TIDMCCP
RNS Number : 1436H
Celtic PLC
15 February 2010
CELTIC plc
INTERIM RESULTS FOR THE SIX MONTHS TO 31 DECEMBER 2009
SUMMARY OF THE RESULTS
Operational Highlights
· Currently second in the Clydesdale Bank Premier League.
· Participation in the UEFA Europa League Group Stage.
· Continued participation in the Active Nation Scottish Cup.
· 15 home matches played in the period (2008: 15).
· Appointment of Tennent's as new shirt sponsor from July 2010.
Financial Highlights
· Turnover decreased by 22.8% to GBP36.11m.
· Operating expenses decreased by 7.9% to GBP31.39m.
· Profit from operations of GBP4.71m (2008: GBP12.68m).
· Profit before taxation of GBP1.27m (2008: GBP8.36m).
· Period end bank debt of GBP3.13m (2008: GBP0.97m).
· Investment in players of GBP7.84m (2008: GBP7.01m).
For further information contact:
+-----------------------------+------------------------------+
| Dr John Reid, Celtic plc | Tel: 0141 551 4235 |
+-----------------------------+------------------------------+
| Peter Lawwell, Celtic plc | Tel: 0141 551 4235 |
+-----------------------------+------------------------------+
| Iain Jamieson, Celtic plc | Tel: 0141 551 4235 |
+-----------------------------+------------------------------+
Celtic plc
CHAIRMAN'S STATEMENT
A year ago I reported on a very positive set of interim results. This reflected
good trading conditions, three recent Scottish Premier League Championships and
participation in the Group Stage of the UEFA Champions League as Scotland's sole
representative. I said then that football and commercial success went hand-in-
hand.
This year's report confirms that assertion. It certainly reflects different,
more difficult trading conditions, and it is plain that like other commercial
concerns we are affected by the recession. But it also reflects disappointing
performance on the park; we did not qualify for the UCL Group Stage this season
as we had hoped, instead participating in the Europa League. The difference that
this and the economic climate have made to our business is borne out in our
financial results for the 6 months to 31 December 2009.
Turnover of GBP36.11m is well down (22.8%) on GBP46.8m at the same time last
year; but while our revenues have reduced our financial performance remains
highly creditable given all the circumstances. Despite the absence of Champions
League participation, over 50,000 season tickets have been sold and our
merchandising business is holding up well, with this year's away kit the best
selling for many years. Our sponsor programme also remains one of the most
successful in British football.
Non-exceptional operating expenses have decreased by GBP2.71m to GBP31.39m,
largely through labour cost savings, and we remain in profit, generating a
profit from trading before asset transactions and exceptional items of GBP4.71m
against last year's GBP12.68m and a profit before tax of GBP1.27m against
GBP8.36m at the same time last year.
Maintaining a sustainable economic and business model has been one of our key
objectives, and for good reason. It has always had only one ultimate purpose -
the success of Celtic Football Club. It has provided financial stability when
needed; it has delivered the continuing support of our kit manufacturer, NIKE,
with whom a 5-year contract extension starts in July this year, and in an
extraordinarily difficult sponsorship market, it has brought the commitment of
Tennent's as our new shirt sponsor.
This approach, together with the backing of our fans, shareholders and business
partners has enabled us to continue to invest in our business, even at this
time. It is a great credit to all those concerned, and on behalf of the Club, I
express our thanks. I am also delighted to welcome Brian Duffy to our Board as a
non-executive Director. His extensive experience in brand management,
development and merchandising will be of great benefit to us.
It is our financial stability that now gives us the means to plan for the years
ahead and to re-build a successful and winning team. As seen in these Interim
Results it has already allowed us to have an eye to the future, as well as to
the task of trying to win the Scottish Premier League title back this season.
During last summer it enabled us to increase our investment in football
personnel, committing just under GBP8m against just over GBP7m at the same time
the year before. That has contributed to net bank debt at 31 December 2009
increasing from GBP0.97m to GBP3.13m, a level that is manageable and has
therefore permitted further player trading in the January registration window.
This financial stability has also allowed us to continue to invest strategically
in our facilities at Lennoxtown and the technical functions in the Academy,
Scouting, Sports Science and Performance Analysis, with the objective of
developing Champions League players of the future.
Perhaps above all, it is that careful management of our resources that has
enabled us to progress the transition under our new manager Tony Mowbray and his
team. Rebuilding is never easy. But our summer transfer activity and the
significant further strengthening of the squad in January honour the pledge we
made to support our manager and improve the team. Braafheid, Fortuné, Hooiveld,
Kamara, Robbie Keane, Ki Sung Yueng, N'Guemo, Rasmussen, Rogne, Thomson, Zaluska
and Zheng Zhi, together with several younger promising players, have joined us.
Others have left - we thank them for their service to the Club, and wish them
well.
We have an enormous task ahead in recovering the current league points deficit
and cannot pretend otherwise, but we look forward to the SPL title challenge and
a Scottish Cup run, with determination, commitment and, most importantly of all,
your support.
