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Post by QPR Report on Jun 27, 2009 18:22:54 GMT
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Post by QPR Report on Jun 27, 2009 18:48:05 GMT
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Post by QPR Report on Jun 27, 2009 18:58:49 GMT
www.qpr.co.uk/staticFiles/19/39/0,,10373~145689,00.pdf
QPR Holdings Limited FINANCIAL STATEMENTS
31 MAY 2008Excerpts from Chairman Briatore's ReportOn behalf of the Board of Directors, I am delighted to present the annual financial statements and report for the year ended 30 May 2008 with a review of what has been a historic year for Queens Park Rangers Football Club. In November 2007, we saved the club
from certain administration and completed the takeover of QPR Holdings Limited, with the clear aim of seeking promotion from the Championship to the Premier League. Shortly afterwards, we were pleased to announce that we had secured a 20% investment from the Mittal family. We understand the QPR heritage and our role
as fans, owners and custodians of the Club. We believe in being courageous in the development of the Club and in taking managed risks. At the same time we remain committed to developing the long-term sustainability of the Club through maintaining a business that pays its own way. An important part of this development was the
launch of a new club crest. The crest was designed to combine elements of the past, present and future of the Club. The new crest features the famous blue and white hoops, which appeared on the Club’s badge before it was redesigned in the early 1980s. The change is to be representative of our aim to re-launch the Club into a global brand  The key barometer of our success is the on-pitch performance and thus we intend to pursue a
policy of investing surplus cash into team
developmentDuring the summer transfer window, we took a prudent and measured approach to player signings by bringing in players through free transfers and loan deals, notably Kaspars Gorkss fromBlackpool, Samuel Di Carmine from Fiorentina, Emmanuel Ledesma fromGenoa, Daniel Parejo fromReal Madrid and Lee Cook
fromFulham.These deals will allow QPR tomove towards our objective of ensuring that QPR is financially
self-sustaining.Off the field, our season ticket sales for the
2008/09 season were extremely encouraging. In fact, we took the decision to cap season ticket numbers at 10,000 before the start of the season. We also launched a newmembership scheme which has gone extremely well and we plan to launch a new quarterlymagazine soon. Subsequent to the year-end, the ABC Corporation
loan that attracted an interest rate of 11.76%was repaid and refinanced in July 2008 with a loan fromAmulya Property Limited, a company with which Amit Bhatia and I are connected. The interest rate under the Amulya Loan is 8.5%. The transformation in this Club since we completed the takeover has been immense. The changes to the Club have been very important and will allow us to ease our transition to the
Premier League. I would like to pay tribute to the shareholders, fans and commercial partners for their continued support and dedication and I look forward to welcoming you to Loftus Road to what I hope will be a successful season.
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Post by QPR Report on Jun 27, 2009 19:00:06 GMT
THE BOARD OF DIRECTORS
Mr F Briatore
Mr A Bhatia
Mr A A Longo
Mr G Paladini
Mr G S Taylor
Mr B T S Michel
Mr M Rapini
COMPANY SECRETARY
Temple Secretarial Limited
REGISTERED OFFICE
Loftus Road Stadium
South Africa Road
London
W12 7PA
AUDITOR
Chantrey Vellacott DFK LLP
Chartered Accountants
Registered Auditor
Russell Square House
10 - 12 Russell Square
London
WC1B 5LF
BANKERS
Lloyds TSB
2nd Floor
25 GreshamStreet
London
EC2V 7HN
The Royal Bank of Scotland
9-13 Paternoster Row
London
EC4M 7EG
REGISTRARS
Equiniti
Aspect House
Spencer Street
Lancing
West Sussex
BN99 6DA
SOLICITORS
Withers LLP
16 Old Bailey
London
EC4M 7EG
COMPANY REG
3197756
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Post by QPR Report on Jun 27, 2009 19:01:17 GMT
Page 4: The Financial Highlights.
Various charts
Wages shooting up
Loss going up
2008 2007
£000 £000
Group turnover 9,239 8,224
Group operating loss (6,072) (4,874)
Loss before taxation (6,009) (4,729)
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Post by QPR Report on Jun 27, 2009 19:07:27 GMT
FINANCIAL REVIEW (page 9)
The financial year to 31 May 2008 marked a
significant moment in Queens Park Rangers’
history. The Club was saved from certain
administration by a consortium led by Flavio
Briatore and Bernie Ecclestone. Following
completion of the takeover in November 2007,
the Club then secured an investment from the
Mittal family.
The results for the year demonstrate that the
benefits to materialise from the new ownership
will take time to filter through. In summary:
• Group turnover exceeded £9.2 million, an
increase of 12% on prior year, due mainly to an
increase in broadcast and retail revenue;
• Match day revenue at £2.8 million,
representing an average of £123k per Football
League match played at Loftus Road, fell 12%
on prior year due principally to match day ticket
prices being reduced from an average of £25.00
in the prior year to £22.50 in the current year;
• Group operating losses exceeded £6.0 million,
an increase of 27% on prior year reflecting the
new owners’ pursuit of on-pitch success
through investing heavily in the playing squad;
• At the balance sheet date the Group had bank
reserves of £1.5 million, representing an
increase of £1.2 million on the prior year;
• At the balance sheet date the Group has
improved the deficit position from £3.8 million in
the prior year to £0.2 million surplus this year.
2008 2007
£000 £000
GROUP TURNOVER 9,239 8,224
OPERATING LOSS (6,072) (4,874)
OPERATING LOSS BEFORE EXCEPTIONAL ITEMS (10,222) (4,729)
INTEREST PAYABLE (2,114) (1,467)
LOSS FOR THE YEAR (6,009) (4,729)
CAPITAL EXPENDITURE (6,125) 1,07
The keymeasure of the Club’s success is on-pitch
performance and a critical driver of any club’s value is
presence in the Premier League, which is the stated aimof
the new ownership. The desire for on-pitch success and the
intense competitive desire to seek promotion to the Premier
League hasmeant the Club has invested significantly in the
first team– payments to acquire player registrations
increased from£0.4million in the prior year to £6.6million
this year, a 1550% increase.
Income
Group turnover for the year was £9.2 million
(2007 – £8.2 million). Ticketing contributed 54%
(2007 – 61%) to Group turnover in the current
financial year, with broadcast contributing 21%
(2007 – 13%), commercial revenue falling slightly
at 18% (2007 – 21%) and other revenue
contributing 6% (2007 – 7%).
