Final Results
Tottenham Hotspur PLC
08 December 2006
8 December 2006
TOTTENHAM HOTSPUR PLC
Preliminary results for the year ended 30 June 2006
Summary of Results Year ended Year ended
30 June 2006 30 June 2005
£m £m
Turnover 74.1 70.6
Operating profit before football trading and 4.6 14.6
depreciation
Operating profit before football trading 2.4 12.8
Amortisation and impairment of registrations (12.5) (12.7)
Profit on disposal of registrations 12.3 5.6
Net interest payable (2.3) (0.8)
Profit before tax 0.6 4.9
Retained (loss)/profit for the financial year (1.6) 4.1
(Loss)/profit per share - basic (1.7p) 4.2p
Summary and Outlook
• 2005/06 season Tottenham Hotspur achieved fifth place in FA Premier League
• Club achieved key milestone of preliminary qualification for UEFA Cup
competition
• Strong operational performance from all sections of the Club
• Strong cash generation
• Underlying operating costs remain stable but include significant
non-recurring items
• New commercial agreements with PUMA as technical sponsors (five years)
and MANSION as Club sponsors (four years)
• Ongoing planning process for new fully financed Academy and First Team
facilities
• Continued investment in the playing squad, Club infrastructure and
Tottenham Hotspur Foundation totalling £45.3m
Commenting, Daniel Levy, Chairman of Tottenham Hotspur plc, said:
'The 2005/06 season resulted in the Club achieving the key milestone of
preliminary qualification for the UEFA Cup competition and finishing fifth in
the FA Premier League. We have invested significantly in the team, the Club's
infrastructure and into our community projects. We have continued to develop a
strong squad of players with a mix of good young talent whilst ensuring that the
financial resources at our disposal are managed prudently for the long-term
benefit of the Club. We continue to generate cash from a strong commercial
platform.'
Enquiries:
Daniel Levy, Chairman
Matthew Collecott, Finance Director Tel: 020 8365 5322
Tottenham Hotspur plc www.tottenhamhotspur.com
John Bick Tel: 07802 211 374
Chairman's Statement 2006
This is my fifth announcement of annual results since becoming Chairman and one
in which I can report that the 2005/06 season resulted in the Club achieving the
key milestone of preliminary qualification for the UEFA Cup competition and
finishing fifth in the FA Premier League.
These achievements are a tribute to everyone at the Club and to the excellent
support the team enjoyed throughout the season. It is even more of a remarkable
achievement given the wholesale changes that have had to have been made to the
Club over the past five years. It would not be too strong a description to say
that this Club has seen a comprehensive turnaround and restructuring in the way
it operates, during which time it has continued to deliver impressive financial
results. No business stands still and there is still so much more to do.
Financial Results
I am pleased to report that all areas of the business contributed to a
successful year for the Club both on and off the pitch. The results for the
financial year ended 30 June 2006 produced a record turnover of £74.1m, achieved
despite substantially lower cup income compared with the prior year, and
operating profit before football trading and depreciation of £4.6m, which
remains our key indicator for the business in terms of cash generation. These
results are discussed in more detail in the Financial Review.
On the Pitch
The Club's re-entry to European competition marks a milestone that we have all
been working towards for the last five years. We have set about determinedly
investing in the playing squad and in developing a comprehensive scouting
network. We have also substantially restructured our coaching resources. This
continual process of improvement is designed to achieve our objective of finding
and developing the best future talent for the Club. Whilst these many changes
have inevitably led to disruption across a number of areas of the footballing
side of the business, I believe that we are now in a solid position to
consolidate and build for the future.
During the year the following players left the Club - Sean Davis, Michael Brown,
Noe Pamarot, Pedro Mendes, Andy Reid, Grzegorz Rasiak, Nourredine Naybet, Goran
Bunjevcevic, John Jackson, Dean Marney, Stephen Kelly and Mounir El Hamdaoui and
we wish them well. Mido left during this year, but we were able to welcome him
back on revised terms. We were also pleased to welcome Danny Murphy, Hossam El
Sayed Ghali, Benoit Assou-Ekotto, Didier Zokora, Pascal Chimbonda, Steed
Malbranque, Dimitar Berbatov, Dorian Dervite and Tomas Pekhart during the year
and in the summer. We extended new contracts to Club Captain Ledley King, Vice
Captain Robbie Keane, England international Aaron Lennon and England under-21
internationals Wayne Routledge and Michael Dawson, along with Radek Cerny.
