Analysis AFC finances - Rich Club, Poor Club?

[Geoffa32]

The AGM is tonight

I emailed the club and got this:

******************

crows@afc.com.au

Fri, 15 Feb, 12:16 (13 days ago)

to me

Dear deaneus,

Thank you for your email to the Adelaide Football Club.

Both the AGM and Annual Members Meeting (6.00 pm) are being held on Thursday, 28th February 2019.

2018 Financial results will be released then and be available for members on the Club website shortly thereafter.

Kind regards
ADELAIDE FOOTBALL CLUB
******************************

So, first we'll hear of the results are tonight... AGM day, my favourite day of the year!

Who's going? Geoffa32 ?

Wont be going. Got to wash my hair.....


The best part about today is when we release the financial result and learn all about accounting from the Port Board.

It is like a CPA event.

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[Next Gen Rookie]

Wont be going. Got to wash my hair.....


The best part about today is when we release the financial result and learn all about accounting from the Port Board.

It is like a CPA event.

Sent from my SM-G930F using Tapatalk

Hopefully they tell us why releasing the financials at 5pm on Friday would have been a better way to go.

 

[Elite Crow]

Hopefully they tell us why releasing the financials at 5pm on Friday before Christmas when no one gave a *, would have been a better way to go.

EFA

 

[Vikingblood]

Hopefully they tell us why releasing the financials at 5pm on Friday would have been a better way to go.

Probably got that advice from Jay Wetherill. Politicians are the masters of releasing good and bad news at the optimum time to either highlight it or hide it.

 

[AFC3000]

"The Adelaide Football Club has tonight reported a cash operating profit of $3,828,935 (2017: $3,432,052) for the 2018 financial year. "

https://www.afc.com.au/news/2019-02-28/club-financial-results

 

[simmo97]

The Adelaide Football Club has tonight reported a cash operating profit of $3,828,935 (2017: $3,432,052) for the 2018 financial year.

The fourth-straight year of growth can be attributed to ongoing improvements and refinements across the organisation, as well as strong support from corporate partners and record membership.

It has allowed the Club to fully eradicate its debt, while increasing investment in both the men’s and women’s football programs in line with AFL-imposed limits.

Crows Chairman Rob Chapman spoke at the Club’s Annual Members Meeting and outlined strong performance across a number of key off-field indicators including:

• Record membership, corporate and coterie support
• Record revenue of $56.06m
• Paid down $1.2m to now be debt free
• Expansion of schools program Growing with Gratitude
• Delivery of high-quality community programs including multicultural initiatives
• Growing media platform with live broadcast and video production focus
• Acquisition of Adelaide Bite baseball team
• Further development of the Club’s esports and video gaming platforms

The Crows also continue to be a major contributor to the State’s football economy, with payments to the SANFL and South Australian Government.

Taking into consideration abnormal and non-cash items, the Club’s statutory profit was $1,506,002 (2017: $648,715) with this figure including depreciation and a donation to the Crows Children’s Foundation.

Chapman said Members and fans should take comfort that their Club is in a very healthy position.

https://www.afc.com.au/news/2019-02-28/club-financial-results

 

[AFC3000]

I didn't realise the club was live streaming tonight's presentation.

Chapmans almost done, I think Fagan is next https://www.afc.com.au/news/2019-02-28/live-members-meeting

 

[Shaz2012]

Can we please give our players business class seats on our trip to Perth this year? I feel that is a pretty big advantage that the Perth teams have got out of the new EBA.

 

[Geoffa32]

The club is also now debt free.

$1.2m cleared this year.

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[Elite Crow]

When they say $1.6M includes depreciation, do they mean it’s still to be deducted or after depreciation? The latter could smash that figure down.

 

[Geoffa32]

When they $1.6M includes depreciation, do they mean it’s still to be deducted or after depreciation? The latter could smash that figure down.

After

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[Elite Crow]

After

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Sweet, that’s a great result

 

[Geoffa32]

Sweet, that’s a great result

Nearly a mill better than last year when we made the GF. With two Finals at AO.
Plus paid down $1.2 debt to now be debt free.

And no doubt had some expenses around Collective Minds and ridding ourselves of them.

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[Tex Danger]

Nearly a mill better than last year when we made the GF. With two Finals at AO.
Plus paid down $1.2 debt to now be debt free.

And no doubt had some expenses around Collective Minds and ridding ourselves of them.

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2018 financial year includes 2017 GF and a lead in to a season with a lot of promise

 

[Geoffa32]

2018 financial year includes 2017 GF and a lead in to a season with a lot of promise

Pretty sure the AFL Financial year is November 1 to October 31?

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[Tex Danger]

Pretty sure the AFL Financial year is November 1 to October 31?

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fair enough, wondered if there may have been different definition

 

[Cap]

Depreciation is a non cash item so it really doesn't matter too much (unless we are holding the cash(or have the ability) to replace the item being depreciated.

Sure we haven't won that flag yet, but it appears on face value that we are in the right position to do it.

Now just hurry up

 

[happy_knackers]

I'm going to reserve my judgement until it's been through the proper vetting process, that being the nufties on the Poort board.

On SM-G930F using BigFooty.com mobile app

 

[Deaneus!]

I'm going to reserve my judgement

I got to this bit, and my brain said, "until learned individuals on this board have gone over the financial statements"

and then

until it's been through the proper vetting process, that being the nufties on the Poort board.

and this was slightly less personally fulfilling, but way, way funnier

 

[courageous_tom]

Pretty sure the AFL Financial year is November 1 to October 31?

yeah the AFL, and all Clubs run on an Oct 31 year end.

 

[Next Gen Rookie]

I got to this bit, and my brain said, "until learned individuals on this board have gone over the financial statements"

and then



and this was slightly less personally fulfilling, but way, way funnier

Well, hop to it then.

 

[Deaneus!]

Well, hop to it then.

Just waiting for the statements, don't have them yet.

 

[WAG]

So for the layman, are we in a good position financially, and if so, what does this mean moving forward? I.e. does extra money now get funneled into development, or gameday experience, or..... ? What does debt free mean in practical terms. How would/should we be using this money that would have been going into debt? Do we need to invest it somewhere?

Fwiw, my wife is a senior accountant and I have a tendency to glaze over when she starts talking about work stuff, so please keep it veerry simple.

Actually really interested to know what it all means.

 

[Drugs Are Bad Mackay?]

It has allowed the Club to fully eradicate its debt, while increasing investment in both the men’s and women’s football programs in line with AFL-imposed limits.

There are no AFL-imposed limits are there? Just a tax if you go over a certain threshold

 

[Sanders]

Didn’t sound like we’ve banked any E-sports riches yet, can anyone confirm?