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Hearts Plans On Holding A Crisis Meeting

Accra Hearts of Oak Sporting Club Limited held its third Annual General Meeting on, 7th May, 2014 in Accra with the firm commitment to fully list on the Ghana Stock Exchange by June, 2014.


Already, the only Club in Africa to go public, the listing on the Ghana Stock Exchange will be another first on the continent for the Rainbow Club. Togbe Afede XIV said the GSE listing will make it easier for shareholders to calculate the true value of their shares, and to be able to sell and buy.
The Board Chairman, Togbe Afede XIV, addressing the meeting explained the Club’s recent financial performance, adding that in the year ended 31st August, 2013, revenues increased by 206% from GHs 322,555 to GHc 986,623. The rise in Revenues was due to the Sponsorship provided by Strategic African Securities Limited, our major sponsor.

He said “Total Incomes also increased by 278%, rising from GHs 474, 514 in 2011/2012 to GHs 1,792,716 in 2012/13, a rise accounted for by both the afore-mentioned sponsorship as well as inflows from Player Transfer fees.”

“General and Administrative Expenses decreased from Ghs 3,089, 349 in the 2011/12 financial year, to GHs 2,208,974 in the 2012/13 financial year, representing a decrease of approximately 28%. Loss after tax improved from a loss of GHs 2,614, 835 in 2011/2012 to a loss of GHs 656, 829. Factoring in other comprehensive income, our financial picture showed an improvement from a loss of GHs 2,002,233 in 2011/2012 to a profit of GHs 40,194 in 2012/2013”.

“Total Assets increased by 13% from GHs 1,611,356 at the end of the 2011/2012 to GHs 1,817,530 at the end of 2012/13 mainly due to increase in investments. Current Liabilities increased by 5% from GHs 3,540,402 at the end of 2011/2012 to GHs 3,729,333 at the end of 2012/2013”.

“Shareholders’ Funds improved from (GHs 1,929,047) at the end of 2011/2012 to (GHs 1,911,802) at the end of 2012/2013″.

The Board Chairman added, on the Pobiman project:”the infrastructure front, we should be commencing work on the players’ hostel at Pobiman before the end of season. We also intend to commence work on a second hostel which will be for the Hearts Youth Academy and to wall the club’s expanse of land at Pobiman.”

On the outlook for the 2013/2014 season, the Board Chairman said:”In the coming year, we expect our club to compete very favourably in an environment where the level of competition, both domestic and in Africa, should remain high”.

“We remain hopeful of boosting our revenues through viable channels including sponsorships, enhanced ticket sales [from our home matches], merchandise sales, the pursuit of aggressive marketing and promotional campaigns, revenue mobilization via our online platforms [official website and official social networking platforms] and the Hearts News, our official newspaper publication. We aim to leverage the Hearts of Oak brand and derive maximum benefits there-from.”

Furthermore, Togbe Afede XIV said:”In the coming years, we will continue to work at defining our football philosophy. Having put in place a prudent and sustainable player recruitment policy that is consistent with the vision of the club, we will look to bring further focus to bear on youth, with the club mainly recruiting players who will provide value for money in the long term by maintaining a consistent high level of performance over long periods.”
Source: heartsnews


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