oldskyblue58
CCFC Finance Director
Comments as follows
- Turnover up 700K to 5.4m
- match income up 517k other incomes up 163k
- reduced direct costs by out sourcing things like shop
- operating loss is 1.876m after player sales that becomes 602k profit before deducting interest costs of 2.4m the bottom line is a loss of 1.869m. improvement from 2015 but both years relied on player sales of 2.5m
- commitment to academy apparently 600k
- interest up from 1.37m to 2.47m in part because of withholding tax (£800k - withholding tax runs at 20% so this must relate to £4m in gross interest)
- mentions Wembley then hints Cat 2 Academy might not be sustainable in L2. Academy was said to be fundamental to CCFC. If in doubt surely that impacts on financial future. No agreement or site at date of reports
- accounts going concern relies on a non contractually binding letter from the owners not to call loans in and to source extra funds (worth of such letters have questioned in a recent court case)
- apparently the club will need further funding in the next 6 months
- Balance sheet 43.4m negative. Total creditors 45.7m
- cash flow from all player sales was 2.5m. That's not just Maddison. in 2015 there were 615k expected in add ons. Going forward it is £200k expected
- cost of player purchases per the cash flow £378K per note 8 £278K cant tell which is right
- interest actually paid out other loans £54717 shareholder loans £25k
- new loan we knew about in 2015 received £530k
- cash flow is positive by 626k (2015 was 128k negative)
- total paid out for rent in P&L acc = 491K that would be Ricoh, Higgs, shop and any other
- wages down by £740k because less accrued for Pensions and less National insurance paid but gross wages down 200K to 4.1m
- payments to directors 215k down by 100k
- interest payable on Arvo & Sisu loans 1.45m up from 1.37m. Interest rates seem to be on the new £530k 10% ARVO on 1.75m 11% and on the £6m 19%. No movement in capital on the major loans from ARVO or SISU investors.
Better but still in the mire. I would think that financial "safety" this year has only been achieved because of the recent Wembley windfall. Forget the CT headline. The club made an overall loss and the balance sheet got worse but just at a slower rate than 2015 and before
- Turnover up 700K to 5.4m
- match income up 517k other incomes up 163k
- reduced direct costs by out sourcing things like shop
- operating loss is 1.876m after player sales that becomes 602k profit before deducting interest costs of 2.4m the bottom line is a loss of 1.869m. improvement from 2015 but both years relied on player sales of 2.5m
- commitment to academy apparently 600k
- interest up from 1.37m to 2.47m in part because of withholding tax (£800k - withholding tax runs at 20% so this must relate to £4m in gross interest)
- mentions Wembley then hints Cat 2 Academy might not be sustainable in L2. Academy was said to be fundamental to CCFC. If in doubt surely that impacts on financial future. No agreement or site at date of reports
- accounts going concern relies on a non contractually binding letter from the owners not to call loans in and to source extra funds (worth of such letters have questioned in a recent court case)
- apparently the club will need further funding in the next 6 months
- Balance sheet 43.4m negative. Total creditors 45.7m
- cash flow from all player sales was 2.5m. That's not just Maddison. in 2015 there were 615k expected in add ons. Going forward it is £200k expected
- cost of player purchases per the cash flow £378K per note 8 £278K cant tell which is right
- interest actually paid out other loans £54717 shareholder loans £25k
- new loan we knew about in 2015 received £530k
- cash flow is positive by 626k (2015 was 128k negative)
- total paid out for rent in P&L acc = 491K that would be Ricoh, Higgs, shop and any other
- wages down by £740k because less accrued for Pensions and less National insurance paid but gross wages down 200K to 4.1m
- payments to directors 215k down by 100k
- interest payable on Arvo & Sisu loans 1.45m up from 1.37m. Interest rates seem to be on the new £530k 10% ARVO on 1.75m 11% and on the £6m 19%. No movement in capital on the major loans from ARVO or SISU investors.
Better but still in the mire. I would think that financial "safety" this year has only been achieved because of the recent Wembley windfall. Forget the CT headline. The club made an overall loss and the balance sheet got worse but just at a slower rate than 2015 and before
