Annual Report

[RUL]

Out today, lost 1.4m

[RUL]

Debt now stands at 16.5m

[buchanskii]

DONS ANNOUNCE LATEST RESULTS

Aberdeen Football Club plc today announced the trading results for the year ended 30 June 2013.

Pittodrie Chief Executive Duncan Fraser stated. "Scottish football continues to go through a period of change following the financial difficulties experienced by a number of clubs although the new Scottish Professional Football League structure should enable Scottish football to move ahead and prosper.

"Towards the end of last season Craig Brown announced his intention to retire from football management and was invited to join the Board of Directors, and we are delighted he chose to accept. Following a robust selection process, Derek McInnes was appointed as manager with Tony Docherty as his assistant. The decision was taken to allow a number of senior players leave the Club and replacements have been recruited in the shape of Willo Flood, Barry Robson, Gregg Wylde, Nicky Weaver, Lawrence Shankland and Calvin Zola, while Michael Hector joined on loan from Reading. Equally important was the extension of the contracts of Niall McGinn and Ryan Jack, who will be integral to the success of the team and while nobody is getting carried away, there is a real feeling of optimism among everyone connected with Aberdeen Football Club, including our magnificent supporters, that this season may provide the success that everyone is desperate to achieve.

"The overall turnover fell from £8.337 million to £7.85 million, mainly due to the decline in SPL attendances although that income drop was partly offset by a strong performance on the commercial side of the business.

"Wages increased from £5.018 million to £5.256 million following a number of changes in the structure of the workforce, and combined with our drop in turnover our wages to turnover ratio is higher than we would like at 67 per cent, compared to 60 per cent in the previous year. Indications are that this will come back into line with our 60 per cent or below expectation levels in the year ended 30 June 2014 as a result of stronger trading performance to date."

The loss for the year after tax was slightly up on the previous year at £1.439 million (2012 - £1.365 m).

Chairman Stewart Milne added. "Achieving continuing improvement in our first team results on a more consistent basis will be the most significant factor in turning around the fortunes of AFC in the longer term.

"The Club was impacted by the decision made by Aberdeen City Council in August 2012 to vote against the development of a training facility and community sports complex at Calder Park, adjacent to the site of the proposed AFC stadium at Loirston. This unexpected decision led to the Club having to embark on an extensive search of other options within the local area and although the loss of Calder Park has affected our original concept of training facilities at the new stadium, the Club remains committed to developing the Loirston site as its preferred option. We continue to work closely with Aberdeen City Council in pursuit of a mutually acceptable outcome while also putting in place alternative plans to secure suitable off-site training facilities to meet the current and future needs of our professional and Youth Academy players.

"The earlier work relating to the Loirston stadium design remains relevant to our intentions to relocate which is why the Board continues to hold as an asset the development costs associated with Loirston to date.

"At the Annual General Meeting last year, shareholders approved the creation of a new class of Preference Shares designed to facilitate the conversion of the major shareholders' loans into permanent long-term capital and during the year, the first £2.25 million of loans were converted into Preference Shares.

"During the year the Board re-negotiated the terms of the Club's bank loans to remove any uncertainty caused by their being of a short term nature and these negotiations were successfully concluded in December of last year with all of the bank loans now being medium term facilities.

"Although much work has been done to date, there is plenty still to be done in the months and years ahead to ensure the future success and sustainability of Aberdeen Football Club. On behalf of the Board I can assure supporters, sponsors and everyone with an interest in the well-being of AFC that we are 100% committed to delivering long overdue success to our Club."

This year's Annual General Meeting will take place at Pittodrie on the evening of Monday 25^th November commencing at 7 p.m.

 

Link to the Actual Report: http://www.afc.co.uk/staticFiles/45/bf/0,,10284~180037,00.pdf

[Stoney]

fuck off, how the fuck can we lose money attendances vare up and payrolls down, some cunts on the take

[MightyDons]

Debt now stands at 16.5m

 

Debt is 15m, with Aberdeen Asset Management gaining preference shares for 2.25m of debt. It seems Stewart Milnes 3.7m in loans has not been converted to preference shares during this financial year, and will be done over next 3 years to reduce the debt. We seem to owe the bank 10.26m, which have been refinanced on better terms. All other loans are interest free.

 

Not the worst annual report, but a strong showing is needed on the park to lift revenue levels.

[RUL]

The net debt at 30th June was 15M but ast of 1st July it was 16.5M...

