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BIH Release Interim Accounts
Birmingham International Holdings have today released the interim accounts for the period up to December 2012.
The unaudited accounts are the last batch of overdue accounts from Birmingham City’s parent company, and the release now means that the holding company are up to date until September 30 2013 when they will be required to release the Year Ending June 2013 accounts.
As with any set of financial documents they will require some careful reading and I will publish my thoughts on them once I have had chance to analyse them properly and discuss them with people who are more knowledgeable in the field.
Just from a quick calculation it looks as if our net loss is just over £6million, our long term debt is just under £12million and short term debt is about £4.5million. Im no accountant but i have a basic knowledge is economics/business and have a maths degree so don’t take the above as fact but there is a statement in the accounts that basically says whilst there is concern that the company cannot afford to continue trading in the next 12 months as the value of its assets is less than its debt but the owners are able to source finance from different methods
another thing thats slightly confusing that hopefully somebody will be able to help clarify me on is why do we have 180 full time and 600 temporary staff in hong kong which is pretty much that same as the uk so my query is what do those staff in hong kong do as we never hear of any work the company is doing over there.
Sam – those accounts are for the whole group, which includes BCFC. The staff you see it referrring to include the BCFC staff
yeah my bad i read it as we that many in hong kong and the uk was the next set of numbers. English was never my strong point hence the maths degree lol
Now that these accounts have been published, will the HKSE allow BIHL back on the market
The accounts was only one of three things holding it up.
Other stuff to be done yet; they have to satisfy the HKSE that the company is being run properly for a start and that Carson’s court case has no bearing on the running of the company.
Al, what’s an “Amortisation of players’ registrations”??
It’s do with how the value of a player goes down over the length of their contract
DoctorD- it’s like depreciation.
Imagine you buy a car for £1000. After 3 years you couldn’t value the car at £1000 as the car would be worth less each year you have it.
This zigic wouldn’t be valued anywhere near the £6m we paid for him
Yes, but as like shares, values can go up as well as down. Not in Zigic’s case though!
That’s a bit simplified. The player might become a better player and able to command more money, but a club will get more money for a player with five years left on the contract than they will for a player with 1 year left on the contract (all other things being equal). So a shorter contract is worth less to the club than a longer contract, so as the contract gets shorter (i.e. as time passes) the club writes off some of the cost of the contract each year as a loss.
To put it another way, if we pay £5m for a player and sign him on a 5 year contract, at the start of the 5 years the contract counts as one of our assets, valued at £5m, but after a year we have had the benefit of a year of the contract, and “used up” its value, so the contract is only worth £4m, and the £1m difference has to be written off as a loss, called an amortisation.
Am I reading this right? – The club have 122m HKD worth of loans (£9.5m), mainly with UK Banks. Guess that would be HSBC, in which case they are going to have a large say in the event of any future financial posturing, good or bad?
Well having done some quick calcs I am of the opinion that we are on our unaudited bones of our arses.
I would like to know what other sources are for getting cash. Without that admin is just a phone call away.
In which case someone had better phone a friend!!