Ticketing
The decrease in turnover from £5.0 million in the
prior year to £4.8 million in the current year was
driven mainly by a reduction in match day ticket
prices and season ticket prices at Loftus Road
stadium, where the price of an average adult
ticket was reduced from £25.00 to £22.50. The
‘buzz’ surrounding the new ownership possibly
possibly helped increase the average attendance
for the 23 Championship first team matches
played from 12,920 to 13,594, a 5% increase.
There was also growth in the number of season
ticket holders – from 6,738 in the prior year to
8,103 by the end of the current financial year, a
20% increase. Although the Club were knocked
out of the Carling and FA Cup in the first and
third round respectively, the draw in the FA Cup
away against Chelsea helped boost revenue
As the above graph demonstrates, the stadium is
clearly under-utilised and the aim is to gradually
increase the percentage capacity. Over the
previous 5 years, the stadium capacity
percentage has fallen from a high of 83% in
the 2004/05 season to 74% in the current
financial year.
Broadcast
The increase in Group turnover was driven
mainly by an increase in broadcasting revenues,
where revenue increased to £1.9 million (2007 –
£1.0 million). The increase was due to the
Football League solidarity payment made to all
Championship clubs and the size of this payment
is of course dependant on the teams promoted
and relegated in any one year.
Retail
Retail revenues increased by 108% to £0.7
million (2007 – £0.3 million) as a result of
increased match attendance and partly revenue
generated from new logo merchandise.
Commercial
Commercial revenue (excluding retail) fell by
35% to £0.9 million (2007 – £1.4 million). The
group was tied into many commercial
agreements that represented poor value and a
new strategy was put in place by the new
ownership, the results of which will not filter
through until next year.
Expenditure
Expenditure has increased significantly from the
prior year reflecting investment (salaries, signon
and appearance fees) in the first team squad
(including loan players) and two first team
coaches as well as costs due to termination of
existing commercial arrangements.
Cost of sales
The Group’s cost of sales grew to £14.3 million
(2007 – £9.6 million). Playing squad salaries
increased by 43% as a result of 12 new players
being brought in during the year in addition to 11
players on loan deals.
This was offset by savings made on 19 first team players being releasedfrom their contracts. Moreover, intangible asset
amortisation grew significantly due to these
additions to the squad. Football staff salaries
also increased by 15% due to costs connected
with termination of John Gregory and Luigi De
Canio contracts.
Administrative expenses
The Group’s administrative expenses grew to
£5.9 million (2007 - £3.5 million). In order to
support the growth of the business next year, the
number of non-playing staff increased by 10
during the year and is expected to rise further.
In addition, the Group incurred significant oneoff
legal and professional costs associated with
completion of the takeover in November 2007.
Moreover, the Group incurred one-off costs
associated with termination of the existing
shirt sponsor Car Giant and kit sponsors Le
Coq Sportif.
Player trading
A profit of £2.1 million was generated from the
sale of player registrations (2007 – £1.6 million).
This was principally as a result of the sale of Lee
Cook to Fulham in August 2007. Lee Cook has,
since the year-end, returned to Loftus Road on a
permanent deal.
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Post by QPR Report on Jun 27, 2009 19:10:56 GMT
Cash flow and treasury
Net cash outflow from operations amounted to
£3.3 million as compared to £3.4 million for the
previous year. The table below demonstrates
how an increase in cash of £1.2 million arose:
2008 2007
£’000 £’000
Operations cash outflow (3,335) (3,369)
Servicing of debt (2,072) (1,249)
Capital expenditure (6,125) 1,070
Financing 12,763 4,127
Increase in cash 1,231 579
Subsequent to the year-end, the ABC loan that
attracted an interest rate of 11.76% was repaid
and refinanced with a loan from Amulya Property
Limited, a company with which Flavio Briatore
and Amit Bhatia, directors of the Group, are
connected. The interest rate under the Amulya
Loan is 8.5%. Despite this, the cost of servicing
debt rose as the loans due to Sarita Capital
Investments Inc, the majority shareholder,
amounted to £8.6 million (2007 - £nil) whereby
interest is payable at 7.0%.
During the year, the Group opened a high interest
account with The Royal Bank of Scotland
in February 2008 to take advantage of excess
cash held by the Group – this has generated
£42k in interest this year (2007 – £nil). We will
continue to take advantage of excess cash held
by the Group, using a mixture of short-term
money market deposits and maintaining
balances in the high interest account.
Additionally, the Group repaid £1.3 million in
loans during the year, repaid significant taxation
and trade creditor liabilities as well as making
improvements to the level of stock holding and
debtor collection process.
Net debt as at 31 May 2008 has increased to
£19.9 million (2007 – £18.0 million).
Risks and uncertainties
There are a number of potential risks and
uncertainties that could have a material impact
on the Group’s long term performance. These
risks and uncertainties are monitored by the
Board on a regular basis.
Football
The Group’s income is directly affected by the
performance of the first team. The sources and
level of revenue generated by the Group has a
direct relationship with the performance of the
team in the Championship, the Carling Cup and
the FA Cup.
It is important to note that 54%
(2007 – 61%) of the Group’s revenue is derived
from ticket sales. The level of attendance may
be influenced by factors such as the success of
the team, ticket prices, broadcast coverage and
the general economic climate. The team in the
current financial year performed better than in
the prior year finishing 4 places higher in 14th,
combined with a reduction in admission prices
and interest from the new ownership helped
increase average attendance by 5% during
the year.
The Group is importantly dependant on the
performance of the playing squad, as well as the
football management staff. The strategy is to
ensure we retain the highest quality playing staff
by securing long-terms contracts. The Group
operates in a highly competitive market for
talent and the market rates for transfer and
wages is to a varying degree dictated by
competitors and the Group may follow this in
order to maintain the strength of the first team.
The Club is regulated by the rules of the various
governing bodies and any change to these rules
could have an impact on the Group, especially
the division of broadcasting income. The Group
monitors its compliance with all applicable rules
and considers the impact of any changes.
Commercial
The Group derives income from sponsorship
and other commercial arrangements. Going
forward, the Group aims to enter into long-term
arrangements with its key commercial partners
thereby securing certainty of income in the
medium term. Broadcasting and certain other
revenues are derived from contracts that are
currently centrally negotiated by the Football\
League; the Group does not have any
influence on the outcome of the relevant
contract negotiations.
