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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Tottenham Hotsp | LSE:TTNM | London | Ordinary Share | GB0008962986 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 39.25 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMTTNM
RNS Number : 1713S
Tottenham Hotspur PLC
16 November 2011
16 November 2011
Tottenham Hotspur plc
("Tottenham Hotspur" or "the Company")
Final Results
for the year ended 30 June 2011
Hot Features
Premium
Financial Highlights Year ended Year ended
30 June 2011 30 June 2010
GBPm GBPm
-------------------------------------- -------------- --------------
Revenue 163.5 119.8
-------------------------------------- -------------- --------------
Profit from operations excluding
football player trading 32.3 22.7
-------------------------------------- -------------- --------------
Football trading operating costs (39.5) (39.5)
-------------------------------------- -------------- --------------
Profit on disposal of player
registrations 8.6 15.3
-------------------------------------- -------------- --------------
Net finance costs (1.0) (5.0)
-------------------------------------- -------------- --------------
Profit/(loss) on ordinary activities
before taxation 0.4 (6.5)
-------------------------------------- -------------- --------------
Retained profit/(loss) for the
year 0.7 (6.6)
-------------------------------------- -------------- --------------
Earnings/(loss) per share 0.4p (5.6p)
-------------------------------------- -------------- --------------
-- Revenues at record level of GBP163.5m (2010: GBP119.8m) largely as a result of the Club's participation in the UEFA Champions League, reaching the knock-out quarter-final stages:
o FAPL gate receipts increased marginally to GBP20.4m (2010: GBP20.1m) on capacity home attendances
o UEFA Champions League gate receipts and prize money was GBP37.1m (2010: GBPnil)
o Media and broadcasting revenues increased 5 per cent to GBP54.0m (2010: GBP51.5m)
o Sponsorship and corporate hospitality income increased by 24% to GBP31.8m (2010: GBP25.8m) with Autonomy as new FAPL shirt sponsor and Investec as new shirt sponsor for Cup competitions
o Merchandising income rose by 23% to GBP9.6m (2010: GBP7.8m) aided by the UEFA Champions League campaign and a strong product mix
-- Operating expenses increased 35 per cent to GBP131.2m (2010: GBP97.1m), due in the main to the costs associated with a large squad size playing in both domestic and European competitions and a total of 53 games played (2010: 50)
-- Operating profit before football trading and amortisation, which is one of the key performance indicators of how the Club is performing as a cash-generating business, increased by 42 per cent to GBP32.3m (2010: GBP22.7m).
-- Significant investments over the past 12 months in the Northumberland Development Project and the new Training Centre have increased the carrying value of property, plant and equipment from GBP123.6m to GBP150.3m.
Daniel Levy, Chairman of Tottenham Hotspur plc, said:
"Ten years ago we set out to create a First Team squad that could compete for the highest honours both domestically and in Europe, to deliver a new Training Centre and an increased capacity stadium. I am delighted to report on the substantial progress we have made in all these areas."
www.tottenhamhotspur.com ticker: TTNM.L TTNM.LN Enquiries: Matthew Collecott, Finance Director Tel: 020 8365 5322 Tottenham Hotspur plc Sarah Jacobs/Tom Sheldon, Nominated Tel: 020 7107 8000 Advisor Seymour Pierce Limited John Bick Tel: 020 7193 7463 Gable Communications Limited
Chairman's statement 2011
Having been Chairman for 10 years it was with great pride that we saw the Club enter the elite UEFA Champions League competition during the 2010/2011 Season. To have progressed through to the quarter-finals of that competition, with some magnificent performances along the way, is a validation of our continued investment in our squad.
Participation in the UEFA Champions League competition and our run to the latter stages has had a significant impact on the Club's turnover for the year, delivering record revenues of over GBP163.5m (2010: GBP119.8m).
This allowed us to sustain a larger squad and remain competitive in both the League and cup competitions. Whilst we have continued to invest heavily in the squad it should also be noted that we have continued to invest sensibly in other parts of the Club's future, namely facilities such as the new Training Centre complex and planning for a new stadium, whilst still managing to reduce net debt and continue to maintain a strong balance sheet.
Ten years ago we set out to create a First Team squad that could compete for the highest honours both domestically and in Europe, to deliver a new Training Centre and an increased capacity stadium. I am delighted to report on the substantial progress we have made in all these areas.
Financial highlights
Before turning to the Club's results for the year ended 30 June 2011, which are covered in more detail in the Financial Review, I should like to start by commending everyone at the Club for the continued hard work without which we could not deliver such a robust financial backdrop to a season which has delivered so much on the pitch. Whilst we can certainly point to the successful run in the UEFA Champions League competition, which has propelled revenues to reach record levels again at GBP163.5m (2010: GBP119.8m), we have also seen commercial success, particularly in the area of sponsorship with the innovation of two shirt sponsors - Autonomy across all FAPL games and Investec across all cup competitions. Given the attention our performances attracted, we have seen media values rise and deliver an impressive return for our sponsors.
This was yet another season when we filled our Stadium to capacity for every Premier League home match and during this period Premier League gate receipts rose to GBP20.4m (2010: GBP20.1m).
