EX-99.1 2 a16-10876_3ex99d1.htm EX-99.1

Exhibit 99.1

 

 

·                                          RECORD Q3 REVENUES OF £123.4 MILLION, UP 29.9%

·                                          RECORD Q3 ADJUSTED EBITDA OF £44.9 MILLION, UP 76.8%

 

MANCHESTER, England. — 13 May 2016 — 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 2016 fiscal third quarter and nine months ended 31 March 2016.

 

Highlights

 

·                  Commercial revenues of £65.8 million up 37.7% for the quarter.

 

·                  Five sponsorship deals announced in the quarter:

 

·                  New Global deals with Gulf Oil International and 20th Century Fox

·                  Regional deal with YouC1000 (isotonic drinks partner in Indonesia)

·                  MUTV deal with Sina Sports in China

·                  Renewal of partnership with Yanmar

 

·                  Announced licensing deal with Columbia as Manchester United’s first Official Outdoor Apparel Partner.

 

·                  International Premier League Broadcasting rights up approximately 40% for the 2017-19 cycle.

 

Commentary

 

Ed Woodward, Executive Vice Chairman, commented, “The conclusion to this year’s season demonstrates once again why the Premier League is the most popular league in the most popular sport.

 

As we reflect on our season, we are delighted by the emergence of yet another crop of exciting young players that demonstrate once again our terrific track record of youth development.  We are looking forward to the FA Cup final on May 21st and hopefully winning this special trophy for a record equaling twelve times.”

 

Outlook

For fiscal 2016, Manchester United expects:

 

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

·                  Adjusted EBITDA to be £178m to £188m.

 

1



 

Key Financials (unaudited)

 

£ million (except adjusted

 

Three months ended
31 March

 

 

 

Nine months ended
31 March

 

 

 

diluted earnings per share)

 

2016

 

2015

 

Change

 

2016

 

2015

 

Change

 

Commercial revenue

 

65.8

 

47.8

 

37.7

%

203.1

 

151.0

 

34.5

%

Broadcasting revenue

 

27.8

 

21.7

 

28.1

%

92.7

 

66.9

 

38.6

%

Matchday revenue

 

29.8

 

25.5

 

16.9

%

85.0

 

71.5

 

18.9

%

Total revenue

 

123.4

 

95.0

 

29.9

%

380.8

 

289.4

 

31.6

%

Adjusted EBITDA*

 

44.9

 

25.4

 

76.8

%

142.6

 

88.1

 

61.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

13.7

 

(2.9

)

 

37.3

 

6.0

 

521.7

%

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

 

11.7

 

(7.1

)

 

32.1

 

1.5

 

2040.0

%

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

 

7.15

 

(4.34

)

 

19.56

 

0.91

 

2049.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net debt

 

348.7

 

384.2

 

(9.2

)%

348.7

 

384.2

 

(9.2

)%

 


* Adjusted EBITDA, adjusted profit/(loss) 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.

 

Revenue Analysis

 

Commercial

 

Commercial revenue for the third quarter was £65.8 million, an increase of £18.0 million, or 37.7%, over the prior year quarter.

 

·                  Sponsorship revenue for the third quarter was £38.8 million, an increase of £1.3 million, or 3.5%, over the prior year quarter.

·                  Retail, Merchandising, Apparel & Product Licensing revenue for the third quarter was £24.4 million, an increase of £16.8 million, or 221.1% over the prior year quarter, primarily due to the commencement of the new agreement with adidas from 1 August 2015, which included a step-up in minimum guaranteed revenues and the contribution from several businesses previously operated by Nike.

·                  Mobile & Content revenue for the third quarter was £2.6 million, a decrease of £0.1 million, or 3.7% over the prior year quarter.

 

Broadcasting

 

Broadcasting revenue for the third quarter was £27.8 million, an increase of £6.1 million, or 28.1%, over the prior year quarter, primarily due to participation in UEFA competitions and one additional FAPL live broadcast game in the current quarter.

