Richmond record an operating profit of $51,000 and net profit of $2.75m

[WilliamPowell]

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. 

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 

[RedanTiger]

"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

[tony_montana]

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 

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 

[WilliamPowell]

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 

Once I have those I will undertake my review 

For those interested see:

http://www.richmondfc.com.au/portals/0/richmond_docs/2011financials.pdf

[WilliamPowell]

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 $$$$

[Penelope]

does anyone know how much we on sold the Darwin game to melbourne for?

[WilliamPowell]

does anyone know how much we on sold the Darwin game to melbourne for?

Nope & I don't think they will be telling 

[WilliamPowell]

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 

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

[Jobba]

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 

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"

[JVT]

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 

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. 

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?

[WilliamPowell]

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

[Willy]

Old Dub-P can crunch dem numbers.