Manchester United PLC (MANU) 2022 Q4 法說會逐字稿

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Manchester United Earnings Conference Call. (Operator Instructions). We would like to remind everyone that this conference call is being recorded. I will now turn the call over to Corinna Freedman, Head of Investor Relations for Manchester United.

女士們、先生們，大家好，感謝你們的支持。歡迎參加曼聯收益電話會議。 （操作員指令）。我們想提醒大家，本次電話會議正在錄音。現在我將電話轉給曼聯投資者關係主管科琳娜‧弗里德曼。

Thank you, Roger. Hello, everyone, and welcome to Manchester United's Fourth Quarter Fiscal 2022 Earnings Call. A press release containing our financial results was issued earlier today and can be accessed on our Investor Relations website. This call is being recorded and webcast, and a replay of this call will be available on our website for 30 days.

謝謝你，羅傑。大家好，歡迎參加曼聯2022財年第四季財報電話會議。今天早些時候，我們發布了一份包含財務表現的新聞稿，可以在我們的投資者關係網站上查閱。本次通話將會被錄音並進行網路直播，本次通話的重播將在我們的網站上保留 30 天。

Before we begin, and as a matter of formality, we would like to remind everyone that this conference call will include estimates and forward-looking statements, which are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements. Any such estimates or forward-looking statements should be considered along with the disclosures included with our earnings release as well as additional risk factor discussions contained in our filings with the SEC.

在我們開始之前，出於正式的考慮，我們想提醒大家，本次電話會議將包括估計和前瞻性陳述，這些陳述受各種風險和不確定性的影響，可能導致我們的實際結果與這些陳述有重大差異。任何此類估計或前瞻性陳述都應與我們的收益報告中的揭露以及我們向美國證券交易委員會提交的文件中包含的其他風險因素討論一起考慮。

Members of our executive leadership team participating on the call today include Richard Arnold, our Chief Executive Officer; Football Director, John Murtough; Collette Roche, COO; Phil Lynch, CEO of Digital Products and Experiences; Victoria Timpson, CEO of Alliances and Partnerships and Cliff Baty, our CFO.

今天參加電話會議的執行領導團隊成員包括執行長理查德·阿諾德 (Richard Arnold)；足球總監，約翰·穆爾塔夫 (John Murtough)； Collette Roche，營運長；數位產品和體驗執行長 Phil Lynch；聯盟與合作夥伴關係執行長 Victoria Timpson 和我們的財務長 Cliff Baty。

We will begin with our prepared remarks. We will then open up the call to your questions. Investors are also invited to e-mailing questions to our general IR inbox at ir@manutd.co.UK. I will now turn the conference call over to Richard Arnold, our CEO, for his opening remarks. Richard?

我們將開始發表準備好的演講。然後我們將開始回答您的問題。我們也邀請投資者透過電子郵件將問題發送至我們的通用 IR 收件匣 ir@manutd.co.UK。現在，我將電話會議交給我們的執行長理查德‧阿諾德 (Richard Arnold)，請他致開幕詞。理查德？

Thank you. Good morning, and welcome to everyone joining. Clearly, our on-pitch performance and finishing sixth in the Premier league last season fell short of our aims and expectations. In response, we've made important and necessary changes, including new leadership for the men's third team under Erik ten Hag and the strengthening of the playing squad during the summer transfer window. We also continue to develop our Women's Squad, which now contains 4 of the England Lionesses, who are victorious in this year's UEFA European Championship.

謝謝。早上好，歡迎大家來參加。顯然，我們在球場上的表現和上賽季英超聯賽第六名的成績沒有達到我們的目標和期望。作為回應，我們做出了重要且必要的改變，包括在埃里克·滕哈格的帶領下為男子第三隊任命新的領導層，並在夏季轉會窗口期間加強球隊陣容。我們仍在繼續發展我們的女子隊，現在該隊擁有 4 名英格蘭女足女足隊員，她們在今年的歐洲足球錦標賽中獲得了冠軍。

Our youth pipeline also remains strong with major trophy wins for both our men's under 18 and women's under 21 Academy teams last season. Our football Director, John Murtough, will walk you through these developments in more detail shortly, but I want to stress that we're working tirelessly behind the scenes to create the conditions for renewed football success. That includes ongoing investment in the training facilities at Carrington. When we last spoke, we set out our mission to support our football teams in developing the titles and trophies that we know, Manchester United should be competing for. This encompasses football, fans, facilities and financials.

我們的青年隊伍也保持強勁，上賽季我們的 18 歲以下男子學院隊和 21 歲以下女子學院隊均贏得了重要獎盃。我們的足球總監約翰·穆爾塔夫 (John Murtough) 將很快向您詳細介紹這些發展情況，但我想強調的是，我們正在幕後不懈努力，為足球事業的再次成功創造條件。其中包括對卡靈頓培訓設施的持續投資。上次我們談話時，我們提出了我們的使命，即支持我們的足球隊贏得我們所知的曼聯應該爭奪的冠軍和獎杯。這包括足球、球迷、設施和財務。

This process is ongoing. However, we have already put in place many of the foundations of new structures and talent to drive long-term success. We'll hear more color from the rest of the executive leadership team shortly on the progress we've made this far. Ultimately, we know that the strength of Manchester United rests on the passion and loyalty of our fans. That's why we've made improving fan engagement, one of our strategic priorities. In January, we launched our fans Advisory Board as a new channel for Board level dialogue between fan representatives and the club, its management and owners.

這個過程正在進行中。然而，我們已經建立了許多新的結構和人才基礎來推動長期成功。我們很快就會從其他執行領導團隊那裡聽到更多關於目前所取得的進展的消息。最終，我們知道曼聯的力量在於球迷的熱情和忠誠。這就是為什麼我們將提高粉絲參與度作為我們的策略重點之一。今年 1 月，我們推出了球迷顧問委員會，作為球迷代表與俱樂部、俱樂部管理層和所有者之間董事會級別對話的新管道。

And this model has since been embraced by the Premier League as a mandatory model for other clubs to follow. We also have a number of other fan initiatives in process. We will continue to strengthen our engagement with our fans around the world, both through physical and digital activity. This summer, we completed our first full pre-season tour in 3 years following COVID, playing in front of over 350,000 fans in 5 cities. Collette Roche, our Chief Operating Officer, will share more highlights of the tour later in the call.

這一模式現已被英超聯賽採納，並成為其他俱樂部必須效仿的模式。我們還在進行許多其他粉絲計劃。我們將繼續透過實體和數位活動加強與世界各地粉絲的互動。今年夏天，我們完成了疫情爆發三年來的首次完整季前巡演，在 5 個城市的 35 萬多名球迷面前進行比賽。我們的首席營運長 Collette Roche 將在稍後的電話會議中分享更多巡演亮點。

For fans old Trafford, we believe they deserve excellent facilities and experiences when attending matches. Earlier this year, we appointed master planners to explore options for potential redevelopment of our stadium and the club owned land, which surrounds it. We're at an early stage of a multiyear project, and we will continue to gather input and feedback from our fans and other stakeholders on these options before making any firm decisions, and we will update the market in due course. Whilst remaining committed to long-term investment in the stadium, we will be disciplined in our capital plans, which must be sustainable and mindful of the macroeconomic pressures and inflationary environment currently impacting the U.K. and wider global economies. The Club has shown strong momentum in our commercial operations, reflecting both the welcome return of match-going fans to the stadium after the pandemic and the strength of our venue, merchandising and partnership operations.

