Final Results

Tottenham Hotspur PLC 17 October 2007 Tottenham Hotspur plc Preliminary results for the year ended 30 June 2007 Summary of Results Year ended Year ended 30 June 2007 30 June 2006 £m £m Turnover 103.1 74.1 Operating profit before football trading and depreciation 32.0 4.6 Operating profit before football trading 29.7 2.4 Amortisation and impairment of registrations (19.2) (12.5) Profit on disposal of registrations 18.7 12.3 Net interest payable (1.6) (2.3) Profit before tax 27.7 0.6 Retained profit/(loss) for the financial year 18.9 (1.6) Earnings/(loss) per share - basic 20.4p (1.7p) Summary and Outlook • Record turnover and profit - strong performance from all parts of the business • First full year contribution from the two main commercial partners: MANSION (shirt sponsor) and PUMA (technical sponsor) • Strong TV revenues buoyed by increase in live FAPL games and 10 UEFA Cup matches. During the 2006/2007 season: the quarter-finals of the UEFA Cup, the quarter-finals of The FA Cup, the semi-finals of the League Cup and fifth place in the FAPL • New central FAPL TV deal comes into force in current season, basic fee for domestic television rights increasing by 51%, overseas television rights rises by 128% • Submitted a new planning application for the Football Training Centre which will be heard by the Enfield planning committee in November 2007 • Review of stadium options is now substantially complete and a limited number of potential sites have been identified in the London Boroughs of Enfield and Haringey including the expansion possibilities of the existing stadium Commenting, Daniel Levy, Chairman of Tottenham Hotspur plc, said: 'All parts of the business have continued to perform well to produce record revenues and profits. Cash generation has been strong. Our priorities for the Club are focused on continued development of the first team where we have built an exceptionally talented squad, progressing our state-of-the-art Training Centre and the development of an improved, larger stadium.' Enquiries: Matthew Collecott, Finance Director Tel: +44(0) 20 8365 5322 Tottenham Hotspur plc www.tottenhamhotspur.com John Bick Tel: +44(0)7802 211 374 Jonathan Wright Tel: +44(0)207 107 8000 Seymour Pierce Limited Chairman's Statement 2007 This year we celebrate the 125th anniversary of Tottenham Hotspur Football Club - a notable landmark for a great football club - and it comes at a time when, despite our current poor start, we should continue to view our future with optimism and ambition. Year on year, I have been able to report achievements which have been part of a substantial turnaround of the Club's fortunes both on and off the pitch and this year sees us report record financial results. The First Team reached the quarter-finals of the UEFA Cup, the quarter-finals of The FA Cup, the semi-finals of the League Cup and 5th place in the Premier League (FAPL) and re-qualification for the UEFA Cup 2007/2008 - a terrific achievement. We have seen our supporter base increase measurably, both domestically and on an international basis, with 4.3 million fans around the world, and 1.4 million in the UK (Sport & Markt). Direct support for the Club during the year reached record levels with over a million fans coming through the gates at White Hart Lane. We must also pay tribute to the continued success of the FAPL which continues to grow in stature. Almost 400 games are now broadcast live per season in over 204 territories. Over 600 million homes now receive channels that broadcast the FAPL, with an average of 75 million people watching on a weekly basis and an estimated global audience of almost 3 billion people (FAPL). On any measure that is an exceedingly strong commercial platform and Tottenham Hotspur remains one of the top five broadcasted clubs in the FAPL. Financial results Turning to the financial results for the year ended 30 June 2007, we have seen substantial growth in turnover, an increase of 39% to £103m and operating profit before football trading and depreciation at £32m. The Club is generating significant operating revenues from the core business. Notably, we generate operating profits at 31% of turnover, a position that highlights the impact that further European football and more live games can have on the current business model. It remains a priority of the management to ensure that it remains so, in order to continue to grow the business over the years as we embark on capital projects and continue to invest in the infrastructure of the Club and the team. Turning to the balance sheet, net assets reflect player registrations at cost and as a result home grown players and the stream of young players who have been bought are not reflected at market value in these accounts. Player spending since 30 June 2006 was £81m and whilst it does reflect a significant expenditure, the sale of players and strong cash flows have meant that the Club has been well positioned to sustain continued investment in players and ensure it has moderate debt as a result. All parts of the business have continued to perform strongly with notable increases in TV revenues on both a domestic and international basis and as a result of the Club's increased coverage in European competition. Going forward on a like for like basis, given the attraction of the Premier League brand and improving rights deals, we would expect continued excellent financial performance. These areas