Dr John Reid
12 February 2010
Chairman
Celtic plc
INDEPENDENT REVIEW REPORT
INDEPENDENT REVIEW REPORT TO CELTIC PLC
We have been engaged by the company to review the condensed set of financial
statements in the half-yearly financial report for the six months ended 31
December 2009 which comprises the Consolidated Statement of Comprehensive
Income, Group Balance Sheet, Group Statement of Changes in Equity, Group Cash
Flow Statement and the related notes. We have read the other information
contained in the half-yearly financial report and considered whether it contains
any apparent misstatements or material inconsistencies with the information in
the condensed set of financial statements.
This report is made solely to the company in accordance with the terms of our
engagement. Our review has been undertaken so that we might state to the
company those matters we are required to state to it in this report and for no
other purpose. To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the company for our review work, for
this report, or for the conclusions we have reached.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been approved
by, the directors. The directors are responsible for preparing the half-yearly
financial report in accordance with the AIM Rules of the London Stock Exchange.
As disclosed in note 1, the annual financial statements of the group are
prepared in accordance with IFRSs as adopted by the European Union. The
condensed set of financial statements included in this half-yearly financial
report has been prepared using accounting policies consistent with those to be
applied in the next annual financial statements.
Our responsibility
Our responsibility is to express to the company a conclusion on the condensed
set of financial statements in the half-yearly financial report based on our
review.
Scope of review
We conducted our review in accordance with International Standard on Review
Engagements (UK and Ireland) 2410, "Review of Interim Financial Information
Performed by the Independent Auditor of the Entity" issued by the Auditing
Practices Board for use in the United Kingdom. A review of interim financial
information consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing (UK and Ireland) and
consequently does not enable us to obtain assurance that we would become aware
of all significant matters that might be identified in an audit. Accordingly, we
do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe
that the condensed set of financial statements in the half-yearly financial
report for the six months ended 31 December 2009 is not prepared, in all
material respects, in accordance with the AIM Rules of the London Stock
Exchange.
PKF (UK) LLP
Glasgow
12 February 2010
Celtic plc
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
+--------------------------+------+------------+-----------+-----------+----------+-----------+----------+----------+
| | | 6 | 6 | 6months | | 6months | | 12 |
| | | months | months | to | | to | | months |
| | | to 31 | to 31 | 31 | | 31 | | to 30 |
| | | December | December | December | | December | | June |
| | | 2009 | 2009 | 2009 | | 2008 | | 2009 |
| | | Unaudited |Unaudited |Unaudited | |Unaudited | | Audited |
| | | | | | | | | |
+--------------------------+------+------------+-----------+-----------+----------+-----------+----------+----------+
| | |Operations | | | | | | |
| | | excluding | | | | | | |
| CONTINUING OPERATIONS: | | player | Player | | | | | |
| | | trading | trading | Total | | Total | | Total |
+--------------------------+------+------------+-----------+-----------+----------+-----------+----------+----------+
| |Note | GBP000 | GBP000 | GBP000 | | GBP000 | | GBP000 |
+--------------------------+------+------------+-----------+-----------+----------+-----------+----------+----------+
| REVENUE | 2 | 36,106 | - | 36,106 | | 46,785 | | 72,587 |
+--------------------------+------+------------+-----------+-----------+----------+-----------+----------+----------+
| OPERATING EXPENSES | 3 | (31,392) | - | (31,392) | | (34,103) | |(61,358) |
+--------------------------+------+------------+-----------+-----------+----------+-----------+----------+----------+
| PROFIT FROM TRADING | | | | | | | | |
| BEFORE ASSET | | | | | | | | |
| TRANSACTIONS AND | | 4,714 | - | 4,714 | | 12,682 | | 11,229 |
| EXCEPTIONAL OPERATING | | | | | | | | |
| EXPENSES | | | | | | | | |
+--------------------------+------+------------+-----------+-----------+----------+-----------+----------+----------+
| | | | | | | | | |
| AMORTISATION OF | | - | (4,038) | (4,038) | | (3,566) | | (7,434) |
| INTANGIBLE ASSETS | | | | | | | | |
+--------------------------+------+------------+-----------+-----------+----------+-----------+----------+----------+
| EXCEPTIONAL OPERATING | 3 | - | - | - | | (1,220) | | (2,782) |
| EXPENSES | | | | | | | | |
+--------------------------+------+------------+-----------+-----------+----------+-----------+----------+----------+
| PROFIT ON DISPOSAL OF | | - | 1,042 | 1,042 | | 1,046 | | 1,546 |
| INTANGIBLE ASSETS | | | | | | | | |
+--------------------------+------+------------+-----------+-----------+----------+-----------+----------+----------+
| LOSS ON DISPOSAL OF | | (100) | - | (100) | | (121) | | 231 |
| PROPERTY PLANT AND | | | | | | | | |
| EQUIPMENT | | | | | | | | |
+--------------------------+------+------------+-----------+-----------+----------+-----------+----------+----------+
