UBIG - Official Figures (P&L)

[Guest GhostHunter]

It's amazing what you find when you go looking...

 

See link in later post.

[Buffalo Bill]

Could you also tell us dummies what it all means?

 

Thanks.

 

 

Buffalo Bill

 

.

[Guest GhostHunter]

www.hmfckickback.co.uk/Atskaitomybe_2008_06_30.pdf

[Guest GhostHunter]

Could you also tell us dummies what it all means?

 

Thanks.

 

 

Buffalo Bill

 

.

 

Absolutely no idea.

 

Signed

 

A N Other Dummy

[hmfc_steve]

Could you also tell us dummies what it all means?

 

Thanks.

 

 

Buffalo Bill

 

.

 

All makes perfect sense to me

[Coco]

From a 2 minute glance at the numbers:

 

- profits are up, but are small scale - equivalent of $10.8m in the Q2

- not much point in looking at numbers on the P&L above 'financial and investing operations' as all the profits and most of the value is from investments

- nearly $65m of financial debts due on a short term basis

[BigC]

What currency is it in?

[Spellczech]

Well they claim to be profitable, due to investment income in the P&L. And they don't appear to have any particular liquidity issue either judging by the BS.

 

Haven't a clue what a Lita is worth. I prefer magic beans.

[Coco]

Well they claim to be profitable, due to investment income in the P&L. And they don't appear to have any particular liquidity issue either judging by the BS.

 

Haven't a clue what a Lita is worth. I prefer magic beans.

 

1 US $ is worth 2.358 Lita

1 GBP is worth 4.361 Lita

[Guest GhostHunter]

1 Lita = 0.22 pence I think

[Coco]

1 Lita = 0.22 pence I think

 

Where did you get the accounts figures Dexter?

 

Were the full accounts (including notes) available?

[portobellojambo1]

What currency is it in?

 

Think right at the top of the balance sheet it states that it is in Litas Big C, think there is about 4.3 Litas to the ?1 Sterling.

[Coco]

Would also note that due to substantial deferred tax assets on these accounts UBIG is paying no corporation tax!

[Guest GhostHunter]

Where did you get the accounts figures Dexter?

 

Were the full accounts (including notes) available?

They're on the Ubig website....

 

You just need to look hard enough....

[Bickfest]

At L1 to ?0.229, they had net assets (presumably including the investment in Hearts) of approximately ?160 million and made a profit for the 6 months of ?5.9 million. Not sure if they're consolidated (ie including Hearts' numbers for the period).

[Coco]

They're on the Ubig website....

 

You just need to look hard enough....

 

Well spotted. I had looked in the past but not hard enough!

 

Found them, no notes to the accounts though!

 

One other thought, a ?51m development at Tynecastle would be a huge burden on a company which currently has ?161m of total assets.

[Guest GhostHunter]

Well spotted. I had looked in the past but not hard enough!

 

Found them, no notes to the accounts though!

 

One other thought, a ?51m development at Tynecastle would be a huge burden on a company which currently has ?161m of total assets.

 

Are you sure your 161m is correct ?

 

I was sure it was way above that ?

 

Would you not include buildings etc as assets ? I'd assume then their overall total would be more like 1.6billion ?

[tolcross lad]

From a 2 minute glance at the numbers:

 

- profits are up, but are small scale - equivalent of $10.8m in the Q2

- not much point in looking at numbers on the P&L above 'financial and investing operations' as all the profits and most of the value is from investments

- nearly $65m of financial debts due on a short term basis

 

A s one of the guys who seem to know about finance and who makes sense to me.Could you please spend a bit more time on this and give your opinion re stability of UBIG based on these figures?

[Munch]

Bottom line is there enough cash to finance the construction of the new Stand ?

[troonjambo]

It's amazing what you find when you go looking...

 

See link in later post.