 

Matchday

 

Matchday revenue for the third quarter was £29.8 million, an increase of £4.3 million, or 16.9%, over the prior year quarter, primarily due to playing two UEFA Europa League home games in the current quarter.

 

2



 

Other Financial Information

 

Operating expenses

 

Total operating expenses for the third quarter were £102.2 million, an increase of £3.2 million, or 3.2%, over the prior year quarter.

 

Employee benefit expenses

 

Employee benefit expenses for the third quarter were £56.2 million, an increase of £6.0 million, or 12.0%, over the prior year quarter, primarily due to renewals of existing player contracts, coupled with an uplift in annual player salaries due to participation in the UEFA Champions League.

 

Other operating expenses

 

Other operating expenses for the third quarter were £22.3 million, an increase of £2.9 million, or 14.9%, over the prior year quarter, primarily due to retail, merchandising, apparel and licensing costs now being recognized in-house, plus an increase in matchday costs as a result of playing two UEFA competition home games in the current quarter.

 

Depreciation & amortization

 

Depreciation for the third quarter was £2.5 million, which was unchanged from the prior year quarter. Amortization for the third quarter was £21.2 million, a decrease of £4.5 million, or 17.5%, over the prior year quarter. The unamortized balance of players’ registrations at 31 March 2016 was £228.3 million.

 

Net finance costs

 

Net finance costs for the third quarter were £3.6 million, a decrease of £2.2 million, or 37.9%, over the prior year quarter. The decrease was primarily due to a reduction in interest payable on the secured term loan facility and senior secured notes following the refinancing in June 2015.

 

Tax

 

The tax expense for the third quarter was £5.9 million, compared to a credit of £8.5 million in the prior year quarter.

 

Cash flows

 

Net cash generated from operating activities for the third quarter was £5.9 million, an increase of £20.9 million over the prior year quarter, primarily due to increased profit.

 

Capital expenditure on property, plant and equipment for the third quarter was £0.2 million, a decrease of £0.1 million over the prior year quarter.

 

Net player and other intangible assets capital expenditure for the third quarter was £16.1 million, an increase of £5.1 million over the prior year quarter.

 

Dividend

 

As previously approved, a $0.045 per share quarterly cash dividend on the Company’s outstanding Class A and Class B ordinary shares will be  payable on 10 June 2016, to shareholders of record on 26 May 2016. The stock will begin to trade ex-dividend on 23 May 2016.

 

The Board of Directors recently approved replacing the previous quarterly cash dividend with a regular semi-annual cash dividend on the Company’s outstanding Class A and Class B ordinary shares of $0.09 per share which will be paid in January and June 2017.  The specific record, ex dividend, and payment dates with respect to each semi-annual cash dividend will be announced in future releases.

 

3



 

Conference Call Information

 

The Company’s conference call to review third quarter fiscal 2016 results will be broadcast live over the internet today, 13 May 2016 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 138-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, mobile & content, 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/(loss) for the period before depreciation, amortization, profit/(loss) 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.

 

4



 

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 exceptional items, foreign exchange gains/losses on unhedged US dollar denominated borrowings, fair value movements on derivative financial instruments, and hedge ineffectiveness on 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%; 2015: 35%). 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 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 profit for the period to adjusted profit 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.

 

5



 

Key Performance Indicators

 

 

 

Three months ended

 

Nine months ended

 

 

 

31 March

 

31 March

 

 

 

2016

 

2015

 

2016

 

2015

 

Commercial % of total revenue

 

53.3

%

50.3

%

53.3

%

52.2

%

Broadcasting % of total revenue

 

22.5

%

22.8

%

24.4

%

23.1

%

Matchday % of total revenue

 

24.2

%

26.9

%

22.3

%

24.7

%

Home Matches Played

 

 

 

 

 

 

 

 

 

FAPL

 

5

 

5

 

14

 

15

 

UEFA competitions

 

2

 

