Man Utd Files 20-F: Adidas Deal, Trawlers Investment Detailed

Ticker: MANU · Form: 20-F · Filed: Sep 13, 2024 · CIK: 1549107

Manchester United PLC 20-F Filing Summary
FieldDetail
CompanyManchester United PLC (MANU)
Form Type20-F
Filed DateSep 13, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$0.0005, $33.00, $200 m, $100 m
Sentimentneutral

Sentiment: neutral

Topics: annual-report, financials, partnerships

TL;DR

Man Utd 20-F is in! Adidas deal locked, Trawlers investment noted. Check financials.

AI Summary

Manchester United plc filed its 20-F annual report for the fiscal year ending June 30, 2024. The report details financial performance and business operations, including significant figures like revenue and assets. Key events mentioned include a partnership with Adidas, which was finalized on July 21, 2023, and an investment in Trawlers Limited as of June 30, 2024.

Why It Matters

This filing provides investors with a comprehensive overview of Manchester United's financial health and strategic partnerships, crucial for understanding the club's value and future prospects.

Risk Assessment

Risk Level: medium — The filing contains standard financial disclosures for a public company, but the nature of sports club finances and potential market fluctuations introduce inherent risks.

Key Numbers

Key Players & Entities

FAQ

What was Manchester United's total revenue for the fiscal year ending June 30, 2024?

The filing indicates revenue figures, but the exact total revenue for FY2024 is not explicitly stated as a single sum in the provided snippet. However, related financial figures like '12800000' and '8900000' are present, likely representing components of revenue or other financial metrics.

When was the partnership with Adidas officially confirmed?

The partnership with Adidas was confirmed on July 21, 2023.

What is the nature of the investment in Trawlers Limited?

The filing notes an investment in Trawlers Limited as of June 30, 2024, and a separate mention of Trawlers Limited on December 24, 2023, suggesting ongoing or recent involvement.

What are the reported intangible assets excluding goodwill as of June 30, 2024?

The intangible assets other than goodwill were reported as $38.6 million as of June 30, 2024.

Does the filing mention any unused tax credits?

Yes, the filing mentions 'UnusedTaxCredits' as of June 30, 2024.

Filing Stats: 4,470 words · 18 min read · ~15 pages · Grade level 15.4 · Accepted 2024-09-13 16:31:09

Key Financial Figures

Filing Documents

Item 18

Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No Table of Contents TABLE OF CONTENTS Page GENERAL INFORMATION ii PRESENTATION OF FINANCIAL AND OTHER DATA ii

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS iii MARKET AND INDUSTRY DATA v

SELECTED FINANCIAL DATA

SELECTED FINANCIAL DATA vi RISK FACTOR SUMMARY 1 PART I ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 3 ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 3 ITEM 3. KEY INFORMATION 3 ITEM 4. INFORMATION ON THE COMPANY 28 ITEM 4A. UNRESOLVED STAFF COMMENTS 53 ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 53 ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 69 ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 79 ITEM 8. FINANCIAL INFORMATION 82 ITEM 9. THE OFFER AND LISTING 83 ITEM 10. ADDITIONAL INFORMATION 83 ITEM 11.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 89 ITEM 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 90 PART II ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 91 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 91 ITEM 15.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 91 ITEM 16. [RESERVED] 92 ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 92 ITEM 16B. CODE OF ETHICS 92 ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 92 ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 93 ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 93 ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 93 ITEM 16G. CORPORATE GOVERNANCE 93 ITEM 16H. MINE SAFETY DISCLOSURE 94 ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 94 ITEM 16J. INSIDER TRADING POLICIES 94 ITEM 16K . CYBERSECURITY 95 PART III ITEM 17.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 96 ITEM 18.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 96 ITEM 19. EXHIBITS 96 MANCHESTER UNITED PLC GROUP HISTORICAL FINANCIAL INFORMATION i Table of Contents GENERAL INFORMATION In this annual report on Form 20-F ("Annual Report"), references to "Manchester United," "the Company," "our Company," "our business," "we," "us" and "our" are, as the context requires, to Manchester United plc together with its consolidated subsidiaries as a consolidated entity. Throughout this Annual Report, we refer to the following football leagues and cups: the English Premier League (the "Premier League"); the Emirates FA Cup (the "FA Cup"); the English Football League Cup (the "EFL Cup"); the Union of European Football Associations Champions League (the "Champions League"); the Union of European Football Associations Europa League (the "Europa League"); and the Union of European Football Associations Conference League (the "Conference League") (formerly the "Europa Conference League"). The term "Matchday" refers to all domestic and European football match day activities from Manchester United men's games at Old Trafford, the Manchester United football stadium, along with receipts for domestic cup (such as the EFL Cup and the FA Cup) games not played at Old Trafford plus receipts from Manchester United women's home games. Fees for arranging other events at the stadium are also included as Matchday revenue. Trawlers Transaction As previously announced, on 24 December 2023, we entered into a transaction agreement with Trawlers Limited ("Trawlers"), an entity solely owned by Sir Jim Ratcliffe (together with Trawlers, the "Offerors"), and the holders of our Class B ordinary shares identified therein (the "Sellers"). Pursuant to the transaction agreement, and upon the terms and subject to the conditions thereof, the Offerors commenced a tender offer (the "Offer") to purchase up to 13,237,834 of our Class A ordinary shares, at a price of $33.00 per share (the "Offer Price"). Pursuant to the transa

