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Manchester United Plc 2013 First Quarter Results

Stocks in this article: MANU

Other Financial Information

Operating expenses

Total operating expenses for the quarter increased 12.7% year on year to £74.8 million.

Staff costs

Staff costs for the quarter increased 6.6% year on year to £40.3 million, primarily due to growth in commercial headcount, partially offset by a one-off receipt of £1.3m for players on International duty at Euro 2012. Staff costs for the remaining quarters of the year are expected to be higher due to this one-off receipt and the fact that certain player acquisitions did not take place until half way through the period.

Other operating expenses

Other operating expenses for the quarter increased 18.0% year on year to £19.7 million, primarily due to increased pre-season tour travel costs, gateshare payments to domestic cup opponents following our home League Cup fixture (£nil in the prior year quarter due to the equivalent fixture being played away from home), and one-off Olympic games costs.

Depreciation & amortisation of players’ registrations

Depreciation for the quarter increased 4.2% year on year to £1.9 million; and amortisation of players’ registrations for the quarter decreased 2.7% year on year to £9.8 million. The unamortised balance of existing players’ registrations at 30 September 2012 was £135.6 million.

Exceptional items

Exceptional items for the quarter were for £3.1 million and related to professional advisor fees in connection with the IPO (compared with £nil for the prior year quarter).

Profit on disposal of players’ registrations

Profit on the disposal of players’ registrations for the quarter was £4.8 million (compared with £5.6 million in the prior year quarter) - key disposals being Berbatov and Park.

Net finance costs

Net finance costs for the quarter decreased 35.9% year on year to £12.4 million compared with the same quarter last year. The main reasons for this decrease are a favourable FX movement of £13.9 million year on year on translation of the Group’s US dollar denominated senior secured notes, partially offset by a £3.3 million increase in premium paid on repurchases of US dollar denominated senior secured notes and a £2.3 million increase in accelerated amortisation of debt issue costs on repurchased notes with proceeds for the IPO.

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