TIDMCCP
RNS Number : 6242X
Celtic PLC
11 February 2013
11 February 2013
CELTIC plc
INTERIM RESULTS FOR THE SIX MONTHS TO 31 DECEMBER 2012
Operational Highlights
-- Progression to last 16 of the European Champions League.
-- Currently top in the Clydesdale Bank Premier League.
-- Continued participation in the Scottish Cup.
-- Announcement of new shirt sponsorship deal with Magners commencing 1 July 2013.
Financial Highlights
-- Turnover increased by 71.0% to GBP50.06m (2011: GBP29.27m).
-- Operating expenses increased by 30.2% to GBP36.96m (2011: GBP28.39m).
-- Profit from trading of GBP13.10m (2011: GBP0.88m).
-- Profit on disposal of intangible assets GBP5.20m (2011: GBP3.15m).
-- Profit before taxation of GBP14.94m (2011:GBP0.18m).
-- Period end net bank debt of GBP0.13m (2011: GBP7.05m).
-- Investment in football personnel of GBP4.65m (2011: GBP4.44m).
-- 19 home fixtures (2011: 16).
For further information contact:
Ian Bankier, 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
I am pleased to report on our financial results for the six
months ended 31 December 2012. The introductory page to these
interim results summarises the main highlights.
On the pitch it has been a memorable and highly successful
period. We started the new season as Scottish Premier League
Champions and, since then, we have enjoyed impressive results. At
the time of writing, we have a healthy lead in the race to retain
our Premier League title and we remain in the Scottish FA Cup.
Of greater significance, though, has been the achievement of
qualifying for the last 16 of the UEFA Champions League, the
undoubted highlight being our victory over Barcelona at Celtic Park
in November. Celtic surpassed the expectations of many by
progressing into the competition's knockout stages from a very
tough group. Furthermore, the club's international reputation and
standing received a substantial boost. This success had a major
bearing on our financial performance in the period under
review.
The revenues generated by the team's success in Europe this year
have significantly impacted our half year results, with turnover
increasing to GBP50.06m, a 71% improvement over the previous year.
Celtic's achievements, both domestically and in Europe, have had a
similarly positive effect on merchandise and ticketing income,
notwithstanding the current difficult economic climate.
The results on the park and additional matches produced an
increase in operating expenses to GBP36.96m and our profit from
trading, before asset transactions and exceptional operating
expenses, was GBP14.94m - a significant uplift on last year's
figure of GBP0.18m for the same period.
As in previous years, we continue to make investments in the
playing squad and support services. The management of the playing
squad is an important aspect of our business model. In the period
under review we invested GBP4.65m in strengthening the first team
squad, and added to this in the January transfer window. We have a
talented first team pool, with a strong emphasis on youth. Our
scouting and player identification processes continue to bear
fruit, and our investment in state of the art medical and sport
science facilities at Lennoxtown has contributed to optimising
performance. Similarly, the ongoing strategy of investing in our
Academy is yielding its own benefits as we remain committed to
finding, coaching and developing Champions League quality
players.
Such investment and player development initiatives have further
enhanced profitability, with a profit from transfer activity of
GBP5.2m, largely as a consequence of the sale of Ki Sung Yueng to
Swansea, in comparison to GBP3.15m last year. Nevertheless, we have
managed to strike a prudent balance between trading successful,
valuable assets and retaining key talent to enhance our prospects
of football success. Our financial strength meant that we were able
to retain all our key players through the January transfer window
and further enhanced our squad with the signing of Rami Gershon,
Tomas Rogic and Viktor Noring.
The improvement in trading has impacted on our period end net
bank debt, which stood at GBP0.13m, nearly GBP7m less than at the
same point last year, well within the Company's facilities. Our
success on the park and the maintenance of our robust business
model has provided stability in a challenging environment. The
second half of the 2012/13 financial year is expected to follow a
similar trading pattern to recent years, but buoyed by on-field
success including participation in the UEFA Champions League.
Scottish Football has recently endorsed proposals to restructure
our domestic league system, with the aim of generating additional
interest and revenue for the benefit of fans and member clubs
alike. Celtic has been happy to support initiatives it sees as
being in the best interests of the Club and of the Scottish game in
general.
Off the field, the Club marked its 125th Anniversary in November
with a celebratory event held at St Mary's Church in Glasgow's
Calton where the inaugural meetings that led to the Club's
formation occurred in 1887. In addition, the Celtic Charity
Foundation launched an associated fund raising campaign aimed at
increasing donations raised for worthy causes.
