GENUSPLUS GROUP LTD — Interim / Quarterly Report 2024

Feb 22, 2024

Appendix 4D

Preliminary financial statements for the half-year ended 31 December 2023 as required by ASX listing rule 4.2A

Results for announcement to the market			Movement
(All comparison to half-year ended 31 December 2022)	$	Up/down	%
Total revenue from ordinary activities	249,956,459	Up	11.33
Normalised Profit from ordinary activities after tax1	9,574,172	Up	45.24
Net Profit attributable to members	9,049,466	Up	42.11

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

• Restructure costs $555,482 (HY23 - $958,300);

• Acquisition costs (including Blue Tongue Energy FV adjustment) during the period $1,117,220 (HY23 - $803,600);

• Net Proceeds/costs from ECM claim ($1,147,995) (HY23 – $41,554); and

• Tax expense HY24 adjustment ($NIL) (HY23 – ($1,579,095)

	Amount per		Total amount
Dividend information	share	Franked(1)	$
Final dividend paid on 26 October 2023 (prior year)1	2.0 cents	30%	$3,554,499
Interim dividend declared2	Nil	-	Nil

(1) Dividends were fully franked at 30% tax rate and paid to all holders with a record date of 4 October 2023.

• (2) The Board has resolved not to pay a dividend in respect of the half-year ended 31 December 2023.

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

Blue Tongue Energy Pty Ltd – gained control on 28 July 2023 - previously 50% interest held as a Joint Venture

Prasinus Energy Services Pty Ltd – gained control on 1 November 2023

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 $0 (HY23 $94,395) to the net profit after tax of the Group. On 12 January 2024, GenusPlus exercised a share sale agreement transferring the Group’s 39% ownership to the majority shareholder for total consideration of $10,000.

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	2023	30	Jun	2023	31	Dec	2022
			$			$			$
Net tangible assets per security			0.41			0.40			0.35

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 2023.

This report is based on the consolidated financial statements for the half-year ended 31 December 2023 which have been reviewed by Grant Thornton. A copy of Grant Thornton’s unqualified review report can be found on page 30.

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Interim Financial Report

GenusPlus Group Ltd and controlled entities For the half-year ended 31 December 2023

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GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2023

Contents

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	29
Independent Auditor’s Report	30

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GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2023

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 2023. 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 Simon High Mr Paul Gavazzi 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 11% increase in revenue to $249,956,459 (HY23: $224,509,845). The profit of the Group for the financial half-year after providing for income tax increased by 42% to $9,049,466 (HY23: $6,367,730).

The results reflect an improved diversification of the business segments and improved earnings from higher revenues. After a period of sustained growth, 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 Industrial Services segment is growing revenue as it commences projects on the east coast of Australia. It continues to manage a challenging project due for completion towards the end of the FY2024 while gaining traction in the new energy industry with recent awards of the Melbourne Renewable Energy Hub in Victoria (in joint venture with Samsung C&T), and the Aldoga substation in Queensland.

The Communication Services segment has seen a period of restructure and the benefits are beginning to show in FY2024, while the NBN contract begins to ramp up.

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 and battery storage systems 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. Coupled 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 to support the grid.

The Group has a tendered pipeline of $2.046 billion, up from $1.863 billion at the end of FY23.

The Group reported a 27.2% increase in normalised EBITDA (earnings before interest, tax, depreciation and amortisation) to $21,867,207 (HY23: $17,197,115). Normalisations for HY24 are Acquisition costs and fair value impairment on the purchase of the remaining 50% acquisition of Blue Tongue Energy of $1,596,028 (after tax $1,117,220), Restructuring costs $793,545 (after tax $555,482), and the net gain from ECM claims of $(1,639,994) (after tax ($1,147,995)).

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GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2023

During the period the Group completed acquisitions in relation to the remaining 50% of Blue Tongue Energy Pty Ltd and Prasinus Energy Services Pty Ltd.