are covered in more detail in the Financial Review by your Finance Director. The Board has proposed a dividend for the year to 30 June 2007 of 4p per ordinary share which amounts to £3.7m. We believe it is a mature approach to offer long-term investors and fans of the Club a return on their investment and note that the Club has not paid a dividend since 1998. The dividend, if approved, will be paid by 2 January 2008 to shareholders on the register at the close of business on 30 November 2007. Capital projects There is no doubt that our two key capital projects, the Football Training Centre (First Team and Academy) and the Stadium are fundamental features of our future plans for the Club. A new planning application has been submitted for the Football Training Centre at Bull's Cross, Enfield. The recent purchase of Whitewebbs Sports Club has provided the opportunity to significantly remodel the layout and design of the site, leading to a positive planning balance, a better proposal, one which will have less impact on the Green Belt land, with only 3% comprising of buildings. In light of this, we have withdrawn our appeal of the previous application and are currently seeking the support of all our stakeholders for the new proposal. The Centre will be important in sustaining the Club's position in domestic and European competition, developing home grown talent, which in turn benefits the national team, and in extending the benefits associated with professional football to the wider community through an extensive and innovative community outreach programme to be delivered by The Tottenham Hotspur Foundation. The Planning Committee of the London Borough of Enfield will meet to discuss this application in November 2007. Our hope is that we are able to achieve consent at local level for this facility, which is not only in the interest of the Club but addresses local and national agendas as well as providing a potential training facility for the Olympics. Our review of Stadium options is now substantially complete. I can report that a limited number of potential sites have been identified in the London Boroughs of Enfield and Haringey including the expansion possibilities of the existing stadium. These obviously remain highly sensitive on commercial grounds, but we are now working to a timetable that will see us commit to one option during the first half of 2008. I am delighted to announce that Tony Winterbottom, who worked for the Mayor of London as the Executive Director of Regeneration and Development at the London Development Agency, joins a team which is headed by myself, supported by your Finance Director, along with a multi-disciplinary group of architects, transport consultants, heritage specialists, planning consultants and a host of other experts to bring this project to fruition. The team will work in conjunction with The Tottenham Hotspur Foundation with respect to community affairs. In addition we are in discussion with Council bodies, the LDA, Transport for London, the GLA, the Mayor's office and local and central government officials. There has been initial consultation with supporters and their representative groups and this will be an ongoing process. On the pitch Player movements in the latter half of the year have been far less than in previous years, an indication that much of the rebuilding of the squad has been achieved. Last season saw us integrate a number of new players who have since settled well and now embark on a second season in European competition. The following players have joined since we last reported: Darren Bent, Gareth Bale, Younes Kaboul and Kevin-Prince Boateng for the First Team; Adel Taarabt's loan became a permanent move; Hossam Ahmed Mido joined and departed. Exciting younger players to join our Academy included Yuri Berchiche, Danny Rose and Dean Parrett. Danny Murphy, Reto Ziegler, Mark Yeates and Emil Hallfredsson left the Club and Rodrigo Defendi, Rob Burch and Charlie Lee were released. We wish them all well. I am pleased to report that, during the year, sixteen of our First Team professional players were called up to represent their respective national teams and this reinforces the continued quality of our current squad of players. Tom Huddlestone and Jermaine Jenas were both offered and signed new, extended contracts. We very much hope Jermain Defoe will also extend his contract with the Club. We have progressively introduced an increased element of performance related remuneration into player contracts designed to reward success. Our Academy re-structuring continues to produce excellent results. During last season five graduates from the Academy moved to professional contracts as third year, full-time players. A further seven moved to the Development Team under Clive Allen at the end of the season. The same period saw eight Academy scholars called up for international duty, along with six of our schoolboys. Most notably Thomas Pekhart who at 18 has played for the Czech Republic in the U20 World Cup in Canada. The Academy participated in four international youth competitions and was successful in winning the prestigious Verona tournament. During the pre season our U18s won the Eurofoot tournament, this age group being a flagship group for the Academy with players showing potential for the First Team. Our pre-season tour of South Africa was a great success. We enjoy strong historical support, enhanced by the previous