EX-99.1 2 a15-19795_1ex99d1.htm EX-99.1

Exhibit 99.1

 

 

·                  TOTAL REVENUE OF £395.2 MILLION

·                  ADJUSTED EBITDA OF £119.9 MILLION

·                  FISCAL 2016 EXPECTED RECORD REVENUE AND EBITDA

·                  2016 REVENUE GUIDANCE OF C. £500M

 

MANCHESTER, England. — 17 September 2015 — 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 2015 fiscal year and three months ended 30 June 2015.

 

Highlights

 

·                  Sponsorship revenues increased 14.1% for the year to a record £154.9m.  During the fiscal year, we announced:

 

·                  5 global sponsorship partnerships

·                  4 regional sponsorship partnerships, and

·                  2 financial services and telecom partnerships.

 

·                  Concluded the largest kit manufacturer sponsorship deal in sports with adidas - £750m over 10 years  and successfully launched the partnership on 1st August 2015.

 

·                  Surpassed 100 million social media followers, an increase of over 50% since last year  and launched official Pinterest, LINE (3 languages), Kakao Story and WeChat pages.

 

·                  Domestic Premier League live broadcasting rights up 70% for the 2017 to 2019 cycle — BSkyB and BT will pay £5.14 billion for the 2016/17 to 2018/19  seasons up from £3.0 billion for the 2013/14 to 2015/16 seasons.

 

·                  UEFA Champions League distributions up over 25% for the 2016 to 2018 cycle - UEFA announced total prize money for the 2015/16 season of  €1.26 billion.

 

·                  The Board of Directors has approved the payment of a regular quarterly cash dividend on the Company’s outstanding Class A and Class B ordinary shares. For the first quarter 2016 the dividend of $0.045 per share will be payable on 15 October 2015, to shareholders on record on 30 September 2015. The stock will begin to trade ex-dividend on 28 September 2015.

 

Commentary

 

Ed Woodward, Executive Vice Chairman commented, “As we look to the new season, we are enthusiastic about our strong position, both on and off the pitch.  In recent weeks we have further strengthened our squad with an exciting mix of experience and youth, qualified for the group stage of the UEFA Champions League, and seen an impressive launch of our partnership with adidas.  Our record revenue and EBITDA guidance for 2016 reflects the underlying strength of our business and our confidence in its continued growth. ”

 

Outlook

 

For fiscal 2016, Manchester United expect:

 

·                  Revenue to be £500m to £510m.

·                  Adjusted EBITDA to be £165m to £175m.

 



 

Key Financials (unaudited)

 

£ million (except adjusted

 

Twelve months ended
30 June

 

 

 

Three months ended
30 June

 

 

 

diluted earnings per share)

 

2015

 

2014

 

Change

 

2015

 

2014

 

Change

 

Commercial revenue

 

196.9

 

189.3

 

4.0

%

45.9

 

44.3

 

3.6

%

Broadcasting revenue

 

107.7

 

135.8

 

(20.7

)%

40.8

 

34.0

 

20.0

%

Matchday revenue

 

90.6

 

108.1

 

(16.2

)%

19.1

 

18.0

 

6.1

%

Total revenue

 

395.2

 

433.2

 

(8.8

)%

105.8

 

96.3

 

9.9

%

Adjusted EBITDA*

 

119.9

 

130.1

 

(7.8

)%

31.8

 

16.9

 

88.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss)/profit for the period (i.e. net income)

 

(1.2

)

23.8

 

 

(7.2

)

(5.8

)

(24.1

)%

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

 

3.1

 

28.7

 

(89.2

)%

1.1

 

(6.3

)

 

Adjusted diluted earnings/(loss) per share (pence)*

 

1.92

 

17.51

 

(89.0

)%

0.68

 

(3.85

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross debt**

 

411.0

 

341.8

 

20.2

%

411.0

 

341.8

 

20.2

%

Cash and cash equivalents

 

155.8

 

66.4

 

134.6

%

155.8

 

66.4

 

134.6

%

Net Debt

 

255.2

 

275.4

 

(7.3

)%

255.2

 

275.4

 

(7.3

)%

 


* Adjusted EBITDA, adjusted (loss)/profit for the period and adjusted diluted earnings/(loss) 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.

