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Manchester United plc 2019 Second Quarter Results

MANCHESTER, England--(BUSINESS WIRE)--

  • Q2 RECORD REVENUES OF £208.6 MILLION
  • Q2 RECORD ADJUSTED EBITDA OF £104.3 MILLION
  • Q2 OPERATING PROFIT OF £44.0 MILLION

Manchester United (NYSE: MANU; the “Company” and the “Group”) – one of the most popular and successful sports teams in the world - today announced financial results for the 2019 fiscal second quarter ended 31 December 2018.

Highlights

  • Ole Gunnar Solskjaer and Mike Phelan returned to Old Trafford to manage the remainder of the 18/19 season
  • Agreed new contracts with Anthony Martial, Ashley Young, Chris Smalling, Phil Jones and Scott McTominay
  • Record revenue and EBITDA for the quarter of £208.6m and £104.3m
  • Announced partnership with Harves to open a series of Manchester United Entertainment and Experience Centres in China
  • Announced global partnership with Remington

Commentary

Ed Woodward, Executive Vice Chairman, commented, "The appointment of Ole and Mike as caretaker manager and assistant manager, working with Kieran, Michael and Emilio, has had a positive impact throughout the club. We are delighted with the improvement in the team’s performances since December and we look forward to a strong finish to the 18/19 season."

Outlook

For fiscal 2019, Manchester United continues to expect:

  • Revenue to be £615m to £630m.
  • Adjusted EBITDA to be £175m to £190m.

Key Financials (unaudited)

£ million (except earnings/(loss) per share)       Three months ended

31 December

      Six months ended

31 December

       

2018

     

Restated(1)

2017

     

Change

     

2018

      Restated(1)

2017

     

Change

Commercial revenue       65.9       65.3       0.9%       141.8       145.8       (2.7%)
Broadcasting revenue       103.7       75.2       37.9%       146.5       116.0       26.3%
Matchday revenue       39.0       36.9       5.7%       55.3       59.3       (6.7%)
Total revenue       208.6       177.4       17.6%       343.6       321.1       7.0%
Adjusted EBITDA(2)       104.3       81.2       28.4%       133.7       120.5       11.0%
Operating profit       44.0       42.2       4.3%       57.9       60.1       (3.7%)
 
Profit/(loss) for the period (i.e. net income/(loss))(3)       26.8       (19.7)       -       33.4       (10.1)       -
Basic earnings/(loss) per share (pence)       16.27       (12.00)       -       20.31       (6.17)       -
Adjusted profit for the period (i.e. adjusted net income)(1)/(2)       46.3       23.9      

93.7%

      53.3       31.8       67.6%
Adjusted basic earnings per share (pence)(2)       28.13       14.56      

93.2%

      32.40       19.38       67.2%
 
Net debt(2)/(4)       317.7       328.6       (3.3%)       317.7       328.6       (3.3%)
(1)   Comparative amounts have been restated following the implementation of IFRS 15 – see supplemental note 5 for further details.
(2) Adjusted EBITDA, adjusted profit for the period, adjusted basic earnings per share and net debt are non-IFRS measures. See “Non-IFRS Measures: Definitions and Use” on page 5 and the accompanying supplemental notes for the definitions and reconciliations for these non-IFRS measures and the reasons we believe these measures provide useful information to investors regarding the Group’s financial condition and results of operations.
(3) The US federal corporate income tax rate reduced from 35% to 21% following the enactment of US tax reform on 22 December 2017. This necessitated a re-measurement of the existing US deferred tax position in the period to 31 December 2017. As a result the loss for the three and six months ended 31 December 2017 included a non-cash tax accounting write off of £49.0 million.

(4)

The gross USD debt principal remains unchanged.
 

Revenue Analysis

Commercial

Commercial revenue for the quarter was £65.9 million, an increase of £0.6 million, or 0.9%, over the prior year quarter.

  • Sponsorship revenue for the quarter was £40.3 million, an increase of £1.0 million, or 2.5%, over the prior year quarter;
  • Retail, Merchandising, Apparel & Product Licensing revenue for the quarter was £25.6 million, a decrease of £0.4 million, or 1.5% over the prior year quarter.

