TIDMCCP
RNS Number : 6700O
Celtic PLC
23 September 2013
CELTIC plc
Preliminary Results for the year ended 30 June 2013
SUMMARY OF THE RESULTS
Operational Highlights
-- Winners of the SPL.
-- Winners of the Scottish Cup.
-- Progression to the last 16 of the UEFA Champions League
having played 6 home European matches (2012: 4).
-- 30 home matches played at Celtic Park (2012: 24).
-- Celtic Park selected to host the opening ceremony for the 2014 Commonwealth Games.
-- New 3 year shirt sponsorship contract with Magners Irish Cider.
-- 125 Anniversary celebrations.
Financial Highlights
-- Group Revenue increased by 47.7% to GBP75.82m (2012: GBP51.34m).
-- Operating expenses increased by 15.2% to GBP62.71m (2012: GBP54.44m).
-- Investment in football personnel of GBP9.66m (2012: GBP5.24m).
-- Year end net cash at bank GBP3.76m (2012: GBP2.77m net bank debt).
-- Exceptional costs of GBP1.83m (2012: GBP0.54m).
-- Profit before tax GBP9.74m (2012: GBP7.37m loss).
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
CHAIRMAN'S STATEMENT
I am delighted to report that success on the field and, in
particular, our European campaign have contributed to a very
successful trading period.
These annual results show that in the year to end June 2013,
turnover increased by GBP24.48m to GBP75.82m, which, after
operating expenses of GBP62.71m, produced an operating profit of
GBP13.10m and retained profits after tax of GBP9.74m, compared to a
loss of GBP7.37m in the previous year.
This is not only a highly satisfactory result, but represents a
five year record profit. Consistent with such a robust financial
performance, our net cash at bank position at the year end was
GBP3.76m, an improvement of GBP6.53m from the same time last
year.
Whilst the undoubted highlight of last season was qualifying
from the group stages and playing in the last sixteen of the UEFA
Champions League, it is crucial that we were able to win the
Scottish Premier League title for the second time in a row and get
another shot at Europe. This has led to another successful
qualification for the group stages with a highly memorable win
against Shakhter Karagandy on 28 August at Celtic Park.
The momentum we build by competing in Europe at this level in
two successive years is considerable, both financially and in terms
of our player pool development strategy.
The dynamics derived from the Board's strategy of developing the
player pool, which I have been reporting on over successive
statements, were employed fully throughout the financial year. We
invested GBP9.66m in strengthening the first team squad, compared
to GBP5.24m last year, and following the sales of players in the
period, we made a gain of GBP5.19m, compared to GBP3.54m last time.
Our new arrivals at Celtic Park during the financial year included;
Efe Ambrose, Tom Rogic, (on a permanent basis) Fraser Forster,
Amido Balde and Virgil Van Dijk. They were joined by Steven
Mouyokolo, Derk Boerrigter, Nir Biton and Teemu Pukki during the
summer transfer window.
Our decision, taken earlier in the financial year, not to accept
offers for key players, so that we might maximise our chances of
playing success, was a good one in hindsight. The relevant player
disposals were made post the financial year end, during the summer
transfer window.
Our strong financial performance has allowed us to invest funds
across a number of other important areas, including the Youth
Academy, with coaching staff, and the Stadium, where we have
embarked upon a programme of upgrades that will be apparent this
season. Our continued investment in the Youth Academy continues to
deliver results at all levels, but special mention must be made of
our Under 20 team, who won the league and cup double. The Academy
continues to supply young players to the first team pool.
Throughout the journey we have been hugely mindful of our
supporters, who have performed the role of the 'twelfth' man
superbly at each and every crucial fixture, not least of all the
recent encounter with Shakhter Karagandy. In recognition, we
introduced a one off GBP100 award for all standard season ticket
applications for season 2013/14 and this has been warmly received,
with season ticket numbers in excess of those for season
2012/13.
This year demonstrates, above all, the impact that football
success brings to Celtic plc in its current shape. The predominant
focus of the board is to sustain a robust structure that can
benefit fully from the fruits of playing success, yet withstand the
economic pressures of today's football environment in Scotland. The
two key elements of that structure are responsible financial
management for the long term, coupled with an intelligent player
pool strategy.
