The document is an investor presentation for Manchester United covering the period of July/August 2014. It highlights Manchester United's strong brand and global fanbase as the foundation for continued revenue growth across matchday, broadcasting, sponsorship, retail and new media. Financial results for the 2014 fiscal year are estimated to show record revenue of £429-434 million and adjusted EBITDA of £128-130 million, representing growth of over 25% from the prior year. Long term commercial contracts such as the kit deal with Adidas provide revenue visibility through 2025.
This document provides an executive summary and marketing strategy for Atlético de Madrid Women's Football to increase global awareness and engagement. It analyzes the club's situation, competitors, brand, target markets, and proposes a €300,000 marketing plan focused on social media, stadium activities, training, and merchandise to help expand the brand internationally.
From Theatre of Dreams to Pink Power_abstract_englishClaudio Ballor
This document provides an abstract of Claudio Ballor's 2004/2005 degree thesis comparing the marketing strategies of Manchester United PLC and U.S. Città di Palermo football clubs. The thesis examines how Manchester United pioneered a business model of diversification, commercialization, and global brand building to achieve financial success, while Palermo is attempting to adopt similar strategies under new ownership. It analyzes factors like player development, coaching stability, fan engagement, and corporate structure to understand Manchester United's sustained competitive advantage. The research aims to determine if Palermo can apply lessons from Manchester United to better monetize its large fanbase and establish a stable business model.
This document discusses the opportunities for investment and development of professional football in India. It notes that investment is needed to build world-class infrastructure like stadiums and academies to develop talent and generate revenue. Establishing successful professional football clubs and academies in India could create profitable global brands, help India qualify for the FIFA World Cup, and realize the vast potential for football in India and Asia. The document outlines factors to consider and support that could be provided to help investors establish sustainable professional football businesses.
The document outlines Stockport County Football Club's plans to return the club to stability and sustainability over the next five years. The club aims to achieve four main priorities: stability, sustainability, acquiring their stadium (Edgeley Park), and success on the pitch. They plan to improve the club's financial position, strengthen their youth academy and scouting programs, and work towards promotion back to the Football League by 2020. The club invites input from supporters and stakeholders on their proposed roadmap to return Stockport County to its former standing.
Global gin market analysis (2015 2021)- research nesterNick Price
Research Nester is a market research and consulting firm that provides unbiased and strategic insights. They conduct in-depth primary and secondary research to help organizations understand market trends to make informed business decisions. The document provides an overview of the global gin market, including key segments, growth drivers, challenges, major players, and forecasts. It summarizes the market segmentation by price, alcohol content, distribution channels, and geographic regions.
The document discusses the consumer discretionary sector team from Lancaster University Investment & Finance Society. It notes that the sector comprises companies that sell non-essential goods driven by consumer confidence and economic conditions. It also mentions that the sector's stocks fluctuate depending on consumer spending habits and important macro trends to consider include wage numbers, GDP, and unemployment. The sector is the opposite of consumer staples and discretionary stocks exist across most industries.
Final version strategic_management_good_one (2)karimrado
The document discusses Manchester United's strategic management. It analyzes their environment through a PESTEL analysis and Porter's Five Forces. It examines their mass market and business market customers using Bowman's Strategy Clock. It maps their product development, market penetration, market development, and diversification using Ansoff's Matrix. It proposes scenario planning and diversification to stabilize revenues and support future growth as Manchester United operates in an uncertain field affected by economic cycles and sports results.
Thor Industries is one of the world's largest manufacturers of recreational vehicles. It has two main business segments: towable RVs such as travel trailers and fifth wheels, and motorized RVs including Class A, B, and C motorhomes. Thor has experienced consistent sales growth and increasing profits and earnings per share over the past decade. It aims to provide superior RV products through innovation while maintaining strong relationships with consumers, dealers, and suppliers for long-term sustainable growth.
This document provides an executive summary and marketing strategy for Atlético de Madrid Women's Football to increase global awareness and engagement. It analyzes the club's situation, competitors, brand, target markets, and proposes a €300,000 marketing plan focused on social media, stadium activities, training, and merchandise to help expand the brand internationally.
From Theatre of Dreams to Pink Power_abstract_englishClaudio Ballor
This document provides an abstract of Claudio Ballor's 2004/2005 degree thesis comparing the marketing strategies of Manchester United PLC and U.S. Città di Palermo football clubs. The thesis examines how Manchester United pioneered a business model of diversification, commercialization, and global brand building to achieve financial success, while Palermo is attempting to adopt similar strategies under new ownership. It analyzes factors like player development, coaching stability, fan engagement, and corporate structure to understand Manchester United's sustained competitive advantage. The research aims to determine if Palermo can apply lessons from Manchester United to better monetize its large fanbase and establish a stable business model.
This document discusses the opportunities for investment and development of professional football in India. It notes that investment is needed to build world-class infrastructure like stadiums and academies to develop talent and generate revenue. Establishing successful professional football clubs and academies in India could create profitable global brands, help India qualify for the FIFA World Cup, and realize the vast potential for football in India and Asia. The document outlines factors to consider and support that could be provided to help investors establish sustainable professional football businesses.
The document outlines Stockport County Football Club's plans to return the club to stability and sustainability over the next five years. The club aims to achieve four main priorities: stability, sustainability, acquiring their stadium (Edgeley Park), and success on the pitch. They plan to improve the club's financial position, strengthen their youth academy and scouting programs, and work towards promotion back to the Football League by 2020. The club invites input from supporters and stakeholders on their proposed roadmap to return Stockport County to its former standing.
Global gin market analysis (2015 2021)- research nesterNick Price
Research Nester is a market research and consulting firm that provides unbiased and strategic insights. They conduct in-depth primary and secondary research to help organizations understand market trends to make informed business decisions. The document provides an overview of the global gin market, including key segments, growth drivers, challenges, major players, and forecasts. It summarizes the market segmentation by price, alcohol content, distribution channels, and geographic regions.
The document discusses the consumer discretionary sector team from Lancaster University Investment & Finance Society. It notes that the sector comprises companies that sell non-essential goods driven by consumer confidence and economic conditions. It also mentions that the sector's stocks fluctuate depending on consumer spending habits and important macro trends to consider include wage numbers, GDP, and unemployment. The sector is the opposite of consumer staples and discretionary stocks exist across most industries.