 

want to dig out hbos figures or aig or Morgan Stanley or citygroups annual reports i know where your coming from re the hobos wind up merchants ect but this is really really meaningless stuff dex . at the end of the day you have just witnessed a dry run of what could happen any week re hearts going to the wall we are surviving on handouts from a guy who does not even attend games think thats good news i dont

 

anyway im away to play with the traffic :sad:

[Munch]

want to dig out hbos figures or aig or Morgan Stanley or citygroups annual reports i know where your coming from re the hobos wind up merchants ect but this is really really meaningless stuff dex . at the end of the day you have just witnessed a dry run of what could happen any week re hearts going to the wall we are surviving on handouts from a guy who does not even attend games think thats good news i dont

 

anyway im away to play with the traffic :sad:

 

So what would happen if Tom Farmer kicks the bucket down fester road way ? he does not attend games either mate.

[Spellczech]

want to dig out hbos figures or aig or Morgan Stanley or citygroups annual reports i know where your coming from re the hobos wind up merchants ect but this is really really meaningless stuff dex . at the end of the day you have just witnessed a dry run of what could happen any week re hearts going to the wall we are surviving on handouts from a guy who does not even attend games think thats good news i dont

 

anyway im away to play with the traffic :sad:

 

LOL not many football clubs are viable businesses on their own.

[portobellojambo1]

Are you sure your 161m is correct ?

 

I was sure it was way above that ?

 

Would you not include buildings etc as assets ? I'd assume then their overall total would be more like 1.6billion ?

 

I think, and admit it is a wild guess, that if UBIG has assets of ?1.6 billion then problems would be non existent Dex.

 

The figure that Coco has indicated is the same end figure I came to having read through the data you provided, i.e. about ?161.5m. With regards to property they own I would expect to see that shown under fixed assets, possibly tangible assets. Where they do appear to have taken a fairly big hit is in relation to sales costs, between March and June of this year (costs rose 10 fold), which would be in keeping with business and the market place in general.

[aDONis]

I've had a quick look and can give you a quick summary.

 

I'll try not to pass any judgement but obviously I'll be highlighting the stuff I think is pertinent, which in itself my be prejudicial.

 

These are not group accounts, they are UBIGs (assuming Dexter pulled the right file)

 

Total Assets ?160m

Total Liabilities ?63m

 

So on the whole UBIG has Net Assets of circa ?100m

 

I think what you all want to know about is liquidity, and this is where it gets trickier.

 

Cash = ?1.25m, down from ?1.6m in the prior quarter.

 

Current Assets in general (i.e. stuff that can be reasonably quickly turned into cash)

 

Stocks & WIP ?17.4m

Debtors Receivable ?49m

Other Assets ??? ?2.45m

 

The big question mark is whether or not they can convert these items into cash in the very short term. The other question mark is that ?31m of the debtors figure is owed from "susidiaries and associated companies" i.e. Hearts + Others.

 

The point behind highlighting these items is that UBIG seem to be loaded with Short term debt (probably less than a year to repayment) see below.

 

Liabilities

 

Long term Debt ?7.5m

 

Short term debt ?55m

 

 

I'm not going to pass any further comment, but if you have any questions, I'll try to answer them.

 

Yours

aDONis

[Charlie-Brown]

LOL not many football clubs are viable businesses on their own.

 

They are or would be if they were run correctly and lived within their means which is perfectly possible this however creates other footballing issues.

[Jambof3tornado]

Bottom line is there enough cash to finance the construction of the new Stand ?

 

The money for the stand would come from outside investors surely. Isnt that what Vlad wanted??

[The Baldmans Comb]

Bottom line is there enough cash to finance the construction of the new Stand ?

 

 

Not a chance.

 

 

Some worrying news but not as bad as many people in the media are trying to claim

 

http://www.baltictimes.com/news/articles/21193/

[Spellczech]

They are or would be if they were run correctly and lived within their means which is perfectly possible this however creates other footballing issues.

 

Yep. like ambition. I'm sure plenty of wee clubs have no benefactor but big clubs attract them and need them - the needing and the attracting are "chicken and egg". Gretna did not probably need Mileson when he arrived but they sure did once they were in the SPL...

