EX-99.1 2 a15-11563_3ex99d1.htm EX-99.1

Exhibit 99.1

 

 

·    TOTAL REVENUES OF £95.0 MILLION

·    ADJUSTED EBITDA OF £25.4 MILLION

·    RAISED EBITDA GUIDANCE TO £103 TO £110 MILLION FROM £90 TO £95 MILLION

 

MANCHESTER, England. — 14 May 2015 — Manchester United (NYSE: MANU; the “Company” and the “Group”) — one of the most popular and successful sports teams in the world - today announced financial results for the 2015 fiscal third quarter and nine months ended 31 March 2015.

 

Highlights

 

·                  Commercial revenues of £47.8 million up 11.7% for the quarter.

 

·                  Three sponsorship deals announced in the quarter — Kama Games as official global social games partner, Swissquote as global Forex & Online Financial Trading Partner and Emtel as our triple play partner in Mauritius.

 

·                  Domestic Premier League Live Broadcasting rights up 70% — BSkyB and BT will pay £5.14 billion for the 2017-19 EPL seasons compared to £3.0 billion for the 2014-16 seasons.

 

·                  UEFA announced that the amount available for distribution to clubs participating in the Champions League has increased for the 2016-18 cycle to €1.257bn representing an increase of over 25%.

 

Commentary

 

Ed Woodward, Executive Vice Chairman commented, “Our commercial revenues were up year over year and we are raising EBITDA guidance for fiscal year 2015 from £90-£95 million to £103-£110 million.

 

As the season approaches its conclusion, we are pleased with the team’s performance in Louis van Gaal’s first season as manager and are well positioned to achieve a top four finish in the Premier League and to return to European football next year. As we look forward to next season, on the playing side we expect to be challenging for trophies in all competitions and on the commercial side we are excited by the numerous opportunities for further growth, including the first year of our ten year partnership with adidas. ”

 

Outlook

 

For fiscal 2015, Manchester United expect:

 

·                  Revenue to be £385m to £395m.

·                  Adjusted EBITDA to be £103m to £110m.

 



 

Key Financials (unaudited)

 

£ million (except adjusted

 

Three months ended
31 March

 

 

 

Nine months ended
31 March

 

 

 

diluted earnings per share)

 

2015

 

2014

 

Change

 

2015

 

2014

 

Change

 

Commercial revenue

 

47.8

 

42.8

 

11.7

%

151.0

 

145.0

 

4.1

%

Broadcasting revenue

 

21.7

 

35.6

 

(39.0

)%

66.9

 

101.8

 

(34.3

)%

Matchday revenue

 

25.5

 

37.1

 

(31.3

)%

71.5

 

90.1

 

(20.6

)%

Total revenue

 

95.0

 

115.5

 

(17.7

)%

289.4

 

336.9

 

(14.1

)%

Adjusted EBITDA*

 

25.4

 

40.0

 

(36.5

)%

88.1

 

113.2

 

(22.2

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss)/profit for the period (i.e. net income)

 

(2.9

)

11.0

 

 

6.0

 

29.7

 

(79.8

)%

Adjusted (loss)/profit for the period (i.e. adjusted net income)*

 

(7.1

)

13.0

 

 

1.5

 

35.0

 

(95.7

)%

Adjusted diluted (loss)/earnings per share (pence)*

 

(4.34

)

7.93

 

 

0.91

 

21.49

 

(95.8

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross debt**

 

395.4

 

351.7

 

12.4

%

395.4

 

351.7

 

12.4

%

Cash and cash equivalents

 

11.2

 

34.3

 

(67.3

)%

11.2

 

34.3

 

(67.3

)%

 


* Adjusted EBITDA, adjusted (loss)/profit for the period and adjusted diluted (loss)/earnings per share are non-IFRS measures. See “Non-IFRS Measures: Definitions and Use” below and the accompanying Supplemental Notes for the definitions and reconciliations for these non-IFRS measures and the reasons we believe these measures provide useful information to investors regarding the Group’s financial condition and results of operations.

 

** Gross debt increased primarily because of movements in USD/GBP exchange rate from 1.6662 at 31 March 2014 to 1.4861 at 31 March 2015.

