Profit = great end to year

[Demon3 2,541]

Nice to see us post a substantial profit for the year. Just puts the icing on a good consolidating year for the Dee's.

2011 cannot come quick enough.

[45HG 1,539]

It is great! Here's the link.

[Steamin Demon 370]

Just keeps getting better, I don't remember the last time I was so excited for a season to start. It's like I'm wishing my life away.

[sylvinator 96]

Very good effort. Being free of debt and the interest associated with it is a huge ease on the financial health of our club.

It does still appear clear that we continue to rely on MCC, the extra AFL money and other grants to stay profitable. Not to mention the debt demolition and the HUGE help that is caused by the extra $1m received p.a. with the new stadium deal.

However we are well on our way. Hopefully we continue to get all the grants that were mentioned above for the next few year so that can move from 'staying afloat' stage, into becoming a completely financially self-sufficient club. I like the fact that the club has recognised the need to increase our Net Assets moving forward.

[jayceebee31 666]

Good solid performance

[The Jacks 0]

Guy I work with is an MCC member but gives nothing to the MFC. He just mentioned that we made a profit this year, to which I said: "no thanks to you, mate".

[Keyser Söze 0]

Guy I work with is an MCC member but gives nothing to the MFC. He just mentioned that we made a profit this year, to which I said: "no thanks to you, mate".

technically incorrect.

I'm sure he makes a small contribution by attending games.

[Grandson of a gun 276]

Very good effort. Being free of debt and the interest associated with it is a huge ease on the financial health of our club.

It does still appear clear that we continue to rely on MCC, the extra AFL money and other grants to stay profitable. Not to mention the debt demolition and the HUGE help that is caused by the extra $1m received p.a. with the new stadium deal.

However we are well on our way. Hopefully we continue to get all the grants that were mentioned above for the next few year so that can move from 'staying afloat' stage, into becoming a completely financially self-sufficient club. I like the fact that the club has recognised the need to increase our Net Assets moving forward.

I believe that they made a $3.5 million profit but when you removed all those things you mentioned Sylvinator there was still a "clear" $720 000 odd profit. So even without assistance they are finally making some serious dough. That is the really pleasing aspect. And it looks like they are intent on making investments for both on-field and off-field stability in the future.

We will always continue to rely on the MCC as that is where a large percentage of our membership base is. It is also a good thing as it is the MCC who run "our" home ground and it is the MCC who have pretty big clout when it comes to negotiating with the AFL. One of the many great things this administration did was re-align itself as part of the MCC.

Great job to Jimmy and everyone associated with the mighty MFC...

[Sir Why You Little 34,430]

I believe that they made a $3.5 million profit but when you removed all those things you mentioned Sylvinator there was still a "clear" $720 000 odd profit. So even without assistance they are finally making some serious dough. That is the really pleasing aspect. And it looks like they are intent on making investments for both on-field and off-field stability in the future.

We will always continue to rely on the MCC as that is where a large percentage of our membership base is. It is also a good thing as it is the MCC who run "our" home ground and it is the MCC who have pretty big clout when it comes to negotiating with the AFL. One of the many great things this administration did was re-align itself as part of the MCC.

Great job to Jimmy and everyone associated with the mighty MFC...

Yes the MCC is our "suburb" it is where we came from. Remember the Melbourne Football Club and AFL generate most of the MCC wealth (without Football how many MCC members would there be), so it is not as if we do not pull our weight. Our onfield success over the next 15-20 odd years will hopefully generate huge Cash flows for the MCC, which then filter through again to the MFC.

Circular economics....

Edited December 22, 2010 by why you little

[darkhorse72 1,720]

Yes its a 700k odd real profit with the creative accounting that has been done in the past. 3.5m profit with abnormal items.

The main issue now is to increase our total revenue, which was 32m which increased 6m on last year on raw figures.

We now need to catch the big clubs, Collingwood turned over 75m so at present we don't have half their resources, I know where at "base camp" but that is where are are heading. And I agree with the club as we improve in the near future the clubs financial position will also rise with it.

Love the financial liabilities section... all dashes

[DirtyDees DDC 171]

Looks like we are income rich and assets poor. Our net assets are only $314,942, but that's much better than last years effort of - $3,210,403.

Other good news is an increase in Merchandise, membership and marketing, and gate receipts.

