EX-99.1 2 a16-18215_1ex99d1.htm EX-99.1

Exhibit 99.1

 

 

·                  RECORD TOTAL REVENUE OF £515.3 MILLION

·                  RECORD ADJUSTED EBITDA OF £191.9 MILLION

·                  RECORD OPERATING PROFIT OF £68.9 MILLION

 

MANCHESTER, England. — 12 September 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 fourth quarter and twelve months ended 30 June 2016.

 

Highlights

 

·                  Won the FA Cup for a record equalling 12th time

 

·                  Premier League Domestic live broadcasting rights up 70% and International rights up approximately 40% for the 2017 to 2019 cycle

 

·                  14 Sponsorship deals announced during the fiscal year:

 

·                  6 global sponsorship partnerships

·                  5 regional sponsorship partnerships, and

·                  3 financial services, MUTV and telecom partnerships.

 

·                  Initiated the partnership with adidas on 1 August 2015.

 

·                  Very successful launch of 2015/16 new kit

·                  Brought the management of Old Trafford Megastore in-house

·                  Signed several licensing deals including Sbenu, New Era and Columbia

 

·                  Appointed José Mourinho as manager

 

Commentary

 

Ed Woodward, Executive Vice Chairman commented, “Our record Fiscal 2016 financial performance reflects the continued underlying strength of the business and the Club is on target to achieve record revenues in 2017, even without a contribution from the Champions League.  This strong financial performance has enabled us to invest in our squad, team management and facilities to position us to challenge for, and win, trophies in the coming years.”

 

Outlook

 

For fiscal 2017, Manchester United expect:

 

·                  Revenue to be £530m to £540m.

·                  Adjusted EBITDA to be £170m to £180m.

 

1



 

Key Financials (unaudited)

 

£ million (except earnings

 

Twelve months ended
30 June

 

 

 

Three months ended
30 June

 

 

 

per share)

 

2016

 

2015

 

Change

 

2016

 

2015

 

Change

 

Commercial revenue

 

268.3

 

196.9

 

36.3%

 

65.2

 

45.9

 

42.0%

 

Broadcasting revenue

 

140.4

 

107.7

 

30.4%

 

47.7

 

40.8

 

16.9%

 

Matchday revenue

 

106.6

 

90.6

 

17.7%

 

21.6

 

19.1

 

13.1%

 

Total revenue

 

515.3

 

395.2

 

30.4%

 

134.5

 

105.8

 

27.1%

 

Adjusted EBITDA*

 

191.9

 

120.3

 

59.5%

 

49.3

 

32.2

 

53.1%

 

Operating profit

 

68.9

 

31.6

 

>100%

 

3.6

 

8.9

 

(59.6%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

36.4

 

(0.9

)

 

(0.9

)

(6.9

)

(87.0%)

 

Basic earnings/(loss) per share

 

22.19

 

(0.55

)

 

(0.58

)

(4.22

)

(86.3%)

 

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

 

40.8

 

3.4

 

>100%

 

8.7

 

1.4

 

>100%

 

Adjusted basic earnings per share (pence)*

 

24.91

 

2.09

 

>100%

 

5.31

 

0.85

 

>100%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Debt*

 

260.9

 

255.2

 

2.2%

 

260.9

 

255.2

 

2.2%

 

 


* Adjusted EBITDA, adjusted profit for the period, adjusted basic earnings per share and net debt 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 year was £268.3 million, an increase of £71.4 million, or 36.3%, over the prior year.

 

·                  Sponsorship revenue was £160.1 million, an increase of £5.2 million, or 3.4%, over the prior year.

·                  Retail, Merchandising, Apparel & Product Licensing revenue was £97.3 million, an increase of £65.7 million, or 207.9%, over the prior year, 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 business previously operated by Nike.

·                  Mobile & Content revenue was £10.9 million, an increase of £0.5 million, or 4.8%, over the prior year.

 

For the quarter, commercial revenue was £65.2 million, an increase of £19.3 million, or 42.0%, over the prior year quarter.

 

·                  Sponsorship revenue was £37.6 million, an increase of £2.3 million, or 6.5%, over the prior year quarter.

