So the Accounts are in -
Pnl highlights for the period ended 28 May 2008 are;
£(37m) before tax is the headline but there are a couple of key numbers which pique ones interest…
Turnover up £24m to £81m from the £57m during the Tevez season.
Wages & Salaries up £21m to £63m from £42m reflecting the Magmusson Galactico's coming on-board (According to the accounts we were the sixth highest spenders on player wages).
Other admin up £5m to £22.8m from £17.8m.
An astonishing figure of
£27m exceptional expenses vs. the £9m in the previous accounts which were attributable to the Premier League fine and associated legal costs as well as compo for Curbs.
We settled with Sheffield United for £21m payable over four-and-a-half years.
The auditors have
not added any qualifications to their audit opinion.
So, without the Exceptional expenses we would have lost £5m before interest and player amortisation.
Let's have a look at that exceptional figure…ah, it's the settlement of the Blades claim plus £3.7m in associated legal fees and a few other odds and sods. I wonder who got £450k in compo for loss of office - Eggy?
The Balance SheetDebtors have jumped massively from £7.5m in 2007 to over £25m - £8m from player transfers and £10m owed by West Ham's parent Company…?
Our total creditors as at 28 May '07 were £124m, up £26m from the previous period. The breakdown is as follows;
Within one year (i.e. before May '09)
Bank loan and overdraft of £43m (£28m was re-negotiated after the accounting period to be paid between 2 and 5 years - interest @ 2.5% over LIBOR - not too penal in this current climate - a positive!)
Amount owing to parent Co £11m
Players bought £17m
Everything else is pretty much on par with the previous periods numbers.
Over one year;
Vultures claim £21m
Players Bought £5m
In shortThe accounts reflect the gross-mismanagement of the Icelandic regime in terms of players bought & wages paid in addition to loans taken-out bearing high interest (~ 8%) whose ultimate beneficiary was Gudmundsson as well as the Sheffield United settlement.
Old newsIndeed - the account are drawn up to May '08 and were signed-off in June this year however, can the Post Balance Sheet Events note shed any light as to the current position?
We received £12m from transferred players +£4m contingent on future events.
Property values have dropped by about £12m.
Nothing of real value here…
I'll have another Butcher's later KUMBers to see if I've missed anything pertinent.
