Main content

Cats announce 2013 profit

Brian Cook of the Geelong Cats arrives for the AFL Commission and Club Presidents meeting at AFL House, Melbourne on August 22, 2013. (Photo: Lachlan Cunningham/AFL Media)
Brian Cook has announced a profit for 2013
The Geelong Football Club has announced a consolidated net profit of $1.2 million for 2013.
 
The club's net asset position is $11.2 million, and total turnover increased to $56.1 million.
 
Major factors in the financial outcome include:
 
·         An increase in membership of 2,720 or 7% to 42,920, and total seasonal seat sales of 21,700 at Simonds Stadium
·         Increased attendances at Simonds Stadium games, with an average of 26,850
·         An increase in profit from the club’s overall commercial area of $1.4 million or 7% to $21.9 million
·         High yielding gate returns from home games in Melbourne against Hawthorn and Essendon
·         Football department spend increased by 11% from $19.2 million in 2012 to $21.4 million in 2013
 
There were also a number of one-off transactions, both positive and negative that impacted the final result:
 
·         Revenues of $3.0 million, comprising mainly a distribution of $1.5 million upon wind up of the Geelong Cats Sports Foundation and revenues attracted for the installation of the super screen
·         A net asset write off of $1.96 million, mainly due to Keystone Business Park not completing the development and transfer of ownership of the club’s training venue at this stage
 
"Our operating profit was just over $148,000 which is down on last year’s operating profit of $331,000”, Geelong CEO Brian Cook said.
 
“Over the past decade the club has invested over $13 million back into Simonds Stadium for stages 1-3 of the stadium’s redevelopment so far, and our debt for stages 2-3 is currently $4.9 million. Whilst no doubt this is a good investment, our consistent operating profits over many years are not seen in our current bank balance. We also continue to invest in feasibility studies for stage 4, having spent over $500,000 in that area already.
 
"On the positive side we saw an increase in membership to 42,920, and we are confident that we can continue to increase this number.
 
"The club also saw the current arrangement with Keystone cease, but we continue to work with Keystone in trying to find a solution. In recent times, Keystone has experienced longer than anticipated delays resulting in the training venue not yet being delivered and ownership therefore not transferring to the club at this stage. This net asset was valued at $1.93 million, and has now been written off in keeping with appropriate accounting practice. Most of this valuation represented the agreed value of Keystone's sponsorship of the club over the past few years and does not represent the actual cash investment by the club in the project.
 
"While this outcome is obviously disappointing, the impact on the team’s training and preparation in the short term is minimal. The club continues to use Simonds Stadium as its central training base.”

Click here to download the 2013 financial statement

The Cats will hold their 2013 Annual General Meeting on December 18.

Click here to download a member proxy voting form
The views in this article are those of the author and not necessarily those of the AFL or its clubs