Half-year Report

Arsenal Holdings plc
Results for the six months ended 30 November 2016

ARSENAL ANNOUNCE HALF YEAR RESULTS

• Turnover from football increased to £191.1 million (2015 - £158.0 million) with growth in broadcasting distributions at the start of a new three year revenue cycle for the Premier League and an increased share of UEFA Champions League market pool.
• The Club invested strongly in its playing squad. Higher player wages were the single largest contributory factor in the Club’s increased operating costs whilst, in terms of transfers, the Club invested at record levels, adding £110.5 million to the cost of player registrations.

• Amortisation charge on player registrations increased to £36.0 million (2015 - £29.2 million) as a result of the transfers in.
• Profits on sale of players amounted to £6.3 million (2015 - £0.3 million).
• The Group has no short-term debt and its cash reserves, excluding the balances designated as debt service reserves, amounted to £100.5 million (2015 - £135.9 million).
• The main cash outflow in the period was £86.6 million in respect of player transfers and this represents a record level of transfer expenditure for the Club.
• Activity in the Group’s property business was minimal with profits amounting to £0.3 million (2015 - £1.8 million).
• The Group recorded an overall profit before tax of £12.6 million (2015 – loss of £6.2 million).
• Overall result for the year expected to be fully compliant with all of the requirements of both the Premier League and UEFA financial regulatory regimes.

Commenting on the results for the six months, the Club’s Chairman, Sir Chips Keswick, said:

“The financial results for the first half of the year are robust. As expected increased Premier League broadcasting revenues have had a direct impact on player costs both in terms of transfer prices and player wage demands. Whilst these are the market forces that have contributed directly over time to the success of the Premier League I would sound a note of caution in light of the very material contractual commitments to future wages that clubs are taking on.

We have invested in our own playing squad at record levels. It has also been exciting to see more young players emerge from our Academy.

We are very focused on producing a positive and exciting closing run and with the support of our fans I believe together we can achieve a successful and memorable end to the season.”

CHAIRMAN’S STATEMENT

We are looking forward to another exciting finish to the season.

The Premier League season has been intensely competitive across the top six positions. At the time of writing, we sit in fourth place in the league and, with thirteen games remaining, there is everything to play for.  We have progressed to the Sixth Round of the Emirates FA Cup and will compete to bring home silverware in this competition for the third time in four years and what would be a record-breaking thirteenth FA Cup trophy.

Everyone, including Arsène, our players, board and staff share our fans' disappointment at our first leg result against Bayern Munich but we will approach the second leg with professionalism and a desire to reclaim pride.  Unity has always been one of Arsenal's strengths as a club.  We are very focused on producing a positive and exciting closing run and with the support of our fans I believe together we can achieve a successful and memorable end to the season.

The financial results for the first half of the year are robust with the Group turning in a pre-tax profit of £12.6 million compared to a loss of £6.2 million in the same period last year. The main reason for this improvement is the start of the latest three year cycle of Premier League broadcasting revenues and more details can be found in the Financial Review section below.

As expected increased Premier League broadcasting revenues have had a direct impact on player costs both in terms of transfer prices and player wage demands. Whilst these are the market forces that have contributed directly over time to the success of the Premier League I would sound a note of caution in light of the very material contractual commitments to future wages that clubs are taking on.

We have invested strongly in our own playing squad.

Higher player wages are, once again, the single largest contributory factor in the Club’s increased operating costs. Furthermore, in terms of transfers, we have invested at record levels, adding £110.5 million to the cost of player registrations. As well as bringing Granit Xhaka, Rob Holding, Shkodran Mustafi and Lucas Perez to the Club we have continued to invest in the retention of key players. Francis Coquelin, Hector Bellerin, Laurent Koscielny and Olivier Giroud have signed new contracts whilst we have also taken up the options to extend the contracts of Club captain Per Mertesacker and Santi Cazorla.  Further work is required in the area of contract renewals and we will continue to invest rationally in our squad retention as we move forward.

It has also been exciting to see more young players emerge from our Academy. Alex Iwobi has continued to flourish whilst Ainsley Maitland-Niles and Jeff Reine-Adelaide have made valuable contributions in recent weeks.

The increased strength in depth we have across the squad has been a positive feature so far this season and will be of increasing importance as fixtures congest in the closing months of the campaign.

