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Manchester United Plc Risultati Q2 2013 (31.12.2013)

Manchester United Plc Risultati Q2 2013 (31.12.2013)

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Published by Tifoso Bilanciato
Manchester United Plc Risultati Q2 2013 (31.12.2013)
Manchester United Plc Risultati Q2 2013 (31.12.2013)

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Published by: Tifoso Bilanciato on Feb 12, 2014
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08/03/2014

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RECORD SECOND QUARTER REVENUE OF £122.9 MILLION.
 
SPONSORSHIP REVENUE FOR THE SECOND QUARTER INCREASED 39.4%.
 
YEAR-TO-DATE ADJUSTED NET INCOME UP 19.6%.
MANCHESTER, U.K.
 – 
 12 February 2014
 – 
 Manchester United (NYSE: MANU
; the “Company” and
the
“Group”)
 
 – 
 one of the most popular and successful sports teams in the world - today announced financial results for the 2014 fiscal second quarter and six months ended 31 December 2013. Highlights
 
Commercial revenues of £42.3 million up 18.8%
for the quarter and 30.0% for the year to date.
 
Six new sponsorship deals activated in the second quarter
 
 – 
Unilever and Hong Kong Jockey Club (regional); Banif Bank (financial services); Fuji TV and SPOTV Korea (MUTV) and STC (mobile).
 
Broadcasting revenues increased 18.7%
for the quarter primarily due to the new FAPL domestic and international TV rights agreements. Commentary Ed Woodward, Executive Vice Chairman commented,
We once again achieved a record revenue quarter with strong contributions from our commercial and broadcasting businesses despite the current league position, which everyone from the Team Manager down has acknowledged is disappointing. We continue to see meaningful opportunities to grow our commercial business and the popularity of football on TV is leading to continued  broadcasting revenue growth
 – 
 all of which bodes well for the long-term stability and financial strength of our  business. We are also very pleased to have added a world class player in Juan Mata to our squad, who has already made a positive impact. " Outlook For fiscal 2014, Manchester United continues to expect:
 
Revenue to be £420m to £430m.
 
Adjusted EBITDA to be £128m to £133m.
 
 
Key Financials (unaudited)
£ million (except adjusted earnings/(loss) per share)
Three months ended 31 December
 
Six months ended 31 December
 
2013
2012 Change
 2013
2012 Change Commercial revenue
42.3
35.6 18.8%
102.2
78.6 30.0% Broadcasting revenue
46.9
39.5 18.7%
66.2
53.2 24.4% Matchday revenue
33.7
35.0 (3.7%)
53.0
54.6 (2.9%) Total revenue
122.9
110.1 11.6%
221.4
186.4 18.8% Adjusted EBITDA*
51.0
50.2 1.6%
73.2
66.5 10.1% Profit for the period (i.e. net income) 19.0 16.2 17.3% 18.7 36.7 (49.0%)
Adjusted profit for the period (i.e. adjusted net income)* 19.8 19.0 4.2% 22.0 18.4 19.6%
Adjusted basic and diluted earnings per share (pence)*
12.08
11.60 4.1%
13.45
11.34 18.6% Gross debt
356.6
366.6 (2.7%)
356.6
366.6 (2.7%) Cash and cash equivalents
72.1
66.6 8.3%
72.1
66.6 8.3% * Adjusted EBITDA, adjusted profit for the period and adjusted basic and diluted earnings per share are non-IFRS measures. See
 Non-IFRS Measures: Definitions and Use
 below and the accompanying Supplemental Notes for the definitions and reconciliations for these non-IFRS measures and the reasons we believe these measures provide useful information to investors
regarding the Group‟s financial condition and results of operations.
 
Revenue Analysis
Commercial
Commercial revenue for the second quarter was £42.3 million, an increase of £6.7 million, or 18.8%, over the prior year quarter.
 
Sponsorship
 revenue for the second quarter was £29.0 million, an increase of £8.2 million, or 39.4%,  primarily due to higher renewals and the activation of new global and regional sponsorships.
 
 Retail, Merchandising, Apparel & Product Licensing 
 revenue for the second quarter was £9.1 million, a decrease of £0.4 million. For the year to date, revenue was £19.8 million, an increase of £0.9 million, or 4.8%.
 
 New Media & Mobile
 revenue for the second quarter was £4.2 million, a decrease of £1.1 million, due to the expiration of a few of our mobile partnerships.
Broadcasting
Broadcasting revenue for the second quarter was £46.9 million, an increase of £7.4 million, or 18.7%, over the prior year quarter, due to increased revenue from the Premier League domestic and international rights agreements, partly offset by one fewer Premier League game, and increases in share of UEFA Champions League fixed pool distributions as we finished 1
st
 in the Premier League in season 2012/13 compared to 2
nd
 in the 2011/12 season.
Matchday
Matchday revenue for the second quarter was £33.7 million, a decrease of £1.3 million, or 3.7%, over the prior year quarter, primarily due to playing one fewer home Premier League game, partly offset by one more Capital One cup game.
 
 
Other Financial Information
Operating expenses
Total operating expenses for the second quarter were £87.7 million, an increase of £14.5 million, or 19.8%, over the  prior year quarter.
Staff costs
Staff costs for the second quarter were £51.6 million, an increase of £7.4 million, or 16.7%, primarily due to the impact of player acquisitions and renegotiated player contracts.
Other operating expenses
Other operating expenses for the second quarter were £20.3 million, an increase of £4.6 million, or 29.3%  primarily due to foreign exchange losses and an increase in domestic cup gate share expenses from having one home domestic cup game in the second quarter (none in the prior year quarter).
Depreciation & amortis
ation of players’
registrations
Depreciation for the second quarter was £2.1 million, an increase of £0.3 million, or 16.7%, over the prior year quarter. Amortis
ation of players‟ registrations
was £13.4 million, an increase of £2.7 million, or 25.2%, over the  prior year quarter. The unamortis
ed balance of players‟ registrations at 3
1 December 2013 was £132.1 million.
 Exceptional items
Exceptional items for the second quarter of £0.3 million related to investment property impairment charges. Exceptional items for the prior year quarter were £0.8 million and related to professional advisor fees in connection with our initial public offering.
Net finance costs
 Net finance costs for the second quarter were £5.7 million, a decrease of £3.5 million, or 38.0%, over the prior year quarter. The decrease was primarily due to a reduction in interest payable on our secured borrowings following the refinancing in June 2013.
Tax
 The tax expense for the second quarter was £11.3 million, compared to an expense of £12.2 million in the prior year quarter. There have been no changes to the estimates and judgements in relation to the valuation of deferred tax assets since the June 2013 year end.
Cash flows
 Net cash used in operating activities for the second quarter was £3.7 million, a decrease of £29.1 million from £25.4 million net cash generated in the prior year quarter, primarily due to adverse movements in working capital. Capital expenditure on property, plant and equipment for the second quarter was £2.8 million, a decrease of £3.1 million from the prior year quarter.  Net player capital expenditure for the second quarter was £3.4 million, a decrease of £1.0 million from the prior year quarter.

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