We believe that we are achieving this standard and, in so
saying, tribute must be paid to Neil Lennon, his support team and
players, the coaching staff and assistants at the Academy, Peter
Lawwell, his executive team, and all of the staff and employees of
Celtic who work enthusiastically for this great Club.
Celtic was built on charitable foundations and we continue to
recognise the importance of that ethos and the Club's role in
society. Throughout the year we provided the platform for an array
of charitable initiatives. Honouring the objectives of the Club's
founders, it was fitting that, in its 125(th) anniversary year, the
Club continued to support the Celtic Charity Fund, which did more
for charitable and social causes than it has ever done before.
Finally, we have enjoyed tremendous support from our fans,
sponsors, business partners and shareholders and I thank them
all.
Ian P Bankier 23 September 2013
Chairman
CHIEF EXECUTIVE'S REVIEW
INTRODUCTION
After the groundwork laid down in previous years, season 2012/13
represented further progress for Celtic, benefiting from our clear
strategy for development and growth both on and off the field of
play.
The Club won the Scottish Premier League title by a margin of 16
points, and achieved the double with victory over Hibs in the
Scottish FA Cup Final at Hampden Park. In addition to our domestic
success, the team qualified for the last 16 of the UEFA Champions
League following a very successful campaign in the group stages,
re-establishing Celtic as a credible force in Europe.
Beating Barcelona in front of our own supporters in a packed
Celtic Park ranks as one of the greatest achievements in our
history. It was fitting, therefore, that that success followed a
memorable service at St Mary's Church in the Calton, to celebrate
the Club's 125(th) Anniversary.
Success on the field, and in particular the European campaign,
has contributed to a very successful trading period, as has the
continued commitment to excellence and innovation as we continue to
develop the Celtic brand in Scotland and around the world.
FOOTBALL INVESTMENT AND OPERATIONS
Investment in the playing squad was made during the 2012/13
season, with just under GBP10m invested in the first team. A number
of players were acquired, including Efe Ambrose, Tom Rogic and
Fraser Forster on a permanent basis. We enhanced the blend of youth
and experience in the squad, while a number of others progressed
from the youth academy.
The average age of the starting eleven was regularly in the low
twenties and we believe the value of the squad has been enhanced,
given our progression in Europe. Our decision not to accept offers
earlier for a number of key players, to maximise our chances of
success and protect future income streams, was vindicated in terms
of football success.
As the Company builds on the success achieved last season, our
commitment to ongoing improvement and investment in young talent is
reflected by the arrival of Virgil Van Dijk, Amido Balde, Steven
Mouyokolo, Derk Boerriger, Nir Biton and Teemu Pukki during the
2013 summer transfer window. We believe that the investment made
will benefit performance in the coming season, as we build on the
strong platform constructed in 2012/13.
The investment in our Lennoxtown training facility continues to
yield benefits, helping to ensure that players are recruited,
developed and sold in the most efficient and cost effective way
possible. Continued investment is planned to enhance the
infrastructure that exists at our Centre of Excellence, providing
the best possible resources, systems and facilities and thereby
offering a greater opportunity for football success. We have
created a world class scouting system, which is assisting player
identification and recruitment at all levels, enhanced by the
introduction of more advanced player performance analysis. In
addition, we have maintained our investment in the sports science
and medical team to ensure the best possible medical, nutritional
and performance advice.
Our Academy has also benefited from ongoing investment in
quality coaches and use of the facilities and expertise available
at Lennoxtown. Several members of our Development and U20 teams
have stepped up to the senior squad and we plan to continue this
policy, which has delivered significant success.
YOUTH ACADEMY
In a hugely successful season on the field, Celtic won the SPL
Under 20 League by eight points, losing only one game in the
process, and winning the Scottish FA Youth Cup in May, but more
importantly a number of young players have graduated to participate
in the first team pool.
The partnership between Celtic and St Ninian's High School in
Kirkintilloch has now completed its 4(th) year. This partnership
has gone from strength to strength with our young players combining
football and education. The first intake has now seen the emergence
of academy players who have developed and played in first team
matches, including Paul George, Marcus Fraser, Joe Chalmers and
John Herron. In addition, Calum McGregor also made his debut in our
friendly fixture against Real Madrid.
For season 2013/14, 15 players will join the Club on full time
professional contracts from the U16 squad (Intermediate
Academy).
