tisdag 14 april 2009

Försämrade marginaler för ManU säsongen 2007/8

Mycket står på spel för Manchester United i onsdagens kvartsfinalretur mot Porto. Det är en inte helt obetydlig skillnad vad gäller intäkter mellan en kvartsfinal och en final i Champions League. En sorti i kvarten skulle begränsa "cash-flow" med ett respektabelt belopp under nuvarande bokslutsår.

ManU är världens mest lönsamma fotbollsklubb. Man är ensam om att trots kontinuerligt stora sportsliga framgångar, varje år konsekvent kunna leverera ett starkt positivt rörelseresultat.

Säsongen 2007/08 var inget undantag. Omsättningen landade på £256m vilket är en ökning med drygt 20% från säsongen innan. Kassaflödet från rörelsen blev rekordstora £89 miljoner. En miljon mer än föregående säsong.

Dock försämrades klubbens rörelsemarginal (inkl avskrivningar), från 24% ned till 17%. Detta främst beroende på högre lönekostnader. Ration löner/omsättning upp från 44% till 48%. Priset för sportslig framgång ser därmed ut att ha ökat vilket även speglas på avskrivningarna för spelarförvärv som ökade från £24m till £35m.

Det periodiserade resultatet 2007/08 före skatt för Manchester United Limited blev en vinst på £66miljoner.

Låt oss i stora drag titta på några av varumärket ManU:s bidrag till dess omvärld genom att följa miljonerna och resurserna som rörelsen genererar.

Till sina konkurrenter och fotbollseuropa
Precis som alla andra klubbar utbildar Manchester United fotbollspelare. De spelare som inte anses generera tillräcklig nytta, exporteras till klubbar lägre ned i näringskedjan där de förväntas leverera mer nytta. För denna utbildning erhöll ManU £18m i form av transfersummor.

Samtidigt vill klubben försvara sina sportsliga positioner. Förstärkningar av spelartruppen innebär givetvis att klubben använder en del av de kassaflöden som varumärket ManU genererar till att förvärva spelare och därmed finansiera konkurrenternas balansräkningar. Klubben köpte under perioden spelare från andra klubbar för £46m.

Transfersystemet är ett av fotbollens solidaritetsmekanismer med syfte att stimulera tävlingsbalansen. Omallokeringen av talang samt likvida medel bidrar dessutom till att hålla det europeiska fotbollsystemet flytande (mer om det här).

ManU:s monetära bidrag till övriga fotbollsvärlden blev alltså nettot av transferlikvidena, £28 miljoner.

Till investerarna
Malcolm Glazer heter ägaren men har finansierat förvärvet av ManU genom en struktur till stor del baserad på skulder. De investerare som trodde på prospektet får sin årliga avkastning i form av ränta. Under säsongen 2007/8 betalades £58m ut i räntor till de aktörer som lånat ut pengar till Glazers affär.

Den periodiserade räntekostnaden för perioden var dock högre, £69 miljoner. En mindre del av denna kostnad betalas inte ut nu, istället blir den upplupen och aggregeras skulden fram till dess förfall. (läs mer om skuldstrukturen här)

Till sin ägare
En relevant fråga är givetvis hur Malcolm Glazer ska tjäna pengar på klubben. De periodiserade resultaten i holdingbolaget Red Football Shareholder Limited har hittills varit negativa. Så länge kassaflödena från klubben överstiger ränteutbetalningarna är dock allt frid och fröjd. Det är dock inte helt riskfritt och några av riskerna har jag tidigare specat under länken ett par rader högre upp.

Inte helt otroligt är att bidraget till Glazer kommer den dagen han säljer klubben. Likviden för försäljningen förväntas dels kunna amortera skulderna och dessutom leverera en positiv avkastning på det egna kapital Glazer riskerat i samband med förvärvet 2005.

Forbes senaste subjektiva värdering (här), uppgraderade värdet på ManU till $1.87 miljard, motsvarande £1.25mdr. Frågan är givetvis om det finns potentiella köpare going forward.

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