Final version strategic_management_good_one (2)karimrado
The document discusses Manchester United's strategic management. It analyzes their environment through a PESTEL analysis and Porter's Five Forces. It examines their mass market and business market customers using Bowman's Strategy Clock. It maps their product development, market penetration, market development, and diversification using Ansoff's Matrix. It proposes scenario planning and diversification to stabilize revenues and support future growth as Manchester United operates in an uncertain field affected by economic cycles and sports results.
Thor Industries is one of the world's largest manufacturers of recreational vehicles. It has two main business segments: towable RVs such as travel trailers and fifth wheels, and motorized RVs including Class A, B, and C motorhomes. Thor has experienced consistent sales growth and increasing profits and earnings per share over the past decade. It aims to provide superior RV products through innovation while maintaining strong relationships with consumers, dealers, and suppliers for long-term sustainable growth.
Manchester United Investor Presentation 2019Peter Wises
This presentation provides an overview of Manchester United plc for investors. It highlights that Manchester United has unsurpassed global commercial reach as the most popular football club in the world. It owns and controls its valuable brand. The presentation also notes that football and Premier League broadcasting rights are increasing in value significantly as sports content becomes more important. Finally, it summarizes Manchester United's business model, which includes revenue from broadcasting, matchdays, sponsorship, retail and digital media.
This presentation provides an overview of Manchester United plc for investors. Key points include:
- Manchester United has an unsurpassed global brand and commercial reach as the most popular football club.
- Premier League broadcasting rights are increasing in value significantly as football content is highly desirable.
- Manchester United generates revenue from matchday attendance, broadcasting, sponsorship and retail with a focus on growing digital media revenue.
- The club maintains a strong financial position with visible revenue streams and a prudent approach to player and facilities investment.
Park City Group provides a unique supply chain solution called Consumer Driven Sales Optimization that uses scan-based trading and data synchronization between retailers and suppliers. This solution aims to help retailers increase sales and reduce costs while helping suppliers improve sales and gain better visibility into demand. The company has a recurring revenue business model and targets major retailers and consumer goods suppliers as customers.
- Manchester United is a leading football club in the Premier League that generates revenue from broadcasting, commercial, and match-day segments. The club is managed by an experienced executive team headlined by Sir Alex Ferguson.
- The European football industry has increased revenue through commercializing the sport and expanding revenue drivers like broadcasting deals. However, growth opportunities in emerging digital markets are tempered by risks from a deteriorating European economy.
- Manchester United's position as a major industry player is secured due to steady and growing revenue streams, though performance, injuries, and other unpredictable factors pose risks.
- The presentation discusses Tennant Company's strategy to achieve $1 billion in revenue by 2017 through organic growth. This will be done by reaching new customers and markets, continuing to deliver innovative products, and maintaining financial discipline.
- Tennant aims to expand globally into key verticals like industrial, education, and healthcare. New channels like e-commerce will also help reach more customers. Tennant's strong product pipeline and technologies like ec-H2O and Orbio will support growth.
- Tennant recognizes the need to continue cost controls and processes that support growth while achieving their 12%+ operating profit margin goal. Maintaining financial strength from improved profitability and cash generation will be important to Tennant's future
The document is a strategy presentation by Ana Botin, Group Executive Chairman of Banco Santander, S.A. given on February 3rd, 2015. It outlines Santander's strategy to be the best retail and commercial bank by earning the lasting loyalty of customers, employees, shareholders, and communities. The presentation discusses the new banking environment, Santander's current position, and strategic priorities around customers, employees, communities, and shareholders. Key goals include growing the number of loyal retail and corporate customers, improving customer satisfaction, and achieving a return on tangible equity of 12-14% by 2017.
ECS3019 Financial Decisions for Business – Assignment 2(A) UseEvonCanales257
The document provides instructions for an assignment analyzing the 2018 financial statements of Debenhams plc. It asks students to calculate various financial ratios to analyze Debenhams' liquidity, inventory management, profitability, and financial risk in 2018. It also asks students to discuss the major financial mistakes that led to Debenhams' decline and other contributing internal and external factors, justifying arguments with examples and figures. The assignment is due by April 26, 2021 and should be between 1,500-2,000 words for part B.
The document summarizes Ingersoll Rand's 2017 Investor & Analyst Day. It provides an overview of the company, highlights its strong and improving financial performance, and outlines its strategy and outlook for continued sustainable performance through 2020. Ingersoll Rand's businesses are well positioned due to its leading brands and market positions. The company's business operating system delivers results through a focus on sustainability, innovation, employee engagement and operational excellence.
This presentation provides an overview of Tennant Company for investors. It contains forward-looking statements and notes risks and uncertainties that could affect results. The company has a strong balance sheet and has paid dividends for 69 consecutive years. It aims to reach $1 billion in revenue by 2017 through organic growth in existing and emerging markets, new product development, and continued process improvements. Emphasis is placed on maintaining disciplined cost controls and profitability as the company works to accelerate growth.
This investor presentation summarizes an investor presentation from Ingersoll Rand given in May 2018. The key points are:
1) Ingersoll Rand is a global leader in energy efficiency and productivity with two segments - Industrial and Climate - and leading brands in various markets.
2) The company has a robust financial model that delivers powerful cash flow through diversified end markets, market leading positions, focus on margin expansion, and balanced capital deployment.
3) Ingersoll Rand's strategy of sustained growth, operational excellence, and dynamic capital allocation is driving profitable growth and margin improvement towards 2020 targets of 4-4.5% revenue CAGR, 14.5-15% operating margins, and 11-
- The presentation discusses forward-looking statements which are subject to risks and uncertainties that could cause actual results to differ from expectations.
- It provides key facts about the company's history of dividends, awards, customers and financial performance.
- The company's vision is to lead the global cleaning industry in sustainable innovation to empower customers to create a cleaner world.
- The document discusses Tennant Company's strategy to achieve $1 billion in revenue by 2017 through organic growth. It plans to focus on reaching new customers and markets, continuing product innovation, and maintaining financial discipline.
- Tennant reported 2014 revenues of $822 million and plans to achieve revenue growth through GDP expansion, improving go-to-market strategies, new product introductions, and growth in emerging markets.
- The company will balance growth investments while maintaining its target 12% operating profit margin through standardized global processes and financial discipline.
This investor presentation covers Ingersoll Rand's business, financial performance, growth opportunities, and outlook. Some key points:
- Ingersoll Rand is a global leader in energy efficiency and productivity with two segments - Industrial and Climate - that have diversified end markets and recurring revenue streams.
- The company has delivered strong financial performance through revenue growth, margin expansion, and powerful free cash flow generation. Targets include 4-4.5% revenue CAGR through 2020.
- Ongoing business investments in new products, technology, and capabilities support continued growth and profitability opportunities across segments.
- Ingersoll Rand pursues a balanced capital allocation strategy of reinvestment, dividends
Sports Sponsorship – A cost effective investment for your brandFuture Thinking
Sports fans are bombarded with brand messages and campaigns across all forms of media; from team, stadia and TV sponsorship to mobile, social media and online collateral. As a result, measuring, evaluating and predicting advertising and sponsorship campaign effectiveness to optimise your sponsorship portfolio has become increasingly complex. With so many investment opportunities to choose from, how do brands ensure their sponsorship portfolio enables them to reach the highest number of people within their target markets for the most cost effective investment? Earlier this year, SPA Future Thinking conducted an online study to find out where and how sports sponsorship deals are achieving cut through with fans.
Download our complimentary guide which highlights:
- Scale of return – the effectiveness of multiple sports sponsorship.
- Spontaneous brand association – who do fans really remember?
- Successful partnerships – opportunities for rights holders and brands.
- Evaluating sports sponsorships – how to successfully measure campaigns.
- Beyond sponsorship – understanding the wider role of research in sport.
Here at SPA Future Thinking we help a wide variety of companies; from sports brands, regulatory bodies, media agencies and broadcasters, to understand how to optimise the effectiveness of their sponsorship campaigns. Our range of solutions includes the launch of Campaign Optimiser 2.0 which identifies which platforms used have impacted most on campaign awareness, appeal and call to action.
For more information on understanding sponsorship please call/email Suzy Aronstam on +44 (0) 207 843 9777 or suzy.aronstam@spafuturethinking.com.
This document provides an overview of Clorox's FY16 Q4 investor deck. Some key points:
- Clorox has an advantaged portfolio with over 80% of sales from #1 or #2 share brands across cleaning, household, lifestyle, and international categories.
- Innovation is delivering 3%+ annual sales growth and Clorox is focusing on 3D innovation to drive demand.
- Digital transformation and eCommerce are areas of focus as those channels grow.
- International represents 17% of sales and provides growth opportunities in mid-sized countries.
- For FY17, Clorox expects 2-4% sales growth, 25-50bps EBIT margin improvement, and
The document provides an overview of Clorox's Q2 FY17 investor deck. Some key points:
1) Clorox has an advantaged portfolio with over 80% of sales from #1 or #2 share brands across cleaning, household, lifestyle, and international categories.
2) Clorox is pursuing a strategy focused on maximizing economic profit through brand investment, reducing waste, and growing into new categories and geographies.
3) Clorox is driving growth through innovation, portfolio management, international expansion, and digital transformation to engage consumers.
The document provides an overview of Clorox's Q2 FY17 investor deck. Some key points:
1) Clorox has an advantaged portfolio with over 80% of sales from #1 or #2 share brands across cleaning, household, lifestyle, and international categories.
2) Clorox is pursuing a strategy focused on maximizing economic profit through brand investment, reducing waste, and growing into new categories and geographies.
3) Clorox is driving growth through innovation, portfolio management, international expansion, and digital transformation to engage consumers.
Shopify is an e-commerce platform with over 175,000 active merchants and $10 billion in cumulative GMV. The document discusses Shopify's financial highlights including strong and consistent revenue, MRR, and GMV growth driven by growing merchant base and introduction of new products. It also notes Shopify's powerful recurring revenue business model and operating leverage with expanding gross margins and decreasing operating expenses as a percentage of revenue.
Shopify is an e-commerce platform with over 200,000 active merchants and $1.9 billion in gross merchandise volume (GMV) in Q3 2015. The document discusses Shopify's multi-channel commerce platform that allows merchants to manage sales across all channels from a single back office. It provides financial highlights showing Shopify's strong and consistent revenue growth, powerful recurring revenue business model, and operating leverage.
Shopify is an e-commerce platform with over 200,000 active merchants and $1.9 billion in gross merchandise volume (GMV) in Q3 2015. The document discusses Shopify's multi-channel commerce platform that allows merchants to manage sales across all channels from a single back office. It provides financial highlights showing Shopify's strong and consistent revenue growth, powerful recurring revenue business model, and operating leverage.
- The document provides information on the Tulip Trend Fund A EUR, including its monthly net returns from 2002-2016, key figures such as annual returns and maximum drawdown, and fund facts.
- The fund uses a quantitative trend following strategy across global futures and forwards markets to participate systematically in trending markets.
- Over its lifetime, the fund has generated an annualized return of 1.558999% and maximum drawdown of -11.01%, with relatively low correlation to major stock and hedge fund indices.
The fund returned -10.8% in February, underperforming its benchmark. The short equity book and long equity book both made negative contributions after currency hedging. Within the short book, negative contributions came from Anglo American, Las Vegas Sands, and Royal Dutch Shell. Within the long book, negative contributions came from Nokia, Sky, and Bank of America. Elsewhere, active currencies returned -0.4% while government bonds and commodities returned +0.1% and +1.4% respectively. The manager remains convinced markets will continue to struggle without credit expansion and believes central banks have limited options to address slowing growth and falling productivity.
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Similar to Manchester united investor slides august 2014
Manchester United Investor Presentation 2019Peter Wises
This presentation provides an overview of Manchester United plc for investors. It highlights that Manchester United has unsurpassed global commercial reach as the most popular football club in the world. It owns and controls its valuable brand. The presentation also notes that football and Premier League broadcasting rights are increasing in value significantly as sports content becomes more important. Finally, it summarizes Manchester United's business model, which includes revenue from broadcasting, matchdays, sponsorship, retail and digital media.
This presentation provides an overview of Manchester United plc for investors. Key points include:
- Manchester United has an unsurpassed global brand and commercial reach as the most popular football club.
- Premier League broadcasting rights are increasing in value significantly as football content is highly desirable.
- Manchester United generates revenue from matchday attendance, broadcasting, sponsorship and retail with a focus on growing digital media revenue.
- The club maintains a strong financial position with visible revenue streams and a prudent approach to player and facilities investment.
Park City Group provides a unique supply chain solution called Consumer Driven Sales Optimization that uses scan-based trading and data synchronization between retailers and suppliers. This solution aims to help retailers increase sales and reduce costs while helping suppliers improve sales and gain better visibility into demand. The company has a recurring revenue business model and targets major retailers and consumer goods suppliers as customers.
- Manchester United is a leading football club in the Premier League that generates revenue from broadcasting, commercial, and match-day segments. The club is managed by an experienced executive team headlined by Sir Alex Ferguson.
