REG - Genus - Preliminary Results <Origin Href="QuoteRef">GENS.L</Origin> - Part 2
29/10/2014 07:43
- Part 2: For the preceding part double click ID:nRSC6654Qa
recovery plan is in place, based on the 2012 actuarial valuation. We continue to monitor joint and several liabilities in the fund.
Group Income Statement Genus plc
For the year ended 30 June 2014
Note 2014£m 2013*£m
REVENUE FROM CONTINUING OPERATIONS 2 372.2 345.3
ADJUSTED OPERATING PROFIT FROM CONTINUING OPERATIONS 2 42.9 45.0
Net IAS 41 valuation movement on biological assets 9 7.5 (4.9)
Amortisation of acquired intangible assets (5.8) (5.2)
Share-based payment expense (0.8) (2.8)
43.8 32.1
Exceptional items
- Acquisition and integration 3 (1.8) -
- Other (including restructuring) 3 (0.2) (2.8)
- Pension related 3 - 7.0
OPERATING PROFIT FROM CONTINUING OPERATIONS 41.8 36.3
Share of post-tax profit of joint ventures and associates 1.9 2.8
Net finance costs 4 (5.5) (5.7)
PROFIT BEFORE TAX FROM CONTINUING OPERATIONS 38.2 33.4
Taxation 5 (9.3) (10.0)
PROFIT FOR THE YEAR FROM CONTINUING OPERATIONS 28.9 23.4
ATTRIBUTABLE TO:
Owners of the Company 28.9 23.4
Minority interests - -
28.9 23.4
EARNINGS PER SHARE FROM CONTINUING OPERATIONS 7
Basic earnings per share 47.7p 38.8p
Diluted earnings per share 47.6p 38.3p
NON STATUTORY MEASURE OF PROFIT
Adjusted operating profit from continuing operations 2 42.9 45.0
Pre-tax share of profits from joint ventures and associates excluding net IAS 41 valuation movement 1.9 3.2
ADJUSTED OPERATING PROFIT INCLUDING JOINT VENTURES AND ASSOCIATES 44.8 48.2
Net finance costs 4 (5.5) (5.7)
ADJUSTED PROFIT BEFORE TAX FROM CONTINUING OPERATIONS 39.3 42.5
ADJUSTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS 7
Basic adjusted earnings per share 46.5p 49.1p
Diluted adjusted earnings per share 46.4p 48.4p
*restated note 1
Group Statement of Comprehensive Income Genus plcFor the year ended 30 June 2014
2014£m 2014£m 2013*£m 2013*£m
PROFIT FOR THE YEAR 28.9 23.4
Items that may be reclassified subsequently to profit or loss
Foreign exchange translation differences (53.9) 13.8
Fair value movement on net investment hedges 8.6 (2.4)
Fair value movement on cash flow hedges 0.3 0.2
Tax relating to components of other comprehensive income 7.8 (3.1)
(37.2) 8.5
Items that may not be reclassified subsequently to profit or loss
Actuarial gain/(loss) on retirement benefit obligations 4.5 (3.7)
Tax relating to components of other comprehensive income (2.5) 0.3
2.0 (3.4)
OTHER COMPREHENSIVE (EXPENSE)/INCOME FOR THE YEAR (35.2) 5.1
TOTAL COMPREHENSIVE (EXPENSE)/ INCOME FOR THE YEAR (6.3) 28.5
ATTRIBUTABLE TO:
Owners of the Company (6.3) 28.5
Minority interests - -
(6.3) 28.5
*restated note 1
Group Statement of Changes in Equity Genus plc
Note Called up share capital£m Share premium account£m Own shares£m Trans-lation reserve£m Hedging reserve£m Retained earnings£m Total£m Minority interest£m Total equity£m
BALANCE AT 30 JUNE2012 6.0 112.1 (0.1) 17.1 (0.5) 143.0 277.6 0.4 278.0
Foreign exchange translationdifferences, net of tax - - - 10.1 - - 10.1 - 10.1
Fair value movement on net investment hedges, net of tax - - - (1.8) - - (1.8) - (1.8)
Fair value movement on cashflow hedges, net of tax - - - - 0.2 - 0.2 - 0.2
Actuarial loss on retirement benefit obligations, net of tax* - - - - - (3.4) (3.4) - (3.4)
