- \n
- Elite sport will continue matches during the current lockdown in England; European matches and other competitions are also currently expected to continue as planned <\/b><\/li>\n
- Broadcasting revenues benefited from five additional matches played in the quarter<\/b><\/li>\n
- Club recently launched an official TikTok channel and a Douyin channel in China<\/b><\/li>\n
- Strong continued digital engagement year over year has contributed to record breaking Club e-commerce sales of new kits for 2020\/21<\/b><\/li>\n
- Renewed partnerships with Hong Kong Jockey Club, Chivas and Melitta during the quarter<\/b><\/li>\n
- Strong net cash from operating activities due to receipt of deferred sponsorship revenues and a 46.4% year over year reduction in other operating expenses <\/b><\/li>\n
- Committed to the FA Football Leadership Diversity Code, strengthening Club efforts to further promote equality, diversity and inclusion<\/b><\/li>\n<\/ul>\n
MANCHESTER, England–(BUSINESS WIRE<\/a>)–
\nManchester United (NYSE: MANU; the \u201cCompany\u201d and the \u201cGroup\u201d) \u2013 one of the most popular and successful sports teams in the world – today announced financial results for the 2021 fiscal first quarter ended 30 September 2020.\n<\/p>\nManagement Commentary<\/span><\/b><\/p>\n
\nEd Woodward, Executive Vice Chairman, commented, \u201cWhile the COVID-19 pandemic continues to cause significant disruption, we are optimistic that the recovery and normalisation phase is gradually coming into view. The club\u2019s resilience and our strong commercial business continue to provide a solid foundation and gives us confidence in our long-term outlook beyond the pandemic, both on and off the pitch.\u201d\n<\/p>\n
\n\u201cWe recognise that not all football clubs are in as robust of a financial position and that the Premier League has a responsibility to support the wider English football pyramid. We will continue to push for this support, both through emergency assistance during the pandemic, and through longer-term reforms to ensure that the success of the Premier League is reinforced for the benefit of the national game as a whole.\u201d\n<\/p>\n
\n\u201cOn the pitch, while there is still hard work ahead to achieve greater consistency, we remain absolutely committed to the positive path we are on under Ole as the team continues to develop. We miss playing in front of our fans and we are working hard together with our governing bodies and relevant authorities to ensure that fans can safely return as soon as possible.\u201d\n<\/p>\n
\n\u201cFinally, I would like to stress our steadfast commitment to increasing equality, diversity and inclusion across our club and the game as a whole. To that end, we were pleased to be among the first clubs to sign up to the FA Football Leadership Diversity Code. Football has made good progress in this area but there is much more work to do and Manchester United is determined to be at the forefront of those efforts.\u201d\n<\/p>\n
Key Financials (unaudited)<\/span><\/b><\/p>\n
\n
\n \n \n\u00a3 million (except (loss)\/earnings per share)\n<\/p>\n<\/td>\n
\n Three months ended<\/b><\/p>\n
30 September<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n 2020<\/b><\/p>\n<\/td>\n
\n \n2019\n<\/p>\n<\/td>\n
\n \nChange\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCommercial revenue\n<\/p>\n<\/td>\n
\n 59.7<\/b><\/p>\n<\/td>\n
\n \n80.4\n<\/p>\n<\/td>\n
\n \n(25.7%)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nBroadcasting revenue\n<\/p>\n<\/td>\n
\n 47.6<\/b><\/p>\n<\/td>\n
\n \n32.9\n<\/p>\n<\/td>\n
\n \n44.7%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nMatchday revenue\n<\/p>\n<\/td>\n
\n 1.7<\/b><\/p>\n<\/td>\n
\n \n22.1\n<\/p>\n<\/td>\n
\n \n(92.3%)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal revenue\n<\/p>\n<\/td>\n
\n 109.0<\/b><\/p>\n<\/td>\n
\n \n135.4\n<\/p>\n<\/td>\n
\n \n(19.5%)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjusted EBITDA(1)<\/sup><\/p>\n<\/td>\n
\n 20.8<\/b><\/p>\n<\/td>\n
\n \n34.8\n<\/p>\n<\/td>\n
\n \n(40.2%)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating (loss)\/profit\n<\/p>\n<\/td>\n
\n (27.1)<\/b><\/p>\n<\/td>\n
\n \n11.0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n(Loss)\/profit for the period (i.e. net (loss)\/income)\n<\/p>\n<\/td>\n
\n (30.3)<\/b><\/p>\n<\/td>\n
\n \n1.1\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nBasic (loss)\/earnings per share (pence)\n<\/p>\n<\/td>\n
\n (18.58)<\/b><\/p>\n<\/td>\n
\n \n0.69\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjusted (loss)\/profit for the period (i.e. adjusted net (loss)\/income)(1)<\/sup><\/p>\n<\/td>\n
\n (24.6)<\/b><\/p>\n<\/td>\n
\n \n3.9\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjusted basic (loss)\/earnings per share (pence)(1)<\/sup><\/p>\n<\/td>\n
\n (15.12)<\/b><\/p>\n<\/td>\n
\n \n2.35\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNon-current and current borrowings\n<\/p>\n<\/td>\n
\n 499.5<\/b><\/p>\n<\/td>\n
\n \n524.8\n<\/p>\n<\/td>\n
\n \n(4.8%)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCash and cash equivalents\n<\/p>\n<\/td>\n
\n 58.9<\/b><\/p>\n<\/td>\n
\n \n140.3\n<\/p>\n<\/td>\n
\n \n(58.0%)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet debt(1)\/(2)<\/sup><\/p>\n<\/td>\n
\n 440.6<\/b><\/p>\n<\/td>\n
\n \n384.5\n<\/p>\n<\/td>\n
\n \n14.6%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
