Page 306 of 310 FirstFirst ... 206 256 296 302 303 304 305 306 307 308 309 310 LastLast
Results 4,576 to 4,590 of 4648

Thread: What makes you smile?

  1. #4576
    Legend Contributor brokendown gunfighter's Avatar
    Join Date
    Sep 2005
    Location
    wembley
    Posts
    7,589
    vCash
    5280000
    141 Club Award TWF Contributor!
    that site is pontification central

    0 Not allowed! Not allowed!

  2. #4577
    Immortal GIGS20's Avatar
    Join Date
    Sep 2006
    Location
    Rockingham
    Posts
    18,685
    vCash
    3544000
    The Bronze Star of Faith
    A lot of media hullabaloo re RA submitting their audited financials to asic at 11:59.8

    Amongst the self congratulatory pap from the typical sycophants, there was plenty of inadvertent secret-dropping

    The 14.2 million advance wasn't enough to pull their arse out of insolvency, RA also needed to source another 6.7 million dollar loan from hsbc

    There are likely to be masses of job losses amongst the OVER TWO HUNDRED staff at Moore park

    Raelene will be paid the bonus she refused, this was apparently awarded by clyne after she met kpis in 2019

    Dave Rennie pay will not be cut, presumably because he will run like a Queensland forward if they don't come up with the cash.

    I assume more will come after Al has a chance to dissect the annual report

    0 Not allowed! Not allowed!
    C'mon the

  3. #4578
    Player
    Join Date
    Mar 2011
    Location
    WA
    Posts
    303
    vCash
    5056000
    Deadline submission after a dog ate the homework

    https://connectonline.asic.gov.au/Re...te=dq0fvtwhl_4

    0 Not allowed! Not allowed!

  4. #4579
    Player
    Join Date
    Mar 2011
    Location
    WA
    Posts
    303
    vCash
    5056000
    Quote Originally Posted by GIGS20 View Post
    Raelene will be paid the bonus she refused, this was apparently awarded by clyne after she met kpis in 2019
    Was that the 72% pass score?

    You'd want to think that bonus gets donated, e.g split several ways towards rugby foundations and the like in each state.

    0 Not allowed! Not allowed!

  5. #4580
    Player
    Join Date
    Mar 2011
    Location
    WA
    Posts
    303
    vCash
    5056000
    SMH suggesting "more than a quarter of the 200-plus staff" facing the axe...

    Rugby Australia cost-cutting to begin after auditors sign off books

    By Sam Phillips
    May 31, 2020 — 7.41pm

    Rugby Australia has staved off insolvency but it is set to come at a cost, with a significant number of staff to lose their jobs this week as part of a sweeping restructure.

    There were fears RA may be forced to declare itself insolvent during the peak of the coronavirus pandemic, having been crippled by the loss of broadcast revenue and gate takings, along with Israel Folau's multi-million payout.

    But the game's governing body on Sunday finally lodged its financial report with ASIC - with full financials to come later in the week - after the accounts were signed off by auditors KPMG, and the RA board.

    It was the last day the accounts could be lodged, which demonstrated the fraught nature of Australian rugby's financial picture. A previously leaked summary of financial results for 2019 showed RA suffered a $9.4 million loss consistent with previous World Cup years and a reduced Test calendar, but was also exacerbated by the Folau saga, which cost the organisation on legal fees and a $3 million payout.

    With coronavirus shutting down nearly all revenue in the first half of 2020, a pay deal with players to cut wages and the standing down of staff allowed the game to limp on via cash reserves.

    The ability of interim CEO Rob Clarke to get sign-off from auditors required proof RA could be a going concern over the next year and, in the end, the provision of a $14.2m emergency loan from World Rugby went a long way.

    Broadcast revenue from a new domestic competition beginning in July and possible gate takings from Bledisloe Cup Tests at the end of the year would have also factored into RA's plan, along with the painful reality of head-office cost-cutting.

