EX-99.1 2 a14-12807_2ex99d1.htm EX-99.1

Exhibit 99.1

 

 

·     RECORD THIRD QUARTER REVENUES

OF £115.5 MILLION UP 26%

·     RECORD THIRD QUARTER ADJUSTED EBITDA

OF £40.0 MILLION UP 60%

 

MANCHESTER, U.K. — 15 May 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 third quarter and nine months ended 31 March 2014.

 

Highlights

 

·                  Commercial revenues of £42.8 million

·                  Sponsorship revenue increased 43.5%.

 

·                  Two new sponsorship deals announced in the third quarter — Aperol (global) and EuroFood (regional - Cambodia, Laos, Myanmar, Thailand and Vietnam).

 

·                  Broadcasting revenues increased 64.1% for the quarter and 35.7% for the year to date, due to the new FAPL domestic and international TV rights agreements, two additional Premier League home games and five more games were broadcast live during the quarter compared to the same period last year.

 

Commentary

 

Ed Woodward, Executive Vice Chairman commented, “We once again generated record revenues and EBITDA as all of our businesses delivered impressive year over year growth. This puts us in a healthy financial position to continue to invest in the squad. Everyone at the Club is working hard to ensure the team is back challenging for the title and trophies next season.

 

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

 

Three months ended
31 March

 

 

 

Nine months ended
31 March

 

 

 

earnings per share)

 

2014

 

2013

 

Change

 

2014

 

2013

 

Change

 

Commercial revenue

 

42.8

 

36.0

 

18.9

%

145.0

 

114.5

 

26.6

%

Broadcasting revenue

 

35.6

 

21.7

 

64.1

%

101.8

 

75.0

 

35.7

%

Matchday revenue

 

37.1

 

34.0

 

9.1

%

90.1

 

88.6

 

1.7

%

Total revenue

 

115.5

 

91.7

 

26.0

%

336.9

 

278.1

 

21.1

%

Adjusted EBITDA*

 

40.0

 

25.0

 

60.0

%

113.2

 

91.5

 

23.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

11.0

 

3.6

 

205.6

%

29.7

 

40.3

 

(26.3

)%

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

 

13.0

 

4.1

 

217.1

%

35.0

 

22.5

 

55.6

%

Adjusted basic and diluted earnings per share (pence)*

 

7.93

 

2.52

 

214.7

%

21.37

 

13.84

 

54.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross debt

 

351.7

 

367.6

 

(4.3

)%

351.7

 

367.6

 

(4.3

)%

Cash and cash equivalents

 

34.3

 

36.2

 

(5.2

)%

34.3

 

36.2

 

(5.2

)%

 



 


* 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 third quarter was £42.8 million, an increase of £6.8 million, or 18.9%, over the prior year quarter.

 

·                  Sponsorship revenue for the third quarter was £30.7 million, an increase of £9.3 million, or 43.5%, primarily due to higher renewals and the activation of new global and regional sponsorships.

·                  Retail, Merchandising, Apparel & Product Licensing revenue for the third quarter was £8.4 million, a decrease of £0.8 million. For the year to date, revenue was £28.2 million, an increase of £0.1 million, or 0.4%.

·                  New Media & Mobile revenue for the third quarter was £3.7 million, a decrease of £1.7 million, due to the expiration of a few of our mobile partnerships.

 

Broadcasting

 

Broadcasting revenue for the third quarter was £35.6 million, an increase of £13.9 million, or 64.1%, over the prior year quarter, due to increased revenue from the Premier League domestic and international rights agreements, two additional home Premier League games, and having five additional Premier League games broadcast live .

 

Matchday

 

Matchday revenue for the third quarter was £37.1 million, an increase of £3.1 million, or 9.1%, over the prior year quarter, primarily due to playing two additional home Premier League games and one additional home Capital One Cup game, partly offset by playing three fewer home FA Cup games.

 

Other Financial Information

 

Operating expenses

 

Total operating expenses for the third quarter were £91.5 million, an increase of £12.5 million, or 15.8%, over the prior year quarter.

 



 

Staff costs

 

Staff costs for the third quarter were £53.4 million, an increase of £8.5 million, or 18.9%, primarily due to the impact of player acquisitions and renegotiated player contracts.

 

Other operating expenses

 

Other operating expenses for the third quarter were £22.1 million, an increase of £0.3 million, or 1.4% due primarily to the increases in fixed costs from foreign exchange losses and higher sponsorship servicing being largely offset by lower variable costs from three fewer FA Cup matches.

 

Depreciation & amortization of players’ registrations

 

Depreciation for the third quarter was £2.2 million, an increase of £0.3 million, or 15.8%, over the prior year quarter. Amortization of players’ registrations was £13.8 million, an increase of £3.4 million, or 32.7%, over the prior year quarter. The unamortized balance of players’ registrations at 31 March 2014 was £161.8 million.

 

Net finance costs

 

Net finance costs for the third quarter were £5.9 million, a decrease of £12.4 million, or 67.8%, over the prior year quarter. The decrease was primarily due to a £2.8 million reduction in interest payable on our secured borrowings following the refinancing in June 2013 and a £9.5 million net foreign exchange loss on the re-translation of our US dollar net borrowings in the prior year quarter.

 

On 1 July 2013, the Group started hedging the foreign exchange risk, in our income statement, on a portion of our future US dollar revenues using our US dollar borrowings as the hedging instrument. As a result, FX gains or losses arising on re-translation of our US dollar borrowings are now initially recognized in other comprehensive income, rather than recognized in the income statement immediately. Amounts previously recognized in other comprehensive income and accumulated in a hedging reserve are subsequently reclassified into the income statement in the same accounting period and within the same income statement line (i.e. commercial revenue) as the underlying future US dollar revenues. This will reduce foreign exchange volatility in our income statement.

 

Tax

 

The tax expense for the third quarter was £9.5 million reflecting an effective full-year tax rate of 40.1% and a charge of £0.5 million relating to the adjustment of deductions in respect of previous years, in line with the most recently filed US tax return. The prior year adjustment includes the finalisation of the deductible element of the ‘step-up’, previously based on management’s best estimate at the 30 June 2013 year-end. This compares to a credit of £6.7 million in the prior year quarter.

 

Cash flows

 

Net cash used in operating activities for the third quarter was £12.6 million, a decrease of £11.0 million from £23.6 million net cash used in the prior year quarter, primarily due to a reduction in interest paid.

 

Capital expenditure on property, plant and equipment for the third quarter was £1.7 million, an increase of £0.4 million from the prior year quarter.

 

Net player capital expenditure for the third quarter was £23.3 million, an increase of £21.9 million from the prior year quarter.

 

Conference Call Information

 

The Company’s conference call to review the third quarter fiscal 2014 results will be broadcast live over the internet today, 15 May 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 136-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, amortization of, and profit on disposal of, players’ registrations, exceptional items, net finance costs, and tax.

 

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 amortization), 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 initial public offering, 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%; 2013: 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 initial public offering (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 federal income tax 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

 

Nine months ended

 

 

 

31 March

 

31 March

 

 

 

2014

 

2013

 

2014

 

2013

 

Commercial % of total revenue

 

37.1

%

39.2

%

43.0

%

41.2

%

Broadcasting % of total revenue

 

30.8

%

23.7

%

30.2

%

27.0

%

Matchday % of total revenue

 

32.1

%

37.1

%

26.8

%

31.8

%

Home Matches Played

 

 

 

 

 

 

 

 

 

FAPL

 

7

 

5

 

16

 

15

 

UEFA competitions

 

1

 

1

 

4

 

4

 

Domestic Cups

 

2

 

4

 

4

 

5

 

Away Matches Played

 

 

 

 

 

 

 

 

 

UEFA competitions

 

1

 

1

 

4

 

4

 

Domestic Cups

 

1

 

1

 

2

 

2

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

Employees at period end

 

875

 

792

 

875

 

792

 

Staff costs % of revenue

 

46.2

%

48.9

%

46.9

%

46.5

%

 

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

 

 

Contacts

 

Investor Relations:

Media: Philip Townsend

Samanta Stewart

Manchester United plc

+44 207 054 5928

+44 161 868 8148

ir@manutd.co.uk

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 March

 

Nine months ended
31 March

 

 

 

2014

 

2013

 

2014

 

2013

 

Revenue

 

115,495

 

91,721

 

336,943

 

278,093

 

Operating expenses

 

(91,499

)

(79,069

)

(269,422

)

(227,049

)

Profit on disposal of players’ registrations

 

2,361

 

2,520

 

4,203

 

8,025

 

Operating profit

 

26,357

 

15,172

 

71,724

 

59,069

 

Finance costs

 

(5,959

)

(18,607

)

(21,562

)

(40,360

)

Finance income

 

36

 

285

 

143

 

441

 

Net finance costs

 

(5,923

)

(18,322

)

(21,419

)

(39,919

)

Profit/(loss) before tax

 

20,434

 

(3,150

)

50,305

 

19,150

 

Tax (expense)/credit

 

(9,520

)

6,784

 

(20,644

)

21,170

 

Profit for the period

 

10,914

 

3,634

 

29,661

 

40,320

 

 

 

 

 

 

 

 

 

 

 

Attributable to:

 

 

 

 

 

 

 

 

 

Owners of the parent

 

10,914

 

3,634

 

29,661

 

40,151

 

Non-controlling interest

 

 

 

 

169

 

 

 

10,914

 

3,634

 

29,661

 

40,320

 

 

