Annual accounts released (Accounts added, post 135)

[hibee92]

http://www.hibernianfc.co.uk/news/20...262950_2985856

[NYHibby]

The AGM is on 10 December at 19:00.

That is good timing for me. I get back from Germany the night before and leave on Friday morning to go to America for a month. I was expecting to miss the AGM.

[hibs0666]

Goes to show both that the club does not have a pot to piss in, and the importance of reaching the cup final in maintaining the level of income.

[1875HFC]

pretty poor financial year to be expected from the footballing season we had last year but we have opportunity to turn it around this year.

Need all those who can afford to buy half season tickets and merchandise to do so.

In the grand scheme of things could be alot worse, not many businesses are making huge profit at the moment, think the tache has it all under control

[Sergey]

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The AGM is on 10 December at 19:00.

That is good timing for me. I get back from Germany the night before and leave on Friday morning to go to America for a month. I was expecting to miss the AGM.

How often do these things take place?

[CropleyWasGod]

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How often do these things take place?

Um... the clue is in the word "Annual"....

[1875HFC]

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How often do these things take place?

"Annual General Meeting" might provide some clues...

[NYHibby]

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How often do these things take place?

Annually, hence the name

Am I missing the joke?

[PatHead]

Think you two have just experienced a whoosh moment

[CropleyWasGod]

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Think you two have just experienced a whoosh moment

I'm sorry, I'm just not used to journalists asking incisive questions.....

[Pretty Boy]

Actually better than i thought if I'm honest.

Hopefully this year sees improvement with a better league position, another good SC run and not having to spend a small fortune paying people who are no longer required by the club or paying off their contracts.

[Mikey]

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pretty poor financial year to be expected from the footballing season we had last year but we have opportunity to turn it around this year.

Need all those who can afford to buy half season tickets and merchandise to do so.

In the grand scheme of things could be alot worse, not many businesses are making huge profit at the moment, think the tache has it all under control

[Ozyhibby]

Could have been a lot worse. Debt of £6.4m is manageable. Hopefully improved performances on the pitch can bring back the fans to Easter Road.

[JimBHibees]

Given how horrific the season actually was it no doubt could have been worse though the final was an unexpected boost, game apart.

[brog]

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Goes to show both that the club does not have a pot to piss in, and the importance of reaching the cup final in maintaining the level of income.

I agree your point re the Cup Final but I'm sitting with the a/c's in front of me & i believe our club is inherently healthy. Certainly I think we're in a far better financial position than our rivals in SPL with possible exception of Celtc. The detail does however confirm to me the importance of having a strong team on the park as well as sound economics & great infrastructure off the park. After finishing 4th in 09/10 we've finished 10th & 11th last 2 seasons. That means we lost approx £1mm in revenue from SPL over these 2 seasons, to put that in perspective that's approx 3,000 season tickets. It's undoubtedly a real dilemma with regard to spend & performance but as I posted on another thread we have a real opportunity this year to finish in top 3 & earn a major windfall while hopefully gates will also continue to improve to match our performances.

[hibbysam]

Can we also remember that this includes the paying off of Colin Calderwood, had we accepted the offer for him in the summer things would have looked a whole lot better than they do.. We also had to pay off a lot of players to get rid and we will also have Osbourne money included in next years accounts

To think we lost less than a million pound with horrendous crowds averaging about 8500 which is now up to over 10000, paying off Calderwood, and many of his duds as well as getting big earners such as GOC off the wage bill I can only see our balance sheet getting so much better!

Also a full house vs Hearts & Celtic as well as crowds just going up and up we should be able to get LG in without damaging our balance sheet too much!

[euansdad]

Not to bad but hope that debt doesn't get any worse

[Fat Penlon]

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Could have been a lot worse. Debt of £6.4m is manageable. Hopefully improved performances on the pitch can bring back the fans to Easter Road.

How much of this is due to Tom Farmer? If any of it then why doesnt he just right it off as an investment to help his team? After all it was his board who appointed the managers that created the mess of the last 2 to 3 years (or more!).

[Part/Time Supporter]

It's a bit better than I thought it would be. The cup run largely offset the decrease in attendance (static turnover). Wage costs were quite low, given the change of manager and the addition of several players (mostly on loan) in January. I think they will be lower again this year because (hopefully) there won't be a change of manager and there isn't as much dead wood in the squad IMO.

[ancienthibby]

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Could have been a lot worse. Debt of £6.4m is manageable. Hopefully improved performances on the pitch can bring back the fans to Easter Road.

Except it's not!!

The statement says the £6.4m is Net Debt, meaning that cash in the bank is netted-off against Gross Debt.

The Cash in the bank will be Season ticket sales purchased by 31 July, so I'd imagine the Net Debt may be adjusted upwards by up to £2 million.