- The European football industry has increased revenue through commercializing the sport and expanding revenue drivers like broadcasting deals. However, growth opportunities in emerging digital markets are tempered by risks from a deteriorating European economy.
- Manchester United's position as a major industry player is secured due to steady and growing revenue streams, though performance, injuries, and other unpredictable factors pose risks.
- The presentation discusses Tennant Company's strategy to achieve $1 billion in revenue by 2017 through organic growth. This will be done by reaching new customers and markets, continuing to deliver innovative products, and maintaining financial discipline.
- Tennant aims to expand globally into key verticals like industrial, education, and healthcare. New channels like e-commerce will also help reach more customers. Tennant's strong product pipeline and technologies like ec-H2O and Orbio will support growth.
- Tennant recognizes the need to continue cost controls and processes that support growth while achieving their 12%+ operating profit margin goal. Maintaining financial strength from improved profitability and cash generation will be important to Tennant's future
The document is a strategy presentation by Ana Botin, Group Executive Chairman of Banco Santander, S.A. given on February 3rd, 2015. It outlines Santander's strategy to be the best retail and commercial bank by earning the lasting loyalty of customers, employees, shareholders, and communities. The presentation discusses the new banking environment, Santander's current position, and strategic priorities around customers, employees, communities, and shareholders. Key goals include growing the number of loyal retail and corporate customers, improving customer satisfaction, and achieving a return on tangible equity of 12-14% by 2017.
ECS3019 Financial Decisions for Business – Assignment 2(A) UseEvonCanales257
The document provides instructions for an assignment analyzing the 2018 financial statements of Debenhams plc. It asks students to calculate various financial ratios to analyze Debenhams' liquidity, inventory management, profitability, and financial risk in 2018. It also asks students to discuss the major financial mistakes that led to Debenhams' decline and other contributing internal and external factors, justifying arguments with examples and figures. The assignment is due by April 26, 2021 and should be between 1,500-2,000 words for part B.
The document summarizes Ingersoll Rand's 2017 Investor & Analyst Day. It provides an overview of the company, highlights its strong and improving financial performance, and outlines its strategy and outlook for continued sustainable performance through 2020. Ingersoll Rand's businesses are well positioned due to its leading brands and market positions. The company's business operating system delivers results through a focus on sustainability, innovation, employee engagement and operational excellence.
This presentation provides an overview of Tennant Company for investors. It contains forward-looking statements and notes risks and uncertainties that could affect results. The company has a strong balance sheet and has paid dividends for 69 consecutive years. It aims to reach $1 billion in revenue by 2017 through organic growth in existing and emerging markets, new product development, and continued process improvements. Emphasis is placed on maintaining disciplined cost controls and profitability as the company works to accelerate growth.
This investor presentation summarizes an investor presentation from Ingersoll Rand given in May 2018. The key points are:
1) Ingersoll Rand is a global leader in energy efficiency and productivity with two segments - Industrial and Climate - and leading brands in various markets.
2) The company has a robust financial model that delivers powerful cash flow through diversified end markets, market leading positions, focus on margin expansion, and balanced capital deployment.
3) Ingersoll Rand's strategy of sustained growth, operational excellence, and dynamic capital allocation is driving profitable growth and margin improvement towards 2020 targets of 4-4.5% revenue CAGR, 14.5-15% operating margins, and 11-
- The presentation discusses forward-looking statements which are subject to risks and uncertainties that could cause actual results to differ from expectations.
- It provides key facts about the company's history of dividends, awards, customers and financial performance.
- The company's vision is to lead the global cleaning industry in sustainable innovation to empower customers to create a cleaner world.
- The document discusses Tennant Company's strategy to achieve $1 billion in revenue by 2017 through organic growth. It plans to focus on reaching new customers and markets, continuing product innovation, and maintaining financial discipline.
- Tennant reported 2014 revenues of $822 million and plans to achieve revenue growth through GDP expansion, improving go-to-market strategies, new product introductions, and growth in emerging markets.
- The company will balance growth investments while maintaining its target 12% operating profit margin through standardized global processes and financial discipline.
This investor presentation covers Ingersoll Rand's business, financial performance, growth opportunities, and outlook. Some key points:
- Ingersoll Rand is a global leader in energy efficiency and productivity with two segments - Industrial and Climate - that have diversified end markets and recurring revenue streams.
- The company has delivered strong financial performance through revenue growth, margin expansion, and powerful free cash flow generation. Targets include 4-4.5% revenue CAGR through 2020.
- Ongoing business investments in new products, technology, and capabilities support continued growth and profitability opportunities across segments.
- Ingersoll Rand pursues a balanced capital allocation strategy of reinvestment, dividends
Sports Sponsorship – A cost effective investment for your brandFuture Thinking
Sports fans are bombarded with brand messages and campaigns across all forms of media; from team, stadia and TV sponsorship to mobile, social media and online collateral. As a result, measuring, evaluating and predicting advertising and sponsorship campaign effectiveness to optimise your sponsorship portfolio has become increasingly complex. With so many investment opportunities to choose from, how do brands ensure their sponsorship portfolio enables them to reach the highest number of people within their target markets for the most cost effective investment? Earlier this year, SPA Future Thinking conducted an online study to find out where and how sports sponsorship deals are achieving cut through with fans.
Download our complimentary guide which highlights:
- Scale of return – the effectiveness of multiple sports sponsorship.
- Spontaneous brand association – who do fans really remember?
- Successful partnerships – opportunities for rights holders and brands.
- Evaluating sports sponsorships – how to successfully measure campaigns.
- Beyond sponsorship – understanding the wider role of research in sport.
Here at SPA Future Thinking we help a wide variety of companies; from sports brands, regulatory bodies, media agencies and broadcasters, to understand how to optimise the effectiveness of their sponsorship campaigns. Our range of solutions includes the launch of Campaign Optimiser 2.0 which identifies which platforms used have impacted most on campaign awareness, appeal and call to action.
For more information on understanding sponsorship please call/email Suzy Aronstam on +44 (0) 207 843 9777 or suzy.aronstam@spafuturethinking.com.
This document provides an overview of Clorox's FY16 Q4 investor deck. Some key points:
- Clorox has an advantaged portfolio with over 80% of sales from #1 or #2 share brands across cleaning, household, lifestyle, and international categories.
- Innovation is delivering 3%+ annual sales growth and Clorox is focusing on 3D innovation to drive demand.
- Digital transformation and eCommerce are areas of focus as those channels grow.
- International represents 17% of sales and provides growth opportunities in mid-sized countries.
