20th Sep 2007 07:01
Origin Enterprises Plc20 September 2007 Preliminary Results Announcement Year ended 31 July 2007 Origin Enterprises plc, the agri/nutrition and food group, announces its Preliminary Results for the year ended 31 July 2007. Financial Highlights 31 July, 2007 Group revenue increased 8.9% €889.4m EBITDA increased by 8.6% • 45.7m *Group operating profit 10% higher €38.1m *Profit before financing costs increased by 7% €41.8m *EPS diluted (cent per share) 23.93c Cashflow from operating activities €46.7m Group net debt €71.7m *adjusted for intangible amortisation and exceptional items Operational Highlights •Establishment of Origin Enterprises plc ("Origin") to maximise the development potential of the former core Agri-Nutrition and Ambient Food businesses of IAWS Group plc. •Completion of €350m syndicated bank facilities. •Successful IPO on the IEX and AIM stock markets raising €100m for future development activities. •Strong operational and financial performance across all Group operations. •Acquisition of controlling interest in Odlum Group ("Odlums") subsequent to year end. •Comprehensive submissions on the draft Cork South Docks Local Area Plan in relation to Origin's 32 acre developable footprint. Origin Enterprises plc Chief Executive Officer's comment: Commenting on the 2007 performance, Origin Chief Executive Officer, Tom O'Mahonysaid: "2007 marked a significant milestone in the development of Origin. All Groupbusinesses performed strongly reflecting demand led growth within Agri-Nutritionand brand extension and development within Food. The successful IPO andsyndication of bank facilities during the year provides Origin with investmentcapacity to fund strategic development. The acquisition of the controllinginterest in Odlums subsequent to year-end is an excellent fit complementing theGroup's existing food brands and represents the first step in the strategicdevelopment of Origin. The Group continues to make progress with its significantproperty portfolio. We remain confident about the prospects for earnings growthfrom our existing businesses and from strategic development opportunities." The Preliminary Results Announcement is available on the company websitewww.originenterprises.com. The institutional presentation will be posted on thewebsite during the day. ENDS For reference contact: Brendan Fitzgerald, Chief Financial Officer +353 1 6121259Joe Murray, Murray Consultants +353 1 4980300 +353 86 2534950 PRELIMINARY RESULTS STATEMENT The year under review saw the emergence of renewed optimism within the primarysectors of the food industry resulting in strong demand led growth bringing newmomentum to Origin's key Agri-Nutrition markets. In Food, the Group continued toreposition and extend its core brands creating new growth opportunities. Plansto maximise the potential of the Group's extensive property portfolio have alsobeen advanced, particularly for its landmark 32 acre Cork city centre docklandsfootprint. Group revenue was 8.9 per cent higher at €889.4m, driven primarily by theAgri-Nutrition Division which accounts for 73 per cent of revenues. Increasingworldwide demand for food and the development of new applications fortraditional food crops is driving the value of primary producer output resultingin higher demand for key protein, energy and nutrient ingredients supplied byOrigin. Revenues in the Agri-Nutrition division increased by 11 per cent in theperiod. The Food Division experienced strong like for like revenue growth from thedevelopment of its branded product ranges. Ongoing development work and newproduct introductions are driving the successful extension of these brands intothe convenience snacking and wellness categories. Since year end this momentumhas been accelerated with the acquisition of the remaining 50 per cent ofOdlums, adding an additional high profile range of branded goods to the Shamrockand Roma offerings. Underlying revenue in Food grew by 9 per cent. Origin's 32 acre Cork city centre site is central to the proposed Cork SouthDocks Local Area Plan which is designed to facilitate the development andregeneration of Cork city as well as the wider Southwest region. Origin has madecomprehensive submissions in response to this plan and is currently finalising aplanning application for its key gateway site to the South Docks. Operating profit * increased by 10 per cent to €38.1m from €34.7m in theprevious year. Operating profit within the Agri-Nutrition division increased by12 per cent to €27.7m, benefiting from improved operating efficiencies andincreased volumes. Operating profit within Food increased by 5 per cent to€10.4m, principally driven by sales growth in its