Re: Manchester United Supporters Thread.
Revenue – Up to £286m from £278m – Largely commercial gains, matchday down slightly due to poor FA cup and CL performance relative to previous year
Operating costs – Down to £184m from £186m – Big cuts in non-player wage expenditure, player wages up
EBITDA – Up to £100m from £92m – Reflecting boost in revenue alongside flat cost base
Depreciation/Amortisation – Roughly flat at £84m
Profit on disposals – Down to £13m, from £80m (Ronaldo)
PBIT – Down to £27m from £90m – We were more profitable except for the selling of another Ronaldo
Now the nasty bit
Net interest payable – Flat at £40m
Exceptional: Refinancing stuff – A ’one time’ hit of £40m
FX losses: (Not really important) - Negative of £20m
So, pulling all of the ‘real’ figures together, I get that we made £173m from operations last year, and spend £40m on payments, taking us to £133m of ‘cash’ type earnings. This year that is about £114m, minus bank payments of £40m and the refinancing cost of £40m, coming out at c. £34m ‘real’ earnings.
Even taking out the Ronaldo sale as a type of ‘exceptional’, given the refinancing costs, we still did worse this year than last year. If you ignore both super sales like Ronaldo and refinancing, we performed better over the last 12 months than the year before. Both turnover and operating margin are increasing.
I’m still terrified that we’re spending £40m a year on debt payments, I mean, I don’t need to tell anyone that is £40m that would otherwise be going into improving the squad/ facilities and so forth. Plus, we can’t really ignore the £40m ‘one off’ payment for refinancing, as it seems entirely likely that we’ll refinance again in the next few years.
So, in a nutshell – commercially and operationally we’re kicking some ass, but all of that gets wiped out due to our crappy debt situation. Bugger.ts:
