原帖由 helenclieanch 于 2009-2-16 0:29:00 发表
球探？全球范围100左右撑死。不知道邓恩的遣散费多少？之前那份07年9月说未包括呢？ |
ARSENAL HOLDINGS PLC
Commentary on INTERIM ACCOUNTS for six months ending 30 November 2007
by Nigel Phillips
“A time to sow, a time to reap”
Eighteen months into the new stadium and one can see the financial impact of the move emerging. The Chairman sets out clearly in his commentary the key business objective of the Club:
• Development of long term stability and success for the Club through maintaining a business that pays its own way
Whilst total revenue fell slightly to £96.9m from £100.8m as income from property development fell substantially (£7.6m vs £23.7m) football turnover increased by 16% to £89.3m (£77.1m). Most of this increase comes from the new TV deals. Profit before tax was £20m (£12.9m excluding the £21.4m exceptional finance charge). Operating profit (before debt service costs) from the football business, excluding player sales and the cost of writing down the squad (basically depreciation of intangible assets – a non-cash cost) was £21.9m (£10.9m)
Arsenal’s football income increased to £89m from £77m and comprised four separately identified revenue streams, namely:
Match day £41.1m* (£38.0m) 46% (49%) of football revenue
Broadcasting £24.3m (£17.8m) 27% (23%) of football revenue
Commercial £15.7m (£14.1m) 18% (18%) of football revenue
Retail £7.8m (£7.0m) 9% (9%) of football revenue
* 12 home games and Emirates Cup v 11 home games and Argentina vs Brazil
Football costs were broadly unchanged at £67.4m (£66.2m) and reflected the likely wages balance of the departure of Henry and Ljungberg v new squad members and improved contracts for others. The wages to football turnover ratio is likely to be close to a very reasonable 50% (£45m/£90m). There is no mention of whether the Club has yet reached agreement with David Dein over his employment termination payment (outstanding at September 2007). The non wages costs of running the Club (stadium costs, retail expenses?) are huge at about £50m per season and a more detailed breakdown of this significant amount would be very informative.
Cash balances. There is much talk about the current need for squad strengthening and the cash available. However of the £69.1m (£53.1m) period end cash, £25.5m (£26.3m) is pledged and acts as security for the stadium debt. It is unclear if the cash totals include the estimated £30m of deposits received from the Highbury Square apartment sales, or if these monies have been used to partially fund the development together with the loan facilities.
Debt levels rose as predicted as an additional £41m was borrowed to fund the property developments. The total gross debt now stands at £376m (£327m) of which £246.8m (£260m) relates to the new stadium, £103.8m (£44.6m) against Highbury Square and debenture subscriptions (the A, B, C and D bonds held by supporters) of £25.6m (£25.3m). The net interest charge was £7.7m (£6.8m).
The interest rates charged on the new stadium debt are either fixed contractually (on the £200m of the long term bonds) or by interest rate swaps (on the £50m of floating rate loans). Arsenal are also Continued overleaf
These observations and comments seek to be objective but are a personal commentary by
the author and do not represent an official statement from the Arsenal Supporters’ Trust.
