Toast Blues announce $752,442 profit for 2009

[Aphrodite]

Excellent result for the Club - $752,442 profit for the finacial year ending 31st October 2009

Some very impressive figures below.

http://www.carltonfc.com.au/season2009/2009news/newsarticle/tabid/4311/newsid/87396/default.aspx

Some highlights of the 2009 Financial Statement :-

- Operating Profit $752,442 (2008 - $856,269)

- Turnover $34m (2008 - $32m)

- 22% increase in Membership revenue up $1.4m to $7.7m as membership reached a record level of 43,294 members.

- 38% increase in Gate Receipts up $661k to $2.4m due to the sale of a ‘home’ game to the Gold Coast venue for $400k, and record crowd attendances for home games (Carlton participated in 4 of the top 5 attended AFL games during the home and away season).

- A record $1.5m in Merchandise sales.

- $2.7m Increase in football department spending via operations ($2.5m) and equipment ($204k)

- A further $12m was paid towards the Visy Park facility redevelopment project. Just under $8m in grants were received during the year for this purpose

- Nearly 15,000 contributors to the ‘Blue Believer’ Program

- Establishment of the Carlton Football Club Foundation which raised over $400,000 in donations.

- Establishment of the Carlton Football Community Fund which undertook the successful Multi-Cultural Program in the Carlton Community.

 

[iRemember87]

Excellent result for the Club - $752,442 profit for the finacial year ending 31st October 2009

Some very impressive figures below.

http://www.carltonfc.com.au/season2009/2009news/newsarticle/tabid/4311/newsid/87396/default.aspx

Some highlights of the 2009 Financial Statement :-

- Operating Profit $752,442 (2008 - $856,269)

- Turnover $34m (2008 - $32m)

- 22% increase in Membership revenue up $1.4m to $7.7m as membership reached a record level of 43,294 members.

- 38% increase in Gate Receipts up $661k to $2.4m due to the sale of a ‘home’ game to the Gold Coast venue for $400k, and record crowd attendances for home games (Carlton participated in 4 of the top 5 attended AFL games during the home and away season).

- A record $1.5m in Merchandise sales.

- $2.7m Increase in football department spending via operations ($2.5m) and equipment ($204k)

- A further $12m was paid towards the Visy Park facility redevelopment project. Just under $8m in grants were received during the year for this purpose

- Nearly 15,000 contributors to the ‘Blue Believer’ Program

- Establishment of the Carlton Football Club Foundation which raised over $400,000 in donations.

- Establishment of the Carlton Football Community Fund which undertook the successful Multi-Cultural Program in the Carlton Community.

I just posted a thread about the same thing, but your is much better.

Great effort by the club!! We are back....its only a matter of time!!

 

[Aphrodite]

I just posted a thread about the same thing, but your is much better.

Great effort by the club!! We are back....its only a matter of time!!

Just saw your thread BH ....... beat you by 4 min

Excellent result all round for the club & to see fairly substantial increases in membership, gate receipts & merchandise only shows that we are on the right path to be back where we belong

What Global Finacial Crisis

 

[jasonwilde]

Well done Blues.
Good to see a traditional powerhouse stable again.

 

[Blueboys7]

Well done Blues.
Good to see a traditional powerhouse stable again.

Piss off tro....sorry force of habit

The rivalry gets bigger by the day

 

[Aphrodite]

Well done Blues.
Good to see a traditional powerhouse stable again.

Was there ever any doubt

 

[Bluedude]

I wonder who got the job of repainting the fev dolls ?

 

[Aphrodite]

I wonder who got the job of repainting the fev dolls ?

 

[BlueYoss]

Just saw your thread BH ....... beat you by 4 min

Alpha1 board...

 

[Aphrodite]

Alpha1 board...

Keep on topic BY

 

[sherb]

We are still $6.5 million in debt - $5 million on commercial bill and $1.5 million to the AFL. I don't see any reduction in that from last year.