branded products and theextension of these product lines. The operating margin in Food improved from 4.2per cent to 4.3 per cent. Origin's associate investments in the period under review include a 50 per centinterest in Odlums and a 50 per cent interest in John Thompson and Sons Ltd("Thompsons"). Share of profit from associates in the year was €3.7m compared to€4.4m in 2006, principally due to the timing of price increases within Odlums.Thompsons delivered a satisfactory performance in the period. Profit before financing costs* for the year increased by 7 per cent to €41.8mcompared to €39.1m in 2006. The profit for the financial year*, was €32.0m compared to €30.8m in 2006.Adjusted earnings per share** amounted to 24.65 cent for the year while theadjusted diluted earnings per share amounted to 23.93 cent. Cashflow from operating activities was €46.7m with year end net debt of €71.7m,following receipt of IPO proceeds of €100m and a payment of €256m to acquire theundertaking and assets of the original businesses of IAWS Group, plc. *EPS, Profit for the financial year, Profit before financing and Operatingprofit are stated before intangible amortisation and exceptional items. ** Profit before tax, Profit for the financial year and Earnings per Share forthe year ended 31 July 2007 are not directly comparable with the 2006 numbers asthe 2007 results reflects the financing costs associated with the separate bankfacilities put in place by Origin in May 2007. Prior to May 2007 the Originbusinesses were funded as part of the wider IAWS Group plc and the interestcharge accordingly does not reflect the current financial structure. Review of Operations Agri-Nutrition Agri-Nutrition which comprises agri-inputs (animal feed ingredients andfertiliser importing and distribution) and marine proteins & oils (manufactureand distribution of fishmeal and oil) increased revenue in the year by 11 percent to €647.7m with operating profit increasing by 12 per cent to €27.7m. Higher sales volumes and improved operating efficiencies were the maincontributors to the improved performance. The outlook for primary foodproduction remains buoyant. This is being driven by increasing food demandresulting from a combination of global population growth and rising livingstandards against a back drop of a restricted capability of global agriculturalproduction to match this increased demand. In addition the increased awarenessof climate change and energy security has placed a significant focus onagriculture as an alternative energy supplier in the form of increased demandfor grain crops for use in the biofuels industry. The combination of thesefactors has provided a price impetus in the key primary markets. In Ireland both Feed Ingredients and Fertiliser delivered a satisfactoryperformance. At farm level confidence remains high as evidenced by stablelivestock numbers and continuing capital investment despite the impact ofsignificant input cost pressure. While the immediate effects of the single farmdecoupled payment are difficult to isolate at this stage the longer term impactwill be improved economies of scale and greater control over decision making atthe level of the farm enterprise. In the UK the improved returns for arable farming in particular had a positiveimpact on the Group's fertiliser volumes in the year. The substantial investmentin UK biofuel capacity is providing an impetus to UK cereal production leadingto increased cereal plantings which augurs well for future fertiliserconsumption. Marine Proteins delivered a satisfactory performance in a year characterised byhigh prices for fishmeal principally driven by the continued growth inaquaculture. Origin's manufacturing facilities are strategically located inclose proximity to the main pelagic fisheries in the North Atlantic. Killybegsin the North West of Ireland represents the optimal landing location for largecommercial trawlers given the increasing emphasis on trawler efficiency in termsof the sourcing and landing of fish raw material. Plans to double Origin'scapacity at Killybegs are progressing and the Group remains on schedule tocommission a modern state-of-the-art facility. Food Food delivered a satisfactory performance with strong underlying sales growth inthe Shamrock and Roma brands as well as continuing growth within its agencybusinesses. Revenue increased to €241.7m with operating profit increasing by 5per cent to €10.4m. Roma which has a leading market position within ambient Italian food ingredientsexperienced strong sales growth reflecting the continuing momentum within thecategory and the benefit of a number of new product launches during the year.Shamrock as Ireland's leading