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report contains estimates and forward-looking statements. Our estimates and forward-looking statements are mainly based on our current expectations and estimates of future events and trends, which affect or may affect our businesses and operations. Although we believe that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to numerous risks and uncertainties and are made in light of information currently available to us. Many important factors, in addition to the factors described in this Annual Report, may adversely affect our results as indicated in forward-looking statements. You should read this Annual Report completely and with the understanding that our actual future results may be materially different and worse from what we expect. All statements other than statements of historical fact are forward-looking statements. The words "may," "might," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "seek," "believe," "estimate," "predict," "potential," "continue," "contemplate," "possible" and similar words are intended to identify estimates and forward-looking statements. Our estimates and forward-looking statements may be influenced by various factors, including without limitation: the effect of adverse economic conditions on our operations; maintaining, enhancing and protecting our brand and reputation in order to expand our follower and sponsorship base; our ability to attract and retain key personnel, including players; our dependence on the performance and popularity of our men's and women's first teams; our ability to renew or replace key commercial agreements on similar or better terms or attract new sponsors; the negotiation, pricing and terms of key media contracts, which are outside of our control; our reliance on European competitions as a source of future income; changing regulations after the departure of the United Kingdom

SELECTED FINANCIAL DATA

SELECTED FINANCIAL DATA We prepare our consolidated financial statements in accordance with IFRS as issued by the IASB. The selected consolidated financial data (including statement of profit or loss data, other data and balance sheet data) presented as of and for the years ended 30 June 2024, 2023, 2022, 2021 and 2020 has been derived from our audited consolidated financial statements and the notes thereto (our audited consolidated financial statements as of and for the years ended 30 June 2022, 2021 and 2020 are not included in this Annual Report). Our historical results for any prior period are not necessarily indicative of results expected in any future period. The selected historical financial information presented in the tables below should be read in conjunction with, and is qualified in its entirety by reference to, our audited consolidated financial statements and accompanying notes. The audited consolidated financial statements and the accompanying notes as of 30 June 2024 and 2023 and for the years ended 30 June 2024, 2023 and 2022 have been included elsewhere in this Annual Report. Unless otherwise specified, all financial information included in this Annual Report has been stated in pounds sterling. Year ended 30 June 2024 2023 2022 2021 2020 ('000, unless otherwise indicated) Revenue from contracts with customers (1) 661,755 648,401 583,201 494,117 509,041 Analyzed as: Commercial revenue 302,876 302,886 257,820 232,205 279,044 Broadcasting revenue 221,745 209,095 214,847 254,815 140,203 Matchday revenue 137,134 136,420 110,534 7,097 89,794 Operating expenses — before exceptional items (720,752) (681,117) (667,828) (538,424) (522,204) Analyzed as: Employee benefit expenses (364,719) (331,374) (384,141) (322,600) (284,029) Other operating expenses (149,384) (163,211) (117,911) (76,467) (92,876) Depreciation and impairmen

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