| PROFIT BEFORE | | | | | | | | |
| FINANCIAL EXPENSES AND | | 4,614 | (2,996) | 1,618 | | 8,821 | | 2,790 |
| TAXATION | | | | | | | | |
+--------------------------+------+------------+-----------+-----------+----------+-----------+----------+----------+
| | | | | | | | | |
+--------------------------+------+------------+-----------+-----------+----------+-----------+----------+----------+
| FINANCE COSTS: | 4 | | | | | | | |
| BANK LOANS AND OVERDRAFT | | | | (86) | | (196) | | (243) |
| CONVERTIBLE PREFERENCE | | | | (264) | | (264) | | (544) |
| SHARES | | | | | | | | |
+--------------------------+------+------------+-----------+-----------+----------+-----------+----------+----------+
| | | | | | | | | |
| PROFIT BEFORE TAX | | | | 1,268 | | 8,361 | | 2,003 |
+--------------------------+------+------------+-----------+-----------+----------+-----------+----------+----------+
| TAXATION | 5 | | | - | | - | | - |
+--------------------------+------+------------+-----------+-----------+----------+-----------+----------+----------+
| | | | | | | | | |
+--------------------------+------+------------+-----------+-----------+----------+-----------+----------+----------+
| PROFIT FOR THE PERIOD | | | | 1,268 | | 8,361 | | 2,003 |
| FROM CONTINUING | | | | | | | | |
| OPERATIONS | | | | | | | | |
| | | | | | | | | |
+--------------------------+------+------------+-----------+-----------+----------+-----------+----------+----------+
| PROFIT AND TOTAL | | | | | | | | |
| COMPREHENSIVE INCOME FOR | | | | 1,268 | | 8,361 | | 2,003 |
| THE PERIOD ATTRIBUTABLE | | | | | | | | |
| TO THE EQUITY HOLDERS OF | | | | | | | | |
| THE PARENT | | | | | | | | |
+--------------------------+------+------------+-----------+-----------+----------+-----------+----------+----------+
| | | | | | | | | |
| BASIC EARNINGS PER | 6 | | | 1.41p | | 9.35p | | 2.24p |
| ORDINARY SHARE | | | | | | | | |
+--------------------------+------+------------+-----------+-----------+----------+-----------+----------+----------+
| | | | | | | | | |
| DILUTED EARNINGS PER | 6 | | | 1.13p | | 6.16p | | 1.87p |
| SHARE | | | | | | | | |
+--------------------------+------+------------+-----------+-----------+----------+-----------+----------+----------+
Celtic plc
GROUP BALANCE SHEET
+----------------------------------+-------+-----------+----------+-----------+----------+-----------+
| | | 31 | | 31 | | 30 June |
| | | December | | December | | 2009 |
| | | 2009 | | 2008 | | |
+----------------------------------+-------+-----------+----------+-----------+----------+-----------+
| | |Unaudited | |Unaudited | | Audited |
| | | | | | | |
+----------------------------------+-------+-----------+----------+-----------+----------+-----------+
| |Notes | GBP000 | | GBP000 | | GBP000 |
+----------------------------------+-------+-----------+----------+-----------+----------+-----------+
| NON-CURRENT ASSETS | | | | | | |
+----------------------------------+-------+-----------+----------+-----------+----------+-----------+
| Property plant and equipment | | 56,160 | | 56,006 | | 56,689 |
+----------------------------------+-------+-----------+----------+-----------+----------+-----------+
| Intangible assets | 7 | 15,949 | | 15,292 | | 12,145 |
+----------------------------------+-------+-----------+----------+-----------+----------+-----------+
| | | 72,109 | | 71,298 | | 68,834 |
+----------------------------------+-------+-----------+----------+-----------+----------+-----------+
| CURRENT ASSETS | | | | | | |
+----------------------------------+-------+-----------+----------+-----------+----------+-----------+
| | | | | | | |
+----------------------------------+-------+-----------+----------+-----------+----------+-----------+
| Inventories | | 2,265 | | 2,267 | | 2,020 |
+----------------------------------+-------+-----------+----------+-----------+----------+-----------+
| Receivables | | 4,759 | | 7,386 | | 4,427 |
+----------------------------------+-------+-----------+----------+-----------+----------+-----------+
| Cash and cash equivalents | | 8,774 | | 11,029 | | 10,489 |
+----------------------------------+-------+-----------+----------+-----------+----------+-----------+
| | | 15,798 | | 20,682 | | 16,936 |
+----------------------------------+-------+-----------+----------+-----------+----------+-----------+
| TOTAL ASSETS | | 87,907 | | 91,980 | | 85,770 |
+----------------------------------+-------+-----------+----------+-----------+----------+-----------+
| | | | | | | |
+----------------------------------+-------+-----------+----------+-----------+----------+-----------+
| | | | | | | |
+----------------------------------+-------+-----------+----------+-----------+----------+-----------+
| EQUITY | | | | | | |
+----------------------------------+-------+-----------+----------+-----------+----------+-----------+
| Issued share capital | 8 | 24,220 | | 24,204 | | 24,204 |
+----------------------------------+-------+-----------+----------+-----------+----------+-----------+
| Share premium | | 14,359 | | 14,309 | | 14,309 |
+----------------------------------+-------+-----------+----------+-----------+----------+-----------+
| Other reserve | | 21,222 | | 21,222 | | 21,222 |
+----------------------------------+-------+-----------+----------+-----------+----------+-----------+
| Capital redemption reserve | | 2,672 | | 2,686 | | 2,686 |
+----------------------------------+-------+-----------+----------+-----------+----------+-----------+
