EX-99.1 2 a17-13054_2ex99d1.htm EX-99.1

Exhibit 99.1

 

 

·                  PROGRESSED TO THE FINAL OF THE UEFA EUROPA LEAGUE TO BE HELD ON 24TH MAY IN STOCKHOLM.

 

MANCHESTER, England. — 16 May 2017 — 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 2017 fiscal third quarter and nine months ended 31 March 2017.

 

Highlights

 

·                  Won the English Football League Cup Final at Wembley.

 

·                  Broadcasting revenues of £31.4 million up 12.9% for the quarter.

 

·                  Two sponsorship deals announced in the quarter.

·                  Uber (Global)

·                  Aladdin Street (Global)

 

Commentary

 

Ed Woodward, Executive Vice Chairman, commented, “As we near the end of the season, I am delighted we have picked up two trophies so far, and look forward to competing for a third in the Europa League final, the only trophy we have never won.

 

We are forecasting better full year financial performance than expected and as such have raised our revenue and profit guidance for the year. We look forward to a strong finish to 2016-17, both on and off the pitch.”

 

Outlook

 

For fiscal 2017, Manchester United expects:

·                  Revenue to be £560m to £570m.

·                  Adjusted EBITDA to be £185m to £195m.

 

1



 

Key Financials (unaudited)

 

 

 

Three months ended
31 March

 

 

 

Nine months ended
31 March

 

 

 

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

 

2017

 

2016

 

Change

 

2017

 

2016

 

Change

 

Commercial revenue

 

66.5

 

65.8

 

1.1

%

207.6

 

203.1

 

2.2

%

Broadcasting revenue

 

31.4

 

27.8

 

12.9

%

113.0

 

92.7

 

21.9

%

Matchday revenue

 

29.3

 

29.8

 

(1.7

)%

84.7

 

85.0

 

(0.4

)%

Total revenue

 

127.2

 

123.4

 

3.1

%

405.3

 

380.8

 

6.4

%

Adjusted EBITDA(1)

 

30.0

 

44.9

 

(33.2

)%

130.2

 

142.6

 

(8.7

)%

Operating (loss)/profit

 

(4.1

)

23.2

 

 

39.7

 

65.3

 

(39.2

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

(3.8

)

13.7

 

 

14.9

 

37.3

 

(60.1

)%

Basic (loss)/earnings per share

 

(2.30

)

8.40

 

 

9.10

 

22.78

 

(60.1

)%

Adjusted (loss)/profit for the period (i.e. adjusted net income)(1)

 

(6.3

)

11.7

 

 

11.8

 

32.1

 

(63.2

)%

Adjusted basic (loss)/earnings per share (pence)(1)

 

(3.84

)

7.17

 

 

7.22

 

19.60

 

(63.2

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net debt(1)/(2)

 

366.3

 

348.7

 

5.0

%

366.3

 

348.7

 

5.0

%

 


(1) Adjusted EBITDA, adjusted (loss)/profit for the period, adjusted basic (loss)/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.

 

(2) The gross USD debt principal remains unchanged. The increase in net debt is due to the strengthening US dollar, with the USD/GBP exchange rate moving from 1.4332 at 31 March 2016 to 1.2520 at 31 March 2017.

 

Revenue Analysis

 

Commercial

Commercial revenue for the quarter was £66.5 million, an increase of £0.7 million, or 1.1%, over the prior year quarter.

 

·                  Sponsorship revenue for the quarter was £39.6 million, an increase of £0.8 million, or 2.1%, over the prior year quarter;

·                  Retail, Merchandising, Apparel & Product Licensing revenue for the quarter was £24.7 million, an increase of £0.3 million, or 1.2%, over the prior year quarter; and

·                  Mobile & Content revenue for the quarter was £2.2 million, a decrease of £0.4 million, or 15.4%, over the prior year quarter.