對於老特拉福德的球迷來說，我們相信他們在觀看比賽時應該擁有一流的設施和體驗。今年早些時候，我們任命了總體規劃師來探索重建我們的體育場以及周圍俱樂部所擁有的土地的潛在方案。我們正處於多年專案的早期階段，在做出任何堅定決定之前，我們將繼續收集粉絲和其他利害關係人對這些選擇的意見和回饋，並將適時向市場更新。在繼續致力於對體育場進行長期投資的同時，我們將嚴格執行資本計劃，這些計劃必須是可持續的，並且要考慮到目前影響英國及全球經濟的宏觀經濟壓力和通膨環境。俱樂部在商業運營方面表現出強勁勢頭，這不僅反映了疫情過後球迷重返球場的良好勢頭，也反映了我們場館、商品和合作夥伴運營的強勁勢頭。

Despite global economic headwinds, we see strong tailwinds for the value of global TV rights for Premier League and UEFA competitions and a competitive sponsorship market with many new market entrants looking to build and strengthen their brand through association with leading global sports brands such as ours. While the FIFA World Cup in Qatar this winter will cause some disruption to our usual cadence of games. We expect it to further fuel the profile and popularity of football around the world with many of our first team players expected to take part for their respective nations. In terms of digital activity, the volume and global reach of our club media content continues to grow across both owned and operated channels and all the major social media platforms. Phil Lynch, our CEO of Digital Product and experiences will speak further to the opportunities ahead as we explore new forms of digital engagement with fans. Victoria Timpson, our CEO of Alliances and partnerships will provide an update on recent highlights from our sponsorship operations.

儘管全球經濟面臨逆風，但我們看到英超聯賽和歐足總比賽的全球電視轉播權價值面臨強勁順風，而且贊助市場競爭激烈，許多新市場進入者希望透過與我們這樣的全球領先運動品牌合作來打造和加強自己的品牌。而今年冬天在卡達舉行的世界盃將會對我們正常的比賽節奏造成一些幹擾。我們希望它能進一步提升足球在世界各地的知名度和受歡迎程度，我們的許多一線隊球員都有望代表各自的國家參加比賽。在數位活動方面，我們俱樂部媒體內容的數量和全球影響力在自有和營運管道以及所有主要社交媒體平台上持續增長。我們負責數位產品和體驗的執行長 Phil Lynch 將進一步談論未來的機遇，我們將探索與粉絲進行新形式的數位互動。我們的聯盟和合作夥伴關係執行長維多利亞·蒂普森 (Victoria Timpson) 將介紹我們贊助業務的最新亮點。

While Cliff Baty, our CFO, will review our financial results and provide our outlook for fiscal '23. In summary, everyone at the club is aligned on a clear strategy to deliver sustained success on the pitch and a sustainable economic model of it. The mutual benefit fans, shareholders and other stakeholders. We believe the building blocks for future success are being put in place, but we acknowledge there is still much more for us to do this season and beyond, and that success will not happen overnight. As a club, we're moving forward, united and committed to achieving our goals. I'll now hand the call over to first to John Murtough, our Football Director, who will provide an update on our football activities.

我們的財務長 Cliff Baty 將審查我們的財務表現並提供 23 財年的展望。總而言之，俱樂部的每個人都一致認同一個明確的策略，即在球場上取得持續的成功，並建立可持續的經濟模式。實現球迷、股東和其他利害關係人的互利共贏。我們相信，未來成功的基礎已經奠定，但我們也承認，本賽季及以後我們還有許多事情要做，而且成功不會在一夜之間實現。作為一個俱樂部，我們正在前進，團結一心，致力於實現我們的目標。現在我將首先把電話交給我們的足球總監約翰·穆爾塔夫，他將向我們介紹我們的足球活動的最新情況。

Thank you, Richard. I'd like to start with a quick recap of key achievements and strategic developments across our football operation during the fiscal year. Starting with the men's first team. Most important development during the '21/'22 season was the appointment of Erik ten Hag as Manager. After a thorough search and due diligence process, it was clear towards that Eric was the strongest candidate based on his outstanding coaching record, his commitment to the proactive attacking football we want to play and the vision and ambition he showed for the role.

謝謝你，理查。首先，我想簡單回顧一下本財年我們足球事業的主要成就和策略發展。從男子一隊開始。 21/22 賽季最重要的發展是任命埃里克·滕哈赫為主教練。經過徹底的搜尋和盡職調查過程，很明顯埃里克是最強的候選人，因為他有出色的執教記錄、對我們想要踢的主動進攻足球的承諾以及他在這個角色上表現出的遠見和雄心。

There is still a long way to go but we've already seen during his first 4 months in charge and increased Unity, focus and drive that bodes well for the future. During the summer, we made significant investment in the first team squad with the permanent addition of 5 regular starters, including a balance of experienced international players and younger emerging talents. We also saw a higher-than-usual number of departures, and this was an equally important part of refreshing the squad after the disappointing '21, '22 season.

雖然還有很長的路要走，但我們已經看到，在他執掌的頭四個月裡，團結、專注和動力的增強，對未來來說是一個美好的預兆。在夏季期間，我們對一線隊陣容進行了大量投資，永久增加了 5 名常規首發球員，其中包括經驗豐富的國際球員和年輕的新興球員。我們還看到了比平常更多的球員離隊，這對於在令人失望的 21、22 賽季後更新球隊陣容同樣重要。

We will continue to support Eric ensuring he has the players with the right quality and character to achieve success while ensuring that investment remains consistent with our commitment to financial sustainability. Overall, we are ahead of schedule in our recruitment plans as envisaged at the start of the summer, and we do not anticipate the same level of activity in future windows. As always, our planning focuses on the summer window. We are also pleased with the 7 additions made to our women's squad and look forward to seeing the team continue to develop under Marc Skinner after last year's solid fourth place finish in the Women's Super League. Another high point this year was our under 18 Men's Academy team winning the FA Youth comp for a record 11th time in May in front of over 67,000 fans at Old Trafford by far the highest attendance ever achieved in the competition. And there was also a success for our women's under 21s who achieved a fantastic double win of both the WSL Academy League and the WSL Academy Corp.

我們將繼續支持埃里克，確保他擁有具備正確素質和性格的球員以取得成功，同時確保投資與我們對財務可持續性的承諾保持一致。總體而言，我們的招聘計劃比夏季開始時預計的要提前完成，並且我們預計未來的招聘活動不會達到相同的水平。像往常一樣，我們的計劃重點放在夏季窗口。我們也很高興看到女子隊增加了 7 名球員，並期待看到球隊在馬克·斯金納的帶領下繼續發展，去年該隊在女子超級聯賽中穩居第四名。今年的另一個高潮是 5 月份，我們的 18 歲以下男子學院隊在老特拉福德球場 67,000 多名球迷的見證下第 11 次奪得英足總青年比賽冠軍，創造了該項賽事有史以來的最高出席人數。我們的 21 歲以下女子球隊也取得了成功，她們在 WSL 學院聯賽和 WSL 學院隊中獲得了雙贏。

Nurturing of youth will always remain a cornerstone of this club, and we are excited as ever about the talent we have coming through in both our men's and our women's Academies. Overall, while there is still a great deal of work ahead, we are confident that the right people and process have been put in place to support our teams in their pursuit of success. I'll now hand over to Collette Roche, our Chief Operating Officer, who will provide a brief update on club operations. Collette?