[Jarka 767]

Had a quick look and the standouts to me were...

- $6m increase in revenue

- Increased FD related costs

- $3.5m increase in overall asset position in the balance sheet

- Increased profit

- Decrease Westpac Bank Bills from $4.5m to $1m

- Much healthier cashflow

The net profit of $3.5m was great but it included a heap of one off's such as a $1m extra from the MCC for the 2009 season so it doesn't really count.

The two biggest things for me are the increased position of the Balance Sheet and the reduced finance facility from Westpac. This tells us that the club is now alot stronger and less reliant on the bank, our interest costs will continue to decrease.

Schwab and his team should be bloody proud of their work, they are absolute legends to get us into this position after the terrible state we were in, and in such a short amount of time as well.

/Standing Ovation

[george_on_the_outer 6,961]

Had a quick look and the standouts to me were...

- $6m increase in revenue

- Increased FD related costs

- $3.5m increase in overall asset position in the balance sheet

- Increased profit

- Decrease Westpac Bank Bills from $4.5m to $1m

- Much healthier cashflow

The net profit of $3.5m was great but it included a heap of one off's such as a $1m extra from the MCC for the 2009 season so it doesn't really count.

The two biggest things for me are the increased position of the Balance Sheet and the reduced finance facility from Westpac. This tells us that the club is now alot stronger and less reliant on the bank, our interest costs will continue to decrease.

Schwab and his team should be bloody proud of their work, they are absolute legends to get us into this position after the terrible state we were in, and in such a short amount of time as well.

/Standing Ovation

....and the other positive is the unqualified audit report. For the first time since I can remember we don't have that statement along the lines that the "going concern" is dependant upon AFL largesse and guarantees.

Big, big thank you to Jim and all the staff and all the supporters who have saved us from death.

It still deeply concerns me that after 150+ years of operation we have only $300K of net assets.

But without debt we can FINALLY start building something good.

[John Crow Batty 8,242]

Being debt free will enable the club to build an asset base for the future. However the most important asset a club can have is the fan base. Not only members but other supporters and followers. Those who watch TV, read papers and also get on the bandwagon. Members and die hard supporters will always be the core. They will always provide the resistance to stop the club sinking to oblivion and sustain it in hard times as recently demonstrated but will never make the club a financial powerhouse again without more broader high street support and interest. This security can only be delivered by on field success.

Edited December 22, 2010 by america de cali

[darkhorse72 1,720]

While we are 150 odd years old, in reality we only left home a little under 30 years ago. Unfortunately it wasn't done well and we got no inheritance as we left. Maybe we should have taken a couple of stands as ownership.

Though I do agree, the majority of the profit needs to directed into acquiring assets for the club for the long term. I know this takes away from the FD in the short term, but in the long run the club will win.

500,000k investment should be a nice start. Next time I see CS, I'll have a chat about the clubs plans in this area and his thoughts.

[Disco Demons 92]

pies spent a record 75m...If there is approx 50 players on the list that's 1.5mil per player

dees spent 32m...that's 640k per player

melb needs to find another 860k per player to match pies.

above is an interesting stat...but when you consider melb had a draw and lost by a point to the pies...we have done well.

[Hannabal 4]

but when you consider melb had a draw and lost by a point to the pies...we have done well.

You're drawing an exceedingly long bow.

One team won a flag and the other came 12th. The season as a whole needs to be put in context.

Edited December 22, 2010 by Glengarry Glen Ross

[mauriesy 6,787]

500,000k investment

It would indeed be nice. It would make us richer than Manchester United! B)

[Demon trucker 1,737]

While we are 150 odd years old, in reality we only left home a little under 30 years ago. Unfortunately it wasn't done well and we got no inheritance as we left. Maybe we should have taken a couple of stands as ownership.

Though I do agree, the majority of the profit needs to directed into acquiring assets for the club for the long term. I know this takes away from the FD in the short term, but in the long run the club will win.

500,000k investment should be a nice start. Next time I see CS, I'll have a chat about the clubs plans in this area and his thoughts.

You know that, who every thought it was a good idea, to separate with the MCC in the first place should be shot,we would have never been in this mess in the first place, if we had stayed with the MCC,It is MFC who made the MCG rich in the first place,in the 50's and 60's, when we where kings of the VFL.