 

Broadcasting

Broadcasting revenue for the quarter was £31.4 million, an increase of £3.6 million, or 12.9%, over the prior year quarter, primarily due to the impact of the new PL broadcasting agreement, partially offset by playing one fewer PL home game.

 

2



 

Matchday

Matchday revenue for the quarter was £29.3 million, a decrease of £0.5 million, or 1.7%, over the prior year quarter.

 

Other Financial Information

 

Operating expenses

Total operating expenses for the quarter were £129.8 million, an increase of £27.6 million, or 27.0%, over the prior year quarter.

 

Employee benefit expenses

Employee benefit expenses for the quarter were £66.5 million, an increase of £10.3 million, or 18.3%, over the prior year quarter.

 

Other operating expenses

Other operating expenses for the quarter were £30.7 million, an increase of £8.4 million, or 37.7%, over the prior year quarter, reflecting higher home domestic cup revenue share costs and adverse foreign exchange movements.

 

Depreciation & amortization

Depreciation for the quarter was £2.5 million, which was unchanged from the prior year quarter. Amortization for the quarter was £30.1 million, an increase of £8.9 million, or 42.0%, over the prior year quarter. The unamortized balance of registrations at 31 March 2017 was £280.7 million.

 

(Loss)/profit on disposal of intangible assets

Loss on disposal of intangible assets for the quarter was £1.5 million compared to a profit of £2.0 million in the prior year quarter.

 

Net finance costs

Net finance costs for the quarter were £3.3 million, a decrease of £0.3 million, or 8.3%, over the prior year quarter.

 

Tax

The tax credit for the quarter was £3.6 million, compared to an expense of £5.9 million in the prior year quarter.

 

Cash flows

Net cash generated from operating activities for the quarter was £39.8 million, an increase of £33.9 million over the prior year quarter.

 

Net capital expenditure on property, plant and equipment for the quarter was £2.6 million, an increase of £2.4 million over the prior year quarter.

 

Net capital proceeds on intangible assets for the quarter was £6.6 million, compared to net capital expenditure of £16.1 million in the prior year quarter.

 

Overall cash and cash equivalents (including the effects of exchange rate movements) increased by £29.9 million in the quarter.

 

Net debt

Net debt as of 31 March 2017 was £366.3 million, an increase of £17.6 million over the year. The gross USD debt principal remains unchanged.

 

3



 

The increase in net debt is due to the strengthening US dollar, with the USD/GBP exchange rate moving from 1.4332 at 31 March 2016 to 1.2520 at 31 March 2017.

 

Dividend

A dividend of $0.09 per share was paid during the quarter. A further semi-annual cash dividend of $0.09 per share will be paid on 8 June 2017, to shareholders of record on 28 April 2017. The shares began trading ex-dividend on 26 April 2017.

 

Conference Call Information

 

The Company’s conference call to review third quarter fiscal 2017 results will be broadcast live over the internet today, 16 May 2017 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 139-year heritage we have won 65 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 for the period before depreciation, amortization, profit/(loss) 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

 

4



 

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

Adjusted (loss)/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%; 2016: 35%). The normalized tax rate of 35% is management’s estimate of the tax rate likely to be applicable to the Group for 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 (loss)/profit for the period is presented in supplemental note 3.

 

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

Adjusted basic and diluted (loss)/earnings per share are calculated by dividing the adjusted (loss)/profit for the period by the weighted average number of ordinary shares in issue during the period. Adjusted diluted (loss)/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 (loss)/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.

