GENUSPLUS GROUP LTD - Interim / Quarterly Report 2023

Appendix 4D

Preliminary financial statements for the half-year ended 31 December 2022 as required by ASX listing rule 4.2A

Results for announcement to the market			Movement
(All comparison to half-year ended 31 December 2021)	$	Up/down	%
Total revenue from ordinary activities	224,509,845	7,919,587	3.66%
Profit from ordinary activities after tax attributable to members (including	6,367,730	(2,794,292)	(30.50%)
significant items)
Profit from ordinary activities after tax attributable to members (excluding	6,592,089	(3,127,638)	(32.18%)
significant items)1

1 – Significant items excluded from the calculation of profit after tax for the half-year and the prior half-year relate to costs associated with:

Staff restructure costs $958,300 (HY 22 - $219,345)
Acquisition costs during the period $803,600 (HY22 - $281,447);
Ongoing ECM claims management costs totalling $41,554 (HY22 - $56,912); and
Tax expense HY23 adjustment ($1,579,095) (HY22 – nil)

In 2020 and 2021 the carrying tax base for PPE has been increased to include the value of the chattel mortgages not previously included, increasing the DTA and in turn reducing income tax expense. In the absence of this rectification relating to prior years, the effective tax rate for the half year ended 31 December 2022, would have been 28%.

	Amount per		Total
Dividend information	share	Franking(1)	amount $
Final dividend paid on 30 November 2022 (prior year)1	1.8 cents	30%	$3,181,543
Interim dividend declared2	Nil	-	Nil

(1) Dividends were fully franked at 30% tax rate and paid to all holders with a record date of 28 October 2022.

(2) The Board has resolved not to pay a dividend in respect of the half-year ended 31 December 2022.

Details of entities over which control has been gained or lost during the period:

Nil.

Details of dividend reinvestment plan:

Not applicable.

Details of associates and joint venture entities:

GenusPlus Group holds a 39% interest in the operations of Maali Group Pty Ltd. During the reporting period, Maali contributed $94,395 ($177,968) to the net profit after tax of the Group.

GenusPlus Group holds a 50% interest in the operations of Blue Tongue Energy Pty Ltd. During the reporting period, Blue Tongue Energy’s contribution to the net profit after tax of the Group was a loss of ($124,341) ($NIL)

Audit:

The independent auditor’s review report is attached to the Financial Report. The independent auditor’s review report does not contain any modified opinion, emphasis of matter or other matter paragraph.

	31	Dec	2022	30	Jun	2022	31	Dec	2021
			$			$			$
Net tangible assets per security			0.35			0.30			0.33

Additional information supporting the Appendix 4D disclosure requirements can be found in the Directors’ Report and the interim consolidated financial statements for the half-year ended 31 December 2022.

This report is based on the interim consolidated financial statements for the half-year ended 31 December 2022 which have been reviewed by Grant Thornton. A copy of Grant Thornton’s unqualified review report can be found on page 29.

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Interim Financial Report

GenusPlus Group Ltd and controlled entities For the half-year ended 31 December 2022

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GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2022

Section	Page
Directors’ Report	4
Auditor’s Independence Declaration	6
Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income	7
Condensed Consolidated Statement of Financial Position	8
Condensed Consolidated Statement of Changes in Equity	9
Condensed Consolidated Statement of Cash Flows	10
Notes to the Condensed Consolidated Financial Statements	11
Directors’ Declaration	28
Independent Auditor’s Report	29

GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2022

Directors’ Report

The Directors of GenusPlus Group Ltd present their report together with the financial statements of the Consolidated Entity, being GenusPlus Group Ltd and its controlled entities (the Group) for the half-year ended 31 December 2022. In order to comply with the provisions of the Corporations Act 2001 , the directors report as follows:

Directors’ details

The names and details of the Company’s directors in office during the financial half-year and until the date of this report are set out below. Directors of GenusPlus Group Ltd were in office for the entire period unless otherwise stated.

Non-executive Directors

Mr Paul Gavazzi Mr Simon High Mr José Martins Executive Directors Mr David Riches

Principal activities

The principal activities of the Group during the financial half-year were the installation, construction and maintenance of power and communication systems.

There have been no significant changes in the nature of these activities during the half-year.

Review of operations and financial results

Operating results for the period

A review of the operations of the Group during the financial half-year and the results of those operations saw an increase in contract revenue to $224,509,845 (HY22: $216,590,258). The profit of the Group for the financial half-year after providing for income tax amounted to $6,367,730 (HY22: $9,162,022).

The results reflect an improved diversification of the business segments and improved results from the Communication Services and Industrial Services segments. The Communication Services segment was restructured during the period and the benefits are beginning to show in the second quarter of FY2023. The Industrial Services segment has become profitable while continuing to manage a challenging project due for completion towards the end of the 2023 calendar year and is gaining traction in the new energy industry. After a period of sustained growth, which has seen the conclusion of some major projects, the tailwinds for the Infrastructure segment are significant as Australia transitions to new clean energy generation, which requires significant investment in the transmission network across the country.

The Group is positioned to benefit from Australia’s energy transformation, having set in place a national footprint to capitalise on the demand for upgraded or new transmission infrastructure across the country in the coming years. The Group is one of the few Australian companies operationally capable of completing large-scale Transmission & Distribution projects that are being driven from the Federal Government $20 billion Rewiring the Nation Plan.

With the required growth in new energy coming from intermittent generation sources, the Group is leveraging demonstrated experience, in targeting Grid-Scale and Battery Energy Storage projects that are required for energy storage to support the grid.

The Group has a tendered pipeline of $1.446 billion, up from $848 million at the end of FY22.

The Group reported a 10.8% decrease in normalised EBITDA (earnings before interest, tax, depreciation and amortisation) to $17,197,115 (HY22: $19,275,091). Normalisations for HY23 are Acquisition costs of $1,148,000 (after tax $803,600), Restructuring costs $1,369,000 (after tax $958,300) and ECM Claim costs of $59,362 (after tax $41,554).