(1)<\/sup> Adjusted EBITDA, adjusted (loss)\/profit for the period, adjusted basic (loss)\/earnings per share and net debt are non-IFRS measures. See \u201cNon-IFRS Measures: Definitions and Use\u201d 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\u2019s financial condition and results of operations.\n<\/p>\n
(2)<\/sup> The gross USD debt principal remains unchanged. The increase in net debt is due to a \u00a381.4 million reduction in cash and cash equivalents at 30 September 2020 compared to 30 September 2019, which reflects the loss of 2020\/21 season Matchday advance cash receipts, with new seasonal facility sales currently on hold due to the uncertainties around fans returning to the stadium and the impact of deferred sponsorship payments.\n<\/p>\n
COVID-19 Impact<\/span><\/b><\/p>\n
\nOperationally, the impact of the pandemic and measures to prevent further spread continues to disrupt our businesses. The Old Trafford Stadium, Museum and Stadium Tour operations remain closed to visitors.\n<\/p>\n
\nThe postponement of the 2019\/20 domestic competitions resulted in three Premier League home matches, three Premier League away matches and an FA Cup semi-final away match being played during the first quarter of the fiscal year 2021. All remaining 2019\/20 UEFA Europa League matches, which included one home match and a single-leg quarter-final and semi-final, were also played during the quarter. All matches were played behind closed doors.\n<\/p>\n
\nAs a direct result, the 2020\/21 Premier League season start was delayed until mid-September 2020 with one Premier League home match, one Premier League away match and two Carabao Cup away matches being played in the quarter. No 2020\/21 UEFA Champions League matches were played in the quarter. All matches continue to be played behind closed doors. Furthermore, the first team\u2019s pre-season tour was cancelled this summer due to travel restrictions.\n<\/p>\n
\nThe impact of playing matches behind closed doors and the cancellation of the pre-season tour has had a significant impact on our first quarter Matchday and Commercial fiscal 2021 revenues. This has been partially offset by increased Broadcasting revenues compared to the prior quarter, due to playing the latter stages of the 2019\/20 domestic and European competitions in the quarter. The significant revenue impact of COVID-19 has been partially offset by reduced operating costs, principally in respect of matches played behind closed doors, cancellation of the 2020\/21 pre-season tour, reduced travel and reduced costs related to the fall in activity at the Old Trafford Megastore.\n<\/p>\n
\nLooking forward, the COVID-19 pandemic will continue to impact results. Subsequent to the end of the quarter, additional lockdown measures were mandated in the UK which has resulted in the closure of the Megastore, effective 5 November. Given ongoing uncertainty due to the COVID-19 pandemic, including when fans might be allowed to return to the stadium, the Company is not providing revenue or adjusted EBITDA guidance for fiscal 2021 at this time.\n<\/p>\n
\n
\n \n Phasing of Premier League games<\/b><\/p>\n<\/td>\n
\n Quarter 1<\/b><\/p>\n<\/td>\n
\n Quarter 2<\/b><\/p>\n<\/td>\n
\n Quarter 3<\/b><\/p>\n<\/td>\n
\n Quarter 4<\/b><\/p>\n<\/td>\n
\n Total<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n2020\/21 season*\n<\/p>\n<\/td>\n
\n \n2\n<\/p>\n<\/td>\n
\n \n13\n<\/p>\n<\/td>\n
\n \n14\n<\/p>\n<\/td>\n
\n \n9\n<\/p>\n<\/td>\n
\n 38<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n2019\/20 remaining season\n<\/p>\n<\/td>\n
\n \n6\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n 6<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n Total FY 2021<\/b><\/p>\n<\/td>\n
\n 8<\/b><\/p>\n<\/td>\n
\n 13<\/b><\/p>\n<\/td>\n
\n 14<\/b><\/p>\n<\/td>\n
\n 9<\/b><\/p>\n<\/td>\n
\n 44<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n2019\/20 season\n<\/p>\n<\/td>\n
\n \n7\n<\/p>\n<\/td>\n
\n \n13\n<\/p>\n<\/td>\n
\n \n9\n<\/p>\n<\/td>\n
\n \n3\n<\/p>\n<\/td>\n
\n 32<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n2018\/19 season\n<\/p>\n<\/td>\n
\n \n7\n<\/p>\n<\/td>\n
\n \n13\n<\/p>\n<\/td>\n
\n \n11\n<\/p>\n<\/td>\n
\n \n7\n<\/p>\n<\/td>\n
\n 38<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n
*Subject to changes in broadcasting scheduling <\/i><\/p>\n
Working Capital and Liquidity <\/span><\/b><\/p>\n
\nAs of 30 September 2020, the Company had \u00a358.9 million of cash balances together with access to an additional \u00a3150.0 million available under the Company\u2019s revolving credit facilities. Subsequent to the end of the quarter, the company arranged an additional \u00a350.0 million in revolving credit taking total accessible liquidity to \u00a3200.0 million. This provides financial flexibility to support the Club through the disruption caused by COVID-19.\n<\/p>\n
Revenue Analysis<\/span><\/b><\/p>\n
Commercial <\/i><\/b><\/p>\n
\nCommercial revenue for the quarter was \u00a359.7 million, a decrease of \u00a320.7 million, or 25.7%, over the prior year quarter.\n<\/p>\n
- \n
- Sponsorship<\/i> revenue was \u00a336.5 million, a decrease of \u00a317.1 million, or 31.9%, over the prior year quarter, primarily due to no 2020\/21 pre-season tour taking place as a result of COVID-19.\n<\/li>\n
