One-Eyed Richmond Forum
Football => Richmond Rant => Topic started by: one-eyed on November 21, 2011, 02:23:35 AM
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From today's Age...
Richmond is expected to record an operating profit as it consolidates an improving financial position.
Melbourne and the Western Bulldogs have bucked expectations and will record profits this year despite the on-field disappointments that saw both clubs part ways with their respective coaches.
By contrast, St Kilda, which like the Bulldogs endured the disappointment of an on-field drop from years of top-four finishes, has already forecast a loss of between $1.5 and $2 million given the financially onerous deal to play at Etihad Stadium and a split with its coach.
As football's annual version of the profit-and-loss season kicks off, North Melbourne is the only other Victorian club confirmed to be about to announce a loss for football's financial year to the end of October.
Collingwood and Hawthorn have both announced more multimillion-dollar profits, while Geelong, Essendon and Carlton are expected to record strong profits this year.
Port Adelaide has already been financially bailed out by the AFL this year and the league has been in negotiations with Brisbane over its poor financial state. The Crows too were reportedly confronting an unusual financial loss for a second consecutive year.
Read more at: http://www.theage.com.au/afl/afl-news/dees-bulldogs-see-red-on-field-black-on-books-20111120-1npc3.html#ixzz1eG8qwmdQ
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As with all these profits - it will be interesting to see what the Dogs & Demons "profit" is after you take out the $1 mil plus they both receive from the AFL
Last year for memory the Dees made about $200k but that included $1.2mil or something from the AFL so that actually means on their lonsome they made an opearating loss ;D
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Tigers post operating profit
richmondfc.com.au
3:18 PM Wed 23 Nov, 2011
The Richmond Football Club has recorded an operating profit of $51,000 - excluding fundraising, gaming and government grants - for the financial year ending October 31.
In reporting the operating profit, the Club confirmed it had reduced its debt by $1 million, from $4.5 million to $3.5 million.
The Club’s net profit was $2.75 million, with its net asset position improving from $13.3 million to $16.05 million year on year.
“We continue to make solid progress in line with the targets we have set ourselves as a Club,” said Richmond president Gary March.
“We recorded an operating profit and reduced our debt by $1 million. We have made provision for the redevelopment of Punt Road Oval - a critical investment in football - heavily increased football department expenditure, and delivered a record membership on the back of the most loyal supporter base in the game.
Read more at: http://www.richmondfc.com.au/news/newsarticle/tabid/6301/newsid/126402/default.aspx
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Tigers post operating profit
richmondfc.com.au
3:18 PM Wed 23 Nov, 2011
The Richmond Football Club has recorded an operating profit of $51,000 - excluding fundraising, gaming and government grants - for the financial year ending October 31.
Would like to see the actually numbers (all the debits & credits) that make up profit so I can analyse them ;D
They dont seem to be available yet
Although I am not sure on the surface why the gaming stuff is being excluded from the operating profit number, certainly understand the Govt grants & FTF $$$ but not the gaming, lack of consistency on the surface based on what's gone on in the past
Show me the numbers RFC ;D
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Record membership, a number of sponsorships, decent attendances, new stadium deal (do we get the benefit this year) - on surface I'd say a poorish result by the club.
I'd like to see revenue and the relative increase vs ya and then the increase in football dept expense along with salary cap - if we only paid 92% that'd be a worry
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Not sure whether to laugh or cry about this result...as mentioned above, with rising membership, solid attendances and full book of sponsors why the meagre profit. now Im no accountant but I thought that 1mn dollars of debt that has now been retired was funded from FTF , stand to be corrected on that. if all this is right, I can only assume with this added expenditure on footy department we barely managed to keep our heads above water :huh
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I'm also surprised.
What about the money the AFL gave us? Is that included in this figure???
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I'm also surprised.
What about the money the AFL gave us? Is that included in this figure???
What money did the afl give us?
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I'm also surprised.
What about the money the AFL gave us? Is that included in this figure???
What money did the afl give us?
http://www.richmondfc.com.au/news/newsarticle/tabid/6301/newsid/124163/default.aspx
My mistake it's to be given to us over the next few years.
