• Abstract and Figures
• Public Full-text

Celtic plc Annual Report Year Ended 30 June 2019 CONTENTS Five Year Record .................................................................................... 29 Summary of the Results ..................................................................... 1 Independent Auditor’s Report to the Members .................. 31 Chairman’s Statement ........................................................................ 2 Consolidated Statement of Comprehensive Income ....... 37 Chief Executive’s Review.................................................................... 3 Consolidated Balance Sheet ......................................................... 38 Strategic Report....................................................................................... 5 Company Balance Sheet ................................................................. 39 Directors’ Report ................................................................................... 13 Statements of Changes in Equity ............................................... 40 Corporate Governance ...................................................................... 17 Consolidated Cash Flow Statement ...........................................41 Audit Committee Report ................................................................... 23 Company Cash Flow Statement ................................................... 42 Remuneration Report ......................................................................... 25 Notes to the Financial Statements.............................................. 43 Directors’ Responsibilities Statement ....................................... 28 Directors, Officers and Advisers ................................................... 71 2 3 SUMMARY OF THE RESULTS CHAIRMAN’S STATEMENT IAN BANKIER an eighth consecutive League Championship These results, which declare revenue of £83.4m (2018: £101.6m) and a profit before taxation of £11.3m (2018: £17.3m), reflect a OPERATIONAL HIGHLIGHTS FINANCIAL HIGHLIGHTS satisfactory performance in a financial year in which the Club did not qualify for the Group stages of the UEFA Champions League, as it Winner of the Scottish Domestic Treble for Group revenue decreased by 17.9% to £83.4m had done in the prior year. an unprecedented third consecutive year (2018: £101.6m) (the “Treble Treble”) On behalf of the Board I congratulate Neil, his management team, Operating expenses including labour decreased the players and all staff at the Club on achieving the “Treble Treble”. Winner of our eighth consecutive SPFL by 0.2% to £86.9m (2018: £87.1m) At short notice, Neil took charge of the squad, delivered an eighth Premiership title consecutive League Championship and triumphed in the Scottish Gain on sale of player registrations of £17.7m Cup, making it the Club’s ninth successive domestic trophy. Finished second in the Europa League group (2018: £16.5m) stage, qualifying for the Round of 32 for the Of course, we were disappointed to lose Brendan Rodgers during Acquisition of player registrations of £6.2m second year in a row the season, when he left to pursue an opportunity in the English (2018: £16.6m) Premier League. Brendan and his staff delivered record breaking 30 home matches played at Celtic Park success and they leave a phenomenal legacy for which the Board (2018: 32 including the Scott Brown Testimonial) Profit before taxation of £11.3m (2018: £17.3m) The Club believes that children and young people have the right to and everyone at Celtic is truly grateful. We thank them for their protection from all forms of harm and abuse. We are unequivocally Continuation of significant stadium Year-end cash net of bank borrowings of £28.6m outstanding contribution. committed to ensuring this. Celtic Football Club was the first club in (2018: £36.1m) Scotland to appoint a safeguarding officer, responsible for developing investment programme The Board was delighted to welcome Neil Lennon back to the Club our policies for the protection of young people, and monitoring and in February and to confirm his appointment as manager following Year-end net cash, net of debt and debt like items, of reviewing our procedures to ensure they continue to reflect best 1 our success at Hampden in May. Having been the manager when £38.9m (2018: £27.0m) practice. During the year, a number of individuals were found guilty the Club embarked on the present run of domestic success, Neil of historic offences committed against young people. The Club understands what it takes to be the manager of Celtic. He has the expressed its sincere sympathy, regret and sorrow for those affected 1 full support of the Board, executive management team and all the net cash, net of debt like items, is represented by cash net of bank borrowings of £28.6m (2018: £36.1m) further adjusted for other debt and stands by its responsibilities, respecting the due process of law. like items, namely the net player trading balance, other loans and remuneration balances owed to certain personnel at the Balance Sheet date. staff at the Club. At the time of writing, having qualified for the Group stages of the UEFA Europa League, the Club retains a 100% record As we look ahead, the future of UEFA competitions beyond 2024 in domestic competitions and we look forward with optimism to the remains uncertain. While recognising the risks, the Club considers season ahead. that the developments being discussed by UEFA, the European Club Association and other stakeholders, present an opportunity to clubs The financial results for the year demonstrate the robustness of such as Celtic. Through Peter Lawwell’s continued involvement on the Group’s strategy of investment in football operations, whilst the Board of the European Club Association and the Professional maintaining a self-sustaining financial model. This continues to Football Strategy Council of UEFA, the Club and the game in provide a stable platform for football success and shareholder value. Scotland continue to be well represented in this very important arena. The gains on sales of player registrations, primarily reflected by the gains achieved on the sales of Moussa Dembele to Olympique In closing, I thank all of our supporters, shareholders, sponsors, Lyonnais and Erik Sviatchenko to FC Midtjylland, as well as partners and colleagues for their contribution to another successful contingent fees crystallising on previous player transfers, were year for Celtic Football Club. We all share a common passion for key to the performance of the Group. Celtic and everything it does. The Board is committed to building on our current success for the long term future of the Club. Post year end, the Club completed the sale of Academy graduate Kieran Tierney to Arsenal FC for a Club record fee. This was a great milestone achievement for “one of our own” and recognition for the Club’s high standards of player development. Also, post year end, in Ian P Bankier, Chairman the summer transfer window we bolstered the playing squad with the 27 September 2019 additions of the permanent registrations of Christopher Jullien, Luca Connell, Hatem Abd Elhamed, Boli Bolingoli-Mbombo, Greg Taylor, Jonathan Afolabi, Jeremie Frimpong and Lee O’Connor. Our year end cash net of bank borrowings was £28.6m (2018: £36.1m) which equates to a net funding position of £38.9m (2018: £27.0m) when adjusted for debt and debt like items (as defined in the Summary of Results on page 1). This allows the Board to continue to plan for the long term, whilst managing the reduced revenues derived from playing in UEFA Europa League in two successive seasons. The Club continued its significant stadium investment programme to maintain and improve Celtic Park’s reputation as one of the best football arenas in the world. 1 2 nine chief executive’s review peter lawwell consecutive domestic trophies is an amazing Looking back on the year under review, like all Celtic supporters achievement I am proud to reflect on the Club’s continued domination of Scottish football as the Club made history for the second successive year by winning the “Treble Treble”. Football success is crucial to the Club and our supporters and to win nine consecutive domestic trophies is an amazing achievement for which I congratulate Brendan Rodgers, Neil Lennon, their staff, the players and everyone at the Club. Stability is important in football, but change is inevitable. Although we were very disappointed to see Brendan leave Celtic for an opportunity he wished to pursue, I respect his decision and thank him and his staff for all that they have given to the Club and the historic achievements, which have created many wonderful memories. Following Brendan’s departure, I was delighted that Neil Lennon re-joined the Club to clinch the eighth successive League Championship and to complete the “Treble Treble” in challenging Player development and recruitment continue to be fundamental to circumstances. Neil is a true Celtic great, as a player, captain and the Club to augment our first team squad and to add to the players manager and returns to the Club with a wealth of experience as a top being developed in the Academy. Although we work to conclude quality coach, identifier and developer of players and with the strength transfers as quickly as possible, the transfer market remains of character to take the Club forward. I wish Neil, assistant manager challenging. We continue to invest in player recruitment, to create John Kennedy, first team coach Damien Duff and goalkeeper coach value, but without putting the

Load more

  39

Copy Link