[Jam Tarts 1874]

The money for the stand would come from outside investors surely. Isnt that what Vlad wanted??

 

The last comment on this matter was given by Fedotovas, he talked of Hearts having partners in the project although I would think that the partners he was referring to would be involved in the Hotel/Offices/Accommodation etc. I imagine that UBIG will lend Hearts the dosh to build the stand.

[secret1]

HBOS had profits of 5700 Million in 2007 - helped them not one little bit, doesnt amatter how good you look on paper as a bank what matters is how exposed you are to debt

 

That I dont know

[Zico]

- nearly $65m of financial debts due on a short term basis

 

Without notes, it's difficult to estimate what that debt might contain but one would presume that it's overdrafts and/or loans as opposed to any issued bonds. Anything else that might include that anyone can think of?

 

Presumably if it is overdrafts/loans, the lack of liquidity in the market will make it difficult to roll it over without paying punitive rates (and would of course depend on the dates that receivables are due). Don't work in corporate finance myself but would be interesting to hear the thoughts of those that do.

[Charlie-Brown]

Yep. like ambition. I'm sure plenty of wee clubs have no benefactor but big clubs attract them and need them - the needing and the attracting are "chicken and egg". Gretna did not probably need Mileson when he arrived but they sure did once they were in the SPL...

 

Chelsea must be close to being the worst run club in the world from a financial perspective - their accounts are an absolute horror story - their success on the pitch is irrelevant as they are burning through money hand over fist - Abramovich' gigantic wealth is masking their problems and none of his money has been GIFTED to Chelsea - they owe him / his companies ?500M+ in loans repayable within 18 months - they are as dependant on Abramovich as Gretna were on Mileson - everything is fine whilst the benefactor is subsidising the club - a massive house of cards which will tumble & fall though should any trouble befall the benefactor or his income.

 

The UK should implement similar rules as exist in France, Germany, Holland, Belgium etc regards football clubs finances and the amount they can spend on players wages & debt borrowing in relation to earnings & assets.

 

Football in the UK is being subsidised to a massively unsafe degree by Rich Benefactors and very generous TV deals however are these people or companies any more immune from financial woes than some of the worlds largest Banks & Finances companies who most assumed were the safest bets around.

[Spellczech]

HBOS had profits of 5700 Million in 2007 - helped them not one little bit, doesnt amatter how good you look on paper as a bank what matters is how exposed you are to debt

 

That I dont know

 

yup but having debt in itself is fine. It is the liquidity and value of that debt which is important. Those accounts indicate that liquidity is not likely to be an issue and we have to hope that the valuation is not either.

[Jam Tarts 1874]

want to dig out hbos figures or aig or Morgan Stanley or citygroups annual reports i know where your coming from re the hobos wind up merchants ect but this is really really meaningless stuff dex . at the end of the day you have just witnessed a dry run of what could happen any week re hearts going to the wall we are surviving on handouts from a guy who does not even attend games think thats good news i dont

 

anyway im away to play with the traffic :sad:

 

Rubbish! The important aspect for Hearts or any other club is turnover v wages. You should wait and see what the accounts for the year ending 31.7.08. have to say before making such idiotic and inaccurate comments. The only way Hearts could go to the wall would be if UBIG decided to call in the remaining debt, if that happens Romanov automatically loses at least ?12million thanks to the recent conversion of debt to equity. Why would UBIG do this in order to have the remaining ?15m or so that we owe them repaid? Effectively closing Hearts down would only net them approximately ?3million, that is less than 3 years of interest payments. It just would not make any sense at all and frankly it is just plain stupid to even consider that it could happen.

[peckhamjambo]

HBOS had profits of 5700 Million in 2007 - helped them not one little bit, doesnt amatter how good you look on paper as a bank what matters is how exposed you are to debt

 

That I dont know

 

UBIG IS NOT A BANK!

