Official Club Stuff Port announces $15K Profit for 2016

[G3TWOTYAD3S3RV]

Good grief ... before you take pot shots at the club ... might pay to check out how Hawthorn, Collingwood, W/Bulldogs, et-al make their money, and the "dodgy" tax claims they are making!

Hawthorn tops the pokies ladder
Hawthorn might be sitting at seventh place on the AFL ladder at the moment, but when it comes to poker machines it sits comfortably on top. $22.6 million
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http://www.theage.com.au/victoria/hawthorn-tops-the-pokies-losses-ladder-20160404-gnxys2.html


AFL clubs using poker machine money to pay for clubrooms, events, wages

VICTORIAN taxpayers are giving our richest AFL clubs a $50 million free kick by letting them claim their poker machine revenue is used to help the community. But a Herald Sun investigation has found clubs are using the huge losses of gamblers to pay for upgrades to clubrooms, spas and stadiums, run club events and pay wages.

Anti-gambling advocates say clubs are “rorting” the system, having claimed $50 million of “community benefits” in the past three years. “They’re just gaming the system all the way to the bank,” Monash University gambling expert Dr Charles Livingstone said.

“They get a tax holiday because they exist. It’s nonsense.”
http://www.heraldsun.com.au/news/af...k=72eb71cb64891eefac616a229d675e58-1481947949
Eg:
RICHMOND’S Wantirna Club gave away just $6248 - claimed $1.7 operating costs.
GEELONG donated $25,715, $55,074 for works on the Hickey Stand at Simonds Stadium, but claimed $1.5 million of operating costs.
ESSENDON donated $170,000 to local sports clubs, and $160,000 to youth and indigenous programs, yet claimed $1.9 million in operating costs

Have a look at how much Port spent on its community programs!

Keep your knickers on mate I'm not having a pot shot at all. I'm not clued up in how we make cash & how & on what we spend it on. Hey there's a saying "if you can't beat them join them". It's nice being a giving club but sounds like we're getting shafted !!

 

[RussellEbertHandball]

Keep your knickers on mate I'm not having a pot shot at all. I'm not clued up in how we make cash & how & on what we spend it on. Hey there's a saying "if you can't beat them join them". It's nice being a giving club but sounds like we're getting shafted !!

By whom in your opinion?

 

[Tibbs]

Keep your knickers on mate I'm not having a pot shot at all. I'm not clued up in how we make cash & how & on what we spend it on. Hey there's a saying "if you can't beat them join them". It's nice being a giving club but sounds like we're getting shafted !!

Yeah, well I am just over all the negative crap from Crow loving relatives, bigoted Adelaide media, and then to read so many negative posters across the various threads here.

This club has had such a huge turnaround, but to sustain it into the future, huge amounts are being invested off-field, into the China push, and into our community programs and academies. Anything in the black is a win IMO. But as things develop in China, we should see that start to improve even more.

 

[xflamedancer]

Yeah, well I am just over all the negative crap from Crow loving relatives, bigoted Adelaide media, and then to read so many negative posters across the various threads here.

This club has had such a huge turnaround, but to sustain it into the future, huge amounts are being invested off-field, into the China push, and into our community programs and academies. Anything in the black is a win IMO. But as things develop in China, we should see that start to improve even more.

Quoted because I couldn't like it twice

 

[ab56452001]

Your family must be excited to feel your Christmas cheer

No , Pafc66 is right , serve up another load of garbage like 2016 , forget the Christmas cheer a downward spiral will really gain momentum

 

[ab56452001]

Yeah, well I am just over all the negative crap from Crow loving relatives, bigoted Adelaide media, and then to read so many negative posters across the various threads here.

This club has had such a huge turnaround, but to sustain it into the future, huge amounts are being invested off-field, into the China push, and into our community programs and academies. Anything in the black is a win IMO. But as things develop in China, we should see that start to improve even more.

If we don't win games ,we can forget about anything else , it IS that serious.

 

[SwampRat]

After depreciation too!

