now then forever 298 Posted October 3, 2013 Share Posted October 3, 2013 http://www.heraldscotland.com/sport/football/analysis-qa-on-the-rangers-accounts.1380714955 Quote Link to post Share on other sites More sharing options...
Bad Robot 21,513 Posted October 3, 2013 Share Posted October 3, 2013 can anyone c&p? Quote Link to post Share on other sites More sharing options...
FrozenTundras 120 Posted October 3, 2013 Share Posted October 3, 2013 Analysis: Q&A on the Rangers' accountsRichard Wilson and Greig Cameron Wednesday 2 October 2013Rangers International Football Club have released their much-anticipated audited accounts for the 13 months to June 2013, the first since the consortium led by Charles Green bought the business and assets of Rangers Football Club plc in liquidation last summer.There will now be an annual general meeting on October 24, at which the current directors will be up for re-election. As unrest grows amongst supporters at the board and the way the club has been run, The Herald analyses the accounts and what the figures mean.What are the headline figures from the accounts?Rangers made an operating loss of £14m on a turnover of £19.1m. Rangers raised a total of £35.2m in finance, £22m of which was from last December's Initial Public Offering of Shares. As of June, there was £11.2m cash left in the bank, which included £4.5m of season ticket renewal income. Operating expenses were £33.6m, with £13.3m attributed to "other operating charges", and staff costs of £17.9m, with £7.8m representing the wages of the playing staff. A release of negative goodwill, a gain occurring when the price paid for an acquisition is less than the value of its net tangible assets, of almost £20.5m was recorded in the profit and loss account.What do these tell us about Rangers' financial position?It has been a loss-making business and there is very little margin for error in the coming 12 months, since there are no credit facilities. An upturn in revenue is projected, and operating expenses have been reduced, but the £11.2m in the bank will be required for running costs unless there is a significant change to the business model. Having raised funds through a share issue, and banked revenues principally from season ticket sales, sponsorship and retail, the decision to maintain the infrastructure of a top-flight club has prevented Rangers from building up cash reserves for their eventual return to the Scottish Premiership. The club's turnover to wages ratio of 43% is higher than the IPO prospectus projections. While the Finance Director Brian Stockbridge points out savings in areas such as security, insurance and facilities, there is clearly still work to be done until the business is living within its means. It remains relatively debt free and with a strong asset base.What has happened to the money raised in the IPO?In effect, it has been spent, even though the share prospectus said that the money would not be used for working capital. Property assets have been purchased in Edmiston House (£800,000) and the Albion car park (£1.6m). A further £2.2m was invested in stadium improvements, such as improving advertising hoardings and the large screens. Edmiston House will need to be refurbished before it provides income, however, and unless income streams improve there does not appear to be enough cash available to fund any renovation work. £6.75m was also spent "to acquire the assets from the administrators". Rangers were due £16.1m in proceeds from the £22m raised in the IPO, which makes the costs involved to be £5.9m. The prospectus projected the costs to be £2.5m.Will Rangers need additional investment?The business has been signed off as a going concern, meaning that the directors and the auditors are confident that it will meet its requirements over the coming 12 months. Even so, as Rangers rise through the leagues, more investment will be needed for the football operation and while revenue will also rise, it is evident that the business will need additional investment unless further cuts are made to expenditure. An issue of further shares to raise money cannot be ruled out.Are these accounts likely to quell the recent fan protests against the directors?Some opinions are entrenched, but there are some Rangers supporters who remain undecided. The figures do not make for good reading and the boardroom machinations of the past 12 months have also undermined confidence. The IPO money was supposed to fund the regrowth of Rangers, but has in effect simply sustained the operation of the club. The £933,376 paid to Charles Green, the former chief executive, including a £217,850 severance package, will irk fans, as will the 100% bonus that took Stockbridge's emoluments to £409,308, and the total directors remuneration of £1.6m. Ally McCoist, the manager, has