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WISE PLC
Annual / Quarterly Financial Statement • Nov 29, 2021
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Annual / Quarterly Financial Statement
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National Storage Mechanism | Additional information 
RNS Number : 9227T
Wise PLC
29 November 2021
Wise plc
29 November 2021
Release of unaudited historic financial information
Wise is today releasing selected historic consolidated financial statements on an unaudited half yearly basis for the year ended 31 March 2021.
Enquiries
Martin Adams - Head of Owner Relations
Condensed consolidated statement of comprehensive income (unaudited)
| Year ended | Half-year ended | Half-year ended | |
| £m (unless otherwise noted) | 31 March 2021 | 30 September 2020 | 31 March 2021 |
| Revenue | 421.0 | 192.2 | 228.8 |
| Cost of sales | (151.7) | (71.8) | (79.9) |
| Net credit losses on financial assets | (8.8) | (1.2) | (7.6) |
| Gross profit | 260.5 | 119.2 | 141.3 |
| Administrative expenses | (217.5) | (97.6) | (119.9) |
| Interest income from investments and operating assets | 1.9 | 1.0 | 0.9 |
| Interest expense from operating assets | (3.8) | (1.6) | (2.2) |
| Other income | 3.8 | 1.1 | 2.7 |
| Operating profit | 44.9 | 22.1 | 22.8 |
| Finance expense | (3.8) | (2.1) | (1.7) |
| Profit before tax | 41.1 | 20.0 | 21.1 |
| Income tax expense | (10.2) | (5.4) | (4.8) |
| Profit for the period | 30.9 | 14.6 | 16.3 |
| Other comprehensive income | |||
| Items that may be reclassified to profit or loss: | |||
| Fair value (loss)/gain on investments | (3.0) | 0.2 | (3.2) |
| Currency translation differences | (3.8) | 0.3 | (4.1) |
| Total other comprehensive (loss)/income | (6.8) | 0.5 | (7.3) |
| Total comprehensive income for the period | 24.1 | 15.1 | 9.0 |
Condensed consolidated statement of financial position (unaudited)
| As at 31 March | As at 30 September | As at 31 March | |
| £m | |||
| 2020 | 2020 | 2021 | |
| Non-current assets | |||
| Deferred tax assets | 32.0 | 38.7 | 56.7 |
| Property, plant and equipment | 19.1 | 16.7 | 24.0 |
| Intangible assets | 21.3 | 24.4 | 27.5 |
| Trade and other receivables | 7.6 | 8.3 | 15.1 |
| Total non-current assets | 80.0 | 88.1 | 123.3 |
| Current assets | |||
| Current tax assets | 2.1 | 1.7 | 1.1 |
| Trade and other receivables | 102.6 | 89.2 | 81.3 |
| Short-term financial investments | 114.1 | 289.3 | 737.5 |
| Cash and cash equivalents | 2,077.6 | 2,872.1 | 3,358.6 |
| Total current assets | 2,296.4 | 3,252.3 | 4,178.5 |
| Total assets | 2,376.4 | 3,340.4 | 4,301.8 |
| Non-current liabilities | |||
| Deferred tax liabilities | - | - | 2.0 |
| Non-current borrowings | 59.6 | 9.0 | 95.2 |
| Non-current trade and other payables | 7.4 | 9.5 | 22.6 |
| Total non-current liabilities | 67.0 | 18.5 | 119.8 |
| Current liabilities | |||
| Borrowings | 4.2 | 28.3 | 3.5 |
| Current tax liabilities | 0.7 | 0.8 | 2.0 |
| Trade and other payables | 2,107.7 | 3,051.2 | 3,891.2 |
| Total current liabilities | 2,112.6 | 3,080.3 | 3,896.7 |
| Total liabilities | 2,179.6 | 3,098.8 | 4,016.5 |
| Equity | |||
| Share capital | 9.4 | 9.4 | 9.4 |
| Equity merger reserve | 111.1 | 112.0 | (8.0) |
| Share-based payment reserves | 63.8 | 90.0 | 124.5 |
| Own shares reserve | - | - | - |
| Other reserves | 2.3 | 2.5 | (0.7) |
| Retained earnings | 8.9 | 26.1 | 162.6 |
| Currency translation differences | 1.3 | 1.6 | (2.5) |
