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Annual Report and Accounts 2007 Locations Annual Report and Accounts 2007 Locations Shetland Islands Aberdeen Marine Proteins Fertiliser PB Kent Chemicals Animal Feed Food Ayr Derry Killybegs Belfast Immingham Ardee Grimsby Dublin Portarlington Foynes Askeaton New Ross Ipswich Cork Newport Ringaskiddy Plymouth Contents 2 Corporate profile 3 Financial highlights 4 Chairman’s statement 6 Review of business operations 8 Agri-Nutrition 14 Food 18 Property 20 Financial review 22 Directors 23 Directors’ report 29 Statement of directors’ responsibilities 30 Independent auditor’s report 32 Group income statement 33 Group statement of recognised income and expense 34 Group balance sheet 36 Group cash flow statement 38 Statement of accounting policies 45 Notes to the Group financial statements 75 Principal subsidiary undertakings 76 Company statement of accounting policies 78 Company balance sheet 79 Notes to the Company balance sheet 85 Directors and other information Origin Enterprises plc Annual Report 2007 Corporate profile Origin Enterprises plc is a leading Agri-Nutrition and Food company. The Agri-Nutrition division, through its manufacturing and distribution operations in Ireland and the United Kingdom, has leading market positions in the supply of feed ingredients, crop nutrition and specialist marine proteins. The Group’s Food Division, comprising sales, marketing, distribution and manufacturing activities in Ireland, has leadership positions in ambient food, across the retail, food service and manufacturing sectors. The Group has the benefit of a substantial operating asset base including a number of significant properties with development potential located in areas destined for future development and regeneration. In June 2007 Origin was admitted to the IEX and AIM markets of the Irish and London Stock Exchanges to provide access to capital for future development opportunities. IEX ticker symbol: OIZ AIM ticker symbol: OGN Website: www.originenterprises.com Origin Enterprises plc Annual Report 2007 Origin Enterprises plc Annual Report 2007 Financial highlights “2007 marked a significant milestone in the capacity to fund strategic development. confident about the prospects for earnings development of Origin. All Group businesses The acquisition of the controlling interest growth from our existing businesses and performed strongly reflecting demand led in Odlums, subsequent to year-end, is an from strategic development opportunities.” growth within Agri-Nutrition and brand excellent fit complementing the Group’s extension and development within Food. existing food brands and represents the first The successful Initial Public Offering (“IPO”) step in the strategic development of Origin. Tom O’Mahony and syndication of bank facilities during The Group continues to make progress with Chief Executive Officer the year provides Origin with investment its significant property portfolio. We remain 2007 2006 % _m’s _m’s Change Group revenue 889.4 816.9 8.9% Group operating profit* 38.1 34.7 10.0% Share of profit of associates (after interest and tax) 3.7 4.4 (15.9%) Profit before financing costs* 41.8 39.1 7.0% Adjusted fully diluted EPS* (cent) 23.93** N/A N/A * Before intangible amortisation and exceptional items. **Based on 137m shares (post IPO and dilutive impact of Deferred Convertible Shares). Origin Enterprises plc Annual Report 2007 Origin Enterprises plc Annual Report 2007 Chairman’s statement Overview Post the year-end, Origin completed the acquisition of the 50 per cent interest in the I am pleased to present the first annual Odlum Group not already owned. Origin report for Origin Enterprises plc (“Origin”). now owns 100 per cent of Odlums. Origin acquired the undertakings, operating assets and surplus property assets relating to Board the former core Agri-Nutrition and Ambient Following admission to trading on AIM and Food businesses of IAWS Group plc IEX, the Board comprises of two executive (“IAWS”). This initiative, which established a and three non-executive directors. Mr. dedicated management team and facilitated Hugh Cooney was appointed to the Board a separate strategic funding capacity, on the admission of Origin. Mr. Cooney’s provides a renewed growth momentum in extensive corporate finance experience these businesses and a context within which will be of immense benefit to the Group’s Owen Killian to unlock property value. development activities over the coming Chairman years. The renewed buoyancy within the markets in which Origin operates augurs well for the Management future growth of the Group. This buoyancy Origin has a highly experienced is a result of the dramatic changes in management team that has been involved areas such as world food demand, global in the development of the businesses. agricultural