Other comprehensive income/(expense) for the year - - - 8.3 0.2 (3.4) 5.1 - 5.1
Profit for the year* - - - - - 23.4 23.4 - 23.4
Total comprehensive income for the year - - - 8.3 0.2 20.0 28.5 - 28.5
Recognition of share-based payments, net of tax - - - - - 3.0 3.0 - 3.0
Issue of ordinary shares 0.1 - - - - - 0.1 - 0.1
Dividends 6 - - - - - (9.1) (9.1) - (9.1)
BALANCE AT 30 JUNE2013 6.1 112.1 (0.1) 25.4 (0.3) 156.9 300.1 0.4 300.5
Foreign exchange translationdifferences, net of tax - - - (44.2) - - (44.2) - (44.2)
Fair value movement on net investment hedges, net of tax - - - 6.7 - - 6.7 - 6.7
Fair value movement on cashflow hedges, net of tax - - - - 0.3 - 0.3 - 0.3
Actuarial gain on retirement benefit obligations, net of tax - - - - - 2.0 2.0 - 2.0
Other comprehensive (expense)/income for the year - - - (37.5) 0.3 2.0 (35.2) - (35.2)
Profit for the year - - - - - 28.9 28.9 - 28.9
Total comprehensive (expense)/income for the year - - - (37.5) 0.3 30.9 (6.3) - (6.3)
Recognition of share-based payments, net of tax - - - - - 0.9 0.9 - 0.9
Issue of ordinary shares - 0.1 - - - - 0.1 - 0.1
Minority interest on acquisition - - - - - - - 0.2 0.2
Dividends 6 - - - - - (10.1) (10.1) - (10.1)
BALANCE AT 30 JUNE 2014 6.1 112.2 (0.1) (12.1) - 178.6 284.7 0.6 285.3
*restated see note 1
Group Balance Sheet Genus plc
As at 30 June 2014
Note 2014 2013
£m £m
ASSETS
Goodwill 8 69.9 67.8
Other intangible assets 8 64.4 68.3
Biological assets 9 208.9 224.0
Property, plant and equipment 40.6 45.0
Interests in joint ventures and associates 21.7 11.4
Available for sale investments 0.1 0.1
Deferred tax assets 4.8 20.4
TOTAL NON-CURRENT ASSETS 410.4 437.0
Inventories 30.6 34.9
Biological assets 9 44.1 40.5
Trade and other receivables 10 75.1 78.9
Cash and cash equivalents 22.8 18.4
Income tax receivable 0.4 0.4
Asset held for sale 0.8 0.3
TOTAL CURRENT ASSETS 173.8 173.4
TOTAL ASSETS 584.2 610.4
LIABILITIES
Trade and other payables (53.3) (51.7)
Interest-bearing loans and borrowings (13.0) (7.5)
Provisions (1.4) (1.1)
Obligations under finance leases (1.1) (1.2)
Current tax liabilities (6.4) (6.7)
Derivative financial liabilities (2.6) (0.8)
TOTAL CURRENT LIABILITIES (77.8) (69.0)
Interest-bearing loans and borrowings (71.1) (60.7)
Retirement benefit obligations 11 (58.2) (65.0)
Provisions - (0.1)
Deferred tax liabilities (90.3) (113.1)
Derivative financial liabilities - (0.1)
Obligations under finance leases (1.5) (1.9)
TOTAL NON-CURRENT LIABILITIES (221.1) (240.9)
TOTAL LIABILITIES (298.9) (309.9)
NET ASSETS 285.3 300.5
EQUITY
Called up share capital 6.1 6.1
Share premium account 112.2 112.1
Own shares (0.1) (0.1)
Translation reserve (12.1) 25.4
Hedging reserve - (0.3)
Retained earnings 178.6 156.9
Equity attributable to owners of the Company 284.7 300.1
Minority interest 0.6 0.4
Total equity 285.3 300.5
Group Statement of Cash Flows Genus plc
For the year ended 30 June 2014
Note 2014£m 2013£m
NET CASH FLOW FROM OPERATING ACTIVITIES 12 32.3 24.0
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends received from joint ventures and associates 0.9 0.6
Acquisition of subsidiary - Génétiporc (20.4) -
Purchase of trade and assets - Génétiporc (2.0) -
Acquisition of investment in joint venture (11.2) -
Acquisition of subsidiary - PIC Italia (0.5) -