During the period the Group acquired the Tasmanian power maintenance division assets of ETS Infrastructure Management to expand the operational capabilities of the Group to this region. On 5 July 2022, GenusPlus Group Ltd through its wholly owned subsidiary Genus Infrastructure (NSW) Pty Ltd acquired the assets of ETS Tasmania power maintenance division, comprising two contracts, plant and equipment and staff for $968,000.

GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2022

The Group’s net assets increased by 5% compared to the previous year ended 30 June 2022, which is due predominantly to the increase in retained earnings.

Shareholder returns

The Group paid a final dividend in relation to the year ended 30 June 2022 of 1.8c per share in November 2022.

No dividend has been declared for the half year period to 31 December 2022.

Investments for future performance

The Group invested $6.3 million in capital expenditure during the half-year including the assets acquired from ETS Tasmania’s power maintenance division, compared to $11.2 million for the previous comparable period. Of the capital expenditure $4.9 million (HY22: $9.2 million) was acquired under finance contract agreements and is considered Right-ofUse assets.

GenusPlus continues to invest in the renewal of its equipment to meet the ongoing needs of our customers.

The Group is focused on replicating its Western Australian business model into the larger east coast market which is dependent on the Group’s ability to continue to grow the new operations and execute its growth strategy.

Significant changes in the state of affairs

There were no significant changes to the state of affairs during the half-year.

Dividends

On 30 November 2022, the dividend in respect of the year ended 30 June 2022 of 1.8 cents per share fully franked for a total of $3,181,543 was paid to all shareholders at the record date of 28 October 2022.

Auditor’s Independence Declaration

A copy of the Auditor’s Independence Declaration as required under section 307C of the Corporations Act 2001 is set out on page 6 and forms part of this Directors’ Report.

Signed in accordance with a resolution of the Board of Directors.

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David Riches - Director

27 February 2023

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Grant Thornton Audit Pty Ltd Level 43 Central Park 152-158 St Georges Terrace Perth WA 6000 PO Box 7757 Cloisters Square Perth WA 6850 T +61 8 9480 2000

Auditor’s Independence Declaration

To the Directors of GenusPlus Group Ltd

In accordance with the requirements of section 307C of the Corporations Act 2001 , as lead auditor for the review of GenusPlus Group Ltd for the half-year ended 31 December 2022, I declare that, to the best of my knowledge and belief, there have been:

a no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and

b no contraventions of any applicable code of professional conduct in relation to the review.

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GRANT THORNTON AUDIT PTY LTD Chartered Accountants

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L A Stella Partner – Audit & Assurance

Perth, 27 February 2023

www.grantthornton.com.au

ACN-130 913 594

Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389. ‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Limited is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389 and its Australian subsidiaries and related entities. Liability limited by a scheme approved under Professional Standards Legislation.

GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2022

Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income

For the half-year ended 31 December 2022

Notes	6 months to 31 Dec 2022 $	6 months to 31 Dec 2021 $
5 6 7 7	224,509,845 1,701,183 (70,035,290) (70,296,945) (56,970,045) (6,955,832) (7,295,466) (7,255,442)	216,590,258 458,406 (66,443,952) (59,419,511) (60,220,334) (7,146,165) (5,572,795) (6,055,751)
	7,402,008 (177,630) 134,851 32,691 (33,943) (695,093)	12,190,156 - 254,420 2,046 461,000 (494,638)
	6,662,884 (295,154)	12,412,984 (3,250,962)
	6,367,730	9,162,022
	(148,023)	132,309
	6,219,707	9,294,331

	6,219,707	9,294,331
	3.60	5.89
	3.60	5.89

This statement should be read in conjunction with the notes to the financial statements.

GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2022

Condensed Consolidated Statement of Financial Position

As at 31 December 2022

Notes	31 Dec 2022 $	30 Jun 2022 $
8 9 11 12 13 14 11 11 15	27,895,037 61,550,325 29,059,244 4,626,825 3,305,211 326,741 3,967,822	27,882,473 68,872,911 45,734,278 3,728,803 4,569,537 - 1,582,879
	130,731,205	152,370,881
	2,147,876 2,908,669 536,293 17,952,254 21,540,754 32,504,285	993,833 3,086,299 401,442 17,675,106 23,283,092 34,173,243
	77,590,131	79,613,015
	208,321,336	231,983,896
	48,411,486 19,345,680 1,460,000 8,100,175 - 6,537,529 50,000	72,608,068 12,752,963 6,869,953 7,765,884 - 6,487,235 1,221,721
	83,904,870	107,705,824
	3,351,000 13,204,620 9,046,816 1,177,477	3,924,000 14,232,018 10,148,438 2,550,543
	26,779,913	30,854,999
	110,684,783	138,560,823
	97,636,553	93,423,073
	55,271,013 (491,465) 42,857,005	53,789,037 (343,442) 39,977,478
	97,636,553	93,423,073

This statement should be read in conjunction with the notes to the financial statements.

GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2022

Condensed Consolidated Statement of Changes in Equity

For the half-year ended 31 December 2022

Notes	Share capital Retained earnings Corporate restructure reserve $ $ $	Foreign currency translation reserve Total $
16 16	28,925,754 29,288,015 (511,834)	8,275 57,710,210
	- 9,162,022 - - - -	- 9,162,022 132,309 132,309
	- 9,162,022 - - (2,800,619) -	132,309 9,294,331 - (2,800,619)
	- (2,800,619) - - (66,393) -	- (2,800,619) - (66,393)
	- (66,393) -	- (66,393)

	- 6,295,010 -	132,309 6,427,319

	28,925,754 35,583,025 (511,834)	140,584 64,137,529

	53,789,037 39,977,478 (511,834) - 6,367,730 - - - -	168,392 93,423,073 - 6,367,730 (148,023) (148,023)
	- 6,367,730 - 923,902 - - 558,074 (306,659) - (3,181,544)	(148,023) 6,219,707 - 923,902 - 251,415 - (3,181,544)
	1,481,976 (3,488,203) -	- (2,006,227)

	1,481,976 2,879,527 -	(148,023) 4,213,480
	55,271,013 42,857,005 (511,834)	20,369 97,636,553

This statement should be read in conjunction with the notes to the financial statements.

GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2022

Condensed Consolidated Statement of Cash Flows

For the half-year ended 31 December 2022

Operating activities Receipts from customers Payments to suppliers and employees Income tax paid Net cash provided by / (used in) operating activities Investing activities Proceeds from sale of property, plant and equipment Purchase of property, plant, equipment Purchase of plant, equipment and intangibles pursuant to a business combination Loans to associated entities with a non-controlling interest Proceeds from disposal of investments Acquisition of subsidiaries (net of cash) Net cash used in investing activities Financing activities Repayments of borrowings Receipts of lease liabilities instalments Payment of lease liabilities principal Dividends paid Interest received Finance costs Net cash used in financing activities Net change in cash and cash equivalents held Cash and cash equivalents at beginning of financial year Effect of exchange rate fluctuations on cash held Cash and cash equivalents at end of financial half-year	Notes	6 months to 31 Dec 2022 $	6 months to 31 Dec 2021 $
		269,787,736 (255,517,466) 118,965	239,242,882 (228,683,811) (5,124,446)
		14,389,235	5,434,625
		998,392 (417,295) (1,033,980) (602,308) - (4,132,995)	423,745 (1,921,802) (3,463,360) (500,000) 170,000 -
		(5,188,186)	(5,291,417)
		(960,000) 139,978 (4,350,222) (3,181,544) 6,419 (695,093)	(960,000) - (3,102,002) (2,800,619) 2,046 (494,638)
		(9,040,462)	(7,355,213)
		160,587 27,882,473 (148,023)	(7,212,005) 34,181,508 132,309
		27,895,037	27,101,812

This statement should be read in conjunction with the notes to the financial statements.

GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2022

Notes to the Condensed Consolidated Financial Statements

1 Nature of operations

GenusPlus Group Ltd and its subsidiaries’ (the Group) principal activities include the construction and maintenance of transmission and distribution power lines and substations servicing the Western Australian, Queensland and New South Wales power networks as well as providing specialist Engineering, testing and commissioning services to the electrical and communications industries across Australia.

2 General information and statement of compliance

These condensed interim general purpose financial statements for the half-year reporting period ended 31 December 2022 have been prepared in accordance with Australian Accounting Standard AASB 134 'Interim Financial Reporting' and the Corporations Act 2001 , as appropriate for for-profit oriented entities. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 'Interim Financial Reporting'.

These general purpose financial statements do not include all the notes of the type normally included in annual financial statements. Accordingly, these financial statements are to be read in conjunction with the annual report for the year ended 30 June 2022 and any public announcements made by the company during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001 .

The principal accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, unless otherwise stated.

3 Changes in accounting policies

3.1 New standards adopted by the Group

The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period.

3.2 New standards not yet adopted by the Group

Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.

GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2022

4 Segment Reporting

Management currently identifies the Group’s three business lines as its operating segments: infrastructure, communications, and industrial services. The Group’s Chief Operating Decision Maker (CODM) is its chief executive, who monitors the performance of these operating segments as well as deciding on the allocation of resources to them. Segment performance is monitored using adjusted segment operating results. The Group has re-stated the operating segments from the previous half-year in line with the business’ strategy and operational focus.

Each of these operating segments is managed separately as each requires different technologies, marketing approaches and other resources. All inter-segment transfers are carried out at arm’s length prices based on prices charged to unrelated customers in stand-alone sales of identical goods and services.

During the half-year to 31 December 2022, there have been no changes from the previous reporting period ended 30 June 2022 in the measurement methods used to determine operating segments. The revenues and profit generated by each of the Group’s operating segments and segment assets and liabilities are summarised as follows:

Revenues Inter-segment Segment revenues Employment expenses Consumables and materials used Contractors and labour hire expenses Motor vehicle expenses Depreciation and amortisation expenses Other expenses Segment profit before Income Tax Assets Liabilities	Half-Year to 31 December 2022 Infrastructure Communications Industrial Services Total Segments Other / Eliminations $ $ $ $ $	Total $
	158,337,442 28,813,769 37,481,343 224,632,554 (122,709) 5,414,616 - 5,913,197 11,327,813 (11,327,813)	224,509,845 -
	163,752,058 28,813,769 43,394,540 235,960,367 (11,450,522) (42,898,978) (8,141,902) (14,446,137) (65,487,017) - (49,820,039) (2,420,031) (17,981,047) (70,221,117) - (41,859,052) (19,110,899) (7,326,190) (68,296,141) 11,327,813 (7,042,753) (281,797) (370,248) (7,694,798) - (5,050,140) (811,260) (253,420) (6,114,820) - (7,824,903) (1,014,319) (1,460,067) (10,299,289) -	224,509,845 (65,487,017) (70,221,117) (56,968,328) (7,694,798) (6,114,820) (10,299,289)
	9,256,193 (2,966,439) 1,557,431 7,847,185 (122,709)	7,724,476
	Segment assets and liabilities as at 31 December 2022 Infrastructure Communications Industrial Services Total Segments Other / Eliminations $ $ $ $ $ 173,625,841 12,843,190 32,152,707 218,621,738 (17,477,093) 100,744,670 12,129,140 32,906,464 145,780,274 (9,233,945)	Total $ 201,144,645 136,546,329

GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2022

Revenues Inter-segment Segment revenues Employment expenses Consumables and materials used Contractors and labour hire expenses Motor vehicle expenses Depreciation and amortisation expenses Other expenses Segment profit before Income Tax Assets Liabilities	Half-Year to 31 December 2021 Infrastructure Communications Industrial Services Total Segments Other / Eliminations $ $ $ $ $	Total $
	167,524,399 23,167,565 26,023,116 216,715,080 (124,822) 7,602,512 - 6,497,722 14,100,234 (14,100,234)	216,590,258 -
	175,126,911 23,167,565 32,520,838 230,815,315 (14,225,056) (38,813,788) (7,680,680) (16,070,389) (62,564,857) - (50,001,500) (1,456,940) (10,313,352) (61,771,792) - (53,181,186) (14,156,649) (6,957,930) (74,295,765) 14,100,234 (4,803,613) (228,059) (245,918) (5,277,590) - (3,793,313) (363,475) (353,960) (4,510,748) - (7,077,839) (1,389,491) (1,139,649) (9,606,979) -	216,590,258 (62,564,857) (61,771,792) (60,195,531) (5,277,590) (4,510,748) (9,606,979)
	17,455,672 (2,107,729) (2,560,360) 12,787,583 (124,822)	12,662,761
	Segment assets and liabilities as at 30 June 2022 Infrastructure Communications Industrial Services Total Segments Other / Eliminations $ $ $ $ $ 186,151,692 24,897,134 28,012,837 239,061,663 (13,026,491) 116,506,180 20,461,153 29,406,393 166,373,726 (4,783,343)	Total $ 226,035,172 161,590,383

GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2022

4 Segment reporting (continued)

The totals presented for the Group’s operating segments reconcile to the key financial figures as presented in its consolidated financial statements as follows:

Note 31 Dec 2022 31 Dec 2021 $ $ Revenues Total reportable segment revenues 224,509,845 216,590,258 Other segment revenues 1,701,183 8,029,188 Elimination of intersegment revenues - (7,109,782) Group Revenues 226,211,028 217,509,664 Profit or loss Total reportable segment operating profit 7,724,476 12,662,761 Other segment profit Employment expenses (3,870,016) (3,879,095) Consumables and materials used (128,562) (228,041) Contractors and labour hire expenses (1,717) (24,803) Motor vehicle expenses (20,784) (1,868,575) Depreciation and amortisation expenses (1,180,646) (1,062,047) Other expenses (2,768,214) (3,606,772) Elimination of intersegment profits1 7,647,471 10,196,728 Group operating profit 7,402,008 12,190,156 Share of profits of associates 134,851 254,420 Share of results of joint ventures (177,630) - Finance costs (695,093) (494,638) Other gains and (losses) (33,943) 461,000 Finance income 32,691 2,046 Group profit before tax 6,662,884 12,412,984 1 – The impact of internal charges between operating and non-operating segments is eliminated through intersegment profits. Reconciliation of segment assets and liabilities to consolidated assets and liabilities 31 Dec 2022 $ 30 June 2022 $ Assets Total reportable segment assets 201,144,645 226,035,172 Other segment assets 7,176,691 5,948,724 Group assets 208,321,336 231,983,896 Liabilities Total reportable segment liabilities 136,546,329 161,590,383 Other segment liabilities (25,861,546) (23,029,560) Group liabilities 110,684,783 138,560,823	Note	31 Dec 2022 $	31 Dec 2021 $
		224,509,845 1,701,183 -	216,590,258 8,029,188 (7,109,782)
		226,211,028 7,724,476 (3,870,016) (128,562) (1,717) (20,784) (1,180,646) (2,768,214) 7,647,471	217,509,664 12,662,761 (3,879,095) (228,041) (24,803) (1,868,575) (1,062,047) (3,606,772) 10,196,728
		7,402,008	12,190,156
		134,851 (177,630) (695,093) (33,943) 32,691	254,420 - (494,638) 461,000 2,046
		6,662,884	12,412,984
		208,321,336 231,983,896
		136,546,329 161,590,383 (25,861,546) (23,029,560)
		110,684,783 138,560,823

GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2022

5 Revenue

The Group’s revenue disaggregated by type is as follows:

Note 31 Dec 2022 $ 138,800,755 85,709,090 224,509,845 recognition is as follows: Construction 31 Dec 2022 31 Dec 2021 31 Dec 2022 $ $ $	Note	31 Dec 2022 $	31 Dec 2021 $
		138,800,755 85,709,090	165,215,444 51,374,814
		224,509,845	216,590,258
			Services 31 Dec 2021 $ 32,476,530 18,898,284 51,374,814 30 Jun 2022 $
138,800,755 -	165,215,444 64,963,217 - 20,745,873
138,800,755	165,215,444 85,709,090
	Note	31 Dec 2022 $
	8 9	56,650,608 29,059,244	67,729,376 45,734,278
		88,709,852	113,463,654

The Group’s revenue disaggregated by pattern of revenue recognition is as follows:

Trade receivables are non-interest bearing and are generally on 30 to 90 day terms. At 31 December 2022 $91,983 (30 June 2022: $91,983) was recognised as provision for expected credit losses on trade receivables.

6 Other income

Net gain on disposal of property, plant and equipment Insurance claims and recoveries Government grant income Fx gains recognised during the period Other income	Note	31 Dec 2022 $	31 Dec 2021 $
		506,112 192,653 - 90,952 911,466	108,189 42,794 3,000 11,115 293,308
		1,701,183	458,406

GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2022

7 Earnings per share

Both the basic and diluted earnings per share have been calculated using the profit attributable to shareholders of the parent company (GenusPlus Group Ltd) as the numerator, i.e. no adjustments to profits were necessary during the halfyear ended 31 December 2022 and 31 December 2021.

Profit for the period	Note 31 Dec 2022 $	31 Dec 2021 $
	6,367,730	9,162,022

The weighted average number of shares for the purpose of calculation of diluted earnings per share can be reconciled to the weighted average number of ordinary shares used in the calculation of basic earnings per share as follows:

Weighted average number of shares used in basic earnings per share Shares deemed to be issued for no consideration Weighted average number of shares used in diluted earnings per share Earnings per share (basic) Earnings per share (diluted)	Note	31 Dec 2022 No.	31 Dec 2021 No.
		176,842,273 -	155,589,964 -
		176,842,273	155,589,964
		3.60 3.60	5.89 5.89

8 Trade and other receivables

Current Trade receivables, gross Allowance for expected credit losses Trade receivables Other receivables Total trade and other receivables	Note	31 Dec 2022 $	30 Jun 2022 $
		59,742,591 (91,983)	67,821,359 (91,983)
		56,650,608	67,729,376
		1,899,717	1,143,535
		61,550,325	68,872,911

Trade receivables are non-interest bearing and are generally on 30-to-90-day terms. Due to their short-term nature, the net carrying value of trade receivables is considered a reasonable approximation of fair value.

