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Manchester United plc 2014 Fourth Quarter and Full Year Results

Released : 09/10/2014

  • RECORD ANNUAL REVENUE OF £433.2M UP 19%
  • SPONSORSHIP REVENUE FOR THE YEAR INCREASED 49%
  • RECORD ADJUSTED EBITDA FOR THE YEAR 2014 OF £130.1M UP 20%

MANCHESTER, England--(BUSINESS WIRE)-- Manchester United (NYSE:MANU; “the Company”, “the parent” and “the Group”) – one of the most popular and successful sports teams in the world - today announced financial results for the year and quarter ended 30 June 2014.

Annual Highlights

  • Adjusted net income for fiscal 2014 increased 51.1% to £28.7m and adjusted diluted earnings per share was up 50.3% to 17.51 pence.
  • Commercial revenues increased 24.1% for the year to a record £189.3m – 43.7% of total revenue. During the fiscal year, we announced:
    • 3 global sponsorship partnerships
    • 9 regional sponsorship partnerships, and
    • 8 financial services and telecom partnerships.
  • Broadcasting revenues increased 33.7% for the year, due to the new FAPL domestic and international TV rights agreements.
  • Reached 56 million Facebook followers compared to 34 million a year ago and launched official Twitter, Sina Weibo, Tencent Weibo and Google+ pages.
  • Concluded the largest kit manufacturer sponsorship deal in sports with adidas - £750m over 10 year with retail, e-commerce and licensing reverting to Manchester United from 1st August 2015.

Commentary

Ed Woodward, Executive Vice Chairman commented, “We are very proud of the results achieved in fiscal year 2014 as we once again generated record revenues and EBITDA driven by our commercial and broadcasting businesses which delivered impressive year over year growth. We also recently announced a record breaking deal with adidas and very much look forward to launching this partnership next summer. With Louis van Gaal at the helm as Manager, and the recent signing of some of the world’s leading players to further strengthen our squad, we are very excited about the future and believe it's the start of a new chapter in the Club’s history. Louis’ footballing philosophy fits very well with Manchester United and he has an impressive track record of success throughout his career, winning league titles with every club he has managed.”

Outlook

For fiscal 2015, Manchester United expects:

  • Revenue to be £385m to £395m.
  • Adjusted EBITDA to be £90m to £95m.

Key Financials (unaudited)

                 

£ million (except adjusted diluted earnings/(loss) per share)

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      Three months ended

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    2014   2013   Change   2014   2013   Change
Commercial revenue   189.3   152.5   24.1%   44.3   37.9   16.9%
Broadcasting revenue   135.8   101.6   33.7%   34.0   26.6   27.8%
Matchday revenue   108.1   109.1   (0.9)%   18.0   20.6   (12.6)%
Total revenue   433.2   363.2   19.3%   96.3   85.1   13.2%
Adjusted EBITDA*   130.1   108.6   19.8%   16.9   17.0   (0.6)%
 
Profit/(loss) for the period (i.e. net income)   23.8   146.4   (83.7)%   (5.9)   106.1   (105.6)%
Adjusted profit/(loss) for the period (i.e. adjusted net income)*   28.7   19.0   51.1%   (6.3)   (3.5)   80.0%

Adjusted diluted earnings/(loss) per share (pence)*

 

17.51

  11.65  

50.3%

 

(3.85)

 

(2.15)

 

79.1%

 
Gross debt   341.8   389.2   (12.2)%   341.8   389.2   (12.2)%
Cash and cash equivalents   66.4   94.4   (29.7)%   66.4   94.4   (29.7)%

* Adjusted EBITDA, adjusted profit/(loss) for the period and adjusted diluted earnings/(loss) 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 year was £189.3 million, an increase of £36.8 million, or 24.1%, over the prior year primarily due to the activation of several new global and regional sponsorships, higher sponsorship renewals and a significant increase from the pre-season tour.