Purchase of property, plant and equipment (5.1) (6.7)
Purchase of intangible assets (1.5) (1.9)
Proceeds from sale of property, plant and equipment - 1.1
Proceeds from sale of assets held for sale 0.3 -
NET CASH OUTFLOW FROM INVESTING ACTIVITIES (39.5) (6.9)
CASH FLOWS FROM FINANCING ACTIVITIES
Drawdown of borrowings 48.0 20.8
Repayment of borrowings (29.2) (26.3)
Payment of finance lease liabilities (1.4) (1.3)
Equity dividends paid (10.1) (9.1)
Issue of ordinary shares 0.1 0.1
Debt issue costs (0.8) -
Increase/(decrease) in bank overdrafts 6.4 (2.0)
NET CASH INFLOW/(OUTFLOW) FROM FINANCING ACTIVITIES 13.0 (17.8)
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 5.8 (0.7)
Cash and cash equivalents at start of the year 18.4 18.6
Net increase/(decrease) in cash and cash equivalents 5.8 (0.7)
Cash acquired on acquisition 0.4 -
Effect of exchange rate fluctuations on cash and cash equivalents (1.8) 0.5
TOTAL CASH AND CASH EQUIVALENTS AT 30 JUNE 22.8 18.4
Notes to the Preliminary Results
For the year ended 30 June 2014
1. BASIS OF PREPARATION
Status of audit
The financial information given does not constitute the Company's statutory accounts for the year ended 30 June 2014 or the
year ended 30 June 2013, but is derived from those accounts. Statutory accounts for the year ended 30 June 2013 have been
delivered to the Registrar of Companies and those for the year ended 30 June 2014 will be delivered following the Company's
annual general meeting. The auditors have reported on those accounts; their reports were unqualified, did not draw
attention to any matters by way of emphasis without qualifying their reports, and did not contain statements under s.
498(2) or (3) Companies Act 2006.
Basis of preparation
The financial information for the year ended 30 June 2014 together with the comparative year has been computed in
accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union.
The Group Financial Statements are presented in Sterling, which is the Company's functional and presentation currency. All
financial information presented in Sterling has been rounded to the nearest million at one decimal point.
Adoption of the amendments to IAS 19
We have adopted the amendments to IAS 19 for the year ended 30 June 2014, requiring us to restate some amounts for the
prior year. The effect on key financial information is described below:
Consolidated Income Statement and Statement of Comprehensive Income for the period ended:
Year ended 30 June 2013
Asreported Adjustments Newbasis
£m £m £m
Revenue 345.3 - 345.3
Operating profit 37.2 (0.9) 36.3
Net finance costs (1.9) (3.8) (5.7)
Profit before tax 38.1 (4.7) 33.4
Profit for the financial period 27.0 (3.6) 23.4
Other comprehensive income 1.5 3.6 5.1
Total comprehensive income for the period 28.5 - 28.5
Adjusted basic earnings per share 55.0p (5.9p) 49.1p
Basic earnings per share 44.7p (5.9p) 38.8p
Under the revised standard the expected return on plan assets in excess of the discount rate has been moved to the
Statement of Other Comprehensive Income, increasing net finance costs. Administration expenses in respect of pension
schemes are now included within operating profit, rather than offset against the return on plan assets. This restatement
has resulted in no net effect on the Group Balance Sheet or the Group Statement of Cash Flows.
The principal exchange rates were as follows:
Average Closing
2014 2013 2012 2014 2013 2012
US Dollar/£ 1.64 1.57 1.59 1.71 1.52 1.57
Euro/£ 1.20 1.21 1.19 1.25 1.17 1.24
Brazilian Real/£ 3.75 3.22 2.86 3.77 3.35 3.17
Mexican Peso/£ 21.44 20.16 20.90 22.18 19.76 21.06
While the financial information included in this preliminary announcement has been computed in accordance with IFRSs, this
announcement does not itself contain sufficient information to comply with IFRSs. The Company expects to publish full
financial statements that comply with IFRSs in October 2014. These financial statements have also been prepared in
accordance with the accounting policies set out in the 2013 Annual Report and Financial Statements, as amended by the
following new accounting standards.
New standards and interpretations
The following new standards and interpretation have been adopted in the current period:
· Amendments to IAS 19 'Employee Benefits', IFRS 1 'Government loans', and IFRS 7 'Disclosures - offsetting financial
assets and financial liabilities';
· IFRS 10 'Consolidated Financial Statements', IFRS 11 'Joint Arrangements', IFRS 12 'Disclosure of Interests in Other
Entities', IFRS 13 'Fair Value Measurement'; and
· IAS 27 (2011) 'Separate Financial Statements' and IAS 28 (2011) 'Investments in Associates and Joint Ventures',
'Improvements to IFRS 2009-2011 cycle', 'Consolidated Financial Statement, Joint Arrangements and Disclosure of Interest in
Other Entities: Transition Guidance' and IFRIC 20 'Stripping Costs in the Production Phase of a Surface Mine'.
New standards and interpretations not yet adopted
At the date of authorisation of these Group Financial Statements, the following standards and interpretations which have
not been applied in preparing these Group Financial Statements were in issue but not yet effective (and in some cases had
not yet been adopted by the EU):
· IFRS 9 'Financial Instruments', IFRS 15 'Revenue from Contracts with Customer';
· IAS 32 'Offsetting Financial Assets and Financial Liabilities' and
· IFRIC 21 'Levies'.
The Directors anticipate that the adoption of these standards and interpretations in future periods will have no material
impact on the financial statements of the Group, except as follows:
· IFRS 9 'Financial Instruments', which will introduce a number of changes in the presentation of financial
instruments.
Beyond the information above, it is not practicable to provide a reasonable estimate of the effect of these standards until
a detailed review has been completed.
Going concern
As set out in the Directors' Responsibilities Statement, after reviewing the available information including the Group's
business plans and after making enquiries, the Directors have a reasonable expectation that the Group has adequate
resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the
going concern basis in preparing the financial statements.
At 30 June 2014 the Group had net debt of £63.9m (2013: £52.9m) and undrawn committed borrowing facilities of £55.4m. The
Group's credit facilities at the balance sheet date comprised a £65m multi-currency revolving credit facility, a US$100m
revolving credit facility and an amortising US$35m term loan, repayable in instalments by 15 September 2017. We do not
expect the financial covenants on these facilities to prevent the Group making further use of the facilities if required.
This, together with the maturity profile of debt, gives the Directors confidence that the Group has sufficient financial
resources for the foreseeable future. As a consequence, the Directors believe that the Company is well placed to manage
its business despite current uncertainties in the economic environment.
Non-GAAP measures - adjusted operating profit, adjusted profit before tax and adjusted earnings per share
Adjusted operating profit, adjusted operating profit before tax from continuing operations and adjusted earnings per share
exclude the net IAS 41 valuation movement on biological assets, amortisation of acquired intangible assets, share-based
payment expense, exceptional items and other gains and losses.