- Retail, Merchandising, Apparel & Product Licensing <\/i>revenue was \u00a323.2 million, a decrease of \u00a33.6 million, or 13.4%, over the prior year quarter due to significantly reduced Megastore footfall given matches continue to be played behind closed doors.\n<\/li>\n<\/ul>\n
Broadcasting<\/i><\/b><\/p>\n
\nBroadcasting revenue for the quarter was \u00a347.6 million, an increase of \u00a314.7 million, or 44.7%, over the prior year quarter, primarily due playing five more home and away games across all competitions, due to completion of the 2019\/20 domestic and UEFA competitions during the current quarter.\n<\/p>\n
Matchday<\/i><\/b><\/p>\n
\nMatchday revenue for the quarter was \u00a31.7 million, a decrease of \u00a320.4 million, or 92.3%, over the prior year quarter, due to all matches being played behind closed doors. Six home games with fans in attendance were played in the prior year quarter.\n<\/p>\n
Other Financial Information<\/span><\/b><\/p>\n
Operating expenses <\/i><\/b><\/p>\n
\nTotal operating expenses for the quarter were \u00a3123.5 million, a decrease of \u00a312.9 million, or 9.5%, over the prior year quarter.\n<\/p>\n
Employee benefit expenses<\/i><\/b><\/p>\n
\nEmployee benefit expenses for the quarter were \u00a371.9 million, an increase of \u00a31.7 million, or 2.4%, over the prior year quarter. This is due to contracted increases in player salaries as a result of participation in the UEFA Champions League, partially offset by reduced salaries arising from player disposals.\n<\/p>\n
Other operating expenses<\/i><\/b><\/p>\n
\nOther operating expenses for the quarter were \u00a316.3 million, a decrease of \u00a314.1 million, or 46.4%, over the prior year quarter, primarily due to reduced business activity as a result of COVID-19. This includes the impact of no 2020\/21 pre-season tour, all matches being played behind closed doors, travel savings and reduced costs related to the fall in activity at the Old Trafford Megastore.\n<\/p>\n
Depreciation and amortization<\/i><\/b><\/p>\n
\nDepreciation for the quarter was \u00a33.8 million, an increase of \u00a30.2 million, or 5.6%, over the prior year quarter. Amortization for the quarter was \u00a331.5 million, a decrease of \u00a30.7 million, or 2.2%, over the prior year quarter. The unamortized balance of registrations at 30 September 2020 was \u00a3353.0 million.\n<\/p>\n
(Loss)\/profit on disposal of intangible assets<\/i><\/b><\/p>\n
\nLoss on disposal of intangible assets for the quarter was \u00a312.6 million, compared to a profit of \u00a312.0 million for the prior year quarter.\n<\/p>\n
Net finance income\/(costs)<\/i><\/b><\/p>\n
\nNet finance income for the quarter was \u00a3nil, compared to net finance costs of \u00a38.5 million in the prior year quarter due to a favourable swing in unrealized foreign exchange movements. Underlying net finance costs are consistent with the prior year quarter.\n<\/p>\n
Income tax<\/i><\/b><\/p>\n
\nThe income tax expense for the quarter was \u00a33.2 million, compared to \u00a31.4 million in the prior year quarter.\n<\/p>\n
Cash flows<\/i><\/b><\/p>\n
\nOverall cash and cash equivalents (including the effects of exchange rate movements) increased by \u00a37.4 million in the quarter to 30 September 2020 compared to the cash position at 30 June 2020.\n<\/p>\n
\nNet cash inflow from operating activities for the quarter was \u00a362.3 million, compared to net cash outflow from operating activities in the prior year quarter of \u00a314.4 million. This is primarily due to timing of cash receipts on commercial contractual arrangements and the deferral of 2019\/20 Broadcasting monies into the current quarter upon completion of all competitions.\n<\/p>\n
\nNet capital expenditure on property, plant and equipment for the quarter was \u00a31.8 million, a decrease of \u00a31.3 million over the prior year quarter.\n<\/p>\n
\nNet capital expenditure on intangible assets for the quarter was \u00a351.6 million, a decrease of \u00a3106.6 million over the prior year quarter.\n<\/p>\n
Net debt<\/i><\/b><\/p>\n
\nNet Debt as of 30 September 2020 was \u00a3440.6 million, an increase of \u00a356.1 million over the year, due to a decrease of \u00a381.4 million in cash and cash equivalents, partially offset by favourable movements in the GBP:USD exchange rate. The decrease in cash and cash equivalents reflects the loss of 2020\/21 season Matchday advance cash receipts with new seasonal facility sales currently on hold due to the uncertainties around fans returning to the stadium and the impact of deferred sponsorship payments. The gross USD debt principal remains unchanged.\n<\/p>\n
Dividend<\/i><\/b><\/p>\n
\nA semi-annual cash dividend of $0.09 per share will be paid on 7 January 2021, to shareholders of record on 30 November 2020. The stock will begin to trade ex-dividend on 25 November 2020.\n<\/p>\n
About Manchester United<\/span><\/b><\/p>\n
\nManchester 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 142-year football heritage we have won 66 trophies, enabling us to develop what we believe is one of the world\u2019s 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.\n<\/p>\n
Cautionary Statements<\/span><\/b><\/p>\n
\nThis press release contains forward\u2011looking statements. You should not place undue reliance on such statements because they are subject to numerous risks and uncertainties relating to the Company\u2019s operations and business environment, all of which are difficult to predict and many are beyond the Company\u2019s control. Forward-looking statements include information concerning certain expectations and uncertainties related to the COVID-19 pandemic and the Company\u2019s possible or assumed future results of operations, including descriptions of its business strategy. These statements often include words such as \u201cmay,\u201d \u201cmight,\u201d \u201cwill,\u201d \u201ccould,\u201d \u201cwould,\u201d \u201cshould,\u201d \u201cexpect,\u201d \u201cplan,\u201d \u201canticipate,\u201d \u201cintend,\u201d \u201cseek,\u201d \u201cbelieve,\u201d \u201cestimate,\u201d \u201cpredict,\u201d \u201cpotential,\u201d \u201ccontinue,\u201d \u201ccontemplate,\u201d \u201cpossible\u201d 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 \u201cRisk Factors\u201d section and elsewhere in the Company\u2019s Registration Statement on Form F-1, as amended (File No. 333-182535) and the Company\u2019s Annual Report on Form 20-F (File No. 001-35627).\n<\/p>\n
Non-IFRS Measures: Definitions and Use<\/span><\/b><\/p>\n
- \n
- Adjusted EBITDA<\/span><\/b><\/li>\n<\/ol>\n
\nAdjusted EBITDA is defined as loss\/profit for the period before depreciation, amortization, loss\/profit on disposal of intangible assets, exceptional items, net finance income\/costs, and tax.\n<\/p>\n
\nAdjusted 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 income\/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.\n<\/p>\n
- \n
- Adjusted loss\/profit for the period (i.e. adjusted net loss\/income)<\/span><\/b><\/li>\n<\/ol>\n
\nAdjusted 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, adding\/subtracting the actual tax expense\/credit for the period, and subtracting\/adding the adjusted tax expense\/credit for the period (based on an normalized tax rate of 21%; 2019: 21%). The normalized tax rate of 21% is the current US federal corporate income tax rate.\n<\/p>\n
\nIn 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 \u2018normalized\u2019 tax rate (for both the current and prior periods) of the weighted average US federal corporate income tax rate of 21% (2019: 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.\n<\/p>\n
3. Adjusted basic and diluted loss\/earnings per share <\/span><\/b><\/p>\n
\nAdjusted 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 \u201cEquity Plan\u201d). 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.\n<\/p>\n
4. Net debt <\/span><\/b><\/p>\n
\nNet debt is calculated as non-current and current borrowings minus cash and cash equivalents.\n<\/p>\n
Key Performance Indicators<\/span><\/b><\/p>\n
\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n Three months ended<\/b><\/p>\n
30 September<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n 2020<\/b><\/p>\n<\/td>\n
\n \n2019\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Revenue<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Commercial<\/b> % of total revenue\n<\/p>\n<\/td>\n
\n 54.8%<\/b><\/p>\n<\/td>\n
\n \n59.4%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Broadcasting<\/b> % of total revenue\n<\/p>\n<\/td>\n
\n 43.7%<\/b><\/p>\n<\/td>\n
\n \n24.3%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Matchday<\/b> % of total revenue\n<\/p>\n<\/td>\n
\n 1.5%<\/b><\/p>\n<\/td>\n
\n \n16.3%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n 2020\/21 Season<\/b><\/p>\n<\/td>\n
\n 2019\/20 Season<\/b><\/p>\n<\/td>\n
\n 2019\/20<\/b><\/p>\n
Season<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n Home Matches Played<\/i><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPL\n<\/p>\n<\/td>\n
\n 1<\/b><\/p>\n<\/td>\n
\n 3<\/b><\/p>\n<\/td>\n
\n \n4\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nUEFA competitions\n<\/p>\n<\/td>\n
\n –<\/b><\/p>\n<\/td>\n
\n 1<\/b><\/p>\n<\/td>\n
\n \n1\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDomestic Cups\n<\/p>\n<\/td>\n
\n –<\/b><\/p>\n<\/td>\n
\n –<\/b><\/p>\n<\/td>\n
\n \n1\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Away Matches Played<\/i><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPL\n<\/p>\n<\/td>\n
\n 1<\/b><\/p>\n<\/td>\n
\n 3<\/b><\/p>\n<\/td>\n
\n \n3\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nUEFA competitions\n<\/p>\n<\/td>\n
\n –<\/b><\/p>\n<\/td>\n
\n 2<\/b><\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDomestic Cups\n<\/p>\n<\/td>\n
\n 2<\/b><\/p>\n<\/td>\n
\n 1<\/b><\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \nit\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Other<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nEmployees at period end\n<\/p>\n<\/td>\n
\n 992<\/b><\/p>\n<\/td>\n
\n \n990\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nEmployee benefit expenses % of revenue\n<\/p>\n<\/td>\n
\n 66.0%<\/b><\/p>\n<\/td>\n
\n \n51.8%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
CONSOLIDATED STATEMENT OF PROFIT OR LOSS<\/b><\/p>\n
(unaudited; in \u00a3 thousands, except per share and shares outstanding data)<\/b><\/p>\n
\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n Three months ended<\/b><\/p>\n
30 September<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n<\/td>\n
\n 2020<\/b><\/p>\n<\/td>\n
\n \n2019\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Revenue from contracts with customers<\/b><\/p>\n<\/td>\n
\n 108,972<\/b><\/p>\n<\/td>\n