It was a year which saw no fewer than 21 of our professional players compete in
full international matches for their respective squads.
We were proud to host the England Under-21's at White Hart Lane for their match
against France. The evening match saw two of our young players in the squad, for
whom it must have been like playing a home match. These players, Michael Dawson
and Tom Huddlestone have now progressed to regular starts with our First Team
squad. The match was played to a record crowd for an Under-21's match, an
attendance of 34,494, many of whom were our home fans showing strong support for
our youngsters.
Our reserves had an outstanding season, winning the Reserve League South. This
represents a clear demonstration of the strength and depth in the playing squad
now assembled at the Club.
Our pre-season programme saw the squad winning the Peace Cup in South Korea,
giving the team a positive start to the season and an opportunity for new squad
members to settle quickly.
Off the pitch
Our sponsorship and corporate hospitality operations performed strongly during
the period with income up 10% on the prior year. This year saw the end of a
successful commercial relationship with both Kappa and Thomson and I would like
to thank both companies for their support and hard work with the Club over the
tenure of our agreement with them.
I was delighted that we were able to agree a record-breaking deal over five
years in February 2006 with PUMA as our technical sponsors. PUMA is undoubtedly
one of the world's leading sports brands and one which we believe has an
affinity with this Club and what it stands for.
In May 2006 we agreed a Club record shirt sponsorship and partnership with
MANSION, the international gaming and entertainment group. The Club's agreement
with MANSION is worth a minimum of £34 million over the four seasons from 2006/7
to 2009/10 at the time making it one of the ten largest club shirt sponsorship
agreements in the world. MANSION will partner the Club across a wide range of
commercial activities including the extension and expansion of the Club's brand
into key territories across Asia and other important international markets.
We believe that both sponsorship partnerships have already provided a positive
new face to the Club both on a domestic and on an international basis and we
look forward to the relationship with both PUMA and MANSION developing over the
coming seasons.
The Merchandise Division has performed well against the same period last year,
with turnover up 4% despite fewer home games. This area has benefited from the
investment made in improving the diversity of products and the access to
products, whether through new outlets, the web or mobile units. It is pleasing
to see such positive results. As with all revenue streams we will continue to
explore ways to extend the quality, choice and differentiation of our products
in an effort to continually improve standards.
We registered record numbers of Club Members during this period. Whilst this is
a reflection of the huge demand for tickets for each and every match, it also
included a growing number of Junior Members which represent the future growth of
the fan base. I am delighted that we were able to offer six games in this season
as Family games, with concessionary prices and retail discounts. Youth and
families are important audiences for our Club and our ongoing activities and
ticket pricing policies reflect this.
The ticket office has experienced significant and unacceptable service issues in
recent months and we are currently looking at a number of ways to improve the
responsiveness and efficiency of this operation. In particular, we are exploring
marketing initiatives to encourage fans to purchase tickets online.
Media and broadcasting revenues were buoyed by additional revenues as a result
of a higher merit payment and live appearances compared to the same period last
year, contributing a 12% increase on the year ended 30 June 2005.
The Club continues to retain all of its rights in this regard, including all
internet-based rights. We also launched a new website www.tottenhamhotspur.com,
which encompasses up to date web technology and is in continual further
development and continues to provide an excellent portal to the Club for fans
near and far. The site receives a remarkable average of some 750,000 unique
visitors per month, making it the fifth most popular football club site in the
UK. It remains one of the most important communication channels with fans, both
UK based and internationally, and we shall continue to develop it along with the
broadcasting of interviews and matches on the broadband-based THTV subscription
service.
In January of this year the Club's new club badge was launched and well
received. This was a significant project which involved taking a historic piece
of the Club's identity and reworking it so that the Club retains absolute
control over its registered marks but at the same time remains true to its
heritage. The project included an extensive programme of consultation with fan
groups. The Club has been and continues to be committed to maintaining an open
dialogue with supporters, both through the officially recognised THST (Tottenham
Hotspur Supporters Trust), regional Supporters Clubs and in responding to
communication received by the Club from fans.
Charities
The Club has an established policy of appointing a national and a local charity,
rotated every two years, to better focus our support and fundraising efforts.
