EX-99.1 2 a14-5054_2ex99d1.htm EX-99.1

Exhibit 99.1

 

 

RECORD SECOND QUARTER REVENUE OF £122.9 MILLION.

·                                          SPONSORSHIP REVENUE FOR THE SECOND QUARTER INCREASED 39.4%.

·                                          YEAR-TO-DATE ADJUSTED NET INCOME UP 19.6%.

 

MANCHESTER, U.K. — 12 February 2014 — Manchester United (NYSE: MANU; the “Company” and the “Group”) — one of the most popular and successful sports teams in the world - today announced financial results for the 2014 fiscal second quarter and six months ended 31 December 2013.

 

Highlights

 

·                  Commercial revenues of £42.3 million up 18.8% for the quarter and 30.0% for the year to date.

 

·                  Six new sponsorship deals activated in the second quarter —Unilever and Hong Kong Jockey Club (regional); Banif Bank (financial services); Fuji TV and SPOTV Korea (MUTV) and STC (mobile).

 

·                  Broadcasting revenues increased 18.7% for the quarter primarily due to the new FAPL domestic and international TV rights agreements.

 

Commentary

 

Ed Woodward, Executive Vice Chairman commented, “We once again achieved a record revenue quarter with strong contributions from our commercial and broadcasting businesses despite the current league position, which everyone from the Team Manager down has acknowledged is disappointing. We continue to see meaningful opportunities to grow our commercial business and the popularity of football on TV is leading to continued broadcasting revenue growth — all of which bodes well for the long-term stability and financial strength of our business. We are also very pleased to have added a world class player in Juan Mata to our squad, who has already made a positive impact.”

 

Outlook

 

For fiscal 2014, Manchester United continues to expect:

 

·                  Revenue to be £420m to £430m.

·                  Adjusted EBITDA to be £128m to £133m.

 



 

Key Financials (unaudited)

 

£ million (except adjusted
earnings/(loss) per share)

 

Three months ended
31 December

 

 

 

Six months ended
31 December

 

 

 

 

 

2013

 

2012

 

Change

 

2013

 

2012

 

Change

 

Commercial revenue

 

42.3

 

35.6

 

18.8

%

102.2

 

78.6

 

30.0

%

Broadcasting revenue

 

46.9

 

39.5

 

18.7

%

66.2

 

53.2

 

24.4

%

Matchday revenue

 

33.7

 

35.0

 

(3.7

)%

53.0

 

54.6

 

(2.9

)%

Total revenue

 

122.9

 

110.1

 

11.6

%

221.4

 

186.4

 

18.8

%

Adjusted EBITDA*

 

51.0

 

50.2

 

1.6

%

73.2

 

66.5

 

10.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit for the period (i.e. net income)

 

19.0

 

16.2

 

17.3

%

18.7

 

36.7

 

(49.0

)%

Adjusted profit for the period (i.e. adjusted net income)*

 

19.8

 

19.0

 

4.2

%

22.0

 

18.4

 

19.6

%

Adjusted basic and diluted earnings per share (pence)*

 

12.08

 

11.60

 

4.1

%

13.45

 

11.34

 

18.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross debt

 

356.6

 

366.6

 

(2.7

)%

356.6

 

366.6

 

(2.7

)%

Cash and cash equivalents

 

72.1

 

66.6

 

8.3

%

72.1

 

66.6

 

8.3

%

 


* Adjusted EBITDA, adjusted profit for the period and adjusted basic and diluted earnings per share are non-IFRS measures. See “Non-IFRS Measures: Definitions and Use” below and the accompanying Supplemental Notes for the definitions and reconciliations for these non-IFRS measures and the reasons we believe these measures provide useful information to investors regarding the Group’s financial condition and results of operations.

 

Revenue Analysis

 

Commercial

 

Commercial revenue for the second quarter was £42.3 million, an increase of £6.7 million, or 18.8%, over the prior year quarter.

 

·                  Sponsorship revenue for the second quarter was £29.0 million, an increase of £8.2 million, or 39.4%, primarily due to higher renewals and the activation of new global and regional sponsorships.

·                  Retail, Merchandising, Apparel & Product Licensing revenue for the second quarter was £9.1 million, a decrease of £0.4 million. For the year to date, revenue was £19.8 million, an increase of £0.9 million, or 4.8%.

·                  New Media & Mobile revenue for the second quarter was £4.2 million, a decrease of £1.1 million, due to the expiration of a few of our mobile partnerships.

 

Broadcasting

 

Broadcasting revenue for the second quarter was £46.9 million, an increase of £7.4 million, or 18.7%, over the prior year quarter, due to increased revenue from the Premier League domestic and international rights agreements, partly offset by one fewer Premier League game, and increases in share of UEFA Champions League fixed pool distributions as we finished 1st in the Premier League in season 2012/13 compared to 2nd in the 2011/12 season.

 

Matchday

 

Matchday revenue for the second quarter was £33.7 million, a decrease of £1.3 million, or 3.7%, over the prior year quarter, primarily due to playing one fewer home Premier League game, partly offset by one more Capital One cup game.

 



 

Other Financial Information

 

Operating expenses

 

Total operating expenses for the second quarter were £87.7 million, an increase of £14.5 million, or 19.8%, over the prior year quarter.

 

Staff costs

 

Staff costs for the second quarter were £51.6 million, an increase of £7.4 million, or 16.7%, primarily due to the impact of player acquisitions and renegotiated player contracts.

 

Other operating expenses

 

Other operating expenses for the second quarter were £20.3 million, an increase of £4.6 million, or 29.3% primarily due to foreign exchange losses and an increase in domestic cup gate share expenses from having one home domestic cup game in the second quarter (none in the prior year quarter).

 

Depreciation & amortisation of players’ registrations

 

Depreciation for the second quarter was £2.1 million, an increase of £0.3 million, or 16.7%, over the prior year quarter. Amortisation of players’ registrations was £13.4 million, an increase of £2.7 million, or 25.2%, over the prior year quarter. The unamortised balance of players’ registrations at 31 December 2013 was £132.1 million.

 

Exceptional items

 

Exceptional items for the second quarter of £0.3 million related to investment property impairment charges. Exceptional items for the prior year quarter were £0.8 million and related to professional advisor fees in connection with our initial public offering.

 

Net finance costs

 

Net finance costs for the second quarter were £5.7 million, a decrease of £3.5 million, or 38.0%, over the prior year quarter. The decrease was primarily due to a reduction in interest payable on our secured borrowings following the refinancing in June 2013.

 

Tax

 

The tax expense for the second quarter was £11.3 million, compared to an expense of £12.2 million in the prior year quarter. There have been no changes to the estimates and judgements in relation to the valuation of deferred tax assets since the June 2013 year end.

 

Cash flows

 

Net cash used in operating activities for the second quarter was £3.7 million, a decrease of £29.1 million from £25.4 million net cash generated in the prior year quarter, primarily due to adverse movements in working capital.

 

Capital expenditure on property, plant and equipment for the second quarter was £2.8 million, a decrease of £3.1 million from the prior year quarter.

 

Net player capital expenditure for the second quarter was £3.4 million, a decrease of £1.0 million from the prior year quarter.

 



 

Conference Call Information

 

The Company’s conference call to review second quarter fiscal 2014 results will be broadcast live over the internet today, 12 February 2014 at 8:00 a.m. Eastern Time and will be available on Manchester United’s investor relations website at http://ir.manutd.com. Thereafter, a replay of the webcast will be available for thirty days.

 

About Manchester United

 

Manchester United is one of the most popular and successful sports team in the world, playing one of the most popular spectator sports on Earth.

 

Through our 135-year heritage we have won 62 trophies, enabling us to develop the world’s leading sports brand and a global community of 659 million followers. Our large, passionate community provides Manchester United with a worldwide platform to generate significant revenue from multiple sources, including sponsorship, merchandising, product licensing, new media & mobile, broadcasting and matchday.

 

Cautionary Statement

 

This press release contains forward-looking statements. You should not place undue reliance on such statements because they are subject to numerous risks and uncertainties relating to the Company’s operations and business environment, all of which are difficult to predict and many are beyond the Company’s control. Forward-looking statements include information concerning the Company’s possible or assumed future results of operations, including descriptions of its business strategy. These statements often include words such as “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible” or similar expressions. The forward-looking statements contained in this press release are based on our current expectations and estimates of future events and trends, which affect or may affect our businesses and operations. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although the Company believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect its actual financial results or results of operations and could cause actual results to differ materially from those in these forward-looking statements. These factors are more fully discussed in the “Risk Factors” section and elsewhere in the Company’s Registration Statement on Form F-1, as amended (File No. 333-182535) and the Company’s Annual Report on Form 20-F (File No. 001-35627).

 



 

Non-IFRS Measures: Definitions and Use

 

1.                  Adjusted EBITDA

 

Adjusted EBITDA is defined as profit for the period before depreciation, amortisation of, and profit on disposal of, players’ registrations, exceptional items, net finance costs, and tax credit.

 

We believe adjusted EBITDA is useful as a measure of comparative operating performance from period to period and among companies as it is reflective of changes in pricing decisions, cost controls and other factors that affect operating performance, and it removes the effect of our asset base (primarily depreciation and amortisation), capital structure (primarily finance costs), and items outside the control of our management (primarily taxes).  Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for an analysis of our results as reported under IFRS as issued by the IASB. A reconciliation of profit for the period to adjusted EBITDA is presented in supplemental note 2.

 

2.                  Adjusted profit for the period (i.e. adjusted net income)

 

Adjusted profit for the period is the adjusted profit for the period attributable to owners of the parent, calculated, where appropriate, by adding the profit for the period attributable to non-controlling interest to the profit for the period attributable to owners of the parent, adjusting for material charges related to the IPO, the repurchase of senior secured notes, foreign exchange losses/gains on US dollar denominated bank accounts and borrowings, the fair value movements on derivative financial instruments, and hedge ineffectiveness on cash flow hedges, adding/(subtracting) the actual tax expense/(credit) for the period, subtracting the adjusted tax expense for the period (based on an normalized tax rate of 35%; 2012: 35%) and subtracting the profit for the period attributable to non-controlling interest. The normalized tax rate of 35% is management’s estimate of the tax rate likely to be applicable to the Group in the long-term.

 

We believe that in assessing the comparative performance of the business, in order to get a clearer view of the underlying financial performance of the business, it is useful to strip out the distorting effects of material charges related to ‘one-off’ transactions such as the IPO (including the associated recognition of  deferred tax assets or liabilities) and repurchase of senior secured notes, plus the impact of foreign exchange reflected in the retranslation of the US dollar denominated bank accounts and borrowings, the fair value movement on derivative financial instruments, and hedge ineffectiveness on cash flow hedges; and then to apply a ‘normalized’ tax rate (for both the current and prior periods) of the US statutory rate of 35%. A reconciliation of profit for the period attributable to owners of the parent to adjusted profit for the period attributable to owners of the parent is presented in supplemental note 3.

 

3.    Adjusted basic and diluted earnings per share

 

Adjusted basic and diluted earnings per share is calculated by dividing the adjusted profit for the period attributable to owners of the parent by the weighted average number of ordinary shares in issue during the period, and is presented in supplemental note 3.

 



 

Key Performance Indicators

 

 

 

Three months ended

 

Six months ended

 

 

 

31 December

 

31 December

 

 

 

2013

 

2012

 

2013

 

2012

 

Commercial % of total revenue

 

34.4

%

32.3

%

46.2

%

42.2

%

Broadcasting % of total revenue

 

38.2

%

35.9

%

29.9

%

28.5

%

Matchday % of total revenue

 

27.4

%

31.8

%

23.9

%

29.3

%

Home Matches Played

 

 

 

 

 

 

 

 

 

FAPL

 

6

 

7

 

9

 

10

 

UEFA competitions

 

2

 

2

 

3

 

3

 

Domestic Cups

 

1

 

 

2

 

1

 

Away Matches Played

 

 

 

 

 

 

 

 

 

UEFA competitions

 

3

 

3

 

3

 

3

 

Domestic Cups

 

1

 

1

 

1

 

1

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

Employees at period end

 

849

 

779

 

849

 

779

 

Staff costs % of revenue

 

42.5

%

40.2

%

47.5

%

45.3

%

 

Phasing of Premier League home
games

 

Quarter 1

 

Quarter 2

 

Quarter 3

 

Quarter 4

 

Total

 

2013/14 season*

 

3

 

6

 

7

 

3

 

19

 

2012/13 season

 

3

 

7

 

5

 

4

 

19

 

2011/12 season

 

3

 

7

 

5

 

4

 

19

 

 


*Subject to changes in broadcasting scheduling

 

Contacts

 

Investor Relations:
Samanta Stewart

+44 207 054 5928
ir@manutd.co.uk

Media: Philip Townsend
Manchester United plc
+44 161 868 8148
philip.townsend@manutd.co.uk

 

 

 

Jim Barron / Michael Henson
Sard Verbinnen & Co + 1 212 687 8080

 



 

CONSOLIDATED INCOME STATEMENT

(unaudited; in £ thousands, except per share and shares outstanding data)

 

 

 

Three months ended
 31 December

 

Six months ended
 31 December

 

 

 

2013

 

2012

 

2013

 

2012

 

Revenue

 

122,927

 

110,056

 

221,448

 

186,372

 

Operating expenses

 

(87,715

)

(73,169

)

(177,923

)

(147,980

)

Profit on disposal of players’ registrations

 

846

 

687

 

1,842

 

5,505

 

Operating profit

 

36,058

 

37,574

 

45,367

 

43,897

 

Finance costs

 

(5,765

)

(9,277

)

(15,603

)

(21,753

)

Finance income

 

48

 

67

 

107

 

156

 

Net finance costs

 

(5,717

)

(9,210

)

(15,496

)

(21,597

)

Profit before tax

 

30,341

 

28,364

 

29,871

 

22,300

 

Tax (expense)/credit

 

(11,301

)

(12,146

)

(11,124

)

14,386

 

Profit for the period

 

19,040

 

16,218

 

18,747

 

36,686

 

Attributable to:

 

 

 

 

 

 

 

 

 

Owners of the parent

 

19,040

 

16,131

 

18,747

 

36,517

 

Non-controlling interest

 

 

87

 

 

169

 

 

 

19,040

 

16,218

 

18,747

 

36,686

 

 

 

 

 

 

 

 

 

 

 

Earnings per share attributable to owners of the parent:

 

 

 

 

 

 

 

 

 

Basic and diluted earnings per share (pence)

 

11.62

 

9.85

 

11.44

 

22.54

 

Weighted average number of ordinary shares outstanding (thousands)

 

163,812

 

163,826

 

163,816

 

161,980

 

 



 

CONSOLIDATED BALANCE SHEET

(unaudited; in £ thousands)

 

 

 

As of
31 December
2013

 

As of
30 June
2013

 

As of
31 December
2012

 

ASSETS

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

 

Property, plant and equipment

 

256,511

 

252,808

 

253,609

 

Investment property

 

13,728

 

14,080

 

14,140

 

Goodwill

 

421,453

 

421,453

 

421,453

 

Players’ registrations

 

132,123

 

119,947

 

125,945

 

Derivative financial instruments

 

1,013

 

 

 

Trade and other receivables

 

141

 

1,583

 

1,500

 

Deferred tax asset

 

134,261

 

145,128

 

15,481

 

 

 

959,230

 

954,999

 

832,128

 

Current assets

 

 

 

 

 

 

 

Derivative financial instruments

 

201

 

260

 

161

 

Trade and other receivables

 

68,787

 

68,619

 

61,970

 

Current tax receivable

 

 

 

2,500

 

Cash and cash equivalents

 

72,144

 

94,433

 

66,631

 

 

 

141,132

 

163,312

 

131,262

 

Total assets

 

1,100,362

 

1,118,311

 

963,390

 

 



 

CONSOLIDATED BALANCE SHEET (continued)

(unaudited; in £ thousands)

 

 

 

As of
31 December
2013

 

As of
30 June
2013

 

As of
31 December
2012

 

EQUITY AND LIABILITIES

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

Share capital

 

52

 

52

 

52

 

Share premium

 

68,822

 

68,822

 

68,822

 

Merger reserve

 

249,030

 

249,030

 

249,030

 

Hedging reserve

 

20,483

 

231

 

1

 

Retained earnings

 

149,139

 

129,825

 

24,323

 

Equity attributable to owners of the parent

 

487,526

 

447,960

 

342,228

 

Non-controlling interest

 

 

 

(1,834

)

 

 

487,526

 

447,960

 

340,394

 

Non-current liabilities

 