| Retained earnings | | (17,803) | | (12,713) | | (19,071) |
+----------------------------------+-------+-----------+----------+-----------+----------+-----------+
| TOTAL EQUITY | | 44,670 | | 49,708 | | 43,350 |
+----------------------------------+-------+-----------+----------+-----------+----------+-----------+
| LIABILITIES | | | | | | |
| NON-CURRENT LIABILITIES | 9 | | | | | |
| Interest bearing loans | | | | | | |
| | | 11,906 | | 12,000 | | 12,000 |
+----------------------------------+-------+-----------+----------+-----------+----------+-----------+
| Debt element of non-equity share | | 3,027 | | 3,027 | | 3,027 |
| capital | | | | | | |
+----------------------------------+-------+-----------+----------+-----------+----------+-----------+
| Deferred income | | 157 | | 540 | | 254 |
+----------------------------------+-------+-----------+----------+-----------+----------+-----------+
| | | 15,090 | | 15,567 | | 15,281 |
+----------------------------------+-------+-----------+----------+-----------+----------+-----------+
| CURRENT LIABILITIES | | | | | | |
+----------------------------------+-------+-----------+----------+-----------+----------+-----------+
| Trade and other payables | | 14,007 | | 15,950 | | 14,188 |
+----------------------------------+-------+-----------+----------+-----------+----------+-----------+
| Current borrowings | | 138 | | 150 | | 140 |
+----------------------------------+-------+-----------+----------+-----------+----------+-----------+
| Deferred income | | 14,002 | | 10,605 | | 12,811 |
+----------------------------------+-------+-----------+----------+-----------+----------+-----------+
| | | 28,147 | | 26,705 | | 27,139 |
+----------------------------------+-------+-----------+----------+-----------+----------+-----------+
| | | | | | | |
| TOTAL LIABILITIES | | 43,237 | | 42,272 | | 42,420 |
+----------------------------------+-------+-----------+----------+-----------+----------+-----------+
| | | | | | | |
| TOTAL EQUITY AND LIABILITIES | | 87,907 | | 91,980 | | 85,770 |
+----------------------------------+-------+-----------+----------+-----------+----------+-----------+
Approved by the Board on 12 February 2010
Celtic plc
GROUP STATEMENT OF CHANGES IN EQUITY
+----------------------+----------+---------+---------+------------+----------+---------+
| | | | | | | |
| | Share | Share | Other | Capital |Retained | Total |
| | capital |premium |reserve |redemption |earnings | |
| | | | | reserve | | |
+----------------------+----------+---------+---------+------------+----------+---------+
| | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 |
+----------------------+----------+---------+---------+------------+----------+---------+
| EQUITY SHAREHOLDERS' | 24,122 | 14,205 | 21,222 | 2,766 |(21,074) | 41,241 |
| FUNDS AS AT 1 JULY | | | | | | |
| 2008 | | | | | | |
+----------------------+----------+---------+---------+------------+----------+---------+
| | | | | | | |
+----------------------+----------+---------+---------+------------+----------+---------+
| | 2 | | | | | |
| Share capital issued | | 104 | - | - | - | 106 |
+----------------------+----------+---------+---------+------------+----------+---------+
| Transfer from | | | | | | |
| capital redemption | 80 | - | - | (80) | - | - |
| reserve | | | | | | |
+----------------------+----------+---------+---------+------------+----------+---------+
| | | | | | | |
| Profit and total | | | | | | |
| comprehensive income | - | - | - | - | 8,361 | 8,361 |
| for the period | | | | | | |
+----------------------+----------+---------+---------+------------+----------+---------+
| | | | | | | |
+----------------------+----------+---------+---------+------------+----------+---------+
| EQUITY SHAREHOLDERS' | | | | | | |
| FUNDS AS AT 31 | 24,204 | 14,309 | 21,222 | 2,686 |(12,713) | 49,708 |
| DECEMBER 2008 | | | | | | |
+----------------------+----------+---------+---------+------------+----------+---------+
| | - | | | | | |
| Share capital issued | | - | - | - | - | - |
| | | | | | | |
+----------------------+----------+---------+---------+------------+----------+---------+
| Transfer from | | | | | | |
| capital redemption | - | - | - | - | - | - |
| reserve | | | | | | |
+----------------------+----------+---------+---------+------------+----------+---------+
| Loss and total | | | | | | |
| comprehensive income | - | - | - | - | (6,358) |(5,631) |
| for the period | | | | | | |
+----------------------+----------+---------+---------+------------+----------+---------+
| | | | | | | |
+----------------------+----------+---------+---------+------------+----------+---------+
| EQUITY SHAREHOLDERS' | 24,204 | 14,309 | 21,222 | 2,686 |(19,071) | 43,350 |
| FUNDS AS AT 30 JUNE | | | | | | |
| 2009 | | | | | | |
+----------------------+----------+---------+---------+------------+----------+---------+
| | | | | | | |
+----------------------+----------+---------+---------+------------+----------+---------+
| | 2 | | | | | |
| Share capital issued | | 50 | - | - | - | 52 |
+----------------------+----------+---------+---------+------------+----------+---------+
| Transfer from | | | | | | |
| capital redemption | 14 | - | - | (14) | - | - |
| reserve | | | | | | |
+----------------------+----------+---------+---------+------------+----------+---------+
| | | | | | | |
| Profit and total | | | | | | |
| comprehensive income | - | - | - | - | 1,268 | 1,268 |
| for the period | | | | | | |