As I have previously mentioned, we have been working hard to ensure our training facilities are amongst the best available anywhere in the game. The extensive redevelopment of our Hale End Academy is almost completed. Work at our London Colney training centre is also progressing well and an impressive new Player Performance Centre building will come into full use this spring.

On the commercial front, new partnerships have recently been signed with Octopus Energy and MTN Nigeria and interest remains high from other prospective partners. The plans for our 2017 summer tour are well advanced with pre-season games in Australia and China already confirmed. Our retail business also continues to develop well with significant growth in our online operation and ever increasing numbers of supporters enjoying the stadium tour.

As always, our contribution to the community here in Islington and further afield remains extremely important to us. Following the very successful Legends’ Match at Emirates Stadium in September, The Arsenal Foundation donated £1 million to build football pitches for children in London, Jordan and Somalia. In addition, the manager, players, staff and supporters showed their generosity through our dedicated charitable match-day in December, raising a record £250,000. We are very grateful for everyone’s contribution.

Financial Review 

The financial results for the six months ended 30 November 2016 show continued growth in the Group’s football revenues, mainly as a consequence of the start of the new Premier League broadcasting cycle,  with an overall pre-tax profit for the period of £12.6 million (2015 – loss of £6.2 million).

During the summer the Club made significant investments in new players with £110.5 million added to the cost of player registrations. Cash payments relating to these and certain past transfers were £86.6 million and, as a result, the Group’s cash and bank balance was significantly lower at £123.7 million, compared with £226.5 million at the start of the period. Certain elements of the transfer fees payable are deferred and payable in instalments with an amount of £64.6 million still to pay of which £42.0 million is payable within the next twelve months.

	2016	2015
	£m	£m
Turnover
Football	191.1	158.1
Property development	0.8	2.1
Total turnover	191.9	160.2
Operating profits*
Football*	54.2	33.0
Property development	0.2	1.6
Total operating profit*	54.4	34.6
Player trading	(27.6)	(27.5)
Depreciation and amortisation of goodwill	(7.5)	(7.2)
Joint venture	0.2	0.5
Net finance charges	(6.9)	(6.6)
Profit  / (Loss) before tax	12.6	(6.2)
*= operating profits before depreciation and player trading costs

The total turnover from football was a little more than 20% higher at £191.1 million compared with £158.1 million for the same period last year. 

Broadcasting accounted for £25.0 million of the increase with the primary driver being the increased value of the Premier League contracts. Champions League broadcasting revenues were also ahead as a result of our increased share of Market Pool (30% share as Premier League runners up 2015/16) and a favourable weaker sterling exchange rate in converting the UEFA distributions which are made in Euro. Broadcasting contributed 45% of our Football revenues for the period.

There were three more home games compared to the prior period (one Premier League and two EFL Cup) and this meant match day revenue was higher at £45.8 million (2015 - £41.2 million).  Match day revenue remains weighted to the second half of the financial year and at 30 November we had played 12 (2015 – 9) of the 26 home fixtures we are so far certain of playing for the full season.

Commercial and retail revenues were up some 5% on the prior period to £57.9 million which is a positive result given that our two main partnerships, with Emirates and Puma, are steady in mid-term. During the period we launched an extensive upgrade of our on-line store and the improved revenues derived from this are promising at an early stage.

The start of a new broadcasting cycle has, once again, signalled a strong upward pressure on our player costs and it follows that our operating costs for football were increased by £11.2 million. The main component of this increase was payroll with the new players signed in the summer adding to the impact of certain contract extensions within the squad. It will take some time, as player contracts fall for renewal, for the wage bill to be fully recalibrated against market rates which are informed by the increased broadcasting revenues available to Premier League clubs and so we must expect further increases in this area. There were also increased costs associated with our commercial activities and a one-off charge of £1.0 million associated with the planned withdrawal from an operational property site.

The overall impact of these changes is that half year operating profits from football have increased significantly to £54.2 million (2015 - £33.0 million).

There was limited activity in the Group’s property business, with the only transaction of note being the sale of one apartment from our small portfolio of Highbury Square in-fill properties; the remaining 3 units are not currently available for sale.  The operating profit from property was £0.2 million (2015 - £1.6 million).

Whilst the overall result was effectively unchanged – a loss of £27.6 million (2015 – loss of £27.5 million) – the two main components of player trading did show some variation. The investment in the squad over the summer meant that the amortisation component was further increased to £36.0 million (2015 – £29.2 million).  However, this was offset by a higher profit on player transfers at £6.3 million, mainly from the sales of Serge Gnabry and Isaac Hayden, against only £0.3 million in the same period last year.  For a second year running there were no major sales in the summer window and the Club retained all of its key players going into the current campaign.    

Net finance costs for the period were £6.9 million (2015 - £6.6 million) with an underlying fall as we pay off our fixed rate stadium finance bonds offset by lower interest rates available on our cash balances and a negative change in the market value of the interest rate swap. 

The increased revenues and operating profit from football mean that the overall outcome for this half year is a profit before tax of £12.6 million (2015 – loss of £6.2 million). The tax charge for the period is £2.4 million.

The Group has maintained a healthy cash position with balances as at 30 November 2016 of £123.7 million (2015 - £159.4 million), inclusive of debt service reserves, which are not available for football purposes, of £23.3 million (2015 - £23.5 million).

As referenced above the main cash outflow in the period was £86.6 million in respect of player transfers and this represents a record level of transfer expenditure for the Club. In addition we paid £14.5 million in respect of additions to fixed assets. This level of capital expenditure remains comparatively high and reflects the important development projects now nearing completion at the London Colney and Hale End training grounds.

The Group enters into a number of transactions, relating mainly to its participation in European competition (UEFA Champions League distributions are paid in €) and player transfers, which create exposure to movements or volatility in foreign exchange, including €. The Group monitors this foreign exchange exposure on a continuous basis and will usually hedge any significant exposure in its currency receivables and payables.

Summary

The after tax result for the period is a profit of £10.3 million (2015 – loss of £3.4 million).

As always, the actual outcome for the second half will be strongly influenced by the extent of progress in the knock-out competitions, the level of live TV coverage for Premier League games and final League position. The overall result for the year will be compliant with all of the requirements of both the Premier League and UEFA financial regulatory regimes.

In closing I should thank everyone for their support so far this season. Our fans have been first class at every game, home and away. It looks like the closing months of the 2016/17 campaign will be very competitive when we all, as supporters, can really back the team and make a difference.

Sir Chips Keswick
Chairman
24 February 2017

Arsenal Holdings Plc
Consolidated profit and loss account
For the six months ended 30 November 2016

					Six months
					to 30				Year ended
					November				31 May
		Six months to 30 November 2016			2015				2016
		Unaudited			Unaudited				Audited
		Operations
		excluding
		player	Player
		trading	trading	Total			Total			Total
	Notes	£’000	£’000	£’000			£’000			£’000
Turnover of the Group including its share of joint ventures		191,290	2,094	193,384			161,627			356,548
Share of turnover of joint ventures		(1,493)	-	(1,493)			(1,454)			(3,009)
		________	________	_______			________			________
Group turnover	5	189,797	2,094	191,891			160,173			353,539
Operating expenses
- other		(142,934)	-	(142,934)			(131,300)			(281,093)
- amortisation of player registrations		-	(35,974)	(35,974)			(29,231)			(59,257)
Total operating expenses		(142,934)	(35,974)	(178,908)			(160,531)			(340,350)
		________	________	_______			________			________
Operating profit/(loss)		46,863	(33,880)	12,983			(358)			13,189
Share of operating profit of joint venture		236	-	236			451			1,004
Profit on disposal of player registrations		-	6,260	6,260			309			2,047
		________	________	_______			________			________
Profit/(loss) on ordinary activities before net finance charges		47,099	(27,620)	19,479			(402)			16,240
		________	________
Net finance charges				(6,853)			(6,565)			(13,373)
				________			________			________
Profit/(loss) on ordinary activities
before taxation				12,626			(6,163)			2,867
Taxation				(2,364)			2,770			(1,218)
				________			________			________
Profit/(loss) after taxation retained for
the financial period				10,262			(3,393)			1,649
				________			________			________
Earnings per share	6			£164.94			(£54.53)			£26.50
				________			________			________

All trading resulted from continuing operations.

The accompanying notes are an integral part of these statements.

