MANCHESTER UNITED PLC

BASIC DETAILS
Registered No 02570509 Incorporated 21-Dec-1990
Registered Office Old Trafford
Manchester, M16 0RA


Telephone No - 8688303 Fax No - 8688804
Company Type Public Limited Company (PLC) Accounts Year End 31/07
Latest Accounts 31-Jul-2002 Group Accounts JW
Last Annual Return
Last Document Filed 27-Nov-2003
Last Name Change 25-Jan-1991
Mortgage charges 1 Outstanding, 0 Satisfied
Auditors PRICE WATERHOUSE COOPERS
Bankers

PREVIOUS NAMES
25-Jan-1991 VOTEASSET PUBLIC LIMITED COMPANY/MANCHESTER UNITED PLC

ACTIVITIES
The operation of a football club together with related and acillary activities.
  
Primary SIC Code 9262 - OTHER SPORTING ACTIVITIES
Other SIC Codes
9261 - OPERATION OF SPORTS ARENAS & STADIUMS

PROFILE
07/2002 07/2001 07/2000 07/1999 07/1998
12 Months 12 Months 12 Months 12 Months 12 Months
£000's £000's £000's £000's £000's
Turnover 146062 129569 116005 110674 87875
Profit (Loss) before Tax 32347 21778 16788 22411 14104
Net Assets (Liab.) 192276 174205 152829 148488 111564
Shareholder Funds 137443 124692 114950 107936 78215
Profit Margin (%) 22.15 16.81 14.47 20.25 16.05
Return on Shareholder Funds (%) 23.53 17.47 14.60 20.76 18.03
Return on Capital Employed (%) 16.82 12.50 10.98 15.09 12.64
Gearing (%) 39.90 40.70 34.57 39.17 44.68
Liquidity Ratio 0.62 0.47 0.76 1.37 1.90
No. of Employees 495 536 526 498 463

PROFIT & LOSS ACCOUNT
07/2002 07/2001 07/2000 07/1999 07/1998
12 Months 12 Months 12 Months 12 Months 12 Months
£000's £000's £000's £000's £000's
Turnover 146062 129569 116005 110674 87875
    UK Turnover 145559 125604 113825 109816 86818
    Export Turnover 503 3965 2180 858 1057
Cost of Sales -15685 -22120 -20134 -23934 -21637
    Operational Expenses
Gross Profit 130377 107449 95871 86740 66238
Other Expenses -114959 -85993 -80190 -54430 -40428
Operating Profit 15418 21456 15681 32310 25810
Other Income -12 737 677 2008 3034
Exceptional Items 17406 -405 651 -11583 -14325
Profit(Loss) before Interest 32812 21788 17009 22735 14519
Interest Paid -465 -10 -221 -324 -415
Profit(Loss) before Tax 32347 21778 16788 22411 14104
Taxation -7308 -6841 -4838 -7023 -4090
Profit(Loss) after Tax 25039 14937 11950 15388 10014
Extraordinary Items
Minority Interests
Profit(Loss) for Period 25039 14937 11950 15388 10014
Dividends -8053 -5195 -4936 -4676 -4416
Retained Profit(Loss) 16986 9742 7014 10712 5598

Discontinued Operation
Depreciation 6923 6514 5052 4565 3144
Audit Fee 55 35 46 44 45
Remuneration 69999 50002 44791 36965 26897
Director's Remuneration 1564 1295 1371 1387 1231
Highest Paid Director 625 639
No. of Employees 495 536 526 498 463

BALANCE SHEET
07/2002 07/2001 07/2000 07/1999 07/1998
12 Months 12 Months 12 Months 12 Months 12 Months
£000's £000's £000's £000's £000's
Fixed Assets
    Tangible Assets 128329 122710 124509 99418 83215
        Land & Building 108570 102799 100275 82878 66735
        Fixtures & Fittings 5897 6904 8679 6580 7084
        Plant & Vehicles 13862 13007 15555 9960 9396
    Intangible Assets 82209 71117 32315 30125
    Investments & Other Fixed Assets 1789 1792 1591 1150 506
Total Fixed Assets 212327 195619 158415 130693 83721

