GOOD FINANCIAL AND STRATEGIC PROGRESS
ACHIEVED
WEBCAST AVAILABLE AT 7:01AM GMT, 2.01 EST
Genus (LSE:GNS), a leading global animal genetics company, today
announces its interim results for the six months ended 31 December
2022. The full report has been made available on the investors
section of the Genus plc website. The Company will discuss its
corporate, operational and financial highlights in a pre-recorded
webcast at 7:01 AM GMT, 2.01 EST.
Commenting on the performance and outlook, Stephen Wilson
(Chief Executive) said:
“The Group achieved a good performance during the first half of
the year, despite challenging market conditions for producers in
several markets. PIC delivered a new record half year performance,
with strong momentum in North America in particular, and China’s
performance improved as the porcine market began a gradual recovery
from the cyclical downturn, as we had expected.
“The China porcine market has been on a path to recovery since
June 2022, but continues to be volatile. Since December the changes
in China’s COVID-19 polices and outbreaks of ASF have caused
imbalances in supply and demand. The pig price peaked at 28 RMB/kg
in October, but has since unexpectedly reduced to the current price
of 15 RMB/kg. Industry projections suggest prices will recover in
Spring/Summer of 2023, with consumer demand expected to improve
following the reduction of COVID-19 restrictions and supply
expected to reduce. However, there is still uncertainty as to the
shape and strength of this recovery.
“Across the regions ABS has continued to expand business with
strategic accounts by building long-term partnerships and offering
the leading combination of Sexcel and NuEra beef genetics. This,
along with robust price increases to counter inflation, meant ABS
achieved strong performances outside Latin America, in particular
in North America. Latin American beef and dairy producers faced
very challenging conditions during the period, as a result of the
inflationary effects on input costs and weak consumer demand. As a
result, ABS’s volume in Latin America declined, despite growing
market share in Brazil. The political and economic uncertainties in
the region are expected to continue to weigh on beef and dairy
producers across Latin America for the remainder of the fiscal
year.
“We also made good strategic progress with further investments
in R&D, with an increase of spend on gene editing as we move
towards FDA and international regulatory approval of our
PRRSv-resistant pigs.
“The Board remains confident in the Group’s strategy and the
many opportunities for Genus. Expectations for the 2023 fiscal year
remain unchanged.
“In a separate statement also made today, I have announced my
intention to retire on 30 September 2023 following ten years with
Genus, the last four of which I have served as the CEO. It has been
a great privilege and pleasure to lead such a talented group of
people and help to develop Genus into the leading global animal
genetics business it is today.
“Genus has many strong growth opportunities, and I will remain
fully focused on the continued successful execution of our strategy
while the Board progresses the search for my successor, in order to
achieve a smooth transition.”
Outlook
As stated above, conditions remain challenging for our customers
in several parts of the world. The most volatile conditions are
currently being experienced by Chinese pig producers and Brazilian
beef producers, and whilst there is some uncertainty as to when a
sustained improvement will occur in those markets, we are confident
that Genus remains well-placed to take advantage of a recovery.
However, the performances of our business elsewhere, in particular
in North America, are a testament to the benefits of Genus’s
geographic diversification and the strength of our strategy. More
broadly, our strong product portfolio and depth of talent in our
company give us confidence that we will continue to make strategic
and financial progress. Taking these factors into account, the
Board’s expectations for the 2023 fiscal year remain unchanged.