The acquisition of the remaining 50% of Blue Tongue Energy Pty Ltd was completed on a step-acquisition basis for consideration of $1,333,653. As a result of the acquisition, in accordance with AASB3 Business Combinations the fair value of 100% of the equity of Blue Tongue Energy Pty Ltd was determined, resulting in an impairment loss in the current reporting period of $1,528,970.

The acquisition of Prasinus continues Genus’ strategy to expand services throughout Australia by providing direct access to the Victorian energy market. The acquisition of Prasinus was completed on a cash basis for total initial consideration of $3,224,361. The acquisition has been completed on a provisional basis, with a final assessment of the fair value acquired to be completed within 12 months.

The Group’s net assets increased by 5.2% compared to the previous year ended 30 June 2023, which is due predominantly to the increase in retained earnings after allowing for the dividend declared and paid during the half.

Shareholder returns

The Group paid a final dividend in relation to the year ended 30 June 2023 of 2.0c per share in October 2023.

No dividend has been declared for the half year period to 31 December 2023.

Investments for future performance

The Group invested $8.4 million in capital expenditure during the half-year, compared to $6.3 million for the previous comparable period. Of the capital expenditure $4.4 million (HY23: $4.9 million) was acquired under finance contract agreements and is considered Right-of-Use assets. In addition to the capital expenditure during the half-year the Group acquired $2.3 million in assets as part of the acquisitions of Blue Tongue Energy Pty Ltd and Prasinus Energy Services Pty Ltd.

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 26 October 2023, the dividend in respect of the year ended 30 June 2023 of 2.0 cents per share fully franked for a total of $3,554,499 was paid to all shareholders at the record date of 4 October 2023.

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 made pursuant to s.306(3) of the Corporations Act 2001 .

On behalf of the Directors

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David Riches – Director

Perth, 23 February 2024

5

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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 2023. 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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B P Steedman Partner – Audit & Assurance

Perth, 23 February 2024

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.

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GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2023

Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income

For the half-year ended 31 December 2023

Revenue from continuing operations Other income Expenses Employee benefits expense Raw materials and consumables used Contractors and labour hire expenses Motor vehicle expenses Depreciation and amortisation expense Other expenses Operating profit Share of results of joint ventures Share of results of associates Finance income Loss on revaluation of investment Finance costs Profit before income tax expense from continuing operations Income tax expense Profit after income tax for the half-year Other comprehensive income for the half-year, net of income tax Exchange differences on monetary items denominated in foreign currency (net of tax) Total comprehensive income for the half-year Attributable to Owners of the company Earnings per share - Basic earnings per share (cents) - Diluted earnings per share (cents)	Notes	6 months to 31 Dec 2023 6 months to 31 Dec 2022 $ $
	5 6 7 7	249,956,459 224,509,845 3,024,883 1,701,183 (74,890,931) (70,035,290) (74,393,686) (70,296,945) (66,545,540) (56,970,045) (8,207,623) (6,955,832) (7,577,413) (7,295,466) (6,285,382) (7,255,442)
		15,080,767 7,402,008 (11,583) (177,630) - 134,851 385,929 32,691 (1,528,970) (33,943) (926,776) (695,093)
		12,999,367 6,662,884 (3,949,901) (295,154)
		9,049,466 6,367,730
		- (148,023)
		9,049,466 6,219,707
		9,049,466 6,219,707
		5.09 3.60
		5.09 3.60

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

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GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2023

Condensed Consolidated Statement of Financial Position

As at 31 December 2023

Current assets Cash and cash equivalents Trade and other receivables Contract assets Inventories Other financial assets Other assets Total current assets Non-current assets Other financial assets Interests in joint ventures Property, plant and equipment Right-of-use assets Intangible assets Total non-current assets Total assets Current liabilities Trade and other payables Contract liabilities Financial liabilities Lease liabilities Current tax liabilities Employee benefits Total current liabilities Non-current liabilities Financial liabilities Lease liabilities Deferred tax liabilities Employee benefits Total non-current liabilities Total liabilities Net assets Equity Issued capital Reserves Retained earnings Total equity	Notes	31 Dec 2023 30 Jun 2023 $ $
	8 9 9 10 11 12 13 9 11 9 11 14	50,260,920 46,737,238 53,340,211 56,948,784 44,228,329 37,595,573 3,210,570 3,796,472 320,159 326,741 4,358,581 5,439,866
		155,718,770 150,844,674
		716,454 1,130,376 - 2,874,206 22,124,737 18,247,524 27,766,569 23,258,391 32,592,064 31,063,401
		83,199,824 76,573,898
		238,918,594 227,418,572
		56,167,149 51,043,122 17,334,467 16,876,882 2,129,361 1,580,000 10,680,401 9,007,690 2,221,305 6,725,475 8,891,753 8,607,305
		97,424,436 93,840,474
		4,140,000 4,280,000 15,092,830 12,861,963 11,000,662 10,550,113 789,566 909,889
		31,023,058 28,601,965
		128,447,494 122,442,439
		110,471,100 104,976,133
		55,265,025 55,265,025 (490,350) (490,350) 55,696,425 50,201,458
		110,471,100 104,976,133

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

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GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2023

Condensed Consolidated Statement of Changes in Equity

For the half-year ended 31 December 2023

Balance at 1 July 2022 Profit for the half-year Other comprehensive income Total comprehensive income for the year Transactions with owners in their capacity as owners: • share issues pursuant to a business combination • deferred tax adjustments in equity • dividends paid Sub-total Balance at 31 December 2022 Balance at 1 July 2023 Profit for the half-year Other comprehensive income Total comprehensive income for the year Transactions with owners in their capacity as owners: • dividends paid Sub-total Balance at 31 December 2023	Notes	Share capital Retained earnings Corporate restructure reserve Foreign currency translation reserve Total $ $ $ $
	15 15	53,789,037 39,977,478 (511,834) 168,392 93,423,073
		- 6,367,730 - - 6,367,730 - - - (148,023) (148,023)
		- 6,367,730 - (148,023) 6,219,707 923,902 - - - 923,902 558,074 (306,659) - - 251,415 (3,181,544) - (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
		55,265,025 50,201,458 (511,834) 21,484 104,976,133 - 9,049,466 - - 9,049,466 - - - - -
		- 9,049,466 - - 9,049,466 - (3,554,499) - - (3,554,499)
		- (3,554,499) - - (3,554,499)
		- 5,494,967 - - 5,494,967
		55,265,025 55,696,425 (511,834) 21,484 110,471,100

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

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GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2023

Condensed Consolidated Statement of Cash Flows

For the half-year ended 31 December 2023

Operating activities Receipts from customers Payments to suppliers and employees Income tax (paid) / refunded 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 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 2023 6 months to 31 Dec 2022 $ $
		278,974,939 269,787,736 (251,591,109) (255,517,466) (7,899,517) 118,965
		19,484,313 14,389,235
		631,848 998,392 (3,946,838) (417,295) - (1,033,980) - (602,308) (2,419,556) (4,132,995)
		(5,734,546) (5,188,186)
		(790,000) (960,000) 153,506 139,978 (5,494,245) (4,350,222) (3,554,499) (3,181,544) 385,929 6,419 (926,776) (695,093)
		(10,226,085) (9,040,462)
		3,523,682 160,587 46,737,238 27,882,473 - (148,023)
		50,260,920 27,895,037

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

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GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2023

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, New South Wales, Tasmanian and Victorian 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 2023 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 2023 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.

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GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2023

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 managing director, 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.

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 2023, there have been no changes from the previous reporting period ended 30 June 2023 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 2023 Infrastructure Communications Industrial Services Total Segments Other / Eliminations Total $ $ $ $ $ $
	158,797,325 33,695,313 57,463,821 249,956,459 - 249,956,459 3,307,626 - 968,503 4,276,129 (4,276,129) -
	162,104,951 33,695,313 58,432,324 254,232,588 (4,276,129) 249,956,459 (42,511,526) (7,659,108) (19,829,918) (70,000,552) - (70,000,552) (48,749,367) (2,424,365) (23,125,881) (74,299,613) - (74,299,613) (36,671,231) (22,001,667) (12,148,771) (70,821,669) 4,276,129 (66,545,540) (7,369,937) (341,567) (450,670) (8,162,174) - (8,162,174) (6,079,086) (1,169,507) (199,451) (7,448,044) - (7,448,044) (7,456,718) (1,524,742) (1,624,883) (10,606,343) - (10,606,343)
	13,267,086 (1,425,643) 1,052,750 12,894,193 - 12,894,193
	Segment assets and liabilities as at 31 December 2023 Infrastructure Communications Industrial Services Total Segments Other / Eliminations Total $ $ $ $ $ $ 181,350,130 26,159,386 39,114,970 246,624,486 (15,301,046) 231,323,440 92,646,746 26,332,723 38,747,772 157,727,241 (4,388,783) 153,338,458

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GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2023

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) 224,509,845 5,414,616 - 5,913,197 11,327,813 (11,327,813) -
	163,752,058 28,813,769 43,394,540 235,960,367 (11,450,522) 224,509,845 (42,898,978) (8,141,902) (14,446,137) (65,487,017) - (65,487,017) (49,820,039) (2,420,031) (17,981,047) (70,221,117) - (70,221,117) (41,859,052) (19,110,899) (7,326,190) (68,296,141) 11,327,813 (56,968,328) (7,042,753) (281,797) (370,248) (7,694,798) - (7,694,798) (5,050,140) (811,260) (253,420) (6,114,820) - (6,114,820) (7,824,903) (1,014,319) (1,460,067) (10,299,289) - (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 Total $ $ $ $ $ $ 173,625,841 12,843,190 32,152,707 218,621,738 (17,477,093) 201,144,645 100,744,670 12,129,140 32,906,464 145,780,274 (9,233,945) 136,546,329

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GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2023

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 2023 31 Dec 2022 $ $ Revenues Total reportable segment revenues 249,956,459 224,509,845 Other segment income 3,024,883 1,701,183 Group Revenues 252,981,342 226,211,028 Profit or loss Total reportable segment operating profit 12,894,193 7,724,476 Other segment profit Employment expenses (4,890,380) (3,870,016) Consumables and materials used (94,074) (128,562) Contractors and labour hire expenses - (1,717) Motor vehicle expenses (45,447) (20,784) Depreciation and amortisation expenses (1,018,132) (1,180,646) Other expenses (4,510,308) (2,768,214) Elimination of intersegment profits1 12,744,915 7,647,471 Group operating profit 15,080,767 7,402,008 Share of profits of associates - 134,851 Share of results of joint ventures (11,583) (177,630) Finance costs (926,776) (695,093) Other gains and (losses) (1,528,970) (33,943) Finance income 385,929 32,691 Group profit before tax 12,999,367 6,662,884 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 2023 $ 30 June 2023 $ Assets Total reportable segment assets 231,323,440 197,993,015 Other segment assets 72,178,794 61,379,305 Elimination of inter-segment assets (64,583,640) (31,953,748) Group assets 238,918,594 227,418,572 Liabilities Total reportable segment liabilities 153,338,458 123,211,089 Other segment liabilities 18,704,226 10,397,753 Elimination of intersegment liabilities (43,595,190) (11,166,403) Group liabilities 128,447,494 122,442,439	Note	31 Dec 2023 31 Dec 2022 $ $
		249,956,459 224,509,845 3,024,883 1,701,183
		252,981,342 226,211,028 12,894,193 7,724,476 (4,890,380) (3,870,016) (94,074) (128,562) - (1,717) (45,447) (20,784) (1,018,132) (1,180,646) (4,510,308) (2,768,214) 12,744,915 7,647,471
		15,080,767 7,402,008
		- 134,851 (11,583) (177,630) (926,776) (695,093) (1,528,970) (33,943) 385,929 32,691
		12,999,367 6,662,884
		238,918,594 227,418,572
		153,338,458 123,211,089 18,704,226 10,397,753 (43,595,190) (11,166,403)
		128,447,494 122,442,439

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GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2023

5 Revenue

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

Construction Services he Group’s revenue disaggregated by pattern Products and services transferred over time Products and services transferred at a point in time Contract balances Trade receivables Contract assets	of revenue Note	Note 31 Dec 2023 31 Dec 2022 $ $ 174,012,652 138,800,755 75,943,807 85,709,090 249,956,459 224,509,845 recognition is as follows: Construction Services 31 Dec 2023 31 Dec 2022 31 Dec 2023 31 Dec 2022 $ $ $ $ 174,012,652 138,800,755 54,686,729 64,963,217 - - 21,257,078 20,745,873 174,012,652 138,800,755 75,943,807 85,709,090 Note 31 Dec 2023 30 Jun 2023 $ $ 50,813,234 54,623,086 8 44,228,329 37,595,573 95,041,563 92,218,659	Note	31 Dec 2023 31 Dec 2022 $ $
				174,012,652 138,800,755 75,943,807 85,709,090
				249,956,459 224,509,845
		174,012,652 -
		174,012,652
			Note
			8	50,813,234 54,623,086 44,228,329 37,595,573
				95,041,563 92,218,659

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 2023 $86,419 (30 June 2023: $130,052) was recognised as provision for expected credit losses on trade receivables.

6 Other income

Proceeds on legal claim settlement Commonwealth funded apprenticeship incentive payments Net gain on disposal of property, plant and equipment Insurance claims and recoveries Foreign exchange gains recognised during the period Other income	Note	31 Dec 2023 31 Dec 2022 $ $
		2,223,000 - 181,908 491,811 36,010 506,112 129,812 192,653 11,711 90,952 442,442 419,655
		3,024,883 1,701,183

15

GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2023

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 2023 and 31 December 2022.

ear ended 31 December 2023 and 31 December 2022.
Profit for the period	Note 31 Dec 2023 31 Dec 2022 $ $
	9,049,466 6,367,730

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 Weighted average number of shares used in diluted earnings per share Earnings per share (basic) Earnings per share (diluted)	Note	31 Dec 2023 31 Dec 2022 No. No.
		177,724,948 176,842,273
		177,724,948 176,842,273
		5.09 3.60 5.09 3.60

8 Contract assets

Current Contract assets Total contract assets	Note	31 Dec 2023 30 Jun 2023 $ $
		44,228,329 37,595,573
		44,228,329 37,595,573

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.

16

GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2023

9 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:

Note	31 December 2023 Amortised cost FVTPL Total $ $ $ 50,260,920 - 50,260,920 53,340,211 - 53,340,211 320,159 - 320,159 - 461,000 461,000 255,454 - 255,454 - - - 104,176,744 461,000 104,637,744	30 June 2023 Amortised cost FVTPL Total $ $ $
		46,737,238 - 46,737,238 56,948,784 - 56,948,784 326,741 - 326,741 - 461,000 461,000 402,379 - 402,379 266,997 - 266,997
		104,682,139 461,000 105,143,139

(a) The total value of other financial assets, current finance lease receivables, listed equity securities and non-current finance lease receivables is $1,036,613 (FY23 - $1,130,376).

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 2023 30 June 2023 Other liabilities Other liabilities Amortised cost FVTPL Total Amortised cost FVTPL Total $ $ $ $ $ $
	11	1,580,000 - 1,580,000 1,580,000 - 1,580,000 10,680,401 - 10,680,401 9,007,690 - 9,007,690 - 549,361 549,361 - - - 56,167,149 - 56,167,149 50,993,122 - 50,993,122 3,490,000 - 3,490,000 4,280,000 - 4,280,000 15,092,830 - 15,092,830 12,861,963 - 12,861,963 - 650,000 650,000 - - -
		87,010,380 1,199,361 88,209,741 78,722,775 - 78,722,775

The methods used to measure financial assets and liabilities reported at fair value are described in Note 19.

17

GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2023

9 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.