Arsenal Holdings PLC
Consolidated Statement of Comprehensive Income
For the six months ended 30 November 2016

	Six months to 30 November		Year ended  31 May
	2016	2015	2016
	Unaudited	Unaudited	Audited
	£’000	£’000	£’000
Profit/(loss) for the period	10,262	(3,393)	1,649
Gains on cash flow hedges	-	612	1,092
Exchange differences	28	2	9
	_______	_______	_______
Total comprehensive income/(loss)	10,290	(2,779)	2,750
	_______	_______	_______

Arsenal Holdings Plc
Consolidated balance sheet

At 30 November 2016

	Notes	30 November		31 May
		2016	2015	2016
		Unaudited	Unaudited	Audited
		£’000	£’000	£’000
Fixed assets
Goodwill		458	874	666
Tangible assets		428,271	421,808	421,059
Intangible assets	7	220,169	160,792	146,005
Investment in joint venture		5,166	4,535	4,977
		________	________	________
		654,064	588,009	572,707
		________	________	________
Current assets
Stock – Development properties		11,309	11,003	11,148
Stock – Retail merchandise		4,157	4,206	4,834
Debtors – Due within one year		74,115	52,509	57,961
Debtors – Due after one year		2,420	5,657	4,404
Cash and cash equivalents	8	123,734	159,431	226,459
		________	________	________
		215,735	232,806	304,806
Creditors:  Amounts falling due within one year		(239,329)	(205,917)	(239,945)
		________	________	________
Net current (liabilities)/assets		(23,594)	26,889	64,861
		________	________	________
Total assets less current liabilities		630,470	614,898	637,568
Creditors:  Amounts falling due after more than one year		(246,166)	(248,456)	(265,460)
Provisions for liabilities		(45,953)	(43,910)	(44,047)
		________	________	________
Net assets		338,351	322,532	328,061
		________	________	________
Capital and reserves
Called up share capital		62	62	62
Share premium		29,997	29,997	29,997
Merger reserve		26,699	26,699	26,699
Hedging reserve		-	(481)	-
Profit and loss account		281,593	266,255	271,303
		________	________	________
Shareholders’ funds		338,351	322,532	328,061
		________	________	________

The accompanying notes are an integral part of this consolidated balance sheet.

Arsenal Holdings PLC
Consolidated Statement of Changes in Equity
For the six months ended 30 November 2016

	Share	Share	Merger	Hedging	Profit
	Capital	Premium	Reserve	Reserve	And Loss		Total
	£’000	£’000	£’000	£’000	£’000		£’000
At 1 June 2015	62	29,997	26,699	(1.092)	269,645		325,311
Total comprehensive income for year ended 31 May 2016	-	-	-	1,092	1,658		2,750
	________	________	________	_______	________		________
At 31 May 2016	62	29,997	26,699	-	271,303		328,061
Total comprehensive income for the six months ended 30 November 2016	-	-	-	-	10,290		10,290
	_______	_______	_______	_______	________		________
As at 30 November 2016	62	29,997	26,699	-	281,593		338,351
	________	________	________	________	________		________

Arsenal Holdings Plc
Consolidated cash flow statement

For the six months ended 30 November 2016

	Six months to 30 November		Year ended  31 May
	2016	2015	2016
	Unaudited	Unaudited	Audited
	£’000	£’000	£’000
Net cash inflow/(outflow) from operating activities	13,579	(1,052)	93,841
Taxation	(1,729)	(4,823)	(8,331)
Cash flow from investing activities
Interest received	338	401	746
Proceeds from sale of fixed assets	15	681	748
Purchase of fixed assets	(14,535)	(10,479)	(14,232)
Player registrations (see note below)	(86,604)	(39,401)	(54,190)
	________	________	________
Net cash flow from investing activities	(100,786)	(48,798)	(66,928)
	________	________	________
Cash flows from financing activities
Interest paid	(5,705)	(6,395)	(12,622)
Repayment of debt	(8,084)	(7,668)	(7,668)
	________	________	________
Net cash flow from financing activities	(13,789)	(14,063)	(20,290)
	________	________	________
Net decrease in cash and cash equivalents	(102,725)	(68,736)	(1,708)
Cash and cash equivalents at start of period	226,459	228,167	228,167
	________	________	________
Cash and cash equivalents at close of period	123,734	159,431	226,459
	________	________	________
Note:  Gross cash flows – player registrations
Payments for purchase of players	(90,602)	(47,287)	(66,833)
Receipts from sale of players	3,998	7,886	12,643
	________	________	________
	(86,604)	(39,401)	(54,190)
	________	________	________