 

 

 

 

 

 

 

 

 

Earnings per share attributable to owners of the parent:

 

 

 

 

 

 

 

 

 

Basic and diluted earnings per share (pence)

 

6.66

 

2.22

 

18.11

 

24.70

 

Weighted average number of ordinary shares outstanding (thousands)

 

163,812

 

163,826

 

163,815

 

162,586

 

 



 

CONSOLIDATED BALANCE SHEET

(unaudited; in £ thousands)

 

 

 

As of
31 March
2014

 

As of
30 June
2013

 

As of
31 March
2013

 

ASSETS

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

 

Property, plant and equipment

 

255,332

 

252,808

 

252,888

 

Investment property

 

13,700

 

14,080

 

14,111

 

Goodwill

 

421,453

 

421,453

 

421,453

 

Players’ registrations

 

161,769

 

119,947

 

126,457

 

Derivative financial instruments

 

791

 

 

 

Trade and other receivables

 

141

 

1,583

 

2,500

 

Deferred tax asset

 

128,368

 

145,128

 

16,402

 

 

 

981,554

 

954,999

 

833,811

 

Current assets

 

 

 

 

 

 

 

Derivative financial instruments

 

317

 

260

 

546

 

Trade and other receivables

 

77,014

 

68,619

 

74,297

 

Current tax receivable

 

 

 

2,500

 

Cash and cash equivalents

 

34,344

 

94,433

 

36,211

 

 

 

111,675

 

163,312

 

113,554

 

Total assets

 

1,093,229

 

1,118,311

 

947,365

 

 



 

CONSOLIDATED BALANCE SHEET (continued)

(unaudited; in £ thousands)

 

 

 

As of
31 March
2014

 

As of
30 June
2013

 

As of
31 March
2013

 

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

 

21,156

 

231

 

398

 

Retained earnings

 

160,431

 

129,825

 

23,548

 

Equity attributable to owners of the parent

 

499,491

 

447,960

 

341,850

 

Non-current liabilities

 

 

 

 

 

 

 

Derivative financial instruments

 

1,919

 

1,337

 

1,571

 

Trade and other payables

 

27,941

 

18,413

 

21,384

 

Borrowings

 

339,679

 

377,474

 

362,102

 

Deferred revenue

 

14,440

 

17,082

 

17,980

 

Provisions

 

 

988

 

1,092

 

Deferred tax liabilities

 

29,140

 

17,168

 

22,416

 

 

 

413,119

 

432,462

 

426,545

 

Current liabilities

 

 

 

 

 

 

 

Derivative financial instruments

 

1,072

 

29

 

154

 

Current tax liabilities

 

3,147

 

900

 

1,128

 

Trade and other payables

 

76,468

 

78,451

 

76,804

 

Borrowings

 

11,991

 

11,759

 

5,487

 

Deferred revenue

 

87,941

 

146,278

 

94,936

 

Provisions

 

 

472

 

461

 

 

 

180,619

 

237,889

 

178,970

 

Total equity and liabilities

 

1,093,229

 

1,118,311

 

947,365

 

 



 

CONSOLIDATED STATEMENT OF CASH FLOWS

(unaudited; in £ thousands)

 

 

 

Three months ended
31 March

 

Nine months ended
31 March

 

 

 

2014

 

2013

 

2014

 

2013

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

 

Cash (used in)/generated from operations (see supplemental note 4)

 

(3,970

)

(4,938

)

30,693

 

56,925

 

Debt finance costs relating to borrowings

 

 

 

(123

)

 

Interest paid

 

(8,830

)

(18,963

)

(22,794

)

(46,897

)

Interest received

 

36

 

285

 

143

 

442

 

Tax refund/(paid)

 

175

 

 

(1,071

)

600

 

Net cash (used in)/generated from operating activities

 

(12,589

)

(23,616

)

6,848

 

11,070

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

 

Purchases of property, plant and equipment

 

(1,679

)

(1,311

)

(8,557

)

(10,649

)

Proceeds from sale of property, plant and equipment

 

 

 

50

 

 

Purchases of players’ registrations

 

(24,815

)

(3,009

)

(62,102

)

(41,267

)

Proceeds from sale of players’ registrations

 

1,500

 

1,606

 

8,556

 

7,969

 

Net cash used in investing activities

 

(24,994

)

(2,714

)

(62,053

)

(43,947

)

Cash flows from financing activities

 

 

 

 

 

 

 

 

 

Proceeds from issue of shares

 

 

 

 

70,258

 

Expenses directly related to the issue of shares

 

 

 

 

(1,459

)

Acquisition of additional interest in subsidiary

 

 

(2,664

)

 

(2,664

)

Repayment of borrowings

 

(97

)

(4,534

)

(284

)

(67,330

)

Net cash used in financing activities

 

(97

)