    Sources have told the Herald more than a quarter of the 200-plus staff, many of whom were stood down until July 1 due to coronavirus, will lose their roles under the company restructure. The cuts will be made across a wide variety of departments, including senior executives and managers.

    Interim RA chief executive Rob Clarke forecast the cuts earlier this month when discussing the emergency World Rugby relief.

    "The financial implications of the virus have been significant for Rugby Australia and this emergency relief funding will provide us with certainty for the next 12 months and enable us to close off our 2019 accounts," Clarke said.

    "The funding, in combination with the extensive cuts made across the business, provides us with the short-term impetus to see through the pandemic but does not solve all of the challenges."

    The respective states have not yet announced whether they will be forced to cut their expenditure via job cuts as well.

    The audited financials are expected to be made available by the end of the week in the RA annual report.

    "We have cleared another important milestone as we continue to navigate the COVID-19 crisis with the finalisation of our 2019 accounts," Clarke said in a statement on Sunday.

    "We have been working very closely with KPMG to finalise the audit, the directors conclude that the organisation is a going concern and KPMG has issued an unqualified audit opinion.

    "The audited and signed accounts have been submitted today and our 2019 annual report will be published in the coming days.

    "This week we will also announce the first phase of an organisational restrucutre of the Rugby Australia business which we are in the final stages of completing."

    RA staff have been stood down for months and have not yet returned to work at the game's Moore Park headquarters.

    https://www.smh.com.au/sport/rugby-u...31-p54y5s.html

    0 Not allowed! Not allowed!

  6. #4581
    Veteran valzc's Avatar
    Join Date
    Mar 2012
    Location
    Shenton Park
    Posts
    2,639
    vCash
    5310000
    Rugby Australia strikes series of deals to keep it solvent and lodge accounts
    Former RA boss Raelene Castle will receive a six-figure bonus.
    Former RA boss Raelene Castle will receive a six-figure bonus.
    EXCLUSIVE
    JOHN STENSHOLT
    EDITOR, THE LIST

    JESSICA HALLORAN
    CHIEF SPORTS WRITER

    28 MINUTES AGO MAY 31, 2020NO COMMENTS
    Rugby Australia struck a series of last-minute deals including a $6.9m loan with HSBC to remain solvent and finally get its 2019 financial accounts signed off.

    The accounts, obtained by The Australian on Sunday evening, reveal a series of undertakings by Rugby Australia directors that soothed concerns of auditors KPMG and allowed the accounts to finally be signed off a month past their original due date.

    While the accounts confirm the $9.4m million loss RA had announced at the end of April for the 2019 year, they also contain details about loans, cashflow projections and other financial measures put in place during May. The accounts also show Rugby Australia receiving written confirmation from World Rugby on May 14 that it would receive a £7.5m ($14.2m) advance from World Rugby, with $4.7m being received during May and the remaining amount being sent by the end of 2020.

    READ NEXT

    USA RIOTS
    American dreams in flames
    CAMERON STEWART
    While that has helped with short-term cashflow issues, Rugby Australia is also set to receive $6.9m from HSBC for a restructure of derivative instruments in place to hedge future broadcast income usually received in US dollars it had in place with the bank.

    “As a consequence of COVID-19 and the uncertainty of whether Rugby content can be delivered under existing broadcast contracts (Rugby Australia) has undertaken a restructure of derivative instruments in place to hedge future USD broadcasting receipts with HSBC,” the accounts say. “The company has received a credit approved offer, which is subject to documentation, from HSBC for a loan facility of up to $6.9m that is repayable in June 2022 in respect to this restructure.”

    Sources told The Australian last week the accounts being signed off was contingent on a bank guarantee. KPMG said it noted Rugby Australia had “a net current account deficiency of $6.7m as of December 31, 2019” but about $7m of that was “financial liabilities in relation to the mark to market forward exchanged contracts accounted through equity”.