We believe these non-GAAP measures provide shareholders with useful information about the Group's trading performance. The
reconciliation between operating profit from continuing operations and adjusted operating profit from continuing operations
is shown on the face of the Group Income Statement.
This preliminary announcement was approved by the Board on 2 September 2014.
2. SEGMENTAL INFORMATION
The Group presents its segmental information on the basis that the chief operating decision maker regularly reviews for
assessing our business performance and allocating resources.
Our business is not highly seasonal and our customer base is diversified, with no individual customer generating more than
2% of revenue.
Revenue
2014 2013
£m £m
Genus PIC 152.8 133.5
Genus ABS 157.4 146.8
Genus Asia 46.5 55.5
Research and Development
Research - -
Porcine Product Development 15.5 9.5
Bovine Product Development - -
15.5 9.5
372.2 345.3
Operating profit by segment is set out below and reconciled to the Group's adjusted operating profit. A reconciliation of
adjusted operating profit to profit for the year is shown on the Group Income Statement.
Operating profit
2014 2013
£m £m
Genus PIC 50.0 48.2
Genus ABS 24.2 22.8
Genus Asia 6.8 12.3
Research and Development
Research (3.1) (2.7)
Porcine Product Development (13.0) (14.7)
Bovine Product Development (11.6) (10.6)
(27.7) (28.0)
Segment operating profit 53.3 55.3
Central costs (10.4) (10.3)
Adjusted operating profit 42.9 45.0
Other segment information
Depreciation Amortisation Additions to non-current assets
2014£m 2013£m 2014£m 2013£m 2014£m 2013£m
Genus PIC 0.4 0.4 5.8 5.2 0.5 0.4
Genus ABS 1.2 1.3 0.6 0.6 1.9 2.1
Genus Asia 0.4 0.5 - - 0.3 0.5
Research and Development
Research - - - - 0.2 0.8
Porcine Product Development 1.7 1.9 - - 0.7 0.9
Bovine Product Development 0.1 0.1 - - 2.5 3.3
1.8 2.0 - - 3.4 5.0
Segment total 3.8 4.2 6.4 5.8 6.1 8.0
Central 1.3 1.1 - - 1.7 2.6
Total 5.1 5.3 6.4 5.8 7.8 10.6
Segment assets Segment liabilities
2014£m 2013£m 2014£m 2013£m
Genus PIC 198.6 194.6 (41.4) (45.4)
Genus ABS 107.3 118.5 (32.5) (28.1)
Genus Asia 38.6 36.5 (7.7) (9.0)
Research and Development
Research 1.2 1.1 (0.8) -
Porcine Product Development 86.1 80.6 (35.0) (36.8)
Bovine Product Development 149.0 166.3 (45.9) (51.6)
236.3 248.0 (81.7) (88.4)
Segment total 580.8 597.6 (163.3) (170.9)
Central 3.4 12.8 (135.6) (139.0)
Total 584.2 610.4 (298.9) (309.9)
Other exceptional items of £2.0m expense (2013: £4.2m gain), relate to Genus PIC and our central segment. Note 3 provides
details of these exceptional items.
We consider share-based payments on a Group-wide basis and do not allocate them to reportable segments.
Geographical information
The Group's revenue by geographical segments is analysed below.
Revenue
2014 2013
£m £m
North America 153.7 127.5
Latin America 50.2 47.9
Europe 121.8 114.4
Asia 46.5 55.5
372.2 345.3
Non-current assets (excluding deferred taxation and financial instruments)
2014£m 2013£m
North America 261.2 274.8
Latin America 45.2 40.8
Europe 84.8 82.3
Asia 14.4 18.7
405.6 416.6
3. EXCEPTIONAL ITEMS
Operating (expenses)/income: 2014£m 2013£m
Acquisition and integration (1.8) -
Other (including restructuring) (0.2) (2.8)
Pension related - 7.0
Other exceptional items (2.0) 4.2
During the period, £1.8m of expenses were incurred in relation to the acquisition and integration, principally of
Génétiporc (see note 14).