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Been thinking about this "profit" a bit more driving into work this morning (do some of my best thinking while I am driving ;D)
And the accountant in me is saying I really need to see the numbers because something isn't sitting right re the "operating profit" :-\
Mr RFC_O where are the numbers :huh :huh
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I'm also surprised.
What about the money the AFL gave us? Is that included in this figure???
Any handouts are included in the overall $2.75 million net profit.
The $51,000 is purely on operating costs. I don't think this is a bad result, when considering we have increased our spending in the footy department and still manages to make an operating profit before the handouts etc.
I will wait for Willy Powell's summary of our position, some things are best left to the experts :rollin :bow
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does that operating profit include the selling of home games to darwin and Cairns?
Is the FTF the money that wiped the debt or was it the sale of the sold home games? if it the ftf funds and therefore only made that small operating profit incluyding the sold home games then that makes the decision to gift away our darwin game to the dees next year even more frustrating
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The $51,000 is purely on operating costs. I don't think this is a bad result, when considering we have increased our spending in the footy department and still manages to make an operating profit before the handouts etc.
And money we received (eg the funding we get for our stadium deal) would be included in the operating profit, just like the money we received for the games we sold.
I will wait for Willy Powell's summary of our position, some things are best left to the experts :rollin :bow
OMG the pressure ;D
Seriously though right at the minute the bit that doesn't sit comfortable with me is the exclusion of the gaming side of things from the operating result. Need to see the numbers and read the appropriate notes in the accounts to understand their logic here
But every other year this has been included as part of our "operations" therefore it's been included in any operating profit or loss the club has made. Seems very strange to me that we are excluding it this year from the "operating profit".
There are couple of other things that I am perplexed about but in fairness to the club I will wait until I see the numbers and their break up until I make any comment ;D
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does that operating profit include the selling of home games to darwin and Cairns?
Is the FTF the money that wiped the debt or was it the sale of the sold home games? if it the ftf funds and therefore only made that small operating profit incluyding the sold home games then that makes the decision to gift away our darwin game to the dees next year even more frustrating
TM see above but yes the operaiting profit would include the monies we received form selling those games
The money from the FTF retired the $1mil in debt not the selling of homes games
As I also said above in fairness to the club I would like to see the numbers first before I make to many comments (read judgement) on the overall results :thumbsup
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Seriously though right at the minute the bit that doesn't sit comfortable with me is the exclusion of the gaming side of things from the operating result. Need to see the numbers and read the appropriate notes in the accounts to understand their logic here
But every other year this has been included as part of our "operations" therefore it's been included in any operating profit or loss the club has made. Seems very strange to me that we are excluding it this year from the "operating profit".
Could it be that they have decided to look at gaming as a sort of false income going forward in anticipation of pokie reforms? Or something. :help
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Could it be that they have decided to look at gaming as a sort of false income going forward in anticipation of pokie reforms? Or something. :help
Possible gerks but I would think doubtful
There is also the issue of only having the Royal Oak for part of 2011 so maybe they've decided to exclude it because of that :-\
Show me the numbers RFC and so I can give my fellow OERites the lowdown
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"It is important we are transparent with our supporters and provide a clear picture of the business."
http://www.richmondfc.com.au/news/newsarticle/tabid/6301/newsid/124163/default.aspx
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does that operating profit include the selling of home games to darwin and Cairns?
Is the FTF the money that wiped the debt or was it the sale of the sold home games? if it the ftf funds and therefore only made that small operating profit incluyding the sold home games then that makes the decision to gift away our darwin game to the dees next year even more frustrating
TM see above but yes the operaiting profit would include the monies we received form selling those games
The money from the FTF retired the $1mil in debt not the selling of homes games
As I also said above in fairness to the club I would like to see the numbers first before I make to many comments (read judgement) on the overall results :thumbsup
thanks for clearing that up WP
that pretty much confirms for me that this club made a dumb decision in on selling that Darwin game to melbourne. We are still obviously a bit of a financial basket case that would still be 4.5 mill in debt without the FTF and making an operating loss of nearly $1million dollars without the sold home games - yep smart decision to pee away an easy 500k next year. FMD ::) ::) ::)
this clubs really turned the corner :lol
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Finally the Club have put the Concise Financails Reports up on the web-site
To get a clear pick however I need to look at the Full Financials which I am waiting on now ;D
Once I have those I will undertake my review ;D
For those interested see:
http://www.richmondfc.com.au/portals/0/richmond_docs/2011financials.pdf
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that pretty much confirms for me that this club made a dumb decision in on selling that Darwin game to melbourne. We are still obviously a bit of a financial basket case that would still be 4.5 mill in debt without the FTF and making an operating loss of nearly $1million dollars without the sold home games - yep smart decision to pee away an easy 500k next year. FMD ::) ::) ::)
That's not necessarily true TM
You have to remember that the money from selling those home games in essence just replaces the lost net profit from the Royal Oak (Royal Oak was highly profitable) so there is an argument that the selling of the games just replaced that income.
