5 Segment information (continued) (i) Segment revenue and results Agriculture Living Landscapes Total Group Jan 2025 Jan 2024 Jan 2025 Jan 2024 Jan 2025 Jan 2024 ���'000 ���'000 ���'000 ���'000 ���'000 ���'000 Revenue Ireland & UK 430,502 454,778 75,152 61,348 505,654 516,126 Continental Europe 235,953 244,070 - - 235,953 244,070 Latin America 90,069 94,717 - - 90,069 94,717 Total 756,524 793,565 75,152 61,348 831,676 854,913 Segment Result Ireland & UK (1,235) (4,606) 3,779 1,468 2,544 (3,138) Continental Europe 1,563 1,966 - - 1,563 1,966 Latin America 10,798 13,897 - - 10,798 13,897 Total 11,126 11,257 3,779 1,468 14,905 12,725 Profit from associate & joint venture 2,118 1,366 - - 2,118 1,366 Amortisation of non-ERP intangible assets (4,611) (5,208) (1,359) (1,297) (5,970) (6,505) Operating profit before exceptional items 8,633 7,415 2,420 171 11,053 7,586 Exceptional items 12,440 (2,257) (1,208) (505) 11,232 (2,762) Operating profit 21,073 5,158 1,212 (334) 22,285 4,824 (ii) Segment earnings before financing costs and tax is reconciled to reported profit before tax and profit after tax as follows: Operating profit 22,285 4,824 Finance income 4,888 3,494 Finance expense (14,911) (12,254) Reported profit before tax 12,262 (3,936) Income tax (607) 452 Reported profit after tax 11,655 (3,484) Origin Enterprises plc Notes to the Condensed Interim Consolidated Financial Statements (continued) for the six months ended 31 January 2025 5 Segment information (continued) (iii) Segment assets Agriculture Living Landscapes Total Group Jan 2025 Jan 2024 Jan 2025 Jan 2024 Jan 2025 Jan 2024 ���'000 ���'000 ���'000 ���'000 ���'000 ���'000 Assets excluding investment in associates & joint venture 1,037,327 976,353 166,797 138,558 1,204,124 1,114,911 Investments in associates & joint venture (including other financial assets) 43,528 43,236 388 - 43,916 43,236 Segment assets 1,080,855 1,019,589 167,185 138,558 1,248,040 1,158,147 Reconciliation to total assets as reported in Consolidated Statement of Financial Position Cash & cash equivalents 62,583 86,552 Derivative financial instruments 3,442 4,580 Deferred tax assets 3,557 7,478 Total assets as reported in Consolidated Statement of Financial Position 1,317,622 1,256,757 (iv) Segment liabilities Agriculture Living Landscapes Total Group Jan 2025 Jan 2024 Jan 2025 Jan 2024 Jan 2025 Jan 2024 ���'000 ���'000 ���'000 ���'000 ���'000 ���'000 Segment liabilities 485,722 480,877 57,340 54,242 543,062 535,119 Reconciliation to total liabilities as reported in Consolidated Statement of Financial Position Interest-bearing loans and borrowings 332,668 302,395 Derivative financial instruments 990 1,317 Dividend payable to shareholders 14,476 15,149 Current and deferred tax liabilities 21,048 21,716 Total liabilities as reported in Consolidated Statement of Financial Position 912,244 875,696 Origin Enterprises plc Notes to the Condensed Interim Consolidated Financial Statements (continued) for the six months ended 31 January 2025 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 2025 2024 ���'000 ���'000 Fair value movement on investment properties (i) 6,230 - Acquisition, disposal and other related costs (ii) (1,254) (553) Ukraine exit and sanction related costs (iii) (764) (2,209) Exceptional credit/(costs) before tax and before associates and joint ventures 4,212 (2,762) Tax (charge)/credit on exceptional items (683) 64 Exceptional credit/(costs) before associates and joint ventures 3,529 (2,698) Arising in associates and joint ventures, net of tax (iv) 7,020 - Total exceptional credit/(costs) after tax 10,549 (2,698) (i) Fair value movement on investment properties Fair value movement on investment properties relates principally to an uplift in the carrying value of development land arising from a third party valuation. The tax impact of this exceptional item in the current period was a charge of ���0.8 million. (ii) Acquisition, disposal and other related costs Acquisition, disposal and other related costs principally comprised of transaction costs incurred in relation to the acquisitions completed during the current period. The tax impact of this exceptional item in the current period was a charge of ���nil. (iii) Ukraine exit and sanction related costs Ukraine exit and sanction related costs comprise of rationalisation costs attributable to termination payments from restructuring programmes 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 ���0.1 million. (iv) Arising in associates and joint venture, net of tax The costs arising in associates and joint venture primarily relates to an exceptional gain on a disposal of assets held under long leases of ���8.3 million and related restructuring costs incurred. Origin Enterprises plc Notes to the Condensed Interim Consolidated Financial Statements (continued) for the six months ended 31 January 2025 7 Earnings per share Basic earnings per share Six months Six months ended ended January January 2025 2024 ���'000 ���'000 Profit/(loss) for the financial period attributable to equity shareholders 11,655 (3,484) '000 '000 Weighted