10th Mar 2008 07:02
Origin Enterprises Plc10 March 2008 Interim Results Announcement Half Year ended 31 January 2008 Financial Highlights 2008 2007 % •'000 •'000 increase Group revenue 546,412 374,924 45.7Group operating profit*- Agri-Nutrition 11,744 5,909 98.8- Food 8,497 5,947 42.9 Total Group operating profit* 20,241 11,856 70.7 Profit before financing costs* 21,183 13,676 54.9Adjusted fully diluted EPS (cent)* 9.37 8.31 12.8Comparable Adjusted fully diluted EPS 9.37 5.56 68.5(cent)**Group net debt (cash)*** 164,402 (25,563) N/A *before intangible amortisation **2007 adjusted to reflect the current capital structure of the Group ***standalone banking facilities for the Origin Group since May 2007 Operational Highlights •Excellent performance from Agri-Nutrition businesses •Strong arable crop demand driving growth in UK agri-inputs market •Strong own branded sales growth in Food •Acquisition of controlling interest in Odlums extends brand portfolio •Adoption of Cork South Docks Local Area Plan •Strong cashflow performance in period •Masstock acquisition, subsequent to period end, significantly extends Origin's capacity to support primary production Chief Executive Officer's comment: Commenting on the 2008 Interim Results, Origin Chief Executive Officer, TomO'Mahony said: "The period under review has been one of transformational development for OriginEnterprises plc. The Group has delivered an outstanding performance with a 71per cent increase in operating profit underpinned by strong demand led growth.The acquisition in the period of the 50 per cent interest in Odlums not alreadyowned significantly strengthens our capability within Food. The acquisition ofMasstock subsequent to the period end represents a major strategic investment inthe future growth of Origin. Origin is well positioned to take advantage of the significant opportunities inits core markets. We are confident that the momentum shown by the Group in thefirst half of the year will continue during the second half of the year." Ends The Interim Results Announcement is available on the company websitewww.originenterprises.com. The institutional presentation and webcast will beposted on the website during the day. For reference contact: Brendan Fitzgerald, Chief Financial Officer +353 1 6121259Origin Enterprises plc Joe Murray +353 1 4980300Murray Consultants +353 86 2534950 10 March 2008 INTERIM RESULTS STATEMENT Origin Enterprises plc ('Origin') announces a 54.9 per cent increase in profitbefore financing costs* for the half year ending 31 January 2008 to €21.2mcompared with €13.7m in the previous period. Comparable adjusted fully dilutedearnings per share** for the half year ending 31 January 2008 were 68.5 per centhigher at 9.37 cent per share compared to 5.56 cent per share in the priorperiod. Group revenue was 45.7 per cent higher at €546.4m. Excluding the impact ofacquisitions, Group revenue increased by 34.9 per cent. The Agri-Nutritiondivision achieved revenue of €375.4m, an increase of 48.6 per cent over theprevious period. The Food division recorded revenue growth of 40.0 per cent inthe period to €171.0m. Excluding the impact of the acquisition of Odlums, Foodrevenue increased by 6.6 per cent. Group operating profit* increased by 70.7 per cent to €20.2m from €11.9m in theprevious year. Excluding the impact of the acquisition of Odlums, this was anincrease of 54.0 per cent. Operating profit from the Agri-Nutrition divisionincreased by 98.8 per cent to €11.7m. Operating profit from Food increased by42.9 per cent to €8.5m. Excluding the impact of the acquisition of Odlums,operating profit from Food increased by 9.6 per cent. The operating margin inFood increased from 4.9 per cent to 5.0 per cent. Following the acquisition of the controlling interest in Odlums in August 2007,Origin's associate investment in the period under review primarily consisted ofthe 50 per cent interest in the animal feed manufacturer John Thompson and SonsLtd, which delivered a satisfactory performance during the period. Profit before financing costs* for the half year increased by 54.9 per cent to€21.2m compared to €13.7m in 2007. The profit for the half year after tax was€11.9m. Comparable adjusted fully diluted earnings per share** for the half year ending31 January 2008 was 68.5 per cent higher at 9.37 cent per share compared to 5.56cent per share for the previous period. Group net debt was €164.4m at the end of the period compared to €71.7m at theend of July 2007. This is a strong performance following an acquisition spend of€59.3m, capital expenditure of €15.4m and a seasonal increase in