Finally...the accounts (1 Viewer)

Forums New posts
singers_pore

singers_pore

Well-Known Member
You can download the accounts here.

http://www.ntu.edu.sg/home/cslennox/accounts2010.pdf

I will keep them on there for just a few days so if you want the accounts get them now.

(I posted this before looking at the accounts! The proper accounts including players' salaries are in the next post).
 
Last edited:
Skyblueheff

Skyblueheff

New Member
So correct me if i'm wrong but last year we only lost 100k. Good news, However the not so clever stuff is we are 41million in debt? Hmmm
 
singers_pore

singers_pore

Well-Known Member
No, we lost 5.7m (check out the group accounts). It would have been a lot more if we had not recouped 4.7m from player sales.

Other interesting points:
1. Ranson received a salary of 303K
2. The directors anticipate net player sales over the next 12 months
3. The directors anticipate raising finance through new debt or equity in the next 12 months
 
Marty

Marty

Well-Known Member
On page 12, about staff wages, are they playing or non playing staff or both??
 
Marty

Marty

Well-Known Member
yes the 2nd one works,

The reason I ask about the wages is because it's not an awful lot.

Edit: the 2nd one makes more sense about wages.
 
Last edited:
singers_pore

singers_pore

Well-Known Member
Ignore the first set of accounts. They are the accounts for management services - it's the second set that are relevant to the club as they include the players' wages.
 
bamalamafizzfazz

bamalamafizzfazz

New Member
I have to say the only bits I truly understand is the text section which basically says what they have done and what they intend to do. This sounds like a load of billy to me.

Can anyone give us a conclusion of the main points to be drawn? In short, are we in the shit? and if so, how badly?
 
speedie87

speedie87

Well-Known Member
says net minium payments on agreements post balance sheet date. This means that is minium amount the club had to payout on all transfer agreements entered into between 31/5/10 and 28/04/011 when the accounts were signed off. So this will include Lukas, Platt and anyone else we paid in that period, less any money due to us on anyone we sold in that period.

Worth noting that's minium payment...........could mean there is potential to pay say another £500k!
 
ajsccfc

ajsccfc

Well-Known Member
Ignore me if this is a bit demanding, but can someone with the nous to decipher it all put together a few main bullet points for those of us who are befuddling by all things accounting?
 
speedie87

speedie87

Well-Known Member
i'll go through them after the england match mate.

my degree in accounting might actually come in useful for once!
 
oldskyblue58

oldskyblue58

CCFC Finance Director
Just as a very brief initial analysis ..... want to look at figures properly before I comment in any detail

CCFC is owned by CCFCHoldings is owned by Sky Blue Leisure

CCFC accounts (sorry i dont have know how to post a link) show ....
1) turnover up because of other income - gate income down
2) club made profit of £4.7m on net player sales of £5.8
3) Wages down around £200k compared to previous year but number of employees up from 80 to 94 on average
4) Interest on debts up by over £300k - borrowings from 3rd parties are £2.6m (ie not SISU)
5) Overall losses are down by £4.6m due to the profits on sales of players - excluding those profits we have saved approx £900k in terms of operating losses - without player sales we lost £7.4m (2009 £8.3m)
6) debts to other group companies decreased by £300k in year i.e They relied on the player sales to pay the bills. No new funds from Parent company in year in fact £300K was repaid to CCFC Holdings
7) CCFC ltd has £46m more liabilities than assets (of which £44m is owed to other group members)

Coventry City Holdings
1) made a loss of £110k compared to £7m in previous year (loss in last year due write off of £7m debts from CCFC Ltd)
2) is holding company for CCFC and owes other group companies £40m

Sky Blue Leisure
1) owns CCFC Holdings and therefore CCFC ltd
2)Has more assets than liabilities as a group of £8m down from £12m previous year
3) has written off £1m in respect of the costs of option to buy stadium. - implies it wont happen any time soon
4) SISU put a further £700K into the company in the year and are now owed £24m (was £23.3m in 2009)

Overall the auditors have serious concerns about whether the group can secure future finance to support its activities. They dont say it is not a going concern but do point out it relies on there being new funding.

Hope that helps for now

OSB
 
Last edited:
speedie87

speedie87

Well-Known Member
anyone got a link to ccfc accounts? i can only see the holding company and the parent company links on this thread.
 
Last edited:
Disorganised1

Disorganised1

New Member
We're still in the shit, but the diarrohea has stopped.
 
oldskyblue58

oldskyblue58

CCFC Finance Director
ok ask yourselves this

1) what major transfer fees did we receive in the year to 31/05/2011 - answer not a lot (2010 £6m with profit of £4m+)
2) was the average gate up or down in 2011 compared to 2010, was income likely to be up ?
3) what were the significant cost savings year to 31/05/2011?

we still have very significant problems. Think we can expect 2011 accounts to show large losses say £7m and SISU or parent company introducing significant funds to pay day to day bills.

All the accounts confirm is what we all knew. We make large losses each year that are funded by player sales if possible or by money invested by the owners (who are reluctant to keep doing that). We are living beyond the means of the club and unless fresh investment is found we are in trouble. We wont buy the ground in the next twelve months and the directors will sell players if required to keep the club afloat.
 
Last edited:
oldskyblue58

oldskyblue58

CCFC Finance Director
Been looking at the Sky Blue Leisure Accounts.

Note 16 Borrowings ........ lists the amounts provided by the funds managed by SISU £24,099,055 as repayable within 1 to 2 years of the balance sheet date (the amount due to SISU loans is confirmed in note 15)

Not sure what to make of that because that implies that by 31/05/12 those loans will be repaid. Of course SISU could defer repayment further and may well do. But if here for long term why are these loans not of longer repayment periods? Is it simply the terms of investment that will need to be renegotiated? Or does it point to their intentions for the club/group?
 
sky blue john

sky blue john

Well-Known Member
The only thing I noticed that I don't think anyone has mentioned. We don't have any sell on fees in place for example Scot Dann I maybe wrong but thats how I read it.
 
E

egastap

New Member
singers_pore said:
No, we lost 5.7m (check out the group accounts). It would have been a lot more if we had not recouped 4.7m from player sales.

Other interesting points:
1. Ranson received a salary of 303K
2. The directors anticipate net player sales over the next 12 months
3. The directors anticipate raising finance through new debt or equity in the next 12 months
Click to expand...

I'm no expert by any means on accounting, but from what I read in the accounts, my take on the directors salary is there were three directors who were paid 303k. Am I misinterpretting something? I'm an Engineer not a bean counter, so I could be way out in left field on this.
 
S

skyblu3sk

Well-Known Member
Doesn't the accounts normally give a share breakdown too or am I dreaming? would have been good to see just how deep in brody is...
 
G

Godiva

Well-Known Member
oldskyblue58 said:
Been looking at the Sky Blue Leisure Accounts.

Note 16 Borrowings ........ lists the amounts provided by the funds managed by SISU £24,099,055 as repayable within 1 to 2 years of the balance sheet date (the amount due to SISU loans is confirmed in note 15)

Not sure what to make of that because that implies that by 31/05/12 those loans will be repaid. Of course SISU could defer repayment further and may well do. But if here for long term why are these loans not of longer repayment periods? Is it simply the terms of investment that will need to be renegotiated? Or does it point to their intentions for the club/group?
Click to expand...

Actually that makes a lot of sense to me.
First - When the loan is due SISU will adjust the interest rate to protect the value of the loan.
Second - Should new investors come in with a substantial amount (without buying out SISU completely) the loan can be converted to shares (equity) and thereby help keeping SISU in control.
 
oldskyblue58

oldskyblue58

CCFC Finance Director
First off keep in mind that SISU manage the investment funds - they may be investors in the funds but not necessarily- investors look for some repayment on investment. SISU's speciallity is taking ailing companies via their investment funds and selling them on for a profit

SISU dont charge interest at the moment but can always change that as per terms of loans provided. Being short term allows for a renegotiation of terms and that might mean interest being charged. That wont help things at all at CCFC but isnt unreasonable by SISU

Why convert the loan to shares ? To keep control all they have to do is sell only enough of the current 13k + shares in issue that still gives them the control. If they capitalise the loan then they increase their own risk because share capital is the last item paid out on dissolution. Also should we actually be successful and get to the premiership it would mean monies invested in shares are locked in but whereas a loan could be withdrawn if funds available. Plus there is no prospect of dividends being payable for a few years but interest on loans can be

Think the original deal was set up with a view to the SISU investment being here for 5 years max and thats why the loans are repayable next year. Nothing underhand in that by SISU that was how the deal was set up.... and lets be honest as yet they havent earnt from it. My concern is what happens next year when the loan term comes to an end, when say some of the investment funds want their money back ? What the Board and SISU are doing right now in finding new investors to spread the risk and to repay loans is crucial to our survival. Everyone assumes new investors means new funds for the team ..... but does it ? Any sale of shares brings money to the investment funds not necessarily to the SBS&L Group (certainly not to CCFC)

Perhaps I am being overly pessimistic in my assessment but are those concerns unreasonable given the comments I made earlier regarding current losses etc. Why would another investor actually invest in CCFC? ....... I can see the arguement for ACL and the stadium..... but the football club ? It all just reinforces, despite the Boards work in controlling finances, that we are still deep in the mire.
 
Last edited:
K

kevinleftpeg

New Member
to summarise simply;

Our revenue streams are not even close to what our operating costs are, and that is being very polite.
The Business model is devoid of any fiscal accumen.
You would be more successful opening a Children's Nursery & calling it 'Paedo Creche Palace'
Without premiership asap we are doomed without a wealthy donor.
Players need to be rewarded for success not paid vast sums purely for their signature.
This lunacy cannot be sustained & not just at CCFC.
The accounts are a complete joke & us fans need to understand how serious it all is.
 
oldskyblue58

oldskyblue58

CCFC Finance Director
No skyblu3sk thats the annual return - list of members which is a seperate document. No requirement to put who actually owns what shares in the accounts only the total issued. Is available from Company House.
 
You must log in or register to reply here.

Users who are viewing this thread

Total: 2 (members: 0, guests: 2)
Top