oldskyblue58
CCFC Finance Director
I know going through figures isnt for everyone so thought I would do an overview of points to come out of the 2011 accounts
- SISU are owed 29.7m at 31/05/11, SISU put in £5.5m in 2011 accounts year ..... how they apparently got to £40m as some state by 31/05/12 beggars belief. The problems are the same they had when they started yet still they have failed to deal with them and built huge debts because of that. What have they been doing for 6 years
- ARVO not only have a charge on the CCFC and CCFC H assets but also now own shares in CCFC H. Their loan was £2m
- Future Season ticket income was borrowed against and £2.2m was owed on it 31/05/11
- It might be the intention for SISU and major backers not to call loans in but it isnt a guarantee.
- It might be the intention for SISU to find some more finance themselves or from others but it isnt a guarantee
- CCFC and the group will rely on working within existing facilities, on player sales, reducing the rent, reducing wage costs, reducing overheads to survive. None of that has kicked in much yet
- the target appears to be survival not promotion based on the disclosures in accounts
- the important figures are the SBS&L Group accounts
- no interest charged by SISU on the loans,
- other loans now cost us £1m pa in interest
- Directors remuneration was £206250 mainly paid to RR's company (assumption it was him because accounts dont confirm only give figure)
- wages paid by CCFC exceeded income in 2011
- accounts carry even less assets because things like Goodwill, players contract values even the property have been revalued and reduced
- there is at least £6.5m one off costs (write down of goodwill etc)in the group loss of £16.1m
- At 31/05/11 we owe £43.7m of which £29.7m was to SISU, £2m to ARVO, £2.2m re ST loan, and £3.5m advance re Prozone sale, plus the other normal creditors £6.3m
- against what we owe £43.7m we have £9.76m total assets
We are still deep deep in a financial mess
It isnt going to get better soon or quickly......... best we can do is survive and pray for some success
- SISU are owed 29.7m at 31/05/11, SISU put in £5.5m in 2011 accounts year ..... how they apparently got to £40m as some state by 31/05/12 beggars belief. The problems are the same they had when they started yet still they have failed to deal with them and built huge debts because of that. What have they been doing for 6 years
- ARVO not only have a charge on the CCFC and CCFC H assets but also now own shares in CCFC H. Their loan was £2m
- Future Season ticket income was borrowed against and £2.2m was owed on it 31/05/11
- It might be the intention for SISU and major backers not to call loans in but it isnt a guarantee.
- It might be the intention for SISU to find some more finance themselves or from others but it isnt a guarantee
- CCFC and the group will rely on working within existing facilities, on player sales, reducing the rent, reducing wage costs, reducing overheads to survive. None of that has kicked in much yet
- the target appears to be survival not promotion based on the disclosures in accounts
- the important figures are the SBS&L Group accounts
- no interest charged by SISU on the loans,
- other loans now cost us £1m pa in interest
- Directors remuneration was £206250 mainly paid to RR's company (assumption it was him because accounts dont confirm only give figure)
- wages paid by CCFC exceeded income in 2011
- accounts carry even less assets because things like Goodwill, players contract values even the property have been revalued and reduced
- there is at least £6.5m one off costs (write down of goodwill etc)in the group loss of £16.1m
- At 31/05/11 we owe £43.7m of which £29.7m was to SISU, £2m to ARVO, £2.2m re ST loan, and £3.5m advance re Prozone sale, plus the other normal creditors £6.3m
- against what we owe £43.7m we have £9.76m total assets
We are still deep deep in a financial mess
It isnt going to get better soon or quickly......... best we can do is survive and pray for some success
Last edited: