EX-99.1 2 a13-5554_3ex99d1.htm EX-99.1

Exhibit 99.1

 

MU FINANCE PLC

 

Second Quarter and Year to Date Results

 

Fiscal Year Ending 30 June 2013

 

 

19 February 2013

 

1



 

CONSOLIDATED FINANCIAL STATEMENTS

 

The summary financial information provided overleaf has been derived from the unaudited interim consolidated financial report of the Red Football Limited group (RFL or the Company) as at and for the three month period ended 31 December 2012 and 2011 and the unaudited interim consolidated financial report as at and for the six month period ended 31 December 2012 and 2011, each of which has been prepared in accordance with International Financial Reporting Standards (IFRS) using the same accounting principles and on the same basis. Our interim results are not necessarily indicative of results to be expected for the full year.

 

Note

 

The interim consolidated financial information for the three and six months ended 31 December 2011 has been restated to reflect a tax credit of £21,270,000 being the recognition of a deferred tax asset in respect of previously unrecognised tax losses. As a result the tax expense for the three months ended 31 December 2011 of £8,593,000, as previously reported, has reduced and become a tax credit of £12,677,000, the tax expense for the six months ended 31 December 2011 of £9,115,000, as previously reported, has reduced and become a tax credit of £12,155,000 and the deferred tax liability of £51,589,000, as previously reported, has reduced to £30,319,000.

 

2



 

CONSOLIDATED INCOME STATEMENT - UNAUDITED

 

 

 

Three months ended
31 December

 

Six months ended
31 December

 

(£ thousands)

 

2011(1)

 

2012

 

2011(1)

 

2012

 

Commercial revenue

 

27,646

 

35,514

 

62,206

 

78,544

 

Broadcasting revenue

 

37,686

 

39,508

 

59,571

 

53,230

 

Matchday revenue

 

35,946

 

35,034

 

53,283

 

54,598

 

Group revenue

 

101,278

 

110,056

 

175,060

 

186,372

 

 

 

 

 

 

 

 

 

 

 

Staff costs

 

(38,692

)

(44,214

)

(76,520

)

(84,486

)

Other operating expenses

 

(17,666

)

(15,662

)

(34,331

)

(35,363

)

Operating profit before depreciation, amortisation of, and profit on disposal of, players’ registrations (‘EBITDA pre exceptional costs’)

 

44,920

 

50,180

 

64,209

 

66,523

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

(1,721

)

(1,852

)

(3,560

)

(3,769

)

Amortisation of players’ registrations

 

(9,926

)

(10,660

)

(20,020

)

(20,483

)

Operating expenses—exceptional costs

 

(2,026

)

 

(2,026

)

 

Operating profit before profit on disposal of players’ registrations

 

31,247

 

37,668

 

38,603

 

42,271

 

Profit on disposal of players’ registrations

 

206

 

687

 

5,830

 

5,505

 

Operating profit

 

31,453

 

38,355

 

44,433

 

47,776

 

Net interest payable on loans and senior secured notes

 

(10,208

)

(9,954

)

(20,267

)

(19,804

)

Premium on repurchase of senior secured notes

 

(280

)

 

(2,180

)

(5,244

)

Unrealised fx (losses)/gains on dollar denominated senior secured notes

 

(1,169

)

1,165

 

(7,421

)

8,809

 

Amortisation of issue discount and debt issue/finance costs

 

(582

)

(495

)

(1,385

)

(3,567

)

Fair value movement on derivative financial instruments

 

(10

)

73

 

(331

)

57

 

Net finance costs

 

(12,249

)

(9,211

)

(31,584

)

(19,749

)

Profit on ordinary activities before tax

 

19,204

 

29,144

 

12,849

 

28,027

 

Tax

 

12,677

 

(9,662

)

12,155

 

(9,763

)

Profit on ordinary activities after tax

 

31,881

 

19,482

 

25,004

 

18,264

 

 

 

 

 

 

 

 

 

 

 

Attributable to:

 

 

 

 

 

 

 

 

 

Owners of the Company

 

31,777

 

19,395

 

24,852

 

18,095

 

Non-controlling interests

 

104

 

87

 

152

 

169

 

 

 

31,881

 

19,482

 

25,004

 

18,264

 

 


(1) As restated, see note on page 2

 

3



 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION - UNAUDITED

 

 

 

 

 

At 31 December

 

(£ thousands)

 

Note

 

2011(1)

 

2012

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

 

 

244,537

 

253,609

 

Investment property

 

 

 

14,245

 

14,140

 

Intangible assets—goodwill

 

 

 

421,453

 

421,453

 

Intangible assets—players’ registrations

 

 

 

109,864

 

125,945

 

Non-current trade and other receivables

 

