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Reply | Asset strip away, strip away....Left with a SWAN CARCASS
at 20:36 6 Aug 2018
That’s what I just said, take the profit and add back amortisation
The initial analysis was broad brush and all readers would know that in addition to not mentioning player acquisitions, I also did not cover all player sales.
I guess the main message is over a 14 month period the profit would have been astronomical adding the Gylfi , and Llorente transfers to the last set of accounts, and do question whether it was intentional to delay the transfer of Gylfi so as not to create such a large profit in that financial year (not sure what their Net book values were, or the amortisation for the year? but would contribute significantly in the 1 aug 17 to 31 jul18 accounts)
Only have the clubs welfare in mind, seen too many slippery characters before at the club.
Best wishes |
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Reply | Asset strip away, strip away....Left with a SWAN CARCASS
at 20:18 6 Aug 2018
It appears your main contribution here is to insult people and p**ss them off
If you are a serious fan you need to wake up to the fact that the underlying profit of this club has been considerably higher than reported, and the owners are also using the year end (31st July each year) timing to mask further the profits on transfers by delaying the big profit transfers out (Gylfi and Llorente) and bumping them into next year.
If they had made these transfers before 31.7 the profit would have dwarfed most Premier league clubs, and then maybe the likes of you would better understand what is actually going on
Never mind , if you don’t follow the main thread , you don’t follow it. I surrender....I will not be responding to anymore of your posts... Adios Mi Amigo Estupido |
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Reply | Asset strip away, strip away....Left with a SWAN CARCASS
at 20:06 6 Aug 2018
I’m talking effectively about the EBITDA Earnings before interest, Tax , Depreciation and Amortisation.
Where you would strip out the Amortisation of player values in determining the underlying profit (in the case of the club, trading profit or loss +/- profit or loss on player transfers) |
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Reply | Asset strip away, strip away....Left with a SWAN CARCASS
at 18:40 6 Aug 2018
As a trust member, do you agree with my assessment that the profits have been artificially lowered (albeit in compliance with GAAP) ? and
that the Net Book Value as at 31.7.17 is massively understated, bearing in mind we sold just two players, Gylfi and Llorente for circa 60% of the value of our entire squads Net book value as stated on the financial accounts?
We therefore have lower stated profits for 16.17 and definitely for 17.18 whilst we write down player asset values to below what we are selling them for (naturally there are a few exceptions)
This is the asset strip I am talking about that the fan base cannot see taking financial statements at face value |
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Reply | Asset strip away, strip away....Left with a SWAN CARCASS
at 17:48 6 Aug 2018
Swiss Ramble do break down the Swans published accounts showing a profit on player sales in. 2016-17 season of £37 million.
However, they do not pick up on the £24 million write down in player values (amortisation) thereby lowering the reported profit to £13 million. True profit £37 million
Example. If you buy a player for £40 million, you write off £10 million per annum of their value and are worth zero in 4 years. However, they do still have a value if yo7 sell before their contract ends,unless in the case of KI it expires and you don’t receive a transfer. This does not happen very often |
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Reply | Asset strip away, strip away....Left with a SWAN CARCASS
at 15:18 6 Aug 2018
On reviewing the swans latest a/cs to 31 July 2017, can see the asset strip in the yanks first full season as owners, using smoke and mirrors but accepted as accounting standards @ companies house.
Profit for the year £13 million
Note 3 to the accounts includes “Player Registration amortisation costs” £24 million
This is basically taking the value of our players on the books and writing down their value over circa 4 years when it would value them at zero (with no players in or out over 4 years)
Technically for their first year of ownership they made close to
£37 MILLION
This is without the sales of £60 MILLION that occurred after year end in August 2017 of Gylfi and Llorente which will not show up until published in July 2019.
Minimum asset strip to date £97 MILLION (the6 just haven’t taken it out yet)
They will no doubt take off another £20-30 million from the actual profit made in season 2017-18 for player amortisation costs, even though we continue to offload the majority of players at more than we paid for them.
