News Virtual AGM 12th February from 5.30pm.

[RussellEbertHandball]

The Port Adelaide Football Club wishes to advise that our Annual General Meeting will be held virtually via a live stream on Friday 12 February at 5.30pm (ACDT).

Edit; clarification of 2 AGM's in email on 9th February.

THE PORT CLUB AGM will start at 5.30pm (ACDT).

PORT ADELAIDE FOOTBALL CLUB AGM will start at 6.00PM (ACDT).

Chairman David Koch will be presenting a financial update on the club and summarising the 2020 financial year.

Members will be given the opportunity to ask questions via a live Q&A session during the stream.

To attend the virtual Annual General Meeting, you will need to click on the link and enter your member code listed below.

Live stream link: https://vimeo.com/event/661266

Member code: PAFC1870

For any enquiries or questions regarding the event, please email events@pafc.com.au.

We look forward to seeing you virtually on Friday night.

 

[chiwigi]

A Vimeo with questions for an AGM.
That would be a special kind of hell .
Thanks in advance to those who will summarise!

 

[RussellEbertHandball]

A Vimeo with questions for an AGM.
That would be a special kind of hell .
Thanks in advance to those who will summarise!

Yep there will be a lot more questions from the keyboard, than the normal levels from the floor.

Someone will be vetting them.

 

[Eddie Dingle]

Yep there will be a lot more questions from the keyboard, than the normal levels from the floor.

Someone will be vetting them.

I’d like to volunteer for that task.

But only if I’m permitted to send a personal response to stupid ******* questions.

 

[Janey]

I’d like to volunteer for that task.

But only if I’m permitted to send a personal response to stupid ******* questions.

You get my vote, but only if we get to be privy to your answers.

 

[El_Scorcho]

I’d like to volunteer for that task.

But only if I’m permitted to send a personal response to stupid ******* questions.

As a paying member I want the board to answer my question about when John Butcher's statue is going up and I will NOT be silenced.

 

[Duck Farmer]

As a paying member I want the board to answer my question about when John Butcher's statue is going up and I will NOT be silenced.

You already know the answer is two weeks.

 

[Byrons Firen]

I’d like to volunteer for that task.

But only if I’m permitted to send a personal response to stupid ******* questions.

If ^ is the case I won't ask about the buses.

 

[Janey]

If ^ is the case I won't ask about the buses.

On the contrary, never a better time to ask the question

 

[Byrons Firen]

On the contrary, never a better time to ask the question

Be my guest... I've got a sore throat

 

[TeeKray]

'If you don't count depreciation, cost of utilities, player wages, staff wages and Ken Hinkley's daily supply of hot chips, we made a profit!'

You're welcome Power fans.

 

[Grave Danger]

'If you don't count depreciation, cost of utilities, player wages, staff wages and Ken Hinkley's daily supply of hot chips, we made a profit!'

You're welcome Power fans.

We should show 'Prison Bar jumpers we could have sold if we were allowed to wear them in the AFL' as a liability item in our annual statement. Or at least as an auditor's note to the annual statement.

 

[Duckimus Prime]

'If you don't count depreciation, cost of utilities, player wages, staff wages and Ken Hinkley's daily supply of hot chips, we made a profit!'

You're welcome Power fans.

Luckily we've probably eliminated that last cost as part of the sponsorship agreement.

 

[RussellEbertHandball]

Slight change, the Port Club AGM starts at 5.30 and PAFC Limited AGM starts at 6.00pm.

Port Club AGM - probably is a good time to ask questions about the redevelopment, museum etc. That usually only goes for a few minutes, so you know your questions will get thru and will be answered.

From the email sent to members.

The Port Adelaide Football Club wishes to advise that our Annual General Meeting will be held virtually via a live stream on Friday 12 February.

Timings:

THE PORT CLUB AGM will start at 5.30pm (ACDT).

PORT ADELAIDE FOOTBALL CLUB AGM will start at 6.00PM (ACDT).

Chairman David Koch will be presenting a financial update on the club and summarising the 2020 financial year.

Members will be given the opportunity to ask questions via a live Q&A session during the stream.

 

[Garibaldi Red]

In relation to the redevelopment of the Port Club

 

[RussellEbertHandball]

Club has sent out an email re financial result before the AGM.

$4mil comprehensive loss. Wrote last year it will probably be in the $2-$3m range, maybe more, given what other clubs have reported. Looks like the have taken the opportunity to write off and restructure stuff as Koch says - one-off COVID-19 related and restructuring costs of $1.186m.

Depreciation is usually about $1.1mil so don't know what else in in operating loss of $278k as well as restructuring costs of $1.186 and depreciation of $1.1m gets you to a loss of $2.564m. No indication of where other $1.476m to get to a loss of $4.040m.

