Genus plc Reports Preliminary Results for the Year Ended 30 June 2021
Genus (LSE:GNS) reports strong preliminary results for the fiscal year ending June 30, 2021, achieving a 4% revenue growth, boosted by double-digit growth in adjusted operating profits for both PIC and ABS. Key markets include China, Brazil, and India. The company noted a 28% increase in adjusted operating profit, reflecting significant strategic progress and strong cash flow, with a recommended 10% increase in dividends. However, short-term challenges are anticipated in the Chinese porcine market, potentially lowering growth in FY22 before recovery in FY23.
- Revenue increased by 4% to £574.3m, with a 10% growth in constant currency.
- Adjusted operating profit rose by 28% to £76.9m, reflecting strong performance in PIC and ABS.
- Record growth in ABS volume, up 15%, driven by successful genetics products.
- Successful expansion in key markets like China, Brazil, India, and Russia.
- Strong cash flow of £37.5m and a recommended 10% increase in dividends.
- Volatility in the Chinese porcine market expected to create short-term headwinds in FY22.
VERY STRONG PERFORMANCE AND SIGNIFICANT STRATEGIC PROGRESS
CONTINUED RESILIENCE THROUGHOUT COVID-19 PANDEMIC
WEBCAST AVAILABLE AT
“Genus performed very strongly and made significant strategic progress in the 2021 fiscal year. The Group continued to show its resilience during the COVID-19 pandemic and I would like to thank our people who have shown great dedication to our customers whilst navigating the many challenges that the pandemic has caused.
“Both PIC and ABS grew adjusted operating profits in double digits, with
“ABS’s volume growth in the year was a record, driven by the continued success of Sexcel®, and strong performance by our proprietary NuEra® beef genetics.
“We also made significant progress across many fronts in our R&D programmes, with for example successful disease trials of our PRRSv resistant pigs, and the establishment of a new world leading team in reproductive biology.
“Looking ahead, the outlook for the Group remains positive and we are confident in our strategy and the many opportunities for Genus. Group performance in FY20 and FY21 was very strong, with good growth across both ABS and PIC, led in particular by strong growth in PIC China, where the opportunity remains large. However, recent volatility in the Chinese porcine market is expected to continue for some months, creating a short-term headwind in FY22, primarily for PIC China. As a result of this headwind, and despite an expected strong performance in the other areas of the business, we expect Genus’s growth to be lower than our medium-term goal in the current year before increasing again in FY23.”
OUTLOOK
Looking ahead, the outlook for the Group remains positive and we are confident in our strategy and the many opportunities for Genus. Group performance in FY20 and FY21 was very strong, with good growth across both ABS and PIC, led in particular by strong growth in PIC China, where the opportunity remains large. However, recent volatility in the Chinese porcine market is expected to continue for some months, creating a short-term headwind in FY22, primarily for PIC China. As a result of this headwind, and despite expected strong performance in the other areas of the business, we expect Genus’s growth to be lower than our medium-term goal in the current year before increasing again in FY23.
