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Manchester United plc
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== Financials<ref name=":3">https://ir.manutd.com/~/media/Files/M/Manutd-IR/documents/manu-20f-2022-09-24.pdf</ref> == === Historic === ==== Most recent year ==== For the fiscal year 2022, Manchester United recorded a net loss of £115.5 million. The annual revenue was £583.2 million, an increase of approximately 18% on the last fiscal year. ==== Previous Three Years ==== Over the last three years (2020-2022), total revenues has grown at a cumulative annual growth rate (CAGR) of 6%. However, over the same period, the firm has consistently recorded a net loss, growing at a CAGR of 73%. Operating income has been consistently negative over this period, indicating that the income generated is insufficient to cover operating expenses. ==== Income Statement (Last 7 Years) ==== {| class="wikitable" |- !Year End Date !6/30/2016 !6/30/2017 !6/30/2018 !6/30/2019 !6/30/2020 !6/30/2021 !6/30/2022 |- ! colspan="8" |All Values in £000 |- |'''Revenue''' |'''515,345''' |'''581,254''' |'''589,758''' |'''627,122''' |'''509,041''' |'''494,117''' |'''583,201''' |- |''Growth over Prior Year'' |''30.41%'' |''12.79%'' |''1.46%'' |''6.34%'' |''(18.83%)'' |''(2.93%)'' |''18.03%'' |- | | | | | | | | |- |Operating Expenses |(436,709) |(511,315) |(564,006) |(602,936) |(522,204) |(538,424) |(692,520) |- |'''Operating Profit''' |'''68,850''' |'''80,865''' |'''43,871''' |'''49,985''' |'''5,221''' |'''(36,926)''' |'''(87,384)''' |- |''Margin'' |''13.36%'' |''13.91%'' |''7.44%'' |''7.97%'' |''1.03%'' |''(7.47%)'' |''(14.98%)'' |- | | | | | | | | |- |'''EBITDA''' |'''233,283''' |'''199,348''' |'''176,804''' |'''185,789''' |'''132,136''' |'''95,050''' |'''81,149''' |- |''Margin'' |''45.27%'' |''34.30%'' |''29.98%'' |''29.63%'' |''25.96%'' |''19.24%'' |''13.91%'' |- | | | | | | | | |- |Depreciation Expense |(10,079) |(10,228) |(10,755) |(12,850) |(18,543) |(14,959) |(14,314) |- |Amortisation Expense |(88,009) |(124,434) |(138,380) |(129,154) |(126,756) |(124,398) |(151,462) |- |Exceptional Items |(15,135) |4,753 |(1,917) |(19,599) |0 |0 |(24,692) |- |Net Financial Income |20,017 |(24,277) |(18,038) |(22,509) |(26,039) |12,899 |(62,239) |- |Other Income |(91,244) |10,926 |18,119 |25,799 |18,384 |7,381 |21,935 |- |'''EBIT''' |'''48,833''' |'''56,088''' |'''25,833''' |'''27,476''' |'''(20,818)''' |'''(24,027)''' |'''(149,623)''' |- |''Margin'' |''9.48%'' |''9.65%'' |''4.38%'' |''4.38%'' |''(4.09%)'' |''(4.86%)'' |''(25.66%)'' |- | | | | | | | | |- |Income Tax Expense |(12,584) |(17,379) |(63,462) |(8,595) |(2,415) |(68,189) |34,113 |- |'''Net Income''' |'''36,371''' |'''39,209''' |'''(37,629)''' |'''18,881''' |'''(23,233)''' |'''(92,216)''' |'''(115,510)''' |- |''Margin'' |''7.06%'' |''6.75%'' |''(6.38%)'' |''3.01%'' |''(4.56%)'' |''(18.66%)'' |''(19.81%)'' |- | | | | | | | | |- |Other