Sheffield Wednesday PLC

Base Case: Maximum investment in early years

Year #
Year ended 31 May 2006 2007

KPI's

League Championship Championship

Number of Games 23 23
Average Attendance 24,186 23,222
Capacity Utilization of Stadium 60.7% 58.3%
Average revenue per visitor
Consumer Match Day 10.2 11.8
Corporate Match Day 163.5 99.1

P&L Headline Sales Gross Profit(1) Sales Gross Profit(1)

£ £ £ £
Consumer Match Day 5,666,944 5,073,890 6,316,463 5,571,393
Corporate Match Day 1,998,336 598,516 1,179,974 592,205
Other (2) 3,947,866 3,947,866 3,824,786 3,824,786

Totals 11,613,146 9,620,271 11,321,223 9,988,383

Central Costs
Football Wages (3,050,923) (3,354,265)
Squad Size
Non Football Costs (6,331,477) (6,719,076)
EBIT 237,871 (84,958)

Cash Flow £ £
EBIT 237,871 (84,958)
Depreciation 688,000 664,000
Amortisation 426,000 725,000
EBITDA 1,351,871 1,304,042
Player (Capex)/Sales (769,000) 62,000
Other Capex (93,000) (60,000)
Cash Interest (541,000) (541,000)
Working Capital 550,000 (588,000)
Other (82,000) (78,000)
Free Cash Flow 416,871 99,042

Opening Net Debt 29,613,913 29,197,042

Closing Net Debt 29,197,042 29,098,000
 2008 2009 2010 2011

Championship Championship Struggler Championship Stability Championship Challenger

23 23 23 23
20,877 20,658 26,818 26,818
52.4% 51.9% 67.4% 67.4%

14.5 13.3 12.8 13.5

102.0 108.5 189.1 188.6

Sales Gross Profit(1) Sales Gross Profit(1) Sales Gross Profit(1) Sales Gross Profit(1)
£ £ £ £ £ £ £ £
6,957,132 6,103,444 6,300,262 5,446,574 7,877,198 7,023,509 8,310,412 7,456,724
1,270,095 494,435 1,386,518 519,157 2,721,392 545,115 2,735,882 572,371
4,089,425 4,089,425 3,859,482 3,859,482 4,319,482 4,319,482 4,009,482 4,009,482

12,316,653 10,687,304 11,546,262 9,825,213 14,918,072 11,888,107 15,055,776 12,038,577

(4,537,995) (4,537,995) (9,854,208) (13,979,981)

- 21 26
(6,329,318) (6,161,221) (5,963,611) (6,264,280)
(180,008) (874,002) (3,929,712) (8,205,684)

£ £ £ £
(180,008) (874,002) (3,929,712) (8,205,684)
683,000 683,000 683,000 683,000
918,000 800,000 800,000 800,000
1,420,992 608,998 (2,446,712) (6,722,684)
2,317,000 765,002 (800,000) (1,600,000)
(202,000) (69,000) (1,000,000) (69,000)
(597,000) (597,000) (597,000) (597,000)
(631,000) - - -
(211,992) (25,000) (525,000) (25,000)
2,096,000 683,000 (5,368,712) (9,013,684)

29,098,000 27,002,000 26,319,000 31,687,712

27,002,000 26,319,000 31,687,712 40,701,396