Genus plc Reports Interim Results for the Six Months Ended 31 December 2023

CHALLENGING MARKETS – MANAGEMENT ACTIONS TAKEN

WEBCAST AVAILABLE TODAY AT 7:01 AM 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 2023. 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, Jorgen Kokke, Chief Executive, said:

“Genus faced challenging markets which impacted performance in the first half of the year. We have taken rapid action including initiating a comprehensive programme to accelerate the value delivery from our bovine operations. We have also completed a strategic review of R&D activities. The Company is benefitting from savings achieved in the first half and will benefit further in the second half of the year and into FY25, as we optimise resource allocation to best deliver our growth objectives.

In North America, Europe and Latin America PIC continued to achieve growth in royalty revenues and operating profit, illustrating the strength of PIC’s business model. China continues to be a challenging porcine market, however enhanced commercial focus is delivering results. New royalty customers were signed in the first half which gives us more confidence that our sales approach is effective. The opportunity in China remains significant and given the success of the relationship with our local partner, BCA, we are jointly exploring ways to accelerate our collaboration going forward.

ABS saw weakness across most markets. China dairy was particularly challenging; not only did conventional volumes suffer from a double-digit decline in the dairy herd, but mix was also impacted as demand for sexed genetics reduced.

As described in our recent trading update, taking into account management actions taken, and assuming that present market conditions persist for the balance of the fiscal year, management expects fiscal year 2024 adjusted profit before tax to be not less than £58m in actual currency. We are seeing the positive impact of our actions to accelerate value delivery which will deliver further benefit in the second half and in subsequent years.”

Outlook

Conditions remain challenging for our customers in several parts of the world and we have driven acceleration of our value delivery initiatives to improve performance in the first half, with further action being taken in the second half. Our focus is on driving commercial excellence and efficiency improvements at ABS as well as concentrating our R&D efforts on projects with the most attractive commercial outcomes.

With management actions taken, and assuming that present market conditions persist for the balance of the fiscal year, management expects fiscal year 2024 adjusted profit before tax to be not less than £58m in actual currency1. Management remains committed to strong profit growth in the medium-term.

Results presentation today

A pre-recorded analysts and bankers briefing to discuss the interim results for the six months ended 31 December 2023 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/65a7b66cc5ec665c02ecf7b9

An archived recording of the webcast will also be available on the Investors section of the Company’s website.

Results Highlights

Adjusted results1

Statutory results

Actual currency

Constant currency change2

Actual currency

Six months ended 31 December

2023

2022

Change

2023

2022

Change

£m

Revenue

333.6

350.2

(5)

333.6

350.2

(5)

Operating profit

33.0

41.2

(20)

(14)

21.3

14.7

Operating profit inc JVs

38.1

48.3

(21)

(17)

n/a

n/a

Profit before tax

29.2

42.2

(31)

(26)

14.3

15.0

(5)

Free cash flow

(3.3)

(3.3)

n/m3

Basic earnings per share (pence)

33.3

48.8

(32)

(27)

20.6

20.4

Dividend per share (pence)

10.3

10.3

Resilient revenue delivery amidst challenging markets

Low growth and prices in protein production across several markets, China the most impactful
Decisive management actions taken:
- Value Acceleration Programme underway in ABS to improve profitability and returns from investments
- R&D strategic review completed to sharpen alignment to strategic and commercial goals
Commercialisation of the PRP (PRRS Resistant Pig) remains on track; US FDA regulatory progress, genotypic and phenotypic durability submissions accepted. Engagement has shifted to the post-product approval compliance procedures with PRP approval now expected in fiscal year 2025

