Luca Marotta Tuesday, January 25, 2011 21:47
Red Football Limited, the parent company of Manchester United, has already filed its consolidated financial statements for the year ended June 30, 2010. Reading the data from this budget gives us some ideas for some considerations on the relationship between Manchester United and financial fair play. In particular, we will try to answer the question: Manchester United will be able to meet the parameters established by the regulation of financial fair play? The answer is immediate and twofold: yes, if you depended on the football team, no, if it was by the owners. A prime example is the story of the bond issue of 2010, whose funds were used to pay debts arising on acquisition of the club. But before they were extinguished debt, bond funds have been lent to the parent company, which used them to increase the net worth of Red Football Limited. He added that the structure of the group that controls the Manchester United is very complex and ends in the State of Nevada (USA). The football team, however, has an excellent management structure, which produces earnings and cash flow, that the owners hope to use to pay their debts, mortgaging the property of the club.
Red Football Limited is the company debt, as a vehicle used in the operation of "leveraged buy-out, which allowed for Glazer, August 12, 2005, to acquire Manchester United.
In the current structure of the group, Red Football Limited is a sub holding company controlled directly by Red Football Joint Venture Limited and indirectly by Red Football Shareholder Limited, which is the ultimate holding company of the chain, based in the United Kingdom. In turn, Red Football Limited directly controls two companies: Junior Red Football Limited (Holding company) 100% Manchester United Limited (Holding Company) 72%, the remaining 28% is still held by Junior Red Football Limited. The company controlled indirectly by Manchester United Limited are: Manchester United Football Club Limited (professional football team), MU Finance plc (Holding Company used to acquire debt financing), Manchester United Interactive Limited (operating in the media sector), Manchester United Commercial Enterprises (Ireland) Ltd (trading in real estate), Anderley Urban Investments Limited (real estate), MUTV Limited (subscription TV channel).
Consolidated revenues to 30 June 2010 amounted to 286.4 million pounds (€ 337 million assuming an exchange rate € 1 = £ 0.85) and results in increase of 2.85% on turnover of 30/06/2009 amounted to £ 278.5 million (€ 327.6 million). The turnover is as follows: revenue from tenders for £ 100.2 million (€ 117.8 million), revenues from average 104.8 (€ 123.3 million), commercial revenue to £ 81.4 million (€ 95, 8 million). The revenues from competitions are down 7.94% over the previous year and account for 35% of sales. During the 2009/10 season, the stadium "Old Trafford" hosted a rugby match and 29 matches of Manchester United. And 'certainly the equal distribution of revenues to envy, as revenues from media influence for 36.6% and commercial revenues account for 28.4%.
the ordinary total operating expenses amounted to £ 269.6 million (€ 317.2 million) and a slight increase of 0.51%, however, significantly less than the increase in turnover.
Among the outstanding ordinary operating costs, obviously that is, staff costs amounted to £ 131.7 million (€ 154.9 million), up 6.96% over the previous year. As a very positive note for the purposes of regulation of financial fair play, we can highlight the relationship between personnel costs and turnover, which is equal, regardless of the gains, 45.98%. Also in 2009, this ratio settles on a optimal level, being equal to 44.21%. The objective of management, in 2009/10, has been achieved in providing a relationship between the cost of staff turnover and less than 50%.
Another significant item is the amortization of goodwill of £ 35.4 million (€ 41.6 million). Other operating costs amounted to £ 51.8 million (€ 70 million) and result in decrease of 16.18% over the previous year. The depreciation of fixed assets was estimated at £ 8.5 million (€ 10 million), while in the previous year stood at 8.9 million pounds (€ 10.4 million).
Depreciation amount of players rose to £ 40.1 million (€ 47.2 million) and is up 6.5% over the previous year.
Staff costs and depreciation, based on these figures, account for 60% of net sales, operating result which is an "optimal."
Because of the extraordinary record of operating expenses for 2.2 million pounds (€ 2.5 million), due to a lease, the total operating expenses rose from £ 269.1 million (€ 316.6 million) of 30/06/2009 to 30/06/2010 £ 271.8 million (€ 319.8 million).