That's typically how it is measured.

 

[G3TWOTYAD3S3RV]

Yeah, well I am just over all the negative crap from Crow loving relatives, bigoted Adelaide media, and then to read so many negative posters across the various threads here.

This club has had such a huge turnaround, but to sustain it into the future, huge amounts are being invested off-field, into the China push, and into our community programs and academies. Anything in the black is a win IMO. But as things develop in China, we should see that start to improve even more.

I just asked a simple question as i just didn't know. This is what forums are about. If I don't ask I'll never know.

 

[G3TWOTYAD3S3RV]

By whom in your opinion?

No idea but you'd have to agree yourself something doesn't seem right ? Kochie will be all over this & im sure he'll sort it out.

 

[RussellEbertHandball]

No idea but you'd have to agree yourself something doesn't seem right ? Kochie will be all over this & im sure he'll sort it out.

I'm not sure what you mean. Before we moved to AO I said many times we needed to find $5 million NET new income streams to become profitable and get off AFL hand outs. The stadium deal is a ok one but not a great because we cant charge $770 for every adult seat on both wings like West Coast can, and keep about $580 after paying rent and GST.

Things were always going to be tough and they will continue to be tough for the foreseeable future. We are a cyclical club and won't make massive big profits when times are good on field and have to work our arse off to breakeven when we have a breakeven year on field.

 

[Doctor Feel]

That's typically how it is measured.

Not always. And from memory there is no legal requirement for a COY to report their financials post-depreciation. The crows always report their financials pre-depreciation for example.

 

[RussellEbertHandball]

Not always. And from memory there is no legal requirement for a COY to report their financials post-depreciation. The crows always report their financials pre-depreciation for example.

Of course there is. Any public company always announces their result after depreciation and taxes. Footy clubs dont pay taxes.

Yes sometimes they highlight abnormal/extraordinary items but depreciation is a normal operating expense. Ok sometimes you have abnormal depreciation because you have written off an asset eg Geelong everytime they pull down a grandstand they have built and are depreciating every year before they pulled it down.

Yes sometimes companies highlight their EBIT - earnings before interest and tax or EBITDA - earnings before interest tax depreciation and amortisation but they always announce their bottom line after depreciation.

 

[bomberclifford]

The crows always report their financials pre-depreciation for example.

That only started when their depreciable assets became significant enough to change the reported bottom line.

Their financial reporting is more a marketing document than a financial one.

 

[OneGreatClub]

No , Pafc66 is right , serve up another load of garbage like 2016 , forget the Christmas cheer a downward spiral will really gain momentum

No one is disagreeing but ffs let's just enjoy for the moment

 

[simmo_bc]

As Kochie said last year, if we are making profits we aren't doing our job correctly because any surplus funds should be going back into the community. Our community programs are first rate and making a real difference to society, especially our indigenous program led by Paul Vandenbergh.

Great work PAFC!

 

[RussellEbertHandball]

As Kochie said last year, if we are making profits we aren't doing our job correctly because any surplus funds should be going back into the community. Our community programs are first rate and making a real difference to society, especially our indigenous program led by Paul Vandenbergh.

Great work PAFC!

Sorry Kochie but that's not accurate, or you haven't quoted him accurately.

If we want to pay down our debt, then we have to make profits. its a s simple as that. If we had no debts and $10 million cash in the bank then I would agree with what you wrote, but we don't. We still have several million dollars of debt to pay off, so surpluses need to be made to reduce that especially if interest rates go up. Also if we want to build things at Alberton, a museum, newer facilities etc we have to make profits to fund that either in part with some debt financing or 100% from cash surpluses.

 

[LFC2010]

After depreciation too!

yep, this is the most important thing. Not the hog wash our neighbours dish out to the media.

 

[simmo_bc]

Sorry Kochie but that's not accurate, or you haven't quoted him accurately.