Included within Other was £0.8m of income, net of legal fees, which relates to a cash settlement received in the period
from a long standing legal claim. Also included is £0.6m of legal fees related to an action by Genus against Sexing
Technologies.
During the prior year, the multi-employer Milk Pension Fund ('MPF') triennial valuation as at 31 March 2012 was completed
and a new funding agreement between the employers was agreed. In addition, two participating employers exited the scheme
and made cash payments of £31m. These changes gave rise to an exceptional credit of £7.0m. Also in the prior year, we
incurred a restructuring charge of £2.8m that related principally to a refocusing of the European porcine business as it
continued to reduce direct farm operations, whilst widening its restructuring programme in line with the Group's global
strategy.
4. NET FINANCE COSTS
2014£m 2013*£m
Interest payable on bank loans and overdrafts (1.7) (1.6)
Amortisation of debt issue costs (0.4) (0.5)
Other interest payable (0.2) (0.1)
Net interest cost in respect of pension scheme liabilities (2.9) (3.1)
Net interest cost on derivative financial instruments (0.5) (0.5)
Total interest expense (5.7) (5.8)
Interest income on bank deposits 0.2 0.1
Total interest income 0.2 0.1
Net finance costs (5.5) (5.7)
* restated see note 1
5. INCOME TAX EXPENSE
2014£m 2013*£m
Current tax expense
Current period 10.8 12.3
Adjustment for prior periods (0.7) (0.3)
Total current tax expense in the Group Income Statement 10.1 12.0
Deferred tax income
Origination and reversal of temporary differences (1.0) (2.0)
Adjustment for prior periods 0.2 -
Total deferred tax income in the Group Income Statement (0.8) (2.0)
Total income tax expense excluding share of income tax of equity accounted investees 9.3 10.0
Share of income tax of equity accounted investees 0.7 0.6
Total income tax expense in the Group Income Statement 10.0 10.6
*restated see note 1
6. DIVIDENDS
Amounts recognised as distributions to equity holders in the year:
2014£m 2013£m
Final dividend
Final dividend for the year ended 30 June 2012 of 10.1 pence per share - 6.1
Final dividend for the year ended 30 June 2013 of 11.1 pence per share 6.7 -
Interim dividend
Interim dividend for the year ended 30 June 2013 of 5.0 pence per share - 3.0
Interim dividend for the year ended 30 June 2014 of 5.5 pence per share 3.4 -
10.1 9.1
The Directors have proposed a final dividend of 12.2 pence per share for 2014. This is subject to shareholders' approval
at the Annual General Meeting and we have therefore not included it as a liability in these financial statements.