培養年輕人永遠是俱樂部的基石，我們對男子和女子學院培養的人才感到無比興奮。總體而言，雖然未來仍有大量工作要做，但我們相信，我們已經安排了合適的人才和流程來支持我們的團隊追求成功。現在我將把麥克風交給我們的營運長 Collette Roche，他將簡要介紹俱樂部的營運情況。科萊特？

Thank you, John. I'd now like to set out a few highlights from club operations during the last quarter and full fiscal year as well as some more recent key developments, including our summer tour. It was another strong year for ticket demand with over 135,000 people on our waiting list for season tickets, support to loyalty is something that we never take for granted. This year, we were able to once again keep general admission prices frozen for the 11th straight year. We experienced a record sellout of our 2022-'23 season tickets this year with the lowest churn ever as we offered our supporters even more flexibility, including the ability to opt out of cup matches. This allowed us to introduce a new cup season ticket package, providing more fans with the opportunity to experience Old Trafford.

謝謝你，約翰。現在，我想介紹一下上個季度和整個財年俱樂部運營的一些亮點，以及包括我們的夏季巡演在內的一些最新關鍵進展。這是門票需求旺盛的一年，我們的季票候補名單上有超過 135,000 人，對忠誠度的支持是我們永遠不會視為理所當然的事情。今年，我們連續第 11 年保持普通門票價格不變。今年，我們的 2022-23 賽季門票銷售創下了歷史新高，流失率創下了歷史新低，因為我們為支持者提供了更大的靈活性，包括選擇退出杯賽的權利。這使我們能夠推出新的杯賽季票套餐，為更多球迷提供體驗老特拉福德的機會。

We have also introduced various ways in which fans can pass on their tickets if they cannot attend matches, including the ability to donate tickets to our foundation. We are pleased to announce that our executive club sweets and boxes also sold out in record time and at record revenue levels. Our paid membership program is once again experiencing another record year with our highest ever sign offs recorded, exceeding 275,000 global members at the end of this fiscal year. This momentum has continued into the current fiscal year as we have already surpassed this level in the current season. We are also delighted to see stronger ticket demand for our women's matches as the thrilling win by England's national team in the European championship this year featured 4 current Manchester United players and has boosted interest at club level across the WSL.

我們也推出了各種方式，讓無法現場觀看比賽的球迷可以轉讓門票，其中包括將門票捐贈給我們的基金會。我們很高興地宣布，我們的行政俱樂部糖果和盒子也在創紀錄的時間內以創紀錄的收入水平售罄。我們的付費會員計畫再次創下新高，簽約人數創下歷史新高，截至本財年末全球會員人數已超過 275,000 人。這種勢頭一直延續到本財年，因為我們在當前季度已經超越了這一水平。我們也很高興看到女子足球比賽的門票需求強勁，因為今年英格蘭國家隊在歐洲錦標賽中取得了驚人的勝利，其中有 4 名現役曼聯球員，這激發了整個女子足球超級聯賽俱樂部層面的關注。

This year, season ticket demand for our women's matches have increased 55% versus the previous year. And before a ball had been kicked, we sold more tickets than we did across the entire season last year. Old Trafford was fortunate to host the opening game of the Euros in July with nearly 69,000 fans in attendance, a record for women's match in the U.K. prior to the final held just a few weeks later at Wembley. And we'll welcome back even more women's fans to Old Trafford for a third WSL match in December against Aston Villa. We are very optimistic for continued momentum of the women's game.

今年，我們的女子比賽季票需求比去年增加了55％。比賽還沒開賽時，我們賣出的門票數量就比去年整個賽季的門票數量還多。老特拉福德球場有幸在 7 月主辦了歐洲盃的揭幕戰，當時有近 69,000 名球迷到場觀賽，這創下了幾週後在溫布利舉行的決賽之前英國女子足球比賽的現場觀賽人數紀錄。我們將歡迎更多女性球迷重返老特拉福德球場觀看 12 月對陣阿斯頓維拉的第三場 WSL 比賽。我們對女子比賽持續保持的勢頭非常樂觀。

As Richard highlighted in his opening remarks, this past July, we returned to our normal summer tour operations with 6 matches across 3 continents, 4 countries and 5 cities in 3 weeks. Over 350,000 fans were in attendance, generating record tour revenues at a rate significantly higher than our last tour in 2019, which also comprise the same number of matches in similar territories.

正如理查德在開幕詞中所強調的那樣，今年7月，我們恢復了正常的夏季巡迴賽，3週內在3大洲、4個國家和5個城市舉辦了6場比賽。超過 35 萬名球迷到場觀看比賽，創造了創紀錄的巡迴賽收入，且收入率遠高於我們 2019 年的上一次巡迴賽，那次巡迴賽在類似地區舉辦了相同場次的比賽。

Preseason summer tours are critical in preparing the team for the start of the season, while at the same time, bringing our global fans closer to the club they love. Tours also support our partners and media teams in achieving their commercial objectives and Phil and Victoria will both speak toward the highlights in that regard. Over the summer, we completed several infrastructure upgrades and other maintenance projects, both Old Trafford and at Carrington Training Center as we remain committed to offering our fans a positive experience, enhanced safety and an unrivaled atmosphere. I'll now hand the call over to Phil Lynch for an overview of digital products and experiences.

季前夏季巡迴賽對於球隊開始新賽季的準備至關重要，同時也能讓全球球迷更接近他們喜愛的俱樂部。巡迴演出也支持我們的合作夥伴和媒體團隊實現他們的商業目標，菲爾和維多利亞都會談到這方面的亮點。今年夏天，我們完成了老特拉福德球場和卡靈頓訓練中心的幾項基礎設施升級和其他維護項目，我們將繼續致力於為球迷提供積極的體驗、增強的安全性和無與倫比的氛圍。現在我將把電話交給 Phil Lynch，讓他概述數位產品和體驗。

Thanks, Collette. Since our last earnings call, our digital products and experiences team continued to build upon the strong performance we achieved in the first half of the year, and this momentum continues into fiscal 2023. We achieved record results in multiple club KPIs, including engagement, total video views, daily average users, new digital subscribers, new app registrations and importantly, e-commerce revenues. Strong e-commerce sales were driven by record sales of new kits supported by compelling digital content. United Direct, our online store, had its biggest ever year with website traffic, up 73%.

謝謝，科萊特。自上次財報電話會議以來，我們的數位產品和體驗團隊繼續鞏固上半年的強勁業績，這一勢頭將持續到 2023 財年。強勁的電子商務銷售是由引人注目的數位內容支援的創紀錄新套件銷售推動的。我們的網路商店 United Direct 的網站流量創歷史新高，成長了 73%。

E-commerce sales for the full fiscal year were nearly double the revenue generated in prior year due to the strong collaboration of our retail, digital marketing, CRM and content teams and due to investment in technologies, which will continue to enhance our e-commerce operations in the future. We also achieved record first week sales for our 2022-23 Home and Away kits, which launched in July. Through social media, we continue to directly engage with our fans around the world, and we achieved 2.8 billion digital interactions, a 72% increase relative to the prior fiscal year, designating Manchester United as the #1 most engaged club or sports team on social media worldwide.

