I would have been happy to wait 2 weeks.I dunno about you guys but I was up every night for the past few months waiting for our financial report to be released. I am very annoyed they chose today to release it. This is very important to me.
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I would have been happy to wait 2 weeks.I dunno about you guys but I was up every night for the past few months waiting for our financial report to be released. I am very annoyed they chose today to release it. This is very important to me.
That will get the crow flogs talking ... love it ...It's really a loss. We've just gone ahead and taken a leaf out of the crows book and reported the pre-depreciation figures to spin it as a profit.
Past two years we reported it post-depreciation. This year we have reported it pre. It's accounting bullshit designed to lead people who don't know better to the conclusion that all is well.
I wont know the true explanation until maybe the AGM when we get 3 page financials but probably when I pay to get full financials from ASIC 6-8 weeks after the AGM.Awaiting the REH analysis
Revenue actually up 2% is surprising and encouraging. Hard to read much into it without seeing a full financial statement though.
We lost a JMS and didn't replace them, and we probably didn't raise as much revenue for the China game in 2018 as 2017 as we probably had $500k of one off costs in 2017 compared to 2018. That's why our revenue grow of 2018 looks piss poor.The 2% increase in revenue is not encouraging, it's puny and irrelevant and doing nothing but keeping pace with inflation.
I actually don't care if we make a small profit or a small loss but the disingenuous reporting is not a great look. The old Denis Pagan saying comes to mind - don't piss down my back and tell me it's raining.
Yeah, I'm more worried about revenue than profit. We're a non-profit organisation, if we're making money we should be spending it on football, not hoarding it.
Not a fan of the dodgy reporting though. Yet another step we've taken this year towards becoming Crows-lite.
Deficit of almost AU$1.5 million for the past two years combined. Is that it?I wont know the true explanation until maybe the AGM when we get 3 page financials but probably when I pay to get full financials from ASIC 6-8 weeks after the AGM.
Last year we joined the bullshit clubs who report operating profit pre depreciation and have continued this year. There are about 7 or 8 clubs who do this. This is the breakdown
Pre depreciation profit..............$322,013
less depreciation....................$(999,013) last year $(970,583)
Net Operating Loss.................$(677,000)
Add Comprehensive items
Restructuring Costs............... $(310,321)
Revaluation Gains................ $4,166,586
Total Comprehensive Income $3,179,265
No wonder KT was confident we would report a profit in 2018, despite our poor year, because we made a profit in 2015 and 2016 where we reported comprehensive income and net operating profit as the same figure, 2017 we made a comprehensive profit but reported that separately to the pre depreciation operating profit and 2018 our statutory bottom line is a profit.
So yeah we made a profit in 2018 but its after/outside normal operations, but not from normal operations.
So what land and buildings do we have that would be worth revaluing up by $4m?? We have a few buildings but they wouldn't be worth revaluing them that much. We have some freehold land but I don't know how much we have as I though the council owned it all. Maybe that land the croquet club used to be on was transferred to the club by the council.
I suspect it has to do with the Aboriginal Centre of Excellence. In 2017 the feds gave us $4 million - actually gave us $4.4 million and we have to give the feds back $400k GST. Its stupid how government grants work with GST. We didnt show that grant as $4m income last year and the other side was a liability of government grant received in advance, but we banked the cash in a blocked account. In the notes to the accounts it said
Restricted cash includes $4,000,000 funding received from the Australian Government
towards a future project. This funding is not available for use until certain conditions
have been met, and these conditions had not been met at 31 October 2017.
So I suspect it has something to do with the Aboriginal Centre of Excellence. If its not that $4m grant, it might be that the council has transferred the land it will be built on, to Port's name and Port has valued the land at a few million dollars plus the building revaluations. The Western Bulldogs this year were transferred land to them and they showed this as a comprehensive item of $16+m. From their annual report.
In 2018, the Club signed an agreement with the State of Victoria for the transfer of land at the Whitten Oval and immediate surrounds. The transfer was completed in October 2018.......
The Club has recognised the land contribution at a fair value of $16.085 million – refer to Note 4 for details of the fair value measurement.
So Western Bulldogs showed a Profit before Redevelopment Activities $2,207,274 and Total Comprehensive Income $18,094,333.
Where do you get that from? We made a small breakeven profit of $28k last year after depreciation.Deficit of almost AU$1.5 million for the past two years combined. Is that it?
For how long can we sustain this?
I’d really like to know what was revalued to the tune of $4m.
I’d really like to know what was revalued to the tune of $4m.
If we're making money we should be paying off debt or doing work on Alberton Oval.
Yes but the big jump of 20% was in 2017. The jump in 2018 was 1.3% so $149k was the increase in salary cap and afl distribution.Does revenue growth include money the AFL gives to all clubs to cover growth in TPP?
Sponsorship alone won't be solving this. Our stadium deals and other revenue streams are garbage.
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.Sponsorship alone won't be solving this. Our stadium deals and other revenue streams are garbage.
Memory. Quite a bitch that girl... Good to know I am wrong!Where do you get that from? We made a small breakeven profit of $28k last year after depreciation.
So with $60k members and an average of 38k attendances, which I would call the "good times" we fail to regularly clear at least $1m profit, instead we barely break-even or post a loss.
When we cycle to a downturn in membership and attendances, we'll post bigger losses and we won't have any buffer to see us through as we're already in millions of dollars of debt.
If nothing changes, we're ******. We need revenue streams that aren't gouged by the SMA/SANFL trough.
We are a classic cyclical club just like about 9 or 10 others of the other 15 older clubs.So with $60k members and an average of 38k attendances, which I would call the "good times" we fail to regularly clear at least $1m profit, instead we barely break-even or post a loss.
When we cycle to a downturn in membership and attendances, we'll post bigger losses and we won't have any buffer to see us through as we're already in millions of dollars of debt.
If nothing changes, we're ******. We need revenue streams that aren't gouged by the SMA/SANFL trough.