Notes to Accounts

Below are some quotes from the accounts made over the last few seasons. There is no intention of trying to lead to anyone to a particular conclusion, these are just shown to show how things were viewed at each point in time.

In 2004 the final year of Chris Robinson being Chief Executive

" The year reported saw continued reduction in player costs and increased revenues, particularly from our involvement in the Uefa Cup.

Operating income and costs are coming closer to being in line.

The most important growth area in revenues is through qualification for Uefa competitions and we continue to see this as a major objective for each playing season."

In 2005, with part of the the first year under new ownership

"... there can be no doubt that the last financial year saw the first stages of the Club going through a much needed transition period which is designed to real on and off field success for Heart of Midlothian plc. The board's view is that while there is still much work to be done in achieving our ultimate aims of delivering regular domestic success and European competition participation, the club is in a much better position now than it was some 12 months ago.

.... everything the Board is currently working on is designed to improve the long term standing of the Club both financially and in a playing sense.

First and foremost we are building a team at Hearts that can compete at the highest levels of domestic competition and thereby secure regular European competition"

In 2006, the first full year under the Roamnovs -

"... (the losses and debt) ... is inline with the Board's expectations and is part of an approved long term business plan for the club.

The Hearts Board however believes that current levels of debt are manageable and will be reduced as the club moves towards profitability. Higher revenues will be generated through increased participation in European competition, larger attendances at a redeveloped Tynecastle and greater sponsorship and retail income. This took investment and we will continue to invest in order to challenge for domestic and European honours. The nature of such investment will be based on a prudent approach to our future which necessitates balancing the purchase of promising players from around the world with the development of our own players through an already successful youth system.

... we have plans to develop the entire stadium to become a truly top class European footballing venue.

The Board continues to view the development of Heart of Midlothian as a long term process and the commitment of the Board and its financial partners remains entirely solid"

In 2007 -

"... the increase in net debt to £36.2m is within the club's £40m debt facility.

...the loss is in line with expectations and is part of an agreed long term business plan for the club.

The Board believes the current levels of debt are manageable and will reduce as the club moves towards profitability. Future revenues will be generated through increased participation in European competition ...

The outlook for the financial year ending July 2008 is encouraging and the Board are actively engaged in targeting operational break even for the business in mid and long term."