 

** A key contributor to the increase in gross debt was the strengthening US dollar; with the USD/GBP exchange rate moving from 1.7097 at 30 June 2014 to 1.5712 at 30 June 2015.

 

Revenue Analysis

 

Commercial

 

Commercial revenue for the year was £196.9 million, an increase of £7.6 million, or 4.0%, over the prior year.

 

·                  Sponsorship revenue was £154.9 million, an increase of £19.1 million, or 14.1%, over the prior year, primarily due to the commencement of the seven year General Motors shirt sponsorship and the activation of several new global and regional sponsorships.

·                  Retail, Merchandising, Apparel & Product Licensing revenue was £31.6 million, a decrease of £5.9 million, or 15.7%, over the prior year, primarily due to reduced Nike guaranteed revenue due to non-participation in UEFA competitions in the current season and the extended final period of the partnership which ends on 31 July 2015; and

·                  Mobile & Content revenue was £10.4 million, a decrease of £5.6 million, or 35.0%, over the prior year, due to the expiration of a few of our mobile partnerships.

 

For the fourth quarter, commercial revenue was £45.9 million, an increase of £1.6 million, or 3.6%, over the prior year quarter.

 

·                  Sponsorship revenue was £35.3 million, an increase of £4.4 million, or 14.2%,

·                  Retail, Merchandising, Apparel & Product Licensing revenue was £8.3 million, a decrease of £1.0 million, or 10.8%, over the prior year quarter; and

 



 

·                  Mobile & Content revenue was £2.3 million, a decrease of £1.8 million, or 43.9%.

 

Broadcasting

 

Broadcasting revenue for the year was £107.7 million, a decrease of £28.1 million, or 20.7%, over the prior year, primarily due to non-participation in UEFA competitions, partially offset by increases in merit and facility payments due to a higher FAPL finish and more games broadcast live.

 

Broadcasting revenue for the fourth quarter was £40.8 million, an increase of £6.8 million, or 20.0%, over the prior year quarter, primarily due to an increase in merit payments, playing one more FAPL home game, and having five more FAPL live broadcast games in the current quarter, partially offset by non-participation in UEFA competitions.

 

Matchday

 

Matchday revenue for the year was £90.6 million, a decrease of £17.5 million, or 16.2%, over the prior year, primarily due to non-participation in UEFA competitions.

 

Matchday revenue for the fourth quarter was £19.1 million, an increase of £1.1 million, or 6.1%, over the prior year quarter, primarily due to playing one more FAPL home game in the current quarter, partially offset by non-participation in UEFA competitions.

 

Other Financial Information

 

Operating expenses

 

Total operating expenses for the year were £387.6 million, an increase of £15.3 million, or 4.1%, over the prior year.

 

Staff costs

 

Staff costs for the year were £203.0 million, a decrease of £11.8 million, or 5.5%, over the prior year.

 

Other operating expenses

 

Other operating expenses for the year were £72.3 million, a decrease of £16.0 million, or 18.1%, over the prior year, primarily due to non-participation in UEFA competitions, foreign exchange gains and other non-recurring cost savings.

 

Depreciation & amortization

 

Depreciation for the year was £10.3 million, an increase of £1.6 million, or 18.4%, over the prior year. Amortization for the year was £99.7 million, an increase of £44.4 million, or 80.3%, over the prior year quarter. The unamortized balance of players’ registrations at 30 June 2015 was £238.1 million.

 

Exceptional items

 

Exceptional costs for the year were £2.3 million, being professional adviser fees related to a public sale of shares, and the present value of the additional contributions the Group is expected to pay to make good the increased deficit of the Football League pension scheme as per the latest actuarial valuation at 31 August 2014. Exceptional costs for the prior year were £5.2 million.

