The Collingwood Football Club has announced an operating profit before depreciation of $1,551,350 (2015 - $1,880,927) for the financial year ending 31 October 2016.
The result is the 16th consecutive operating profit Collingwood has recorded and one built upon a strong membership base of 74,819 members and sound commercial fundamentals.
As the club has previously advised supporters, each year Collingwood will continue to depreciate the value of the $30 million Glasshouse Community Centre, Holden Centre redevelopment and our gaming licenses and entitlements.
This financial year we have recorded a depreciation and amortisation expense of $4,173,973 (2015 - $2,634,485), an increase of $1,539,488 on 2015, largely due to the opening of the Glasshouse community centre in November 2015.
The final declared statutory result for the 2016 financial year is a net loss of $2,622,623 (2015 - profit of $848,076).
Collingwood President Eddie McGuire said that the result was a reflection of Collingwood’s commercial stability and ability to weather on-field downturns.
“It starts with the members and key partners, who continue to give incredible support to our club,” he said.
“Our 2016 financial result speaks loudly about that support and, because of it, our resilience and first class management.
“In recent years we have invested heavily in creating world class facilities for our players, staff, members and supporters. We have expanded as a club in 2016 to now be represented by a Super Netball team and an AFLW team.
“We will continue to chase the future but we could not do any of this or continue to honour our philanthropic commitment without such wonderful support.”
Collingwood was also required to contribute $1,405,904 to the AFL’s equalisation pool, which included $500,000 of AFL revenue sharing.
Collingwood Chief Executive, Gary Pert, attributed much of a year-on-year rise of almost $5 million in revenue to the Glasshouse Community Centre, which serves as a social hub for Collingwood fans and the broader Olympic Park precinct, houses event and function spaces and elite training facilities available to Collingwood teams and the public.
“The opening of the Glasshouse exceeded expectations,” Pert said.
“It quickly became known as one of the premier event spaces in Melbourne and our members, fans, athletes and the public really embraced it.
“Its operation has added significantly to the bottom line and will help allow us to continue to focus on our strategic priorities – elite sport success, the servicing of our members and playing a profound role in public life.”
The Collingwood Annual General Meeting for the 2016 season will be held on Monday 27 February 2017, at the Glasshouse Community Centre. Full details of the AGM will be communicated to members.
Highlights of Collingwood’s 2016 financial year include:
- Operating profit before depreciation of $1,551,350 (2015 - $1,880,927)
- Total profit before depreciation of $1,551,350
- Total depreciation of $4,173,973 (2015 - $2,634,485)
- Total club revenue of $71,475,457 (2015 - $66,485,870)
- Membership figure of 74,819
- Collingwood’s net asset position is $35,311,042 (2015 - $37,933,665)
- 16th consecutive operating profit