agreed to take a wage cut, but he was paid £825,858 during the accounting period.How do the audited accounts compare to the last set of audited accounts for Rangers?The last set of audited accounts for Rangers Football Club plc was for the 12 months to June 30, 2010. Those showed turnover of £56.3m, net operating expenses of £43.86m, operating profit of £5.1m and pre-tax profit of £4.2m. Gate receipts in a year when Rangers played in the Champions League against Unirea, Stuttgart and Sevilla, won the league cup and reached the quarter-finals of the Scottish Cup were £25.8m. Sponsorship and advertising revenue was £2.9m, broadcasting £3.76m and commercial revenue of £21.7m. Total directors' remuneration was at £832,000 with the highest paid, likely to have been Martin Bain, receiving £633,000.Is Charles Green now no longer associated with the club?No, despite reducing his shareholding to less than the notifiable interest - 3% - Green remains a director of Garrion Security Services, which is owned by Rangers, and Rangers Retail, a joint venture with Sports Direct.Is it significant that Strand Hanson have stood down as the company's Nomad?The nominated advisor (Nomad) acts as an effective regulator of the AIM-market. While it is not unusual for companies to change Nomad, Daniel Stewart & Company will be the third to work with RIFC since its flotation in December last year. That much chopping and changing is unlikely to give confidence to institutional investors.What will now happen at the annual general meeting on October 24?That remains uncertain. A group of shareholders, representing around 28%, want to nominate four replacement directors, as well as voting off the current board. However, the incumbent directors have refused the request. With fans agitating for change also, the mood of the AGM is likely to be fraught. The significance of the occasion depends on whether or not agreement can be reached on the nominations. Quote Link to post Share on other sites More sharing options...
Redsox1 1,361 Posted October 3, 2013 Share Posted October 3, 2013 Britney`s paper putting their slant on things ! also another great article from him to go along with it. NOT ! Quote Link to post Share on other sites More sharing options...
Turnberry18 3,204 Posted October 3, 2013 Share Posted October 3, 2013 I'd say Richard Wilson has been quite fair in this article, as he has been regarding Rangers throughout this mess. Quote Link to post Share on other sites More sharing options...
Wafflesniffer 402 Posted October 3, 2013 Share Posted October 3, 2013 What has happened to the money raised in the IPO?In effect, it has been spent, even though the share prospectus said that the money would not be used for working capital.Does any one of these commentators actually read the fucking thing before commenting? It did say money would be used for working capital. Quote Link to post Share on other sites More sharing options...
dummiesoot 16,288 Posted October 3, 2013 Share Posted October 3, 2013 I'd say Richard Wilson has been quite fair in this article, as he has been regarding Rangers throughout this mess.That is precisely why Haggerty has been calling for him to be sacked. Those cunts don't do balance and fairness. Quote Link to post Share on other sites More sharing options...
bawsburst 1,381 Posted October 3, 2013 Share Posted October 3, 2013 Fail! fail! fail! ; It said the exact opposite, obviously been fed the script rather than investigated it.What has happened to the money raised in the IPO?In effect, it has been spent, even though the share prospectus said that the money would not be used for working capital. Quote Link to post Share on other sites More sharing options...
FrozenTundras 120 Posted October 3, 2013 Share Posted October 3, 2013 Does any one of these commentators actually read the fucking thing before commenting? It did say money would be used for working capital.Yep, also did the Accounts not just state that we have a £2.5M unsecured credit line with someone or other? Goes against the article there that says we have no credit facilities at all.LIQUIDITY AND CAPITAL RESOURCESRIFC meets its daily cash requirements using a balance of cash. Whilst it is not anticipated to be required, RIFC has access to an unsecured facility of £2.5m. Quote Link to post Share on other sites More sharing options...
Jonok 1,245 Posted October 3, 2013 Share Posted October 3, 2013 quote: Green remains a director of Garrion Security Services, which is owned by Rangers, and Rangers Retail, a joint venture with Sports Direct.Charlie still got his greedy fingers in the pie. Quote Link to post Share on other sites More sharing options...
Bad Robot 21,513 Posted October 3, 2013 Share Posted October 3, 2013 Thanks FT. Quote Link to post Share on other sites More sharing options...