 

Revenue Analysis

 

Commercial

 

Commercial revenue for the third quarter was £47.8 million, an increase of £5.0 million, or 11.7%, over the prior year quarter.

 

·                  Sponsorship revenue for the third quarter was £37.5 million, an increase of £6.8 million, or 22.1%, over the prior year quarter, primarily due to an increase in shirt and other sponsorships.

·                  Retail, Merchandising, Apparel & Product Licensing revenue for the third quarter was £7.6 million, a decrease of £0.8 million, or 9.5%, over the prior year quarter, primarily due to reduced Nike guaranteed revenue due to non-participation in UEFA competitions in the current season.

·                  Mobile & Content revenue for the third quarter was £2.7 million, a decrease of £1.0 million, or 27.0%, over the prior year quarter, due to the expiration of a few of our mobile partnerships.

 

Broadcasting

 

Broadcasting revenue for the third quarter was £21.7 million, a decrease of £13.9 million, or 39.0%, over the prior year quarter, primarily due to five fewer FAPL live broadcast games and two fewer FAPL home games in the current quarter, and non-participation in the UEFA Champions League.

 



 

Matchday

 

Matchday revenue for the third quarter was £25.5 million, a decrease of £11.6 million, or 31.3%, over the prior year quarter, primarily due to two fewer FAPL home games in the current quarter and non-participation in the UEFA Champions League.

 

Other Financial Information

 

Operating expenses

 

Total operating expenses for the third quarter were £99.0 million, an increase of £7.5 million, or 8.2%, over the prior year quarter.

 

Staff costs

 

Staff costs for the third quarter were £50.2 million, a decrease of £3.2 million, or 6.0%, over the prior year quarter.

 

Other operating expenses

 

Other operating expenses for the third quarter were £19.4 million, a decrease of £2.7 million, or 12.2%, over the prior year quarter, primarily due to non-participation in the UEFA Champions League.

 

Depreciation & amortization

 

Depreciation for the third quarter was £2.5 million, an increase of £0.3 million, or 13.6%, over the prior year quarter. Amortization for the third quarter was £25.7 million, an increase of £11.9 million, or 86.2%, over the prior year quarter. The unamortized balance of players’ registrations at 31 March 2015 was £237.0 million.

 

Exceptional items

 

Exceptional items for the third quarter were £1.2 million being the present value of the additional contributions the Club is expected to pay to remedy the revised deficit of the Football League pension scheme as per the latest triennial actuarial valuation at 31 August 2014. Exceptional items for the prior year quarter were £nil.

 

Net finance costs

 

Net finance costs for the third quarter were £5.8 million, a decrease of £0.1 million, or 1.7%, over the prior year quarter.

 

Tax

 

The tax credit for the third quarter was £8.5 million, compared to an expense of £9.5 million in the prior year quarter.

 

Cash flows

 

Net cash used in operating activities for the third quarter was £15.0 million, an increase of £2.4 million over the prior year quarter.

 

Capital expenditure on property, plant and equipment for the third quarter was £0.3 million, a decrease of £1.4 million over the prior year quarter.

 

Net player and other intangible assets capital expenditure for the third quarter was £11.0 million, a decrease of £12.3 million over the prior year quarter.

 



 

Conference Call Information

 

The Company’s conference call to review third quarter fiscal 2015 results will be broadcast live over the internet today, 14 May 2015 at 8:00 a.m. Eastern Time and will be available on Manchester United’s investor relations website at http://ir.manutd.com. Thereafter, a replay of the webcast will be available for thirty days.

 

About Manchester United

 

Manchester United is one of the most popular and successful sports team in the world, playing one of the most popular spectator sports on Earth.

 

Through our 137-year heritage we have won 62 trophies, enabling us to develop the world’s leading sports brand and a global community of 659 million followers. Our large, passionate community provides Manchester United with a worldwide platform to generate significant revenue from multiple sources, including sponsorship, merchandising, product licensing, new media & mobile, broadcasting and matchday.

