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Annual Report 2015 Annual Report 2015 Origin Enterprises plc Annual Report 2015 Origin Enterprises plc Overview Origin – At a Glance Origin Enterprises plc Our businesses is a leading Agri-Services and locations business with operations Ireland and UK IRL Agrii in Ireland, the UK, Poland, Goulding UK Origin Fertilisers Ukraine and Romania. PB Kent Rigby Taylor Origin Northern Ireland The Group’s focus is to be the leading provider R&H Hall Trading of value added services, technologies and Poland strategic inputs that support sustainable Dalgety Agra Polska and profitable food production systems for primary food producers. Romania Redoxim Origin is listed on the ESM and AIM markets of the Irish and London Stock Exchanges Ukraine respectively, is headquartered in Dublin, Agroscope Ireland and currently employs over 1,600 people. Highlights: 2015 Group Revenue Total Group Adjusted Diluted Dividend per Share (€bn) Operating Profit* (€m) EPS*** (cent) (cent) 3.0% 0.1% 4.5% 5.0% 8 0 1.45 93.0 92.9 € 1.418 1.415 90.7 0 € € 60.1 € € € 57.51 1.340 € 82.3 21.0 € 52.11 20.00 45.16 17.25 15.00 3 4 2 3 2 3 2 3 2 4 4 4 5 5 5 201 201 201 201 201 201 201 201 201 201 201 201 2015 201 201 201 Annual Report and Accounts 2015 Overview Overview Our Strategy and Business Model 02 Agri-Services 04 Agronomy Explained and in Practice 06 Insights into UK Agronomy 08 Agri-Services – UK Case Study 10 Agronomy – Central and Eastern Europe 12 Business Review Chairman’s Statement 15 Review of Business Operations 16 Business Review Financial Review 21 Our Progress Since Establishment 27 Principal Risks and Uncertainties 28 Board of Directors 30 Directors’ Report Directors’ Report 32 Corporate Governance Report 35 Report on Directors’ Remuneration 39 Statement of Directors’ Responsibilities 43 Poland Report Directors’ Ukraine Financial Statements Independent Auditors’ Report 44 Consolidated Income Statement 46 Consolidated Statement of Comprehensive Income 47 Consolidated Statement of Financial Position 48 Romania Consolidated Statement of Changes in Equity 50 Consolidated Statement of Cash Flows 51 Group Accounting Policies 52 Notes to the Group Financial Statements 59 Company Accounting Policies 96 Company Balance Sheet 98 Financial Statements Notes to the Company Balance Sheet 99 Company Information IBC Year to Year to Group profit by business segment 31 July 31 July 2015 2014 €m €m Revenue 15% Agri-Services 1,458.1 1,415.2 Group operating profit* Agri-Services 78.9 79.5 Associates and joint ventures** 14.1 13.4 Total Group operating profit* 93.0 92.9 Finance expense, net (4.8) (5.5) Profit before tax* 88.2 87.4 85% Adjusted diluted EPS*** (cent) 60.10c 57.51c Dividend per share (cent) 21.00c 20.00c * Before amortisation of non-ERP intangible assets and exceptional items. Agri-Services ** Profit after interest and tax before amortisation of non-ERP intangible assets and before exceptional items. Associates and joint ventures *** Before amortisation of non-ERP intangible assets, net of related deferred tax (2015: €10.2 million, 2014: €6.4 million) and exceptional items, net of tax (2015: €12.0 million credit, 2014: €5.1 million charge). Annual Report and Accounts 2015 01 Origin Enterprises plc Overview Our Strategy and Business Model The focus of the Group is to be the leading provider of value added services, technologies and strategic inputs that support the delivery of sustainable and profitable food production solutions for primary producers. Strengths Leading market positions Long-term customer relationships Trusted brands Strategic Priorities Reputation for expertise and Selective acquisitions innovation excellence Sustainable growth Strategically located and well invested infrastructure Build on core competencies Strong cash flow generation Strong cash conversion Deliver long-term shareholder value OUR STRATEGY GOAL OUR PRIMARY HOW WE DELIVER What we do Agri-Services Agri-Services comprises integrated on-farm agronomy services and business-to-business Agri-Services Agri-Inputs (fertiliser, feed ingredients and amenity inputs). These businesses provide customised solutions that address the Business-to-business efficiency, quality and output requirements Agri-Inputs of primary food producers in Ireland, the UK, Poland, Romania and Ukraine. Integrated Agronomy Services 02 Annual Report and Accounts 2015 Overview Origin’s strategic priority is to What we stand for Improvement capture growth opportunities As an organisation we are continuously Innovation improving our systems, processes in the technology transfer of and the advice services and products smart agriculture solutions Innovation and technology transfer are we offer and supply. and crop technologies for at the heart of Origin’s business model. Individuals Business Review the sustainable