Comprehensive Income |(37,718) |1,606 |3,713 |(7,986) |2,979 |22,129 |3,861 |- |'''Total Comprehensive Income''' |'''(1,347)''' |'''40,815''' |'''(33,916)''' |'''10,895''' |'''(20,254)''' |'''(70,087)''' |'''(111,649)''' |- |''Margin'' |''(0.26%)'' |''7.02%'' |''(5.75%)'' |''1.74%'' |''(3.98%)'' |''(14.18%)'' |''(19.14%)'' |} ==== Balance Sheet (Last 7 Years) ==== {| class="wikitable" |- !Year End Date !6/30/2016 !6/30/2017 !6/30/2018 !6/30/2019 !6/30/2020 !6/30/2021 !6/30/2022 |- ! colspan="8" |All Values in £000 |- | colspan="8" |'''<u>Assets</u>''' |- | colspan="8" |'''Current Assets''' |- |Inventories |926 |1,637 |1,416 |2,130 |2,186 |2,080 |2,200 |- |Prepayments |0 |13,500 |10,862 |13,030 |6,503 |7,407 |15,534 |- |Contract Assets |0 |28,755 |38,018 |39,532 |45,966 |40,544 |36,239 |- |Trade & Other Receivables |128,657 |61,477 |119,180 |25,039 |116,224 |50,830 |50,779 |- |Income Tax Receivables |0 |0 |800 |643 |1,214 |1,108 |4,590 |- |Derivative Financial Instruments |7,888 |3,218 |1,159 |312 |1,174 |318 |6,597 |- |Cash & Cash Equivalents |229,194 |290,267 |242,022 |307,637 |51,539 |110,658 |121,223 |- |'''Total Current Assets''' |'''366,665''' |'''398,854''' |'''413,457''' |'''1,496,525''' |'''224,806''' |'''212,945''' |'''237,162''' |- | | | | | | | | |- | colspan="8" |'''Non-Current Assets''' |- |Property, Plant & Equipment |245,714 |244,738 |245,401 |246,032 |254,439 |247,059 |242,661 |- |Right-of-use Assets |0 |13,966 |13,836 |0 |4,559 |4,383 |4,072 |- |Investment Properties |13,447 |717,544 |799,640 |24,979 |20,827 |20,553 |20,273 |- |Intangible Assets |665,634 |141,485 |63,332 |768,857 |775,170 |754,467 |754,467 |- |Deferred Tax Assets |145,460 |15,399 |4,724 |58,415 |58,362 |0 |0 |- |Trade Receivables |11,223 |0 |547 |9,889 |43,694 |20,404 |29,757 |- |Derivative Financial Instruments |3,760 |1,666 |4,807 |30 |1,609 |499 |16,642 |- |'''Total Non-Current Assets''' |'''1,085,238''' |'''1,134,798''' |'''1,132,287''' |'''1,108,202''' |'''1,158,660''' |'''1,047,365''' |'''1,056,503''' |- | | | | | | | | |- |<u>'''Total Assets'''</u> |<u>'''1,451,903'''</u> |<u>'''1,533,652'''</u> |<u>'''1,545,744'''</u> |<u>'''1,496,525'''</u> |<u>'''1,383,466'''</u> |<u>'''1,260,310'''</u> |<u>'''1,293,665'''</u> |- | | | | | | | | |- | colspan="8" |'''<u>Liabilities</u>''' |- | colspan="8" |'''Current Liabilities''' |- |Contract Liabilities |188,844 |203,445 |180,512 |190,146 |171,574 |117,984 |165,847 |- |Trade & Other Payables |199,668 |190,315 |267,996 |230,386 |216,093 |192,661 |220,587 |- |Income Tax Liabilities |6,867 |9,772 |3,874 |2,859 |4,005 |6,036 |0 |- |Borrowings |5,564 |5,724 |9,074 |5,453 |5,605 |65,187 |105,757 |- |Lease Liabilities |0 |0 |0 |0 |1,067 |1,257 |1,561 |- |Derivative Financial Liabilities |2,800 |1,253 |0 |0 |0 |262 |32 |- |Provisions |0 |0 |0 |0 |0 |645 |1,058 |- |'''Total Current Liabilities''' |'''403,743''' |'''410,509''' |'''461,456''' |'''428,844''' |'''398,344''' |'''384,032''' |'''494,822''' |- | | | | | | | | |- | colspan="8" |'''Non-Current Liabilities''' |- |Deferred Tax Liabilities |14,364 |21,536 |29,134 |31,865 |31,337 |35,546 |7,402 |- |Contract Liabilities |38,899 |39,648 |37,085 |33,354 |18,759 |22,942 |16,697 |- |Trade & Other Payables |41,450 |83,587 |104,271 |79,183 |51,322 |67,517 |102,347 |- |Borrowings |484,528 |497,630 |486,694 |505,779 |520,010 |465,049 |530,365 |- |Lease Liabilities |0 |0 |0 |0 |3,326 |3,083 |2,869 |- |Derivative Financial Liabilities |10,637 |655 |0 |2,298 |9,136 |5,472 |49 |- |Provisions |0 |0 |0 |0 |0 |4,157 |11,586 |- |'''Total Non-Current Liabilities''' |'''589,878''' |'''643,056''' |'''657,184''' |'''652,479''' |'''633,890''' |'''603,766''' |'''671,315''' |- | | | | | | | | |- |<u>'''Total Liabilities'''</u> |<u>'''993,621'''</u> |<u>'''1,053,565'''</u> |<u>'''1,118,640'''</u> |<u>'''1,081,323'''</u> |<u>'''1,032,234'''</u> |<u>'''1,132,802'''</u> |<u>'''1,021,153'''</u> |- | | | | | | | | |- | colspan="8" |'''<u>Equity</u>''' |- |Share Capital |52 |53 |53 |53 |53 |53 |53 |- |Share Premium |68,822 |68,822 |68,822 |68,822 |68,822 |68,822 |68,822 |- |Treasury Share |0 |0 |0 |0 |(21,305) |(21,305) |(21,305) |- |Merger Reserve |249,030 |249,030 |249,030 |249,030 |249,030 |249,030 |249,030 |- |Hedging Reserve |(32,989) |(31,271) |(27,558) |(35,544) |(32,565) |950 |(10,436) |- |Retained Deficit |173,367 |193,453 |136,757 |132,841 |87,197 |(170,042) |(13,652) |- |'''Total Equity''' |'''458,282''' |'''480,087''' |'''427,104''' |'''415,202''' |'''351,232''' |'''127,508''' |'''272,512''' |- | | | | | | | | |- |'''<u>Total Liabilities & Equity</u>''' |'''<u>1,451,903</u>''' |'''<u>1,533,652</u>''' |'''<u>1,545,744</u>''' |'''<u>1,496,525</u>''' |'''<u>1,383,466</u>''' |'''<u>1,260,310</u>''' |'''<u>1,293,665</u>''' |} ==== Cash Flow Statement (Last 7 Years) ==== {| class="wikitable" |- !Year End Date !6/30/2016 !6/30/2017 !6/30/2018 !6/30/2019 !6/30/2020 !6/30/2021 !6/30/2022 |- ! colspan="8" |All Values in £000 |- | colspan="8" |'''<u>Operating Activities</u>''' |- |EBITDA |233,283 |199,348 |176,804 |185,789 |132,136 |95,050 |81,149 |- |Depreciation Expense |(10,079) |(10,228) |10,755 |12,850 |18,543 |14,959 |14,314 |- |Amortisation Expense |(88,009) |(124,434) |138,380 |129,154 |126,756 |124,398 |151,462 |- |EBIT |48,833 |56,088 |25,833 |27,476 |(20,818) |(24,027) |(149,623) |- | | | | | | | | |- |Cash Generated from Operations |200,864 |251,759 |119,604 |263,609 |17,569 |137,778 |121,704 |- |Interest Expense |(13,219) |(19,523) |(18,904) |(18,986) |(20,456) |(20,542) |(20,642) |- |Interest Income |487 |736 |1,187 |2,857 |1,247 |3 |145 |- |Tax Expense |(2,040) |(5,312) |(6,637) |(2,696) |(2,180) |(4,156) |(4,836) |- |'''<u>Net Operating Cash