Looking ahead
展望未来
We know the Premier Leaguewill be more competitive than ever this season as clubs invest more money intop players from around the world. Teams across the league are raising theirlevel, which means each and every game will be a significant challenge. Thepromise of the increased value of Premier League broadcasting revenues from2016/17 may already be having an impact.
我们知道PL的竞争会越来越激烈，每个俱乐部会花更多的钱去购买顶尖球员。所有英超俱乐部都在提升他们的水平，所以每一场比赛，不分强弱都很难打。从2016/2017赛季开始执行的转播合同，现在已经发生了影响。
The new Premier League TVrevenues are good news for Arsenal and for the other member clubs. Theincreased revenue may see the league becoming even more competitive and itraises a number
of strategic questions andopportunities that will need to be discussed in the forthcoming months.For nowit is too early to say what the impact of the Premier League¡¯s changingfinancial landscape will be, either domestically or in a wider context acrossEurope
新传播费对破厂和其它俱乐部都是个好消息，它使联赛水平提高，联赛更具竞争力，当然由此导致的一系列战略方针上的机遇和挑战也需要我们在接下来的几个月里去讨论。现在就说英超的巨量资金改变欧洲足球格局，英超能够统霸欧战，为时过早。
We look forward to anotherexciting campaign in the UEFA Champions League with the new format throwing upa challenging series of group stage games against Bayern Munich, Olympiacos andGNK Dinamo Zagreb.
我们也期待着欧洲小组赛，和南大王、奥林匹亚克、迪纳摩的较量。
Everyone at the Club is inoptimistic mood and determined to build on the FA Cup successes of the past twoseasons. We continue to look to develop every aspect of our operations whileremaining true to our principles around being self-funding, investing in youth,our style of play and our commitment to our fans and to our place in thecommunity.
俱乐部的每一员都抱着乐观的心态，决心在足总杯两连冠的基础上更上一层楼。我们继续我们的道路，坚持自力更生、青年培养和攻势足球，及服务社区，服务球迷。
We are focused on delivering more success. This remains the shared ambition of our majority shareholder Stan Kroenke, the board and everyone connected with the Club.
我们致力于更多的冠军，这也是克伦克和董事会以及俱乐部每一个成员的野心。
We look forward to the restof the season with excitement and your continued support.
我们期待接下来令人兴奋的赛季，以及您持续的支持。
I E Gazidis
Chief Executive Officer
18 September 2015

顶技术贴

加秃记的一手好流水账。

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。

楼主辛苦

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。

顶

先马，必须顶！