Changes the analysis quite a bit when Gross Debt is more than turnover!!

[jonny]

Could someone with accounts give a breakdown of what the actual debts are.. i.e bank loans, mortgages etc...
That would probably give a fairer idea of where we're at. There's a big difference being 6 million in debt if it's in mortgages that are paid on a monthly basis and are generally being reduced as opposed to being 6 million in debt due to unpaid credit accounts / tax bills

[Part/Time Supporter]

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How much of this is due to Tom Farmer? If any of it then why doesnt he just right it off as an investment to help his team? After all it was his board who appointed the managers that created the mess of the last 2 to 3 years (or more!).

By that logic, would it be fair for Farmer to take a cheeky wee dividend when his board gets something right?

[Phil MaGlass]

simple pay the 150k for Leigh sell him for a couple of million and bobs yir uncle 30% debt gone.

[Ozyhibby]

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Except it's not!!

The statement says the £6.4m is Net Debt, meaning that cash in the bank is netted-off against Gross Debt.

The Cash in the bank will be Season ticket sales purchased by 31 July, so I'd imagine the Net Debt may be adjusted upwards by up to £2 million.

Changes the analysis quite a bit when Gross Debt is more than turnover!!

Fair enough, was only going by the figures as presented. It's clear that we need to return to profit quickly in order to reduce the debt and that it would also help if East Mains could produce a player of saleable value.
Still think that the figures are not as bad as they could have been.

[Part/Time Supporter]

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Could someone with accounts give a breakdown of what the actual debts are.. i.e bank loans, mortgages etc...
That would probably give a fairer idea of where we're at. There's a big difference being 6 million in debt if it's in mortgages that are paid on a monthly basis and are generally being reduced as opposed to being 6 million in debt due to unpaid credit accounts / tax bills

£6.5 million is in two mortgages, which aren't due for repayment until at least 2020 IIRC. Those were taken out when Hibs built the West Stand; the East Stand was funded by using the cash balance built up by selling players. Last year there was also a £1.5 million loan from the holding company, which is funds from Farmer. Gross debt will be about £8 million, with about £1.5 million sitting as cash at the year end date (season ticket sales). £8 million gross debt - £1.5 million cash = £6.5 million "net debt".

Before anyone asks, that does not mean that Hibs have £1.5 million sitting there now. Normal football clubs (ie anyone except Hearts) take their season ticket money in and build up a cash balance during the summer, then use that for their running costs during the season.

[blackpoolhibs]

still not great, but much better than I thought they'd be.

[TrinityHibs]

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Can we also remember that this includes the paying off of Colin Calderwood, had we accepted the offer for him in the summer things would have looked a whole lot better than they do.. We also had to pay off a lot of players to get rid and we will also have Osbourne money included in next years accounts

To think we lost less than a million pound with horrendous crowds averaging about 8500 which is now up to over 10000, paying off Calderwood, and many of his duds as well as getting big earners such as GOC off the wage bill I can only see our balance sheet getting so much better!

Also a full house vs Hearts & Celtic as well as crowds just going up and up we should be able to get LG in without damaging our balance sheet too much!

Average league attendance last season was 9909. The season before we averaged 11,673. This year we have averaged 10,468 to date although the figures are on the up. This seasons figure will be skewed as we are missing 2 games with Sevco and had a relatively poor first derby of the season due to the cup final hangover.

We are in a better place this year and hopefully can get a another cup run this year by launching the beggars in a fortnight.

[HibbyRod]

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£6.5 million is in two mortgages, which aren't due for repayment until at least 2020 IIRC. Last year there was also a £1.5 million loan from the holding company (funding from Farmer). Gross debt will be about £8 million, with about £1.5 million sitting as cash at the year end date (season ticket sales). £8 million gross debt - £1.5 million cash = £6.5 million "net debt".

Before anyone asks, that does not mean that Hibs have £1.5 million sitting there now. Normal football clubs (ie anyone except Hearts) take their season ticket money in and build up a cash balance during the summer, then use that for their running costs during the season.

And presently (or at 31st July) our overall net worth on the balance sheet is c.£13.4 Million ..... is this correct?

[Wembley67]

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Um... the clue is in the word "Annual"....

Agms actually do not have to take place one a year!

[Part/Time Supporter]

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Average league attendance last season was 9909. The season before we averaged 11,673. This year we have averaged 10,468 to date although the figures are on the up. This seasons figure will be skewed as we are missing 2 games with Sevco and had a relatively poor first derby of the season due to the cup final hangover.

We are in a better place this year and hopefully can get a another cup run this year by launching the beggars in a fortnight.

The average was nearer 9500 until it was dragged up by that decider game against Dunfermline, which was a bit of a one-off.