RESULTS PRESENTATION TODAY
A pre-recorded webcast briefing to discuss the preliminary results will be held via a video webcast facility and will be accessible via the following link from
https://webcasting.buchanan.uk.com/broadcast/611b87c8c97de6636c2d95db
RESULTS HIGHLIGHTS
|
Adjusted results1 |
|
Statutory results |
|||||||||||
|
Actual currency |
|
Constant
|
|
Actual currency |
|||||||||
Year ended 30 June |
2021 |
|
restated
|
|
Change |
|
|
2021 |
|
restated
|
|
Change |
||
|
£m |
|
£m |
|
% |
|
% |
|
£m |
|
£m |
|
% |
|
Revenue |
574.3 |
|
551.4 |
|
4 |
|
10 |
|
574.3 |
|
551.4 |
|
4 |
|
Operating profit exc JVs |
76.9 |
|
60.1 |
|
28 |
|
34 |
|
47.7 |
|
42.4 |
|
13 |
|
Operating profit inc JVs exc gene editing |
97.4 |
|
76.0 |
|
28 |
|
37 |
|
n/a |
|
n/a |
|
n/a |
|
Profit before tax |
84.8 |
|
65.8 |
|
29 |
|
38 |
|
55.8 |
|
46.3 |
|
21 |
|
Profit before tax excluding SaaS impact3 |
87.5 |
|
71.0 |
|
23 |
|
32 |
|
|
|
|
|
|
|
Free cash flow |
37.5 |
|
35.2 |
|
7 |
|
n/m4 |
|
|
|
|
|
|
|
Basic earnings per share (pence) |
100.9 |
|
77.3 |
|
31 |
|
40 |
|
72.6 |
|
54.4 |
|
33 |
|
Dividend per share (pence) |
|
|
|
|
|
|
|
|
32.0 |
|
29.1 |
|
10 |
|
REVENUE GROWTH OF
-
Strong revenue growth of
11% 2 in PIC, our porcine genetics business; royalty revenue up11% 2, with royalty revenue inChina more than doubling and good growth inLatin America andEurope -
Continued royalty growth and high breeding stock sales in
China contributed to PIC volume growth of11% (up5% excludingChina ) -
Excellent revenue growth of
13% 2 in ABS, our bovine genetics business, particularly inBrazil ,Russia ,India andChina ; continued success with Sexcel® (sexed genetics) and NuEra® (beef genetics) -
Record ABS volume growth of
15% , with sexed volumes up29% and beef up22%
VERY STRONG ADJUSTED PROFIT BEFORE TAX (‘PBT’)1 GROWTH, UP
-
Adjusted operating profit including joint ventures and excluding gene editing cost1 up
37% 2 -
Double digit adjusted operating profit growth1 in PIC (up
16% 2) and ABS (up21% 2); R&D investment increased2% 2 -
Statutory PBT increased
21% to£55.8m , adversely impacted by a reduced net IAS 41 non-cash fair value biological asset valuation, offset by lower exceptional costs -
Foreign currency translation adverse impact on adjusted PBT of
£6.3m , primarily reflecting weakness in LATAM currencies
STRONG CASH GENERATION, EARNINGS MOMENTUM AND INCREASED DIVIDEND
-
Strong free cash flow1 of
£37.5m , net debt1 of£105.6m , net debt to EBITDA1 ratio remains strong at 0.9x -
Adjusted earnings per share1 up
40% in constant currency2 -
Recommended final dividend up
10% with 3.2x adjusted earnings cover1
SIGNIFICANT STRATEGIC PROGRESS
- Continued to win new customers globally, due to our leading porcine and bovine genetics; genetic improvements contributing to the reduction in use of energy, water and land in animal protein production
-
PIC
China continues to win customers; five new key accounts in FY21; now serving over one third of top Chinese producers -
Continued shift in ABS’s product mix;
23% of global sales volume comprising sexed genetics and embryos reflecting Sexcel’s® continued success;29% beef genetics reflecting the growing use of NuEra beef genetics in dairy herds -
Acquisition in
Spain of Sergal (total consideration£7.7m ) expands supply chain and sireline market share in world’s fourth largest pig market -
GenusOne enterprise system successful roll-out continues, with
North America completed andSpain now live - Significant capex investment underway, to support expansion of best-in-industry facilities for PIC and ABS
-
Good progress with carbon reduction with the primary intensity ratio5 reduced by
11% cumulative compared with FY19 baseline
BUILDING R&D CAPABILITIES AND OPPORTUNITY PIPELINE
- Good progress with the Porcine Reproductive Respiratory Syndrome virus (‘PRRSv’) resistance development programme, with two successful disease trials and a defined path to regulatory approval
- Next generation of IntelliGen, Gen2 (‘Gen2’) sexing technology launched; more compact, effective and efficient than the previous generation technology
- Rapidly built world class reproductive biology team and secured strategic partnerships with leading external collaborators
-
Strategic minority investment in Xelect (
£2.4m ), a genetics improvement consultancy in the fast-growing aqua genetics market
FINANCIAL REVIEW
In the year ended
In line with the IFRIC Interpretation Committee’s new agenda decision published in
On a statutory basis, profit before tax was
Genus continues to report adjusted results as Alternative Performance Measures (‘APMs’), which are used by the Board to monitor underlying performance at a Group and operating segment level and are applied consistently throughout. These APMs should be considered in addition to, and not as a substitute for or as superior to statutory measures.