 

5



 

Key Performance Indicators

 

 

 

Three months ended

 

Nine months ended

 

 

 

31 March

 

31 March

 

 

 

2017

 

2016

 

2017

 

2016

 

Commercial % of total revenue

 

52.3

%

53.3

%

51.2

%

53.3

%

Broadcasting % of total revenue

 

24.7

%

22.5

%

27.9

%

24.4

%

Matchday % of total revenue

 

23.0

%

24.2

%

20.9

%

22.3

%

Home Matches Played

 

 

 

 

 

 

 

 

 

PL

 

4

 

5

 

14

 

14

 

UEFA competitions

 

2

 

2

 

5

 

6

 

Domestic Cups

 

3

 

2

 

5

 

4

 

Away Matches Played

 

 

 

 

 

 

 

 

 

UEFA competitions

 

2

 

2

 

5

 

6

 

Domestic Cups

 

4

 

2

 

5

 

2

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

Employees at period end

 

888

 

797

 

888

 

797

 

Employee benefit expenses % of revenue

 

52.3

%

45.5

%

47.5

%

44.8

%

 

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

 

 

Contacts

 

Investor Relations:

Media: Philip Townsend

Cliff Baty

Manchester United plc

Chief Financial Officer

+44 161 868 8148

+44 161 868 8650

philip.townsend@manutd.co.uk

ir@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

 

 

 

2017

 

2016

 

2017

 

2016

 

Revenue

 

127,197

 

123,444

 

405,268

 

380,770

 

Operating expenses

 

(129,799

)

(102,168

)

(373,197

)

(310,578

)

(Loss)/profit on disposal of intangible assets

 

(1,521

)

1,950

 

7,599

 

(4,838

)

Operating (loss)/profit

 

(4,123

)

23,226

 

39,670

 

65,354

 

Finance costs

 

(3,391

)

(3,747

)

(21,605

)

(12,925

)

Finance income

 

113

 

185

 

424

 

290

 

Net finance costs

 

(3,278

)

(3,562

)

(21,181

)

(12,635

)

(Loss)/profit before tax

 

(7,401

)

19,664

 

18,489

 

52,719

 

Tax credit/(expense)

 

3,632

 

(5,903

)

(3,564

)

(15,391

)

(Loss)/profit for the period

 

(3,769

)

13,761

 

14,925

 

37,328

 

 

 

 

 

 

 

 

 

 

 

Basic (loss)/earnings per share:

 

 

 

 

 

 

 

 

 

Basic (loss)/earnings per share (pence)

 

(2.30

)

8.40

 

9.10

 

22.78

 

Weighted average number of ordinary shares outstanding (thousands)

 

164,025

 

163,892

 

164,025

 

163,889

 

Diluted (loss)/earnings per share:

 

 

 

 

 

 

 

 

 

Diluted (loss)/earnings per share (pence)(1)

 

(2.30

)

8.38

 

9.08

 

22.72

 

Weighted average number of ordinary shares outstanding (thousands)

 

164,025

 

164,288

 

164,448

 

164,288

 

 


(1) For the three months ended 31 March 2017 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.

 

7



 

CONSOLIDATED BALANCE SHEET

(unaudited; in £ thousands)

 

 

 

As of
31 March
2017

 

As of
30 June
2016

 

As of
31 March
2016

 

ASSETS

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

 

Property, plant and equipment

 

244,137

 

245,714

 

247,200

 

Investment property

 

14,017

 

13,447

 

13,475

 

Intangible assets

 

707,578

 

665,634

 

651,683

 

Derivative financial instruments

 

2,127

 

3,760

 

2,692

 

Trade and other receivables

 

14,983

 

11,223

 

10,542

 

Deferred tax asset

 

144,329

 

145,460

 

133,640

 

 

 

1,127,171

 

1,085,238

 

1,059,232

 

Current assets

 

 

 

 

 

 

 

Inventories

 

1,348

 

926

 

1,293

 

Derivative financial instruments

 

3,977

 

7,888

 

4,553

 

Trade and other receivables

 

86,290

 

128,657

 

95,238

 

Tax receivable

 

375

 

 

 

Cash and cash equivalents

 

152,653

 

229,194

 

104,202

 

 

 

244,643

 

366,665

 

205,286

 

Total assets

 

1,371,814

 

1,451,903

 

1,264,518

 

 

8



 

CONSOLIDATED BALANCE SHEET (continued)

(unaudited; in £ thousands)