 

Cautionary Statement

 

This press release contains forward-looking statements. You should not place undue reliance on such statements because they are subject to numerous risks and uncertainties relating to the Company’s operations and business environment, all of which are difficult to predict and many are beyond the Company’s control. Forward-looking statements include information concerning the Company’s possible or assumed future results of operations, including descriptions of its business strategy. These statements often include words such as “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible” or similar expressions. The forward-looking statements contained in this press release are based on our current expectations and estimates of future events and trends, which affect or may affect our businesses and operations. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although the Company believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect its actual financial results or results of operations and could cause actual results to differ materially from those in these forward-looking statements. These factors are more fully discussed in the “Risk Factors” section and elsewhere in the Company’s Registration Statement on Form F-1, as amended (File No. 333-182535) and the Company’s Annual Report on Form 20-F (File No. 001-35627).

 

Non-IFRS Measures: Definitions and Use

 

1.                  Adjusted EBITDA

 

Adjusted EBITDA is defined as profit for the period before depreciation, amortization, profit on disposal of players’ registrations, exceptional items, net finance costs, and tax.

 

We believe adjusted EBITDA is useful as a measure of comparative operating performance from period to period and among companies as it is reflective of changes in pricing decisions, cost controls and other factors that affect operating performance, and it removes the effect of our asset base (primarily depreciation and amortization), capital structure (primarily finance costs), and items outside the control of our management (primarily taxes).  Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for an analysis of our results as reported under IFRS as issued by the IASB. A reconciliation of profit for the period to adjusted EBITDA is presented in supplemental note 2.

 

2.                  Adjusted (loss)/profit for the period (i.e. adjusted net income)

 

Adjusted (loss)/profit for the period is calculated, where appropriate, by adjusting for charges/credits related to exceptional items, foreign exchange gains/losses on US dollar denominated bank accounts, fair value movements on

 



 

derivative financial instruments, and hedge ineffectiveness on cash flow hedges, adding/subtracting the actual tax expense/credit for the period, and subtracting/adding the adjusted tax expense/credit for the period (based on an normalized tax rate of 35%; 2014: 35%). The normalized tax rate of 35% is management’s estimate of the tax rate likely to be applicable to the Group in the long-term.

 

We believe that in assessing the comparative performance of the business, in order to get a clearer view of the underlying financial performance of the business, it is useful to strip out the distorting effects of charges/credits related to ‘one-off’ transactions and then to apply a ‘normalized’ tax rate (for both the current and prior periods) of the US federal income tax rate of 35%. A reconciliation of (loss)/profit for the period to adjusted (loss)/profit for the period is presented in supplemental note 3.

 

3.                  Adjusted basic and diluted (loss)/earnings per share

 

Adjusted basic and diluted (loss)/earnings per share are calculated by dividing the adjusted (loss)/profit for the period by the weighted average number of ordinary shares in issue during the period. Adjusted diluted (loss)/earnings per share is calculated by adjusting the weighted average number of ordinary shares in issue during the period to assume conversion of all dilutive potential ordinary shares. We have one category of dilutive potential ordinary shares: share awards pursuant to the 2012 Equity Incentive Plan (the “Equity Plan”). Share awards pursuant to the Equity Plan are assumed to have been converted into ordinary shares at the beginning of the financial year. Adjusted basic and diluted (loss)/earnings per share are presented in supplemental note 3.

 



 

Key Performance Indicators

 

 

 

Three months ended

 

Nine months ended

 

 

 

31 March

 

31 March

 

 

 

2015

 

2014

 

2015

 

2014

 

Commercial % of total revenue

 

50.3

%

37.1

%

52.2

%

43.0

%

Broadcasting % of total revenue

 

22.8

%

30.8

%

23.1

%

30.2

%

Matchday % of total revenue

 

26.9

%

32.1

%

24.7

%

26.8

%

Home Matches Played

 

 

 

 

 

 

 

 

 

FAPL

 

5

 

7

 

15

 

16

 

UEFA competitions

 

 

1

 

 

4

 

Domestic Cups

 

2

 

2

 

2

 

4

 

Away Matches Played

 

 

 

 

 

 

 

 

 

UEFA competitions

 

 

1

 

 

4

 

Domestic Cups

 

3

 

1

 

4

 

2

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

Employees at period end

 

791

 

875

 

791

 

875

 

Staff costs % of revenue

 

52.8

%

46.2

%

51.2

%

46.9

%

 

Phasing of Premier League home
games

 

Quarter 1

 

Quarter 2

 

Quarter 3

 

Quarter 4

 

