Latest accounts published (1 Viewer)

£2.09m for Hyam then

fernandopartridge said:

£2.09m for Hyam then

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Will it cover then?

Operating Lease charges £1.4m!

Losses are not that bad given a decent chunk of it is accrued interest. Definitely need to grow the club's income but turnover is around where I thought it would be, wage bill slightly lower actually.

fernandopartridge said:

£2.09m for Hyam then

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didn't we sell him in august 2022?

Kingokings204 said:

didn't we sell him in august 2022?

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Yeah it won't include that

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Ah fairs. Tbh 2 million for Hyam isn't that bad, just that we should have replaced him earlier than we did

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I'm guessing that is 2m for Hyam and 90k for Shipley

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It does cover it then ha

rexo87 said:

I'm guessing that is 2m for Hyam and 90k for Shipley

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Shipley went before the end of May didn't he?

rexo87 said:

I'm guessing that is 2m for Hyam and 90k for Shipley

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Other way round.

What about fee received for youth player off Villa for Thierry Katsukunya.
Or will that be next years accounts

We also received a (I imagine) very small fee off Newport County for Declan Drysdale

‘Administrative costs’…….Do these include the nonsense management charges that SISU charged the club ? Plus the so called debt interest charges…..what actual interest rate was that by the way ?

I love the few seconds between getting excited and clicking on the link, and realising I haven't got a fucking clue what most of it means

SkyBlueSoul said:

I love the few seconds between getting excited and clicking on the link, and realising I haven't got a fucking clue what most of it means

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The club do sum it up quite well in the article to be fair

@oldskyblue58 do your job

Saddlebrains said:

@oldskyblue58 do your job

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TBF, it's us lot that are on here 24/7 that generally don't do our jobs...

Accounts posted on time and in full. Another surefire guarantee that SiSu aren't around any more.

Now that we have them, could someone translate them into everyday language rather than legalese gobbledigook ?

slowpoke said:

What about fee received for youth player off Villa for Thierry Katsukunya.
Or will that be next years accounts

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This year's accounts.

Katsukunya, Marosi and Bremang make up the £494k profit on sale of player registrations

so be fair, mostly irrelevant - it is what happens going forward that now matters
In the next 3-5 years either we will have at some stage been promoted to the premier league or we will have given up on Operation Premiership V2 and be heading the other way

interesting reading, this is the group of Derby County related companies, massive list of creditors and HMRC got £6m of the £25m owed to them.

Saddlebrains said:

@oldskyblue58 do your job

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He's busy trying to find Wasps a new ground mate.

just going to put up bullet points really. These accounts are in a way irrelevant because it is about the old regime now gone and good riddance (or are they entirely gone)

CCFC now owned by CovCityCo Ltd

Accounts set out clearly and in a conversational manner, they are informative seeking to provide information rather than look for ways to hide it.

From the directors report it seems we are negotiating a licence not a lease with the Fraser Group - there are different rights and privileges depending on which you have, a licence being less valuable perhaps

Stating the obvious we still rely on player sales to survive, I dont expect that to change and i think parts of theses financials hint at that

King owned 100% of CovCityCo "at the time" so how much does he own now?

It seems SISU own shares in CovCityCo from the loan equity swap?

i doubt we will find out the true cost of DK's purchase as it seems to have been done behind the scenes or off balance sheet. Does it really matter though?

No interest on future loans from holding co or DK - good to see but reality is CCFC already makes losses how would it pay interest in any case

audit report although 3 pages long now a days is clean

Turnover up by 6m at £18m mainly due to attendances being allowed after Covid and an increase in commercial income

Direct costs up by 2.1m but you would expect that after Covid restrictions in previous year

Admin costs & overheads up 4.8 see previous comment plus increase in wages

Interest charges had increased indicating the loan liability had grown, and as it was a modest increase it indicates to me that the monies were put in later in the season. ie even with crowds the club couldnt pay its way

Player profits decreased

management charges due to SBS&L waived, effectively SISU waived i suspect to get the deal done. Hefty sum for one year or was it several

for the size of the company and turnover a loss of 6.7m is significant (even if you then take out the 2.4m interest accrued and added to debt in year) without player sales not sustainable. over the last two years (2022 & 2021) thats 11.4m in losses. Player sales not big enough to steady the ship

Balance sheet insolvent to the tune of 34.5m - probably better than a lot of Championship teams but cannot be ignored. DK saying all the right things about not ignoring it

The preference shares it appears are still there - 65m of rubbish. I have seen nothing to suggest they have been removed since but ownership could have changed from ARVO & SBS&L

less employees in business 153 down from 160. Less players and playing staff down from 147 to 134. But wage costs increased to 15.7m from 13.2m (big chunk of the increase in admin & overheads)

Interest charges rolled up in to debt as usual

in round terms £3m in players in and £1.7m sold (in sale value)

at year end owed 1.68m in transfer fees

EFL loans total approx 2.25m - are these still outstanding? if so the club is debt free claim doesnt quite ring true

ARVO put in 1.74m overall including interest owed approx 20.3m
SISU capital fund put in 500k and owed including interest 1.7m
SISU Capital UK put in approx 880k and owed including interest 2.27m

Total owed circa 26.1m, but by time DK took over that had climbed to 31m. So increased by interest and further capital from SISU related entities after 31/05/2022. So the owners in 2021/22 put in significant funds and in the following year, essentially just to keep the business going

operating leases will not be just the CBS - the academy will be included and any other premises not free hold

Received 2.2m after year end in player sales - Hyam ?

With the restructuring the negative balance sheet of £34m in 2022 will have improved by 31m of the loans moving to CovCityCo, but then you need to add in the 2022/23 losses. looks like it is still going to be best part of £10m negative for 2023 financials to me

hopefully that helps explain some things without being too complicated

Some of the losses in other championship clubs are just staggering really, look at QPR for example

fernandopartridge said:

Some of the losses in other championship clubs are just staggering really, look at QPR for example

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Suppose it helps having Lakshmi Mittal as a part owner.

fernandopartridge said:

Some of the losses in other championship clubs are just staggering really, look at QPR for example

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