Interim Results

[SlickMongoose]

Cup competitions – Gate receipts and prize money.

July-Dec 2009: £1.9m

July-Dec 2010: £20.3m

 

[MattyP]

What's with £86m for trade payables? Anyone know?

Yeah, a substantial amount of that would be deferred income, from a variety of sources.

Basically, where the club have received all the money but the revenue relates to future periods. This could be in the form of season tickets, corporate/executive boxes, sponsorship and the like.

There'll be a fair chunk in relation to payables on the acquisition of players - Levy rarely forks out it all up front, preferring instead to pay in installments.

 

[andyw362]

Yeah, a substantial amount of that would be deferred income, from a variety of sources.

Basically, where the club have received all the money but the revenue relates to future periods. This could be in the form of season tickets, corporate/executive boxes, sponsorship and the like.

There'll be a fair chunk in relation to payables on the acquisition of players - Levy rarely forks out it all up front, preferring instead to pay in installments.

Current Liabilities - trade payables is money we owe in the next 12 months. 86m is owed by the club, which is alot!!

Recievables is income. We only have 30m in recievables.

That was the one thing that made me wonder when looking at the accounts. I would say that we must owe money from instalments on previous transfers. Either way cash flow doesnt look too hot. But its hard to say what the position will be like until we get our CL TV money. That could be 35-40m.

The other thing that is a little worrying is the year on year increase in bank loans and overdrafts. Some is from the training ground and some from the NDP.

 

[andyw362]

What's with £86m for trade payables? Anyone know?

People we owe money to who expect to be paid in 12 months or less. Its worryingly high.

 

[MattyP]

Current Liabilities - trade payables is money we owe in the next 12 months. 86m is owed by the club, which is alot!!

Recievables is income. We only have 30m in recievables.

That was the one thing that made me wonder when looking at the accounts. I would say that we must owe money from instalments on previous transfers. Either way cash flow doesnt look too hot. But its hard to say what the position will be like until we get our CL TV money. That could be 35-40m.

The other thing that is a little worrying is the year on year increase in bank loans and overdrafts. Some is from the training ground and some from the NDP.

What you on about Andy?

Deferred income is most definitely a current liability, not sure why you are talking about trade receivables. Unless you have confused deferred income (current liability) with accrued income (current asset).

As the accounts are only interim accounts they are permitted to abbreviate them and disclose common items under one heading.

If you look at last year's interims, last years full accounts (which contains a full split of current liabilities) and this years interims, the current liabilities are broadly in line.

There is no issue here.

 

[ThorntonSpur]

if built 56k will be to small - should be looking at 65k size stadium especially if we progress as we are currently doing - we are going to attract the rich fairweather fans from other london clubs

 

[BPR_U16]

£23m of legal fees to hit P&L if Northumberland Project doesn't go ahead - that's a big ouch! and some will say why waste/pour so much money into it if not viable.

Could be a big issue going forward because could also imagine that lot of property purchased is now not of same value

 

[MattyP]

£23m of legal fees to hit P&L if Northumberland Project doesn't go ahead - that's a big ouch! and some will say why waste/pour so much money into it if not viable.

Could be a big issue going forward because could also imagine that lot of property purchased is now not of same value

As I understand it, the £23m of fees is not just legal fees, but also architects fees, design fees etc.

Whatever site we end up going to, they will use predominatly the same design, so the bulk of those fees will continue to be justified to be carried on the balalnce sheet.

Fees directly attributable to the design of the ancillary projects, like the hotel, flats, museum etc could have to be written off so there could be some hit. Ultimately depends on what happens - for example they could move the stadium elsewhere, sell the bulk of the land to developers but retain the public square, museum, etc in which case those costs too could continue to be carried on the balance sheet.

We have paid a premium to acquire property around the current site and potentially this could need to be written off. Depends on Levy's bargaining ability really, should the situation arise.

 

[sloth]

if built 56k will be to small - should be looking at 65k size stadium especially if we progress as we are currently doing - we are going to attract the rich fairweather fans from other london clubs

The reasoning behind a slightly smaller capacity than we could possibly fill is to do with Season ticket sales.

If folk knew they could buy tickets from the ticket office for the majority of matches they wouldn't bother buying season tickets. You'd end up with a drop in revenue if the capacity is too large because even though you'd get 60k plus for the big matches, you'd get much smaller crowds for the middle and lower tier games.

It's one of the many, many reasons that West Ham are royally screwing themselves with the OS.

 

[Spurger King]

 

[Bus-Conductor]

Turnover up 26m. CL income standing at about 18m.

I really hope we beat Wigan tomorrow.