Total

 

2014/15 season

 

3

 

7

 

5

 

4

 

19

 

2013/14 season

 

3

 

6

 

7

 

3

 

19

 

2012/13 season

 

3

 

7

 

5

 

4

 

19

 

 

Contacts

 

Investor Relations:

Samanta Stewart

+44 207 054 5928

ir@manutd.co.uk

 

Media: Philip Townsend

Manchester United plc

+44 161 868 8148

philip.townsend@manutd.co.uk

 

 

 

 

 

Jim Barron / Michael Henson

Sard Verbinnen & Co

+ 1 212 687 8080

JBarron@SARDVERB.com

 



 

CONSOLIDATED INCOME STATEMENT

(unaudited; in £ thousands, except per share and shares outstanding data)

 

 

 

Three months ended
31 March

 

Nine months ended
31 March

 

 

 

2015

 

2014

 

2015

 

2014

 

Revenue

 

94,970

 

115,495

 

289,401

 

336,943

 

Operating expenses

 

(98,976

)

(91,499

)

(284,864

)

(269,422

)

(Loss)/profit on disposal of players’ registrations

 

(1,556

)

2,361

 

18,204

 

4,203

 

Operating (loss)/profit

 

(5,562

)

26,357

 

22,741

 

71,724

 

Finance costs

 

(5,904

)

(5,959

)

(18,381

)

(21,562

)

Finance income

 

37

 

36

 

136

 

143

 

Net finance costs

 

(5,867

)

(5,923

)

(18,245

)

(21,419

)

(Loss)/profit before tax

 

(11,429

)

20,434

 

4,496

 

50,305

 

Tax credit/(expense)

 

8,555

 

(9,520

)

1,519

 

(20,644

)

(Loss)/profit for the period

 

(2,874

)

10,914

 

6,015

 

29,661

 

 

 

 

 

 

 

 

 

 

 

Basic (loss)/earnings per share:

 

 

 

 

 

 

 

 

 

Basic (loss)/earnings per share (pence)

 

(1.75

)

6.66

 

3.67

 

18.11

 

Weighted average number of ordinary shares outstanding (thousands)

 

163,797

 

163,812

 

163,794

 

163,815

 

Diluted (loss)/earnings per share:

 

 

 

 

 

 

 

 

 

Diluted (loss)/earnings per share (pence)

 

(1.75

)

6.66

 

3.66

 

18.11

 

Weighted average number of ordinary shares outstanding (thousands)

 

164,140

 

163,812

 

164,140

 

163,815

 

 



 

CONSOLIDATED BALANCE SHEET

(unaudited; in £ thousands)

 

 

 

As of
31 March
2015

 

As of
30 June
2014

 

As of
31 March
2014

 

ASSETS

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

 

Property, plant and equipment

 

252,494

 

254,859

 

255,332

 

Investment property

 

13,587

 

13,671

 

13,700

 

Goodwill

 

421,453

 

421,453

 

421,453

 

Players’ registrations and other intangible assets

 

237,760

 

204,572

 

161,769

 

Derivative financial instruments

 

1,323

 

 

791

 

Trade and other receivables

 

1,000

 

41

 

141

 

Deferred tax asset

 

147,284

 

129,631

 

128,368

 

 

 

1,074,901

 

1,024,227

 

981,554

 

Current assets

 

 

 

 

 

 

 

Derivative financial instruments

 

1,354

 

 

317

 

Trade and other receivables

 

107,716

 

125,119

 

77,014

 

Current tax receivable

 

124

 

 

 

Cash and cash equivalents

 

11,204

 

66,365

 

34,344

 

 

 

120,398

 

191,484

 

111,675

 

Total assets

 

1,195,299

 

1,215,711

 

1,093,229

 

 



 

CONSOLIDATED BALANCE SHEET (continued)

(unaudited; in £ thousands)

 

 

 

As of
31 March
2015

 

As of
30 June
2014

 

As of
31 March
2014

 

EQUITY AND LIABILITIES

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

Share capital

 

52

 

52

 

52

 

Share premium

 

68,822

 

68,822

 

68,822

 

Merger reserve

 

249,030

 

249,030

 

249,030

 

Hedging reserve

 

(6,566

)

25,918

 