The question regarding off loading the Darwin game in 2012 is this: what plan is in place to ensure we are no worse off f= how are we going to replace those guaranteed $$$$
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does anyone know how much we on sold the Darwin game to melbourne for?
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does anyone know how much we on sold the Darwin game to melbourne for?
Nope & I don't think they will be telling ;D
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OK based on my first read of the Full Financials last night (and will review then again when I have a bit more time)
They are a reasonable set of numbers
Obviously the Wantirna Club is a concern - I doubt it makes us a cent to be honest ;D
Our gaming revenue is down $1.96 mil on 2010 but that's to be expected due to us losing the Royal Oak mid year
Have to say it is disppointing that the club doesn't seperate out the gaming costs (they don't have to BTW not a legal requirement) as it would be interesting to know how much the Wantirna Club is costing
Was interested to read we got another $900k in Govt grants for the redevelopment
Balance sheet is solid although some would argue that our current liabilities -v- current asset ratio is not great. I understand that argument but dont necessarily subscribe to it
And the quicker we get that pesky debt paid off the quicker or bottom line improves by $300k which is what they paid out in interest in 2011
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OK based on my first read of the Full Financials last night (and will review then again when I have a bit more time)
They are a reasonable set of numbers
Obviously the Wantirna Club is a concern - I doubt it makes us a cent to be honest ;D
Our gaming revenue is down $1.96 mil on 2010 but that's to be expected due to us losing the Royal Oak mid year
Have to say it is disppointing that the club doesn't seperate out the gaming costs (they don't have to BTW not a legal requirement) as it would be interesting to know how much the Wantirna Club is costing
Was interested to read we got another $900k in Govt grants for the redevelopment
Balance sheet is solid although some would argue that our current liabilities -v- current asset ratio is not great. I understand that argument but dont necessarily subscribe to it
And the quicker we get that pesky debt paid off the quicker or bottom line improves by $300k which is what they paid out in interest in 2011
Late contender for "Most interesting Post of the Year"
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OK based on my first read of the Full Financials last night (and will review then again when I have a bit more time)
They are a reasonable set of numbers
Obviously the Wantirna Club is a concern - I doubt it makes us a cent to be honest ;D
Our gaming revenue is down $1.96 mil on 2010 but that's to be expected due to us losing the Royal Oak mid year
Have to say it is disppointing that the club doesn't seperate out the gaming costs (they don't have to BTW not a legal requirement) as it would be interesting to know how much the Wantirna Club is costing
Was interested to read we got another $900k in Govt grants for the redevelopment
Balance sheet is solid although some would argue that our current liabilities -v- current asset ratio is not great. I understand that argument but dont necessarily subscribe to it
And the quicker we get that pesky debt paid off the quicker or bottom line improves by $300k which is what they paid out in interest in 2011
Thanks for that WP. :cheers
Any idea with the $1 million just removed off our debt what the interest paid out will be in 2012? Would be close to $100k wouldn't it?
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Any idea with the $1 million just removed off our debt what the interest paid out will be in 2012? Would be close to $100k wouldn't it?
Depends on when further repayments are made to be honest
But in the notes is says the interest rate for the Comm Bills ($3.5mil) is 5.96%.
So based on the current balance and the assumption that there will be no further reductions to say near the end of next year I would estimate a saving of interest of about $90-$100k only
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Old Dub-P can crunch dem numbers. :thumbsup