As I Was Walking.... 100 Posted October 3, 2013 Share Posted October 3, 2013 quote: Green remains a director of Garrion Security Services, which is owned by Rangers, and Rangers Retail, a joint venture with Sports Direct.Charlie still got his greedy fingers in the pie.Has the man NOT to make a living in some way? I don't get why just because he's earning a buck through Rangers he a real evil dude and should be banished from the planet. Are some people so petty the guy can't earn money anymore? Oh but its Rangers money aye if not him then someone else would be claiming it, I'd like to know who'd work or own a service for free and still be able to live? Quote Link to post Share on other sites More sharing options...
saintbob1969 1,563 Posted October 3, 2013 Share Posted October 3, 2013 Has the man NOT to make a living in some way? I don't get why just because he's earning a buck through Rangers he a real evil dude and should be banished from the planet. Are some people so petty the guy can't earn money anymore? Oh but its Rangers money aye if not him then someone else would be claiming it, I'd like to know who'd work or own a service for free and still be able to live?Are you serious? Do you not think Charlie has had a decent pay day from us already? I'm all for the suits making their cut but it is the Rangers supporter's pocket they keep dipping into, never their own. Finally when did any of these guys ever work a hard days graft? Never! Quote Link to post Share on other sites More sharing options...
simon 1,773 Posted October 3, 2013 Share Posted October 3, 2013 Decent piece. The more I read how much the directors have awarded themselves, the more it annoys me. The AGM can't come quick enough. We need answers from them. I just hope the RST don't ruin it. Quote Link to post Share on other sites More sharing options...
As I Was Walking.... 100 Posted October 3, 2013 Share Posted October 3, 2013 Are you serious? Do you not think Charlie has had a decent pay day from us already? I'm all for the suits making their cut but it is the Rangers supporter's pocket they keep dipping into, never their own. Finally when did any of these guys ever work a hard days graft? Never!Of course I am serious, Charlie has had a very decent payday, how does that stop him from making more? He provides a service for/to Rangers he's not dipping into the petty cash and stealing from us is he? I made my money from one firm for over 10 years that doesn't mean i can't go back and make some more does it? It's a fact that all that are getting a sum from Rangers are getting a % of fans cash as that's part of how a football club is run. It seems that because it's Charles he's not a allowed to make money from Rangers but that rule only seems to apply to him in some peoples view.Did I miss something last Summer when Charles and and his consortium were part of the cabal that tried to shut us down for good or did they not do the opposite? That's what i don't get why the hostility towards him ? If he's getting too much then that needs to be looked at by Rangers still don't understand why he's not allowed to make a living by some on here. Quote Link to post Share on other sites More sharing options...
Blumhoilann 6,715 Posted October 3, 2013 Share Posted October 3, 2013 Yep, also did the Accounts not just state that we have a £2.5M unsecured credit line with someone or other? Goes against the article there that says we have no credit facilities at all.Would imagine that's an overdraft. Quote Link to post Share on other sites More sharing options...
Getstiffed 8,863 Posted October 3, 2013 Share Posted October 3, 2013 Some of ours support live in cookoo land ffsNo cunt and I mean NO cunt is to make a living or earn a wage working for Rangers. Quote Link to post Share on other sites More sharing options...
FrozenTundras 120 Posted October 4, 2013 Share Posted October 4, 2013 Would imagine that's an overdraft.Cheers, yes it may be. I am not an accountant. Even if it is, it's still handy to have. Quote Link to post Share on other sites More sharing options...
DelightfulDennis 123 Posted October 4, 2013 Share Posted October 4, 2013 The figures are horrifying. There's no getting around it. I fear for us under this current board. Quote Link to post Share on other sites More sharing options...
gogzy 31,195 Posted October 4, 2013 Share Posted October 4, 2013 We have a credit facility of 2.5m. I would imagine we could secure more if needed.The IPO clearly stated that some of the money would be used for general running costsThink i read somewhere that CG quit his role at Garrison too Just a few innacuracies from the article that i noticed. Quote Link to post Share on other sites More sharing options...
FrozenTundras 120 Posted October 4, 2013 Share Posted October 4, 2013 The figures are horrifying. There's no getting around it. I fear for us under this current board.You're nothing but a scaremongering cunt. Quote Link to post Share on other sites More sharing options...
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