由於我們的零售、數位行銷、客戶關係管理和內容團隊的密切合作以及對技術的投資，整個財年的電子商務銷售額幾乎是去年收入的兩倍，這將在未來繼續增強我們的電子商務營運。我們 7 月推出的 2022-23 賽季主客場球衣首周銷量也創下了紀錄。透過社群媒體，我們繼續與世界各地的球迷直接互動，實現了 28 億次數位互動，比上一財年增長了 72%，使曼聯成為全球社交媒體上互動率最高的俱樂部或運動隊伍。

And to put this into context, this is more social interactions than every team combined in any of the 4 major U.S. sports leagues and more interactions than other major sports properties, including the Indian Premier League, Formula One and USC. We also broke a club record this year in video with over 8.5 billion video views, the most for any sports team globally. We will continue to expand to new formats and platforms to directly connect with our fans around the world. On our owned and operated platforms, the evolution of our industry-leading mobile app continued with the full rollout of our enhanced Club app this past quarter, which allows us to deliver more world-class, seamless MU content with increased fan interactivity.

具體來說，這比美國四大體育聯盟中任何一支球隊的社交互動次數總和還要多，也比其他主要體育賽事（包括印度超級聯賽、一級方程式賽車和南加州大學）的社交互動次數要多。今年，我們也打破了俱樂部的影片記錄，影片觀看次數超過 85 億次，是全球所有運動隊伍中最高的。我們將繼續擴展新的形式和平台，與世界各地的粉絲直接聯繫。在我們擁有和經營的平台上，我們領先業界的行動應用程式的演變仍在繼續，我們上個季度全面推出了增強型俱樂部應用程序，這使我們能夠提供更多世界一流、無縫的 MU 內容，並提高粉絲互動性。

Integration of MUTV within the core Club app has been a success, contributing to record video views on our platforms. Fans around the world from the Stretford End at Old Trafford to Indonesia can now experience the very best of our club's video content, including every single united match since 1992. We are proud to highlight that fan downloads have pushed our app to the #1 most downloaded in the sports category in over 100 markets globally.

MUTV 與核心俱樂部應用程式的整合取得了成功，有助於在我們的平台上記錄影片觀看次數。從老特拉福德球場的斯特雷特福德看台到印度尼西亞，世界各地的球迷現在都可以體驗到我們俱樂部最精彩的視頻內容，包括自 1992 年以來的每一場比賽。

In addition, our app was the most used Sports Club app for the 2021-'22 season with more average monthly active users than the next 2 biggest Premier League clubs combined. For the fourth quarter, our app experienced a 31% increase in average daily active users versus the prior fiscal year, again, another club record. This was in part driven by our summer tour, which my colleagues earlier, positively highlighted, and I'll echo those sentiments as our summer tour contributed to a record number of registrations for our app as it was the only place to view our tour matches live.

此外，我們的應用程式是 2021-22 賽季使用率最高的體育俱樂部應用程序，平均每月活躍用戶數超過了緊隨其後的兩家英超俱樂部的總和。在第四季度，我們的應用程式的平均每日活躍用戶數與上一財年相比增加了 31%，再次創下了俱樂部紀錄。這在一定程度上得益於我們的夏季巡迴賽，我的同事早些時候對此給予了積極評價，我也會附和這些觀點，因為我們的夏季巡迴賽為我們的應用程序貢獻了創紀錄的註冊人數，因為這是唯一可以現場觀看巡迴賽比賽的地方。

We will also be focused on rolling out more new and exciting content via our app, and we have an array of exciting projects in the works, including the launch of 2 additional podcast brands, which fans can now access directly via our app. Fans are now also able to access MUTV via their Samsung and Sony Smart TVs. In addition to Apple TV, Xbox, Amazon Fire and Roku as part of the club's efforts to increase accessibility of Manchester United content.

我們還將專注於透過我們的應用程式推出更多新的和令人興奮的內容，並且我們正在籌備一系列令人興奮的項目，包括推出另外 2 個播客品牌，粉絲現在可以透過我們的應用程式直接存取。球迷現在還可以透過三星和索尼智慧電視訪問 MUTV。除了 Apple TV，Xbox、Amazon Fire 和 Roku 也是俱樂部提高曼聯內容可訪問性的努力的一部分。

In the upcoming months, we plan to further expand our Connected TV rollout to extend to other smart TV models as well. We currently renewed our agreement with Sky for the distribution of the linear MUTV channel in the U.K. and Ireland, and this partnership makes MUTV available to Sky's 12 million pay TV subscribers. Our linear television network continues to be the most subscribed football channel in the United Kingdom. And through our linear partners, we now have access to over 71 territories and continue to pursue prospects to expand MUTV's footprint.

在接下來的幾個月裡，我們計劃進一步擴大我們的連網電視業務，並將其擴展到其他智慧電視型號。我們目前與 Sky 續簽了協議，在英國和愛爾蘭分銷線性 MUTV 頻道，此次合作將使 Sky 的 1,200 萬付費電視用戶能夠觀看 MUTV。我們的線性電視網絡繼續成為英國訂閱人數最多的足球頻道。透過我們的線性合作夥伴，我們現在可以訪問超過 71 個地區，並繼續尋求擴大 MUTV 影響力的前景。

From our 220 million plus social media followers to our owned and operated media and content platforms, including our industry-leading club, our fans enjoy a 360-degree digital experience, fueled by constant content creation. Enhancing and evolving our digital capabilities and engagement continues to represent a massive opportunity for us and for our fans. It also enables us to better provide fans with features, experiences and products that express our fans enduring passion for this cloud.

從我們超過 2.2 億的社群媒體粉絲到我們擁有和經營的媒體和內容平台（包括我們領先業界的俱樂部），我們的粉絲可以享受 360 度的數位體驗，並由不斷的內容創作提供支援。增強和發展我們的數位能力和參與度對我們和我們的粉絲來說仍然是一個巨大的機會。它還使我們能夠更好地向粉絲提供功能、體驗和產品，以表達粉絲對這款雲的持久熱情。

And to give you just a brief update on our longer-term digital strategy, Manchester United will continue to explore more innovative opportunities to strategically leverage our IP, opportunities that are always guided by a fan-centric point of view. In collaboration with our partnership with Tezos, we are exploring a range of blockchain-enabled fan offerings, including digital collectibles, among other digital products with a primary focus on fan utility, and we will have more info to share on that front in the coming months. I'll now hand the call over to Victoria Timpson for an overview of alliances and partnerships. Thank you.

我簡單介紹我們的長期數位策略，曼聯將繼續探索更多創新機會，策略性地利用我們的智慧財產權，這些機會始終以球迷為中心的觀點為指導。透過與 Tezos 的合作，我們正在探索一系列支援區塊鏈的粉絲產品，包括數位收藏品以及其他主要注重粉絲實用性的數位產品，我們將在未來幾個月內分享更多這方面的資訊。現在，我將把電話交給維多利亞·蒂姆森 (Victoria Timpson)，讓她概述聯盟和夥伴關係的情況。謝謝。

Thank you, Phil. Partnerships have always been a key driver of the revenue that supports our overall objective of football success. And in turn, our partners benefit from Manchester United's strong affinity and best in sports global awareness. This year, we launched a record number of principal partnerships and welcome TeamViewer, DXC and Tezos as global principal partners. We also signed new and recent notable deals with Qualcomm, Extreme Networks, EcoLabs,[therapody and Betfred]. Turning to renewals. We have renewed 8 global partnerships in fiscal 2022, including DHL, Marriott and Remington, amongst others. We also renewed our licensing agreement with new era. We returned to more normalized partner activations this quarter in April as the club held its first in-person '#ILoveUnited event ' in Miami since the onset of the pandemic.

