TIDMWISE

RNS Number : 9136T

Wise PLC

29 November 2021

Wise plc

29 November 2021

Release of unaudited historic financial information

Wise is today releasing selected historic consolidated financial statements on an unaudited half yearly basis for the year ended 31 March 2021.

Enquiries

Martin Adams - Head of Owner Relations

martin.adams@wise.com

Condensed consolidated statement of comprehensive income (unaudited)

 
                                          Year ended  Half-year ended  Half-year 
                                                                         ended 
                                           31 March    30 September    31 March 
                                             2021           2020          2021 
 
Revenue                                     421.0          192.2         228.8 
Cost of sales                              (151.7)        (71.8)        (79.9) 
Net credit losses on financial assets       (8.8)          (1.2)         (7.6) 
Gross profit                                260.5          119.2         141.3 
 
Administrative expenses                    (217.5)        (97.6)        (119.9) 
Interest income from investments and 
 operating assets                            1.9            1.0           0.9 
Interest expense from operating assets      (3.8)          (1.6)         (2.2) 
Other income                                 3.8            1.1           2.7 
Operating profit                             44.9          22.1          22.8 
 
Finance expense                             (3.8)          (2.1)         (1.7) 
Profit before tax                            41.1          20.0          21.1 
 
Income tax expense                          (10.2)         (5.4)         (4.8) 
Profit for the period                        30.9          14.6          16.3 
 
Other comprehensive income 
Items that may be reclassified to 
 profit or loss: 
Fair value (loss)/gain on investments       (3.0)           0.2          (3.2) 
Currency translation differences            (3.8)           0.3          (4.1) 
Total other comprehensive (loss)/income     (6.8)           0.5          (7.3) 
 
Total comprehensive income for the 
 period                                      24.1          15.1           9.0 
 

Condensed consolidated statement of financial position (unaudited)

 
 
                                       As at 31   As at 30   As at 31 
                                         March    September    March 
                                         2020       2020       2021 
Non-current assets 
Deferred tax assets                      32.0       38.7       56.7 
Property, plant and equipment            19.1       16.7       24.0 
Intangible assets                        21.3       24.4       27.5 
Trade and other receivables              7.6        8.3        15.1 
Total non-current assets                 80.0       88.1      123.3 
 
Current assets 
Current tax assets                       2.1        1.7        1.1 
Trade and other receivables             102.6       89.2       81.3 
Short-term financial investments        114.1      289.3      737.5 
Cash and cash equivalents              2,077.6    2,872.1    3,358.6 
Total current assets                   2,296.4    3,252.3    4,178.5 
 
Total assets                           2,376.4    3,340.4    4,301.8 
 
Non-current liabilities 
Deferred tax liabilities                  -          -         2.0 
Non-current borrowings                   59.6       9.0        95.2 
Non-current trade and other payables     7.4        9.5        22.6 
Total non-current liabilities            67.0       18.5      119.8 
 
Current liabilities 
Borrowings                               4.2        28.3       3.5 
Current tax liabilities                  0.7        0.8        2.0 
Trade and other payables               2,107.7    3,051.2    3,891.2 
Total current liabilities              2,112.6    3,080.3    3,896.7 
 
Total liabilities                      2,179.6    3,098.8    4,016.5 
 
Equity 
Share capital                            9.4        9.4        9.4 
Equity merger reserve                   111.1      112.0      (8.0) 
Share-based payment reserves             63.8       90.0      124.5 
Own shares reserve                        -          -          - 
Other reserves                           2.3        2.5       (0.7) 
Retained earnings                        8.9        26.1      162.6 
Currency translation differences         1.3        1.6       (2.5) 
Total equity                            196.8      241.6      285.3 
 
Total liabilities and equity           2,376.4    3,340.4    4,301.8 
 

Condensed consolidated statement of cash flows (unaudited)

 
                                            Year ended  Half-year ended  Half-year 
                                                                           ended 
                                             31 March    30 September    31 March 
                                               2021           2020          2021 
Cash flows from operating activities 
 