home-baking brand achieved very satisfactory yearon year sales growth, through a combination of its strong home baking base andthe continuing extension of the brand into broader convenience snacking andwellness categories. On 30 August 2007, following receipt of clearance from the CompetitionAuthority, Origin completed the acquisition of the remaining 50 per cent ofOdlums for a consideration of €35m plus the assumption of related bank debt of€22m. Odlums, as Ireland's premier cereal miller, has a strong branded marketposition within the growing flour and oatmeal categories in Ireland in additionto a growing branded export oatmeal business. The acquisition is an excellentfit for Origin complementing its existing food brands and raw material sourcingand logistics capability. The business comes with the benefit of a developableproperty footprint within the area covered by the recently published Cork SouthDocks Local Area Plan and is adjacent to Origin's existing property holding. Property The Group has a dedicated team in place to maximise the value of its propertyportfolio. Plans for its key sites are being progressed. Cork South Docks The Group's major property asset comprises 32 acres in the South Docks, close tothe City Centre. In September 2006, Origin submitted a strategic master plansetting out its vision for the rejuvenation of this key city asset. In June2007, Cork City Council published the "Cork South Docks Local Area Plan"("SDLAP"). The SDLAP sets out, for consultation, the City Council's vision fordevelopment of the South Docks. In August 2007, Origin made comprehensivesubmissions in response to the SDLAP in respect of its holdings. Cork CityCouncil will shortly publish proposed amendments to the draft Plan arising fromconsideration of the various submissions received. A planning application for Origin's key 2 acre riverfront site is currentlybeing finalised. This site, by virtue of its position adjacent to the CityCentre, provides opportunities not only to extend the city itself but also to act as a "Gateway"from the City Centre to the South Docks. Newhall Origin's 55 acre greenfield site at Newhall near Naas, Co. Kildare is currentlyzoned for industrial / warehouse use under the Kildare County Development Plan2005 - 2011. A master plan for this site is currently being prepared fordiscussion with Kildare County Council. Dividend As previously outlined no dividend will be paid in respect of the year ended 31July 2007. The Board will review its dividend policy in 2008 bearing in mind thefinancial resources required for the development of the Group. Outlook The Origin businesses are well positioned and have the operational flexibilityto take advantage of opportunities within the primary sectors of the foodindustry. The Group is well placed to achieve growth from continuing operationsin the current financial year. ENDS Origin Enterprises plcGroup income statementfor the year ended 31 July 2007 Pre- Pre- exceptional Exceptional Total exceptional Exceptional Total 2007 2007 2007 2006 2006 2006 •'000 •'000 •'000 •'000 •'000 •'000 Revenue 889,363 - 889,363 816,871 - 816,871Cost of (793,046) - (793,046) (726,971) - (726,971)sales __________ __________ __________ __________ __________ __________ Gross profit 96,317 - 96,317 89,900 - 89,900Operatingcosts, net (58,190) 1,146 (57,044) (55,210) 1,575 (53,635) __________ __________ __________ __________ __________ __________ Operatingprofitbeforeamortisationof intangibleassets 38,127 1,146 39,273 34,690 1,575 36,265 Amortisation of intangible assets (797) - (797) (722) - (722) __________ __________ __________ __________ _________ __________ Operatingprofit 37,330 1,146 38,476 33,968 1,575 35,543Share ofprofit ofassociates 3,674 - 3,674 4,371 - 4,371 __________ __________ __________ __________ _________ __________ Profit beforefinancingcosts 41,004 1,146 42,150 38,339 1,575 39,914Financingincome 2,310 - 2,310 1,173 - 1,173Financing costs (4,955) - (4,955) (2,119) - (2,119) __________ __________ __________ _________ __________ __________ Profitbefore tax 38,359 1,146 39,505 37,393 1,575 38,968Income taxexpense (6,406) (450) (6,856) (6,617) (674) (7,291) _________ __________ __________ __________ __________ __________ Profit forthe financialyear 31, 953 696 32, 649 30,776 901 31,677 ========= ========= ======== ======== ======== ========= Attributableas follows:Equityshareholders 32,686 31, 605 Minorityinterest (37) 72 __________ __________ 32, 649 31,677 ========= ========= Origin Enterprises plcGroup income statement (continued)for the year ended 31 July 2007 Earnings per share 2007 2006 Basic -adjustedExcluding amortisation and exceptional items 24.65c 23.62c Diluted