As expected, first half adjusted profit performance lower year on year

Group revenue increased by +1%2 in constant currency (5% decrease in actual currency)
Adjusted operating profit including joint ventures decreased 17%2 in constant currency (21% decrease in actual currency)
Adjusted profit before tax (PBT) decreased 26%2 (31% decrease in actual currency) as lower profit performances in China of PIC and ABS, and higher net finance costs were partially offset by profit growth in the rest of the Group
Statutory PBT 5% lower at £14.3m, with a £2.6m increase in the non-cash fair value IAS41 valuation of biological assets of the Group, offset by exceptional expenses of £7.5m
Stable free cash outflow1 of £3.3m (2022: £3.3m outflow) as lower adjusted profit performance, higher exceptional expenses and interest costs were offset by positive working capital management
Cash conversion increased to 69%1 (2022: 62%), in line with expectations
Net debt1 increased to £250.1m, as expected, with a net debt to EBITDA ratio of 2.1x1
Adjusted earnings per share 32% lower and interim dividend of 10.3p per share unchanged, with 2.2x1 adjusted earnings cover

Reporting format change

Product Development costs now being allocated to PIC and ABS, having previously been reported within the R&D division; management has determined that this better aligns the costs as well as the opportunities of this activity with the businesses; no change to group adjusted operating profit.

Divisional headlines

PIC – Resilient trading ex-China continuing to gain market share, ongoing challenging environment in China
- Strategically important royalty revenue growth of 2%2 with volumes also growing 2% demonstrating the strength of the royalty model
- Adjusted operating profit including joint ventures decreased by 10%2; PIC trading regions ex-China grew adjusted operating profit by 5%, but was impacted primarily by China’s decrease in adjusted operating profit, PRP commercialisation costs and higher product development costs due to expansion into PIC’s Atlas farm
- Enhanced commercial focus in China gaining traction; new royalty customers won in the period demonstrating the attractiveness of PIC’s royalty model and genetics
ABS – Challenging trading across all regions; significant action taken to improve performance
- Volumes decreased 6% (ABS ex-China down 2%) with sexed volumes up 2% and beef volumes down 5%
- Revenue increased 3% in constant currency supported by robust price increases and product mix
- Adjusted operating profit decreased 15%, due to lower trading volumes in all regions except Europe partially offset by growth in IntelliGen third party contracts and management’s mitigating price and cost actions
- Comprehensive Value Acceleration Programme; leadership change and targeted restructuring. Focused price action, production rationalisation and other cost efficiencies delivered £1.3m in FY24 H1 with a further £5m of savings expected in FY24 H2, resulting in £10m annualised savings expected for FY25. Exceptional restructuring costs of £2.9m recognised through the FY24 H1 condensed income statement. Further ABS restructuring to continue in the second half and additional exceptional restructuring costs are anticipated in FY24 H2
- In January 2024, US and NZ litigations with ST were settled outside the courts, details in the condensed financial statements.
R&D – Investment decreased by 8%2 as planned
- Sharpened focus on key priorities that aligns to our strategy, has a compelling commercial opportunity, is deliverable, and leads to a portfolio that is balanced overall
- Strategic review completed and expected to give rise to annual cost savings of £5m in FY25. We expect to recognise c£1m of associated exceptional cost in FY24 H2.

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.

Constant currency percentage movements are calculated by restating the results for the six months ended 31 December 2023 at the average exchange rates applied to adjusted operating profit for the year ended 30 June 2023. Percentages are calculated on prior period restated figures. Please see Note 1 on the notes to the condensed set of Financial Statements changes of reportable segments

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 85 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 competition, inflation, deflation, the timing effect and other uncertainties of future acquisitions or combinations within relevant industries, the rate of on-going porcine re-stocking in China after African Swine Fever, 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 2023

Six months ended 31 December 2023 £m

Six months ended 31 December

2022 £m

Year ended 30 June

2023 £m

REVENUE

333.6

350.2

689.7

Adjusted operating profit

33.0

41.2

74.6

Adjusting items:

– Net IAS 41 valuation movement on biological assets

2.6

(17.2)

(16.9)

– Amortisation of acquired intangible assets

(2.9)

(4.8)

(7.7)

– Share-based payment expense

(3.9)

(2.3)

(6.0)

(4.2)

(24.3)

(30.6)

Exceptional items (net)

(7.5)

(2.2)

(3.5)

Total adjusting items

(11.7)

(26.5)

(34.1)

OPERATING PROFIT

21.3

14.7

40.5

Share of post-tax profit of joint ventures and associates retained

5.3

6.4

10.5

Other gains and losses

(3.4)

2.7

Finance costs

(11.0)

(6.1)

(15.4)

Finance income

2.1

1.1

PROFIT BEFORE TAX

14.3

15.0

39.4

Taxation

(4.0)

(3.0)

(7.6)

PROFIT FOR THE PERIOD

10.3

12.0

31.8

ATTRIBUTABLE TO:

Owners of the Company

13.5

13.4

33.3

Non-controlling interest

(3.2)

(1.4)

(1.5)

10.3

12.0

31.8

EARNINGS PER SHARE

Basic earnings per share

20.6p

20.4p

50.8p

Diluted earnings per share

20.4p

20.3p

50.5p

Alternative Performance Measures

Adjusted operating profit

33.0

41.2

74.6

Adjusted operating loss attributable to non–controlling interest

0.4

0.2

0.4

Pre–tax share of profits from joint ventures and associates excluding net IAS 41 valuation movement

4.7

6.9

10.8

Adjusted operating profit including joint ventures and associates

38.1

48.3

85.8

Net finance costs

(8.9)

(6.1)

(14.3)

Adjusted profit before tax

29.2

42.2

71.5

Adjusted earnings per share

Basic adjusted earnings per share

33.3p

48.8p

84.8p

Diluted adjusted earnings per share

33.1p

48.5p

84.2p

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. For more information on APMs, see APM Glossary.

GENUS PLC

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the six months ended 31 December 2023

Six months ended 31 December 2023

Six months ended 31 December 2022

Year ended 30 June 2023

£m

PROFIT FOR THE PERIOD

10.3

12.0

31.8

Items that may be reclassified subsequently to profit or loss

Foreign exchange translation differences

(2.1)

(4.5)

(27.2)

Fair value movement on net investment hedges

(0.4)

(0.9)

Fair value movement on cash flow hedges

(1.3)

0.6

0.8

Tax relating to components of other comprehensive expense

0.3

0.7

3.1

(3.5)

(4.1)

(23.3)

Items that may not be reclassified subsequently to profit or loss

Actuarial losses on retirement benefit obligations

(9.0)

(36.4)

(40.4)

Movement on pension asset recognition restriction

9.1

36.9

38.3

Release of additional pension liability

–

3.0

Gain on equity instruments measured at fair value

0.2

1.1

1.7

Tax relating to components of other comprehensive expense/(income)

(0.3)

(1.2)

0.3

1.3

1.4

OTHER COMPREHENSIVE EXPENSE FOR THE PERIOD

(3.2)

(2.8)

(21.9)

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

7.1

9.2

9.9

ATTRIBUTABLE TO:

Owners of the Company

10.3

10.9

11.1

Non-controlling interest

(3.2)

(1.7)

(1.2)

7.1

9.2

9.9

GENUS PLC

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the six months ended 31 December 2023

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 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

–

(24.2)

–

(24.2)

0.3

(23.9)

Fair value movement on net investment hedges, net of tax

–

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

–

0.7

–

0.7

Actuarial loss on retirement benefit obligations, net of tax

–

(30.3)

–

(30.3)

Movement on pension asset recognition restriction, net of tax

–

28.7

–

28.7

Recognition of additional pension liability, net of tax

–

2.3

–

2.3

Other comprehensive (expense)/income for the year

–

(24.2)

0.6

1.4

(22.2)

0.3

(21.9)

Profit/(loss) for the year

–

33.3

(1.5)

31.8

Total comprehensive income/(expense) for the year

–

(24.2)

0.6

34.7

11.1

(1.2)

9.9

Recognition of share-based payments, net of tax

–

6.3

–

6.3

Dividends

–

(21.0)

–

(21.0)

Adjustment arising from change in non-controlling interest and written put option

–

(0.1)

BALANCE AT 30 JUNE 2023

6.6

179.1

(0.1)

26.7

2.0

360.6

574.9

(7.7)

567.2

Foreign exchange translation differences, net of tax

–

(2.3)

–

(2.3)

0.1

(2.2)

Fair value movement on net investment hedges, net of tax

–

(0.3)

