Discussion 2022 Annual Report Released

[George]

I will let the accountants here pick the eyes out of it

Saints report positive financial results

The club has released the results of its 2022 Annual Report.

www.saints.com.au

 

[Sun Ra]

 

[Dard Ball Get]

I will let the accountants here pick the eyes out of it

Saints report positive financial results

The club has released the results of its 2022 Annual Report.

www.saints.com.au

Looking forward to another lesson in debt, I lyk 2 lern.

 

[George]

Without going over it with a fine-tooth comb, it looks like...

• Debt reduced by a further 2.5 million. Overall club debt sits now at 7.01 million (Club has mentioned that end of 2023 we would be debt free - not sure how that works).
• Up over a million on match returns this year - Cairns playing a part.
• Record sponsorship revenue - 10.6 million.
• 900k profit on membership revenue.

 

[g_TRAIN]

Without going over it with a fine-tooth comb, it looks like...

• Debt reduced by a further 2.5 million. Overall club debt sits now at 7.01 million (Club has mentioned that end of 2023 we would be debt free - not sure how that works.
• Up over a million on match returns this year - Cairns playing a part.
• Record sponsorship revenue - 10.6 million.
• 900k profit on membership revenue.

I doubt we are debt free by the end of 23 unless we win the cup.

Nevertheless, if we're wiping off over 2m per year we are on the right track.

 

[George]

I doubt we are debt free by the end of 23 unless we win the cup.

Nevertheless, if we're wiping off over 2m per year we are on the right track.

Yeah I'm not sure why they said it. I remember them predicting 4.5m wiped this year and 4.5m the next which would leave us debt free. Looking more likely that we are debt free by the end of 2025.

 

[MordySaint]

Direct link to the Annual Report

https://resources.saints.com.au/aflc-stk/document/2022/11/28/5850ed40-c875-42ac-becb-573b91d766a9/St-Kilda-Saints-Football-Club-Ltd-2022-Signed-Web.pdf

Drill into the detail and past the fluff

 

[no1saint66]

Really only $6,000,000 in long term debt as $1,000,000 are long term lease and employee liabilities. $51.5million in overall non grant revenue, $500,000 increase in membership, $2.2million increases on sponsorship and events, an extra $1milliom on match day and Cairns and another $500k extra merchandise sales makes great reading.

 

[Pakenhamsaint]

Really only $6,000,000 in long term debt as $1,000,000 are long term lease and employee liabilities. $51.5million in overall non grant revenue, $500,000 increase in membership, $2.2million increases on sponsorship and events, an extra $1milliom on match day and Cairns and another $500k extra merchandise sales makes great reading.

Roughly 110-120 extra per new member then.

 

[George]

Really only $6,000,000 in long term debt as $1,000,000 are long term lease and employee liabilities. $51.5million in overall non grant revenue, $500,000 increase in membership, $2.2million increases on sponsorship and events, an extra $1milliom on match day and Cairns and another $500k extra merchandise sales makes great reading.

Hopefully sunny3193 has had a chance to look it over and can share his expertise

 

[sunny3193]

Hopefully sunny3193 has had a chance to look it over and can share his expertise

I’ll look at it over the next few days, when I get the chance.

 

[MordySaint]

To be real...

St Kilda now has two football teams instead of one. Twice the opportunity for sponsors, twice the opportunity for members, more revenue from broadcast rights etc etc.

The AFLW is the biggest thing that has happened to the AFL since it changed from VFL to AFL.

We should be a financial powerhouse in years to come unless we make some really silly mistakes.

The final piece in the puzzle is a standalone VFL team playing at Moorabbin.

 

[sunny3193]

With the caveat that this is a Financial Report and we are not privy to the nuts and bolts of the business, no one should be disappointed with the published results.

Balance Sheet

Current Assets = $4.7 mill (essentially same as last year)

By way of explanation, this covers cash sitting in the bank accounts, amounts we are owed, and any stock we might have, and should be pretty stable over time if the business is stable. Accountants think of these items as anything that can be turned into cash within 12 months.
For comparison, this number was $2 mill smaller in 2014.

Note: for interest sake, I will compare some of the numbers back to 2014 as that is the start point of Finnis and 2022 is the end point of Finnis.

Non Current Assets or “Fixed” Assets = $51 mill (+ $7 mill from last year)

This is all the other stuff that the Club owns (buildings, equipment etc) and accountants think of these items as anything that might take longer than 12 months to turn into cash.