In conclusion, I would wish to pay tribute to Neil Lennon and
his backroom staff, all of the players and all of the Directors,
management and staff at the Club who work tirelessly to maintain
the standards for which Celtic is rightly renowned. And finally, I
would like to thank the fans, who have continued to show their
unswerving support at a particularly turbulent but exciting time in
our history.
Ian P Bankier 11 February 2013
Chairman
Celtic plc
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 2012 which comprises the Consolidated
Statement of Comprehensive Income, the Consolidated Balance Sheet,
the Consolidated Statement of Changes in Equity, the Consolidated
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 2012 is not prepared, in all material respects, in
accordance with the AIM Rules of the London Stock Exchange.
PKF (UK) LLP
Glasgow, UK
11 February 2013
Celtic plc
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
6 months 6 months 6 months 6months 6months 6months
to 31 to 31 to to to 31 to
December December 31 31 December December 31 December
2012 2012 December 2011 2011 2011
Unaudited Unaudited 2012 Unaudited Unaudited Unaudited
Unaudited
Operations Operations
excluding Player excluding Player
CONTINUING OPERATIONS: player trading Total player trading Total
trading trading
Note GBP000 GBP000 GBP000 GBP000 GBP000
REVENUE 2 50,058 - 50,058 29,271 - 29,271
OPERATING EXPENSES (36,961) - (36,961) (28,388) - (28,388)
----------- ----------- ----------- ------------ ----------- ------------
PROFIT FROM TRADING
BEFORE ASSET TRANSACTIONS
AND EXCEPTIONAL OPERATING
EXPENSES 13,097 - 13,097 883 - 883
AMORTISATION OF
INTANGIBLE ASSETS - (2,987) (2,987) - (3,351) (3,351)
PROFIT ON DISPOSAL OF
INTANGIBLE ASSETS - 5,204 5,204 - 3,146 3,146
LOSS ON DISPOSAL OF
PROPERTY PLANT AND
EQUIPMENT - - - (120) - (120)
----------- ----------- ----------- ------------ ----------- ------------
PROFIT BEFORE
FINANCIAL EXPENSES AND
TAXATION 13,097 2,217 15,314 763 (205) 558
=========== =========== ============ ===========
FINANCE COSTS: 3
BANK LOANS AND OVERDRAFT ( 98) (109)
CONVERTIBLE PREFERENCE
SHARES (272) (272)
----------- ------------
PROFIT BEFORE TAX 14,944 177
TAXATION 4 - -
----------- ------------
PROFIT FOR THE PERIOD
FROM CONTINUING
OPERATIONS 14,944 177
----------- ------------
PROFIT AND TOTAL
COMPREHENSIVE
INCOME FOR THE PERIOD
ATTRIBUTABLE TO THE
EQUITY HOLDERS OF THE
PARENT 14,944 177
=========== ============
BASIC EARNINGS PER
ORDINARY
SHARE 5 16.54p 0.20p
=========== ============
DILUTED EARNINGS PER
SHARE 5 11.17p 0.33p
=========== ============
Celtic plc
Registered number SC3487
CONSOLIDATED BALANCE SHEET
31 December 31 December 30 June
2012 2011 2012
Unaudited Unaudited Audited
Notes GBP000 GBP000 GBP000
NON-CURRENT ASSETS
Property plant and equipment 52,903 53,637 53,452
Intangible assets 6 8,241 10,640 7,333
------------ ------------ ----------
61,144 64,277 60,785
CURRENT ASSETS
Inventories 2,191 1,911 2,160
Receivables 7 11,340 5,576 4,981
Cash and cash equivalents 10,655 4,108 8,198
------------ ------------ ----------
24,186 11,595 15,339
------------ ------------ ----------
TOTAL ASSETS 85,330 75,872 76,124
============ ============ ==========
EQUITY
Issued share capital 8 24,265 24,266 24,264
Share premium 14,486 14,443 14,443
Other reserve 21,222 21,222 21,222
Capital reserve 2,630 2,629 2,630
Retained earnings (14,937) (22,334) (29,881)
------------ ------------ ----------
TOTAL EQUITY 47,666 40,226 32,678
============ ============ ==========
LIABILITIES
NON-CURRENT LIABILITIES
Interest bearing loans 9 10,407 10,781 10,594
Debt element of non-equity share
capital 4,441 4,441 4,441
Deferred income 91 184 121
------------ ------------ ----------
14,939 15,406 15,156
------------ ------------ ----------
CURRENT LIABILITIES
Trade and other payables 13,676 12,016 15,069
Current borrowings 493 499 493