+----------------------+----------+---------+---------+------------+----------+---------+
| | | | | | | |
+----------------------+----------+---------+---------+------------+----------+---------+
| EQUITY SHAREHOLDERS' | | | | | | |
| FUNDS AS AT 31 | 24,220 | 14,359 | 21,222 | 2,672 |(17,803) | 44,670 |
| DECEMBER 2009 | | | | | | |
+----------------------+----------+---------+---------+------------+----------+---------+
| | | | | | | |
+----------------------+----------+---------+---------+------------+----------+---------+
Celtic plc
GROUP CASH FLOW STATEMENT
+------------------------------------+----+-+----+-----------+----------+--+----------+------------+----------+--+----------+------------+----------+
| | | 6 months | | 6 months to | | 12 months to | |
| | | to | | 31 December | | 30 June | |
| | | 31 | | 2008 | | 2009 | |
| | | December | | | | | |
| | | 2009 | | | | | |
+------------------------------------+-----------+-----------+-------------+-----------------------+-------------+-----------------------+----------+
| | Note |Unaudited | | Unaudited | | Audited | |
+------------------------------------+-----------+-----------+-------------+-----------------------+-------------+-----------------------+----------+
| | | GBP000 | | GBP000 | | GBP000 | |
+------------------------------------+-----------+-----------+-------------+-----------------------+-------------+-----------------------+----------+
| Cash flows from operating activities | | | | | |
+------------------------------------------------+----------------------+-------------+-----------------------+-------------+-----------------------+
| Profit before tax | | 1,268 | | 8,361 | | 2,003 |
+-------------------------------------------+----+----------------------+-------------+-----------------------+-------------+-----------------------+
| Depreciation | | 1,052 | | 1,045 | | 2,204 |
+-------------------------------------------+----+----------------------+-------------+-----------------------+-------------+-----------------------+
| Amortisation | | 4,038 | | 3,566 | | 7,434 |
+-------------------------------------------+----+----------------------+-------------+-----------------------+-------------+-----------------------+
| Impairment of intangible assets | | - | | - | | 797 |
+-------------------------------------------+----+----------------------+-------------+-----------------------+-------------+-----------------------+
| Profit on disposal of intangible assets | | (1,042) | | (1,046) | | (1,546) |
+-------------------------------------------+----+----------------------+-------------+-----------------------+-------------+-----------------------+
| Loss / (Profit) on disposal of property, | | 100 | | 121 | | (231) |
| plant and equipment | | | | | | |
+-------------------------------------------+----+----------------------+-------------+-----------------------+-------------+-----------------------+
| Finance costs | | 350 | | 460 | | 787 |
+-------------------------------------------+----+----------------------+-------------+-----------------------+-------------+-----------------------+
| (Increase) / decrease in inventories | | (245) | | 143 | | 390 |
+-------------------------------------------+----+----------------------+-------------+-----------------------+-------------+-----------------------+
| Decrease /(increase) in receivables | | 23 | | (2,609) | | (406) |
+-------------------------------------------+----+----------------------+-------------+-----------------------+-------------+-----------------------+
| Increase / (decrease) in payables and | | 286 | | (3,089) | | (2,415) |
| deferred income | | | | | | |
+-------------------------------------------+----+----------------------+-------------+-----------------------+-------------+-----------------------+
| Cash generated from operations | 5,830 | | 6,952 | | 9,017 |
+------------------------------------------------+----------------------+-------------+-----------------------+-------------+-----------------------+
| Interest paid | | (86) | | (196) | | (243) |
+-------------------------------------------+----+----------------------+-------------+-----------------------+-------------+-----------------------+
| Net cash flow from operating activities - | | 5,744 | | 6,756 | | 8,774 |
| A | | | | | | |
+-------------------------------------------+----+----------------------+-------------+-----------------------+-------------+-----------------------+
| Cash flows from investing activities | | | | | | |
+-------------------------------------------+----+----------------------+-------------+-----------------------+-------------+-----------------------+
| Purchase of property, plant and equipment | | (481) | | (1,587) | | (3,574) |
+-------------------------------------------+----+----------------------+-------------+-----------------------+-------------+-----------------------+
| Purchase of intangible assets | (6,962) | | (4,519) | | (6,970) |
+------------------------------------------------+----------------------+-------------+-----------------------+-------------+-----------------------+
| Proceeds from sale of property, plant and | - | | - | | 596 |
| equipment | | | | | |
+------------------------------------------------+----------------------+-------------+-----------------------+-------------+-----------------------+
| Proceeds from sale of intangible assets | | 573 | | 2,346 | | 3,639 |
