Vlad-Stupid Posted May 12, 2011 Share Posted May 12, 2011 Not sure if posted (hard to tell with all the hysteria!) but we've made a profit, all be a small one, fir the 1st time since 1999. I'm not sure if the lochend economists have verified the accounts yet but looks like were finally making progress. A not bad end to the season(yeah apart from the obvious!) Well done Vlad http://sport.scotsman.com/football/Hearts-make-a-profit-for.6766779.jp Link to comment Share on other sites More sharing options...
Chris Benoit Posted May 12, 2011 Share Posted May 12, 2011 Link to comment Share on other sites More sharing options...
Moriarty Posted May 12, 2011 Share Posted May 12, 2011 :omg!: :omg!: :omg!: Awesome news. Link to comment Share on other sites More sharing options...
stuart500 Posted May 12, 2011 Share Posted May 12, 2011 Not sure if posted (hard to tell with all the hysteria!) but we've made a profit, all be a small one, fir the 1st time since 1999. I'm not sure if the lochend economists have verified the accounts yet but looks like were finally making progress. A not bad end to the season(yeah apart from the obvious!) Well done Vlad http://sport.scotsman.com/football/Hearts-make-a-profit-for.6766779.jp Lets parade the accounts along Princes Street in an open top bus . GIRUY HOBOS !! Link to comment Share on other sites More sharing options...
Paolo Posted May 12, 2011 Share Posted May 12, 2011 We won't make one next year after the fine we get because of that tw@t last night. Link to comment Share on other sites More sharing options...
colinmaroon Posted May 12, 2011 Share Posted May 12, 2011 Lets parade the accounts along Princes Street in an open top bus . GIRUY HOBOS !! :lol: :lol: Link to comment Share on other sites More sharing options...
TheBigO Posted May 12, 2011 Share Posted May 12, 2011 That's brilliant news. Really is. Somewhat unexpected. This thread won't be as long as other yearend account threads. No wrist slashing to be done by the wrist slashers! As the report says, 3 or 4 big earners have left since then too and noone breaking the bank has come in. So that, plus the ?10M dfe next years accounts will look pretty nice too. I think we all know that Hearts can be a profitable business, but what VR has got to realise is that that can only happen with the team competing. Hopefully our manager can be left to get on with the job he's been tasked with and VR can give the support that, in the main, he's given to JJ. If we stay injury free (what's that????) next season and add a couple of decent players to the good squad we have, including maybe a couple of youngsters making some impact, we could be in for a good season next year and therefore, more money! Link to comment Share on other sites More sharing options...
Coco Posted May 12, 2011 Share Posted May 12, 2011 It will be very interesting to see what has generated this profit - revenues were likely to be down and there was surely still a huge wage bill. That was what the leaked figures on here said last week. I can't remember any players being sold that season either. Link to comment Share on other sites More sharing options...
Craigieboy Posted May 12, 2011 Share Posted May 12, 2011 Tick tock Link to comment Share on other sites More sharing options...
The Treasurer Posted May 12, 2011 Share Posted May 12, 2011 We won't make one next year after the fine we get because of that tw@t last night. This is a good news thread to discuss the excellent news that the club is heading in the right direction financially. There are plenty of other threads to get your tuppence worth on last night. I await the "Vlad GTF" posters to find the negative spin on this indication of how the club is showing signs of being run as it should be. Link to comment Share on other sites More sharing options...
Italian Lambretta Posted May 12, 2011 Share Posted May 12, 2011 Your forgetting that Skysports will be paying top dollar to screen our games next season. They love us! We won't make one next year after the fine we get because of that tw@t last night. Link to comment Share on other sites More sharing options...
Diadora Van Basten Posted May 12, 2011 Share Posted May 12, 2011 Was it an operating profit or a net profit? Was it for full season? Link to comment Share on other sites More sharing options...
Homme Posted May 12, 2011 Share Posted May 12, 2011 Excellent news. A profit, however big or small is to be welcomed. Link to comment Share on other sites More sharing options...
topcat Posted May 12, 2011 Share Posted May 12, 2011 This is a good news thread to discuss the excellent news that the club is heading in the right direction financially. There are plenty of other threads to get your tuppence worth on last night. I await the "Vlad GTF" posters to find the negative spin on this indication of how the club is showing signs of being run as it should be. This suggests that Vlad is now making money from owning Hearts as opposed to pouring barrowloads of cash into a pit and losing it all as he should be Link to comment Share on other sites More sharing options...
