Dublin / IR. (oe) Aryzta AG´s 71,4 percent subsidiary – Origin Enterprises PLC – which is listed on the AIM in London and the ESM in Dublin, announced its full year results for the year ended 31 July 2011. Highlights:
- Excellent financial and operating result underpinned by a buoyant trading environment for primary producers supporting firm demand for agronomy services and inputs
- Significant repositioning of non-core business followed by acquisition development in the year transforming Origin to a focused Agri-Services group
- Operating profit increase of 29,3 percent from Agri-Services to 66,0 million EUR
- Operating profit margin from Agri-Services division up 50 basis points to 5,2 percent
- Adjusted diluted earnings per share up 16,3 percent to 0,4334 EUR
- Strong cash flow performance resulting in a net debt reduction of 19,8 million EUR to 92,1 million EUR
- Proposed dividend increased by 22,2 percent to 0,11 EUR per ordinary share
Chief Executive Officer´s comment:
Commenting on the announcement of the full year 2011 results, Chief Executive Officer Tom O´Mahony said:
«Origin achieved excellent results in 2011 recording strong increases in operating profit and earnings per share in addition to robust cash generation reflecting strong underlying business momentum and earnings accretive acquisitions.
The improved backdrop for primary food production together with the sustained recovery in farm incomes has supported good volume growth and margin progression within our Agri-Services business.
The acquisition of United Agri Products, Rigby Taylor and the specialist fertiliser business of Carr´s Milling Industries PLC in the year underlines the strategic realignment of the Group´s business profile and firmly establishes Origin as a premier provider of integrated crop production systems and sustainable agricultural technologies.
The transition of Origin´s consumer foods and feed ingredient interests, Valeo Foods and R+H Hall respectively from wholly owned businesses to associates and joint venture in the year released 74,6 million EUR in cash to the Group whilst also enhancing their competitive positioning. These businesses are now strongly positioned to adapt to the changing needs of their customers and consumers in challenging markets.
Having established market leading positions through organic growth and acquisition, the Group is now well advanced in building an integrated platform with a unique capability to support primary producers in the management of the complex and evolving requirements of modern farming. This will transform the scope and scale of the business, providing growth opportunity through an extended technological capability, delivering an enhanced range of value added services that meet the needs of primary producers for scale and complete crop solutions».