Deferred income 8,556 7,725 12,728
------------ ------------ ----------
22,725 20,240 28,290
============ ============ ==========
TOTAL LIABILITIES 37,664 35,646 43,446
============ ============ ==========
TOTAL EQUITY AND LIABILITIES 85,330 75,872 76,124
============ ============ ==========
Approved by the Board on 11 February 2013
Celtic plc
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share capital Share premium Other Capital Retained Total
reserve reserve earnings
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
EQUITY SHAREHOLDERS'
FUNDS AS AT 1 JULY
2011 (audited) 24,264 14,399 21,222 2,628 (22,510) 40,003
Share capital issued - 44 - - - 44
Transfer from capital - - - - - -
reserve
Profit and total comprehensive
income for the period - - - - 177 177
EQUITY SHAREHOLDERS'
FUNDS AS AT 31 DECEMBER
2011 (Unaudited) 24,264 14,443 21,222 2,628 (22,333) 40,224
================ ================ ========== ========== =========== ==========
Transfer to capital
reserve - - - 2 - 2
Profit and total comprehensive
income for the period - - - - (7,548) (7,548)
---------------- ---------------- ---------- ---------- ----------- ----------
EQUITY SHAREHOLDERS'
FUNDS AS AT 30 JUNE
2012 (Audited) 24,264 14,443 21,222 2,630 (29,881) 32,678
================ ================ ========== ========== =========== ==========
Share capital issued 1 43 - - - 44
Profit and total comprehensive
income for the period - - - - 14,944 14,944
EQUITY SHAREHOLDERS'
FUNDS AS AT 31 DECEMBER
2012 (Unaudited) 24,265 14,486 21,222 2,630 (14,937) 47,666
================ ================ ========== ========== =========== ==========
Celtic plc
CONSOLIDATED CASH FLOW STATEMENT
6 months 6 months
to to
31 December 31 December
2012 2011
Note Unaudited Unaudited
GBP000 GBP000
Cash flows from operating activities
Profit before tax 14,944 177
Depreciation 939 981
Amortisation 2,987 3,351
Impairment of intangible assets - -
Profit on disposal of intangible assets (5,204) (3,146)
Loss on disposal of property, plant
and equipment - 120
Finance costs 370 381
------------- -------------
14,036 1,864
(Increase) / decrease in inventories (31) 339
(Increase) in receivables (4,823) (235)
(Decrease) in payables and deferred
income (3,107) (5,801)
Cash (utilised in) / generated from operations 6,075 (3,833)
Interest paid (98) (109)
Net cash flow from operating activities
- A 5,977 (3,942)
Cash flows from investing activities
Purchase of property, plant and equipment (732) (469)
Purchase of intangible assets (6,529) (5,957)
Proceeds from sale of intangible assets 4,428 4,351
Net cash used in investing activities
- B (2,833) (2,076)
Cash flows from financing activities
Repayment of debt (188) (194)
Dividends paid (499) (498)
Net cash (used) in financing activities
- C (687) (692)
Net (increase) in cash equivalents
A+B+C 2,457 (6,710)
Cash and cash equivalents at 1 July 8,198 10,818
Cash and cash equivalents at period
end 10 10,655 4,108
Celtic plc
NOTES TO THE FINANCIAL STATEMENTS
1. This Interim Report, comprising the Consolidated Statement of
Comprehensive Income, Consolidated Balance Sheet, Consolidated
Statement of Changes in Equity, Consolidated Cash Flow Statement
and accompanying Notes, has been prepared in accordance with the
AIM rules of the London Stock Exchange. The measurement and
recognition accounting policies applied are consistent with those
that will be applied in the 2013 annual accounts which will be
prepared in accordance with IFRS.
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 2012
and to 31 December 2011 has not been audited. The comparative
figures for the year ended 30 June 2012 are extracted from the
Group's audited financial statements for that period as filed with
the Registrar of Companies. They do not constitute the statutory
accounts within the meaning of s434 of the Companies Act 2006 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 earlier in this document.