 

6

 

 

Domestic Cups

 

2

 

2

 

4

 

2

 

Away Matches Played

 

 

 

 

 

 

 

 

 

UEFA competitions

 

2

 

 

6

 

 

Domestic Cups

 

2

 

3

 

2

 

4

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

Employees at period end

 

797

 

791

 

797

 

791

 

Staff costs % of revenue

 

45.5

%

52.8

%

44.8

%

51.2

%

 

Phasing of Premier League home
games

 

Quarter 1

 

Quarter 2

 

Quarter 3

 

Quarter 4

 

Total

 

2015/16 season

 

4

 

5

 

5

 

5

 

19

 

2014/15 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

 

JBarron@SARDVERB.com

 

6



 

CONSOLIDATED INCOME STATEMENT

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

 

 

 

Three months ended
31 March

 

Nine months ended
31 March

 

 

 

2016

 

2015

 

2016

 

2015

 

Revenue

 

123,444

 

94,970

 

380,770

 

289,401

 

Operating expenses

 

(102,168

)

(98,976

)

(310,578

)

(284,864

)

Profit/(loss) on disposal of players’ registrations

 

1,950

 

(1,556

)

(4,838

)

18,204

 

Operating profit/(loss)

 

23,226

 

(5,562

)

65,354

 

22,741

 

Finance costs

 

(3,747

)

(5,904

)

(12,925

)

(18,381

)

Finance income

 

185

 

37

 

290

 

136

 

Net finance costs

 

(3,562

)

(5,867

)

(12,635

)

(18,245

)

Profit/(loss) before tax

 

19,664

 

(11,429

)

52,719

 

4,496

 

Tax (expense)/credit

 

(5,903

)

8,555

 

(15,391

)

1,519

 

Profit/(loss) for the period

 

13,761

 

(2,874

)

37,328

 

6,015

 

 

 

 

 

 

 

 

 

 

 

Basic earnings/(loss) per share:

 

 

 

 

 

 

 

 

 

Basic earnings/(loss) per share (pence)

 

8.40

 

(1.75

)

22.78

 

3.67

 

Weighted average number of ordinary shares outstanding (thousands)

 

163,892

 

163,797

 

163,889

 

163,794

 

Diluted earnings/(loss) per share:

 

 

 

 

 

 

 

 

 

Diluted earnings/(loss) per share (pence)

 

8.38

 

(1.75

)

22.72

 

3.66

 

Weighted average number of ordinary shares outstanding (thousands)

 

164,288

 

164,140

 

164,288

 

164,140

 

 

7



 

CONSOLIDATED BALANCE SHEET

(unaudited; in £ thousands)

 

 

 

As of
31 March
2016

 

As of
30 June
2015

 

As of
31 March
2015

 

ASSETS

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

 

Property, plant and equipment

 

247,200

 

250,626

 

252,494

 

Investment property

 

13,475

 

13,559

 

13,587

 

Goodwill

 

421,453

 

421,453

 

421,453

 

Players’ registrations and other intangible assets

 

230,230

 

238,944

 

237,760

 

Derivative financial instruments

 

2,692

 

 

1,323

 

Trade and other receivables

 

10,542

 

3,836

 

1,000

 

Deferred tax asset

 

133,640

 

133,640

 

147,284

 

 

 

1,059,232

 

1,062,058

 

1,074,901

 

Current assets

 

 

 

 

 

 

 

Inventories

 

1,293

 

 

 

Derivative financial instruments

 

4,553

 

27

 

1,354

 

Trade and other receivables

 

95,238

 

83,627

 

107,716

 

Current tax receivable

 

 

124

 

124

 

Cash and cash equivalents

 

104,202

 

155,752

 

11,204

 

 

 

205,286

 

239,530

 

120,398

 

Total assets

 

1,264,518

 

1,301,588

 

1,195,299

 

 

8



 

CONSOLIDATED BALANCE SHEET (continued)

(unaudited; in £ thousands)