[The Boofon]

The net debt at 30th June was 15M but ast of 1st July it was 16.5M...

Pardon my ignorance Rigano old bean but how the fuck can you possibly know that?

 

Edit: it's in the report.

 

 

Transfer of funds from group to company.

[RUL]

I'm guessing the difference is the loss for last year is counted towards balance as of 1st July 2013.

 

Frightening accounts.

[Tord31]

not actually as bad as feared when read the headlines

 

900k operating loss not suprising with poor season

the rest is interest on debt

 

deliver success on park and everything else will follow

[a don in oz]

fuck off, how the fuck can we lose money attendances vare up and payrolls down, some cunts on the take

 

Maybe read it first. It's the report to end of June 2013. Attendances were down and the wage bill was up.

[Dynamo]

Hardly a surprise. No good cup runs, 7k crowds, thank you Craig Brown.

 

This year will hopefully be much better. Crowds are averaging at about 12k? so far. In the semis of a cup.

[Tommy]

Totally expected. The dross served up by Brown

drove people away. The next Annual Report will

make better reading.

[forbesz1903]

if we can crack on and make europe this season, then the report will start making a lot better reading!

[Stoney]

 

Maybe read it first. It's the report to end of June 2013. Attendances were down and the wage bill was up.

attendances up on average.....

 

and playing staff also cut.....

 

but obviously best to check these things before posting and making yourself look stupid

[barassie_afc]

Making the wild assumption that the first rate businessmen that run our club are renegotiating the terms of the bank debt

 

The Bank loans of £10.26 million carry interest at a range of variable rates up to a current maximum rate of 4.01%. The bank

loans are repayable as £560,000 on 31 December 2013, £5,000,000 in quarterly instalments of initially £62,500 commencing

30 September 2013 with a final repayment date of 31 December 2015 and £4,700,000 repayable on 31 December 2017.

[fine-n-dandy]

attendances up on average.....

 

and playing staff also cut.....

 

but obviously best to check these things before posting and making yourself look stupid

That's since this report which was based up until June 2013.

 

 

"The overall turnover fell from £8.337 million to £7.85 million, mainly due to the decline in SPL attendances although that income drop was partly offset by a strong performance on the commercial side of the business.

"Wages increased from £5.018 million to £5.256 million following a number of changes in the structure of the workforce, and combined with our drop in turnover our wages to turnover ratio is higher than we would like at 67 per cent, compared to 60 per cent in the previous year. Indications are that this will come back into line with our 60 per cent or below expectation levels in the year ended 30 June 2014 as a result of stronger trading performance to date."

[Stoney]

That's since this report which was based up until June 2013.

 

 

"The overall turnover fell from £8.337 million to £7.85 million, mainly due to the decline in SPL attendances although that income drop was partly offset by a strong performance on the commercial side of the business.

"Wages increased from £5.018 million to £5.256 million following a number of changes in the structure of the workforce, and combined with our drop in turnover our wages to turnover ratio is higher than we would like at 67 per cent, compared to 60 per cent in the previous year. Indications are that this will come back into line with our 60 per cent or below expectation levels in the year ended 30 June 2014 as a result of stronger trading performance to date."

 

Our attendances are up on the last two seasons............Even taking into account that some of those were free U-12 tickets there is no way that those could be attributed to such a dramatic decline as AFC are suggesting.

 

Changes in structure usually lead to a lower wage bill not a higher one.

 

Seems our club are still working to the "what might happen budget" rather than working out the worst case scenario.

[fine-n-dandy]

Someone with money should pay off our debt & accept the clubs payments at the same rate we're currently paying the bank but without a good percentage of it being wasted on interest.

That would be a kind gesture.

 

Would see the debt reduce quite dramatically over the years also & would see that person earning a lot of respect from the fans.

 

If any of us fans had say £50m in the bank. We'd happily pay off the debt to get rid of the interest payments & accept a basic half mil a year repayment (no interest) to clear the debt. Well I would anyway cos with that much cash in the bank, do you really need to earn interest on it?

[Stoney]

Also the claim that playing staff only down by two, wonder how many of those are being topped up by kids coming through the ranks at a lower wage, or we will see a huge difference in the next set of accounts?

