afc accounts 2008/09 - Operating target met

[glasgow sheep]

The statement below is noticeably, and unsurprisingly, more vague about things than last years excellent figures.  Obviously the good spin is that we met, or even bettered, our target, however any ideas on what time period we are talking about? Does this include the Jimmies/MMc change over?  Would also be interesting to know the bottom line: turnover, debt, wages.

 

From Redweb...

 

 

Aberdeen Football Club plc Announce Annual Results to 30th June 2009 -

 

Operating Target Met for the Fifth Year in Succession

 

Aberdeen Football Club plc today announced the trading results for the year ended 30 June 2009 which confirms that for the fifth year in a row the Club achieved its stated operating target.

 

Commenting on the results Pittodrie Managing Director Duncan Fraser said "In the previous Financial and Operating Review I stated that I expected an operating loss before depreciation and amortisation of over £600,000 as a result of the continuing growth on the base football budget. Even after exceptional items that operating loss came in at £322,000.

 

"In delivering the budget year on year we have demonstrated to our creditors our commitment to keep tight control on the business to avoid the type of drastic measures faced by an increasing number of clubs throughout the country."

 

Even allowing for the extremely limited number of cup ties at Pittodrie during the period covered, the Club achieved the second highest turnover in its history and the wages to turnover ratio after adjusting for royalties came in at 58 per cent, within the recommended industry targets.

 

Commenting on the much publicised Setanta Sports failure Fraser indicated that " It has been well documented the position that we took with regards to this and the consequences of that decision will be in the region of £3 million in lost revenue to our club over the coming 3 years. Since my appointment to the SPL Board in January 2009 there has been a new Chairman and Chief Executive brought on board and I believe we can work towards a position whereby we can get a more viable television deal when we go back to the market at the appropriate time."

 

Looking ahead Fraser said, "With the challenging economic conditions faced by all organisations it is vital the Club maximises its cash generating potential. This will include continuing to strive for playing success and the rewards that go with it, while at the same time developing as many quality players as possible through our own youth development system."

 

In that regard Fraser again paid tribute to Willie Miller and the football department, "The Club had the foresight to deliver real investment into youth development and, down to the hard work of the likes of Willie Miller, Lenny Taylor, Neil Simpson and the rest of the staff we are seeing tangible rewards in this area, which the management team is already benefitting from."

 

In terms of the new stadium, Chairman Stewart Milne acknowledged the importance of the identification of the site at Loirston Loch for the proposed development stating, "This project has the potential to deliver a top class facility providing enormous benefits to the region as well as the Club, and it represents the most ambitious new-build stadium in Scotland for many years."

 

He also recognised the need for a successful team on the park to run in parallel with this. "The Board recognises the work undertaken by Duncan Fraser and Willie Miller in challenging economic conditions that they both acknowledge and understand." He also paid tribute to the Pittodrie staff who he stated have been, "extremely dedicated and committed to succeed in the difficult economic conditions facing all sectors, not just football."

 

The Club has confirmed that this year's Annual General Meeting will take place on the evening of Monday 23rd November at Pittodrie Stadium.

[Reekie_Red]

"This project has the potential to deliver a top class facility providing enormous benefits to the region as well as the Club, and it represents the most ambitious new-build stadium in Scotland for many years."

 

Stewart, yer beginning to sound like a broken record. We've heard this line a thousand times from you now. I've got a photo on my DT archive of you from 2003 infront of Bellfield Farm west of Aberdeen, and you said exactly the same thing back then too!

[glasgow sheep]

From mad folk are saying that the turnover was £8.6M and that the accounts will probably include the pay offs to JC etc!!

[Kowalski]

Operating loss was £322K but the loss for the financial year was £1.642M - is this not our true loss?

 

Also, I note that the binning of Calderwood and co ("contract termination and other restructuring costs") was £482K, which is nowhere near as much as some were suggesting.

 

Another thing to note, is that the "highest paid director" received £158K (was £212K in 2008).