Outlook
The ‘credit crunch’ has led to a greater focus on
balance sheets and debt servicing costs across
all businesses. This has led the Group to assess
various possibilities as to how it is financed over
the short-to-medium term to ensure value is
maximised for shareholders. We expect to
primarily focus on the operational and
commercial revenue generation aspects of the
stadium and facilities.
Transfer activity over the summer months of
2008 saw a number of players come into the
Club on a combination of free transfers and loan
deals, notably Kaspars Gorkss from Blackpool,
Samuel Di Carmine from Fiorentina, Emmanuel
Ledesma from Genoa, Daniel Parejo from Real
Madrid and Lee Cook from Fulham. In addition,
Simon Walton and Chris Barker were sold to
Plymouth Argyle and 6 players were released
from their contracts.
The 2008/09 financial results will benefit from
significant commercial contracts that have been
signed. These include the new shirt sponsorship
deal signed with Gulf Air, new kit sponsor Lotto
and commercial partner deals with Santander
and Chronotech. This will be offset by a fall in
broadcasting revenue as a result of reduction in
the solidarity payment, which is dependant
on what clubs are relegated from the
Premier League.
In terms of stadium development, there has
been a significant spend on the corporate
boxes, hospitality suites, ticket office, retail
outlets and seating as well as improvement in
the viewing experience through the jumbo
screen and scoreboard.
Despite the revenue that we can expect to derive
as a result of new commercial contracts, the
Board continues to believe that the best long
term policy for the Group is to re-invest cash
back into the development of the team and key
areas of the stadium. Accordingly, the Group’s
business plan and budgets are prepared with
this objective in mind.
Gavin Taylor
Finance Director
financial
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Post by QPR Report on Jun 27, 2009 19:15:27 GMT
DIRECTORS REPORT
(Page 18)
The directors present their report and the
audited group financial statements for the year
ended 31 May 2008.
PRINCIPAL ACTIVITIES AND
BUSINESS REVIEW
The principal activity of the Group is the
operation of a professional football club, with
related commercial activities. These activities
and performance are reported in the Chairman’s
statement and within the financial statements.
The results for the year demonstrate that the
benefits to materialise from the new ownership
will take time to filter through. In summary:
• Group turnover exceeded £9.2 million, an
increase of 12% on prior year, due mainly to
an increase in broadcast and retail revenue;
• Match day revenue at £2.8 million,
representing an average of £123k per
Football League match played at Loftus
Road, fell 12% on prior year due principally
to match day ticket prices being reduced
from an average of £25.00 in the prior year
to £22.50 in the current year;
• Group operating losses exceeded £6.0
million, an increase of 27% on prior year
reflecting the new owners’ pursuit of onpitch
success through investing heavily in
the playing squad;
• At the balance sheet date the Group had
bank reserves of £1.5 million, representing
an increase of £1.2 million on the prior year
At the balance sheet date the Group
has improved the deficit position from
£3.8 million in the prior year to £0.2 million
surplus this year.
The key measure of the Club’s success is onpitch
performance and a critical driver of any
club’s value is presence in the Premier League,
which is the stated aim of the new ownership.
The desire for on-pitch success and the intense
competitive desire to seek promotion to the
Premier League has meant the Club has
invested significantly in the first team.
CASH FLOW AND TREASURY
Net cash outflow from operations amounted
to £3.3 million as compared to £3.4 million for
the previous year.
Subsequent to the year-end, the ABC loan
that attracted an interest rate of 11.76% was
repaid and refinanced with a loan from
Amulya Property Limited, a company with
which Flavio Briatore and Amit Bhatia,
directors of the Group, are connected. The
interest rate under the Amulya Loan is 8.5%.
Despite this, the cost of servicing debt rose as
the loans due to Sarita Capital Investments
Inc, the majority shareholder, amounted to
£8.6 million (2007 - £nil) whereby interest is
payable at 7.0%.
Additionally, the Group repaid £1.3 million in
loans during the year, repaid significant
taxation and trade creditor liabilities as well
as making improvements to the level of stock
holding and debtor collection process.
Net debt as at 31 May 2008 has increased to
£19.6 million (2007 – £18.0 million).
RISKS AND UNCERTAINTIES
There are a number of potential risks and
uncertainties that could have a material impact
on the Group’s long term performance. These
risks and uncertainties are monitored by the
Board on a regular basis.
FOOTBALL
The Group’s income is directly affected by the
performance of the first team. The sources and
level of revenue generated by the Group has a
direct relationship with the performance of the
teamin the Championship, the Carling Cup and
the FA Cup.
It is important to note that 54%(2007
– 61%) of the Group’s revenue is derived from
ticket sales. The level of attendancemay be
influenced by factors such as the success of the
team, ticket prices, broadcast coverage and the
general economic climate. The teamin the
current financial year performed better than in the
prior year finishing 4 places higher in 14th,
combined with a reduction in admission prices and
interest fromthe new ownership helped increase
average attendance by 5%during the year.
The Group is importantly dependant on the
performance of the playing squad, as well as the
footballmanagement staff. The strategy is to
ensure we retain the highest quality playing staff
by securing long-terms contracts. The Group
operates in a highly competitivemarket for talent
and themarket rates for transfer and wages is,
to a varying degree, dictated by competitors and
the Groupmay be required to follow this in order
to maintain the strength of the first team.
The Club is regulated by the rules of the
various governing bodies and any change to
these rules could have an impact on the
Group, especially the division of broadcasting
income. The Group monitors its compliance
with all applicable rules and considers the
impact of any changes.
COMMERCIAL
The Group derives income from sponsorship
and other commercial arrangements. Going
forward, the Group aims to enter into long-term
arrangements with its key commercial partners
thereby securing certainty of income in the
medium term.
Broadcasting and certain other revenues are
derived from contracts that are currently
centrally negotiated by the Football League; the
Group does not have any influence on the
outcome of the relevant contract negotiations.
FUTURE DEVELOPMENTS
The ‘credit crunch’ has led to a greater focus
on the balance sheet and debt servicing costs
across all businesses. This has led the Group
to assess various possibilities as to how it is
financed over the short-to-medium term to
ensure value is maximised for shareholders.
We expect to primarily focus on the operational
and commercial revenue generation aspects of
the stadium and facilities.
