Celtic Interim accts

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  1. Blochairnbhoy Gold Member Gold Member

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    CELTIC have released their Interim Report for the six months to December 31, 2018.

    Operational Highlights

    • Currently top of the SPFL Premiership

    • Winners of the Scottish League Cup for the third season in a row

    • 17 home fixtures (2017: 19)

    • Secured European football after Christmas by qualifying for the round of 32 of the UEFA Europa League for the second year in a row

    Financial Highlights

    • Revenue decreased by 30.1% to £50.0m (2017: £71.5m)

    • Profit from trading was £6.2m (2017: £23.7m)

    • Profit from transfer of player registrations (shown as profit on disposal of intangible assets) £17.6m (2017: £0.5m)

    • Profit before taxation of £18.8m (2017: £19.5m)

    • Profit after taxation of £15.2m (2017: £17.4m)

    • Period end net cash at bank of £38.6m (2017: £30.9m)

    • Period end net cash, net of debt and debt like items, of £37.7m (2017: £17.0m)

    CHAIRMAN’S STATEMENT

    I am pleased to report on our interim results for the period ended 31 December 2018. These show revenue of £50.0m (2017: £71.5m) and a profit from trading of £6.2m (2017: £23.7m). Overall, this resulted in a profit before taxation of £18.8m (2017: £19.5m) and a period end net cash at bank of £38.6m (2017: £30.9m). The introductory page to these interim results summarises the main highlights.

    The Club has continued to build on its historic “Double Treble” achieved last year by adding the League Cup trophy in December 2018, the seventh consecutive trophy lifted since Brendan Rodgers joined us, continuing our domestic clean sweep of trophies. At the time of writing, we remain unbeaten at home in domestic competitions this season and sit 6 points clear at the top of the Scottish Premiership. We have also made it to the quarter finals of the Scottish Cup. We were very disappointed not to qualify for the group stages of the UEFA Champions League (a task that continues to be challenging) but qualification from a very difficult group in the UEFA Europa League was a great achievement.

    These results reflect the absence of substantial UEFA Champions League revenues in comparison to the same period last year. But they are counter-balanced by the benefit of player trading, significantly by the permanent transfer of the registration of Moussa Dembele to Olympique Lyonnais. The profit on disposals of intangible assets of £17.6m (2017: £0.5m) largely represents this sale. Our period end net cash at bank, as indicated above, was highly satisfactory. We also enjoyed exceptionally strong trading across all of our commercial bases, including match day sales, hospitality and merchandise.

    Our financial commitment to the playing squad, including transfer fees and first team salaries, and the coaching, technical and performance departments is at an all-time high. During the period we secured the permanent registrations of Emilio Izaguirre and Youssouf Mulumbu and the temporary registrations of Daniel Arzani and Philip Benkovic. Subsequently, during the January transfer window, we have acquired the permanent registrations of talented young international players Vakoun Bayo, Andrew Gutman, Emanuel Perez and Marian Shved and the temporary registrations of exciting talents Oliver Burke, Jeremy Toljan and Timothy Weah. Furthermore, the contracts of Kristoffer Ajer, Scott Brown, Ryan Christie, James Forrest, Leigh Griffiths, Michael Johnston, Callum McGregor, Olivier Ntcham and Tom Rogic have been extended. We believe that we have secured the core of a powerful squad for the Club. In addition, we are delighted to see the continued emergence of young graduates from our Youth Academy, with Ewan Henderson making his first team debut and Karamoko Dembele signing his first professional contract with the Club.

    My fellow directors and I continue to be highly alert to the uncertainties inherent in football and our long held strategy of operating a self-sustaining financial model has delivered stability and success. The Board and Brendan Rodgers are committed to maintaining that crucial balance between competitive performance for our immediate targets this season and developing the Club for the longer term. Our key objectives for the remainder of the season are to win the SPFL Premiership, secure The Scottish Cup and build towards the European qualifiers in the summer.

    We continue to work on our plans to develop Celtic Park and the surrounding area for our supporters and the City as a whole. The Fraser of Allander Institute’s economic survey that was commissioned and published in the period highlights the very substantial economic contribution made by Celtic and its supporters each year to the economy of Glasgow and Scotland as a whole. In putting this important information into the public domain, we seek to encourage the Scottish Government, Glasgow City Council and other public agencies to recognise the contribution of football in general and Celtic in particular.

    Entirely in line with our trading seasonality, we do not expect the same level of financial performance to be achieved during the second half of the financial year. This is due to participating in fewer home fixtures and receiving lower income from European competition. However, due to the positive first half performance of football, media and merchandise sales, the expectation is to achieve a full year profit after tax marginally above previously communicated market expectations, with year end net cash at bank expected to be lower than December, reflecting the increased investment into football personnel. In line with previous years, the ultimate financial performance remains subject to the outcome of key events and fixtures, which typically are not known until the end of the football season.

