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Restatement of prior periods following implementation of IFRS 15 (Tables) | 6 Months Ended
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Dec. 31, 2018
Restatement of prior periods following implementation of IFRS 15 |
Schedule of restatement of prior periods following implementation of IFRS 15 | Consolidated balance sheet as at 1 July 2017
|  | As previously reported £’000 |  | Adjustment £’000 |  | Restated £’000 |
ASSETS |  |  |  |  |  |  |
Non-current assets |  |  |  |  |  |  |
Property, plant and equipment |  | 244,738 |  | — |  | 244,738 |
Investment property |  | 13,966 |  | — |  | 13,966 |
Intangible assets |  | 717,544 |  | — |  | 717,544 |
Derivative financial instruments |  | 1,666 |  | — |  | 1,666 |
Trade and other receivables |  | 15,399 |  | — |  | 15,399 |
Deferred tax asset |  | 142,107 |  | (622 | ) | 141,485 |
|  | 1,135,420 |  | (622 | ) | 1,134,798 |
Current assets |  |  |  |  |  |  |
Inventories |  | 1,637 |  | — |  | 1,637 |
Derivative financial instruments |  | 3,218 |  | — |  | 3,218 |
Trade and other receivables |  | 103,732 |  | — |  | 103,732 |
Cash and cash equivalents |  | 290,267 |  | — |  | 290,267 |
|  | 398,854 |  | — |  | 398,854 |
Total assets |  | 1,534,274 |  | (622 | ) | 1,533,652 |
EQUITY AND LIABILITIES |  |  |  |  |  |  |
Equity |  |  |  |  |  |  |
Share capital |  | 53 |  | — |  | 53 |
Share premium |  | 68,822 |  | — |  | 68,822 |
Merger reserve |  | 249,030 |  | — |  | 249,030 |
Hedging reserve |  | (31,724 | ) | 453 |  | (31,271 | )
Retained earnings |  | 191,436 |  | 2,017 |  | 193,453 |
|  | 477,617 |  | 2,470 |  | 480,087 |
Non-current liabilities |  |  |  |  |  |  |
Derivative financial instruments |  | 655 |  | — |  | 655 |
Trade and other payables |  | 83,587 |  | — |  | 83,587 |
Borrowings |  | 497,630 |  | — |  | 497,630 |
Deferred revenue |  | 39,648 |  | — |  | 39,648 |
Deferred tax liabilities |  | 20,828 |  | 708 |  | 21,536 |
|  | 642,348 |  | 708 |  | 643,056 |
Current liabilities |  |  |  |  |  |  |
Derivative financial instruments |  | 1,253 |  | — |  | 1,253 |
Tax liabilities |  | 9,772 |  | — |  | 9,772 |
Trade and other payables |  | 190,315 |  | — |  | 190,315 |
Borrowings |  | 5,724 |  | — |  | 5,724 |
Deferred revenue |  | 207,245 |  | (3,800 | ) | 203,445 |
|  | 414,309 |  | (3,800 | ) | 410,509 |
Total equity and liabilities |  | 1,534,274 |  | (622 | ) | 1,533,652 |
Consolidated income statement for the three months ended 31 December 2017
|  | As previously reported £’000 |  | Adjustment £’000 |  | Restated £’000 |
Commercial revenue |  | 65,366 |  | (66 | ) | 65,300 |
Broadcasting revenue |  | 61,628 |  | 13,519 |  | 75,147 |
Matchday revenue |  | 36,968 |  | — |  | 36,968 |
Total revenue |  | 163,962 |  | 13,453 |  | 177,415 |
Operating expenses |  | (136,252 | ) | — |  | (136,252 | )
Profit on disposal of intangible assets |  | 1,013 |  | — |  | 1,013 |
Operating profit |  | 28,723 |  | 13,453 |  | 42,176 |
Finance costs |  | (4,533 | ) | — |  | (4,533 | )
