EX-99.1 2 a17-22319_1ex99d1.htm EX-99.1

Exhibit 99.1

 

 

· RECORD TOTAL REVENUE OF £581.2 MILLION

· RECORD ADJUSTED EBITDA OF £199.8 MILLION

· RECORD OPERATING PROFIT OF £80.8 MILLION

 

MANCHESTER, England. — 21 September 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 fourth quarter and twelve months ended 30 June 2017.

 

Highlights

 

·                  Won the UEFA Europa League and qualified for 2017/18 UEFA Champions League

 

·                  Won two domestic trophies in the 2016/17 Season — EFL Cup and Community Shield

 

·                  12 Sponsorship deals announced during the fiscal year:

 

·                  9 global sponsorship partnerships

·                  1 regional sponsorship partnership, and

·                  2 financial services and MUTV partnerships

 

Commentary

 

Ed Woodward, Executive Vice Chairman, commented, “We concluded a successful 2016/17 season with a total of three trophies and a return to Champions League football.  The year saw us set record revenues of over £581m and achieve a record EBITDA of £199.8m.  We are pleased with the investment in our squad and look forward to an exciting season.”

 

Outlook

 

For fiscal 2018, Manchester United expect:

 

·                  Revenue to be £575m to £585m

·                  Adjusted EBITDA to be £175m to £185m

 

1



 

Key Financials (unaudited)

 

£ million (except earnings

 

Twelve months ended
30 June

 

 

 

Three months ended
30 June

 

 

 

per share)

 

2017

 

2016

 

Change

 

2017

 

2016

 

Change

 

Commercial revenue

 

275.5

 

268.3

 

2.7

%

67.9

 

65.2

 

4.1

%

Broadcasting revenue

 

194.1

 

140.4

 

38.2

%

81.1

 

47.7

 

70.0

%

Matchday revenue

 

111.6

 

106.6

 

4.7

%

26.9

 

21.6

 

24.5

%

Total revenue

 

581.2

 

515.3

 

12.8

%

175.9

 

134.5

 

30.8

%

Adjusted EBITDA(1)

 

199.8

 

191.9

 

4.1

%

69.6

 

49.3

 

41.2

%

Operating profit

 

80.8

 

68.9

 

17.3

%

41.1

 

3.6

 

1,041.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

39.2

 

36.4

 

7.7

%

24.3

 

(0.9

)

 

Basic earnings/(loss) per share

 

23.88

 

22.19

 

7.6

%

14.79

 

(0.58

)

 

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

 

34.8

 

40.8

 

(14.7

)%

22.9

 

8.7

 

163.2

%

Adjusted basic earnings per share (pence)(1)

 

21.20

 

24.91

 

(14.9

)%

13.98

 

5.31

 

163.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net debt(1)/(2)

 

213.1

 

260.9

 

(18.3

)%

213.1

 

260.9

 

(18.3

)%

 


(1) 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.

 

(2) The gross USD debt principal remains unchanged.

 

Revenue Analysis

 

Commercial

 

Commercial revenue for the year was £275.5 million, an increase of £7.2 million, or 2.7%, over the prior year.

 

·                  Sponsorship revenue was £162.3 million, an increase of £2.2 million, or 1.4%, over the prior year.

·                  Retail, Merchandising, Apparel & Product Licensing revenue was £104.0 million, an increase of £6.7 million, or 6.9%, over the prior year, primarily due to a full year contribution from the adidas agreement, compared to only 11 months in the prior year, plus growth in Megastore revenue.

·                  Mobile & Content revenue was £9.2 million, a decrease of £1.7 million, or 15.6%, over the prior year.

 

For the quarter, commercial revenue was £67.9 million, an increase of £2.7 million, or 4.1%, over the prior year quarter.

 

·                  Sponsorship revenue was £39.6 million, an increase of £2.0 million, or 5.3%, over the prior year quarter.