 

 

 

As of
31 March
2016

 

As of
30 June
2015

 

As of
31 March
2015

 

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

 

(18,324

)

4,729

 

(6,566

)

Retained earnings

 

178,779

 

155,285

 

161,872

 

 

 

478,359

 

477,918

 

473,210

 

Non-current liabilities

 

 

 

 

 

 

 

Derivative financial instruments

 

7,473

 

2,769

 

4,087

 

Trade and other payables

 

19,620

 

48,078

 

39,827

 

Borrowings

 

450,551

 

410,482

 

392,480

 

Deferred revenue

 

15,961

 

21,583

 

24,464

 

Deferred tax liabilities

 

12,740

 

17,311

 

26,569

 

 

 

506,345

 

500,223

 

487,427

 

Current liabilities

 

 

 

 

 

 

 

Derivative financial instruments

 

2,407

 

2,966

 

2,340

 

Trade and other payables

 

163,014

 

131,283

 

118,135

 

Current tax liabilities

 

7,626

 

2,105

 

1,753

 

Borrowings

 

2,356

 

485

 

2,950

 

Deferred revenue

 

104,411

 

186,608

 

109,484

 

 

 

279,814

 

323,447

 

234,662

 

Total equity and liabilities

 

1,264,518

 

1,301,588

 

1,195,299

 

 

9



 

CONSOLIDATED STATEMENT OF CASH FLOWS

(unaudited; in £ thousands)

 

 

 

Three months ended
31 March

 

Nine months ended
31 March

 

 

 

2016

 

2015

 

2016

 

2015

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

 

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

 

14,493

 

(3,189

)

45,601

 

45,732

 

Interest paid

 

(8,419

)

(10,907

)

(11,537

)

(24,136

)

Debt finance costs relating to borrowings

 

 

 

 

(824

)

Interest received

 

129

 

368

 

246

 

457

 

Income tax paid

 

(296

)

(1,271

)

(1,898

)

(2,281

)

Net cash generated from/(used in) operating activities

 

5,907

 

(14,999

)

32,412

 

18,948

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

 

Purchases of property, plant and equipment

 

(207

)

(293

)

(783

)

(4,086

)

Proceeds from sale of property, plant and equipment

 

 

 

19

 

 

Purchases of players’ registrations and other intangible assets

 

(17,048

)

(14,406

)

(112,940

)

(101,272

)

Proceeds from sale of players’ registrations

 

956

 

3,447

 

36,729

 

20,163

 

Net cash used in investing activities

 

(16,299

)

(11,252

)

(76,975

)

(85,195

)

Cash flows from financing activities

 

 

 

 

 

 

 

 

 

Proceeds from borrowings

 

 

 

 

4,704

 

Repayment of borrowings

 

(94

)

(102

)

(277

)

(301

)

Dividends paid

 

(10,191

)

 

(15,004

)

 

Net cash (used in)/generated from financing activities

 

(10,285

)

(102

)

(15,281

)

4,403

 

Net decrease in cash and cash equivalents

 

(20,677

)

(26,353

)

(59,844

)

(61,844

)

Cash and cash equivalents at beginning of period

 

121,611

 

37,115

 

155,752

 

66,365

 

Effects of exchange rate changes on cash and cash equivalents

 

3,268

 

442

 

8,294

 

6,683

 

Cash and cash equivalents at end of period

 

104,202

 

11,204

 

104,202

 

11,204

 

 

10



 

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

 

 

 

2016
£’000

 

2015
£’000

 

2016
£’000

 

2015
£’000

 

Profit/(loss) for the period

 

13,761

 

(2,874

)

37,328

 

6,015

 

Adjustments:

 

 

 

 

 

 

 

 

 

Tax expense/(credit)

 

5,903

 

(8,555

)

15,391

 

(1,519

)

Net finance costs

 

3,562

 

5,867

 

12,635

 

18,245

 

(Profit)/loss on disposal of players’ registrations

 

