The Collingwood Football Club has announced an operating profit before depreciation and amortisation of $1,028,336 for the financial year ending October 31, 2020, with the final declared statutory result being a net loss of $1,807,130.
In an unprecedented year, the unwavering support of 76,931 members, an exceptional suite of premier partners that includes Emirates Airline, La Trobe Financial and CGU, pivotal support from the Victorian Government and the Melbourne Olympic Parks Trust and prudent restructuring protected the club’s net asset position and cash reserves.
With significant gate revenue lost completely and other sources of revenue diminished severely – total revenue declined by 35 per cent or $25,894,325 - Collingwood was able to retain cash reserves of over $8million and has a net asset position of approximately $43million.
“That we were able to withstand the impact of COVID-19 and remain financially independent and strong says so much about the loyalty and commitment of the members,” Collingwood chief executive, Mark Anderson, said.
“Everyone did it hard in 2020 but our members, facing their own challenges with the pandemic, found ways to stay true and inspire us all with their support. We are incredibly grateful and appreciative of the deep connection our members and fans have with their club. Membership clearly remains our greatest strength.
“Even so, we had to restructure our business and with a heavy heart let go of some very good people from our football and netball programs and from the administration. It is not overstating things to say that we were able to minimise the scale of our restructure - basically, save jobs - due to this strength.
“This, in turn, has allowed us to continue to provide the best possible environments for our athletes to develop and succeed.
“The staunch backing of our numerous premier partners was also critical. I want to thank in particular Emirates Airline, La Trobe Financial, CGU and our community partner Coles for working with us to continue to find shared value and, at times, reimagining our important relationships.
“A tribute to the many individuals and members who donated to the club in this year of need must also be made. The generosity, from so many, was exceptional and touching.
“It was a year for doing things differently. The struggles and losses we all experienced hurt but I am immensely proud of the fact that, together, Collingwood and many of its people came through. We survived 2020. We are in a position to thrive in 2021.”
The Collingwood annual general meeting for the 2020 season will be held on February 2, 2021, at the Glasshouse.
A snapshot of Collingwood’s 2020 financial year:
- Total club revenue of $47,524,773
- Operating profit before depreciation and amortisation of $1,028,336
- Net Operating Loss of $1,807,130
- Membership figure of 76,931
- Cash or cash equivalents at hand of $8,304,967
- Collingwood’s net asset position is $42,916,453
Collingwood’s Annual Report is available here.
