0001104659-15-077990.txt : 20151112 0001104659-15-077990.hdr.sgml : 20151112 20151112071246 ACCESSION NUMBER: 0001104659-15-077990 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20151112 FILED AS OF DATE: 20151112 DATE AS OF CHANGE: 20151112 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Manchester United plc CENTRAL INDEX KEY: 0001549107 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-AMUSEMENT & RECREATION SERVICES [7900] IRS NUMBER: 981063519 FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35627 FILM NUMBER: 151221378 BUSINESS ADDRESS: STREET 1: Old Trafford CITY: Manchester STATE: X0 ZIP: M16 ORA BUSINESS PHONE: 44(0)1618688000 MAIL ADDRESS: STREET 1: Old Trafford CITY: Manchester STATE: X0 ZIP: M16 ORA FORMER COMPANY: FORMER CONFORMED NAME: Manchester United Ltd. DATE OF NAME CHANGE: 20120503 6-K 1 a15-22832_26k.htm 6-K

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13A-16 OR 15D-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of November, 2015

 

Commission File Number: 001-35627

 

MANCHESTER UNITED PLC

(Translation of registrant’s name into English)

 

Old Trafford

Manchester M16 0RA

United Kingdom

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F x Form 40-F o

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1). o

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7). o

 

 

 



 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Date: November 12, 2015

 

 

 

 

MANCHESTER UNITED PLC

 

 

 

 

 

 

By:

 /s/ Edward Woodward

 

Name: Edward Woodward

 

Title: Executive Vice Chairman

 

2



 

EXHIBIT INDEX

 

Exhibit
Number

 

Description

99.1

 

Press Release of Manchester United plc, dated November 12, 2015

 

3


EX-99.1 2 a15-22832_2ex99d1.htm EX-99.1

Exhibit 99.1

 

 

·                                          RECORD Q1 REVENUES OF £123.6 MILLION, UP 39.3%

·                                          RECORD Q1 ADJUSTED EBITDA OF £41.6 MILLION, UP 104.9%

 

MANCHESTER, England. — 12 November 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 2016 fiscal first quarter ended 30 September 2015.

 

Highlights

 

·                  Initiated the partnership with adidas on 1st August 2015.

 

·                  Very successful launch of 2015/16 new kit

·                  Brought the management of Old Trafford Megastore in-house

·                  Signed licensing deal with Sbenu

 

·                  Four sponsorship deals announced in the quarter.

 

·                  HCL as the Club’s Digital Transformation partner

·                  Marathon Bet (global), Nexon and Donaco (regional)

 

·                  Signed a number of leading players including Matteo Darmian, Memphis Depay, Bastian Schweinsteiger, Morgan Schneiderlin, Sergio Romero and Anthony Martial.

 

·                  Played four tour matches across the US to a cumulative stadium audience of more than 200,000.

 

·                  The Board of Directors approved a quarterly cash dividend on the Company’s outstanding Class A and Class B ordinary shares of $0.045 per share, payable on 7 January 2016, to shareholders of record on 30 November 2015. The stock will begin to trade ex-dividend on 25 November 2015.

 

Commentary

 

Ed Woodward, Executive Vice Chairman, commented, “Our record first quarter revenues and EBITDA demonstrate the continued strength of our businesses. We are delighted with the early progress made in licensing. During the quarter we entered into an agreement with HCL to be our Digital Transformation partner, which will enable us to connect with our fans around the world in innovative ways and further strengthen and grow our commercial revenues.”

 

Outlook

 

For fiscal 2016, Manchester United continues to expect:

 

·                  Revenue to be £500m to £510m.

·                  Adjusted EBITDA to be £165m to £175m.

 

1



 

Key Financials (unaudited)

 

 

 

Three months ended
30 September

 

 

 

£ million (except adjusted diluted earnings per share)

 

2015

 

2014

 

Change

 

Commercial revenue

 

71.2

 

56.8

 

25.4

%

Broadcasting revenue

 

27.6

 

16.8

 

64.3

%

Matchday revenue

 

24.8

 

15.1

 

64.2

%

Total revenue

 

123.6

 

88.7

 

39.3

%

Adjusted EBITDA*

 

41.6

 

20.3

 

104.9

%

 

 

 

 

 

 

 

 

Operating profit/(loss) before (loss)/profit on disposal of players’ registrations

 

16.9

 

(4.1

)

 

(Loss)/profit on disposal of players’ registrations

 

(7.4

)

18.3

 

 

 

 

 

 

 

 

 

 

Profit for the period (i.e. net income)

 

5.0

 

8.9

 

(43.8

)%

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

 

2.7

 

4.2

 

(35.7

)%

Adjusted diluted earnings per share (pence)*

 

1.63

 

2.59

 

(37.1

)%

 

 

 

 

 

 

 

 

Net Debt**

 

286.2

 

271.9

 

5.3

%

 


* Adjusted EBITDA, adjusted profit for the period and adjusted diluted 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.

