AGM 2011

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AGM 2011

Post by darley16 on Tue Dec 20, 2011 9:51 am

For those of us who couldn't get to last nights AGM did anyone on here go and if so any feedback? I noticed in the financials a healthy profit of $179k was declared which is very important and well done to all at SAFC.

Although the club says it's making in-roads to our substantial debt the outstanding borrowing liabilities balances in the balance sheet remain static? It appears we're making little progress in reducing this burden which carries with it an interest bill of some $270k pa. Our club is really getting so much right it makes me proud to be a member but for this life long Panther the debt in my major (and really only) current concern.

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Re: AGM 2011

Post by blueandwhite on Tue Dec 20, 2011 10:26 am

I attended last night and it was a most pleasing result. It is difficult time in the hospitality industry and to return a profit of 179k is a very good result. The club also repaid 220k off of the principle of its loan which is also encouraging. Whilst we have the largest debt in the league it is worth noting that we also have the biggest net assetts of any club, by a long way.

It was also mentioned that only 2 sanfl clubs will be returning a profit this year, the other being WWt who will come in with around 5-7k.

Capital improvements this year will include a badly needed refurbishment of the Peter Darley Room and a new flag pole to fly Premiership flags on.Very Happy Very Happy
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Re: AGM 2011

Post by Premier Panther on Tue Dec 20, 2011 5:46 pm

I like your thinking B&W!
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Re: AGM 2011

Post by Spiritof64 on Tue Dec 20, 2011 8:24 pm

darley16 wrote:For those of us who couldn't get to last nights AGM did anyone on here go and if so any feedback? I noticed in the financials a healthy profit of $179k was declared which is very important and well done to all at SAFC.

Although the club says it's making in-roads to our substantial debt the outstanding borrowing liabilities balances in the balance sheet remain static? It appears we're making little progress in reducing this burden which carries with it an interest bill of some $270k pa. Our club is really getting so much right it makes me proud to be a member but for this life long Panther the debt in my major (and really only) current concern.

This question was asked and the answer was the capital reduction on the club upgrades was offset by about 160k borrowed for the lights.
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Re: AGM 2011

Post by darley16 on Wed Dec 21, 2011 9:49 am

Thanks Spirit, so we reduce debt on one hand while borrowing with the other!
As i said as a club we're doing so much right but this substantial debt remains a concern. However it was pleasing to read in the annual report expenses will be reduced by not replacing Ozzie or Grounds Manager and that the Board remains very diligent in on-going debt management...as it must.

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Re: AGM 2011

Post by blueandwhite on Wed Dec 21, 2011 11:06 am

Personally speaking I believe the borrowings for the construction of the lights was money well spent, a serious investment in the clubs future and and its infrastructure.

The club does have the biggest debt of all the sanfl clubs, however to balance that it has far more net assets than all of the clubs.

If we are borrowing money I like to see it well spent, in something that benefits the club. The cost of the lights will well and truly pay for itself in time, and the board rightly bit the bullett and got it done. Delaying the decision for a few years would have resulted in a similar situation to the one the Bays are now dealing with.

The debt on the licensed facility is a big one but once again it is an investment in the future of the club and enables us to generate finance and a very good cash flow.

Rest assured that the future of the club is in very good and safe hands when in comes to finances.
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Re: AGM 2011

Post by Ben W on Wed Dec 21, 2011 1:18 pm

For so many years we got letters at the end of every season explaining away another season at the bottom of the ladder and outlines of new plans that were being put in place to change it all the following year - Will happilly trade it all to make a loss and see the club have some form that we all crave so much!

Yes its a load of debt and its sad that all we have to do is to open the doors on the Poker Machine rooms and the coin floods in like a sewer, yet such as it is that is the fact of it.
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Re: AGM 2011

Post by DOC on Thu Dec 22, 2011 11:04 am

The Peter Darley room is being funded by the Panther Club to the tune of 30K. Support them by buying from the BBQ on the hill. Better still, become a member
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