TIDMCCP
RNS Number : 8756Y
Celtic PLC
11 September 2015
Celtic PLC
Announcement of Results for the year ended 30 June 2015
SUMMARY OF THE RESULTS
Operational Highlights
-- Winner of the SPFL Premiership
-- Winner of the Scottish League Cup
-- Participated in the UEFA Europa League, qualifying for the
round of 32 stage, playing 7 home European matches (2014: 6)
-- 29 home matches played at Celtic Park (2014: 28)
-- Successful hosting of the Commonwealth Games Opening Ceremony
and SFA International matches
-- New commercial sponsorship agreements with New Balance and Dafabet
-- Completion of the highly acclaimed Celtic Way and Stadium Branding
Financial Highlights
-- Group revenue decreased by 21.1% to GBP51.08m
-- Operating expenses decreased by 11.1% to GBP53.27m
-- Exceptional costs of GBP0.74m (2014: GBP4.66m)
-- Gain on sale of player registrations of GBP6.77m (2014: GBP17.05m)
-- Loss before taxation of GBP3.95m (2014: profit of GBP11.17m)
-- Year-end net cash at bank of GBP4.72m (2014: GBP3.83m)
-- Investment in football personnel of GBP9.42m (2014: GBP8.07m).
For further information contact:
Company
Ian Bankier, Celtic plc Tel: 0141 551 4235
Peter Lawwell, Celtic plc Tel: 0141 551 4235
Iain Jamieson, Celtic plc Tel: 0141 551 4235
Canaccord Genuity Limited, Nominated Adviser
Bruce Garrow Tel: 020 7523 8350
CHAIRMAN'S STATEMENT
These results, which show an operating loss of GBP3.6m compared
to a profit of GBP11.8m last year, reflect two key factors. First,
lower contribution from the sale of player registrations, and
second, diminished income from competing in the UEFA Europa League
competition. The lower contribution from the disposal of player
registrations was as a result of the Board deciding to retain
certain registrations to aid and enhance value for the football
operations.
The Board remains committed to ensuring that the medium and
long-term future of the Club, and the Company, is secured. Having
regard to the environment in which we continue to operate, the
Board's belief in a self- sustaining financial model has not
waivered. We believe that there is no other sensible way to
operate. The model is designed to protect the Club from the
inherent unpredictability of football. Although the Board is very
disappointed not to have secured qualification for the Group Stages
of the UEFA Champions League for season 2015/16, that failure does
not put at risk the continued operation of the Club. We are
confident that our model provides a platform for improved financial
performance in the year to 30 June 2016.
The Club's strength and stability off the pitch allows us to
give full support to the Football Manager in securing his transfer
targets, whilst at the same time continuing to invest in the Youth
Academy that will develop our young players for the first team.
Disappointed at the outcome of the Champions League qualifier, we
look forward with optimism to the season ahead. We wholeheartedly
support Ronny Deila and his support staff as they strive to make
Celtic stronger on the pitch.
Meanwhile, the Club remains engaged and represented in the
Scottish and European game. Peter Lawwell, our Chief Executive, has
recently been re-elected on to the board of the European Club
Association. In addition, for the forthcoming season Peter remains
a member of the board of the Scottish FA and the Association's
Professional Game Board. Our Financial Director, Eric Riley,
remains a member of the board of the Scottish Professional Football
League for the season ahead. Our representation at these levels
gives us the facility to continue to explore ways in which the
football environment in which we operate can be enhanced.
It is important in the context of this short statement that I
should note the achievements of Celtic FC Foundation, which upholds
and promotes the charitable principles and heritage of Celtic
Football Club. The Foundation is now involved in more educational,
community and charitable work than at any time in the Club's
history. The Foundation assists those who face challenges, both at
home and abroad, in Health, Equality, Learning and Poverty (HELP)
and, on behalf of the Board, I congratulate all those involved,
whether it be by giving their time or their money, or both, to
support the Foundation.
The success of Celtic is dependent on the ongoing support of our
colleagues, fans, sponsors, partners and shareholders; the Board is
grateful for that support and is committed to promoting and
maintaining that success for future generations.
Ian P Bankier
11 September 2015
Chairman
CHIEF EXECUTIVE'S REVIEW
The year to 30 June 2015 was a period of transition for Celtic.
Ronny Deila's first season as manager had successes, with Celtic
winning the double of the Scottish Premiership and League Cup and
progressing to the last 32 of the UEFA Europa League, as well as
disappointments, most notably in failing to qualify for the UEFA
Champions League Group Stages and losing in the semi final of the
Scottish Cup.
Off the pitch, it was also a challenging year. Our decision not
to transfer certain players registration during the period,
together with failure to progress in the UEFA Champions League,
have had a significant impact on revenues and profits.
Our core strategy remains focussed on a football operation with
a self sustaining financial model and relies upon: the youth
academy; player development; player recruitment; management of the
player pool; and sports science and performance analysis, to
deliver long term sustainable football success. The Board reviews
our strategy on an ongoing basis and, having regard to the
environment in which we play, considers that it will continue to
deliver stability, growth and success for Celtic. Notwithstanding
the decline in revenues and profits, at the end of the financial
year our cash at bank position had increased slightly to GBP4.72m
(2013:GBP3.83m). This is essential given the challenges of
operating in the Scottish football environment and our fluctuating
cash requirements during the year to come. Celtic has strong
foundations upon which to build.
Last season, the Club won the SPFL Premiership, finishing 17
points ahead of closest rivals Aberdeen, and beat Dundee United in
the Scottish League Cup Final. But for losing in the semi-final
against Inverness, we may also have gone on to compete in the
Scottish Cup Final, coming close to a domestic treble in Ronny
Deila's first season in charge. The margins in football are very
thin and games can turn on a single incident. Initial results in
Europe were disappointing, exiting the UEFA Champions League before
the group stage against NK Maribor. In the UEFA Europa League,
however, our performances and results improved, leading to
qualification from our group. Our performances against Inter Milan
were very promising.
It is particularly pleasing to note that our Youth Academy,
which is so important to the ethos of the Club, enjoyed another
successful year. Our teams experienced domestic successes,
including the U17's League and winning both the Youth Cup and the
Glasgow Cup against Rangers. Our Development Squad also
participated in the inaugural Premier League International Cup,
gaining vital experience against the best academies in the English
Premiership and Europe. Although the development of the players is
paramount, the team performed very well and were unlucky to lose to
Manchester City in the quarter finals.
During the year we were delighted to see the continued emergence
of first team players from the Academy squads, like Callum
McGregor, Eoghan O'Connell, Liam Henderson and Kieran Tierney,
which is vital to the future success of the Club. The development
of the partnership between the Academy and St. Ninian's High School
is a cornerstone of the Youth Academy as we combine the development
of talent on the pitch and in the classroom with the target of
producing Champions League players with the skills to progress in
football and in life.
The redevelopment of Celtic Park and surrounding areas was
completed in time for the Opening Ceremony of the Glasgow 2014
Commonwealth Games. I am sure that all Celtic supporters shared my
pride as Celtic and our great stadium were broadcast around the
world. We are continuing to build on that exposure and the addition
of the new Paradise wrap around Celtic Park over the summer has
raised the stadium to a new level, creating a truly iconic
structure.
The Board and I shared the disappointment of our supporters,
football management team, players and all involved with the Club at
the poor result in Malmo. Ronny and his coaching team are
continuing to build their team and the Board will continue to
support them in the transfer market and in the development of the
football operation generally. The Board's commitment remains to
re-invest every penny received back into the Club for the longer
term. Ronny is delighted with the development of the squad in the
January and summer transfer windows, with his primary signing
targets acquired. Our squad mixes exciting young players, both from
our Academy and from across Scotland and Europe, with experienced
internationals. As Ronny develops his players and creates our team,
we look forward to the forthcoming season with confidence.
(MORE TO FOLLOW) Dow Jones Newswires
September 11, 2015 11:10 ET (15:10 GMT)
My colleagues at the Club and I are dedicated to creating a
world class football club. Everything that we do, we do to achieve
the best for Celtic. Charity forms a fundamental aspect of the club
that we aspire to create. Charity lies at the very heart of Celtic;
it is part of our DNA. I am delighted to say that the Club and its
supporters does more now than we ever have done for charitable
purposes, most notably Celtic FC Foundation, which continues to
grow from strength to strength and to inspire all those involved
with it. The continued commitment of our supporters, shareholders
and partners is crucial; I thank you for that commitment, which we
will do all that we can to repay.
Our objectives this year remain success in all three domestic
competitions and in the UEFA Europa League, playing creative and
exciting football. We will continue to build on the foundations
that have been laid and focus on qualification for the group stages
of the UEFA Champions League, which is where this great club
belongs.