    READ MORE:We must prepare for single life after rugby break-up|Two out of three for RA chairman
    One reason KPMG was reluctant to previously sign off on the accounts was the potential lack of broadcast revenue this year due to the shutdown of sport as a result of COVID-19 and the lack of a broadcast deal past the end of 2020.

    As well as clinching the loan from World Rugby, which is repayable in 2023 and accumulates interest at the London Inter-bank Offered Rate, Rugby Australia has also registered about 200 staff on the federal government’s JobKeeper scheme.

    It also gave several other reasons for the accounts to be signed off, including cashflow forecasts being prepared on a conservative basis with no rugby being played until 2021, revenue from various state government departments continuing to be received, a review of Rugby Australia’s business operations and a number of broadcast contracts being in place for the 2021 financial year with other SANZAAR broadcast partners.

    Other revelations include commitments of about $14.8m to fund the Super Rugby teams, down from $24m in 2019 after COVID-19 disruptions.

    The annual report also shows that former CEO Raelene Castle is to be paid a six-figure bonus. The Australian previously revealed that Castle was due to be paid the $114,000 bonus after former chair Cameron Clyne concluded she had met key performance indicators in a board meeting held before the World Cup.

    .... »the accounts being signed off was contingent on a bank guarantee. KPMG said it noted Rugby Australia had “a net current account deficiency of $6.7m as of December 31, 2019” but about $7m of that was “financial liabilities in relation to the mark to market forward exchanged contracts accounted through equity”.i
    What the hell does that mean in English? And 200 staff on Jobkeeper! WTF!?

    0 Not allowed! Not allowed!

  7. #4582
    Immortal GIGS20's Avatar
    Join Date
    Sep 2006
    Location
    Rockingham
    Posts
    18,685
    vCash
    3544000
    The Bronze Star of Faith
    I'd say the actual figure that they were in the shit at the end of 2019 was closer to 13.7 million than the 9 they said, but they were able to hide some of it with obfuscation and downright bullshit.

    They needed to borrow 6.7 million and commit to massive cost cutting and optimistic projections of income from an as-yet unsigned broadcast agreement just to get KPMG to sign them off as a going concern.

    KPMG are pretty capable of pulling rabbits out of hats to sign accounts, so the writing must have been pretty much on the wall

    0 Not allowed! Not allowed!
    C'mon the

  8. #4583
    Veteran Bakkies's Avatar
    Join Date
    Sep 2017
    Posts
    3,649
    vCash
    5088000
    Probably to do with the fx hedging with HSBC. To do business with that bank you have to have substantial money which the RA don’t have.

    How I read it from reports.

    - $6.9 million hedging loan to be paid back by mid 2022
    - The accounts are a month late and still to be passed by members in 21 days time
    - Super Rugby is done and the NRL have already got their hands on the limited money Fox have
    - $14 million advance to be paid back to the IRB by 2023 in a year where they will lose money
    - At least $2 million to be paid back to solicitors which wasn’t mentioned in that article but has previously
    - No guarantee the Kiwis will go for a Trans Tasman comp
    - NSW Government has announced that ANZ Stadium won’t be refurbished
    - They had reserves of $10 to 11 million
    - A loss of $9.4 million

    What the apologists that are saying they are solvent is that these loans have to be paid back with interest. Interest will kill them as rates will go up at some point.

    The Irish test tickets will have to be refunded at some point. Given the Irish diaspora in this country the tests were selling well. No journalists have mentioned how much revenue they would have made from that.

    The reserves just barely cover the deficit but they have $22 million in debts to pay back. This is before we look at the 50 or so redundancies which have to be paid out. Throw in the running costs of this temporary comp that will be hit border closures in WA and Qld.

    The Federal Government have already said that JobKeeper will finish in September.

    A smaller tv deal will make it very difficult to pay the existing 189 contracts.

    They are farked.