·                  Retail, Merchandising, Apparel & Product Licensing revenue was £25.8 million, an increase of £0.9 million, or 3.6%, over the prior year quarter.

·                  Mobile & Content revenue was £2.5 million, a decrease of £0.2 million, or 7.4%, over the prior year quarter.

 

2



 

Broadcasting

 

Broadcasting revenue for the year was £194.1 million, an increase of £53.7 million, or 38.2%, over the prior year, primarily due to the new Premier League broadcasting rights agreement plus progression to, and success in winning, the UEFA Europa League final.

 

Broadcasting revenue for the quarter was £81.1 million, an increase of £33.4 million, or 70.0%, over the prior year quarter, primarily due to the new Premier League broadcasting rights agreement plus progression to, and success in winning, the UEFA Europa League final.

 

Matchday

 

Matchday revenue for the year was £111.6 million, an increase of £5.0 million, or 4.7%, over the prior year, primarily due to playing two more home games in the year.

 

Matchday revenue for the quarter was £26.9 million, an increase of £5.3 million, or 24.5%, over the prior year quarter, primarily due to playing two more home games in the quarter.

 

Other Financial Information

 

Operating expenses

 

Total operating expenses for the year were £511.3 million, an increase of £74.7 million, or 17.1%, over the prior year.

 

Employee benefit expenses

 

Employee benefit expenses for the year were £263.5 million, an increase of £31.3 million, or 13.5%, over the prior year, primarily due to an increase in first team salaries, following investment in the first team squad.

 

Other operating expenses

 

Other operating expenses for the year were £117.9 million, an increase of £26.7 million, or 29.3%, over the prior year, primarily due to the impact of playing more games in the year as a result of progression in domestic and European cup competitions.

 

Depreciation and amortization

 

Depreciation for the year was £10.3 million, an increase of £0.2 million, or 2.0%, over the prior year. Amortization for the year was £124.4 million, an increase of £36.4 million, or 41.4%, over the prior year quarter. The unamortized balance of players’ registrations at 30 June 2017 was £290.6 million.

 

Exceptional items

 

Exceptional credit for the year was £4.8 million, relating to a reversal of a player registration impairment charge for a player considered to be re-established as a member of the first team playing squad. Exceptional costs for the prior year were £15.1 million.

 

Profit/(loss) on disposal of intangible assets

 

Profit on disposal of intangible assets for the year was £10.9 million, compared to a loss of £9.8 million for the prior year. The profit on disposal of intangible assets for the year included the disposals of McNair (Sunderland), Schneiderlin (Everton) and Schweinsteiger (Chicago Fire).

 

Net finance costs

 

Net finance costs for the year were £24.3 million, an increase of £4.3 million, or 21.5%, over the prior year. The increase was primarily due to fair value movements on derivatives, partially offset by favourable, unrealised foreign exchange movements.

 

3



 

Tax

 

The tax expense for the year was £17.3 million, compared to £12.5 million in the prior year, primarily due to the increase in profit before tax and a reduction in foreign exchange gains on US dollar denominated deferred tax assets.

 

Cash flows

 

Net cash generated from operating activities for the year was £227.7 million, an increase of £41.6 million over the prior year.

 

Net capital expenditure on property, plant and equipment for the year was £8.3 million, an increase of £3.2 million over the prior year.

 

Net capital expenditure on intangible assets for the year was £142.0 million, an increase of £42.3 million over the prior year.

 

Overall cash and cash equivalents (including the effects of exchange rate movements) increased by £61.1 million in the year.

 

Net debt

 

Net Debt as of 30 June 2017 was £213.1 million, a decrease of £47.8 million over the year. The gross USD debt principal remains unchanged.

