Financial Review
财务报告（CFO的报名）
The Group recorded a profitbefore tax for the 2014/15 year of GBP24.7 million (2014 - GBP4.7 million).
2014/2015财年的税前营利是2470万胖子（2014为470万胖子）
The principal factors influencing this result were:
具体如下：
1. Increased revenues fromcommercial activities and sponsorship of GBP26 million, taking the group’s commercial revenues above GBP100 million for the first time and ensuring overall revenues from football activities alone were comfortably in excess of GBP300 million.
增加的利润主要来源于赞助商和商业活动，新增2600万胖子，使破厂的商业收入第一次突破1亿大关，也使得破厂的足球营收第一次突破3亿。
2. Increased profits from player transfers of GBP28.9 million (2014 - GBP6.9 million).
出售球员的收入2890万（2014年为690万）
3. Profits in the propertydevelopment business of GBP13.3 million (2014 - GBP0.9 million).
房地产收入1330万（2014年90万）
4. Significant investment in the playing squad resulting in higher amortisation charges on player registrations of GBP55.3 million (2014 - GBP40.0 million) and driving an overall increase of GBP25.8 millionin our wage bill.
购进多名球员导致更高的摊派5530万（2014年是4000万），同时工资额也增长了2580万胖子。
注，amortisation是个很有意思的项目，经济人费用、球员签字费全列入其中，这两年高得惊人。或许可以解释272、374工资不高的原因。

The main reason forincreased turnover from football was our new kit partnership with PUMA fromJuly 2014 which has had a strong, positive impact across our sponsorship,retail and licensing revenue lines. We have also again increased our revenuesfrom secondary partnerships.
营收增长主要源于我们的赞助商彪马的合同从2014年7月开始执行，给我们以强劲积极的影响，使我们在赞助、零售和授权多方面受益。我们新增的二级赞助商也贡献了银子。
The property businessrecorded an operating profit of GBP13.0 million (2014 - GBP0.4 million) whichincluded a profit share / overage bonus in respect of one of the developmentland sites sold by the Group in a prior year. The overage receivable representsa share of the revenues achieved by the developer on its successful sale ofcompleted residential units on the finished site.
房地产的营收是一笔营业利润1300万胖子（2014年40万），是此前一年俱乐部卖掉开发区后得到的分成，分红源于开发区的居民楼销售火爆。

Increased depreciationcharges of GBP14.6 million (2014 - GBP12.4 million) reflect a fairly high level　of fixed asset additions for the year at GBP12.8 million. There have been majorprojects developing the facilities and a new building at our Hale End Academytraining ground and fitting out the Arsenal　Hub community building onQueensland Road. Capital expenditure is expected to remain at an elevated levelover the short term as the Club is committed to a major development project at　its　first team training ground　at London Colney, a further phase of works at Hale End and a programme of　upgrades at Emirates Stadium, which commenced with the new LED floodlights andperimeter boards installed this summer and the refit of the Royal Oak area in　Club Tier.
折旧增加到1460万（2014年是1240万）稍高于我们的初评 1280万胖子。这主要是因为破厂翻修了山下学院，还有昆士兰道新建了慈善社区中心。这花销短期内还会上升，因为破厂已经计划翻新科尔尼，山下学院当然也要继续，以及升级酋长球场的设施，如LED灯，光条，还是ROYALOAK区域的重新装修。

Player trading consists ofthe profit from the sale of player registrations, the amortisation charge, includingany impairment, on the cost of player registrations and fees charged for playerloans.
球员交易的营收包括球员的出售，摊销的变化，球员交易的损失，租借费用等。

The profit on sale of　players for the year amounted to GBP28.9 million (2014 - GBP6.9 million) which includes the transfer of Thomas Vermaelen and the proceeds of an agreement to cancel the Club’s option to reacquire the registration of former player Carlos Vela.
球员转会收入是２８９０万胖子（２０１４是６９０万），包括维尔马伦的转会，以及破厂取消贝拉回购的条款的收入。
The increased amortisation charge is a direct result of the fact that we have invested strongly in the playing squad. Additions of GBP114 million have been booked in relation to the acquisition of new player registrations, including Alexis Sanchez, CalumChambers, Danny Welbeck and Gabriel and, to a lesser extent, theextension of contract terms for certain existing players.
摊销的增长是多名球员加入的结果。去年花１.１４亿购入球员，３７４、小钱宝、黑贝、加布兽等，还有一个原因就是已经球员的续约，也造成了摊销的上升。

In cash terms the impact of these acquisitions was partially offset by the collection of receivables on playersales (both current and previous) and by the credit terms agreed with thevendor clubs; nonetheless GBP46.2 million of net cash paid out in the year forplayer registrations still represents a record high level for the Club.
现金流上，购入球员的费用可以用球员转出的收入抵销（以前的和现在的，我觉得是指３７４和法布、宋的抵扣），还有些可以和对方俱乐部协商分期支付，不过，这一财年４６２０万现金实实在在支付出去，说明了破厂的财务处于一个强势水平。
注：TMD用掉五千万不到，肉痛得要死，要写得这么详细。