FINANCIAL PERFORMANCE
The impact of uncertainties in the world economy over the last
three years has been significant and trading conditions generally
have been extremely difficult. However, football success can have a
major impact on reversing this trend as evidenced by our financial
performance.
In the year to 30 June 2013, turnover was GBP75.82m, which is
significantly up on the GBP51.34m reported the previous year. Much
of this improvement is due to increased match ticket and TV
revenues in connection with our participation in the UEFA Champions
League group stages, and qualification for the last 16 of that
competition, with 30 home matches in the season in comparison to 24
in 2011/12.
During the period, total operating expenses before exceptional
costs increased in comparison to the previous year, by GBP8.27m
(15.2%) to GBP62.71m. This uplift is largely because of an increase
in labour costs, mainly football salaries and bonuses.
We invested GBP9.66m in strengthening the first team squad
during the year, which has contributed to an amortisation charge of
GBP5.93m in comparison to GBP6.37m the previous year. In addition,
we achieved a gain on sale of GBP5.19m following the sale of
players in comparison to GBP3.54m the previous year. Exceptional
costs of GBP1.83m compare to GBP0.54m last year. These relate
solely to providing for onerous leases in certain loss-making
retail stores in accordance with IAS 37.
Overall, the Company's retained profit for the year to 30 June
2013 was GBP9.74m, compared with the previous year's loss of
GBP7.37m. Further information is contained within the Financial
Review.
TICKET SALES
2012/13 was a successful season for Ticket sales with almost
40,000 season tickets sold with a value of more than
GBP13.3million.
A successful UEFA Champions League campaign contributed to home
match ticket sales of over 470,000 for a value of over
GBP10million.
In April, the Club recognised the phenomenal support and
contribution of our fans during the year with a one off GBP100
reward on the cost of all full priced adult Season Tickets for
season 2013/2014. The Club also reintroduced the GBP50 kids (under
13's) Season Ticket, as well as making Season Tickets available for
13-16 year olds at GBP105 and 17-18 year olds for GBP186 for next
season. This has been well received by supporters and season ticket
sales for the season 2013/14 are encouraging.
CELTIC DEVELOPMENT
Celtic Development Pools remains the top football club lottery
organisation in Britain and one of the most successful in the
society/charity lotteries sector. Nearly 2 million lottery chances
were sold during the 12 month period to June 2013. Around
GBP700,000 was donated to Celtic Football Club's Development
Division for the purposes of youth development and supporters from
all over the country shared almost GBP900,000 in prize money.
The weekly "Celtic Pool" continues to perform better than most
football club and charitable lottery products in a challenging
environment. Sales and marketing initiatives are continually
updated in an effort to attract new members.
The match day Paradise Windfall lottery operated at Celtic Park
remains very popular. Prize money of over GBP3 million has been
paid out to Celtic supporters at Celtic Park since the Windfall
began in 1995, including GBP375,000 paid out last season.
MERCHANDISING
Merchandising revenue for the year reached GBP14.98m, 12.6% up
on the previous year, mainly driven by Champions League success and
125(th) Anniversary products. There were two kit launches in the
period, as in 2011/12. Like for like retail sales were 29% up on
the previous year with the relocated Glasgow Airport store in
particular performing well ahead of expectations.
Other highlights included the release of an end of season DVD,
"125 Years in The Making", charting the 2012/13 season.
Personalised granite paving stones were introduced this year,
complementing our engraved bricks product, and they too have been a
huge success. In addition, the "Young Hoops" Fan Club continued to
grow with several events organised for members throughout the
year.
MULTI MEDIA
Celtic TV has made good progress in the past year and is
developing its route to market by offering the service on all iOS
(Apple) devices such as iPads and iPhones. In addition to that, its
main web portal, Celticfc.TV, and that of the Club, Celticfc.net,
are under development.
The Club continues to invest in and develop its strategy for
growth and improvement in interaction and revenue creation across
all media and social media platforms, including You Tube, Facebook
and Twitter. The Club's season ticket renewal campaign for season
2013/14 was concentrated around a social media initiative, which
was very successful.
Over the year, Multi Media supported many events for the
company, including the 125(th) Anniversary event at St Mary's
Church attended by 1,400 people, produced three retail DVD products
and released several "Apps", with more planned for the next
financial year.