tour in 2003 when we supported the South African bid to host the 2010 World Cup. The team returned from the tour victorious in the Vodacom Challenge. The players undertook several corporate social responsibility visits and were congratulated on their contribution throughout the tour. Their behaviour and conduct made them a credit to our Club. An extended association was established with South Africa with the announcement of our partnership with SuperSport United, a Premier Soccer League (PSL) team owned by SuperSport, that will see the Clubs' academies working together. It represents an excellent opportunity for coaching exchanges and the development of talent both for ourselves and also for the benefit of the South African game. SuperSport is one of the largest broadcasters in Africa, broadcasting to 57 countries and the relationship will result in extensive coverage of both the Club and the joint academy throughout the continent. Commercial operations Our season ticket waiting list of 20,000 has been integrated into our new One Hotspur membership programme and will help us to establish a better view of the excess of demand for tickets. In turn, this information will be used to assist us with stadium modelling going forward. These results include the first full year of our deals with the Club's two main commercial partners: MANSION, our shirt sponsor, with whom our agreement extends for a further three seasons; and PUMA, our technical sponsor, with whom we will work for at least four more seasons. The MANSION deal is unaffected by recent amendments to advertising legislation. The Club's progress on and off the pitch continues to attract interest from a range of internationally recognised and renowned companies looking to build an association with our brand. Three new official partners have joined the Club's commercial programme: Thomas Cook, as travel services supplier; BT, as broadband supplier; and Willow Water, as water provider. The Club will continue to look for new opportunities to expand the commercial programme further whilst ensuring our current partners receive the value, support and attention they deserve from existing agreements. The Club's highly regarded corporate hospitality facilities were once again sold out for virtually every game. Our executive boxes and variety of executive lounge facilities were in great demand from a wide range of international, national and local businesses. After a summer of refurbishments in key lounge areas, including the Highlights area in the South East corner and the Bill Nicholson suite in the West Stand, we expect a similarly busy season and continued high levels of demand for all corporate hospitality areas. The Merchandise Division has performed well against the same period last year, with turnover up 36% and we continue to expand our retail selling space through the introduction of mobile units, which can be used at various points in and around the Stadium. The Club's growing fan base and our increasingly popular website continues to drive traffic to our online shop and turnover continues to grow across this area. The value of our online retail sales operation grew by 28% on the prior year and represents 23% of retail turnover. As the Club's focus on developing its international fan base gathers pace, it is likely that our online sales will grow further. Our Club membership area has now reached record numbers including Junior Members. The introduction of our new five tier One Hotspur membership scheme has proved to be popular with both UK and overseas-based supporters. By September 2007, the Club had processed more than 75,000 One Hotspur applications - more than the total number for the whole of the previous season. After a difficult 2006/2007 season, which involved significant staff upheaval and systems issues, the Ticket Office has been re-located to a new site in Paxton Road. It has been merged with the former Members department and has been appropriately re-staffed for the current season. Following an extensive summer tender process, involving the major ticketing service providers, the Club entered into an agreement with Ticketmaster for the use of one of the world's most-used and sophisticated integrated ticketing and membership systems. As this system continues to be fully integrated, fans will be able to purchase tickets online for away matches as well as home matches, access their personal One Hotspur account details, view loyalty points and access the Club's new Ticket Exchange system. The Club has recently appointed a new Customer Service Manager with a view to improving the level of support and service to our fans across ticketing and membership areas. This period also saw the consolidation of the Club's publications department, which re-launched the Club magazine - hotspur - which is now managed in-house. It outsells all previous Club magazine titles. Later this year will see the publication of the Tottenham Hotspur Opus - a comprehensive and elegant collector's item which represents the most definitive history of the Club ever produced. The Club's website tottenhamhotspur.com, which was re-launched in 2006 and updated again in September 2007, has been a resounding success and has received up to one million unique visitors a month making it one of the five most visited football club sites in the UK (Hitwise). Supporting our international development ambitions, the website also now hosts a Chinese