DST News

Trust View on AFC Accounts

DST News,News
Aberdeen Football club recently announced their trading results for the year ended 30 June 2011. The AFC  Trust board have prepared a brief summary of the main points which can be seen below.
For the year to 30th June 2011 the company had a net loss of £2,116,000.
The operating loss was £1million (before depreciation, interest and amortisation) which reduces to £589,000 after adjusting for the £411,000 payoff to the previous management team.
Turnover has increased by 5.8% from £7.053 million to £7.462 million (mostly due to TV money on reaching two cup semi finals)
In operating costs the staff costs were up by £460,000 but this included the £411,000 payoff.
The total debt has increased by £1.8million from £13.8 million to £15.6 million.
Stewart Milne Group and Aberdeen Asset Management have each put in additional interest free loans of £1.25 million totalling £2.5million.
The bank have been repaid £1.2 million of rolled up interest but the current years bank interest of £.5million has been added to the bank loans. However the interest rates on the new facilities are lower which will provide a cost saving. At the moment the major shareholders are helping fund the Company.
The bank facilities are in place until 28.02.12 and it is hoped that on the strength of the sale of Pittodrie and the continued support of the major shareholders they will be successfully re-negotiated.

Share this