 

 

 

 

 

 

Derivative financial instruments

 

1,864

 

1,337

 

1,629

 

Trade and other payables

 

14,829

 

18,413

 

21,086

 

Borrowings

 

341,121

 

377,474

 

349,005

 

Deferred revenue

 

12,828

 

17,082

 

4,888

 

Provisions

 

 

988

 

1,158

 

Deferred tax liabilities

 

22,184

 

17,168

 

28,161

 

 

 

392,826

 

432,462

 

405,927

 

Current liabilities

 

 

 

 

 

 

 

Derivative financial instruments

 

1,048

 

29

 

60

 

Current tax liabilities

 

5,813

 

900

 

1,128

 

Trade and other payables

 

67,221

 

78,451

 

66,106

 

Borrowings

 

15,438

 

11,759

 

17,625

 

Deferred revenue

 

130,490

 

146,278

 

131,712

 

Provisions

 

 

472

 

438

 

 

 

220,010

 

237,889

 

217,069

 

Total equity and liabilities

 

1,100,362

 

1,118,311

 

963,390

 

 



 

CONSOLIDATED STATEMENT OF CASH FLOWS

(unaudited; in £ thousands)

 

 

 

Three months ended 
31 December

 

Six months ended
31 December

 

 

 

2013

 

2012

 

2013

 

2012

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

 

Cash generated from operations (see supplemental note 4)

 

1,893

 

27,980

 

34,663

 

61,863

 

Debt finance costs relating to borrowings

 

(104

)

 

(123

)

 

Interest paid

 

(4,818

)

(3,431

)

(13,964

)

(27,934

)

Interest received

 

48

 

72

 

107

 

157

 

Income tax (paid)/refund

 

(759

)

802

 

(1,246

)

600

 

Net cash (used in)/generated from operating activities

 

(3,740

)

25,423

 

19,437

 

34,686

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

 

Purchases of property, plant and equipment

 

(2,785

)

(5,942

)

(6,878

)

(9,338

)

Proceeds from sale of property, plant and equipment

 

50

 

 

50

 

 

Purchases of players’ registrations

 

(3,837

)

(3,361

)

(37,287

)

(38,258

)

Proceeds from sale of players’ registrations

 

401

 

999

 

7,056

 

6,363

 

Net cash used in investing activities

 

(6,171

)

(8,304

)

(37,059

)

(41,233

)

Cash flows from financing activities

 

 

 

 

 

 

 

 

 

Proceeds from issue of shares

 

 

 

 

70,258

 

Expenses directly related to the issue of shares

 

 

(1,459

)

 

(1,459

)

Repayment of borrowings

 

(96

)

(92

)

(187

)

(62,796

)

Net cash (used in)/generated from financing activities

 

(96

)

(1,551

)

(187

)

6,003

 

Net (decrease)/increase in cash and cash equivalents

 

(10,007

)

15,568

 

(17,809

)

(544

)

Cash and cash equivalents at beginning of period

 

83,602

 

52,527

 

94,433

 

70,603

 

Exchange losses on cash and cash equivalents

 

(1,451

)

(1,464

)

(4,480

)

(3,428

)

Cash and cash equivalents at end of period

 

72,144

 

66,631

 

72,144

 

66,631

 

 



 

SUPPLEMENTAL NOTES

 

1              General information

 

Manchester United plc (the “Company”) and its subsidiaries (together the “Group”) is a professional football club together with related and ancillary activities. The Company incorporated under the Companies Law (2011 Revision) of the Cayman Islands, as amended and restated from time to time.

 

2                               Reconciliation of profit for the period to adjusted EBITDA

 

 

 

Three months ended
 31 December

 

Six months ended
 31 December

 

 

 

2013
£’000

 

2012
£’000

 

2013
£’000

 

2012
£’000

 

Profit for the period

 

19,040

 

16,218

 

18,747

 

36,686

 

Adjustments:

 

 

 

 

 

 

 

 

 

Tax expense/(credit)

 

11,301

 

12,146

 

11,124

 

(14,386

)

Net finance costs

 

5,717

 

9,210

 

15,496

 

21,597

 

Profit on disposal of players’ registrations

 

(846

)

(687

)

(1,842

)

(5,505

)

Exceptional items

 

293

 

781

 

293

 

3,879

 

Amortisation of players’ registrations

 

13,418

 

10,660

 

25,322

 

20,483

 

Depreciation

 

2,085

 

1,852

 

4,068

 

3,769

 

Adjusted EBITDA

 

51,008

 

50,180

 

73,208

 

66,523

 

 



 

3                               Reconciliation of profit for the period attributable to owners of the parent to adjusted profit for the period and adjusted basic and diluted earnings per share

 

 

 

Three months ended
 31 December

 

Six months ended
 31 December

 

 

 

2013
£’000

 

2012
£’000

 

2013
£’000

 

2012
£’000

 

Profit for the period attributable to owners of the parent

 

19,040

 

16,131

 

18,747

 

36,517

 

Add: profit for the period attributable to non-controlling interest

 

 

87

 

 

169

 

Profit for the period

 

19,040

 

16,218

 

18,747

 

36,686

 

Professional advisors fees relating to the issue of shares

 

 

781

 

 

3,879

 

Accelerated amortisation of issue discount and debt finance costs associated with the repurchase of senior secured notes

 

 

 

 

2,543

 

Premium on repurchase of senior secured notes

 

 

 

 

5,244

 

Foreign exchange (gain)/loss on US dollar denominated bank accounts

 

(317

)

1,464

 

2,712

 

3,428

 

Foreign exchange gain on US dollar denominated borrowings

 

 

(1,165

)

 

(8,809

)

Fair value movement on derivative financial instruments

 

666

 

(73

)

1,550

 

(57

)

Hedge ineffectiveness of cash flow hedges

 

(248

)

 

(248

)

 

Tax expense/(credit)

 

11,301

 

12,146

 

11,124

 

(14,386

)

Adjusted profit before tax

 

30,442

 

29,371

 

33,885

 

28,528

 

Adjusted tax expense (using a normalised US statutory rate of 35%)

 

(10,655

)

(10,280

)

(11,860

)

(9,985

)

 

 

19,787

 

19,091

 

22,025

 

18,543

 

Subtract: profit for the period attributable to non-controlling interest

 

 

(87

)

 

(169

)

Adjusted profit for the period (i.e. adjusted net income)

 

19,787

 

19,004

 

22,025

 

18,374

 

 

 

 

 

 

 

 

 

 

 

Adjusted basic and diluted earnings per share (pence)

 

12.08

 

11.60

 

13.45

 

11.34

 

Weighted average number of ordinary shares outstanding (thousands)

 

163,812

 

163,826

 

163,816

 

161,980

 

 



 

4                               Cash generated from operations

 

 

 

Three months ended
 31 December

 

Six months ended
 31 December

 

 

 

2013
£’000

 

2012
£’000

 

2013
£’000

 

2012
£’000

 

Profit for the period

 

19,040

 

16,218

 

18,747

 

36,686

 

Tax expense/(credit)

 

11,301

 

12,146

 

11,124

 

(14,386

)

Profit before tax

 

30,341

 

28,364

 

29,871

 

22,300

 

Depreciation charges

 

2,085

 

1,852

 

4,068

 

3,769

 

Impairment charges

 

293

 

 

293

 

 

Amortisation of players’ registrations

 

13,418

 

10,660

 

25,322

 

20,483

 

Profit on disposal of players’ registrations

 

(846

)

(687

)

(1,842

)

(5,505

)

Net finance costs

 

5,717

 

9,210

 

15,496

 

21,597

 

Profit on disposal of property, plant and equipment

 

(43

)

 

(43

)

 

Equity-settled share-based payments

 

158

 

154

 

541

 

481

 

Exchange losses on operating activities

 

372

 

 

372

 

 

Fair value losses/(gains) on derivative financial instruments

 

34

 

102

 

(126

)

(9

)

Reclassified from hedging reserve

 

(330

)

 

(518

)

 

(Increase)/decrease in trade and other receivables

 

(3,951

)

8,369

 

(3,941

)

14,727

 

Decrease in trade and other payables and deferred revenue

 

(44,040

)

(29,954

)

(33,355

)

(15,744

)

Decrease in provisions

 

(1,315

)

(90

)

(1,475

)

(236

)

Cash generated from operations

 

1,893

 

27,980

 

34,663

 

61,863