Finance income |  | 170 |  | — |  | 170 |
Net finance costs |  | (4,363 | ) | — |  | (4,363 | )
Profit before tax |  | 24,360 |  | 13,453 |  | 37,813 |
Tax expense |  | (53,446 | ) | (4,064 | ) | (57,510 | )
Loss for the period |  | (29,086 | ) | 9,389 |  | (19,697 | )
Earnings per share during the period: |  |  |  |  |  |  |
Basic earnings per share (pence) |  | (17.71 | ) | 5.71 |  | (12.00 | )
Diluted earnings per share (pence) |  | (17.71 | ) | 5.71 |  | (12.00 | )
Consolidated statement of comprehensive income for the three months ended 31 December 2017
|  | As previously reported £’000 |  | Adjustment £’000 |  | Restated £’000 |
Loss for the period |  | (29,086 | ) | 9,389 |  | (19,697 | )
Other comprehensive income/(loss): |  |  |  |  |  |  |
Items that may be subsequently reclassified to profit or loss |  |  |  |  |  |  |
Cash flow hedges |  | 6,684 |  | (120 | ) | 6,564 |
Tax expense relating to cash flow hedges |  | (6,629 | ) | 11 |  | (6,618 | )
Other comprehensive income/(loss) for the period, net of tax |  | 55 |  | (109 | ) | (54 | )
Total comprehensive loss for the period |  | (29,031 | ) | 9,280 |  | (19,751 | )
Consolidated income statement for the six months ended 31 December 2017
|  | As previously reported £’000 |  | Adjustment £’000 |  | Restated £’000 |
Commercial revenue |  | 145,910 |  | (132 | ) | 145,778 |
Broadcasting revenue |  | 99,710 |  | 16,270 |  | 115,980 |
Matchday revenue |  | 59,322 |  | — |  | 59,322 |
Total revenue |  | 304,942 |  | 16,138 |  | 321,080 |
Operating expenses |  | (279,288 | ) | — |  | (279,288 | )
Profit on disposal of intangible assets |  | 18,292 |  | — |  | 18,292 |
Operating profit |  | 43,946 |  | 16,138 |  | 60,084 |
Finance costs |  | (5,534 | ) | — |  | (5,534 | )
Finance income |  | 388 |  | — |  | 388 |
Net finance costs |  | (5,146 | ) | — |  | (5,146 | )
Profit before tax |  | 38,800 |  | 16,138 |  | 54,938 |
Tax expense |  | (59,939 | ) | (5,126 | ) | (65,065 | )
Loss for the period |  | (21,139 | ) | 11,012 |  | (10,127 | )
Earnings per share during the period: |  |  |  |  |  |  |
Basic earnings per share (pence) |  | (12.87 | ) | 6.70 |  | (6.17 | )
Diluted earnings per share (pence) |  | (12.87 | ) | 6.70 |  | (6.17 | )
Consolidated statement of comprehensive income for the six months ended 31 December 2017
|  | As previously reported £’000 |  | Adjustment £’000 |  | Restated £’000 |
Loss for the period |  | (21,139 | ) | 11,012 |  | (10,127 | )
Other comprehensive income: |  |  |  |  |  |  |
Items that may be subsequently reclassified to profit or loss |  |  |  |  |  |  |
Cash flow hedges |  | 18,160 |  | (240 | ) | 17,920 |
Tax expense relating to cash flow hedges |  | (10,645 | ) | 52 |  | (10,593 | )
Other comprehensive income for the period, net of tax |  | 7,515 |  | (188 | ) | 7,327 |
Total comprehensive loss for the period |  | (13,624 | ) | 10,824 |  | (2,800 | )
Consolidated balance sheet as at 31 December 2017
|  | As previously reported £’000 |  | Adjustment £’000 |  | Restated £’000 |
