Celtic plc Annual Report 2018

So was that £27m sitting in the bank before we sold Dembele aye?

 

No. They've took the debt off the cash amount to pretend we have less. More like 35.

 

Yes, Dembele was only sold a few weeks ago and this report is upto 30th June.

Add £20m plus his wages and bonuses on top of that for next year.

 

“Our success on the pitch this year has allowed us to commit, not only to fees for the transfer of player registrations (£16.6m, rising from £13.8m in 2017), but also to player, football management, coaching, recruitment, medical, performance, sports science and the youth academy costs.

oh ffs really!!!.....recruitment

 

So is the price of a pie coming down or whit?

 

We spent in the last financial year what we brought in bar £100k so since last 15 months we have spent £100k excluding the dembele sale!

 

CELTIC plc today announced the results for the year ended June 30, 2018

SUMMARY OF THE RESULTS

Operational Highlights

• Winner of the Scottish Domestic “Double Treble” and our seventh consecutive SPFL Premiership title

• Qualified for the UEFA Champions League group stages for the second consecutive season

• Finished third in the UEFA Champions League group stage, qualifying for the round of 32 of the Europa League

• 32 home matches (including the Scott Brown Testimonial) played at Celtic Park (2017: 31)

Financial Highlights

• Group revenue increased by 12.1% to £101.6m (2017: £90.6m)

• Operating expenses including labour increased by 14.1% to £87.1m (2017: £76.3m)

• Gain on sale of player registrations of £16.5m (2017: £2.3m)

• Acquisition of player registrations of £16.6m (2017: £13.8m)

• Profit before taxation of £17.3m (2017: £6.9m)

• Year-end cash net of bank borrowings of £36.1m (2017: £17.9m)

• Year-end net cash, net of debt and debt like items, of £27.0m (2017: £13.4m)

CHAIRMAN’S STATEMENT

These results, which declare record sales revenue of £101.6m (2017: £90.6m) and a profit before taxation of £17.3m (2017: £6.9m), reflect a financial year in which everything went well.

On behalf of the Board I congratulate Brendan Rodgers, his staff and the players on making history for a second successive year, achieving a historic “Double Treble”, a seventh consecutive League Championship and consecutive qualifications for the group stages of the UEFA Champions League. Everything that happens on the pitch is supported across the Club and I also congratulate the executive management team and all the staff at the Club.

The Board considers that the Group’s proven strategy of investment in football operations, whilst maintaining a self-sustaining financial model, has provided a stable platform for the success enjoyed in the year under review. This approach remains entirely appropriate for us, as we seek to continue to deliver football success and, in turn, shareholder value.

The year-end cash net of bank borrowings was £36.1m (2017: £17.9m), which equates to a net funding position of £27.0m (2017: £13.4m) when adjusted for debt and debt like items (as defined in the Summary of the Results). This allows the Board to plan for the unexpected and manage the immediate disappointment of failing to qualify for the Group Stages of the Champions League.

In my last annual report I referred to our vulnerability to the growing financial power of a number of key constituencies within the European Game. These circumstances are unchanged and we remain watchful of events that unfold. Through Peter Lawwell’s continued involvement in the Board of the European Club Association, the Club Competitions Committee at UEFA and the Professional Football Strategy Council of UEFA, the Club and the game in Scotland are well represented in this very important arena.

During the year, we made prudent and considered investments in our infrastructure at Celtic Park, including the completion of a new playing surface to suit the manager’s desired style of play, new LED floodlighting to comply with the UEFA elite requirements and an updated sound system. Celtic Park’s reputation as one of the foremost football arenas in the world, with our supporters recognised as the best in the world by FIFA, is something we can all be proud of.

The Club continues to support the important work of Celtic FC Foundation and we all share the same sense of pride in the generosity of Celtic supporters, which the Foundation harnesses to help so many people at home and abroad. It is often said that Celtic is a club like no other and the efforts of Celtic supporters and the Foundation is the best example of that.

I thank all of our supporters, shareholders, sponsors, partners and colleagues for their contribution to another successful year for the Club. We will continue to work together to develop our club for the long term.

Ian P Bankier

Chairman

September 19, 2018

http://cdn.celticfc.net/assets/down...PLC_June_2018_Stock_Exchange_Announcement.pdf

 

The club should be * ashamed, * minted and the manager not backed financially. * joke

 

Why would shareholder value be a bad thing, you really are like no accountant I know.
You still not read up on the conditions required for a bonus then, even though you posted a link at one point, - CL group participation is required.

I think this is in reply to my post if not sorry Murph - Firstly I aint trying to justify anything. I'm just stated the obvious because that usually gets lost in all the "guesstimates" that will appear in here.
Yes obviously you are right Murph the 2 players who have left will come off the outgoings. However those who have signed extensions, on improved terms which will be decent terms no doubt, could well keep the figure at the level/similar to what it is. It will certainly be a chunk of it anyway. So them leaving could well have little impact overall, well other than keep it at or near 14% ish. The other frightening thing, which is often not even acknowledged, and i'm not saying its happened here but I do know it's happened previously is that the selling club sometimes have to give the player a final payoff, this is often called a loyalty payment ffs. Football really is one * up industry.
Anyway, whatever way the labour costs have been arrived at, imo, these costs are higher than they should be, we need to get players shipped out.

 

Lawwell has got his bonus mate whether we made CL or not in previous years has he not.

Listen dividends are nice but not when we where screaming out for a CB and RB since January!

 

There is a fair few who should be let go in January plus a few out of contract next summer Lustig will be on a fair wedge

 

When the two go hand in hand mate.

 

I accept the financial argument, it'd be crazy not to!!! However, to flip it, my own opinion is that the inertia this summer is borderline neglect and time will tell if it's ultimately gonna be self-destructive. We could have had a wee bit of forward thinking from a relatively strong position and taken a wee gamble or two!! I also accept good stuff has been done elsewhere!!

 

No but the pies will contain 20% less builders chalk.

 

Yaldy

 

So next year's will read as a loss since we lost out on £30mill plus C.L. Money and sold Dembelle to offset some of this which will most likely be paid in instalments over a couple of years

 

They should read roughly the same with dembele money. The wage bill seems very high to me though, but the players will probably be on a huge increase everytime we make the champions league, causing a spike.

 

No the dembele money was one lump sum as per the stock exchange notification on 3rd September.

 

That's true, as long as we find a balance between being financially viable and progressing on the park.

What these figures irrefutably show is that there was.plenty cash in the bank at the start of a transfer window that should have allowed us to go out and do our business efficiently.

So there was either an unwillingness or inability to complete deals for those identified by Rodgers.

It's a complete slap in the face to be told there's 10s of millions in the bank while we're watching some of the guff we've seen over the last few months (albeit not all of that can be blamed on the board)