NCFC Finances (Part Two) - a few discussion points (easy reading)

4) 06/07 season £k.
Profit for the financial year 90

Add back non cash items:
Depreciation (note 3 page 23 of the
06/07 Accounts) 1573

Amortisation of Intangible Fixed Assets
(Player registrations)
(foot of note 3 page 23 of the 06/07 Accounts) 2253

Funds generated from operations
- 06/07 season £3916k.

The non player wages and salaries, £5566k (06/07) is probably distorted by the £600k re. Worthington's payoff and who knows if it includes anything for Livermore? The prior seasons figure is £4737k (05/06) so if you deduct £600k from £5566k it becomes £4966k, a 4.8% increase on the prior season.

On the Consolidated Balance Sheet at the 31st May 2007, there was £3.15m of cash and bank balances.
(page 18 of the 06/07 Accounts).

Director Loans (note 33 page 41 of the 06/07 Accounts):
Central Trust Plc. (i.e. the Turners) £2000k
M M Foulger £180k
Delia & MWJ. 0

These loans are interest free.
The Central Trust Plc loan is 'due for repayment on the earlier of 18 May 2017, promotion to the Premier League, or Delia & MWJ. ceasing between them to between them to be the registered holders of at least 30% of the ordinary share capital of the company.'

Intangible Assets i.e. player registrations (note 11 page 27 of the 06/07 Accounts)
Net book value at 31 May 2007 £3540k
Do you think our playing squad is worth £3.5m?

5) Delia's & MWJ's investment in the club

£k. £k.
B Preference shares
- 3,025 @ £100 each 302.5

Ordinary Shares
02/03 season 77,990 @ £25 each 1949.75
03/04 season 8,000 @ £25 each 200.0
06/07 season
- loan converted @ £25 each 817.6
06/07 season
- new money @£25 each 270.1 3237.5

New money into the club £3540k

Ordinary shares bought from
Geoffrey Watling
(** note - assumed figure) £1000k ???

06/07 season
- 31/5/07 holding 327,509 (page 13)
31/5/06 holding 281,550 (page 13)
difference 45,959
club issued 43,508
(note 33 page 41)
so I have assumed that Delia & MWJ
acquired 2,451 from others at say £25 each £61.3k

Assumed investment in Ordinary shares £4301k

Investment in B Preference shares £0.3m.

As at 31/5/07 Delia's & MWJ's holdings of Ordinary shares was 327,509
If valued at £30 per Ordinary share, those holdings would be valued at £9.8m.
** Don't get carried away, this is only a paper valuation and what their holdings are really worth depends on what somebody else is prepared to pay, if and when Delia & MWJ decide to dispose of their holdings.

Posted By: Financebod, Oct 16, 18:05:26