2. REVENUE - SEGMENTAL INFORMATION
6 months to 6 months to
31 December 31 December
2012 2011
Unaudited Unaudited
GBP000 GBP000
Revenue comprised:
Football and stadium operations 18,598 16,446
Multimedia & other commercial
activities 21,613 5,004
Merchandising 9,847 7,821
50,058 29,271
============= =============
Number of home games 19 16
============= =============
3. FINANCE COSTS
6 months 6 months
to to
Payable as follows on: 31 December 31 December
2012 2011
Unaudited Unaudited
GBP000 GBP000
Bank loans and overdraft 98 109
Non-equity shares 272 272
Total 370 381
============= =============
4. 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.
5. 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 90,364,753 (2011: 90,229,640). Diluted earnings per
share as at 31 December 2012 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 2012 and December 2011 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.
6. INTANGIBLE ASSETS
6 months to 6 months to 12 months
31 December 31 December to 30 June
2012 2011 2012
Unaudited Unaudited Audited
Cost GBP000 GBP000 GBP000
At 1 July 28,737 29,618 29,618
Additions 4,655 4,436 5,239
Disposals (8,282) (3,937) (6,120)
------------- ------------- ------------
At period end 25,110 30,117 28,737
============= ============= ============
Amortisation
At 1 July 21,404 19,254 19,254
Charge for the period 2,987 3,351 6,367
Provision for impairment - - 301
Disposals (7,522) (3,128) (4,518)
------------- ------------- ------------
At period end 16,869 19,477 21,404
============= ============= ============
Net Book Value at period end 8,241 10,640 7,333
============= ============= ============
7. RECEIVABLES
The increase of GBP5.76m in the level of receivables from 31
December 2011 to GBP11.34m is primarily a result of an increase in
amounts due in instalments from player sales conducted in previous
transfer windows and payments due from UEFA in relation to UCL
group stage participations.
8. SHARE CAPITAL
Authorised Allotted, called up and fully paid
31 December 30 June 31 December 30 June
2012 2011 2012 2012 2012 2011 2011 2012 2012
No 000 No 000 No 000 No 000 GBP000 No 000 GBP000 No 000 GBP000
Equity
Ordinary
Shares
of 1p each 220,124 220,105 220,120 90,409 904 90,260 902 90,275 903
Deferred
Shares
of 1p each 497,110 496,184 496,924 497,110 4,971 496,184 4,962 496,924 4,969
Non-equity
Convertible
Preferred
Ordinary
Shares
of GBP1 each 15,959 15,967 15,960 13,971 13,971 13,980 13,980 13,972 13,972
Convertible
Cumulative
Preference
Shares
of 60p each 19,282 19,282 19,282 16,782 10,069 16,782 10,070 16,782 10,069
Less
reallocated
to debt
under
IAS 32 - - - - (5,650) - (5,648) (5,649)
--------- --------- ----------
752,475 751,538 752,286 618,272 24,265 617,206 24,266 617,953 24,264
========= ========= ========= ========= ========== ========= ========== ========= ==========
9. NON - CURRENT LIABILITIES
Non-current liabilities reflect the non-current element of bank
loans of GBP10.41m (December 2011: GBP10.78m, June 2012: GBP10.59m)
drawn down at the end of the period as part of the Company's bank
facility of GBP33.56m (December 2011: GBP34.31m, June 2012:
GBP33.94) and GBP4.44m (December 2011: GBP4.44m, June 2012:
GBP4.44m) as a result of the reallocation of non-equity share
capital from equity to debt following the introduction of IAS 32
and GBP0.09m (December 2011: GBP0.18m, June 2012: GBP0.12m) 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 December 31 December 30 June
2012 2011 2012
GBP000 GBP000 GBP000
Bank Loans due after more than
one year 10,407 10,781 10,594
Bank Loans due within one year 375 375 375
Cash and cash equivalents (10,655) (4,108) (8,198)
------------ ------------ --------
Net bank debt at period end 127 7,048 2,771
============ ============ ========
Total net debt, including other loans of GBP0.12m (2011:
GBP0.12m) and that arising from the reclassification of equity to
debt following the adoption of IAS32 of GBP4.44m (2011: GBP4.44m)
amounted to GBP4.69m (2011: 11.61m).
11. POST BALANCE SHEET EVENTS
Following 31 December 2012, Celtic acquired the permanent
registrations of Tomas Rogic in addition to entering into loan
agreements for Rami Gershon and Viktor Noring. The registration of
Mohamed Bangura was loaned to IF Elfsborg.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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