The effect of exchange rate movements on the translation of our overseas profits was to reduce the Group’s adjusted profit before tax for the year by
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 80 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
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
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
GROUP INCOME STATEMENT
For the year ended
|
2021
|
(restated)
|
||
REVENUE |
574.3 |
551.4 |
||
Adjusted operating profit |
76.9 |
60.1 |
||
Adjusting items: |
|
|
||
– Net IAS 41 valuation movement on biological assets |
(10.8) |
15.8 |
||
– Amortisation of acquired intangible assets |
(7.4) |
(8.5) |
||
– Share-based payment expense |
(7.7) |
(5.8) |
||
|
(25.9) |
1.5 |
||
– Exceptional items: |
|
|
||
– Litigation |
(2.5) |
(16.4) |
||
– Acquisition and integration |
(0.3) |
(2.1) |
||
– Pension related |
(2.3) |
– |
||
– Other |
1.8 |
(0.7) |
||
Total exceptional items |
(3.3) |
(19.2) |
||
Total adjusting items |
(29.2) |
(17.7) |
||
|
|
|
||
OPERATING PROFIT |
47.7 |
42.4 |
||
Share of post-tax profit of joint ventures and associates retained |
13.1 |
8.9 |
||
Finance costs |
(5.4) |
(5.3) |
||
Finance income |
0.4 |
0.3 |
||
PROFIT BEFORE TAX |
55.8 |
46.3 |
||
Taxation |
(9.0) |
(10.6) |
||
PROFIT FOR THE YEAR |
46.8 |
35.7 |
||
ATTRIBUTABLE TO: |
|
|
||
Owners of the Company |
47.3 |
35.3 |
||
Non-controlling interest |
(0.5) |
0.4 |
||
|
46.8 |
35.7 |
||
EARNINGS PER SHARE |
|
|
||
Basic earnings per share |
72.6p |
54.4p |
||
Diluted earnings per share |
72.0p |
54.0p |
||
|
|
|
||
|
2021
|
(restated)
|
||
|
|
|
||
Alternative Performance Measures |
|
|
||
Adjusted operating profit |
76.9 |
60.1 |
||
Adjusted operating profit attributable to non–controlling interest |
(0.1) |
(0.6) |
||
Pre–tax share of profits from joint ventures and associates excluding net IAS 41 valuation movement |
13.0 |
11.3 |
||
Gene editing costs |
7.6 |
5.2 |
||
Adjusted operating profit including joint ventures and associates, excluding gene editing costs |
97.4 |
76.0 |
||
Gene editing costs |
(7.6) |
(5.2) |
||
Adjusted operating profit including joint ventures and associates |
89.8 |
70.8 |
||
Net finance costs |
(5.0) |
(5.0) |
||
Adjusted profit before tax |
84.8 |
65.8 |
||
|
|
|
||
Adjusted earnings per share |
|
|
||
Basic adjusted earnings per share |
100.9p |
77.3p |
||
Diluted adjusted earnings per share |
100.1p |
76.7p |
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. |
GROUP STATEMENT OF COMPREHENSIVE INCOME
For the year ended
|
2021
|
2021
|
(restated)
|
(restated)
|
||||
PROFIT FOR THE YEAR |
|
46.8 |
|
35.7 |
||||
Items that may be reclassified subsequently to profit or loss |
|
|
|
|
||||
Foreign exchange translation differences |
(45.2) |
|
(4.9) |
|
||||
Fair value movement on net investment hedges |
0.4 |
|
(0.1) |
|
||||
Fair value movement on cash flow hedges |
0.2 |
|
(0.4) |
|
||||
Tax relating to components of other comprehensive expense |
7.6 |
|
(1.4) |
|
||||
|
|
(37.0) |
|
(6.8) |
||||
Items that may not be reclassified subsequently to profit or loss |