- For FY17, Clorox expects 2-4% sales growth, 25-50bps EBIT margin improvement, and
The document provides an overview of Clorox's Q2 FY17 investor deck. Some key points:
1) Clorox has an advantaged portfolio with over 80% of sales from #1 or #2 share brands across cleaning, household, lifestyle, and international categories.
2) Clorox is pursuing a strategy focused on maximizing economic profit through brand investment, reducing waste, and growing into new categories and geographies.
3) Clorox is driving growth through innovation, portfolio management, international expansion, and digital transformation to engage consumers.
The document provides an overview of Clorox's Q2 FY17 investor deck. Some key points:
1) Clorox has an advantaged portfolio with over 80% of sales from #1 or #2 share brands across cleaning, household, lifestyle, and international categories.
2) Clorox is pursuing a strategy focused on maximizing economic profit through brand investment, reducing waste, and growing into new categories and geographies.
3) Clorox is driving growth through innovation, portfolio management, international expansion, and digital transformation to engage consumers.
Shopify is an e-commerce platform with over 175,000 active merchants and $10 billion in cumulative GMV. The document discusses Shopify's financial highlights including strong and consistent revenue, MRR, and GMV growth driven by growing merchant base and introduction of new products. It also notes Shopify's powerful recurring revenue business model and operating leverage with expanding gross margins and decreasing operating expenses as a percentage of revenue.
Shopify is an e-commerce platform with over 200,000 active merchants and $1.9 billion in gross merchandise volume (GMV) in Q3 2015. The document discusses Shopify's multi-channel commerce platform that allows merchants to manage sales across all channels from a single back office. It provides financial highlights showing Shopify's strong and consistent revenue growth, powerful recurring revenue business model, and operating leverage.
Shopify is an e-commerce platform with over 200,000 active merchants and $1.9 billion in gross merchandise volume (GMV) in Q3 2015. The document discusses Shopify's multi-channel commerce platform that allows merchants to manage sales across all channels from a single back office. It provides financial highlights showing Shopify's strong and consistent revenue growth, powerful recurring revenue business model, and operating leverage.
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- The document provides information on the Tulip Trend Fund A EUR, including its monthly net returns from 2002-2016, key figures such as annual returns and maximum drawdown, and fund facts.
- The fund uses a quantitative trend following strategy across global futures and forwards markets to participate systematically in trending markets.
- Over its lifetime, the fund has generated an annualized return of 1.558999% and maximum drawdown of -11.01%, with relatively low correlation to major stock and hedge fund indices.
The fund returned -10.8% in February, underperforming its benchmark. The short equity book and long equity book both made negative contributions after currency hedging. Within the short book, negative contributions came from Anglo American, Las Vegas Sands, and Royal Dutch Shell. Within the long book, negative contributions came from Nokia, Sky, and Bank of America. Elsewhere, active currencies returned -0.4% while government bonds and commodities returned +0.1% and +1.4% respectively. The manager remains convinced markets will continue to struggle without credit expansion and believes central banks have limited options to address slowing growth and falling productivity.
The portfolio manager discusses the Third Avenue Focused Credit Fund. They reiterate their commitment to maximizing value in the portfolio and returning capital to shareholders in a timely manner. Eight of the top ten holdings have restructured in the past two years, reducing debt levels. The manager believes the portfolio contains significant embedded value that will be realized as market conditions normalize and corporate events occur. They intend to provide transparency to shareholders through monthly fact sheets and quarterly commentary on the fund's website. The manager also discusses recent volatility in the high yield and distressed debt markets, noting that credit spreads spiked in 2015 but it is unclear if this will lead to recession or opportunity.
The document discusses the performance of the Odey European Inc fund in December 2015. It summarizes the positive and negative contributions from various long and short equity positions. It then analyzes economic and market conditions, including concerns about bubbles in China, falling oil prices, and central banks' responses to risky lending behaviors through interest rate policies. The document warns that markets may be fragile given high valuations and falling corporate profits, and that a significant market correction is possible in the coming year.
The document discusses the performance of the Odey European Inc fund in December 2015. It summarizes the positive and negative contributions from various long and short equity positions. It then analyzes economic and market conditions, including concerns about bubbles in China, falling oil prices, and central banks' responses to risky lending behaviors through interest rate policies. The document warns that markets may be fragile given high valuations and falling corporate profits, and that a significant market correction is possible in the coming year.
The fund returned +6.6% in August compared to -8.3% for the MSCI Europe index. Positive performance came from holdings in consumer discretionary (+4.2%), energy (+1.4%), and materials (+0.9%). Las Vegas Sands (+1.3%) and Sands China (+0.9%) were top performers, while Sky (-0.8%) and LM Ericsson Telefon (-0.4%) underperformed. The manager believes developed markets face earnings risk with high valuations and sees further global economic adjustments ahead, rather than the crisis being over, as China addresses debt, competitiveness and slowing growth issues in a deflationary environment.
El documento resume la evolución del fondo Gestión del Ciclo FI en mayo de 2015. Retrocedió un -0,22% en mayo debido a las caídas generalizadas en casi todos los activos. Sin embargo, su rentabilidad acumulada en 2015 sigue siendo del +5,65%, por encima de la media de su categoría. La liquidez, posiciones inversas en deuda alemana y estadounidense, y el oro ayudaron a limitar las pérdidas en mayo.
The fund lost money significantly in April (-19.3%) due to losses from its long USD position (-11.6%), short equity book (-7%), and Australian government bond positions (-0.9%). Positive individual stock positions such as Las Vegas Sands Corp. and Kellogg Company were outweighed by losses from stocks like Seadrill Ltd. and BG Group Plc. The document discusses challenges faced by the fund, changes made to reduce risk, and the manager's views on current market conditions and outlook.
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Bill Gross provides a lengthy outlook on the current state of investment markets and the economy. He argues that after 35 years, the great bull market that began in 1981 is showing signs of ending, with asset prices reaching unsustainable levels. While declines may not be imminent, future returns will likely be low. Investors should recognize the current "sense of an ending" and shift to more defensive strategies focusing on income rather than capital gains to better weather the changing environment.
Resultados consolidados banca en españa a 30 septiembreFrank Ragol
El documento presenta los estados financieros consolidados de los principales grupos bancarios españoles a septiembre de 2014. Entre los grupos analizados se encuentran Santander, BBVA, Sabadell, Popular, Bankinter y otros bancos españoles. Los estados muestran el activo, pasivo y patrimonio de cada grupo, incluyendo partidas como caja, depósitos bancarios, cartera de inversión, créditos y préstamos otorgados, depósitos de clientes, y capital social.
