Parramatta Eels could be out of pocket more than $500,000 from court case

[Maroubra Eel]

Well, as Bob was CEO for half of the 2013 financial year (the one for which the most recent data is available), how do you propose to determine the post-Bob trend? And typically, new CEOs 'take a bath' in the first (part) year of their incumbency. I had a very quick look at the 2013 fin statements the other day and the deterioration in annual profits flows largely from higher wages (i.e. employee benefits), which rose by about 3m on a 21m base, whereas revenue growth was more modest. Those higher 'wages' may include payouts made upon termination to some staff (but obviously not Bob).

Would the higher wages be because of our football operations? I don't mind spending extra if it helps drag us off the bottom of the comp.

 

[Barry O'Speedwagon]

Would the higher wages be because of our football operations? I don't mind spending extra if it helps drag us off the bottom of the comp.

No, unfortunately....that we be included in the grant to the NRL club/team whatever it is called. Unless, of course, Jarryd is polishing the escalators for a gorilla an hour.


EDIT: Actually, the footy club results have been consolidated into the group accounts, so yeah the footy operations are in the consoliditated income statement.

 

[Twizzle]

9 month old news about the Parra eels

just another day in the Sydney media

 

[Gronk]

Arrgh !

 

[Maroubra Eel]

Arrgh !

:lol:

 

[Maroubra Eel]

Do we get to find out what goes on at the directions hearing? Or is it done behind closed doors?
I would love to know what the alleged misconduct was.

 

[Gronk]

Do we get to find out what goes on at the directions hearing? Or is it done behind closed doors?
I would love to know what the alleged misconduct was.

A directions hearing is a bit like two boxers at the presser pre-fight. Lawyers ironing out positions. Discussions about costs and plaintiff/defendants guarantees to same.

You'll find that there will be a public gallery ME. Save taking a day off to watch until they actually put their gloves on.

These matters mostly are settled before the ref steps in the ring BTW. Risk management, reputation and the commercial realities of expensive and uncertain litigation outcomes usually prevail and cool hot heads.

 

[BennyBoy]

When is this circus going to end, the clowns are not funny at all.

 

[Maroubra Eel]

A directions hearing is a bit like two boxers at the presser pre-fight. Lawyers ironing out positions. Discussions about costs and plaintiff/defendants guarantees to same.

You'll find that there will be a public gallery ME. Save taking a day off to watch until they actually put their gloves on.

These matters mostly are settled before the ref steps in the ring BTW. Risk management, reputation and the commercial realities of expensive and uncertain litigation outcomes usually prevail and cool hot heads.

I might go along. I'm unemployed so I have nothing better to do.
I will report back on what happens.

 

[Gronk]

I might go along. I'm unemployed so I have nothing better to do.
I will report back on what happens.

OK but they might not let you in if you bring your Eels flag with you.

 

[eel speel]

Well, as Bob was CEO for half of the 2013 financial year (the one for which the most recent data is available), how do you propose to determine the post-Bob trend? And typically, new CEOs 'take a bath' in the first (part) year of their incumbency. I had a very quick look at the 2013 fin statements the other day and the deterioration in annual profits flows largely from higher wages (i.e. employee benefits), which rose by about 3m on a 21m base, whereas revenue growth was more modest. Those higher 'wages' may include payouts made upon termination to some staff (but obviously not Bob).

Did Ricky terminate 12 players last year. Wonder how much that cost?

 

[born an eel]

I might go along. I'm unemployed so I have nothing better to do.
I will report back on what happens.

Hope it doesn't clash with your protest about ABC funding:sarcasm:

 

[born an eel]

Interesting, do we have a comparison as to how the Leagues club was travelling financially under Bob compared to after his termination?

from page 11 of the annual report

As touched on earlier, the financial strentgh of our club at the conclusion of the financial year December 2013 shows an operating profit before grants of $11,141,677 up by $241,835 on 2012. However, massive overspending and unrealistic budget approvals within the football club spend in early 2012/13 financial year saw the operations spiral to a $7,502,712 loss which has affected the bottom line of the balance sheet. This has resulted in a $3,886,679 profit for the trading year. We have also retired over $5 million of debt during the course of the year.

 

[eel speel]

from page 11 of the annual report

However, massive overspending and unrealistic budget approvals within the football club spend in early 2012/13 financial year saw the operations spiral to a $7,502,712 loss which has affected the bottom line of the balance sheet. This has resulted in a $3,886,679 profit for the trading year. We have also retired over $5 million of debt during the course of the year.

Interesting comment and description.

 

[Barry O'Speedwagon]

However, massive overspending and unrealistic budget approvals within the football club spend in early 2012/13 financial year saw the operations spiral to a $7,502,712 loss which has affected the bottom line of the balance sheet. This has resulted in a $3,886,679 profit for the trading year. We have also retired over $5 million of debt during the course of the year.

Interesting comment and description.

Its more than interesting.....it's incoherent. The 'bottom line' of the balance sheet, for what it's worth, has actually improved. The bottom line of the income statement shows a fall in profit to 3.9million (down from 5.4 million). It provides no basis upon which one can judge whether a $7.5million loss on footy club is good bad or otherwise (looking at the notes the 2012 loss on the footy club might have been around $3.5 million if the internal loan written off is indicative of the amount of the loss). What he says may well be 100% true, but there is not sufficient disclosure here to verify it. What exactly did the overspending relate to? Support and admin/marketing staff?

 

[emjaycee]

Its more than interesting.....it's incoherent. The 'bottom line' of the balance sheet, for what it's worth, has actually improved. The bottom line of the income statement shows a fall in profit to 3.9million (down from 5.4 million). It provides no basis upon which one can judge whether a $7.5million loss on footy club is good bad or otherwise (looking at the notes the 2012 loss on the footy club might have been around $3.5 million if the internal loan written off is indicative of the amount of the loss). What he says may well be 100% true, but there is not sufficient disclosure here to verify it. What exactly did the overspending relate to? Support and admin/marketing staff?

AGM was advised that most of the increased overspend was on 2 employees premature departure. Clear indications were that CEO Edwards and Coach Stuart accounted for this though it was NOT categorically stated as such.

 

[Barry O'Speedwagon]

AGM was advised that most of the increased overspend was on 2 employees premature departure. Clear indications were that CEO Edwards and Coach Stuart accounted for this though it was NOT categorically stated as such.

Cheers mate. But those departures wouldn't have been in the 2012/13 financial year....as per the Chairman's Report in the Annual Report? Precisely why events taking place in the back half of 2012 hit the group accounts covering the 2013 calendar year isn't obvious to me, but I'm sure there's a reason. One could always get the NRL club accounts from ASIC, but I don't think I could be bothered spending the $30

 

[Maroubra Eel]

I can understand Edwards but not Stuart.

 

[Poupou Escobar]

Yeah if Sticky walked out then surely he's not entitled to a f**king payout.

 

[Gronk]

I can understand Edwards but not Stuart.

Agree. The merkin walked out on us, based on some dodgy clause that Spags allowed him.

Sounds like he had a walk-away-at-any-time clause AND it gave him a payout. :crazy:

Greatest signing since Jack Gibson. Onya Spags. :roll: