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).
- Before the impact of IFRS 16 leases.
- 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)
- Before amortisation of non-ERP intangible assets and exceptional items, and before the Group's share of profits of associates and joint venture.
- 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).
- Excluding currency movements.
- 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
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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.