The movement in the allowance for expected credit losses in respect of Trade receivables during the year was as follows:

Movement in provision for expected credit losses Balance at start of year Impairment losses recognised Debts written off during the year Balance at reporting date	Note	31 Dec 2022 $	30 Jun 2022 $
		(91,983) - -	(147,530) - 55,547
		(91,983)	(91,983)

GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2022

9 Contract assets

Current Contract assets Total contract assets	Note	31 Dec 2022 $	30 Jun 2022 $
		29,059,244	45,734,278
		29,059,244	45,734,278

Contract assets represents the unbilled amounts expected to be collected from customers for contract work performed to date. The contract assets are transferred to trade receivables when the rights have become unconditional. This usually occurs when the Group issues an invoice in accordance with contractual terms to the customer.

10 Financial assets and liabilities

Categories of financial assets and liabilities

The carrying amounts of financial assets and financial liabilities in each category are as follows:

Financial assets Cash and cash equivalents Trade and other receivables Other financial assets(a) Current finance lease receivable (a) Listed equity securities(a) Non-current finance lease receivable(a) Total financial assets and non- current finance lease receivable	Note	31 December 2022 Amortised cost FVTPL Total $ $ $ 27,895,037 - 27,895,037 61,550,325 - 61,550,325 674,140 - 674,140 326,741 - 326,741 - 922,000 922,000 551,736 - 551,736 90,997,979 922,000 91,919,979	30 June 2022 Amortised cost FVTPL $ $	Total $
	8		27,882,473 - 68,872,911 - 71,833 - - - - 922,000 - -	27,882,473 68,872,911 71,833 - 922,000 -
			96,827,217 922,000	97,749,217

(a) The total value of other financial assets, current finance lease receivables, listed equity securities and non-current finance lease receivables is $2,474,617 (FY22 - $993,833).

Financial liabilities Bank borrowings Leases Contingent consideration Trade and other payables Non-current - bank borrowings Non-current - leases Non-current contingent consideration Total financial liabilities	Note	31 December 2022 30 June 2022 Other liabilities Other liabilities Amortised cost FVTPL Total Amortised cost FVTPL Total $ $ $ $ $ $	31 December 2022 30 June 2022 Other liabilities Other liabilities Amortised cost FVTPL Total Amortised cost FVTPL Total $ $ $ $ $ $
	11 13 13	1,460,000 - 1,460,000 1,920,000 - 8,100,175 - 8,100,175 7,765,884 - - 601,000 601,000 - 4,949,953 48,411,485 - 48,411,485 72,608,068 - 2,750,000 - 2,750,000 3,250,000 - 13,204,620 - 13,204,620 14,232,018 - - - - - 674,000	1,920,000 7,765,884 4,949,953 72,608,068 3,250,000 14,232,018 674,000
		73,926,280 601,000 74,527,280 99,775,970 5,623,953	105,399,923

The methods used to measure financial assets and liabilities reported at fair value are described in Note 20.

GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2022

10 Financial assets and liabilities (continued)

Financial assets at fair value through profit or loss (FVTPL)

Financial assets at FVTPL include the equity investment in Volt Power Ltd (VPR). The Group accounts for the investment at FVTPL and did not make the irrevocable election to account for it at FVOCI.

Listed investment in Volt Power Ltd (VPR) Borrowings	Note	31 Dec 2022 $	30 Jun 2022 $
		922,000	922,000
		922,000	922,000

Borrowings include the following financial liabilities:

At amortised cost Bank borrowings Total borrowings	Current 31 Dec 2022 30 Jun 2022 31 Dec 2022 $ $ $	Non-current 30 Jun 2022 $
	1,460,000 1,920,000 2,750,000	3,250,000
	1,460,000 1,920,000 2,750,000	3,250,000

Bank borrowings are secured by a floating charge over the assets of the Group (see Note 18). Current interest rates are variable and average 3.30% (30 June 2022: 1.58%). The carrying amount of the other bank borrowings is considered to be a reasonable approximation of the fair value.

Other financial instruments

The carrying amount of the following financial assets and liabilities is considered a reasonable approximation of fair value:

trade and other receivables
cash and cash equivalents
trade and other payables.

11 Lease liabilities

Lease liabilities are presented in the statement of financial position as follows:

Current Non-current Total leases	Note	31 Dec 2022 $	30 Jun 2022 $
		8,100,175 13,204,620	7,765,884 14,232,018
		21,304,795	21,997,902

Group as a lessee

The Group has lease contracts for land and buildings and for various items of plant and equipment and motor vehicles used in its operations. Leases of plant and equipment and motor vehicles generally have lease terms between 3 and 5 years after which ownership of the underlying asset passes to the Group. Leases over land and buildings have lease terms of between 1 and 10 years. The Groups obligations under its leases are secured by the lessor title to the leased assets. Generally, the Group is restricted from assigning and subleasing the leased assets.

GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2022

11 Lease liabilities (continued)

The Group also has certain leases of office equipment with low value. The Group applies the ‘short-term lease’ and ‘lease of low-value assets’ recognition exemptions for these leases.

Set out below are the carrying amounts of right-of-use assets and the movement during the period:

Right-of-use assets – Land and Buildings As at 1 July Additions Adjustments related to changes in lease conditions1,2 Re-classification to property, plant and equipment Depreciation expense De-recognised during the period3 As at 31 December 22 (30 June 22) Right-of-use assets – Plant and Equipment As at 1 July Additions Disposals Re-classification to property, plant & equipment Depreciation expense As at 31 December 22 (30 June 22) Right-of-use asset – Motor Vehicles As at 1 July Additions Re-classification to property, plant & equipment Disposals Depreciation expense As at 31 December 22 (30 June 22) Total Right-Of-Use Assets	Note	31 Dec 2022 $	30 Jun 2022 $
		6,188,709 198,421 (1,162,633) (268,342) (1,053,923) (1,174,076)	4,666,285 3,929,446 91,773 - (2,227,853) (270,942)
		2,728,156	6,188,709
		7,624,232 1,349,309 (72,043) (105,032) (1,035,013)	4,236,234 5,139,079 (47,199) - (1,703,882)
		7,761,453	7,624,232
		9,470,151 3,275,941 (707,189) (39,937) (947,821)	4,648,338 6,234,706 - (4,568) (1,408,325)
		11,051,145	9,470,151