language version of our website. Similarly, we re-launched our online TV service - Spurs TV Online. Once again we have seen subscription levels rise past previous figures in the first three months, with members joining us from more than 65 countries around the world, from Mongolia to Costa Rica and the United States to New Zealand - a further demonstration of our impressive international reach and growing overseas fan base. Supported by our overseas TV agent, Pitch International, the Club concluded a number of deals for its new International Programming Block (IPB) broadcast product, a weekly three hour digest of news, views, footage and match action involving the Club. The IPB will support the Club's international brand development and will help to drive One Hotspur membership and subscriptions to both Spurs TV Online and to hotspur magazine. Tottenham Hotspur Foundation Following eight highly successful years, our Football in the Community department was awarded charitable status and the independent Tottenham Hotspur Foundation was launched by the then Prime Minister the Rt Hon Tony Blair at 10 Downing Street in January 2007. The Tottenham Hotspur Foundation will create over 500,000 sporting opportunities in its first year and aims to engage and inspire children through the medium of football. It seeks to encourage physical activity, healthy lifestyles and improve educational attainment whilst also tackling crime and anti-social behaviour. Our players are committed to participating in a community event every week of the season and we have been credited with leading the field in several areas, notably our work with young people with disabilities. I am delighted that since its launch Les Ferdinand MBE and Lord Triesman of Tottenham have joined as Ambassadors of The Foundation. Charitable donations The Club is the largest charitable donor of any club in the FAPL. Over the past two years the Club has donated in excess of £5m in the form of direct financial support, gifts and contributions in kind. The Club announced its first long-term international charitable partnership this year with SOS Children's Villages. Utilising players' fines money, which had been ring-fenced and set aside for a worthy cause, the Club funded the building of a home for orphans in the South African village of Rustenberg and will continue with its maintenance and further projects. It was a heart warming time for the players when they visited South Africa in the pre-season tour to be greeted by children from SOS. Management and staff It goes without saying that our success is reliant on the dedication, hard work and enthusiasm of everyone at the Club, from the Board, our management and employees, coaching and playing staff and I should like to thank them all. In addition I should like to thank Sir Keith Mills, who joined the Board in December 2006, for his valuable contribution. He brings with him extensive experience in advertising and marketing in addition to his considerable knowledge in sports administration, including of course his highly successful duty as International President and CEO of London 2012, where he is now non-executive Deputy Chairman. Sir Keith joins Mervyn Davies, who is now Chairman of Standard Chartered PLC and is Chair of the Prime Minister's Business Council for Britain. We are extremely pleased to have two such excellent and supportive Non-Executive Directors. It is with regret that I announce the resignation of Paul Kemsley as Non-Executive Vice Chairman of Tottenham Hotspur Football & Athletic Co Ltd with effect from this year's forthcoming General Meeting. Paul has recently expanded his property business interests in the United States and feels that inevitably his time spent overseas will impact upon his ability to fulfil his role with the Club. Paul has worked with me for the past six years at the Club and I thank him for his advice and counsel during this period. Outlook We have spent the past few years committed to what I believe is a far-sighted policy of buying and developing young, highly talented players and, where possible, players who can adapt to the English game and culture bringing experience and style to the Club. It is no coincidence that our recent success comes at a time when the Club has an exceptionally talented squad. A key factor in building our squad is stability and the adoption of the current football management structure has been responsible for guaranteeing this. We will continue to identify players and pursue buying strategies that we consider to be in the best long-term interests of the Club. We have always stated that we had three priorities for this Club, and in this order - investment in the First Team, a state-of-the-art training centre and an improved, larger stadium. With investment in the First Team, an assembled squad of enviable talent with inherent value and re-qualification for Europe, we have made measurable progress in the first of these. The training centre proposal has now been re-submitted and we are currently seeking the support of all stakeholders as we see it through the planning process. We all recognise not only the need for a larger capacity stadium, we also recognise the relevance and impact of being located in London, one of the greatest capital cities of the world. London is a bustling economic centre and a focal point for business. With the Olympics in 2012 and Crossrail being given the go ahead after 20 