working capitalof €37.3m. Interest cover is strong at 3.5 times. Cashflow from operating activities improved by 47.0 per cent from an outflow of€25.0m in the previous period to an outflow of €13.2m in the current period. Theoutflow principally reflects the seasonal increase in working capital during thefirst half of the year and represents an excellent performance against thebackground of significantly higher commodity prices. *EPS, Profit before financing costs and Operating profit are stated beforeintangible amortisation. **Before intangible amortisation. The 2007 comparative has been adjusted toreflect the current capital structure of the Group. Review of Operations Agri-Nutrition Revenue in Agri-Nutrition which comprises agri-inputs (feed and fertiliser) andmarine proteins and oils, grew by 48.6 per cent to €375.4m. The divisiondelivered an excellent performance in the period with operating profitincreasing by 98.8 per cent from €5.9m to €11.7m principally driven by strongvolume momentum. Operating margin was 3.1 per cent. Increased fertiliser volumes, principally in the UK, were the main driver of theincreased profitability in the period due to higher application resulting from acombination of higher cereal prices and increased plantings. The Irishfertiliser business is more seasonal in nature with the main activity takingplace in the second half of the financial year. In Ireland, feed delivered asatisfactory performance benefiting from higher volumes underpinned by anoverall stability in livestock numbers and the continuing momentum in dairy. Farming is now entering a period of substantial opportunity underpinned by therapidly changing context for primary food production. Food demand is rising,driven by a combination of world population growth and increasing consumption ofprotein and dairy foods over carbohydrates. Global agricultural output is notkeeping pace with this permanent increase in demand, principally as a result ofpopulation pressures on land and fresh water availability. Increasing demand is resulting in significant upward cost pressure across themajority of key farm inputs with returns for primary producer markets, inparticular arable and dairy enterprises, benefiting from higher output prices.Pig and poultry enterprises continue to experience margin pressure as marketprices have not yet fully reflected the increased costs of production. Originhas the benefit of a well developed business model to support primary producersin the delivery of an appropriate inputs profile on a timely and cost effectivebasis. In January 2008, Origin announced the acquisition of Masstock which wascompleted on 1 February 2008. Masstock is the leading provider of specialistagronomy services directly to over 10,000 arable and grassland farm enterprisesacross the UK and Poland. The business delivers a fully integrated productionsystem providing specialist advice to farm businesses on crop selection,nutrition, protection and application techniques. The Masstock proposition iscentred on the delivery of high yielding, high performing marketable crops. The acquisition of Masstock significantly enhances Origin's capability tosupport primary food production. The business combines science with prescriptionand precision based farming practice and economics to deliver long-termsustainable farming solutions. Origin's marine proteins and oil business delivered a satisfactory performancein the period against a backdrop of lower price realisations. The marketcontinues to benefit from growth in aquaculture and currently from higherinclusions of fishmeal in pig and poultry feed diets as an economic source ofphosphorus. In October 2007, planning permission was granted by An Bord Pleanala for thedevelopment of the Group's new fishmeal and fish oil manufacturing facility atthe Fishery Harbour Centre in Killybegs, North West Ireland. Killybegs'proximity to major fishing resources represents the optimal landing location inthe North Atlantic for large commercial trawlers given the increasing emphasison operating efficiency in the sourcing and landing of fish raw material. In January 2008, Origin announced it had entered exploratory discussions withAustevoll Seafood ASA with a view to combining their respective fishmeal andfish oil operations in Europe. These discussions are ongoing with finalagreement subject to confirmatory due diligence, mutually acceptable legaldocumentation, respective Board approvals and receipt of relevant consents. Food Food delivered a very satisfactory performance in the period driven by strongsales growth in own brand categories and