?29m

WHERE DID THE ?29m. GO?

Sources: ?m.

04/05 Profit after tax excluding exceptional item 6.1
04/05 Exceptional item - G. Watling donation 1.5
----
7.6

04/05 Depreciation 1.2
05/06 & 06/07 2 parachute receipts 12.0
05/06 Depreciation say 1.2
Hotel deal 1.1

Flats (phase 1) - debtor in the 04/05 Accounts 2.6
My estimate of transfer profit re 05/06 2.2
My estimate of transfer profit (so far) re 06/07 1.5
TOTAL ?29.4m

Uses:

Write off of G.Watling loan 1.5
Repayment of Pref erence shares in 04/05 0.5

04/05 Purchase of Tangible Fixed Assets
(note 27 pg36 of the 04/05 Annual Report) 7.0

Capital Commitments as at 31/5/05 -
assume in 05/06
(note 30 pg 37 of the 04/05 Annual Report) 1.3

Land purchased from Norwich City Council
(assumed to be after 31/5/05 and not
in the ?7m above) 0.9

Assumed repayment of loan (related to
the Laurence & Scott - FKI land purchase)
during 05/06 season 3.2

Assumed cash outflow re provision for
utility work associated with land
development (note20 pg32 of 04/05 A.R.)
during 05/06 season 0.5

04/05 Cash outflows re intangible
assets (Player transfers)
(note 27 pg36 of the 04/05 Annual Report) 4.7

Assumed cash outflows in 05/06 re
04/05 transfers (top of pg 7 of the
04/05 Annual Report) 1.8


04/05 Increase in net CASH balance
(the figure DOOMcaster refers to re
The Prem season) 0.7

SUB TOTAL ?22.1m

MY ESTIMATE OF SURPLUS FUNDS ?7.3m

- estimated transfer profit re 05/06 ?2.2m
- estimated transfer profit (so far) re 06/07 ?1.5m
- estimated profit (excl. transfers) re 06/07 ?3.6m
****Worthington's payoff not yet deducted.

NOTE

- The above relies on estimates re 05/06 & 06/07 - the club may have done something that I am not aware of !!!

Worthy's payoff has not yet been deducted from the estimated surplus above.

Taxation effects re 05/06 & 06/07 not yet considered above

My estimated profit (excl. transfers) re 06/07 assumes a certain level of wage saving
which may get bigger depending on the transfer activity during the season.

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DOOMcaster said in a local paper report that the club were going to concentrate on repaying the non
"Jarrold Stand" loans during 05/06. If they did this then they repaid ?5382k in addition to a
capital repayment re the "Jarrold Stand" loan of ?661k during 05/06 = ?6,043k

With regard to the current season (06/07) the club is due to make a capital repayment re the
"Jarrold Stand" loan of ?714k but with the surplus funds they have they may opt to clear the overdraft as well, ?1,157k (at 31/5/05) = ?1,871k.
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Posted By: Financebod, Oct 12, 18:04:42