average number of ordinary shares for the period 106,146 111,666 Cent Cent Basic earnings/(loss) per share 10.98 (3.12) Diluted earnings per share Six months Six months ended ended January January 2025 2024 ���'000 ���'000 Profit/(loss) for the financial period attributable to equity shareholders 11,655 (3,484) '000 '000 Weighted average number of ordinary shares used in basic calculation 106,146 111,666 Potential impact of shares with dilutive effect 4,912 3,840 Potential impact of SAYE scheme with dilutive effect 832 1,067 Weighted average number of ordinary shares (diluted) for the period 111,890 116,573 Cent Cent Diluted earnings/(loss) per share 10.42 (3.12) The effects of potential ordinary shares for the six months ended January 2024 are not reflected in the calculation of the diluted loss per share as the impact of these is anti-dilutive. Origin Enterprises plc Notes to the Condensed Interim Consolidated Financial Statements (continued) for the six months ended 31 January 2025 7 Earnings per share (continued) Adjusted basic earnings per share Six months Six months ended ended January January 2025 2024 ���'000 ���'000 Profit/(loss) for the financial period attributable to equity shareholders 11,655 (3,484) Amortisation of non-ERP related intangible assets 5,970 6,505 Tax on amortisation of non-ERP related intangible assets (1,297) (1,345) Exceptional items, net of tax (10,549) 2,698 Adjusted basic profit 5,779 4,374 Cent Cent Adjusted basic earnings per share 5.44 3.92 ���'000 ���'000 Total adjusted basic earnings - as above 5,779 4,374 Cent Cent Total adjusted diluted earnings per share 5.17 3.75 The calculation of basic adjusted earnings per share is based on the weighted average number of shares in issue during the period of 106,145,870 (31 January 2024: 111,666,049). The weighted average number of shares used in the calculation of adjusted diluted earnings per share is 111,890,288 (31 January 2024: 116,572,536). Origin Enterprises plc Notes to the Condensed Interim Consolidated Financial Statements (continued) for the six months ended 31 January 2025 8 Condensed Interim Consolidated Income Statements for the six months ended 31 January 2024 and year ended 31 July 2024 An analysis of the Condensed Interim Consolidated Income Statement (including exceptional items) for the six months ended 31 January 2024 and year ended 31 July 2024 is set out below. Six months ended 31 January 2024 Six months Six months Six months ended ended ended Jan 2024 Jan 2024 Jan 2024 Pre-Exceptional Exceptional Total ���'000 ���'000 ���'000 Revenue 854,913 - 854,913 Cost of sales (716,754) - (716,754) Gross profit 138,159 - 138,159 Operating costs (131,939) (2,762) (134,701) Share of profit of associates and joint venture 1,366 - 1,366 Operating profit 7,586 (2,762) 4,824 Finance income 3,494 - 3,494 Finance expense (12,254) - (12,254) Loss before income tax (1,174) (2,762) (3,936) Income tax credit 388 64 452 Loss attributable to equity shareholders (786) (2,698) (3,484) Year ended 31 July 2024 Year ended Year ended Year ended July 2024 July 2024 July 2024 Pre-Exceptional Exceptional Total ���'000 ���'000 ���'000 Revenue 2,045,701 - 2,045,701 Cost of sales (1,701,665) - (1,701,665) Gross profit 344,036 - 344,036 Operating costs (273,832) (7,318) (281,150) Share of profit of associates and joint venture 6,421 1,653 8,074 Operating profit/(loss) 76,625 (5,665) 70,960 Finance income 3,386 - 3,386 Finance expense (21,952) - (21,952) Profit/(loss) before income tax 58,059 (5,665) 52,394 Income tax (expense)/credit (13,316) 1,350 (11,966) Profit/(loss) for the year 44,743 (4,315) 40,428 Origin Enterprises plc Notes to the Condensed Interim Consolidated Financial Statements (continued) for the six months ended 31 January 2025 9 Property, plant and equipment January July 2025 2024 ���'000 ���'000 Net book value At beginning of period 132,665 118,107 Arising on acquisition (Note 13) 275 799 Additions 7,575 23,519 Disposals (921) (812) Depreciation charge (4,760) (8,822) Translation adjustments 689 (126) At end of period 135,523 132,665 10 Goodwill and intangible assets January July 2025 2024 ���'000 ���'000 Net book value At beginning of period 308,852 299,906 Arising on acquisition (Note 13) 12,998 7,165 Additions 6,207 19,835 Disposals - (20) Amortisation of non-ERP intangible assets (5,970) (13,312) ERP intangible amortisation (1,307) (1,690) Translation adjustments 1,246 (3,032) At end of period 322,026 308,852 Included in the total goodwill and intangible assets above is goodwill of ���229,881,000 (July 2024: ���218,199,000). 