·                  Retail, Merchandising, Apparel & Product Licensing revenue was £24.9 million, an increase of £16.6 million, or 200.0%, over the prior year quarter.

·                  Mobile & Content revenue was £2.7 million, an increase of £0.4 million, or 17.4%, over the prior year quarter.

 

2



 

Broadcasting

 

Broadcasting revenue for the year was £140.4 million, an increase of £32.7 million, or 30.4%, over the prior year, primarily due to participation in UEFA competitions.

 

Broadcasting revenue for the quarter was £47.7 million, an increase of £6.9 million, or 16.9%, over the prior year quarter, primarily due to domestic cup progression and UEFA competition wash-up payments.

 

Matchday

 

Matchday revenue for the year was £106.6 million, an increase of £16.0 million, or 17.7%, over the prior year, primarily due to participation in UEFA competitions plus domestic cup progression.

 

Matchday revenue for the quarter was £21.6 million, an increase of £2.5 million, or 13.1%, over the prior year quarter, primarily due to playing one more FAPL home game in the quarter plus domestic cup progression.

 

Other Financial Information

 

Operating expenses

 

Total operating expenses for the year were £436.6 million, an increase of £49.4 million, or 12.8%, over the prior year.

 

Employee benefit expenses

 

Employee benefit expenses for the year were £232.2 million, an increase of £29.6 million, or 14.6%, over the prior year, 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 year were £91.2 million, an increase of £18.9 million, or 26.1%, over the prior year, 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 eight additional home games in the current year.

 

Depreciation & amortization

 

Depreciation for the year was £10.1 million, a decrease of £0.2 million, or 1.9%, over the prior year. Amortization for the year was £88.0 million, a decrease of £11.7 million, or 11.7%, over the prior year quarter. The unamortized balance of players’ registrations at 30 June 2016 was £241.7 million.

 

Exceptional items

 

Exceptional costs for the year were £15.1 million, of which £8.4 million related to compensation to the former manager and certain members of the coaching staff for loss of office and £6.7 million related to a registrations’ impairment charge regarding a reduction in the carrying value of a player no longer considered to be a member of the first team playing squad. Exceptional costs for the prior year were £2.3 million.

 

Net finance costs

 

Net finance costs for the year were £20.0 million, a decrease of £15.2 million, or 43.2%, over the prior year, including the reduction in interest payable on the secured term loan facility and senior secured notes following the refinancing in June 2015.

 

3



 

Tax

 

The tax expense for the year was £12.5 million, compared to a credit of £2.7 million in the prior year.

 

Cash flows

 

Net cash generated from operating activities for the year was £186.1 million, an increase of £42.2 million over the prior year primarily related to a reduction in interest payments.

 

Net capital expenditure on property, plant and equipment for the year was £5.1 million, a decrease of £0.4 million over the prior year.

 

Net capital expenditure on intangible assets for the year was £99.7 million, an increase of £2.9 million over the prior year.

 

Net cash used in financing activities for the year was £20.5 million, an increase of £65.1 million compared to £44.6 million net cash generated from financing activities in the prior year which reflected the refinancing in June 2015.

 

Overall cash and cash equivalents (including the effects of exchange rate changes) increased by £73.4 million in the year.

 

Net Debt

 

Net Debt as of 30 June 2016 was £260.9 million, an increase of £5.7 million over the prior year primarily due to the impact of foreign exchange rate movements on our USD denominated debt (USD/GBP exchange rate moved from 1.5712 at 30 June 2015 to 1.3332 at 30 June 2016) offsetting the increase in cash outlined above.

 

Dividend

 

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.

 

4



 

Conference Call Information

 

The Company’s conference call to review fiscal 2016 and fourth quarter results will be broadcast live over the internet today, 12 September 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 64 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 2016 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.

 

5



 

Non-IFRS Measures: Definitions and Use

 

1.                  Adjusted EBITDA

 

Adjusted EBITDA is defined as profit/(loss) for the period before depreciation, amortization, (loss)/profit on disposal of intangible assets, 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/(loss) 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 calculated, where appropriate, by adjusting for charges/credits related to exceptional items, foreign exchange gains/losses on unhedged US dollar denominated borrowings, and fair value movements on derivative financial instruments, 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 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 per share

 

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

 

4.    Net debt

 

Net debt is calculated as non-current and current borrowings minus cash and cash equivalents.