The $7 mill increase is due to ongoing work at Moorabbin, primarily the Danny Frawley Centre and the ground (oval resurfacing) improvement.

Did anyone realise that the headline cost of our assets (property, plant, and equipment) now exceeds $71 mill? This is a $ 54 mill increase from 2014.

The number on the BS is $50 mill (which is after Depreciation).
And this is a $39 mill increase from 2014.

Total Assets = $56 mill (+ $7 mill from last year)

This is the sum of the Current and Non Current assets and is an increase of $39 mill from 2014.

Current Liabilities = $10 mill (+ $2 mill from last year)

These are debts, and any amounts owed, that need to be repaid within 12 months.
(Actually it’s $1.5 mill but I’m rounding to the nearest mill).

This includes $2.5 mill of membership fees taken in October 2022 that don’t relate to the 2022 year. They are for 2023, so accountants treat the fees as debt until November 2022 when they suddenly become income! Weird accounting sh1t.

We started doing this at the end of 2020, and I’ll talk to the impact of that shortly.

In real terms, that $2.5 mill of debt doesn’t exist.
It is just income that has arrived a month early.

So be mindful of that.

Current Liabilities have increased $4 mill since 2014.

Current Ratio

This is a measure of a business’s ability to meet its debts as they fall due over the next 12 months. A measurement of the immediate financial viability of the business.
It is expressed as a % of Current Assets divided by Current Liabilities.
Any result at 100% or greater implies the business can meet its debt as they fall due in the next 12 months.
Our Current Ratio is 50%, which is not great.
But as the business is essentially underwritten by the AFL, this is not a critical number. It does need to improve.

The Current Ratio in 2014 was also 50%.

Non Current Liabilities = $7 mill (- $3.5 mill from last year)

These are debts, and any amounts owed, that need to be repaid more than 12 months hence.
The decrease represents a 30% decrease from last year.
This consists of the payment of one AFL loan worth $2.3 mill plus a decrease in the overdraft facility of another $500k, the balance being a decrease in a “Right of Use” lease. (I won’t explain what a Right of Use lease is: for simplicity, call it the Moorabbin lease).

Non Current Liabilities have decreased by $3 mill since 2014.

Total Liabilities = $17 mill (- $2 mill from last year)

Total Liabilities have increased by $1.5 mill since 2014.

”Debt” and “Bad Debt”

First: I never actually understood what Gil was talking about when he was ranting about our $10 mill in “Bad Debt” because there was never a $10 mill number to point to. Whether he was talking about Current or Non Current or Total, the numbers never added to $10 mill, always something different. Sometimes more, sometimes less. So I figured that it was more a notional number to get his point across. That being, the debt was too high.

Second: the declared reduction in debt this year of $2.5 mill is different to the numbers above. That is most likely due to a portion of the debt moving from Non Current (payable in more than 12 months) to Current (payable in the next 12 months).

Third: due to the weird accounting sh1t referred to above (which year the October membership fees belong in), debt was overstated by $2 mill at the end of 2020 and the repayment of debt was overstated by $2 mill in 2021. The true repayment figure in 2021 was $2.5 mill. That is the same number as 2022. It’s probably safe to say that this is the club’s annual target to repay.

Fourth: how much debt is there to repay? Well, technically only the $6 mill overdraft facility that is guaranteed by the AFL. The rest is debt that is probably incurred through normal trade, and will be there forever.

Fifth: when the $6 mill overdraft is fully repaid, everything else being equal, the club will have a Current Ratio > 100%.

Net Assets/Members Equity = $39 mill (+ $9 mill from last year)

This number is Assets minus Liabilities and is a measure of the club’s wealth.

In 2014 the equivalent number was a negative $1 mill.

Go broke territory.

If there’s only one number you need to understand, it is this.

And if there is only one number to understand how much we owe Finnis, Summers and Bassat, it is also this.

Without them, we’d be known as the Tasmanian Devils or whatever, and playing at Blundstone.

Joffaboy , I hope you agree with the above.
Yawkey way , our boy Finnis has done a grand job.

I have not looked at the Profit and Loss.

George , that what you wanted?

 

[George]

With the caveat that this is a Financial Report and we are not privy to the nuts and bolts of the business, no one should be disappointed with the published results.

Balance Sheet

Current Assets = $4.7 mill (essentially same as last year)

By way of explanation, this covers cash sitting in the bank accounts, amounts we are owed, and any stock we might have, and should be pretty stable over time if the business is stable. Accountants think of these items as anything that can be turned into cash within 12 months.
For comparison, this number was $2 mill smaller in 2014.