+-----------------------------------------+------+----------------------+-------------+-----------------------+-------------+-----------------------+
| Net cash used in investing activities - | | (6,870) | | (3,760) | | (6,309) |
| B | | | | | | |
+-----------------------------------------+------+----------------------+-------------+-----------------------+-------------+-----------------------+
| Cash flows from financing activities | | | | | | |
+-----------------------------------------+------+----------------------+-------------+-----------------------+-------------+-----------------------+
| Repayment of debt | | (96) | | (4) | | (14) |
+-----------------------------------------+------+----------------------+-------------+-----------------------+-------------+-----------------------+
| Dividends paid | | (493) | | (438) | | (437) |
+-----------------------------------------+------+----------------------+-------------+-----------------------+-------------+-----------------------+
| Net cash (used) / generated in | | (589) | | (442) | | (451) |
| financing activities - C | | | | | | |
+-----------------------------------------+------+----------------------+-------------+-----------------------+-------------+-----------------------+
| Net decrease / (increase) in cash | | (1,715) | | 2,554 | | 2,014 |
| equivalents A+B+C | | | | | | |
+-----------------------------------------+------+----------------------+-------------+-----------------------+-------------+-----------------------+
| Cash and cash equivalents at 1 July | | 10,489 | | 8,475 | | 8,475 |
+-----------------------------------------+------+----------------------+-------------+-----------------------+-------------+-----------------------+
| Cash and cash equivalents at period end | 10 | 8,774 | | 11,029 | | 10,489 |
+-----------------------------------------+------+----------------------+-------------+-----------------------+-------------+-----------------------+
| | | | | | | | | | | | | | |
+------------------------------------+----+-+----+-----------+----------+--+----------+------------+----------+--+----------+------------+----------+
Celtic plc
NOTES TO THE FINANCIAL STATEMENTS
1. This Interim Report, comprising the Consolidated Statement of
Comprehensive Income, Group Balance Sheet, Group Statement of Changes in Equity,
Group Cash Flow Statement and accompanying Notes, has been prepared in
accordance with the recognition and measurement criteria of IFRS and the AIM
rules save that the Group has elected not to adopt IAS34, Interim Reports.
These IFRS Interim Financial Statements do not include all the information
required for full IFRS annual financial statements.
The interim results do not constitute the statutory accounts within the meaning
of s434 of the Companies Act 2006. The financial information in this report for
the six months to 31 December 2009 and to 31 December 2008 has not been
audited. The comparative figures for the year ended 30 June 2009 are extracted
from the Group's audited Financial Statements for that period as filed with the
Registrar of Companies. It does not constitute the financial statements for
that period. Those accounts received an unqualified audit report which did not
contain any statement under sections 498 (2) or (3) of the Companies Act 2006.
The auditors have reviewed this Interim Report and their report is set
out above.
The accounts for the interim period have been prepared in accordance with the
policies which the Group will adopt for its 2010 annual accounts.
2. REVENUE - SEGMENTAL INFORMATION
+----------------------------------+--+-----------+----------+-----------+----------+----------------------+
| | | 6 months | | 6 months | | 12 months |
| | | to | | to | | to 30 |
| | | 31 | | 31 | | June |
| | | December | | December | | 2009 |
| | | 2009 | | 2008 | | |
+----------------------------------+--+-----------+----------+-----------+----------+----------------------+
| | |Unaudited | |Unaudited | | Audited |
| | | GBP000 | | | | GBP000 |
| | | | | GBP000 | | |
+----------------------------------+--+-----------+----------+-----------+----------+----------------------+
| Revenue comprised: | | | | | | |
+----------------------------------+--+-----------+----------+-----------+----------+----------------------+
| | | | | | | |
+----------------------------------+--+-----------+----------+-----------+----------+----------------------+
| Football and stadium operations | | 19,018 | | 22,022 | | 36,534 |
+----------------------------------+--+-----------+----------+-----------+----------+----------------------+
| Multimedia & other commercial | | 7,273 | | 13,869 | | 17,180 |
| activities | | | | | | |
+----------------------------------+--+-----------+----------+-----------+----------+----------------------+
| Merchandising | | 9,815 | | 10,894 | | 18,873 |
+----------------------------------+--+-----------+----------+-----------+----------+----------------------+
| | | 36,106 | | 46,785 | | 72,587 |
+----------------------------------+--+-----------+----------+-----------+----------+----------------------+
| | | | | | | 26 |
| Number of home games | | 15 | | 15 | | |
+----------------------------------+--+-----------+----------+-----------+----------+----------------------+
3. OPERATING EXPENSES
Total operating expenses for the period were GBP35.43m (2008: GBP38.89m). The
exceptional operating expenses are GBPnil. In 2008, exceptional operating costs
of GBP1.22m reflected labour and ancillary charges largely arising as the result
of onerous contracts.
