News $320k profit for financial year ending 31 October 2018

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GremioPower

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#77
I like that at least koch in the club statement admitted the inabilty to secure a second major sponsor was part of negatives of 2018. i am still hearing one for 2019 is close. So maybe he came out and admitted the failure knowing we are going to get one soon so he can sell that as a big positive to members for the upcoming year.
Youwish...
 
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#78
We should really have a high profile "debt demolition" campaign like several Melbourne clubs did recently. Could even tie it in to the 150th by saying let's aim to halve the debt by 2020. We could easily wipe off $1m plus by doing this, especially if we can get a few wealthy/business fans to chip in.
 

theDuckFarmer

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#79
Don't sneeze at this profit. Next year when we are 11-4 we can use the $320K as a partial payout for Ken for the remaining 7 games plus finals.
 

TeeKray

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Moderator #82
We should really have a high profile "debt demolition" campaign like several Melbourne clubs did recently. Could even tie it in to the 150th by saying let's aim to halve the debt by 2020. We could easily wipe off $1m plus by doing this, especially if we can get a few wealthy/business fans to chip in.
Just on the debt factor, how much are we paying a year to service our debt? RussellEbertHandball
 

Lockhart Road

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#85
I like that at least koch in the club statement admitted the inabilty to secure a second major sponsor was part of negatives of 2018. i am still hearing one for 2019 is close. So maybe he came out and admitted the failure knowing we are going to get one soon so he can sell that as a big positive to members for the upcoming year.
Whoever wrote that quote for Koch in the Club ‘statement’ accidentally or on purpose left out the revelation that for 2018 we not only failed to replace a Joint Major Sponsor, we failed to replace AusGold (Sally Zou) as a second Open To The World Major Partner after she ‘disappeared’ from the scene.
Check the China link, then ‘partners’, on the Club website and you will see only Shanghai CRED (Mr. Gui) under ‘Open to the World Major Partners’ (plural).

upload_2018-12-23_16-55-40.jpeg


Jincheng Group was acknowledged at the end of Koch’s quote, and we’ve been told to expect more news on them ‘in January’. This may mean they will fill one of the gaps in 2019, more likely the second Open To The World Major which involves more ‘partnership’ less ‘sponsorship’.
 

1954

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#86
Whoever wrote that quote for Koch in the Club ‘statement’ accidentally or on purpose left out the revelation that for 2018 we not only failed to replace a Joint Major Sponsor, we failed to replace AusGold (Sally Zou) as a second Open To The World Major Partner after she ‘disappeared’ from the scene.
Check the China link, then ‘partners’, on the Club website and you will see only Shanghai CRED (Mr. Gui) under ‘Open to the World Major Partners’ (plural).

View attachment 598098

Jincheng Group was acknowledged at the end of Koch’s quote, and we’ve been told to expect more news on them ‘in January’. This may mean they will fill one of the gaps in 2019, more likely the second Open To The World Major which involves more ‘partnership’ less ‘sponsorship’.
It has now got past the point where you have to wonder how long some of the people running our club would last in any free enterprise situation where they would be held accountable for their business acumen, or lack thereof.

Methinks Mr Woolworths or Mr Coles would have given them the lemonade and sars a long time ago.
 

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proman_x

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#87
It has now got past the point where you have to wonder how long some of the people running our club would last in any free enterprise situation where they would be held accountable for their business acumen, or lack thereof.

Methinks Mr Woolworths or Mr Coles would have given them the lemonade and sars a long time ago.

Your close friend, Mr. Methinks may just be a wise man.
 

ctpower

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#89
Another $700k to $1mil from a 2nd JMS sees us break even, but yeah we need better - stadium deal + other revenue streams to be thriving.

It's why I have come to the conclusion that the GM Commercial and GM Commercial China - on the ground in China, has become the most important off field positions. Gotta find guys with extensive networks in Sydney and Melbourne, and in China, where the HQ of large corporations are, he/she can get inside the front door and get in the lift and go straight up to the marketing department heads and CEO's.

Koch and the rest of our board and KT have shown over 6 years they cant really open these doors. They might be useful at closing the deal but they aren't much chop in getting us these big sponsorship deals.
This is just my own personal thought but unless you have port supporters on the actual boards or who are senior executives of major companies then it’s very hard to get them on board as JMS.
I think Bendigo and adelaide bank and the crows is a good example.
 

Sanders

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#90
Shouldnt this stuff be much easier to understand?

How come (all clubs do it) there is no requirement for plain English so people can understand how things have really gone?

It’s almost as if clubs don’t want people to know
 
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#92
Shouldnt this stuff be much easier to understand?

How come (all clubs do it) there is no requirement for plain English so people can understand how things have really gone?