Flows</u>''' |'''<u>186,092</u>''' |'''<u>227,660</u>''' |'''<u>95,250</u>''' |'''<u>244,784</u>''' |'''<u>(3,820)</u>''' |'''<u>113,083</u>''' |'''<u>96,371</u>''' |- | | | | | | | | |- | colspan="8" |'''<u>Investing Activities</u>''' |- |Payments for Property, Plant & Equipments |(5,101) |(8,373) |(13,260) |(13,737) |(21,291) |(6,241) |(8,323) |- |Proceeds from Sale of Property, Plant & Equipments |19 |0 |81 |0 |0 |0 |0 |- |Payments for Investment Properties |0 | -641 |0 | -12424 |0 |0 |0 |- |Payments for Intangible Assets |(138,095) |(193,825) |(154,955) |(178,175) |(220,577) |(138,189) |(115,415) |- |Proceeds from Sale of Intangible Assets |38,357 |51,871 |46,865 |42,994 |29,022 |45,996 |30,307 |- |Payments for Derivative Financial Assets |0 |0 |0 |0 |0 |(939) |0 |- |'''<u>Net Investing Cash Flows</u>''' |'''<u>(104,820)</u>''' |'''<u>(150,968)</u>''' |'''<u>(121,269)</u>''' |'''<u>(161,342)</u>''' |'''<u>(212,846)</u>''' |'''<u>(99,373)</u>''' |'''<u>(93,431)</u>''' |- | | | | | | | | |- | colspan="8" |'''<u>Financing Activities</u>''' |- |Acquisition of Treasury Shares |0 |0 |0 |0 |(21,305) |0 |0 |- |Proceeds from Borrowings |(371) |(395) |(419) |(3,750) |0 |60,000 |40,000 |- |Principal Elements of Lease Payments |0 |0 |0 |0 |(1,865) |(1,641) |(1,407) |- |Dividends Paid |(20,084) |(23,295) |(21,982) |(23,326) |(23,229) |(10,718) |(33,553) |- |<u>'''Net Financing Cash Flows'''</u> |<u>'''(20,455)'''</u> |<u>'''(23,690)'''</u> |<u>'''(22,401)'''</u> |<u>'''(27,076)'''</u> |<u>'''(46,399)'''</u> |<u>'''47,641'''</u> |<u>'''5,040'''</u> |- | | | | | | | | |- |Cash & Cash Equivalents (Beginning of Year) |155,752 |229,194 |290,267 |242,022 |307,637 |51,539 |110,658 |- |Effect of Exchange Rates |(12,625) |(8,071) |(175) |(9,249) |(6,967) |2,232 |(2,585) |- |'''Net Increase in Cash & Cash Equivalents''' |'''60,817''' |'''53,002''' |'''(48,420)''' |'''56,366''' |'''(263,065)''' |'''61,351''' |'''7,980''' |- | | | | | | | | |- |'''<u>Cash & Cash Equivalents (End of Year)</u>''' |'''<u>229,194</u>''' |'''<u>290,267</u>''' |'''<u>242,022</u>''' |'''<u>307,637</u>''' |'''<u>51,539</u>''' |'''<u>110,658</u>''' |'''<u>121,223</u>''' |} ==== Ratios (Last 7 Years)<ref>https://www.macrotrends.net/stocks/charts/MANU/manchester-united/financial-ratios</ref> ==== {| class="wikitable" !Year End Date !6/30/2016 !6/30/2017 !6/30/2018 !6/30/2019 !6/30/2020 !6/30/2021 !6/30/2022 |- | colspan="8" |'''<u>Profitability</u>''' |- |ROA |2.5% |2.6% |(2.4%) |1.3% |(1.7%) |(7.3%) |(8.9%) |- |ROI |3.9% |4.0% |(4.1%) |2.1% |(2.7%) |(12.5%) |(17.6%) |- |ROE |7.9% |8.2% |(8.8%) |4.5% |(6.6%) |(33.8%) |(90.6%) |- | | | | | | | | |- | colspan="8" |'''<u>Asset Turnover</u>''' |- |Total Asset Turnover |0.4 |0.4 |0.4 |0.4 |0.4 |0.4 |0.5 |- | Receivable Turnover |4.0 |5.6 |3.5 |24.4 |4.3 |9.5 |10.5 |- |Inventory Turnover | - | - | - | - | - | - | - |- | | | | | | | | |- | colspan="8" |'''<u>Short