Author Topic: Richmond records a $4.21 million net profit for 2018 (RFC)  (Read 1226 times)

Offline one-eyed

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Richmond records a $4.21 million net profit for 2018 (RFC)
« on: November 19, 2018, 11:13:10 AM »
FINANCE REPORT

On behalf of the board and management I have great pleasure in presenting the financial report of the Club for the year ended  31 October 2018.

Financial Results

The Club has reported a net profit of $4,210,003 for the year ended 31 October 2018 (2017: $3,063,298). 

Our cash balance continues to be strong at $13,710,013 and has increased by $3,828,485 from 31 October 2017. Our key balance sheet measure, free cash (accounts for short term liabilities) reflects a $11.521 million surplus, and the Club continues to remain free of any external debt, indicating a very strong financial position.

In 2018 we achieved record levels of sponsorship, membership and match day revenues. Our members and supporters should be very proud in the very significant contribution they make to our Club.

Following the launch of Aligned Leisure in 2016, our health and fitness business continues to meet our financial and logistical  expectations. We have now established a very strong platform for the future. As referred to in the President’s Report, we have recently added two further contracts to our operation being Albury / Wodonga and Mildura. This venture continues to provide links with the community, assisting with further growth in membership numbers, providing  additional  corporate  partnerships  and facilitating additional non-traditional revenues. The board and management are excited about the opportunity to expand and grow this non-football part of our business in the short, medium and long term.

Financial Position

At a time  where  the focus on debt levels across the AFL clubs has increased, the Club remains debt free and holds significant cash reserves. 

As at 31 October 2018:

* The  Club  has  a  net  asset  position  of  $31,364,372  (2017:  $27,154,369). In 2005 our financial statements reflected a net asset deficiency of $704,000. 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.

* 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.

I would like to acknowledge the dedication of our finance team comprising Michael Stahl, Shannon Gordon, Hayley Lacy, Angela Booth, Dom La Fontaine, Wendy Plowman, Marcus Wright, and Sam Thiele who continue to uphold the highest of standards in the operation of a financial function.  I would also like to acknowledge the selflessness of Tina De Young, Luke Littlefield, Catherine Friday and Ian Lancaster who continue to dedicate significant time in making an out standing contribution to our finance, audit and risk functions.

To John O’Donoghue, Nic Cox 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.

Finally, I would like to thank everyone who continues to contribute to our Club through membership, merchandise, sponsorships,  donations, coterie  packages, and corporate hospitality  offerings. We look forward to continuing the journey together as we strive to maximise this period of sustained success.

Rob Dalton
Financial Director

Source: Richmond FC 2018 Concise Financial Report

Offline one-eyed

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Re: Richmond records a $4.21 million net profit for 2018 (RFC)
« Reply #1 on: November 22, 2018, 12:10:38 PM »
Tiger Army key to strong financial result

richmondfc.com.au
Nov 22, 2018 10:28AM


Richmond’s Tiger Army have underpinned another strong profit result.

The Tigers became the first Club in AFL / VFL history to break the 100,000-member barrier - finishing the year with 101,562 members - and it was the cornerstone of a $4.21 million net profit.

Richmond president, Peggy O’Neal once again praised the loyalty of the Tiger faithful for their unwavering support of the football club.

“Richmond members and supporters are now without question the most loyal, passionate fans in the AFL, and we thank you for the strength you give us both on and off the field,” O’Neal said.

The Club generated total revenue of $79.8 million, an increase of $14.6 million year-on-year, with record membership, crowds and sponsorship key contributors to the financial result.

In 2018, Richmond’s 100,000 membership milestone marked eight years of consecutive membership growth for the Club.

The Club also finished AFL number one for total home-and-away crowds (1.19 million), and AFL number one for average home crowds (61,175) in season 2018.

Further growth in the Club’s health and recreation business, Aligned Leisure, also added to the Club’s operating result.

In 2018, Aligned Leisure successfully tendered for management rights to facilities in Albury/Wodonga, and more recently in Mildura, with the Mildura contract commencing in the first week of November, 2018.

The Richmond Institute of Sports Leadership (RISL) – delivered in partnership with Swinburne University - also continues to grow.

Student enrolments have increased and RISL will now further expand its reach to deliver a course in Albury/Wodonga from 2019. The course also now includes international learning experiences making it a truly unique educational experience.

“Both Aligned Leisure and the Richmond Institute of Sports Leadership were key undertakings of the Board to ensure we diversified the Club’s revenue streams, so as to reduce our reliance on football-generated revenues. It is pleasing to see both operations performing so strongly,” O’Neal said.

Additional highlights of 2018 include the Richmond’s inaugural VFLW team, who won four games in their first season, and created a strong foundation to develop the program in 2019 and prepare for the Club’s first AFLW season in 2020.

The Club also continues to invest significantly in its community programming and partnerships.

Richmond’s partnership with the Alannah and Madeline Foundation continues to strengthen after six years of partnership, supporting the Foundation’s important work to protect children from violence and bullying.

The Korin Gamadji Institute (KGI) also continues to work relentlessly with Aboriginal and Torres Strait Islander youth. It is important work and central to the Club’s Reconciliation Action Plan (RAP).

Richmond remains the only sporting club in Australia to have its RAP recognised as being in Elevate status for its demonstrated leadership.

Richmond’s commitment to diversity and inclusion saw the Club enter a team in the inaugural Victorian Wheelchair Football League and renew its sponsorship of the Midsumma Festival.

The Club also continued to deliver the Bachar Houli Academy in partnership with the AFL and, for the first time, the Academy included female participants.

http://www.richmondfc.com.au/news/2018-11-22/tiger-army-key-to-strong-financial-result

Offline mightytiges

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Re: Richmond records a $4.21 million net profit for 2018 (RFC)
« Reply #2 on: November 22, 2018, 04:27:51 PM »
Says a lot about the strong position the Club is in now that a $4m profit announcement is met with a muted 'pretty much as expected' response. A decade or two ago, supporters would be doing cartwheels. Thankfully, we've come a long long way from S.O.S.  :thumbsup.
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Offline Willy

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Re: Richmond records a $4.21 million net profit for 2018 (RFC)
« Reply #3 on: November 23, 2018, 11:17:16 AM »
Legitimate powerhouse.  :clapping

Offline rogerd3

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Re: Richmond records a $4.21 million net profit for 2018 (RFC)
« Reply #4 on: November 23, 2018, 09:11:11 PM »
Didn't the bombers have a larger profit than us this year.

Offline Diocletian

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Re: Richmond records a $4.21 million net profit for 2018 (RFC)
« Reply #5 on: November 23, 2018, 09:27:54 PM »
Yes but they're corrupt.... :shh
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