(7,198

)

(284

)

(1,195

)

Net decrease in cash and cash equivalents

 

(37,680

)

(33,528

)

(55,489

)

(34,072

)

Cash and cash equivalents at beginning of period

 

72,144

 

66,631

 

94,433

 

70,603

 

Exchange (losses)/gains on cash and cash equivalents

 

(120

)

3,108

 

(4,600

)

(320

)

Cash and cash equivalents at end of period

 

34,344

 

36,211

 

34,344

 

36,211

 

 



 

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 March

 

Nine months ended
 31 March

 

 

 

2014
£’000

 

2013
£’000

 

2014
£’000

 

2013
£’000

 

Profit for the period

 

10,914

 

3,634

 

29,661

 

40,320

 

Adjustments:

 

 

 

 

 

 

 

 

 

Tax expense/(credit)

 

9,520

 

(6,784

)

20,644

 

(21,170

)

Net finance costs

 

5,923

 

18,322

 

21,419

 

39,919

 

Profit on disposal of players’ registrations

 

(2,361

)

(2,520

)

(4,203

)

(8,025

)

Exceptional items

 

 

 

293

 

3,879

 

Amortization of players’ registrations

 

13,841

 

10,389

 

39,163

 

30,872

 

Depreciation

 

2,206

 

1,974

 

6,274

 

5,743

 

Adjusted EBITDA

 

40,043

 

25,015

 

113,251

 

91,538

 

 



 

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 March

 

Nine months ended
 31 March

 

 

 

2014
£’000

 

2013
£’000

 

2014
£’000

 

2013
£’000

 

Profit for the period attributable to owners of the parent

 

10,914

 

3,634

 

29,661

 

40,151

 

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

 

 

 

 

169

 

Profit for the period

 

10,914

 

3,634

 

29,661

 

40,320

 

Professional advisors fees relating to the issue of shares

 

 

 

 

3,879

 

Accelerated amortization 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

 

 

(3,108

)

2,712

 

320

 

Foreign exchange loss on US dollar denominated borrowings

 

 

12,655

 

 

3,846

 

Fair value movement on derivative financial instruments

 

90

 

(57

)

1,640

 

(114

)

Ineffectiveness on cash flow hedges

 

(543

)

 

(791

)

 

Tax expense/(credit)

 

9,520

 

(6,784

)

20,644

 

(21,170

)

Adjusted profit before tax

 

19,981

 

6,340

 

53,866

 

34,868

 

Adjusted tax expense (using a normalised tax rate of 35% (2013: 35%))

 

(6,993

)

(2,219

)

(18,853

)

(12,204

)

 

 

12,988

 

4,121

 

35,013

 

22,664

 

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

 

 

 

 

(169

)

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

 

12,988

 

4,121

 

35,013

 

22,495

 

 

 

 

 

 

 

 

 

 

 

Adjusted basic and diluted earnings per share (pence)

 

7.93

 

2.52

 

21.37

 

13.84

 

Weighted average number of ordinary shares outstanding (thousands)

 

163,812

 

163,826

 

163,815

 

162,586

 

 



 

4                               Cash generated from operations

 

 

 

Three months ended
 31 March

 

Nine months ended
 31 March

 

 

 

2014
£’000

 

2013
£’000

 

2014
£’000

 

2013
£’000

 

Profit for the period

 

10,914

 

3,634

 

29,661

 

40,320

 

Tax expense/(credit)

 

9,520

 

(6,784

)

20,644

 

(21,170

)

Profit/(loss) before tax

 

20,434

 

(3,150

)

50,305

 

19,150

 

Depreciation charges

 

2,206

 

1,974

 

6,274

 

5,743

 

Impairment charges

 

 

 

293

 

 

Amortization of players’ registrations

 

13,841

 

10,389

 

39,163

 

30,872

 

Profit on disposal of players’ registrations

 

(2,361

)

(2,520

)

(4,203

)

(8,025

)

Net finance costs

 

5,923

 

18,322

 

21,419

 

39,919

 

Profit on disposal of property, plant and equipment

 

 

 

(43

)

 

Equity-settled share-based payments

 

377

 

153

 

918

 

634

 

Exchange losses on operating activities

 

97

 

 

469

 

 

Fair value (gains)/losses on derivative financial instruments

 

(58

)

224

 

(184

)

215

 

Reclassified from hedging reserve

 

(260

)

 

(778

)

 

(Increase)/decrease in trade and other receivables

 

(7,594

)

(12,393

)

(11,535

)

2,334

 

Decrease in trade and other payables and deferred revenue

 

(36,575

)

(17,879

)

(69,930

)

(33,623

)

Decrease in provisions

 

 

(58

)

(1,475

)

(294

)

Cash (used in)/generated from operations

 

(3,970

)

(4,938

)

30,693

 

56,925