It’s almost as if clubs don’t want people to know
The AFL could stop it, but they wont? Why? They know journo's are dumb, and even the financial ones, dont seem to have the time or brains to ask for the true results. So the AFL likes it when all the clubs report net operating profits, most clubs report a dodgy figure pre depreciation and other things, not the true comprehensive income/loss result.

All our clubs are profitable - the AFL and the related media industry shouts to the world, unlike the other sports in Oz. Its all part of the PR spin associated with AFL and its clubs these days. Well not just these days but for over a decade now - basically since Demetriou's reign where he wanted to control all bad news.
 

Ishikawa

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#93
The AFL could stop it, but they wont? Why? They know journo's are dumb, and even the financial ones, dont seem to have the time or brains to ask for the true results. So the AFL likes it when all the clubs report net operating profits, most clubs report a dodgy figure pre depreciation and other things, not the true comprehensive income/loss result.

All our clubs are profitable - the AFL and the related media industry shouts to the world, unlike the other sports in Oz. Its all part of the PR spin associated with AFL and its clubs these days. Well not just these days but for over a decade now - basically since Demetriou's reign where he wanted to control all bad news.
If anything clubs have more of an incentive to portray a less rosier picture in an attempt to garner additional public support for extra funding / less tax.

But yeah, it's all the AFL's fault as always.
 
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#94
If anything clubs have more of an incentive to portray a less rosier picture in an attempt to garner additional public support for extra funding / less tax.

But yeah, it's all the AFL's fault as always.
Clubs don't pay tax! Section 50-45.

Club's want positive PR spin just like the AFL. We are biggest most successful comp in the land and we have the most profitable organisations, type spin. Its a PR game. All the clubs want to say how good they are, not the - look we are struggling we are putting out the begging bowl.

The AFL could stop it immediately by introducing a one or two line rule that clubs must report their comprehensive result as the opening line of their statement. And cut out this bullshit that depreciation isn't an normal operating expense.
 
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Ishikawa

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#95
Clubs don't pay tax! Section 50-45.

Club's want positive PR spin just like the AFL. We are biggest most successful comp in the land and we have the most profitable organisations, type spin. Its a PR game. All the clubs want to say how good they are, not the - look we are struggling we are putting out the begging bowl.

The AFL could stop it immediately by introducing a one or two line rule that clubs must report their comprehensive result as the opening line of their statement. And cut out this bullshit that depreciation isn't an normal operating expense.
Sorry meant the AFL imposed taxes.
 

*PAF

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#96
Clubs don't pay tax! Section 50-45.

Club's want positive PR spin just like the AFL. We are biggest most successful comp in the land and we have the most profitable organisations, type spin. Its a PR game. All the clubs want to say how good they are, not the - look we are struggling we are putting out the begging bowl.

The AFL could stop it immediately by introducing a one or two line rule that clubs must report their comprehensive result as the opening line of their statement. And cut out this bullshit that depreciation isn't an normal operating expense.
Our assets have increased in value.
Good, but which assets? The ones on land that doesn't belong to us and one would assume that wouldn't be able to sell even if we wanted to, or other assets?
 

Powerage

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#97
Shouldnt this stuff be much easier to understand?

How come (all clubs do it) there is no requirement for plain English so people can understand how things have really gone?

It’s almost as if clubs don’t want people to know
Figures don't lie, but liars use figures...
 
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#98
Accountants have managed to make financial reporting requirements, along with other related services, so convoluted they are near-impossible to prepare or accurately interpret without their assistance throughout every step along the way.

Theoretically this is mean to make the reports more accurate and prevent misrepresentation of an entities financial position. Unfortunately the complexity is can still be used to cunningly conceal the bad news.

Never a truer adage 'figures don't lie, but liars use figures'.
Bullshit - it's the PR spin merchants who have made it convoluted ie CEO's and Presidents / Chairmen and boards.

Before 2006 club's rarely went thru this bullshit spinning of results. They never excluded depreciation when they announced their results. But as I wrote in post #73 it all changed when clubs started building $10m - $30m facilities and all of a sudden had a new hit to the bottom line of depreciation of between $500k and $1m appeared.

That's when the spinning started. Accountants have never said depreciation isn't a normal expense but CEO's and Presidents have, so that things look better for them and the club.

Then they started buying pokies and pubs and borrowing large $$ for these plus having to fund the new facilities and they start becoming like medium to large businesses, but they try and say we are only going to give you the football club results, so they underestimate normal business expenses and include some non normal income like donations and grants as normal income.

The only clubs who haven't spun their results since 2006, year in year out are Freo, WCE and Hawks.

But they are building or have built large new facilities of $109m for Freo in a shared facility with Curtin Uni and Cockburn Council, $62m for WCE and $60m+ for the Hawks, so they will probably join the poor reporting clubs soon.
 
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Our assets have increased in value.
Good, but which assets? The ones on land that doesn't belong to us and one would assume that wouldn't be able to sell even if we wanted to, or other assets?
The club is too scared to release those details before the AGM.
 
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