謝謝你，菲爾。合作夥伴關係始終是支持我們實現足球成功整體目標的關鍵收入驅動力。反過來，我們的合作夥伴也受益於曼聯強大的親和力和全球體育知名度。今年，我們建立了創紀錄數量的主要合作夥伴關係，並歡迎 TeamViewer、DXC 和 Tezos 成為全球主要合作夥伴。我們也與高通、Extreme Networks、EcoLabs、[therapody 和 Betfred] 簽署了新的和近期的重要協議。轉向續約。我們在 2022 財年續簽了 8 項全球合作夥伴關係，包括 DHL、萬豪和雷明頓等。我們也與新時代續簽了授權協議。本季 4 月，我們恢復了更常態化的合作夥伴活動，因為俱樂部自疫情爆發以來首次在邁阿密舉辦了線下的「#ILoveUnited 活動」。

We hosted 22 global partners with more than 2,000 U.S. fans, and we are looking forward to hosting more events in our key growth markets. We also returned normal summer tour activities with 22 global commercial partners, and our tour activations generated nearly 125 million global digital impressions. These results demonstrate continued robust sponsorship interest against its difficult global macro backdrop, demonstrating the enduring appeal of live sports and the global passion for Manchester United. I'll now hand the call over to Cliff Baty, who will review our financial results.

我們接待了 22 家全球合作夥伴，擁有超過 2,000 名美國粉絲，我們期待在我們的主要成長市場舉辦更多活動。我們也與22個全球商業夥伴恢復了正常的夏季巡迴活動，我們的巡迴活動在全球產生了近1.25億次數位印象。這些結果表明，在艱難的全球宏觀背景下，贊助商的興趣持續旺盛，彰顯了現場體育賽事的持久吸引力和全球對曼聯的熱情。我現在將電話交給 Cliff Baty，他將審查我們的財務結果。

Thank you, Victoria. I'll now talk you through our results for the full year, and then I'll speak to our current expectations for the upcoming fiscal year. Turning first to the full year fiscal '22 results. We'd like to remind you that year-on-year comparisons of prior year are impacted by Covid pandemic effects and the changes to fixed schedules and operations that occurred in fiscal '21.

謝謝你，維多利亞。我現在將向您介紹我們全年的業績，然後我將談論我們對即將到來的財年的當前期望。首先談談22財年全年業績。我們想提醒您，與前一年同期相比，業績受到了新冠疫情的影響以及 21 財年固定時間表和營運變化的影響。

Total revenues for the period were GBP 583.2 million. This was GBP 89.1 million higher than the prior year, owing to the return of fans this season, offset by a reduction in broadcasting revenues due to the lower number of games played. Adjusted EBITDA was GBP 81.1 million, down GBP 14 million from the prior year due to increased player wages and a return to more normalized operational cost base. Turning to the key items in the results. Total commercial revenues of GBP 257.8 million, with sponsorship revenues of GBP 147.9 million, GBP 7.7 million higher due to new partnerships and a reduction in COVID-19-related contract variations.

本期總收入為 5.832 億英鎊。這筆收入比前一年高出 8,910 萬英鎊，主要是由於本賽季球迷的回歸，但因比賽場次減少導致的轉播收入減少抵消了這一收入。調整後的 EBITDA 為 8,110 萬英鎊，較上年下降 1,400 萬英鎊，原因是球員薪資增加且營運成本基礎恢復到更正常水準。轉向結果中的關鍵項目。總商業收入為 2.578 億英鎊，其中贊助收入為 1.479 億英鎊，由於新的合作夥伴關係和 COVID-19 相關合約變化的減少而增加了 770 萬英鎊。

Merchandising and licensing revenues were GBP 109.9 million, up GBP 17.9 million, reflecting the reopening of the mega store at all traffic as well as the continued strong growth in the e-commerce royalties. Broadcasting revenues for the year were GBP 214.9 million, a decrease of GBP 39.9 million due to the impact of COVID on the prior year's fixture schedule. In fiscal 2022, the Club paid 38 Premier League games as normal. Whilst in fiscal '21, we played 44 Premier League matches due to the carryover from the previous season.

商品銷售和授權收入為 1.099 億英鎊，成長 1,790 萬英鎊，這反映了大型商店在所有流量處的重新開業以及電子商務特許權使用費的持續強勁增長。全年廣播收入為 2.149 億英鎊，由於新冠疫情對上一年賽程安排的影響，減少了 3,990 萬英鎊。 2022財年，俱樂部正常支付了38場英超聯賽的費用。而在21財年，由於上季的延續，我們踢了44場英超聯賽。

Matchday revenues were GBP 110.5 million, an increase of GBP 103.4 million due to the return of fans for the whole season. Moving down the income statement. Operating expenses, excluding depreciation, amortization and exceptional items, increased by GBP 103.1 million. This includes wages, which were up 19.1%, in line with expectations following significant play investments made last summer. Other operating expenses increased by GBP 41.5 million due to the return of fans roll traffic as well as the reopening of the mega store and inflationary pressure on certain costs.

比賽日收入為1.105億英鎊，由於整個賽季球迷的回歸而增加了1.034億英鎊。降低損益表。不包括折舊、攤提和特殊項目在內的營業費用增加了 1.031 億英鎊。其中薪資上漲了 19.1%，符合去年夏天進行重大投資後的預期。由於球迷流量的回升、大型商店的重新開業和某些成本面臨的通膨壓力，其他營運費用增加了 4,150 萬英鎊。

Depreciation and amortization costs were GBP 165.8 million for fiscal '22, an increase of GBP 26.4 million due to the level of investment in the playing squad. Exceptional items for the year were GBP 24.7 million, primarily in relation to the departure of Ole Gunnar Solskjaer and Ralf Rangnick and related coaching and scouting staff. Net finance costs for the year was GBP 62.2 million, a significant increase from the prior year due to the foreign exchange impact on the unhedged portion of our U.S. debt.

22財年的折舊和攤銷成本為1.658億英鎊，由於對球隊的投資水平而增加了2640萬英鎊。今年的特殊項目為 2,470 萬英鎊，主要與索爾斯克亞 (Ole Gunnar Solskjaer)、拉爾夫·朗尼克 (Ralf Rangnick) 以及相關教練和球探人員的離職有關。本年度淨融資成本為 6,220 萬英鎊，較上年大幅增加，原因是外匯對我們美國債務未對沖部分的影響。

This noncash charge was caused by a significant weakening of sterling versus the U.S. dollar as the bulk of our debt is denominated in U.S. dollars. It's important to reiterate that cash interest costs were unaffected by foreign exchange and were in line with prior years at around GBP 21 million. Turning now to our balance sheet. At the end of June, cash balances were up -were GBP 121.2 million, up GBP 10.5 million compared to the prior year. This increase in cash includes the drawdown of an additional GBP 40 million from our revolving credit facilities during the year.