|
|
|
|
||||
Actuarial gain/(loss) on retirement benefit obligations |
22.3 |
|
(16.6) |
|
||||
Movement on pension asset recognition restriction |
(0.1) |
|
10.4 |
|
||||
(Recognition)/release of additional pension liability |
(19.9) |
|
4.7 |
|
||||
Gain on equity instruments measured at fair value |
6.7 |
|
– |
|
||||
Tax relating to components of other comprehensive income/(expense) |
(2.0) |
|
0.8 |
|
||||
|
|
7.0 |
|
(0.7) |
||||
OTHER COMPREHENSIVE EXPENSE FOR THE YEAR |
|
(30.0) |
|
(7.5) |
||||
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
|
16.8 |
|
28.2 |
||||
|
|
|
|
|
||||
ATTRIBUTABLE TO: |
|
|
|
|
||||
Owners of the Company |
17.1 |
|
|
27.9 |
||||
Non-controlling interest |
(0.3) |
|
|
0.3 |
||||
|
|
16.8 |
|
28.2 |
GROUP STATEMENT OF CHANGES IN EQUITY
For the year ended
|
Called up
|
Share
|
Own
|
Translation
|
Hedging
|
Retained
|
Total
|
Non-
|
Total
|
|||||||||
BALANCE AT |
6.5 |
179.0 |
(0.1) |
35.8 |
0.2 |
267.0 |
488.4 |
(1.3) |
487.1 |
|||||||||
Prior period restatement |
– |
– |
– |
– |
– |
(8.1) |
(8.1) |
– |
(8.1) |
|||||||||
BALANCE AT |
6.5 |
179.0 |
(0.1) |
35.8 |
0.2 |
258.9 |
480.3 |
(1.3) |
479.0 |
|||||||||
Foreign exchange translation differences, net of tax |
– |
– |
– |
(6.4) |
– |
– |
(6.4) |
(0.1) |
(6.5) |
|||||||||
Fair value movement on net investment hedges, net of tax |
– |
– |
– |
0.1 |
– |
– |
0.1 |
– |
0.1 |
|||||||||
Fair value movement on cash flow hedges, net of tax |
– |
– |
– |
– |
(0.4) |
– |
(0.4) |
– |
(0.4) |
|||||||||
Actuarial gain on retirement benefit obligations, net of tax |
– |
– |
– |
– |
– |
(10.4) |
(10.4) |
– |
(10.4) |
|||||||||
Movement on pension asset recognition restriction, net of tax |
– |
– |
– |
– |
– |
6.8 |
6.8 |
– |
6.8 |
|||||||||
Release of additional pension liability, net of tax |
– |
– |
– |
– |
– |
2.9 |
2.9 |
– |
2.9 |
|||||||||
Other comprehensive (expense)/income for the year |
– |
– |
– |
(6.3) |
(0.4) |
(0.7) |
(7.4) |
(0.1) |
(7.5) |
|||||||||
Profit for the year |
– |
– |
– |
– |
– |
35.3 |
35.3 |
0.4 |
35.7 |
|||||||||
Total comprehensive (expense)/income for the year |
– |
– |
– |
(6.3) |
(0.4) |
34.6 |
27.9 |
0.3 |
28.2 |
|||||||||
Recognition of share-based payments, net of tax |
– |
– |
– |
– |
– |
5.5 |
5.5 |
– |
5.5 |
|||||||||
Dividends |
– |
– |
– |
– |
– |
(18.3) |
(18.3) |
– |
(18.3) |
|||||||||
Issue of ordinary shares |
– |
0.1 |
– |
– |
– |
– |
0.1 |
– |
0.1 |
|||||||||
BALANCE AT |
6.5 |
179.1 |
(0.1) |
29.5 |
(0.2) |
280.7 |
495.5 |
(1.0) |
494.5 |
|||||||||
Foreign exchange translation differences, net of tax |
– |
– |
– |
(37.7) |
– |
– |
(37.7) |
0.2 |
(37.5) |
|||||||||
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 |
– |
– |
– |
|
0.2 |
– |
0.2 |
– |
0.2 |
|||||||||
Gain on equity instruments measured at fair value, net of tax |
– |
– |
– |
– |
– |
5.0 |
5.0 |
– |
5.0 |
|||||||||
Actuarial gains on retirement benefit obligations, net of tax |
– |
– |
– |
– |
– |
19.8 |
19.8 |
– |
19.8 |
|||||||||
Movement on pension asset recognition restriction, net of tax |