 

6



 

Key Performance Indicators

 

 

 

Twelve months ended

 

Three months ended

 

 

 

30 June

 

30 June

 

 

 

2016

 

2015

 

2016

 

2015

 

Commercial % of total revenue

 

52.1

%

49.8

%

48.5

%

43.4

%

Broadcasting % of total revenue

 

27.2

%

27.3

%

35.5

%

38.6

%

Matchday % of total revenue

 

20.7

%

22.9

%

16.0

%

18.0

%

Home Matches Played

 

 

 

 

 

 

 

 

 

FAPL

 

19

 

19

 

5

 

4

 

UEFA competitions

 

6

 

 

 

 

Domestic Cups

 

4

 

2

 

 

 

Away Matches Played

 

 

 

 

 

 

 

 

 

UEFA competitions

 

6

 

 

 

 

Domestic Cups

 

5

 

4

 

3

 

 

Other

 

 

 

 

 

 

 

 

 

Employees at period end

 

810

 

778

 

810

 

778

 

Employee benefit expenses % of revenue

 

45.1

%

51.4

%

45.7

%

51.7

%

 

Phasing of Premier League home
games

 

Quarter 1

 

Quarter 2

 

Quarter 3

 

Quarter 4

 

Total

 

2016/17 season*

 

3

 

7

 

4

 

5

 

19

 

2015/16 season

 

4

 

5

 

5

 

5

 

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

 

7



 

CONSOLIDATED INCOME STATEMENT

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

 

 

 

Twelve months ended
30 June

 

Three months ended
30 June

 

 

 

2016

 

2015

 

2016

 

2015

 

Revenue

 

515,345

 

395,178

 

134,575

 

105,777

 

Operating expenses

 

(436,709

)

(387,179

)

(126,131

)

(102,315

)

(Loss)/profit on disposal of intangible assets

 

(9,786

)

23,649

 

(4,948

)

5,445

 

Operating profit

 

68,850

 

31,648

 

3,496

 

8,907

 

Finance costs

 

(20,459

)

(35,419

)

(7,534

)

(17,038

)

Finance income

 

442

 

204

 

152

 

68

 

Net finance costs

 

(20,017

)

(35,215

)

(7,382

)

(16,970

)

Profit/(loss) before tax

 

48,833

 

(3,567

)

(3,886

)

(8,063

)

Tax (expense)/credit

 

(12,462

)

2,672

 

2,929

 

1,153

 

Profit/(loss) for the period

 

36,371

 

(895

)

(957

)

(6,910

)

 

 

 

 

 

 

 

 

 

 

Basic earnings/(loss) per share:

 

 

 

 

 

 

 

 

 

Basic earnings/(loss) per share (pence)

 

22.19

 

(0.55

)

(0.58

)

(4.22

)

Weighted average number of ordinary shares outstanding (thousands)

 

163,890

 

163,795

 

163,892

 

163,798

 

Diluted earnings/(loss) per share:

 

 

 

 

 

 

 

 

 

Diluted earnings/(loss) per share (pence)

 

22.13

 

(0.55

)

 

(1)

(4.21

)

Weighted average number of ordinary shares outstanding (thousands)

 

164,319

 

164,132

 

164,319

 

164,132

 

 


(1) For the three months ended 30 June 2016, potential ordinary shares are anti-dilutive, as their inclusion in the diluted loss per share calculation would reduce the loss per share, and hence have been excluded.