\n \n135,371\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating expenses\n<\/p>\n<\/td>\n
\n (123,473)<\/b><\/p>\n<\/td>\n
\n \n(136,421)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n(Loss)\/profit on disposal of intangible assets\n<\/p>\n<\/td>\n
\n (12,595)<\/b><\/p>\n<\/td>\n
\n \n12,017\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Operating (loss)\/profit<\/b><\/p>\n<\/td>\n
\n (27,096)<\/b><\/p>\n<\/td>\n
\n \n10,967\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nFinance costs\n<\/p>\n<\/td>\n
\n (19,574)<\/b><\/p>\n<\/td>\n
\n \n(9,172)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nFinance income\n<\/p>\n<\/td>\n
\n 19,595<\/b><\/p>\n<\/td>\n
\n \n734\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet finance income\/(costs)\n<\/p>\n<\/td>\n
\n 21<\/b><\/p>\n<\/td>\n
\n \n(8,438)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n (Loss)\/profit before income tax<\/b><\/p>\n<\/td>\n
\n (27,075)<\/b><\/p>\n<\/td>\n
\n \n2,529\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIncome tax expense\n<\/p>\n<\/td>\n
\n (3,195)<\/b><\/p>\n<\/td>\n
\n \n(1,401)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n (Loss)\/profit for the period<\/b><\/p>\n<\/td>\n
\n (30,270)<\/b><\/p>\n<\/td>\n
\n \n1,128\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Basic (loss)\/earnings per share: <\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nBasic (loss)\/earnings per share (pence)\n<\/p>\n<\/td>\n
\n (18.58)<\/b><\/p>\n<\/td>\n
\n \n0.69\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nWeighted average number of ordinary shares used as the denominator in calculating basic (loss)\/earnings per share (thousands)\n<\/p>\n<\/td>\n
\n 162,939<\/b><\/p>\n<\/td>\n
\n \n164,573\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Diluted (loss)\/earnings per share:<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDiluted (loss)\/earnings per share (pence) (1)<\/sup><\/p>\n<\/td>\n
\n (18.58)<\/b><\/p>\n<\/td>\n
\n \n0.68\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nWeighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating diluted (loss)\/earnings per share (thousands) (1)<\/sup><\/p>\n<\/td>\n
\n 162,939<\/b><\/p>\n<\/td>\n
\n \n164,735\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
(1) <\/sup>For the three months ended 30 September 2020, 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.\n<\/p>\n
CONSOLIDATED BALANCE SHEET<\/b><\/p>\n
(unaudited; in \u00a3 thousands)<\/b><\/p>\n
\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n As of<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n 30 September<\/b><\/p>\n
2020<\/b><\/p>\n<\/td>\n
\n \n30 June\n<\/p>\n
\n2020\n<\/p>\n<\/td>\n
\n \n30 September\n<\/p>\n
\n2019\n<\/p>\n<\/td>\n<\/tr>\n
\n \n ASSETS<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Non-current assets<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProperty, plant and equipment\n<\/p>\n<\/td>\n
\n 253,026<\/b><\/p>\n<\/td>\n
\n \n254,439\n<\/p>\n<\/td>\n
\n \n251,112\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nRight-of-use assets\n<\/p>\n<\/td>\n
\n 4,179<\/b><\/p>\n<\/td>\n
\n \n4,559\n<\/p>\n<\/td>\n
\n \n5,572\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInvestment properties\n<\/p>\n<\/td>\n
\n 20,762<\/b><\/p>\n<\/td>\n
\n \n20,827\n<\/p>\n<\/td>\n
\n \n24,881\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIntangible assets\n<\/p>\n<\/td>\n
\n 780,646<\/b><\/p>\n<\/td>\n
\n \n775,170\n<\/p>\n<\/td>\n
\n \n785,653\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDeferred tax asset\n<\/p>\n<\/td>\n
\n 54,712<\/b><\/p>\n<\/td>\n
\n \n58,362\n<\/p>\n<\/td>\n
\n \n55,514\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTrade receivables\n<\/p>\n<\/td>\n
\n 25,078<\/b><\/p>\n<\/td>\n
\n \n43,694\n<\/p>\n<\/td>\n
\n \n41,905\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDerivative financial instruments\n<\/p>\n<\/td>\n
\n 693<\/b><\/p>\n<\/td>\n
\n \n1,609\n<\/p>\n<\/td>\n
\n \n44\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n 1,139,096<\/b><\/p>\n<\/td>\n
\n \n1,158,660\n<\/p>\n<\/td>\n
\n \n1,164,681\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Current assets<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInventories\n<\/p>\n<\/td>\n
\n 3,542<\/b><\/p>\n<\/td>\n
\n \n2,186\n<\/p>\n<\/td>\n
\n \n2,664\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPrepayments\n<\/p>\n<\/td>\n
\n 19,930<\/b><\/p>\n<\/td>\n
\n \n6,503\n<\/p>\n<\/td>\n
\n \n15,382\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nContract assets \u2013 accrued revenue\n<\/p>\n<\/td>\n
\n 26,875<\/b><\/p>\n<\/td>\n
\n \n45,966\n<\/p>\n<\/td>\n
\n \n39,933\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTrade receivables\n<\/p>\n<\/td>\n
\n 69,742<\/b><\/p>\n<\/td>\n
\n \n115,985\n<\/p>\n<\/td>\n
\n \n36,060\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther receivables\n<\/p>\n<\/td>\n
\n 438<\/b><\/p>\n<\/td>\n
\n \n239\n<\/p>\n<\/td>\n
\n \n15,269\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIncome tax receivable\n<\/p>\n<\/td>\n
\n 1,223<\/b><\/p>\n<\/td>\n
\n \n1,214\n<\/p>\n<\/td>\n
\n \n643\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDerivative financial instruments\n<\/p>\n<\/td>\n
\n 1,764<\/b><\/p>\n<\/td>\n
\n \n1,174\n<\/p>\n<\/td>\n
\n \n297\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCash and cash equivalents\n<\/p>\n<\/td>\n
\n 58,940<\/b><\/p>\n<\/td>\n