Peter Lawwell
11 September 2015
Chief Executive
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
2015 2014
Operations Operations
excluding excluding
intangible Intangible intangible Intangible
asset asset asset asset
trading trading Total trading trading Total
Note GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
CONTINUING
OPERATIONS:
Revenue 2 51,080 - 51,080 64,736 - 64,736
Operating Expenses
(excluding
exceptional
operating expenses) 2 (53,268) - (53,268) (59,885) - (59,885)
_________ _________ _________ _________ _________ _________
(Loss) / profit
from trading
before asset
transactions
and exceptional
items (2,188) - (2,188) 4,851 - 4,851
_________ _________ _________ _________ _________ _________
Exceptional
operating (expenses)
/ credit 3 (1,001) 261 (740) (575) (4,089) (4,664)
Amortisation
of intangible
assets - (7,313) (7,313) - (5,300) (5,300)
Profit on disposal
of intangible
assets - 6,773 6,773 - 17,052 17,052
Loss on disposal
of property,
plant and equipment (102) - (102) (101) - (101)
_________ _________ _________ _________ _________ _________
Operating (loss)
/ profit (3,291) (279) (3,570) 4,175 7,663 11,838
________ ________ ________ ________
Finance Income 185 53
Finance Expense (562) (721)
_________ _________
(Loss) / profit
before tax (3,947) 11,170
Income tax
expense 5 - -
_________ _________
(Loss) / profit
and total comprehensive (3,947) 11,170
(loss) / profit _________ _________
for the year
(Loss) / profit
attributable
to equity holders
of the parent (3,947) 11,170
________ ________
Total comprehensive
(loss) / income
attributable
to equity holders
of the parent (3,947) 11,170
________ ________
Basic earnings
per Ordinary
Share from
continuing
operations
and for the
year 6 (4.25p) 12.21p
________ ________
Diluted earnings
per share from
continuing
operations
and for the
year 6 (4.25p) 8.60p
________ ________
CONSOLIDATED BALANCE SHEET
2015 2014
GBP000 GBP000
Assets
Non-current assets
Property, plant and equipment 55,452 55,594
Intangible assets 8,356 7,197
63,808 62,791
========= ==========
Current assets
Inventories 2,098 1,696
Trade and other receivables 14,740 17,258
Cash and cash equivalents 11,770 14,739
---------
28,608 33,693
========= ==========
Total assets 92,416 96,484
========= ==========
Equity
Issued share capital 24,294 24,357
Share premium 14,573 14,529
Other reserve 21,222 21,222
Capital reserve 2,781 2,695
Accumulated losses (12,919) (8,972)
---------
Total equity 49,951 53,831
========= ==========
Non-current liabilities
Interest bearing liabilities/bank
loans 6,850 9,844
Debt element of Convertible
Cumulative Preference Shares 4,262 4,284
Provisions 907 1,047
Deferred income 2,600 59
---------
14,619 15,234
========= ==========
Current liabilities
Trade and other payables 14,579 16,937
Current borrowings 308 485
Provisions 251 265
Deferred income 12,708 9,732
---------
27,846 27,419
========= ==========
Total liabilities 42,465 42,653
========= ==========
Total equity and liabilities 92,416 96,484
========= ==========
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share Other Capital Retained
Group capital premium reserve reserve earnings Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Equity shareholders'
funds
as at 1 July
2013 24,341 14,486 21,222 2,650 (20,142) 42,557
Share capital
issued 1 43 - - - 44
Transfer to capital
reserve (45) - - 45 - -
Reduction in
debt element
of convertible
cumulative preference
shares 60 - - - - 60
Profit and total
comprehensive
income for the
year - - - - 11,170 11,170
Equity shareholders'
funds
as at 30 June
2014 24,357 14,529 21,222 2,695 (8,972) 53,831
Share capital
issued 1 44 - - - 45
Transfer to capital
reserve (86) - - 86 - -
Reduction in
debt element
of convertible
cumulative preference
shares 22 - - - - 22
Loss and total
comprehensive
loss for the
year - - - - (3,947) (3,947)
Equity shareholders'
funds
as at 30 June
(MORE TO FOLLOW) Dow Jones Newswires
September 11, 2015 11:10 ET (15:10 GMT)
Celtic (LSE:CCP)
Historical Stock Chart
From Mar 2024 to Apr 2024
Celtic (LSE:CCP)
Historical Stock Chart
From Apr 2023 to Apr 2024