Current Assets
    Stock & W.I.P. 196 2209 4007 3305 1904
        Stock 196 2209 4007 3305 1904
        W.I.P.
    Trade Debtors 22117 9709 8471 5606 7733
    Bank & Deposits 933 12419 5520 23955
    Other Current Assets 10162 11603 9228 42066 23001
        Group Loans (asset)
        Directors' Loans (asset)
        Other Debtors 10162 10872 9228 6451 5441
        Investm. & Other Cur. Assets 108
Total Current Assets 33408 23521 34125 56497 56593

Current Liabilities
    Trade Creditors -21579 -10669 -11431 -15630 -6424
    Short Term Loans & Overdrafts -1237 -1856 -1722 -1598
        Bank Overdrafts -1237
        Group Loans (short t.)
        Director Loans (short t.)
        Hire Purch. & Leas. (short t.)
            Hire Purchase (short t.)
            Leasing (short t.)
        Other Short Term Loans -1856 -1722 -1598
    Total Other Current Liabilities -31880 -33029 -26424 -21350 -20728
        Corporation Tax -9813 -10796 -9648 -10072 -6573
        Dividends -6390 -3611 -3429 -3247 -3065
        Accruals & Def. Inc. (sh.t.) -10604 -8896 -7819 -5290 -7477
        Social Securities & V.A.T. -4711 -9265 -5528 -2741 -3613
        Other Current Liabilities -362 -461
Total Current Liabilities -53459 -44935 -39711 -38702 -28750

Net Current Assets (Liab.) -20051 -21414 -5586 17795 27843
Net Tangible Assets (Liab.) 110067 103088 120514 118363 111564
Working Capital 734 1249 1047 -6719 3213
Total Assets 245735 219140 192540 187190 140314
Total Assets less Curr. Liab. 192276 174205 152829 148488 111564

Long Term Liabilities
    Long Term Debt -2243 -3077 -3578
        Group Loans (long t.)
        Director Loans (long t.)
        Hire Purch. Leas. (long t.)
            Hire Purchase (long t.)
            Leasing (long t.)
        Other Long Term Loans -2243 -3077 -3578
    Total Other Long Term Liab. -54833 -49513 -35636 -37475 -29771
        Accruals & Def. Inc. (l.t.) -45477 -42658 -31798 -31571 -29771
        Other Long Term Liab. -688 -1050
        Provisions for Other Liab. -8668 -5805 -3838 -5904
            Deferred Tax -5247 -2154 -3838 -5904
            Other Provisions -3421 -3651
    Balance Sheet Minoroties
Long Term Liabilities -54833 -49513 -37879 -40552 -33349
Total Assets less Liabilities 137443 124692 114950 107936 78215

Shareholder Funds
    Issued Capital 25977 25977 25977 25977 25977
    Total Reserves 111466 98715 88973 81959 52238
        Share Premium Account
        Revaluation Reserves 408
        Profit(Loss) Account 110966 98215 88473 81459 43830
        Other Reserves 500 500 500 500 8000
Shareholders Funds 137443 124692 114950 107936 78215

CASH FLOW STATEMENT
07/2002 07/2001 07/2000 07/1999 07/1998
12 Months 12 Months 12 Months 12 Months 12 Months
£000's £000's £000's £000's £000's
Net Cash In(Out)flow Operat. Activ. 42807 50882 35761 32514 39948
Net Cash In(Out)flow Ret. on Invest. 76 546 501 1565 2732
Taxation -9433 -7377 -7328 -4962 -7730
Net Cash Out(In)flow Investing Activ.
Capital Expenditure & Financ. Invest. -26006 -51112 -50773 -22705 -33725
Acquisition & Disposal -126 -401 -700 -506
Equity Dividends Paid -5274 -5013 -4754 -4494 -4144
Management of Liquid Resources 35615 -18055 5718
Net Cash Out(In)flow from Financing -1456 -1722 -1598 -1582
Increase(Decrease) Cash & Equiv 2170 -13656 6899 -18435 711

