Key Points
- Erik ten Hag appointed as men’s first team manager and
started May 23rd
- For the 2021/22 Premier League season, the men’s first team
finished in 6th place, qualifying for the UEFA Europa League for
the 2022/23 season
- The women’s first team finished the 2021/22 FA Women’s Super
League season in 4th place
- The new Fans’ Advisory Board met for the first time to
strengthen fan engagement
- Master planners have been appointed to explore options for
redevelopment of Old Trafford
- Record memberships sold, and record sales and renewals of
season tickets and executive club memberships sold for the 2022/23
season
- Normal pre-season Tour operations to resume this summer with
stops in Thailand, Australia and Norway in July 2022
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 2022 fiscal third quarter
ended 31 March 2022.
Management Commentary
Richard Arnold, Chief Executive Officer, commented, “It has
clearly been a disappointing season for the men’s first team. Work
is well underway to address this, led by our Football Director,
John Murtough and our new manager, Erik ten Hag. Resilience and
high standards are core values for Manchester United, and we are
determined to achieve better results next season and beyond. Faith
in youth is another key tenet of the Club and the continued success
of our Academy gives us confidence in the future. Looking at the
wider football landscape, we have seen significant developments in
the reform of FIFA’s Agent Regulations, access criteria for UEFA
club competitions post-2024 and UEFA Financial Fair Play rules.
Overall, these changes demonstrate a welcome trend towards stronger
governance and greater financial sustainability in European
football. Off the pitch, our revenues have continued to recover
from the pandemic, reflecting the enduring strength of our
commercial operations, which in turn support our ability to
continue to invest in the Club.”
Football Developments
We have initiated or made progress on a series of measures to
strengthen our football operations. These included:
- Completed the search for the new manager, led by John Murtough,
Football Director, leading to the appointment of Erik ten Hag
- Further re-structured the scouting and recruitment
department
- New Director of Data Science joined in March
- Men’s Academy Under-18s team won the FA Youth Cup in front of a
record 67,000+ fans at Old Trafford while the women’s Under-21s won
the FA WSL Academy League title and the WSL Academy Cup
- Announced a return to normal pre-season Tour operations with
visits to Thailand, Australia and Norway in July 2022
Fan Engagement
Strengthening engagement with fans remains a key strategic
priority, and included the following initiatives:
- Held the first meeting of the Fans’ Advisory Board in January,
and a second meeting in April with both meetings attended by
Executive Co-Chairman, Joel Glazer
- Reformed policies governing the sale of cup match tickets in
consultation with fan representatives to offer fans more
flexibility and choice
- Appointed the first Head of Fan Engagement
Venue and Operations
Along with the normalization of Matchday operations and the
return of fans post-Covid, Venue and Operations further
achieved:
- A record level of global memberships sold for the 2021/22
season
- Master planners were engaged to explore options for the
development of Old Trafford
- Safe standing trials commenced in January and planning is now
underway for a potential expansion
- Season tickets and Executive Club sales for the 2022/23 season
completed on 20 May and achieved record sales and quickest
sell-out
Partnerships and
Alliances
A strong quarter of new or renewed partnership deals post-COVID
included:
- Launch of a new multi-year training kit partner, Tezos
- Renewed global sponsorship partnerships with Visit Malta and
Maui Jim
Digital Products and
Services
Content-led digital fan engagement continues to support growth
in e-commerce sales at double the rate of the prior year. Other
digital initiatives completed, or in progress, included:
- Launch of an upgraded Club app fully integrated with MUTV
content in May
- Achieved average monthly reach of 500 million users throughout
the quarter across all social media platforms combined
Industry Developments and
Governance
There have been several significant developments in football
governance, including reform of:
- UEFA Financial Sustainability rules, effective July 2022, which
will ultimately include a 70% cap on men’s squad costs
- FIFA’s Football Agent Regulations
- UEFA club competition format and access criteria post-2024,
which will increase the number of matches in the league phase of
the Champions League to eight matches and will provide an
additional two places in the expanded Champions League to the
country associations with the best collective performance by their
clubs in the previous season.
Key Financials
(unaudited)
£ million (except (loss)/earnings per
share)
Three months ended
31 March 2022
Nine months ended
31 March 2022
2022
2021
Change
2022
2021
Change
Commercial revenue
65.6
58.1
12.9%
194.4
180.4
7.8%
Broadcasting revenue
51.5
58.6
(12.0%)
181.2
214.9
(15.7%)
Matchday revenue
35.7
1.6
2,132.8%
89.1
4.8
1,756.8%
Total revenue
152.8
118.3
29.2%
464.7
400.1
16.2%
Adjusted EBITDA(1)
20.4
14.4
42.0%
89.6
105.5
(15.1%)
Operating (loss)/profit
(21.8)
(21.6)
0.9%
(26.6)
(0.2)
(13,157.0%)
(Loss)/profit for the period (i.e. net
(loss)/income)
(27.7)
(18.1)
(53.0%)
(44.7)
15.4
(390.3%)
Basic (loss)/earnings per share
(pence)
(17.01)
(11.12)
(53.0%)
(27.4)
9.48
(389.0%)
Adjusted loss for the period (i.e.
adjusted net loss)(1)
(22.4)
(21.7)
(3.2%)
(27.5)
(11.0)
(150.0%)
Adjusted basic loss per share
(pence)(1)
(13.75)
(13.30)
(3.4%)
(16.89)
(6.73)
(151.0%)
Non-current and current borrowings
591.5
528.2
12.0%
591.5
528.2
12.0%
Cash and cash equivalents
95.8
84.7
13.1%
95.8
84.7
13.1%
Net debt(1)/(2)
495.7
443.5
11.8%
495.7
443.5
11.8%
(1) Adjusted EBITDA, adjusted profit/(loss) for the period,
adjusted basic earnings/(loss) per share and net debt are non-IFRS
measures. See “Non-IFRS Measures: Definitions and Use” on page 7
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.
(2) The gross USD debt principal remains unchanged. Non-current
and current borrowings and cash and cash equivalents as of 31 March
2022 reflect the impact of a £100 million drawdown on our revolving
facilities.
COVID-19 Impact
Whilst the nature of the ongoing pandemic may result in UK
government restrictions being re-imposed in the future, we continue
to play matches at Old Trafford stadium in front of a full capacity
crowd.
Phasing of Premier League games
Quarter 1
Quarter 2
Quarter 3
Quarter 4
Total
2021/22 season
6
12
11
9
38
2020/21 season
2
13
14
9
38
2019/20 remaining season
6
-
-
-
6
8
13
14
9
44
2019/20 season
7
13
9
3
32
Revenue Analysis
Commercial
Commercial revenue for the quarter was £65.6 million, an
increase of £7.5 million, or 12.9%, over the prior year
quarter.
- Sponsorship revenue was £39.2 million, an increase of £3.4
million, or 9.4%, over the prior year quarter, due to new
sponsorship agreements. The prior year quarter was affected by
COVID-19 related variations.
- Retail, Merchandising, Apparel & Product Licensing revenue
was £26.4 million, an increase of £4.1 million, or 18.4%, over the
prior year quarter, primarily due to the closure of the Old
Trafford based Megastore in the prior year quarter and the return
of fans in the current year quarter.
Broadcasting Broadcasting revenue for the quarter was
£51.5 million, a decrease of £7.1 million, or 12.0%, over the prior
year quarter, primarily due to playing eight fewer home and away
games across all competitions.
Matchday Matchday revenue for the quarter was £35.7
million, an increase of £34.1 million, or 2,132.8%, over the prior
year quarter, due to all nine home games being played in front of a
full capacity crowd. All twelve home games in the prior year
quarter were played behind closed doors.
Other Financial
Information
Operating expenses Total operating expenses for the
quarter were £175.3 million, an increase of £36.8 million, or
26.6%, over the prior year quarter.
Employee benefit expenses Employee benefit expenses for
the quarter were £101.8 million, an increase of £16.6 million, or
19.5%, over the prior year quarter due to investment in the first
team playing squad.
Other operating expenses Other operating expenses for the
quarter were £30.6 million, an increase of £11.9 million, or 63.6%,
over the prior year quarter. This includes the impact of all home
games being played in front of a full capacity crowd and costs
related to the increased activity at the Old Trafford Megastore. In
the prior year quarter, all home games were played behind closed
doors.
Depreciation and amortization Depreciation for the
quarter was £3.5 million, a decrease of £0.3 million or 7.3% over
the prior year quarter. Amortization for the quarter was £39.4
million, an increase of £8.6 million, or 28.1%, over the prior year
quarter, due to investment in the first team playing squad. The
unamortized balance of registrations on 31 March 2022 was £349.6
million.
(Profit)/loss on disposal of intangible assets Profit on
disposal of intangible assets for the quarter was £0.7 million,
compared to a loss of £1.4 million for the prior year quarter.
Net finance (costs)/income Net finance costs for the
quarter were £14.1 million, compared to £1.4 million in the prior
year quarter. The movement was driven by an unfavorable swing in
foreign exchange rates in the current quarter compared to a smaller
favorable swing in the prior year quarter.
Income tax The income tax credit for the quarter was £8.2
million, compared to a credit of £4.9 million in the prior year
quarter.
Cash flows Overall cash and cash equivalents (including
the effects of exchange rate movements) increased by £8.4 million
in the quarter to 31 March 2022, compared to an increase of £4.1
million in the prior year quarter.
Net cash inflow from operating activities for the quarter was
£23.2 million, a decrease of £3.8 million compared to a net cash
inflow in the prior year quarter of £27.0 million.
Net capital expenditure on property, plant and equipment for the
quarter was £0.7 million, a decrease of £1.1 million over the prior
year quarter.
Net capital expenditure on intangible assets for the quarter was
£3.2 million, a decrease of £4.7 million over the prior year
quarter.
Net cash outflow from financing activities for the quarter was
£11.3 million, compared to £11.1 million in the prior year
quarter.
Net debt Net Debt as of 31 March 2022 was £495.7 million,
compared with £443.5 million as of 31 March 2021.
Dividend A semi-annual cash dividend of $0.09 per share
will be paid on 24 June 2022, to shareholders of record on 6 June
2022. The stock will begin to trade ex-dividend on 3 June 2022.
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 144-year football heritage
we have won 66 trophies, enabling us to develop what we believe is
one of the world’s leading sports and entertainment brands with a
global community of 1.1 billion fans and followers. Our large,
passionate and highly engaged fan base provides Manchester United
with a worldwide platform to generate significant revenue from
multiple sources, including sponsorship, merchandising, product
licensing, broadcasting and matchday initiatives which in turn,
directly fund our ability to continuously reinvest in the club.
Cautionary Statements
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 certain
expectations and uncertainties related to the COVID-19 pandemic and
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 for the period before
depreciation, amortization, profit/loss on disposal of intangible
assets, net finance costs/income, exceptional items and tax.
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),
material volatile items (primarily loss/profit on disposal of
intangible assets and exceptional items), capital structure
(primarily finance costs/income), 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 (loss)/profit for
the period to adjusted EBITDA is presented in supplemental note
2.
2. Adjusted (loss)/profit for the
period (i.e. adjusted net (loss)/income)
Adjusted (loss)/profit for the period is calculated, where
appropriate, by adjusting for charges/credits related to
exceptional items, foreign exchange gains/losses on unhedged US
dollar denominated borrowings (including foreign exchange losses
immediately reclassified from the hedging reserve following change
in contract currency denomination of future revenues), and fair
value movements on embedded foreign exchange derivatives and
foreign currency options, adding/subtracting the actual tax
expense/credit for the period, and subtracting/adding the adjusted
tax expense/credit for the period (based on a normalized tax rate
of 21%; 2021: 21%). The normalized tax rate of 21% is the current
US federal corporate income tax rate.
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 the items referred to above and then to apply a ‘normalized’ tax
rate (for both the current and prior periods) of the weighted
average US federal corporate income tax rate of 21% (2021: 21%)
applicable during the financial year. A reconciliation of
(loss)/profit for the period to adjusted (loss)/profit for the
period is presented in supplemental note 3.