The 2008/09 financial results will benefit from
significant commercial contracts that have
been signed. These include the new shirt
sponsorship deal signed with Gulf Air, new kit
sponsor Lotto and commercial partner deals
with Santander and Chronotech. This will be
offset by a fall in broadcasting revenue as a
result of reduction in the solidarity payment,
which is dependant on which clubs are
relegated from the Premier League.
In terms of stadium development, there has
been a significant spend on the corporate
boxes, hospitality suites, ticket office, retail
outlets and seating as well as improving in the
viewing experience through the jumbo screen
and scoreboard.
Despite the revenue that we can expect to
derive as a result of new commercial contracts,
the Board continues to believe that the best
long term policy for the Group is to re-invest
cash back into the development of the team and
key areas of the stadium. Accordingly, the
Group’s business plan and budgets are
prepared with this objective in mind.
RESULTS AND DIVIDENDS
The loss for the year amounted to £6,009,000
(2007 – loss £4,729,000). The directors have not
recommended a dividend.
DIRECTORS
The directors who served the company during
the year were as follows:
Mr F Briatore appointed on 12 December 2007
Mr A Bhatia appointed on 19 December 2007
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Post by QPR Report on Jun 27, 2009 19:16:01 GMT
DIRECTORS' REPORT
YEAR ENDED 31 MAY 2008 CONTINUED
Mr A A Longo appointed on 26 October 2007
Mr G Paladini appointed on 6 July 2005
Mr G S Taylor appointed on 26 October 2007
Mr B T S Michel appointed on 26 October 2007
Mr M Rapini appointed on 20 February 2008
Mr A Caliendo retired on 26 October 2007
Mr F Zanotti retired on 26 October 2007
Mr N De Marco appointed on 20 August 2007
Mr M Cooke appointed on 20 August 2007
Mr N De Marco and Mr M Cooke retired as
directors on 20 August 2007.
FINANCIAL INSTRUMENTS
The group’s principal financial instruments
comprise bank balances, bank overdrafts, trade
creditors, trade debtors, shareholder and other
loans. The main purpose of these instruments
is to raise funds for the group’s operations and
to finance the group’s operations.
Due to the nature of the financial instruments
used by the group, there is no exposure to price
risk. The group’s approach to managing other
risks applicable to the financial instruments
concerned is shown below.
Trade debtors are managed in respect of credit
and cash flow risk by policies concerning the
credit offered to customers and the regular
monitoring of amounts outstanding for both
time and credit limits.
Trade creditors liquidity risk ismanaged by
ensuring sufficient funds are available tomeet
amounts due.
Shareholder and other loans are managed by
ensuring that sufficient funds are available to
repay interest and capital sums as they fall due.
POST BALANCE SHEET EVENTS
The details of these are included in note 24 to
the financial statements.
DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the
annual report and the financial statements in
accordance with applicable law and regulations.
Company law requires the directors to prepare
financial statements for each financial year.
Under that law, the directors have elected to
prepare the financial statements in accordance
with United KingdomGenerally Accepted
Accounting Practice (United KingdomAccounting
Standards and applicable law). The financial
statements are required by law to give a true and
fair view of the state of affairs of the company
and the group and of the profit or loss of the
group for that year. In preparing these financial
statements, the directors are required to:
• select suitable accounting policies and then
apply them consistently;
• make judgements and estimates that are
reasonable and prudent;
• prepare the financial statements on
going concern basis unless it is
inappropriate to presume that the group
will continue in business.
The directors are responsible for keeping proper
accounting records that disclose, with reasonable
accuracy, at any time the financial position of the
group and enable themto ensure that the
financial statements comply with the Companies
Act 1985. They are also responsible for
safeguarding the assets of the group and hence
for taking reasonable steps for the prevention
and detection of fraud and other irregularities.
Insofar as the directors are aware:
• there is no relevant audit information of
which the group's auditor is unaware; and
• the directors have taken all steps that they
ought to have taken to make themselves
aware of any relevant audit information
and to establish that the auditor is aware of
that information.
AUDITOR
On 24 July 2008 Chantrey Vellacott DFK LLP
were appointed as the company’s auditors.
Signed by order of the directors
Temple Secretarial Limited
Company Secretary
Approved by the directors on 11 March 2009
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Post by QPR Report on Jun 27, 2009 19:19:19 GMT
GROUP PROFIT AND LOSS ACCOUNT
(Page 21)
2008 2007
GROUP TURNOVER 2 9,239 8,224
Cost of sales 14,064 9,588
GROSS LOSS (4,825) (1,364)
Administrative expenses 5,460 3,510
Waiver of loan 3 (4,213) –
OPERATING LOSS 4 (6,072) (4,874)
Profit on disposal of player's registrations 6 2,135 1,612
(3,937) (3,262)
Interest receivable 7 42 –
Interest payable and similar charges 8 (2,114) (1,467)
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (6,009) (4,729)
Taxation 9 - -
LOSS FOR THE FINANCIAL YEAR (6,009) (4,729)
All of the activities of the group are classed as continuing.
The group has no recognised gains or losses other than the results for the year as set out above.
The company has taken advantage of section 230 of the Companies Act 1985 not to publish its
own profit and loss account.w
There is no difference between the results shown above and their historical cost equivalents.
GROUP
BALANCE
SHEET
2008 2007
Note £000 £000
FIXED ASSETS
Intangible assets 10 6,247 635
Tangible assets 11 20,918 19,772
27,165 20,407
CURRENT ASSETS
Stocks 13 38 146
Debtors 14 631 1,078
Cash at bank 1,536 305
2,205 1,529
CREDITORS: AMOUNTS FALLING DUEWITHIN ONE YEAR 15 17926 8,584
NET CURRENT LIABILITIES (15,721) (7,055)
TOTAL ASSETS LESS CURRENT LIABILITIES 11,444 13,352
CREDITORS:
AMOUNTS FALLING DUE AFTERMORE THAN ONE YEAR 16 11,100 16,974
344 (3,622)
PROVISIONS FOR LIABILITIES
Provisions for liabilities and charges 17 185 210
(159) (3,832)
CAPITAL AND RESERVES
Called up equity share capital 20 11,000 1,000
Share premiumaccount 21 7,617 7,617
Revaluation reserve 21 10,085 10,085
Profit and loss account 21 (28,543) (22,534)
SURPLUS/DEFICIT 22 (159) (3,832)
These financial statements were approved by the directors and authorized for issue on 11 March,
and are signed on their behalf by:
G Taylor 11 March 2009
CASH FLOWSTATEMENT
2008 2007
Note £000 £000
NET CASH OUTFLOWFROMOPERATING ACTIVITIES 23 (3,335) (3,369)
RETURNS ON INVESTMENTS AND SERVICING OF FINANCE 23 (2,072) (1,249)
CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT 23 (6,125) 1,070
CASH OUTFLOWBEFORE FINANCING (11,892) (3,548)
FINANCING 23 12,763 4,127
INCREASE IN CASH 23 1,231 579
47
cash
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Post by QPR Report on Jun 27, 2009 19:20:29 GMT
NOTES TO THE FINANCIAL STATEMENTS
2. TURNOVER
The turnover and loss before tax are attributable to the one principal activity of the group.