Note: for interest sake, I will compare some of the numbers back to 2014 as that is the start point of Finnis and 2022 is the end point of Finnis.

Non Current Assets or “Fixed” Assets = $51 mill (+ $7 mill from last year)

This is all the other stuff that the Club owns (buildings, equipment etc) and accountants think of these items as anything that might take longer than 12 months to turn into cash.

The $7 mill increase is due to ongoing work at Moorabbin, primarily the Danny Frawley Centre and the ground (oval resurfacing) improvement.

Did anyone realise that the headline cost of our assets (property, plant, and equipment) now exceeds $71 mill? This is a $ 54 mill increase from 2014.

The number on the BS is $50 mill (which is after Depreciation).
And this is a $39 mill increase from 2014.

Total Assets = $56 mill (+ $7 mill from last year)

This is the sum of the Current and Non Current assets and is an increase of $39 mill from 2014.

Current Liabilities = $10 mill (+ $2 mill from last year)

These are debts, and any amounts owed, that need to be repaid within 12 months.
(Actually it’s $1.5 mill but I’m rounding to the nearest mill).

This includes $2.5 mill of membership fees taken in October 2022 that don’t relate to the 2022 year. They are for 2023, so accountants treat the fees as debt until November 2022 when they suddenly become income! Weird accounting sh1t.

We started doing this at the end of 2020, and I’ll talk to the impact of that shortly.

In real terms, that $2.5 mill of debt doesn’t exist.
It is just income that has arrived a month early.

So be mindful of that.

Current Liabilities have increased $4 mill since 2014.

Current Ratio

This is a measure of a business’s ability to meet its debts as they fall due over the next 12 months. A measurement of the immediate financial viability of the business.
It is expressed as a % of Current Assets divided by Current Liabilities.
Any result at 100% or greater implies the business can meet its debt as they fall due in the next 12 months.
Our Current Ratio is 50%, which is not great.
But as the business is essentially underwritten by the AFL, this is not a critical number. It does need to improve.

The Current Ratio in 2014 was also 50%.

Non Current Liabilities = $7 mill (- $3.5 mill from last year)

These are debts, and any amounts owed, that need to be repaid more than 12 months hence.
The decrease represents a 30% decrease from last year.
This consists of the payment of one AFL loan worth $2.3 mill plus a decrease in the overdraft facility of another $500k, the balance being a decrease in a “Right of Use” lease. (I won’t explain what a Right of Use lease is: for simplicity, call it the Moorabbin lease).

Non Current Liabilities have decreased by $3 mill since 2014.

Total Liabilities = $17 mill (- $2 mill from last year)

Total Liabilities have increased by $1.5 mill since 2014.

”Debt” and “Bad Debt”

First: I never actually understood what Gil was talking about when he was ranting about our $10 mill in “Bad Debt” because there was never a $10 mill number to point to. Whether he was talking about Current or Non Current or Total, the numbers never added to $10 mill, always something different. Sometimes more, sometimes less. So I figured that it was more a notional number to get his point across. That being, the debt was too high.

Second: the declared reduction in debt this year of $2.5 mill is different to the numbers above. That is most likely due to a portion of the debt moving from Non Current (payable in more than 12 months) to Current (payable in the next 12 months).

Third: due to the weird accounting sh1t referred to above (which year the October membership fees belong in), debt was overstated by $2 mill at the end of 2020 and the repayment of debt was overstated by $2 mill in 2021. The true repayment figure in 2022 was $2.5 mill. That is the same number as 2022. It’s probably safe to say that this is the club’s annual target to repay.

Fourth: how much debt is there to repay? Well, technically only the $6 mill overdraft facility that is guaranteed by the AFL. The rest is debt that is probably incurred through normal trade, and will be there forever.

Fifth: when the $6 mill overdraft is fully repaid, everything else being equal, the club will have a Current Ratio > 100%.

Net Assets/Members Equity = $39 mill (+ $9 mill from last year)

This number is Assets minus Liabilities and is a measure of the club’s wealth.

In 2014 the equivalent number was a negative $1 mill.

Go broke territory.

If there’s only one number you need to understand, it is this.

And if there is only one number to understand how much we owe Finnis, Summers and Bassat, it is also this.

Without them, we’d be known as the Tasmanian Devils or whatever, and playing at Blundstone.

Joffaboy , I hope you agree with the above.
Yawkey way , our boy Finnis has done a grand job.

I have not looked at the Profit and Loss.

George , that what you wanted?

Injecting it straight into my veins as we speak. Thanks for this mate

 

[no1saint66]

Are we concerned about how high our AFL income is through the variable distributions?

 

[Joffaboy]

sunny3193 sorry mate haven't opened it, over my head with a data migration project and designing forms getting my Excel functions to work. I really dislike VLOOKUP.

Edit: Just had a quick look at your summary, seems fair enough.

The membership as debt is usual for a membership organisation. Sits as a liability in the current year as it is Income in Advance on the BS and the opposite side is an Asset (Bank). Obviously can't be on the P&L as it is future Financial year Income. Whenever the Fin year ends for them (ours is calendar year) is when it is swept into income although ours is allocated over the twelve monthly financial periods. Our Income in Advance last year was near 88 mill sitting in Liabilities.

 

[jwikked]

With the caveat that this is a Financial Report and we are not privy to the nuts and bolts of the business, no one should be disappointed with the published results.

Balance Sheet

Current Assets = $4.7 mill (essentially same as last year)

By way of explanation, this covers cash sitting in the bank accounts, amounts we are owed, and any stock we might have, and should be pretty stable over time if the business is stable. Accountants think of these items as anything that can be turned into cash within 12 months.
For comparison, this number was $2 mill smaller in 2014.

Note: for interest sake, I will compare some of the numbers back to 2014 as that is the start point of Finnis and 2022 is the end point of Finnis.

Non Current Assets or “Fixed” Assets = $51 mill (+ $7 mill from last year)

This is all the other stuff that the Club owns (buildings, equipment etc) and accountants think of these items as anything that might take longer than 12 months to turn into cash.

The $7 mill increase is due to ongoing work at Moorabbin, primarily the Danny Frawley Centre and the ground (oval resurfacing) improvement.

Did anyone realise that the headline cost of our assets (property, plant, and equipment) now exceeds $71 mill? This is a $ 54 mill increase from 2014.

The number on the BS is $50 mill (which is after Depreciation).
And this is a $39 mill increase from 2014.

Total Assets = $56 mill (+ $7 mill from last year)

This is the sum of the Current and Non Current assets and is an increase of $39 mill from 2014.

Current Liabilities = $10 mill (+ $2 mill from last year)

These are debts, and any amounts owed, that need to be repaid within 12 months.
(Actually it’s $1.5 mill but I’m rounding to the nearest mill).

This includes $2.5 mill of membership fees taken in October 2022 that don’t relate to the 2022 year. They are for 2023, so accountants treat the fees as debt until November 2022 when they suddenly become income! Weird accounting sh1t.

We started doing this at the end of 2020, and I’ll talk to the impact of that shortly.

In real terms, that $2.5 mill of debt doesn’t exist.
It is just income that has arrived a month early.

So be mindful of that.

Current Liabilities have increased $4 mill since 2014.

Current Ratio

This is a measure of a business’s ability to meet its debts as they fall due over the next 12 months. A measurement of the immediate financial viability of the business.
It is expressed as a % of Current Assets divided by Current Liabilities.
Any result at 100% or greater implies the business can meet its debt as they fall due in the next 12 months.
Our Current Ratio is 50%, which is not great.
But as the business is essentially underwritten by the AFL, this is not a critical number. It does need to improve.

The Current Ratio in 2014 was also 50%.

Non Current Liabilities = $7 mill (- $3.5 mill from last year)

These are debts, and any amounts owed, that need to be repaid more than 12 months hence.
The decrease represents a 30% decrease from last year.
This consists of the payment of one AFL loan worth $2.3 mill plus a decrease in the overdraft facility of another $500k, the balance being a decrease in a “Right of Use” lease. (I won’t explain what a Right of Use lease is: for simplicity, call it the Moorabbin lease).

Non Current Liabilities have decreased by $3 mill since 2014.

Total Liabilities = $17 mill (- $2 mill from last year)

Total Liabilities have increased by $1.5 mill since 2014.

”Debt” and “Bad Debt”

First: I never actually understood what Gil was talking about when he was ranting about our $10 mill in “Bad Debt” because there was never a $10 mill number to point to. Whether he was talking about Current or Non Current or Total, the numbers never added to $10 mill, always something different. Sometimes more, sometimes less. So I figured that it was more a notional number to get his point across. That being, the debt was too high.

Second: the declared reduction in debt this year of $2.5 mill is different to the numbers above. That is most likely due to a portion of the debt moving from Non Current (payable in more than 12 months) to Current (payable in the next 12 months).