 

 

 

As of
31 March
2017

 

As of
30 June
2016

 

As of
31 March
2016

 

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

 

(37,997

)

(32,989

)

(18,324

)

Retained earnings

 

177,904

 

173,367

 

178,779

 

 

 

457,811

 

458,282

 

478,359

 

Non-current liabilities

 

 

 

 

 

 

 

Derivative financial instruments

 

1,398

 

10,637

 

7,473

 

Trade and other payables

 

63,744

 

41,450

 

19,620

 

Borrowings

 

516,286

 

484,528

 

450,551

 

Deferred revenue

 

34,142

 

38,899

 

15,961

 

Deferred tax liabilities

 

12,092

 

14,364

 

12,740

 

 

 

627,662

 

589,878

 

506,345

 

Current liabilities

 

 

 

 

 

 

 

Derivative financial instruments

 

2,418

 

2,800

 

2,407

 

Tax liabilities

 

5,296

 

6,867

 

7,626

 

Trade and other payables

 

176,427

 

199,668

 

163,014

 

Borrowings

 

2,700

 

5,564

 

2,356

 

Deferred revenue

 

99,500

 

188,844

 

104,411

 

 

 

286,341

 

403,743

 

279,814

 

Total equity and liabilities

 

1,371,814

 

1,451,903

 

1,264,518

 

 

9



 

CONSOLIDATED STATEMENT OF CASH FLOWS

(unaudited; in £ thousands)

 

 

 

Three months ended
31 March

 

Nine months ended
31 March

 

 

 

2017

 

2016

 

2017

 

2016

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

 

Cash generated from operations (see supplemental note 4)

 

48,070

 

14,493

 

71,220

 

45,601

 

Interest paid

 

(8,116

)

(8,419

)

(17,763

)

(11,537

)

Interest received

 

113

 

129

 

424

 

246

 

Tax paid

 

(290

)

(296

)

(3,953

)

(1,898

)

Net cash generated from operating activities

 

39,777

 

5,907

 

49,928

 

32,412

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

 

Payments for property, plant and equipment

 

(2,644

)

(207

)

(6,352

)

(783

)

Proceeds from sale of property, plant and equipment

 

 

 

 

19

 

Payments for investment property

 

 

 

(659

)

 

Payments for intangible assets

 

(4,871

)

(17,048

)

(170,282

)

(112,940

)

Proceeds from sale of intangible assets

 

11,537

 

956

 

50,605

 

36,729

 

Net cash generated from/(used in) investing activities

 

4,022

 

(16,299

)

(126,688

)

(76,975

)

Cash flows from financing activities

 

 

 

 

 

 

 

 

 

Repayment of borrowings

 

(101

)

(94

)

(295

)

(277

)

Dividends paid

 

(11,824

)

(10,191

)

(11,824

)

(15,004

)

Net cash used in financing activities

 

(11,925

)

(10,285

)

(12,119

)

(15,281

)

Net increase/(decrease) in cash and cash equivalents

 

31,874

 

(20,677

)

(88,879

)

(59,844

)

Cash and cash equivalents at beginning of period

 

122,704

 

121,611

 

229,194

 

155,752

 

Effects of exchange rate changes on cash and cash equivalents

 

(1,925

)

3,268

 

12,338

 

8,294

 

Cash and cash equivalents at end of period

 

152,653

 

104,202

 

152,653

 

104,202

 

 

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 (loss)/profit for the period to adjusted EBITDA

 

 

 

Three months ended
31 March

 

Nine months ended
31 March

 

 

 

2017
£’000

 

2016
£’000

 

2017
£’000

 

2016
£’000

 

(Loss)/profit for the period

 

(3,769

)

13,761

 

14,925

 

37,328

 

Adjustments:

 

 

 

 

 

 

 

 

 

Tax (credit)/expense

 

(3,632

)

5,903

 

3,564

 

15,391

 

Net finance costs

 

3,278

 

