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Origin Enterprises (OGN)

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Thursday 20 September, 2007

Origin Enterprises

Preliminary Results

Origin Enterprises Plc
20 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'Mahony
said:

'2007 marked a significant milestone in the development of Origin. All Group
businesses performed strongly reflecting demand led growth within Agri-Nutrition
and brand extension and development within Food. The successful IPO and
syndication of bank facilities during the year provides Origin with investment
capacity to fund strategic development. The acquisition of the controlling
interest in Odlums subsequent to year-end is an excellent fit complementing the
Group's existing food brands and represents the first step in the strategic
development of Origin. The Group continues to make progress with its significant
property portfolio. We remain confident about the prospects for earnings growth
from our existing businesses and from strategic development opportunities.'

The Preliminary Results Announcement is available on the company website
www.originenterprises.com. The institutional presentation will be posted on the
website during the day.


ENDS



For reference contact:

Brendan Fitzgerald, Chief Financial Officer               +353 1 6121259
Joe Murray, Murray Consultants                            +353 1 4980300
                                                         +353 86 2534950





                         PRELIMINARY RESULTS STATEMENT


The year under review saw the emergence of renewed optimism within the primary
sectors of the food industry resulting in strong demand led growth bringing new
momentum to Origin's key Agri-Nutrition markets. In Food, the Group continued to
reposition and extend its core brands creating new growth opportunities. Plans
to maximise the potential of the Group's extensive property portfolio have also
been advanced, particularly for its landmark 32 acre Cork city centre docklands
footprint.

Group revenue was 8.9 per cent higher at €889.4m, driven primarily by the
Agri-Nutrition Division which accounts for 73 per cent of revenues. Increasing
worldwide demand for food and the development of new applications for
traditional food crops is driving the value of primary producer output resulting
in higher demand for key protein, energy and nutrient ingredients supplied by
Origin. Revenues in the Agri-Nutrition division increased by 11 per cent in the
period.

The Food Division experienced strong like for like revenue growth from the
development of its branded product ranges. Ongoing development work and new
product introductions are driving the successful extension of these brands into
the convenience snacking and wellness categories. Since year end this momentum
has been accelerated with the acquisition of the remaining 50 per cent of
Odlums, adding an additional high profile range of branded goods to the Shamrock
and 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 South
Docks Local Area Plan which is designed to facilitate the development and
regeneration of Cork city as well as the wider Southwest region. Origin has made
comprehensive submissions in response to this plan and is currently finalising a
planning application for its key gateway site to the South Docks.

Operating profit * increased by 10 per cent to €38.1m from €34.7m in the
previous year. Operating profit within the Agri-Nutrition division increased by
12 per cent to €27.7m, benefiting from improved operating efficiencies and
increased volumes. Operating profit within Food increased by 5 per cent to
€10.4m, principally driven by sales growth in its branded products and the
extension of these product lines. The operating margin in Food improved from 4.2
per cent to 4.3 per cent.

Origin's associate investments in the period under review include a 50 per cent
interest 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 €41.8m
compared 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 the
adjusted 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 the
undertaking and assets of the original businesses of IAWS Group, plc.

*EPS, Profit for the financial year, Profit before financing and Operating
profit are stated before intangible amortisation and exceptional items.

** Profit before tax, Profit for the financial year and Earnings per Share for
the year ended 31 July 2007 are not directly comparable with the 2006 numbers as
the 2007 results reflects the financing costs associated 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 the wider IAWS Group plc and the interest
charge accordingly does not reflect the current financial structure.



                             Review of Operations

Agri-Nutrition

Agri-Nutrition which comprises agri-inputs (animal feed ingredients and
fertiliser importing and distribution) and marine proteins & oils (manufacture
and distribution of fishmeal and oil) increased revenue in the year by 11 per
cent to €647.7m with operating profit increasing by 12 per cent to €27.7m.

Higher sales volumes and improved operating efficiencies were the main
contributors to the improved performance. The outlook for primary food
production remains buoyant. This is being driven by increasing food demand
resulting from a combination of global population growth and rising living
standards against a back drop of a restricted capability of global agricultural
production to match this increased demand. In addition the increased awareness
of climate change and energy security has placed a significant focus on
agriculture as an alternative energy supplier in the form of increased demand
for grain crops for use in the biofuels industry. The combination of these
factors has provided a price impetus in the key primary markets.

In Ireland both Feed Ingredients and Fertiliser delivered a satisfactory
performance. At farm level confidence remains high as evidenced by stable
livestock numbers and continuing capital investment despite the impact of
significant input cost pressure. While the immediate effects of the single farm
decoupled payment are difficult to isolate at this stage the longer term impact
will be improved economies of scale and greater control over decision making at
the level of the farm enterprise.

In the UK the improved returns for arable farming in particular had a positive
impact on the Group's fertiliser volumes in the year. The substantial investment
in UK biofuel capacity is providing an impetus to UK cereal production leading
to increased cereal plantings which augurs well for future fertiliser
consumption.

Marine Proteins delivered a satisfactory performance in a year characterised by
high prices for fishmeal principally driven by the continued growth in
aquaculture. Origin's manufacturing facilities are strategically located in
close proximity to the main pelagic fisheries in the North Atlantic. Killybegs
in the North West of Ireland represents the optimal landing location for large
commercial trawlers given the increasing emphasis on trawler efficiency in terms
of the sourcing and landing of fish raw material. Plans to double Origin's
capacity at Killybegs are progressing and the Group remains on schedule to
commission a modern state-of-the-art facility.


Food

Food delivered a satisfactory performance with strong underlying sales growth in
the Shamrock and Roma brands as well as continuing growth within its agency
businesses. Revenue increased to €241.7m with operating profit increasing by 5
per cent to €10.4m.

Roma which has a leading market position within ambient Italian food ingredients
experienced strong sales growth reflecting the continuing momentum within the
category and the benefit of a number of new product launches during the year.
Shamrock as Ireland's leading home-baking brand achieved very satisfactory year
on year sales growth, through a combination of its strong home baking base and
the continuing extension of the brand into broader convenience snacking and
wellness categories.

On 30 August 2007, following receipt of clearance from the Competition
Authority, Origin completed the acquisition of the remaining 50 per cent of
Odlums 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 market
position within the growing flour and oatmeal categories in Ireland in addition
to a growing branded export oatmeal business. The acquisition is an excellent
fit for Origin complementing its existing food brands and raw material sourcing
and logistics capability. The business comes with the benefit of a developable
property footprint within the area covered by the recently published Cork South
Docks 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 property
portfolio. 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 to
the City Centre. In September 2006, Origin submitted a strategic master plan
setting out its vision for the rejuvenation of this key city asset. In June
2007, Cork City Council published the 'Cork South Docks Local Area Plan'
('SDLAP'). The SDLAP sets out, for consultation, the City Council's vision for
development of the South Docks. In August 2007, Origin made comprehensive
submissions in response to the SDLAP in respect of its holdings. Cork City
Council will shortly publish proposed amendments to the draft Plan arising from
consideration of the various submissions received.

A planning application for Origin's key 2 acre riverfront site is currently
being finalised. This site, by virtue of its position adjacent to the City
Centre, 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 currently
zoned for industrial / warehouse use under the Kildare County Development Plan
2005 - 2011. A master plan for this site is currently being prepared for
discussion with Kildare County Council.


Dividend

As previously outlined no dividend will be paid in respect of the year ended 31
July 2007. The Board will review its dividend policy in 2008 bearing in mind the
financial resources required for the development of the Group.


Outlook

The Origin businesses are well positioned and have the operational flexibility
to take advantage of opportunities within the primary sectors of the food
industry. The Group is well placed to achieve growth from continuing operations
in the current financial year.



ENDS

Origin Enterprises plc
Group income statement
for 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            -     816,871
Cost of        (793,046)           -    (793,046)    (726,971)           -    (726,971)
sales
             __________   __________  __________   __________   __________  __________

Gross profit     96,317            -      96,317       89,900            -      89,900
Operating
costs, net      (58,190)       1,146     (57,044)     (55,210)       1,575     (53,635)
             __________   __________  __________   __________   __________  __________

Operating
profit
before
amortisation
of intangible
assets           38,127        1,146      39,273       34,690        1,575      36,265

Amortisation 
of intangible      
assets             (797)           -        (797)        (722)           -      (722)
             __________   __________  __________   __________    _________  __________

Operating
profit           37,330        1,146      38,476       33,968        1,575      35,543
Share of
profit of
associates        3,674            -       3,674        4,371            -      4,371
             __________   __________  __________   __________    _________  __________