This document provides a summary of major systemic risks in the global economy as seen by the author. It discusses how systemic risk was transferred from the private sector to governments and how investors are engaging in "cognitive dissonance" by acknowledging past excesses but preventing rational deleveraging. The author outlines several fault lines including aggressive monetary policies, the risks of zero interest rate policies, the limits of deficit spending, and debt levels around the world. While opportunities still exist, the author advises exercising caution given expected volatility in 2011.
- Greif, Inc. (GEF) has engaged in a large acquisition spree over the past decade, spending over $1.2 billion to acquire 40 companies. However, GEF has provided limited disclosure to investors about these acquisitions.
- GEF appears to have obfuscated and revised the financial performance and costs of its acquisitions. In one example, it increased the reported purchase price of 2010 acquisitions by $98 million through a misleading presentation.
- With high acquisition debt on its balance sheet, GEF may be vulnerable in a weaker economic environment. It derives around 55% of sales from foreign markets, exposing it to currency risks from a stronger US dollar.
Third point-q4-2014-investor-letter-tpoiFrank Ragol
This letter summarizes Third Point LLC's investment results and outlook for 2015. In 2014, Third Point achieved mid-single digit returns due to poor performance during market volatility and prematurely exiting some positions. Already in 2015, markets have been highly volatile. Third Point is focusing on companies with strong cash flows and consistent growth, and looking to take advantage of market dislocations. The letter discusses two of Third Point's largest equity positions - Amgen and Fanuc.
The document summarizes the performance of the Odey European fund for December 2014. The fund returned +11.7% for the month compared to the MSCI Europe return of -1.4%. Active currency positions contributed significantly to returns, particularly positions in AUD/USD and USD/ZAR. Short equity positions also contributed positively, while long equity positions made a smaller but still significant contribution. The manager believes a slowdown in the Chinese economy and falling commodity prices will negatively impact commodity-producing economies and their trading partners, leading to a global recession. Central banks have limited ability to counter this downturn through monetary policy. The manager remains short-biased on equities and bearish on commodity-related sectors and EM
- The SKAGEN Global fund underperformed its benchmark index in November, rising 1.1% compared to the index's 2.4% gain. Weak Russian and oil-related stocks contributed to the underperformance.
- Year-to-date the fund has gained 7.2%, lagging the benchmark index by 10.4%.
- Samsung Electronics was the top positive contributor in November while Weatherford was the largest detractor.
- The fund managers continued reducing smaller positions and increasing the concentration of larger holdings in the top 10.
- The document discusses lessons that can be learned from recent fluctuations in oil prices, specifically how few predicted the large decline in prices.
- It notes that consensus forecasts often only make small incremental changes rather than considering order-of-magnitude shifts, and few foresaw how low oil could fall.
- The author outlines various direct and indirect consequences of lower oil prices across many industries and economies to illustrate how difficult it is to anticipate all potential impacts and ramifications.
The fund returned 2.4% in October, outperforming the MSCI World Index which returned 2%. Long positions positively contributed, notably in Plus500, Regus, and Ethan Allen. Short positions in 10-year Treasury futures and Australian banks detracted from performance. Overall, the fund has outperformed its benchmark since inception with a net annualized return of 21.3% compared to 12.6% for the index.
The fund returned 2.4% in October, outperforming the MSCI World Index which returned 2%. Long positions positively contributed, notably in Plus500, Regus, and Ethan Allen. Short positions in 10-year Treasury futures and Australian banks detracted from performance. Overall, the fund has outperformed its benchmark since inception with a net annualized return of 21.3% compared to 12.6% for the index.
This document is a quarterly letter from GMO discussing potential investment environments and their implications. It presents two potential scenarios - "Purgatory" where interest rates rise gradually from very low levels, and "Hell" where rates remain near zero forever.
Under the "Hell" scenario of permanently low rates, traditional stock and bond allocations would still be reasonable investments. However, expected returns would be lower across all assets. Under the "Purgatory" scenario, current valuations would need to fall as rates rise, so returns over the next 7 years would be worse than in "Hell" though better over the long-run. The appropriate portfolio depends on the scenario, with lower allocations to stocks and bonds in
Este documento presenta datos estadísticos sobre el tráfico de pasajeros, operaciones y carga en los aeropuertos españoles en 2013. Los aeropuertos con mayor tráfico de pasajeros fueron Adolfo Suárez Madrid-Barajas, Barcelona-El Prat y Palma de Mallorca. En general, la mayoría de los aeropuertos tuvieron una ligera disminución en el tráfico de pasajeros en 2013 en comparación con 2012. El tráfico total de pasajeros en todos los aeropuertos españoles fue de
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2. 2
IMPORTANT DISCLOSURE
• This presentation contains estimates and forward-looking statements made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are based on our current expectations and estimates with respect to current and future events and trends which affect or may affect our
business operations. All statements that address future operating, financial or business performance or our strategies or expectations are forward-looking statements.
In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,”
“intend,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible” and other comparable terminology. These statements are subject
to many risks, uncertainties and factors relating to our operations and business environment, which may cause our actual results to be materially different from any future
results, express or implied, by such statements. Among these factors are (1) our ability to maintain and enhance our brand and reputation; (2) our ability to attract and
retain key personnel, including players; (3) the performance and popularity of our first team; (4) our ability to properly manage our growth; (5) our ability to maintain,
train and build an effective international sales and marketing infrastructure; (6) the negotiation and pricing of key media contracts; (7) our ability to maintain strong
relationship with certain third parties; (8) our ability to deal with competition in Europe and internationally; (9) our ability to adequately protect our intellectual property;
and (10) the effectiveness of our digital media strategy. Additional information concerning these and other factors can be found in Manchester United plc’s filings with
the United States Securities and Exchange Commission.
• New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. It should be remembered that the price
of the Class A ordinary shares and any income from them can go down as well as up. We disclaim any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events and/or otherwise, except to the extent required by law.
• This presentation contains a discussion of EBITDA and Adjusted EBITDA, which are non-IFRS measures and are not uniformly or legally defined financial measures. EBITDA
is defined as profit/(loss) for the period from continuing operations before net finance costs, tax credit/(expense), depreciation, and amortization of players’ registrations,
and Adjusted EBITDA is defined as EBITDA adjusted for profit on disposal of players’ registrations and operating expenses—exceptional items. Adjusted EBITDA is included
in this presentation because it is a measure of our operating performance and our management believes that Adjusted EBITDA is useful to investors because it is
frequently used by securities analysts, investors and other interested parties in their evaluation of the operating performance of companies in industries similar to ours.