\n \n51,539\n<\/p>\n<\/td>\n
\n \n140,307\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n 182,454<\/b><\/p>\n<\/td>\n
\n \n224,806\n<\/p>\n<\/td>\n
\n \n250,555\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Total assets<\/b><\/p>\n<\/td>\n
\n 1,321,550<\/b><\/p>\n<\/td>\n
\n \n1,383,466\n<\/p>\n<\/td>\n
\n \n1,415,236\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
CONSOLIDATED BALANCE SHEET (continued)<\/b><\/p>\n
(unaudited; in \u00a3 thousands)<\/b><\/p>\n
\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n As of<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n 30 September<\/b><\/p>\n
2020<\/b><\/p>\n<\/td>\n
\n \n30 June\n<\/p>\n
\n2020\n<\/p>\n<\/td>\n
\n \n30 September\n<\/p>\n
\n2019\n<\/p>\n<\/td>\n<\/tr>\n
\n \n EQUITY AND LIABILITIES<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Equity<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nShare capital\n<\/p>\n<\/td>\n
\n 53<\/b><\/p>\n<\/td>\n
\n \n53\n<\/p>\n<\/td>\n
\n \n53\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nShare premium\n<\/p>\n<\/td>\n
\n 68,822<\/b><\/p>\n<\/td>\n
\n \n68,822\n<\/p>\n<\/td>\n
\n \n68,822\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTreasury shares\n<\/p>\n<\/td>\n
\n (21,305)<\/b><\/p>\n<\/td>\n
\n \n(21,305)\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nMerger reserve\n<\/p>\n<\/td>\n
\n 249,030<\/b><\/p>\n<\/td>\n
\n \n249,030\n<\/p>\n<\/td>\n
\n \n249,030\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nHedging reserve\n<\/p>\n<\/td>\n
\n (15,437)<\/b><\/p>\n<\/td>\n
\n \n(32,565)\n<\/p>\n<\/td>\n
\n \n(41,356)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nRetained earnings\n<\/p>\n<\/td>\n
\n 58,192<\/b><\/p>\n<\/td>\n
\n \n87,197\n<\/p>\n<\/td>\n
\n \n134,107\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n 339,355<\/b><\/p>\n<\/td>\n
\n \n351,232\n<\/p>\n<\/td>\n
\n \n410,656\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Non-current liabilities<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDeferred tax liabilities\n<\/p>\n<\/td>\n
\n 24,944<\/b><\/p>\n<\/td>\n
\n \n31,337\n<\/p>\n<\/td>\n
\n \n30,466\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nContract liabilities – deferred revenue\n<\/p>\n<\/td>\n
\n 26,970<\/b><\/p>\n<\/td>\n
\n \n18,759\n<\/p>\n<\/td>\n
\n \n26,988\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTrade and other payables\n<\/p>\n<\/td>\n
\n 56,645<\/b><\/p>\n<\/td>\n
\n \n51,322\n<\/p>\n<\/td>\n
\n \n32,046\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nBorrowings\n<\/p>\n<\/td>\n
\n 497,292<\/b><\/p>\n<\/td>\n
\n \n520,010\n<\/p>\n<\/td>\n
\n \n522,437\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLease liabilities\n<\/p>\n<\/td>\n
\n 3,223<\/b><\/p>\n<\/td>\n
\n \n3,326\n<\/p>\n<\/td>\n
\n \n3,992\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDerivative financial instruments\n<\/p>\n<\/td>\n
\n 8,219<\/b><\/p>\n<\/td>\n
\n \n9,136\n<\/p>\n<\/td>\n
\n \n3,760\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n 617,293<\/b><\/p>\n<\/td>\n
\n \n633,890\n<\/p>\n<\/td>\n
\n \n619,689\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Current liabilities<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nContract liabilities – deferred revenue\n<\/p>\n<\/td>\n
\n 165,483<\/b><\/p>\n<\/td>\n
\n \n171,574\n<\/p>\n<\/td>\n
\n \n206,643\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTrade and other payables\n<\/p>\n<\/td>\n
\n 188,806<\/b><\/p>\n<\/td>\n
\n \n216,093\n<\/p>\n<\/td>\n
\n \n171,441\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIncome tax liabilities\n<\/p>\n<\/td>\n
\n 7,580<\/b><\/p>\n<\/td>\n
\n \n4,005\n<\/p>\n<\/td>\n
\n \n2,823\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nBorrowings\n<\/p>\n<\/td>\n
\n 2,214<\/b><\/p>\n<\/td>\n
\n \n5,605\n<\/p>\n<\/td>\n
\n \n2,363\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLease liabilities\n<\/p>\n<\/td>\n
\n 819<\/b><\/p>\n<\/td>\n
\n \n1,067\n<\/p>\n<\/td>\n
\n \n1,621\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n 364,902<\/b><\/p>\n<\/td>\n
\n \n398,344\n<\/p>\n<\/td>\n
\n \n384,891\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Total equity and liabilities<\/b><\/p>\n<\/td>\n
\n 1,321,550<\/b><\/p>\n<\/td>\n
\n \n1,383,466\n<\/p>\n<\/td>\n
\n \n1,415,236\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
CONSOLIDATED STATEMENT OF CASH FLOWS<\/b><\/p>\n
(unaudited; in \u00a3 thousands)<\/b><\/p>\n
\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n Three months ended<\/b><\/p>\n
30 September<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n 2020<\/b><\/p>\n<\/td>\n
\n \n2019\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Cash flow from operating activities<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCash generated from\/(used in) operations (see supplemental note 4)\n<\/p>\n<\/td>\n
\n 72,410<\/b><\/p>\n<\/td>\n
\n \n(4,606)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInterest paid\n<\/p>\n<\/td>\n
\n (7,686)<\/b><\/p>\n<\/td>\n
\n \n(8,366)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDebt finance costs paid\n<\/p>\n<\/td>\n
\n –<\/b><\/p>\n<\/td>\n
\n \n(555)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInterest received\n<\/p>\n<\/td>\n
\n 1<\/b><\/p>\n<\/td>\n
\n \n644\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTax paid\n<\/p>\n<\/td>\n
\n (2,415)<\/b><\/p>\n<\/td>\n
