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….now signed off and filed at Companies House, just four months after the year end – their quickest ever accounts filing by several months. Interesting change – what else is new ?
1. Additional statements in the 2012 Directors’ report not present in 2011:
– ‘The recently launched Racing Post iPad app has already been nominated for several awards and is frequently number one in the Top Grossing Sports App chart in Apple’s Chart Store’.– ‘On the cost side the business is making the necessary investment in channel management and IT support functions to support the significant number of new products and revenue streams implemented in recent years. In addition further investment is required in IT infrastructure and the business is also committed to setting up an innovations unit to set up creation of the next generation of products.’
– ‘The launch of the iPad edition means that we now have a comprehensive suite of digital products.’
MESSAGE AS UNDERSTOOD FROM OUTSIDE:
we’re forward-thinking and forward-acting on the tech front.2. Key performance indicators:
Turnover : in 2012 GBP 52.5m; in 2011 50.6m; in 2010 49.8m
Operating Profit: in 2012 GBP 13.4m; in 2011 12.8m; in 2010 14.2m
Goodwill write-off: in 2012 GBP 5.9m; in 2011 47.4m ; in 2010 8.5m:
Retained Loss: in 2012 GBP 2.96m; in 2011 46.4m; in 2010 8.25m.
Net book value of goodwill:
in Dec 2012 GBP 87.69m; in 2011 94m; in 2010 142m; in Oct 2007 172m .Bank loan o/s: in Dec 2012 GBP 147.3m; in 2011 148.9m; in 2010 also 148.9m.
RP circulation figures:
Mon – Sat ABC audited :
2012 – 48,973; 2011- 53,111; 2010 -56,245; 2009 – 61,059; 2008 – 66,212Sun unaudited mgmt info:
2012- 40,271; 2011- 44,554; 2010- 46,727; 2009 – 51,424; 2008 – 55,542Website usage -"average monthly unique users (source Google Analytics)":
2012-1,136,291; 2011-1,078,034 ; 2010-864,971; 2009- 635,171; 2008 – 545,128Mobile usage: "average monthly unique users (source Google Analytics)"
2012- 322,961; 2011- 155,879; 2010- 54,534MESSAGE AS UNDERSTOOD FROM OUTSIDE:
we’re holding our own operationally, even as shift from paper to e-versions continues.that nasty goodwill write-off in 2011 is now in old accounts, we’ve now issued more recent accounts to focus on.
3. Additional statement in 2012 on Staff costs not present in 2011:
– ‘ A three year Long Term Incentive Plan was put in place, in agreement with the company’s lenders, in 2012 to promote management retention and long-term performance. A total of 12 members of the senior management team, including the Executive Directors, participate in the scheme….Awards under the scheme are dependent upon achievement of both personal and company performance targets, and on relevant managers remaining in employment through to December 2014.’
MESSAGE AS UNDERSTOOD FROM OUTSIDE:
we’re making sure our main assets stick around while we sort out what to do about that GBP 147m we’re due to pay back to NAMA/ the Irish taxpayer by December 2014.4. Additional statement in 2012 on Going Concern not present in 2011:
‘[the existing loan facility has been agreed to 31 December 2014.] IBRC [Irish Bank Resolution Corporation, the name given to Anglo Irish Bank on its nationalisation], the provider of the group’s facility, was put into liquidation on 7 February 2013 and the contractual terms of the group’s loans have not been changed as a result of the appointment of a special liquidator.’
MESSAGE AS UNDERSTOOD FROM OUTSIDE:
although the contract terms haven’t changed and 31 December 2014 holds good, NAMA/ the Irish taxpayer aren’t into long-term banking business – they just want their bail-out money back asap.From NAMA’s website:
– ‘NAMA’s objective is to obtain the best return for taxpayers….
– ‘NAMA requires each debtor to submit a business plan whose primary purpose is to present a complete account of his financial affairs and to provide a detailed plan of how and when all liabilities to NAMA will be repaid.
– ‘significant debt reduction must be achieved within three/four years. …. debt reduction targets will usually require a programme of significant asset sales by the debtor.’
5. Mr Cooney
Arrived as a director on 31 May 2012 (although for some reason his arrival did not show up on public file at Companies House until 9 October 2012). Departed as a director 19 March 2013.
MESSAGE AS UNDERSTOOD FROM OUTSIDE:
Described by the Irish Finance Minister as ‘an insolvency accountant’, Mr Cooney has served on various committees for the Irish government in connection with the Irish banking crisis, including the Advisory Committee (the nearest thing it has to a board of directors) of NTMA – the National Treasury Management Agency. One of the statutory functions of the NTMA is to staff NAMA.Named in the Irish parliament as being with the NTMA as recently as 22 November 2012 (ie six months after his arrival at the RP):
http://oireachtasdebates.oireachtas.ie/ … endocument
he now seems no longer on the board of either NTMA or the RP .
Has a skill set that seemingly could have been very helpful to the RP credit renegotiation with IBRC concluded December 2012, and to developing RP’s thinking as to how to proceed towards the December 2014 loan repayment date.
OVERALL THOUGHTS FROM OUTSIDE:
The clock is ticking to December 2014.
The Irish taxpayer wants his GBP 147m back latest by then.
The goodwill writedowns seem to suggest the business may be worth today significantly less than the GBP 172m valuation in October 2007.
So does Stradbrook look to refinance, or to sell – or something else ?
In each case who bears any shortfall between what can be achieved and what is owed ?
If selling, who would be a likely buyer of the RP group, and at what price ?
Does it matter who will end up controlling the official GB form book ?
Obviously, the day approaches when we will download the form and print it. The form has use.
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