4. FINANCE COSTS
+--------------------------------+--+-----------+----------+-----------+----------+-----------+
| | | 6 months | | 6 months | |12 months |
| | | to | | to | | to 30 |
| Payable as follows on: | | 31 | | 31 | | June |
| | | December | | December | | 2009 |
| | | 2009 | | 2008 | | |
+--------------------------------+--+-----------+----------+-----------+----------+-----------+
| | |Unaudited | |Unaudited | | Audited |
| | | GBP000 | | GBP000 | | GBP000 |
+--------------------------------+--+-----------+----------+-----------+----------+-----------+
| Bank Loans and Overdraft | | 86 | | 196 | | 243 |
+--------------------------------+--+-----------+----------+-----------+----------+-----------+
| Non-Equity Shares | | 264 | | 264 | | 544 |
+--------------------------------+--+-----------+----------+-----------+----------+-----------+
| | | | | | | |
+--------------------------------+--+-----------+----------+-----------+----------+-----------+
| Total | | 350 | | 460 | | 787 |
+--------------------------------+--+-----------+----------+-----------+----------+-----------+
5. TAXATION
After taking account of unutilised tax losses brought forward, together with the
projected performance for the next six months, no provision for taxation is
required.
6. EARNINGS PER SHARE
Basic earnings per share has been calculated by dividing the earnings for the
period by the weighted average number of Ordinary Shares in issue 89,811,538
(2008: 89,441,921). Diluted earnings per share as at 31 December 2009 has been
calculated by dividing the earnings for the period by the weighted average
number of Ordinary Shares, Preference Shares and Convertible Preferred Ordinary
Shares in issue, assuming conversion at the balance sheet date, and the full
exercise of outstanding share purchase options, if dilutive. As at December
2009, December 2008 and June 2009 no account was taken of potential conversion
of share purchase options, as these potential Ordinary Shares were not
considered to be dilutive under the definitions of the applicable accounting
standards.
7. INTANGIBLE ASSETS
+----------------------------------+-+-----------+----------+-----------+----------+-----------+
| | | 6 months | | 6 months | |12 months |
| | | to | | to | | to 30 |
| | | 31 | | 31 | | June |
| | | December | | December | | 2009 |
| | | 2009 | | 2008 | | |
+----------------------------------+-+-----------+----------+-----------+----------+-----------+
| | |Unaudited | |Unaudited | | Audited |
| | | | | | | |
+----------------------------------+-+-----------+----------+-----------+----------+-----------+
| Cost | | GBP000 | | GBP000 | | GBP000 |
| | | | | | | |
+----------------------------------+-+-----------+----------+-----------+----------+-----------+
| At 1 July | | 26,126 | | 26,526 | | 26,526 |
+----------------------------------+-+-----------+----------+-----------+----------+-----------+
| Additions | | 7,842 | | 7,011 | | 8,529 |
+----------------------------------+-+-----------+----------+-----------+----------+-----------+
| Disposals | | (5,142) | | (3,985) | | (8,929) |
+----------------------------------+-+-----------+----------+-----------+----------+-----------+
| At period end | | 28,826 | | 29,552 | | 26,126 |
+----------------------------------+-+-----------+----------+-----------+----------+-----------+
| Amortisation | | | | | | |
+----------------------------------+-+-----------+----------+-----------+----------+-----------+
| At 1 July | | 13,981 | | 14,664 | | 14,664 |
+----------------------------------+-+-----------+----------+-----------+----------+-----------+
| Charge for the period | | 4,038 | | 3,566 | | 7,434 |
+----------------------------------+-+-----------+----------+-----------+----------+-----------+
| Provision for impairment | | - | | - | | 797 |
+----------------------------------+-+-----------+----------+-----------+----------+-----------+
| Disposals | | (5,142) | | (3,970) | | (8,914) |
+----------------------------------+-+-----------+----------+-----------+----------+-----------+
| At period end | | 12,877 | | 14,260 | | 13,981 |
+----------------------------------+-+-----------+----------+-----------+----------+-----------+
| | | | | | | |
| Net Book Value at period end | | 15,949 | | 15,292 | | 12,145 |
+----------------------------------+-+-----------+----------+-----------+----------+-----------+
+--------------------+---------+----------+----------+---------+----------+---------+---------+----------+---------+---------+----------+
| | Authorised | Allotted, called up and fully paid |
| | 31 December | 31 December |
+--------------------+-----------------------------------------+------------------------------------------------------------------------+
| | 2009 | | | 2008 | | 2009 | 2009 | | 2008 | 2008 | |
+--------------------+---------+----------+----------+---------+----------+---------+---------+----------+---------+---------+----------+
| | No | | | No | | No | GBP000 | | No | GBP000 | |
| | 000 | | | 000 | | 000 | | | 000 | | |
+--------------------+---------+----------+----------+---------+----------+---------+---------+----------+---------+---------+----------+
| Equity | | | | | | | | | | | |
+--------------------+---------+----------+----------+---------+----------+---------+---------+----------+---------+---------+----------+
| Ordinary Shares of | 219,933 | | | 219,878 | | 89,883 | 899 | | 89,702 | 897 | |
| 1p each | | | | | | | | | | | |
| | | | | | | | | | | | |