years, it is only right that we should take advantage of our location. Football is a unique business and one which is more often than not conducted under intense public scrutiny. We, the management, have to make strategic, informed decisions and act in the long-term interest of the Club. Much has been achieved and there is still much to achieve. I shall continue to seek every possible advantage for Tottenham Hotspur. I should like to thank our shareholders for their continued support; our staff for their huge contribution, often beyond the call of duty; and our supporters, who are the very foundation of our Club. The amazing scenes and atmosphere that preceded our 125th Anniversary Match shown live in over 100 countries, are testament to the pride we all have in our great Club. Daniel Levy Chairman 16 October 2007 Financial Review Turnover Success both on and off the pitch during the year saw turnover break the £100 million mark for the first time in the Club's history, largely driven by the Club competing on four fronts both domestically and in Europe. Turnover rose by 39% on last year from £74m to £103m. For the second successive season a final league position of fifth place in the Premier League (FAPL) ensured that the Club continued to earn significant TV revenues through the merit award payment and live TV match appearance fees. Including TV income and prize money from cup matches, the Club received £34m from media and broadcasting. Due to the new central FAPL TV deal that comes into force this season, we can expect these income streams to rise even further. The basic fee for domestic television rights will increase by 51%, whilst overseas television rights rises by 128%. Improving upon our position in the League remains a top priority, even more so given the potential huge uplift in revenue under the new TV deal. The Club's first European campaign in seven years in the UEFA Cup saw us play ten games before bowing out to the eventual (and defending) champions Sevilla in the quarter-finals. We also enjoyed good runs in both domestic cups, reaching the semi-finals and the quarter-finals of the Carling Cup and FA Cup respectively. All in all, these three cup competitions earned the Club £13m in gate receipts, compared to just £0.1m in total the previous year. Premier League gate receipts increased by 4% and the Stadium was invariably at near full capacity for each game. The waiting list for season tickets has been monetised going forward, to establish a better view of the excess of demand for tickets which will assist with stadium modelling going forward. 2006/2007 was a year of change in our key sponsorship deals. MANSION became our main sponsors, commencing a four year deal, and PUMA signed a five year deal to be our new technical sponsors. These were the primary reasons for sponsorship income and corporate hospitality rising by 62% from the previous year, a net increase of £10m in operating cash annually. Corporate hospitality income increased by 20% largely aided by the eleven extra home cup ties played during the season. Demand for our executive boxes and memberships and hospitality suites is at an all time high with most areas being sold out well in advance of the games. Merchandising went from strength to strength as turnover increased by 36%. We hope for continued growth this season, aided by the launch of new kits, including a special kit to mark the Club's 125th anniversary. Operating profit (before football trading and depreciation) Overall, our operating profit before football trading and depreciation, which is one of the key performance indicators for how the Club is performing as a cash generating business, increased to £32m, which underlines the importance of Europe and ultimately the potential impact Champions League football would have on the operating line. Operating expenses (excluding football trading) Operating expenses before football trading were kept under tight control, rising 2% from last year in spite of the additional matchday costs from the extra cup games. Player salaries remain the Club's biggest cost. Whilst more and more money enters the game, primarily from the central FAPL TV deal, we endeavour to control our significant cost base. The Club continues to adopt its policy of rewarding the performances of both staff and players based on the continuing success of the Club and their respective departments. The Club incurred development costs of £2m in the year on its two major capital projects as it continues to seek planning for the Tottenham Hotspur Academy and the First Team facilities and looks to move the stadium project forward. Football trading Continuing on from last year, the Club increased profits on football trading by 52% to £19m. This was largely attributable to the sale of Michael Carrick to Manchester United in July 2006 for a net profit of £12m. Other significant sales in the year include Calum Davenport to West Ham United and Stephen Kelly to Birmingham City for net profits of £2m and £1m respectively. Performance related receipts on player registrations increased profits further. The ambitions of the Club cannot, however, be doubted as the Club invested heavily in the playing squad during the year to the tune of £67m, including the signings of Dimitar Berbatov, Didier Zokora, Hossam Ahmed Mido, Pascal Chimbonda, Benoit Assou-Ekotto and Steed Malbranque in the summer of 2006, Ricardo Rocha in January 2007 and