News 2016 financials

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Bemoreboyddog said:
With a $3.6 mil profit and losing $1.9 of that to Edgewater, how has our debt reduced by over $6 mill?

I'm not much of a finance guru but the numbers aren't matching up for me.
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More likely because the cost of the impairment is an accounting loss ie it is non cash but reduces profit. Therefore cash profit is higher that the net profit

There will also be timing adjustments and quite possibly the debt a few days after the reporting date may have been more if they needed to draw on the loan.



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Prince Imperial said:
In 2010, the club bought club gaming machine entitlements from the state government which were anticipated to be employed at Edgewater. These entitlements allow gaming machine operators for a period of 10 years from 2012 to operate the machines and get a substantial profit from the gambler's losses on them.

Unfortunately, Edgewater did not proceed and 65 of these entitlements have sat there unused and losing value. To make things worse, the market now for these club gaming machine entitlements values them far less than what we paid for them. If we sell them we will get way below what we paid for them and consequently they are "impaired" and the club has to had to write down their value on the balance sheet to reflect this.
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Do you know why we haven't cut our losses and sold them off. As they have an expiry they lose value each year. Are we planning on using them elsewhere?
 
Bemoreboyddog said:
With a $3.6 mil profit and losing $1.9 of that to Edgewater, how has our debt reduced by over $6 mill?

I'm not much of a finance guru but the numbers aren't matching up for me.
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Because cash dosent always equate 1 for 1. There are many non cash items in a PL such as depreciation (write down of assets already paid for), provisions for leave etc. Some debt could have been paid off by other cash not recorded as income eg donations.
Sorry for the boring accounting lesson but its what I do for a living.
And as others pointed out the write down of the pokies would not have been a cash item
 

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My boring accounting lesson distracted me from what I really wanted to say and that is there must be a lot of media idiots and opposistion supporters and ex AFL officials with a lot of egg on their faces (Ross Oakleigh and Graeme Samuel two of the top of my head)
For years we had to put up with this BS that we couldn't survive, not make a profit, too much debt etc etc when all we needed was a bit of support to realise our full potential.
I have no doubt that we can become a financial powerhouse given we represent one of Australia fastest growing areas and as long as we dont make too many mistakes which looks unlikely given our recent record.
As for the clowns who still want to point out we are getting $ from the AFL this only compensates us for the crap Etihad deal we had that allowed the AFL to buy the stadium at a bargain basement price. All the clubs such as us, norf and the saints helped pay off Etihad early and we should be recognised for that as now all clubs will benefit form the AFL owning a Stadium at a value far less than what its worth!
 
I'm wondering whether the debt reduction is in part due to the elimination of the liability for an Edgewater property leaseholding and the associated poker machine licensing fees? We would have had to have classed them in prior years as liabilities in the financial accounts if there were no prospects of the lease and poker machines generating a profit for the club. This could have added many millions to the liabilities reported in the accounts (thereby inflating the club's "debt" significantly.)

This year it appears we eliminated all ties with Egdewater and the associated gaming machine licenses ( no doubt at a substantial cost) and, if my guess is accurate, in doing so we no longer have to consider the property lease and poker machine fees as part of the club's ongoing liabilities.

Peter Gordon and Susan Alberti may have also forgiven some debt, as they have done in the past.
 
tassiedog said:
Do you know why we haven't cut our losses and sold them off. As they have an expiry they lose value each year. Are we planning on using them elsewhere?
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More good news. I have just checked the Gaming Commission's Entitlement Register and we have just yesterday sold 8 of out of the 65 available to the Australian Leisure and Hospitality Group for 15k each. It's a lot less than what we paid for them but it's more than I thought they were worth as they are club gaming machine entitlements. Pub gaming machine entitlements are worth a lot more.

https://www.vcgr.vic.gov.au/CA256F800017E8D4/VCGLR/7090FF984EA593DDCA257B3200774DA8?OpenDocument
 
Prince Imperial said:
More good news. I have just checked the Gaming Commission's Entitlement Register and we have just yesterday sold 8 of out of the 65 available to the Australian Leisure and Hospitality Group for 15k each. It's a lot less than what we paid for them but it's more than I thought they were worth as they are club gaming machine entitlements. Pub gaming machine entitlements are worth a lot more.

https://www.vcgr.vic.gov.au/CA256F800017E8D4/VCGLR/7090FF984EA593DDCA257B3200774DA8?OpenDocument
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Sounds like they are wanting to offload them but there are few takers.
 
Prince Imperial said:
More good news. I have just checked the Gaming Commission's Entitlement Register and we have just yesterday sold 8 of out of the 65 available to the Australian Leisure and Hospitality Group for 15k each. It's a lot less than what we paid for them but it's more than I thought they were worth as they are club gaming machine entitlements. Pub gaming machine entitlements are worth a lot more.

https://www.vcgr.vic.gov.au/CA256F800017E8D4/VCGLR/7090FF984EA593DDCA257B3200774DA8?OpenDocumenth
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that is a good price for a club license.
Edit:...I'm a bit puzzled as to ALH buying a club license, can you make sense of that Prince Imperial?
Further Edit:....these are the only club egm's they own and they are not assigned a venue yet. I suspect the higher price is due to the capped region.
 
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compact72 said:
“The Club also saw record growth in game attendance, digital platforms and with 23.5m TV viewers the Western Bulldogs were the most watched sporting team in Australia.”
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I have a listing of the total TV viewers per club for this year if anyone wants me to post them.

It's great reading seeing the Bulldogs ranked number 1
 
Astro_ said:
I have a listing of the total TV viewers per club for this year if anyone wants me to post them.

It's great reading seeing the Bulldogs ranked number 1
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Would it be because we played more games than any other club, aside from Sydney.
 
Astro_ said:
I have a listing of the total TV viewers per club for this year if anyone wants me to post them.

It's great reading seeing the Bulldogs ranked number 1
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Please post them! I'm guessing we wouldn't have been number 1 at the end of the regular season?
 
eggtardo said:
that is a good price for a club license.
Edit:...I'm a bit puzzled as to ALH buying a club license, can you make sense of that Prince Imperial?
Further Edit:....these are the only club egm's they own and they are not assigned a venue yet. I suspect the higher price is due to the capped region.
Click to expand...

Looking at the VCGLR website, ALH own the Highpoint Taverner which is in the capped Maribyrnong region and they have 70 machines there and just 62 entitlements. I think that it's in a capped region explains the higher price but how they can use club entitlements there I don't know.

https://www.vcgr.vic.gov.au/CA256F800017E8D4/VCGLR/D6FBF3C7D7FC7E86CA257B3200786F30?OpenDocument
 

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Prince Imperial said:
Looking at the VCGLR website, ALH own the Highpoint Taverner which is in the capped Maribyrnong region and they have 70 machines there and just 62 entitlements. I think that it's in a capped region explains the higher price but how they can use club entitlements there I don't know.

https://www.vcgr.vic.gov.au/CA256F800017E8D4/VCGLR/D6FBF3C7D7FC7E86CA257B3200786F30?OpenDocument
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I believe we own/run Club Leeds in Footscray and the Peninsula Club in Dromana. How did we go with these?
 
Prince Imperial said:
Looking at the VCGLR website, ALH own the Highpoint Taverner which is in the capped Maribyrnong region and they have 70 machines there and just 62 entitlements. I think that it's in a capped region explains the higher price but how they can use club entitlements there I don't know.

https://www.vcgr.vic.gov.au/CA256F800017E8D4/VCGLR/D6FBF3C7D7FC7E86CA257B3200786F30?OpenDocument
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Well done, that accounts for the 8 then. What I don't understand is the transfer of club to hotel. If it was so simple why would anyone buy a $100,000 hotel egm when they could just buy a club one for a few thousand and change it over?....I must be missing something.
 
flipper83 said:
Please post them! I'm guessing we wouldn't have been number 1 at the end of the regular season?
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Yeah, I doubt we would have been ranked number 1 after home & away, I don't have those stats though. I reckon from a club preservative though we would have posted record viewing numbers (of close to it) for H&A
 
tassiedog said:
*cough* I know the answer *cough* but can you explain it to those who may not have a freaking clue what you are saying.
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Basically we paid for a licence at well over market value to gain the licence and that has now been revalued to today's value after the failure of the project which means a loss.

Haven't seen the figures but say for example we paid $2 million for the license but today it's valued at 250k that's a 1.75 million loss
 
TempleKelvington said:
The debt has been reduced mostly off the back of the results from Barkers Cafe, even though we are not sure who runs it now that Monty has gone, it's the sole reason we are in the position we are. This has been a Barkers cafe lead financial revival, don't worry about the pokies venues.
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Hard to imagine a cafe making that type of profit TK ?
 
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