 

4



 

Conference Call Information

 

The Company’s conference call to review fiscal 2017 and fourth quarter results will be broadcast live over the internet today, 21 September 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 66 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 and 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 2017 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 profit/(loss) 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 operating performance, and it removes the effect of our asset base (primarily depreciation and amortization), ‘one-off’ exceptional items, 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,

 

5



 

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%; 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 profit/(loss) for the period to adjusted profit 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/(loss) 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

 

 

 

2017

 

2016

 

2017

 

2016

 

Commercial % of total revenue

 

47.4

%

52.1

%

38.6

%

48.5

%

Broadcasting % of total revenue

 

33.4

%

27.2

%

46.1

%

35.5

%

Matchday % of total revenue

 

19.2

%

20.7

%

15.3

%

16.0

%

Home Matches Played

 

 

 

 

 

 

 

 

 

PL

 

19

 

19

 

5

 

5

 

UEFA competitions

 

7

 

6

 

2

 

 

Domestic Cups

 

5

 

4

 

 

 

Away Matches Played

 

 

 

 

 

 

 

 

 

UEFA competitions

 

8

 

6

 

3

 

 

Domestic Cups

 

5

 

5

 

 

3

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

Employees at period end

 

895

 

810

 

895

 

810

 

Employee benefit expenses % of revenue

 

45.3

%

45.1

%

40.4

%

45.7

%

 

Phasing of Premier League home
games

 

Quarter 1

 

Quarter 2

 

Quarter 3

 

Quarter 4

 

Total

 

2017/18 season*

 

4

 

7

 

5

 

3

 

19

 

2016/17 season

 

3

 

7

 

4

 

5

 

19

 

 


*Subject to changes in broadcasting scheduling

 

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

 

7


 


 

CONSOLIDATED INCOME STATEMENT

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

 

 

 

Twelve months ended
30 June

 

Three months ended
30 June

 

 

 

2017

 

2016

 

2017

 

2016

 

Revenue

 

581,204

 

515,345

 

175,936

 

134,575

 

Operating expenses

 

(511,315

)

(436,709

)

(138,118

)

(126,131

)

Profit/(loss) on disposal of intangible assets

 

10,926

 

(9,786

)

3,327

 

(4,948

)

Operating profit

 

80,815

 

68,850

 

41,145

 

3,496

 

Finance costs

 

(25,013

)

(20,459

)

(3,408

)

(7,534

)

Finance income

 

736

 

442

 

312

 

152

 

Net finance costs

 

(24,277

)

(20,017

)

(3,096

)

(7,382

)

Profit/(loss) before tax

 

56,538

 

48,833

 

38,049

 

(3,886

)

Tax (expense)/credit

 

(17,361

)

(12,462

)

(13,797

)

2,929

 

Profit/(loss) for the period

 

39,177

 

36,371

 

24,252

 

(957

)

 

 

 

 

 

 

 

 

 

 

Basic earnings/(loss) per share:

 

 

 

 

 

 

 

 

 

Basic earnings/(loss) per share (pence)

 

23.88

 

22.19

 

14.79

 

(0.58

)

Weighted average number of ordinary shares outstanding (thousands)

 

164,025

 

163,890

 

164,025

 

163,892

 

Diluted earnings/(loss) per share:

 

 

 

 

 

 

 

 

 

Diluted earnings/(loss) per share (pence)

 

23.82

 

22.13

 

14.74

 

(0.58

)(1)

Weighted average number of ordinary shares outstanding (thousands)

 

164,493

 

164,319

 

164,493

 

164,319

 

 


(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
2017

 

As of
30 June
2016

 

ASSETS

 

 

 

 

 

Non-current assets

 

 

 

 

 

Property, plant and equipment

 

244,738

 

245,714

 

Investment property

 

13,966

 

13,447

 

Intangible assets

 

717,544

 

665,634

 

Derivative financial instruments

 

1,666

 

3,760

 

Trade and other receivables

 

15,399

 

11,223

 

Deferred tax asset

 

142,107

 

145,460

 

 

 

1,135,420

 

1,085,238

 

Current assets

 

 

 

 

 

Inventories

 

1,637

 

926

 

Derivative financial instruments

 

3,218

 

7,888

 

Trade and other receivables

 

