GOING CONCERN VALUATION
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Going Concern Valuation
Case Study – Cammeray Golf Club
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Photo Source : Cammeray Golf Club
Case Study – Cammeray Golf Club
Annual Report – 2016
Club Functions
– Trivia
– Twilight Golf
– Melbourne Cup Day Lunch
– Club’s 110th Anniversary
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Case Study – Cammeray Golf Club
Annual Report – 2016
Sell Poker Machines – $95,000
ProShop Changes
Bar GM 61.92%
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Case Study – Cammeray Golf Club
Annual Report – 2017
Sold Poker Machines – $98,455
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Case Study – Cammeray Golf Club
Annual Report – 2018
RMS – Western Harbour Tunnel and the Beaches
Link Tunnel
Ground lease expires 2026
Clubhouse and carpark lease expired June 2018
AusGrid to put new cables in May/June
Bar GM 58% compared with 59% in 2017
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Case Study – Cammeray Golf Club
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| 2015 | 2016 | 2017 | 2018 | |
| Income | ||||
| Bar and Function Income | $379,881 | $397,132 | $401,220 | $393,739 |
| Services | $39,115 | $40,081 | $37,535 | $29,715 |
| Green Fees | $385,579 | $410,920 | $424,135 | $425,979 |
| Interest | $2,195 | $1,554 | $1,882 | $317 |
| Subs and Entrance Fees | $286,109 | $303,660 | $328,357 | $277,691 |
| Poker Machine Revenue | $16,473 | $5,261 | $0 | $0 |
| Admin and Other Revenue | $30,423 | $52,741 | $38,050 | $51,486 |
| Cart Hire | $0 | $0 | $67,234 | $52,220 |
| Other Income | $0 | $0 | ||
| Total Income | $1,139,775 | $1,211,349 | $1,298,413 | $1,231,147 |
Case Study – Cammeray Golf Club
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| Expenses | ||||
| Bar | $140,116 | $151,244 | $153,106 | $156,319 |
| Rent | $27,792 | $44,294 | $29,212 | $38,350 |
| Employee | $517,991 | $532,198 | $569,501 | $594,805 |
| Untilities | $105,720 | $106,128 | $105,932 | $120,065 |
| Depreciation | $119,206 | $115,527 | $105,794 | $73,264 |
| Cart Hire | $0 | $0 | $34,430 | $31,744 |
| Insurance | $36,774 | $41,293 | $41,600 | $42,651 |
| Maintenance | $154,115 | $144,451 | $152,681 | $138,902 |
| Pro-Shop | $48,369 | $48,570 | $52,775 | $34,272 |
| Accountinmg | $7,997 | $9,463 | $8,719 | $8,772 |
| Affiliation | $26,125 | $25,678 | $24,414 | $26,868 |
| Printing | $6,706 | $5,556 | $5,537 | $4,245 |
| Competition | $32,249 | $32,348 | $22,546 | $20,348 |
| Other Expenses | $75,308 | $83,122 | $101,462 | $81,595 |
| Finance Costs | $3,553 | $2,853 | $2,608 | $2,174 |
| Total Expenses | $1,302,021 | $1,342,725 | $1,410,317 | $1,374,374 |
Case Study – Cammeray Golf Club
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| Expenses | ||||
| Bar | $140,116 | $151,244 | $153,106 | $156,319 |
| Rent | $27,792 | $44,294 | $29,212 | $38,350 |
| Employee | $517,991 | $532,198 | $569,501 | $594,805 |
| Untilities | $105,720 | $106,128 | $105,932 | $120,065 |
| Depreciation | $119,206 | $115,527 | $105,794 | $73,264 |
| Cart Hire | $0 | $0 | $34,430 | $31,744 |
| Insurance | $36,774 | $41,293 | $41,600 | $42,651 |
| Maintenance | $154,115 | $144,451 | $152,681 | $138,902 |
| Pro-Shop | $48,369 | $48,570 | $52,775 | $34,272 |
| Accountinmg | $7,997 | $9,463 | $8,719 | $8,772 |
| Affiliation | $26,125 | $25,678 | $24,414 | $26,868 |
| Printing | $6,706 | $5,556 | $5,537 | $4,245 |
| Competition | $32,249 | $32,348 | $22,546 | $20,348 |
| Other Expenses | $75,308 | $83,122 | $101,462 | $81,595 |
| Finance Costs | $3,553 | $2,853 | $2,608 | $2,174 |
| Total Expenses | $1,302,021 | $1,342,725 | $1,410,317 | $1,374,374 |
Case Study – Cammeray Golf Club
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| Profit/Loss | -$162,246 | -$131,376 | -$111,904 | -$143,227 |
| -$162,246 | -$131,376 | -$111,904 | -$143,227 | |
| Add Back Depreciation | $119,206 | $115,527 | $105,794 | $73,264 |
| -$43,040 | -$15,849 | -$6,110 | -$69,963 |
Assignment Scenario – Cammeray
Golf Club
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| 2015 | 2016 | 2017 | 2018 | |
| Income | ||||
| Bar and Function Income | $1,379,881 | $1,397,132 | $1,401,220 | $1,393,739 |
| Services | $39,115 | $40,081 | $37,535 | $29,715 |
| Green Fees | $385,579 | $410,920 | $424,135 | $425,979 |
| Interest | $2,195 | $1,554 | $1,882 | $317 |
| Subs and Entrance Fees | $286,109 | $303,660 | $328,357 | $277,691 |
| Poker Machine Revenue | $16,473 | $5,261 | $0 | $0 |
| Admin and Other Revenue | $30,423 | $52,741 | $38,050 | $51,486 |
| Cart Hire | $0 | $0 | $67,234 | $52,220 |
| Other Income | $0 | $0 | ||
| Total Income | $2,139,775 | $2,211,349 | $2,298,413 | $2,231,147 |
Assignment Scenario – Cammeray
Golf Club
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| Expenses | ||||
| Bar | $538,154 | $544,881 | $574,500 | $585,370 |
| Rent | $27,792 | $44,294 | $29,212 | $38,350 |
| Employee | $517,991 | $532,198 | $569,501 | $594,805 |
| Untilities | $105,720 | $106,128 | $105,932 | $120,065 |
| Depreciation | $119,206 | $115,527 | $105,794 | $73,264 |
| Cart Hire | $0 | $0 | $34,430 | $31,744 |
| Insurance | $36,774 | $41,293 | $41,600 | $42,651 |
| Maintenance | $154,115 | $144,451 | $152,681 | $138,902 |
| Pro-Shop | $48,369 | $48,570 | $52,775 | $34,272 |
| Accountinmg | $7,997 | $9,463 | $8,719 | $8,772 |
| Affiliation | $26,125 | $25,678 | $24,414 | $26,868 |
| Printing | $6,706 | $5,556 | $5,537 | $4,245 |
| Competition | $32,249 | $32,348 | $22,546 | $20,348 |
| Other Expenses | $75,308 | $83,122 | $101,462 | $81,595 |
| Finance Costs | $3,553 | $2,853 | $2,608 | $2,174 |
| Total Expenses | $1,700,059 | $1,736,362 | $1,831,711 | $1,803,425 |
Going Concern Valuation
Good Luck!
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