PUBLIC RELATIONS
Once again, the Club experienced a high level of media interest
and activity throughout the year across domestic and International
football.
The Club's PR Department continued to achieve and manage a
substantial level of high profile media coverage for a range of
Club activities at a national level in 2012/13, including
commercial, charitable and community events.
The PR Department also acts as an important liaison with
supporters' organisations, assisting with supporter enquiries, and
deals with a range of initiatives ensuring that the Club upholds
its important social dimension.
BRAND PROTECTION
As the Celtic brand continues to grow, so too does the number of
rogue companies and individuals looking to divert revenue and
traffic from official club channels. By protecting the brand on a
worldwide basis, we continue to prevent unauthorised use by third
parties. This ensures that the brand remains a valuable Club asset
and helps to combat the loss of revenue and reputation.
Over the course of last season, counterfeit goods to the value
of approximately GBP11 million were removed or disrupted, along
with a number of websites and unauthorised social media
profiles.
The Club continues to work closely with key partners, including
NIKE, to protect the value and global profile of the Celtic brand,
along with protecting the interests of our supporters.
PARTNER PROGRAMME
The Club's new shirt sponsor Magners Irish Cider, which was
concluded during the year, has been well received by the supporter
base following a successful launch of the partnership, which will
see the development of some new and exciting fan engagement
activities, leveraging the Celtic brand in International
markets.
Further, the return of Phoenix Honda as Celtic's car supplier
and sponsor highlights the power of the Celtic brand in delivering
media value and sponsorship platforms leading to direct sales for
our partners.
During the year, the Club's long standing relationship with
Sports Revolution continued to grow with the launch of Stadium
Live, which will see Celtic Park become one of the first fully
Wi-Fi enabled stadiums in the UK. This progressive use of
technology, combined with an innovative mobile application, will
deliver an enriched match day experience for Celtic fans at Celtic
Park.
Overall, the sponsorship landscape remains extremely tough as
the ongoing economic difficulties continue to impact upon
companies' advertising and marketing budgets. Despite this, the
Club benefits from the ongoing support of existing partners and we
thank them for that commitment. We continue to innovate and to
pursue new business opportunities, both domestically and
internationally, to enhance revenues.
STADIUM
During the course of the year, the Club continued to enhance the
close liaison through partnership working with the Glasgow City
Council Safety Advisory Group for Sports Grounds, placing spectator
safety as our highest priority. Spectator safety is of paramount
importance and the Club recognises and values the expert advice and
support provided.
The training of colleagues responsible for public safety duties
continued to be developed. The Club's Matchday Safety Officers
responsible for the management of spectator safety are fully
qualified and accredited in compliance with Edition 5 of the Guide
to Safety at Sports Grounds. In addition, matchday safety stewards
are also qualified in compliance with the 'Green Guide'.
Protectevent stewards participate in an accredited training
programme leading to an SVQ Level 2 in Event Stewarding.
To enhance safety and provide assistance to our travelling
support, the Club has maintained its commitment to providing Celtic
Travel Stewards at away fixtures both at home and abroad. The
season produced a number of spectator safety issues at away
stadiums as our fans travelled to Europe in support of the team.
The Club will continue its efforts to influence the safety of our
fans travelling in Europe with away clubs, the local authorities
responsible for public safety and UEFA.
The Club continues in its support of the work of the Football
Safety Officers Association Scotland and recognises the importance
of spreading best practice in spectator safety management across
Scottish Football.
FACILITIES
The Facilities Department have once again worked to a high
standard to ensure our supporters' expectations are met. Work has
continued to improve infrastructure at Celtic Park, Lennoxtown and
Barrowfield. The department continues to strive towards reducing
the company's Carbon Footprint.
In the face of adverse weather conditions, our ground staff
managed to maintain a high calibre playing surface with
commendation from UEFA officials for its admirable condition. The
pitch has been well maintained by the ground staff throughout the
season, having held over fifty events from Champions League matches
to successful Sponsor/Charity games.
Our facilities are widely recognised across European football as
top class and we will continue to invest to maintain this
reputation.
CATERING AND HOSPITALITY
Celtic Hospitality performed to the highest standard,
contributing significant revenues and receiving very positive
customer recognition.
With our participation in the Champions League, our profile has
been raised in the conference market with enquiries from a number
of blue chip companies.
