Daft now own 71% of boards.ie?

Yo Buddy. You still alive?

Who would have thought they would have that big a chunk! Will it mean any changes?

Story here. Credit to the indo and Gordan Deegaan.

http://www.independent.ie/business/irish/dafts-pretax-up-25pc-despite-writedowns-2358981.html

By Gordon Deegan

Thursday September 30 2010

Pre-tax profits at online media group, Daft Media Ltd last year increased by 25pc to €2.18m, its new accounts show. The group operates the country's largest property website, daft.ie.
However, accounts for the Dublin-based firm show that its pre-tax profits were hit for the second year running following the company writing down its investment in the firm that operates the community website, boards.ie.
The accounts to the end of December last show that Daft Media Ltd took a majority stake in Boards.ie Ltd last year by investing an additional €1.35m in the company to bring its stake in the firm to 71pc.
Daft Media Ltd had invested €999,750 to acquire a minority stake-holding in boards.ie in 2008 and last year's purchase of additional shares brings its total investment to €2.35m.
Daft Media Ltd wrote down its investment in boards.ie by €428,000 last year and this followed a write down of €749,750 in 2008.
The total write-down in boards.ie is €1.17m.
The directors reveal that Boards.ie Ltd recorded a net loss of €90,763 last year.
The directors also confirm that Daft Media Ltd wrote down its investment of €240,258 in Adverts Marketplace Ltd, that was formed last year to acquire the assets of adverts.ie, by €180,000.
Revenues
Last year, Daft Media Ltd's write-downs in boards.ie and adverts.ie totalled €608,258.
Established in 1997 by brothers Eamonn and Brian Fallon, Daft Media Ltd's revenues last year increased by 6pc from €5.7m to €6.1m.
The figures show that Daft Media Ltd's operating profits increased by 11pc from €2.45m to €2.74m last year.
The filings show that the directors received an aggregate €222,000 for management services last year and an additional aggregate €142,000 for consultancy services. The company's operating profits last year increased by 11pc from €2.45m to €2.74m.
- Gordon Deegan
Irish Independent

Wibbs

Old news and nada changed. Well nada beyond a more robust platform. That would be a good thing(tm)

seamus

It happened sometime last year. So...eh...no, there won't be any major changes.

4zn76tysfajdxp

The directors reveal that Boards.ie Ltd recorded a net loss of €90,763 last year.

That was when I was mod.

Cookie_Monster

The directors reveal that Boards.ie Ltd recorded a net loss of €90,763 last year.

so who's getting the boot to keep costs down then :pac:

Wibbs

See Frada above.

mike65

It means we are hoping for an upturn in the property sector.

Yawns

lol

RoadKillTs

Wished the put some money into buying more bandwidth the site is timing out a lot lately, besides that it's all good.

gonedrinking

Seems daft grossly overpaid for boards then.

How the hell did they have a 90k loss, what costs do boards have?

Princess Consuela Bananahammock

Boards.ie. The forum equivalent of Manchester City FC

seamus

gonedrinking wrote: »

Seems daft grossly overpaid for boards then.

How the hell did they have a 90k loss, what costs do boards have?

5 or 6 staff members, massive amounts of bandwidth and ongoing hardware upgrades/maintenance.

It's worth noting that a writedown on shares doesn't necessarily mean that boards is in trouble, that the value of boards has decreased or that daft grossly overpaid. It's effectively an accounting trick.

paddydriver

Ye mods must be getting a great cut of all those millions... ye hardly do it for the love of all us

super_furry

Agustin Slimy Voice wrote: »

That was when I was mod.

You're the Brian Cowen of boards!

R0ot

Came to thread expecting statistics on 71% of boards being "Daft", left disappointed. :pac:

Asok

R0ot wrote: »

Came to thread expecting statistics on 71% of boards being "Daft", left disappointed. :pac:

*Fills his underpants with custard*

Are you happy now!?

Miguel_Sanchez

paddydriver wrote: »

Ye mods must be getting a great cut of all those millions... ye hardly do it for the love of all us

Boards.ie is putting my kids through college!

Mr Benevolent

Boards is making a 90k loss per year? Uhoh.

Much, much less profitable then I thought.

bonerm

Confab wrote: »

Boards is making a 90k loss per year? Uhoh.

A one 1cent tax on bad puns should take care of that.

Samba

Interesting, I wonder how much they're out of pocket on advertising revenue since the demise of the poker forum.

bonerm wrote: »

A one 1cent tax on bad puns should take care of that.

That's a bit excessive, 0.01 should suffice.

Cookie_Monster

seamus wrote: »

It's worth noting that a writedown on shares doesn't necessarily mean that boards is in trouble, that the value of boards has decreased or that daft grossly overpaid. It's effectively an accounting trick.

you don't write down an investment for no reason though. I reckon that Daft did indeed grossly overpay for boards.ie, I can't imagine the company is worth less now than it was so the value of the invest should be the same all things being equal, I imagine a lot of goodwill was involved and this is being written off thus affecting the investment value.. Well done to the lads who sold the shares, quids in on that at least.

as for the 90k loss, that by itself means pretty much nothing without knowing a lot more about rev and costs for the current and previous years to compare and clearly that is not available. If they have taken on extra staff this year for growth reasons it probably will cause a short term loss while revenues grow to cope with the increased cost. But that increased cost will obviously allow a lot more dev etc to allow the site to grow and be a lot more stable.

either that or cut back on the coke and hooker fund

Pherekydes

The big question is:

Did boards lend Daft €36bn to buy €36k worth of shares in boards?

R0ot

Asok wrote: »

*Fills his underpants with custard*

Are you happy now!?

You always win this game as your underpants hold an infinite amount! :pac:

SugarHigh

gonedrinking wrote: »

Seems daft grossly overpaid for boards then.

How the hell did they have a 90k loss, what costs do boards have?

I think it's the write down in value that makes the loss so high and not running costs. Thats a complete guess though and I'm open to correction.

Basq

I can't see any changes taking place to be honest..
























Post sponsored by Daft.ie

gonedrinking

Samba wrote: »

Interesting, I wonder how much they're out of pocket on advertising revenue since the demise of the poker forum.




That's a bit excessive, 0.01 should suffice.

what do you mean by demise of the poker forum, what happened it?

paddydriver

paddydriver wrote: »

Ye mods must be getting a great cut of all those millions... ye hardly do it for the love of all us

Damn. I knew I shouldn't've stepped down from being a mod.

Cookie_Monster

SugarHigh wrote: »

I think it's the write down in value that makes the loss so high and not running costs. Thats a complete guess though and I'm open to correction.

the write down mention is in Daft, not Boards. We don't know if Boards has anything to write down as such

Joey the lips

Thats daft......ie

Samba

gonedrinking wrote: »

what do you mean by demise of the poker forum, what happened it?

Without going into specifics...

What didn't happen!? It used to be one of the busiest forums on the site, now it's like a ghost town. Most people left to find new pastures.

We'll just leave it at the following, there was a difference of opinion which led to the above separatist community..

gonedrinking

Samba wrote: »

Without going into specifics...

What didn't happen!? It used to be one of the busiest forums on the site, now it's like a ghost town. Most people left to find new pastures.

We'll just leave it at the following, there was a difference of opinion which led to the above separatist community..

thats mad, I always wondered how the poker forum ever got so big to begin with, think it was the second busiest forum on here, its not like poker is a huge pastime/hobby in Ireland