An analysis of turnover is given below:
2008 2007
£000 £000
Match day receipts 4,696 5,008
Television andmedia 1,925 1,032
Sponsorship,merchandising and commercial 1,627 1,731
Other 991 453
Total 9,239 8,224
3. OTHER OPERATING INCOME
2008 2007
£000 £000
Waiver of loan 4,213 –
On the 1 September 2007 Mr A Caliendo waived £4,212,882 of his loan owed to himby QPR Holdings Limited.
4. OPERATING LOSS
Operating loss is stated after charging:
2008 2007
£000 £000
Amortisation 1,235 315
Depreciation of owned fixed assets 266 332
Auditor's remuneration 12 18
Operating lease rentals
- Land and buildings 249 224
Loss attributable tomembers of the parent company
The loss dealt with in the accounts of the parent company was £6,104,000
(2007 – loss £4,789,000).
5. DIRECTORS AND STAFF COSTS
The remuneration of the directors was:
2008 2007
£000 £000
Directors Remuneration 174 140
Amounts paid to third parties in respect of directors services 75 74
249 214
The highest paid director received £196,670 during the year.
The average number of staff, including executive directors,
employed by the group during the financial year can be analysed as follows:
2008 2007
No No
Administrative staff 11 13
Players,managers, coaches and support staff 68 54
Commercial,marketing and retail staff 11 10
Stadiumandmaintenance staff 7 5
Community projects 20 15
117 97
The aggregate payroll costs of the above were:
2008 2007
£000 £000
Wages and salaries 9,271 6,977
Social security costs 1,074 749
Other pension costs 53 6
10,398 7,732
11.TANGIBLE FIXED ASSETS
Group Land & Plant & Fixtures & Stadium
Buildings Machinery Fittings Improvements Total
£000 £000 £000 £000 £000
Cost or valuation
At 1 June 2007 19,937 2,591 421 – 22,949
Additions – 109 13 1,290 1,412
At 31May 2008 19,937 2,700 434 1,290 24,361
Depreciation
At 1 June 2007 217 2,539 421 – 3,177
Charge for the year 217 29 1 19 266
At 31May 2008 434 2,568 422 19 3,443
Net book value
At 31May 2008 19,503 132 12 1,271 20,918
At 31 May 2007 19,720 52 – – 19,772
Company Land & Plant & Fixtures & Stadium
Buildings Machinery Fittings Improvements Total
£000 £000 £000 £000 £000
Cost or valuation
At 1 June 2007 19,937 2,591 421 – 22,949
Additions – 109 13 1,290 1,412
At 31May 2008 19,937 2,700 434 1,290 24,361
Depreciation
At 1 June 2007 217 2,539 421 – 3,177
Charge for the year 217 29 1 19 266
At 31May 2008 434 2,568 422 19 3,443
Net book value
At 31May 2008 19,503 132 12 1,271 20,918
At 31 May 2007 19,720 52 – – 19,772
The Loftus Road Stadiumwas independently valued by Savills, Chartered Surveyors, as at 31
May 2006 on a depreciated replacement cost (existing use) basis. On a historical cost basis,
land and buildings would have been included as follows for both the Group and the Company:
2008 2007
£000 £000
Original Cost 12,182 12,182
Depreciation based on cost (1,230) (1,108)
10,952 11,074
12.INVESTMENTS
Company Group companies
£000
Cost
At 1 June 2007 and 31 May 2008 8,213
Net book value
At 1 June 2007 and 31 May 2008 8,213
As at 31 May 2008 the company owned the following subsidiary undertakings:
Proportion of
voting rights
Country of and shares
incorporation Holding held Nature of business
Subsidiary undertakings
TheQueensPark
Rangers Football and Provision of
AthleticClub Limited England Ordinary shares 100% football teams
13.STOCKS
Group Company
2008 2007 2008 2007
£000 £000 £000 £000
Goods for resale 38 146 38 146
14.DEBTORS
Group Company
2008 2007 2008 2007
£000 £000 £000 £000
Trade debtors 175 471 89 471
Transfer debtor - 600 - -
Other debtors 406 – 406 -
Prepayments and accrued income 50 7 50 7
631 1,078 545 478
15.CREDITORS: AMOUNTS FALLING DUEWITHIN ONE YEAR
Group Company
2008 2007 2008 2007
£000 £000 £000 £000
Shareholders’ loan – 100 – 100
Other loans 10,000 1,264 10,000 500
Trade creditors 1,705 1,639 1,643 1,639
Transfer creditor 2,700 606 - -
Amounts owed to group undertakings – - 8,351 14,915
Taxation and social security 733 3,768 78 403
Accruals and deferred income 2,788 1,207 2,975 1,176
17,926 8,584 23,047 18,733
Included in other loans:
A £10,000,000 loan fromABC Corporation, interest bearing at 11.76%, secured by way
of fixed charge over the Loftus Road Stadium, which was repaid in July 2008. . This has been
reclassified as amounts falling due in less than one year, in the year ending 31 May 2008, as
it was repaid post year-end. (See Note 24)
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Post by QPR Report on Jun 27, 2009 19:24:30 GMT
16.CREDITORS: AMOUNTS FALLING DUE AFTERMORE THANONE YEAR
Group Company
2008 2007 2008 2007
£000 £000 £000 £000
Other loans 11,100 16,974 11,100 16,974
Included within long termcreditors are the following unsecured convertible loans:
A £8,600,000 loan fromSarita Capital Investments, interest bearing at 7% and is
repayable on demand.
A £500,000 loan fromValentin Ehmer, interest bearing at 8.72%and is repayable
on 29 April 2010.
