Richmond Financial Result 2021

[WilliamPowell]

Richmond 2021 financial result

By Richmond Media - 1 hr ago

Richmond Football Club has reported an operating profit of $2.5 million for the financial year, ended 31 October. The profit was generated from a revenue base of $73.8 million.

Richmond President Peggy O’Neal said the Club’s financial position was the result of a collective effort to keep the Club strong during challenging times.

“Our administration was challenged to navigate the Club through a season that was again defined by uncertainty,” Richmond President Peggy O’Neal said.

“We have an administration driven by purpose and care and it shows. As a result, we remain financially stable, strongly connected to our stakeholders, and important contributors to the broader community.

“Most significantly, our members and supporters were challenged and, as has always been the case, they stood firm. The Club delivered another record membership of 105,084 – a remarkable result under any scenario.

“The Club has worked incredibly hard to build a position of strength that gives our football programs the best chance to succeed. Our people – inside the Club and out – refuse to bend, let alone be broken. That collective strength is what defines the Richmond Football Club and why I think we have so much to look forward to.

“The strength of our balance sheet is particularly important right now as we move towards the redevelopment of Punt Road Oval – a project that is critical to our future.

“Our sponsors have also stood firm with us during another difficult year. Flexibility and innovation have been the cornerstone of delivering shared value. These are experiences that will only reinforce these important partnerships in the future.

“The Club has also remained fully invested in its social impact programming – it is at the heart of our purpose as a football club. The Korin Gamadji Institute and the Bachar Houli Foundation are central to much of that work – connecting with young people in these difficult times and empowering them to shape their futures.”

https://www.richmondfc.com.au/news/1034431/richmond-2021-financial-result

Link to Concise Financial report
https://resources.richmondfc.com.au/aflc-rich/document/2021/11/27/68f2c8fa-19a4-42df-b20d-fd70b943f324/RFC-CONCISE-FINANCIAL-STATEMENTS.pdf

[WilliamPowell]

Waiting on my copy of the full financials

Concise report low in detail

the increase in cash is very interesting

[taztiger4]

Waiting on my copy of the full financials

Concise report low in detail

the increase in cash is very interesting

Isn't it

Huge decrease last year (12M from memory & a massive increase this year)

Is it a timing thing ?

[Knighter]

Likely to be a delay in reporting to avoid the AFL taking it off us last year to give to #lolnorf, GC and GWS.

[one-eyed]

https://resources.richmondfc.com.au/aflc-rich/document/2021/11/27/68f2c8fa-19a4-42df-b20d-fd70b943f324/RFC-CONCISE-FINANCIAL-STATEMENTS.pdf

[Rampsation]

Sales from the proceeds of investments of nearly $4 million. What did we sell? Did we have a huge shareportfolio or something?

[one-eyed]

Waiting on my copy of the full financials

Concise report low in detail

the increase in cash is very interesting

Isn't it

Huge decrease last year (12M from memory & a massive increase this year)

Is it a timing thing ?

A combination of mainly $9.2m more in customer receipts, $2m from the sale of investments and $8.7m less in investment payments. Add more interest received and less paid and that's the over $20m turnaround in cash (from a $8.4m loss in 2020 to a $12.8m gain this year).

So the question is the one Ramps has just asked.

[WilliamPowell]

As I said the concise report is always low in detail

Will wait to see the full financials when I receive them

Massive decrease in Job Keeper, $7 million 

[Rampsation]

The other question Id like to ask is what value is Richmond FC putting on its 100% shareholding of Alligned Leisure.
I noticed theyve expanded that business further. For example If Richmond floated 50% of it on the ASX how much would it be worth.

[WilliamPowell]

Received the full financials last night.

All 46 pages 

Will have a read tonight

[Rampsation]

Did you find anything interesting WP

[WilliamPowell]

Did you find anything interesting WP

Sorry Ramps, haven't had the time to sit a read them fully.

Tomorrow's afternoon reading 

[mightytiges]

Did you find anything interesting WP

Sorry Ramps, haven't had the time to sit a read them fully.

Tomorrow's afternoon reading 

WP, did the full financials say what we sold?

Any other interesting tidbits (i.e. reasons for the increase in cash)?

[Knighter]

Likely to be a delay in reporting to avoid the AFL taking it off us last year to give to #lolnorf, GC and GWS.

Well this prediction was spot on.

[WilliamPowell]

Did you find anything interesting WP

Sorry Ramps, haven't had the time to sit a read them fully.

Tomorrow's afternoon reading 

WP, did the full financials say what we sold?

Any other interesting tidbits (i.e. reasons for the increase in cash)?

Have to say the full financials are disappointing. I've said this many times they only have to report to a minimum level. It is up to each organisation to what level of detail they go into. For whatever reason our Club is one of the Clubs that are of a low level. Go read othe Club's reports and they are high in detail. Will admit it peeves me no end. Will repeat again though they aren't hiding anything they are just detailing what they have to, nothing more.

Absolutely no details on "proceeds from sale of investments". Will be a question for the AGM me thinks

The increase in cash is interesting

There has been a huge increase in "income received in advance" +$7.2 million. This is income received that relates to future accounting periods. This gets recorded in the balance sheet (statement of financial position) and not as revenue. It is made up of 2 main components

1/ funds received from the State Government for the redevelopment
2/ memberships paid in advance - reading through the notes this appears to relate to Aligned Leisure. You need to remember that the Club controls Aligned Leisure so its result is included in the Club's result


Having gone through the report. I'd be asking the following

1/ sales of investments- what?
2/ the new "revaluation of investments" reserve- what?