EBITDA, ie the result before depreciation, taxes and interest, excluding capital gains of the players was positive for 98.6 million pounds (€ 116 million) and is up 8, 09% over the previous year. The target value for this management has been focused, since it had been set for 2009/10, providing a rate greater than 30% of consolidated sales and has obtained 34.44%.
The excess of capital gains on the sale amounted to 12.7 million players (€ 14.9 million) and indicates a decrease from the previous year of £ 68 million (€ 80 million), a result influenced by the sale at a price record of Cristiano Ronaldo, charged in year ended 30/06/2009.
EBIT, or earnings before calculating taxes and interest, is positive for £ 27.3 million (€ 32.1 million), while in the previous year was positive for 90.1 million pounds (€ 106 million).
Borrowing costs have been exposed to a record 106.9 million pounds (€ 125.8 million), while in the previous year amounted to £ 41.9 million (€ 49.3 million). Must specify that borrowing costs are allocated between the items of character "extraordinary" for the amount of £ 64.7 million (€ 76.1 million), which in the earlier did not appear. In particular, the following were recorded negative income components: a loss of 40.7 million pounds (€ 47.9 million) for the resolution of fixed interest rate swap, a loss of £ 19.3 million (€ 22.7 million), but not made, on exchange differences, due to the strengthening of the dollar and a loss of £ 4.7 million (€ 5.5 million) for the recalculation of the amortization of a loan.
loss before calculating taxes amounted to £ 79.6 million (€ 93.7 million), while in the previous year had shown a profit of 48.2 million (€ 56.7 million).
After the calculation of taxes and interests of third parties, resulting in a loss of 83.6 million pounds (€ 98.4 million), while exposed to 30/06/2009 was a profit of £ 25.6 million (€ 30 , 1 million).
The total assets amounted to £ 1,548 million (€ 1.8 billion), while at 30/06/2009 amounted to £ 1,194.2 million (€ 1.4 billion), an increase of £ 353.7 million (+29.62%).
Non-current assets amounted to £ 693.5 million (€ 815.9 million) and decreased by 7.86% compared to 2009. Intangible assets emerges a large value of goodwill of £ 350.7 million (€ 412.6 million) on 30/06/2009 amounted to £ 386.1 million (€ 454.2 million). Goodwill is stated due to the difference between valuation at "fair value" and the value of purchase of subsidiaries. This difference is amortized over 15 years.
The value of the Rose players in the financial statements amounted to £ 94.3 million (€ 110.9 million) and is down 16.87% year on year. During the 2009/10 season have been invested £ 25.7 million (€ 30.2 million). Tangible assets are considerable as accounting for 16.06% of total assets, and amounts to £ 248.5 million (€ 292.4 million). On 30/06/2009, tangible fixed assets amounted to £ 253.2 million (€ 297.9 million).
Current assets are exposed to the figure of 854.5 million pounds (€ 1 billion), with a strong increase of 93.50% over the previous year. Receivables due within one year amounted to £ 675.1 million (€ 794.2 million) and were up to £ 397 million (€ 467 million). The amount is even greater for loans to the parent company for £ 630.7 million (€ 742 million), loans and advances increased by £ 394.1 million. In addition, this category comprises loans to directors for £ 10,000,000: This item has aroused considerable controversy among the fans. Receivables from parent companies and subsidiaries are not guaranteed, are non-interest bearing, repayable on demand and have no expiration dates for repayment.
receivables due after one year amounted to £ 15.5 million (£ 12.6 million in 2009). Cash expose the figure of 163.8 million pounds (€ 192.7 million) and were up by 8, 84% on 30/06/2009.
Trade receivables include receivables from other teams for £ 13,358,000 (£ 10,293,000 in 2009), of which the sum of £ 2,957,000 (£ 150,000 in 2009) is to be recovered after more than a year.