 

Out

Milsom, Megginson, Rae, Paton, Fallon, Osbourne, Twardzik, Naysmith, Brown, Brown, Hughes, Mackie, Folly, Ukechi, Chalali, Mawene, Fyvie, Grimmer and Fraser

 

19 Players out (including naysmith who was signed in that period)

But only 9 players in (including Shankland who is a youth player)

 

Wylde, Robson, Flood, Weaver, Zola, Reynolds, Hayes, Mcginn + hector on a free loan.

[spamspamspam]

 

Our attendances are up on the last two seasons............Even taking into account that some of those were free U-12 tickets there is no way that those could be attributed to such a dramatic decline as AFC are suggesting.

 

Changes in structure usually lead to a lower wage bill not a higher one.

 

Seems our club are still working to the "what might happen budget" rather than working out the worst case scenario.

 

 

Average attendance 2011/12 - 9296

Average attendance 2012/13 - 8510

 

Figures may be wrong stoney but thats what I've found anyway and I think that shows a decline in attendances, doesnt it?

[Stoney]

 

 

Average attendance 2011/12 - 9296

Average attendance 2012/13 - 8510

 

Figures may be wrong stoney but thats what I've found anyway and I think that shows a decline in attendances, doesnt it?

 

Different than the ones i found last night lemmie go check

[fine-n-dandy]

 

 

Average attendance 2011/12 - 9296

Average attendance 2012/13 - 8510

 

Figures may be wrong stoney but thats what I've found anyway and I think that shows a decline in attendances, doesnt it?

& we're currently sitting just under 8k for this season on ST's so next season's average should be a lot higher (maybe even 10k +) if things keep going as well.

[Stoney]

 

 

Average attendance 2011/12 - 9296

Average attendance 2012/13 - 8510

 

Figures may be wrong stoney but thats what I've found anyway and I think that shows a decline in attendances, doesnt it?

 

 

2012-2013: 9,611 (Premier League)

2011-2012: 9,296 (Premier League)

2010-2011: 9,072 (Premier League)

[spamspamspam]

 

 

2012-2013: 9,611 (Premier League)

2011-2012: 9,296 (Premier League)

2010-2011: 9,072 (Premier League)

 

Not saying wrong or right stoney but if those are just prem league figures then the LC and SC could be the ones dragging the overall down...

[spamspamspam]

Gate receipts

2013 - £2196000

2012 - £2412000

Down £216000

Sponsorship & advertising

2013 - £938000

2012 - £988000

Down £50000

Broadcasting rights

2013 - £1321000

2012 - £1663000

Down £342000

Commercial

2013 - £3188000

2012 - £3077000

Up £111000

Other operating revenue

2013 - £207000

2012 - £197000

Up £10000

Not just the gate receipts but also the sponsorship (Doncaster partly to blame IMO with his constant talking down of the SPL in general making it harder to sell sponsorship) and advertising (downturn in gates and shite results will have an effect on advertising)

Broadcasting rights, we all saw how fucking pathetic Doncaster was with this as well.

Around 500K lost due to Doncaster trying like fuck to place 'The Rangers' straight into the SPL and all his crap in the press about the quality of the league and how it wont survive without a club that plays in blue and is based in Glasgow in the top flight with a bit more gone due to shite fitba and lower gate receipts.

[barassie_afc]

I was concerned about the debt, after reading this am not so bothered

 

http://www.aberdeenbusinessnews.co.uk/item/2866-bank-of-scotland-supports-stewart-milne-group-with-225m-finance-facility

[fine-n-dandy]

I was concerned about the debt, after reading this am not so bothered

 

http://www.aberdeenbusinessnews.co.uk/item/2866-bank-of-scotland-supports-stewart-milne-group-with-225m-finance-facility

I've always been a little concerned about it but after reading this thread http://www.afc-chat.co.uk/forums/index.php?showtopic=35066

I have realised it's not worth worrying about because the Whole Country is fucked anyway & football will be fkd in a couple of seasons anyway.

 

We may as well just borrow more while we still can

[barassie_afc]

Indeed , I have just bought 300 tins of beans. I guess of the BOS is taking such a huge punt on Milne Group then I can assume they wont be battering our door down too quickly re the debt we owe. However it does smell somewhat of Murray's tenure

[fine-n-dandy]

Indeed , I have just bought 300 tins of beans. I guess of the BOS is taking such a huge punt on Milne Group then I can assume they wont be battering our door down too quickly re the debt we owe. However it does smell somewhat of Murray's tenure

 

 

Beans.

Fuck that.

I bought a massive stock pile of various guns & ammo & a fishing rod & tent.

Sorted

[Tord31]

about that time of the year