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BIH Release Interim Results
Birmingham International Holdings have announced a loss of HK$62.219million (approximately £4.8milion) for the six month period to December 2013 today.
The announcement to the stock exchange confirms that the company made a marginally smaller loss than for the same period in 2012, chiefly due to a rise in transfer income.
The results confirm a drop in wage costs as well as a substantial decrease in borrowings, and whilst the directors admit that on paper there would appear to be a material uncertainty which may cast doubt on the ability of the group to operate as a going concern, they are confident that the measures took at the EGM in addition to any other fundraising activity should mean that the company will be okay.
As is usual with interim results, they are unaudited.
Tags: Accounts
32 Responses to “BIH Release Interim Results”
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any idea why there are 640 temp employees in hong kong? what are they doing???
640 employees in the UK and HK.
Matchday staff – catering, security, stewards…
great news they release interim results…………
does this mean they can still go into admin
Not likely
BIHL is a shell company on the HKSE, nothing more, nothing less… its just a valuable listing that will get reversed in sooner or later… BCFC has little value as a business and therefore these results are not worth the paper they are written on.
As someone that lives in the far east and does business with Chinese on a day to day basis, please don’t get excited with talk of investors and oil companies etc… it’s all about selling the listing on the HKSE.
Our club will be disposed of, BIHL is another subject.
I would totally disagree stratty
OK, I’ve been involved in two reversals in my career, this appears to follow the same pattern. Would love to hear your experiences.
Stratty.
Don’t get excited? Disposing of this club is exactly what I would love them to do!
If this gets them closer to being gone that’s fine by me.
My point being is that people are getting excited by results, oil / gas investments and such like… when in reality they have nothing to do with investment to the club. BIHL is a listing that will be used for other businesses eventually, I’m happy the club will be disposed of, hoopefully on the cheap to decent investors.
BIH share price is down 9% today to stand at 0.212 HKD.
and pannu said we only owed around £250k now add £5 million to that small debt which now wipes out at least half of this new investment they have recently announced.
i would like to know where / how they have made this loss condsidering they have slashed new players wages and have had 8 loanees with little outlay.
I wouldn’t believe anything that man says even in a set of accounts. This is exactly why thousands of genuine Blues fans have had enough. My question for the Carson/Pannu lovers – how bad does it have to get before you realise what these people are doing to our club? The Carling Cup is ancient history now . It’s what’s happening now and what’s going to happen in the future that matters. Will you still be going on about something that happened three years ago when we are in the Football League.
A P&L loss is not extra debt owed to anyone. It’s a paper figure but does diminish the book or on paper value of Shareholder Funds by that amount.
if we are loseing 10m a year , and have sold most everyone worth selling , how is getting ziggys wages off the books going to suddenly put us into a sound financial footing? looks like were are still in the crap.
Because his net pay, tax, NI’s pensions’ contribution (viz his salary) won’t be coming out if the BCFC bank account
God doesn’t this bore the hell out of us all? Figures, losses, nothing to look forward to. Even this Chinese media group cannot find the money to buy their share in the club. Absolute joke it all is and very worrying.
Ziggy’s wages are 3million plus per annum! That’s a 3rd of the loss!
They seem to pat themselves on the back as they have cut the losses by one million compared with six months ending 2012.
Big wow, how inept are these directors if they can’t stem the losses.
I also note (i may have read it incorrectly) but yeung’s shares are converted into bonds but are payable in two years time.
So unless they find another income stream will BCFC be saddled with this debt all over again?
Mr. Yeung, a Debt Convertible Bond (the “Debt CB”) to the principal amount of not more than
HK$193,500,000 (£15 million). The Debt CB is unsecured, zero coupon interest and has a maturity date of two years from the date of issue.
off topic
Lee Clark says 19 players are out of contract in the summer, some high earners (zigic, elliot, mullins, ambrose, lovenkrands, robinson & burke) we know will leave but how many of these are players we want to keep, but will lose due to lack of action by this useless board of directors.
But Birmingham have now verified McDermott and Fazackerley’s departures, adding that it was not a cost-cutting measure every thing was done properly. Glad the board had nothing to do with it with some making accusations that they did.
A loss is of no surprise given the way BIHL are run and given the expenses and wages PP is drawing.
How they manage to keep trading is beyond me, though I suppose we should be grateful they are or BCFC would be deeper in the mire, if not out of the league.
We should be fine till the end of season and hopefully we will be in a better position since we will lose most of the high earners, mainly Zigic.
KRO+DNM
Yes we have lots to look forward to, no investment and a religation battle next season again.
BIH won’t sell BCFC until they have another trading business otherwise they could lies their stock exchange listing, so the sooner they strike oil the better
Don’t hold your breath about striking OIL.
If I have read previous information on this subject correctly, to put you right, the investment is JUST in an oil exploration SERVICES and SOFTWARE company, and NOT in the actual search for any oil wealth.
Correct Big Bill. Needs repeating over and over again
a) Its not a done deal yet
b) Its not an oil exploration company
and
c) It sounds to me a typically shonky deal between two shonky companies with HQs in tax haven Carribean countries.
Have I missed something? They announced the interim results on time, or have I missed the delay announcements
The big question in these accounts is the change in deferred income.
Why is it 100m dollars larger than last year?
That is circa £8m – kinda like a parachute payment amount. Dan are we due on at the end of the year?
If so, I think they have taken that cash early. Equalling a really big squeeze on cash this summer.
Maybe they will sell soon, as there is really no money left anymore?
Are we due*’one’
Ie a parachute payment at the end of this season
Were screwed some would say and paracute payments stopped last year 2 years after relegation u get them for if thats wot u was asking
No, they didn’t – you get them for four years after relegation
With apologies for my poor poetry skills:
BIHL’s results for the layman
Mean nought unless we look at the Islands, Cayman
For there is the registered place for the bosses
And Hong Kong can take all of the tax losses.
We Blues fan may fear the dread relegation
But all they care for is neat tax evasion
And charging high fees through management ‘fronts’
They really are a bad bunch of rotters.