    On behalf of the Board, I thank our fans, shareholders and partners, for their outstanding support and contribution to the ongoing success of Celtic Football Club.

    Ian P Bankier
     
  2. Keano88 Geez a treble treble..

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    Can anyone explain this part in particular?
     
  3. Blochairnbhoy Gold Member Gold Member

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    Layman’s terms there is £38m in the bank for a rainy day
     
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  4. Keano88 Geez a treble treble..

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    What about the bottom part?

    ‘Debt and debt like items’
     
  5. Blochairnbhoy Gold Member Gold Member

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    Basically like saying well there is £38m but we owe a million so we owe that out which bring its down being crafty
     
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  6. Blochairnbhoy Gold Member Gold Member

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    Got to love the huns!!

    There it’s proof they didn’t sell sicknote Dembele they make a loss and would go bust within a few year :56:

    Other one was aye £38m to pay all the compensation to victims will be needed they will be wiped out after that!:56:
     
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  7. ILoveTheCeltic Gold Member Gold Member

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    Means it's how much money we have minus money we owe. We must have paid off a good £5.5million of the bank debt which I think was to be paid by July 2019, although we only owed like £6million anyway - usually we renegotiated this to further years away and just paid it away slowly but from this I guess we just wiped most or all of it out.
     
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  8. Blochairnbhoy Gold Member Gold Member

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    Seems decent results for half year! Cash going up and up!
     
  9. Keano88 Geez a treble treble..

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    Rainy day = Toljan, Benkovic and Burke :fear:
     
  10. ILoveTheCeltic Gold Member Gold Member

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    Actually decided to look it up and we did renegotiate the loans in August 2018, it is now 1 loan of £6.4million that will be paid down over 5 years, so I assume £1.28million per year. We also are allowed a Overdraft of £2million which will last for 5 years, before I think it was 2 seperate loans, 1 we didnt need to pay and 1 we paid at £200k every 3 months and we were allowed an Overdraft f £5million but we never used it anyway.

    It's hard to work out what they consider debt in that part then.

    I'd guess there is a lot of cash in the bank though, probably closer to £60million than £40million. As it says we made a profit of £6million, add in the £20.3million from Dembele and we already had £42million in cash in July.
     
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  11. Blochairnbhoy Gold Member Gold Member

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    Aye and still have change left over!!!!
     
  12. Blochairnbhoy Gold Member Gold Member

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    See if yer Brendan though and yer seeing £38m cash sitting there surely to * you must be saying to the board give me half of that in the summer and we can double it if we make the UCL next season! Or is that too simple!!!
     
  13. ApartPidgeon

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    Fingers crossed . I think a decent europe run could swing it
     
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  14. Blochairnbhoy Gold Member Gold Member

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    From reported wages I reckon on our permanent players we are lowering the wage bill by around £6m this summer with contracts coming to an end!
     
  15. Wee Jamesy Gold Member Gold Member

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    I know it's all ifs and buts - BUT - what if we actually invested that into 2 first team players who are of high quality?

    We already have enough good young players (projects) in the squad that the near future doesn't worry me. 2 superstars in an already promising young squad could make us a seriously dangerous team at European level (Europa, anyway).
     
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  16. Blochairnbhoy Gold Member Gold Member

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    Aye got to agree you need a right back and 2 centre backs in the summer right off the end of the season now we know you don’t need to spend Millions but it can help.
     
  17. Blochairnbhoy Gold Member Gold Member

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    Be interesting to see what the final wage bill expenditure is come the end of the season with no UCL bonuses being paid!
     
  18. Wee Jamesy Gold Member Gold Member

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    Yeah, sadly I don't think the board will think that way... Weird * happens from time to time though
     
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  19. Blochairnbhoy Gold Member Gold Member

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    Thing is we need

    Right back first choice and possibly back up.
    Centre back - first choice
    Centre back - first choice
    Left back (back up)

    In the summer I don’t feel we need anything anywhere else!
     
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  20. Tim-Time 1888 Winner UEFA Champs League Last 16 prediction comp Gold Member

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    Really whose contract is ending Gamboa, Lustig and ??

    "during the January transfer window, we have acquired the permanent registrations of talented young international players Vakoun Bayo, Andrew Gutman, Emanuel Perez and Marian Shved and the temporary registrations of exciting talents Oliver Burke, Jeremy Toljan and Timothy Weah. Furthermore, the contracts of Kristoffer Ajer, Scott Brown, Ryan Christie, James Forrest, Leigh Griffiths, Michael Johnston, Callum McGregor, Olivier Ntcham and Tom Rogic have been extended."


    Ignoring Burke,Toljan and Weah (even though they won't be cheap) if we can improve all the above players salaries, with the possible exception of Brown, and still manage to cut the wage bill by what 10% (60 million wages) Pete is a * genius and the players agents deserve to be sacked as well.
     
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