The Visitor Centre has continued to perform well over the season
with an increase in visitors and sales compared to previous
years.
We continue to attract visitors from all over the world to enjoy
the Celtic story.
SUPPORTER RELATIONS
Our Customer Relationship Management (CRM) system brings
supporter and transactional data from many different business areas
into one database and is now an integral part of both the Club's
and our sponsors' marketing activities, allowing our supporters to
be contacted with offers, news and information in a targeted and
cost-effective manner.
This summer, we appointed a Supporter Liaison and Service
Manager to act as a point of contact for supporters and supporter
groups at the Club.
CELTIC CHARITY & FOUNDATION
Celtic Charity, the Club's charitable arm, again enjoyed an
exceptionally successful year, raising hundreds of thousands of
pounds for a range of worthy causes. The 1254125 fundraising
campaign was launched in August 2012 and activities throughout the
year included Kenyan Connection 2013, Annual Sporting Dinner, 1888
Charity Shield, Ben Nevis Huddle and two Lions Roar Again
events.
The Club's commitment to its charitable roots was maintained in
2012/13. Celtic Charity is now in the process of joining forces
with the Celtic Foundation (a department at the Football Club which
delivers social projects in our local communities) to establish a
new, stronger Scottish Charity with a wider role and greater reach.
This new entity, led by a new Chief Executive, will be called
Celtic FC Foundation and supporters will see further developments
in 2013/14.
HUMAN RESOURCES
Last season's on-field successes highlighted the results of our
commitment to nurturing talent within our First Team and Academy
operations. We have endeavoured to emulate this with the management
of our people off the field too, maintaining our Investors in
People status. In doing so, talent development has been a key area
of focus and investment over the past year and continues to be high
on the agenda for 2013/14. The latter part of last year saw the
introduction of Celtic's Talent Development programme, designed to
assist in terms of internal succession planning. The forthcoming
months will see the roll out of training programmes to address
personal development plans.
The Club has demonstrated its ongoing commitment to child
protection with the appointment of a dedicated Safeguarding Officer
reporting to the HR function, ensuring we are continuing to work to
the highest standards in this important area.
Compensation and Benefits has been an additional focal point
over the past year and will continue to be over the coming months
with the introduction of Pensions Auto-Enrolment. The Club is on
track to ensuring all its obligations are met.
In April this year, we launched our annual Colleagues' Attitudes
and Opinions Survey, which once again provided a wealth of useful
feedback. We will implement a plan of action to address areas for
improvement in the coming months, reflecting our ongoing commitment
to employee engagement.
A number of new employees have joined us in the last 12 months,
this injection of new blood bringing with it a wealth of new
thinking, knowledge and experience. In addition, we have also seen
the creation of some important new roles within the Club, including
Supporter Liaison Officer and Social Media Officer, both of which
reflect our proactive approach to communicating with our
supporters.
SUMMARY AND OUTLOOK
Season 2012/13 was an extremely successful year for Celtic. Neil
Lennon and his management team deserve much credit for the football
success achieved. Celtic progressed to the last 16 of the UEFA
Champions League and domestically the Scottish Premier League was
retained in addition to winning the Scottish Cup.
The football success achieved has greatly improved trading
performance, which, in addition to the gains reported from player
transactions, has resulted in impressive financial results for the
year to 30 June 2013, with a profit of GBP9.74m reported despite
the difficult economic climate. Such trading has assisted with year
end net cash at bank of GBP3.76m, which compares favourably with
GBP2.77m net bank debt the previous year. This performance has
provided an ideal platform to ensure further progress is
achieved.
Trading at the beginning of the new financial year has been
encouraging. Standard season ticket numbers are in excess of last
year, following the introduction of the one off GBP100 reward for
all applicants. Seasonal sales of premium and corporate tickets are
at levels comparable with last year and match ticket sales to date
have been encouraging. In addition, a contemporary new home kit,
together with a colourful away kit, have been launched successfully
in a competitive merchandise market.
Additional revenue streams continue to be sought, particularly
in respect of new media and commercial markets. The creation of the
new SPFL creates an excellent opportunity for Scottish football to
prosper, consider new opportunities to develop and improve the
European co-efficient for Scotland.