Third: due to the weird accounting sh1t referred to above (which year the October membership fees belong in), debt was overstated by $2 mill at the end of 2020 and the repayment of debt was overstated by $2 mill in 2021. The true repayment figure in 2021 was $2.5 mill. That is the same number as 2022. It’s probably safe to say that this is the club’s annual target to repay.

Fourth: how much debt is there to repay? Well, technically only the $6 mill overdraft facility that is guaranteed by the AFL. The rest is debt that is probably incurred through normal trade, and will be there forever.

Fifth: when the $6 mill overdraft is fully repaid, everything else being equal, the club will have a Current Ratio > 100%.

Net Assets/Members Equity = $39 mill (+ $9 mill from last year)

This number is Assets minus Liabilities and is a measure of the club’s wealth.

In 2014 the equivalent number was a negative $1 mill.

Go broke territory.

If there’s only one number you need to understand, it is this.

And if there is only one number to understand how much we owe Finnis, Summers and Bassat, it is also this.

Without them, we’d be known as the Tasmanian Devils or whatever, and playing at Blundstone.

Joffaboy , I hope you agree with the above.
Yawkey way , our boy Finnis has done a grand job.

I have not looked at the Profit and Loss.

George , that what you wanted?

Thanks for the breakdown, but I'm curious what this part means:

Material uncertainty related to going concern
We draw attention to Note 1 in the financial statements, which indicates that the Group achieved a net profit of
$9,445,261 during the year ended 31 October 2022, and as of that date, the Group’s current liabilities exceeded
its current assets by $5,367,737. As stated in Note 1, these events or conditions, along with other matters as
set forth in Note 1, indicate that a material uncertainty exists that may cast significant doubt on the Group’s
ability to continue as a going concern. Our opinion is not modified in respect of this matter

There was something similar in last years report, too. Is it just a formality based on a formula for that to be worth noting? Or is it a genuine opinion? Is it a position taken solely by what is in the current report with no views towards the future?

 

[sunny3193]

Are we concerned about how high our AFL income is through the variable distributions?

I haven’t looked at the P&L in depth but I know what you are referring to.
There is a couple of AFL funding lines there that have no explanation.
My best guess is that the variable distribution is the payoff for having crap fixtures and or crap stadium deal.

 

[sunny3193]

sunny3193 sorry mate haven't opened it, over my head with a data migration project and designing forms getting my Excel functions to work. I really dislike VLOOKUP.

I feel your pain.

 

[jwikked]

Are we concerned about how high our AFL income is through the variable distributions?

I'm not but I have a degenerates view on it. The fixture isn't even, the competition isn't even. We don't get many prime time games and we were given terrible stadium deals that effectively cripped the club financially (until recently) we are owed money by the AFL for operating a league where we aren't given the same opportunities as other clubs. It would be nice to reduce the number, so that people stop looking at us as the handouts club.

 

[sunny3193]

Thanks for the breakdown, but I'm curious what this part means:



There was something similar in last years report, too. Is it just a formality based on a formula for that to be worth nothing? Or is it a genuine opinion? Is it a position taken solely by what is in the current report with no views towards the future?

They are talking about the Current Ratio.
Well spotted JW!
It would be typical practice to have something along these lines.
Probably there till we hit 100%.

 

[Joffaboy]

Looking forward to another lesson in debt, I lyk 2 lern.

You can't teach stupid.

But here you go, an operating profit of 1.2 million, fapp away

 

[Mowman]

With the caveat that this is a Financial Report and we are not privy to the nuts and bolts of the business, no one should be disappointed with the published results.

Balance Sheet

Current Assets = $4.7 mill (essentially same as last year)

By way of explanation, this covers cash sitting in the bank accounts, amounts we are owed, and any stock we might have, and should be pretty stable over time if the business is stable. Accountants think of these items as anything that can be turned into cash within 12 months.
For comparison, this number was $2 mill smaller in 2014.

Note: for interest sake, I will compare some of the numbers back to 2014 as that is the start point of Finnis and 2022 is the end point of Finnis.

Non Current Assets or “Fixed” Assets = $51 mill (+ $7 mill from last year)

This is all the other stuff that the Club owns (buildings, equipment etc) and accountants think of these items as anything that might take longer than 12 months to turn into cash.

The $7 mill increase is due to ongoing work at Moorabbin, primarily the Danny Frawley Centre and the ground (oval resurfacing) improvement.