 

It is an investment group with interests in all sorts of business areas, this has been pointed out numerous times before on numerous threads. Ukio Bankas is the bank which sponsors us, of which UBIG and Romanov have a controlling interest.

[troonjambo]

So what would happen if Tom Farmer kicks the bucket down fester road way ? he does not attend games either mate.

 

nothing would happen same at ibrox same at parkhead they are not in dedt up to there eyeballs with no cash reserve what so ever

[secret1]

UBIG IS NOT A BANK!

 

It is an investment group with interests in all sorts of business areas, this has been pointed out numerous times before on numerous threads. Ukio Bankas is the bank which sponsors us, of which UBIG and Romanov have a controlling interest.

 

 

 

ok then look at AIG much much bigger - also in trouble

[tolcross lad]

I've had a quick look and can give you a quick summary.

 

I'll try not to pass any judgement but obviously I'll be highlighting the stuff I think is pertinent, which in itself my be prejudicial.

 

These are not group accounts, they are UBIGs (assuming Dexter pulled the right file)

 

Total Assets ?160m

Total Liabilities ?63m

 

So on the whole UBIG has Net Assets of circa ?100m

 

I think what you all want to know about is liquidity, and this is where it gets trickier.

 

Cash = ?1.25m, down from ?1.6m in the prior quarter.

 

Current Assets in general (i.e. stuff that can be reasonably quickly turned into cash)

 

Stocks & WIP ?17.4m

Debtors Receivable ?49m

Other Assets ??? ?2.45m

 

The big question mark is whether or not they can convert these items into cash in the very short term. The other question mark is that ?31m of the debtors figure is owed from "susidiaries and associated companies" i.e. Hearts + Others.

 

The point behind highlighting these items is that UBIG seem to be loaded with Short term debt (probably less than a year to repayment) see below.

 

Liabilities

 

Long term Debt ?7.5m

 

Short term debt ?55m

 

 

I'm not going to pass any further comment, but if you have any questions, I'll try to answer them.

 

Yours

aDONis

 

Thanks for your analysis.Can you surmise what would constitute a short term and long term debt?

[JAMBO.LOU]

secret1 - i smell a hobo!!! most probably serge

[Nucky Thompson]

secret1 - i smell a hobo!!! most probably serge

They are really obvious just now:107years: Registered since 2006 and only had 5 posts till today:rolleyes: The hobonomics bring them all out:hobofish:

[topcat]

Values in thousands LIT
BALANCE SHEET 30/JUN/2008

No        ASSETS                                         30Jun/08 30/Mar/08
A.        Fixed assets                                    388,696   379,246
I.        Intangible assets                                   221       202
I.1.      Development expenses                                              
I.2.      Goodwill                                                          
I.3.      Patents, licences                                                 
I.4.      Computer software                                    42        39
I.5.      Other intangible assets                             179       163
II.       Tangible assets                                   3,542     3,561
II.1.     Land                                                              
II.2.     Buildings and constructions                                       
II.3.     Machinery                                                         
II.4.     Means of transport                                  441       494
II.5.     Other equipment                                     516       482
II.6.     Buildings and constructions in progress                           
II.7.     Other tangible assets                             2,585     2,585
III.      Financial assets                                314,131   304,680
III.1.    Investments into subsidiaries and associated    270,877   261,426
III.2.    Loans to subsidiaries and associated companie                      
III.3.    Long-term receivables                            43,254    43,254
III.4.    Other financial assets                                            
IV.       Investment assets                                70,802    70,802
B.        Current assets                                  305,555   308,436
I.        Inventory, advance payments and contracts in     75,302    76,175
I.1.      Inventory                                            22        17
I.1.1.    Materials                                            22        17
I.1.2.    Unfinished production                                             
I.1.3.    Finished goods                                                    
I.1.4.    Goods for resale                                                  
I.2.      Advances paid                                    75,281    76,158
I.3.      Contracts in progress                                             
II.       Short-term receivables                          214,153   212,720
II.1.     Sales receivables                                   582       518
II.2.     Debts of subsidiaries and associated companie   134,912   130,657
II.3.     Other receivables                                78,659    81,545
III.      Other current assets                             10,612    12,637
III.1.    Short-term investments                           10,612    12,637
III.2.    Deposit accounts                                                  
III.3.    Other short term assets                                           
IV.       Cash and cash equivalents                         5,488     6,904
         Total assets:                                   694,252   687,681

