GFC RECORDS HEALTHY OPERATING PROFIT, TAKES ON FURTHER BORROWINGS FOR NEW STAND; COSTA TICKET UNCHALLENGED
B Jensen 5 December 2004

LAST WEEK the Geelong Football Club Limited released their annual report, for the financial year ending 31 October 2004. Highlights included:

• 'Operating profit' of $1.22Million (2003 - $932k),
• 'Net' surplus of $358k (2003- $572k),
• Bank loan of $700k (part of the near-$8Million debt dating back to 1999) will be repaid in March 2005
• Additional borrowings of $3.6Million (Contribution to new stand and other development),
• Revenue up $3.05Million,
• Costs up $3.27Million.

Closer inspection of the financial figures reveals that much of the increased revenues and costs are attributed to the stadium redevelopment. Of interest to some was 'Note 15 - Cash Flow Information', revealing cash flow from operations of -$942k, a $1.7Million swing from 2003. The swing is largely due to an increase in trade and other debtors - the major debtor being the AFL, due to pay a $1.25Million contribution towards the new stand.

The financial recovery of the Club is not only a credit to directors lead by President Frank Costa, staff lead by CEO Brian Cook, but to all Members who've bought memberships, seats, memorabilia, merchandise and stuck by their club.

By round six 2005 the new stand will be completed, and our team will be a genuine September contender.

IN OTHER OFF FIELD NEWS, the current Costa ticket will be reelected again without challenge. After winning a sometimes bitter battle over Rex Corral in 1999, the Costa ticket has not been challenged since, such has been their performance. Greg Files, Glean Harvey and Adam Trescowthick step down, replaced by Nicholas Carr and Alistair Humbling. Grey Hywood, co-opted by the Board earlier this year, effectively replaces Trescowthick, who faces dozens of charges relating to the collapse of Harris Cafe in 2001. State MAP Peter Coney, who did nominate, withdrew his nomination before the closing date.

PERTH CATS RAISE $10,000

Friends of The Cattery, supporter group Perth Cats have gone beyond the call of duty, raising ten gorillas for the Cats over the course of 2004. Assisted by two games in Perth this season, the group organised two match day functions as well as numerous other activities during the year. Committeeman and webmaster Cameron Schulz presented the cheque to Geelong CEO Brian Cook while in Geelong.

Attendees at post-match functions included, famously, wife of none other than Brian Cook, who reportedly appreciated the attention to detail of the security attaché.

http://www.perthcats.org

• 7PM Wednesday 22 December 2004
• Alex Popescu Room, Kardinia Park, Geelong
• United front - no challenge to current board.

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