We have provided reconciliations of EBITDA and Adjusted EBITDA to the most directly comparable IFRS measures in the Appendix to this presentation. EBITDA and
Adjusted EBITDA should not be considered substitutes for comparable measures prepared in accordance with IFRS. EBITDA and Adjusted EBITDA, as determined and
measured by us, should also not be compared to similarly titled measures reported by other companies.
3. INVESTMENT HIGHLIGHTS
Value of content is rising - sport is the “must-have” content
3
Football is the world’s No.1 sport
Manchester United is the most watched Club with the biggest fanbase
Commercial revenues driven by a truly global brand
4. GLOBAL TRENDS
INCREASING VALUE OF LIVE SPORTS
DIGITAL AND SOCIAL
SCARCITY OF GLOBAL
MARKETING PLATFORMS
COMPETITION BETWEEN
APPAREL MANUFACTURERS
EMERGING MARKET GROWTH NEW INDUSTRY COST REGULATIONS
4
5. LOUIS VAN GAAL
• Outstanding track record
- Won league title with every club he has managed
- Ajax and AZ - Holland
- Barcelona - Spain
- Bayern Munich - Germany
- Won the Champions League as manager of Ajax
- Led Dutch team to 3rd place finish in the Brazil World Cup
• Fits with Manchester United philosophy
- Attacking football
- Youth
• Senior coaching staff with over 150 years of experience in football
5
6. STRUCTURAL ADVANTAGES - 659M FOLLOWERS
N. AMERICA
34m
S. AMERICA
37m
EUROPE
90m
173m MIDDLE EAST/AFRICA
ASIA
325m
108m in China
6 Source: Kantar Sport 2012
7. STRUCTURAL ADVANTAGES - MASSIVE TV AUDIENCE
3 billion
Cumulative audience reach for 2012/13 season
47 million
Average live audience per game
7 Source: Futures Sport and Entertainment
8. STRUCTURAL ADVANTAGES - MOST ENGAGED FANS ON SOCIAL MEDIA
Over 5m followers
200,000 followers within the first week
8
FACEBOOK CONNECTIONS
53 million
MANCHESTER UNITED
7.9 million New York Yankees
7.0 million Dallas Cowboys
47 million
MONTHLY PAGE VIEWS ON MANUTD.COM
7 PUBLISHED LANGUAGES
ENGLISH, FRENCH, SPANISH, ARABIC, CHINESE, JAPANESE, KOREAN
Fastest sports Twitter page to reach
2.8m followers
345,000 followers in the first 24
hours after launch
40,000+ ‘likes’ per photo
22 days to become the biggest Premier
League club
Biggest Sports Club
Over 4.8 million followers
9. MULTI FACETED BUSINESS MODEL
MATCHDAY
£97 million
46% COMMERCIAL
BROADCASTING
£57 million
27%
£56 million
27%
2007 Revenue
£210m
MATCHDAY
£109 million - 30%
CAGR 2.0%
BROADCASTING
£102 million - 28%
CAGR 10.1%
2013 Revenue
£363m
COMMERCIAL
£152 million - 42%
CAGR 18.2%
9
11. OUR MATCHDAY BUSINESS
76,000 SEAT STADIUM 154 LUXURY BOXES
2 million ANNUAL ATTENDANCE
8,000 EXECUTIVE CLUB SEATS
99% OCCUPANCY FOR PREMIER LEAGUE GAMES
11
12. TRADITIONAL MEDIA
Increasing consumer and advertiser appetite for premium live content
Annual Broadcasting Contract Values
719
455
237
2008-10 2011-13 2014-16
Premier League Domestic
(£ million per annum)
1,006
569 593
Source: Deloitte June 2011, FAPL, UEFA, TV Sports Markets 2009 & 2011, press reports
Champions League
(€ million per annum)
2008-10 2011-13 2014-16
1,059
865
635
2007-09 2010-12 2013-15
Premier League International
(£ million per annum)
MU estimate
12
13. PREMIER LEAGUE AUDIENCE IN THE USA
Premier League broadcasting rights: USA
$300
$225
$150
$75
$0
$80
$250
NBC (2013-15)
• USA fastest growing Premier League TV audience
market in the world
• 24% of football fans in the USA follow
Manchester United
• Widest U.S. TV reach in Premier League history
- Record 31.5 million viewers vs. 13.3 million YoY
• The World Cup 2014 is the most widely streamed
live event ever in US history
- Over 30 million live viewing hours, more than
2x US following for 2012 summer Olympics
213% increase
Fox (2010-12)
13 Manchester United is the most watched FAPL Club in the USA
14. COMMERCIAL: ENGINE OF GROWTH
RMAL
£39 million
25%
NEW MEDIA
£23 million
15%
SPONSORSHIP
£91 million
60%
Sponsorship Revenue Growth (£ million)
91
63
CAGR = 16.2%
55
37 41
Fiscal 2009 Fiscal 2010 Fiscal 2011 Fiscal 2012 Fiscal 2013
2013 Commercial revenues - £152 million
14
16. LEADING GLOBAL MARKETING PLATFORM
We enable our partners to amplify their brand & growth of their businesses
16
UNIQUE ACCESS TO PLAYERS &
OLD TRAFFORD / AON TRAINING
COMPLEX
BRAND AFFINITY &
ASSOCIATION WITH
SUCCESS
GLOBAL REACH & MEDIA
VISIBILITY
MARKETING SUPPORT &
GLOBAL ACTIVATIONS
18. 2x 2x
3x
5x
CHEVROLET - LARGEST SHIRT SPONSORSHIP DEAL
18
Shirt sponsor 14/15 - Starting at $70 million p.a. - $559 million total through 2021
MANCHESTER UNITED BARCELONA REAL MADRID CHELSEA JUVENTUS
20. Own retail
E-commerce
£303 million plus 50% profit share - 13 year contract expires July 2015
Licensing - mono brand products
Soccer schools - brand awareness
Nike Key focus - last 12 years
Wholesale - Shirt
• 2 million per year
• 10,000 doors
• Power with retailers
Sponsorship
• Brand affinity
Wholesale - Other
co-branded products
• 3 million per year
Nike non-core
20
NIKE CONTRACT - RETAIL, MERCHANDISING, APPAREL & PRODUCT LICENSING BUSINESS
21. RECORD BREAKING KIT DEAL WITH ADIDAS
Largest kit manufacturer or sponsorship deal in sports
21
80
64
48
32
16
0
£ million per year
*
Manchester United
Arsenal
Chelsea
Barcelona
Real Madrid
Liverpool
Bayern Munich
Juventus
Inter Milan
AC Milan
12 10
Manchester City
Tottenham
20 17 17 26 24 23 30 30 27
75
*Represents the average payment of the £750 million minimum guarantee over the 10 year term subject to adjustments
22. ADIDAS CONTRACT - RETAIL, MERCHANDISING, APPAREL & PRODUCT LICENSING BUSINESS
Own retail
E-commerce