    1 Not allowed! Not allowed!

  9. #4584
    Veteran Bakkies's Avatar
    Join Date
    Sep 2017
    Posts
    3,649
    vCash
    5088000
    Quote Originally Posted by GIGS20 View Post
    I'd say the actual figure that they were in the shit at the end of 2019 was closer to 13.7 million than the 9 they said, but they were able to hide some of it with obfuscation and downright bullshit.

    They needed to borrow 6.7 million and commit to massive cost cutting and optimistic projections of income from an as-yet unsigned broadcast agreement just to get KPMG to sign them off as a going concern.

    KPMG are pretty capable of pulling rabbits out of hats to sign accounts, so the writing must have been pretty much on the wall
    I wonder if there are extra auditing costs given that KPMG essentially did overtime to get this done.

    0 Not allowed! Not allowed!
    'I may be a Senator but I am not stupid'


    https://omny.fm/shows/the-alan-jones-breakfast-show/cameron-clyne

    Link to Senate Report http://www.aph.gov.au/senate_ca

    https://www.change.org/p/rugby-australia-petition-for-cameron-clyne-to-resign-as-chairman-of-the-rugby-australia-board

  10. #4585
    Immortal GIGS20's Avatar
    Join Date
    Sep 2006
    Location
    Rockingham
    Posts
    18,685
    vCash
    3544000
    The Bronze Star of Faith
    I thought the 14 million was an advance on the next world cup disbursement, therefore no need to pay it back, but they'll have to break even in the next world cup year or (ahem) savings.

    HSBC will be getting their pound of flesh, but probably agreed to terms because it's the bank that facilitated the failed currency hedge, (trying to pull the arse out of the fire knowing that they'd get cents in the dollar on their money if RA does go insolvent)

    Killing super rugby is fools gold, yes you get rid of the travel costs, but supersport's money disappears as well, so you lose big on broadcast funds even before you consider the lower worth of the product and the financial woes of every broadcaster in the country.

    Too keep out of insolvency, RA will need to pull the same smoke and mirrors act every financial reporting period unless they can be successful getting a major cash injection. Hopefully McClellan can see the writing on the wall and piss Rob Clarke off fast enough to get somebody in that won't steal twiggy watch when they shake hands (I only add twiggys name here because he's the only person in the entire universe who has left a crack in t Hg e door to helping RA, and that doesn't come without strings)

    0 Not allowed! Not allowed!
    C'mon the

  11. #4586
    Player
    Join Date
    Mar 2011
    Location
    WA
    Posts
    303
    vCash
    5056000
    Quote Originally Posted by GIGS20 View Post
    Killing super rugby is fools gold, yes you get rid of the travel costs, but supersport's money disappears as well, so you lose big on broadcast funds even before you consider the lower worth of the product and the financial woes of every broadcaster in the country.
    According to Cully, for what it's worth, the SA tv money is no longer the bossman propping up Super Rugby due to the shrunken value of the Rand.

    https://www.stuff.co.nz/sport/rugby/...up-super-rugby

    He claims NZ has the bigger deal. Of course, that SkyNZ arrangement will need rearranging, but ...

    0 Not allowed! Not allowed!

  12. #4587
    Veteran Bakkies's Avatar
    Join Date
    Sep 2017
    Posts
    3,649
    vCash
    5088000
    The $14.2 million from the IRB which was converted from pounds is actually a loan that will accrue interest at the London Inter-bank offered rate (LIBOR) and due in 2023. So the interest is in Pounds which is worse for the RA as it will be subject to exchange rate fluctuations

    LIBOR has been subject to scandals.

    0 Not allowed! Not allowed!
    'I may be a Senator but I am not stupid'


    https://omny.fm/shows/the-alan-jones-breakfast-show/cameron-clyne

    Link to Senate Report http://www.aph.gov.au/senate_ca

    https://www.change.org/p/rugby-australia-petition-for-cameron-clyne-to-resign-as-chairman-of-the-rugby-australia-board

  13. #4588
    Veteran valzc's Avatar
    Join Date
    Mar 2012
    Location
    Shenton Park
    Posts
    2,639
    vCash
    5310000
    No wonder Wiggs bolted out the door.