Reckon it might have something to do with the Port Club / Museum redevelopment and why debt has increased by $4.275m - some borrowings for those capital expenditure.




The Port Adelaide Football Club has announced a net loss from continuing operations of $278,806 for the financial year ending 31 October 2020.

Throughout Port Adelaide’s 150th year the incredible support from the club’s members and partners in the face of a global pandemic enabled the club to finish the financial year in a considerably better position than was originally forecast when the AFL competition shut down in March 2020.

Despite this support the club was materially impacted by COVID-19, with a decline in operating revenue of 32 per cent ($18.65m) on the previous year which saw a profit of $512,091. Core revenues from all areas were impacted including significant gate and hospitality revenue reductions with only seven home games played to restricted crowds.

In order to protect the club’s financial position and future, the organisation had to be re-engineered quickly which meant significant and rapid cost reductions were implemented, cutting the cost base by 31 per cent ($17.86m) across the year.

Port Adelaide chairman David Koch said the significant impact led to a restructure across both the football department and administration forcing the club to farewell many loyal and much-loved people from the club.

“COVID-19 became the greatest financial threat in the club’s history and, as a result, we were forced to make some extremely tough decisions through 2020, which sadly meant farewelling some fantastic Port Adelaide people,” Mr Koch said.

“That was a horrible reality for us in 2020 and it is a challenge the whole industry has had to deal with, but decisions needed to be made to ensure our club was positioned to come through this extremely challenging time.”

After taking in to account one-off COVID-19 related and restructuring costs of $1.186m, depreciation and non-cash balance sheet adjustments, the Port Adelaide Football Club incurred a statutory loss of $4,040,579.

As a result, the club finished the season with additional borrowings of $4.275 million, increasing its overall debt position to $12 million.

Mr Koch said although that figure was significant the club is confident it can reduce its debt quickly.

“After making sure our football department was fully funded, over the last couple of years we had started to pay down our debt. But COVID-19 proved to be an unexpected and severe setback to our debt reduction plans, but we have great confidence to accelerate again thanks primarily to the incredible support we are already seeing from our members and key stakeholders, ” he said.

“However, whilst we suffered financially like most businesses during 2020, we saw continued growth from our football program, falling just short of a Grand Final appearance. The club is in a great position to challenge in 2021.

“Off the field our passionate members and supporters ensured we finished 2020 materially better than we could have ever expected. 95 per cent of our members pledged their 2020 membership funds to the club, despite the reduction of crowds at Adelaide Oval.

“And from a commercial perspective, after welcoming GFG as a major partner in 2019, we added MG as our second joint major partner for the 2020 season and late in 2020 signed KFC as the club’s third joint major partner, the first time in our history we have had three joint major partners.

“Other important business metrics are also showing 2021 is looking much better for the club. Membership, hospitality and commercial partnerships are all tracking strongly against budget.

“The entire Port Adelaide Football Club from our board to our executive team, staff and playing group have worked tirelessly to keep the club going through some extremely challenging circumstances this season. I would like to extend my thank you to every one of them for their efforts.”

Port Adelaide Football Club members can obtain access to the club’s 2020 accounts by contacting the club after tonight’s Annual General Meeting.

 

[Capital Power]

We should show 'Prison Bar jumpers we could have sold if we were allowed to wear them in the AFL' as a liability item in our annual statement. Or at least as an auditor's note to the annual statement.

Yep. $4m loss wiped out by 40,000 members paying $100 each for one. Make it so, my order awaits.

 

[RussellEbertHandball]

Yep. $4m loss wiped out by 40,000 members paying $100 each for one. Make it so, my order awaits.

That would be about $160 each, given they probably cost $50 to buy from the manufacturer and allowing $10 for other costs of getting it to each member.

 

[Capital Power]

That would be about $160 each, given they probably cost $50 to buy from the manufacturer and allowing $10 for other costs of getting it to each member.

Sold. Take my money

 

[RussellEbertHandball]

Norts in ONE suite at Adelaide Oval.

 

[portly]

Mist/Smoke in the background?


Edit: Watering AO

 

[portly]

"Any questions asked online?"

How would one do that?

 

[RussellEbertHandball]

"Any questions asked online?"

How would one do that?

Yep there is no box to fill out and send in questions.

Port Club lost $475k+ another $85k due to covid restructuring as was closed completely for 3 months and reduced trade after that. Reckon the Prince hotel has probably lost another $500k. Koch might say something about that in the other AGM.

 

[It Just Is]

$12m debt on $40m revenue. Stating the obvious, we need crowds back ASAP.

I would be curious to know how much we are losing each and every match day with AO capacity restricted to 10k or 25k?

 

[RussellEbertHandball]