Hibs accounts now released?

[Bossie]

A guy on hibs.net is reporting that HIbs accounts for last year are now out - has anyone else seen the results??

[Shearer]

I've not heard anything yet.

[wee 162]

Choried from Kickback

Turnover Up from 7.2m to 8.7m
Profits UP!! - 64,994K Last Yr 2.222,885m This Year.
Wage to Turnover ratio down from 46% to 42%
The net impact of player transactions is a gain on sale of £1.5m
The ration of net debt to fixed assets down from 63% to 45%
Interest Payable and similar charges down from 609,893 to 515,587

Re the increased player budget;

The important wages to turnover ratio actually fell from 46% to 42% despite a planned 11% increase in staff costs to 3.7m such was the increase in turnover. For the second year in succession the Club traded at an operating profit sufficient to meet all the costs of servicing it's debts.

A small comment too on the sale of GOC and Deeks......

During the year under review two of the Club's successful young players were transferred to other clubs. Garry O'Connor and Derek Riordan joined the Club as 16 year olds and developed through the ranks together. Garry o'Connor signed three contracts during his 5 years with the Club and was sold to Lokomotiv Moscow in March 2006 for a seven figure sum. Derek Riordan declined to sign a third contract with the Club and left in June 2006 for a nominal fee having signed a pre contract agreement to join Celtic; a very different outcome. The net impact of these and other player transactions is a gain on sale of 1.5m.

[18HIBERNIAN75]

Taken from Hibs.net..............


Hibs Financial Statement

--------------------------------------------------------------------------------

Released this morning, Key figures are.......

Turnover Up from 7.2m to 8.7m
Profits UP!! - 64,994K Last Yr 2.222,885m This Year.
Wage to Turnover ratio down from 46% to 42%
The net impact of player transactions is a gain on sale of £1.5m
The ration of net debt to fixed assets down from 63% to 45%
Interest Payable and similar charges down from 609,893 to 515,587

Re the increased player budget;

The important wages to turnover ratio actually fell from 46% to 42% despite a planned 11% increase in staff costs to 3.7m such was the increase in turnover. For the second year in succession the Club traded at an operating profit sufficient to meet all the costs of servicing it's debts.

A small comment too on the sale of GOC and Deeks......

During the year under review two of the Club's successful young players were transferred to other clubs. Garry O'Connor and Derek Riordan joined the Club as 16 year olds and developed through the ranks together. Garry o'Connor signed three contracts during his 5 years with the Club and was sold to Lokomotiv Moscow in March 2006 for a seven figure sum. Derek Riordan declined to sign a third contract with the Club and left in June 2006 for a nominal fee having signed a pre contract agreement to join Celtic; a very different outcome. The net impact of these and other player transactions is a gain on sale of 1.5m.

[Bossie]

Seems like accounts were delivered to shareholders today.

Key points: Turnover up by 1.5 million to 8.7 million
Debt down by over 2 million to less than 7 million
Profits up to over over 2 million.
Wage bill up 11% to 3.7 million.

The financial base from which to move the club forward now looks fantastic. :YAYYY:

[Shearer]

Fantastic News. Wel done RP.

[wee 162]

If there is an operating profit of £700k (ignoring sale of players) after paying interest, why the feck isn't that going towards increasing our wage bill? A £14k pw increase in the playing staff budget would make a difference.

[wee 162]

Also, does anyone know if the wages part is just the playing staff? I'd assume not, so the amount of the money we as supporters are spending is probably lucky if it is 40p in the pound going towards the team on the park.

The wages to turnover figure is starting to become unhealthily low.

[Bossie]

Originally Posted by wee 162

If there is an operating profit of £700k (ignoring sale of players) after paying interest, why the feck isn't that going towards increasing our wage bill? A £14k pw increase in the playing staff budget would make a difference.

The club need to make cash available to fund the training complex - that will be much less of an issue in the coming years. :YAYYY:

[Smurf]

'Debt' at £7 Million. What's the outstanding Mortgage? £7 Million?

Surely we are a 'Debt Free club'?

[wee 162]

I'm possibly being over harsh here cause it occurs to me that the increase in profits will be in large part to do with getting the huns at Ibrox in the cup which we probably got about £300-£400k for. That couldn't have been accounted for when setting the wage bill at the start of the season.

[kaiser sauzee]

All appears to be good, particularly the debt coming down to £7m which is all a mortgage on the stands?