 

Net finance costs

 

Net finance costs for the year were £35.2 million, an increase of £7.8 million, or 28.5%, over the prior year, primarily due to the premium on repurchase of senior secured notes and non-cash accelerated amortization of finance and issue costs related to the refinancing in June 2015 — which involved the issue of $425.0 million of new 3.79% senior secured notes due in 2027, the repurchase of all the remaining $269.2 million 8.375% senior secured notes due 2017 and the repayment of $90.7 million of our existing secured term loan — and we expect the refinancing to result in an interest reduction of approximately $10.0 million per year.

 

Tax

 

The tax credit for the year was £2.8 million, compared to an expense of £16.7 million in the prior year.

 



 

Cash flows

 

Net cash generated from operating activities for the year was £143.9 million, an increase of £71.1 million over the prior year primarily related to timing variances on sponsorship receipts.

 

Capital expenditure on property, plant and equipment for the year was £5.5 million, a decrease of £5.3 million over the prior year.

 

Net player and other intangible assets capital expenditure for the year was £96.8 million, an increase of £17.9 million over the prior year.

 

Net cash generated from financing activities for the year was £44.6 million, an increase of £49.6 million compared to £5.0 million net cash used in the prior year, as a result of the refinancing in June 2015.

 



 

Conference Call Information

 

The Company’s conference call to review fiscal 2015 and fourth quarter results will be broadcast live over the internet today, 17 September 2015 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 137-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).

 

Statement Regarding Unaudited Financial Information

 

The unaudited financial information set forth is preliminary and subject to adjustments. The audit of the financial statements and related notes to be included in our annual report on Form 20-F for the year ended 30 June 2015 is still in progress. Adjustments to the financial statements may be identified when audit work is completed, which could result in significant differences from this preliminary unaudited financial information.

 

Non-IFRS Measures: Definitions and Use

 

1.                  Adjusted EBITDA

 

Adjusted EBITDA is defined as (loss)/profit for the period before depreciation, amortization, 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 (loss)/profit for the period to adjusted EBITDA is presented in supplemental note 2.

 

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

 

Adjusted profit/(loss) for the period is calculated, where appropriate, by adjusting for charges/credits related to professional adviser fees related to public sale of shares, pension scheme deficit, accelerated amortization of issue discount and finance costs, premium on redemption of senior secured notes, foreign exchange losses recognized in finance costs, fair value movements on derivative financial instruments, and ineffectiveness of cash flow hedges,

 



 

adding/subtracting the actual tax expense/credit for the period, and subtracting/adding the adjusted tax expense/credit for the period (based on an normalized tax rate of 35%; 2014: 35%). The normalized tax rate of 35% is management’s estimate of the tax rate likely to be applicable to the Group in the foreseeable future.

 

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 charges/credits related to ‘one-off’ transactions 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 (loss)/profit for the period to adjusted profit/(loss) for the period is presented in supplemental note 3.

 

3.                  Adjusted basic and diluted earnings/(loss) per share

 

Adjusted basic and diluted earnings/(loss) per share are calculated by dividing the adjusted profit/(loss) for the period by the weighted average number of ordinary shares in issue during the period. Adjusted diluted earnings/(loss) per share is calculated by adjusting the weighted average number of ordinary shares in issue during the period to assume conversion of all dilutive potential ordinary shares. We have one category of dilutive potential ordinary shares: share awards pursuant to the 2012 Equity Incentive Plan (the “Equity Plan”). Share awards pursuant to the Equity Plan are assumed to have been converted into ordinary shares at the beginning of the financial year. Adjusted basic and diluted earnings/(loss) per share are presented in supplemental note 3.

 



 

Key Performance Indicators

 

 

 

Twelve months ended

 

Three months ended

 

 

 

30 June

 

30 June

 

 

 

2015

 

2014

 

2015

 

2014

 

Commercial % of total revenue

 

49.8

%

43.7

%

43.4

%

46.0

%

Broadcasting % of total revenue

 

27.3

%

31.3

%

38.6

%

35.3

%

Matchday % of total revenue

 

22.9

%

25.0

%

18.0

%

18.7

%

Home Matches Played

 

 

 

 

 

 

 

 

 

FAPL

 

19

 

19

 

4

 

3

 