Did anyone realise that the headline cost of our assets (property, plant, and equipment) now exceeds $71 mill? This is a $ 54 mill increase from 2014.

The number on the BS is $50 mill (which is after Depreciation).
And this is a $39 mill increase from 2014.

Total Assets = $56 mill (+ $7 mill from last year)

This is the sum of the Current and Non Current assets and is an increase of $39 mill from 2014.

Current Liabilities = $10 mill (+ $2 mill from last year)

These are debts, and any amounts owed, that need to be repaid within 12 months.
(Actually it’s $1.5 mill but I’m rounding to the nearest mill).

This includes $2.5 mill of membership fees taken in October 2022 that don’t relate to the 2022 year. They are for 2023, so accountants treat the fees as debt until November 2022 when they suddenly become income! Weird accounting sh1t.

We started doing this at the end of 2020, and I’ll talk to the impact of that shortly.

In real terms, that $2.5 mill of debt doesn’t exist.
It is just income that has arrived a month early.

So be mindful of that.

Current Liabilities have increased $4 mill since 2014.

Current Ratio

This is a measure of a business’s ability to meet its debts as they fall due over the next 12 months. A measurement of the immediate financial viability of the business.
It is expressed as a % of Current Assets divided by Current Liabilities.
Any result at 100% or greater implies the business can meet its debt as they fall due in the next 12 months.
Our Current Ratio is 50%, which is not great.
But as the business is essentially underwritten by the AFL, this is not a critical number. It does need to improve.

The Current Ratio in 2014 was also 50%.

Non Current Liabilities = $7 mill (- $3.5 mill from last year)

These are debts, and any amounts owed, that need to be repaid more than 12 months hence.
The decrease represents a 30% decrease from last year.
This consists of the payment of one AFL loan worth $2.3 mill plus a decrease in the overdraft facility of another $500k, the balance being a decrease in a “Right of Use” lease. (I won’t explain what a Right of Use lease is: for simplicity, call it the Moorabbin lease).

Non Current Liabilities have decreased by $3 mill since 2014.

Total Liabilities = $17 mill (- $2 mill from last year)

Total Liabilities have increased by $1.5 mill since 2014.

”Debt” and “Bad Debt”

First: I never actually understood what Gil was talking about when he was ranting about our $10 mill in “Bad Debt” because there was never a $10 mill number to point to. Whether he was talking about Current or Non Current or Total, the numbers never added to $10 mill, always something different. Sometimes more, sometimes less. So I figured that it was more a notional number to get his point across. That being, the debt was too high.

Second: the declared reduction in debt this year of $2.5 mill is different to the numbers above. That is most likely due to a portion of the debt moving from Non Current (payable in more than 12 months) to Current (payable in the next 12 months).

Third: due to the weird accounting sh1t referred to above (which year the October membership fees belong in), debt was overstated by $2 mill at the end of 2020 and the repayment of debt was overstated by $2 mill in 2021. The true repayment figure in 2021 was $2.5 mill. That is the same number as 2022. It’s probably safe to say that this is the club’s annual target to repay.

Fourth: how much debt is there to repay? Well, technically only the $6 mill overdraft facility that is guaranteed by the AFL. The rest is debt that is probably incurred through normal trade, and will be there forever.

Fifth: when the $6 mill overdraft is fully repaid, everything else being equal, the club will have a Current Ratio > 100%.

Net Assets/Members Equity = $39 mill (+ $9 mill from last year)

This number is Assets minus Liabilities and is a measure of the club’s wealth.

In 2014 the equivalent number was a negative $1 mill.

Go broke territory.

If there’s only one number you need to understand, it is this.

And if there is only one number to understand how much we owe Finnis, Summers and Bassat, it is also this.

Without them, we’d be known as the Tasmanian Devils or whatever, and playing at Blundstone.

Joffaboy , I hope you agree with the above.
Yawkey way , our boy Finnis has done a grand job.

I have not looked at the Profit and Loss.

George , that what you wanted?

Thanks sunny3193

 

[Dard Ball Get]

You can't teach stupid.

But here you go, an operating profit of 1.2 million, fapp away

The real intellectual in Sunny beat you to it mate, but your effort hasn’t gone unnoticed x

 

[Joffaboy]

The real intellectual in Sunny beat you to it mate, but your effort hasn’t gone unnoticed x

I don't get paid to read financial statements, not going to do it in my own time.
I just use my vast and extensive financial knowledge to smugly lord it over ignoramuses.