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    GNS   GB0002074580

GENUS PLC

(GNS)
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Genus plc : Reports Preliminary Results for the Year Ended 30 June 2021

09/09/2021 | 02:01am EDT

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

 


ę Business Wire 2021
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Financials
Sales 2022 604 M 831 M 831 M
Net income 2022 55,2 M 76,0 M 76,0 M
Net Debt 2022 96,9 M 133 M 133 M
P/E ratio 2022 67,2x
Yield 2022 0,62%
Capitalization 3 592 M 4 944 M 4 943 M
EV / Sales 2022 6,11x
EV / Sales 2023 5,63x
Nbr of Employees 3 400
Free-Float 99,4%
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Number of Analysts 7
Last Close Price 5 530,00 GBX
Average target price 5 499,43 GBX
Spread / Average Target -0,55%
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Managers and Directors
Stephen Wilson Chief Executive Officer & Executive Director
Alison Henriksen Chief Financial Officer & Director
Iain George Thomas Ferguson Non-Executive Chairman
Elena Rice Chief Scientific Officer
Bill Christianson Chief Operating Officer
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