Player transfers have been an increasingly important element of
our business for a number of years. Our strategy to invest in the
Lennoxtown Football Academy, together with related support
services, was designed to identify, recruit and develop players
capable of playing in the Champions League. The strategy has been
successful to date.
During the summer transfer window a number of new players were
acquired and Victor Wanyama, Gary Hooper and Kelvin Wilson were
sold for sums well in excess of book value. Such gains from player
transfers, together with the revenues that will be generated from
our now secured participation in the group stages of the UEFA
Champions League, greatly assists our financial position, enhances
Celtic's profile and provides wonderful occasions for all fans.
The new match day bar and improved family section, opened for
this season, have both been very popular. Over the coming year it
is planned to demolish the London Road primary school, relocate the
existing ticket office, upgrade the car parking and landscape the
land at the front of Celtic Park adjacent to Kerrydale Street. We
are also delighted that Celtic Park has been selected to host the
opening ceremony of the Commonwealth Games in July 2014.
We continue to drive revenues and develop the Celtic brand at
home and abroad, which, together with the ongoing management of
costs, should maintain a sustainable financial model. The
discipline of good financial management will continue. We are
operating from a position of comparative financial and football
strength, with exciting young players continuing to make their mark
in the team and assisting the generation of value within the squad
itself. The biggest challenge facing the Board is the management of
salary and transfer costs whilst achieving playing success in order
to yield satisfactory financial results.
The return of Champions League football to Celtic Park this
season will undoubtedly provide a substantial boost and an added
incentive to maintain the progress we have made.
Peter Lawwell 23 September 2013
Chief Executive
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
2013 2012
Operations Operations
excluding excluding
intangible Intangible intangible Intangible
asset asset asset asset
trading trading Total trading trading Total
Notes GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Continuing operations:
3,
Revenue 4 75,816 - 75,816 51,341 - 51,341
Operating expenses (excluding 4,
exceptional operating expenses) 5 (62,714) - (62,714) (54,436) - (54,436)
------------ ----------- --------- ------------ ----------- ---------
Profit / (loss) from trading
before asset transactions
and exceptional items 13,102 - 13,102 (3,095) - (3,095)
7,
Exceptional operating expenses 16 (1,331) (501) (1,832) (241) (301) (542)
Amortisation of intangible 5,
assets 16 - (5,930) (5,930) - (6,367) (6,367)
Profit on disposal of intangible
assets - 5,195 5,195 - 3,543 3,543
Loss on disposal of property,
plant and equipment (96) - (96) (120) - (120)
------------ ----------- --------- ------------ ----------- ---------
Operating profit / (loss) 5 11,675 (1,236) 10,439 (3,456) (3,125) (6,581)
============ =========== ============ ===========
Finance costs: 11
Bank loans and overdrafts (173) (246)
Convertible Cumulative Preference
Shares (527) (544)
--------- ---------
Profit / (loss) before tax 9,739 (7,371)
Income tax expense 12 - -
--------- ---------
Profit / (loss) and total
comprehensive income for
the year 9,739 (7,371)
========= =========
Profit / (loss) attributable
to equity holders of the
parent 9,739 (7,371)
========= =========
Total comprehensive income
attributable to equity holders
of the parent 9,739 (7,371)
========= =========
Basic earnings / (loss) per
Ordinary Share from continuing
operations and for the year 14 10.73p (8.17p)
Diluted earnings / (loss)
per share from continuing
operations and for the year 14 7.56p (8.17p)
CONSOLIDATED BALANCE SHEET
2013 2012
Notes GBP000 GBP000
Assets
Non-current assets
