Celtic PLC Preliminary Results - Correction -5-
October 04 2013 - 1:07PM
UK Regulatory
- 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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