這筆非現金費用是由於英鎊兌美元大幅貶值造成的，因為我們的大部分債務都是以美元計價的。值得重申的是，現金利息成本不受外匯影響，與前幾年持平，約 2,100 萬英鎊。現在來看看我們的資產負債表。截至 6 月底，現金餘額為 1.212 億英鎊，比前一年增加 1,050 萬英鎊。現金的增加包括今年從我們的循環信貸中提取的額外4000萬英鎊。

The CapEx expenditure was GBP 85.1 million for the period. Net debt was GBP 514.9 million, an increase of GBP 95.4 million compared to the prior year. GBP 64.6 million of this increase was solely due to foreign exchange impact on the U.S. dollar debt. In real terms, our debt increased by the additional GBP 40 million drawdown of the replacement cost facility, revolving credit facility previously mentioned. It is worth noting that the club lost over GBP 200 million of cash due to the Covid pandemic that has required use of our RCF facility. And now turning to our guidance. We expect full year fiscal '20 revenues of GBP 580 million to GBP 600 million, which will be impacted by 3 primary drivers.

本期間的資本支出為 8,510 萬英鎊。淨債務為5.149億英鎊，較上年增加9,540萬英鎊。其中 6,460 萬英鎊的增幅完全是由於外匯對美元債務的影響。實際上，我們的債務增加了，因為先前提到的重置成本融資和循環信貸額度額外提取了 4000 萬英鎊。值得注意的是，由於新冠疫情，俱樂部需要使用我們的 RCF 設施，損失了超過 2 億英鎊現金。現在來談談我們的指導。我們預計20財年全年營收為5.8億至6億英鎊，將受到三個主要驅動因素的影響。

First, the start of the new Premier League rights cycle; Second, participation in the European League versus the Champions League relative to fiscal '22. And finally, normalized summer tour revenue. We expect fiscal 2023 adjusted EBITDA to be between GBP 100 million to GBP 110 million. This reflects savings on player wages as a result of UCL remuneration clauses and results in an overall wage reduction versus fiscal '22 of high single digits. Adjusted EBITDA guidance also reflects the continued investment in the playing squad as well as elevated utility costs, which are forecast to be several million pounds above prior year. In addition, further continued movement of sterling to U.S. dollar exchange rate will impact our net finance costs and net debt calculation, wherever these are noncash impacts.

一是英超新一輪版權週期的開始；其次，相較於22財年，參加歐洲聯賽與參加歐洲冠軍聯賽的情況。最後，實現夏季旅遊收入正常化。我們預計 2023 財政年度調整後 EBITDA 將在 1 億英鎊至 1.1 億英鎊之間。這反映了 UCL 薪酬條款導致的球員薪資節省，並導致與 22 財年相比整體薪資下降了個位數。調整後的 EBITDA 指引也反映了對球隊的持續投資以及公用事業成本的增加，預計將比前一年高出數百萬英鎊。此外，英鎊兌美元匯率的進一步持續變動將影響我們的淨財務成本和淨債務計算，無論這些都是非現金影響。

Finally, I'd also like to provide some color on a few other key items you may find instructive in modeling our fiscal '23 results. We expect amortization to be GBP 180 million. This can change if we buy or sell players or extend the player's contract. And lastly, our committed net player CapEx for fiscal 2023 currently stands at approximately GBP 120 million. As always, we thank you for your continued interest in Manchester United. And with that, we are now ready for your questions. Operator?

最後，我還想對其他幾個關鍵項目進行一些說明，您可能會發現這些項目對我們 23 財年業績的建模有幫助。我們預計攤銷額為1.8億英鎊。如果我們買賣球員，或延長球員的合同，這種情況可能會改變。最後，我們承諾的 2023 財年淨資本支出目前約為 1.2 億英鎊。像往常一樣，我們感謝您對曼聯的持續關注。現在我們已經準備好回答您的問題了。操作員？

(Operator Instructions) The first question is from Randy Konik of Jefferies.

（操作員指示）第一個問題來自 Jefferies 的 Randy Konik。

Great. Maybe I could start with Phil. You talked about -you gave some great specifics on just the amount of impressions or engagement that's done on the Manu app and viewership versus other sports teams, sports leagues, et cetera. So can you elaborate a little bit more on some of the things you're working on to kind of continue to monetize the great library of content you have, maybe other non-ordinary things, I don't know about Netflix or Amazon, stuff like that. Anything in that direction you're thinking of to continue to kind of widen the viewership potential and monetization potential for all the great content you guys have?

偉大的。也許我可以從菲爾開始。您談到了——您給出了一些關於 Manu 應用程式的印象量或參與度以及與其他運動隊、體育聯盟等相比的收視率的具體資訊。那麼，您能否更詳細地介紹您正在進行的一些工作，以便繼續將您擁有的大量內容庫貨幣化，或許還有其他非同尋常的事情，我不知道 Netflix 或亞馬遜之類的事情。您是否考慮採取任何措施來繼續擴大您們所有精彩內容的收視率潛力和盈利潛力？

Yes. No, it's a great question, and thanks for asking. I think ultimately, Obviously, there's a lot of demand from the market to engage with our products. And I think if you look back on the last year, a lot of it was to continue to build and we talked about that by migrating MUTV and the One app together. And I think now that we have a more simplified user experience, I think of some of these monetization opportunities that you're talking about outside of the content discussion now become a lot more, I guess, streamlinable if that makes sense because we're now starting to have a singular view of our customer in a way to kind of personalize and target. So I think you'll continue to see a lot more work in terms of personalization, marrying user content preferences with actual content to consume. And then as well, as I referenced earlier, some of the stuff we're doing in the blockchain space. And then obviously, we continue to talk to folks, everybody in the market around various original productions, but nothing slated right now.

是的。不，這是一個很好的問題，感謝您的提問。我認為最終，顯然市場對我們的產品有很大的需求。我認為，如果回顧過去的一年，你會發現很多工作都在繼續建設，我們透過將 MUTV 和 One 應用程式一起遷移來討論這個問題。我認為現在我們擁有更加簡化的用戶體驗，您在內容討論之外談論的一些貨幣化機會現在變得更加簡化了，如果這說得通的話，因為我們現在開始以個性化和針對性的方式對客戶有一個單一的視角。因此，我認為您將繼續看到更多在個人化方面的工作，將使用者內容偏好與實際消費內容結合。然後，正如我之前提到的，我們在區塊鏈領域做了一些事情。然後顯然，我們會繼續與大家討論，市場上的每個人都會討論各種原創作品，但目前還沒有任何計劃。

Got it. And I think maybe this one is for Richard. Old Trafford, you gave a really good statement or, I think, collected about hoping the ticket price is flat for, I think, over 10 years now, yet revenues continue to grow from the stadium because of I'm assuming more utilization or higher prices in the executive boxes and other areas. Can you elaborate a little bit more on how you're thinking about kind of [continuing] drive increased utilization and revenue opportunity from old Trafford while continuing to kind of really work well with the fans to kind of keep those ticket prices flat, at least on the core side on the seats. And just give us some flavor on what you're thinking there as you think about redevelopment or other enhancement opportunities for the stadium going forward?