 

** A key contributor to the increase in net debt was the strengthening US dollar; with the USD/GBP exchange rate moving from 1.6183 at 30 September 2014 to 1.5128 at 30 September 2015.

 

Revenue Analysis

 

Commercial

 

Commercial revenue for the first quarter was £71.2 million, an increase of £14.4 million, or 25.4%, over the prior year quarter.

 

·                  Sponsorship revenue for the first quarter of £46.3 million showed continued growth in the underlying sponsorship business, however lower tour revenue from playing one fewer–game, has resulted in flat revenues when compared to the prior year quarter;

·                  Retail, Merchandising, Apparel & Product Licensing revenue for the first quarter was £22.3 million, an increase of £14.5 million, or 185.9%, over the prior year quarter, primarily due to the commencement of the new agreement with adidas from 1 August 2015, which included a step-up in minimum guaranteed revenues and the contribution from several businesses previously operated by Nike; and

·                  Mobile & Content revenue for the first quarter was £2.6 million, a decrease of £0.1 million, over the prior year quarter.

 

2



 

Broadcasting

 

Broadcasting revenue for the first quarter was £27.6 million, an increase of £10.8 million, or 64.3%, over the prior year quarter, primarily due to participation in the UEFA Champions League, one additional FAPL home game, and one additional FAPL live broadcast game in the current quarter.

 

Matchday

 

Matchday revenue for the first quarter was £24.8 million, an increase of £9.7 million, or 64.2% over the prior year quarter, primarily as a result of participation in the UEFA Champions League, one additional FAPL home game, and one additional domestic cup home game in the current quarter.

 

Other Financial Information

 

Operating expenses

 

Total operating expenses for the quarter were £106.7 million, an increase of £13.9 million, or 15.0%, over the prior year quarter.

 

Employee benefit expenses

 

Employee benefit expenses for the quarter were £58.9 million, an increase of £9.5 million, or 19.2%, over the prior year quarter due primarily to increased player wages resulting from renewals of existing contracts, coupled with an uplift from participation in the UEFA Champions League.

 

Other operating expenses

 

Other operating expenses for the quarter were £23.1 million, an increase of £4.1 million, or 21.6%, over the prior year quarter due to retail, merchandising, apparel and licensing costs now being recognized in-house, plus an increase in matchday costs as a result of playing four additional home games in the period compared to the prior year quarter.

 

Depreciation & amortization

 

Depreciation for the quarter was £2.5 million, an increase of £0.2 million, or 8.7%, over the prior year quarter. Amortization for the quarter was £22.2 million, an increase of £1.0 million, or 4.7%, over the prior year quarter. The unamortized balance of players’ registrations at 30 September 2015 was £260.3 million.

 

Loss/profit on disposal of players’ registrations

 

Loss on disposal of players’ registrations for the quarter was £7.4 million compared to a profit of £18.3 million in the prior year quarter.

 

Net finance costs

 

Net finance costs for the quarter were £4.3 million, a decrease of £1.8 million, or 29.5%, over the prior year quarter. The decrease was primarily due to a £1.1 million reduction in interest payable on senior secured notes and secured term loan following the refinancing in June 2015.

 

Tax

 

The tax expense for the quarter was £0.2 million, compared to a credit of £0.8 million in the prior year quarter.

 

Cash flows

 

Net cash generated from operating activities for the quarter was £35.7 million, a decrease of £37.2 million over the prior year quarter, primarily due to the timing of sponsorship payments.

 

Capital expenditure on property, plant and equipment for the quarter was £0.4 million, a decrease of £1.5 million over the prior year quarter.

 

3



 

Net player capital expenditure for the quarter was £49.9 million, a decrease of £6.0 million over the prior year quarter.

 

Conference Call Information

 

The Company’s conference call to review first quarter fiscal 2016 results will be broadcast live over the internet today, 12 November 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, mobile & content, 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, (loss)/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.

 

4



 

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

 

Adjusted 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 the adjusted tax expense 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 profit for the period to adjusted profit for the period is presented in supplemental note 3.

 

3.                   Adjusted basic and diluted earnings per share

 

Adjusted basic and diluted earnings per share is calculated by dividing the adjusted profit for the period by the weighted average number of ordinary shares in issue during the period. Adjusted diluted 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 earnings per share are presented in supplemental note 3.

