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    OIZ   IE00B1WV4493

ORIGIN ENTERPRISES PLC

(OIZ)
  Report
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Origin Enterprises : 2021 Annual Report

10/21/2021 | 08:34pm EST

ANNUAL REPORT & ACCOUNTS 2021

Prescriptive Solutions,

Sustainable Production

Nurturing Growth

For the first time, the Group has developed a standalone Sustainability Report for 2021. Highlights from the report are set out on pages 50 and 51 and the full report can be accessed at www.originenterprises.com

10.7m

38%

11%

hectares annually

of the Group's

decrease in

influenced by advice or

purchased electricity

fleet emissions

products delivered by

now supplied from

since 2017

an Origin entity

renewable sources

Strategic Report

At a Glance

6

Our Segments

7

Chairman's Statement

8

Chief Executive's Review

10

Financial Review

12

Alternative Performance Measures

18

Our Business

20

Strategy

24

Business Model

28

Key Performance Indicators

30

Business Review

32

› Ireland and the United Kingdom

34

Continental Europe

40

Latin America

46

Sustainability Report

50

Risk Report

52

Governance

Board of Directors

62

Directors' Report

64

Chairman's Overview

67

Corporate Governance Statement

69

Nomination and Corporate Governance

Committee Report

76

Audit and Risk Committee Report

79

Remuneration Committee Report

83

Financial Statements

Directors and Other Information

100

Statement of Directors' Responsibilities

101

Independent auditors' report

102

Consolidated Income Statement

109

Consolidated Statement of Comprehensive Income

110

Consolidated Statement of Financial Position

111

Consolidated Statement of Changes In Equity

113

Consolidated Statement of Cash Flows

114

Group Accounting Policies

115

Notes to the Group Financial Statements

123

Company Accounting Policies

180

Company Balance Sheet

183

Company Statement of Changes in Equity

184

Notes to the Company Financial Statements

185

Read about our progress in Continental Europe on pages 44 and 45

Read about Origin Amenity Solutions on page 37

Read about Our Business on page 20

1

Highlights

FY21 was an improved year for the Group with solid earnings recovery and continued strong cash generation and reduced net bank debt1.

Group revenue increase of 4.4% to €1,658.4 million, 6.6% on an underlying2 basis.

Operating profit of €61.0 million, an increase of 38.3%, 42.1% on an underlying2 basis.

Group operating margin of 3.7% (2020: 2.8%).

Adjusted diluted earnings per share of 35.50 cent.

Strong cash generation with free cash flow of €49.2 million (2020: €64.3 million).

Net bank debt1 of €14.4 million (2020: €53.2 million).

  1. Before the impact of IFRS 16 leases.
  2. Excluding currency movements and the impact of acquisitions.

2

Working capital outflow of €4.0 million (2020: Inflow of €30.3 million).

Proposed final dividend of 7.85 cent

per share giving total dividend of 11.00 cent.

Agronomy and Inputs volume growth of 4.9%, pricing improvements of 3.5% and an acquisition contribution of 0.7%, on a constant currency basis.

Acquisition of Green-tech, the UK's leading landscaping, forestry and ground maintenance equipment provider.

Divestment of Pillaert, the Group's Belgian fertiliser business.

Origin Enterprises plc Annual Report and Accounts 2021

Revenue

€1,658.4m

+4.4%

+7.2% at constant currency3

Adjusted Diluted EPS2

35.50C

+38.2%

+44.6% at constant currency3

ROCE4

9.3%

(2020: 7.3%)

Operating Profit1

HIGHLIGHTS

€61.0m

+38.3%

+44.2% at constant currency3

Free Cash Flow

€49.2m

(2020: €64.3m)

Dividend per Share

11.00C

(2020: 3.15c)

  1. Before amortisation of non-ERP intangible assets and exceptional items, and before the Group's share of profits of associates and joint venture.
  2. Before amortisation of non-ERP intangible assets, net of related deferred tax (2021: €8.6m, 2020: €7.7m) and exceptional items, net of tax (2021: credit of €1.2m, 2020: expense of €5.2m).
  3. Excluding currency movements.
  4. The definition and calculation of ROCE is set out on page 19.

Note: All references to constant currency in this Annual Report are due to the fact that the translation of non-euro denominated earnings are impacted by movements in local currency rates versus the euro, the Group's presentation currency. In order to reflect underlying performance more accurately in the period, the Group calculates results on a constant currency basis by retranslating non-euro denominated current year earnings at prior year exchange rates.

3

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Origin Enterprises plc published this content on 22 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 October 2021 00:33:09 UTC.


© Publicnow 2021
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Financials
Sales 2022 1 712 M 1 943 M 1 943 M
Net income 2022 41,1 M 46,6 M 46,6 M
Net Debt 2022 37,5 M 42,5 M 42,5 M
P/E ratio 2022 10,4x
Yield 2022 3,56%
Capitalization 427 M 484 M 484 M
EV / Sales 2022 0,27x
EV / Sales 2023 0,26x
Nbr of Employees 2 641
Free-Float 97,7%
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Managers and Directors
Sean Coyle Chief Executive Officer & Executive Director
T. j. Kelly Group Chief Financial Officer & Executive Director
Rose Bridget Hynes Non-Executive Chairman
Hugh James McCutcheon Senior Independent Non-Executive Director
Gary Britton Independent Non-Executive Director