Increases in media and broadcasting revenues were buoyed by UEFA Champions League receipts and a fifth place finish continues our run of being in Europe for four of the past five seasons.
We retained a large squad to give ourselves the best chance of success and ensure there was sufficient depth in the squad. More players, along with salary inflation, performance-related bonuses and increases in football expenses, resulted in football operating expenses increasing during the year. Post year end we have reduced the squad size, enhanced the quality and continue to focus on retaining core players on long-term contracts. This invariably means new longer-term deals on higher, competitive salaries. We continue to work, however, on driving revenues to ensure that the wage to revenue percentages remain within our key performance targets.
Capital projects
In September this year we held the Topping Out ceremony for the new Training Centre. Visitors to the site have not failed to be impressed with its design and layout. It is visibly at the forefront of training facilities in Europe and arguably in the world. We look forward to the final commissioning of the project in the summer of 2012 when it will become home to our First Team squad and the exciting talent amongst our younger Academy teams.
Much has been written about our new stadium plans. During this period we were successful at planning committee stage with our plans for the Northumberland Development Project (NDP), but the cost of consent had been high. At the same time, we were invited to submit our interest in the Olympic Stadium and made a bid to acquire the lease of this stadium post the 2012 Olympics. We were quite clear, however, that we would not compromise spectator enjoyment by retaining the track. We were unsuccessful, we believe, because of our failure to agree to retain the track despite assurances that a bid without the track would be acceptable within the criteria and despite our bid including a substantial alternative athletics facility, a healthy return to the taxpayer and extensively funded community programming.
In light of the decision to formally retain the running track and the incompatibility of football in a stadium with a track, the Olympic Stadium has ceased to be an option for the Club and we have, over the last few months, been involved in a succession of meetings and discussions with politicians at all levels in respect of the NDP and associated developments.
A financing package will need to include bank finance, enabling development and sponsorship. Quite clearly any significant, further investment by the Club would need to be in the context of a commitment by the public sector to undertake public infrastructure works in order to create the environment and confidence to commit further.
These would include public sector improvements such as public space upgrades, improved public transport and public realm works, to be delivered in the surrounding area and to contribute to the general uplift of the borough, thereby creating an area in which the Club can justify an investment of hundreds of millions of pounds, secure funding and be a catalyst for further regenerative investment.
We are continuing to hold positive and constructive discussions with local, regional and national government as we seek to move this scheme forward.
On the pitch
The fact that we hosted one of the largest squads in the Premier League during this period undoubtedly played a role in our ability to compete in the manner in which we did. We were clear that we would need to look to streamline our squad where appropriate and outside of this period, with a combination of player sales and loans, we have been able to reduce the squad numbers.
New contracts were agreed with First Team players Benoit Assou-Ekotto, Gareth Bale, Luka Modric, Danny Rose, William Gallas, Vedran Corluka, Kyle Naughton and Kyle Walker; Development Squad players John Bostock, Nathan Byrne, Thomas Carroll, Steven Caulker, Jake Livermore, Jake Nicholson, Dean Parrett, Ryan Fredericks, Simon Dawkins, Kudus Oyenuga and Harry Kane.
During the summer of 2010 we signed Rafael van der Vaart, William Gallas, Stipe Pletikosa (on loan) and Sandro (from our Partner Club Internacional). In January 2011 we signed Bongani Khumalo, Steven Pienaar and Massimo Luongo and re-signed Simon Dawkins.
Dorian Dervite, Adel Taarabt, Jonathan Woodgate, Anton Blackwood, Calum Butcher and Stipe Pletikosa left the Club during the financial year.
Since the year end we have strengthened the squad further with the following signings: Brad Friedel, Scott Parker, Emmanuel Adebayor (loan), Cristian Ceballos and Souleymane Coulibaly.
The following players have left since the year end: Jamie O'Hara, Robbie Keane, Alan Hutton, Peter Crouch, Wilson Palacios and Paul-Jose M'Poku.
Pre-season for this period, the First Team undertook a successful tour to the USA, playing partner club San Jose Earthquakes and taking part in the Barclays New York Challenge, along with New York Red Bulls, Sporting Lisbon and Manchester City.
We made our debut in the UEFA Champions League against BSC Young Boys and were successful in our Group Stage matches which included a memorable hat-trick by Gareth Bale against Inter Milan at the San Siro and an equally thrilling return match at the Lane. Our win against Werder Bremen secured our qualification for the last 16.
Strong performances home and away against AC Milan saw us progress to the quarter-finals - a remarkable achievement in our first UEFA Champions League appearance - before exiting to Real Madrid.
As part of pre-season 2011/2012, the Club took part once again in the Vodacom Challenge Cup in South Africa and it proved to be an excellent trip with a good level of competitive matches. For a second time we returned with the trophy.
We have a special relationship with South Africa that has grown over the years. This trip was our fourth visit to the country in eight years. Our partnership with SuperSport United included the signing of Bongani Khumalo from their First Team, joining our other South African international, Steven Pienaar. During the season we hosted 16 players and also members of their staff on coaching exchanges and trials.