Property, plant and equipment 15 52,456 53,452
Intangible assets 16 9,798 7,333
----------
62,254 60,785
========== ==========
Current assets
Inventories 18 1,734 2,160
Trade and other receivables 20 3,934 4,981
Cash and cash equivalents 21,29 14,348 8,198
----------
20,016 15,339
========== ==========
Total assets 82,270 76,124
========== ==========
Equity
Issued share capital 22 24,341 24,264
Share premium 23 14,486 14,443
Other reserve 23 21,222 21,222
Capital reserve 23 2,650 2,630
Accumulated losses 23 (20,142) (29,881)
----------
Total equity 42,557 32,678
========== ==========
Non-current liabilities
Interest-bearing liabilities/bank loans 24 10,219 10,594
Debt element of Convertible Cumulative Preference
Shares 4,345 4,441
Deferred income 27 119 121
---------- ----------
14,683 15,156
========== ==========
Current liabilities
Trade and other payables 25 14,048 15,069
Current borrowings 24,25 489 493
Provisions 25,26 1,240 -
Deferred income 27 9,253 12,728
25,030 28,290
========== ==========
Total liabilities 39,713 43,446
========== ==========
Total equity and liabilities 82,270 76,124
========== ==========
Approved by the Board on 23 September 2013
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share Other Capital Retained
Group capital premium reserve reserve earnings Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Equity shareholders'
funds
as at 1 July 2011 24,264 14,399 21,222 2,628 (22,510) 40,003
Share capital issued - 44 - - - 44
Transfer to capital
reserve - - - 2 - 2
Loss and total comprehensive
income for the year - - - - (7,371) (7,371)
Equity shareholders'
funds
as at 30 June 2012 24,264 14,443 21,222 2,630 (29,881) 32,678
Share capital issued 1 43 - - - 44
Transfer to capital
reserve (20) - - 20 - -
Reduction in debt
element of convertible
cumulative preference
shares 96 - - - - 96
Profit and total comprehensive
income for the year - - - - 9,739 9,739
Equity shareholders'
funds
as at 30 June 2013 24,341 14,486 21,222 2,650 (20,142) 42,557
-------- -------- -------- -------- --------- -------
CONSOLIDATED CASH FLOW STATEMENT
2013 2012
Note GBP000 GBP000
Cash flows from operating activities
Profit /(Loss) for the year 9,739 (7,371)
Depreciation 15 1,823 1,817
Amortisation of intangible assets 16 5,930 6,367
Impairment of property, plant and equipment 15 37 -
Impairment of intangible assets 16 501 301
Profit on disposal of intangible assets 16 (5,195) (3,543)
Loss on disposal of property, plant and
equipment 96 120
Finance costs 11 700 790
-------------- --------------
13,631 (1,519)
Decrease / (increase) in inventories 426 90
Decrease / (increase) in receivables (510) 415
Decrease / (increase) in payables and
deferred income (3,012) 2,552
-------------- --------------
Cash generated from operations 10,535 1,538
Interest paid (173) (246)
-------------- --------------
Net cash flow from operating activities
- A 10,362 1,292
-------------- --------------
Cash flows from investing activities
Purchase of property, plant and equipment (1,352) (879)
Purchase of intangible assets (9,503) (7,737)
Proceeds from sale of intangible assets 7,521 5,586
-------------- --------------
Net cash used in investing activities
- B (3,334) (3,030)
-------------- --------------
Cash flows from financing activities
Repayment of debt (379) (384)
Dividends paid (499) (498)
-------------- --------------
Net cash used in financing activities
- C (878) (882)
-------------- --------------
Net increase/(decrease) in cash equivalents
A+B+C 6,150 (2,620)
Cash and cash equivalents at 1 July 2012 8,198 10,818
-------------- --------------
Cash and cash equivalents at 30 June
2013 21 14,348 8,198
============== ==============
NOTES TO THE ACCOUNTS
1. BASIS OF PREPARATION AND ACCOUNTING POLICIES
These Financial Statements have been prepared in accordance with
IFRS as adopted by the European Union, and with those parts of the
Companies Act 2006 applicable to companies reporting under IFRS.
The accounting policies have been consistently applied to both
years presented.