UEFA competitions

 

 

5

 

 

1

 

Domestic Cups

 

2

 

4

 

 

 

Away Matches Played

 

 

 

 

 

 

 

 

 

UEFA competitions

 

 

5

 

 

1

 

Domestic Cups

 

4

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

Employees at period end

 

778

 

879

 

778

 

879

 

Staff costs % of revenue

 

51.4

%

49.6

%

51.7

%

59.1

%

 

Phasing of Premier League home
games

 

Quarter 1

 

Quarter 2

 

Quarter 3

 

Quarter 4

 

Total

 

2015/16 season*

 

4

 

5

 

6

 

4

 

19

 

2014/15 season

 

3

 

7

 

5

 

4

 

19

 

2013/14 season

 

3

 

6

 

7

 

3

 

19

 

 


*Subject to changes in broadcasting scheduling

 

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

 

JBarron@SARDVERB.com

 



 

CONSOLIDATED INCOME STATEMENT

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

 

 

 

Twelve months ended
30 June

 

Three months ended
30 June

 

 

 

2015

 

2014

 

2015

 

2014

 

Revenue

 

395,178

 

433,164

 

105,777

 

96,221

 

Operating expenses

 

(387,601

)

(372,240

)

(102,737

)

(102,818

)

Profit on disposal of players’ registrations

 

23,649

 

6,991

 

5,445

 

2,788

 

Operating profit/(loss)

 

31,226

 

67,915

 

8,485

 

(3,809

)

Finance costs

 

(35,419

)

(27,668

)

(17,038

)

(6,106

)

Finance income

 

204

 

256

 

68

 

113

 

Net finance costs

 

(35,215

)

(27,412

)

(16,970

)

(5,993

)

(Loss)/profit before tax

 

(3,989

)

40,503

 

(8,485

)

(9,802

)

Tax credit/(expense)

 

2,821

 

(16,668

)

1,302

 

3,976

 

(Loss)/profit for the period

 

(1,168

)

23,835

 

(7,183

)

(5,826

)

 

 

 

 

 

 

 

 

 

 

Basic (loss)/earnings per share:

 

 

 

 

 

 

 

 

 

Basic (loss)/earnings per share (pence)

 

(0.71

)

14.55

 

(4.39

)

(3.56

)

Weighted average number of ordinary shares outstanding (thousands)

 

163,795

 

163,814

 

163,798

 

163,812

 

Diluted (loss)/earnings per share:

 

 

 

 

 

 

 

 

 

Diluted (loss)/earnings per share (pence)

 

(0.71

)

14.54

 

(4.38

)

(3.55

)

Weighted average number of ordinary shares outstanding (thousands)

 

164,132

 

163,893

 

164,132

 

163,888

 

 



 

CONSOLIDATED BALANCE SHEET

(unaudited; in £ thousands)

 

 

 

As of
30 June
2015

 

As of
30 June
2014

 

ASSETS

 

 

 

 

 

Non-current assets

 

 

 

 

 

Property, plant and equipment

 

250,626

 

254,859

 

Investment property

 

13,559

 

13,671

 

Goodwill

 

421,453

 

421,453

 

Players’ registrations and other intangible assets

 

238,944

 

204,572

 

Trade and other receivables

 

3,836

 

41

 

Deferred tax asset

 

133,790

 

129,631

 

 

 

1,062,208

 

1,024,227

 

Current assets

 

 

 

 

 

Derivative financial instruments

 

27

 

 

Trade and other receivables

 

83,627

 

125,119

 

Current tax receivable

 

124

 

 

Cash and cash equivalents

 

155,752

 

66,365

 

 

 

239,530

 

191,484

 

Total assets

 

1,301,738

 

1,215,711

 

 



 

CONSOLIDATED BALANCE SHEET (continued)

(unaudited; in £ thousands)

 

 

 

As of
30 June
2015

 

As of
30 June
2014

 

EQUITY AND LIABILITIES

 

 

 

 

 

Equity

 

 

 

 

 

Share capital

 

52

 

52

 

Share premium

 

68,822

 

68,822

 

Merger reserve

 