A £2,000,000 (interest free) loan owing to Mr A Caliendo is repayable on 28 February 2011 and
redeemable at any time prior to that date at the sole discretion of QPR.
17.PROVISIONS FOR LIABILITIES
Group Company
2008 2007 2008 2007
£000 £000 £000 £000
Provision for liabilities and charges 185 210 - -
The provision of £185,000 relates to taxes due to H M Customs & Excise on player benefits
and Ian Holloway image rights.
18.COMMITMENTS
As at 31 May 2008 the company was committed to paying £249,924 (2007: £232,000) per annum
under a non-cancellable operating lease in relation to land and buildings. The lease expires 30
June 2010.
19.RELATED PARTY TRANSACTIONS
During the year, the company paid consultancy fees amounting to £75,000 (2007: £73,750)
to Moorbound Ltd, a company in which O Paladini, the wife of G Paladini, a director, is the
only shareholder. In addition the company provided an interest free loan of £140,000 (2007:
£nil) to G Paladini.
On 7 November 2007, 500,000,000 1p ordinary shares were issued at par to
Sarita Capital Investments Inc, a shareholder of QPR Holdings Limited. This was
in relation to a loan conversion.
On the 18 March 2008 the following shares were issued:
26,343,520 1p shares to F Briatore, a director of QPR Holdings Limited
105,374,967 1p shares to Sea DreamLimited, a shareholder of QPR Holdings Limited
289,251,843 1p shares to Sarita Capital Investments Inc, a shareholder of
QPR Holdings Limited
During the year Sarita Capital Investments Inc,
has also provided funding of £8.6m(see note 16).
20.SHARE CAPITAL
Authorised share capital:
2008 2007
£000 £000
16,000,000,000 Ordinary shares of 1p each 16,000 1,000
Allotted, called up and fully paid:
2008 2007
No £000 No £000
Ordinary shares of 1p each 1,100,000,000 11,000 100,000,000 1,000
On the 15 November 2007, the company's authorised share capital was increased to
16,000,000,000 of 1p shares. On that date 500,000,000 shares of 1p each were issued.
On the 18 March 2008, the company's authorised share capital was increased to
16,000,000,000 of 1p shares. On that date 500,000,000 shares of 1p each were issued.
In addition on 16 June 2008, 500,000,000 shares of 1p each were issued.
21.RESERVES
Group
Share premium Revaluation Profit and loss
account reserve reserve
£000 £000 £000
Balance brought forward 7,617 10,085 (25,534)
Loss for the year – – (6,009)
Balance carried forward 7,617 10,085 (28,543)
Company Share premium Revaluation Profit and loss
account reserve account
£000 £000 £000
Balance brought forward 7,617 10,085 (25,495)
Loss for the year – – (6,104)
Balance carried forward 7,617 10,085 (31,599)
22.RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
2008 2007
£000 £000
Loss for the financial year (6,009) (4,729)
New ordinary share capital subscribed 10,000 –
Net addition to shareholders' (deficit)/funds 3,991 (4,729)
Opening shareholders' (deficit)/funds (3,832) 897
Closing shareholders' surplus/deficit 159 (3,832)
23.NOTES TO THE STATEMENT OF CASH FLOWS
Reconciliation of operating loss to net cash (outflow)/inflow from operating activities
2008 2007
£000 £000
Operating loss (6,072) (4,874)
Amortisation 1,235 315
Depreciation 266 332
Decrease in stocks 108 108
Decrease/(increase) in debtors 477 (142)
Increase in creditors 681 892
Net cash outflow fromoperating activities (3,335) (3,369)
Returns on investments and servicing of finance
2008 2007
£000 £000
Interest received 42 –
Interest paid (2,114) (1,249)
Net cash outflow fromreturns on investments and servicing of finance (2,072) (1,249)
Capital expenditure
2008 2007
£000 £000
Payments to acquire player registrations (6,904) (472)
Payments to acquire tangible fixed assets (1,412) (3)
Receipts fromsale of player registrations 2,191 1,545
Net cash outflow fromcapital expenditure (6,125) 1,070
Financing
2008 2007
£000 £000
Debts due within one year
New unsecured loan - 233
New secured loan - 500
Repayment of unsecured loan (1,363) (266)
Debts due beyond a year
New secured loan 8,339 3,830
Repayments (4,213) (210)
Issue of equity share capital 10,000 -
12,763 4,127
Reconciliation of net cash flow to movement in net debt
2008 2007
£000 £000
Increase in cash in the period 1,231 579
Cash inflow fromincrease in debt financing (2,763) (4,127)
Change in net debt resulting fromcash flows (1,532) (3,548)
Non-cash increase in capital element of shareholders loan - (365)
Movement in net debt in period (1,532) (3,913)
Net debt at 1 June 2007 (18,032) (14,120)
Net debt at 31 May 2008 (19,564) (18,033)
Analysis of changes in net debt
At At
1 Jun 2007 Cash flows 31May 2008
£000 £000 £000
Net cash:
Cash in hand and at bank 305 1,231 1,536
Debt:
Debt due after 1 year (16,974) (4,126) (21,000)
Debt due within one year (1,363) 1,363 -
Net debt (18,032) (1,532) (19,564)
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Post by QPR Report on Jun 27, 2009 19:24:52 GMT
24.POST BALANCE SHEET EVENTS
Subsequent to the year-end, the ABC loan that attracted an interest rate of 11.76%was repaid and refinanced with a loan fromAmulya Property Limited, a company with which
Flavio Briatore and Amit Bhatia, directors of the Group, are connected. The interest rate under the Amulya Loan is 8.5%.
The Group issued a further 500,000,000 shares of 1p each to fromexistingmajority shareholders in June 2008 raising £5million. This increased the issued share capital from
£11million to £16million.
Transfer activity over the summermonths of 2008 saw a number of players join the
Club on a combination of free transfers and loan deals, notably Kaspars Gorkss from
Blackpool, Samuel Di Carmine fromFiorentina, Emmanuel Ledesma fromGenoa, Daniel
Parejo fromReal Madrid and Lee Cook fromFulham.
In addition, SimonWalton and Chris
Barker were sold to Plymouth Argyle and 6 players were released fromtheir contracts.
In October 2008, the Club gave notice to terminate the employment of first teamcoach, Iain
Dowie. Gareth Ainsworth was appointed as Caretaker Manager.