continuing growth in its agencybusiness. Revenue from continuing operations increased by 6.6 per cent to€130.4m. Operating profit from continuing operations increased by 9.6 per centto €6.5m. The Shamrock and Roma brands achieved very satisfactory sales growthof 14 per cent reflecting continuing category momentum. Shamrock, the brand leader within home baking, is benefiting from additional newline extensions into the 'Wellness' snacking category with the launch of the newlook Shamrock 'Just' range. Roma, a market leader in branded ambient Italianfood ingredients, continues to strengthen its position across its core lines.Through new product introductions, both Shamrock and Roma are successfullybroadening their market reach into the foodservice sector. On 30 August 2007, Origin completed the acquisition of the remaining 50 per centof Odlums not already owned. Odlums, as Ireland's premier cereal miller, hasstrong branded positions in the growing flour and oatmeal categories in Irelandin addition to a growing branded export oatmeal business, under the McCann'sbrand. Post-acquisition revenues and operating profit relating to Odlums amounted to€40.6m and €2.0m respectively. During the period under review, Odlumsexperienced a challenging trading environment principally relating to the timingof implementing price increases reflecting higher wheat input costs. A programmeto integrate the business within Origin commenced during the period. Property Cork South Docks The Group's major property asset comprises 32 acres in the Cork South Docks,close to the City Centre. The Cork South Docks Local Area Plan ('SDLAP'), wasformally adopted by Cork City Council on 11 February 2008, providing certaintyon zoning objectives and build density. The Government has formed the CorkDocklands Development Forum, which will provide national momentum behind thedevelopment of this key asset. Cork City Council has made a submission forfunding under the Gateway Innovation Fund in relation to key elements ofinfrastructure to facilitate the wider development of the Docklands. Dividend No dividend will be paid in respect of the period ended 31 January 2008. TheBoard will review its dividend policy later in the year bearing in mind thefinancial resources required for the development of the Group. Outlook Origin has had an excellent performance year to date. We are confident that themomentum shown by the Group in the first half of the year will continue duringthe second half of the year. ENDS Origin Enterprises plcConsolidated interim income statementfor the six months ended 31 January 2008 Six months Six months ended 31 ended 31 Year Ended January 2008 January 2007 31 July 2007 •'000 •'000 •'000 (Unaudited) (Unaudited) (Audited) Revenue 546,412 374,924 889,363Cost of sales (495,962) (340,138) (793,046) ___________ __________ __________Gross profit 50,450 34,786 96,317 Distribution,administration and other expenses (30,209) (22,930) (58,190) ___________ __________ __________Operating profit beforeamortisation andexceptional items 20,241 11,856 38,127 Intangible amortisation (787) (362) (797)Exceptional items - - 1,146 ___________ __________ __________Operating profit 19,454 11,494 38,476 Share of profit of associates 942 1,820 3,674 ___________ __________ __________Profit before financing costs 20,396 13,314 42,150Financing costs (5,859) (101) (2,645) ___________ __________ __________Profit before tax 14,537 13,213 39,505Income tax (2,627) (2,469) (6,856) ___________ __________ __________Profit for the period 11,910 10,744 32,649 =========== ========== ========== Origin Enterprises plcConsolidated interim income statement (continued)for the six months ended 31 January 2008 Six months Six months ended 31 ended 31 Year Ended January 2008 January 2007 31 July 2007 •'000 •'000 •'000 (Unaudited) (Unaudited) (Audited)Attributable asfollows:Equityshareholders 12,149 10,692 32,686Minority interest (239) 52 (37) ___________ ____________ _____________ 11,910 10,744 32,649 ========== =========== =============Earnings per sharefor the period Basic- adjustedExcluding amortisation andexceptional items 9.69c 8.31c 24.65c Diluted-adjusted Excluding amortisation andexceptional items 9.37c 8.31c 23.93c Basic Including amortisation andexceptional items 9.14c 8.04c 24.57c Diluted Including amortisation andexceptional items 8.84c 8.04c 23.86c Origin Enterprises plcConsolidated interim balance sheetas at 31 January 2008 31 January 31 January 31 July 2008 2007 2007 •'000 •'000 •'000 (Unaudited) (Unaudited) (Audited) ASSETS Non currentassets Property, plantand equipment 93,967 99,086 71,149 Investment