No        EQUITY AND LIABILITIES                         30Jun/08 30/Mar/08
C.        Capital                                         421,932   416,601
I.        Capital                                         211,895   211,895
I.1.      Share capital (signed)                          211,895   211,895
I.2.      Share capital signed not paid (-)                                
I.3.      Share premium                                                    
I.4.      Own shares (-)                                                   
II.       Revaluation reserves (results)                                   
III.      Reserves                                        184,483   184,483
III.1.    Obligatory                                          158       158
III.2.    For buying own shares                                            
III.3.    Other reserves                                  184,325   184,325
IV.       Unallocated profit (losses)                      25,554    20,223
IV.1.     Profit (losses) of current year                  25,554    20,223
IV.2.     Profit (losses) or previos years                                 
D.        Grants, subsidies                                                
E.        Payables and liabilities                        272,320   271,081
I.        Long-term payables and liabilities               32,578    32,592
I.1.      Financial debts                                      54        68
I.1.1.    Leasing and similar liabilities                      54        68
I.1.2.    To credit institutions                                           
I.1.3.    Other financial debts                                            
I.2.      Trade payables                                                   
I.3.      Advances received                                                
I.4.      Provisions                                                       
I.4.1.    For claims and liabilities                                       
I.4.2.    For pension and similar liabilities                              
I.4.3.    Other provisions                                                 
I.5.      Deferred tax liabilities                         32,524    32,524
I.6.      Other payables and long-term liabilities                         
II.       Short-term payables and liabilities             239,742   238,488
II.1.     Current year portion of long-term debt                           
II.2.     Financial debts                                 153,663   150,536
II.2.1.   To credit institutions                                           
II.2.2.   Other debts                                     153,663   150,536
II.3.     Trade payables                                                   
II.4.     Advances received                                84,592    86,289
II.5.     Profit tax liabilities                                           
II.6.     Liabilities related to employees                    486       484
II.7.     Provisions                                                       
II.8.     Other payables and short-term liabilities         1,000     1,180
         Total equity and liabilities:                   694,252   687,681

PROFIT (LOSS) STATEMENT
From 1st January 2008 to 30th June 2008
No        ARTICLES                                       30Jun/08 30/Mar/08
I.        SALES INCOME                                      2,635     2,290
II.       COST OF SALES                                    11,029     1,030
III.      GROSS PROFIT (LOSS)                              -8,395     1,259
IV.       OPERATING EXPENSES                               20,798    18,541
IV.1      Sales expenses                                                   
IV.2      General and administration expenses              20,798    18,541
V.        PROFIT (LOSS) FROM TYPICAL OPERATIONS           -29,192   -17,282
VI.       OTHER ACTIVITIES                                                 
VI.1.     Income                                                           
VI.2.     Expenses                                                         
VII.      FINANCIAL AND INVESTING OPERATIONS               54,746    37,504
VII.1.    Income                                          215,005   191,515
VII.2.    Expenses                                        160,259   154,011
VIII.     PROFIT (LOSS) FROM ORDINARY OPERATIONS           25,554    20,223
IX.       EXTRAORDINARY INCOME                                             
X.        EXTRAORDINARY EXPENSES                                           
XI.       PROFIT (LOSS) BEFORE TAX                         25,554    20,223
XII.      PROFIT TAX                                                       
XIII.     NET PROFIT (LOSS)                                25,554    20,223

[Guest jambomickey]

They are really obvious just now:107years: Registered since 2006 and only had 5 posts till today:rolleyes: The hobonomics bring them all out:hobofish:

 

god bless robbo, wayne foster, phil stamp and graeme weir!