VTPL and did not make the irrevocable election to account for it at FVOCI.
Listed investment in Volt Power Ltd (VPR)	Note	31 Dec 2023 30 Jun 2023 $ $
		461,000 461,000
		461,000 461,000

Borrowings

Borrowings include the following financial liabilities:

At amortised cost Bank borrowings Total borrowings	Current Non-current 31 Dec 2023 30 Jun 2023 31 Dec 2023 30 Jun 2023 $ $ $ $
	1,580,000 1,580,000 3,490,000 4,280,000
	1,580,000 1,580,000 3,490,000 4,280,000

Bank borrowings are secured by a floating charge over the assets of the Group (see Note 17). Current interest rates are variable and average 4.41% (30 June 2023: 4.40%). 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.

10 Interests in joint ventures

On 31 July 2023, the Group acquired the remaining 50% interest in Blue Tongue Energy Pty Ltd gaining control of Blue Tongue. The Group’s interest in Blue Tongue was previously accounted for using the equity method in the consolidated financial statements. In accordance with accounting standards ( AASB3 Business Combinations ) the fair value of 100% of the equity of Blue Tongue Energy Pty Ltd was determined, resulting in an impairment loss calculated as follows:

Carrying value of the investment in JV at 1 July 2023 Share of JV profit for the month ended 31 July 2023 Carrying value of the interest in joint venture at 31 July 2023 Fair value of interest in joint venture at 31 July 2023 Impairment loss recognised	$
	2,874,206 (11,583)
	2,862,623 1,333,653
	1,528,970

18

GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2023

11 Lease liabilities

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

Current Non-current Total leases	Note	31 Dec 2023 30 Jun 2023 $ $
		10,680,401 9,007,690 15,092,830 12,861,963
		25,773,231 21,869,653

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 5 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.

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 23 (30 June 23) 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 23 (30 June 23)	Note	31 Dec 2023 30 Jun 2023 $ $
		2,624,838 6,188,709 4,705,308 962,547 - 213,868 - (268,342) (1,119,706) (2,120,562) (272,820) (2,351,382)
		5,937,620 2,624,838
		8,451,574 7,624,232 1,148,907 3,435,302 (139,343) (149,638) (151,313) (94,399) (1,093,037) (2,363,923)
		8,216,788 8,451,574

19

GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2023

11 Lease liabilities (continued)

11 Lease liabilities (continued)
Right-of-use asset – Motor Vehicles As at 1 July Additions Disposals Re-classification to property, plant & equipment Depreciation expense As at 31 December 23 (30 June 23) Total Right-Of-Use Assets	Note	31 Dec 2023 30 Jun 2023 $ $
		12,181,979 9,470,151 2,765,469 5,705,842 (28,209) (686,603) (61,870) (162,204) (1,245,208) (2,145,207)
		13,612,161 12,181,979
		27,766,569 23,258,391

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 2023 31 Dec 2022 $ $
		3,457,951 3,036,757 665,525 424,949 5,774,994 2,200,229
		9,898,470 5,661,935

The group had total cash outflows for leases of $5,494,245 for the half-year to 31 December 2022 (2023 - HY: $4,350,221). The Group also had non-cash additions to right-of-use assets and lease liabilities of $8,619,684 for the half-year to 31 December 2023 (2023 - HY: $5,790,600).

20

GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2023

12 Intangible assets

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

Goodwill Balance at cost 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 at cost 1 July Re-classified from property, plant and equipment Balance at end of reporting period Accumulated amortisation at start of reporting period Amortisation expense for the period Accumulated amortisation Carrying amount at end of reporting period Customer contracts Balance at cost 1 July Disposals Balance at end of reporting period Accumulated amortisation at start of reporting period Amortisation expense for the period Accumulated amortisation Carrying amount at end of reporting period Total intangible assets	Note	31 Dec 2023 30 Jun 2023 $ $
		19,614,788 19,540,788 3,159,768 74,000
		22,774,556 19,614,788
		- - - -
		22,774,556 19,614,788
		7,320,821 7,166,476 - 154,075
		7,320,821 7,320,821
		(2,471,774) (1,059,302) (796,472) (1,412,472)
		(3,268,246) (2,471,774)
		4,052,575 4,849,047
		9,004,000 9,043,890 - (39,890)
		9,004,000 9,004,000
		(2,404,433) (478,988) (834,634) (1,925,445)
		(3,239,067) (2,404,434)
		5,764,933 6,599,566
		32,592,064 31,063,401

No adjustments to Goodwill were recognised during the reporting period.