Cash generated from operations               2,076.3        1,012.0       1,064.3 
Interest received                              7.6            2.7           4.9 
Interest expense paid                         (6.0)          (2.7)         (3.3) 
Corporate income tax paid                     (4.0)          (0.8)         (3.2) 
Net cash generated from operating 
 activities                                  2,073.9        1,011.2       1,062.7 
 
Cash flows from investing activities 
 
Payments for property, plant and 
 equipment                                    (2.3)          (1.1)         (1.2) 
Payment for intangible assets                 (20.9)        (10.1)        (10.8) 
Payments for financial assets at 
 FVOCI                                       (723.9)        (222.7)       (501.2) 
Proceeds from sale and maturity of 
 financial assets at FVOCI                     75.3          41.1          34.2 
Net cash used in investing activities        (671.8)        (192.8)       (479.0) 
 
Cash flows from financing activities 
 
Proceeds from issues of shares and 
 other equity                                  0.9            0.9            - 
Proceeds from borrowings                      118.6          25.0          93.6 
Repayments of borrowings                      (90.0)        (50.0)        (40.0) 
Payments for lease liabilities                (4.7)          (2.4)         (2.3) 
Net cash generated from financing 
 activities                                    24.8         (26.5)         51.3 
 
Net increase in cash and cash equivalents    1,426.9         791.9         635.0 
 
Cash and cash equivalents at beginning 
 of the period                               2,077.6        2,077.6       2,872.1 
Effects of exchange rate changes 
 on cash and cash equivalents                (145.9)          2.6         (148.5) 
Cash and cash equivalents at end 
 of the period                               3,358.6        2,872.1       3,358.6 
 

Condensed consolidated statement of changes in equity (unaudited)

 
 
                  Share capital   Equity   Share-based  Own shares  Other reserves  Retained     Currency     Total 
                                  merger     payment      reserve                    earnings   translation   equity 
                                  reserve    reserves                                           differences 
================  =============  ========  ===========  ==========  ==============  =========  ============  ======= 
 
 
At 1 April 2020        9.4        111.1       63.8          -            2.3           8.9         1.3        196.8 
 
Profit for the 
 period                 -           -           -           -             -           14.6          -         14.6 
Fair value gain 
 on investments         -           -           -           -            0.2            -           -          0.2 
Foreign currency 
 translation 
 differences            -           -           -           -             -             -          0.3         0.3 
Total 
 comprehensive 
 income for 
 the period             -           -           -           -            0.2          14.6         0.3        15.1 
================  =============  ========  ===========  ==========  ==============  =========  ============  ======= 
 
Share-based 
 employee 
 compensation 
 expense                -           -         18.0          -             -             -           -         18.0 
Deferred tax on 
 share-based 
 compensation           -           -         10.8          -             -             -           -         10.8 
Share options 
 exercises              -          0.9        (2.6)         -             -            2.6          -          0.9 
At 30 September 
 2020                  9.4        112.0       90.0          -            2.5          26.1         1.6        241.6 
================  =============  ========  ===========  ==========  ==============  =========  ============  ======= 
 
Profit for the 
 period                 -           -           -           -             -           16.3          -         16.3 
Fair value loss 
 on investments         -           -           -           -           (3.2)           -           -         (3.2) 
Foreign currency 
 translation 
 differences            -           -           -           -             -             -         (4.1)       (4.1) 
Total 
 comprehensive 
 income for 
 the period             -           -           -           -           (3.2)         16.3        (4.1)        9.0 
================  =============  ========  ===========  ==========  ==============  =========  ============  ======= 
 
Reduction of 
 share capital          -        (120.0)        -           -             -           120.0         -           - 
Share-based 
 employee 
 compensation 
 expense                -           -         18.9          -             -             -           -         18.9 
Deferred tax on 
 share-based 
 compensation           -           -         15.8          -             -             -           -         15.8 
Share options 
 exercises              -           -         (0.2)         -             -            0.2          -           - 
At 31 March 2021       9.4        (8.0)       124.5         -           (0.7)         162.6       (2.5)       285.3 
================  =============  ========  ===========  ==========  ==============  =========  ============  ======= 
 

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