    0 Not allowed! Not allowed!

  14. #4589
    Veteran Bakkies's Avatar
    Join Date
    Sep 2017
    Posts
    3,649
    vCash
    5088000
    Quote Originally Posted by valzc View Post
    No wonder Wiggs bolted out the door.
    Yep who would want to be responsible for $21.1 million minimum in loans to be paid back before interest is accrued without a proper tv deal.

    0 Not allowed! Not allowed!
    'I may be a Senator but I am not stupid'


    https://omny.fm/shows/the-alan-jones-breakfast-show/cameron-clyne

    Link to Senate Report http://www.aph.gov.au/senate_ca

    https://www.change.org/p/rugby-australia-petition-for-cameron-clyne-to-resign-as-chairman-of-the-rugby-australia-board

  15. #4590
    Veteran Bakkies's Avatar
    Join Date
    Sep 2017
    Posts
    3,649
    vCash
    5088000
    Just starting to read the report now.

    The 14.2 million advance isn't repayable however interest will accrue over 1 percent above LIBOR repayable by December 31 2023. $4.7 million has been received to date and the rest will be paid over certain dates till the end of the year.

    Sponsorship deferred revenue is down from $4.3 million to $3.06 million.

    Reds and Tahs received $5.935 million each. Brumbies $5.7 million and the Rebels $6.8 million. Force got 231k.

    Community Rugby. WA received less than SA 220k to 230k. Vic got 383k. ACT and Southern NSW 308k. Qld 1.151 million and NSW 1.5 million.

    A revised figure of $14.8 million to be spent on Super Rugby Participation Agreements and Low Performance.

    CBA due to expire at the end of the year.

    Raelene's salary was 775 k and she received 114k in incentives.

    The RA modified classification of expenditure from 2018. I wonder if that was to hide solicitors fees and Folau's payout.

    From this the whopping 15.297 million spent on Corporate was adjusted to 9.626 million.

    16.7 million not well spent on player payments.

    Matchday expenses went up even though they had less games to host.

    A further security deed, being a mortgage of the RA's Taj Mahal at Moore Park will be entered into as part of the restructure of financial derivatives with HSBC, subject to financial documentation and required approvals. Does that mean they putting the Taj Mahal up as collateral?

    A IRB grant of 4 million was paid in 2018 so they only received 935k off them this year.

    There is a Super Rugby Government Grant of 500k each in 2018 and 2019. Is that the Rebels special funding grant as I can't imagine the other sides grants that they receive from their respective Governments would be in the RA's books.

    21 million spent on wages up from 18 million in 2018.

    They have a negative cashflow of 757 k from activities.

    0 Not allowed! Not allowed!
    Last edited by Bakkies; 01-06-20 at 07:52.
    'I may be a Senator but I am not stupid'


    https://omny.fm/shows/the-alan-jones-breakfast-show/cameron-clyne

    Link to Senate Report http://www.aph.gov.au/senate_ca

    https://www.change.org/p/rugby-australia-petition-for-cameron-clyne-to-resign-as-chairman-of-the-rugby-australia-board

Similar Threads

  1. what makes you smile?
    By jono in forum Public Bar
    Replies: 1002
    Last Post: 21-10-08, 20:21
  2. Eugenia makes rugby history
    By KenyaQuin in forum Rugby
    Replies: 1
    Last Post: 25-07-08, 13:40
  3. Teen makes quantum leap
    By laura in forum Dane Haylett-Petty
    Replies: 4
    Last Post: 09-05-08, 23:35
  4. Howlett makes history in rout
    By Burgs in forum Rugby World Cup
    Replies: 0
    Last Post: 24-09-07, 07:43
  5. Nudgee Old Boy makes the top grade
    By travelling_gerry in forum Other Sports
    Replies: 15
    Last Post: 11-07-07, 15:29

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •