Interim Results
March 26 2004 - 1:00AM
UK Regulatory
RNS Number:9595W
Charlton Athletic PLC
26 March 2004
CHARLTON ATHLETIC PLC
26 March 2004
CHARLTON ATHLETIC PLC ("Charlton" or the "Company")
INTERIM RESULTS FOR THE 6 MONTHS ENDED 31 DECEMBER 2003
CHAIRMAN'S INTERIM STATEMENT
On behalf of the board of Charlton Athletic plc, I present the Company's trading
results for the six-month period ended 31st December 2003. The Company recorded
a net loss of #690,000 on turnover of #21.3m. This result was affected by a
charge of #1m following an impairment review of the carrying values of our
purchased players. This charge related to a single player and is shown as an
exceptional item in our profit and loss account. The financial results mid-way
through our financial year are broadly in line with our forecasts, before this
exceptional charge.
During January 2004, Scott Parker was sold to Chelsea in a deal worth #10m and
as the player was developed through our youth scheme and had no value in the
balance sheet, the transfer fee will create a one off gain in our results for
the financial year.
FINANCIAL Highlights 6 months ended December 6 months ended December
2003 2002
#000's #000's
Turnover 21,258 17,740
Operating costs (18,556) (16,274)
Operating profit before player amortisation and 2,702 1,466
player trading
Amortisation of player costs (2,085) (1,801)
Exceptional charge (1,041) 0
Profit on disposal of players 19 762
Net interest payable (285) (363)
Net (loss) /profit (690)64
Net assets 16,037 17,255
Turnover has risen 20% from the corresponding financial period due principally
to greater revenues from the central broadcasting contracts with the F.A.
Premier League, increased match day activity and sponsorship revenues.
This final year of our broadcasting contracts with BSkyB has automatic increases
built in for distribution to clubs through the basicaward, the merit payment
and facility fees and so these have increased revenues. We were featured in
four live matches during this first period and also two pay-per-view matches, an
improvement from three and nil respectively. Our match day incomewas earned
from nine of our nineteen home matches and I am pleased to report an increase of
9% on our average match day revenues, reflecting the attendance for these
matches and the development of our stadium kiosk business. Once again, we have
over 21,000 season ticket holders and our average league crowd this season is a
pleasing 26,346, which after segregation and security reductions to capacity
means the stadium is effectively full for our league matches.
Sponsorship income rose from both the central Premier League contracts and from
our direct sponsors, in particular this period saw the first income from the
stadium branding agreement with all:sports. Our overheads increased as we
continued to invest in our playing squad, both direct player costs and squad
support costs such as our expanded medical division.
FOOTBALL
At the beginning of the season, our immediate objective was to secure our
Premiership status at the earliest possible opportunity and then to establish
the club in the top half of the Premiership. Once again, under the astute
management of Alan Curbishley and his dedicated staff, we have achieved the
first objective and are on course to achieve the other and we currently have a
realistic chance of qualification for European competition. This has been
achieved against the background of injuries to some of our key players, a number
of whom have chronic conditions. Under these circumstances it is a tribute to
the first-team squad, management andsupport staff that we are currently in
sixth position in the table. The 3-2 victory over Liverpool, and the 4-2 victory
over Chelsea have undoubtedly been my highlights at The Valley so far this
season.
Once again we exited both Cup competitions at the early stages and this is
particularly disappointing bearing in mind so many other Premiership clubs
suffered a similar fate. Perhaps next year, in our Centenary season, we can
progress further in one of the cup competitions.
There have been two significant events, which I must mention. In June 2003,
Scott Parker signed a new five year contract and it was disappointing that just
six months after signing that contract he decided he no longer wanted to play
for the club and we reluctantly sold him to Chelsea. In contrast, Alan
Curbishley has demonstrated his confidence in the future of the club by
extending his contract to June 2007, which I hope will bring to an end
speculation about his future.
The focus is quite naturally on the first team but I must pay tribute to the
achievements of our Women's team who are currently five points clear at the top
of their Premier League and have reached both the Premier League Cup and FA Cup
finals.
INDUSTRY PROSPECTS
The declinein financial liquidity within the football industry has continued.
For a number of years I have argued the case for clubs to exercise financial
responsibility and I think the current debt levels of some clubs remain a cause
for concern. It is for this reason the Premier League has decided that a
nine-point penalty is to be introduced for clubs suffering an insolvency event,
a move that we actively supported.
This is the last year of the current three-year broadcasting contracts and it is
pleasing to note that the challenge by the European Commission to those
contracts has been resolved. Under the new three-year agreements, revenues for
the domestic broadcasting contracts will reduce significantly next season but
this reduction is likely to be partly offset by an increase in revenues from the
sale of our international broadcasting rights. These contracts were also the
subject of a challenge by the European Commission, which I understand the
Premier League are resolving.
It may not make headlines in the media but our policy of financial
responsibility will continue as we progress the development of Charlton Athletic
both on and off the field.