If we want to pay down our debt, then we have to make profits. its a s simple as that. If we had no debts and $10 million cash in the bank then I would agree with what you wrote, but we don't. We still have several million dollars of debt to pay off, so surpluses need to be made to reduce that especially if interest rates go up. Also if we want to build things at Alberton, a museum, newer facilities etc we have to make profits to fund that either in part with some debt financing or 100% from cash surpluses.

Ahh I do agree with you REH.. With clubs like Hawthorn and Collingwood nearing $100m in turnover and Hawthorn building a $100m (?) sporting facility, we need to make profits to compete with these organisations - I think we are on the right track and we have done exceptionally well to diversify our income base with the China venture.

 

[Rexie J]

Kochie did say words to the effect he didn't want to simply produce massive profits with the priority being a well financed football department alongside the community programs. However, he quickly added the PAFC still has too much debt and it remained a key objective of the Board to repay as quickly as financially possible.

Although, without knowing the 2016 figures, it seems the PAFC is at least heading in the right direction and the light ahead is not necessarily a bullet train.

 

[Papa G]

Sorry Kochie but that's not accurate, or you haven't quoted him accurately.

If we want to pay down our debt, then we have to make profits. its a s simple as that. If we had no debts and $10 million cash in the bank then I would agree with what you wrote, but we don't. We still have several million dollars of debt to pay off, so surpluses need to be made to reduce that especially if interest rates go up. Also if we want to build things at Alberton, a museum, newer facilities etc we have to make profits to fund that either in part with some debt financing or 100% from cash surpluses.

Are we paying down debt REH?

 

[RussellEbertHandball]

Are we paying down debt REH?

In 2013 we paid down interest bearing debt by a net $2k and 2014 by a net $38k. But in 2015 we had to pay back the AFL short term loans/prepayments and so interest bearing debt increased by a net $2.2m but at least we swapped nearly all our short term debt into long term debt. Pretty sure that was part of the deal we did with BankSA becoming our sponsor and new banker. There is nothing in the announcement about what has happened to the club's debt in 2016 but I doubt we have repaid much.

 

[Rexie J]

In 2013 we paid down interest bearing debt by a net $2k and 2014 by a net $38k. But in 2015 we had to pay back the AFL short term loans/prepayments and so interest bearing debt increased by a net $2.2m but at least we swapped nearly all our short term debt into long term debt. Pretty sure that was part of the deal we did with BankSA becoming our sponsor and new banker. There is nothing in the announcement about what has happened to the club's debt in 2016 but I doubt we have repaid much.

Accepting there may be some speculation REH but is there any definitive total breakdown/amount the PAFC owes to the sanfl and AFL.

 

[RussellEbertHandball]

Accepting there may be some speculation REH but is there any definitive total breakdown/amount the PAFC owes to the sanfl and AFL.

Nope.

I don't think we owe the Sanfl anything as they were grants. The licence payback over 15 years is a separate matter. The AFL was supporting us as we moved to AO but pretty sure that was for 2013 and 2014 and over and above the 30 June 2011 package the Sanfl announced but we're lent monies to support both clubs in the run up to AO.

 

[Rexie J]

Nope.

I don't think we owe the Sanfl anything as they were grants. The licence payback over 15 years is a separate matter. The AFL was supporting us as we moved to AO but pretty sure that was for 2013 and 2014 and over and above the 30 June 2011 package the Sanfl announced but we're lent monies to support both clubs in the run up to AO.

Appreciated.

Just trying to get things into financial perspective. I understand the annual payback to the sanfl The AFC may not be AAA rating at this stage but I have confidence in the direction the Board is taking.

 

[OneGreatClub]

Sorry Kochie but that's not accurate, or you haven't quoted him accurately.

If we want to pay down our debt, then we have to make profits. its a s simple as that. If we had no debts and $10 million cash in the bank then I would agree with what you wrote, but we don't. We still have several million dollars of debt to pay off, so surpluses need to be made to reduce that especially if interest rates go up. Also if we want to build things at Alberton, a museum, newer facilities etc we have to make profits to fund that either in part with some debt financing or 100% from cash surpluses.

I also heard Kochie make that statement.