In terms of stadiumdevelopment, there has been a significant spend on the corporate boxes,
hospitality suites, ticket office, retail outlets and seating as well as improving the
viewing experience through the jumbo screen and scoreboard.
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Post by londonranger on Jun 27, 2009 22:59:49 GMT
Magnificent work Mike. So more loss less attendance, loan paid off then replaced. 2004-5 11th place 2008-9 11th place. But debt for now, is growing but underwritten,for now. As I can see thats all we gained.,not minimizing it though. Is this the right thread to post, if not will move, sorry.
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Post by Macmoish on Jun 27, 2010 6:35:16 GMT
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Post by Macmoish on Jun 27, 2010 6:36:02 GMT
So I suppose the latest set of accounts (which were noted a few months ago) - with the 19 million pound loss - should be officially released soon
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Post by Macmoish on Jun 27, 2012 7:11:26 GMT
Still makes interesting reading (to me at least!)
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ingham
Dave Sexton
Posts: 1,896
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Post by ingham on Jun 29, 2012 9:52:49 GMT
Interesting always how money flows out of the Club and into other people's pockets. That's what the losses mean.
The cost of buying the Club is paid for by the Club. The cost of signing players is met by the Club. The Ground is turned into cash to pay off chairmen. Wright pocketed the £10 million ABC loan cash. Ecclestone & Co made £40 million for themselves losing £25 million of the Club's money. In fact, more, wasn't it?
But the myth of 'investment', of money coming into the Club, continues.
English football is a closed system. If ten times more money is spent, ten times more teams don't win the title. The Clubs are always ranked 1-92 or whatever it is, and we know that before any season starts.
For the SUCCESSFUL Clubs to sign better players makes sense. They have more money, and are more attractive. But the UNsuccessful Clubs spend more, too. Not on the basis that they know what they're doing, but because they don't.
This is not a recipe for sound finances.
And it doesn't work. It can't. Notoriously struggling sides won't get the best players, even if they enjoy a brief day in the sun, as they used to do sometimes, but never manage to do now.
For each movement upwards, there is another downwards. Fine, if the Clubs weren't connected to each other. But they all sign the other Clubs' players, appoint the other Clubs'managers, money passes between them all the time, so someone else's failure affects us, just as their success brings us bigger crowds - or higher ticket prices - when they turn up at LR.
But the losses are always much greater. We are always far less talented than our spending. This means, for practical purposes, that we are stupid. Because it is easy to increase the wages of useless players, but impossible to increase their talent - what exactly ARE coaches and managers paid for, precisely? - investors take the easy way out to give an IMPRESSION that something is happening, the player equivalent of 'new ground syndrome'. Moving to a new ground doesn't make any difference, but it is confusing, and the more confusion there is, the better.
As we discover when we try to make the numbers add up to something sensible, and try to match increasing losses with the investors' claims that things are getting better.
Other Clubs' failure affects us in the long run. They outbid us in the transfer market, buying crap that leaves us only the crap that other incompetents don't want. Isn't that the case? And pushing up the price to stratospheric levels.
Provided Clubs spend in proportion to the success they will achieve, it will all add up. If we lose money, provided we have lost £25 million and make a £25 million profit the next year, we're all right.
And when does that happen? Loss follows loss follows loss.
But why wouldn't it? The more losses, the more the Club's money flows into other people's pockets. Why wait until the Club earns a little more anyway? The sums are miniscule by comparison with the losses, and profits non-existent.
If the losers who have been running the Club for decades had to line their own pockets from the PROFITS they made for QPR, the Club would be healthy, and they'd be confined to the dustbin of history where they belong.
A sobering comparison is with the football authorities, who let the moneylenders run amok on the basis that this will give us a better England team. The result? As far as I can make out, the worst England side ever.
Oh, they still run around enthusiastically. And practise missing penalties until they can do it in their sleep.
Why, just out of interest, is it courageous for a player who doesn't think he can take a penalty successfully - and who, by his own admission, is actually too FRIGHTENED to score (because it is all a matter of nerves, and as we miss them so often, we clearly don't have the bottle to take them), why is it admirable for that dope to VOLUNTEER to do so?
Stupid, certainly. A player who doesn't suffer from nerves - or, more likely, who can be nervous and STILL score (because he has the technique to do so) - yes. Volunteer, mate.
But why do the other berks go up? Is it because they've already provided their excuse, and that excuse has been accepted. No-one says 'don't miss, mate, or your name will be MUD'. Don't volunteer if you don't know what you're doing.
They don't have the bottle to tell them. To say 'if you're frightened, dearie, stay here'. Let someone take them who can cope. Are the naughty supporters shouting? Or quiet? That's even worse. How could anyone score with noise. Or silence. In the heat. Or cold.
How do we get knocked out on penalties then?
But everyone says how brave they are. Not their fault. WHOSE IS IT THEN? Martin Bormann's?
We know, don't we. Hodgson knows. The brave heroes will stand by bravely saying nothing, bravely not volunteering to get the boot, when HE loses HIS job because THEY can't do it.
Oh, well done Italy. Scored a few penalties, too. Although only against England. And - for once - haha - weren't depressingly dirty, cynical or defensive. Delightful, and Balotelli particularly. What a guy. Tough but not dirty, I thought. Tried hard, very hard, but didn't blame the defenders, didn't fall over, pretend he was hit in the face when he got it on the leg, didn't blame the ref, scream or whine even when his best efforts wouldn't go in.
Good luck to the guy.
And I LOVED his little smile before the penalty. Wasn't pleased it went in, but I do still like to see England win.
Even when they're too frightened to do so.