Paolo Posted May 12, 2011 Share Posted May 12, 2011 This is a good news thread to discuss the excellent news that the club is heading in the right direction financially. There are plenty of other threads to get your tuppence worth on last night. I await the "Vlad GTF" posters to find the negative spin on this indication of how the club is showing signs of being run as it should be. It is good news, especially given the financial climate and last season's disappointing season. I am merely saying one tw@t can have a big impact on our accounts. Link to comment Share on other sites More sharing options...
TheBigO Posted May 12, 2011 Share Posted May 12, 2011 It will be very interesting to see what has generated this profit - revenues were likely to be down and there was surely still a huge wage bill. That was what the leaked figures on here said last week. I can't remember any players being sold that season either. I wonder if this includes the Umbro deal, a chunk of which may have been paid up front?? Total guess. Don't think we sold anyone in these accounts - was Berra in the ones before? I get confused which year is which!!! I don't think the revenue stream has ever been the problem - I think we probably make a decent amount for a club our size and since VR has taken over, we get pretty good sponsorship etc it would appear. The wage bill has been the albatross for years now. As I said above, some more players leaving last year, the dfe and I just remembered the Wonga deal (if it was all signed in thos accounts) will make the next accounts look pretty rosie too. Looking good. Now let's break our transfer record on a diddy and ruin it all! Link to comment Share on other sites More sharing options...
Mr Brightside Posted May 12, 2011 Share Posted May 12, 2011 The last paragraph of the article suggests a third debt for equity may be announced soon, that would be pleasing. The current debt (i.e. now not the figure to end of July 2010) must be around ?25million, including the debt for equity and assuming our turnover / expenditure is no worse or better than last year. Link to comment Share on other sites More sharing options...
Tasavallan Posted May 12, 2011 Share Posted May 12, 2011 We won't make one next year after the fine we get because of that tw@t last night. The accounts to end of July 2010 do not include the ?10m debt-for-equity conversion that took place in Sept 2010. Link to comment Share on other sites More sharing options...
TheBigO Posted May 12, 2011 Share Posted May 12, 2011 It is good news, especially given the financial climate and last season's disappointing season. I am merely saying one tw@t can have a big impact on our accounts. It isn't the thread to discuss last night's embarassment, but you make a good point. We don't look an attractive brand to attach yourself to for sponsors etc if our fans behave this way. Celtic and Rangers can behave as they want but they're massive clubs so companies just see the dollars. Plus the fines... Link to comment Share on other sites More sharing options...
potato Posted May 12, 2011 Share Posted May 12, 2011 . Hearts reports ?39,000 profit as club returns to the black . Significant progress achieved in underlying annual operating performance . ?7.9m investment by UBIG and related parties . ?1.56m saving achieved in employment costs and finance charges . Club on course to meet UEFA Financial Fair Play requirements . Hearts remains 3rd best supported club in SPL for fifth consecutive season . Gain on player trading for fifth consecutive year http://www.heartsfc.co.uk/articles/20110512/hearts-back-in-profit_2241384_2358272 Link to comment Share on other sites More sharing options...
Bigsmak Posted May 12, 2011 Share Posted May 12, 2011 Profit... What the hell were we thinking.. This will no doubt lead to a POINTS DEDUCTION and the SFA will make sure that we don't play in Europe because of this! Link to comment Share on other sites More sharing options...
Vlad-Stupid Posted May 12, 2011 Author Share Posted May 12, 2011 http://www.heartsfc.co.uk/articles/20110512/hearts-back-in-profit_2241384_2358272 Thats a lot to be smug about Well done Hearts, onwards and upwards Link to comment Share on other sites More sharing options...
Clerry Jambo Posted May 12, 2011 Share Posted May 12, 2011 Good news and should only get better Link to comment Share on other sites More sharing options...
Napoleon Wilson Posted May 12, 2011 Share Posted May 12, 2011 Happy Days! Link to comment Share on other sites More sharing options...
Ray Gin Posted May 12, 2011 Share Posted May 12, 2011 . Hearts reports ?39,000 profit as club returns to the black . Significant progress achieved in underlying annual operating performance . ?7.9m investment by UBIG and related parties . ?1.56m saving achieved in employment costs and finance charges . Club on course to meet UEFA Financial Fair Play requirements . Hearts remains 3rd best supported club in SPL for fifth consecutive season . Gain on player trading for fifth consecutive year So basically we lost ?7.861 million without Romanov's company bailing us out. Link to comment Share on other sites More sharing options...