At the balance sheet date,the Group's total cash and bank balances amounted to GBP228.2 million (2014 -GBP207.9 million), inclusive of debt service reserve balances of GBP35.0million (2014 - GBP34.6 million). This is considered to be a robust positionwith the Group¡¯s overall net debt standing at GBP5.7 million(2014 - GBP32.6 million). However, proper consideration of the Group's cashbalance must include allowance for the payments for the aforementionedtransfers, as follows:
在现金流水方面，破厂有现金２.２８２亿（２０１４年是２０７.９亿），包含一笔３５００万的债务储备金（２０１４年是３４６０万）。而这财年的破厂负债净额是５７０万胖子（２０１４年是３２６０万，也就是破厂房贷２个多亿减去现金，这种计算也是醉了），这使破厂处于非常健康的财务状态。但是，考虑到这笔现金中有一部分要支付预先定下球员的转会费分期，所以：

In addition, it is importantto understand that our year end bank balance includes advance receipts, of sponsorship and season ticket sales, which represent working capital for season2015/16.
另外，有必要说明的是，这笔钱包括了预收款，也就是赞助商和季票的收入，破厂２０１５/２０１６年的工作开支也靠这笔现金。
注：看来是拿不出什么大钱买本马的，破厂这次特意很详细的说明了现金的构成和用途。

Football Segment
足球营收

Combined commercial andretail revenues for the year rose by some 34% to GBP103.3 million (2014 ¨C 24%growth to GBP77.1 million).
商业赞助和零售去年增长了34%，达到1.033亿（2014年增长24%达到7710万胖子）
The main driver for this growth was the new kit partnership contract with PUMA which started in July 2014 and has had an excellent first 11 months. In addition, we benefited from amajor re-fit of our flagship Armoury store which was completed to coincide with the launch of the first PUMA kits. The PUMA contract signals the end of a period where our commercial revenues lagged behind a number of our competitorsas a consequence of the long-term deals that were in place as part of the funding of the Emirates move.
增长主因是新球衣品牌赞助商彪马的合同从2014年7月开始执行，在此后的11个月里成绩斐然。另外，我们的旗舰店Armoury重新修改后也收益颇丰，这和彪马赞助执行是同步的。彪马的开启寓示着破厂受困于长期而低廉赞助合同的时代结束了，当初这些合同是为了筹集酋长球场的建设资金而签订的。
We also made strong progress with secondary partnerships adding brands such as Cooper Tires, Vitality and Europcar to our roster and bringing the Club‘s total number of partnerships to 24 at the end of the 2014/15 year. During the year we opened our first commercial office outside the UK, in Singapore, and have alreadysecured a number of new contracts from this location.
我们也增加了二级赞助品牌，如Cooper Tires, Vitality，Europcar，使得破厂的二级赞助商截止到2014/2015增加到24个。还有，去年我们在海外成立了第一家商务办事处，新加坡办公室，并在那里找到了好几家有赞助意向的新赞助商。
We have a healthy pipelineof potential partner deals and commercial opportunities; as such we expect thatour commercial revenues will continue to grow. However, inevitably, the growthrate will now slow as we have our key partnerships with Emirates and PUMA inplace for the medium term.
我们的商业机会有非常大的潜力，俱乐部的商业收入仍将增长。但不可避免的，在彪马和酋长航空大单签订之后，增长的幅度将放缓。

Property Segment
房地产部分

Profit after Tax
税后利润
Overall there is a taxcharge of GBP4.7 million (2014 ¨C credit of GBP2.6 million) on the pre-tax result for the period. This meant that the retained profit for the year has increased to GBP20.0 million (2014 - GBP7.3 million).
要交税470万，所以去年的税后利润是2000万胖子。
The tax deductibility of the amortisation charge on player registrations is partially restricted as a result of previous roll-over reliefs claimed on player sales. This means that ourtaxable profit is higher than our accounts pre-tax profit and resulted incorporation tax charge payable for the year of GBP6.3 million (2014 BP3.7million). The corporation tax charge was partially offset by a deferred taxcredit of GBP1.6 million (2014 - credit of GBP6.3 million).
现在摊销这块儿已经被严格限制，不能随意用来冲税了，所以我们今年的负税是630万胖子，但有一部分税被延递所得税160万给抵充，最后的税负是470万。
注：税务我看不明白，这么个大概意思。

Financial Regulation
财规
The Club continues to be fully compliant with the Financial Fair Play regulations put in place by UEFAand the Premier League. The impact of these regulations on the financial hierarchy of the game remains unclear. The revenues from the new Premier Leaguebroadcasting contracts from 2016/17are also likely to have amaterial impact on the future financial landscape.
破厂遵守FFP，遵守PL的财规，但现在规则不明晰。而新联赛转播合同给未来的财政情况也带来巨大影响和不确定因素。
Arsenal remains in a strong financial position. The Club has made significant affordable investments, both in terms of transfers and wage growth, but at the same time recorded another set of profitable results and maintained the cash resources to allow further investment toward on-field success.
破厂财政稳健，在转会市场和工资方面都可以大力投入，但与此同时，继续创收和现金流的确保，也是头等大事，这是允许破厂继续前进，持续投资球队的基础。
Stuart Wisely
Chief Financial Officer
18 September 2015

Consolidated profit and loss account
综合损益表
For the year ended 31 May 2015