103,732

 

128,657

 

Cash and cash equivalents

 

290,267

 

229,194

 

 

 

398,854

 

366,665

 

Total assets

 

1,534,274

 

1,451,903

 

 

9



 

CONSOLIDATED BALANCE SHEET (continued)

(unaudited; in £ thousands)

 

 

 

As of
30 June
2017

 

As of
30 June
2016

 

EQUITY AND LIABILITIES

 

 

 

 

 

Equity

 

 

 

 

 

Share capital

 

53

 

52

 

Share premium

 

68,822

 

68,822

 

Merger reserve

 

249,030

 

249,030

 

Hedging reserve

 

(31,724

)

(32,989

)

Retained earnings

 

191,436

 

173,367

 

 

 

477,617

 

458,282

 

Non-current liabilities

 

 

 

 

 

Derivative financial instruments

 

655

 

10,637

 

Trade and other payables

 

83,587

 

41,450

 

Borrowings

 

497,630

 

484,528

 

Deferred revenue

 

39,648

 

38,899

 

Deferred tax liabilities

 

20,828

 

14,364

 

 

 

642,348

 

589,878

 

Current liabilities

 

 

 

 

 

Derivative financial instruments

 

1,253

 

2,800

 

Tax liabilities

 

9,772

 

6,867

 

Trade and other payables

 

190,315

 

199,668

 

Borrowings

 

5,724

 

5,564

 

Deferred revenue

 

207,245

 

188,844

 

 

 

414,309

 

403,743

 

Total equity and liabilities

 

1,534,274

 

1,451,903

 

 

10



 

CONSOLIDATED STATEMENT OF CASH FLOWS

(unaudited; in £ thousands)

 

 

 

Twelve months ended
30 June

 

Three months ended
30 June

 

 

 

2017

 

2016

 

2017

 

2016

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

 

Cash generated from operations (see supplemental note 4)

251,759

 

200,864

 

180,539

 

155,263

 

Interest paid

 

(19,523

)

(13,219

)

(1,760

)

(1,682

)

Interest received

 

736

 

487

 

312

 

241

 

Tax paid

 

(5,312

)

(2,040

)

(1,359

)

(142

)

Net cash generated from operating activities

 

227,660

 

186,092

 

177,732

 

153,680

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

 

Payments for property, plant and equipment

 

(8,373

)

(5,101

)

(2,021

)

(4,318

)

Proceeds from sale of property, plant and equipment

 

 

19

 

 

 

(Payments)/refund for investment property

 

(641

)

 

18

 

 

Payments for intangible assets

 

(193,825

)

(138,095

)

(23,543

)

(25,155

)

Proceeds from sale of intangible assets

 

51,871

 

38,357

 

1,266

 

1,628

 

Net cash used in investing activities

 

(150,968

)

(104,820

)

(24,280

)

(27,845

)

Cash flows from financing activities

 

 

 

 

 

 

 

 

 

Repayment of borrowings

 

(395

)

(371

)

(100

)

(94

)

Dividends paid

 

(23,295

)

(20,084

)

(11,471

)

(5,080

)

Net cash used in financing activities

 

(23,690

)

(20,455

)

(11,571

)

(5,174

)

Net increase in cash and cash equivalents

 

53,002

 

60,817

 

141,881

 

120,661

 

Cash and cash equivalents at beginning of period

 

229,194

 

155,752

 

152,653

 

104,202

 

Exchange gains/(losses) on cash and cash equivalents

 

8,071

 

12,625

 

(4,267

)

4,331

 

Cash and cash equivalents at end of period

 

290,267

 

229,194

 

290,267

 

229,194

 

 

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

 

 

 

2017
£’000

 

2016
£’000

 

2017
£’000

 

2016
£’000

 

Profit/(loss) for the period

 

39,177

 

36,371

 

24,252

 

(957

)

Adjustments:

 

 

 

 

 

 

 

 

 

Tax expense/(credit)

