United thread 2012/13 (inc merged IPO thread)

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jrb said:
Up to $12.96.

Was over $13 at one point.

Anyone know why the share price has climbed by $1 since the low of $12 a few days back?

Is somebody buying up the shares or are the Glazer's doing what the Glazer's do best? ;-)

As I mentioned in an earlier post some investors are buying low in the hope or expectation that the rags' financials released today will be sufficiently impressive to boost the share price. If that happens they'll almost certainly bale out fast and take their profits thereby sending the share price back down again. However, the general expectation is that the final quarter and year end figures will be down - which is of course why the Glazers rushed through the IPO before they were obliged to disclose these figures.

At $12.96 the share price is over a dollar down on the launch price of $14 which itself was a disappointment for the Glazers who had been hoping for up to $20. It's still a clusterfuck (except for the Glazers who've still pocketed a decent wedge for themselves) so don't be surprised to see the share price fall sharply from this afternoon.
 
<a class="postlink" href="http://www.kgbdeals.co.uk/manchester/deals/137255/vip-ticket-to-manchester-united-v-galatasaray---circuit-hospitality---manchester?&utm_source=et&utm_medium=email&utm_campaign=dailydeal&utm_term=137255&utm_content=manchester&kidgb=43a4ffd8-4336-487e-a999-e686d8d88b76" onclick="window.open(this.href);return false;">http://www.kgbdeals.co.uk/manchester/de ... 86d8d88b76</a>

Do we ever do this ? Lol
 
Ja Salford Blue said:
what time are these results out?

The conference call via their investor relations website <a class="postlink" href="http://ir.manutd.com" onclick="window.open(this.href);return false;">http://ir.manutd.com</a> is scheduled for 4pm UK time. The financial results are scheduled to be announced "prior to the market open" which should therefore be just before 2.30pm UK time.

To get an idea how much their revenues are down and costs up (and therefore profits down) this Mail article explains the anticipated situation.



United set to announce reduced profits after last season's failings

Manchester United are expected to report a drop in revenue and profits on Tuesday as a result of the club's failure to progress in the Champions League last season.

The club will announce the full-year results on Tuesday for the year ending June 30 2012.

In unaudited estimates presented to potential investors last month, the club predicted a fall in revenue of between 3 per cent and 5 per cent - an estimated £315m to £320m compared to £334m for the year ending June 2011.

It is also expected to show that wages have risen by around 10 per cent compared to 2011, but that commercial deals, such with training kit partner DHL, have also risen by as much as 13 per cent to £117m, softening the blow of the fall in broadcast income and prize money from European football.

The overall revenue drop is a direct result of United's failure to get into the knockout stages of the Champions League, especially compared to the 2010/2011 season when they reached the final - which was the most lucrative final ever.

The impact of being knocked out of the FA Cup in the fourth round also has had an knock-on effect on matchday income.

The results come against the background of pressure on the price of the shares - totalling 10% of the club - sold on the New York Stock Exchange last month.

The Glazers had valued the shares at between 16 and 20 US dollars, but they were sold for 14 dollars and now the price has dropped to 12 dollars.

The absence of Champions League income from the knockout stages cost United £14m in income from UEFA compared to the previous season.


There also a £10million fall in matchday income due to four fewer home matches taking place.

Even so, United should still be comfortably in third place in the table of the world's biggest-earning clubs behind Real Madrid and Barcelona.

Madrid's revenues for the 2011-12 financial year were 514million euros (£415million), a 7 per cent rise, while Barcelona's of 494.9million euros (£399m) represent a 4.5 per cent increase.

When United issued their third-quarterly report for the nine months ending March 31, the 9.9 per cent wage increase was put down to new players and new contracts.

The quarterly financial report stated: 'This increase largely relates to growth in player remuneration, driven by new player acquisitions and further contractual negotiations together with increased costs and headcount arising from the continued growth in our sponsorship and commercial operations.'


Read more: <a class="postlink" href="http://www.dailymail.co.uk/sport/football/article-2204657/Manchester-United-announce-reduced-profits.html#ixzz26oFVFecG" onclick="window.open(this.href);return false;">http://www.dailymail.co.uk/sport/footba ... z26oFVFecG</a>
 
laserblue said:
Ja Salford Blue said:
what time are these results out?

The conference call via their investor relations website <a class="postlink" href="http://ir.manutd.com" onclick="window.open(this.href);return false;">http://ir.manutd.com</a> is scheduled for 4pm UK time. The financial results are scheduled to be announced "prior to the market open" which should therefore be just before 1.30pm UK time.

