The St Kilda Football Club has posted an overall accounting net profit of $2,462,880 for the year ending October 31 2019, while increasing total net assets to $17,220,691 (2018: $14,757,811).
The club was preparing to post an operating profit of $383,208 before making some recent decisions on the timing of player injury and contract payments over the 2019 and 2020 financial years.
As a result of bringing forward payments from 2020 to 2019, the club posted a loss of $323,975 before interest, tax and depreciation (EBITDA).
St Kilda’s overall accounting net profit includes Moorabbin Reserve grant-funding revenue of $4,997,789, depreciation and amortisation expenses of $1,918,719.
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CEO Matt Finnis said the club was able to again increase investment in the club’s football program by $0.5m through the strengthening of commercial revenue streams.
St Kilda’s sponsorship-related profit rose by $0.75m with the addition of several key sponsors, and the opportunity presented by playing in Shanghai.
“The club enters 2020 in a strong position with all major sponsorship categories filled across both the men’s and women’s program.”
“The addition of Deliveroo as one of our co-principal partners is an important step as we look to continue to strengthen this area of our business.”
“While we didn’t deliver on the field in Shanghai, this opportunity allowed the club to welcome new partners which otherwise would not have been possible, including Woodside, Monash University, Swisse Wellness, Jinhang and Zhaopin.”
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Finnis said the club’s membership revenue was lower than the previous year, with the impact of a poor 2018 season leading to a fall in membership numbers in 2019.
“Pleasingly, our revenue relating to match returns rose following an increase in attendances at our home games at Marvel Stadium,” he said.
“This increase helped offset a fall in membership numbers, which reduced to 43,102 in 2019.”
“We didn’t deliver for our supporters in 2018 and despite improvement under difficult circumstances this season, we need to take to a step forward on the field to drive a significantly better financial result,” he said.
“Off the back of the appointment of Brett Ratten and several other key off-field roles, a lucrative Trade Period and the arrival of our first ever women’s team, we have seen a fantastic response from our supporters with membership numbers far greater than at the same time last year.”
“We need to capitalise on this momentum, push above 50,000 members and deliver football that they can be proud of.”
Notable elements of the 2019 financial result include:
Sponsorship & events: St Kilda’s sponsorship-related profit rose by $744,827 with the addition of several key sponsors, and the opportunity presented by playing in Shanghai.
Membership & merchandise: With membership numbers falling to 43,102, club profits relating to membership decreased by $281,993 on the previous year. Merchandise performed well on the back of the new Saints Locker store at RSEA Park and with strong support at match day sales rose by $129,484 on 2018.
Match attendance: Total attendance recorded for the 2019 season was 266,640 excluding Shanghai (2018: 280,458) with an average attendance over our 10 home games of 26,664 (2018: 25,499). The total match return, including China, boosted total net match return profit to $1,942,767 (2018: $1,691,324).
AFL funding: The Club’s annual variable distribution remained the same as in 2018. However, given the increase in player payments provided to all AFL Clubs in accordance with the CBA the standard distribution rose by $196,522. Signage revenue included in the Marvel Stadium tenancy agreements, decreased by $100,000 due to one less home game played at the venue in 2019. The Club also reduced its AFL trade payable balance in line with our AFL debt reduction plan.
St Kilda’s Annual General Meeting will be held at 7.00pm on Wednesday December 18 at RSEA Park.
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