[peckhamjambo]

ok then look at AIG much much bigger - also in trouble

 

I could never be a teacher, I just don't have the patience to educate the uneducated!

[topcat]

Values in thousands GBP Calcuated at 1LIT = 0.2298GBP
No        ASSETS                                        30/Mar/08 30/Mar/08
A.        Fixed assets                                     89,322    87,151
I.        Intangible assets                                    51        47
I.1.      Development expenses                                             
I.2.      Goodwill                                                         
I.3.      Patents, licences                                                
I.4.      Computer software                                    10         9
I.5.      Other intangible assets                              41        38
II.       Tangible assets                                     814       818
II.1.     Land                                                             
II.2.     Buildings and constructions                                      
II.3.     Machinery                                                        
II.4.     Means of transport                                  101       113
II.5.     Other equipment                                     119       111
II.6.     Buildings and constructions in progress                          
II.7.     Other tangible assets                               594       594
III.      Financial assets                                 72,187    70,015
III.1.    Investments into subsidiaries and associated     62,248    60,076
III.2.    Loans to subsidiaries and associated companie                    
III.3.    Long-term receivables                             9,940     9,940
III.4.    Other financial assets                                           
IV.       Investment assets                                16,270    16,270
B.        Current assets                                   70,217    70,879
I.        Inventory, advance payments and contracts in     17,304    17,505
I.1.      Inventory                                             5         4
I.1.1.    Materials                                             5         4
I.1.2.    Unfinished production                                            
I.1.3.    Finished goods                                                   
I.1.4.    Goods for resale                                                 
I.2.      Advances paid                                    17,299    17,501
I.3.      Contracts in progress                                            
II.       Short-term receivables                           49,212    48,883
II.1.     Sales receivables                                   134       119
II.2.     Debts of subsidiaries and associated companie    31,003    30,025
II.3.     Other receivables                                18,076    18,739
III.      Other current assets                              2,439     2,904
III.1.    Short-term investments                            2,439     2,904
III.2.    Deposit accounts                                                 
III.3.    Other short term assets                                          
IV.       Cash and cash equivalents                         1,261     1,587
         Total assets:                                   159,539   158,029

No         EQUITY AND LIABILITIES                       30/Mar/08 30/Mar/08
C.        Capital                                          96,960    95,735
I.        Capital                                          48,693    48,693
I.1.      Share capital (signed)                           48,693    48,693
I.2.      Share capital signed not paid (-)                                
I.3.      Share premium                                                    
I.4.      Own shares (-)                                                   
II.       Revaluation reserves (results)                                   
III.      Reserves                                         42,394    42,394
III.1.    Obligatory                                           36        36
III.2.    For buying own shares                                            
III.3.    Other reserves                                   42,358    42,358
IV.       Unallocated profit (losses)                       5,872     4,647
IV.1.     Profit (losses) of current year                   5,872     4,647
IV.2.     Profit (losses) or previos years                                 
D.        Grants, subsidies                                                
E.        Payables and liabilities                         62,579    62,294
I.        Long-term payables and liabilities                7,486     7,490
I.1.      Financial debts                                      12        16
I.1.1.    Leasing and similar liabilities                      12        16
I.1.2.    To credit institutions                                           
I.1.3.    Other financial debts                                            
I.2.      Trade payables                                                   
I.3.      Advances received                                                
I.4.      Provisions                                                       
I.4.1.    For claims and liabilities                                       
I.4.2.    For pension and similar liabilities                              
I.4.3.    Other provisions                                                 
I.5.      Deferred tax liabilities                          7,474     7,474
I.6.      Other payables and long-term liabilities                         
II.       Short-term payables and liabilities              55,093    54,805
II.1.     Current year portion of long-term debt                           
II.2.     Financial debts                                  35,312    34,593
II.2.1.   To credit institutions                                           
II.2.2.   Other debts                                      35,312    34,593
II.3.     Trade payables                                                   
II.4.     Advances received                                19,439    19,829
II.5.     Profit tax liabilities                                           
II.6.     Liabilities related to employees                    112       111
II.7.     Provisions                                                       
II.8.     Other payables and short-term liabilities           230       271
         Total equity and liabilities:                   159,539   158,029