Arsenal Holdings Plc
Notes to the cash flow statement

	Six months to 30 November		Year ended  31 May
	2016	2015	2016
	Unaudited	Unaudited	Audited
	£’000	£’000	£’000
a)  Reconciliation of operating result to net cash inflow/(outflow) from operating activities
Operating profit/(loss)	12,983	(358)	13,189
(Profit)/loss on disposal of tangible fixed assets	(8)	(7)	(72)
Amortisation of goodwill	208	208	416
Depreciation (net of grant amortisation)	7,270	7,032	14,258
Amortisation of player registrations	35,974	29,231	59,257
	________	________	________
Operating cash flow before working capital	56,427	36,106	87,048
Decrease/(increase) in stock	516	(938)	(1,711)
(Increase)/decrease in debtors	(12,066)	16,915	9,707
(Decrease) /increase in creditors	(31,298)	(53,135)	(1,203)
	________	________	________
Net cash inflow/(outflow) from operating activities	13,579	(1,052)	93,841
	________	________	________

b)  Analysis of changes in net debt

	At 1 June			At 30 November
	2016	Non cash changes	Cash flows	2016
	£’000	£’000	£’000	£’000
Cash at bank and in hand	117,622	-	(66,069)	51,553
Cash equivalents	108,837	-	(36,656)	72,181
	_______	_______	_______	_______
	226,459	-	(102,725)	123,734
Debt due within one year (bonds)	(7,557)	(8,533)	8,084	(8,006)
Debt due after more than one year (bonds)	(186,441)	8,267	-	(178,174)
Derivative financial instruments	(24,411)	(598)	-	(25,009)
Debt due after more than one year
(debenture subscriptions)	(14,197)	(201)	-	(14,398)
	_______	_______	_______	_______
Net debt	(6,147)	(1,065)	(94,641)	(101,853)
	_______	_______	_______	_______

Non cash changes represent £266,000 in respect of the amortisation of costs of raising finance, £201,000 in respect of rolled up, unpaid debenture interest and £598,000 in respect of the change in fair value of the Group’s interest rate swaps.

Arsenal Holdings Plc
Notes to the interim accounts
30 November 2016

1   Basis of preparation of Group financial statements

The unaudited condensed consolidated interim financial statements for the half year ended 30 November 2016 have been prepared in accordance with NEX Growth Market Rules for Issuers and therefore do not include all of the notes and disclosures that would otherwise be required in a full set of financial statements, and should be read in conjunction with the 2015/16 Annual Report. The accounting policies applied in the preparation of the interim financial statements are consistent with financial statements for the full year ended 31 May 2016.

The financial information for the full year ended 31 May 2016 is extracted from the financial statements for that year. A copy of the statutory accounts has been delivered to the Registrar of Companies. The auditor’s report on those financial statements was unqualified and did not contain any statement under section 498(2) and (3) of the Companies Act 2006.

The Group has two classes of business – the principal activity of operating a professional football club and property development.

2   Going concern

The Board has undertaken a full and thorough review of the Group’s forecasts and associated risks and sensitivities.  The extent of this review reflects the current economic climate as well as the specific financial circumstances of the Group.  The status of the Group’s financing arrangements is summarised in the Chairman’s Statement.  The directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future and the financial statements continue to be prepared on the going concern basis.

3   Significant accounting policies

Income recognition

Gate and other match day revenue is recognised over the period of the football season as games are played and events are staged. Sponsorship and similar commercial income is recognised over the duration of the respective contracts. The fixed element of broadcasting revenues is recognised over the duration of the financial year whilst facility fees for live coverage or highlights are taken when earned at the point of broadcast. Merit awards are accounted for only when known at the end of the financial period. UEFA pool distributions relating to participation in the Champions League are spread over the matches played in the competition whilst distributions relating to match performance are taken when earned; these distributions are classified as broadcasting revenues.  Fees receivable in respect of the loan of players are included in turnover over the period of the loan.  Income from the sale of development properties is recognised on legal completion of the relevant sale contract.