21,156

 

Retained earnings

 

161,872

 

154,828

 

160,431

 

 

 

473,210

 

498,650

 

499,491

 

Non-current liabilities

 

 

 

 

 

 

 

Derivative financial instruments

 

4,087

 

1,602

 

1,919

 

Trade and other payables

 

39,827

 

42,464

 

27,941

 

Borrowings

 

392,480

 

326,803

 

339,679

 

Deferred revenue

 

24,464

 

15,631

 

14,440

 

Deferred tax liabilities

 

26,569

 

28,837

 

29,140

 

 

 

487,427

 

415,337

 

413,119

 

Current liabilities

 

 

 

 

 

 

 

Derivative financial instruments

 

2,340

 

875

 

1,072

 

Current tax liabilities

 

1,753

 

2,999

 

3,147

 

Trade and other payables

 

118,135

 

102,232

 

76,468

 

Borrowings

 

2,950

 

15,005

 

11,991

 

Deferred revenue

 

109,484

 

180,613

 

87,941

 

 

 

234,662

 

301,724

 

180,619

 

Total equity and liabilities

 

1,195,299

 

1,215,711

 

1,093,229

 

 



 

CONSOLIDATED STATEMENT OF CASH FLOWS

(unaudited; in £ thousands)

 

 

 

Three months ended
31 March

 

Nine months ended
31 March

 

 

 

2015

 

2014

 

2015

 

2014

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

 

Cash (used in)/generated from operations (see supplemental note 4)

 

(3,189

)

(3,970

)

45,732

 

30,693

 

Interest paid

 

(10,907

)

(8,830

)

(24,136

)

(22,794

)

Debt finance costs relating to borrowings

 

 

 

(824

)

(123

)

Interest received

 

368

 

36

 

457

 

143

 

Tax (paid)/refund

 

(1,271

)

175

 

(2,281

)

(1,071

)

Net cash (used in)/generated from operating activities

 

(14,999

)

(12,589

)

18,948

 

6,848

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

 

Purchases of property, plant and equipment

 

(293

)

(1,679

)

(4,086

)

(8,557

)

Proceeds from sale of property, plant and equipment

 

 

 

 

50

 

Purchases of players’ registrations and other intangible assets

 

(14,406

)

(24,815

)

(101,272

)

(62,102

)

Proceeds from sale of players’ registrations

 

3,447

 

1,500

 

20,163

 

8,556

 

Net cash used in investing activities

 

(11,252

)

(24,994

)

(85,195

)

(62,053

)

Cash flows from financing activities

 

 

 

 

 

 

 

 

 

Proceeds from borrowings

 

 

 

4,704

 

 

Repayment of borrowings

 

(102

)

(97

)

(301

)

(284

)

Net cash (used in)/generated from financing activities

 

(102

)

(97

)

4,403

 

(284

)

Net decrease in cash and cash equivalents

 

(26,353

)

(37,680

)

(61,844

)

(55,489

)

Cash and cash equivalents at beginning of period

 

37,115

 

72,144

 

66,365

 

94,433

 

Foreign exchange gains/(losses) on cash and cash equivalents

 

442

 

(120

)

6,683

 

(4,600

)

Cash and cash equivalents at end of period

 

11,204

 

34,344

 

11,204

 

34,344

 

 



 

SUPPLEMENTAL NOTES

 

1              General information

 

Manchester United plc (the “Company”) and its subsidiaries (together the “Group”) is a professional football club together with related and ancillary activities. The Company incorporated under the Companies Law (2011 Revision) of the Cayman Islands, as amended and restated from time to time.

 

2                               Reconciliation of profit for the period to adjusted EBITDA

 

 

 

Three months ended
 31 March

 

Nine months ended
 31 March

 

 

 

2015
£’000

 

2014
£’000

 

2015
£’000

 

2014
£’000

 

(Loss)/profit for the period

 

(2,874

)

10,914

 

6,015

 

29,661

 

Adjustments:

 

 

 

 

 

 

 

 

 

Tax (credit)/expense

 

(8,555

)

9,520

 

(1,519

)

20,644

 

Net finance costs

 

5,867

 

5,923

 

18,245

 

21,419

 

Loss/(profit) on disposal of players’ registrations

 

1,556

 