(1,950

)

1,556

 

4,838

 

(18,204

)

Exceptional items

 

 

1,275

 

 

2,336

 

Amortization

 

21,164

 

25,708

 

64,950

 

73,931

 

Depreciation

 

2,524

 

2,469

 

7,491

 

7,365

 

Adjusted EBITDA

 

44,964

 

25,446

 

142,633

 

88,169

 

 

11



 

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

 

 

 

Three months ended
31 March

 

Nine months ended
31 March

 

 

 

2016
£’000

 

2015
£’000

 

2016
£’000

 

2015
£’000

 

Profit/(loss) for the period

 

13,761

 

(2,874

)

37,328

 

6,015

 

Exceptional items

 

 

1,275

 

 

2,336

 

Foreign exchange (gains)/losses on unhedged US dollar denominated borrowings

 

(242

)

468

 

972

 

(530

)

Fair value movement on derivative financial instruments

 

(1,351

)

(1,511

)

(4,263

)

(3,997

)

Hedge ineffectiveness of cash flow hedges

 

 

234

 

 

 

Tax expense/(credit)

 

5,903

 

(8,555

)

15,391

 

(1,519

)

Adjusted profit/(loss) before tax

 

18,071

 

(10,963

)

49,428

 

2,305

 

Adjusted tax (expense)/credit (using a normalised tax rate of 35% (2015: 35%))

 

(6,325

)

3,837

 

(17,300

)

(807

)

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

 

11,746

 

(7,126

)

32,128

 

1,498

 

 

 

 

 

 

 

 

 

 

 

Adjusted basic earnings/(loss) per share:

 

 

 

 

 

 

 

 

 

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

 

7.17

 

(4.35

)

19.60

 

0.91

 

Weighted average number of ordinary shares outstanding (thousands)

 

163,892

 

163,797

 

163,889

 

163,794

 

Adjusted diluted earnings/(loss) per share:

 

 

 

 

 

 

 

 

 

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

 

7.15

 

(4.34

)

19.56

 

0.91

 

Weighted average number of ordinary shares outstanding (thousands)

 

164,288

 

164,140

 

164,288

 

164,140

 

 

12



 

4                               Cash generated from operations

 

 

 

Three months ended
31 March

 

Nine months ended
31 March

 

 

 

2016
£’000

 

2015
£’000

 

2016
£’000

 

2015
£’000

 

Profit/(loss) for the period

 

13,761

 

(2,874

)

37,328

 

6,015

 

Tax expense/(credit)

 

5,903

 

(8,555

)

15,391

 

(1,519

)

Profit/(loss) before tax

 

19,664

 

(11,429

)

52,719

 

4,496

 

Depreciation

 

2,524

 

2,469

 

7,491

 

7,365

 

Amortization

 

21,164

 

25,708

 

64,950

 

73,931

 

(Profit)/loss on disposal of players’ registrations

 

(1,950

)

1,556

 

4,838

 

(18,204

)

Net finance costs

 

3,562

 

5,867

 

12,635

 

18,245

 

Loss on disposal of property, plant and equipment

 

 

 

10

 

5

 

Equity-settled share-based payments

 

375

 

322

 

1,170

 

1,029

 

Net exchange differences

 

(255

)

438

 

1,934

 

(530

)

Fair value adjustment to derivative financial instruments

 

(1,583

)

3,131

 

(5,629

)

4,342

 

Reclassified from hedging reserve

 

345

 

(1,383

)

1,008

 

(3,774

)

Decrease/(increase) in inventories

 

211

 

 

(1,293

)

 

(Increase)/decrease in trade and other receivables

 

(12,605

)

(22,468

)

1,774

 

29,930

 

Decrease in trade and other payables and deferred revenue

 

(16,959

)

(7,400

)

(96,006

)

(71,103

)

Cash generated from/(used in) operations

 

14,493

 

(3,189

)

45,601

 

45,732

 

 

13