Broadcasting

Broadcasting revenue for the quarter was £103.7 million, an increase of £28.5 million, or 37.9%, over the prior year quarter, primarily due to the new UEFA Champions League broadcasting rights agreement and playing one additional UEFA Champions League game.

Matchday

Matchday revenue for the quarter was £39.0 million, an increase of £2.1 million, or 5.7%, over the prior year quarter, primarily due to playing one additional UEFA Champions League home game.

Other Financial Information

Operating expenses

Total operating expenses for the quarter were £160.3 million, an increase of £24.1 million, or 17.7%, over the prior year quarter.

Employee benefit expenses

Employee benefit expenses for the quarter were £77.9 million, an increase of £8.2 million, or 11.8%, over the prior year quarter, primarily due to investment in the first team playing squad.

Other operating expenses

Other operating expenses for the quarter were £26.4 million, a decrease of £0.1 million, or 0.4%, over the prior year quarter.

Depreciation & amortization

Depreciation for the quarter was £3.0 million, an increase of £0.3 million, or 11.1%, over the prior year quarter. Amortization for the quarter was £33.4 million, a decrease of £3.9 million, or 10.5%, over the prior year quarter. The unamortized balance of registrations at 31 December 2018 was £309.1 million.

Exceptional items

Exceptional items for the quarter were £19.6 million, relating to compensation to the former manager and certain members of the coaching staff for loss of office. Exceptional items for the prior year quarter were £nil.

(Loss)/profit on disposal of intangible assets

Loss on disposal of intangible assets for the quarter was £4.3 million, compared to a profit of £1.0 million in the prior year quarter.

Net finance costs

Net finance costs for the quarter were £6.3 million, an increase of £1.9 million, or 43.2%, over the prior year quarter, primarily due to unrealized, non-cash foreign exchange losses on unhedged USD borrowings compared to gains in the prior year quarter.

Tax

Tax expense for the quarter was £10.9 million, compared to £57.5 million in the prior year quarter. The US federal corporate income tax rate reduced from 35% to 21% following the enactment of US tax reform on 22 December 2017. This necessitated a re-measurement of the then existing US deferred tax position in the period to 31 December 2017. As a result the prior year quarter included a non-cash tax accounting write off of £49.0 million.

Cash flows

Net cash used in operating activities for the quarter was £42.4 million, a decrease of £2.0 million over the prior year quarter.

Net capital expenditure on property, plant and equipment for the quarter was £2.4 million, a decrease of £1.7 million over the prior year quarter.

Net capital expenditure on intangible assets for the quarter was £16.2 million, an increase of £4.4 million over the prior year quarter.

Overall cash and cash equivalents (including the effects of exchange rate changes) decreased by £57.1 million in the quarter, compared to a decrease of £60.9 million in the prior year quarter.

Net debt

Net debt as of 31 December 2018 was £317.7 million, a decrease of £10.9 million over the year. The gross USD debt principal remains unchanged.

Dividend

A semi-annual cash dividend of $0.09 per share was paid on 4 January 2019. A further semi-annual cash dividend of $0.09 per share will be paid on 5 June 2019, to shareholders of record on 26 April 2019. The stock will begin to trade ex-dividend on 25 April 2019.

Conference Call Information

The Company’s conference call to review second quarter fiscal 2019 results will be broadcast live over the internet today, 14 February 2019 at 8:00 a.m. Eastern Time and will be available on Manchester United’s investor relations website at http://ir.manutd.com. Thereafter, a replay of the webcast will be available for thirty days.

About Manchester United

Manchester United is one of the most popular and successful sports teams in the world, playing one of the most popular spectator sports on Earth.

Through our 141-year heritage we have won 66 trophies, enabling us to develop what we believe is one of the world’s leading sports brands and a global community of 659 million followers. Our large, passionate community provides Manchester United with a worldwide platform to generate significant revenue from multiple sources, including sponsorship, merchandising, product licensing, broadcasting and matchday.