(2,361

)

(18,204

)

(4,203

)

Exceptional items

 

1,275

 

 

2,336

 

293

 

Amortization

 

25,708

 

13,841

 

73,931

 

39,163

 

Depreciation

 

2,469

 

2,206

 

7,365

 

6,274

 

Adjusted EBITDA

 

25,446

 

40,043

 

88,169

 

113,251

 

 



 

3                               Reconciliation of (loss)/profit for the period to adjusted (loss)/profit for the period and adjusted basic and diluted (loss)/earnings per share

 

 

 

Three months ended
 31 March

 

Nine months ended
 31 March

 

 

 

2015
£’000

 

2014
£’000

 

2015
£’000

 

2014
£’000

 

(Loss)/profit for the period

 

(2,874

)

10,914

 

6,015

 

29,661

 

Exceptional items

 

1,275

 

 

2,336

 

293

 

Foreign exchange losses/(gains) on US dollar denominated bank accounts

 

468

 

 

(530

)

2,712

 

Fair value movement on derivative financial instruments

 

(1,511

)

90

 

(3,997

)

1,640

 

Ineffectiveness of cash flow hedges

 

234

 

(543

)

 

(791

)

Tax (credit)/expense

 

(8,555

)

9,520

 

(1,519

)

20,644

 

Adjusted (loss)/profit before tax

 

(10,963

)

19,981

 

2,305

 

54,159

 

Adjusted tax credit/(expense) (using a normalised tax rate of 35% (2014: 35%))

 

3,837

 

(6,993

)

(807

)

(18,956

)

Adjusted (loss)/profit for the period (i.e. adjusted net income)

 

(7,126

)

12,988

 

1,498

 

35,203

 

 

 

 

 

 

 

 

 

 

 

Adjusted basic (loss)/earnings per share:

 

 

 

 

 

 

 

 

 

Adjusted basic (loss)/earnings per share (pence)

 

(4.35

)

7.93

 

0.91

 

21.49

 

Weighted average number of ordinary shares outstanding (thousands)

 

163,797

 

163,812

 

163,794

 

163,815

 

Adjusted diluted (loss)/earnings per share:

 

 

 

 

 

 

 

 

 

Adjusted diluted (loss)/earnings per share (pence)

 

(4.34

)

7.93

 

0.91

 

21.49

 

Weighted average number of ordinary shares outstanding (thousands)

 

164,140

 

163,812

 

164,140

 

163,815

 

 



 

4                               Cash generated from operations

 

 

 

Three months ended
 31 March

 

Nine months ended
 31 March

 

 

 

2015
£’000

 

2014
£’000

 

2015
£’000

 

2014
£’000

 

(Loss)/profit for the period

 

(2,874

)

10,914

 

6,015

 

29,661

 

Tax (credit)/expense

 

(8,555

)

9,520

 

(1,519

)

20,644

 

(Loss)/profit before tax

 

(11,429

)

20,434

 

4,496

 

50,305

 

Depreciation

 

2,469

 

2,206

 

7,365

 

6,274

 

Impairment

 

 

 

 

293

 

Amortization

 

25,708

 

13,841

 

73,931

 

39,163

 

Loss/(profit) on disposal of players’ registrations

 

1,556

 

(2,361

)

(18,204

)

(4,203

)

Net finance costs

 

5,867

 

5,923

 

18,245

 

21,419

 

Profit on disposal of property, plant and equipment

 

 

 

5

 

(43

)

Equity-settled share-based payments

 

322

 

377

 

1,029

 

918

 

Foreign exchange losses/(gains) on operating activities

 

438

 

97

 

(530

)

469

 

Other fair value losses/(gains) on derivative financial instruments

 

3,131

 

(58

)

4,342

 

(184

)

Reclassified from hedging reserve

 

(1,383

)

(260

)

(3,774

)

(778

)

(Increase)/decrease in trade and other receivables

 

(22,468

)

(7,594

)

29,930

 

(11,535

)

Decrease in trade and other payables and deferred revenue

 

(7,400

)

(36,575

)

(71,103

)

(69,930

)

Decrease in provisions

 

 

 

 

(1,475

)

Cash (used in)/generated from operations

 

(3,189

)

(3,970

)

45,732

 

30,693