This year's charities were Kidscape, the anti-bullying charity and Kith and Kids
the local charity providing support for children and adults with learning
difficulties, both in the second year of their association with the Club. These
charities were supported by the Club through donations, player appearances,
supported fundraising initiatives and publicity. The Club also supports a
substantial number of other charitable requests it receives.
Community
During the season our coaching programme provided almost 400,000 sporting
opportunities to children and young people, a 28% increase on the previous year.
The programme was also the first Barclays Spaces for Sports project. A £600,000
grant was awarded to The London Borough of Harringey in partnership with the
Club. The other key highlight was the Prime Minister's visit to the Club to
launch the national Kickz programme. Tottenham Hotspur were one of three
professional clubs chosen to pilot the estates-based programme, offering
football coaching and alternative opportunities to youngsters living in some of
the most disadvantaged communities.
Recognition of our work was received when we won the 2005 Best Corporate Social
Responsibility business from London Borough of Haringey which recognises our
contribution to sport, social and healthier life-style opportunities, education,
training and employment and we have created many newly qualified coaches through
Level 1 courses running at the Club since March 2006.
Before the year end the Club transferred all community operations to a separate
non-profit making charitable foundation. The Tottenham Hotspur Foundation is
committed to the promotion, for the benefit of the public, of urban or rural
regeneration in areas of social and economic deprivation. We were pleased that
the Club was able to make a £4.5 million donation to the foundation and these
funds will be utilised across a range of future projects which promote community
participation in healthy recreation, in particular by the provision of
facilities for the playing of football; the advancement of the education of the
public in the subject of physical education, literacy, numeracy and personal
social and health education.
Capital Projects
Arguably the Club's two most demanding challenges off the field during the year
have been its two longer term capital projects: the development of the Tottenham
Hotspur Academy and new First Team facilities and the stadium.
The Club first submitted its planning application for the former at the end of
September 2005 to Enfield Council. It proposed an innovative development which
included considerable provision for both local community programmes and 'green
belt' considerations at and in the vicinity of the proposed 56 acre site.
Gaining planning permission on a Metropolitan Green Belt site was always going
to be challenging and, despite the Planning Officer's Recommendation that
permission be granted, the initial application was recently turned down by
Enfield Councillors on grounds of the site's Green Belt designation. As
expected, and as with many similar applications, this process has now gone to
Appeal and I shall report on the outcome later next year. In the interim, we
have refurbished and reorganised key areas of our training ground at Chigwell.
Turning to the stadium, there is no doubt that the current facilities at White
Hart Lane provide a creditable venue for the Club, where our capacity support
from fans creates an exciting atmosphere for each game. Clearly we have always
wanted to improve the current facilities at White Hart Lane and to create a
facility and surrounding infrastructure that would ultimately bring a range of
long-term benefits to the local community in North London and to the Club. Our
objective is to galvanise an approach that works for the local community and the
Club alike. We are, however, aware that within our Borough, attention is
currently diverted towards the development and regeneration of Tottenham Hale
and to delivering a successful infrastructure for the 2012 Olympics.
Nevertheless, we shall continue with our two-fold approach - the development of
options at White Hart Lane whilst continuing to search for an alternative venue
which meets the needs of the Club and the supporters.
Our capital projects need to make commercial sense and not undermine the
financial health and stability of the entity we have spent years building. As
we have always stated, our order of priorities has always been firstly,
investment in the squad, second, the provision of excellent training and academy
facilities and finally, maximising the potential of our stadium. In short, we
are well advanced with progressing with the academy facilities. In respect of
the stadium we are considering our options in what is a hugely complex area. We
are determined that any resolution should meet with the future objectives of the
Club and, most importantly, without undermining the Club's financial stability
and the ability to continue to invest in the team.
Outlook
We have continued to develop a strong squad of players with a mix of good young
talent whilst ensuring that the financial resources at our disposal are managed
prudently for the long-term benefit of the Club. We continue to generate cash
and when appropriate will continue to invest in the team.
With respect to the proposed new academy we have the funds in place to execute
the proposed development in full. Looking forward, I am encouraged by the new
media agreement now in place between broadcasters and the FA Premier League
which will translate into increased income in future years commencing July 2007.
In addition we now have in place our new agreements with technical and club
partners which are also generating increased revenues for the current year and
beyond. In addition the Club remains in a net cash position.
In the FA Premier League we currently stand in 10th position which we all hope
will improve as we progress through the season. I am delighted that the team has
already qualified from the league stage of the UEFA Cup competition and we have
qualified for the quarter-final stages of the League Cup.
