News And Now To Financial News...

[Arcassius]

What am I missing, what debt do we have? The contract liability looks like it's a funding arrangement with Curtin, the provisions are just annual and long service leave and AP is AP

I love it when you talk numbers

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[Taylor]

What am I missing, what debt do we have? The contract liability looks like it's a funding arrangement with Curtin, the provisions are just annual and long service leave and AP is AP

Don't we carry a debt for the building of the facility?

 

[Taylor]

Don't we carry a debt for the building of the facility?

Doesn't look like it... $7m cash in the bank

 

[Snuffaluphagus]

Don't we carry a debt for the building of the facility?

Nothing on the financial statements suggest we have any debt at all and I cant think of a reason we would be able to keep something owed for the building of the facility off the balance sheet. Additionally, the financials would indicate we were already debt free as at 30 October 2021.

The arrangement with Cockbun appears to be we paid an upfront sum to use the building / facility for a set amount of time as it's treated as a building on leasehold land. The only lease we have is a Melbourne office that is weirdly kept off balance sheet due to "materiality." IE, appling AASB 16 can be an inconvenience and no one could be bothered to do it properly

 

[Purple Suit]

Doesn't look like it... $7m cash in the bank

The "debt" just looks like membership liability carried forward from members who pay early.

We're finally cash up to the hilt and nothing to spend it on due to the rule changes of the past 5 years. Maybe we need a Perth developer to bankroll like Geelong have.

 

[Taylor]

Nothing on the financial statements suggest we have any debt at all and I cant think of a reason we would be able to keep something owed for the building of the facility off the balance sheet. Additionally, the financials would indicate we already debt free as at 30 October 2021.

The arrangement with Cockbun appears to be we paid an upfront sum to use the building / facility for a set amount of time as it's treated as a building on leasehold land. The only lease we have is a Melbourne office that is weirdly kept off balance sheet due to "materiality." IE, appling AASB 16 can be an inconvenience and no one could be bothered to do it properly

Thanks, that figure of bad debt appears to be a loan to the WAFC due to be paid on the 10th of Feb

 

[Snuffaluphagus]

Thanks, that figure of bad debt appears to be a loan to the WAFC due to be paid on the 10th of Feb

Sorry to be picky, I THINK the amount payable to the WAFC is basically the royalty where I assume the difference between the 2.4m royalty and 1.8m accrual is some amount they pay before the end of the financial year. There is nothing to indicate we have any kind of loan to the WAFC that I can see.

The bad debt provision of 364k that is part of the trade debtors balance is different to this.

 

[Taylor]

Sorry to be picky, I THINK the amount payable to the WAFC is basically the royalty where I assume the difference between the 2.4m royalty and 1.8m accrual is some amount they pay before the end of the financial year. There is nothing to indicate we have any kind of loan to the WAFC that I can see.

The bad debt provision of 364k that is part of the trade debtors balance is different to this.

It's written under the director information section, just prior to the director remuneration of 4x Cat 2 season tickets.

Please let me know if I'm misunderstanding what is written there.

 

[Sully90]

Snuff on the phone with our accounting team today.

 

[Snuffaluphagus]

It's written under the director information section, just prior to the director remuneration of 4x Cat 2 season tickets.

Please let me know if I'm misunderstanding what is written there.

Yeah, note 15? That is a related party disclosure with the WAFC being a related party. That amount of 1.8m owed to the WAFC is within the accounts payable balance of 6.5m (see note 8). As this is an accrual/payable it is not related to debt (ie money we have borrowed) and almost certainly just the royalty we pay to the WAFC every year.

For some reason they have to disclose that 366k of that 1.8m is payable end of November while the rest of it is due in Feb

 

[Joao]

All this financial reports talk is getting me excited...

 

[ignoramus]

Anyone else just enjoying the back and forth, even though they don't understand a word of it?

Pretty evenly matched at the moment, but got a feeling Snuffaluphagus is going bust this discussion wide open any minute.

 

[Nothing]

Anyone else just enjoying the back and forth, even though they don't understand a word of it?

Pretty evenly matched at the moment, but got a feeling Snuffaluphagus is going bust this discussion wide open any minute.

Mate, Snuffy has been kicking with a 5 goal breeze. He should be miles in front. The fact it's even close is a blight on his game style.

 

[Joao]

Snuff definitely reads or has read many financial statements. Miles in front.

 

[Taylor]

Marginal. Playing percentages can lead to boring results.

 

[Nodgey]

Never forget it took a savvy journalist reviewing the CA Annual Report to uncover the Shane Warne Mark Waugh issue of them accepting money from Indian bookmakers. Can't remember the finer details, but it was something like the fines they'd paid to CA was recorded as 'other revenue' which got the journo asking questions about an issue CA had endeavoured to sweep under the carpet.

They're important documents the financials.

 

[Dump Truck]

What am I missing, what debt do we have? The contract liability looks like it's a funding arrangement with Curtin, the provisions are just annual and long service leave and AP is AP

The club has to go through Alex Pearce for long service leave? That's probably a good sign he'll be captain...

 

[Tonga Bob]

Fremantle posts $1.6m operating profit

Fremantle Football Club has announced an operating profit of $1.64m for the 2023 financial year.

www.fremantlefc.com.au

 

[Snuffaluphagus]

Pretty uneventful. I’d expect membership prices to go up more than normal this year due to playing catch up on inflation from the year before to get that profit back up.

Good to see they fixed receivables this year, got free money with that term deposit looking like it’s on decent rates and I’d be interested to know why inventory has more than doubled

 

[Sully90]

I’d be interested to know why inventory has more than doubled

All the unsold Henry ties at year end.

 

[freodog]

Do the Victorian clubs have pay Royalties to the VFL or do they keep all their profits?

 

[Taylor]

Do the Victorian clubs have pay Royalties to the VFL or do they keep all their profits?

Their 2nds league is paid for by the AFL, they don't need to contribute.

This forms part of my argument as to why WC and or FFC deserve a free second round pick out of every draft to prelist a WA talent

 

[freodog]

All the unsold Henry ties at year end.

We've still got a sea container full of these

 

[Big Animal]

We've still got a sea container full of these

for soaking up excess oil in the Cockburn Sound

 

[Big Animal]

Pretty uneventful. I’d expect membership prices to go up more than normal this year due to playing catch up on inflation from the year before to get that profit back up.

Good to see they fixed receivables this year, got free money with that term deposit looking like it’s on decent rates and I’d be interested to know why inventory has more than doubled

more importantly, should I be buying a car through my business, through my family trust, or increase my 'wages' and salary sacrifice with a leasing arrangement?

close to what i'm looking at: