Official Club Stuff 2023 Financial Results

[PowerLil]

No total membership revenue in the financial statement by the Club, just more "members".
I call bullsh*t.

 

[RossFC]

Port Adelaide announces 2023 financial results

The Port Adelaide Football Club has announced an operating profit for the 2023 financial year.

www.portadelaidefc.com.au

The Port Adelaide Football Club has announced an operating profit of $2,006,030 for the financial year ending 31 October 2023.

Gross revenue increasing by $7.5m in 2023, to a total of $64.6m.

Paid off a further $2.5m of debt, reducing debt to a total of $3.8m as of 31 October 2023.

In addition, capital grant revenue associated with the Alberton Oval redevelopment of $15.631m was received, resulting in a consolidated profit of $15.574m.

The Club’s net asset position at the end of the 2023 financial year was $32.7m. This is an increase of $15.6m from $17.1m in 2022 and is a result of the strong debt reduction and capital investment in facilities at Alberton Oval.

The highlights of 2023 Port Adelaide's financial result:

• Core business revenue up 13 per cent to $57.5 million.
• $2.5 million in debt repayments (2022; $2.5m).
• Total assets of $61.8m (2022; $45.6m).
• Strong balance sheet with net assets of $32.7 million (2022; $17.1m).
• Capital grants recognised for facility development of $15.631m (2022; $3.554m).
• Resulting in a consolidated profit including grant revenue of $15.574m (2022; $7.018m consolidated profit).
• $30m Alberton Oval stage one facilities redevelopment nearing completion.

 

[thundercloud]

No total membership revenue in the financial statement by the Club, just more "members".
I call bullsh*t.

I have read the press release, which i would have thought is a synopsis of a much mote detailed document. So i am confused by your post. Would like to explain how you made the call and why you think it isimportant.

 

[Macca19]

Appears weve hit some financial stability the last few years

 

[El Zorro]

Port Adelaide announces 2023 financial results

The Port Adelaide Football Club has announced an operating profit for the 2023 financial year.

www.portadelaidefc.com.au

The Port Adelaide Football Club has announced an operating profit of $2,006,030 for the financial year ending 31 October 2023.

Gross revenue increasing by $7.5m in 2023, to a total of $64.6m.

Paid off a further $2.5m of debt, reducing debt to a total of $3.8m as of 31 October 2023.

In addition, capital grant revenue associated with the Alberton Oval redevelopment of $15.631m was received, resulting in a consolidated profit of $15.574m.

The Club’s net asset position at the end of the 2023 financial year was $32.7m. This is an increase of $15.6m from $17.1m in 2022 and is a result of the strong debt reduction and capital investment in facilities at Alberton Oval.

The highlights of 2023 Port Adelaide's financial result:

• Core business revenue up 13 per cent to $57.5 million.
• $2.5 million in debt repayments (2022; $2.5m).
• Total assets of $61.8m (2022; $45.6m).
• Strong balance sheet with net assets of $32.7 million (2022; $17.1m).
• Capital grants recognised for facility development of $15.631m (2022; $3.554m).
• Resulting in a consolidated profit including grant revenue of $15.574m (2022; $7.018m consolidated profit).
• $30m Alberton Oval stage one facilities redevelopment nearing completion.

Without seeing the financial docs, the headlines look pretty good.

 

[Poo Eckert]

So our profit matches grant revenue? Our asset increase matches grant revenue amount?

 

[Poo Eckert]

If we want board autonomy debt elimination is key right? Not sucking the AFl t***ies

 

[El Zorro]

So our profit matches grant revenue? Our asset increase matches grant revenue amount?

That would make sense. It looks like the operating profit went into paying debt.

 

[El Zorro]

So our profit matches grant revenue? Our asset increase matches grant revenue amount?

Probably right too, as the grants were used to build an asset or is cash being used to build that asset.

 

[PowerBaz]

Appears weve hit some financial stability the last few years

I dare say it's a fair reason why they won't sack Ken in a hurry if we are financially steady, because sacking Ken means multiple changes....

 

[RossFC]

Surely debt free in 2 years time.

Does it look crazy that we have half the yearly revenue as a premier league club like Burnley?

Our debt as well is very small compared to theirs (60mil).

 

[Macca19]

Surely debt free in 2 years time.

Does it look crazy that we have half the yearly revenue as a premier league club like Burnley?

Our debt as well is very small compared to theirs (60mil).

Most soccer clubs debt seems to be in the $100's of millions. Manchester Uniteds is over $1 billion.

 

[Alberton Proud]

Paid off a further $2.5m of debt, reducing debt to a total of $3.8m as of 31 October 2023.

We should be pushing super hard to get club control of the entire board back based on this alone

If we keep reducing debt at this rate we'll be debt free in a few years

Why the feck should the AFL still have any say in our affairs

 

[RossFC]

Most soccer clubs debt seems to be in the $100's of millions. Manchester Uniteds is over $1 billion.

I feel like there is/was a lot of hyperbole about ours.

 

[Alberton Proud]

I feel like there is/was a lot of hyperbole about ours.

#crowthings

 

[TeeKray]

Looks a good result to me.

Paying down debt is super important in the current environment of rising debt costs.

I still think we need to look at revenue generating assets that don't involve football but maybe that comes after paying down the debt.

 

[tribey]

So i am confused by your post.

Finally some self-awareness from you.

 

[El Zorro]

I feel like there is/was a lot of hyperbole about ours.

There was. All commercial operations are expected to carry some level of debt.

 

[Alberton Proud]

There was. All commercial operations are expected to carry some level of debt.

OK if it is revenue generating

No good if it isn't

 

[Enviable Tradition]

The debt reduction certainly seems positive.

 

[El Zorro]

OK if it is revenue generating

No good if it isn't

Of course. However I am concerned that we are so focused on being debt-free that we are not maximising our gearing opportunities. I hope the strategy is to be debt-free to prove the doubters wrong, get control of our board back from the AFL and then go back to using healthy debt to grow, like most businesses.

 

[bringbackbucky]

I'm holding my opinion until I read REH's assessment...

 

[manureid]

I'm holding my opinion until I read REH's assessment...

It is not official until he signs off on it.

 

[Interstater]

In addition, capital grant revenue associated with the Alberton Oval redevelopment of $15.631m was received, resulting in a consolidated profit of $15.574m.

The Club’s net asset position at the end of the 2023 financial year was $32.7m. This is an increase of $15.6m from $17.1m in 2022 and is a result of the strong debt reduction and capital investment in facilities at Alberton Oval.

The debt is irrelevant, it's a small percentage of revenue.

The net asset position is what matters, and Port were given $15.6m by someone and that almost doubled the net asset position.

Anyone that tells you the club is in a poor financial position is an idiot or has an agenda.

 

[Doctor Feel]

Dunno about you guys but I feel some debt is a good thing and shows investment. It's probably no wonder we have the poxxy coaching and off field support we have as we don't want to pay any tax on it.