The point made on page 12 of the report - Note 2 (c) - Going Concern - is also worth noting:
"As of 31 October 2009 the Carlton Football Club Limited has a current asset deficiency of $6.5 million and a commitment to financing a further $2.04 million of the facility redevelopment at Visy Park in 2010. These factors give rise to significant uncertainty about the ability of the company to continue to operate as a going concern."

Now that may be standard accountant speak in all like Financial Reports, but I for one won't be happy until the debt millstone starts reducing.

The good points are great, but lets not gloss over the fact that we have $2.2 million in current assets and $8.7 million in current liabilities - with little apparent determination on the part of the club in reducing that stark deficiency.

Maybe if someone who reads this post who is going to the AGM could try to ask what (if any) plans are in place to get rid of the debt. At the moment it is stagnant and may well stay that way if we have to commit another $2 million to Visy next year.

 

[Ytoojae]

The club made a profit, but look at how much went right for the club this year. Record merchandise sales, huge increase in membership, big increase in gate receipts....

Those three alone account for $4 million.

we only profited three quarters of a million dollars.

That's horrible. I mean, it's better than a debt but if you have all of that going right for you and you're only ahead by 3/4 of a million... The club is still in a whole heap of donkey do.

You realise that for a club to be in a healthy position you need to eliminate your debt? The debt problem is the same as it was twelve months ago. Three quarters of a million dollars is not much at all. It's not profit that you can reinvest and make much out of. Honestly, it's very close to being a loss.

How much did the club make/lose by moving a game to the Gold Coast?

This time next year with less total player payments if we're not over a million in total operating profit you know we're in trouble.

I hate to paint a bad picture here, but things aren't as rosy as they may appear. Things out on the field are waaaaaay the hell better but it's not shaping that way fiscally, at least yet.

Stop kidding yourself about the club

 

[Abaddon]

The club made a profit, but look at how much went right for the club this year. Record merchandise sales, huge increase in membership, big increase in gate receipts....

Those three alone account for $4 million.

we only profited three quarters of a million dollars.

That's horrible. I mean, it's better than a debt but if you have all of that going right for you and you're only ahead by 3/4 of a million... The club is still in a whole heap of donkey do.

You realise that for a club to be in a healthy position you need to eliminate your debt? The debt problem is the same as it was twelve months ago. Three quarters of a million dollars is not much at all. It's not profit that you can reinvest and make much out of. Honestly, it's very close to being a loss.

How much did the club make/lose by moving a game to the Gold Coast?

This time next year with less total player payments if we're not over a million in total operating profit you know we're in trouble.

I hate to paint a bad picture here, but things aren't as rosy as they may appear. Things out on the field are waaaaaay the hell better but it's not shaping that way fiscally, at least yet.

Stop kidding yourself about the club

+1
amazing its taken this many posts for someone to say this. actually its not amazing at all...
record membership, record attendances, record merchandise sales, probably record sponsorship too and such a small profit.

They haven't reduced the debt at all. While some manageable debt is not a bad thing, the current figure is far too high.

 

[Kramer1]

We are coming from a fair way back in terms of football department spending so I suppose that money has to come from somewhere. Also servicing that debt must be costly, even if we are not reducing it.

Does anyone in the know have an understanding of our reliance on gaming revenue. I'm always itching to rip into supporters of 'the family club' for propping their club up on pokies but I fear we are just as bad.

 

[Shambolic]

Go Blues.

The Club had two clear choices: start to repay debt or start to rebuild the off-field player support and management side of the business. I'm glad they chose the latter - you cant promote yourself on field without it.

As a proportionof our revenues the debt is dropping. Build the business and you can manage the debt.

 

[SurreyBlue]

Unfortunately, Telstra Dome deal is killing us and will continue too.

 

[Aphrodite]

Ouch!

Some worrying numbers there.
Considering the growth pattern thorugh several areas, we realise such a piddly profit?

It looks like 30mil. is about break even, right now.
I'd love to see our balance sheet, and hope there are some positives there, but I doubt it very much.

I wonder how we stack up against other clubs?
Is this information freely available?

Here you go Harks.

I haven't had a chance to have a look at it yet.

