UKIO toiling

[Danderhall Hibs]

Has anyone seen the EEN today? 91% drop in Ukio’s profits.

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

[MB62]

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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]

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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

[Dashing Bob S]

First the injury to Zemmama, then the hooligan element tarnishing our reputation, now this terrible news. How much more can we take?

[Danderhall Hibs]

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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

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]

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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.

How is this absolutely astonishing revelation being received on sickboak?

[Aldo]

Made for great reading. Ripemov has stated all along that the bank UKIOS would cover the debt

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??????

[steakbake]

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]

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]

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How is this absolutely astonishing revelation being received on sickboak?

they're chuffed that the bank made a profit

[poolman]

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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/he...ank.5541712.jp

[Danderhall Hibs]

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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.

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they're chuffed that the bank made a profit

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

[Aldo]

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


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

Swept under a very large carpet me thinks.

[Danderhall Hibs]

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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]

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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]

I've read worse news

[hibs1875aye]

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

[Andy74]

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]

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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]

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]

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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]

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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.

[Moulin Yarns]

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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

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

[lapsedhibee]

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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]

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]

Are the yams not due to pay UKIO £17,000,000 inthe new year?

[ScottB]

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]

There's a few banks in the UK and US who would be happy if their profit dropped by only 91%.

[--------]

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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....

[Heraghty's]

The figures are UNAUDITED.

Does anyone have any AUDITED figures from Ukio?