ASSETS |  |  |  |  |  |  |
Non-current assets |  |  |  |  |  |  |
Property, plant and equipment |  | 246,673 |  | — |  | 246,673 |
Investment property |  | 13,901 |  | — |  | 13,901 |
Intangible assets |  | 770,076 |  | — |  | 770,076 |
Derivative financial instruments |  | 1,192 |  | — |  | 1,192 |
Trade and other receivables |  | 10,560 |  | — |  | 10,560 |
Tax receivable |  | 1,882 |  | — |  | 1,882 |
Deferred tax asset |  | 80,341 |  | (2,841 | ) | 77,500 |
|  | 1,124,625 |  | (2,841 | ) | 1,121,784 |
Current assets |  |  |  |  |  |  |
Inventories |  | 1,918 |  | — |  | 1,918 |
Derivative financial instruments |  | 2,704 |  | — |  | 2,704 |
Trade and other receivables |  | 105,753 |  | 17,274 |  | 123,027 |
Cash and cash equivalents |  | 155,312 |  | — |  | 155,312 |
|  | 265,687 |  | 17,274 |  | 282,961 |
Total assets |  | 1,390,312 |  | 14,433 |  | 1,404,745 |
EQUITY AND LIABILITIES |  |  |  |  |  |  |
Equity |  |  |  |  |  |  |
Share capital |  | 53 |  | — |  | 53 |
Share premium |  | 68,822 |  | — |  | 68,822 |
Merger reserve |  | 249,030 |  | — |  | 249,030 |
Hedging reserve |  | (24,209 | ) | 265 |  | (23,944 | )
Retained earnings |  | 171,500 |  | 13,029 |  | 184,529 |
|  | 465,196 |  | 13,294 |  | 478,490 |
Non-current liabilities |  |  |  |  |  |  |
Trade and other payables |  | 70,331 |  | — |  | 70,331 |
Borrowings |  | 474,748 |  | — |  | 474,748 |
Deferred revenue |  | 32,704 |  | — |  | 32,704 |
Deferred tax liabilities |  | 31,834 |  | 3,967 |  | 35,801 |
|  | 609,617 |  | 3,967 |  | 613,584 |
Current liabilities |  |  |  |  |  |  |
Tax liabilities |  | 3,704 |  | — |  | 3,704 |
Trade and other payables |  | 182,965 |  | — |  | 182,965 |
Borrowings |  | 9,160 |  | — |  | 9,160 |
Deferred revenue |  | 119,670 |  | (2,828 | ) | 116,842 |
|  | 315,499 |  | (2,828 | ) | 312,671 |
Total equity and liabilities |  | 1,390,312 |  | 14,433 |  | 1,404,745 |
Cash used in operations for the three months ended 31 December 2017
|  | As previously reported £’000 |  | Adjustment £’000 |  | Restated £’000 |
Profit before tax |  | 24,360 |  | 13,453 |  | 37,813 |
Depreciation |  | 2,755 |  | — |  | 2,755 |
Amortization |  | 37,335 |  | — |  | 37,335 |
Profit on disposal of intangible assets |  | (1,013 | ) | — |  | (1,013 | )
Net finance costs |  | 4,363 |  | — |  | 4,363 |
Profit on disposal of property, plant and equipment |  | (75 | ) |  |  | (75 | )
Equity-settled share-based payments |  | 618 |  | — |  | 618 |
Foreign exchange losses on operating activities |  | 9 |  | — |  | 9 |
Reclassified from hedging reserve |  | 3,707 |  | (120 | ) | 3,587 |
Changes in working capital: |  |  |  |  |  |  |
Inventories |  | 156 |  | — |  | 156 |
Trade and other receivables |  | (24,836 | ) | (12,446 | ) | (37,282 | )
Trade and other payables and deferred revenue |  | (85,819 | ) | (887 | ) | (86,706 | )
Cash used in operations |  | (38,440 | ) | — |  | (38,440 | )
Cash used in operations for the six months ended 31 December 2017