–

(0.3)

–

(0.3)

Fair value movement on cash flow hedges, net of tax

–

(1.0)

–

(1.0)

–

(1.0)

Gain on equity instruments measured at fair value, net of tax

–

0.2

–

0.2

Actuarial losses on retirement benefit obligations, net of tax

–

(6.8)

–

(6.8)

Movement on pension asset recognition restriction, net of tax

–

6.9

–

6.9

Other comprehensive expense for the period

–

(2.6)

(1.0)

0.3

(3.3)

0.1

(3.2)

Profit/(loss) for the period

–

13.5

(3.2)

10.3

Total comprehensive income for the period

–

(2.6)

(1.0)

13.8

10.2

(3.1)

7.1

Recognition of share-based payments, net of tax

–

3.9

–

3.9

Dividends

–

(14.2)

–

(14.2)

Adjustment arising from change in non-controlling interest and written put option

–

8.9

BALANCE AT 31 DECEMBER 2023

6.6

179.1

(0.1)

24.1

1.0

364.1

574.8

(1.9)

572.9

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 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

Actuarial losses on retirement benefit obligations, net of tax

–

(29.4)

–

(29.4)

Movement on pension asset recognition restriction, net of tax

–

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

(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

Dividends

–

(14.2)

–

(14.2)

Adjustment arising from change in non-controlling interest and written put option

–

(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

GENUS PLC

CONDENSED CONSOLIDATED BALANCE SHEET

As at 31 December 2023

31 December 2023 £m

31 December 2022 £m

30 June 2023 £m

ASSETS

Goodwill

111.9

111.7

107.8

Other intangible assets

67.5

68.4

66.2

Biological assets

319.3

322.7

318.2

Property, plant and equipment

190.2

168.3

164.4

Interests in joint ventures and associates

53.1

49.1

53.5

Other investments

4.2

11.7

8.8

Derivative financial assets

1.1

2.6

4.9

Other receivables

10.2

8.1

8.2

Deferred tax assets

19.0

10.1

16.5

TOTAL NON-CURRENT ASSETS

776.5

752.7

748.5

Inventories

65.6

59.2

61.3

Biological assets

31.0

30.9

23.8

Trade and other receivables

134.4

135.9

132.1

Cash and cash equivalents

42.0

42.3

36.3

Income tax receivable

3.2

2.0

4.0

Derivative financial assets

1.2

0.9

1.5

Asset held for sale

0.2

TOTAL CURRENT ASSETS

277.4

271.4

259.0

TOTAL ASSETS

1,053.9

1,024.1

1,007.5

LIABILITIES

Trade and other payables

(105.3)

(110.8)

(122.0)

Interest-bearing loans and borrowings

(7.0)

(7.3)

(4.2)

Provisions

(1.9)

(2.1)

(1.8)

Deferred consideration

(0.6)

–

Obligations under leases

(11.5)

(9.9)

(10.0)

Tax liabilities

(1.0)

(1.8)

(7.4)

Derivative financial liabilities

(1.6)

(1.7)

(1.8)

TOTAL CURRENT LIABILITIES

(128.9)

(133.6)

(147.2)

Interest-bearing loans and borrowings

(226.2)

(214.9)

(196.0)

Retirement benefit obligations

(6.6)

(7.3)

(6.9)

Provisions

(10.3)

(11.0)

(10.3)

Deferred consideration

(0.6)

(0.6)

Deferred tax liabilities

(54.2)

(55.8)

(51.2)

Derivative financial liabilities

(6.8)

(6.3)

(6.2)

Obligations under leases

(47.4)

(24.7)

(21.9)

TOTAL NON-CURRENT LIABILITIES

(352.1)

(320.6)

(293.1)

TOTAL LIABILITIES

(481.0)

(454.2)

(440.3)

NET ASSETS

572.9

569.9

567.2

EQUITY

Called up share capital

6.6

6.6

Share premium account

179.1

179.1

Own shares

(0.1)

(0.1)