Results presentation today
A pre-recorded analysts and bankers briefing to discuss the
preliminary results for the six months ended 31 December 2022 will
be held via a video webcast facility and will be accessible via the
following link from 7:01am today:
https://stream.buchanan.uk.com/broadcast/63cab28d777efd4a8b5137d0
This will be followed by a live Q&A session to be held by
invitation via Zoom at 10:30am. Please contact Verity Parker at
Buchanan for details; verityp@buchanan.uk.com
Results Highlights
Adjusted results1
Statutory results
Actual currency
Constant currency
change2
Actual currency
Six months ended 31 December
2022
2021
Change
2022
2021
Change
£m
£m
%
%
£m
£m
%
Revenue
350.2
281.2
25
13
350.2
281.2
25
Operating profit
41.2
35.0
18
6
14.7
23.9
(38)
Operating profit inc JVs
48.3
39.7
22
9
n/a
n/a
n/a
Operating profit inc JVs exc gene
editing
56.0
43.3
29
15
n/a
n/a
n/a
Profit before tax
42.2
37.0
14
1
15.0
24.4
(39)
Free cash flow
(3.3)
(16.1)
n/m3
n/m3
Basic earnings per share (pence)
48.8
42.4
15
2
20.4
30.4
(33)
Dividend per share (pence)
10.3
10.3
-
Good Group performance
- Group revenue increased by 13% in constant currency (25% in
actual currency)
- Operating profit including joint ventures up 9% in constant
currency (22% in actual currency)
- R&D investment increased by 18%2 as planned, including gene
editing spend which was up 86%2 reflecting the PRRSv programme and
continued investment in other discovery projects
- Adjusted profit before tax (PBT) up 1% in constant currency
(14% in actual currency); net finance costs up 115%2
- Statutory PBT reduced by 39% to £15.0m with a reduction in the
IAS41 valuation of the Group’s biological assets, reflecting higher
global interest rates which impacted the valuation discount rates
applied
Record half-year PIC performance, gradual recovery in
China
- Strong demand for PIC’s differentiated genetics, with both new
and existing customers, drove growth in volumes up 5%, revenue up
9%2 and strategically important royalty revenue growth across all
regions, up 14%2
- Adjusted operating profit including joint ventures increased by
19%2, to a new record half-year high
- Strong profit growth continued in North America, solid
performances in Latin America and Asia. Europe’s performance
impacted by challenging market conditions in certain countries
- In China, PIC’s volumes increased by 23%, with revenue up 11%2,
royalty revenue up significantly by 102%2 and much improved
adjusted operating profit of £8.8m (2021: £1.0m)
- The China pig price peaked at 28 RMB/kg in October before
falling to 15 RMB/kg currently, due to African Swine Fever (ASF)
and COVID-19 related supply and demand volatility.
ABS volumes up 4%, revenue up 13%2, despite particularly
challenging markets in Latin America
- Expansion of long-term partnerships with strategic accounts
underpinned by Sexcel and NuEra genetics drove strong profit growth
in North America and solid performances in Europe and Asia. Latin
America’s performance impacted by very challenging market
conditions, particularly in Brazil where macroeconomics affected
supply and demand
- Continued growth in sexed genetics, volumes up 14%, through
Sexcel and third party sales of IntelliGen sexed semen production
in North America and Europe
- Overall, ABS’s adjusted operating profit declined by 7%2 due to
Latin America’s profit decrease, adverse production cost variances
and planned digital investment costs, partially offset by lower
patent royalty payments
Improved cash flows, dividend maintained
- Free cash outflow1 of £3.3m (2021: £16.1m outflow), reflecting
higher adjusted profit performance and lower capital expenditure.
Cash conversion of 62%1 (2021: 63%) in line with seasonal half-year
expectations
- Net debt1 increased to £214.5m as expected, with a net debt to
EBITDA ratio of 1.8x1, within 1.0x-2.0x targeted range
- Adjusted earnings per share 15% higher, interim dividend of
10.3p per share, with 2.8x1 adjusted earnings cover within
2.5x-3.0x targeted range
Good strategic progress achieved and continued investment for
growth
- Good progress on three new world-class elite PIC farms; Atlas
(Canada) now fully operational; Ankang (China) has commenced
stocking; Granja Genesis (Brazil) is ready for stocking;
positioning Genus well to capture future growth opportunities
- GenusOne deployed throughout the UK in the period,
implementation underway in the rest of Europe
- Settlement of the 987 appeal, the fee award appeal and the
Indian patent litigation with STgenetics (ST), delivering lower
patent royalty payments for ABS
- Genus’s PRRSv-resistant pigs programme continues to make
progress towards completing the US Food and Drug Administration
(FDA) submissions by December 2023, with an aim to secure approval
in 2024, and we are engaging with other international regulatory
agencies
1
Adjusted results are the Alternative Performance Measures (‘APMs’)
used by the Board to monitor underlying performance at a Group and
operating segment level, which are applied consistently throughout.
These APMs should be considered in addition to, and not as a
substitute for or as superior to statutory measures. For more
information on APMs, see APM Glossary.