3,562

 

21,181

 

12,635

 

Loss/(profit) on disposal of intangible assets

 

1,521

 

(1,950

)

(7,599

)

4,838

 

Exceptional credit

 

 

 

(4,753

)

 

Amortization

 

30,138

 

21,164

 

95,159

 

64,950

 

Depreciation

 

2,458

 

2,524

 

7,721

 

7,491

 

Adjusted EBITDA

 

29,994

 

44,964

 

130,198

 

142,633

 

 

11



 

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

 

 

 

Three months ended
31 March

 

Nine months ended
31 March

 

 

 

2017
£’000

 

2016
£’000

 

2017
£’000

 

2016
£’000

 

(Loss)/profit for the period

 

(3,769

)

13,761

 

14,925

 

37,328

 

Exceptional credit

 

 

 

(4,753

)

 

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

 

(2,943

)

(242

)

4,151

 

972

 

Fair value movement on derivative financial instruments

 

645

 

(1,351

)

344

 

(4,263

)

Tax (credit)/expense

 

(3,632

)

5,903

 

3,564

 

15,391

 

Adjusted (loss)/profit before tax

 

(9,699

)

18,071

 

18,231

 

49,428

 

Adjusted tax credit/(expense) (using a normalised tax rate of 35% (2016: 35%))

 

3,395

 

(6,325

)

(6,381

)

(17,300

)

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

 

(6,304

)

11,746

 

11,850

 

32,128

 

 

 

 

 

 

 

 

 

 

 

Adjusted basic (loss)/earnings per share:

 

 

 

 

 

 

 

 

 

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

 

(3.84

)

7.17

 

7.22

 

19.60

 

Weighted average number of ordinary shares outstanding (thousands)

 

164,025

 

163,892

 

164,025

 

163,889

 

Adjusted diluted (loss)/earnings per share:

 

 

 

 

 

 

 

 

 

Adjusted diluted (loss)/earnings per share (pence)(1)

 

(3.84

)

7.15

 

7.21

 

19.56

 

Weighted average number of ordinary shares outstanding (thousands)

 

164,025

 

164,288

 

164,448

 

164,288

 

 


(1) For the three months ended 31 March 2017 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.

 

12



 

4                               Cash generated from operations

 

 

 

Three months ended
31 March

 

Nine months ended
31 March

 

 

 

2017
£’000

 

2016
£’000

 

2017
£’000

 

2016
£’000

 

(Loss)/profit for the period

 

(3,769

)

13,761

 

14,925

 

37,328

 

Tax (credit)/expense

 

(3,632

)

5,903

 

3,564

 

15,391

 

(Loss)/profit before tax

 

(7,401

)

19,664

 

18,489

 

52,719

 

Depreciation

 

2,458

 

2,524

 

7,721

 

7,491

 

Amortization

 

30,138

 

21,164

 

95,159

 

64,950

 

Reversal of impairment

 

 

 

(4,753

)

 

Loss/(profit) on disposal of intangible assets

 

1,521

 

(1,950

)

(7,599

)

4,838

 

Net finance costs

 

3,278

 

3,562

 

21,181

 

12,635

 

Loss on disposal of property, plant and equipment

 

 

 

 

10

 

Equity-settled share-based payments

 

498

 

375

 

1,436

 

1,170

 

Foreign exchange losses/(gains) on operating activities

 

1,526

 

(1,838

)

2,404

 

(3,695

)

Reclassified from hedging reserve

 

1,161

 

345

 

2,407

 

1,008

 

(Increase)/decrease in inventories

 

(255

)

211

 

(422

)

(1,293

)

Decrease/(increase) in trade and other receivables

 

51,887

 

(12,605

)

33,270

 

1,774

 

Decrease in trade and other payables and deferred revenue

 

(36,741

)

(16,959

)

(98,073

)

(96,006

)

Cash generated from operations

 

48,070

 

14,493

 

71,220

 

45,601

 

 

13