Wakey wakey trust members, your not keeping your eyes on the ball (the artificial lowering of profit by offsetting a quarter of all players values against profit each year). Yes it’s a legitimate accounting adjustment , but will hide the true profit of the club for the nextfew years transition. |
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Reply | Asset strip away, strip away....Left with a SWAN CARCASS
at 12:41 3 Aug 2018
The management acs will only show the trading position if its limited to a profit and loss account, and will not show what is happening to the assets and liabilities of the club, and yanks can do what they like behind the scenes
I would be interested to know if the following KEY statements are also included in the monthly management accounts:
Must have a balance sheet !! With monthly movements to assets and liabilities
Cash flow statement
P&L
Projections of P&L, Cashflow and Balance Sheet
Commentary of key events, movements, disbursements to directors / shareholders
Phil S seems in best position to disclose.... Are all of these financials included in the monthly management acs?
If not, the finance committee will be out foxed by the yanks.
Also, how quickly are Mgt a s provided, timeliness is everything, so should be within a reasonable time after the end of each month
Thanks in advance |
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Reply | Asset strip away, strip away....Left with a SWAN CARCASS
at 07:23 3 Aug 2018
Spot on. Just because they are not taking out the cash in the form of dividends or other payments to themselves YET doesn’t mean they are not readying our club for massive transfer of cash to the USA when ready.
Selling our assets (players) and holding the funds as cash (an asset) is not asset stripping but it is making our assets very liquid (ie. can be gone in one bank transfer)
Phil S , How are you and the trust going to stop these electronic transfers when they start happening? |
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Reply | Asset strip away, strip away....Left with a SWAN CARCASS
at 21:06 2 Aug 2018
Yes they are appalling human beings, and using smoke and mirrors to confuse.
They are also helped by Corporate reporting in that They do not have to file company accounts until 9 months after the end of the companies financial year, so the full extent of the asset stripping and profit or loss takes some time to filter through to the fans |
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Reply | Asset strip away, strip away....Left with a SWAN CARCASS
at 21:01 2 Aug 2018
Resurrection is on the right site, he’s just not keeping up with the devious tactics of the Vulture Funds that OWN the club we support.
Probably best he doesn’t get bogged down in finances if he doesn’t realise
The Players are the assets ,
and the owners keep selling the expensive ones and replace them with much cheaper ones, and have sent us into a down ward spiral |
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Reply | Asset strip away, strip away....Left with a SWAN CARCASS
at 20:03 2 Aug 2018
£7m Fabianski
£15m Mawson
£7mMesa
£4m Bartley
£1m Ayew loan fee
Total £35 Million
And almost agreed £8 m Clucas would net £43 million in Capital receipts ( you asked, Money received for selling players) |
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Reply | Asset strip away, strip away....Left with a SWAN CARCASS
at 19:56 2 Aug 2018
Yes morale was awful, Paul Clement was a useless manager last season, with Carvahal providing a massive uplift in morale, until he bottled it towards the end
Clement was nearly responsible for two clubs being relegated last season ; Reading only just survived.
Fingers crossed for this season that whoever we have left can be moulded into a half decent team who hopefully can challenge for a top six spot |
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Reply | Asset strip away, strip away....Left with a SWAN CARCASS
at 19:40 2 Aug 2018
You are allowed to close the wage gap using transfer receipts
We’ve had close on £35 million in transfer and loan fees and with significant wage savings already realised with the likes of Sanchez (£7 million a year) and 12 other departures I’m sure the gap is minimal without all the other planned transfers.
You need to look at Capital receipts (transfers) as well as Operating cost savings (wages) together, not the slash and burn approach of just looking at and slashing the wage bill.
Keep up!! |
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Reply | Asset strip away, strip away....Left with a SWAN CARCASS
at 19:22 2 Aug 2018
Maybe Captain Sham should block everyone except Resurrection
Can you imagine the threads these two dick heads would have?
Maybe we could transfer them to the CCFC forum? before the transfer deadline preferably |
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Reply | Asset strip away, strip away....Left with a SWAN CARCASS
at 19:11 2 Aug 2018
Exactly, Offload the high earning non performers, and retain the better performing players where the wages are more in line with championship players.
However, it is clear we are not only off loading to reduce wages, but to continue the asset stripping programme that placates the massive list of shareholders who are still in shock at the loss of the tv revenues.
This is not being run as a football club, it is a personal piggy bank for Levine and Kaplan |
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