?22.9m net debt - a further ?2.9m will be required during the 2010-11 season to survive
(and f**k the f**k off cricket)
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Today Norwich City Football Club released their accounts for the financial year, which ended on May 31, 2009.
Key points of note:
- Sales revenue was down to ?18.2m (?19.2m 2008) largely due to reduced Football League income
- Loss after taxation increased to ?5m (loss ?2.3m 2008) driven by fall in sales revenue and lower gains on player sales of ?0.9m (?3.5m 2008)
- Net indebtedness increased to ?22.9m (?18.8m 2008)
- Club received cash injection from Directors of a further ?3.1m
- Directors negotiated further securitisation and banking facilities from Axa and Lloyds Banking Group until at least the end of 2009/10 season
- Board confirmed therefore it is not necessary nor its intention to sell any leading players in the current transfer window, furthermore, the Board is attempting to strengthen the squad with the support of its lenders.
- Board has appointed leading financial sport experts Deloitte as advisors. In addition international property consultants King Sturge have been appointed to advise on property matters.
- Although cash forecasts show the Club can operate within existing banking facilities until the end of the current season, a further ?2.9m will be required during the 2010-11 season either through additional funds coming into the Club or further deferment of interest and capital payments to lenders.
?m
2009
?m
2008
Revenue 18.2 19.2
Trading cost of Sales (13.0) (14.2)
Football Expenditure (10.5) (9.6)
Operating Loss (4.1) (1.2)
Interest (1.6) (1.6)
Tax 0.6 0.5
Loss after Tax (5.0) (2.3)
EBITDA* (0.8) 1.9
Net Debt 22.9 18.8
City Chairman Alan Bowkett said: "As we forecasted, trading in 2009 was difficult. I am pleased to say that we are operating within forecast for the current season. Naturally, we have had to undertake substantial restructuring decisions. What is particularly pleasing is the support of AXA, Lloyds Banking Group and our significant shareholders."
"However there remain balance sheet matters which need to be addressed.
"We have full financing facilities until at least the end of the season, time to address our balance sheet issues with top class advisors and we have meritorious business models going forward where we are cash positive both in League One and the Championship, which is of course where we aim to be as soon as possible."
* Earnings before interest, tax, depreciation and amortisation
Posted By: Ralf Scrampton on January 7th 2010 at 16:05:26
Message Thread
- ?22.9m net debt - a further ?2.9m will be required during the 2010-11 season to survive (NCFC) - Ralf Scrampton, Jan 7, 16:05:26
- Lets sell Lambert (n/m) (NCFC) - Charles21, Jan 7, 16:13:58
- ?3m from Burnley, job done (n/m) (NCFC) - conker, Jan 7, 16:23:47
- get some loanees in (NCFC) - Tombs, Jan 7, 16:25:00
- maybe we could get a loanee manager in... (n/m) (NCFC) - Ralf Scrampton, Jan 7, 16:29:10
- a loanee hotel manager (NCFC) - Tombs, Jan 7, 16:30:43
- maybe we could get a loanee manager in... (n/m) (NCFC) - Ralf Scrampton, Jan 7, 16:29:10
- get some loanees in (NCFC) - Tombs, Jan 7, 16:25:00
- and the hotel (n/m) (NCFC) - Tombs, Jan 7, 16:22:41
- we don't own the hotel (NCFC) - Ralf Scrampton, Jan 7, 16:24:48
- maybe edge it back aboout 50 metres then and pop an infill in then? (NCFC) - Tombs, Jan 7, 16:28:04
- we don't own the hotel (NCFC) - Ralf Scrampton, Jan 7, 16:24:48
- ?3m from Burnley, job done (n/m) (NCFC) - conker, Jan 7, 16:23:47
- I just can't be arsed to read anything about the debts (NCFC) - duke of york, Jan 7, 16:07:06
- Agreed (n/m) (NCFC) - 1morepost4jame_sward, Jan 7, 17:37:55
- agreed, couldn't give two hoots (NCFC) - Charles21, Jan 7, 16:13:11
- i've never ever heard anyone ever give two hoots about anything (NCFC) - Tombs, Jan 7, 16:16:16
- hoot hoot (NCFC) - Charles21, Jan 7, 16:19:50
- Don't make him angry. You wouldn't like him when he's angry (n/m) (NCFC) - yarmyyarmy, Jan 7, 16:23:51
- I made him angry once (NCFC) - duke of york, Jan 7, 16:25:38
- ^^^^ he's spot on (n/m) (NCFC) - Tombs, Jan 7, 16:26:56
- I made him angry once (NCFC) - duke of york, Jan 7, 16:25:38
- damn the bloody internets (NCFC) - Tombs, Jan 7, 16:21:50
- Don't make him angry. You wouldn't like him when he's angry (n/m) (NCFC) - yarmyyarmy, Jan 7, 16:23:51
- hoot hoot (NCFC) - Charles21, Jan 7, 16:19:50
- i've never ever heard anyone ever give two hoots about anything (NCFC) - Tombs, Jan 7, 16:16:16
- "We have full financing facilities until at least the end of the season," (NCFC) - Ralf Scrampton, Jan 7, 16:09:19
- That's all right then (NCFC) - duke of york, Jan 7, 16:11:40
- nah we just might need to sell (NCFC) - SCC 28, Jan 7, 16:11:13
- we'll be alright (NCFC) - SCC 28, Jan 7, 16:08:07
- promotion critical then (NCFC) - Tombs, Jan 7, 16:06:44
- No pressure then. Wonder how smart the timing was, what with the Burnley thing ? (n/m) (NCFC) - Steve in Holland, Jan 7, 16:07:40
- pressure would only come into the equation if there was any doubt that we'd get promotion (NCFC) - Tombs, Jan 7, 16:12:32
- except this isn't from the EDP (n/m) (NCFC) - Ralf Scrampton, Jan 7, 16:14:01
- it will be (n/m) (NCFC) - Tombs, Jan 7, 16:14:34
- except this isn't from the EDP (n/m) (NCFC) - Ralf Scrampton, Jan 7, 16:14:01
- pressure would only come into the equation if there was any doubt that we'd get promotion (NCFC) - Tombs, Jan 7, 16:12:32
- No pressure then. Wonder how smart the timing was, what with the Burnley thing ? (n/m) (NCFC) - Steve in Holland, Jan 7, 16:07:40
- Lets sell Lambert (n/m) (NCFC) - Charles21, Jan 7, 16:13:58
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