Thread: Arsenal FC @ Emirates All Gunner fans fall in
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Old 20-09-2006, 07:59 PM
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Re: Arsenal FC @ Emirates All Gunner fans fall in
Arsenal Holdings plc - Results for year ended 31 May 2006

Financial performance

Group retained profits £7.9 million (2005 — £8.3 million).
Group operating profits before player trading and exceptional items were £11.3 million (2005 - £32.6 million), largely as a consequence of there being significantly less sales activity in our property development business, however, this was compensated at the level of pre-tax profits by gains on the sale of player registrations of £19.2 million (2005 - £2.9 million).
Arsenal’s football business increased turnover to £132.1 million (2005 - £115.1 million), mainly as a result of reaching the Champions League final, and made a contribution to pre-tax profit of £16.8 million (2005 — £8.9 million).
Overall net debt has increased to £262.1 million (2005 - £153.3 million) due to the further significant investment in the Group’s Emirates Stadium project.
Emirates Stadium project

Emirates Stadium opened on schedule for start of 2006/07 football season.
All of the executive boxes, Club Tier seats and general admissions season tickets available have been sold.
Since the year end the Group has successfully completed a £260 million bond issue the proceeds of which have been used to refinance the Group’s stadium financing bank debt. The refinance extends the term of the Group’s stadium financing debt to 25 years and reduces the weighted average rate of interest to 6.0%.
“The Stadium - Highbury Square”

The Group has started the construction works required for the re-development of Highbury into 711 residential units and has arranged a £125 million bank facility to fund these re-development works.
Excellent progress has been made with the pre-sale of units at “The Stadium - Highbury Square” and less than 70 units remain unsold of those units released for sale.
Commenting on the results for the year, Peter Hill-Wood, non-executive chairman, said:

“2005/06 has been a very busy and historic year for the Arsenal Group.

On the field, Arsenal reached the final of the UEFA Champions League and has again qualified for the group phase of the 2006/07 Champions League.

The 2005/06 season was, memorably, the Club’s last at Highbury. Emirates Stadium has been completed on schedule and will now provide the Group with substantially increased match day revenues; it is clear that all our hard work over the last few years has paid off to provide a simply magnificent playing arena for the team and unrivalled facilities for our supporters. As well as completing the new stadium we have also refinanced the related debt. The refinancing is strongly beneficial as it secures the Group’s financing arrangement for the long term and, by extending the repayment term and reducing the annual debt service costs, frees up significantly more of the Group’s future cash-flow for investment in the development of the team.

With the opening of Emirates Stadium, Arsenal is starting a new chapter in its history and we look forward to it being as memorable and successful as the 93 years the Club spent at Highbury.”