 

I ain't received my report yet (its available on redweb) - fucking workshy posties!

[BobbyBiscuit]

 

Also, I note that the binning of Calderwood and co ("contract termination and other restructuring costs") was £482K, which is nowhere near as much as some were suggesting.

 

 

Yeah, shocker! who honestly thought it was 700k...?  Crikey.

[Reekie_Red]

It has been well documented the position that we took with regards to this and the consequences of that decision will be in the region of £3 million in lost revenue to our club over the coming 3 years

 

See, I don't know who to believe. Fraser says the club is missing out on £3 million over the next three seasons because of the collapsed TV deal. Craig Levein said in today's Scotland on Sunday that most clubs would see a loss of around £700k per year because of the collapse.

 

£2.1million over three years is, in the context of Aberdeen Football Club, a thousand miles away from £3million! Is Levein talking shite? Or are AFC trying to get the excuses in early for the forthcoming year?

[Kowalski]

How much was the compensation to Motherwell for Mcghee?

 

It doesn't say.

When did McGhee sign again? - these accounts are to June 30th 2009.

Perhaps the second half of the £482K "contract termination and other restructuring costs" includes Motherwell's pay off?

[Roccovellhung]

See, I don't know who to believe. Fraser says the club is missing out on £3 million over the next three seasons because of the collapsed TV deal. Craig Levein said in today's Scotland on Sunday that most clubs would see a loss of around £700k per year because of the collapse.

 

£2.1million over three years is, in the context of Aberdeen Football Club, a thousand miles away from £3million! Is Levein talking shite? Or are AFC trying to get the excuses in early for the forthcoming year?

 

Suppose because we always finish above yinited that we get a bigger cut of the pie? 

[paulinho]

@Reekie_Red - It's okay though because TV money makes no difference to Aberdeen.

[dave_min]

@Reekie_Red - It's okay though because TV money makes no difference to Aberdeen.

 

Good to see you're still struggling with the concepts of reading and comprehension.

[mizer]

Is the 3m figure not taking into consideration the deal with ESPN, whilst the 2.1m figure will be?

[paulinho]

@dave_min - "The standard of Scottish football has got fuck all to do with our TV deal"

[BigAl]

@dave_min - "The standard of Scottish football has got fuck all to do with our TV deal"

 

Getting repetitive Adam

[tsr]

From a playing perspective its worrying that the manager has had practically no resources to sign players and that was when budgeting for a operating loss of £600,000.

 

Its difficult to see how funds will ever be made available in the future and therefore the improvement of the team relies solely on miracle free transfers and youngsters.

 

We really need a good Scottish Cup run 

[Kowalski]

Did all the shareholders get their annual report?

I didn't  and I want my AGM attendance card to see if our friend turns up to have a go at Willie Miller again.

I was going to blame the workshy posties, but apparently they were couriered out this year.

[glasgow sheep]

Having had a brief flick through the online report it doesn't exactly look rosey.  We may have "only" made a £300k operating loss but this was the worst in five years and contributed to a total loss of £1.6M.  The debt has risen to over £10M and income this year will be further decreased.  That seems like a stinking pile of shite to me and has put us back to where we were before the bumper UEFA Cup run season.  Perhaps someone can tell me how much the management change cost us, but it seems to me that even taking that into account last season saw us make a significant loss.  I imagine the agm will either be the usual cake walk for the board or descend into bickering about JC/MMc but surely questions have to be asked at how we are ever going to be in a position to pay back the £11M in 18months time that we owe the bank, and why we are still haemorrhaging money left right and centre

[Roccovellhung]

Yip, it does concern me how we're ever going to pay this debt off, we might occassionally get lucky with a UEFA run (although highly unlikely it'll be next season) and might make the odd few bob in transfers however if debts continue to rise then this will be a constant millstone roond our neck, I'm hoping all the financial brains at AFC have some sort of plan in hand....

