AFC ENERGY PLC
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 (7.5) (7.2)
amortisation of goodwill
Joint venture 0.2 0.5
Net finance charges (6.9) (6.6)
Profit / (Loss) before 12.6 (6.2)
tax
*= 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 191,290 2,094 193,384 161,627 356,548
its share of joint ventures
Share of turnover of joint (1,493) - (1,493) (1,454) (3,009)
ventures
________ ________ _______ ________ ________
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 - (35,974) (35,974) (29,231) (59,257)
registrations
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 236 - 236 451 1,004
joint venture
Profit on disposal of player - 6,260 6,260 309 2,047
registrations
________ ________ _______ ________ ________
Profit/(loss) on ordinary 47,099 (27,620) 19,479 (402) 16,240
activities before net finance
charges
________ ________
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 (239,329) (205,917) (239,945)
one year
________ ________ ________
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 (246,166) (248,456) (265,460)
more than one year
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 - - - 1,092 1,658 2,750
for year ended 31 May 2016
________ ________ ________ _______ ________ ________
At 31 May 2016 62 29,997 26,699 - 271,303 328,061
Total comprehensive income - - - - 10,290 10,290
for the six months ended 30
November 2016
_______ _______ _______ _______ ________ ________
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 13,579 (1,052) 93,841
activities
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 (8) (7) (72)
assets
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 13,579 (1,052) 93,841
activities
________ ________ ________
b) Analysis of changes in net debt
At 1 June At 30 November
2016 Non cash Cash flows 2016
changes
£'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 (186,441) 8,267 - (178,174)
(bonds)
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 12,319 (7,914) 883
taxation
_______ _______ _______
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 12,626 (6,163) 2,867
taxation
_______ _______ _______
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.
ARSENAL HOLDINGS PLC : - Half-year Report
February 24, 2017 at 09:01 am EST
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