Darren Bent and Gareth Bale in the close season of 2007/2008. Further major additions were made post balance sheet date in acquiring the registrations of Younes Kaboul and Kevin-Prince Boateng for £14m in total. Profit before taxation The overall result of the above is that profit before taxation has increased to £28m. Taxation The Group has incurred a tax charge of £9m in the current year compared to £2m for the prior year. Therefore profit after tax is £19m, an effective tax rate of 30%. Balance sheet The significant player trading activities during the year, as noted above, are responsible for the majority of the large movements in the balance sheet. Intangible assets, representing the cost of the acquired player registrations, increased by £44m. Player trading accounts for £12m of the increase in creditors falling due after more than one year. Group net assets have increased from £30m to £49m (and would be £64m if all convertible preference shares were converted) illustrating the strong position that the Club is in to facilitate its long-term projects and ensure that the Club is able to compete at the highest level in an increasingly competitive industry. Whilst net assets continue to increase, it has to be noted that the player base consists of, inter alia, Academy talent and a raft of young players which, whilst included at cost are insured for hundreds of millions of pounds against a net book value of some £74m. Cash flow There were a number of cash flows that differed significantly from the prior year. We had a large cash outflow of £5m for the payment of UK corporation tax. We also had capital cash outflows from investing in the playing squad, over £53m (2006: £19m) to acquire players and to pay contingent sums arising from transfer agreements. However, this was partially offset by £28m (2006: £16m) of cash inflows from player sales and contingent receipts. The other major cash movement in the year was the drawdown of £20m 7.29% secured loan notes. This amount has been set aside with other Club funds for the First Team and Academy Training Facility Project. 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 the risks wherever possible. On the pitch: The continued success of the First Team in the League, European and cup competitions is an important factor in securing the long-term stability of the Group. This is especially true given the significant increase in income generated from TV revenues from season 2007/2008 onwards. 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 to locate players of both quality and value through the transfer market and the Academy. Our supporters continue to demonstrate unwavering support for our team and Club. Attendances are consistently high with over 20,000 people on the waiting list for season tickets, similarly, demand for our corporate hospitality services and merchandise is high. We are continually seeking ways to increase our fan base overseas and add value for domestic fans. This continued support is of utmost importance in ensuring that the Club is able to prosper. Off the pitch: Last year the Group entered into two new deals in respect of its two main commercial sponsorships. MANSION became our new shirt sponsor and PUMA became our new technical sponsor. The terms of these deals are significantly improved on prior years and our relationships with MANSION and PUMA are important to the Group. We continue to explore new opportunities in order to broaden our range of income streams both nationally and internationally. This continued diversification of our income streams 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 in these bodies can affect our business model. M J Collecott Finance Director 16 October 2007 Consolidated Profit and Loss Account Year ended 30 June 2007 Operations, Year ended excluding 30 June football 2006 trading* Football Total £'000 trading* Total (note 2) Note £'000 £'000 £'000 Turnover 3 103,091 - 103,091 74,141 Operating expenses (73,359) (19,089) (92,448) (83,561) Operating profit/(loss) 29,732 (19,089) 10,643 (9,420) Profit on disposal of intangible fixed - 18,721 18,721 12,299 assets Profit/(loss) on ordinary activities before 29,732 (368) 29,364 2,879 interest and taxation Net interest payable (1,648) (2,261) Profit on ordinary activities before 27,716 618 taxation Tax charge on profit on ordinary (8,821) (2,193) activities Profit/(loss) on ordinary activities after 18,895 taxation and retained for the financial year (1,575) Earnings/(loss) per share - basic 4 20.4p (1.7p) Earnings/(loss) per share - diluted 4 10.8p (1.7p) * Football trading represents the amortisation, impairment, and the profit/ (loss) on disposal of intangible fixed assets and other football trading related income and expenditure. The above results for the current and prior year all derive from continuing operations. There were no other gains or losses in either the current or prior year, accordingly no statement of total recognised gains and losses is presented. Consolidated Balance Sheet Group 30 June 30 June 2007 2006 £'000 £'000 Fixed assets Intangible assets 73,815 30,264 Tangible assets 51,057 49,762 124,872 80,026 Current assets Stocks 1,219 775 Debtors 29,990 20,034 Cash at bank and in hand 28,283 34,581 59,492 55,390 Creditors: amounts falling due within one year (72,703) (73,114) Net current liabilities (13,211) (17,724) Total assets less current liabilities 111,661 62,302 Creditors: amounts