Re: the loan, maybe it will work in our favour if we have to re-negotiate in 18 months time due to the low interest rates in these troubled times?, we'll defo need Milnes millions as security though.

[Tyrant]

Is Milne actually responsible for running the club badly and running up this insurmountable debt?

[tsr]

Having had a brief flick through the online report it doesn't exactly look rosey.  We may have "only" made a £300k operating loss but this was the worst in five years and contributed to a total loss of £1.6M.  The debt has risen to over £10M and income this year will be further decreased.  That seems like a stinking pile of shite to me and has put us back to where we were before the bumper UEFA Cup run season.  Perhaps someone can tell me how much the management change cost us, but it seems to me that even taking that into account last season saw us make a significant loss.  I imagine the agm will either be the usual cake walk for the board or descend into bickering about JC/MMc but surely questions have to be asked at how we are ever going to be in a position to pay back the £11M in 18months time that we owe the bank, and why we are still haemorrhaging money left right and centre

 

The old management team were paid of for £482,000.

 

Not sure if this also includes money paid to Motherwell for MM.

[BobbyBiscuit]

Is Milne actually responsible for running the club badly and running up this insurmountable debt?

 

Are you fishing? If it's not Milne (and Ian Donald) who is responsible then who is?

 

You can argue that clowns like Aitken and Alex Miller are responsible but as a senior member of the board who appointed them and then threw money at them I'd say he takes a fair chunk of the blame.

[tsr]

Are you fishing? If it's not Milne (and Ian Donald) who is responsible then who is?

 

You can argue that clowns like Aitken and Alex Miller are responsible but as a senior member of the board who appointed them and then threw money at them I'd say he takes a fair chunk of the blame.

 

The club was not in debt until the RDS was built, Milne wasn't on the board then, he only got a place on the board because we couldn't afford to pay him.

 

I'd say at least half of the debt Milne is responsible for. I also note that Milne and his fellow board members are charging AFC interest of 1.5% above the bank base rate for loans they have given the club.

[BobbyBiscuit]

The RDS thing is a bit of a myth though is it not? Considering we got a sizeable grant from the football trust for it and were in the black when we started building it, it didn't put us into the sort of debt people think it did.  And that of course was under Ian Donald's stewardship, which I did point towards in my previous post.

[Reekie_Red]

We should sell sell sell. Play Aluko, Fyvie, Pawlett and Paton as much as we can and get them noticed.

 

Sell them either in January or next summer for AS MUCH as we can, and take things from there. Do what Hibs and Hearts do. Place astronomical transfer fees on their heads. Say "Fyvie is not for sale. It would take a bid in the region of £7million before we'd consider letting him go".

 

Based on that analogy and the behaviour of some ridiculously rich and stupid clubs in England and on the continent, someone would buy him for at least £4m. I know he's worth nowhere near that. Not yet, anyway. But, for once, why can't we just pretend we're better than we really are!

[Tyrant]

We should sell sell sell. Play Aluko, Fyvie, Pawlett and Paton as much as we can and get them noticed.

 

Sell them either in January or next summer for AS MUCH as we can, and take things from there. Do what Hibs and Hearts do. Place astronomical transfer fees on their heads. Say "Fyvie is not for sale. It would take a bid in the region of £7million before we'd consider letting him go".

 

Based on that analogy and the behaviour of some ridiculously rich and stupid clubs in England and on the continent, someone would buy him for at least £4m. I know he's worth nowhere near that. Not yet, anyway. But, for once, why can't we just pretend we're better than we really are!

 

The postings of a desperate Dons fan!

 

 

Are you fishing? If it's not Milne (and Ian Donald) who is responsible then who is?

 

You can argue that clowns like Aitken and Alex Miller are responsible but as a senior member of the board who appointed them and then threw money at them I'd say he takes a fair chunk of the blame.

 

Not fishing at all. Was not saying that it wasn't Milne. Was just asking if it was because I wasn't sure when this debt started mounting up.

[BobbyBiscuit]

it started before he was in charge but it then snowballed rapidly.