知道了。我認為這也許是給理查德的。老特拉福德，你們給了一個很好的聲明，或者說，我認為，你們希望門票價格能夠保持平穩，我想，現在已經超過 10 年了，然而，由於我假設行政包廂和其他區域的利用率更高或價格更高，體育場的收入將繼續增長。您能否進一步詳細說明一下，您如何考慮繼續提高老特拉福德球場的利用率和增加收入機會，同時繼續與球迷進行良好合作，以保持門票價格平穩，至少是核心座位價格平穩。您對於未來體育場的重建或其他改進機會有何想法？

Yes. Thanks, Randy. I mean I think you that the importance of the Club places on a full and vibrant old Trafford supporting the team. In terms of the affordability for the general fan, we work very hard, not just on ticket prices, but also beer and other commonly purchased items to make sure that those costs have been capped at an affordable level against the backdrop of sort of fairly significant inflation elsewhere. And that's about broadening that loyalty in that passionate fan base. We saw strong demand through COVID.

是的。謝謝，蘭迪。我的意思是，我認為俱樂部非常重視一個充滿活力的老特拉福德球場對球隊的支持。為了提高普通球迷的承受能力，我們付出了很多努力，不僅是在門票價格上，還有啤酒和其他常見購買物品，以確保在其他地區出現相當嚴重的通貨膨脹的背景下，將這些成本限制在可負擔的水平。這是為了擴大熱情粉絲群的忠誠度。我們在 COVID 期間看到了強勁的需求。

And I know that our fans are very appreciative of the flexibility that we're showing in terms of the ticketing policies, both to the people who continue to need to shield from COVID as well as those affected economically who needed time to get back on their feet. As you alluded, there's been sort of 2 drivers of increased revenues in the stadium. And again, what you'll see as we go into this current year is that trend being borne out. And that's twofold. One is increased innovation in ensuring that every seat has someone sat in it.

我知道，我們的粉絲非常感激我們在票務政策方面表現出的靈活性，這不僅對那些需要繼續預防 COVID 的人，也對那些受到經濟影響、需要時間恢復正常生活的人。正如您所提到的，有兩個因素推動了體育場的收入成長。而且，隨著我們進入今年，您會看到這一趨勢正在得到證實。這具有雙重意義。一是加大創新力度，確保每個座位都有人坐。

And again, every stadium in the world will know that one reason or another, there are people who buy tickets and end up being not able to make it. The percentages we're seeing are now incredibly low by virtue of some innovations we put in. So the ability to donate the ticket to our foundation, which means that people in the local area that may not be able to afford to go can go to the game. The ability for tickets to be bought back by the club, particularly for those traveling from a long distance, they're traveling from Scandinavia or Ireland, we know in advance that if a game is rescheduled or is it a midweek evening game, it could be more difficult to attend.

而且，世界上的每個球場都會知道，有些人因為這樣或那樣的原因買了票，但最終卻無法到場。由於我們採取了一些創新措施，我們現在看到的比例非常低。俱樂部可以回購門票，特別是對於那些從很遠的地方來的球迷，他們來自斯堪的納​​維亞半島或愛爾蘭，我們提前知道，如果比賽重新安排或者是周中晚上的比賽，那麼參加比賽可能會更加困難。

So the club has been proactively contacting those fans with a view to buying their ticket back and making it available. The third aspect relates to the membership and ensuring that as many tickets as possible, whether that -whether returned or made available for sale for people not using them are filled with members, and that's rapidly growing. We believe we will be headed towards having the largest membership base of any club in any sport in the world. And that is reflective of the demand for those tickets.

因此俱樂部一直主動聯繫這些球迷，希望能夠重新購買他們的門票並提供門票。第三個方面與會員資格有關，並確保盡可能多的門票（無論是退還的還是出售給不使用門票的人）都由會員購買，而且這一領域正在迅速增長。我們相信，我們將成為世界上任何體育俱樂部中會員人數最多的俱樂部。這反映了對這些門票的需求。

And again, that we are achieving success in ensuring that every seat is filled for every game. At the other end of the spectrum, what you're seeing is that the stadium continues to see very high demand for high-end experiences. And just as we work hard to make sure that the entry level and the average price for the average fan remains affordable for the most expensive experiences we've been seeking by way of the facilities, but also the pricing to ensure that, that helps the overall mix and the overall revenue generated from the stadium to support not just its maintenance but also future developments and ongoing developments. And I think that, that balance has been important in continuing to grow revenues without putting through prices that make it unaffordable for the average match going fan, and that's been a tenant throughout and one that we continue to believe. Final piece on that, Randy, again. This relates to our fan Advisory Board.

我們再次成功確保了每場比賽的每個座位都坐滿。另一方面，你會發現體育場對高端體驗的需求仍然非常高。我們努力確保入門級和普通球迷的平均價格保持在可承受的範圍內，以便透過設施獲得我們一直尋求的最昂貴的體驗，同時也確保定價有助於整體組合和體育場產生的總收入，不僅支持其維護，還支持未來的發展和持續的發展。我認為，這種平衡對於繼續增加收入非常重要，同時又不至於讓普通球迷無法負擔票價，這是我們始終堅持的原則，我們將繼續堅信這一點。蘭迪，再次談談最後這一點。這與我們的粉絲諮詢委員會有關。

One of the areas they asked us to address was how cut tickets are sold. Historically, those were bundled with season tickets with an obligation to purchase. And the feedback from our fan Advisory Board was they would like to look at it again. That's again from a strategic point of view, that was done, and we split the cut tickets from the general season ticket so that fans have a choice. And again, that's particularly important. Many cup games are midweek, and that is more difficult, particularly for those traveling internationally, as I said previously, Ireland and Scandinavia that there are season ticket holders around the world as well as those that are in work that struggle to get straight to the game afterwards. And we split that product, and we found there's been incredible demand for people who are unable to get a season ticket who now can get a season ticket to cup games.

他們要求我們解決的一個問題是如何出售剪票。從歷史上看，這些都是與季票捆綁在一起的，並且有購買義務。我們的粉絲顧問委員會的回饋是他們希望再次審視它。這也是從策略角度考慮的，我們將淘汰票從普通季票中拆分出來，以便球迷有選擇。再次強調，這一點尤其重要。許多盃賽都在周中舉行，這就更加困難了，特別是對於那些國際旅行者來說，正如我之前所說，愛爾蘭和斯堪的納維亞半島的季票持有者遍布世界各地，而那些正在工作的人則很難在賽後直接參加比賽。我們對該產品進行了拆分，發現那些無法獲得季票的人對能夠獲得杯賽季票的需求非常大。

And correspondingly, it's made life a lot simpler for those who are unable or found it difficult to attend midweek games. And that's been an example of the benefit of the enhanced engagement and communication we've had through the Fan advisory Board, where we've been able to tackle some of these issues and improve things for the fan, but also for the club.

相應地，它讓那些無法或難以參加周中比賽的人們的生活變得簡單了很多。這是我們透過球迷諮詢委員會加強參與和溝通的好處的一個例子，透過這個委員會，我們能夠解決其中的一些問題，為球迷和俱樂部改善情況。

Our next questions comes from Xian Siew with BNP Paribas.

我們的下一個問題來自法國巴黎銀行的 Xian Siew。

Maybe on the EBITDA guidance. Just wondering, you did GBP 185 million in EBITDA in fiscal '19. Obviously, 23 guidance below that. But maybe can you just help us think about the path back to that level, pre-COVID level? How do we kind of get back there over time will be helpful.