The Club and the Premier League were also part of the Trade Mission by the British Prime Minister, David Cameron, to South Africa at the time of the tour. Along with the recognition of the Premier League as one of Britain's best export examples, he accepted our invitation to visit our joint Tottenham Hotspur SuperSport Academy, a further example of trade between the two countries. In Parliament on his return, the Prime Minister praised the corporate social responsibility work the Club does in South Africa with youngsters, linked to the work it does here in our five neighbour boroughs.
At youth level, four Academy graduates, Jake Livermore, Steven Caulker, Danny Rose and Andros Townsend played for the First Team during the season. Once again this has had an inspirational effect on the younger players, who continue to play in Development games with First Team players on a regular basis and additionally continue to play games on loan under the guidance of the development staff.
The season saw 19 players make an average of 21 appearances in senior League football. The level at which our loanees play has once again improved with a significant increase in appearances in the Championship. On a typical weekend we provided 12% of teenage starters in the Championship and League One. With around 90% of starters in the top three English Leagues being 21 years of age or over, the achievements of our young players is outstanding.
22 of our players were called up to play international football from Under-16 to Under-21 years of age, 14 of whom played for England.
We attended 31 tournaments and festivals with the Academy squads, 23 of which were overseas. This exposure to international football without doubt accelerates the learning experiences of younger players.
An Under-17 group played against the Rwandan National Youth team in an historic game, 17 years after the tragic events in their history and as a precursor to their FIFA World Cup competition.
Commercial operations
This period saw the innovative split of the shirt sponsorship, as previously mentioned, with Autonomy and Investec. We agreed a new four-year travel partnership extension agreement with Thomas Cook Sport and Sportingbet became the Club's online betting partner. Under Armour was announced in a record breaking deal as the Club's new technical partner effective from the 2012/2013 Season.
We continued to be committed to developing the next generation of fans and this period saw us undertake our Free Junior Membership initiative. We are now creating a website designed to engage with young Spurs fans both in the UK and overseas.
In addition to the launch of a website specifically for our younger fans, we shall also be launching a new re-designed Club website later this year. A destination for Spurs fans all over the world, it includes enhanced functionality and a matchday console to serve the millions of fans who are not able to be at the game. We are fortunate to be partnered by our Premier League sponsor Autonomy and will be using their advanced web technology and software, which will undoubtedly see us deliver to fans the most innovative website of its kind.
Given the huge demand for tickets which sees us routinely sell out, we continue to seek other ways to make the Club accessible to kids and families. The special allocation of tickets available for Members and Season Ticket Holders to bring children to their first match continues to be popular. In addition, our fun days at the Lane, Open Training events and free Stadium tours for Junior Members enable us to engage with youngsters.
Outside of this period we have undertaken a brand project aimed at strengthening the Club's visual identity. This work has helped us create greater coherence in our identity across all our channels as we look to further grow the brand in new commercial markets and across key territories around the world.
All of our Club communication channels once again saw significant growth. Our web reached a record all time high for unique visitors per month, some 2.6m, and Spurs TV records the highest number of subscribers for equivalent products across the Premier League. Our digital media presence continues to grow with close to a million followers on Facebook and just under 100,000 followers on Twitter.
Tottenham Hotspur Foundation
The major disturbances we saw in our neighbourhood in August 2011 served to both highlight the social issues prevalent in the area in which the Club is situated and to underline the valuable role the Foundation plays.
There is a real need for this role to be maintained, widened and strengthened. Our Foundation is widely recognised as being at the forefront of delivering vital projects that tackle key social issues, promote social cohesion and further education. More importantly, it is the single most powerful platform the Club has on which to engage with local, regional and national government and discussions are taking place daily to further establish and expand our work in conjunction with government departments. I shall revert to this issue when reporting on the Outlook for the Club.
This period saw the launch of the E18HTEEN project with Jermain Defoe as an ambassador for the programme and a positive role model and mentor. The project will run over two years and work with 160 young people aged 16-19 years, who are either in care or are care leavers, with the objective of getting them back into training, education and employment.
Our statistics continue to speak for themselves: over 7,000 children have taken part in our healthy living assemblies in local primary and secondary schools; our Volunteer Tottenham Hotspur programme has created over 5,000 voluntary hours since it started; we delivered our 'Think Fit' sports project to over 1,000 women in North London; and, through the Bill Nicholson Bursary Fund, over 60 local people have successfully gained football coaching qualifications with 50% of those now working in Foundation programmes.
An outstanding statistic is that currently 48% of the Foundation's coaching staff are young people who have come through one of our projects. Not only does the Foundation deliver crucial projects, it also provides a route to employment and enhances the quality of the lives it touches.
I should like to make special mention and thank the management, staff and volunteers at the Foundation who routinely work long hours, deliver programmes through the night and often deal with disturbing incidents.
We should all be immensely proud of our Foundation's work and achievements.
Club charities
We continue to work with our main charity partner, SOS Children's Villages. The players have personally sponsored SOS orphans around the world, predominantly in Haiti, Beijing and Rustenburg, South Africa. Our players selected to play for England in the World Cup sponsored children in our SOS Children's Club House in Rustenburg and this meant that Michael Dawson was able to meet the child he had personally sponsored in what was an emotional moment and made news around the world.
Our players were also able to meet up with their sponsored orphans again when we visited South Africa in the 2011/2012 pre-season tour.
Once again we have continued our support for Tickets for Troops, making tickets available free for troops to attend our matches when on leave. We have supported Help for Heroes throughout the year, hosted servicemen and raised over GBP40,000 for the Royal British Legion's Poppy Appeal Campaign.
We also continue to support our role in Special Olympics worldwide and once again we sponsored the Homeless World Cup, through our support for KSVN Slum Soccer Schools in India.
Management and staff
We can proudly look back on the last season in the knowledge that our Club has once again achieved significant progress both on and off the pitch, matching playing success with commercial success and prudent financial management.
We recognise the magnificent efforts of the players, management and coaching staff as integral to that success. Plaudits must go to Harry Redknapp and all the staff for a truly exciting season.
Our ex-players and legends are an important aspect of the Club. It was with great sadness that this year saw the passing of match-day host Ralph Coates, Bobby Smith, Mel Hopkins, Eddie Bailey and former assistant manager Pat Welton. We were also deeply saddened by the tragic and untimely death of Dean Richards. Our Club captain and former team mate, Ledley King, represented the Club on the pitch at the Molineux Stadium for the moving tribute to Dean. Our condolences go to all their families.
Outlook
Last season we played some of the most entertaining football of any team in any league in the world. We shall fully embrace the Europa League this season and push to achieve all that we can, whilst also ensuring that we focus on our goal of rejoining the UEFA Champions League.
We, your Board, have always highlighted the need for a viable and sustainable business, operating within our means. We welcome the forthcoming new system of Financial Fair Play in the game that we hope will level the playing field and endorse the way we have operated to date. The footballing world has largely recognised the need for this form of financial control.
We fully support the UEFA regulations alongside the Premier League's view on Financial Fair Play and we shall be a test case in the run up to its implementation. Our hope is that the rules are accepted in the spirit of the game to ensure its integrity and values are based on fair competition.
I now wish to comment further on our current position in Tottenham and to make reference to the riots that happened on our doorstep, but which made headlines around the world.
All of us have been greatly affected by the events of the past months. As a Club we have always taken our role and responsibilities within our community seriously and the work of the Foundation is testament to that.
The recent riots and disturbances in Tottenham have brought sharply into focus the difficulties and needs facing one of the most deprived parts of the country. Whilst we are ever-conscious of the level of deprivation we see in the area in which our current Stadium is sited, it is perhaps worth reminding ourselves of the position.
North Tottenham, and in particular the Northumberland Park ward, is one of the most deprived and ethnically diverse parts of Britain - 71.6% of the residents of Northumberland Park claim employment and support allowance (1.5% nationally) and 53.1% of children in Northumberland Park are living in poverty. Northumberland Park is considered amongst the worst 5% deprived wards in the country.
There is an undeniable need for regeneration in this area in order to provide future hope and cohesion for the community.
Our commitment to this area is evidenced by the fact that we invested some GBP60m in buying land over the past few years and GBP25m in the planning process. In addition the Club continues to attract millions of pounds to the area through our presence here, as well as the millions we attract in grant funding for the work of our Foundation in the local communities of Haringey and Enfield.
Tottenham deserves focus, co-operation and the appropriate level of support from all stakeholders. It is not a small task and it requires all parties to come together to make it happen. The Docklands is a clear example of what can be achieved when public investment in the community creates the circumstances in which the private sector can then invest bringing jobs, social cohesion, place change and a renewed pride to an area long overlooked.
I should underline that there is still a long way to go. Given the scale, importance and complex nature of such a major, sport-led regeneration scheme, we shall be affording it the time and focus it deserves and discussions are ongoing. We shall look to report further as we progress what have been, and continue to be, positive meetings and discussions with the Mayor's office and Haringey Council.
In looking to move forward and continue to fulfil our ambitions as a Club, particularly with respect to raising finance for capital expenditure projects, I can also announce that we are intending to propose to shareholders that the Company be de-listed from trading on AIM and be re-registered as a private limited company. We propose to re-instate the nil cost dealing facility for small shareholders who hold 10,000 or fewer ordinary shares to assist those who wish to sell their shares prior to the Company ceasing to be traded on AIM.
A circular explaining these proposals in more detail will be sent to all shareholders in due course.
Challenging global economic times are upon us and we shall all be required to manage the difficulties this will present. We shall continue to be ambitious for the Club whilst preserving the solid foundations on which it now flourishes.
In conclusion I should like to thank all our supporters for their immense support, home, away and around the world - support which is never taken for granted.
Daniel Levy
Chairman
15 November 2011
Financial review
I am pleased to announce the financial results for the year ended 30 June 2011.
Revenue reached a record level of GBP163.5m (2010: GBP119.8m), representing a 36% increase on the previous year and generating an operating profit excluding football trading of GBP32.3m (2010: GBP22.7m). Net debt has been reduced during the year from GBP64.5m to GBP56.8m despite the continued investment in our capital projects.
Revenue
Premier League gate receipts rose to GBP20.4m (2010: GBP20.1m) with the Stadium continuing to be sold out for all Premier League home games.
Finishing fourth in the Premier League at the end of the 2009/2010 Season provided the Club with an opportunity to qualify for the UEFA Champions League Group Stages for the first time in its history which it achieved after beating Young Boys in a Play-Off Round. After a memorable run in the competition, the Club were eliminated by Real Madrid in the quarter-finals.
Gate receipts and prize money from our run in the UEFA Champions League totalled GBP37.1m. In the previous season the Club did not qualify for Europe.
In domestic cup competitions, the Club was knocked out in the fourth round of The FA Cup and the third round of the Carling Cup, earning the Club GBP1.9m in gate receipts (2010: GBP6.7m).
Media and broadcasting revenues increased by 5% to GBP54.0m (2010: GBP51.5m). This gain was due to the first season of the new increased FAPL TV deal in spite of a lower merit fee award based on our final league position of fifth compared to fourth the previous season.
Sponsorship and corporate hospitality income increased by 24% from GBP25.8m to GBP31.8m. The 2010/2011 Season saw us welcome two new shirt sponsorships with Autonomy sponsoring our shirts in the Premier League and Investec sponsoring our shirts in all cup competitions. In addition, corporate hospitality income benefited from our UEFA Champions League campaign.
Merchandising income rose by 23% to GBP9.6m (2010: GBP7.8m) aided by UEFA Champions League participation and a strong product mix.
Operating expenses (excluding football trading)
Operating expenses before football trading rose by 35% from GBP97.1m to GBP131.2m in the year. Player salaries have risen as the Club augmented its squad of players to be able to compete both at home and in Europe at the highest level during the season in which the Club played a total of 53 games.
There was also an adverse movement in unrealised foreign exchange differences due to the weakening of Sterling against the Euro during the year.
Profit from operations (excluding football trading and amortisation)
Overall, our operating profit before football trading and amortisation, which is one of our key performance indicators for how the Club is performing as a cash-generating business, increased by 42% to GBP32.3m (2010: GBP22.7m).
Amortisation and impairment of intangible assets
Amortisation and impairment of intangible assets and other football trading-related income and expenditure are GBP39.5m (2010: GBP39.5m) as the Club maintains its significant investment in its playing squad.
Profit on disposal of intangible assets
Profit on the disposal of intangible assets was GBP8.6m for the financial year (2010: GBP15.3m) which included the sale of Adel Taarabt to Queens Park Rangers and contingent receipts relating to prior year sales of Darren Bent to Sunderland, Kevin-Prince Boateng to Portsmouth, Dimitar Berbatov to Manchester United and Didier Zokora to Sevilla.
Net finance expenses
Finance costs have fallen from GBP6.4m to GBP5.5m and finance income has risen from GBP1.4m to GBP4.5m as a result of a GBP4.2m credit which would have arisen over a three-year redemption period relating to our convertible redeemable preference shares had they not been fully converted during the year.
Profit before taxation
The overall result of the above is that the Group made a profit before taxation of GBP0.4m (2010: loss of GBP6.5m).
Balance sheet
The significant investments the Club has continued to make over the past 12 months in the Northumberland Development Project (NDP) and the new Training Centre have resulted in the carrying value of property, plant and equipment increasing from GBP123.6m to GBP150.3m.
As at the balance sheet date, the current Stadium and Training Ground amount to GBP39.0m of these assets; the investment in NDP is GBP83.5m and the new Training Centre is capitalized at GBP27.8m.
This huge investment over the last six years has been funded through profits, equity contributions and long-term debt financing.
Group net assets are GBP81.5m (2010: GBP70.5m) whilst net debt has been reduced from GBP64.5m to GBP56.8m.
Cash flow
The Group had a net cash inflow from its operations of GBP69.1m for the year (2010: GBP19.9m).
We had a cash outflow of GBP48.8m (2010: GBP62.0m) to acquire players and pay contingent sums arising from transfer agreements, but this is partially offset by GBP22.5m (2010: GBP34.5m) of cash inflows from player sales and contingent receipts, with the residual outflow offset by operating profits.
The other major cash movements were the drawdown of GBP6.8m (2010: GBP13.8m) in loans to help fund the NDP and the expenditure on the construction of the new Training Centre. The Group repaid GBP5.5m (2010: GBP4.1m) of other borrowings during the year.
Risks and opportunities
The Group is exposed to a range of risks and uncertainties which have the potential to affect the long-term performance of the Group. Risks are monitored by the Board on a continual basis and the Group seeks to mitigate these risks wherever possible.
Looking forward, the next major challenge our industry will face, from a financial perspective, will be the change that Financial Fair Play will bring to the game. The essence of the change is to balance revenues and expenses. It was inevitable that UEFA would bring further control to the game and the Premier League has embraced these changes taking the view that it is better to be involved in a process than pushing against the inevitable.
From the Club's perspective, it vindicates our consistent approach to invest in the Club. It underlines our focus on investing in young talent and our Academy facilities, it necessitates the need for a new stadium, which is now even more important to drive revenues to the next level and it underlines our decision to work within our historic operational cash flows.
We are well placed to meet the challenges of the future. Consequently, the Directors continue to prepare the financial statements on a going concern basis.
On the pitch
As we invest for the future, the continued success of the First Team in the Premier League, European and cup competitions remains an important part of our progression.
Our ambitions in these competitions can be achieved with the continued commitment of the playing staff, the football management team and supporters. Our successful approach to nurturing both home-grown talent and acquisitions through the transfer market will help the team to secure future success on the pitch.
There is always continued upward pressure on player costs and salaries, which continue to require significant cash outflows. Accordingly, the challenge for the Group continues to be locating players of both quality and value through the transfer market and Academy. The importance of this will be further highlighted by the introduction of Financial Fair Play.
Off the pitch
The development of the new stadium will expose the Group to additional risks. The risk that we might not obtain the necessary financing would have a significant negative impact and require a write-off of some of the planning and professional fees paid to date. There is also a risk that the market value of property held may reduce, however we are confident there are appropriate contingency plans in place to safeguard against these risks.
We continue to explore new opportunities in order to broaden our range of income streams both nationally and internationally. This continued diversification will help to ensure the Group is financially robust and increases our stability.
The Club is reliant on the Premier League brand and exposed to external governing bodies of The FA, UEFA and FIFA. Clearly any changes to these bodies could affect our business model.
Responsibility statement of the Directors on the Annual Report
The responsibility statement below has been prepared in connection with the Group's full Annual Report for the year ending 30 June 2011. Certain parts thereof are not included within this announcement.
We confirm to the best of our knowledge:
-- the Company and Group financial statements, prepared in accordance with UK GAAP and IFRS as adopted by the EU respectively, give a true and fair view of the assets, liabilities, financial position and profit of the Company and Group taken as a whole; and
-- the Directors Report contained in the Annual Report includes a fair review of the development and performance of the business and the position of the Company and the Group taken as a whole, together with a description of the principal risks and uncertainties they face.
This responsibility statement was approved by the Board of Directors on 15 November 2011 and was signed on its behalf by:
Matthew Collecott
Finance Director
15 November 2011
Consolidated income statement
for the year ended 30 June 2011
Year ended 30 June Year ended 30 June
2011 2010
-------------------------------- --------------------------------
Operations, Operations,
excluding excluding
football Football football Football
Trading* trading* Total trading* trading* Total
Notes GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------------ ----- ----------- -------- --------- ----------- -------- ---------
Revenue 3 163,486 - 163,486 119,814 - 119,814
Operating expenses (131,192) (39,450) (170,642) (97,140) (39,466) (136,606)
------------------------------ ----- ----------- -------- --------- ----------- -------- ---------
Operating profit/(loss) 32,294 (39,450) (7,156) 22,674 (39,466) (16,792)
Profit on disposal of
intangible fixed assets - 8,573 8,573 - 15,250 15,250
------------------------------ ----- ----------- -------- --------- ----------- -------- ---------
Profit/(loss) from operations 32,294 (30,877) 1,417 22,674 (24,216) (1,542)
------------------------------ ----- ----------- -------- --------- ----------- -------- ---------
Finance income 4,499 1,358
Finance costs (5,514) (6,355)
------------------------------ ----- ----------- -------- --------- ----------- -------- ---------
Profit/(loss) on ordinary
activities before taxation 402 (6,539)
Tax 267 (108)
------------------------------ ----- ----------- -------- --------- ----------- -------- ---------
Profit/(loss) for the
period 669 (6,647)
------------------------------ ----- ----------- -------- --------- ----------- -------- ---------
Attributable to:
Equity holders of the
parent 669 (6,647)
------------------------------ ----- ----------- -------- --------- ----------- -------- ---------
Earnings/(loss) per
share from continuing
operations - basic 5 0.4p (5.6p)
Earnings/(loss) per
share from continuing
operations - diluted 5 (1.6p) (5.6p)
------------------------------ ----- ----------- -------- --------- ----------- -------- ---------
* Football trading represents amortisation, impairment and profit/(loss) on disposal of intangible fixed assets, and other
football trading-related income and expenditure.
There were no other gains or losses in either the current or prior year, accordingly no consolidated statement of comprehensive income is presented.
All activities in the year derive from continuing operations.
Consolidated balance sheet
as at 30 June 2011
30 June 30 June
2011 2010
Notes GBP'000 GBP'000
------------------------------------------- ----- --------- ---------
Non-current assets
Property, plant and equipment 150,299 123,552
Intangible assets 101,215 115,660
------------------------------------------- ----- --------- ---------
251,514 239,212
Current assets
Inventories 1,774 1,066
Trade and other receivables 18,030 35,909
Current tax receivable - 697
Cash and cash equivalents 20,650 11,285
------------------------------------------- ----- --------- ---------
40,454 48,957
Total assets 291,968 288,169
------------------------------------------- ----- --------- ---------
Current liabilities
Trade and other payables (95,608) (86,776)
Current tax liabilities (260) -
Interest-bearing loans and borrowings (20,461) (24,117)
Provisions (2,564) (1,595)
------------------------------------------- ----- --------- ---------
(118,893) (112,488)
Non-current liabilities
Interest-bearing overdrafts and loans (56,269) (65,761)
Trade and other payables (15,085) (18,833)
Deferred grant income (2,045) (2,127)
Deferred tax liabilities (18,193) (18,459)
------------------------------------------- ----- --------- ---------
(91,592) (105,180)
------------------------------------------- ----- --------- ---------
Total liabilities (210,485) (217,668)
------------------------------------------- ----- --------- ---------
Net assets 81,483 70,501
------------------------------------------- ----- --------- ---------
Equity
Share capital 10,693 6,177
Share premium 34,788 25,217
Equity component of convertible redeemable
preference shares ('CRPS') - 3,774
Capital redemption reserve 595 595
Retained earnings 35,407 34,738
------------------------------------------- ----- --------- ---------
Total equity 6 81,483 70,501
------------------------------------------- ----- --------- ---------
Consolidated statement of changes in equity
for the year ended 30 June 2011
Share Share Equity Capital Profit
capital premium component Revaluation redemption and loss
account account of CRPS reserve reserve account Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------- ------- ------- --------- ----------- ---------- -------- -------
Balance as at 1 July
2010 6,177 25,217 3,774 - 595 34,738 70,501
Profit for the year - - - - - 669 669
CRPS converted in
the period 4,516 9,571 (3,774) - - - 10,313
At 30 June 2011 10,693 34,788 - - 595 35,407 81,483
--------------------- ------- ------- --------- ----------- ---------- -------- -------
for the year ended 30 June 2010
Share Share Equity Capital Profit
capital premium component Revaluation redemption and loss
account account of CRPS reserve reserve account Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------ ------- ------- --------- ----------- ---------- -------- -------
Balance as at 1 July
2009 4,640 11,638 3,805 2,240 595 39,145 62,063
Loss for the year - - - - - (6,647) (6,647)
Transfer of revaluation
reserve - - - (2,240) - 2,240 -
CRPS converted in
the period 37 79 (31) - - - 85
Ordinary share issue 1,500 13,500 - - - - 15,000
------------------------ ------- ------- --------- ----------- ---------- -------- -------
At 30 June 2010 6,177 25,217 3,774 - 595 34,738 70,501
------------------------ ------- ------- --------- ----------- ---------- -------- -------
Consolidated statement of cash flows
for the year ended 30 June 2011
Year ended Year ended
30 June 30 June
2011 2010
Note GBP'000 GBP'000
----------------------------------------------- ----- ---------- ----------
Cash flow from operating activities
Profit/(loss) from operations 1,417 (1,542)
Adjustments for:
Amortisation and impairment of intangible
assets 41,953 39,990
Profit on disposal of intangible assets (8,573) (15,250)
Loss on disposal of property, plant and
equipment 64 -
Depreciation and impairment of property,
plant and equipment 5,284 2,423
Capital grants release 84 88
Foreign exchange loss/(gain) 2,537 (755)
Decrease/(increase) in trade and other
receivables 4,301 (4,865)
(Increase)/decrease in inventories (709) 107
Increase/(decrease) in trade and other
payables 22,732 (344)
------------------------------------------------------ ---------- ----------
Cash flow from operations 69,090 19,852
Interest paid (3,680) (3,071)
Interest received 21 83
Income tax refund 957 602
------------------------------------------------------ ---------- ----------
Net cash flow from operating activities 66,388 17,466
------------------------------------------------------ ---------- ----------
Cash flows from investing activities
Acquisitions of property, plant and equipment,
net of proceeds (32,371) (22,984)
Proceeds from sale of property, plant and
equipment 276 -
Acquisitions of intangible assets (48,825) (61,992)
Proceeds from sale of intangible assets 22,547 34,499
------------------------------------------------------ ---------- ----------
Net cash flow from investing activities (58,373) (50,477)
------------------------------------------------------ ---------- ----------
Cash flows from financing activities
Ordinary share issue - 15,000
Proceeds from borrowings 6,831 13,750
Repayments of borrowings (5,481) (4,076)
------------------------------------------------------ ---------- ----------
Net cash flow from financing activities 1,350 24,674
------------------------------------------------------ ---------- ----------
Net increase/(decrease) in cash and cash
equivalents 9,365 (8,337)
Cash and cash equivalents at start of the
period 11,285 19,622
------------------------------------------------------ ---------- ----------
Cash and cash equivalents at end of year 20,650 11,285
------------------------------------------------------ ---------- ----------
Notes to the accounts
for the year ended 30 June 2011
1. General information
The financial information set out in this preliminary announcement does not constitute statutory financial statements for the years ended 30 June 2011 or 2010, for the purpose of the Companies Act 2006, but is derived from those statements. Statutory financial statements for 2011, on which the Group's auditors have given an unqualified report which does not contain statements under Section 498 (2) or (3) of the Companies Act 2006, will be filed with the Registrar of Companies prior to the Group's next annual general meeting. Statutory financial statements for 2009 have been filed with the Registrar of Companies. The Group's auditors have reported on those accounts; their reports were unqualified and did not contain statements under Section 498 (2) or (3) of the Companies Act 2006.
The preliminary announcement for the year ended 30 June 2011 was approved by the Board of Directors on 15 November 2011.
2. Operating segments
All revenues disclosed are derived from external customers. Segment operating profit represents the profit earned by each segment without allocation of central administration costs and certain recharges. This is the measure reported to the Group's Board for the purpose of resource allocation and assessment of segment performance.