7. EARNINGS PER SHARE
Basic earnings per share from continuing operations 2014 2013*
Basic earnings per share 47.7p 38.8p
The calculation of basic earnings per share from continuing operations for the year ended 30 June 2014 is based on the
profit attributable to ordinary shareholders from continuing operations of £28.9m (2013: £23.4m) and a weighted average
number of ordinary shares outstanding of 60,592,000 (2013: 60,344,000), which is calculated as follows:
Weighted average number of ordinary shares (basic)
2014000s 2013000s
Issued ordinary shares at start of the year 60,649 60,296
Effect of own shares held (239) (204)
Shares issued on exercise of stock options 41 100
Shares issued in relation to Employee Benefit Trust 141 152
Weighted average number of ordinary shares in year 60,592 60,344
Diluted earnings per share from continuing operations 2014 2013*
Diluted earnings per share 47.6p 38.3p
The calculation of diluted earnings per share from continuing operations for the year ended 30 June 2014 is based on profit
attributable to ordinary shareholders from continuing operations of £28.9m (2013: £23.4m) and a weighted average number of
ordinary shares outstanding, after adjusting for the effects of all potential dilutive ordinary shares of 60,713,000 (2013:
60,952,000), which is calculated as follows:
Weighted average number of ordinary shares (diluted)
2014000s 2013000s
Weighted average number of ordinary shares (basic) 60,592 60,344
Dilutive effect of share options 121 608
Weighted average number of ordinary shares for the purposes of diluted earnings per share 60,713 60,952
Adjusted earnings per share from continuing operations 2014 2013*
Adjusted earnings per share 46.5p 49.1p
Diluted adjusted earnings per share 46.4p 48.4p
Adjusted earnings per share is calculated on profit before net IAS 41 valuation movement on biological assets, amortisation
of acquired intangible assets, share-based payment expense and exceptional items after charging taxation associated with
those profits, of £28.2m (2013: £29.6m), which is calculated as follows:
2014£m 2013*£m
Profit before tax from continuing operations 38.2 33.4
Add/(deduct):
Net IAS 41 valuation movement on biological assets (7.5) 4.9
Amortisation of acquired intangible assets 5.8 5.2
Share-based payment expense 0.8 2.8
Pension related - (7.0)
Acquisition and integration 1.8 -
Other (including restructuring) 0.2 2.8
Net IAS 41 valuation movement on biological assets in joint ventures and associates (0.7) (0.2)
Tax on joint ventures and associates 0.7 0.6
Adjusted profit before tax 39.3 42.5
Adjusted tax charge (11.1) (12.9)
Adjusted profit after taxation 28.2 29.6
Effective tax rate on adjusted profit 28.2% 30.4%
*restated see note 1
8. INTANGIBLE ASSETS
Porcine geneticstechnology Multiplier contracts Customer relationships Separately identified acquired intangible assets Software Other Total Goodwill
£m £m £m £m £m £m £m £m
Cost
Balance at 1 July 2012 40.4 3.7 53.8 97.9 6.6 4.8 109.3 66.4
Additions - - - - - 1.9 1.9 -
Effect of movements in exchange rates - 0.2 1.5 1.7 0.1 - 1.8 1.4
Balance at 30 June 2013 40.4 3.9 55.3 99.6 6.7 6.7 113.0 67.8
Additions - - - - - 1.5 1.5 -
Acquisition 2.4 - 2.6 5.0 - - 5.0 7.6
Effect of movements in exchange rates (0.1) (0.4) (6.5) (7.0) (0.2) - (7.2) (5.5)
Balance at 30 June 2014 42.7 3.5 51.4 97.6 6.5 8.2 112.3 69.9
Amortisation and impairment losses
Balance at 1 July 2012 13.2 1.4 20.9 35.5 2.6 - 38.1 -
Amortisation for the year 2.0 0.2 3.0 5.2 0.6 - 5.8 -
Effect of movements in exchange rates - 0.1 0.7 0.8 - - 0.8 -
Balance at 30 June 2013 15.2 1.7 24.6 41.5 3.2 - 44.7 -
Amortisation for the year 2.3 0.2 3.3 5.8 0.6 - 6.4 -
Effect of movements in exchange rates - (0.2) (3.0) (3.2) - - (3.2) -
Balance at 30 June 2014 17.5 1.7 24.9 44.1 3.8 - 47.9 -
Carrying amounts
At 30 June 2014 25.2 1.8 26.5 53.5 2.7 8.2 64.4 69.9
At 30 June 2013 25.2 2.2 30.7 58.1 3.5 6.7 68.3 67.8
At 30 June 2012 27.2 2.3 32.9 62.4 4.0 4.8 71.2 66.4
Additions in the year to intangible assets of £1.5m relates to costs capitalised in respect of a development project.
9. BIOLOGICAL ASSETS
Fair value of biological assets Bovine Porcine
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