PDA

View Full Version : Yams UKIO toiling



Danderhall Hibs
11-08-2009, 10:27 AM
Has anyone seen the EEN today? 91% drop in Ukio’s profits.

But they’re not linked to the football club anymore.

MB62
11-08-2009, 10:34 AM
Has anyone seen the EEN today? 91% drop in Ukio’s profits.

But they’re not linked to the football club anymore.

They sponsor them do they not?

Can't see that continuing if this is the case.

poolman
11-08-2009, 10:35 AM
Has anyone seen the EEN today? 91% drop in Ukio’s profits.

But they’re not linked to the football club anymore.



Must be all the money they give the Yams each season to have the privelage of having their name emblazoned over their horrible looking tops

But wait......Its the Yams money already so they dont owe them....ah tae hell wi all that again :greengrin

Dashing Bob S
11-08-2009, 10:36 AM
First the injury to Zemmama, then the hooligan element tarnishing our reputation, now this terrible news. How much more can we take?

Danderhall Hibs
11-08-2009, 10:38 AM
Must be all the money they give the Yams each season to have the privelage of having their name emblazoned over their horrible looking tops

But wait......Its the Yams money already so they dont owe them....ah tae hell wi all that again :greengrin

EEN article clears up the fact that the football club are not affiliated to the Bank. Which obviously means that they are in fact due every single penny back to the Bank and do not owe themselves £40m.

bawheid
11-08-2009, 10:43 AM
EEN article clears up the fact that the football club are not affiliated to the Bank. Which obviously means that they are in fact due every single penny back to the Bank and do not owe themselves £40m.

:eek:

How is this absolutely astonishing revelation being received on sickboak?

Aldo
11-08-2009, 10:57 AM
Made for great reading. Ripemov has stated all along that the bank UKIOS would cover the debt :greengrin

If this is indeed the case and their debt is in the region of 30 million and the court case about taxes etc is true then they are in the keek.

The next few months are going to be interesting. Would they relegate the Yams to the 3rd Division?????? :thumbsup:

steakbake
11-08-2009, 10:57 AM
Can we not have a forum called "The Fax Machine" or something, where various hearts rumours or omens of their demise can be placed until such times as there really is something to laugh about?

Aldo
11-08-2009, 11:01 AM
BS

quality avatar. I bought that DVD from FOPP a few weeks ago. A real blast from the past. Crackin music (Big Country) and the Hibs fans running up the hill.

jabis
11-08-2009, 11:01 AM
:eek:

How is this absolutely astonishing revelation being received on sickboak?



they're chuffed that the bank made a profit :yawn:

poolman
11-08-2009, 11:05 AM
:eek:

How is this absolutely astonishing revelation being received on sickboak?


Complete non-story to all over at Ostrich FC

I'ts actually a bloody good show that in this climate that they've made a profit of 3/6d in the first 6 months of this year


http://www.hmfckickback.co.uk/showthread.php?t=57834


http://edinburghnews.scotsman.com/heartofmidlothianfc/Hearts-chief-Vlad-sees-bank.5541712.jp

Danderhall Hibs
11-08-2009, 11:05 AM
If this is indeed the case and their debt is in the region of 30 million and the court case about taxes etc is true then they are in the keek.

It seems that's all been cleared up. So it says in the story anyway.


they're chuffed that the bank made a profit :yawn:

:hilarious Why? The article states the club have nothing to do with the Bank!

Aldo
11-08-2009, 11:06 AM
It seems that's all been cleared up. So it says in the story anyway.


:hilarious Why? The article states the club have nothing to do with the Bank!

Swept under a very large carpet me thinks.

Danderhall Hibs
11-08-2009, 11:09 AM
Swept under a very large carpet me thinks.

I've just read the Kickback link and I now realise that the EEN is effectively a Hibs fanzine. Why then would "we" have just taken it for granted that the tax bill thing's been sorted?

steakbake
11-08-2009, 11:16 AM
BS

quality avatar. I bought that DVD from FOPP a few weeks ago. A real blast from the past. Crackin music (Big Country) and the Hibs fans running up the hill.

Magic, isn't it? The sound track can be found on the Restless Natives and Rarities cd.

It's was a good film indeed.

Elephant Stone
11-08-2009, 11:21 AM
I've read worse news :agree:

hibs1875aye
11-08-2009, 11:34 AM
Im not a mathemetician or even very good with numbers but isn't a drop in profits of 91% close on catastrophic for a bank that didn't make that much money in the first place?