Profit          
before
financing
costs            41,004        1,146      42,150       38,339        1,575      39,914
Financing
income            2,310            -       2,310        1,173            -       1,173
Financing      
costs            (4,955)           -      (4,955)      (2,119)           -      (2,119)
               __________   __________  __________   _________    __________  __________

Profit
before tax       38,359        1,146      39,505       37,393        1,575      38,968
Income tax
expense          (6,406)        (450)     (6,856)      (6,617)        (674)     (7,291)
               _________    __________  __________   __________   __________  __________

Profit for
the financial
year              31, 953        696     32, 649       30,776          901      31,677
                =========    =========    ========     ========     ========   =========

Attributable
as follows:
Equity
shareholders                              32,686                                 31, 605

Minority
interest                                     (37)                                   72
                                        __________                            __________
                                           32, 649                              31,677
                                         =========                             =========




Origin Enterprises plc
Group income statement (continued)
for the year ended 31 July 2007


Earnings per share                                  2007          2006

Basic -adjusted
Excluding amortisation and exceptional items      24.65c        23.62c

Diluted adjusted
Excluding amortisation and exceptional items      23.93c           N/A

Basic
Including amortisation and exceptional items      24.57c        23.76c

Diluted
Including amortisation and exceptional items      23.86c           N/A





Origin Enterprises plc
Group statement of recognised income and expense
for the year ended 31 July 2007

                                          2007                    2006
                                         €'000                   €'000
Items of income and expense
recognised directly in
equity

Foreign exchange translation             
adjustment                               2,053                   1,417

Actuarial gain on Group's             
defined benefit pension
schemes                                  7,039                   2,932

Deferred tax effect of
actuarial gain                            (895)                   (214)

Actuarial gain on
associate's defined 
benefit scheme                           3,745                       -

Loss relating to cash flow
hedges and other                        (1,027)                 (1,531)

Deferred tax effect of
cash flow hedges and other                 298                     159

Revaluation gains on properties 
transferred to investment            
properties                              87,380                       -

Deferred tax effect on
gains on revaluation of properties
transferred 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 and
expense for the year                   116,034                  34,440
                                   ===========                ==========


Attributable as follows:

Equity shareholders                    116,071                  34,368
Minority interest                          (37)                     72
                                      _______                  ______
                                          

Total recognised income and
expense for the year                   116,034                  34,440
                                   ===========              ==========





Origin Enterprises plc
Group balance sheet
as at 31 July 2007

                                                2007             2006
                                               €'000            €'000

ASSETS

Non current assets
Property, plant and equipment                 71,149           81,872
Investment properties                        165,473                -
Goodwill and intangible assets                15,220           16,647
Investments in associates                     26,521           19,620
Deferred tax assets                            1,633            2,082
                                          __________       __________    


Total non current assets                     279,996          120,221
                                          __________       __________
     

Current assets
Inventory                                     67,476           56,254
Trade 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 plc
Group balance sheet (continued)
as at 31 July 2007

                                                      2007        2006
                                                     €'000       €'000
EQUITY


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 liabilities
Interest bearing borrowings                         83,000           -
Employee benefits                                    1,771       9,040
Deferred government grants                           2,674       2,695
Deferred tax liabilities                            31,740       5,482
                                                  ________    ________

Total non current liabilities                      119,185      17,217
                                                  ________    ________

                                                                     
Current liabilities
Interest bearing borrowings                         20,691         232
Trade and other payables                           127,026     118,671
Corporation tax payable                              8,556       5,300
Derivative 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 statement
for the year ended 31 July 2007                        
                                                       2007       2006
                                                      €'000      €'000

Cash flows from operating activities
Profit before tax                                    39,505     38,968
Financing costs, net                                  2,645        946
Share of profit of associates                        (3,674)    (4,371)
Depreciation of property, plant and equipment         7,527      7,350
Amortisation of intangible assets                       797        722
Amortisation 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 working
capital                                              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 plc
Group cash flow statement (continued)
for the year ended 31 July 2007

                                                       2007       2006
                                                      €'000      €'000

Cash flows from investing activities
Proceeds 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                             -        668
Disposal 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 results
statement has been extracted from the Group financial statements for the year
ended 31 July 2007 on which the auditor has issued an unqualified audit opinion.