         PROFIT (LOSS) STATEMENT                                          
         From 1st January 2008 to 30th June 2008                          
I.        SALES INCOME                                        605       526
II.       COST OF SALES                                     2,535       237
III.      GROSS PROFIT (LOSS)                              -1,929       289
IV.       OPERATING EXPENSES                                4,779     4,261
IV.1      Sales expenses                                                   
IV.2      General and administration expenses               4,779     4,261
V.        PROFIT (LOSS) FROM TYPICAL OPERATIONS            -6,708    -3,971
VI.       OTHER ACTIVITIES                                                 
VI.1.     Income                                                           
VI.2.     Expenses                                                         
VII.      FINANCIAL AND INVESTING OPERATIONS               12,581     8,618
VII.1.    Income                                           49,408    44,010
VII.2.    Expenses                                         36,828    35,392
VIII.     PROFIT (LOSS) FROM ORDINARY OPERATIONS            5,872     4,647
IX.       EXTRAORDINARY INCOME                                             
X.        EXTRAORDINARY EXPENSES                                           
XI.       PROFIT (LOSS) BEFORE TAX                          5,872     4,647
XII.      PROFIT TAX                                                       
XIII.     NET PROFIT (LOSS)                                 5,872     4,647

[aDONis]

Thanks for your analysis.Can you surmise what would constitute a short term and long term debt?

 

Hi Tolcross

 

In the UK Short-term debt is generally seen as due within 1 year.

 

Stuff that goes in there is stuff like;

 

Trade Creditors

Finance lease payments due in < 1year

Overdrafts/loans repayable on demand

HP contracts

Monies owed to subsidiaries

Other creditors (catch all)

 

In the sheet Dexter got, there were 3 types;

 

Other debts (?35m)

Advances received (?19m)

Liabilities to employees (?110k)

Total (?55m) excuse rounding.

 

 

If it is all due in less than one year, then I'd worry, but there may also be some mitigating factors.

 

i.e. they could be loans from Emperor Vlad and his family, which although technically are repayable on demand, they may not need to call in.

 

I have my opinions, but they would be little more than an informed guess, which is really just a fancy way of saying "guess".

 

Yours

aDONis

[castlerock]

It's amazing what you find when you go looking...

 

See link in later post.

those are up to end of june. it may have escaped your attention, but in the interim, the banking sector has collapsed.

[Disco Dave]

What folk should also remember is that there has been a big focus on UBIG's fianances here. Isn't Romanov's personal wealth (not UBIG) meant to be quite high too? The Romanov's could well have taken 10's of millions out of the company in dividends, wages, bonuses etc over the years.

[wavydavy]

Bottom line is there enough cash to finance the construction of the new Stand ?

 

They will not be financing a new stand on their on and have never intended to they are looking for other funding sources to invest a considerable contribution towards the total cost including the hotel development.

[wavydavy]

What folk should also remember is that there has been a big focus on UBIG's fianances here. Isn't Romanov's personal wealth (not UBIG) meant to be quite high too? The Romanov's could well have taken 10's of millions out of the company in dividends, wages, bonuses etc over the years.

 

When Romanov first took over Hearts his total wealth was put at some ?340 Million which would be his total worth not cash.

[Sheriff Fatman]

those are up to end of june. it may have escaped your attention, but in the interim, the banking sector has collapsed.

 

It may have escaped your attention, but UBIG isn't a bank. UKIO is and has increased it's profit in the last reported quarter. Admitedly it's share value has gone down, but that is probably more to do with how the banking sector is doing as a whole than to anything specific to UKIO.