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

Powerage

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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.
1. I am an accountant

2. My Uncle just retired from ASIC after 30 years

we are both entitled to our congruent opinions which were general in nature but would apply to all clubs and the AFL as financial entities.

3. I won't argue further because I radically edited that initial post almost immediately.
 

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1. I am an accountant

2. My Uncle just retired from ASIC after 30 years

we are both entitled to our congruent opinions which were general in nature but would apply to all clubs and the AFL as financial entities.

3. I won't argue further because I radically edited that initial post almost immediately.
The accounts submitted by all clubs to ASIC are fine. They are legally correct.

Its the media releases with the bullshit spin that is the problem. Could you imagine an ASX top 10-20 market cap company putting the PR spin on its results like AFL clubs do? The market and the analysts would tear them to shreds. The trouble with these media statements is that most people dont understand the full story and worst still, the footy industry journos dont and they just swallow up the bullshit in the media release.

Shit its been Bigfooty in general that has picked up the bullshit. The_Wookie has led the charge to get to the truth. Ex AFR and now The Australian business sports journo John Stenholt used to just report the bullshit pre depreciation operating results of many clubs until The Wookie started talking to him and he then started digging and reporting the true bottom line for all clubs.
 

ab56452001

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We are a classic cyclical club just like about 9 or 10 others of the other 15 older clubs.

History repeats its self. See 2001-04 years or even 2001-07 years followed by the next 5 or 6 years.

Its why we need 3 or 4 years of continuous top 4 results where at least AO lets us bank something ($300k per 50k crowd final) compared to Footy Park and we need China to take off. That's why Lockhart Road has cracked the shits at the club. The club is dawdling and its on field performance is making things even worse to get that big fish out of China over an above the opportunity Mr Gui has given us.

There has to be a mass clean out at the end of 2020 if we dont make a GF at least. Koch and 5 or 6 of his board members can go, can't get rid of all of them at once. Hinkley can go bugger paying him out, as there should have been a 2+1 contract put in place when we rushed to sign him for 3 years when he still had 2018 to go. Davies can go, lets go get Josh Mahoney who is doing very good things at Melbourne. KT can go, Cripps and Parker can go, several of our older players will be gone by then.

Trouble with mass clean out is that if you dont have the right people taking over, you slump to the bottom very quickly.
So the dire financial consequences of re-signing kind Uncle KH that many predicted, has come home to roost earlier than expected ?.
 

ab56452001

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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.
Nup , with Hinkley with us another couple of years , it would be just pouring more of my hard earned after bad.
 
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So the dire financial consequences of re-signing kind Uncle KH that many predicted, has come home to roost earlier than expected ?.
I dont think you can blame Ken for our commercial department not being able to stitch up a 2nd JMS by the start of the season. That was the biggest reason we lost money in 2018.

But the Hinkley malaise has played its part in other revenue streams remaining stagnant. The Hinkley malaise will continue to **** us over financially, if we dont stop being a a flaky, yo-yo side, and win enough games to make finals and win a final or two.
 

ab56452001

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I dont think you can blame Ken for our commercial department not being able to stitch up a 2nd JMS by the start of the season. That was the biggest reason we lost money in 2018.

But the Hinkley malaise has played its part in other revenue streams remaining stagnant. The Hinkley malaise will continue to **** us over financially, if we dont stop being a a flaky, yo-yo side, and win enough games to make finals and win a final or two.
Yes , agreed the sponsor stuff up wasn't his doing , but , missing a final like we did prob cost us close to a mil$ , and that is on his book.
 

Joelg

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Is this not KT’s job eg revenue and major sponsors. Otherwise what does he do?

Monthly memos, radio interviews and filling up the eskies
 
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Lockhart Road

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Notice of AGM

Nov 26, 2018 1:56PM

Notice is hereby given that the AGM of the Port Adelaide Football Club will be held at The Port Club, Alberton Oval on Friday 8 February 2019 commencing at 6.00 pm.

Nominations are called from 2018 Port Adelaide Football Club financial members for one (1) position on the Board of Directors for a 3-year term. Nominations must be delivered to the Returning Officer in the manner described on the Nomination Form no later than ACDT on Wednesday, 5th December 2018.

Nomination forms will be available for download on the Club website HERE or can be collected in person from The Port Club at Alberton. General queries can be directed to nominations@pafc.com.au.

Nominations must be proposed by a 2018 financial member and seconded by a minimum of five (5) other 2018 financial members. As per Clause 12.4 of the Constitution, a person cannot be appointed as a Director if he or she is an accredited or an employee, officer, registered official or player of the AFL or an AFL Club or a member of any other AFL Club. All nominees will be required to provide with their nomination up to a 250-word profile in support of the nomination.

If required, an election will be conducted by and postal vote in accordance with the Election Rules, available from the club. Intending candidates should familiarise themselves with those rules prior to nomination.

KEITH THOMAS

Chief Executive
 

Alberton Proud

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Notice of AGM

Nov 26, 2018 1:56PM

Notice is hereby given that the AGM of the Port Adelaide Football Club will be held at The Port Club, Alberton Oval on Friday 8 February 2019 commencing at 6.00 pm.


Nominations are called from 2018 Port Adelaide Football Club financial members for one (1) position on the Board of Directors for a 3-year term. Nominations must be delivered to the Returning Officer in the manner described on the Nomination Form no later than ACDT on Wednesday, 5th December 2018.

Nomination forms will be available for download on the Club website HERE or can be collected in person from The Port Club at Alberton. General queries can be directed to nominations@pafc.com.au.

Nominations must be proposed by a 2018 financial member and seconded by a minimum of five (5) other 2018 financial members. As per Clause 12.4 of the Constitution, a person cannot be appointed as a Director if he or she is an accredited or an employee, officer, registered official or player of the AFL or an AFL Club or a member of any other AFL Club. All nominees will be required to provide with their nomination up to a 250-word profile in support of the nomination.

If required, an election will be conducted by and postal vote in accordance with the Election Rules, available from the club. Intending candidates should familiarise themselves with those rules prior to nomination.

KEITH THOMAS

Chief Executive
Keefy Right Eye Rodrigues
 

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tribey

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Imagine a Victorian club with 38k attendances week in week out at Etihad. They'll be turning big profits even with a fully invested football program.

We never seem to break free. **** it's tiring being a Port supporter. Nothing is ever quite working anywhere close to optimally. It's always compromises, buts and caveats.

Our assets are shameful, we produce little revenue outside of membership and stadium deal. If our membership dips and our crowds drop off, we are back to 2012 and borrowing back all the debt we've paid off.

We're going nowhere fast and sponsors know it. All it takes is one look at our financials year in year out and they walk away.
Now that Lobbe, Butcher, Polec and Wingard are all gone we’ll have to insure old mate’s mastermind and associated winning for $100,000,000 (conservative estimate).
 
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