Tigers announce $3.3mil Profit (RFC site)

[one-eyed]

2013 Concise Financial Report:

http://win-cdn220-is-10.se.bptvpd.ngcdn.telstra.com/pd_afltigers0/RFCFinancialReport2013%28concise%29.pdf


Revenues:                   ($)

Football                      15.6m  (up 1.5m)
Sponsorship/Marketing   22.9m  (up 3.6m)
Gaming/Social                5.6m  (up 1.7m)   
Interest                          74k  (down 8k)
JDF                               725k  (up 312k)

Total                          44.8m   (up 7.2m)

Expenditure:

Employee benefits expense                                 21.12m
Depreciation and amortisation expense                   1.17m
Marketing and promotional expense                       2.87m
Materials, purchases and match day hospitality       3.87m
Administration expense                                       1.19m
Finance costs                                                      64k
Property maintenance expense                             1.16m
Football support expense                                     4.25m
Membership expense                                           2.22m
Property lease expense                                       1.03m
Impairment loss on property, plant and equipment    0.20m
Other expenses                                                 2.38m
Release for Wantirna Club onerous lease                     0


Profit for the year                                           3,317,405


Throughout the financial year ended 31 October 2013, the AFL provided a guarantee of up to $3.0 million to the Westpac Banking Corporation as security for borrowing facilities. From 1 November 2013 this guarantee has been reduced to $1.5 million. The reduction in the guarantee is as a result of the elimination of the Company’s debt in the year ended 31 October 2013. Consequently, the facility limit has also been reduced from $3.0 million to $1.5 million

[Stripes]

So we were punished 1.5 m for finding our own way out of debt.  Perhaps we should have waited a year 

[WilliamPowell]

So we were punished 1.5 m for finding our own way out of debt.  Perhaps we should have waited a year 

What do you mean Stripes? How were we punished? The $1.5 mil reduction in the guarantee requirement is fantastic news, massive bonus for the club

We aren't $1.5 mil out of pocket

The guarantee by the AFL was against any borrowings we had with the bank to the tune of $3mil, in other words to get borrowings from the bank the club needed the AFL to guarantee that they would cover payment of $3 mil if the Club couldn't afford to repay its debts to the bank.

That has now been reduced to a $1.5 mil guarantee which means our credit rating with the bank has improved dramatically, this a massive win for the club

[mightytiges]

We probably don't even now really need the guarantee? If we needed to borrow $1.5m (say for additional infrastructure), we now look to be in a position to be able to cover it ourselves if we are now making $3m profits per year.

[WilliamPowell]

We probably don't even now really need the guarantee? If we needed to borrow $1.5m (say for additional infrastructure), we now look to be in a position to be able to cover it ourselves if we are now making $3m profits per year.

Perhaps, but it all depends on how much our borrowing levels are. Our borrowing level before was over $5mil with the $3mil guarantee. Because our rating has improved so dramatically you may find level remains at $5mil but the guarantee requirement has reduced to reflect our nett operating profitability

[mightytiges]

We probably don't even now really need the guarantee? If we needed to borrow $1.5m (say for additional infrastructure), we now look to be in a position to be able to cover it ourselves if we are now making $3m profits per year.

Perhaps, but it all depends on how much our borrowing levels are. Our boor wing level before was over $5mil with the $3mil guarantee. Because our rating has improved so dramatically you may find level remains at $5mil but the guarantee requirement has reduced to reflect our nett operating profitability

Yep that's probably more the reason. Great news anyway  .

[Stripes]

So we were punished 1.5 m for finding our own way out of debt.  Perhaps we should have waited a year 

What do you mean Stripes? How were we punished? The $1.5 mil reduction in the guarantee requirement is fantastic news, massive bonus for the club

We aren't $1.5 mil out of pocket

The guarantee by the AFL was against any borrowings we had with the bank to the tune of $3mil, in other words to get borrowings from the bank the club needed the AFL to guarantee that they would cover payment of $3 mil if the Club couldn't afford to repay its debts to the bank.

That has now been reduced to a $1.5 mil guarantee which means our credit rating with the bank has improved dramatically, this a massive win for the club

Oh...ok then  I took that as a reduction in the support payments that the AFL were giving us. That is good news then 

[bojangles17]

One word , impressive, the us treasury would be proud of that balance sheet

[Gigantor]

Hey Bo I reckon the US treasury would be over the moon with 20 cents worth of mixed lollies

[Judge Roughneck]

Hey Bo I reckon the US treasury would be over the moon with 20 cents worth of mixed lollies

me too

U.S. NATIONAL DEBT CLOCK
The Outstanding Public Debt as of 13 Dec 2013 at 10:52:23 AM GMT is:
$ 1 7 , 2 2 6 , 5 1 9 , 7 5 4 , 0 9 7 . 8 6

The estimated population of the United States is 317,231,036
so each citizen's share of this debt is $54,302.76.

The National Debt has continued to increase an average of
$2.65 billion per day since September 30, 2012!
Concerned? Then tell Congress and the White House!

http://www.brillig.com/debt_clock/

[Gigantor]

I guess my question here is directed to anyone who attended the AGM this past week.
Was there any mention or discussion on future revenue streams ie replacing the pokie revenue lost some years back now?

[WilliamPowell]

I guess my question here is directed to anyone who attended the AGM this past week.
Was there any mention or discussion on future revenue streams ie replacing the pokie revenue lost some years back now?

No; not directly

Someone asked what plans do the club have regarding "safeguarding" the financial position of the future of the club

As I posted in the AGM thread there was a very long answer that didn't actually give us an answer  we were told that they are looking a number of options but hadn't settled on anything and that they intend to plan very carefully to ensure that they make the right decisions.

But did say that the performance of the Wantrina Club had improved significantly in 2013

[Gigantor]

Thanx WP

From my understanding the lease on the Wantirna club runs out in 2019.If this is correct do you think they will take a new lease or dump it?

[Rampstar]

in the context of gaming regulations and how they may change over time 2019 is a long long time away. they probably wont make a decision until 2017/2018 and itll depend on how its all going but for me if your going to go into an industry do it properly or get out. One venue isnt doing it properly and if we still only have 1 venue then Id be for not continuing if on the other hand the club has 3 or 4 venues around Melbourne then its probably a good idea to keep it running especially if its profitable.

[tony_montana]

Id prefer we didn't go down this path. I just feel footy clubs reaping millions of dollars in revenue from this industry is in poor taste.