249,030

 

249,030

 

Hedging reserve

 

4,729

 

25,918

 

Retained earnings

 

155,012

 

154,828

 

 

 

477,645

 

498,650

 

Non-current liabilities

 

 

 

 

 

Derivative financial instruments

 

2,769

 

1,602

 

Trade and other payables

 

48,078

 

42,464

 

Borrowings

 

410,482

 

326,803

 

Deferred revenue

 

21,583

 

15,631

 

Deferred tax liabilities

 

17,311

 

28,837

 

 

 

500,223

 

415,337

 

Current liabilities

 

 

 

 

 

Derivative financial instruments

 

2,966

 

875

 

Current tax liabilities

 

2,106

 

2,999

 

Trade and other payables

 

131,705

 

102,232

 

Borrowings

 

485

 

15,005

 

Deferred revenue

 

186,608

 

180,613

 

 

 

323,870

 

301,724

 

Total equity and liabilities

 

1,301,738

 

1,215,711

 

 



 

CONSOLIDATED STATEMENT OF CASH FLOWS

(unaudited; in £ thousands)

 

 

 

Twelve months ended
30 June

 

Three months ended
30 June

 

 

 

2015

 

2014

 

2015

 

2014

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

 

Cash generated from operations (see supplemental note 4)

195,021

 

101,694

 

149,289

 

71,001

 

Interest paid

 

(42,624

)

(27,669

)

(18,488

)

(4,875

)

Debt finance costs relating to borrowings

 

(6,508

)

(123

)

(5,684

)

 

Interest received

 

502

 

254

 

45

 

111

 

Tax paid

 

(2,466

)

(1,375

)

(185

)

(304

)

Net cash generated from operating activities

 

143,925

 

72,781

 

124,977

 

65,933

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

 

Purchases of property, plant and equipment

 

(5,466

)

(10,847

)

(1,380

)

(2,290

)

Proceeds from sale of property, plant and equipment

 

 

50

 

 

 

Purchases of players’ registrations and other intangible assets

 

(117,446

)

(92,942

)

(16,174

)

(30,840

)

Proceeds from sale of players’ registrations

 

20,649

 

14,025

 

486

 

5,469

 

Net cash used in investing activities

 

(102,263

)

(89,714

)

(17,068

)

(27,661

)

Cash flows from financing activities

 

 

 

 

 

 

 

 

 

Proceeds from borrowings

 

272,539

 

 

267,835

 

 

Repayment of borrowings

 

(227,950

)

(4,997

)

(227,649

)

(4,713

)

Net cash generated from/(used in) financing activities

 

44,589

 

(4,997

)

40,186

 

(4,713

)

Net increase/(decrease) in cash and cash equivalents

 

86,251

 

(21,930

)

148,095

 

33,559

 

Cash and cash equivalents at beginning of period

 

66,365

 

94,433

 

11,204

 

34,344

 

Foreign exchange gains/(losses) on cash and cash equivalents

 

3,136

 

(6,138

)

(3,547

)

(1,538

)

Cash and cash equivalents at end of period

 

155,752

 

66,365

 

155,752

 

66,365

 

 



 

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 (loss)/profit for the period to adjusted EBITDA

 

 

 

Twelve months ended
30 June

 

Three months ended
30 June

 

 

 

2015
£’000

 

2014
£’000

 

2015
£’000

 

2014
£’000

 

(Loss)/profit for the period

 

(1,168

)

23,835

 

(7,183

)

(5,826

)

Adjustments:

 

 

 

 

 

 

 

 

 

Tax (credit)/expense

 

(2,821

)

16,668

 

(1,302

)

(3,976

)

Net finance costs

 

35,215

 

27,412

 

16,970

 

5,993

 

Profit on disposal of players’ registrations

 

(23,649

)

(6,991

)

(5,445

)

(2,788

)

Exceptional items

 

2,336

 

5,184

 

 

4,891

 

Amortization

 

99,687

 

55,290

 

25,756

 

16,127

 

Depreciation

 

10,324

 

8,665

 

2,959

 

2,391

 