1

 

13,000

 

1,500

 

Non-current tax receivable

 

 

 

2,500

 

 

Non-current assets

 

 

 

805,599

 

816,647

 

 

 

 

 

 

 

 

 

Current assets—other

 

1

 

666,108

 

675,274

 

Current assets — cash and cash equivalents

 

 

 

50,900

 

66,625

 

Current liabilities

 

2

 

(196,726

)

(244,404

)

Net current assets

 

 

 

520,282

 

497,495

 

 

 

 

 

 

 

 

 

Total assets less current liabilities

 

 

 

1,325,881

 

1,314,142

 

Non-current liabilities

 

3

 

(489,638

)

(405,927

)

Net assets

 

 

 

836,243

 

908,215

 

 

 

 

 

 

 

 

 

Equity attributable to owners of the Company

 

 

 

838,421

 

910,049

 

Non-controlling interests

 

 

 

(2,178

)

(1,834

)

Equity

 

 

 

836,243

 

908,215

 

 


(1) As restated, see note on page 2

 

CONSOLIDATED STATEMENT OF CASH FLOWS  — UNAUDITED

 

 

 

Three months
ended 31 December

 

Six months
ended 31 December

 

(£ thousands)

 

2011

 

2012

 

2011

 

2012

 

 

 

 

 

 

 

 

 

 

 

EBITDA pre exceptional costs

 

44,920

 

50,180

 

64,209

 

66,523

 

 

 

 

 

 

 

 

 

 

 

Movement in working capital

 

(47,665

)

(23,664

)

(44,473

)

(6,240

)

 

 

 

 

 

 

 

 

 

 

Net cash (outflow)/inflow from operating activities

 

(2,745

)

26,516

 

19,736

 

60,283

 

 

 

 

 

 

 

 

 

 

 

Net interest paid

 

(3,595

)

(3,359

)

(24,573

)

(27,777

)

Tax received/(paid)

 

2

 

802

 

(3,210

)

600

 

 

 

 

 

 

 

 

 

 

 

Net cash outflow from player capital expenditure

 

(848

)

(2,362

)

(47,916

)

(31,895

)

Net cash outflow from general capital expenditure

 

(1,630

)

(5,942

)

(15,405

)

(9,338

)

 

 

 

 

 

 

 

 

 

 

Net change in borrowings

 

(5,251

)

(92

)

(28,377

)

(62,796

)

Capital contribution from parent undertaking

 

 

 

 

68,404

 

Loan to parent undertaking

 

 

(1,459

)

 

(1,459

)

Net (decrease)/increase in cash and cash equivalents

 

(14,067

)

14,104

 

(99,745

)

(3,978

)

 

4



 

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED

 

1. Current assets - other

 

 

 

At 31 December

 

(£ thousands)

 

2011

 

2012

 

 

 

 

 

 

 

Derivative financial instruments

 

239

 

161

 

Net trade receivables

 

14,012

 

22,775

 

Amounts owed by parent undertaking

 

618,385

 

610,643

 

Other receivables

 

10,009

 

267

 

Prepayments and accrued income

 

36,463

 

40,428

 

Current tax receivable

 

 

2,500

 

 

 

679,108

 

676,774

 

Less: non-current portion:

 

 

 

 

 

Trade receivables

 

(3,000

)

(1,500

)

Other receivables

 

(10,000

)

 

 

 

666,108

 

675,274

 

 

2. Current liabilities

 

 

 

At 31 December

 

(£ thousands)

 

2011

 

2012

 

 

 

 

 

 

 

Derivative financial instruments

 

1,734

 

60

 

Borrowings

 

16,148

 

17,625

 

Trade payables

 

11,941

 

24,285

 

Amounts owed to parent undertakings

 

40,305

 

27,891

 

Current tax liabilities

 

1,127

 

1,128

 

Social security and other taxes

 

6,207

 

10,125

 

Other payables

 

5,169

 

5,091

 

Accruals

 

23,802

 

26,049

 

Deferred revenue

 

89,860

 

131,712

 

Provisions

 

433

 

438

 

 

 

196,726

 

244,404

 

 

3. Non-current liabilities

 

 

 

At 31 December

 

(£ thousands)

 

2011(1)

 

2012

 

 

 

 

 

 

 

Derivative financial instruments

 

 

1,629

 

Borrowings

 

422,802

 

349,005

 

Trade payables

 

4,253

 

7,639

 

Other payables

 

16,758

 

13,447

 

Deferred revenue

 

13,862

 

4,888

 

Provisions

 

1,644

 

1,158

 

Deferred tax liabilities

 

30,319

 

28,161

 

 

 

489,638

 

405,927

 

 


(1) As restated, see note on page 2

 

5