| Total equity | 196.8 | 241.6 | 285.3 |
| Total liabilities and equity | 2,376.4 | 3,340.4 | 4,301.8 |
Condensed consolidated statement of cash flows (unaudited)
| £m | Year ended | Half-year ended | Half-year ended |
| 31 March 2021 | 30 September 2020 | 31 March 2021 | |
| Cash flows from operating activities | |||
| Cash generated from operations | 2,076.3 | 1,012.0 | 1,064.3 |
| Interest received | 7.6 | 2.7 | 4.9 |
| Interest expense paid | (6.0) | (2.7) | (3.3) |
| Corporate income tax paid | (4.0) | (0.8) | (3.2) |
| Net cash generated from operating activities | 2,073.9 | 1,011.2 | 1,062.7 |
| Cash flows from investing activities | |||
| Payments for property, plant and equipment | (2.3) | (1.1) | (1.2) |
| Payment for intangible assets | (20.9) | (10.1) | (10.8) |
| Payments for financial assets at FVOCI | (723.9) | (222.7) | (501.2) |
| Proceeds from sale and maturity of financial assets at FVOCI | 75.3 | 41.1 | 34.2 |
| Net cash used in investing activities | (671.8) | (192.8) | (479.0) |
| Cash flows from financing activities | |||
| Proceeds from issues of shares and other equity | 0.9 | 0.9 | - |
| Proceeds from borrowings | 118.6 | 25.0 | 93.6 |
| Repayments of borrowings | (90.0) | (50.0) | (40.0) |
| Payments for lease liabilities | (4.7) | (2.4) | (2.3) |
| Net cash generated from financing activities | 24.8 | (26.5) | 51.3 |
| Net increase in cash and cash equivalents | 1,426.9 | 791.9 | 635.0 |
| Cash and cash equivalents at beginning of the period | 2,077.6 | 2,077.6 | 2,872.1 |
| Effects of exchange rate changes on cash and cash equivalents | (145.9) | 2.6 | (148.5) |
| Cash and cash equivalents at end of the period | 3,358.6 | 2,872.1 | 3,358.6 |
Condensed consolidated statement of changes in equity (unaudited)
| £m | Share capital | Equity merger reserve | Share-based payment reserves | Own shares reserve | Other reserves | Retained earnings | Currency translation differences | Total equity | |
| At 1 April 2020 | 9.4 | 111.1 | 63.8 | - | 2.3 | 8.9 | 1.3 | 196.8 | |
| Profit for the period | - | - | - | - | - | 14.6 | - | 14.6 | |
| Fair value gain on investments | - | - | - | - | 0.2 | - | - | 0.2 | |
| Foreign currency translation differences | - | - | - | - | - | - | 0.3 | 0.3 | |
| Total comprehensive income for the period | - | - | - | - | 0.2 | 14.6 | 0.3 | 15.1 | |
| Share-based employee compensation expense | - | - | 18.0 | - | - | - | - | 18.0 | |
| Deferred tax on share-based compensation | - | - | 10.8 | - | - | - | - | 10.8 | |
| Share options exercises | - | 0.9 | (2.6) | - | - | 2.6 | - | 0.9 | |
| At 30 September 2020 | 9.4 | 112.0 | 90.0 | - | 2.5 | 26.1 | 1.6 | 241.6 | |
| Profit for the period | - | - | - | - | - | 16.3 | - | 16.3 | |
| Fair value loss on investments | - | - | - | - | (3.2) | - | - | (3.2) | |
| Foreign currency translation differences | - | - | - | - | - | - | (4.1) | (4.1) | |
| Total comprehensive income for the period | - | - | - | - | (3.2) | 16.3 | (4.1) | 9.0 | |
| Reduction of share capital | - | (120.0) | - | - | - | 120.0 | - | - | |
| Share-based employee compensation expense | - | - | 18.9 | - | - | - | - | 18.9 | |
| Deferred tax on share-based compensation | - | - | 15.8 | - | - | - | - | 15.8 | |
| Share options exercises | - | - | (0.2) | - | - | 0.2 | - | - | |
| At 31 March 2021 | 9.4 | (8.0) | 124.5 | - | (0.7) | 162.6 | (2.5) | 285.3 |
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