|  | As previously reported £’000 |  | Adjustment £’000 |  | Restated £’000 |
Profit before tax |  | 38,800 |  | 16,138 |  | 54,938 |
Depreciation |  | 5,329 |  | — |  | 5,329 |
Amortization |  | 73,389 |  | — |  | 73,389 |
Profit on disposal of intangible assets |  | (18,292 | ) | — |  | (18,292 | )
Net finance costs |  | 5,146 |  | — |  | 5,146 |
Profit on disposal of property, plant and equipment |  | (75 | ) |  |  | (75 | )
Equity-settled share-based payments |  | 1,203 |  | — |  | 1,203 |
Foreign exchange losses on operating activities |  | 1,000 |  | — |  | 1,000 |
Reclassified from hedging reserve |  | 7,708 |  | (240 | ) | 7,468 |
Changes in working capital: |  |  |  |  |  |  |
Inventories |  | (281 | ) | — |  | (281 | )
Trade and other receivables |  | (8,163 | ) | (17,274 | ) | (25,437 | )
Trade and other payables and deferred revenue |  | (117,253 | ) | 1,376 |  | (115,877 | )
Cash used in operations |  | (11,489 | ) | — |  | (11,489 | )
Consolidated balance sheet as at 30 June 2018
|  | As previously reported £’000 |  | Adjustment £’000 |  | Restated £’000 |
ASSETS |  |  |  |  |  |  |
Non-current assets |  |  |  |  |  |  |
Property, plant and equipment |  | 245,401 |  | — |  | 245,401 |
Investment property |  | 13,836 |  | — |  | 13,836 |
Intangible assets |  | 799,640 |  | — |  | 799,640 |
Derivative financial instruments |  | 4,807 |  | — |  | 4,807 |
Trade and other receivables |  | 4,724 |  | — |  | 4,724 |
Tax receivable |  | 547 |  | — |  | 547 |
Deferred tax asset |  | 63,974 |  | (642 | ) | 63,332 |
|  | 1,132,929 |  | (642 | ) | 1,132,287 |
Current assets |  |  |  |  |  |  |
Inventories |  | 1,416 |  | — |  | 1,416 |
Derivative financial instruments |  | 1,159 |  | — |  | 1,159 |
Trade and other receivables |  | 168,060 |  | — |  | 168,060 |
Tax receivable |  | 800 |  | — |  | 800 |
Cash and cash equivalents |  | 242,022 |  | — |  | 242,022 |
|  | 413,457 |  | — |  | 413,457 |
Total assets |  | 1,546,386 |  | (642 | ) | 1,545,744 |
EQUITY AND LIABILITIES |  |  |  |  |  |  |
Equity |  |  |  |  |  |  |
Share capital |  | 53 |  | — |  | 53 |
Share premium |  | 68,822 |  | — |  | 68,822 |
Merger reserve |  | 249,030 |  | — |  | 249,030 |
Hedging reserve |  | (27,738 | ) | 180 |  | (27,558 | )
Retained earnings |  | 135,099 |  | 1,658 |  | 136,757 |
|  | 425,266 |  | 1,838 |  | 427,104 |
Non-current liabilities |  |  |  |  |  |  |
Trade and other payables |  | 104,271 |  | — |  | 104,271 |
Borrowings |  | 486,694 |  | — |  | 486,694 |
Deferred revenue |  | 37,085 |  | — |  | 37,085 |
Deferred tax liabilities |  | 28,559 |  | 575 |  | 29,134 |
|  | 656,609 |  | 575 |  | 657,184 |
Current liabilities |  |  |  |  |  |  |
Tax liabilities |  | 3,874 |  | — |  | 3,874 |
Trade and other payables |  | 267,996 |  | — |  | 267,996 |
Borrowings |  | 9,074 |  | — |  | 9,074 |
Deferred revenue |  | 183,567 |  | (3,055 | ) | 180,512 |
|  | 464,511 |  | (3,055 | ) | 461,456 |
Total equity and liabilities |  | 1,546,386 |  | (642 | ) | 1,545,744 |

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