BrahimHemdani 1 Posted July 28, 2014 Share Posted July 28, 2014 The half year accounts and it's not half way there yet. I don't recall any specific number in the accounts, can you quote please. What is your information about current total renewals? 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,092 Posted July 28, 2014 Share Posted July 28, 2014 Both parts. Where do you get that the Board were predicting 40,000 ST sales or that we've only sold 20,000; word was it was over 21,000 a week back. They budgeted for an increase in season ticket sales. Going concern The Directors are required to prepare the half yearly financial report on the going concern basis unless it is inappropriate to presume that the Group will continue in business. In satisfaction of this responsibility the Directors have considered the Group's ability to meet its liabilities as they fall due. The Group meets its day to day working capital requirements through existing cash facilities, loan facilities and finance leases. Management information tools including budgets and cash flow forecasts are used to monitor and manage current and future liquidity. The Directors acknowledge that there is a level of uncertainty in the general economic environment which may impact the trading position of its customers and suppliers. The Directors have undertaken a recent and thorough review of the Group's forecasts and the associated risks. These forecasts extend for a period beyond one year from the date of approval of these financial statements. The extent of this review reflected the current economic environment, the Club's current and projected trading and position in Scottish football. The forecasts make key assumptions, based on information available to the Directors, around: • Season ticket sales - the biggest single source of income. The critical assumptions made are o the timing of season ticket renewals in line with the Club's historic experience before the turbulent events of recent seasons; o Progressive increases in season ticket prices as the club moves towards the Scottish Premiership, while still remaining below those when the Club was previously in the SPL; o Modest increases in season ticket numbers for 2014/15 and beyond; and o Sensitivity analysis has been applied to the volume and timing of the season ticket income received, and under these more pessimistic assumptions the Group would continue to operate with positive cash balances. • Matchday income, which is projected to grow steadily as the Club progresses through the Scottish League structure. • Increased sponsorship and other commercial income reflecting customer confidence returning, increased hospitality demand and new commercial offerings that build on the power of the brand and the strong and loyal fan and customer base. • The timing and value of dividends and cash received from Rangers Retail Limited, a subsidiary undertaking. • Further cost management measures to reflect the Group's operations returning to a more stable operating environment. • The forecast cash flows do not assume any amounts generated from player sales. The current and future financial position of the Group, its cash flow and liquidity position have been reviewed by the directors. The forecasts show positive cash balances throughout the twelve month period from the date of approval of these financial statements. After applying what the directors consider to be reasonable downside scenarios to the key assumptions underpinning the forecasts, the Directors are satisfied that the Group would continue to operate within the existing cash balances, working capital facilities and contracted finance lease arrangements, and therefore the Group is able to meet its liabilities as they become due. The Directors are aware of recent public comment suggesting fans defer, withhold or ring fence their season ticket monies. These comments are particularly unhelpful as they have the potential to destabilise and damage the Club - if this were to happen, it would force the Club to operate in a manner different from every other Football Club, where the receipt of season ticket monies in advance of games taking place is an established and accepted part of the normal working capital cycle of a Football Club. The projections the Directors have prepared show that the Group is able to operate with positive cash balances throughout the twelve month period from the date of approval of these financial statements under a normal season ticket renewal cycle. In the event that the receipt of season ticket monies was delayed, or only made available to the Group under a "pay as they play" approach, the Directors would require to seek alternative short term sources of finance to bridge the period between normal season ticket renewal and the season ticket funds being received by the Group. While the Directors believe that this would be possible given the significant unencumbered asset base of the Group, they are firmly of the belief that this would not be in the best interests of the Group's long term success. These conditions result in the existence of a material uncertainty which may cast significant doubt about the Group's ability to continue as a going concern and therefore that the Group may be unable to realise its assets and discharge its liabilities in the normal course of business. Nevertheless, after making the enquiries and considering the uncertainties referred to above the directors have concluded that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the Directors continue to adopt the going concern basis in preparing this report. 0 Quote Link to post Share on other sites More sharing options...
Super Cooper 0 Posted July 28, 2014 Share Posted July 28, 2014 An increase on 37000 when they failed to replace the manager is utterly deluded. Who are they kidding? 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted July 28, 2014 Share Posted July 28, 2014 They never get pulled up about their lies, so I don't think they care what they say. 0 Quote Link to post Share on other sites More sharing options...
BrahimHemdani 1 Posted July 28, 2014 Share Posted July 28, 2014 They budgeted for an increase in season ticket sales. Yes I was fully aware of that statement. My point was that no figure, 40,000 or otherwise was mentioned. Is there a published number for last season; anywhere from 34,000 - 37,000 has been mentioned on here, I believe. 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,092 Posted July 28, 2014 Share Posted July 28, 2014 Yes I was fully aware of that statement. My point was that no figure, 40,000 or otherwise was mentioned. Is there a published number for last season; anywhere from 34,000 - 37,000 has been mentioned on here, I believe. From the same six month accounts. Season ticket sales of approximately 36,000 for the 2013/14 season Whatever way you want to dress it up sub 30k is disastrous when you've budgeted for a "modest" increase on 36k. 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted July 28, 2014 Share Posted July 28, 2014 Budgeting for an increase on 37k ST should tell anybody we are run by scallywags. 0 Quote Link to post Share on other sites More sharing options...
jhunter 0 Posted July 28, 2014 Share Posted July 28, 2014 But hold on were we not told how this sort of stuff was the last Board The financial forecast in place when the current Board was appointed contained several key assumptions that upon review were seriously flawed Poor planning and forecasting of cash flows resulted in the Club utilising most of its cash reserves and the Club needing to secure short term credit facilities. well well well looks like more of the same shit, different people. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted July 28, 2014 Share Posted July 28, 2014 I don't recall any specific number in the accounts, can you quote please. What is your information about current total renewals? if you include the 600 odd free ones its almost half way there. 0 Quote Link to post Share on other sites More sharing options...
BrahimHemdani 1 Posted July 28, 2014 Share Posted July 28, 2014 I'm not going to argue that 20,000+ v 36,000 is good, it isn't, but two points are worth taking into consideration: The statement "Modest increases in season ticket numbers for 2014/15 and beyond; " is a forecast not a budget; it is quite wrong to say Rangers are budgeting on that basis. The 36,000 was only achieved after the half price mid season sales, so it is not fair to compare where we are now with the final figure for last season. 0 Quote Link to post Share on other sites More sharing options...
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