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 2025 11 Investments in associates and joint venture January July 2025 2024 ���'000 ���'000 At beginning of period 44,484 52,387 Investment in associate 388 - Share of profits after tax, before exceptional items 2,118 6,421 Share of exceptional items, net of tax 7,020 1,653 Dividends received (12,549) (16,596) Share of other comprehensive income 2,268 199 Translation adjustments 187 420 At end of period 43,916 44,484 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 2025 2024 ���'000 ���'000 At beginning of period 15,874 23,318 Arising on acquisition (Note 13) Provided in the period 4,417 - 2,001 2,458 Utilised in the period (2,421) (2,703) Paid in the period (1,463) (9,385) Translation adjustments 89 185 At end of period 16,496 15,874 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 2025 13 Acquisition of subsidiary undertakings On 30 August 2024, the Group acquired 100% of the share capital of Bowland Ecology Limited, specialising in terrestrial and freshwater ecology, delivering a full range of ecological technical solutions. On 2 September 2024, the Group acquired 100% of the share capital of Avian Ecology Limited, a company providing a broad range of services, particularly specialising in the areas of ornithology and renewable energy issues. On 25 October 2024, the Group acquired 100% of the share capital of Brooks Ecological Limited, a company providing expertise in ecology and biodiversity alongside additional specialisms in arboriculture and landscape architecture. On 25 October 2024, the Group acquired 100% of the share capital of GE Consulting Services (UK) Limited, a company providing ecological and arboricultural consulting services and practical land management solutions. Details of the net assets acquired and provisional goodwill arising from the business combinations are as follows: Fair value (1) ���'000 Non-current assets Property, plant & equipment 275 Intangible assets 2,275 Total non-current assets 2,550 Current assets Inventory 25 Trade and other receivables 2,899 Cash and cash equivalents 3,726 Total current assets 6,650 Liabilities Trade and other payables (2,144) Corporation tax (420) Deferred tax liability (635) Total liabilities (3,199) Total identifiable net assets at fair value 6,001 Goodwill arising on acquisitions 10,723 Total net assets acquired 16,724 Consideration satisfied by: Cash consideration 12,307 Contingent consideration arising from acquisitions 4,417 Total consideration related to acquisitions 16,724 Net cash outflow - arising on acquisitions Cash consideration 12,307 Less cash and cash equivalents acquired (3,726) Total consideration related to acquisitions 8,581 (1) The fair values presented in this note are based on provisional valuations due to the close proximity of the transactions to the end of the half year period. Origin Enterprises plc Notes to the Condensed Interim Consolidated Financial Statements (continued) for the six months ended 31 January 2025 14 Analysis of net cash / (debt) 31 July Non-cash Translation 31 J anuary 2024 Cashflow movements adjustment 2025 ���'000 ���'000 ���'000 ���'000 ���'000 Cash 124,540 (61,976) - 19 62,583 Overdraft (1) (4,425) - (63) (4,489) Cash and cash equivalents 124,539 (66,401) - (44) 58,094 Loans (196,225) (130,944) (282) (728) (328,179) Net debt (71,686) (197,345) (282) (772) (270,085) Lease liabilities (61,532) 9,148 (12,658) (457) (65,499) Net debt including lease liabilities (133,218) (188,197) (12,940) (1,229) (335,584) During the period, the Group agreed a new five-year revolving credit facility. As at 31 January 2025, the Group had unsecured committed banking facilities of ���440.0 million (July 2024: ���400.0 million), which will expire in January 2030. 15 Share capital January July 2025 2024 ���'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 (2024: 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 2024 (18,689,635) (187) (67,569) Share buyback (ii) (550,839) (6) (1,850) Re-issue of treasury shares (iii) 264,739 3 955 (18,975,735) (190) (68,464) (i) Ordinary shareholders are entitled to dividends as declared and each ordinary share carries equal voting rights at meetings of the Company. (i) During the financial period, the Group completed a share buyback programme. The total number of ordinary shares purchased in the period was 550,839 for a total consideration of ���1.9 million. The re-purchased shares are held as treasury shares. (ii) During the financial period, the Group re-issued 264,739 treasury shares to satisfy the exercise of share options granted under the Company's Long-Term Incentive Plan (2015). Origin Enterprises plc Notes to the Condensed Interim Consolidated Financial Statements (continued) for the six months ended 31 January 2025 16 Dividends On 14 February 2025 a dividend of 13.65 cent per ordinary share was paid in respect of the year ended 31 July 2024. The dividend was approved by shareholders at the Annual General Meeting on 21 November 2024. An interim dividend of 3.15 cent per share will be paid on 20 June 2025 to shareholders on the register on 30 May 2025. 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 2024. 19 Related party transactions Related party transactions occurring in the period were similar in nature to those described in the 2024 Annual Report. 20 Subsequent events 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 3 March 2025. 22 Distribution of Interim Report This interim report is available on the Group's website ( www.originenterprises.com ). 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