 

8



 

CONSOLIDATED BALANCE SHEET

(unaudited; in £ thousands)

 

 

 

As of
30 June
2016

 

As of
30 June
2015

 

ASSETS

 

 

 

 

 

Non-current assets

 

 

 

 

 

Property, plant and equipment

 

245,714

 

250,626

 

Investment property

 

13,447

 

13,559

 

Intangible assets

 

665,634

 

660,397

 

Derivative financial instruments

 

3,760

 

 

Trade and other receivables

 

11,223

 

3,836

 

Deferred tax asset

 

145,461

 

133,640

 

 

 

1,085,239

 

1,062,058

 

Current assets

 

 

 

 

 

Inventories

 

926

 

 

Derivative financial instruments

 

7,888

 

27

 

Trade and other receivables

 

128,657

 

83,627

 

Tax receivable

 

 

124

 

Cash and cash equivalents

 

229,194

 

155,752

 

 

 

366,665

 

239,530

 

Total assets

 

1,451,904

 

1,301,588

 

 

9



 

CONSOLIDATED BALANCE SHEET (continued)

(unaudited; in £ thousands)

 

 

 

As of
30 June
2016

 

As of
30 June
2015

 

EQUITY AND LIABILITIES

 

 

 

 

 

Equity

 

 

 

 

 

Share capital

 

52

 

52

 

Share premium

 

68,822

 

68,822

 

Merger reserve

 

249,030

 

249,030

 

Hedging reserve

 

(32,989

)

4,729

 

Retained earnings

 

173,367

 

155,285

 

 

 

458,282

 

477,918

 

Non-current liabilities

 

 

 

 

 

Derivative financial instruments

 

10,637

 

2,769

 

Trade and other payables

 

41,450

 

48,078

 

Borrowings

 

484,528

 

410,482

 

Deferred revenue

 

38,899

 

21,583

 

Deferred tax liabilities

 

14,364

 

17,311

 

 

 

589,878

 

500,223

 

Current liabilities

 

 

 

 

 

Derivative financial instruments

 

2,800

 

2,966

 

Tax liabilities

 

6,867

 

2,105

 

Trade and other payables

 

199,669

 

131,283

 

Borrowings

 

5,564

 

485

 

Deferred revenue

 

188,844

 

186,608

 

 

 

403,744

 

323,447

 

Total equity and liabilities

 

1,451,904

 

1,301,588

 

 

10



 

CONSOLIDATED STATEMENT OF CASH FLOWS

(unaudited; in £ thousands)

 

 

 

Twelve months ended
30 June

 

Three months ended
30 June

 

 

 

2016

 

2015

 

2016

 

2015

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

 

Cash generated from operations (see supplemental note 4)

 

200,864

 

195,021

 

155,263

 

149,289

 

Interest paid

 

(13,219

)

(42,624

)

(1,682

)

(18,488

)

Debt finance costs relating to borrowings

 

 

(6,508

)

 

(5,684

)

Interest received

 

487

 

502

 

241

 

45

 

Tax paid

 

(2,040

)

(2,466

)

(142

)

(185

)

Net cash generated from operating activities

 

186,092

 

143,925

 

153,680

 

124,977

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

 

Payments for property, plant and equipment

 

(5,101

)

(5,466

)

(4,318

)

(1,380

)

Proceeds from sale of property, plant and equipment

 

19

 

 

 

 

Payments for intangible assets

 

(138,095

)

(117,446

)

(25,155

)

(16,174

)

Proceeds from sale of intangible assets

 

38,357

 

20,649

 

1,628

 

486

 

Net cash used in investing activities

 

(104,820

)

(102,263

)

(27,845

)

(17,068

)

Cash flows from financing activities

 

 

 

 

 

 

 

 

 

Proceeds from borrowings

 

 

272,539

 

 

267,835

 

Repayment of borrowings

 

(371

)

(227,950

)

(94

)

(227,649

)

Dividends paid

 

(20,084

)

 

(5,080

)

 

Net cash (used in)/generated from financing activities

 

(20,455

)

44,589

 

(5,174

)

40,186

 

Net increase in cash and cash equivalents

 

60,817

 

86,251

 

120,661

 

148,095

 

Cash and cash equivalents at beginning of period

 

155,752

 

66,365

 

104,202

 

11,204

 

Effects of exchange rate changes on cash and cash equivalents

 

12,625

 

3,136

 

4,331

 

(3,547

)

Cash and cash equivalents at end of period

 

229,194

 

155,752

 

229,194

 

155,752

 

 

11



 

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/(loss) for the period to adjusted EBITDA

 

 

 

Twelve months ended
30 June

 

Three months ended
30 June

 

 

 

2016
£’000

 

2015
£’000

 

2016
£’000

 

