FINANCE REPORTOn behalf of the board and management I have great pleasure in presenting the financial report of the Club for the year ended 31 October 2015.
Financial Results The Club has reported an operating profit of $458,586 for the year ended 31 October 2015 (2014: $1,329,530). Considering the continued difficult economic environment for the Club and AFL industry generally, this financial result reinforces the Club’s robust financial standing.
The Club has now recorded profits for the past eleven consecutive years.
The results over this time reflects a well defined vision, excellent management execution, and the strength and loyalty of our supporter base, which continues to generate significant respect within the AFL industry.
In the 2015 financial year, we once again generated record net revenues in relation to sponsorship and coteries. Furthermore we reached a record membership tally of 71,339 and were ranked number one in the competition for home and away attendances with 1,054,354 attendees.
The decrease in our profit as compared to our 2014 financial result is largely attributable to another increase in football department expenditure. In 2015 we invested additional funds in player payments, and coaching and conditioning personnel.
Financial Position In an environment where debt levels across the AFL clubs continues to increase, the Club remains debt free despite the significant investments made in adequately resourcing the business. This has allowed the Club to achieve the stated objective of continuing to bridge the gap with other clubs and therefore providing the best opportunity for future on and off field success.
As at 31 October 2015:
• The Club has a net asset position of $24,171,328 (2014: $23,712,742). In 2005 our financial statements reflected a net asset deficiency of $704,000. This represents a significant improvement in the club’s financial standing. It also reflects the Club’s continued investment in its Punt Road Oval base. Following the reconstruction of our oval, during 2015 the Club further enhanced our Punt Road Oval training base with the addition of new ground lighting and a new scoreboard. Significantly, the board remains resolute in continuing to build a liquid asset base and to forever protect the Club from entering into an operating debt position in the future, an ambitious but critical issue given our past.
• It is also important to note that our short term payables and creditors continue to be covered by our liquid assets such as cash and receivables, demonstrating that our working capital management is strong.
This year’s net profit reaffirms the board and management’s commitment to our financial standing, and the governance principles that were established to support our operations.
I would like to acknowledge the dedication of our finance team comprising Michael Stahl, Shannon Gordon, Hayley Bell, Angela Booth, Dom La Fontaine, Wendy Plowman and Alexa Ward, who continue to uphold the highest of standards in the operation of a financial function. I would also like to the acknowledge the selflessness of Tina De Young, Lizke-Mari Le Roux, Luke Littlefield and Ian Lancaster who continue to dedicate significant time in making an outstanding contribution to our finance, audit and risk functions.
To Chris Dodd, Rob Baddeley and the PwC team, thank you for again providing us with outstanding services and guidance on the complexities of Accounting Standards and Corporations Act requirements. We value the contribution and honesty that PwC brings to our organisation. In particular, I would like to acknowledge the contribution made to the Club during the past 10 years by Chris Dodd. Chris possesses an outstanding understanding of the accounting standards and regulations, but also provides invaluable commercial insights.
Finally, I would like to thank everyone who has contributed to this result through membership, merchandise, sponsorships, donations, coterie packages, and corporate hospitality offerings. We look forward to continuing the journey together as we strive to make further advancements on and off the field.
Rob Dalton
Director
http://win-cdn220-is-10.se.bptvpd.ngcdn.telstra.com/pd_afltigers0/concisefinancials2015.pdf