Cautionary Statement

This press release contains forward-looking statements. You should not place undue reliance on such statements because they are subject to numerous risks and uncertainties relating to the Company’s operations and business environment, all of which are difficult to predict and many are beyond the Company’s control. Forward-looking statements include information concerning the Company’s possible or assumed future results of operations, including descriptions of its business strategy. These statements often include words such as “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible” or similar expressions. The forward-looking statements contained in this press release are based on our current expectations and estimates of future events and trends, which affect or may affect our businesses and operations. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although the Company believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect its actual financial results or results of operations and could cause actual results to differ materially from those in these forward-looking statements. These factors are more fully discussed in the “Risk Factors” section and elsewhere in the Company’s Registration Statement on Form F-1, as amended (File No. 333-182535) and the Company’s Annual Report on Form 20-F (File No. 001-35627).

Non-IFRS Measures: Definitions and Use

1. Adjusted EBITDA

Adjusted EBITDA is defined as profit for the period before depreciation, amortization, profit on disposal of intangible assets, exceptional items, net finance costs, and tax.

Adjusted EBITDA is useful as a measure of comparative operating performance from period to period and among companies as it is reflective of changes in pricing decisions, cost controls and other factors that affect operating performance, and it removes the effect of our asset base (primarily depreciation and amortization), material volatile items (primarily profit on disposal of intangible assets and exceptional items), capital structure (primarily finance costs), and items outside the control of our management (primarily taxes). Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for an analysis of our results as reported under IFRS as issued by the IASB. A reconciliation of profit/(loss) for the period to Adjusted EBITDA is presented in supplemental note 2.

2. Adjusted profit for the period (i.e. adjusted net income)

Adjusted profit for the period is calculated, where appropriate, by adjusting for charges/credits related to exceptional items, foreign exchange gains/losses on unhedged US dollar denominated borrowings, and fair value movements on embedded foreign exchange derivatives, adding/subtracting the actual tax expense/credit for the period, and subtracting the adjusted tax expense for the period (based on a normalized tax rate of 21%; 2017: 35%). The normalized tax rate of 21% is the current US federal corporate income tax rate.

In assessing the comparative performance of the business, in order to get a clearer view of the underlying financial performance of the business, it is useful to strip out the distorting effects of the items referred to above and then to apply a ‘normalized’ tax rate (for both the current and prior periods) equivalent to the US federal corporate income tax rate of 21% (2017: 35%). A reconciliation of profit/(loss) for the period to adjusted profit for the period is presented in supplemental note 3.

3. Adjusted basic and diluted earnings per share

Adjusted basic and diluted earnings per share are calculated by dividing the adjusted profit for the period by the weighted average number of ordinary shares in issue during the period. Adjusted diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares in issue during the period to assume conversion of all dilutive potential ordinary shares. There is one category of dilutive potential ordinary shares: share awards pursuant to the 2012 Equity Incentive Plan (the “Equity Plan”). Share awards pursuant to the Equity Plan are assumed to have been converted into ordinary shares at the beginning of the financial year. Adjusted basic and diluted earnings per share are presented in supplemental note 3.

4. Net debt

Net debt is calculated as non-current and current borrowings minus cash and cash equivalents.

Key Performance Indicators

      Three months ended     Six months ended
    31 December     31 December
     

2018

    Restated(1)

2017

   

2018

    Restated(1)

2017

Commercial % of total revenue     31.6%     36.8%     41.3%     45.4%
Broadcasting % of total revenue     49.7%     42.4%     42.6%     36.1%
Matchday % of total revenue     18.7%     20.8%     16.1%     18.5%
Home Matches Played                        
PL     7     7     10     11
UEFA competitions     3     2     3     3
Domestic Cups     -     -     1     1
Away Matches Played                        
PL     6     7     10     10
UEFA competitions     2     2     3     4(2)
Domestic Cups     -     2     -     2
 
Other                        
Employees at period end     937     923     937     923
Employee benefit expenses % of revenue     37.3%     39.3%     45.1%     43.5%
 

(1) Comparative amounts have been restated – see supplemental note 5 for further details.

(2) Includes UEFA Super Cup final following UEFA Europa League win in 2016/17.