FINANCIAL RATIOS
07/2002 07/2001 07/2000 07/1999 07/1998
Current Ratio 0.62 0.52 0.86 1.46 1.97
Liquidity Ratio 0.62 0.47 0.76 1.37 1.90
Shareholders Liquidity Ratio 2.51 2.52 3.03 2.66 2.35
Solvency Ratio (%) 55.93 56.90 59.70 57.66 55.74
Asset Cover 85.84 60.84 39.22
Gearing (%) 39.90 40.70 34.57 39.17 44.68
Shareholders Funds per Empl. (Unit) 277663 232634 218536 216739 168931
Working Capital per Employee (Unit) 1483 2330 1990 -13492 6940
Total Assets per Employee (Unit) 496434 408843 366046 375884 303054

PROFITABILITY RATIOS
07/2002 07/2001 07/2000 07/1999 07/1998
Profit Margin (%) 22.15 16.81 14.47 20.25 16.05
Return on Shareholder Funds (%) 23.53 17.47 14.60 20.76 18.03
Return on Capital Employed (%) 16.82 12.50 10.98 15.09 12.64
Return on Total Assets (%) 13.16 9.94 8.72 11.97 10.05
Interest Cover 70.56 2178.80 76.96 70.17 34.99
Stock Turnover 745.21 58.66 28.95 33.49 46.15
Debtors Turnover 6.60 13.35 13.69 19.74 11.36
Debtor Collection (days) 55.27 27.35 26.65 18.49 32.12
Creditors Payment (days) 53.92 30.05 35.97 51.55 26.68
Net Assets Turnover 0.76 0.74 0.76 0.75 0.79
Fixed Assets Turnover 0.69 0.66 0.73 0.85 1.05
Salaries/Turnover (%) 47.92 38.59 38.61 33.40 30.61
Turnover per Employee (Unit) 295075 241733 220542 222237 189795
Average Remun. per Employee (Unit) 141412 93287 85154 74227 58093
Profit per Employee (Unit) 65347 40631 31916 45002 30462

DIRECTORS
Sir R.A. Gardner DIRECTOR
Old Hall Farm, Gill Hill, Markyate, St Albans, Herts, AL3 8AR
Mr N.W. Humby DIRECTOR
1 The Paddock, Hartley Wintney, Hook, Hants, RG27 8UB
Mr D.A. Gill DIRECTOR
Spindles St, Marys Road, Bowdon, Altrincham, Cheshire, WA14 2PH
Mr I.F. Much DIRECTOR
The Woodlands, Knutsford Road, Chelford, Macclesfield, Cheshire, SK11 9AS
Mr E.M. Watkins DIRECTOR
25 Mauldeth Road, Heaton Mersey, Stockport, Cheshire, SK4 3NE
Mr P.E. Yea DIRECTOR
Castor Heights, Ferry Hill, Peterborough Road Castor, Peterborough, PE5 7BU
Mr D.P. Beswitherick COMPANY SECRETARY
12 Horncastle Close, Bury, Lancs, BL8 1XE

COMPANY OWNERSHIP
Publicly Quoted
This Company has no controlling Company owning the shares.

Shareholders
BULK LIST OF SHAREHOLDERS

SUBSIDIARIES
No. Name Type
03132053 ALDERLEY URBAN INVESTMENTS LIMITED JW Immediate owner
03207836 MAN UNITED LIMITED JW Immediate owner
03207835 MAN UTD LIMITED JW Immediate owner
00095489 MANCHESTER UNITED FOOTBALL CLUB LIMITED JW Immediate owner
03220548 MANCHESTER UNITED CATERING LIMITED JW Immediate owner
03220544 MANCHESTER UNITED THEMED RESTAURANTS LIMITED JW Immediate owner
02946652 MU 099 LIMITED JW Immediate owner
03220552 RED CAFE LIMITED JW Immediate owner

TRADING ADDRESS
  1. Sir Matt Busby Way, Old Trafford, Manchester, M16 0RA
    Tel: 0161 - 8688303

DOCUMENT FILING DATES
25-Jan-1991 Change of Name (B)
09-May-1991 Change in Reg. Office (C)
21-Nov-2003 Change in Mem & Arts (D)
21-Nov-2003 Change in Share Capital (G)
19-Sep-2003 Change of Directors (K)
24-Apr-1998 Charge Lodged (L)
12-Feb-2003 A/c filed at CRO (N)
31-Jul-2002 Accounts (P)
21-Dec-2002 Annual Returns (R)