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Restatement of prior periods following implementation of IFRS 15 | 6 Months Ended
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Dec. 31, 2018
Restatement of prior periods following implementation of IFRS 15 |
Restatement of prior periods following implementation of IFRS 15 | 34 Restatement of prior periods following implementation of IFRS 15 The Group adopted IFRS 15 ‘Revenue from contracts with customers’ with effect from 1 July 2018. The implementation of IFRS 15 had an impact on the Group’s financial statements as at 1 July 2018 and consequently prior year amounts have been restated. The following tables and notes explain how this restatement affected the consolidated income statement, consolidated statement of comprehensive income, consolidated balance sheet, and consolidated statement of cash flows. Commercial revenue IFRS 15 focuses on the identification and satisfaction of performance obligations and includes specific guidance on the methods for measuring progress towards complete satisfaction of a performance obligation therefore revenue on certain commercial contracts is recognized earlier under IFRS 15. The effect of the retrospective application is an increase in cumulative revenue recognized over the financial years up to and including the year ended 30 June 2018 including a reduction to the amount of revenue recognized during the financial year ended 30 June 2018 only. Broadcasting revenue Following adoption of IFRS 15, certain performance obligations are satisfied over time as each Premier League match (home and away) is played — accordingly revenue is recognized evenly as each Premier League match (home and away) is played. Broadcasting merit awards were previously recognized one share in the first quarter with the remainder being recognized when they were known at the end of each football season. Merit awards represent variable consideration and therefore, following adoption of IFRS 15, are estimated using the most likely amount method based on management’s estimate of where the Club’s finishing position will be at the end of each season. Broadcasting equal share payments were previously recognized evenly as each Premier League home match was played. Note, these changes only affect the amount of broadcasting revenue recognized in each quarter, they do not affect the amount of broadcasting revenue recognized for the financial year as a whole. Matchday revenue The adoption of IFRS 15 has no impact on the recognition of matchday revenue. Tax, deferred tax, hedging reserve, retained earnings and deferred revenue The impact of the above changes in revenue recognition has subsequent impact on tax (including deferred tax), accrued revenue, the hedging reserve, retained earnings and deferred revenue. Tax — adjustments to the tax expense and deferred tax are directly in line with the adjustments to revenue. Accrued revenue — adjustments to broadcasting merit award revenue impact accrued revenue as the revenue is received after the period in which the revenue is recognized. Hedging reserve — adjustments to commercial revenue impact the hedging reserve as the underlying US dollar revenue is initially hedged against a portion of the Group’s US dollar net borrowings. Amounts accumulated in the hedging reserve are reclassified to the income statement in the period when the hedged revenue is recognized in the income statement. Deferred revenue — all other adjustments to revenue impact deferred revenue as the revenue is received or receivable prior to the period in which the revenue is recognized. 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 |
Consolidated statement of cash flows for the three and six months ended 31 December 2017 The implementation of IFRS 15 affected elements of cash used in operations but did not affect the overall total. Other than that, the implementation of IFRS 15 had no impact on the consolidated statement of cash flows. 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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