3. Adjusted basic and diluted
(loss)/earnings per share
Adjusted basic and diluted (loss)/earnings per share are
calculated by dividing the adjusted (loss)/profit for the period by
the weighted average number of ordinary shares in issue during the
period. Adjusted diluted (loss)/earnings 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. There is 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
(loss)/earnings per share are presented in supplemental note 3.
4. Net debt
Net debt is calculated as non-current and current borrowings
minus cash and cash equivalents.
Key Performance
Indicators
Three months ended
Nine months ended
31 March
31 March
2022
2021
2022
2021
Revenue
Commercial % of total revenue
42.9%
49.1%
41.8%
45.1%
Broadcasting % of total revenue
33.7%
49.5%
39.0%
53.7%
Matchday % of total revenue
23.4%
1.4%
19.2%
1.2%
2021/22 Season
2020/21 Season
2021/22 Season
2020/21 Season
Carryover
2019/20 Season
Home Matches Played
PL
6
6
15
14
3
UEFA competitions
1
2
4
5
1
Domestic Cups
2
4
3
4
-
Away Matches Played
PL
5
8
14
15
3
UEFA competitions
1
2
4
5
2
Domestic Cups
-
1
-
4
1
Other
Employees at period end
1,214
976
1,214
976
Employee benefit expenses % of revenue
66.8%
72.0%
62.0%
59.7%
CONSOLIDATED STATEMENT OF PROFIT OR
LOSS
(unaudited; in £ thousands, except per share
and shares outstanding data)
Three months ended
31 March
Nine months ended
31 March
2022
2021
2022
2021
Revenue from contracts with
customers
152,848
118,286
464,749
400,108
Operating expenses
(175,370)
(138,444)
(509,190)
(400,576)
Profit/(loss) on disposal of intangible
assets
721
(1,424)
17,879
259
Operating loss
(21,801)
(21,582)
(26,562)
(209)
Finance costs
(17,676)
(6,388)
(40,267)
(29,887)
Finance income
3,568
4,948
9,033
48,170
Net finance (costs)/income
(14,108)
(1,440)
(31,234)
18,283
(Loss)/profit before income tax
(35,909)
(23,022)
(57,796)
18,074
Income tax credit/(expense)
8,182
4,911
13,128
(2,627)
(Loss)/profit for the period
(27,727)
(18,111)
(44,668)
15,447
Basic earnings per share:
Basic (loss)/earnings per share
(pence)
(17.01)
(11.12)
(27.40)
9.48
Weighted average number of ordinary shares
used as the denominator in calculating basic (loss)/earnings per
share (thousands)
163,003
162,939
163,000
162,939
Diluted earnings per share:
Diluted (loss)/earnings per share (pence)
(1)
(17.01)
(11.12)
(27.40)
9.45
Weighted average number of ordinary shares
and potential ordinary shares used as the denominator in
calculating diluted (loss)/earnings per share (thousands) (1)
163,003
162,939
163,000
163,400
(1) For the three and nine months ended 31 March 2022 and the
three months ended 31 March 2021, potential ordinary shares are
anti-dilutive, as their inclusion in the diluted loss per share
calculation would reduce the loss per share, and hence have been
excluded.