+--------------------+---------+----------+----------+---------+----------+---------+---------+----------+---------+---------+----------+
| Deferred Shares of | 487,985 | | | 485,343 | | 487,985 | 4,880 | | 485,343 | 4,853 | |
| 1p each | | | | | | | | | | | |
+--------------------+---------+----------+----------+---------+----------+---------+---------+----------+---------+---------+----------+
| Non-equity | | | | | | | | | | | |
+--------------------+---------+----------+----------+---------+----------+---------+---------+----------+---------+---------+----------+
| Convertible | | | | | | | | | | | |
| Preferred Ordinary | 16,045 | | | 16,071 | | 14,057 | 14,057 | | 14,084 | 14,084 | |
| Shares of GBP1 | | | | | | | | | | | |
| each | | | | | | | | | | | |
+--------------------+---------+----------+----------+---------+----------+---------+---------+----------+---------+---------+----------+
| | | | | | | | | | | | |
+--------------------+---------+----------+----------+---------+----------+---------+---------+----------+---------+---------+----------+
| Convertible | | | | | | | | | | | |
| Cumulative | 19,293 | | | 19,294 | | 16,793 | 10,076 | | 16,794 | 10,077 | |
| Preference Shares | | | | | | | | | | | |
| of 60p each | | | | | | | | | | | |
+--------------------+---------+----------+----------+---------+----------+---------+---------+----------+---------+---------+----------+
| Less reallocated | | | | | | | | | | | |
| to debt under IAS | - | | | - | | - | (5,692) | | - | (5,707) | |
| 32 | | | | | | | | | | | |
+--------------------+---------+----------+----------+---------+----------+---------+---------+----------+---------+---------+----------+
| | | | | | | | | | | | |
+--------------------+---------+----------+----------+---------+----------+---------+---------+----------+---------+---------+----------+
| | 743,256 | | | 740,586 | | 608,718 | 24,220 | | 605,923 | 24,204 | |
+--------------------+---------+----------+----------+---------+----------+---------+---------+----------+---------+---------+----------+
9.NON - CURRENT LIABILITIES
Non-current liabilities reflect long-term bank loans of GBP11.91m (2008:
GBP12.0m) drawn down at the end of the period as part of the Company's bank
facility of GBP35.81m (2008: GBP36.00m) and GBP3.03m (2008: GBP3.03m) as a
result of the reallocation of non-equity share capital from equity to debt
following the introduction of IAS 32 and GBP0.16m (2008: GBP0.54m) of deferred
income.
10. ANALYSIS OF NET DEBT
The reconciliation of the movement in cash and cash equivalents per the cash
flow statement to net bank debt is as follows:
+----------------------------------+----------+----------+--+----------+----------+----------+
| | | 31 | | 31 | | 30 June |
| | |December | |December | | 2009 |
| | | 2009 | | 2008 | | |
+----------------------------------+----------+----------+--+----------+----------+----------+
| | | GBP000 | | GBP000 | | GBP000 |
+----------------------------------+----------+----------+--+----------+----------+----------+
| Bank Loans | | 11,906 | | 12,000 | | 12,000 |
+----------------------------------+----------+----------+--+----------+----------+----------+
| Cash and cash equivalents | | (8,774) | |(11,029) | |(10,489) |
+----------------------------------+----------+----------+--+----------+----------+----------+
| | | | | | | |
+----------------------------------+----------+----------+--+----------+----------+----------+
| Net bank debt at period end | | 3,132 | | 971 | | 1,511 |
+----------------------------------+----------+----------+--+----------+----------+----------+
Total debt, including other loans of GBP0.14m (2008: GBP0.15m) and that arising
from the reallocation from equity to debt under IFRS 7 of GBP3.03m (2008:
GBP3.03m) amounted to GBP6.30m (2008: GBP4.15m).
11. TRANSFER FEES PAYABLE / RECEIVABLE
Under the terms of certain contracts in respect of the transfer of player
registrations, additional amounts will be payable/receivable by the Company if
specific future conditions are met. As at 31 December 2009 amounts in respect
of such contracts could result in an amount payable of GBP4.14m of which
GBP2.61m could arise within one year, and amounts receivable of GBP0.47m all of
which could arise within one year.
12. POST BALANCE SHEET EVENTS
Following 31 December 2009, Celtic acquired the permanent registrations of Ki
Sung Yueng, Jos Hooiveld, Thomas Rogne, Morten Rasmussen and Paul Slane and the
loan registrations of Edson Braafheid, Diomansy Kamara and Robbie Keane. The
registrations of Willo Flood, Chris Killen, Scott McDonald and Barry Robson were
permanently transferred to Middlesbrough, while Stephen McManus joined
Middlesbrough on loan until the end of June 2010. The registrations of Gary
Caldwell and Danny Fox were also transferred on a permanent basis to Wigan
Athletic and Burnley respectively.
Directors
Dr John Reid (Chairman)*
Peter T Lawwell (Chief Executive)
Eric J Riley (Financial)
Tom E Allison *
Dermot F Desmond*
Brian Duffy*
Ian P Livingston*
Brian D H Wilson *
Secretary
Robert M Howat
Directors of the Celtic Football and Athletic
Company Limited
Peter T Lawwell
Eric J Riley
Kevin Sweeney*
John S Keane*
Michael A McDonald*
* Independent Non-Executive Director
Secretary
Robert M Howat
Football Manager
Tony Mowbray
Preference Share Dividend Timetable 2010
Ex-dividend Date: 28
July 2010
Record Date: 30
July 2010
Closing date for Scrip Scheme elections: 11 August 2010
(5.00pm)
Payment Date: 31
August 2010
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR GGURGPUPUGUA
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