VERY STRONG PERFORMANCE AND SIGNIFICANT
STRATEGIC PROGRESS
CONTINUED RESILIENCE THROUGHOUT COVID-19
PANDEMIC
WEBCAST AVAILABLE AT 7:01 AM BST, 2.01 AM
EDT
Genus (LSE:GNS), a leading global animal genetics company, today
announces its preliminary results for the year ended 30 June 2021.
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 BST, 2.01 AM EDT.
Stephen Wilson, Chief Executive, commenting on the
performance and outlook said:
“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 China, Brazil, India and Russia being notably high
growth markets. PIC continued its expansion in China and gained
further share with large producers, as they continued to rebuild as
a result of African Swine Fever. PIC had success around the world
with key accounts as a result of our leading genetics and supply
chain. The acquisition of Sergal in June 2021 will further
strengthen our supply chain and market share in the important
Spanish market.
“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. Latin America, Europe and Asia
all grew strongly, and ABS’s adjusted operating margin improved
through better product mix and operating leverage.
“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 7:01am BST today:
https://webcasting.buchanan.uk.com/broadcast/611b87c8c97de6636c2d95db
RESULTS HIGHLIGHTS
Adjusted results1
Statutory results
Actual currency
Constant currency
change2
Actual currency
Year ended 30 June
2021
restated 20203
Change
2021
restated 20203
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 4% IN ACTUAL CURRENCY AND 10% IN CONSTANT
CURRENCY2
- Strong revenue growth of 11%2 in PIC, our porcine genetics
business; royalty revenue up 11%2, with royalty revenue in China
more than doubling and good growth in Latin America and Europe
- Continued royalty growth and high breeding stock sales in China
contributed to PIC volume growth of 11% (up 5% excluding
China)
- Excellent revenue growth of 13%2 in ABS, our bovine genetics
business, particularly in Brazil, Russia, India and China;
continued success with Sexcel® (sexed genetics) and NuEra® (beef
genetics)
- Record ABS volume growth of 15%, with sexed volumes up 29% and
beef up 22%
VERY STRONG ADJUSTED PROFIT BEFORE TAX (‘PBT’)1 GROWTH, UP
38% IN CONSTANT CURRENCY2; STATUTORY PBT AT £55.8M
- 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 (up 21%2); R&D investment increased 2%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 and Spain 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 30 June 2021, the Group’s overall performance
was very strong despite some ongoing impacts from COVID-19. The
resilience of our operations was reflected in revenue growth of 4%
(10% in constant currency) and adjusted operating profit growth
including joint ventures of 27% (36% in constant currency) on a
restated basis (see below). This was after another year of
significant investment in R&D of £62.5m (up 2% in constant
currency, down 4% in actual currency). Excluding gene editing
costs, adjusted operating profit including joint ventures increased
by 37% in constant currency and adjusted profit before tax was up
38% (29% in actual currency).
In line with the IFRIC Interpretation Committee’s new agenda
decision published in April 2021, the Group has changed its
accounting policy related to the capitalisation of certain software
assets. This change relates to the capitalisation of costs of
configuring or customising application software under ‘Software as
a Service’ (SaaS) arrangements. As a result, we are capitalising
less of our GenusOne costs as the system is a Microsoft Dynamics
365 SaaS solution. This change in accounting policy led to an
increase in operating expenses amounting to £2.7m in the current
year and £5.2m for FY20. All FY20 results are restated. For full
details of the impact see Note 2 Basis of Preparation.
On a statutory basis, profit before tax was £55.8m (2020
restated: £46.3m). The difference between statutory and adjusted
profit before tax principally reflected the reduction in the
non-cash fair value net IAS 41 biological assets, versus an
increase last year, and lower exceptional items, principally due to
the prior year reflecting £16.4m of litigation fees and damages.
Basic earnings per share on a statutory basis were 72.6 pence (2020
restated: 54.4 pence).
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 £6.3m compared with 2020, primarily due to
weakness in Latin American currencies. All growth rates quoted are
in constant currency unless otherwise stated. Constant currency
percentage movements are calculated by restating the results for
the year ended 30 June 2021 at the average exchange rates applied
to adjusted operating profit for the year ended 30 June 2020.
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 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
GROUP INCOME STATEMENT For the year ended 30 June
2021
2021 £m
(restated) 2020 £m
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 £m
(restated) 2020 £m
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 30 June 2021
2021 £m
2021 £m
(restated) 2020 £m
(restated) 2020 £m
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 30 June 2021
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 2019 (as previously
reported)
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 30 JUNE 2019
(restated)
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 30 JUNE 2020
(restated)
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 30 JUNE 2021
6.6
179.1
(0.1)
(7.9)
–
320.4
498.1
(1.5)
496.6
GROUP BALANCE SHEET As at 30 June 2021
2021 £m
(restated) 2020 £m
(restated) 2019 £m
ASSETS
Goodwill
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 30
June 2021
2021 £m
(restated) 2020 £m
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 30 June 2021 at the average exchange rates applied to
adjusted operating profit for the year ended 30 June 2020.
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 April 2021. This change in accounting policy
led to an increase in operating expenses of £2.7m in the current
year and £5.2m for FY20. All FY20 results are restated. Profit
before tax excluding SaaS impact’ is presented only this year to
demonstrate the impact of our change in accounting policy and will
not be presented in future in the years.
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: Genus plc (Stephen Wilson, Chief Executive
Officer / Alison Henriksen, Chief Financial Officer), Tel: +441256
345970
Buchanan (Charles Ryland / Chris Lane / Vicky Hayns), Tel:
+44207 466 5000
Genus (LSE:GNS)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024
Genus (LSE:GNS)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024