Licensing - mono brand products
(including apparel, hard goods etc)
Soccer schools - brand awareness
£750 million minimum guarantee - 10 year contract expires 2025
adidas
Wholesale - Shirt
• Power with retailers
Sponsorship
• Brand affinity
Rights Retained by MU
22
Wholesale - Other
• Co-branded products
Note: £750 million minimum guarantee subject to adjustments
24. OUR DIGITAL MEDIA OPPORTUNITY
NEW DIGITAL
MEDIA PLATFORM
SPONSORSHIP
& ADVERTISING
CONTENT LICENSING & SYNDICATION
MOBILE APPS
SUBSCRIPTION CONTENT
& MEMBERSHIP
SOCIAL MEDIA
PLATFORMS
E-COMMERCE
24
25. MAN UTD CLUB APP - LIVE LEARNINGS IN THE MARKET
25
• Club smartphone/tablet app developed for use in mobile partner markets only
• Released initially in iOS/Android versions
• Content includes news, fixtures/results, player profiles, chants, live match centre and short-form video
26. INDUSTRY UPDATE
UEFA Financial Fair Play (FFP)
- Break-even requirement in force 2013/14
- Clubs should have no overdue payments
Complemented by FAPL Financial Regulations
- Break-even test similar to FFP
- Short-term cost controls
- £4 million limit on FAPL central funds may be
used to increase player wages per annum
26
27. 27
LOOKING TO THE FUTURE
Growth Catalysts
• Global and regional sponsorships
• Retail, e-commerce and licensing opportunity
• Launch of digital media platform
• New UEFA deal for 2016-18
• New Premier League deal for 2017-19
29. HIGH REVENUE VISIBILITY
29
• Commercial
- £750m* minimum guarentee kit deal with adidas
contracted out to 2025
- $559m shirt deal with Chevrolet contracted out to
2021
- Training kit deal with Aon contracted out to 2021
- Typically deals are 3-5yrs (with no playing
performance clauses)
• Broadcasting
- FAPL contracted out to 2016
- UCL contracted out to 2015 with UK rights
contracted to 2018
• Matchday
- 55,000 of 76,000 seats are season ticket holders
*£750 million subject to adjustments
30. 363
152
118
99 109
432*
2012 2013 2014*
TOTAL REVENUE
320
Matchday Broadcasting Commercial
30
£ million
104 102
*Preliminary estimates of our results for the year ended June 30, 2014, assuming mid-point of recent developments range of £429-£434 million
31. COMMERCIAL REVENUE
152
23
118
21 39
34
190
91
63
2012 2013 2014*
Sponsorship Retail, Merchandising, Apparel & Product Licensing New Media & Mobile
31
£ million
*Preliminary estimates of our results for the year ended June 30, 2014, assuming mid-point of recent developments range of £188-£190 million
189*
32. 129
109
92
ADJUSTED EBITDA
2012 2013 2014*
£ million
Adjusted EBITDA margin
28%
29%
32
30%*
* Preliminary estimates of our results for the year ended June 30, 2014, assuming mid-point of recent developments range of £128-£130 million
Note: Adjusted EBITDA is adjusted for profit on disposal of players’ registrations and exceptional operating expenses
Please refer to the Appendix for Adjusted EBITDA reconciliation to net income
129*
33. RECENT DEVELOPMENTS
33
Preliminary estimates of our results for the year ended June 30, 2014
• Revenue of £429 to £434 million
- Commercial: £188 to £190 million
- Broadcasting: £134 to £136 million
- Matchday: £107 to £109 million
• Adjusted EBITDA of £128 to £130 million
- Margin: 29.8% to 30.0%
Note: Adjusted EBITDA is adjusted for profit on disposal of players’ registrations and exceptional operating expenses. Please refer to the Appendix for Adjusted EBITDA reconciliation to net income.
The Company has provided a range for the preliminary results described above because its financial closing procedures for the fiscal quarter and the fiscal year ended June 30, 2014 are not yet complete. The Company currently expects that its
final results will be within the ranges described above. However, the estimates described above are preliminary and represent the most current information available to management. Therefore, it is possible that the Company’s actual results may
differ materially from these estimates due to the completion of its financial closing procedure, final adjustments and other developments that may arise between now and the time its financial results for the fiscal year 2014 are finalized.
34. BALANCE SHEET & CASH FLOW SUMMARY
Key Balance Sheet Data & Leverage Statistics (£ million)
YE 2012 YE 2013
Cash & cash equivalents 70.6 94.4
Total borrowings 436.9 389.2
Net Debt : Adjusted EBITDA 4.0x 2.7x
34
• Strong balance sheet with ample liquidity
and net leverage of 2.7x
- Undrawn RCF of £75 million at March
31, 2014
• Refinanced all of the £177.8 million GBP
8.75% bonds and $22.1 million of the USD
8.375% bonds
- New Term Loan facility of $315.7 million
• Continued deleveraging through March
31, 2014 with Net Debt to Adjusted EBITDA
of 2.4x
Note: Adjusted EBITDA is adjusted for profit on disposal of players’ registrations and exceptional operating expenses
Please refer to the Appendix for Adjusted EBITDA reconciliation to net income
35. PLAYER EXPENDITURE & ACCOUNTING
• Blend of youth & experience
- One third of our first team members from
academy
- Carried on the balance sheet at zero book
value
• Player registrations
- Transfer fee booked on balance sheet
- Transfer fee amortised over life of contract
- Remaining book value amortised over
length of new contract when signed
Last 15 years net player capital expenditure (£ million)
35
50
40
30
20
10
0
(10)
(20)
(30)
(40)
(50)
78.9
36.4
49.6
11.4
30.4
-44.0
26.5
10.6
32.6
-2.6
28.8
7.9
12.1
43.3
17.8
(44.0)
(2.6)
99/00A 01/02A 03/04A 05/06A 07/08A 09/10A 11/12A 13/14E