properties 192,418 - 165,473 Goodwill andintangible assets 53,026 16,954 15,220 Investments in associates 15,490 21,373 26,521 Deferred taxassets 3,710 2,082 1,633 _________ _________ ________Total non current assets 358,611 139,495 279,996 _________ _________ ________ Current assetsInventory 124,932 80,583 67,476Trade and otherreceivables 110,440 83,976 84,993 Cash and cashequivalents 48,828 27,332 31,989 _________ _________ ________Totalcurrent 284,200 191,891 184,458assets _________ _________ ________TOTAL ASSETS 642,811 331,386 464,454 ========= ========= ======== Origin Enterprises plcConsolidated interim balance sheet (continued)as at 31 January 2008 31 January 31 January 31 July 2008 2007 2007 •'000 •'000 •'000 (Unaudited) (Unaudited) (Audited) EQUITY Called up share capital 1,385 - 1,382Share premium 265,182 - 265,182Retained earnings and other reserve (71,494) 103,118 (83,171) _________ _________ ________Total equity attributable toequity shareholdersof parent 195,073 103,118 183,393 Minority interest 2 331 241 TOTAL EQUITY 195,075 103,449 183,634 _________ _________ ________ LIABILITIES Non current liabilities Interest bearing loans 210,000 - 83,000 Employee benefits 16,897 9,311 1,771 Deferred government grants 2,838 2,647 2,674 Deferred tax liabilities 39,245 5,655 31,740 _________ _________ ________ Total non current liabilities 268,980 17,613 119,185 _________ _________ ________ Current liabilities Interest bearing loans 3,230 1,769 20,691 Trade and other payables 160,198 91,623 127,026 Corporation tax payable 11,087 7,906 8,556 Derivative financial instruments 4,241 123 2,216 Amounts due to IAWS Group plcand subsidiaries - 108,903 3,146 _________ _________ ________ Total current liabilities 178,756 210,324 161,635 _________ _________ ________ TOTAL LIABILITIES 447,736 227,937 280,820 _________ _________ ________ TOTAL LIABILITIES AND EQUITY 642,811 331,386 464,454 ========= ========= ======== Origin Enterprises plcConsolidated interim cash flow statementfor the six months ended 31 January 2008 Six months Six months ended 31 ended 31 Year Ended January 2008 January 2007 31 July 2007 •'000 •'000 •'000 (Unaudited) (Unaudited) (Audited) Cash flows from operatingactivities Profit before tax 14,537 13,213 39,505 Financing costs, net 5,859 101 2,645 Share of profit of associates (942) (1,820) (3,674) Depreciation of property, plant and equipment 3,655 3,595 7,527 Amortisation of intangibleassets 787 362 797 Amortisation of governmentgrants (65) (52) (124) Employee share-based payment charge 314 - 205 Exceptional items - - (1,146) Other - - 32 ___________ _____________ ______________ Operating profit beforechanges in workingcapital 24,145 15,399 45,767 Increase in inventory (51,738) (23,416) (11,736) (Increase)/decrease in trade and other receivables (7,890) 10,891 9,103 Increase/ (decrease) in trade and other payables 22,289 (27,916) 3,561 ___________ ____________ ______________Cash generated from operating activities (13,194) (25,042) 46,695 Interest paid (3,685) (84) (1,792) Net cash inflow from operating activities (16,879) (25,126) 44,903 ___________ _____________ ______________ Origin Enterprises plcConsolidated interim cash flow statement (continued)for the six months ended 31 January 2008 Six months Six months ended 31 ended 31 Year Ended January 2008 January 2007 31 July 2007 •'000 •'000 •'000 (Unaudited) (Unaudited) (Audited) Cash flows from investingactivities Proceeds from sale ofproperty, plant andequipment 38 57 205 Purchase of property, plant andequipment- Ongoing (1,870) - (3,767)- New investments (600) (3,360) (2,336)Purchase ofinvestment properties (12,945) - - Purchase ofsubsidiaryundertakings (32,195) - - Insurance proceeds,net - - 6,118 Disposal ofsubsidiary - - 1,045 Dividends received 18 74 574 ___________ ____________ _________Net cash flow frominvesting activities (47,554) (3,229) 1,839 ___________ ____________ _________ Cash flows from financingactivities Proceeds from issueof share capital 3 - 104,192 Share issue expenses - - (1,691) Net cash movement inbalance in IAWS Groupplc - 19,454 (255,545) Drawdown of loancapital 100,346 - 83,000 ___________ ____________ _________ Net cash flow from financing activities 100,349 19,454 (70,044) ___________ ____________ _________Net increase/(decrease) in cashand cash equivalents 35,916 (8,901) (23,302) Translationadjustment (1,616) 41 177 Cash and cashequivalents at startof period 11,298 34,423 34,423 ___________ ____________ _________Cash and cashequivalents at end of period 45,598 25,563 11,298 =========== ============ ========= Origin Enterprises plcConsolidated interim statement of changes in equityfor the six months ended 31 January 2008 Six months Six months ended 31 ended 31 Year Ended January 2008 January 2007 31 July 2007 •'000 •'000 •'000 (Unaudited) (Unaudited) (Audited) At beginning of period 183,634 89,599 89,599 Changes in equity for theperiod Group defined benefitpension schemes (13,555) 35 7,039 Deferred tax on groupdefined pension schemes 1,793 (138) (895) Net actuarial gain onassociate defined benefitpension scheme - - 3,745 Losses relating to cashflow hedges (2,026) 1,065 (1,027) Deferred tax relating tocash flow hedges 250 - 298 Profit for the periodattributable to equity holders 12,149 10,692 32,686 Net revaluation ofpreviously held interest in associate 18,116 - - Revaluation of investmentproperties - - 87,380 Deferred tax on revaluationof investment properties - - (15,208) Foreign exchange translation (5,364) 2,144 2,053 __________ ________ ________Total recognised income andexpense 11,363 13,798 116,071 Issue of ordinary shares 3 - 155,237 Share issuance expenses - - (1,691) Increase in employee share-based payments reserve 314 - 205 Movement on reorganisationreserve - - (175,750) Movement in minority interest (239) 52 (37) __________ ________ ________Total change in equity forthe period 11,441 13,850 94,035 __________ ________ ________At end of period 195,075 103,449 183,634 ========= ======== ======== Origin Enterprises plcNotes to the consolidated interim financial informationfor the six months ended 31 January 2008 1. International Financial Reporting Standards Basis of preparation The interim financial information has been prepared in accordance with the accounting policies set out in the Group's consolidated financial statements for the year ended 31 July 2007 which were prepared in accordance with International Financial Reporting Standards (IFRS) as endorsed by the European Commission. The consolidated interim financial information is presented in euro, rounded to the nearest thousand, which is the functional currency of the Group. Origin Enterprises plcNotes to the consolidated interim financial information (continued)for the six months ended 31 January 2008 2 Segment information (a) Segment revenue and result Food Agri-Nutrition TOTAL _______ ________ _______ _________ __________ _______ ________ _________ _______ 6 months 6 months Year 6 months 6 months Year 6 months 6 months Year ended ended ended ended ended ended ended ended ended 31/01/08 31/01/07 31/07/07 31/01/08 31/01/07 31/07/07 31/01/08 31/01/07 31/07/07 •'000 •'000 •'000 •'000 •'000 •'000 •'000 •'000 •'000 Segment revenue 170,989 122,264 241,680 375,423 252,660 647,683 546,412 374,924 889,363 ====== ======= ====== ======= ======= ====== ======= ======== ======= Profit from operationsbeforeamortisationandexceptionalitems 8,497 5,947 10,474 11,744 5,909 27,653 20,241 11,856 38,127 Intangible amortisation (670) (249) (501) (117) (113) (296) (787) (362) (797) Exceptional items - - (1,314) - - 2,460 - - 1,146 _______ _______ _______ _______ _______ _______ ________ _________ _______Operating profit 7,827 5,698 8,659 11,627 5,796 29,817 19,454 11,494 38,476 Share of profit ofassociates 201 744 1,886 741 1,076 1,788 942 1,820 3,674 _______ _______ _______ _______ _______ _______ ________ _________ _______ Profit before financingcosts 8,028 6,442 10,545 12,368 6,872 31,605 20,396 13,314 42,150 ====== ======= ====== ======= ======= ====== ======= ======== ======= Origin Enterprises plcNotes to the consolidated interim financial information (continued)for the six months ended 31 January 2008 2 Segment information (continued) (b)Segmental assets Food Agri-Nutrition TOTAL ______ _______ _______ _______ _______ _______ ________ _______ _______ 6 months 6 months Year 6 months 6 months Year 6 months 6 months Year ended ended ended ended ended ended ended ended ended 31/01/08 31/01/07 31/07/07 31/01/08 31/01/07 31/07/07 31/01/08 31/01/07 31/07/07 •'000 •'000 •'000 •'000 •'000 •'000 •'000 •'000 •'000 Segment assetsexcludinginvestmentsin associates 141,611 70,672 69,313 240,754 209,927 169,525 382,365 280,599 238,838 Investment in associates - 8,677 10,247 15,490 12,696 16,274 15,490 21,373 26,521 Investment properties 14,000 - - 178,418 - 165,473 192,418 - 165,473 _______ _______ _______ _______ _______ _______ ________ _______ _______Segment assets 155,611 79,349 79,560 434,662 222,623 351,272 590,273 301,972 430,832 ====== ====== ======= ====== ======= ======= Reconciledto total assets asreported in Groupbalance sheet Cash and cash equivalents 48,828 27,332 31,989 Deferred tax assets 3,710 2,082 1,633 ________ _______ _______Total assets asreported in Groupbalancesheet 642,811 331,386 464,454 ======= ======== =======Origin Enterprises plcNotes to the consolidated interim financial information (continued)for the six months ended 31 January 2008 2 Segment information (continued) (c) Segmental liabilities Food Agri-Nutrition TOTAL _______ _______ _______ ________ _______ _______ _________ ________ _______ 6 months 6 months Year 6 months 6 months Year 6 months 6 months Year ended ended ended ended ended ended ended ended ended 31/01/08 31/01/07 31/07/07 31/01/08 31/01/07 31/07/07 31/01/08 31/01/07 31/07/07 •'000 •'000 •'000 •'000 •'000 •'000 •'000 •'000 •'000Segment 29,369 14,306 23,896 150,564 89,275 107,575 179,933 103,581 131,471liabilities ====== ====== ====== ======= ====== ======Reconciled to totalliabilities as reportedin Group balance sheet Interest bearingloans 213,230 1,769 103,691 Due to IAWS Group, plcand subsidiaries - 108,903 3,146 Derivative financial instruments 4,241 123 2,216 Income tax and deferred tax liabilities 50,332 13,561 40,296 _________ ________ _______ Total liabilitiesas reported in Group balance sheet 447,736 227,937 280,820 ======== ======= ======= Origin Enterprises plcNotes to the consolidated interim financial information (continued)for the six months ended 31 January 2008 3 Earnings per share 6 months 6 months Year 6 months 6 months Year ended ended ended ended ended ended 31/01/08 31/01/07 31/07/07 31/01/08 31/01/07 31/07/07 •'000 •'000 •'000 EPS (cent) EPS (cent) EPS (cent) BasicProfit for the financialperiod 12,149 10,692 32,686 9.14 8.04 24.57 Amortisation of intangibleassets 787 362 797 0.59 0.27 0.60 Amortisation of relateddeferred taxliability (52) - - (0.04) - - Exceptional items, netof tax - - (696) - - (0.52) _______ ________ _______ ________ ________ ________ Adjusted earnings per share 12,884 11,054 32,787 9.69 8.31 24.65 ======= ======== ====== ======= ======= ======= DilutedProfit for the financialperiod 12,149 10,692 32,686 8.84 8.04 23.86 Amortisation of intangibleassets 787 362 797 0.57 0.27 0.58 Amortisation of relateddeferred taxliability (52) - - (0.04) - - Exceptional items, net of tax - - (696) - - 0.51 _______ ________ _______ ________ ________ ________Adjusted earnings per share 12,884 11,054 32,787 9.37 8.31 23.93 ======= ======== ====== ======= ======= ======= The calculation of earnings per share is based on the weighted average number of shares in issue during the period of 133,015,472 (31 January 2007: 133,015,472). The weighted average number of shares used in the calculation of diluted earnings per share is 137,482,206 (31 January 2007: 133,015,472). Origin Enterprises plcNotes to the consolidated interim financial information (continued)for the six months ended 31 January 2008 4. Acquisitions During the period, Origin completed the acquisition of the remaining 50% interest in the Odlum Group ("Odlums) that it did not previously own. Post acquisition revenues and operating profit relating to Odlums amounted to €40,632,000 and €1,978,000, respectively. On 1 February 2008, Origin also acquired Masstock Group Holdings Limited, a leading provider of integrated agronomy services in the UK and Poland. 5 Effect of exceptional items Six months Six months ended 31 ended 31 Year Ended January 2008 January 2007 31 July 2007 •'000 •'000 •'000Adjusted operating profit Operating profit before financing 20,396 13,314 42,150Intangible amortisation 787 362 797Exceptional items - - (1,146) _________ ___________ __________Adjusted operating profit before financing and exceptional items 21,183 13,676 41,801 ========= ========== ========= Adjusted profit before tax Profit before tax 14,537 13,213 39,505Intangible amortisation 787 362 797Exceptional items - - (1,146) _________ ___________ __________Adjusted profit before tax and exceptional items 15,324 13,575 39,156 ========= ========== ========= Origin Enterprises plcNotes to the consolidated interim financial information (continued)for the six months ended 31 January 2008 6 Analysis of net debt 31 July Arising on Exchange 31 January 2007 Cashflow Acquisition Adjustment 2008 •'000 •'000 •'000 •'000 •'000 Cash 31,989 18,687 - (1,848) 48,828Overdrafts (20,691) 17,229 - 232 (3,230) _______ __________ ___________ ___________ ____________ Cash and cash equivalents 11,298 35,916 - (1,616) 45,598 Loans (83,000) (100,346) (27,058) 404 (210,000) _______ __________ ___________ ___________ ____________Net Debt (71,702) (64,430) (27,058) (1,212) (164,402) ======= ========== =========== =========== ============ This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Origin