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
£m
%
%
£m
£m
%
Revenue
333.6
350.2
(5)
1
333.6
350.2
(5)
Operating profit
33.0
41.2
(20)
(14)
21.3
14.7
45
Operating profit inc JVs
38.1
48.3
(21)
(17)
n/a
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
1
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.
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 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
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 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
£m
£m
£m
£m
£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
–
0.7
Actuarial loss on retirement benefit
obligations, net of tax
–
–
–
–
–
(30.3)
(30.3)
–
(30.3)
Movement on pension asset recognition
restriction, net of tax
–
–
–
–
–
28.7
28.7
–
28.7
Recognition of additional pension
liability, net of tax
–
–
–
–
–
2.3
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
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
–
6.3
Dividends
–
–
–
–
–
(21.0)
(21.0)
–
(21.0)
Adjustment arising from change in
non-controlling interest and written put option
–
–
–
–
–
–
–
(0.1)
(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
–
0.2
Actuarial losses on retirement benefit
obligations, net of tax
–
–
–
–
–
(6.8)
(6.8)
–
(6.8)
Movement on pension asset recognition
restriction, net of tax
–
–
–
–
–
6.9
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
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
–
3.9
Dividends
–
–
–
–
–
(14.2)
(14.2)
–
(14.2)
Adjustment arising from change in
non-controlling interest and written put option
–
–
–
–
–
–
–
8.9
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
–
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
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)
(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
6.6
Share premium account
179.1
179.1
179.1
Own shares
(0.1)
(0.1)
(0.1)
Translation reserve
24.1
46.5
26.7
Hedging reserve
1.0
2.0
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)
(0.4)
Payment of deferred consideration
-
(0.8)
(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)
(0.1)
Debt issue costs
-
(1.1)
(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
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
£m
£m
£m
£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
£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)
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
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