2
Constant currency percentage movements are calculated by restating
the results for the six months ended 31 December 2022 at the
average exchange rates applied to adjusted operating profit for the
year ended 30 June 2022.
3
n/m = not meaningful
About Genus
Genus advances animal breeding and genetic improvement by
applying biotechnology and sells added value products for livestock
farming and food producers. Its technology is applicable across
livestock species and is currently commercialised by Genus in the
dairy, beef and pork food production sectors.
Genus's worldwide sales are made in over 75 countries under the
trademarks 'ABS' (dairy and beef cattle) and 'PIC' (pigs) and
comprise semen, embryos and breeding animals with superior genetics
to those animals currently in farms. Genus's customers' animals
produce offspring with greater production efficiency and quality,
and our customers use them to supply the global dairy and meat
supply chains.
Genus’s competitive edge comes from the ownership and control of
proprietary lines of breeding animals, the biotechnology used to
improve them and its global supply chain, technical service and
sales and distribution network.
Headquartered in Basingstoke, United Kingdom, Genus companies
operate in over 24 countries on six continents, with research
laboratories located in Madison, Wisconsin, USA.
Forward-looking Statements
This Announcement may contain, and the Company may make verbal
statements containing “forward-looking statements” with respect to
certain of the Company’s plans and its current goals and
expectations relating to its future financial condition,
performance, strategic initiatives, objectives and results. Readers
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this Announcement.
Forward-looking statements sometimes use words such as “aim”,
“anticipate”, “target”, “expect”, “estimate”, “intend”, “plan”,
“goal”, “believe”, “seek”, “may”, “could”, “outlook”, “will” or
other words of similar meaning. By their nature, all
forward-looking statements involve risk and uncertainty because
they relate to future events and circumstances which are beyond the
control of the Company, including amongst other things, diverse
factors such as domestic and global economic business conditions,
market-related risks such as fluctuations in commodity prices,
interest rates and exchange rates, the policies and actions of
governmental and regulatory authorities, the effect of sanctions on
the ability to trade, the effect of competition, inflation,
deflation, the timing effect and other uncertainties of future
acquisitions or combinations within relevant industries, the effect
of the spread of African Swine Fever and other animal diseases, the
continued development and improvement of our IntelliGen®
technology, the development and registration of our innovative new
products, such as our gene edited porcine reproductive and
respiratory syndrome virus resistant pigs, the continued growth in
emerging markets, the effect of tax and other legislation and other
regulations in the jurisdictions in which the Company and its
respective affiliates operate, the effect of volatility in the
equity, capital and credit markets on the Company’s profitability
and ability to access capital and credit, a decline in the
Company’s credit ratings; the effect of operational risks; and the
loss of key personnel. As a result, the actual future financial
condition, performance and results of the Company may differ
materially from the plans, goals and expectations set forth in any
forward-looking statements. Except as required by applicable law or
regulation, the Company expressly disclaims any obligation or
undertaking to publish any updates or revisions to any
forward-looking statements contained in this Announcement to
reflect any changes in the Company’s expectations with regard
thereto or any changes in events, conditions or circumstances on
which any such statement is based.
No statement in this Announcement is intended to be a profit
forecast, and no statement in this Announcement should be
interpreted to mean that earnings per share of the Company for the
current or future financial years would necessarily match or exceed
the historical published earnings per share of the Company.
Information contained in this Announcement should not be relied
upon as a guide to the Company’s future performance.