For the year:

  • Sponsorship revenue was £135.8 million, an increase of £44.9 million, or 49.4%;
  • Retail, Merchandising, Apparel & Product Licensing was £37.5 million, a decrease of £1.1 million, or 2.8%; and
  • Mobile & Content was £16.0 million, a decrease of £7.0 million, or 30.4% , due to the expiration of a few of our mobile partnerships

For the fourth quarter, Commercial revenue was £44.3 million, an increase of £6.4 million, or 16.9%, over the prior year quarter:

  • Sponsorship revenue was £30.9 million, an increase of £9.7 million, or 45.8%;
  • Retail, Merchandising, Apparel & Product Licensing was £9.3 million, a decrease of £1.3 million, or 12.3% as Nike primarily focused on sales of national team products leading up to the World Cup; and
  • Mobile & Content was £4.1 million, a decrease of £2.0 million, or 32.8%.

Broadcasting

Broadcasting revenue for the year was £135.8 million, an increase of £34.2 million, or 33.7%, over the prior year, primarily due to increased revenue from the Premier League domestic and international rights agreements and increased UEFA Champions League revenue as a result of receiving a larger share of the UK Market pool by finishing 1st in the Premier League in the 2012/13 season compared to 2nd in the 2011/12 season and progressing to the quarter-final stage compared to the round of 16 stage in the prior year.

For the fourth quarter, broadcasting revenue was £34.0 million, an increase of £7.4 million, or 27.8%, over the prior year quarter, primarily driven by the same factors as the full year.

Matchday

Matchday revenue for the year was £108.1 million, a decrease of £1.0 million, or 0.9%, over the prior year, primarily as a result of hosting a number of matches during the London Olympic Games in the prior year.

For the fourth quarter, matchday revenue was £18.0 million, a decrease of £2.6 million, or 12.6%, over the prior year quarter, due primarily to playing one fewer home Premier League game and away domestic cup game as well as reduced matchday hospitality due to a different mix of games, partially offset by playing one UEFA Champions League home game.

Other Financial Information – Full Year

Operating expenses

Total operating expenses for the year were £372.3 million, an increase of £62.0 million, or 20.0%, over the prior year.

Employee benefit expenses

Employee benefit expenses for the year were £214.8 million, an increase of £34.3 million, or 19.0%, over the prior year, primarily due to the impact of player acquisitions and renegotiated player contracts.

Other operating expenses

Other operating expenses for the year were £88.3 million, an increase of £14.2 million, or 19.2%, over the prior year, primarily due to increases in legal, professional and other consultancy fees, increased pre-season tour costs and foreign exchange losses.

Depreciation and amortization of players’ registrations

Depreciation for the year was £8.7 million, an increase of £0.9 million or 11.5%, over the prior year. Amortization of players’ registrations for the year was £55.3 million, an increase of £13.6 million, or 32.6%, over the prior year. The unamortized balance of players’ registrations as of 30 June 2014 was £204.6 million.

Exceptional items

Exceptional items for the year were £5.2 million, primarily related to compensation payments on loss of office to the former manager and certain members of the coaching staff. Exceptional items for the prior year were £6.2 million.

Profit on disposal of players’ registrations

Profit on the disposal of players’ registrations for the year was £7.0 million compared with £9.1 million in the prior year.

Net finance costs

Net finance costs for the year were £27.4 million, a decrease of £43.4 million, or 61.3%, over the prior year. The decrease was primarily due to a £31.9 million reduction in premium paid and accelerated amortisation of issue discount and debt finance costs as a result of the repurchases of senior secured notes in the prior year, and a £12.9 million reduction in interest payable on our secured borrowings following the refinancing in June 2013.

Subsequent to 30 June 2014 we renegotiated the terms of the secured term loan – extending the maturity to 8 August 2019, resetting the principal amount to the original $315.7 million and removing the requirement for scheduled repayments; all other terms of the loan remain unchanged.

Tax

The tax expense for the year was £16.7 million reflecting an effective tax rate of 41.2%. The effective tax rate is above the US federal income tax rate of 35% mainly due to foreign exchange losses arising on re-translation of US dollar denominated deferred tax assets. This compares to a credit of £155.2 million in the prior year, which largely comprised the recognition of US deferred tax assets.

Cash flows

Net cash generated from operating activities for the year was £72.8 million, an increase of £15.6 million from the prior year due to a reduction in interest paid, partially offset by adverse movements in working capital.