– |
– |
– |
– |
– |
(0.1) |
(0.1) |
– |
(0.1) |
|||||||||
Recognition of additional pension liability, net of tax |
– |
– |
– |
– |
– |
(17.7) |
(17.7) |
– |
(17.7) |
|||||||||
Other comprehensive (expense)/income for the year |
– |
– |
– |
(37.4) |
0.2 |
7.0 |
(30.2) |
0.2 |
(30.0) |
|||||||||
Profit/(loss) for the year |
– |
– |
– |
– |
– |
47.3 |
47.3 |
(0.5) |
46.8 |
|||||||||
Total comprehensive (expense)/income for the year |
– |
– |
– |
(37.4) |
0.2 |
54.3 |
17.1 |
(0.3) |
16.8 |
|||||||||
Recognition of share-based payments, net of tax |
– |
– |
– |
– |
– |
4.9 |
4.9 |
– |
4.9 |
|||||||||
Dividends |
– |
– |
– |
– |
– |
(19.5) |
(19.5) |
– |
(19.5) |
|||||||||
Adjustment arising from change in non-controlling interest and written put option |
– |
– |
– |
– |
– |
– |
– |
(0.2) |
(0.2) |
|||||||||
Issue of ordinary shares |
0.1 |
– |
– |
– |
– |
– |
0.1 |
– |
0.1 |
|||||||||
BALANCE AT |
6.6 |
179.1 |
(0.1) |
(7.9) |
– |
320.4 |
498.1 |
(1.5) |
496.6 |
GROUP BALANCE SHEET
As at
|
2021
|
(restated)
|
(restated)
|
|||
ASSETS |
|
|
|
|||
|
101.5 |
105.6 |
106.3 |
|||
Other intangible assets |
56.3 |
62.9 |
72.0 |
|||
Biological assets |
279.9 |
310.1 |
287.1 |
|||
Property, plant and equipment |
123.0 |
117.9 |
86.0 |
|||
Interests in joint ventures and associates |
34.1 |
22.7 |
23.6 |
|||
Other investments |
14.7 |
6.9 |
7.4 |
|||
Derivative financial assets |
– |
– |
0.4 |
|||
Other receivables |
1.8 |
1.8 |
– |
|||
Deferred tax assets |
8.0 |
3.7 |
3.5 |
|||
TOTAL NON-CURRENT ASSETS |
619.3 |
631.6 |
586.3 |
|||
Inventories |
37.0 |
37.4 |
36.0 |
|||
Biological assets |
39.6 |
39.8 |
40.1 |
|||
Trade and other receivables |
106.2 |
100.8 |
98.0 |
|||
Cash and cash equivalents |
46.0 |
41.3 |
30.5 |
|||
Income tax receivable |
2.6 |
3.1 |
3.3 |
|||
Derivative financial assets |
0.1 |
1.2 |
1.1 |
|||
Asset held for sale |
0.2 |
0.2 |
0.2 |
|||
TOTAL CURRENT ASSETS |
231.7 |
223.8 |
209.2 |
|||
TOTAL ASSETS |
851.0 |
855.4 |
795.5 |
|||
LIABILITIES |
|
|
|
|||
Trade and other payables |
(110.3) |
(95.0) |
(87.7) |
|||
Interest-bearing loans and borrowings |
(13.9) |
(9.2) |
(2.1) |
|||
Provisions |
(1.3) |
(4.0) |
(3.1) |
|||
Deferred consideration |
(1.6) |
(7.5) |
(2.0) |
|||
Obligations under leases |
(9.0) |
(10.0) |
(2.2) |
|||
Tax liabilities |
(6.4) |
(4.0) |
(6.1) |
|||
Derivative financial liabilities |
– |
(0.5) |
(1.0) |
|||
TOTAL CURRENT LIABILITIES |
(142.5) |
(130.2) |
(104.2) |
|||
Trade and other payables |
(1.4) |
(3.3) |
– |
|||
Interest-bearing loans and borrowings |
(109.4) |
(103.6) |
(101.9) |
|||
Retirement benefit obligations |
(11.1) |
(18.1) |
(24.2) |
|||
Provisions |
(11.1) |
(11.8) |
(5.7) |
|||
Deferred consideration |
(0.5) |
(1.2) |
(4.2) |
|||
Deferred tax liabilities |
(53.0) |
(65.5) |
(66.7) |
|||
Derivative financial liabilities |
(6.1) |
(6.1) |
(5.7) |
|||
Obligations under leases |
(19.3) |
(21.1) |
(3.9) |
|||
TOTAL NON-CURRENT LIABILITIES |
(211.9) |
(230.7) |
(212.3) |
|||
TOTAL LIABILITIES |
(354.4) |
(360.9) |
(316.5) |
|||
NET ASSETS |
496.6 |