		21,540,754	23,283,092

1 Decrease as two properties are now sub-let. The underlying assets have been reported as a finance lease receivable.

2 Increase resulting from a change in the monthly lease payable to the owner

3 Leases surrendered during the period.

The following are the amounts recognised in profit or loss:

Depreciation of right-of-use assets Interest expense on right-of-use asset lease liabilities Expense relating to short-term leases	Note	31 Dec 2022 $	31 Dec 2021 $
		3,036,757 424,949 2,200,229	2,399,393 293,016 6,337,050
		5,661,935	9,029,459

GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2022

11 Lease liabilities (continued)

The group had total cash outflows for leases of $4,350,221 for the half-year to 31 December 2022 (2022 - HY: $3,102,002). The Group also had non-cash additions to right-of-use assets and lease liabilities of $5,790,600 for the half-year to 31 December 2022 (2022 - HY: $11,242,670).

12 Intangible assets

The movements in the net carrying amount of intangible assets is as follows:

Goodwill Balance 1 July Acquired through business combination Balance at end of reporting period Accumulated impairment losses Accumulated amortisation Carrying amount at end of reporting period Intellectual Property Balance 1 July Acquired as part of business purchase Balance at end of reporting period Accumulated amortisation Carrying amount at end of reporting period Customer contracts Balance 1 July Acquired as part of asset acquisition Balance at end of reporting period Accumulated amortisation Carrying amount at end of reporting period Total intangible assets	Note	31 Dec 2022 $	30 Jun 2022 $
		19,540,788	5,505,688
		-	14,035,100
		19,540,788	19,540,788
		- -	- -
		19,540,788	19,540,788
		7,166,746	-
		-	7,166,746
		7,166,746	7,166,746
		(1,765,538)	(1,059,302)
		5,401,208	6,107,444
		9,043,890	39,890
		-	9,004,000
		9,043,890	9,043,890
		(1,481,601)	(518,879)
		7,562,289	8,525,011
		32,504,285	34,173,243

No adjustments to Goodwill were recognised during the reporting period.

13 Trade and other payables

13 Trade and other payables
Unsecured liabilities: Trade payables Goods and services tax payable Unpaid wages Sundry payables and accrued expenses Total trade and other payables	Note	31 Dec 2022 $	30 Jun 2022 $
		16,569,340 4,978,235 2,979,685 23,884,226	33,646,539 2,810,173 4,413,962 31,737,394
		48,411,486	72,608,068

All amounts are short-term. The carrying values of trade payables and other payables are considered to be a reasonable approximation of fair value.

GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2022

14 Contract liabilities

14 Contract liabilities
Short-term advances for materials Short-term advances for construction services	Note	31 Dec 2022 $	30 Jun 2022 $
		- 19,345,680	885,057 11,867,906
		19,345,680	12,752,963

Advances received for construction contract work represent customer payments received in advance of performance (contract liabilities) that are expected to be recognised as revenue in the next financial year. The amounts recognised in respect of construction contracts will generally be utilised within the next reporting period.

15 Share capital

The share capital of the Group consists only of fully paid ordinary shares; the shares do not have a par value. Ordinary shares participate in dividends and the proceeds on winding up of the Group in proportion to the number of shares held.

Fully paid ordinary shares

Beginning of the year Shares issued pursuant to a capital raising Shares issued as part of a business combination1,2 Deferred tax adjustments Share issue costs Total contributed equity at 30 June	31 Dec 2022 30 Jun 2022 31 Dec 2022 Shares Shares $	30 Jun 2022 $
	176,752,420 155,589,964 53,789,037 - 16,528,926 - 972,528 4,633,530 923,902 - - 558,074 - - -	28,925,754 20,000,000 6,023,589 - (1,160,306)
	177,724,948 176,752,420 55,271,013	53,789,037

16,528,926 shares were issued as part of a capital raising to fund the acquisition of Pole Foundations Australia. The share placement was completed on 28 February 2022.
4,633,530 shares were issued as part consideration for the acquisition of Pole Foundations Australia on 29 April 2022.
972,528 shares were issued as part consideration for the acquisition of BlueTongue Energy Pty Ltd on 15 December 2022.

Each share has the same right to receive dividend and the repayment of capital and represents one vote at the Shareholders’ Meeting of GenusPlus Group Ltd.

16 Dividends on equity instruments

Recognised amounts Fully paid ordinary shares Final dividend	Half-year ended 31 December 2022 Half-year ended Cent per share Total $ Cents per share	31 December 2021 Total $
	1.8 3,181,544 1.8	2,800,619

On 31 August 2022, the directors declared a fully franked d ividend of 1.8c per share to the holders of fully paid ordinary shares in respect of the financial year ended 30 June 2022. The dividend was paid on 30 November 2022.

GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2022

17 Related party transactions

The Group’s related parties include its key management personnel, related parties of its key management personnel, and others as described below.

Unless otherwise stated, none of the transactions incorporate special terms and conditions and no guarantees were given or received. Outstanding balances are usually settled in cash.

Transactions with related parties

As part of normal business operations, the Group undertakes construction work through associated entities, as well as leasing rental properties and equipment. A summary of these transactions is included below.

