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Financial Results

Jordinho

Jordinho

Martin Peters
Staff member
Our latest accounts have been filed at Companies House and SwissRamble has done a brief analysis:

  • Tottenham Hotspur 2012 full accounts have been published: loss before tax £7.3m (2011 profit before tax £0.4m)
  • Thanks to tax credits, THFC loss after tax smaller (than before tax loss) at £4.3m (2011 profit after tax £0.7m).
    revenue dropped 12% from last year’s record £163.5m to £144.2m, which is still 6th highest in England and 13th highest in the world.
  • 2012 revenue £144.2.5m (2011 £163.5m): match day £41.1m (2011 £43.3m), TV £61.6m (2011 £83.1m), commercial £41.5m (2011 £37.1m).
  • Main reason for THFC £19.3m revenue fall is going from Champions to Europa, cutting prize money & gate receipts by £30.7m (37.1m to 6.4m).
  • 2012 domestic TV revenue up £5m, mainly due to higher league position (4th vs 5th) and 6 more live televised matches.
  • THFC 2012 commercial income up £4m, mainly due to more revenue from main sponsorship deal, offset by lower merchandising sales
  • 2012 profit on player sales £9.2m similar to 2011 £8.6m, including Crouch, Palacios, Keane, O’Hara, Hutton, Pavlyuchenko and Corluka.
  • 2012 staff costs cut 1% to £90.2m (2011 £91.1m), though wages to turnover ratio rose from 56% to 63% following fall in revenue.
  • 2012 player amortisation fell £14.5m to £25m “as a result of significant player disposals”.
  • 2012 gross debt up £8m to £86m (2011 £78m), comprising bank loans and securitisation funds. Less £16m cash gives net debt of £70m.
  • 2012 net interest payable up to £5.7m (2011 £1m), mainly due to no interest credit on Preference Shares (£4m in 2011).
    continued to invest heavily in the stadium project and new training centre – £42m net (according to cash flow statement).
  • Assets under construction (stadium & new training centre) now stand at £132m. No depreciation charges until in use.
    finances will be boosted in 2012/13 season by hefty player sales, e.g. Modric to Real Madrid and Van der Vaart to Hamburg.

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Jordinho said:
2012 staff costs cut 1% to £90.2m (2011 £91.1m), though wages to turnover ratio rose from 56% to 63% following fall in revenue.
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I fecking knew it.
Was told for ages that the only reason our wages were up to 90m in 2011 was because of Champion's League bonuses.
Now the season after with no Champion's League and they're still 90m.

Our wages effectively doubled under Redknapp.
Thats why our net transfer spend is down significantly for the last 2 seasons.
 
But what about all that money we're making that Levy isn't spending that i keep hearing about?
 
Modric THFC said:
I fecking knew it.
Was told for ages that the only reason our wages were up to 90m in 2011 was because of Champion's League bonuses.
Now the season after with no Champion's League and they're still 90m.

Our wages effectively doubled under Redknapp.
Thats why our net transfer spend is down significantly for the last 2 seasons.
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Sadly this seems to be one aspect of it

At least our wage/turnover % is reasonable

Villa are fudged if they go down unless they do a mass sale
 
So Utd's debt has halved by now - is that correct?

Are they still waving those green/yellow cringe flags?
 
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How pathetic is Emirates Marketing Project's match day revenue? Seriously?


That said compared to the top few it shows we really need to sort our stadium out.
 
ArcspacE said:
By that logic Utd shouldn't sign any players for the next 27 years
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Not really. That's not logic at all. He means that we're not making any money, if we take a look at the United accounts it's likely they've made a profit, or a loss due only to paying off huge loans.
 
Jordinho said:
What logic is that? Man Utd make enough money to service their debt AND have a net spend of £30-40 millions on players every season.
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My comment related to the debt amount - which has very little to do with our ability to purchase players, imv

If we can service our debt - we can afford signings
 
ArcspacE said:
My comment related to the debt amount - which has very little to do with our ability to purchase players, imv

If we can service our debt - we can afford signings
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And the money we make, we spend. I don't see the issue. Or is it that we're not financing more expensive players through loans?
 
ArcspacE said:
My comment related to the debt amount - which has very little to do with our ability to purchase players, imv

If we can service our debt - we can afford signings
Click to expand...


Thanks to tax credits, THFC loss after tax smaller (than before tax loss) at £4.3m



We can service our debt, but there is not much left after that. Hell we made a profit of 9.2m on player sales and still made a loss.


That insinuates a sell to buy policy in my mind. Well or release ageing players on massive cash.

Edit: Although we won't be spending on the training ground this season, so unless we spend on the stadium there might be more leeway.
 
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Jordinho said:
And the money we make, we spend. I don't see the issue. Or is it that we're not financing more expensive players through loans?
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For starters - our wage total (compared to the PL both up and down) do not reflect the quality in terms of players - a massive clean-out is needed to a solid core of 20-22-odd players including youngsters.

We need to reduce that number or at least substitute 3 cloggers for 1 good signing in terms of wage packet. I really don't think that is unreasonable
 
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