Football Property Group
-------------------- ------------------ --------------------
2011 2010 2011 2010 2011 2010
Class of business GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------- --------- --------- -------- -------- --------- ---------
Revenue 162,761 118,955 725 859 163,486 119,814
--------------------------------- --------- --------- -------- -------- --------- ---------
Segment operating
profit/(loss) 32,545 22,808 (251) (134) 32,294 22,674
Player trading operating
costs (39,450) (39,466) - - (39,450) (39,466)
Profit on disposal
of player registrations 8,573 15,250 - - 8,573 15,250
Net finance charges (226) (4,362) (789) (635) (1,015) (4,997)
--------------------------------- --------- --------- -------- -------- --------- ---------
Profit/(loss) before
taxation 1,442 (5,770) (1,040) (769) 402 (6,539)
--------------------------------- --------- --------- -------- -------- --------- ---------
Property, plant and
equipment 38,940 38,890 111,359 84,662 150,299 123,552
Intangible assets 101,215 115,660 - - 101,215 115,660
--------------------------------- --------- --------- -------- -------- --------- ---------
Non-current assets 140,155 154,550 111,359 84,662 251,514 239,212
--------------------------------- --------- --------- -------- -------- --------- ---------
Total assets 201,113 205,965 90,855 82,204 291,968 288,169
Total liabilities (115,568) (128,704) (94,917) (88,964) (210,485) (217,668)
--------------------------------- --------- --------- -------- -------- --------- ---------
Segment net assets/(liabilities) 85,545 77,261 (4,062) (6,760) 81,483 70,501
--------------------------------- --------- --------- -------- -------- --------- ---------
The vast majority of the Group's operations are conducted in the United Kingdom.
3. Revenue
Revenue, which is almost all derived from the Group's principal activity, is analysed as follows:
2011 2010
GBP'000 GBP'000
------------------------------------------------- ------- -------
Revenue comprises:
Gate receipts - Premier League 20,416 20,123
Cup competitions - Gate receipts and prize money 39,002 6,726
Sponsorship and corporate hospitality 31,837 25,763
Media and broadcasting 54,016 51,519
Merchandising 9,553 7,793
Other 8,662 7,890
------------------------------------------------- ------- -------
163,486 119,814
------------------------------------------------- ------- -------
All revenue except for GBP725,000 (2010: GBP859,000) derives from the Group's principal activity in the United Kingdom and is shown exclusive of VAT.
4. Profit/(loss) from operations
This is stated after charging/(crediting) the following:
2011 2010
GBP'000 GBP'000
----------------------------------------------- ------- -------
Depreciation and impairment of property, plant
and equipment
- owned 5,284 2,770
Amortisation of intangible fixed assets 41,953 39,991
Amortisation of grants (84) (88)
Charitable donations 100 12
Operating lease rentals:
- land and buildings 285 277
- other 146 167
Foreign exchange loss/(gain) 2,486 (801)
----------------------------------------------- ------- -------
5. Earnings per share
Earnings per share has been calculated using the weighted average number of shares in issue in each year.
2011 2010
GBP'000 GBP'000
------------------------------------------------ ----------- -----------
Earnings for the purpose of basic earnings per
share being net profit/(loss) attributable to
equity holders of the Company 669 (6,647)
Net interest (credit)/charge in respect of CRPS (4,017) 236
------------------------------------------------ ----------- -----------
Earnings for the purpose of diluted earnings
per share* (3,348) (6,411)
------------------------------------------------ ----------- -----------
Number Number
------------------------------------------------ ----------- -----------
Weighted average number of ordinary shares for
the purposes of basic earnings per share 169,886,586 117,911,574
Convertible redeemable preference shares 43,973,270 90,317,964
------------------------------------------------ ----------- -----------
213,859,856 208,229,538
------------------------------------------------ ----------- -----------
Pence Pence
------------------------------------------------ ----------- -----------
Basic earnings/(loss) per share 0.4p (5.6p)
Diluted loss per share* (1.6p) (5.6p)
------------------------------------------------ ----------- -----------
There are no ordinary share options outstanding at the year end (2010: nil). On 24 December 2010, 56,427 CRPS were converted to ordinary shares, then on 19 January 2011, 1,574 CRPS were converted to ordinary shares and 1 CRPS was redeemed, leaving no CRPS in issue. The share capital at year end was 213,858,987 ordinary shares (2010: 123,542,585 ordinary shares).
*Potential ordinary shares that have been converted during the period are included for the period prior to actual exercise.
6. Reconciliation of movements in Group shareholders' funds
2011 2010
GBP'000 GBP'000
------------------------------------------ ------- -------
Opening shareholders' funds 70,501 62,063
------------------------------------------ ------- -------
Profit/(loss) for the year 669 (6,647)
Ordinary 5p shares issued during the year - 15,000
Conversion of CRPS to ordinary shares 10,313 85
------------------------------------------ ------- -------
Net addition to shareholders' funds 10,982 8,438
------------------------------------------ ------- -------
Closing shareholders' funds 81,483 70,501
------------------------------------------ ------- -------
7. Notice of AGM
An Annual General Meeting of Tottenham Hotspur plc will be held at Bill Nicholson Way, 748 High Road, Tottenham, London N17 0AP at 10.00am on 13 December 2011. The annual report and accounts of the Company for the year ended 30 June 2011 will be sent to shareholders shortly and will then be available to be downloaded from the Company's website www.tottenhamhotspur.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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