adjustedExcluding amortisation and exceptional items 23.93c N/A BasicIncluding amortisation and exceptional items 24.57c 23.76c DilutedIncluding amortisation and exceptional items 23.86c N/A Origin Enterprises plcGroup statement of recognised income and expensefor the year ended 31 July 2007 2007 2006 •'000 •'000Items of income and expenserecognised directly inequity Foreign exchange translation adjustment 2,053 1,417 Actuarial gain on Group's defined benefit pensionschemes 7,039 2,932 Deferred tax effect ofactuarial gain (895) (214) Actuarial gain onassociate's defined benefit scheme 3,745 - Loss relating to cash flowhedges and other (1,027) (1,531) Deferred tax effect ofcash flow hedges and other 298 159 Revaluation gains on properties transferred to investment properties 87,380 - Deferred tax effect ongains on revaluation of propertiestransferred to investment properties (15,208) - ________ ________ Net income recognised directly in equity 83,385 2,763 Profit for the financial year 32,649 31,677 _______ ______ Total recognised income andexpense for the year 116,034 34,440 =========== ========== Attributable as follows: Equity shareholders 116,071 34,368Minority interest (37) 72 _______ ______ Total recognised income andexpense for the year 116,034 34,440 =========== ========== Origin Enterprises plcGroup balance sheetas at 31 July 2007 2007 2006 •'000 •'000 ASSETS Non current assetsProperty, plant and equipment 71,149 81,872Investment properties 165,473 -Goodwill and intangible assets 15,220 16,647Investments in associates 26,521 19,620Deferred tax assets 1,633 2,082 __________ __________ Total non current assets 279,996 120,221 __________ __________ Current assetsInventory 67,476 56,254Trade and other receivables 84,993 93,757 Cash and cash equivalents 31,989 34,655 __________ __________ Total current assets 184,458 184,666 __________ __________ TOTAL ASSETS 464,454 304,887 =========== =========== Origin Enterprises plcGroup balance sheet (continued)as at 31 July 2007 2007 2006 •'000 •'000EQUITY Called up share capital 1,382 -Share premium 265,182 -Retained earnings and other reserves (83,171) 89,321 ________ ________ Total equity attributable to equity shareholders of parent 183,393 89,321 Minority interest 241 278 ________ ________ TOTAL EQUITY 183,634 89,599 ________ ________ LIABILITIES Non current liabilitiesInterest bearing borrowings 83,000 -Employee benefits 1,771 9,040Deferred government grants 2,674 2,695Deferred tax liabilities 31,740 5,482 ________ ________ Total non current liabilities 119,185 17,217 ________ ________ Current liabilitiesInterest bearing borrowings 20,691 232Trade and other payables 127,026 118,671Corporation tax payable 8,556 5,300Derivative financial instruments 2,216 1,188 Amounts due to IAWS Group plc and subsidiaries 3,146 72,680 ________ ________ Total current liabilities 161,635 198,071 ________ ________ TOTAL LIABILITIES 280,820 215,288 ________ ________ TOTAL EQUITY AND LIABILITIES 464,454 304,887 ======= ======= Origin Enterprises plc Group cash flow statementfor the year ended 31 July 2007 2007 2006 •'000 •'000 Cash flows from operating activitiesProfit before tax 39,505 38,968Financing costs, net 2,645 946Share of profit of associates (3,674) (4,371)Depreciation of property, plant and equipment 7,527 7,350Amortisation of intangible assets 797 722Amortisation of government grants (124) (131)Employee share-based payment charge 205 -Exceptional items (1,146) (1,575)Foreign exchange losses/(gains) 32 (114) ________ ________Operating profit before changes in workingcapital 45,767 41,795 Increase in inventory (11,736) (1,059)Decrease/(increase) in trade and other receivables 9,103 (16,264)Increase in trade and other payables 3,561 11,061 ________ ________ Cash generated from operating activities 46,695 35,533 Interest paid (1,792) (488) ________ ________ Net cash inflow from operating activities 44,903 35,045 ======= ======= Origin Enterprises plcGroup cash flow statement (continued)for the year ended 31 July 2007 2007 2006 •'000 •'000 Cash flows from investing activitiesProceeds from sale of property, plant and equipment 205 3,896 Purchase of property, plant and equipment - Ongoing (3,767) (5,705) - New investments (2,336) (3,410)Purchase of intangible assets - (854)Insurance proceeds, net 6,118 -Disposal of other investments - 668Disposal of subsidiary 1,045 -Dividends received 574 1,604 ________ ________ Net cash flow from investing activities 1,839 (3,801) ________ ________ Cash flows from financing activities Proceeds from issue of share capital 104,192 - Share issue expenses (1,691) - Net cash movement in balance with IAWS Group plc (255,545) (35,213) Drawdown of loan