494.5 |
479.0 |
|||
EQUITY |
|
|
|
|||
Called up share capital |
6.6 |
6.5 |
6.5 |
|||
Share premium account |
179.1 |
179.1 |
179.0 |
|||
Own shares |
(0.1) |
(0.1) |
(0.1) |
|||
Translation reserve |
(7.9) |
29.5 |
35.8 |
|||
Hedging reserve |
– |
(0.2) |
0.2 |
|||
Retained earnings |
320.4 |
280.7 |
258.9 |
|||
EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY |
498.1 |
495.5 |
480.3 |
|||
Non-controlling interest |
3.6 |
4.6 |
4.2 |
|||
Put option over non-controlling interest |
(5.1) |
(5.6) |
(5.5) |
|||
TOTAL NON-CONTROLLING INTEREST |
(1.5) |
(1.0) |
(1.3) |
|||
TOTAL EQUITY |
496.6 |
494.5 |
479.0 |
GROUP STATEMENT OF CASH FLOWS
For the year ended
|
2021
|
(restated)
|
||
NET CASH FLOW FROM OPERATING ACTIVITIES |
67.5 |
60.1 |
||
|
|
|
||
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
||
Dividends received from joint ventures and associates |
4.1 |
2.5 |
||
Joint venture loan (payment)/repayment |
(0.4) |
1.2 |
||
Disposal of joint venture |
– |
3.8 |
||
Acquisition of joint venture and associate |
(2.4) |
(2.2) |
||
Acquisition of trade and assets |
(6.9) |
– |
||
Acquisition of investments |
(0.9) |
– |
||
Payment of deferred consideration |
(6.7) |
(1.7) |
||
Purchase of property, plant and equipment |
(28.7) |
(24.6) |
||
Purchase of intangible assets |
(5.1) |
(5.1) |
||
Proceeds from sale of property, plant and equipment |
0.3 |
1.1 |
||
NET CASH OUTFLOW FROM INVESTING ACTIVITIES |
(46.7) |
(25.0) |
||
|
|
|
||
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
||
Drawdown of borrowings |
195.1 |
80.0 |
||
Repayment of borrowings |
(176.1) |
(73.8) |
||
Payment of lease liabilities |
(11.7) |
(11.1) |
||
Equity dividends paid |
(19.5) |
(18.3) |
||
Dividend to non-controlling interest |
(0.2) |
– |
||
Debt issue costs |
(1.9) |
– |
||
Issue of ordinary shares |
0.1 |
0.1 |
||
NET CASH OUTFLOW FROM FINANCING ACTIVITIES |
(14.2) |
(23.1) |
||
NET INCREASE IN CASH AND CASH EQUIVALENTS |
6.6 |
12.0 |
||
|
|
|
||
Cash and cash equivalents at start of the year |
41.3 |
30.5 |
||
Net increase in cash and cash equivalents |
6.6 |
12.0 |
||
Effect of exchange rate fluctuations on cash and cash equivalents |
(1.9) |
(1.2) |
||
TOTAL CASH AND CASH EQUIVALENTS AT 30 JUNE |
46.0 |
41.3 |
| ____________________ | |
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. |
2 |
Constant currency percentage movements are calculated by restating the results for the year ended |
3 |
The Group has changed its accounting policy related to the capitalisation of certain software assets following the IFRIC Interpretation Committee’s agenda decision published in |
4 |
n/m = not meaningful |
5 |
The primary intensity ratio is a measure of the Group’s Scope 1 and 2 emissions per tonne of animal weight |
View source version on businesswire.com: https://www.businesswire.com/news/home/20210908006170/en/
Enquiries:
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Source:
FAQ
What were Genus's preliminary results for the fiscal year ended 30 June 2021?
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