13 Contract liabilities

Short-term advances for construction services	Note	31 Dec 2023 30 Jun 2023 $ $
		17,334,467 16,876,882
		17,334,467 16,876,882

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.

21

GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2023

14 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 as part of a business combination1 Deferred tax adjustments Share issue costs Total contributed equity at 30 June	31 Dec 2023 30 Jun 2023 31 Dec 2023 30 Jun 2023 Shares Shares $ $
	177,724,948 176,752,420 55,265,025 53,789,037 - 972,528 - 923,902 - - - 558,074 - - - (5,988)
	177,724,948 177,724,948 55,265,025 55,265,025

1. 972,528 shares were issued as part consideration for the initial 50% acquisition of Blue Tongue 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.

15 Dividends on equity instruments

Recognised amounts Fully paid ordinary shares Final dividend	Half-year ended 31 December 2023 Half-year ended 31 December 2022 Cent per share Total $ Cents per share Total $
	2.0 3,554,499 1.8 3,181,544

On 22 August 2023, the directors declared a fully franked dividend of 2.0c per share to the holders of fully paid ordinary shares in respect of the financial year ended 30 June 2023. The dividend was paid on 26 October 2023.

16 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.

22

GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2023

16 Related party transactions (continued)

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) 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) Maali Group – Associate Services provided to related parties 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 Amounts due from related parties at reporting date Blue Tongue Energy Pty Ltd Maali Group – Associate	31 Dec 2023 31 Dec 2022 $ $
	4,511,094 4,260,433 329,374 304,458 25,347 32,812 73,256 45,826 515,092 251,347 678,791 705,470 31 Dec 2023 31 Dec 2022 $ $
	187,979 156,575 31 Dec 2023 30 Jun 2023 $ $
	274,622 994,898 11,223 15,623 25,740 49,161 113,437 56,143 31 Dec 2023 30 Jun 2023 $ $
	- 566,656 63,389 146,876

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

23

GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2023

17 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 2023 30 Jun 2023 $ $
	28,035,110 30,151,730 39,535,228 30,924,322
	67,570,338 61,076,052

The CBA guarantee facility has a limit of $60,000,000 (30 June 2023 - $60,000,000).

The Surety bond facility has a limit of $90,000,000 (30 June 2023 - $60,000,000).

18 Acquisitions and disposals

Businesses acquired

During the half-year ended 31 December 2023, the Group acquired the issued share capital of Prasinus Energy Services Pty Ltd and completed the acquisition of the remaining 50% of Blue Tongue Energy Pty Ltd.

The acquisition of Prasinus 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 Victoria. The finalisation of the Blue Tongue Energy acquisition enables GenusPlus to further its service offerings in the battery energy storage and renewables sectors. Details of the acquisitions are as follows:

Purchase of remaining 50% of Blue Tongue Energy Pty Ltd

On 31 July 2023, GenusPlus Group Ltd finalised the acquisition of the remaining 50% ownership in Blue Tongue Energy Pty Ltd.

For the period following purchase, Blue Tongue Energy contributed revenue of $293,000 and net loss before tax of ($39,000).

The acquisition has been completed on a step-acquisition basis, with the prior investment in Blue Tongue Energy fairvalued at the date of acquisition. An impairment loss of $1.5M has been recognised in the operating result for the half year.

24

GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2023

18 Acquisitions and disposals (continued)

Purchase of Prasinus Energy Services Pty Ltd

On 1 November 2023, GenusPlus Group Ltd through its wholly owned subsidiary Genus Infrastructure Pty Ltd acquired all shares in Prasinus Energy Services Pty Ltd.