I would like to thank our shareholders for their continued support and all of
our employees for their unstinting efforts throughout the year. I would like to
say a special thanks to our supporters, who are the foundation of the Club, and
for whom our clear objective is to continue to build on the Club's achievements
to date.
Daniel Levy
Chairman
8 December 2006
Financial Review
Turnover
Again it is pleasing to note that turnover has increased in the year, with an
increment of 5% on the prior year. It is also more pleasing that the increment
has arisen from all of the key areas within the business, with the only
exception being the loss of revenue from an early exit in both the domestic cup
competitions.
Clearly a top five finish enhanced TV revenues through the merit payment and the
more positive display on the pitch ensured that the turnover from live
appearances increased by 59% on the prior year through the number of live
appearance fees during the season. The strength of the FA Premier League as a
brand overseas also continues to enhance overseas broadcasting rights which is a
trend we anticipate will continue next year. In addition as we look forward to
the 2007/08 season the new domestic TV deal has been further enhanced with the
total deal increasing by over 60% for UK live appearances and highlights.
Clearly performance on the pitch will drive the Club's share of that increase
and we all strive to ensure that the Club gains the highest possible share. This
is important to achieve our target of maximising the closely monitored operating
profit before football trading and depreciation and the cash generating capacity
of the Club.
FA Premier League gate receipts increased by 4%, which reflects increases in
ticket prices rather than capacity as we invariably play to a full house. The
ongoing challenge remains maximising the number of ways we utilise the Stadium
as season tickets have remained at record levels and the waiting list is ever
increasing and heads towards 20,000. It is important that we retain a free float
of tickets for Club Members and new fans when looking at the long term to ensure
that children can experience the unique atmosphere and become part of the future
of the Club.
The ticket office has experienced significant and unacceptable service issues in
recent months and we are currently looking at a number of ways to improve the
efficiency and effectiveness of this operation. In particular, we are exploring
marketing initiatives to encourage fans to purchase tickets online.
Sponsorship and corporate hospitality income increased by 10% during the year
and was a key area for the Club in 2005/6 as we reached the end of two important
deals with Kappa and Thomson, both of whom we thank for their support over the
past three years. The continued refining of our hospitality offerings and the
renewal of our catering agreement with Crown Venue Catering ensure that the
hospitality will remain some of the best in The Premiership but the target of
finding two new key sponsors for the ensuing season presented a challenge.
During the year we secured PUMA as our technical sponsors for the next five
seasons who we see as a stylish brand that sits well with our re-branding
initiative and MANSION who bring an international presence and a vast
opportunity, not least in enhancing our brand in the global and ever increasing
overseas market. Both these deals will ensure that revenues from sponsorship
alone will increase by more than 50% next year.
Merchandising continues to grow and we plan more retail space for the future.
Turnover is highly dependent on matchday revenue and the number of matches
played. As a result of early exit from both domestic cup competitions and given
the reduced number of home games it is pleasing that turnover improved.
Other revenues include the Club Membership Scheme, which continues to hit record
numbers and also the prize money from the South Korean Peace Cup victory. To go
to South Korea as part of the long pre-season program and win the Cup was a good
platform for the season.
Operating expenses (excluding football trading)
The underlying operating expenses of the club excluding player wages remain
stable but there has been a significant increase in operating expenses during
the year due to a number of factors.
The first factor is that during the year the Club made a significant donation to
the Tottenham Hotspur Foundation, which is discussed in more detail in the
Chairman's Statement. In addition the costs relating to the training ground were
higher than the previous year and as noted in the Chairman's Statement continue
to be an ongoing cost as we continue to pursue complex planning on a site we
believe will deliver a world class facility.
Other significant operating expenses, which have grown over the year, include a
significant increase in business rates, against which we are appealing, and the
increased cost of utilities.
Player salaries have also increased during the year but we continue to ensure
that the wage to turnover ratio remains sensibly balanced. The emphasis remains
focused on ensuring that the salary of players meets the performance on the
pitch both individually and as a Club. The policy throughout the Club is to
reward performance based on the continued success of the Club. In terms of a key
risk this remains one of the largest challenges, to maintain a balance between
performance and pay in such a competitive environment.
Football trading
As in the prior year the continued policy of buying young talent and extending
the scouting network to put us in the best place to find young talent has
ensured that where players and the Club agree to part company we have a pool of
present and future talented and committed players that can perform without a
detrimental impact. The sale of a number of players during the transfer windows,
as noted in the interim financial statements, ensured a 118% increase in profit
on football trading.
Clearly there is no desire to sell key assets which represent a significant part
in the Club's future success but the Board has to ensure that there is a depth
of talented players coming through the Academy and Development squad to ensure
that we can deal with the risks of the player market.
Taxation
The Group has incurred a tax charge for the year of £2.2m in the current year.
This is primarily due to non-deductible professional fees and finance costs that
are expected to be non-deductible for the purposes of calculating the current
tax charge.
Balance sheet
As noted in the interim financial statements, the adoption of FRS 25 has
resulted in a reclassification of a large part of the convertible redeemable
preference shares from equity to debt. The impact on the opening balance sheet
was a £12.6m reduction in net assets and an accrued interest charge in respect
of that debt during the year, otherwise the balance sheet remains comparable
with the prior year.
Even with the reclassification above, the Club remains in a position of net
funds and retains the securitised facility to develop the Academy. It remains
the Board's intention to ensure that long-term funds are put in place to
facilitate long-term projects and to ensure that the balance sheet and cash
flows of the Club remain strong which will provide us with the best platform to
respond to our competitors' advances in what is becoming an increasingly cash
driven business.
Risks and opportunities
The Board maintains a prudent approach to managing the cost base of the business
and recognises that key revenues are driven by a number of factors including
success on the pitch and the ability of the Club to progress in European and
English Cup competitions. Key risks include wage cost inflation plus
infrastructure and non-football staff pressures on operating costs. All of
these factors are proactively managed by the Board. Conversely, the major risk
is declining fortunes on the pitch which would have adverse impacts on the
financial performance and the stability of the squad.
M.J. Collecott
Finance Director
8 December 2006
Consolidated Profit and Loss Account
Year ended 30 June 2006
Year ended
Note Operations, 30 June
excluding 2005
football Football Total
trading * trading * Total (note 2)
£'000 £'000 £'000 £'000
TURNOVER 3 74,141 - 74,141 70,550
Operating expenses (71,780) (11,781) (83,561) (70,479)
OPERATING PROFIT / (LOSS) 2,361 (11,781) (9,420) 71
Profit on disposal of intangible fixed assets - 12,299 12,299 5,632
PROFIT ON ORDINARY ACTIVITIES BEFORE INTEREST
AND TAXATION 2,361 518 2,879 5,703
Net interest payable (2,261) (793)
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 618 4,910
Tax charge on profit on ordinary activities (2,193) (707)
(LOSS) / PROFIT ON ORDINARY ACTIVITIES AFTER
TAXATION (1,575) 4,203
Other finance costs in respect of non equity
shares - (99)
RETAINED (LOSS) / PROFIT FOR THE FINANCIAL
YEAR (1,575) 4,104
(Loss) / profit per share - basic 4 (1.7p) 4.2p
(Loss) / profit per share - diluted 4 (1.7p) 2.2p
*Football trading represents the amortisation, impairment, and the profit /
(loss) on disposal of intangible fixed assets.
The above results for the current and prior year all derive from continuing
operations.
There were no gains or losses in either year other than the (loss)/profit for
the year, and accordingly no statement of total recognised gains and losses is
presented.