development Information of primary crop enterprises. One of Origin’s strategic priorities is Information about weather, soil, seed to capture growth opportunities in the variety, nutrition and crop protection is technology transfer of smart agriculture key to maximising yields and a cornerstone solutions and crop technologies for the of successful farming. sustainable development of primary crop enterprises. Directors’ Report Directors’ Create shareholder value Financial Statements OUR VISION AL IMARY GO To become the market OUR PR leader in the provision of integrated agronomy How we deliver solutions and sustainable agricultural technologies Business-to-business Agri-Inputs Leading provider of blended fertiliser in Ireland and the UK and animal feed ingredients in Ireland. The UK’s leading advisory and inputs provider to the professional sports turf, landscaping and amenity sectors. Integrated Agronomy Services Provides specialist agronomy services directly to arable, fruit and vegetable growers in the UK, Poland, Romania and Ukraine. The service encompasses varietal selection, nutrition, crop protection and application techniques necessary to ensure high performing marketable crops, which adhere to the highest levels of safety, quality, sustainability and environmental requirements. Annual Report and Accounts 2015 03 Origin Enterprises plc Overview Agri-Services What we do... Operating Services Revenue profit Agronomy €1.46bn €78.9m Crop and variety selection Cultivation systems Nutrition management Ireland Decision support and precision applications 11% Soil health and field inspections Direct Farm Origination, traceability, logistics and handling UK 53% Combinable Crops 67% 55% Prescription input formulation Environmental stewardship Grassland 22% Business-to-business Eastern Europe 47% Crop Marketing/Feed/Other 12% 22% Roots and Veg 4% Amenity 7% * Geography and Customer Channel breakdowns are based on actuals. Geography* Customer channel* Application* Application percentage breakdowns are based on operating profit best estimates using internal information and are approximate. Optimising crop productivity through Total crop Risk management on-farm knowledge transfer and integrated Customisation management systems and supply chain technology packages 04 Annual Report and Accounts 2015 Overview Business Review ... and where we are Directors’ Report Directors’ IRL UK Poland Ukraine Financial Statements Romania Annual Report and Accounts 2015 05 Origin Enterprises plc Overview Agronomy Explained and in Practice 1. Research Origin provides agronomy Step 1 advice and solutions to farm businesses throughout the UK, Research Poland, Romania and Ukraine. > We invest in leading edge research to develop unique growing systems to maximise crop productivity on Our innovative approach delivers a fully a sustainable basis. integrated production system, based on > Our trials team manage over 55,000 replicated leading edge research and detailed on-farm trial plots throughout the UK, Poland and Ukraine. agronomic management. The business > Development of strategic partnerships with the leading combines an extensive research and global seed breeders and manufacturers of crop development capability with a major sales, protection and nutrition input applications. marketing and distribution focus, delivering a superior advisory and inputs offering Analysis – assess farmer’s needs to primary food producers. The service encompasses varietal seed selection, > Farms are visited regularly throughout the nutrition, crop protection, application and growing season. establishment techniques necessary to ensure > Crops are closely inspected and monitored high performing marketable crops, which for health and development. adhere to the highest levels of safety, quality, > Soil and tissue analysis is conducted to sustainability and environmental requirements. verify deficiencies. 06 Annual Report and Accounts 2015 Overview 2. Prescription 3. Application Business Review Growing systems Soilquest Soil management Directors’ Report Directors’ Environmental Precision stewardship farming Varietal Crop selection protection Nutrition application Financial Statements Step 2 Step 3 Prescription development Application and delivery > Input programmes are recommended for achievement > Agronomists advise on precise timing of applications of yield and quality targets. to achieve maximum results. > Agronomists advise across all components of crop > Seed, fertiliser and crop protection technology is and field management. delivered to farms from our local distribution centres > Environmental stewardship and compliance on same/next day service. requirements are assured. > Crops continue to be monitored through to harvest. > Computerised treatment plans are communicated
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