x

[Jagerdeen]

[glasgow sheep]

well blow me

we made an actual real profit and have reduced our debt.

 

Well done afc

[Edinburghdon]

BOOOOO!! 

 

 

Sounds very promising, cutting the debt was a bit of a surprise

 

 

 

[glasgowdon]

MIZER, MIZER!!!!!

 

It's on a plate for ye!!!

 

 

 

On topic - it does sound good news - will see what the report actually says when it comes through the door - but I can't see the club trying to pull the wool over the shareholders eyes days before the report drops through our letterboxes.

 

Remember how I said, "I think the club is being run quite well just now".

Maybe us optimists aren't that daft after all.

 

Proft?!

 

[Cowie]

Surely if we'd got rid of JC/WM/SM back in 2004, we'd have more crowds through the gate, more attractive footy and have a have a bigger part of the debt paid off.

blah. blah blah.

 

 

Oh wait. wrong forum.

 

;D

 

Time to round off this good news by crushing those arab minks like the cheap porcelain plates that they are.

[KGB]

WM is a cunt for overhauling the scouting network, get him sacked now

[ntbear]

Great we are making a profit,

 

player sales and european football made us profitable.

 

We have no more players to sell and no european football this season - next year's financial results will be worst ever!

[BobbyBiscuit]

Fraser also paid tribute to Director of Football Willie Miller. "During the year Willie completed his overhaul of the total scouting and youth development structure.This has soaked up a significant proportion of the overall investment. However as with the financial decisions this has been done for the long term good of the Club and not short unsustainable gain. In the long run we will only be able to sustain a football payroll level to compete if young players developed by the Club form the nucleus of our squad. Willie has driven this project through and brought in key personnel like Lenny Taylor, Neil Simpson and Peter Weir. Already we are seeing the fruits of this overhaul and this could be Willie's greatest contribution to the Club in the long term".

 

 

How's Rocket_Spazwit going to cover that one up then?

[Edinburghdon]

Mainly by moaning about miller not knocking on peoples doors and how his chippy went bust id imagine

[Kowalski]

Excellent stuff.  Anyone else going to the AGM?

[Reekie_Red]

Nice to find out from the horse's mouth what figure the debt is actually sitting at. Speculative reports I've seen over the past 24 months have pushed it as far up at £12million.

 

If it's actually down to £6.5million, then this is fantastic. That's, what, four years we've taken to bring it down by about £5million?! That's awesome. No doubt the sale of Anderson and the matches in the UEFA Cup will have helped bite off a huge chunk of the debt. With the amount of interest we're paying in retrospect to the lower debt, I reckon we could break even by 2012. Maybe even 2011 if we got back into Europe between now and then.

[Ajja]

I'd be wary of taking this result too well. We clearly had a very good year with player sales and European money. At present, that is an unsustainable performance though. We will benefit for 3 years as they spread the reward to ensure a better wage spend but this is money going out of the club into the pockets of players. If we don't progress and get more European football and bigger attendances this will be a short lived boom.

 

The debt position is confusing. They are reporting 'net debt' as £6.5m which takes into account all liabilities short and long term but balances them off against cash and assets. I don't think they are reporting the real debt figure there, which is the one which runs into double figures. This may be a perfectly acceptable way to report debt but I'm not sure it is as simple as saying that £13m is now £6.5m, our cash chest is probably quite high and would be removed from the net debt but this money has been allocated to be spent over the next three years. I could be talking pish but I'm wary of too much celebrating right now.

[glasgow sheep]

do we not owe Milne and Aberdeen Assets several million too, perhaps this isn't included in the "net bank debt"

[Guest fatshaft]

do we not owe Milne and Aberdeen Assets several million too, perhaps this isn't included in the "net bank debt"

Wait, what? You mean Milne put his OWN money into AFC. Call the police, it's against the law!

[TENEMENTFUNSTER]

Wait, what? You mean Milne put his OWN money into AFC. Call the police, it's against the law!

 

If you mean he loaned it to the club then yes.

[Slim]

The long term debt is currently sitting at:

 

Bank loan: £9.7 million

Rolled up interest on bank loan: £0.4 million (will keep increasing until loan is paid off)

Loan from Stewart Milne/SMG: £1.2 million

Loan from Martin Gilbert/AAM: £1 million

Other: £0.1 million

 

So we owe a total of £12.4 million at the moment and have cash in the bank of £3.6 million to offset against. However, under the terms of the financial restructuring, instead of the £9.7 million increasing year on year, the rolled up interest will increase over the next 3 years until the whole lot needs to be paid off. Taking into account the surplus cash we have and the interest that will increase, I estimate our overall debt to be about £10 million that we need to come up with.

[glasgow sheep]

what the hell was the £6M figure then?

[Mackie's ace!]

The report's nae on Redweb yet is it? I'll have a look at it at work tomorrow.

[Slim]

The net bank debt of 6.5 million is:

 

Bank loan of 9.7 million +

Rolled up bankloan interest of 400k -

Cash in bank of 3.6 million

 

The rest of the total debt is owed to Milne and Gilbert

[CtS]

If only we had a millionaire fan willing to pump his cash into the club, maybe if mini get's the bar venture off the ground and employs the right people ( ) his business will go from strength to strength and he could be the saviour of the dons.

 

 

 

The net bank debt of 6.5 million is:

 

Bank loan of 9.7 million +

Rolled up bankloan interest of 400k -

Cash in bank of 3.6 million

 

The rest of the total debt is owed to Milne and Gilbert

 

Good effort slim, makes more sense now.  By the way, if you know so much about accountancy  how come you don't spend 12 hours a day in the off-topic forum telling us how great you are?

 

[Slim]

Good effort slim, makes more sense now.  By the way, if you know so much about accountancy  how come you don't spend 12 hours a day in the off-topic forum telling us how great you are?

 

 

DonsTalk has been blocked by my work webfilter 

[Mackie's ace!]

nah - not at least until after the AGM I'd imagine... I'll try and get it scanned and post it up tomoro... too hungover today!

 

Alot of it doesnae make much sense to me - but then again that could be the hangover too!

 

Milne says he "...can look back on the last few years as being the most satisfying that I have enjoyed at the club since being appointed to the board in 1994" 

 

The report is kicking around work anyway, I'll nab it at some point when I get a chance.

[stoney]

At least we are moving in the right direction but after selling off our best players and getting rid of the clubs higher earners i thought it might be better.....but will that start taking effect in the next annual report. Also why are we not seeing better results from last season, surely two cup runs and the 4 games in europe should have been a bit more fruitfull! what did we have last year 2 sell outs and 3 games over 18000?