Capital expenditure on property, plant and equipment for the year was £10.8 million, a decrease of £1.7 million from the prior year.

Net player capital expenditure for the year was £78.9 million, an increase of £42.5 million from the prior year.

Net cash used in financing activities for the year was £5.0 million, as compared with net cash generated in the prior year of £16.1 million. During the year we repaid £5.0 million of borrowings, primarily relating to the secured term loan. Whereas in the prior year, we:

  • used the net proceeds from our IPO to repurchase a portion of our US dollar senior secured notes, comprising a principal value of £62.6 million and a premium on repurchase of £5.3 million;
  • refinanced a portion of our borrowings with a new £209.2 million ($315.7 million) US dollar secured term loan; and used the proceeds to repurchase and retire all of our pounds sterling senior secured notes and a portion of our US dollar senior secured notes, repaying a total equivalent to £208.5 million (comprising a principal value of £191.8 million and a premium on repurchase of £16.7 million); and
  • in January 2013, we acquired the remaining 33.3% of the issued share capital of MUTV Limited for a purchase consideration (including transaction costs) of £2.7 million; and also repaid the loan stock issued to the former minority shareholder of MUTV Limited amounting to £4.4 million plus accrued interest of £2.9 million.

Conference Call Information

The Company’s conference call to review the fiscal 2014 and fourth quarter results will be broadcast live over the internet today, 10 September 2014 at 08:00 am Eastern Time and will be available on Manchester United’s investor relations website at http://ir.manutd.com. Thereafter, a replay of the webcast will be available for thirty days.

About Manchester United

Manchester United is one of the most popular and successful sports teams in the world, playing one of the most popular spectator sports on Earth.

Through our 136 year heritage we have won 62 trophies, enabling us to develop the world’s leading sports brand and a global community of 659 million followers. Our large, passionate community provides Manchester United with a worldwide platform to generate significant revenue from multiple sources, including sponsorship, merchandising, product licensing, mobile & content, broadcasting and matchday.

Cautionary Statement

This press release contains forward looking statements. You should not place undue reliance on such statements because they are subject to numerous risks and uncertainties relating to the Company’s operations and business environment, all of which are difficult to predict and many are beyond the Company’s control. Forward-looking statements include information concerning the Company’s possible or assumed future results of operations, including descriptions of its business strategy. These statements often include words such as “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible” or similar expressions. The forward-looking statements contained in this press release are based on our current expectations and estimates of future events and trends, which affect or may affect our businesses and operations. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although the Company believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect its actual financial results or results of operations and could cause actual results to differ materially from those in these forward-looking statements. These factors are more fully discussed in the “Risk Factors” section and elsewhere in the Company’s Registration Statement on Form F-1, as amended (File No. 333-182535) and the Company’s Annual Report on Form 20-F (File No. 001-35627).

Non-IFRS Measures: Definitions and Use

1. Adjusted EBITDA

Adjusted EBITDA is defined as profit/(loss) for the period before depreciation, amortization of, and profit on disposal of, players’ registrations, exceptional items, net finance costs, and tax.

We believe adjusted EBITDA is useful as a measure of comparative operating performance from period to period and among companies as it is reflective of changes in pricing decisions, cost controls and other factors that affect operating performance, and it removes the effect of our asset base (primarily depreciation and amortization), capital structure (primarily finance costs), and items outside the control of our management (primarily taxes). Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for an analysis of our results as reported under IFRS as issued by the IASB. A reconciliation of profit for the period to adjusted EBITDA is presented in supplemental note 2.

2. Adjusted profit/(loss) for the period (i.e. adjusted net income)

Adjusted profit/(loss) for the period is the adjusted profit/(loss) for the period attributable to owners of the parent, calculated, where appropriate, by adding the profit for the period attributable to non-controlling interest to the profit/(loss) for the period attributable to owners of the parent, adjusting for material changes related to the initial public offering, the repurchase of senior secured notes, foreign exchange losses/gains on US dollar denominated bank accounts and borrowings, the fair value movement on derivative financial instruments, and hedge ineffectiveness on cash flow hedges, adding/(subtracting) the actual tax expense/(credit) for the period, (subtracting)/adding the adjusted tax (expense)/credit for the period (based on an normalized tax rate of 35%; 2013: 35%) and subtracting the profit for the period attributable to non-controlling interest. The normalized tax rate of 35% is management’s estimate of the tax rate likely to be applicable to the Group in the long-term.

