I wouldn’t expect next years accounts to show much more profit, if any.
Turnover will hopefully be up again but the wages we’re paying for this squad will also be much higher.
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Thread: Hibs Annual Accounts
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08-10-2018 11:19 AM #31
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08-10-2018 11:24 AM #32This quote is hidden because you are ignoring this member. Show Quote
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08-10-2018 11:26 AM #33This quote is hidden because you are ignoring this member. Show Quote
(but, it's 7 years......)
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08-10-2018 11:38 AM #34This quote is hidden because you are ignoring this member. Show Quote
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08-10-2018 11:57 AM #35
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08-10-2018 11:58 AM #36This quote is hidden because you are ignoring this member. Show Quote
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08-10-2018 12:05 PM #37This quote is hidden because you are ignoring this member. Show Quote
That's another three good first team player salaries covered should we want to add them to the squad...
I would think that with a horizon of just 7 years left on that loan the Club will already be thinking about what new commitments it may wish to plan for - possibly even commence - before the ending of the 7 year term.
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08-10-2018 12:07 PM #38This quote is hidden because you are ignoring this member. Show Quote
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08-10-2018 12:42 PM #40
I've had a quick look at the accounts.
There has been an additional £60k paid on the loan, over and above the usual. The remainder is still repayable at 41,667 per month, " plus any accelerated annual payments which are triggered by the results of the company".
That, to me, suggests that the additional payment is contractual, and not an arbitrary decision made by the Board.
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08-10-2018 12:48 PM #41This quote is hidden because you are ignoring this member. Show Quote
Is there an accompanying letter that says what date the AGM is on?Mon the Hibs.
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08-10-2018 01:01 PM #42This quote is hidden because you are ignoring this member. Show Quote
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08-10-2018 01:07 PM #43
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08-10-2018 01:10 PM #44This quote is hidden because you are ignoring this member. Show Quote
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08-10-2018 01:17 PM #45This quote is hidden because you are ignoring this member. Show Quote
In all seriousness it makes absolute sense, even though it is an interest free loan, to pay it off quicker if we are making a profit as we'll be able to start spending the annual £500k payments on the playing squad sooner.
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08-10-2018 01:24 PM #46This quote is hidden because you are ignoring this member. Show QuoteMon the Hibs.
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08-10-2018 02:06 PM #47This quote is hidden because you are ignoring this member. Show Quote
Did there end up being any truth in the rumour years ago (around the time of the collapse of the TV deals) that if the board was to establish cash reserves of £5m, STF would match it as his final gift to the club?
If true, forgiveness of debt could be factored into that.
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08-10-2018 02:09 PM #48
Once the STF loan (fantastic deal for the club) is paid off we will be in a very, very good place. Exciting times.
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08-10-2018 02:11 PM #49This quote is hidden because you are ignoring this member. Show Quote
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08-10-2018 02:18 PM #50This quote is hidden because you are ignoring this member. Show Quote
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08-10-2018 02:58 PM #51This quote is hidden because you are ignoring this member. Show Quote
It makes sense to tuck away any excess into a savings account or investment fund and continue paying the minimum towards debt repayment (in this instance when there is no interest).
However, it sounds like we've revised the wording in our creditors note to highlight the fact that excess payments were a contractual obligation - so I'd be inclined to assume that's the reason we've paid more than £500K.Mon the Hibs.
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08-10-2018 03:03 PM #52
I've had a look at the accounts now. Other than the edited highlights provided by Rod, I'd mention the following:-
1. HSL contributed £164k during that year. At the end of June, they had 15% of the shares; a further 22% was owned by fans.
2. LD was paid £157k. (for those conspiracy theorists looking in, see Note 1 )
3. on the question of the STF loan, as previously mentioned, we paid £60k over the norm in that year. However, we also seem to be committed to paying an additional £155k in the current year (for those conspiracy theorists looking in..... etc etc.). Presumably, that is a clause in the loan agreement that hasn't been mentioned in the past, as it wasn't relevant.
4. we spent £534k in transfer fees, signing-on fees and agents' fees. There is no breakdown of that.
5. I can't get my head around the income from player sales etc. (Cav - help?) AFAIK, the only income we might have had was add-ons for Cummings.
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08-10-2018 03:07 PM #53
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I noticed that pension contributions are up £58k but only 4 additional employees. That being said Hibs have 100 employees but only spend £100k a year on pensions. That seems a ridiculously low amount. I thought every employer had to provide a pension now? Could it be all the players have opted out and Hibs only offer the rest of the staff the bare minimum? Or I’ve totally misread it.
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08-10-2018 03:09 PM #54This quote is hidden because you are ignoring this member. Show Quote
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08-10-2018 03:11 PM #55
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Also I was not **** stirring or wanted a witch-hunt!
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08-10-2018 03:15 PM #56This quote is hidden because you are ignoring this member. Show Quote
Didn't say you were! It's in the Accounts - page 16.
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08-10-2018 03:18 PM #57
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So if an individual got £42.1k in their pension pot, why are the other 99 employees only getting £58k between them?
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08-10-2018 03:18 PM #58This quote is hidden because you are ignoring this member. Show Quote
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08-10-2018 03:21 PM #59This quote is hidden because you are ignoring this member. Show Quote
This year, they are £55k.
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08-10-2018 03:22 PM #60
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