capital 83,000 - ________ ________ Net cash flow from financing activities (70,044) (35,213) ________ ________ Net decrease in cash and cash equivalents (23,302) (3,969) Translation adjustment 177 10 Cash and cash equivalents at start of year 34,423 38,382 _______ ________ Cash and cash equivalents at end of year 11,298 34,423 ======= ======= Origin Enterprises plc Notes to the preliminary results statement for the year ended 31 July 2007 1 Basis of preparation / comparatives The financial information included on pages 8 to 20 of this preliminary resultsstatement has been extracted from the Group financial statements for the yearended 31 July 2007 on which the auditor has issued an unqualified audit opinion. The financial information has been prepared in accordance with the accountingpolicies set out in the Group's consolidated financial statements for the yearended 31 July 2007 which were prepared in accordance with InternationalFinancial Reporting Standards as adopted by the EU. The consolidated financial information is presented in euro, rounded to thenearest thousand, which is the functional currency of the parent and majority ofthe Group's operations. In October 2006 IAWS Group plc announced its intention to establish a newoperating company within its Group to create a specialist focus around itsoriginal core Agri and Ambient Foods businesses. In April 2007 as part of agroup reorganisation the original core Agri and Ambient Foods businesses weretransferred to the Company (which was incorporated on 11 September 2006) atwhich stage it was a wholly owned subsidiary of IAWS Group plc. It converted toa plc on 29 May 2007 and shares in Origin were admitted to trading on the IEXand AIM markets of the Dublin and London Stock Exchanges on 5 June 2007. The businesses transferred to the Company were distinguishable bothoperationally and for financial reporting purposes from the other operations ofIAWS Group plc. The consolidated financial statements for the Group for the year ended 31 July2007 have been prepared as if the Group had always existed and consequentlyreflect the pre-existing carrying values in IAWS Group plc of the assets andliabilities transferred to the Company while the Group income statement, Groupstatement of recognised income and expenses and Group cash flow statementpresent the results, performance and cash flows of the businesses for the fullyear to 31 July 2007. The comparative information has also been presented asthough the transaction had been implemented throughout the prior period.However, stand alone banking facilities and the capital structure of the Groupwere only established in May 2007. Consequently, share capital and share premiumare only separately identified from May 2007 and previous financing wasreflected in the total amount due to/from IAWS Group plc. Accordingly, profit before tax, profit for the financial year and earnings pershare for the year ended 31 July 2007 are not directly comparable with the 2006comparatives as the financial information for 2007 reflects the financing costsassociated with the separate bank facilities put in place by Origin in May 2007. Prior to May 2007 the Origin businesses were funded as part of thewider IAWS Group plc and the interest charge accordingly does not reflect thecurrent financial structure. Origin Enterprises plc Notes to the preliminary results statement (continued) for the year ended 31 July 2007 2 Segmental information FOOD AGRI / TOTAL NUTRITION GROUP __________ _______ _________ _________ _________ __________ 2007 2006 2007 2006 2007 2006 •'000 •'000 •'000 •'000 •'000 •'000 Segment revenue 241,680 234,916 647,683 581,955 889,363 816,871 ====== ====== ====== ====== ====== ====== Operatingprofit beforeexceptionalitems andamortisationof intangibleassets 10,474 9,937 27,653 24,753 38,127 34,690 Exceptionalitems (1,314) - 2,460 1,575 1,146 1,575 _______ _______ _______ _______ _______ _______ Operatingprofit beforeamortisationof intangibleassets 9,160 9,937 30,113 26,328 39,273 36,265 Amortisationof intangible assets (501) (498) (296) (224) (797) (722) _______ _______ _______ _______ _______ _______ Operatingprofit 8,659 9,439 29,817 26,104 38,476 35,543 Share ofprofit ofassociates 1,886 2,667 1,788 1,704 3,674 4,371 _______ _______ _______ _______ _______ _______ Profitbeforefinancing costs 10,545 12,106 31,605 27,808 42,150 39,914 ====== ===== ====== ====== ====== ====== Origin Enterprises plc Notes to the preliminary results statement (continued)for the year ended 31 July 2007 3 Earnings per share The calculation of basic earnings per share for the year ended 31 July 2007 was based on the profit for the financial year attributable to