For the period following purchase, Prasinus Energy contributed revenue of $1,767,000 and net profit before tax of $26,000.

In relation to the acquisition of Prasinus Energy, 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 / transferrable Cash Intercompany receivables settled as part of acquisition Transferred in January 2024 Deferred consideration Total Assets and liabilities purchased at the date of purchase Cash and cash equivalents Trade and other receivables Property, plant and equipment Inventory Other assets Trade and other payables Employee entitlements Other liabilities Total Net cash outflow on purchase of businesses Consideration paid in cash Less: Cash and cash equivalents acquired Total Businesses disposed	Blue Tongue Energy Prasinus Energy $ $
	150,000 2,375,000 833,653 - - 549,361 350,000 300,000
	1,333,653 3,224,361
	$ $
	55,444 50,000 806,530 1,650,478 327,094 1,945,776 - 375,000 744,061 58,235 (995,705) (537,792) - (301,022) (659,771) (571,560) 277,653 2,669,115 $ $
	(150,000) (2,375,000) 55,444 50,000 (94,556) (2,325,000)

Nil

25

GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2023

19 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 2023 and 30 June 2023:

	Level 1 $	Level 2 $	Level 3 $	Total $
31 December 2023
Financial assets
Listed securities	461,000	-	-	461,000
Lease receivable	-	575,613	-	575,613
Total assets	461,000	575,613	-	1,036,613
Financial liabilities
Other financial liabilities	-	-	(1,199,361)	(1,199,361)
Total liabilities	-	-	(1,199,361)	(1,199,361)
Net fair value	461,000	575,613	(1,199,361)	(162,748)
	Level 1 $	Level 2 $	Level 3 $	Total $
30 June 2023
Financial assets
Listed securities	461,000	-	-	461,000
Lease receivable	-	729,120	-	729,120
Other financial assets	-	266,997	-	266,997
Total assets	461,000	996,117	-	1,457,117
Financial liabilities
Contingent consideration	-	-	-	-
Total liabilities	-	-	-	-
Net fair value	461,000	996,117	-	1,457,117

There were no transfers between Level 1 and Level 2 in the half-year to 31 December 2023 or financial year ended 30 June 2023.

26

GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2023

19 Fair value measurement (continued)

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 2023 and 30 June 2023:

	Level 1	Level 2	Level 3	Total
	$	$	$	$
31 December 2023
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 2023
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.

20 Events after the reporting date

On 12 January 2024, GenusPlus executed a share sale agreement to dispose of the Group’s 39% ownership interest in Maali for total consideration of $10,000.

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.

27

GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2023

21 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

28

GenusPlus Group Ltd and controlled entities Interim Financial Report For the half-year ended 31 December 2023

Directors’ Declaration

In the directors’ opinion:

• (a) the attached financial statements and notes comply with the Corporations Act 2001 , Australian Accounting Standard AASB 134 'Interim Financial Reporting' , the Corporations Regulations 2001 and other mandatory professional reporting requirements; and

• (b) the attached financial statements and notes give a true and fair view of the consolidated entity's financial position as at 31 December 2023 and of its performance for the financial half-year ended on that date; and

• (c) there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

Signed in accordance with a resolution of the directors made pursuant to s.303(5) of the Corporations Act 2001.

On behalf of the Directors

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David Riches Director

Perth, 23 February 2024

29

==> picture [161 x 31] intentionally omitted <==

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 condensed consolidated statement of financial position as at 31 December 2023, and the condensed consolidated statement of profit or loss and other comprehensive income, condensed consolidated statement of changes in equity and condensed consolidated 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 the GenusPlus Group Ltd’s financial position as at 31 December 2023 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

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.

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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 2023 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

==> picture [106 x 36] intentionally omitted <==

B P Steedman Partner – Audit & Assurance

Perth, 23 February 2024

Grant Thornton Audit Pty Ltd