2. REVENUE AND OPERATING EXPENSES
2013 2012
REVENUE GBP000 GBP000
The Group's revenue comprised:
Football and Stadium Operations 32,687 28,941
Merchandising 14,976 13,342
Multimedia and Other Commercial Activities 28,153 9,058
75,816 51,341
-------- --------
OPERATING EXPENSES 2013 2012
GBP000 GBP000
The Group's operating expenses comprised:
Football and Stadium Operations (excluding
exceptional items and asset transactions) 51,385 43,079
Exceptional items excluding impairment
of intangible assets 1,331 241
Impairment of intangible assets 501 301
Amortisation of intangible assets 5,930 6,367
Profit on disposal of intangible assets (5,195) (3,543)
Loss on disposal of property, plant
and equipment 96 120
-------- --------
Total Football and Stadium Operations 54,048 46,565
Merchandising 9,008 9,177
Multimedia and Other Commercial Activities 2,321 2,180
65,377 57,922
======== ========
3. EXCEPTIONAL OPERATING EXPENSES
The exceptional operating expenses of GBP1.83m (2012: GBP0.54m)
can be analysed as follows:
Exceptional operating expenses comprised 2013 2012
GBP000 GBP000
Impairment of property, plant and equipment 37 -
Impairment of intangible assets (Note 2d) 501 301
Compromise payments on contract termination 54 192
Onerous contract costs - 49
Onerous lease provision (Note 26) 1,240 -
1,832 542
======== ========
4. DIVIDENDS
A 6% (before tax credit deduction) non-equity dividend of
GBP0.53m (2012: GBP0.54m) was paid on 2 September 2013 to those
holders of Convertible Cumulative Preference Shares on the share
register at 29 July 2013. On 31 August 2007 the entitlement to a
dividend on the Convertible Preferred Ordinary Shares ceased. A
number of shareholders elected to participate in the Company's
scrip dividend reinvestment scheme for the financial year to 30
June 2013. Those shareholders have received new Ordinary Shares in
lieu of cash. Theimplementation of the presentational aspects of
IAS32 ("Financial Instruments: disclosure") in the preparation of
the annual results, requires that the Group's Preference Shares and
Convertible Preferred Ordinary Shares, as compound financial
instruments, are classified as a combination of debt and equity and
the attributable non-equity dividends are classified as finance
costs. No dividends were payable or proposed to be payable on the
Company's Ordinary Shares.
5. TAXATION
No provision for corporation tax or deferred tax is required in
respect of the year ended 30 June 2013. Estimated tax losses
available for set-off against future trading profits amount to
approximately GBP23m (2012: GBP33m) and, in addition, the available
capital allowances pool is approximately GBP12.82m (2012:
GBP13.99m). These estimates are subject to the agreement of the
current and prior years' corporation tax computations with H M
Revenue and Customs.
6. EARNINGS PER SHARE
2013 2012
GBP000 GBP000
Reconciliation of earnings / (loss) to basic
earnings / (loss):
Net earnings / (loss) attributable to equity
holders of the parent 9,739 (7,371)
Basic earnings / (loss) 9,739 (7,371)
======== ========
Reconciliation of basic earnings / (loss)
to diluted earnings / (loss):
Basic earnings / (loss) 9,739 (7,371)
Non-equity share dividend 527 -
Diluted earnings / (loss) 10,266 (7,371)
======== ========
No.'000 No.'000
Reconciliation of basic weighted average
number of ordinary shares to
diluted weighted average number of ordinary
shares:
Basic weighted average number of ordinary
shares 90,730 90,247
Dilutive effect of convertible shares 45,098 -
-------- --------
Diluted weighted average number of ordinary
shares 135,828 90,247
======== ========
The prior year figures have been restated to remove the
ant-dilutive effect of convertible shares. The impact has been to
restate the non-equity share dividend as GBPnil, previously stated
at GBP0.54m and to restate the dilutive effect of convertible
shares as GBPnil, previously GBP46.12m. This has had the overall
impact of increasing the diluted loss per share from 5.01p to
8.71p.
Earnings per share has been calculated by dividing the profit
for the period of GBP9.74m (2012: Loss GBP7.37m) by the weighted
average number of Ordinary Shares of 90.7m (2012: 90.2m) in issue
during the year. Diluted earnings per share as at 30 June 2013 has
been calculated by dividing the profit 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, in accordance with IAS33
Earnings Per Share. As at June 2013 and June 2012 no account was
taken of potential share purchase options, as these potential
Ordinary Shares were not considered to be dilutive under the
definitions of the applicable accounting standards.
7. ANNUAL REPORT & ACCOUNTS
Copies of the Annual Report & Accounts together with the
Notice and Notes of the 2013 AGM will be issued to all shareholders
in due course.
The financial information set out above was approved by the
directors on 23 September 2013 and does not constitute the
Company's statutory accounts for the years ended 30 June 2013 or 30
June 2012. The auditors' opinion on the 2013 statutory accounts is
unmodified and does not include a statement under Sections 498 (2)
or (3) of the Companies Act 2006. The statutory accounts for 2012
have been filed and those for 2013 will be delivered to the
Registrar of Companies in due course.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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