Player registrations

The costs associated with acquiring players’ registrations or extending their contracts, including agents’ fees, are capitalised and amortised, in equal instalments, over the period of the respective players’ contracts.  Where a contract life is renegotiated the unamortised costs, together with the new costs relating to the contract extension, are amortised over the term of the new contract.  Where the acquisition of a player registration involves a non-cash consideration, such as an exchange for another player registration, the transaction is accounted for using an estimate of market value for the non-cash consideration. Under the conditions of certain transfer agreements or contract renegotiations, further fees will be payable in the event of the players concerned making a certain number of First Team appearances or on the occurrence of certain other specified future events.  Liabilities in respect of these additional fees are accounted for, as provisions, when it becomes probable that the number of appearances will be achieved or the specified future events will occur.  The additional costs are capitalised and amortised as set out above.

4   Segmental analysis

Class of business	Football
	Six months to 30 November		Year ended  31 May
	2016	2015	2016
	Unaudited	Unaudited	Audited
	£’000	£’000	£’000
Turnover	191,116	158,041	350,623
	_______	_______	_______
Profit/(loss) on ordinary activities before taxation	12,319	(7,914)	883
	_______	_______	_______
Segment net assets	284,552	269,510	274,572
	_______	_______	_______

Class of business	Property development
	Six months to 30 November		Year ended  31 May
	2016	2015	2016
	Unaudited	Unaudited	Audited
	£’000	£’000	£’000
Turnover	775	2,132	2,916
	_______	_______	_______
Profit on ordinary activities before taxation	307	1,751	1,984
	_______	_______	_______
Segment net assets	53,799	53,022	53,489
	_______	_______	_______

Class of business	Group
	Six months to 30 November		Year ended  31 May
	2016	2015	2016
	Unaudited	Unaudited	Audited
	£’000	£’000	£’000
Turnover	191,891	160,173	353,539
	_______	_______	_______
Profit/(loss) on ordinary activities before taxation	12,626	(6,163)	2,867
	_______	_______	_______
Net assets	338,351	322,532	328,061
	_______	_______	_______

5   Turnover

	Six months to 30 November		Year ended  31 May
	2016	2015	2016
	Unaudited	Unaudited	Audited
	£’000	£’000	£’000
Gate and other match day revenues	45,806	41,207	99,907
Player trading	2,094	1,452	3,230
Broadcasting	85,269	60,293	140,579
Retail and licensing income	14,521	14,164	24,626
Commercial	43,426	40,925	82,281
Property development	775	2,132	2,916
	_______	_______	_______
	191,891	160,173	353,539
	_______	_______	_______

6   Earnings per share

The calculation of earnings per share is based on the profit for the period divided by the weighted average number of ordinary shares in issue being 62,217 (period to 30 November 2015 – 62,217 shares and year to 31 May 2016 – 62,217 shares).

7   Intangible fixed assets

	£’000 Unaudited
Cost of player registrations
At 1 June 2016	344,037
Additions	110,513
Disposals	(24,953)
	_______
At 30 November 2016	429,597
	_______
Amortisation of player registrations
At 1 June 2016	198,032
Charge for the period	35,974
Disposals	(24,578)
	_______
At 30 November 2016	209,428
	_______
Net book amount
At 30 November 2016	220,169
	_______
At 31 May 2016	146,005
	_______

8   Cash at bank and in hand

	30 November		31 May
	2016	2015	2016
	Unaudited	Unaudited	Audited
	£’000	£’000	£’000
Debt service reserve accounts	23,275	23,498	35,355
Other accounts	100,459	135,933	191,104
	_______	_______	_______
	123,734	159,431	226,459
	_______	_______	_______

The Group is required under the terms of its fixed and floating rate bonds to maintain specified amounts on bank deposit as security against future payments of interest and principal.  Accordingly the use of these debt service reserve accounts is restricted to that purpose.

The Group uses short-term bank treasury deposits (cash equivalents) as a means of maximising the interest earned on its cash balances.

	30 November		31 May
	2016	2015	2016
	Unaudited	Unaudited	Audited
	£’000	£’000	£’000
Cash at bank and in hand	51,553	75,292	117,622
Cash equivalents	72,181	84,139	108,837
	_______	_______	_______
	123,734	159,431	226,459
	_______	_______	_______

9   Additional information

These interim results have been reviewed by the Group’s auditors, Deloitte LLP, who have issued a review report on the results.