We believe that in assessing the comparative performance of the business, in order to get a clearer view of the underlying financial performance of the business, it is useful to strip out the distorting effects of material charges/(credits) related to ‘one-off’ transactions and then to apply a ‘normalized’ tax rate (for both the current and prior periods) of the US federal income tax rate of 35%. A reconciliation of profit/(loss) for the period attributable to owners of the parent to adjusted profit/(loss) for the period attributable to owners of the parent is presented in supplemental note 3.

3. Adjusted basic and diluted earnings/(loss) per share

Adjusted basic earnings/(loss) per share is calculated by dividing the adjusted profit/(loss) for the period attributable to owners of the parent by the weighted average number of ordinary shares in issue during the period. Adjusted diluted earnings/(loss) per share is calculated by adjusting the weighted average number of ordinary shares in issue during the period to assume conversion of all dilutive potential ordinary shares. We have one category of dilutive potential ordinary shares: share awards pursuant to the 2012 Equity Incentive Plan (the “Equity Plan”). Share awards pursuant to the Equity Plan are assumed to have been converted into ordinary shares at the beginning of the financial year. Adjusted basic and diluted earnings/(loss) per share are presented in supplemental note 3.

Key Performance Indicators

         
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    2014   2013   2014   2013
Commercial % of total revenue   43.7%   42.0%   46.0%   44.5%
Broadcasting % of total revenue   31.3%   28.0%   35.3%   31.3%
Matchday % of total revenue   25.0%   30.0%   18.7%   24.2%
Home Matches Played                
FAPL   19   19   3   4
UEFA competitions   5   4   1   -
Domestic Cups   4   5   -   -
Away Matches Played                
UEFA competitions   5   4   1   -
Domestic Cups   2   3   -   1
 
Other                
Employees at period end   879   793   879   793
Staff costs % of revenue   49.6%   49.7%   59.3%   60.1%
                   
Phasing of Premier League home gamesQuarter 1   Quarter 2   Quarter 3   Quarter 4   Total
2014/15 season * 3   6   7   3   19
2013/14 season 3 6 7 3 19
2012/13 season 3   7   5   4   19

*Subject to changes in broadcasting scheduling

CONSOLIDATED INCOME STATEMENT

(unaudited; in £ thousands, except per share and shares outstanding data)

   
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  2014   2013   2014   2013
Revenue433,164   363,189 96,221   85,096
Operating expenses (372,240) (310,337 ) (102,818) (83,288 )
Profit on disposal of players’ registrations   6,991     9,162     2,788     1,137  
Operating profit/(loss)   67,915     62,014     (3,809)   2,945  
Finance costs (27,668) (72,082 ) (6,106) (31,722 )
Finance income   256     1,275     113     834  
Net finance costs   (27,412)   (70,807 )   (5,993)   (30,888 )
Profit/(loss) before tax40,503 (8,793 ) (9,802) (27,943 )
Tax (expense)/credit   (16,668)   155,212     3,976     134,042  
Profit/(loss) for the period   23,835     146,419     (5,826)   106,099  

Attributable to:

Owners of the parent

23,835 146,250 (5,826) 106,099
Non-controlling interest   -     169     -     -  
    23,835     146,419     (5,826)   106,099  
 
Basic earnings/(loss) per share attributable to owners of the parent:
Basic earnings/(loss) per share (pence) 14.55 89.78 (3.56) 64.80
Weighted average number of ordinary shares outstanding (thousands) 163,814 162,895 163,812 163,732
Diluted earnings/(loss) per share attributable to owners of the parent:
Diluted earnings/(loss) per share (pence) 14.54 89.78 (3.55) 64.80
Weighted average number of ordinary shares outstanding (thousands)   163,893     163,826     163,888     162,586  

CONSOLIDATED BALANCE SHEET

(unaudited; in £ thousands)