\n \n(1,489)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Net cash inflow\/(outflow) from operating activities<\/b><\/p>\n<\/td>\n
\n 62,310<\/b><\/p>\n<\/td>\n
\n \n(14,372)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Cash flow from investing activities <\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPayments for property, plant and equipment\n<\/p>\n<\/td>\n
\n (1,819)<\/b><\/p>\n<\/td>\n
\n \n(3,151)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPayments for intangible assets\n<\/p>\n<\/td>\n
\n (70,807)<\/b><\/p>\n<\/td>\n
\n \n(175,713)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProceeds from sale of intangible assets\n<\/p>\n<\/td>\n
\n 19,191<\/b><\/p>\n<\/td>\n
\n \n17,479\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Net cash outflow from investing activities<\/b><\/p>\n<\/td>\n
\n (53,435)<\/b><\/p>\n<\/td>\n
\n \n(161,385)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Cash flow from financing activities<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPrincipal elements of lease payments\n<\/p>\n<\/td>\n
\n (408)<\/b><\/p>\n<\/td>\n
\n \n(379)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Net cash outflow from financing activities<\/b><\/p>\n<\/td>\n
\n (408)<\/b><\/p>\n<\/td>\n
\n \n(379)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Net increase\/(decrease) in cash and cash equivalents<\/b><\/p>\n<\/td>\n
\n 8,467<\/b><\/p>\n<\/td>\n
\n \n(176,136)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCash and cash equivalents at beginning of period\n<\/p>\n<\/td>\n
\n 51,539<\/b><\/p>\n<\/td>\n
\n \n307,637\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nEffect of exchange rate changes on cash and cash equivalents\n<\/p>\n<\/td>\n
\n (1,066)<\/b><\/p>\n<\/td>\n
\n \n8,806\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Cash and cash equivalents at end of period<\/b><\/p>\n<\/td>\n
\n 58,940<\/b><\/p>\n<\/td>\n
\n \n140,307\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
SUPPLEMENTAL NOTES<\/b><\/p>\n
1 General information<\/b><\/p>\n
\nManchester United plc (the \u201cCompany\u201d) and its subsidiaries (together the \u201cGroup\u201d) is a men\u2019s and women\u2019s professional football club together with related and ancillary activities. The Company incorporated under the Companies Law (as amended) of the Cayman Islands.\n<\/p>\n
2 Reconciliation of (loss)\/profit for the period to adjusted EBITDA<\/b><\/p>\n
\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n Three months ended<\/b><\/p>\n
30 September<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n 2020 <\/b><\/p>\n
\u00a3\u2019000<\/b><\/p>\n<\/td>\n
\n \n2019\n<\/p>\n
\n\u00a3\u2019000\n<\/p>\n<\/td>\n<\/tr>\n
\n \n (Loss)\/profit for the period<\/b><\/p>\n<\/td>\n
\n (30,270)<\/b><\/p>\n<\/td>\n
\n \n1,128\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjustments:\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIncome tax expense\n<\/p>\n<\/td>\n
\n 3,195<\/b><\/p>\n<\/td>\n
\n \n1,401\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet finance (income)\/costs\n<\/p>\n<\/td>\n
\n (21)<\/b><\/p>\n<\/td>\n
\n \n8,438\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLoss\/(profit) on disposal of intangible assets\n<\/p>\n<\/td>\n
\n 12,595<\/b><\/p>\n<\/td>\n
\n \n(12,017)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAmortization\n<\/p>\n<\/td>\n
\n 31,543<\/b><\/p>\n<\/td>\n
\n \n32,187\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDepreciation\n<\/p>\n<\/td>\n
\n 3,786<\/b><\/p>\n<\/td>\n
\n \n3,642\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Adjusted EBITDA<\/b><\/p>\n<\/td>\n
\n 20,828<\/b><\/p>\n<\/td>\n
\n \n34,779\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
3 Reconciliation of (loss)\/profit for the period to adjusted (loss)\/profit for the period and adjusted basic and diluted (loss)\/earnings per share <\/b><\/p>\n
\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n Three months ended<\/b><\/p>\n
30 September<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n<\/td>\n
\n 2020<\/b><\/p>\n
\u00a3\u2019000<\/b><\/p>\n<\/td>\n
\n \n2019\n<\/p>\n
\n\u00a3\u2019000\n<\/p>\n<\/td>\n<\/tr>\n
\n \n (Loss)\/profit for the period<\/b><\/p>\n<\/td>\n
\n (30,270)<\/b><\/p>\n<\/td>\n
\n \n1,128\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nForeign exchange (gains)\/losses on unhedged US dollar denominated borrowings\n<\/p>\n<\/td>\n
\n (19,083)<\/b><\/p>\n<\/td>\n
\n \n2,448\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nForeign exchange losses immediately reclassified from the hedging reserve following change in contract currency denomination of future revenues\n<\/p>\n<\/td>\n
\n 14,837<\/b><\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nFair value movement on embedded foreign exchange derivatives\n<\/p>\n<\/td>\n
\n 130<\/b><\/p>\n<\/td>\n
\n \n(79)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIncome tax expense\n<\/p>\n<\/td>\n
\n 3,195<\/b><\/p>\n<\/td>\n
\n \n1,401\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjusted (loss)\/profit before income tax\n<\/p>\n<\/td>\n
\n (31,191)<\/b><\/p>\n<\/td>\n
\n \n4,898\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjusted income tax credit\/(expense) (using a normalized tax rate of 21% (2019: 21%))\n<\/p>\n<\/td>\n
\n 6,550<\/b><\/p>\n<\/td>\n