           
Phasing of Premier League games Quarter 1     Quarter 2     Quarter 3     Quarter 4     Total
2018/19 season* 7 13 12 6 38
2017/18 season 7     14     10     7     38
 

*Subject to changes in broadcasting scheduling

 
CONSOLIDATED INCOME STATEMENT
(unaudited; in £ thousands, except per share and shares outstanding data)
 
  Three months ended

31 December

  Six months ended

31 December

 

  2018     Restated(1)

2017

    2018     Restated(1)

2017

 
Revenue 208,612   177,415 343,638   321,080
Operating expenses (160,269 ) (136,252 ) (303,849 ) (279,288 )
(Loss)/profit on disposal of intangible assets   (4,349 )   1,013     18,079     18,292  
Operating profit   43,994     42,176     57,868     60,084  
Finance costs (7,131 ) (4,533 ) (12,946 ) (5,534 )
Finance income   785     170     1,474     388  
Net finance costs   (6,346 )   (4,363 )   (11,472 )   (5,146 )
Profit before tax 37,648 37,813 46,396 54,938
Tax expense(2)   (10,878 )   (57,510 )   (12,980 )   (65,065 )
Profit/(loss) for the period   26,770     (19,697 )   33,416     (10,127 )
 
Basic earnings/(loss) per share:
Basic earnings/(loss) per share (pence) 16.27 (12.00 ) 20.31 (6.17 )
Weighted average number of ordinary shares outstanding (thousands) 164,526 164,195 164,526 164,195
Diluted earnings/(loss) per share:
Diluted earnings/(loss) per share (pence)(3) 16.26 (12.00 ) 20.29 (6.17 )
Weighted average number of ordinary shares outstanding (thousands)   164,663     164,585     164,663     164,585  
(1)   Comparative amounts have been restated – see supplemental note 5 for further details.
 
(2) The US federal corporate income tax rate reduced from 35% to 21% following the enactment of US tax reform on 22 December 2017. This necessitated a re-measurement of the then existing US deferred tax position in the period to 31 December 2017. As a result the prior year period tax expense included a non-cash tax accounting write off of £49.0 million.
 
(3) For the three and six months ended 31 December 2017 potential ordinary shares are anti-dilutive, as their inclusion in the diluted loss per share calculation would reduce the loss per share, and hence have been excluded.
 
CONSOLIDATED BALANCE SHEET
(unaudited; in £ thousands)
 
        31 December

2018

        Restated(1)

30 June

2018

        Restated(1)

31 December

2017

 
ASSETS                  
Non-current assets
Property, plant and equipment 246,910 245,401 246,673
Investment property 13,772 13,836 13,901
Intangible assets 739,472 799,640 770,076
Derivative financial instruments 2,559 4,807 1,192
Trade and other receivables 10,387 4,724 10,560
Tax receivable 547 547 1,882
Deferred tax asset       57,636         63,332         77,500  
        1,071,283         1,132,287         1,121,784  
Current assets
Inventories 2,610 1,416 1,918
Derivative financial instruments 625 1,159 2,704
Trade and other receivables 124,232 168,060 123,027
Tax receivable 598 800 -
Cash and cash equivalents       190,395         242,022         155,312  
        318,460         413,457         282,961  
Total assets       1,389,743         1,545,744         1,404,745  
 
(1) Comparative amounts have been restated – see supplemental note 5 for further details.
 
CONSOLIDATED BALANCE SHEET (continued)
(unaudited; in £ thousands)
 
        31 December

2018

        Restated(1)

30 June

2018

        Restated(1)

31 December

2017

 
EQUITY AND LIABILITIES
Equity
Share capital 53 53 53
Share premium 68,822 68,822 68,822
Merger reserve 249,030 249,030 249,030
Hedging reserve (35,693 ) (27,558 ) (23,944 )
Retained earnings       170,544         136,757         184,529  
        452,756         427,104         478,490  
Non-current liabilities
Trade and other payables 46,644 104,271 70,331
Borrowings 502,576 486,694 474,748
Deferred revenue 32,952 37,085 32,704
Deferred tax liabilities       33,302         29,134         35,801  
        615,474         657,184         613,584  
Current liabilities
Tax liabilities 5,771 3,874 3,704
Trade and other payables 180,588 267,996 182,965
Borrowings 5,492 9,074 9,160
Deferred revenue       129,662         180,512         116,842  
        321,513         461,456         312,671  
Total equity and liabilities       1,389,743         1,545,744         1,404,745  
 
(1) Comparative amounts have been restated – see supplemental note 5 for further details.
 
CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited; in £ thousands)
   

Three months ended
31 December

Six months ended

31 December

    2018     2017     2018     2017  
Cash flows from operating activities    
Cash (used in)/generated from operations (see supplemental note 4) (41,019 ) (38,440 ) 82,337 (11,489 )
Interest paid (1,734 ) (1,621 ) (9,507 ) (9,639 )
Interest received 722 170 1,355 388
Tax paid   (376 )   (4,530 )   (1,810 )   (5,768 )
Net cash (used in)/generated from operating activities   (42,407 )   (44,421 )   72,375     (26,508 )
Cash flows from investing activities
Payments for property, plant and equipment (2,414 ) (4,243 ) (7,318 ) (8,587 )
Proceeds from sale of property, plant and equipment - 75 - 75
Payments for intangible assets (16,418 ) (12,000 ) (145,056 ) (129,121 )
Proceeds from sale of intangible assets   255     256     25,183     32,442  
Net cash used in investing activities   (18,577 )   (15,912 )   (127,191 )   (105,191 )
Cash flows from financing activities
Repayment of borrowings   -     (106 )   (3,750 )   (206 )
Net cash used in financing activities   -     (106 )   (3,750 )   (206 )
Net decrease in cash and cash equivalents (60,984 ) (60,439 ) (58,566 ) (131,905 )
Cash and cash equivalents at beginning of period 247,505 216,236 242,022 290,267
Effects of exchange rate changes on cash and cash equivalents   3,874     (485 )   6,939     (3,050 )
Cash and cash equivalents at end of period   190,395     155,312     190,395     155,312  
 

SUPPLEMENTAL NOTES

1 General information

Manchester United plc (the “Company”) and its subsidiaries (together the “Group”) is a professional football club together with related and ancillary activities. The Company incorporated under the Companies Law (2011 Revision) of the Cayman Islands, as amended and restated from time to time.

2 Reconciliation of profit/(loss) for the period to Adjusted EBITDA

        Three months ended

31 December

      Six months ended

31 December

        2018

£’000

      Restated(1)

2017

£’000

        2018

£’000

        Restated(1)

2017

£’000

 
Profit/(loss) for the period 26,770       (19,697 ) 33,416       (10,127 )
Adjustments:
Tax expense 10,878 57,510 12,980 65,065
Net finance costs 6,346 4,363 11,472 5,146
Loss/(profit) on disposal of intangible assets 4,349 (1,013 ) (18,079 ) (18,292 )
Exceptional items 19,599 - 19,599 -
Amortization 33,440 37,335 68,571 73,389
Depreciation       2,970       2,755         5,779         5,329  
Adjusted EBITDA       104,352       81,253         133,738         120,510  

(1) Comparative amounts have been restated – see supplemental note 5 for further details.

3 Reconciliation of profit/(loss) for the period to adjusted profit for the period and adjusted basic and diluted earnings per share

      Three months ended

31 December

      Six months ended

31 December

 

      2018

£’000

        Restated(1)

2017

£’000

        2018

£’000

        Restated(1)

2017

£’000

 
Profit/(loss) for the period 26,770       (19,697 ) 33,416       (10,127 )
Exceptional items 19,599 - 19,599 -
Foreign exchange losses/(gains) on unhedged US dollar borrowings 1,316 (1,328 ) 1,535 (6,824 )
Fair value movement on embedded foreign exchange derivatives 25 291 (56 ) 845
Tax expense       10,878         57,510         12,980         65,065  
Adjusted profit before tax 58,588 36,776 67,474 48,959

Adjusted tax expense (using a normalized US statutory rate of 21% (2017: 35%))

      (12,303 )       (12,872 )       (14,170 )       (17,136 )
Adjusted profit for the period (i.e. adjusted net income)       46,285         23,904         53,304         31,823  
 
Adjusted basic earnings per share:
Adjusted basic earnings per share (pence) 28.13 14.56 32.40 19.38
Weighted average number of ordinary shares outstanding (thousands) 164,526 164,195 164,526 164,195
Adjusted diluted earnings per share:
Adjusted diluted earnings per share (pence) 28.11 14.52 32.37 19.34
Weighted average number of ordinary shares outstanding (thousands)       164,663         164,585         164,663         164,585  

(1) Comparative amounts have been restated – see supplemental note 5 for further details.

