Editorial Note

Humble apologies from the Troglodytes...

Some comments got stuck in moderator function and it may have appeared as if they were being censored.

They were not and are now posted.

Also worth linking to the reprise blog..

Move your clackers to:

http://tacunlocked.blogspot.com

Financial Highlights 2006

Seems the rhetoric is not matched by the numbers...not that the numbers provide immense enlightenment.

The dot point summary seems to be as follows:

Balance Sheet - continued to deteriorate - by Yen 500 million

Free cash depletion Yen 80 million
Accounts receivable up Yen 64 million
Inventories up by Yen 10 million

In addition there is a mumbo jumbo raft of verbage in the Property & Equipment notes which seems to say the Club paid about Yen 200 million to obtain one extra unit in Azabu Towers ( compared to Yen 74 million in 2005).

P&L - Revenues flat, Operating Expenses up by Yen 750 million


F&B up by net Yen 20 million
Employee costs up by Yen 150 million
Investment income down by Yen 70 million
Income from AT down Yen 50m, costs upYen 90m

Basically the Club ran a Yen 500 million operating deficit in its last minute mad rush to depreciate fixed assets.

I must be missing something or is all this rhetoric about fiscal rectitude and sharpened management just a farrago of twisted dingleberries.