 

17,361

 

12,462

 

13,797

 

(2,929

)

Net finance costs

 

24,277

 

20,017

 

3,096

 

7,382

 

(Profit)/loss on disposal of intangible assets

 

(10,926

)

9,786

 

(3,327

)

4,948

 

Exceptional items

 

(4,753

)

15,135

 

 

15,135

 

Amortization

 

124,434

 

88,009

 

29,275

 

23,059

 

Depreciation

 

10,228

 

10,079

 

2,507

 

2,588

 

Adjusted EBITDA

 

199,798

 

191,859

 

69,600

 

49,226

 

 

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

 

 

 

2017
£’000

 

2016
£’000

 

2017
£’000

 

2016
£’000

 

Profit/(loss) for the period

 

39,177

 

36,371

 

24,252

 

(957

)

Exceptional items

 

(4,753

)

15,135

 

 

15,135

 

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

 

(1,816

)

4,136

 

(5,967

)

3,164

 

Fair value movement on derivative financial instruments

 

3,534

 

(5,288

)

3,190

 

(1,025

)

Tax expense/(credit)

 

17,361

 

12,462

 

13,797

 

(2,929

)

Adjusted profit before tax

 

53,503

 

62,816

 

35,272

 

13,388

 

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

 

(18,726

)

(21,986

)

(12,345

)

(4,686

)

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

 

34,777

 

40,830

 

22,927

 

8,702

 

 

 

 

 

 

 

 

 

 

 

Adjusted basic earnings per share:

 

 

 

 

 

 

 

 

 

Adjusted basic earnings per share (pence)

 

21.20

 

24.91

 

13.98

 

5.31

 

Weighted average number of ordinary shares outstanding (thousands)

 

164,025

 

163,890

 

164,025

 

163,892

 

Adjusted diluted earnings per share:

 

 

 

 

 

 

 

 

 

Adjusted diluted earnings per share (pence)

 

21.14

 

24.85

 

13.94

 

5.30

 

Weighted average number of ordinary shares outstanding (thousands)

 

164,493

 

164,319

 

164,493

 

164,319

 

 

13



 

4                               Cash generated from operations

 

 

 

Twelve months ended
30 June

 

Three months ended
30 June

 

 

 

2017
£’000

 

2016
£’000

 

2017
£’000

 

2016
£’000

 

Profit/(loss) for the period

 

39,177

 

36,371

 

24,252

 

(957

)

Tax expense/(credit)

 

17,361

 

12,462

 

13,797

 

(2,929

)

Profit/(loss) before tax

 

56,538

 

48,833

 

38,049

 

(3,886

)

Adjustments for:

 

 

 

 

 

 

 

 

 

Depreciation

 

10,228

 

10,079

 

2,507

 

2,588

 

Impairment (reversal)/charge

 

(4,753

)

6,693

 

 

6,693

 

Amortization

 

124,434

 

88,009

 

29,275

 

23,059

 

(Profit)/loss on disposal of intangible assets

 

(10,926

)

9,786

 

(3,327

)

4,948

 

Net finance costs

 

24,277

 

20,017

 

3,096

 

7,382

 

Loss on disposal of property, plant and equipment

 

43

 

126

 

43

 

116

 

Equity-settled share-based payments

 

2,187

 

1,795

 

751

 

625

 

Foreign exchange losses/(gains) on operating activities

 

2,646

 

(7,660

)

242

 

(3,965

)

Reclassified from hedging reserve

 

4,765

 

1,382

 

2,358

 

374

 

Changes in working capital:

 

 

 

 

 

 

 

 

 

Inventories

 

(711

)

(926

)

(289

)

367

 

Trade and other receivables

 

17,525

 

(31,741

)

(15,745

)

(33,515

)

Trade and other payables and deferred revenue

 

25,506

 

54,471

 

123,579

 

150,477

 

Cash generated from operations

 

251,759

 

200,864

 

180,539

 

155,263

 

 

14