Translation reserve

24.1

46.5

26.7

Hedging reserve

1.0

2.0

Retained earnings

364.1

344.0

360.6

EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY

574.8

578.1

574.9

Non-controlling interest

3.6

(2.5)

(2.2)

Put option over non-controlling interest

(5.5)

(5.7)

(5.5)

TOTAL NON-CONTROLLING INTEREST

(1.9)

(8.2)

(7.7)

TOTAL EQUITY

572.9

569.9

567.2

GENUS PLC

CONDENSED CONSOLIDATED GROUP STATEMENT OF CASH FLOWS

For the six months ended 31 December 2023

Six months ended 31 December 2023 £m

Six months ended 31 December 2022 £m

Year ended 30 June

2023 £m

NET CASH FLOW FROM OPERATING ACTIVITIES

6.0

11.8

50.4

CASH FLOWS FROM INVESTING ACTIVITIES

Dividends received from joint ventures and associates

4.5

–

2.6

Joint venture and associate loan investment

–

(1.9)

Acquisition of joint venture and associate

(1.2)

(2.0)

(1.0)

Acquisition of controlling interest in Xelect Limited (see note 19)

(2.9)

–

Sale of other investments

4.7

–

3.4

Acquisition of investments

(0.4)

Payment of deferred consideration

(0.8)

Purchase of property, plant and equipment

(9.0)

(10.7)

(25.9)

Purchase of intangible assets

(5.4)

(4.3)

(9.3)

Proceeds from sale of property, plant and equipment

0.6

–

2.4

NET CASH OUTFLOW FROM INVESTING ACTIVITIES

(8.7)

(18.2)

(30.9)

CASH FLOWS FROM FINANCING ACTIVITIES

Drawdown of borrowings

90.2

80.1

126.8

Repayment of borrowings

(57.8)

(47.2)

(111.7)

Payment of lease liabilities

(8.9)

(5.9)

(11.1)

Equity dividends paid

(14.2)

(14.2)

(21.0)

Dividend to non-controlling interest

(0.1)

Debt issue costs

(1.1)

NET CASH INFLOW/(OUTFLOW) FROM FINANCING ACTIVITIES

9.3

11.6

(18.2)

NET INCREASE IN CASH AND CASH EQUIVALENTS

6.6

5.2

1.3

Cash and cash equivalents at start of period

36.3

38.8

Net increase in cash and cash equivalents

6.6

5.2

1.3

Effect of exchange rate fluctuations on cash and cash equivalents

(0.9)

(1.7)

(3.8)

TOTAL CASH AND CASH EQUIVALENTS AT END OF PERIOD

42.0

42.3

36.3

GENUS PLC

ANALYSIS OF NET DEBT

For the six months ended 31 December 2023

At 1 July 2023

Net cash flows

Foreign exchange

Non-cash movement

At 31 December 2023

£m

Cash and cash equivalents

36.3

6.6

(0.9)

–

42.0

Interest-bearing loans - current

(4.2)

(2.3)

(0.5)

(7.0)

Lease liabilities - current

(10.0)

8.9

(10.4)

(11.5)

(14.2)

6.6

(10.9)

(18.5)

Interest-bearing loans - non-current

(196.0)

(30.1)

(0.1)

–

(226.2)

Lease liabilities - non-current

(21.9)

–

0.1

(25.6)

(47.4)

(217.9)

(30.1)

(25.6)

(273.6)

Total debt financing

(232.1)

(23.5)

(36.5)

(292.1)

Net debt

(195.8)

(16.9)

(0.9)

(36.5)

(250.1)

Included within non-cash movements is £36.0m in relation to net new leases and £0.5m in the unwinding of debt issue cost.

At 1 July 2022

Net cash flows

Foreign exchange

Non-cash movement

At 31 December 2022

£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)

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/20240221222132/en/

Enquiries:

Genus plc (Jorgen Kokke, Chief Executive Officer / Alison Henriksen, Chief Financial Officer) Tel: +44 1256 345970

Buchanan (Charles Ryland / Sophie Wills / Verity Parker) Tel: +44 207 4665000

Genius (AMEX:GNS)
Historical Stock Chart
From Mar 2024 to Apr 2024