4 Cash (used in)/generated from operations

      Three months ended

31 December

      Six months ended

31 December

        2018

£’000

        Restated(1)

2017

£’000

       

2018

£’000

        Restated(1)

2017

£’000

 
Profit/(loss) for the period 26,770       (19,697 ) 33,416       (10,127 )
Tax expense       10,878         57,510         12,980         65,065  
Profit before tax 37,648 37,813 46,396 54,938
Depreciation 2,970 2,755 5,779 5,329
Amortization 33,440 37,335 68,571 73,389
Loss/(profit) on disposal of intangible assets registrations 4,349 (1,013 ) (18,079 ) (18,292 )
Net finance costs 6,346 4,363 11,472 5,146
Profit on disposal of property, plant and equipment - (75 ) - (75 )
Equity-settled share-based payments 161 618 371 1,203
Foreign exchange losses on operating activities (95 ) 9 182 1,000
Reclassified from hedging reserve 1,536 3,587 2,844 7,468
Changes in working capital:
Inventories 56 156 (1,194 ) (281 )
Trade and other receivables (30,303 ) (37,282 ) 39,293 (25,437 )
Trade and other payables and deferred revenue       (97,127 )       (86,706 )       (73,298 )       (115,877 )
Cash (used in)/generated from operations       (41,019 )       (38,440 )       82,337         (11,489 )

(1) Comparative amounts have been restated – see supplemental note 5 for further details.

5 Restatement of prior periods following implementation of IFRS 15

The Group adopted IFRS 15 ‘Revenue from contracts with customers’ with effect from 1 July 2018. The implementation of IFRS 15 had an impact on the Group’s financial statements as at 1 July 2018 and consequently prior year amounts have been restated. The table below shows the retrospective impact on revenue for the four quarters ended 30 June 2018. Note 34 to the interim consolidated financial statements for the three and six months ended 31 December 2018 contains tables and notes which explain how the restatement affected the consolidated income statement, consolidated statement of comprehensive income, consolidated balance sheet, and consolidated statement of cash flows.

Commercial revenue

IFRS 15 focuses on the identification and satisfaction of performance obligations and includes specific guidance on the methods for measuring progress towards complete satisfaction of a performance obligation therefore revenue on certain commercial contracts is recognized earlier under IFRS 15. The effect of the retrospective application is an increase in cumulative revenue recognized over the financial years up to and including the year ended 30 June 2018 including a reduction to the amount of revenue recognized during the financial year ended 30 June 2018 only.

Broadcasting revenue

Following adoption of IFRS 15, certain performance obligations are satisfied over time as each Premier League match (home and away) is played – accordingly revenue is recognized evenly as each Premier League match (home and away) is played. Broadcasting merit awards were previously recognized one share in the first quarter with the remainder being recognized when they were known at the end of each football season. Merit awards represent variable consideration and therefore, following adoption of IFRS 15, are estimated using the most likely amount method based on management’s estimate of where the Club’s finishing position will be at the end of each season. Broadcasting equal share payments were previously recognized evenly as each Premier League home match was played. Note, these changes only affect the amount of broadcasting revenue recognized in each quarter, they do not affect the amount of broadcasting revenue recognized for the financial year as a whole.

Matchday revenue

Adoption of IFRS 15 has no impact on the recognition of matchday revenue.

£’000   Three months   Three months   Three months   Three months   Twelve months

ended

ended ended ended ended
30 September 31 December 31 March 30 June 30 June

2017

2017 2018 2018 2018
Commercial revenue
Reported 80,544 65,366 66,673 63,516 276,099
Adjustment   (66 )   (66 )   (66 )   (66 )   (264 )
Restated   80,478     65,300     66,607     63,450     275,835  
Broadcasting revenue

 

Reported 38,082 61,628 39,674 64,753 204,137
Adjustment   2,751     13,519     9,656     (25,926 )   -  
Restated   40,833     75,147     49,330     38,827     204,137  
Matchday revenue
Reported 22,354 36,968 31,122 19,342 109,786
Adjustment   -     -     -     -     -  
Restated   22,354     36,968     31,122     19,342     109,786  
 
Total revenue
Reported 140,980 163,962 137,469 147,611 590,022
Adjustment   2,685     13,453     9,590     (25,992 )   (264 )
Restated   143,665     177,415     147,059     121,619     589,758  

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