This announcement is available on the Genus website
www.genusplc.com
GENUS PLC
CONDENSED CONSOLIDATED INCOME
STATEMENT
For the six months ended 31 December
2022
Six months
ended
31 December 2022
£m
Six months
ended
31 December
2021 £m
Year
ended
30 June
2022 £m
REVENUE
350.2
281.2
593.4
Adjusted operating profit
41.2
35.0
68.8
Adjusting items:
– Net IAS 41 valuation movement on
biological assets
(17.2)
(6.8)
(5.4)
– Amortisation of acquired intangible
assets
(4.8)
(3.8)
(8.3)
– Share-based payment expense
(2.3)
(2.2)
(3.7)
(24.3)
(12.8)
(17.4)
Exceptional items (net)
(2.2)
1.7
(2.0)
Total adjusting items
(26.5)
(11.1)
(19.4)
OPERATING PROFIT
14.7
23.9
49.4
Share of post-tax profit of joint ventures
and associates retained
6.4
3.2
5.2
Finance costs
(6.1)
(2.8)
(6.6)
Finance income
–
0.1
0.4
PROFIT BEFORE TAX
15.0
24.4
48.4
Taxation
(3.0)
(5.5)
(11.7)
PROFIT FOR THE PERIOD
12.0
18.9
36.7
ATTRIBUTABLE TO:
Owners of the Company
13.4
19.9
40.9
Non-controlling interest
(1.4)
(1.0)
(4.2)
12.0
18.9
36.7
EARNINGS PER SHARE
Basic earnings per share
20.4p
30.4p
62.5p
Diluted earnings per share
20.3p
30.2p
62.2p
Alternative Performance
Measures
Adjusted operating profit
41.2
35.0
68.8
Adjusted operating profit attributable to
non–controlling interest
0.2
(0.2)
(0.3)
Pre–tax share of profits from joint
ventures and associates excluding net IAS 41 valuation movement
6.9
4.9
9.2
Gene editing costs
7.7
3.6
7.9
Adjusted operating profit including
joint ventures and associates, excluding gene editing costs
56.0
43.3
85.6
Gene editing costs
(7.7)
(3.6)
(7.9)
Adjusted operating profit including
joint ventures and associates
48.3
39.7
77.7
Net finance costs
(6.1)
(2.7)
(6.2)
Adjusted profit before tax
42.2
37.0
71.5
Adjusted earnings per share
Basic adjusted earnings per share
48.8p
42.4p
82.7p
Diluted adjusted earnings per share
48.5p
42.1p
82.3p
Adjusted results are the Alternative Performance Measures
(‘APMs’) used by the Board to monitor underlying performance at a
Group and operating segment level, which are applied consistently
throughout. These APMs should be considered in addition to
statutory measures, and not as a substitute for or as superior to
them.
GENUS PLC
CONDENSED CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
For the six months ended 31 December
2022
Six months ended 31
December 2022
Six months ended 31 December
2021
Year ended 30 June 2022
£m
£m
£m
£m
£m
£m
PROFIT FOR THE PERIOD
12.0
18.9
36.7
Items that may be reclassified
subsequently to profit or loss
Foreign exchange translation
differences
(4.5)
4.6
66.6
Fair value movement on net investment
hedges
(0.9)
0.2
(0.7)
Fair value movement on cash flow
hedges
0.6
–
1.9
Tax relating to components of other
comprehensive expense
0.7
(1.3)
(8.2)
(4.1)
3.5
59.6
Items that may not be reclassified
subsequently to profit or loss
Actuarial (losses)/gains on retirement
benefit obligations
(36.4)
24.1
27.3
Movement on pension asset recognition
restriction
36.9
(24.0)
(69.8)
Release of additional pension
liability
–
–
43.7
Gain/(loss) on equity instruments measured
at fair value
1.1
–
(6.1)
Tax relating to components of other
