| 2005 ($) ..... | 2004 ($) | |
| CURRENT ASSETS | ||
| Cash Assets | 1,008,827 | 916,897 |
| Receivables | 971,484 | 792,148 |
| Prepayments | 139,057 | 104,021 |
| Inventories | 140,070 | 97,311 |
| TOTAL CURRENT ASSETS | 2,259,438 | 1,910,377 |
| NON CURRENT ASSETS | ||
| Property, Plant and Equipment | 5,545,476 | 5,655,097 |
| Intangibles | 427,076 | 349,955 |
| TOTAL NON CURRENT ASSETS | 5,972,552 | 6,005,052 |
| TOTAL ASSETS | 8,231,990 | 7,915,429 |
| CURRENT LIABILITIES | ||
| Bank Overdraft | 3,880,424 | 3,318,729 |
| Payables | 3,631,516 | 3,429,844 |
| Provisions | 200,166 | 167,544 |
| Income Received in Advance | 223,846 | 144,218 |
| TOTAL CURRENT LIABILITIES | 7,935,952 | 7,060,335 |
| NON CURRENT LIABILITIES | ||
| Interest Bearing Liabilities | 1,000,000 | 1,375,000 |
| Other | - | 225,457 |
| TOTAL NON CURRENT LIABILITIES | 1,000,000 | 1,600,457 |
| TOTAL LIABILITIES | 8,935,952 | 8,660,792 |
| NET ASSETS | (703,962) | (745,363) |
| EQUITY | ||
| Retained Earnings | (704,011) | (745,412) |
| Outside Equity Interest in Controlled Entities .... | 49 | 49 |
| TOTAL EQUITY | (703,962) | (745,363) |
| 2005 ($) ........ | 2004 ($) | |
| Revenue from ordinary activities | 23,481,022 | 22,222,087 |
| Employee benefits expenses | (11,877,168) | (11,818,644) |
| Depreciation and amortisation expenses | (274,127) | (276,939) |
| Marketing and promotional expenditure | (2,548,025) | (2,028,656) |
| Materials purchases and match day hospitality.... | (1,384,244) | (1,584,395) |
| Administration expenditure | (585,535) | (535,530) |
| Borrowing cost expense | (400,032) | (436,032) |
| Property maintenance | (634,793) | (815,427) |
| Football support expenditure | (2,082,080) | (2,545,705) |
| Membership expenditure | (1,271,909) | (1,931,378) |
| Property lease expenditure | (1,086,724) | (1,104,332) |
| Other expenses from ordinary activities | (1,294,984) | (1,340,023) |
| Net Profit / (Loss) | 41,401 | (2,194,974) |
| 2005 ($)....... | 2004 ($) | |
| Cash Flows from Operating Activities | ||
| Receipts from Football Operations | 6,528,520 | 6,216,874 |
| Receipts from Marketing Operations | 11,576,804 | 9,897,737 |
| Receipts from Gaming and Social Operations | 6,268,598 | 5,815,571 |
| Receipts from Other Operations | 11,758 | 10,075 |
| Payments to Suppliers and Employees | (24,129,681) | (23,395,876) |
| Interest Received | 6,028 | 14,775 |
| Borrowing Costs | (400,032) | (436,032) |
| Jack Dyer Foundation Contributions | 195,723 | 259,414 |
| Net Cash Inflow / (Outflow) from Operating Activities.... | 57,718 | (1,617,462) |
| Cash Flows from Investing Activities | ||
| Payment for Property, Plant and Equipment | (152,483) | (218,964) |
| Net Cash Inflow / (Outflow) from Investing Activities | (152,483) | (218,964) |
| Cash Flows from Financing Activities | ||
| [Repayment] / Draw down of Secured Loan | - | (301,125) |
| [Repayment] / Draw down of Unsecured boan | - | (250,000) |
| Repayment of Borrowings | (375,000) | - |
| Net Cash Inflow/(Outflow) from Financing Activities | (375,000) | (551,125) |
| Net Increase/(Decrease) in Cash Held | (469,765) | (2,387,551) |
| Cash at the Beginning of the Year | (2,401,832) | (14,281) |
| CASH AT THE END OF THE YEAR | (2,871,597) | (2,401,832) |
| 2005 ($)....... | 2004 ($) | |
| Revenue from the Operating Activities: | ||
| Football | 6,528,520 | 6,214,833 |
| Sponsorship & Marketing | 10,833,045 | 9,835,088 |
| Gaming and Social | 5,906,990 | 5,808,985 |
| Interest | 6,028 | 14,775 |
| Jack Dyer Foundation | 195,749 | 338,331 |
| Other | 10,690 | 10,075 |
| Total Revenue | 23,481,022 | 22,222,087 |
| 2004 ($ '000) | 2005 ($ '000) | Improvement ($) | Improvement (%) | |
| Football operations: | ||||
| Revenue | 15,592 | 17,063 | 1,471 | 9% |
| Expenditure | (18,169) | (17,445) | 724 | 4% |
| Net Gaming revenue | 105 | 326 | 221 | 210% |
| JDF Revenue (includes Waverley proceeds) | 608 | 473 | (135) | (22%) |
| Net result before interest | (1,864) | 417 | 2,281 | 122% |
| Interest expense | (331) | (376) | (45) | (14%) |
| Net profit / (loss) | (2,195) | 41 | 2,236 | 102% |
| $000 | CHANGE % | |
| Increase in net membership revenue | 660 | 35% |
| Increase in net sponsorship income | 300 | 16% |
| Increase in net cotene Income | 350 | 100% |
| Increase in net corporate hospitality income | 250 | 250% |
| Improved revenue from licensed Clubs | 210 | 200% |
| Reduction in expenditure & other net improvements | 460 | |
| TOTAL | 2,230 |
CURRENT LIABILITIES Bank Overdraft 3,880,424 3,318,729
The challenge faced by the Club is to be able to generate significant profits from its trading activities to repay the $4m overdraft debt within the next 4 -5 years.
The single biggest influence on the ability of Richmond to be able to payoff its debts and run a fully-funded football department in the future is the stadia deal with the MCG and Telstra Dome. Members may be surprised to learn that the West Coast Eagles and Brisbane generate over $1.5m per annum more from their stadium than that which is received by Richmond through the MCG and Telstra Dome.
As a tenant at the MCG for over 40 years, the deal we have with the MCC is far inferior to that offered to both Collingwood and Melbourne. This financial imbalance amongst MCG tenant clubs cannot - and will not - continue under my Presidency. It will be the highest priority of the Board and management in 2006 to renegotiate a long-term arrangement with the MCG which generates significantly more income for the Club.
CURRENT LIABILITIES Bank Overdraft 3,880,424 3,318,729
A dumb question - why has our bank overdraft increased by 560k? ??? Did we refinance or move monies around?
Could be a number of things - Cash Flow or they drew on the O/D to make the repayment that was due on the long term debt (the one that's reduced by $375K in non current liabilities). Could be a payment due (say a dvidend from the AFL) wasn't received by the 31/10/05 when the books were closed it but turned up in Nov (could be an AFL theme - things just turning up >:( :shh :banghead :rollin). It could be many things