2015
£’000

 

Profit/(loss) for the period

 

36,371

 

(895

)

(957

)

(6,910

)

Adjustments:

 

 

 

 

 

 

 

 

 

Tax expense/(credit)

 

12,462

 

(2,672

)

(2,929

)

(1,153

)

Net finance costs

 

20,017

 

35,215

 

7,382

 

16,970

 

Loss/(profit) on disposal of intangible assets

 

9,786

 

(23,649

)

4,948

 

(5,445

)

Exceptional items

 

15,135

 

2,336

 

15,135

 

 

Amortization

 

88,009

 

99,687

 

23,059

 

25,756

 

Depreciation

 

10,079

 

10,324

 

2,588

 

2,959

 

Adjusted EBITDA

 

191,859

 

120,346

 

49,226

 

32,177

 

 

12



 

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

 

 

 

Twelve months ended
30 June

 

Three months ended
30 June

 

 

 

2016
£’000

 

2015
£’000

 

2016
£’000

 

2015
£’000

 

Profit/(loss) for the period

 

36,371

 

(895

)

(957

)

(6,910

)

Exceptional items

 

15,135

 

2,336

 

15,135

 

 

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 on unhedged US dollar denominated borrowings

 

4,136

 

288

 

3,164

 

288

 

Fair value movement on derivative financial instruments

 

(5,288

)

(1,115

)

(1,025

)

2,596

 

Tax expense/(credit)

 

12,462

 

(2,672

)

(2,929

)

(1,153

)

Adjusted profit before tax

 

62,816

 

5,267

 

13,388

 

2,146

 

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

 

(21,986

)

(1,843

)

(4,686

)

(751

)

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

 

40,830

 

3,424

 

8,702

 

1,395

 

 

 

 

 

 

 

 

 

 

 

Adjusted basic earnings per share:

 

 

 

 

 

 

 

 

 

Adjusted basic earnings per share (pence)

 

24.91

 

2.09

 

5.31

 

0.85

 

Weighted average number of ordinary shares outstanding (thousands)

 

163,890

 

163,795

 

163,892

 

163,798

 

Adjusted diluted earnings per share:

 

 

 

 

 

 

 

 

 

Adjusted diluted earnings per share (pence)

 

24.85

 

2.09

 

5.30

 

0.85

 

Weighted average number of ordinary shares outstanding (thousands)

 

164,319

 

164,132

 

164,319

 

164,132

 

 

13



 

4                               Cash generated from operations

 

 

 

Twelve months ended
30 June

 

Three months ended
30 June

 

 

 

2016
£’000

 

2015
£’000

 

2016
£’000

 

2015
£’000

 

Profit/(loss) for the period

 

36,371

 

(895

)

(957

)

(6,910

)

Tax expense/(credit)

 

12,462

 

(2,672

)

(2,929

)

(1,153

)

Profit/(loss) before tax

 

48,833

 

(3,567

)

(3,886

)

(8,063

)

Depreciation

 

10,079

 

10,324

 

2,588

 

2,959

 

Impairment charges

 

6,693

 

 

6,693

 

 

Amortization

 

88,009

 

99,687

 

23,059

 

25,756

 

Loss/(profit) on disposal of intangible assets

 

9,786

 

(23,649

)

4,948

 

(5,445

)

Net finance costs

 

20,017

 

35,215

 

7,382

 

16,970

 

Loss on disposal of property, plant and equipment

 

126

 

5

 

116

 

 

Equity-settled share-based payments

 

1,795

 

1,352

 

625

 

323

 

Net exchange differences

 

570

 

(584

)

(1,364

)

(54

)

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

 

(8,230

)

5,498

 

(2,601

)

1,156

 

Reclassified from hedging reserve

 

1,382

 

(4,713

)

374

 

(939

)

(Increase)/decrease in inventories

 

(926

)

 

367

 

 

(Increase)/decrease in trade and other receivables

 

(31,741

)

58,503

 

(33,515

)

28,573

 

Increase in trade and other payables and deferred revenue

 

54,471

 

16,950

 

150,477

 

88,053

 

Cash generated from operations

 

200,864

 

195,021

 

155,263

 

149,289

 

 

14