comprehensive (expense)/income
(0.3)
–
1.1
1.3
0.1
(3.8)
OTHER COMPREHENSIVE (EXPENSE)/INCOME
FOR THE PERIOD
(2.8)
3.6
55.8
TOTAL COMPREHENSIVE INCOME FOR THE
PERIOD
9.2
22.5
92.5
ATTRIBUTABLE TO:
Owners of the Company
10.9
23.7
97.3
Non-controlling interest
(1.7)
(1.2)
(4.8)
9.2
22.5
92.5
GENUS PLC
CONDENSED CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
For the six months ended 31 December
2022
Called up share capital
£m
Share premium account
£m
Own shares £m
Translation reserve £m
Hedging reserve £m
Retained earnings £m
Total £m
Non- controlling interest
£m
Total equity £m
BALANCE AT 30 JUNE 2021
6.6
179.1
(0.1)
(7.9)
–
320.4
498.1
(1.5)
496.6
Foreign exchange translation differences,
net of tax
–
–
–
59.4
–
–
59.4
(0.6)
58.8
Fair value movement on net investment
hedges, net of tax
–
–
–
(0.6)
–
–
(0.6)
–
(0.6)
Fair value movement on cash flow hedges,
net of tax
–
–
–
–
1.4
–
1.4
–
1.4
Loss on equity instruments measured at
fair value, net of tax
–
–
–
–
–
(4.6)
(4.6)
–
(4.6)
Actuarial gains on retirement benefit
obligations, net of tax
–
–
–
–
–
19.5
19.5
–
19.5
Movement on pension asset recognition
restriction, net of tax
–
–
–
–
–
(49.7)
(49.7)
–
(49.7)
Recognition of additional pension
liability, net of tax
–
–
–
–
–
31.0
31.0
–
31.0
Other comprehensive income for the
year
–
–
–
58.8
1.4
(3.8)
56.4
(0.6)
55.8
Profit/(loss) for the year
–
–
–
–
–
40.9
40.9
(4.2)
36.7
Total comprehensive income for the
year
–
–
–
58.8
1.4
37.1
97.3
(4.8)
92.5
Recognition of share-based payments, net
of tax
–
–
–
–
–
4.0
4.0
–
4.0
Dividends
–
–
–
–
–
(20.9)
(20.9)
–
(20.9)
Adjustment arising from change in
non-controlling interest and written put option
–
–
–
–
–
–
–
(0.1)
(0.1)
BALANCE AT 30 JUNE 2022
6.6
179.1
(0.1)
50.9
1.4
340.6
578.5
(6.4)
572.1
Foreign exchange translation differences,
net of tax
–
–
–
(3.7)
–
–
(3.7)
(0.3)
(4.0)
Fair value movement on net investment
hedges, net of tax
–
–
–
(0.7)
–
–
(0.7)
–
(0.7)
Fair value movement on cash flow hedges,
net of tax
–
–
–
–
0.6
–
0.6
–
0.6
Gain on equity instruments measured at
fair value, net of tax
–
–
–
–
–
0.8
0.8
–
0.8
Actuarial losses on retirement benefit
obligations, net of tax
–
–
–
–
–
(29.4)
(29.4)
–
(29.4)
Movement on pension asset recognition
restriction, net of tax
–
–
–
–
–
29.9
29.9
–
29.9
Other comprehensive expense for the
period
–
–
–
(4.4)
0.6
1.3
(2.5)
(0.3)
(2.8)
Profit/(loss) for the period
–
–
–
–
–
13.4
13.4
(1.4)
12.0
Total comprehensive income for the
period
–
–
–
(4.4)
0.6
14.7
10.9
(1.7)
9.2
Recognition of share-based payments, net
of tax
–
–
–
–
–
2.9
2.9
–
2.9
Dividends
–
–
–
–
–
(14.2)
(14.2)
–
(14.2)
Adjustment arising from change in
non-controlling interest and written put option
–
–
–
–
–
–
–
(0.1)
(0.1)
BALANCE AT 31 DECEMBER 2022
6.6
179.1
(0.1)
46.5
2.0
344.0
578.1
(8.2)
569.9
Called up share capital
£m
Share premium account
£m
Own shares £m
Translation reserve £m
Hedging reserve £m
Retained earnings £m
Total £m
Non- controlling interest
£m
Total equity £m
BALANCE AT 30 JUNE 2021
6.6
179.1
(0.1)
(7.9)
–
320.4
498.1
(1.5)
496.6
Foreign exchange translation differences,
