Romey 1878 Posted January 30, 2014 Report Share Posted January 30, 2014 http://www.evertonfc.com/news/archive/2014/01/30/everton-announce-financial-results It'll be interesting to see if these positive figures result in greater backing for the manager... Quote Link to comment Share on other sites More sharing options...
Louis Posted January 30, 2014 Report Share Posted January 30, 2014 Chairman's statement describes Phil Neville as a "legend". I wouldn't go that far. Official site: The Club made an operating profit of £0.7m before player trading, compared to a loss of £6.4m in the previous 12 months. There was also a small decrease in borrowings for the period of £0.7m, and a decrease in other operating costs from £22.7m to £21.8m. PDF file: The Group meets its day to day working capital requirements through an overdraft facility and a bank loan. the exact level and terms of the [overdraft] facility [are] to be reviewed at the end of each football season . The Directors have considered the uncertainty surrounding the renewal of the facilities and other inherent uncertainties and, in the event that they would be required, have identified a number of potential mitigating actions to manage any resulting forecast shortfall against current facilities including the ability within the industry to securitise additional future guaranteed revenues and flexibility around player trading. Based on the mitigating actions referred to above and the comfort obtained from their bankers, the Directors have a reasonable expectation that the Group will have adequate resources to continue in operational existence for the foreseeable future. Positives: Income from "Gate receipts and programme sales", "Broadcasting", "Sponsorship, advertising and merchandising," "Catering" and "Other commercial activities" have all increased. Bank overdraft down from £12.5m to £3.8m (presumably from sale of players) Still have a competitive squad Negatives:Other borrowings increased by £4.9m from £14.9m to £19.8m Other loans also include £12,868,000 (2012: £14,000,000) secured by legal charges over the Company’s guaranteed Premier League broadcast revenues. This loan incurs interest at a rate of 8.8% and was repaid in August 2013. The group has obtained further funding post year end as described in note 1. Note 1: because of the predictable nature of football club revenue streams, the Group has obtained further funding post year end through the securitisation of future guaranteed revenues, as is common industry practice, and as it has done in the past. This funding replaced an existing loan and is repayable in August 2014. So, in other words, the £12.868m loan to cover the overdraft was renewed after 5 April 2013 ( I posted the details on here somewhere) and because other clubs do it, its deemed ok. In short, the amount borrowed has increased to cover the rising cost of maintaining the club. There'll probably be a more detail review on Toffeeweb in the coming days. There's nothing particularly remarkable about the accounts. Quote Link to comment Share on other sites More sharing options...
Hafnia Posted January 30, 2014 Report Share Posted January 30, 2014 Chairman's statement describes Phil Neville as a "legend". I wouldn't go that far. Blimey if Phil Neville qualifies as legendary status then maybe there needs to be a new category for the likes of:- Dean, Southall, Ratcliffe, Ball, Kendall, Harvey, Labone, Hickson, Sagar, plus many more "worthy" of an accolade higher than that of an average player who made it clear who his club was... Romey 1878 and marcus jones 2 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.