I'm just glad our sponsors didn't make such a loss on profits and I'm also glad we don't have 10's of millions of debts to start with, before our owners made such a loss in profits.

It's good to be a Hibby :greengrin

Andy74
11-08-2009, 11:34 AM
I tend to agree with them that it is a bit of a non story and also that a profit is a good thing this year for any bank. It has to be said though that they were never likely to have been involved in any of the big loss making areas.

Overall though it does just clarify again that the Romanov Empire is not delivering cash. Far from it. If anything times are going to get worse for his Group.

You may think that some Hearts fans might look at this type of thing and wonder how the debt is ever going to get paid, how annual losses can ever be stopped, and then how the club can actually be grown when its pretty clear that in good times no money was pumped in from the Group and so in bad times it certainly won't be.

Those are the real issues for them as well as all the indications that cash flow continues to be a very major issue indeed.

With little profit in the overall Group the desire to keep finding short term funding will diminish and there's only so much debt facility a struggling bank will give to a Company with no credit viability.

Danderhall Hibs
11-08-2009, 11:42 AM
I tend to agree with them that it is a bit of a non story and also that a profit is a good thing this year for any bank. It has to be said though that they were never likely to have been involved in any of the big loss making areas.

Overall though it does just clarify again that the Romanov Empire is not delivering cash. Far from it. If anything times are going to get worse for his Group.

You may think that some Hearts fans might look at this type of thing and wonder how the debt is ever going to get paid, how annual losses can ever be stopped, and then how the club can actually be grown when its pretty clear that in good times no money was pumped in from the Group and so in bad times it certainly won't be.

Those are the real issues for them as well as all the indications that cash flow continues to be a very major issue indeed.

With little profit in the overall Group the desire to keep finding short term funding will diminish and there's only so much debt facility a struggling bank will give to a Company with no credit viability.

The 2 games in Europe against that team from Croatia will balance the books. And of course "splitting the Old Firm" will take them into profit.

qiut
11-08-2009, 11:47 AM
So who exactly do Hearts owe the £30 million to

and

Any ideas on interest payments?

if its UKIOu, I would think its more than 1.1 million, which was made in profit.

Confused

Andy74
11-08-2009, 12:21 PM
So who exactly do Hearts owe the £30 million to

and

Any ideas on interest payments?

if its UKIOu, I would think its more than 1.1 million, which was made in profit.

Confused

As far as I am aware the debt facility is with Ukio, the Bank.

It's probably strictly true to say that there are no links because the club is owned, in terms of shares, by UBIG but the reality is that when you owe somebody more than you own in assets then your ass is pretty much theirs and you are then their bitch.

Heats have probably paid more in interest payments than Ukio have made in profit but there are aslo costs to the Bank in providing finance. They need to pay for the money in the first place so margins will have een well hit as they no doubt have to access in the wholesale market as opposed to from their own deposits. There will also have been losses from write offs that eat into any positives from interest in.

sam armstrong
11-08-2009, 12:37 PM
So who exactly do Hearts owe the £30 million to

and

Any ideas on interest payments?

if its UKIOu, I would think its more than 1.1 million, which was made in profit.

Confused

Hearts pay Ukio over £2m and rising in interest payments. Given that their turnover is under £10m that leaves under £8m to run the club. £5m of that is for running expenses leaving under £3m for all wages and salaries. Not sustainable although Ukio will be delighted with Hearts interest rate contribution.:thumbsup:

Moulin Yarns
11-08-2009, 12:47 PM
Im not a mathemetician or even very good with numbers but isn't a drop in profits of 91% close on catastrophic for a bank that didn't make that much money in the first place?

I'm just glad our sponsors didn't make such a loss on profits and I'm also glad we don't have 10's of millions of debts to start with, before our owners made such a loss in profits.

It's good to be a Hibby :greengrin

You answered your own question. a drop of £91 leaves them with £9, enough to keep them in bucky till the next giro

lapsedhibee
11-08-2009, 01:17 PM
a drop of £91 leaves them with £9, enough to keep them in bucky till the next giro
Two upsides, then. First, the bottle of Buckfast, obviously. But also, and very importantly in yamland, a 91% reduction in potential tax liability.

greenginger
11-08-2009, 01:41 PM
Did the Ukio not declare a 5million euro or so profit for the first quarter of this year. If the profit for 6 months is only 1.3million there must have been a loss in te second quarter. A trend ?

We done it Dad
11-08-2009, 03:05 PM
Are the yams not due to pay UKIO £17,000,000 inthe new year?

ScottB
11-08-2009, 03:14 PM
The way I always saw it was that Hearts are essentially a cash cow for Ukio Bankas; the club is kept in a state where it is paying punitive interest payments to the bank and so in debt that they are unable to break free.

As long as Hearts are able to keep generating money for Ukio through interest payments they will keep going, though with the recent HMRC issues it may suggest that time is coming to an end.

ancient hibee
11-08-2009, 03:51 PM
There's a few banks in the UK and US who would be happy if their profit dropped by only 91%.

--------
11-08-2009, 04:08 PM
There's a few banks in the UK and US who would be happy if their profit dropped by only 91%.


Aye, but the 9% profit that UKIO's still making is made up of the bank charges on Hearts debt.

And Hearts won't pay their debts until they've been taken to court.... :devil:

Heraghty's
11-08-2009, 04:30 PM
The figures are UNAUDITED.

Does anyone have any AUDITED figures from Ukio? :brokenyam:

--------
11-08-2009, 04:40 PM
The figures are UNAUDITED.

Does anyone have any AUDITED figures from Ukio? :brokenyam:


Audited figures from Ukio?

Does not compute....

Vlad's thinks that an AUDI T's a new sports saloon from the VW subsidiary....

....the one with the T-urbo. :cool2:

Dashing Bob S
11-08-2009, 05:12 PM
Audit's going to take the Inland Revenue to shut down our pink pals.

Don Giovanni
11-08-2009, 06:48 PM
I thought this passage from the EEN was brilliant:

There remains serious doubt about whether it will ever be able to open its branch at 10 Castle Street to the public. Shame. They'll be banking on a decent return on that city centre rent :agree:

It was first supposed to open by the end of March 2007 but it is understood that the company has found it difficult to get a UK bank to back its move into the country. I wonder why?

A bronze plaque was erected at the office in 2007 with the company's name on it and a team of seven members of staff have been working from Castle Street for nearly a year – without any customers. :faf: 7 employees with no customers to serve WTF? Bet they get through a lot of Brasso polishing that bronze plaque all day.

A dedicated UK website was set up for the firm nearly two years ago, featuring the company's logo and a picture of Edinburgh Castle, but it still says: "The website of Ukio Bankas Edinburgh branch is coming soonish or maybe not at all. Still it's a nice photy of the castle, eh?."

Nobody at the company could be contacted today to confirm whether it was still confident about the move into the city. Presumably all 7 staff were too busy serving custo... hang on a minute... :faf:

robinp
11-08-2009, 07:06 PM
I thought this passage from the EEN was brilliant:

There remains serious doubt about whether it will ever be able to open its branch at 10 Castle Street to the public. Shame. They'll be banking on a decent return on that city centre rent :agree:

It was first supposed to open by the end of March 2007 but it is understood that the company has found it difficult to get a UK bank to back its move into the country. I wonder why?

A bronze plaque was erected at the office in 2007 with the company's name on it and a team of seven members of staff have been working from Castle Street for nearly a year – without any customers. :faf: 7 employees with no customers to serve WTF? Bet they get through a lot of Brasso polishing that bronze plaque all day.

A dedicated UK website was set up for the firm nearly two years ago, featuring the company's logo and a picture of Edinburgh Castle, but it still says: "The website of Ukio Bankas Edinburgh branch is coming soonish or maybe not at all. Still it's a nice photy of the castle, eh?."

Nobody at the company could be contacted today to confirm whether it was still confident about the move into the city. Presumably all 7 staff were too busy serving custo... hang on a minute... :faf:

Hmmmmm

I can see a pattern emerging here....

2007
First they brought out this bronze plaque outside a Castle Street office to show the banking world they mean business, not any bronze plaque but a plague which says Ukio Bankas. :greengrin

2008
Then comes the planning application, not any planning application, a proper planning application in brown storetex boxes no less!....This is what a planning application looks like.....

2009
I wonder what they have in store? ....

jgl07
11-08-2009, 07:07 PM
I thought this passage from the EEN was brilliant:

There remains serious doubt about whether it will ever be able to open its branch at 10 Castle Street to the public. Shame. They'll be banking on a decent return on that city centre rent :agree:

It was first supposed to open by the end of March 2007 but it is understood that the company has found it difficult to get a UK bank to back its move into the country. I wonder why?

A bronze plaque was erected at the office in 2007 with the company's name on it and a team of seven members of staff have been working from Castle Street for nearly a year – without any customers. :faf: 7 employees with no customers to serve WTF? Bet they get through a lot of Brasso polishing that bronze plaque all day.

A dedicated UK website was set up for the firm nearly two years ago, featuring the company's logo and a picture of Edinburgh Castle, but it still says: "The website of Ukio Bankas Edinburgh branch is coming soonish or maybe not at all. Still it's a nice photy of the castle, eh?."

Nobody at the company could be contacted today to confirm whether it was still confident about the move into the city. Presumably all 7 staff were too busy serving custo... hang on a minute... :faf:
I am sure that the staff have been redeployed to productive tasks such as maintaining the fax machine. (does anyone else in the world still use fax?), carrying boxes of planning applications for £81 million stands to the city council, and laundering Vlad's finances (sorry underwear).

ancient hibee
11-08-2009, 07:09 PM
Understand that within the set up is a guy who 2 years ago was proclaiming himself as Vlad's property man in Edinburgh and that our property market was just about to take off oops.

jgl07
11-08-2009, 07:11 PM
Understand that within the set up is a guy who 2 years ago was proclaiming himself as Vlad's property man in Edinburgh and that our property market was just about to take off oops.
Are they still trying to offload the former bank premises in St Andrews Square that they were due to turn into a luxury hotel?

ancient hibee
11-08-2009, 07:15 PM
Are they still trying to offload the former bank premises in St Andrews Square that they were due to turn into a luxury hotel?

Their next plan was to sublet it for offices but no takers.They were supposed to have paid £20M(they may still owe that of course)for it so it must be a total dead loss.

brownlies bits
11-08-2009, 07:32 PM
Has anyone seen the EEN today? 91% drop in Ukio’s profits.

But they’re not linked to the football club anymore.

Nothing to worry about Hobo Lies ; Keekback :grr:



3 words come to mind OSTRICH SAND ********S :agree:

jgl07
11-08-2009, 09:23 PM
Has anyone seen the EEN today? 91% drop in Ukio’s profits.

But they’re not linked to the football club anymore.
UKIO are obviously nothing to do with Hearts which is why their name is emblazened across their shirts. Not to mention being in hoc to them for £30 million plus, £19 million of which is repayable shortly.

Mind you Hibs have their own problems. A psoter on Huntthepeado,com has hinted that Whyte and McKay are on the verge of pulling the plug on Hibs!

Iain G
11-08-2009, 10:04 PM
I am sure that the staff have been redeployed to productive tasks such as maintaining the fax machine. (does anyone else in the world still use fax?), carrying boxes of planning applications for £81 million stands to the city council, and laundering Vlad's finances (sorry underwear).

The SFA and Barry Ferguson still use fax machines, to great comic effect :greengrin

Danderhall Hibs
12-08-2009, 07:47 AM
Mind you Hibs have their own problems. A psoter on Huntthepeado,com has hinted that Whyte and McKay are on the verge of pulling the plug on Hibs!

Oh no - we're leaving it late to get a new shirt sponsor then.

HibeeB
12-08-2009, 08:27 AM
Audited figures from Ukio?

Does not compute....

Vlad's thinks that an AUDI T's a new sports saloon from the VW subsidiary....

....the one with the T-urbo. :cool2:

Introducing the new comedy, father and son act from Ukio.............










Audit and daudit.

Jack
12-08-2009, 12:00 PM
The way I always saw it was that Hearts are essentially a cash cow for Ukio Bankas; the club is kept in a state where it is paying punitive interest payments to the bank and so in debt that they are unable to break free.

As long as Hearts are able to keep generating money for Ukio through interest payments they will keep going, though with the recent HMRC issues it may suggest that time is coming to an end.

I’m not sure if that is right although I'm sure it is, if you know what I mean.

I seem to remember a couple of years ago the bank letting the yams off with a couple of million quid interest, as a ‘gesture of goodwill’. More likely it kept them under the maximum debt they were allowed to incurr. There were also a couple of loans at below the market rate mentioned in dispatches although there were others where the rate seemed a little high. Last year we also had the debt for equity scam.

I’m sure something, which will obviously avoid the payment of tax (at least until HMRC find out about it), will be done to help them through the payment of this £17M they are due but where the hell its going to come from is anyone's guess.

With this tiny bank, which operates in a highly volatile (currently even more depressed than our own) market, still posting profits the yams is the only place this can be coming from. Hard currency, yampounds, is all this lot seem to be getting in at the moment.

This, and the MadOne proclaiming he’d trousered £15M from the yams over the past few years makes me glad I’m just a simples Hibby.