TheBigO Posted May 12, 2011 Share Posted May 12, 2011 The "?7.9M investement from UBIG and related parties" - is that usual? Is there something like this on the accounts each year? I just wonder if that money has been invested to get us a profit or if it's something they do each year.... Not a problem either way Link to comment Share on other sites More sharing options...
Guest Dipped Flake Posted May 12, 2011 Share Posted May 12, 2011 Thank God for some good news after last night. Vlad is nearing the point where we can be self-sufficient which must be a good thing. Link to comment Share on other sites More sharing options...
Ray Gin Posted May 12, 2011 Share Posted May 12, 2011 Thank God for some good news after last night. Vlad is nearing the point where we can be self-sufficient which must be a good thing. We're over ?7.8 million short of being self-sufficient by the sounds of it. Link to comment Share on other sites More sharing options...
Chad Sexington Posted May 12, 2011 Share Posted May 12, 2011 WONGA!!! Link to comment Share on other sites More sharing options...
Clerry Jambo Posted May 12, 2011 Share Posted May 12, 2011 Thank God for some good news after last night. Vlad is nearing the point where we can be self-sufficient which must be a good thing. Correct and will aid Vlad's exit strategy Link to comment Share on other sites More sharing options...
CBjambo Posted May 12, 2011 Share Posted May 12, 2011 ?39k profit eh?! Reckon we'll get fined ?40k for last nights troubles... can't have tha Jambos making a profit can we sfa?!?! Link to comment Share on other sites More sharing options...
tartofmidlothian Posted May 12, 2011 Share Posted May 12, 2011 Well done, Hearts. Been mostly very good news all season, one or two exceptions aside. Hope it continues! Link to comment Share on other sites More sharing options...
Dazo Posted May 12, 2011 Share Posted May 12, 2011 Thats a lot to be smug about Well done Hearts, onwards and upwards Yep, great news. Link to comment Share on other sites More sharing options...
johnjl Posted May 12, 2011 Share Posted May 12, 2011 good to get a bit positive news. Link to comment Share on other sites More sharing options...
The Merse Posted May 12, 2011 Share Posted May 12, 2011 So basically, we're still running at mammoth losses but have been bailed out by an investment from UBIG. Obviously the investment from them is a good thing but it is only papering over the fact that we are still trading at huge losses. Link to comment Share on other sites More sharing options...
EIEIO Posted May 12, 2011 Share Posted May 12, 2011 Is it possible to work out what percentage of our income was spent on players wages - given reducing this figure is seen as the only way forward for most economic experts (I don't mean hibs.net ones here). Link to comment Share on other sites More sharing options...
Coco Posted May 12, 2011 Share Posted May 12, 2011 The "?7.9M investement from UBIG and related parties" - is that usual? Is there something like this on the accounts each year? I just wonder if that money has been invested to get us a profit or if it's something they do each year.... Not a problem either way It is possible that debt covenants UBIG have could require subsidiaries to be profit making? Anyone have any further details on what sort of 'investment' would come through the P&L? Link to comment Share on other sites More sharing options...
PTBCAL Posted May 12, 2011 Share Posted May 12, 2011 I believe a ?35.6 million debt fig is current but does not take into account the ?10m debt for equity scheme announced tail end of last year or the one that is pending. Link to comment Share on other sites More sharing options...
SectionDJambo Posted May 12, 2011 Share Posted May 12, 2011 So basically, we're still running at mammoth losses but have been bailed out by an investment from UBIG. Obviously the investment from them is a good thing but it is only papering over the fact that we are still trading at huge losses. Surely any investment from UBIG is not included in any profit figures. It is not revenue, but a capital income. Where the benefit to profit will have been felt is in a lowering of finance costs, as our lendings would have reduced by the amount UBIG converted into shares. Coupled with, what should be, a massive drop in wages in the current financial year, things do seem to be on the right track. What we need now, are longer cup runs to bolster income. We have been getting eliminated from both cups far too early in the last few years. Link to comment Share on other sites More sharing options...