CONSOLIDATED BALANCE SHEET
(unaudited; in £ thousands)
As of
31 March
2022
30 June
2021
31 March
2021
ASSETS
Non-current assets
Property, plant and equipment
243,752
247,059
248,985
Right-of-use assets
4,510
4,383
4,719
Investment properties
20,343
20,553
20,623
Intangible assets
776,525
754,467
776,587
Deferred tax asset
-
-
61,928
Trade receivables
35,423
20,404
26,397
Derivative financial instruments
6,977
499
651
1,087,530
1,047,365
1,139,890
Current assets
Inventories
2,692
2,080
2,363
Prepayments
19,388
7,407
12,586
Contract assets – accrued revenue
45,524
40,544
50,279
Trade receivables
56,763
50,370
32,127
Other receivables
1,032
460
1,483
Income tax receivable
834
1,108
1,223
Derivative financial instruments
2,362
318
845
Cash and cash equivalents
95,791
110,658
84,715
224,386
212,945
185,621
Total assets
1,311,916
1,260,310
1,325,511
CONSOLIDATED BALANCE SHEET (continued)
(unaudited; in £ thousands)
As of
31 March
2022
30 June
2021
31 March
2021
EQUITY AND LIABILITIES
Equity
Share capital
53
53
53
Share premium
68,822
68,822
68,822
Treasury shares
(21,305)
(21,305)
(21,305)
Merger reserve
249,030
249,030
249,030
Hedging reserve
804
(10,436)
(11,212)
Retained earnings
(85,917)
(13,652)
94,170
211,487
272,512
379,558
Non-current liabilities
Deferred tax liabilities
22,882
35,546
25,270
Contract liabilities - deferred
revenue
19,057
22,942
11,279
Trade and other payables
97,043
67,517
67,075
Borrowings
489,240
465,049
466,030
Lease liabilities
2,909
3,083
3,201
Derivative financial instruments
456
5,472
6,347
Provisions
4,805
4,157
-
636,392
603,766
579,202
Current liabilities
Contract liabilities - deferred
revenue
140,047
117,984
108,766
Trade and other payables
216,190
192,661
180,374
Income tax liabilities
2,189
6,036
13,709
Borrowings
102,295
65,187
62,179
Lease liabilities
1,636
1,257
1,444
Derivative financial instruments
673
262
279
Provisions
1,007
645
-
464,037
384,032
366,751
Total equity and liabilities
1,311,916
1,260,310
1,325,511
CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited; in £ thousands)
Three months ended
31 March
Nine months ended
31 March
2022
£’000
2021
£’000
2022
£’000
2021
£’000
Cash flows from operating
activities
Cash generated from operations (see
supplemental note 4)
31,708
35,654
77,828
110,164
Interest paid
(8,284)
(8,678)
(18,237)
(18,862)
Interest received
2
1
5
2
Tax received/(paid)
(246)
28
(4,347)
(3,028)
Net cash inflow/(outflow) from
operating activities
23,180
27,005
55,249
88,276
Cash flows from investing
activities
Payments for property, plant and
equipment
(721)
(1,782)
(6,223)
(4,940)
Payments for intangible assets
(10,419)
(17,785)
(101,334)
(126,560)
Proceeds from sale of intangible
assets
7,226
9,898
20,241
32,080
Payments for derivative financial
assets
-
-
-
(939)
Net cash outflow from investing
activities
(3,914)
(9,669)
(87,316)
(100,359)
Cash flows from financing
activities
Proceeds from borrowings
-
-
40,000
60,000
Principal elements of lease payments
(436)
(411)
(1,284)
(1,231)
Dividends paid
(10,892)
(10,718)
(21,561)
(10,718)
Net cash (outflow)/inflow from
financing activities
(11,328)
(11,129)
17,155
48,051
Net increase/(decrease) in cash and
cash equivalents
7,938
6,207
(14,912)
35,968
Cash and cash equivalents at beginning of
period
87,434
80,620
110,658
51,539
Effects of exchange rate movements on cash
and cash equivalents
419
(2,112)
45
(2,792)
Cash and cash equivalents at end of
period
95,791
84,715
95,791
84,715
SUPPLEMENTAL NOTES
1 General information
Manchester United plc (the “Company”) and its subsidiaries
(together the “Group”) is a men’s and women’s professional football
club together with related and ancillary activities. The Company
incorporated under the Companies Law (as amended) of the Cayman
Islands.
