2022 Annual Report

[Granite95]

https://d2cx26qpfwuhvu.cloudfront.net/aberdeen/wp-content/uploads/2022/11/18235716/AFC-Annual-Report-2022.pdf

I'll let all the financial experts pick this apart

[super_al]

1 hour ago, Granite95 said:

https://d2cx26qpfwuhvu.cloudfront.net/aberdeen/wp-content/uploads/2022/11/18235716/AFC-Annual-Report-2022.pdf

I'll let all the financial experts pick this apart

How do we compare to Hearts and Hibs in terms of turnover, donations from beneficiaries, wage budget etc...?

[super_al]

Player sales still to be added?

[Dal Riata Don]

Looks like the same as ever: try to win something thereby end up with a significant operating loss (as is now) or, aim to break even and drift into the Championship. 

Funny old world. 

[Dal Riata Don]

4 minutes ago, super_al said:

Player sales still to be added?

I think that would be included in next year's report.

[Crashnyploshnit]

1 hour ago, super_al said:

How do we compare to Hearts and Hibs in terms of turnover, donations from beneficiaries, wage budget etc...?

Hearts turnover was £14.6M ours £13.86M. No figures for Hibs yet.

[Poodler]

44 minutes ago, Crashnyploshnit said:

Hearts turnover was £14.6M ours £13.86M. No figures for Hibs yet.

Makes it even funnier that they get relegated on the regular 😂😂😂

[super_al]

1 hour ago, Crashnyploshnit said:

Hearts turnover was £14.6M ours £13.86M. No figures for Hibs yet.

Yet some are saying we have not counted for player sales and their's includes 4.5 of donations from beneficiaries.

[Guest milne_afc]

Honking. Cormack will sink the club.

[RUL]

2 hours ago, super_al said:

Yet some are saying we have not counted for player sales and their's includes 4.5 of donations from beneficiaries.

Our accounts are grim. Hearts on similar turnover made an operating profit of over £3m. We lost £5m. 
 

We also pocketed a 2.5m insurance refund within these accounts. 

We’ve also made significant investments in recruitment which will be in next years accounts. If we are trading at an operating loss of circa 7m a season then we will be losing another few million next year unless we sell more players, even with Ramsay money and Ferguson. 

Of course this is no surprise. Cormack has openly spoken about how he’s budgeting for losses of around 2m a year. Quite how he managed to double this already and with scope to easily triple these losses, quite incredible actually.
 

The strategy is so risky. You see it with besuijen who we paid a fee for but can’t get anywhere near the team. 

What we are witnessing is someone running a football club who’s likely lost all sense of reality. This is fine if your s billionaire but cormack has a limited supply of money he can put into aberdeen. 
 

Awful accounts. 

[aberdeen1970]

Dreadful set of accounts. 

We need to keep a close eye on Cormack now before he takes the club into bother 

 

[aberdeen1970]

The Donald family put us in a great financial  position a number of years back when they wrote off their debt 

This charlatan will put us in even bigger bother than we were in before that 

 

[aberdeen1970]

24 minutes ago, Roberto said:

Calm doon.

😂

We'll never have cash to build a stadium as we'll be selling players to cover operating losses. 

To put it in perspective the record £4m received for Ramsay will just about cover this year's operating losses 

[Zeus]

Just think of all the % add ons still to come 🤑🤑

[aberdeen1970]

1 minute ago, Zeus said:

Just think of all the % add ons still to come 🤑🤑

Aye, once we get the add on for Ramsay's substitute champions league appearance that will set us up for decades 

[Zeus]

Plus the Miovski add ons 

[Shinniesta]

I assume these figures don't include the sales of Ramsay and Ferguson and the promotion bonus for McKenna which is around £8m+. 

[aberdeen1970]

1 minute ago, Shinniesta said:

I assume these figures don't include the sales of Ramsay and Ferguson and the promotion bonus for McKenna which is around £8m+. 

I don't think they do.  They also won't include any fees we've paid since 30th June either. 

But that doesn't detract from an absolutely abysmal report. 

[The Gee Man]

I think we need to recognise like the public and our own purses we are in strange time with after Covid issues still affecting us. But we surely expected better accounts. The Glass / Brown experiment has been horrendous to bottom line. If I’m another thread JG got 6 out of 10. Then Cormack gets 3

[Guest milne_afc]

4 minutes ago, The Gee Man said:

Then Cormack gets 3

That’s extremely generous. He’s a fucking disaster.

[aberdeen1970]

4 minutes ago, The Gee Man said:

I think we need to recognise like the public and our own purses we are in strange time with after Covid issues still affecting us. But we surely expected better accounts. The Glass / Brown experiment has been horrendous to bottom line. If I’m another thread JG got 6 out of 10. Then Cormack gets 3

Hearts managed to make a £3m operating profit on a similar turnover. 

[NEM]

3 minutes ago, aberdeen1970 said:

Hearts managed to make a £3m operating profit on a similar turnover. 

What’s our wage bill compared to theirs?  Suspect we are paying clowns like Rob Wicks and Gunner far more than they are worth. How much is that hun cunt Ogilvie leaching from the club? 

[Guest milne_afc]

The woman's football thing needs packed up too. I’ve said it for years, Cormack is a danger to the existence of AFC.

[Shinniesta]

5 minutes ago, aberdeen1970 said:

I don't think they do.  They also won't include any fees we've paid since 30th June either. 

But that doesn't detract from an absolutely abysmal report. 

Not sure exactly what we've paid in fees this summer but it'll be a small percentage of the fees we received. You'd expect the next set of accounts to be much healthier once the monies we received for Ramsay, Ferguson and the McKenna promotion bonus are included. But that won't stop the likes of Miovski or Duk being sold after only a season or so here if really good offers come in that's clearly part of the strategy. 

[Bournemouth Gee]

1 minute ago, NEM said:

wage bill

Ramirez, Watkins also away soon too hopefully 

[NEM]

Just reading through the accounts now, Cormack bleating on about investing in the womens side 🙄

Another complete waste of fucking money 

[BaaBaaRedSheep]

Per others these accounts are very, very poor, and reflect extremely badly on the Cormack era.

He may be a sound/lucky businessman in non-related football matters but in the football environment I am most certainly not convinced.

Minimum requirements for the period to June, 2023 are a decent transfer window in January, with particular reference to the defence, and to secure at least 3rd position in the league, and subsequent qualification for Europe. 

Given that I believe both requirements are connected should these fail to materialise then Cormack and Co should be seriously considering their positions. 

[aberdeen1970]

2 minutes ago, Shinniesta said:

Not sure exactly what we've paid in fees this summer but it'll be a small percentage of the fees we received. You'd expect the next set of accounts to be much healthier once the monies we received for Ramsay, Ferguson and the McKenna promotion bonus are included. But that won't stop the likes of Miovski or Duk being sold after only a season or so here if really good offers come in that's clearly part of the strategy. 

You're missing the main point though. 

Transfer fees received are covering operating losses instead of funding the growth of the club. 

If our club record transfer fee doesn't even cover the operating losses for one year then that's not a particularly healthy position. 

 

[aberdeen1970]

2 minutes ago, NEM said:

Just reading through the accounts now, Cormack bleating on about investing in the womens side 🙄

Another complete waste of fucking money 

Aye. 

About 20 pages of pish clearly written by Cormack and signed by the financial guy to try and justify a fucking disastrous performance by Cormack. 

[JakieBastard]

25 minutes ago, aberdeen1970 said:

Hearts managed to make a £3m operating profit on a similar turnover. 

Please stop using Hearts as a comparison. Their accounts included several million pounds worth of donations from some mysterious source (with deep pockets)