   
    30 June

2014

  30 June

2013

ASSETS
Non-current assets
Property, plant and equipment 254,859 252,808
Investment property 13,671 14,080
Goodwill 421,453 421,453
Players’ registrations 204,572 119,947
Trade and other receivables 41 1,583
Deferred tax asset   129,631   145,128
    1,024,227   954,999
Current assets
Derivative financial instruments - 260
Trade and other receivables 125,119 68,619
Cash and cash equivalents   66,365   94,433
    191,484   163,312
Total assets   1,215,711   1,118,311

CONSOLIDATED BALANCE SHEET (continued)

(unaudited; in £ thousands)

   
    30 June

2014

  30 June

2013

EQUITY AND LIABILITIES
Equity
Share capital 52 52
Share premium 68,822 68,822
Merger reserve 249,030 249,030
Hedging reserve 25,918 231
Retained earnings   154,828   129,825
Equity attributable to owners of the parent   498,650   447,960
Non-current liabilities
Derivative financial instruments 1,602 1,337
Trade and other payables 42,997 18,413
Borrowings 326,803 377,474
Deferred revenue 15,631 17,082
Provisions - 988
Deferred tax liabilities   28,837   17,168
    415,870   432,462
Current liabilities
Derivative financial instruments 875 29
Current tax liabilities 2,999 900
Trade and other payables 101,699 78,451
Borrowings 15,005 11,759
Deferred revenue 180,613 146,278
Provisions   -   472
    301,191   237,889
Total equity and liabilities   1,215,711   1,118,311

CONSOLIDATED STATEMENT OF CASH FLOWS

(unaudited; in £ thousands)

   
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30 June

    2014   2013   2014   2013
Cash flows from operating activities    
Cash generated from operations (see supplemental note 4) 101,694 129,930 71,001 73,005
Interest paid (27,669) (73,629 ) (4,875) (26,732 )
Debt finance costs relating to borrowings (123) (3,074 ) - (3,074 )
Interest received 254 937 111 495
Tax (paid)/refunded   (1,375)   3,057     (304)   2,457  
Net cash generated from operating activities   72,781     57,221     65,933     46,151  
Cash flows from investing activities
Purchases of property, plant and equipment (10,847) (12,503 ) (2,290) (1,856 )
Purchases of investment property - (2 ) - -
Proceeds from the sale of property, plant and equipment 50 9 - 9
Purchases of players’ registrations (92,942) (45,997 ) (30,840) (4,730 )
Proceeds from sale of players’ registrations   14,025     9,646     5,469     1,677  
Net cash used in investing activities   (89,714)   (48,847 )   (27,661)   (4,900 )
Cash flows from financing activities
Proceeds from issue of shares - 70,258 - -
Expenses directly attributable to issue of shares - (1,459 ) - -
Acquisition of additional interest in subsidiary - (2,664 ) - -
Proceeds from borrowings - 209,190 - 209,190
Repayment of other borrowings   (4,997)   (259,254 )   (4,713)   (191,924 )
Net cash (used in)/generated from financing activities   (4,997)   16,071     (4,713)   17,266  
Net (decrease)/increase in cash and cash equivalents(21,930) 24,445 33,559 58,517
Cash and cash equivalents at beginning of period 94,433 70,603 34,344 36,211
Foreign exchange losses on cash and cash equivalents   (6,138)   (615 )   (1,538)   (295 )
Cash and cash equivalents at end of period   66,365     94,433     66,365     94,433  

SUPPLEMENTAL NOTES

1General information

Manchester United plc (“the Company”) and its subsidiaries (together “the Group”) is a professional football club together with related and ancillary activities. The Company is incorporated under the Companies Law (2011 Revision) of the Cayman Islands, as amended and restated from time to time.

