The Collingwood Football Club has announced an operating profit before depreciation and amortisation of $1,873,949 for the financial year ending October 31, 2021, with the final declared statutory result being a net loss of $692,864.
Despite the ravages of a second consecutive COVID-affected year, the club was able to build its cash reserves and protect its net asset position. This was due primarily to a significant contribution from members, an exceptional suite of premier partners that included Emirates Airline, La Trobe Financial, Nike and CGU and a strong performance from the club’s Future Fund.
Substantial support from the Victorian Government, the MCC and the Melbourne Olympic Parks Trust must also be acknowledged.
Despite gate revenue and other sources of income being well below pre-COVID-19 levels, total revenue grew by $5.5million and the club’s net asset position stands at $42.2million.
“Members are the foundation of our club, a fact made obvious in 2021 when 82,827 - an increase of approximately 6000 on 2020 – pledged their loyalty and commitment,” Collingwood chief executive, Mark Anderson, said.
“After the hardships of 2020, the blows delivered by COVID-19 in 2021 hit everyone with force. So, in difficult times, for more members to get in behind the club was inspiring.
“This support not only helped to protect the club in a time of need but position it for the strongest possible rebound in 2022. Collingwood remains financially independent and will always be so with such a strong membership connection. Membership is our greatest strength.
“With membership passion and financial stability, we can continue to give our athletes the best possible environments in which to flourish. The redevelopment of our training base at Olympic Park that is underway is a case in point.
“I want to thank our premier partners, in particular Emirates Airline, La Trobe Financial, Nike and CGU and our community partner Coles for working with us to continue to find shared value during a time of uncertainty and unpredictability.
“For two years we have all been challenged by the impacts of COVID-19. We have had to think creatively, adapt and prepare for the return of good times. I am so proud of the fact that, as one, Collingwood has stood strong.”
The Collingwood annual general meeting for the 2021 season will be held on December 16, 2021.
A snapshot of Collingwood’s 2021 financial year:
*Total club revenue of $53m (2020: $47.5m)
*Operating profit before depreciation and amortisation of $1,873,949 (2020: $1,028,336)
*Net Loss of $692,864 (2020: $1,807,130)
*Membership figure of 82,827 (2020: 76,931)
*Cash or cash equivalents on hand of $11.8m (2020: $8,304,967)
Read the full Annual Financial Report here.