ordinary shareholders of €32,686,000 (2006: €31,605,000) and on the weighted average number of ordinary shares outstanding from the date of the IPO of Origin in June 2007. Prior to the IPO the Company was under common control of IAWS Group plc and did not have a representative share capital. Accordingly, for the purposes of the calculations below it has been assumed that the shares in issue following the IPO were in issue for all of 2007 and for all of 2006. The calculation of diluted earnings per share for 2007 was based on the weighted average number of ordinary shares calculated as follows: 2007 000's Weighted average number of ordinary shares used in basic calculation 133,016 Effect of convertible shares with a dilutive effect 3,968 _______ Weighted average number of ordinary shares (diluted) for the year 136,984 ====== Origin Enterprises plc Notes to the preliminary results statement (continued)for the year ended 31 July 2007 3 Earnings per share (continued) Earnings per share adjusted for exceptional items and intangible amortisation is set out below: 2007 2007 2006 2006 •'000 Per share •'000 Per share • cent • cent Basic Profit for the financial year 32,686 24.57 31,605 23.76 Adjustments: Amortisation of intangible assets 797 0.60 722 0.54 Exceptional items, net of tax (696) (0.52) (901) (0.68) _______ _______ _______ _______ Adjusted basic earningsper share 32,787 24.65 31,426 23.62 ====== ====== ====== ====== 2007 2007 •'000 Per share • cent Diluted Profit for the financial year 32,686 23.86 Adjustments: Amortisation of intangible assets 797 0.58 Exceptional items, net of tax (696) (0.51) _______ _______ Adjusted diluted earningsper share 32,787 23.93 ====== ====== Origin Enterprises plcNotes to the preliminary results statement (continued)for the year ended 31 July 2007 4 Exceptional items 2007 2006 •'000 •'000 Loss on disposal of operations (i) (980) (385) (Loss)/profit on disposal of property, plant (1,314) 1,531 and equipment Profit on disposal of other investments - 429 Insurance settlement and other 3,440 - restructuring costs (ii) _______ _______ 1,146 1,575 ====== ====== i. •Loss on disposal of operations Power Seeds Limited, an Irish based company engaged in the sale of seed and hardware products was disposed of in 2007. Premier Petfoods Limited, an Irish based company engaged in the distribution of pet foods was disposed of in 2006. ii. •Insurance settlement and other restructuring costs During 2007 two facilities operated by the Group suffered fire damage. Contingency plans were implemented and the impact on customers and operations was minimised. The gain represents the excess of the insurance claim proceeds over the net book value of the assets destroyed and other restructuring costs incurred during the year. Origin Enterprises plc Notes to the preliminary results statement (continued) for the year ended 31 July 2007 5. •Statement of changes in shareholders' equity 31 July 2007 Share Foreign Cash flow Reval- based Re-organ- currency Share Share hedge uation payment isation translation Retained capital premium reserve reserve reserve reserve reserve earnings Total •'000 •'000 •'000 •'000 •'000 •'000 •'000 •'000 •'000 (Note 1) At 1 August 2006 - - (1,041) - - - (3,277) 93,639 89,321 Reclassification of prior years retained earnings - - - - - 93,639 - (93,639) - Revaluation ofinvestmentproperties - - - 87,380 - - - - 87,380 Deferred taxon revaluation - - - (15,208) - - - - (15,208) Issue ofordinaryshares 1,382 153,855 - - - - - - 155,237 Share issueexpenses - (1,691) - - - - - - (1,691) Movement onreorganisationreserve - 113,018 - - - (288,768) - - (175,750) Share basedpayments - - - - 205 - - - 205 Foreignexchangetranslation - - - - - - 2,053 - 2,053 Group definedbenefit pensionschemes - - - - - - - 7,039 7,039 Deferred taxon Groupdefined benefitschemes - - - - - - - (895) (895) Net actuarialgain onassociate definedbenefitpension scheme - - - - - - - 3,745 3,745 Losses relatedto cash flow hedges andother - - (1,027) - - - - - (1,027) Deferred taxrelating tocash flow hedgesand other - - 298 - - - - - 298 Profit for theperiod attributable to equityholders - - - - - - - 32,686 32,686 _______ ________ ________ ________ ________ ________ ________ ________ ________At 31 July 2007 1,382 265,182 (1,770) 72,172 205 (195,129) (1,224) 42,575 183,393 ====== ======= ======= ======= ======= ======= ======= ======= ======= Note 1 The balance of retained earnings at 31 July 2007 comprises income earnedand reported in 2007 which has not been allocated between the periods pre andpost the reorganisation transaction in April 2007 that established the OriginGroup. 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