falling due after more than one year (60,636) (28,026) 51,025 34,276 Provisions for liabilities (2,465) (4,320) Net assets 48,560 29,956 Capital and reserves Called-up share capital 4,631 4,646 Equity component of CRPS 3,838 3,838 Share premium account 11,556 11,556 Revaluation reserve 2,336 2,384 Capital redemption reserve 565 550 Profit and loss account 25,634 6,982 Shareholders' funds 48,560 29,956 Consolidated Cash Flow Statement Year ended 30 June 2007 Year ended 30 June 2006 Note £'000 £'000 £'000 £'000 Net cash inflow from operating activities 5 8,523 33,650 Returns on investments and servicing of finance Interest received 1,150 498 Interest paid (826) (836) Net cash inflow/(outflow) from returns on investments and servicing of finance 324 (338) Taxation UK corporation tax paid (5,176) (100) Overseas withholding tax paid - (259) UK corporation tax received - 132 Net cash outflow from taxation (5,176) (227) Capital expenditure and financial investment Payments to acquire subsidiary undertaking - (1,145) Payments to acquire intangible fixed assets (53,473) (18,761) Receipts from sales of intangible fixed 27,848 15,615 assets Payments to acquire tangible fixed assets (3,817) (1,477) Receipts from sale of tangible fixed assets 305 - Net cash outflow from capital expenditure and financial investment (29,137) (5,768) Cash (outflow)/inflow before use of liquid resources and financing (25,466) 27,317 Financing Redemption of ordinary shares (291) (1,702) Redemption of CRPS - (690) Bank loan repayments (299) (278) Loan notes issued 20,000 - Loan issue costs (200) - Loan notes repayments (42) (42) Net cash inflow/(outflow) from financing 19,168 (2,712) (Decrease)/increase in cash (6,298) 24,605 Notes to the Accounts For the year ended 30 June 2007 1. The financial information set out on the attached pages does not constitute statutory accounts for the years ended 30 June 2007 or 30 June 2006 but is derived from those accounts. Statutory Accounts for the year ended 30 June 2006 have been delivered to the Registrar of Companies and those for the year ended 30 June 2007 will be delivered following the Company's Extraordinary General Meeting. The auditors reported on those accounts; their reports were unqualified and did not contain a statement under s237 (2) or (3) Companies Act 1985. 2. Analysis of comparative profit and loss account Operations excluding football Football trading trading Total £'000 £'000 £'000 Turnover 74,141 - 74,141 Operating expenses (71,780) (11,781) (83,561) Operating profit/(loss) 2,361 (11,781) (9,420) Profit on disposal of intangible fixed assets - 12,299 12,299 Profit on ordinary activities before interest and taxation 2,361 518 2,879 3. Turnover Turnover, which is all derived from the Group's principal activity, is analysed as follows: 2007 2006 £'000 £'000 Turnover comprises: Gate receipts - Premier League 18,069 17,428 Gate receipts - Cup competitions 12,770 146 Sponsorship and corporate hospitality 25,427 15,730 Media and broadcasting 33,734 28,687 Merchandising 7,051 5,182 Other 6,040 6,968 103,091 74,141 All turnover derives from the Group's principal activity in the United Kingdom and is exclusive of VAT. 4. Earnings/(loss) per share Earnings/(loss) per share has been calculated using the weighted average number of shares in issue in each year. 2007 2006 £'000 £'000 Retained profit/(loss) 18,895 (1,575) Accretion of CRPS liability 1,091 - Diluted earnings/(loss) 19,986 (1,575) Number Number Weighted average number of shares in issue 92,843,042 94,262,771 Convertible redeemable preference shares 91,845,600 - 184,688,642 94,262,771 Basic earnings/(loss) per share 20.4p (1.7p) Diluted earnings/(loss) per share 10.8p (1.7p) There are no ordinary share options outstanding at the year end (2006: nil). The convertible redeemable preference shares were not diluted in the prior year as they would have turned the loss per share into earnings per share. On conversion the fully diluted share capital at year end would be 184,463,721 shares. 5. Reconciliation of operating profit/(loss) to net cash inflow from operating activities 2007 2006 £'000 £'000 Operating profit/(loss) 10,643 (9,420) Depreciation of tangible fixed assets 2,231 2,226 Amortisation of intangible fixed assets 19,089 12,499 (Profit)/loss on disposal of tangible fixed assets (14) - Increase in stocks (444) (380) (Increase)/decrease in debtors (14,138) 204 (Decrease)/increase in creditors (8,699) 28,488 Currency translation differences (145) 33 Net cash inflow from operating activities 8,523 33,650 6. Reconciliation of net cash flow to movement in net debt 2007 2006 £'000 £'000 Opening net funds/(debt) 9,717 (13,958) (Decrease)/increase in cash in the year (6,298) 24,605 Cash (inflow)/outflow from (increase)/decrease in debt (19,459) 320 Cash related (increase)/decrease in net debt in the year (25,757) 24,925 Accretion of CRPS liability in the year (1,091) (1,220) Other non-cash related increase in net debt in the year (40) (30) (Increase)/decrease in net debt in the year (26,888) 23,675 Closing net (debt)/funds (17,171) 9,717 7. An Extraordinary General Meeting of Tottenham Hotspur plc will be held at Bill Nicholson Way, 748 High Road, Tottenham, London N17 0AP at 2pm on 26 November 2007. This information is provided by RNS The company news service from the London Stock Exchange

Companies

Tottenham Hotspur ltd (TTNM.AMPX)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today