2Reconciliation of profit for the period to adjusted EBITDA

 

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£’000

  2013

£’000

 

2014

£’000

  2013

£’000

Profit/(loss) for the period23,835   146,419 (5,826)   106,099
Adjustments:
Tax expense/(credit) 16,668 (155,212 ) (3,976) (134,042 )
Net finance costs 27,412 70,807 5,993 30,888
Profit on disposal of players’ registrations (6,991) (9,162 ) (2,788) (1,137 )
Exceptional items 5,184 6,217 4,891 2,338
Amortization of players’ registrations 55,290 41,714 16,127 10,842
Depreciation   8,665     7,769     2,391     2,026  
Adjusted EBITDA   130,063     108,552     16,812     17,014  

3Reconciliation of profit/(loss) for the period attributable to owners of the parent to adjusted profit/(loss) for the period and adjusted basic and diluted earnings/(loss) per share

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  2014

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  2013

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  2014

£’000

  2013

£’000

Profit/(loss) for the period attributable to owners of the parent   23,835   146,250   (5,826)   106,099
Add: profit for the period attributable to non-controlling interest   -     169     -     -  
Profit/(loss) for the period 23,835 146,419 (5,826) 106,099
Professional advisors fees relating to the issue of shares - 3,816 - (63 )
Accelerated amortisation of issue discount and debt finance costs associated with the repurchase of senior secured notes - 9,692 - 7,149
Premium on repurchase of senior secured notes - 21,977 - 16,733
Foreign exchange loss on US dollar denominated bank accounts 2,712 615 - 295
Foreign exchange loss/(gain) on US dollar denominated borrowings - 2,501 - (1,345 )
Fair value movement on derivative financial instruments 934 (348 ) (706) (234 )
Ineffectiveness on cash flow hedges - - 791 -
Tax expense/(credit)   16,668     (155,212 )   (3,976)   (134,042 )
Adjusted profit/(loss) before tax 44,149 29,460 (9,717) (5,408 )

Adjusted tax (expense)/credit (using a normalized tax rate of 35%; 2013: 35%)

  (15,452)   (10,311 )   3,401     1,893  
28,697 19,149 (6,316) (3,515 )
Less: profit for the period attributable to non-controlling interest   -     (169 )   -     -  
Adjusted profit/(loss) for the period (i.e. adjusted net income)   28,697     18,980     (6,316)   (3,515 )
 
Adjusted basic earnings/(loss) per share attributable to owners of the parent:
Adjusted basic earnings/(loss) per share (pence) 17.52 11.65 (3.86) (2.15 )
Weighted average number of ordinary shares outstanding (thousands) 163,814 162,895 163,812 163,826
Adjusted diluted earnings/(loss) per share attributable to owners of the parent:
Adjusted diluted earnings/(loss) per share (pence) 17.51 11.65 (3.85) (2.15 )
Weighted average number of ordinary shares outstanding (thousands)   163,893     162,895     163,888     163,826  

4Cash generated from operations

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£’000

  2013

£’000

  2014

£’000

  2013

£’000

Profit/(loss) for the period 23,835   146,419 (5,826)   106,099
Tax expense/(credit)   16,668     (155,212 )   (3,976)   (134,042 )
Profit/(loss) before tax 40,503 (8,793 ) (9,802) (27,943 )
Depreciation charges 8,665 7,769 2,391 2,026
Impairment charges 293 - - -
Amortization of players’ registrations 55,290 41,714 16,127 10,842
Profit on disposal of players’ registrations (6,991) (9,162 ) (2,788) (1,137 )
Net finance costs 27,412 70,807 5,993 30,888
Loss/(profit) on disposal of property, plant and equipment 24 (7 ) 67 (7 )
Equity-settled share-based payments 1,138 832 220 198
Foreign exchange losses on operating activities 925 - 456 -
Fair value losses/(gains) on derivative financial instruments 59 91 243 (124 )
Reclassified from hedging reserve (1,035) - (257) -
(Increase)/decrease in trade and other receivables (59,876) 8,728 (48,341) 6,394
Increase in trade and other payables and deferred revenue 36,762 18,352 106,692 51,975
Decrease in provisions   (1,475)   (401 )   -     (107 )
Cash generated from operations   101,694     129,930     71,001     73,005  

Investor Relations:
Samanta Stewart, +44 207 054 5928
ir@manutd.co.uk
or
Media:
Manchester United plc
Philip Townsend, +44 161 868 8148
philip.townsend@manutd.co.uk
or
Sard Verbinnen & Co
Jim Barron / Michael Henson, + 1-212-687-8080

Source: Manchester United