\n \n(1,029)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Adjusted (loss)\/profit for the period (i.e. adjusted net (loss)\/income)<\/b><\/p>\n<\/td>\n
\n (24,641)<\/b><\/p>\n<\/td>\n
\n \n3,869\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Adjusted basic (loss)\/earnings per share:<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjusted basic (loss)\/earnings per share (pence)\n<\/p>\n<\/td>\n
\n (15.12)<\/b><\/p>\n<\/td>\n
\n \n2.35\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nWeighted average number of ordinary shares used as the denominator in calculating basic (loss)\/earnings per share (thousands)\n<\/p>\n<\/td>\n
\n 162,939<\/b><\/p>\n<\/td>\n
\n \n164,573\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Adjusted diluted (loss)\/earnings per share:<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjusted diluted (loss)\/earnings per share (pence)\n<\/p>\n<\/td>\n
\n (15.12)<\/b><\/p>\n<\/td>\n
\n \n2.35\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nWeighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating diluted (loss)\/earnings per share (thousands)\n<\/p>\n<\/td>\n
\n 162,939<\/b><\/p>\n<\/td>\n
\n \n164,735\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
4 Cash generated from\/(used in) operations <\/b><\/p>\n
\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n Three months ended<\/b><\/p>\n
30 September<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n 2020<\/b><\/p>\n
\u00a3\u2019000<\/b><\/p>\n<\/td>\n
\n \n2019\n<\/p>\n
\n\u00a3\u2019000\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n(Loss)\/profit for the period\n<\/p>\n<\/td>\n
\n (30,270)<\/b><\/p>\n<\/td>\n
\n \n1,128\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIncome tax expense\n<\/p>\n<\/td>\n
\n 3,195<\/b><\/p>\n<\/td>\n
\n \n1,401\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n(Loss)\/profit before income tax\n<\/p>\n<\/td>\n
\n (27,075)<\/b><\/p>\n<\/td>\n
\n \n2,529\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjustments for:\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDepreciation\n<\/p>\n<\/td>\n
\n 3,786<\/b><\/p>\n<\/td>\n
\n \n3,642\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAmortization\n<\/p>\n<\/td>\n
\n 31,543<\/b><\/p>\n<\/td>\n
\n \n32,187\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLoss\/(profit) on disposal of intangible assets\n<\/p>\n<\/td>\n
\n 12,595<\/b><\/p>\n<\/td>\n
\n \n(12,017)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet finance (income)\/costs\n<\/p>\n<\/td>\n
\n (21)<\/b><\/p>\n<\/td>\n
\n \n8,438\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNon-cash employee benefit expense – equity-settled share-based payments\n<\/p>\n<\/td>\n
\n 1,265<\/b><\/p>\n<\/td>\n
\n \n138\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nForeign exchange losses\/(gains) on operating activities\n<\/p>\n<\/td>\n
\n 1,124<\/b><\/p>\n<\/td>\n
\n \n(373)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nReclassified from hedging reserve\n<\/p>\n<\/td>\n
\n (526)<\/b><\/p>\n<\/td>\n
\n \n2,854\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nChanges in working capital:\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInventories\n<\/p>\n<\/td>\n
\n (1,356)<\/b><\/p>\n<\/td>\n
\n \n(534)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPrepayments\n<\/p>\n<\/td>\n
\n (13,427)<\/b><\/p>\n<\/td>\n
\n \n(2,352)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nContract assets \u2013 accrued revenue\n<\/p>\n<\/td>\n
\n 19,091<\/b><\/p>\n<\/td>\n
\n \n(401)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTrade receivables\n<\/p>\n<\/td>\n
\n 53,306<\/b><\/p>\n<\/td>\n
\n \n2,344\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther receivables\n<\/p>\n<\/td>\n
\n (199)<\/b><\/p>\n<\/td>\n
\n \n(14,081)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nContract liabilities \u2013 deferred revenue\n<\/p>\n<\/td>\n
\n 2,120<\/b><\/p>\n<\/td>\n
\n \n10,131\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTrade and other payables\n<\/p>\n<\/td>\n
\n (9,816)<\/b><\/p>\n<\/td>\n
\n \n(37,111)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Cash generated from\/(used in) operations<\/b><\/p>\n<\/td>\n
\n 72,410<\/b><\/p>\n<\/td>\n
\n \n(4,606)\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n\u00a0\n<\/p>\n
<\/p>\n
View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20201112005965\/en\/<\/a><\/span><\/p>\n
Investor Relations<\/i><\/b>:
\n<\/i>
Corinna Freedman
\n
Head of Investor Relations
\n
+44 161 868 8431
\n
Corinna.Freedman@manutd.co.uk
\n<\/a><\/p>\nMedia Relations<\/i><\/b>:
\n<\/i>
Charlie Brooks
\n
Director of Communications
\n
+44 161 868 8148
\n
charlie.brooks@manutd.co.uk<\/a><\/p>\nKEYWORDS:<\/b> United Kingdom Europe<\/p>\n
INDUSTRY KEYWORDS:<\/b> Soccer Professional Services Sports Finance<\/p>\n
- Adjusted loss\/profit for the period (i.e. adjusted net loss\/income)<\/span><\/b><\/li>\n<\/ol>\n
- Retail, Merchandising, Apparel & Product Licensing <\/i>revenue was \u00a323.2 million, a decrease of \u00a33.6 million, or 13.4%, over the prior year quarter due to significantly reduced Megastore footfall given matches continue to be played behind closed doors.\n<\/li>\n<\/ul>\n
- Broadcasting revenues benefited from five additional matches played in the quarter<\/b><\/li>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20201112005965\/en\/390921\/3\/Manchester_United_Tonal_Crest-nov.jpg\")
<\/td>\n<\/tr>\n