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

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Moderator #179
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Moderator #181
If I’m reading this right we have nearly $5m in debt coming due in the next 12 months. Looks like we’ll be restructuring our debt unless there’s a $5m windfall we don’t know about.

*waits for correcting post by REH*
 

RussellEbertHandball

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If I’m reading this right we have nearly $5m in debt coming due in the next 12 months. Looks like we’ll be restructuring our debt unless there’s a $5m windfall we don’t know about.

*waits for correcting post by REH*
We have renegotiated the terms of the debt. All clubs and general organisations who have high levels of short term debt, try and renegotiate longer terms or roll it over with new short term commercial bills. Obviously it depends how strong a balance sheet you have, or in our case - just like about 10 or 12 other AFL clubs - if you get a guarantee from the AFL to give the bank comfort to roll over the debt. From the Notes to the accounts

2. STATEMENT OF SIGNIGICANT ACCOUNTING POLICIES
.......
Going Concern
The financial report has been prepared on the basis that the Group is a going concern. The Group has reported a loss of $987,321 for the year ended 31 October 2018 (2017: loss of $21,389). As at 31 October 2018 t he Club has a net current asset deficiency of $6,930,517 (2017: $3,044,143) arising from the following:

• The Group’s borrowing facilities with Bank SA totalling $4,750,000 with a fixed term that expires on 3/07/2019. The AFL provides a guarantee for the full amount of the Bank SA facility which also expires on 03/07/2019. Per Note 21, subsequent to year -end the term of the borrowing facility has been renegotiated with repayment due in 2021;

21. SUBSEQUENT EVENTS
Subsequent to year-end, bank loans totalling $4,750,000, disclosed as current in note 11, with Bank SA have been renegotiated. The loan repayment term has been extended beyond 2019 and is now payable in 2021.
 
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elpirate

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So has the AFC financials been posted anywhere like ours were the other day?

Not that I'm worried about it, we all know they ain't making as much as the say they are but I thought there may be value in chucking it in this thread to highlight to the crows numpties that seek to anoint their club as financially superior to the PAFC.

Apologies if it's already here.
 
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