Total liabilities amounted to £ 770.7 million (£ 738.8 million in 2009), approximately 906.7 million euro. Amounts due within one year amounted to £ 85.7 million (€ 100.9 million), while in 2009 amounted to £ 98.2 million (€ 115.6 million). These debts include: debts to football teams for £ 11.3 million, payables to the parent company for £ 21.2 million, debt retirement and tax of £ 11.9 million.
Amounts due after one year the record figure of 551.2 million pounds (€ 648.5 million) and were up by 8, 14% compared to 2009. The debts are the most important bond and banking, which totaled 519.8 million pounds (€ 611.5 million), an increase of £ 20.4 million. The item 'other financial loans' amounts to £ 5 million (€ 5.9 million) and is unchanged from the previous year. The long-term debt to the football teams amounted to £ 2.9 million (€ 3.4 million), while the item 'other debts' is exposed to £ 23.4 million (€ 27.5 million).
Overall, the debt amounted to £ 521.7 million (€ 613.7 million) and were up by 1, 4% from the previous year.
On 29 January 2010, the MU Finance Company plc, a company controlled directly from Manchester United Limited, has provided the issuance of a loan of 502.5 million pounds (€ 591.2 million), maturing in 2017 and semi-annual payment of interests. The loan is secured by all assets and activities of the following companies: Red Football Limited, Junior Red Football Limited, Limited Manchester United and Manchester United Football Club Limited. Translate: also the power "Old Trafford" guarantees the loan. The obligations under this loan are listed on the Luxembourg Stock Exchange and is traded on the Euro MTF market. In the notes of the consolidated balance sheet, ending 30/06/20010, states that the funds raised from the issuance of bonds, together with existing cash on hand, were used to repay maturing loans. But the reimbursement came after he had paid these funds to the parent company Red Football Joint Venture Limited, which has done the same to recapitalize Red Football Limited, the form of capital contribution amounting to £ 405.8 million (€ 477 , 4 million).
I deferred to anticipated revenue amounted to 117.8 million pounds (€ 138.6 million), while in 2009 amounted to £ 111.7 million (€ 131.5 million).
shareholders' equity is positive for £ 777.2 million (€ 914.4 million) and up £ 321.7 million compared to 30/06/2009. On January 27, 2010, Red Football Limited has cleared the component of equity referred to as "Share premium account", amounting to £ 547.1 million (€ 643.6 million), "turning" the amount to "gains and losses carried again. " Consequently, at June 30, 2010, are covered for the past losses of 89.7 million pounds and the operating loss of £ 83.6 million, with a surplus of £ 373.8 million (€ 439.8 million). Also January 27, 2010, Red Football Joint Venture Limited has made a payment on a capital grant of £ 405,799,000 standing, with bond funds (received from Manchester United Limited).
In summary, what characterizes this budget is the huge debt, which resulted in an incidence of borrowing costs that determine the situation of significant loss.
At June 30, 2010, net debt totaled 357.8 million pounds (€ 420.9 million), slightly down from 364 million (€ 428.2 million) of 30/06/2009 and sharply down to the value of 30/06/2008 amounted to £ 473.9 million (€ 557.5 million).
Even taking into account capital gains, the debt is greater than the revenues in both 2010 and 2009, and this is a typical situation of "warning" for purposes of financial fair play. Specifically, to 30/06/2010, the debt is greater than the revenues (turnover + capital gains) of 58.7 million pounds (€ 69 million), while the margin to 30/06/2009 was £ 4.8 million (€ 5.6 million).
Most likely, this parameter of the regulation of financial fair play, will force Glazer to "kick out the money," can no longer resort to the practice of debt.
From a sporting perspective, during the 2009/10 season, Manchester United have hit the minimum target prefix with the exception of the "FA Cup" which was eliminated in the third round. In fact, the goal for the Premier League was the third place and the result was the second place, for the Champions League the goal was to be among the top 16 clubs and the result was the elimination in the quarter and Carling Cup has been won.
Published on:
http://www.ju29ro.com/contro-informazione/2793-consolidato-del-manchester-united-in-balia-dei-derivati-e-dei-proprietari.html
0 comments:
Post a Comment