Services provided by related parties Partum Engineering (Director D Riches) Sparke Helmore Lawyers (Director P. Gavazzi) Matt Riches Pty Ltd and Dave Riches Pty Ltd (Director D Riches) Dave Riches (Director D Riches) Edge People Management (Director D Riches) Pastoral Plus (Director D Riches) Testing Plus WA Pty Ltd T/A SBS Services (Director D Riches) Maali Group – Associate Services provided to related parties Pastoral Plus (Director D Riches) Maali Group - Associate All services were contracted at arms’ length basis. Amounts due to related parties at reporting date Partum Engineering (Director D Riches) Edge People Management (Director D Riches) Pastoral Plus (Director D Riches) Maali Group – Associate Matt Riches Pty Ltd & Dave Riches Pty Ltd Dave Riches Pty Ltd	31 Dec 2022 31 Dec 2021 $ $
	4,260,433 3,491,825 - 9,339 304,458 256,021 32,812 246,821 45,826 16,910 251,347 340,616 - 1,229 705,470 1,766,685 31 Dec 2022 31 Dec 2021 $ $
	- 4,312 156,575 904,320 31 Dec 2022 30 Jun 2022 $ $
	358,057 775,051 12,425 8,760 29,293 87,002 - 134,439 27,173 21,116 1,639 9,832

GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2022

17 Related party transactions (continued)

Amounts due from related parties at reporting date Pastoral Plus Blue Tongue Energy Pty Ltd Maali Group – Associate	31 Dec 2022 30 Jun 2022 $ $
	- 18,445 498,558 498,558 77,642 -

All amounts outstanding at reporting date were included in accounts payable or accounts receivable, and settled in accordance with commercial terms.

18 Contingent assets and contingent liabilities

The Group has no contingent assets.

There were no material warranty or legal claims brought against the Group during the year. Unless recognised as a provision, management considers these claims to be unjustified and the probability that they will require settlement at the Group’s expense to be remote.

Further information on these contingencies is omitted so as not to prejudice the Group’s position in the related disputes.

Estimates of the potential financial effect of contingent liabilities that may become payable: Secured guarantee to company's bankers supported by a floating charge over the Group assets Surety bonds secured by the Group assets	31 Dec 2022 30 Jun 2022 $ $
	30,570,108 26,601,326 25,490,650 26,264,012
	56,060,758 52,865,338

The CBA guarantee facility has a limit of $60,000,000 (30 June 2022 - $60,000,000).

The Surety bond facility has a limit of $40,000,000 (30 June 2022 - $40,000,000).

19 Acquisitions and disposals

Businesses acquired

During the half-year ended 31 December 2022, the Group acquired the assets of ETS Tasmania’s power maintenance division including two contracts, plant and equipment and staff.

The acquisition is aligned to the Group’s geographic growth strategy by expanding its service offering within the growing Eastern Australian market and marks the first operations within Tasmania. Details of the acquisition are as follows:

GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2022

19 Acquisitions and disposals (continued)

Purchase of ETS Tasmania

On 5 July 2022, GenusPlus Group Ltd through its wholly owned subsidiary Genus Infrastructure (NSW) Pty Ltd acquired the assets of ETS Infrastructure Management Pty Ltd Tasmania (ETS Tasmania) power maintenance division, comprising two contracts, plant and equipment and staff.

The net fair value of the assets and employee entitlements assumed as part of the purchase was valued by Directors, and independently confirmed using Pickles valuations.

The contracts purchased contributed revenue of $923,000 and net profit before tax of $46,000 for the period following purchase.

In relation to the acquisition of ETS Tasmania power maintenance division, the Group has performed a provisional assessment of the fair value of the assets and liabilities as at the date of acquisition. For the purposes of the balance sheet, the assets and liabilities have been recorded at their provisional fair values. Under Australian Accounting Standards, the Group has up to 12 months from the date of acquisition to complete its initial acquisition accounting. The Group has already commenced this exercise to consider the fair values of intangible assets acquired. As at the date of this report, this assessment is not complete.

Consideration transferred Cash Total Assets and liabilities purchased at the date of purchase Property, plant and equipment Employee entitlements Total Net cash outflow on purchase of businesses Consideration paid in cash Total	ETS Tasmania $
	968,000
	968,000
	$
	1,033,980 (65,980)
	968,000
	$
	(968,000)
	(968,000)

GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2022

19 Acquisitions and disposals (continued)

Businesses disposed

Nil

20 Fair value measurement

Financial assets and financial liabilities measured at fair value in the statement of financial position are grouped into three levels of a fair value hierarchy. The three levels are defined based on the observability of significant inputs to the measurement, as follows:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly
Level 3: Unobservable inputs for the asset or liability

The following table shows the levels within the hierarchy of financial assets and liabilities measured at fair value on a recurring basis at 31 December 2022 and 30 June 2022:

	Level 1 $	Level 2 $	Level 3 $	Total $
31 December 2022
Financial assets
Listed securities	922,000	-	-	922,000
Finance lease receivable	-	878,477	-	878,477
Other financial assets	-	674,140	-	674,140
Total assets	922,000	1,552,617	-	2,474,617
Financial liabilities
Other financial liabilities			(601,000)	(601,000)
Total liabilities	-	-	(601,000)	(601,000)
Net fair value	922,000	1,552,617	(601,000)	1,873,617
	Level 1 $	Level 2 $	Level 3 $	Total $
30 June 2022
Financial assets
Listed securities	922,000	-	-	922,000
Other financial assets	-	71,833	-	71,833
Total assets	922,000	71,833	-	993,833
Financial liabilities
Contingent consideration	-	-	(5,623,953)	(5,623,953)
Total liabilities	-	-	(5,623,953)	(5,623,953)
Net fair value	922,000	71,833	(5,623,953)	(4,630,120)

GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2022

20 Fair value measurement (continued)

There were no transfers between Level 1 and Level 2 in the half-year to 31 December 2022 or financial year ended 30 June 2022.

Measurement of fair value of financial instruments

The Group’s finance team performs valuations of financial items for financial reporting purposes, including Level 3 fair values, in consultation with third party valuation specialists for complex valuations. Valuation techniques are selected based on the characteristics of each instrument, with the overall objective of maximising the use of market-based information. The finance team reports to the Audit Committee. Valuation processes and fair value changes are discussed among the Audit Committee and the valuation team at least every year, in line with the Group’s reporting dates.

The valuation techniques used for instruments categorised in Levels 2 are described below. There were no instruments categorised as Level 3.