net of tax
–
–
–
3.5
–
–
3.5
(0.2)
3.3
Fair value movement on net investment
hedges, net of tax
–
–
–
0.2
–
–
0.2
–
0.2
Actuarial gains on retirement benefit
obligations, net of tax
–
–
–
–
–
18.8
18.8
–
18.8
Movement on pension asset recognition
restriction, net of tax
–
–
–
–
–
(18.7)
(18.7)
–
(18.7)
Other comprehensive income for the
period
–
–
–
3.7
–
0.1
3.8
(0.2)
3.6
Profit/(loss) for the period
–
–
–
–
–
19.9
19.9
(1.0)
18.9
Total comprehensive income/(expense)
for the period
–
–
–
3.7
–
20.0
23.7
(1.2)
22.5
Recognition of share-based payments, net
of tax
–
–
–
–
–
1.5
1.5
–
1.5
Dividends
–
–
–
–
–
(14.2)
(14.2)
–
(14.2)
BALANCE AT 31 DECEMBER 2021
6.6
179.1
(0.1)
(4.2)
–
327.7
509.1
(2.7)
506.4
GENUS PLC
CONDENSED CONSOLIDATED BALANCE
SHEET
As at 31 December 2022
31 December
2022 £m
31 December
2021 £m
30 June
2022 £m
ASSETS
Goodwill
111.7
102.2
111.0
Other intangible assets
68.4
55.4
72.0
Biological assets
322.7
288.2
333.7
Property, plant and equipment
168.3
142.2
171.4
Interests in joint ventures and
associates
49.1
36.1
41.2
Other investments
11.7
15.9
10.2
Derivative financial assets
2.6
–
2.2
Other receivables
8.1
1.8
8.6
Deferred tax assets
10.1
5.1
10.1
TOTAL NON-CURRENT ASSETS
752.7
646.9
760.4
Inventories
59.2
44.3
50.9
Biological assets
30.9
36.6
33.1
Trade and other receivables
135.9
118.1
129.5
Cash and cash equivalents
42.3
45.9
38.8
Income tax receivable
2.0
3.6
4.0
Derivative financial assets
0.9
0.6
1.0
Asset held for sale
0.2
0.2
0.2
TOTAL CURRENT ASSETS
271.4
249.3
257.5
TOTAL ASSETS
1,024.1
896.2
1017.9
LIABILITIES
Trade and other payables
(110.8)
(113.1)
(124.7)
Interest-bearing loans and borrowings
(7.3)
(10.6)
(7.1)
Provisions
(2.1)
(1.6)
(1.9)
Deferred consideration
–
(1.3)
(0.8)
Obligations under leases
(9.9)
(8.6)
(10.1)
Tax liabilities
(1.8)
(4.3)
(4.9)
Derivative financial liabilities
(1.7)
(1.2)
(1.8)
TOTAL CURRENT LIABILITIES
(133.6)
(140.7)
(151.3)
Trade and other payables
–
(1.3)
(0.2)
Interest-bearing loans and borrowings
(214.9)
(151.0)
(182.1)
Retirement benefit obligations
(7.3)
(8.8)
(8.3)
Provisions
(11.0)
(10.9)
(12.0)
Deferred consideration
(0.6)
(0.6)
(0.7)
Deferred tax liabilities
(55.8)
(50.9)
(60.3)
Derivative financial liabilities
(6.3)
(6.6)
(6.4)
Obligations under leases
(24.7)
(19.0)
(24.5)
TOTAL NON-CURRENT LIABILITIES
(320.6)
(249.1)
(294.5)
TOTAL LIABILITIES
(454.2)
(389.8)
(445.8)
NET ASSETS
569.9
506.4
572.1
EQUITY
Called up share capital
6.6
6.6
6.6
Share premium account
179.1
179.1
179.1
Own shares
(0.1)
(0.1)
(0.1)
Translation reserve
46.5
(4.2)
50.9
Hedging reserve
2.0
–
1.4
Retained earnings
344.0
327.7
340.6
EQUITY ATTRIBUTABLE TO OWNERS OF THE
COMPANY
578.1
509.1
578.5
Non-controlling interest
(2.5)
2.5
(0.7)
Put option over non-controlling
interest
(5.7)
(5.2)
(5.7)
TOTAL NON-CONTROLLING INTEREST
(8.2)
(2.7)
(6.4)
TOTAL EQUITY
569.9
506.4
572.1
GENUS PLC
CONDENSED CONSOLIDATED GROUP STATEMENT
OF CASH FLOWS
For the six months ended 31 December
2022
Six months
ended
31 December
2022
£m
Six months
ended
31 December
2021 £m
Year
ended
30 June
2022 £m
NET CASH FLOW FROM OPERATING