Richard Murray
Chairman
22nd March, 2004
CONSOLIDATED PROFIT & LOSS ACCOUNT
for the six months ended 31 December 2003
Unaudited Results
6 months to 31 December 2003
Operations
excluding
amortisation and 6 months 12 months
player trading Amortisation and to 31 December to
player trading Total 2002 30 June 2003
Unaudited #'000 Unaudited #'000 Unaudited Unaudited Audited #'000
#'000 #'000
TURNOVER 21,258 0 21,258 17,740 35,141
Operating expenses (18,556) (2,085) (20,641) (18,075) (36,041)
Exceptional item 0 (1,041) (1,041) 0 0
------------ --------- ------ ------ --------
OPERATING PROFIT/(LOSS) 2,702 (3,126) (424) (335) (900)
Profit on disposal of 19 19 762 1,137
players
------------ --------- ------ ------ --------
PROFIT/(LOSS) 2,702 (3,107) (405) 427 237
BEFORE INTEREST AND
TAXATION
============ ===========
Net interest (285) (363) (701)
Payable
------ ------ --------
(LOSS)/PROFIT ON
ORDINARY ACTIVITIES
BEFORETAXATION (690) 64 (464)
Taxation charge 0 0 0
------ ------ --------
(LOSS)/PROFIT for the
period (690) 64 (464)
====== ====== ========
(LOSSES)/EARNINGS PER (1.3) 0.12 (0.8)
SHARE (pence)
====== ====== ========
CONSOLIDATED BALANCE SHEET
As at 31 As at 31 As at 30 June
December December 2003
2003 2002
Unaudited Unaudited Audited
# 000 # 000 # 000
FIXED ASSETS
Tangible fixed assets 35,697 36,314 35,784
Intangible assets 5,586 8,296 8,508
--------- --------- ----------
41,283 44,610 44,292
CURRENT ASSETS
Stocks 275 225 90
Debtors 751 2,015 2,325
Cash at bank and in hand 0 0 347
--------- --------- ----------
TOTAL ASSETS 42,309 46,850 47,054
Creditors falling due within one year and deferred (10,551) (12,583) (13,054)
income
--------- --------- ----------
TOTAL ASSETS LESS CURRENT LIABILITIES 31,758 34,267 34,000
Creditors falling due after one year (9,897) (10,495) (10,863)
Deferred income (5,824) (6,517) (6,410)
--------- --------- ----------
NET ASSETS 16,037 17,255 16,727
========= ========= ==========
CAPITAL AND RESERVES
Called up share capital 27,485 27,485 27,485
Share premium account 2,019 2,019 2,019
Revaluation reserve 6,560 6,597 6,572
Profit and loss account (20,027) (18,846) (19,349)
--------- --------- ----------
EQUITY SHAREHOLDERS' FUNDS 16,037 17,255 16,727
========= ========= ==========
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Six months ended 31st December 2003
1. The financial statements combine the results of Charlton
Athletic plc and its two subsidiaries, Charlton Athletic Football Company
Limited and Charlton Athletic Holdings Limited. The financial statements
have been prepared in accordance with applicable accounting standards and
under the historical cost convention, as modified by the revaluation of
freehold properties.
2. Turnover represents receipts from matches played, income from the FA
Premier League Limited, The Football League Limited and the Football
Association Limited, and other revenues generated from the commercial
activities associated with a professional football club, excluding income
from player sales. These are all stated net of value added taxation.
3. Grants received in respect of safety work and ground improvement are
treated as deferred income and released to the profit and loss account over
the life of the assets to which they relate.
4. Tangible fixed assets are written down over their estimated useful lives.
5. The costs of players' registrations are capitalised and
amortised evenly over the period of the respective players' contracts.
Provision is made, where in the opinion of the directors, an impairment of
the carrying value of the player's registrations has occurred. These
provisions are shown as exceptional items.
6. Signing on fees are recognised in the profit and loss account evenly over
the period covered by the players' contracts.
7. There is no liability for corporation taxation arising in the period.
8. The Company has no recognised gains or losses other than the profit shown
for the financial period.
9. The calculation of earnings per share is based on the loss of
#690,000 (2002: profit #64,000) for the six months and on the weighted
average of 54,969,293 shares in issue during this period (2002:
54,969,293).
10. The financial information for the six months ended 31st December
2002 and 31st December 2003 contained in this statement is unaudited and
does not constitute statutory accounts as defined in Section 240 of the
Companies Act 1985 ("the Act"). The financial information for the year
ended 30th June 2003 is an abridged version of the group's published
financial statements for that period which contained an unqualified audit
report and which have been filed with the Registrar of Companies. The audit
report contained no statement under Section 237 (2) or (3) of the Act.
11. Copies of this statement are being sent to shareholders and are
available from Charlton Athletic plc, The Valley, Floyd Road, London, SE7
8BL.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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