ANNUAL REPORT & ACCOUNTS 2022
SHAPINGwww.originenterprises.com
A MORE
SUSTAINABLE
FUTURE
SHAPING A MORE SUSTAINABLE FUTURE THROUGH AGRONOMY AND AMENITY SOLUTIONS
STRATEGY
We have aligned our strategic priorities to focus on a model of sustainable land use.
BUSINESS REVIEW
Origin is a recognised market leader in the provision of Agronomy Services.
SUSTAINABILITY REPORT The Group has a standalone Sustainability Report, with highlights set out on pages 44 and 45. The full report can be accessed at: www.originenterprises.com
_ Read about it on page 26 | _ Read about it on pages 32 to 41 |
15% | 10.6 m | 38% |
hectares annually | ||
decrease in | influenced by | of the Group's |
fleet emissions | advice or products | purchased electricity |
since 2017 | delivered by an | now generated from |
Origin entity | renewable sources |
CONTENTS
STRATEGIC REPORT | GOVERNANCE | ||||||||||
At a Glance | 6 | Board of Directors | 58 | ||||||||
Our Segments | 7 | Directors' Report | 60 | ||||||||
Chairman's Statement | 8 | Chairman's Overview | 64 | ||||||||
Chief Executive's Review | 10 | Corporate Governance Statement | 66 | ||||||||
Financial Review | 12 | Nomination and Corporate Governance | |||||||||
Alternative Performance Measures | 18 | Committee Report | 73 | ||||||||
Our Business | 20 | Audit and Risk Committee Report | 76 | ||||||||
Business Model | 24 | Remuneration Committee Report | 80 | ||||||||
Strategy | 26 | FINANCIAL STATEMENTS | |||||||||
Key Performance Indicators | 30 | ||||||||||
Business Review | 32 | Directors and Other Information | 94 | ||||||||
Sustainability Report | 44 | ||||||||||
Risk Report | 46 | Statement of Directors' Responsibilities | 95 | ||||||||
Independent Auditors' Report | 96 | ||||||||||
Consolidated Income Statement | 104 | ||||||||||
Consolidated Statement of Comprehensive Income | 105 | ||||||||||
Consolidated Statement of Financial Position | 106 | ||||||||||
Consolidated Statement of Changes in Equity | 108 | ||||||||||
Consolidated Statement of Cash Flows | 110 | ||||||||||
Group Accounting Policies | 111 | ||||||||||
Notes to the Group Financial Statements | 120 | ||||||||||
Company Balance Sheet | 176 | ||||||||||
Company Statement of Changes in Equity | 177 | ||||||||||
Company Accounting Policies | 178 | ||||||||||
Notes to the Company Financial Statements | 181 |
2,643
Employees | _ |
Look out for our
OWN PRODUCT
PORTFOLIO
in the Business Review. See pages 42 and 43
Contents 1
HIGHLIGHTS
FY22 DELIVERED ADJUSTED EARNINGS PER SHARE OF 71.53 CENT AND AN IMPROVED RETURN ON CAPITAL EMPLOYED OF 18.3%.
_ Group revenue increase of 41.2% to €2.3 billion, reflecting commodity price growth
_ Operating profit of €119.7 million, an increase of 96.3% (88.5% on an underlying1 basis)
_ Group operating margin of 5.1% (2021: 3.7%)
_ Adjusted diluted earnings per share
of 71.53 cent (2021: 35.50 cent)
_ Strong cash generation, with free cash flow of €108.5 million (2021: €49.2 million)
_ Net cash2 of €43.4 million (2021: Net bank debt2 of €14.4 million)
_ Working capital inflow of €16.2 million (2021: Outflow of €4.0 million)
_ Proposed final dividend of 12.85 cent per share, giving total dividend of 16.00 cent
_ Completion of first phase of Cork property disposals, generating cash flow of €19.5 million
_ Completion of €40.0 million share buyback programme at an average price of €3.97 per share
_ Return on Capital Employed of 18.3% (2021: 9.3%)
- Excluding currency movements and the impact of acquisitions.
- Before the impact of IFRS 16 leases.
2 Origin Enterprises plc Annual Report and Accounts 2022
THE GROUP'S KEY ALTERNATIVE PERFORMANCE MEASURES INCLUDE:
REVENUE | OPERATING PROFIT1 |
€2,342.1m | €119.7m |
+41.2% | +96.3% |
+38.0% at constant currency2 | +89.7% at constant currency2 |
ADJUSTED DILUTED EPS3
71.53c
+101.5%
+94.7% at constant currency2
FREE CASH FLOW4 | ROCE5 | ||
€108.5m | 18.3% | ||
2022 | €108.5m | 2022 | 18.3% |
2021 | €49.2m | 2021 | 9.3% |
2020 | €64.3m | 2020 | 7.3% |
2019 | €54.0m | 2019 | 13.2% |
DIVIDEND PER SHARE | |||
SHARE BUYBACK | 16.00c | ||
€40.0m | 2022 | 16.00c | |
2021 | 11.00c | ||
2020 | 3.15c | ||
2019 | 21.32c |
- Before amortisation of non-ERP intangible assets and exceptional items, and before the Group's share of profits of associates and joint venture.
- Excluding currency movements.
- Before amortisation of non-ERP intangible assets, net of related deferred tax (2022: €13.0m, 2021: €8.6m) and exceptional items, net of tax (2022: credit of €2.8m, 2021: credit of €1.2m).
- The definition and calculation of Free Cash Flow is set out on page 18.
- The definition and calculation of ROCE is set out on pages 18 and 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.
Highlights 3
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Origin Enterprises plc published this content on 26 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 October 2022 12:27:02 UTC.