也許是關於 EBITDA 指導。只是想知道，您在 19 財年的 EBITDA 為 1.85 億英鎊。顯然，低於這個數字的指導值為 23。但也許您能幫助我們思考如何回到疫情前的水平嗎？我們如何隨著時間的推移回到那裡將會有所幫助。

Yes, Xian Siew. I mean I think the first thing to think about is looking at EBITDA, but one thing that we want to take away is the strength of the business' revenues and the confidence we have in that because to a degree, EBITDA then is a function of a couple of things. Clearly, the number you're talking there is Champions League. So yes, this club needs to be in the Champions League. So getting back into the Champions League and success on the football side will improve that level of EBITDA.

是的，Xian Siew。我的意思是，我認為首先要考慮的是 EBITDA，但我們想要了解的一件事是企業收入的實力以及我們對此的信心，因為在某種程度上，EBITDA 取決於幾個因素。顯然，你談論的數字是冠軍聯賽。所以是的，這個俱樂部需要參加冠軍聯賽。因此重返冠軍聯賽並在足球方面取得成功將會提高 EBITDA 水準。

Now obviously, we do have a mitigation about that with the way our contracts are structured, but it's still a sort of GBP 20 million, GBP 25 million plus and probably will be more lucrative in the next season, the next cycle of the Champions League with the new format. So that's one thing. I think if you look at the level of player investments, we have had a high level of player investments probably coming out at the back of Covid these last couple of years. I think we were shy in guiding to the 20% increase in wages that we've seen this year this time last year. And that, obviously, a slightly elevated level is still ongoing this year. I'd expect a return to sort of more normalized levels of wages now that we operate in a market.

顯然，透過合約結構我們可以緩解這一問題，但收入仍然在 2000 萬英鎊到 2500 萬英鎊以上，而且在下個賽季、下個週期採用新賽制的冠軍聯賽中，收入可能會更高。這是一回事。我認為，如果您看一下球員投資水平，您會發現我們在過去幾年中可能在新冠疫情的背景下對球員進行了高水平的投資。我認為，我們未能預期去年同期的 20% 的薪資成長。顯然，今年這一水平仍將持續略有上升。我希望，既然我們現在在市場中運營，薪資水平能夠回歸到更正常的水平。

It's a competitive market and we want to make sure we have the right players and the right team outside there. But certainly, there has been a level of elevated investment in these last couple of years. And then also we are suffering as every club and every business is from the sort of the inflationary shocks that we're seeing at the moment. So I referenced that in terms of utilities, but that's also affecting us in other football clubs in many areas in terms of travel and flights, et cetera, as well as basic wages. But I think assuming that comes back under control, the key things are basically getting back into the Champions League potential return to normalization of wages. But most importantly, it's the strong growth in revenues that will take us back up to those levels, and we're very comfortable with that.

這是一個競爭激烈的市場，我們希望確保我們擁有合適的球員和合適的球隊。但可以肯定的是，過去幾年的投資水準有所提高。同時，我們也在遭受損失，因為每個俱樂部和每個企業都遭受我們目前看到的通膨衝擊。所以我提到了公用事業方面的問題，但這也影響了我們其他足球俱樂部的許多方面，例如旅行和航班等等，以及基本工資。但我認為，假設情況得到控制，關鍵的事情基本上就是讓歐洲冠軍聯賽的薪資恢復正常化。但最重要的是，強勁的收入成長將使我們回到那些水平，我們對此感到非常滿意。

Okay. Makes a lot of sense. And then you highlighted some of the industry developments, for example, the UEFA financial sustainability with capping revenues 70% -or capping, I guess, spend at 70% of revenues. Maybe can you help us think about how that impact -how that will shape, I guess, your decisions going forward and maybe how that helps positions you versus the competition as you think about kind of those industry changes?

好的。非常有道理。然後您強調了一些行業發展，例如，歐足總的財務可持續性，收入上限為 70％ - 或者，我猜，支出上限為收入的 70％。也許您可以幫助我們思考一下這種影響會如何影響您未來的決策，以及當您考慮這些行業變化時，這種影響如何幫助您在與競爭對手的競爭中佔據優勢？

Yes. I think there's sort of 2 factors in that. And again, you alluded to that in the question. The first is the impact on the market. And the second is how we're looking at this from our own performance going forward. And historically, I think in respect to the market, of course, we've seen from the historic trend that whenever regulations have been implemented that seek to manage costs and improve profitability. Those have had an effect. We saw that with the cost measures that were implemented in the Premier League and indeed, in the European competitions previously.

是的。我認為這有兩個因素。你在問題中再次提到了這一點。第一是對市場的影響。第二，我們如何從未來的表現來看這個問題。從歷史上看，我認為就市場而言，當然，我們從歷史趨勢中看到，無論何時實施法規，都是為了管理成本和提高獲利能力。這些已經產生了影響。我們從英超聯賽以及之前的歐洲比賽所實施的成本措施中看到了這一點。

And that is something as a club we believe in, in terms of making the whole football pyramid sustainable. And you've alluded to the work that's going on through UEFA, but there is also work going on in English football in terms of making sure that every club up and down the pyramid can continue to have a long future that matches the long history that many of these clubs have.

作為俱樂部，我們相信這一點，可以讓整個足球金字塔可持續發展。你提到了歐足總正在進行的工作，但英格蘭足球界也在開展工作，以確保金字塔上上下下的每個俱樂部都能夠繼續擁有與其中許多俱樂部的悠久歷史相匹配的漫長未來。

So our expectation is that this regulation will bring costs and revenues into a healthier balance and provide for a sustainable future for football. In respect of our own activities, I think there are 2 aspects to this. The first is the change that we've seen in the current season, and as John alluded to in his remarks, there were a high number of players leaving an outcome at the end of last season that demonstrated a need for us to strengthen. I think as you look at our activity in this space, historically, we've had to strike a balance between investing in the talent needed to perform at the levels expected of Manchester United, and that high-end expectation is good for our fans, but it's also good for our shareholders. And we have to balance that with the sustainability in the near term and the long term. And we believe that both of those aims are helped by FFP and are consistent with our own aims of making sure that the investments that we make are effective in driving the sporting performance. That's good for fans. It's good for the club and it's good for the club's investors.

因此，我們希望這項規定能使成本和收入達到更健康的平衡，並為足球提供可持續的未來。就我們自己的活動來說，我認為這有兩個面向。首先是我們在本賽季看到的變化，正如約翰在演講中提到的，上賽季末有大量球員離開，這表明我們需要加強隊伍。我認為，當你回顧我們在這個領域的活動時，從歷史上看，我們必須在投資達到曼聯所期望水平的人才與我們的球迷和股東的高端期望之間取得平衡。我們必須在短期和長期永續性之間取得平衡。我們相信，FFP 有助於實現這兩個目標，並且與我們自己的目標一致，確保我們所做的投資能夠有效推動運動的表現。這對粉絲來說是件好事。這對俱樂部有利，對俱樂部的投資者也有利。

And ladies and gentlemen, this concludes our question-and-answer session. I'd like to turn the conference back over to the management team for any final remarks.

女士們、先生們，我們的問答環節到此結束。我想將會議交還給管理團隊，以便他們做最後的評論。

Thank you, everyone, for joining, and we look forward to speaking with you again.

感謝大家的加入，我們期待再次與您交談。

Thank you. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines and have a wonderful day. Thank you.

謝謝。今天的電話會議到此結束。我們感謝大家參加今天的演講。現在您可以斷開連接並享受美好的一天。謝謝。