production, climate change and Tom O’Mahony, formally Chief Operations energy security. Origin’s activities comprise Officer of IAWS, was appointed CEO. businesses with leading market positions Former IAWS senior management and strong brands in addition to significant transferring to Origin include Peadar property assets. The expertise of the Kearney, Head of Food; Liam Larkin, Group’s management team combined with Head of Agri Inputs and Tom Tynan, access to development capital ensures that Head of Marine Proteins. New management Origin is well placed to enhance future value appointments during the year were Brendan for its shareholders. Fitzgerald, Chief Financial Officer and John During the year, the Group successfully Butler with responsibility for Business completed a _350m syndicated bank facility. Development and Property. On 5 June 2007, Origin was admitted to I would like to acknowledge the the IEX market of the Irish Stock Exchange commitment and contribution of and the AIM market of the London Stock management and staff throughout the _ Exchange and raised 100m by way of IPO businesses to achieving an excellent representing 25 per cent of Origin’s share performance in the 2007 financial year. capital. These funds will ultimately be used for development opportunities within the different businesses. Owen Killian Chairman I am pleased to report an excellent performance from Origin in its first year. 19 September 2007 Group revenue grew by 8.9 per cent to _889.4m with operating profit* increasing *Operating profit is stated before intangible by 10 per cent to _38.1m. amortisation and exceptional items. Origin Enterprises plc Annual Report 2007 Origin Enterprises plc Annual Report 2007 Origin Enterprises plc Annual Report 2007 Review of business operations This is the first set of results for Origin property portfolio have also been advanced, following flotation on 5 June 2007 on the IEX particularly for its landmark 32 acre Cork city and AIM markets of the Dublin and London centre docklands footprint. Stock Exchanges respectively. Origin was established to create a specialist focus Results around the former core Agri-Nutrition and Group revenue was 8.9 per cent higher at _ Ambient Food businesses of IAWS. These 889.4m, driven primarily by the Agri- operations have scale, leading market Nutrition Division which accounts for 73 positions, strong brands and substantial per cent of revenues. Increasing worldwide property assets. There is a consistent track demand for food and the development of record of high investment returns and cash new applications for traditional food crops flow generation across these activities. is driving the value of primary producer This platform provides an excellent base output, resulting in higher demand for the Tom O’Mahony for the Group to pursue development key protein, energy and nutrient ingredients Chief Executive Officer opportunities within the primary sectors of supplied by Origin. Revenues in the Agri- the food industry. Nutrition Division increased by 11 per cent in the period. The context for primary food production is changing dramatically. This is being The Food Division experienced strong driven by increasing food demand resulting like for like revenue growth from the from a combination of world population development of its branded product growth and rising living standards, against ranges. Ongoing development work and a back drop of a restricted capability of new product introductions are driving the global agricultural production to match successful extension of these brands into this increased demand. In addition, the the convenience snacking and wellness increased awareness of climate change categories. Since year-end, this momentum and energy security has placed a significant has been accelerated with the acquisition focus on agriculture as an alternative energy of the remaining 50 per cent of Odlums, supplier in the form of increased demand for adding an additional high profile range of grain crops for use in the biofuels industry. branded goods to the Shamrock and Roma The combination of these factors has offerings. provided a price impetus in the key primary Operating profit * increased by 10 per markets. Origin is well placed to benefit cent to _38.1m from _34.7m in the from this new growth dynamic given its previous year. Operating profit within leading position and relevance in servicing the Agri-Nutrition Division increased the primary producer. by 12 per cent to _27.7m, benefiting The year under review saw the emergence from improved operating efficiencies and of renewed optimism within the primary increased volumes. Operating profit within _ sectors of the food industry. Strong demand Food increased by 5 per cent to 10.4m, led growth brought new momentum to principally
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