Term Liquidity</u>''' |- |Current Ratio |0.9 |1.0 |0.9 |0.9 |0.6 |0.6 |0.5 |- |Days Sales in Receivables |91.1 |65.1 |104.5 |14.9 |84.2 |38.4 |34.7 |- | | | | | | | | |- | colspan="8" |'''<u>Long Term Solvency</u>''' |- |Total Debt/Equity |1.1 |1.1 |1.2 |1.2 |1.5 |1.9 |5.0 |- |Total Debt/Capital |0.5 |0.5 |0.5 |0.5 |0.6 |0.6 |0.8 |} === '''Forecast''' === Data from 2023 onwards was forecasted assuming a linear growth model. A 7-year historical average was used to assume the following margins. {| class="wikitable" !Year End Date !31/12/2023 !31/12/2024 ! 31/12/2025 !31/12/2026 !31/12/2027 !31/12/2028 |- ! colspan="7" |All Values in £000 |- | '''Revenue''' |'''622,579''' |'''664,616''' |'''709,491''' |'''757,396''' |'''808,535''' |'''863,128''' |- |''Growth over Prior Year'' | ''6.75%'' |''6.75%'' |''6.75%'' |''6.75%'' |''6.75%'' |''6.75%'' |- | | | | | | | |- |'''Operating Profit''' |'''18,900''' |'''20,176''' |'''21,539''' | '''22,993''' |'''24,545''' |'''26,203''' |- |''Margin'' |''3.04%'' | ''3.04%'' |''3.04%'' |''3.04%'' |''3.04%'' |''3.04%'' |- | | | | | | | |- |'''EBITDA''' |'''176,347''' |'''188,254''' |'''200,965''' |'''214,534''' |'''229,020''' |'''244,483''' |- |''Margin'' |''28.33%'' |''28.33%'' | ''28.33%'' |''28.33%'' |''28.33%'' |''28.33%'' |- | | | | | | | |- |'''EBIT''' |'''(5,978)''' |'''(6,381)''' |'''(6,812)''' |'''(7,272)''' |'''(7,763)''' |'''(8,287)''' |- |''Margin'' |''(0.96%)'' |''(0.96%)'' |''(0.96%)'' |''(0.96%)'' |''(0.96%)'' |''(0.96%)'' |- | | | | | | | |- |'''Net Income''' |'''(28,994)''' |'''(30,952)''' | '''(33,042)''' |'''(35,273)''' | '''(37,654)''' |'''(40,197)''' |- |''Margin'' |''(4.66%)'' |''(4.66%)'' |''(4.66%)'' |''(4.66%)'' |''(4.66%)'' |''(4.66%)'' |- | | | | | | | |- | '''Total Comprehensive Income''' |'''(30,738)''' |'''(32,813)''' |'''(35,029)''' |'''(37,394)''' | '''(39,919)''' |'''(42,614)''' |- |''Margin'' |''(4.94%)'' |''(4.94%)'' |''(4.94%)'' |''(4.94%)'' |''(4.94%)'' |''(4.94%)'' |} Despite revenue and operating profit being forecasted to grow at an annual rate of 6.75% and 3.04% respectively, Manchester United is projected to make a net loss in the following 6 years, increasing by approximately £2 million annually. Analysts at SimplyWallStreet<ref>https://simplywall.st/stocks/us/media/nyse-manu/manchester-united/future</ref> forecast revenues to increase at an annual rate of 8.8%, while CNN<ref>https://money.cnn.com/quote/forecast/forecast.html?symb=MANU</ref> forecast the share price of Manchester United PLC to increase by 11.3% over 12 months (as of August 10, 2023). The following graphs use the forecasted values from the table above (6.75% revenue growth, -4.66% net income margin). [[File:Screenshot 2023-08-10 154851.png|left|thumb|675x675px]] [[File:Screenshot 2023-08-10 160255.png|thumb|662x662px|left]]
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