 

5



 

Key Performance Indicators

 

 

 

Three months ended

 

 

 

30 September

 

 

 

2015

 

2014

 

Commercial % of total revenue

 

57.6

%

64.0

%

Broadcasting % of total revenue

 

22.3

%

19.0

%

Matchday % of total revenue

 

20.1

%

17.0

%

Home Matches Played

 

 

 

 

 

FAPL

 

4

 

3

 

UEFA competitions

 

2

 

 

Domestic Cups

 

1

 

 

Away Matches Played

 

 

 

 

 

UEFA competitions

 

2

 

 

Domestic Cups

 

 

1

 

 

 

 

 

 

 

Other

 

 

 

 

 

Employees at period end

 

798

 

837

 

Staff costs % of revenue

 

47.6

%

55.7

%

 

Phasing of Premier League home
games

 

Quarter 1

 

Quarter 2

 

Quarter 3

 

Quarter 4

 

Total

 

2015/16 season*

 

4

 

5

 

6

 

4

 

19

 

2014/15 season

 

3

 

7

 

5

 

4

 

19

 

2013/14 season

 

3

 

6

 

7

 

3

 

19

 

 


*Subject to changes in broadcasting scheduling

 

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

 

6



 

CONSOLIDATED INCOME STATEMENT

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

 

 

 

Three months ended
30 September

 

 

 

2015

 

2014

 

Revenue

 

123,562

 

88,670

 

Operating expenses

 

(106,606

)

(92,751

)

(Loss)/profit on disposal of players’ registrations

 

(7,436

)

18,328

 

Operating profit

 

9,520

 

14,247

 

Finance costs

 

(4,379

)

(6,238

)

Finance income

 

38

 

101

 

Net finance costs

 

(4,341

)

(6,137

)

Profit before tax

 

5,179

 

8,110

 

Tax (expense)/credit

 

(219

)

834

 

Profit for the period

 

4,960

 

8,944

 

 

 

 

 

 

 

Basic earnings per share:

 

 

 

 

 

Basic earnings per share (pence)

 

3.03

 

5.46

 

Weighted average number of ordinary shares outstanding (thousands)

 

163,833

 

163,788

 

Diluted earnings per share:

 

 

 

 

 

Diluted earnings per share (pence)

 

3.02

 

5.45

 

Weighted average number of ordinary shares outstanding (thousands)

 

164,268

 

164,127

 

 

7



 

CONSOLIDATED BALANCE SHEET

(unaudited; in £ thousands)

 

 

 

As of
30 September
2015

 

As of
30 June
2015

 

As of
30 September
2014

 

ASSETS

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

 

Property, plant and equipment

 

249,449

 

250,626

 

254,338

 

Investment property

 

13,531

 

13,559

 

13,643

 

Goodwill

 

421,453

 

421,453

 

421,453

 

Players’ registrations and other intangible assets

 

261,241

 

238,944

 

292,496

 

Derivative financial instruments

 

944

 

 

1,155

 

Trade and other receivables

 

10,331

 

3,836

 

 

Deferred tax asset

 

137,214

 

133,640

 

133,038

 

 

 

1,094,163

 

1,062,058

 

1,116,123

 

Current assets

 

 

 

 

 

 

 

Inventories

 

1,360

 

 

 

Derivative financial instruments

 

902

 

27

 

74

 

Trade and other receivables

 

104,925

 

83,627

 

71,571

 

Tax receivable

 

99

 

124

 

 

Cash and cash equivalents

 

143,525

 

155,752

 

90,266

 

 

 

250,811

 

239,530

 

161,911

 

Total assets

 

1,344,974

 

1,301,588

 

1,278,034

 

 

8



 

CONSOLIDATED BALANCE SHEET (continued)

(unaudited; in £ thousands)

 

 

 

As of
30 September
2015

 

As of
30 June
2015

 

As of
30 September
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

 

(5,116

)

4,729

 

15,509

 

Retained earnings

 

160,620

 

155,285

 

164,102

 

 

 

473,408

 

477,918

 

497,515

 

Non-current liabilities

 

 

 

 

 

 

 

Derivative financial instruments

 

4,084

 

2,769

 

1,498

 

Trade and other payables

 

19,598

 

48,078

 

47,137

 

Borrowings

 

426,534

 

410,482

 

359,445

 

Deferred revenue

 

19,422

 

21,583

 

15,291

 

Deferred tax liabilities

 

15,281

 

17,311

 

26,022

 

 

 

484,919

 

500,223

 

449,393

 

Current liabilities

 

 

 

 

 

 

 

Derivative financial instruments

 

1,389

 

2,966

 

650

 

Tax liabilities

 

1,666

 

2,105

 

1,976

 

Trade and other payables

 

191,276

 

131,283

 

140,250

 

Borrowings

 

3,187

 

485

 

2,731

 

Deferred revenue

 

189,129

 

186,608

 

185,519

 

 

 

386,647

 

323,447

 

331,126

 

Total equity and liabilities

 

1,344,974

 

1,301,588

 

1,278,034

 

 

9



 

CONSOLIDATED STATEMENT OF CASH FLOWS

(unaudited; in £ thousands)

 

 

 

Three months ended
30 September

 

 

 

2015

 

2014

 

Cash flows from operating activities

 

 

 

 

 

Cash generated from operations (see supplemental note 4)

 

38,115

 

83,342

 

Interest paid

 

(1,542

)

(8,729

)

Debt finance costs paid relating to borrowings

 

 

(866

)

Interest received

 

67

 

49

 

Income tax paid

 

(942

)

(887

)

Net cash generated from operating activities

 

35,698

 

72,909

 

Cash flows from investing activities

 

 

 

 

 

Purchases of property, plant and equipment

 

(353

)

(1,942

)

Proceeds from sale of property, plant and equipment

 

21

 

 

Purchases of players’ registrations

 

(86,532

)

(71,302

)

Proceeds from sale of players’ registrations

 

36,591

 

15,443

 

Net cash used in investing activities

 

(50,273

)

(57,801

)

Cash flows from financing activities

 

 

 

 

 

Proceeds from borrowings

 

 

4,704

 

Repayment of borrowings

 

(89

)

(97

)

Net cash (used in)/generated from financing activities

 

(89

)

4,607

 

Net (decrease)/increase in cash and cash equivalents

 

(14,664

)

19,715

 

Cash and cash equivalents at beginning of period

 

155,752

 

66,365

 

Foreign exchange gains on cash and cash equivalents

 

2,437

 

4,186

 

Cash and cash equivalents at end of period

 

143,525

 

90,266

 

 

10



 

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
30 September

 

 

 

2015
£’000

 

2014
£’000

 

Profit for the period

 

4,960

 

8,944

 

Adjustments:

 

 

 

 

 

Tax expense/(credit)

 

219

 

(834

)

Net finance costs

 

4,341

 

6,137

 

Loss/(profit) on disposal of players’ registrations

 

7,436

 

(18,328

)

Exceptional items

 

 

876

 

Amortization

 

22,147

 

21,177

 

Depreciation

 

2,495

 

2,336

 

Adjusted EBITDA

 

41,598

 

20,308

 

 

11



 

3                               Reconciliation of profit for the period to adjusted profit for the period and adjusted basic and diluted earnings per share

 

 

 

Three months ended
30 September

 

 

 

2015
£’000

 

2014
£’000

 

Profit for the period

 

4,960

 

8,944

 

Exceptional items

 

 

876

 

Foreign exchange losses/(gains) on recognized in finance costs

 

759

 

(695

)

Fair value movement on derivative financial instruments recognized in net finance costs

 

(1,807

)

(1,324

)

Hedge ineffectiveness of cash flow hedges

 

 

(435

)

Tax expense/(credit)

 

219

 

(834

)

Adjusted profit before tax

 

4,131

 

6,532

 

Adjusted tax expense (using a normalised US statutory rate of 35%)

 

(1,446

)

(2,286

)

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

 

2,685

 

4,246

 

 

 

 

 

 

 

Adjusted basic earnings per share:

 

 

 

 

 

Adjusted basic earnings per share (pence)

 

1.64

 

2.59

 

Weighted average number of ordinary shares outstanding (thousands)

 

163,883

 

163,788

 

Adjusted diluted earnings per share:

 

 

 

 

 

Adjusted diluted earnings per share (pence)

 

1.63

 

2.59

 

Weighted average number of ordinary shares outstanding (thousands)

 

164,268

 

164,127

 

 

12



 

4                               Cash generated from operations

 

 

 

Three months ended
30 September

 

 

 

2015
£’000

 

2014
£’000

 

Profit for the period

 

4,960

 

8,944

 

Tax expense/(credit)

 

219

 

(834

)

Profit before tax

 

5,179

 

8,110

 

Depreciation

 

2,494

 

2,336

 

Amortization

 

22,147

 

21,177

 

Loss/(profit) on disposal of players’ registrations

 

7,436

 

(18,328

)

Net finance costs

 

4,345

 

6,137

 

Loss on disposal of property, plant and equipment

 

9

 

4

 

Equity-settled share-based payments

 

375

 

330

 

Foreign exchange losses/(gains) on operating activities

 

2,066

 

(639

)

Fair value (gains)/losses on derivative financial instruments

 

(4,247

)

634

 

Reclassified from hedging reserve

 

342

 

(1,195

)

Increase in inventories

 

(1,360

)

 

(Increase)/decrease in trade and other receivables

 

(10,166

)

64,508

 

Increase in trade and other payables and deferred revenue

 

9,495

 

268

 

Cash generated from operations

 

38,115

 

83,342

 

 

13


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