Level 2 fair value measurements

The following table provides information about the sensitivity of the fair value measurement to changes in the most significant inputs:

Fair value measurement of non-financial assets

The following table shows the levels within the hierarchy of non-financial assets measured at fair value at 31 December 2022 and 30 June 2022:

	Level 1 $	Level 2 $	Level 3 $	Total $
31 December 2022
Property, plant and equipment:
• Industrial land and buildings acquired under business combination	-	181,000	-	181,000
	Level 1 $	Level 2 $	Level 3 $	Total $
30 June 2022
Property, plant and equipment:
• Industrial land and buildings acquired under business combination	-	181,000	-	181,000

Fair value of the Group’s land assets acquired under business combination through the purchase of KEC Contracting is estimated based on an evaluation of current market price trends and with regards to the initial valuation of the land at the date of acquisition. The fair value is reviewed by the Board of Directors and Audit Committee at each reporting date.

21 Events after the reporting date

On 19 January 2023 GenusPlus completed a $3 million asset acquisition of Queensland-based L&M Powerline Constructions. The acquisition forms part of Genus’ ongoing strategy of national expansion.

GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2022

21 Events after the reporting date (continued)

Other than those mentioned above, no matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the Group, the results of those operations, or the state of affairs of the Group in future financial years.

22 Group details

The registered office and principal place of business of the Group is:

GenusPlus Group Ltd Level 1, 63 – 69 Abernethy Road Belmont WA 6104

GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2022

Directors’ Declaration

In accordance with a resolution of the directors of GenusPlus Group Ltd, I state that in the opinion of the directors:

(a) the interim financial statements and notes of the Company and its subsidiaries (collectively the Group) are in accordance with the Corporations Act 2001 , including:
(i) giving a true and fair view of the Group’s financial position as at 31 December 2022 and of its performance for the half-year ended on that date; and
(ii) complying with Australian Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 ; and
(b) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

On behalf of the board

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David Riches Director

Dated the 27[th] day of February 2023

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Grant Thornton Audit Pty Ltd Level 43 Central Park 152-158 St Georges Terrace Perth WA 6000 PO Box 7757 Cloisters Square Perth WA 6850 T +61 8 9480 2000

Independent Auditor’s Review Report

To the Members of GenusPlus Group Ltd

Report on the half year financial report

Conclusion

We have reviewed the accompanying half year financial report of GenusPlus Group Ltd (the Company) and its subsidiaries (the Group), which comprises the consolidated condensed statement of financial position as at 31 December 2022, and the consolidated condensed statement of profit or loss and other comprehensive income, consolidated condensed statement of changes in equity and consolidated condensed statement of cash flows for the half year ended on that date, a description of accounting policies, other selected explanatory notes, and the directors’ declaration.

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the accompanying half-year financial report of GenusPlus Group Ltd does not comply with the Corporations Act 2001 including:

a giving a true and fair view of GenusPlus Group Ltd’s financial position as at 31 December 2022 and of its performance for the half year ended on that date; and
b complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

Basis for Conclusion

We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity . Our responsibilities are further described in the Auditor’s Responsibilities for the Review of the Financial Report section of our report. We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the annual financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

www.grantthornton.com.au ACN-130 913 594

294w

Directors’ responsibility for the half-year financial report

The Directors of the Company are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the Directors determine is necessary to enable the preparation of the half-year financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

Auditor’s responsibility

Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity , in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the half year financial report is not in accordance with the Corporations Act 2001 including giving a true and fair view of the GenusPlus Group Ltd’s financial position as at 31 December 2022 and its performance for the half-year ended on that date, and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

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GRANT THORNTON AUDIT PTY LTD Chartered Accountants

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L A Stella Partner – Audit & Assurance Perth, 27 February 2023

Grant Thornton Audit Pty Ltd 30

AI assistant

GENUSPLUS GROUP LTD — Interim / Quarterly Report 2023

65005_rns_2023-02-26_38b10eb4-786b-4439-a835-dac326df8f6b.pdf

Appendix 4D

Details of entities over which control has been gained or lost during the period:

Details of dividend reinvestment plan:

Details of associates and joint venture entities:

Audit:

Interim Financial Report

Contents

Directors’ Report

Directors’ details

Non-executive Directors

Principal activities

Review of operations and financial results

Significant changes in the state of affairs

Dividends

Auditor’s Independence Declaration

Auditor’s Independence Declaration

To the Directors of GenusPlus Group Ltd

www.grantthornton.com.au

Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income

Condensed Consolidated Statement of Financial Position

As at 31 December 2022

Condensed Consolidated Statement of Changes in Equity

Condensed Consolidated Statement of Cash Flows

Notes to the Condensed Consolidated Financial Statements

1 Nature of operations

2 General information and statement of compliance

3 Changes in accounting policies

3.2 New standards not yet adopted by the Group

4 Segment Reporting

4 Segment reporting (continued)

5 Revenue

6 Other income

7 Earnings per share

8 Trade and other receivables

9 Contract assets

10 Financial assets and liabilities

Categories of financial assets and liabilities

10 Financial assets and liabilities (continued)

Financial assets at fair value through profit or loss (FVTPL)

Other financial instruments

11 Lease liabilities

Group as a lessee

11 Lease liabilities (continued)

11 Lease liabilities (continued)

12 Intangible assets

13 Trade and other payables

14 Contract liabilities

15 Share capital

Fully paid ordinary shares

16 Dividends on equity instruments

17 Related party transactions

Transactions with related parties

17 Related party transactions (continued)

18 Contingent assets and contingent liabilities

19 Acquisitions and disposals

Businesses acquired

19 Acquisitions and disposals (continued)

Purchase of ETS Tasmania

19 Acquisitions and disposals (continued)

Businesses disposed

20 Fair value measurement

20 Fair value measurement (continued)

Measurement of fair value of financial instruments

Level 2 fair value measurements

Fair value measurement of non-financial assets

21 Events after the reporting date

21 Events after the reporting date (continued)

22 Group details

Directors’ Declaration

Independent Auditor’s Review Report

To the Members of GenusPlus Group Ltd

Report on the half year financial report

Conclusion

Basis for Conclusion

www.grantthornton.com.au ACN-130 913 594

Directors’ responsibility for the half-year financial report

Auditor’s responsibility

GENUSPLUS GROUP LTD Interim / Quarterly Report 2023