Adjusted EBITDA

 

119,924

 

130,063

 

31,755

 

16,812

 

 



 

3                               Reconciliation of (loss)/profit for the period to adjusted profit/(loss) for the period and adjusted basic and diluted earnings/(loss) per share

 

 

 

Twelve months ended
30 June

 

Three months ended
30 June

 

 

 

2015
£’000

 

2014
£’000

 

2015
£’000

 

2014
£’000

 

(Loss)/profit for the period

 

(1,168

)

23,835

 

(7,183

)

(5,826

)

Professional adviser fees related to public sale of shares

 

1,089

 

 

 

 

Football League pension scheme deficit

 

1,247

 

 

 

 

Accelerated amortisation of issue discount and debt finance costs

 

3,773

 

 

3,773

 

 

Premium on redemption of senior secured notes

 

3,552

 

 

3,552

 

 

Foreign exchange losses recognized in finance costs

 

288

 

2,712

 

288

 

 

Fair value movement on derivative financial instruments

 

(1,115

)

934

 

2,596

 

(706

)

Ineffectiveness of cash flow hedges

 

 

 

 

791

 

Tax (credit)/expense

 

(2,821

)

16,668

 

(1,302

)

(3,976

)

Adjusted profit/(loss) before tax

 

4,845

 

44,149

 

1,724

 

(9,717

)

Adjusted tax (expense)/credit (using a normalised tax rate of 35% (2014: 35%))

 

(1,696

)

(15,452

)

(603

)

3,401

 

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

 

3,149

 

28,697

 

1,121

 

(6,316

)

 

 

 

 

 

 

 

 

 

 

Adjusted basic earnings/(loss) per share:

 

 

 

 

 

 

 

 

 

Adjusted basic earnings/(loss) per share (pence)

 

1.92

 

17.52

 

0.68

 

(3.86

)

Weighted average number of ordinary shares outstanding (thousands)

 

163,795

 

163,814

 

163,798

 

163,812

 

Adjusted diluted earnings/(loss) per share:

 

 

 

 

 

 

 

 

 

Adjusted diluted earnings/(loss) per share (pence)

 

1.92

 

17.51

 

0.68

 

(3.85

)

Weighted average number of ordinary shares outstanding (thousands)

 

164,132

 

163,893

 

164,132

 

163,888

 

 



 

4                               Cash generated from operations

 

 

 

Twelve months ended
30 June

 

Three months ended
30 June

 

 

 

2015
£’000

 

2014
£’000

 

2015
£’000

 

2014
£’000

 

(Loss)/profit for the period

 

(1,168

)

23,835

 

(7,183

)

(5,826

)

Tax (credit)/expense

 

(2,821

)

16,668

 

(1,302

)

(3,976

)

(Loss)/profit before tax

 

(3,989

)

40,503

 

(8,485

)

(9,802

)

Depreciation

 

10,324

 

8,665

 

2,959

 

2,391

 

Impairment

 

 

293

 

 

 

Amortization

 

99,687

 

55,290

 

25,756

 

16,127

 

Profit on disposal of players’ registrations

 

(23,649

)

(6,991

)

(5,445

)

(2,788

)

Net finance costs

 

35,215

 

27,412

 

16,970

 

5,993

 

Profit on disposal of property, plant and equipment

 

5

 

24

 

 

67

 

Equity-settled share-based payments

 

1,352

 

1,138

 

323

 

220

 

Foreign exchange (gains)/losses on operating activities

 

(584

)

925

 

(54

)

456

 

Other fair value losses/(gains) on derivative financial instruments

 

5,498

 

59

 

1,156

 

243

 

Reclassified from hedging reserve

 

(4,713

)

(1,035

)

(939

)

(257

)

Decrease/(increase) in trade and other receivables

 

58,503

 

(59,876

)

28,573

 

(48,341

)

Decrease in trade and other payables and deferred revenue

 

17,372

 

36,762

 

88,475

 

106,692

 

Decrease in provisions

 

 

(1,475

)

 

 

Cash generated from operations

 

195,021

 

101,694

 

149,289

 

71,001