The financial information has been prepared in accordance with the accounting
policies set out in the Group's consolidated financial statements for the year
ended 31 July 2007 which were prepared in accordance with International
Financial Reporting Standards as adopted by the EU.

The consolidated financial information is presented in euro, rounded to the
nearest thousand, which is the functional currency of the parent and majority of
the Group's operations.

In October 2006 IAWS Group plc announced its intention to establish a new
operating company within its Group to create a specialist focus around its
original core Agri and Ambient Foods businesses. In April 2007 as part of a
group reorganisation the original core Agri and Ambient Foods businesses were
transferred to the Company (which was incorporated on 11 September 2006) at
which stage it was a wholly owned subsidiary of IAWS Group plc. It converted to
a plc on 29 May 2007 and shares in Origin were admitted to trading on the IEX
and AIM markets of the Dublin and London Stock Exchanges on 5 June 2007.

The businesses transferred to the Company were distinguishable both
operationally and for financial reporting purposes from the other operations of
IAWS Group plc.

The consolidated financial statements for the Group for the year ended 31 July
2007 have been prepared as if the Group had always existed and consequently
reflect the pre-existing carrying values in IAWS Group plc of the assets and
liabilities transferred to the Company while the Group income statement, Group
statement of recognised income and expenses and Group cash flow statement
present the results, performance and cash flows of the businesses for the full
year to 31 July 2007. The comparative information has also been presented as
though the transaction had been implemented throughout the prior period.
However, stand alone banking facilities and the capital structure of the Group
were only established in May 2007. Consequently, share capital and share premium
are only separately identified from May 2007 and previous financing was
reflected in the total amount due to/from IAWS Group plc.

Accordingly, profit before tax, profit for the financial year and earnings per
share for the year ended 31 July 2007 are not directly comparable with the 2006
comparatives as the financial information for 2007 reflects the financing costs
associated 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 the
wider IAWS Group plc and the interest charge accordingly does not reflect the
current 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
                  ======     ======     ======     ======     ======      ======

Operating
profit before
exceptional
items and
amortisation
of intangible
assets          10,474      9,937     27,653     24,753     38,127      34,690

Exceptional
items           (1,314)         -      2,460      1,575      1,146       1,575
                 _______    _______    _______    _______    _______     _______

Operating
profit before
amortisation
of intangible
assets           9,160      9,937     30,113     26,328     39,273      36,265

Amortisation
of intangible      
assets            (501)      (498)      (296)      (224)      (797)       (722)
                 _______    _______    _______    _______    _______     _______

Operating
profit           8,659      9,439     29,817     26,104     38,476      35,543

Share of
profit of
associates       1,886      2,667      1,788      1,704      3,674       4,371
                 _______    _______    _______    _______    _______     _______

Profit
before
financing     
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 earnings
per 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 earnings
per share                        32,787      23.93
                                   ======     ======




Origin Enterprises plc
Notes 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 of
investment
properties          -          -          -     87,380         -           -            -          -      87,380

Deferred tax
on revaluation      -          -          -    (15,208)        -           -            -          -     (15,208)

Issue of
ordinary
shares          1,382    153,855          -          -         -           -            -          -     155,237

Share issue
expenses            -     (1,691)         -          -         -           -            -          -      (1,691)

Movement on
reorganisation
reserve             -    113,018          -          -         -    (288,768)           -          -    (175,750)

Share based
payments            -          -          -          -       205           -            -          -         205

Foreign
exchange
translation         -          -          -          -         -           -        2,053          -       2,053

Group defined
benefit pension
schemes             -          -          -          -         -           -            -      7,039       7,039

Deferred tax
on Group
defined        
benefit
schemes             -          -          -          -         -           -            -       (895)       (895)

Net actuarial
gain on
associate        
defined
benefit
pension        
scheme              -          -          -          -         -           -            -      3,745       3,745

Losses related
to cash flow     
hedges and
other               -          -     (1,027)         -         -           -            -          -      (1,027)

Deferred tax
relating to
cash flow hedges
and other           -          -        298          -         -           -            -          -         298

Profit for the
period           
attributable  
to equity
holders             -          -          -          -         -           -            -     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 earned
and reported in 2007 which has not been allocated between the periods pre and
post the reorganisation transaction in April 2007 that established the Origin
Group.

                      This information is provided by RNS
            The company news service from the London Stock Exchange