2 Reconciliation of (loss)/profit for the period to adjusted
EBITDA
Three months ended
31 March
Nine months ended
31 March
2022
£’000
2021
£’000
2022
£’000
2021
£’000
(Loss)/profit for the period
(27,727)
(18,111)
(44,668)
15,447
Adjustments:
Income tax (credit)/expense
(8,182)
(4,911)
(13,128)
2,627
Net finance costs/(income)
14,108
1,440
31,234
(18,283)
(Profit)/loss on disposal of intangible
assets
(721)
1,424
(17,879)
(259)
Exceptional items
-
-
9,992
-
Amortization
39,444
30,728
113,231
94,730
Depreciation
3,521
3,795
10,791
11,244
Adjusted EBITDA
20,443
14,365
89,573
105,506
3 Reconciliation of (loss)/profit for the period to adjusted
(loss)/profit for the period and adjusted basic and diluted
(loss)/earnings per share
Three months ended
31 March
Nine months ended
31 March
2022
£’000
2021
£’000
2022
£’000
2021
£’000
(Loss)/profit for the period
(27,727)
(18,111)
(44,668)
15,447
Exceptional items
-
-
9,992
Foreign exchange (gains)/losses on
unhedged US dollar denominated borrowings
11,102
(4,120)
21,662
(46,955)
Foreign exchange (gains)/losses
immediately reclassified from the hedging reserve following change
in contract currency denomination of future revenues
-
(206)
-
14,631
Fair value movement on embedded foreign
exchange derivatives
(3,566)
(85)
(8,702)
361
Income tax (credit)/expense
(8,182)
(4,911)
(13,128)
2,627
Adjusted (loss)/profit before income
tax
(28,373)
(27,433)
(34,844)
(13,889)
Adjusted income tax credit/(expense)
(using a normalized tax rate of 21% (2021: 21%))
5,958
5,761
7,317
2,917
Adjusted (loss)/profit for the period
(i.e. adjusted net (loss)/income)
(22,415)
(21,672)
(27,527)
(10,972)
Adjusted basic (loss)/earnings per
share:
Adjusted basic (loss)/earnings per share
(pence)
(13.75)
(13.30)
(16.89)
(6.73)
Weighted average number of ordinary shares
used as the denominator in calculating adjusted basic
(loss)/earnings per share (thousands)
163,003
162,939
163,000
162,939
Adjusted diluted (loss)/earnings per
share:
Adjusted diluted (loss)/earnings per
share
(pence) (1)
(13.75)
(13.30)
(16.89)
(6.73)
Weighted average number of ordinary shares
and potential ordinary shares used as the denominator in
calculating adjusted diluted (loss)/earnings per share (thousands)
(1)
163,003
162,939
163,000
162,939
(1) For the three and nine months ended 31 March 2022 and the
three and nine months ended 31 March 2021, potential ordinary
shares are anti-dilutive, as their inclusion in the adjusted
diluted loss per share calculation would reduce the loss per share,
and hence have been excluded.
4 Cash generated from operations
Three months ended
31 March
Nine months ended
31 March
2022
£’000
2021
£’000
2022
£’000
2021
£’000
(Loss)/profit for the period
(27,727)
(18,111)
(44,668)
15,447
Income tax (credit)/expense
(8,182)
(4,911)
(13,128)
2,627
(Loss)/profit before income tax
(35,909)
(23,022)
(57,796)
18,074
Adjustments for:
Depreciation
3,521
3,795
10,791
11,244
Amortization
39,444
30,728
113,231
94,730
(Profit)/loss on disposal of intangible
assets
(721)
1,424
(17,879)
(259)
Net finance costs/(income)
14,108
1,440
31,234
(18,283)
Non-cash employee benefit expense –
equity-settled share-based payments
521
491
1,489
2,244
Foreign exchange (gains)/losses on
operating activities
(4)
(405)
(306)
769
Reclassified from hedging reserve
(221)
588
(191)
176
Changes in working capital:
Inventories
184
429
(612)
(177)
Prepayments
8,909
4,600
(4,842)
(5,308)
Contract assets – accrued revenue
16,707
15,516
(12,577)
(4,313)
Trade receivables
(3,099)
26,560
(8,640)
89,816
Other receivables
78
(1,112)
(572)
(1,244)
Contract liabilities – deferred
revenue
(21,437)
(31,174)
18,178
(70,288)
Trade and other payables
9,174
5,796
5,310
(7,017)
Provisions
453
-
1,010
-
Cash generated from operations
31,708
35,654
77,828
110,164
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220524006024/en/
Investor Relations: Corinna Freedman Head of Investor Relations
+44 738 491 0828 Corinna.Freedman@manutd.co.uk Media
Relations: Andrew Ward Director of Media Relations & Public
Affairs +44 161 676 7770 andrew.ward@manutd.co.uk
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