ACTIVITIES
11.8
11.6
34.3
CASH FLOWS FROM INVESTING
ACTIVITIES
Dividends received from joint ventures and
associates
–
–
3.2
Acquisition of joint venture and
associate
(2.0)
(1.1)
(2.2)
Disposal of joint venture and
associate
–
0.1
–
Acquisition of trade and assets
–
(0.2)
(0.8)
Acquisition of Olymel AlphaGene assets
–
–
(14.5)
Acquisition of investments
(0.4)
(0.1)
(1.0)
Payment of deferred consideration
(0.8)
(0.5)
(1.0)
Purchase of property, plant and
equipment
(10.7)
(24.1)
(42.1)
Purchase of intangible assets
(4.3)
(3.7)
(8.8)
Proceeds from sale of property, plant and
equipment
-
0.1
–
NET CASH OUTFLOW FROM INVESTING
ACTIVITIES
(18.2)
(29.5)
(67.2)
CASH FLOWS FROM FINANCING
ACTIVITIES
Drawdown of borrowings
80.1
62.8
138.7
Repayment of borrowings
(47.2)
(25.4)
(83.9)
Payment of lease liabilities
(5.9)
(5.2)
(11.3)
Equity dividends paid
(14.2)
(14.2)
(20.9)
Dividend to non-controlling interest
(0.1)
–
(0.1)
Debt issue costs
(1.1)
(0.6)
(0.6)
NET CASH INFLOW FROM FINANCING
ACTIVITIES
11.6
17.4
21.9
NET INCREASE/(DECREASE) IN CASH AND
CASH EQUIVALENTS
5.2
(0.5)
(11.0)
Cash and cash equivalents at start of
period
38.8
46.0
46.0
Net increase/(decrease) in cash and cash
equivalents
5.2
(0.5)
(11.0)
Effect of exchange rate fluctuations on
cash and cash equivalents
(1.7)
0.4
3.8
TOTAL CASH AND CASH EQUIVALENTS AT END
OF PERIOD
42.3
45.9
38.8
GENUS PLC
ANALYSIS OF NET DEBT
For the six months ended 31 December
2022
At 1 July
2022
Net
cash flows
Foreign exchange
Non-cash movement
At 31 December 2022
£m
£m
£m
£m
£m
Cash and cash equivalents
38.8
5.2
(1.7)
–
42.3
Interest-bearing loans - current
(7.1)
0.4
(0.1)
(0.5)
(7.3)
Lease liabilities - current
(10.1)
5.9
0.1
(5.8)
(9.9)
(17.2)
6.3
-
(6.3)
(17.2)
Interest-bearing loans - non-current
(182.1)
(32.2)
(0.6)
–
(214.9)
Lease liabilities - non-current
(24.5)
–
0.3
(0.5)
(24.7)
(206.6)
(32.2)
(0.3)
(0.5)
(239.6)
Total debt financing
(223.8)
(25.9)
(0.3)
(6.8)
(256.8)
Net debt
(185.0)
(20.7)
(2.0)
(6.8)
(214.5)
At 1 July
2021
Net
cash flows
Foreign exchange
Non-cash movement
At 31 December 2021
£m
£m
£m
£m
£m
Cash and cash equivalents
46.0
(0.5)
0.4
–
45.9
Interest-bearing loans - current
(13.9)
3.8
(0.1)
(0.4)
(10.6)
Lease liabilities - current
(9.0)
5.2
(0.1)
(4.7)
(8.6)
(22.9)
9.0
(0.2)
(5.1)
(19.2)
Interest-bearing loans - non-current
(109.4)
(40.6)
(1.0)
–
(151.0)
Lease liabilities - non-current
(19.3)
–
(0.2)
0.5
(19.0)
(128.7)
(40.6)
(1.2)
0.5
(170.0)
Total debt financing
(151.6)
(31.6)
(1.4)
(4.6)
(189.2)
Net debt
(105.6)
(32.1)
(1.0)
(4.6)
(143.3)
Net debt is gross debt, made up of unsecured bank loans and
overdrafts and obligations under finance leases, with a deduction
for cash and cash equivalents.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230222005976/en/
Enquiries: Genus plc (Stephen Wilson, Chief Executive
Officer / Alison Henriksen, Chief Financial Officer) Tel: +44 1256
345970 Buchanan (Charles Ryland / Chris Lane / Verity Parker) Tel:
+44 207 4665000
Genius (AMEX:GNS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Genius (AMEX:GNS)
Historical Stock Chart
From Jul 2023 to Jul 2024