grunt Posted May 12, 2011 Share Posted May 12, 2011 http://www.heartsfc.co.uk/articles/20110512/hearts-back-in-profit_2241384_2358272 Interesting news. I will be fascinated to see the detail of this, as an ?8.6m turnaround is amazing, and unprecedented. The devil is in the detail, and we haven't had that yet. The profit hasn't come from an increase in revenue, because that's gone down. Operating costs also marginally increased. Employment costs have finally started to decrease, by ?1.35m which is good news, although they may still be more than the total revenue, so still out of line with the rest of the industry, and still way too high. Finance charges are also down, perhaps not unexpectedly at a time of record low interest rates. None of which explains the turnaround. So it could be something to do with this ?7.9m "investment" - a gift from Vlad? Normally you wouldn't expect an investment to affect profit, so perhaps it is an outright donation? We will have to wait and see... Link to comment Share on other sites More sharing options...
el_jambo74 Posted May 12, 2011 Share Posted May 12, 2011 Surely any investment from UBIG is not included in any profit figures. It is not revenue, but a capital income. Where the benefit to profit will have been felt is in a lowering of finance costs, as our lendings would have reduced by the amount UBIG converted into shares. Coupled with, what should be, a massive drop in wages in the current financial year, things do seem to be on the right track. What we need now, are longer cup runs to bolster income. We have been getting eliminated from both cups far too early in the last few years. Exactly. The ?7.9m investment won't affect profit. Its shown on the balance sheet. Link to comment Share on other sites More sharing options...
grunt Posted May 12, 2011 Share Posted May 12, 2011 Exactly. The ?7.9m investment won't affect profit. Its shown on the balance sheet. Unless it's a gift. Link to comment Share on other sites More sharing options...
The Merse Posted May 12, 2011 Share Posted May 12, 2011 Surely any investment from UBIG is not included in any profit figures. It is not revenue, but a capital income. Where the benefit to profit will have been felt is in a lowering of finance costs, as our lendings would have reduced by the amount UBIG converted into shares. Coupled with, what should be, a massive drop in wages in the current financial year, things do seem to be on the right track. What we need now, are longer cup runs to bolster income. We have been getting eliminated from both cups far too early in the last few years. Our costs look to be roughly 15 million. Our turnover is at a guess 8 million? We are still running ridiculous losses. Link to comment Share on other sites More sharing options...
Gibbo Posted May 12, 2011 Share Posted May 12, 2011 The ?7.9m might be a write-off of debt. In 2005-6, UBIG wrote off ?2m of the former SMG convertible loan stock; this was described as 'Forgiveness of debt' in the accounts, and appeared the the P&L. A debt for equity swap doesn't affect the P&L; only the balance sheet. A debt write-off does go through the P&L. Link to comment Share on other sites More sharing options...
Footballfirst Posted May 12, 2011 Share Posted May 12, 2011 I'm still unsure how we made a profit. The figures that were posted on here a couple of weeks back indicated that the turnover was ?7.908M but that wages were still excessive at ?9.114M (i.e 115% of t/o) Link to comment Share on other sites More sharing options...
The Merse Posted May 12, 2011 Share Posted May 12, 2011 I'm still unsure how we made a profit. The figures that were posted on here a couple of weeks back indicated that the turnover was ?7.908M but that wages were still excessive at ?9.114M (i.e 115% of t/o) That's because we haven't! Well not through our own devices anyway. Link to comment Share on other sites More sharing options...
heartsfc_fan Posted May 12, 2011 Share Posted May 12, 2011 I guess this is good news, right? Link to comment Share on other sites More sharing options...
busbybomb Posted May 12, 2011 Share Posted May 12, 2011 Not sure why we would have performed so well off the field but great news anyway. Link to comment Share on other sites More sharing options...
The Treasurer Posted May 12, 2011 Share Posted May 12, 2011 So basically we lost ?7.861 million without Romanov's company bailing us out. Most companies "invest" in developing various parts of their business. It's not seen as "bailing out" Link to comment Share on other sites More sharing options...
Coco Posted May 12, 2011 Share Posted May 12, 2011 The ?7.9m might be a write-off of debt. In 2005-6, UBIG wrote off ?2m of the former SMG convertible loan stock; this was described as 'Forgiveness of debt' in the accounts, and appeared the the P&L. A debt for equity swap doesn't affect the P&L; only the balance sheet. A debt write-off does go through the P&L. Thanks Gibbo. However, does not fit with the rumoured figures on debts which were leaked/appeared on here last week. Another question though ... why does UBIG need Hearts to go just into the black? Link to comment Share on other sites More sharing options...
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