To get an idea how much their revenues are down and costs up (and therefore profits down) this Mail article explains the anticipated situation.



United set to announce reduced profits after last season's failings

Manchester United are expected to report a drop in revenue and profits on Tuesday as a result of the club's failure to progress in the Champions League last season.

The club will announce the full-year results on Tuesday for the year ending June 30 2012.

In unaudited estimates presented to potential investors last month, the club predicted a fall in revenue of between 3 per cent and 5 per cent - an estimated £315m to £320m compared to £334m for the year ending June 2011.

It is also expected to show that wages have risen by around 10 per cent compared to 2011, but that commercial deals, such with training kit partner DHL, have also risen by as much as 13 per cent to £117m, softening the blow of the fall in broadcast income and prize money from European football.

The overall revenue drop is a direct result of United's failure to get into the knockout stages of the Champions League, especially compared to the 2010/2011 season when they reached the final - which was the most lucrative final ever.

The impact of being knocked out of the FA Cup in the fourth round also has had an knock-on effect on matchday income.

The results come against the background of pressure on the price of the shares - totalling 10% of the club - sold on the New York Stock Exchange last month.

The Glazers had valued the shares at between 16 and 20 US dollars, but they were sold for 14 dollars and now the price has dropped to 12 dollars.

The absence of Champions League income from the knockout stages cost United £14m in income from UEFA compared to the previous season.


There also a £10million fall in matchday income due to four fewer home matches taking place.

Even so, United should still be comfortably in third place in the table of the world's biggest-earning clubs behind Real Madrid and Barcelona.

Madrid's revenues for the 2011-12 financial year were 514million euros (£415million), a 7 per cent rise, while Barcelona's of 494.9million euros (£399m) represent a 4.5 per cent increase.

When United issued their third-quarterly report for the nine months ending March 31, the 9.9 per cent wage increase was put down to new players and new contracts.

The quarterly financial report stated: 'This increase largely relates to growth in player remuneration, driven by new player acquisitions and further contractual negotiations together with increased costs and headcount arising from the continued growth in our sponsorship and commercial operations.'


Read more: <a class="postlink" href="http://www.dailymail.co.uk/sport/football/article-2204657/Manchester-United-announce-reduced-profits.html#ixzz26oFVFecG" onclick="window.open(this.href);return false;">http://www.dailymail.co.uk/sport/footba ... z26oFVFecG</a>

They've just had Proffessor Norman someone from Liverpool University, and a reporter on R5L.

They reporter said something like "United appear to be extremely reliant on the mythical hundred of millions of supporters who live east of Delhi"....Fucking quality! I'll try and dig it out
 
Is a 3.3% drop in revenue worth the excitement some people seem to have? They still made £320.2m and with CL group stage qualification this year likely, it'll go up again next season.
 
i was trying to figure out how they had made a 23.3 million profit when they had this:

2012 2011
Commercial revenue 117.6 103.4 13.7%
Broadcasting revenue 104.0 117.2 (11.3%)
Matchday revenue 98.7 110.8 (10.9%)
Total revenue 320.3 331.4 (3.3%)

Adjusted EBITDA 91.6 109.7 (16.5%)
Profit/(loss) 23.3 13.0 79.2%
Gross debt 436.9 458.9 (4.8%)
Cash 70.6 150.6 (53.1%)

so, the matchday and broadcasting revenue slipped, debt reduced slightly and they halved their cash at the bank yet profit was 23.3 million

then i came across...

Income Taxes

The tax credit for the year increased GBP 27.0 million to GBP 28.0 million primarily due to the recognition of previously unrecognised tax losses as a deferred tax asset and the continuing release of the deferred tax liabilities.

Profit for the year from continuing operations
Profit for the year from continuing operations for the year increased 79.2% to GBP 23.3 million primarily as a result of the increase in our tax credit.

so without the 28 million tax credit they would have had a 5 million loss...
 
LoveCity said:
Is a 3.3% drop in revenue worth the excitement some people seem to have? They still made £320.2m and with CL group stage qualification this year likely, it'll go up again next season.


The point is that, no matter how 'big' a company's turnover is, shareholders get seriously pissed off if there is no growth in revenue and/or profits. Trust me, I've been in a situation in my working life when a (U.S. owned) company's corporate demand on employees was for spectacular year on year growth. It was unacceptable if the previous year's results, no matter how good at the time, were not substantially increased the following year. Senior heads would roll to satisfy (mostly U.S.) shareholders and potential shareholders that corrective action had been taken to move things in the right direction if one just set of results was below target.
 
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