Annual Financial Report

 

[Aphrodite]

Unfortunately, Telstra Dome deal is killing us and will continue too.

The quicker we get out of there the better.

From memory I think it was originally a 10yr deal.

Damn Collo

 

[HBF]

Unfortunately, Telstra Dome deal is killing us and will continue too.

That's incorrect. The AFL and Etihad Stadium have re-negotiated the deal, so Victorian Clubs will receive about $1M a year extra from 2010 and onwards.

A $752,442 profit is not bad when you consider we included Nick Stevens' 2010 payment this year, meaning our profit would have been closer to $1.1M. Yes the debt is there, but it is managable. The club decided that it needed to spend money in it's football department, and that is what it has done. Thereby, you improve that area, develop and improve the on-field results of the footy club, and the debt will take care of itself.

I'm sure the club will start servicing the debt at some stage, but if our lenders aren't barking for it, then it can just sit on our Balance Sheet.

 

[TwiggleyFanClub]

That $1.6 million of Malaysian $$ might be important next year...

 

[Ytoojae]

This may sound like I'm turning on the club here but I'm not.

I understand that the mood at a club function like the one that we had up in Brisbane prior to the game at the GABBA is supposed to be relaxed and cool. However, having said that, and in other areas of the club it has struck me a few times also....

It honestly feels like our club's management has decided that everything is better than what it was, so it's all hunky dory and that they can afford to sit back now and watch. The club has a lacks feel about it. That mission is accomplished, etc, etc.

I'm not surprised that we flamed out in the fourth quarter of the final in Brisbane with the club having that sort of feel about it. If it's in the management then it's in the club's culture. Don't worry though we were playing injured after all and we have all sorts of legitimate EXCUSES.

Well, it's not. The true fight hasn't even started yet. Not by a damn long shot. I hope that deep down that the club realises this and hasn't got it's head stuck way up there in the clouds because guess what? Those clouds are full of bloody acid rain.

I've been very positive until the last week or two but I've had a closer look at things. I'm not turning into celtic_pride or anything, I'm as passionate about my club as anyone else but there's a whole lot more work to do.

 

[Silvagnis]

I doubt that Greg Swann is just sitting on his hands.

Carlton had to invest in new facilities, so the debt is understandable and serviceable with our list and fixture.

It isn't a bad result if you take into account the market place we're competing in and the global financial crisis.

And how far we're coming back.

Brisbane lost 600 K this year after an increase in membership and attendances.

I know which result I'd take.

 

[Ytoojae]

Yeah, you're right....

TGFS -- Thank God for Swan.

 

[BlueTongue]

I doubt that Greg Swann is just sitting on his hands.

Carlton had to invest in new facilities, so the debt is understandable and serviceable with our list and fixture.

It isn't a bad result if you take into account the market place we're competing in and the global financial crisis.

And how far we're coming back.

Brisbane lost 600 K this year after an increase in membership and attendances.

I know which result I'd take.

Yeah makes sense, and also, I wonder how much we put into the VISY redevelopment. That has gotta be costing us a bit...

 

[sherb]

I'm sure the club will start servicing the debt at some stage, but if our lenders aren't barking for it, then it can just sit on our Balance Sheet.

Of course, whilst is just "sits on our Balance Sheet" HBF it has another consequence - interest cost.

For the year just completed, that cost was just under $300,000 (down from around $400,000 the previous year, presumably due to drops in interest rates). To put that in perspective, that is around 40% of our reported profit.

With interest rates going back up again, you can't expect the expense to be anything but higher this financial year.

So I disagree with your assertion that it can just sit on the balance sheet. The club needs to start aggressively pursuing means of reducing the debt and its associated interest cost.

As I said, it is a millstone around the club's neck. I personally don't think things can be too healthy when you are $6.5 million short when comparing current assets to current liabilities.

Again, I'd love it if someone could ask what the plans are to reduce the debt at the AGM and if the question is indeed asked, what the answer is. The club just can't be allowed to sit back and bask in all the good aspects of the financial results, they have to be answerable for the negatives as well.