Balance Sheet Group
30 June 30 June
2006 2005
£'000 £'000
FIXED ASSETS
Intangible assets 30,264 31,348
Tangible assets 49,762 49,105
80,026 80,453
CURRENT ASSETS
Stocks 775 395
Debtors 20,034 11,875
Cash at bank and in hand 34,581 9,976
55,390 22,246
CREDITORS: amounts falling due
within one year (73,114) (37,648)
NET CURRENT LIABILITIES (17,724) (15,402)
TOTAL ASSETS LESS CURRENT LIABILITIES 62,302 65,051
CREDITORS: amounts falling due after more than one year (28,026) (15,315)
34,276 49,736
PROVISION FOR LIABILITIES (4,320) (3,923)
NET ASSETS 29,956 45,813
CAPITAL AND RESERVES
Called up share capital 4,646 9,520
Equity component of CPRS 3,838 -
Share premium 11,556 21,439
Revaluation reserve 2,384 2,432
Capital redemption reserve 550 268
Profit and loss account 6,982 12,154
SHAREHOLDERS' FUNDS 29,956 45,813
Consolidated Cash Flow Statement
Year ended 30 June 2006 Year ended 30 June 2005
Note £'000 £'000 £'000 £'000
Net cash inflow from operating activities 5 33,650 21,146
Returns on investments and servicing of finance
Interest received 498 143
Interest paid (836) (919)
(338)
Net cash outflow from returns on investments (776)
and servicing of finance
Taxation
UK corporation tax paid (100) (62)
Overseas withholding tax paid (259) -
UK corporation tax received 132 -
Net cash outflow form taxation (227) (62)
Capital expenditure and financial investment
Payments to acquire intangible fixed assets (18,761) (23,325)
Receipts from sales of intangible fixed assets 15,615 6,029
Payments to acquire tangible fixed assets (1,477) (3,593)
Payments to acquire subsidiary undertaking (1,145) -
Net cash outflow from capital expenditure and
financial investment (5,768) (20,889)
Cash inflow/(outflow) before use of liquid
resources and financing 27,317 (581)
Financing
Redemption of ordinary shares (1,702) (654)
Redemption of CPRS (690) -
Bank loan repayments (278) (26)
Loan notes repayments (42) (260)
Net cash outflow from financing (2,712) (940)
Increase / (Decrease) in cash 24,605 (1,521)
Notes to the Accounts
For the year ended 30 June 2006
1. The financial information set out on the attached pages does not
constitute statutory accounts for the years ended 30 June 2006 or 30 June 2005
but is derived from those accounts. Statutory Accounts for the year ended 30
June 2005 have been delivered to the Registrar of Companies and those for the
year ended 30 June 2006 will be delivered following the Company's annual 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 player Football Total
trading trading
£'000 £'000 £'000
Turnover 70,550 - 70,550
Operating Expenses (57,738) (12,741) (70,479)
Operating profit/(loss) 12,812 (12,741) 71
Profit on disposal of intangible fixed assets - 5,632 5,632
Profit/(loss) on ordinary activities before interest and
taxation 12,812 (7,109) 5,703
3. Turnover
Turnover, which is all derived from the Group's principal activity, is analysed
as follows:
2006 2005
£'000 £'000
Turnover comprises:
Gate receipts - Premier League 17,428 16,861
Gate receipts - cup competitions 146 4,225
Sponsorship and corporate hospitality 15,730 14,249
Media and broadcasting 28,687 25,488
Merchandising 5,182 4,997
Other 6,968 4,730
74,141 70,550
All turnover derives from the Group's principal activity in the United Kingdom
and is exclusive of VAT.
4. (Loss) / earnings per share
(Loss) / earnings per share has been calculated using the weighted average
number of shares in issue in each year.
2006 2005
£'000 £'000
Retained (loss) / profit (1,575) 4,104
Finance costs in respect of non equity shares - 99
(Loss) / profit after taxation (1,575) 4,203
Number Number
Weighted average number of shares in issue 94,262,771 98,574,822
Convertible redeemable preference shares - 93,720,000
94,262,771 192,294,822
Basic EPS
(Loss) / earnings per share (1.7p) 4.2p
Diluted EPS
(Loss) / earnings per share (1.7p) 2.2p
5. Reconciliation of operating (loss) / profit to net cash inflow from
operating activities
2006 2005
£'000 £'000
Operating (loss) / profit (9,420) 71
Depreciation of tangible fixed assets 2,226 1,807
Amortisation of intangible fixed assets 12,499 12,741
Currency translation differences 33 -
D Increase in stocks (380) (40)
Decrease / (increase) in debtors 204 (536)
Increase in creditors 28,488 7,103
Net cash inflow from operating activities 33,650 21,146
6. Reconciliation of net cash flow to movement in net debt
2006 2005
£'000 £'000
Opening net debt (1,378) (110)
Re-classification of liability element of CRPS at 1 July 2005 (12,580) -
(13,958) (110)
Increase / (decrease) in cash in the year 24,605 (1,521)
Cash outflow from decrease in debt 320 286
Cash related decrease / (increase) in net debt in the year 24,925 (1,235)
Accretion of CRPS liability in the year (net of reduction of (1,220) -
£259,000 due to redemption of 1,200 CRPS)
Other non-cash related increase in net debt in the year (30) (33)
Decrease / (increase) in net debt in the year 23,675 (1,268)
Closing net funds / (debt) 9,717 (1,378)
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