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Post by Bushman on Jun 29, 2012 10:04:22 GMT
Interesting always how money flows out of the Club and into other people's pockets. That's what the losses mean. The cost of buying the Club is paid for by the Club. The cost of signing players is met by the Club. The Ground is turned into cash to pay off chairmen. Wright pocketed the £10 million ABC loan cash. Ecclestone & Co made £40 million for themselves losing £25 million of the Club's money. In fact, more, wasn't it? But the myth of 'investment', of money coming into the Club, continues. English football is a closed system. If ten times more money is spent, ten times more teams don't win the title. The Clubs are always ranked 1-92 or whatever it is, and we know that before any season starts. For the SUCCESSFUL Clubs to sign better players makes sense. They have more money, and are more attractive. But the UNsuccessful Clubs spend more, too. Not on the basis that they know what they're doing, but because they don't. This is not a recipe for sound finances. And it doesn't work. It can't. Notoriously struggling sides won't get the best players, even if they enjoy a brief day in the sun, as they used to do sometimes, but never manage to do now. For each movement upwards, there is another downwards. Fine, if the Clubs weren't connected to each other. But they all sign the other Clubs' players, appoint the other Clubs'managers, money passes between them all the time, so someone else's failure affects us, just as their success brings us bigger crowds - or higher ticket prices - when they turn up at LR. But the losses are always much greater. We are always far less talented than our spending. This means, for practical purposes, that we are stupid. Because it is easy to increase the wages of useless players, but impossible to increase their talent - what exactly ARE coaches and managers paid for, precisely? - investors take the easy way out to give an IMPRESSION that something is happening, the player equivalent of 'new ground syndrome'. Moving to a new ground doesn't make any difference, but it is confusing, and the more confusion there is, the better. As we discover when we try to make the numbers add up to something sensible, and try to match increasing losses with the investors' claims that things are getting better. Other Clubs' failure affects us in the long run. They outbid us in the transfer market, buying crap that leaves us only the crap that other incompetents don't want. Isn't that the case? And pushing up the price to stratospheric levels. Provided Clubs spend in proportion to the success they will achieve, it will all add up. If we lose money, provided we have lost £25 million and make a £25 million profit the next year, we're all right. And when does that happen? Loss follows loss follows loss. But why wouldn't it? The more losses, the more the Club's money flows into other people's pockets. Why wait until the Club earns a little more anyway? The sums are miniscule by comparison with the losses, and profits non-existent. If the losers who have been running the Club for decades had to line their own pockets from the PROFITS they made for QPR, the Club would be healthy, and they'd be confined to the dustbin of history where they belong. Cheered me up no end.  |
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Post by Macmoish on Jun 30, 2013 8:30:15 GMT
Bump... 4 Years Jun 28, 2009 at 7:23am WMIPSFSQuote Edit like Post Options Post by QPR Report on Jun 28, 2009 at 7:23am Group operating losses exceeded £6.0 million, an increase of 27% on prior year Net debt as at 31 May 2008 has increased to £19.9 million (2007 – £18.0 million). The Group’s administrative expenses grew to £5.9 million (2007 - £3.5 million). In order to support the growth of the business next year, the number of non-playing staff increased by 10 during the year and is expected to rise further. Football staff salaries also increased by 15% due to costs connected with termination of John Gregory and Luigi De Canio contracts." Other loans 11,100 16,974 11,100 16,974 Included within long termcreditors are the following unsecured convertible loans: A £8,600,000 loan fromSarita Capital Investments, interest bearing at 7% and is repayable on demand. A £500,000 loan fromValentin Ehmer, interest bearing at 8.72%and is repayable on 29 April 2010. A £2,000,000 (interest free) loan owing to Mr A Caliendo is repayable on 28 February 2011 and redeemable at any time prior to that date at the sole discretion of QPR. The highest paid director received £196,670 during the year. During the year, the company paid consultancy fees amounting to £75,000 (2007: £73,750) to Moorbound Ltd, a company in which O Paladini, the wife of G Paladini, a director, is the only shareholder. In addition the company provided an interest free loan of £140,000 (2007:£nil) to G Paladini. Read more: qprreport.proboards.com/thread/4685?page=1#ixzz2XgbvbjOO |
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Post by Macmoish on Jun 28, 2014 9:25:21 GMT
Bump..5 Years ago
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Post by Macmoish on Jul 2, 2014 7:18:14 GMT
And from 7 Years ago: I used to be (justly, I think) fairly critical of QPR Under Paladini - and under Briatore...But the losses then compared to recent years, pale into (virtual Insignificance)... We'll see what the Accounts this coming May and the following year show And 7 Years ago (+ a few days) QPR for Sale....We just don't have enough cash to take QPR forward
Jun 25 2007 - David McIntyre/Ealing GazetteCHAIRMAN Gianni Paladini insists QPR will not be bought on the cheap despite the club's Italian owners being willing to relinquish control. Paladini last week declared that he and major shareholder Antonio Caliendo would seek only the money they paid for their shares when they acquired stakes in the club. That would mean around £650,000 would be required to purchase Paladini's shareholding and around £4million to take overall control of the club. But Paladini has warned that simply writing out a cheque for those amounts will not be enough. He said: "The offer is there for anyone who can take the club forward. I will only want what I paid for my shares. CHAIRMAN Gianni Paladini insists QPR will not be bought on the cheap despite the club's Italian owners being willing to relinquish control. Paladini last week declared that he and major shareholder Antonio Caliendo would seek only the money they paid for their shares when they acquired stakes in the club. That would mean around £650,000 would be required to purchase Paladini's shareholding and around £4million to take overall control of the club. But Paladini has warned that simply writing out a cheque for those amounts will not be enough. He said: "The offer is there for anyone who can take the club forward. I will only want what I paid for my shares. "But it has to be on condition that they have serious money to invest and can show they can move QPR to the next level. "We're a club that can compete in the Championship and if someone can take QPR further than that, then there is no way we would stand in their way. "I would leave tomorrow for the price I paid for my shares if that kind of person wanted the club. I would want any other money they had to go into QPR." Paladini added: "The vultures are circling. That always happens with QPR. But we're not saying we will sell to anyone. It has to be the right people. "We're committed to the club, we just realise we don't have the money to take it further and want others to come in and either help us or take over the club." A number of parties have expressed an interest including an Israeli group fronted by former Tottenham and Liverpool striker Ronnie Rosenthal, which has failed to prove it has sufficient funds. And a consortium has this week been discussing approaching the club with an offer. But at this stage the most likely addition to the Rangers board is Bill Power - the former chairman who was booted out by Paladini and Caliendo in 2005 following a bitter battle for control. Power has invested in Swindon since his public fall-out with Paladini and has been involved in a takeover bid for the Wilt-shire club. But the pair have recently rebuilt bridges and Paladini believes Power may return. "The door is open for Bill," said Paladini. "I don't think he wants to buy the club but the opportunity is there, if he wants it, to come back and work with me." Bar an angry exchange with disenchanted club president Harold Winton and a couple of questions about ongoing financial concerns, Paladini and other directors were given a fairly easy ride at last week's annual general meeting of shareholders. It was confirmed that Rangers made a loss of £3.3million in 2006 - up from £2.6m the previous year. A loss of around £2.6m for 2007 is predicted. |
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