Compliments to those running the club on getting us back on a solid footing to go forward from.

I'm sure the training ground was purchased for £600 odd thousand, perhaps the profit has been reinvested as promised

As I said, all good. We are operating at a profit, debt seems to be well managed, we have an abundance of young talented players, a management team that have committed themselves to the club for the foreseeable future, and a training complex on the horizon.

The future appears very bright. Jeez, I sound like a PR man for RP Still credit where credit is due

[Clery hibee]

Rod Petrie and the rest of the board have done a fantastic job to get us in this posistion.

Its good to see the club going in the right direction, and the future does look very bright eg debt reduced, training academy, players/coaches on long contracts.

It would also be great if Rod and co could increase the budget slightly again soon and take us to next level. Im sure there are many good players that mogga has tried to sign but wages have been a problem.

This makes me laugh even more at that laughing stock down swinecastle, imagine what there accounts will show!! and what does the future hold for them?????????????

The futures bright the futures green and white!!!!

[wee 162]

Originally Posted by Clery hibee

Rod Petrie and the rest of the board have done a fantastic job to get us in this posistion.

Is that supposed to ironic? The debt was ran up during Petries reign ffs! Aye it's good that it's coming down, but there has still been absolutely no acceptance of responsibility about the way we got into that debt in the first place.

[Clery hibee]

Originally Posted by wee 162

Is that supposed to ironic? The debt was ran up during Petries reign ffs! Aye it's good that it's coming down, but there has still been absolutely no acceptance of responsibility about the way we got into that debt in the first place.

Fair enough the debt was run up in his reign, but look at all the other chairmen and clubs in the SPL that ran up debt over the last 15 years and are struggling to stay afloat.

At least Rod has done something abount it and turned the tables and IMO made us one of the most secure and financially stable clubs in the SPL.

I will look the future and not dwell on the past!!

[wee 162]

Originally Posted by Clery hibee

Fair enough the debt was run up in his reign, but look at all the other chairmen and clubs in the SPL that ran up debt over the last 15 years and are struggling to stay afloat.

At least Rod has done something abount it and turned the tables and IMO made us one of the most secure and financially stable clubs in the SPL.

I will look the future and not dwell on the past!!

Hibs are relatively safe because we had a bit of land behind our stadium that we were able to punt for about nine million quid!

[egb_hibs]

I have to say, those figures are immensely encouraging, and compared to hearts, are night and feckin day.

RP gets stick from time to time, but I think some congratulations are in order here. I for one would be happy to absorb another 2 or 3 years of debt reduction of this order of magnitude, rather than splashing on players if it's necessary.

this position is a transformation from the death's door we flirted with all too recently, and if progress continues like this, potentially sets us up for the 2010s in a way that will have hearts weeping into their beer. that may seem a while away, but it'll be here soon enough.

[Clery hibee]

Originally Posted by wee 162

Hibs are relatively safe because we had a bit of land behind our stadium that we were able to punt for about nine million quid!

Fair point, but to reduce the debt by such a large amount this year is still good work.

i suppose a lot of credit has to go to mowbray as well, if it wasnt for him we wouldnt have as many bodys coming through the gates.

[bhsc]

Tell the News,

With the publication of the clubs accounts, if you would like to have your views published in the ‘Edinburgh Evening News’ of the way Hibs do business compared to the hearts way, or any other thoughts on this subject then please email eveningnews@hibeesbounce.com or by PM

Cheers

John

[1875]

Originally Posted by Bossie

The club need to make cash available to fund the training complex - that will be much less of an issue in the coming years. :YAYYY:

Is that to build an indoor pitch big enough to accomodate 22 players at once?

[Gareth]

Originally Posted by egb_hibs

I have to say, those figures are immensely encouraging, and compared to hearts, are night and feckin day.
RP gets stick from time to time, but I think some congratulations are in order here. I for one would be happy to absorb another 2 or 3 years of debt reduction of this order of magnitude, rather than splashing on players if it's necessary.

Although I understand this sentiment there's also a part of me that thinks that our fortune innterms of youth development won't last forever and that there is an argument to augment the squad now, while we have this coterie of young talent coming through. If it dries up we return to the past without having had a real go at winning something. I'm not sure I accept this as a fair swap for healthy figures.

[shandongreen]

Originally Posted by Gareth

Although I understand this sentiment there's also a part of me that thinks that our fortune innterms of youth development won't last forever and that there is an argument to au