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The "whites" reduce the debt of 25%

SOURCE: THE BALL IN CONFUSION
http://marcoliguori.blogspot.com/2010/10/le-merengues-riducono-lindebitamento.html


Friday, October 29, 2010

The "whites" reduce the debt of 25%

The Real Madrid has also achieved in the 2009/2010 consolidated net income of 24 million and revenues of 442.3

million for Real Madrid in the 2009/10 season has been unlucky from the sporting point of view, but from a management perspective it was a season that has seen a 25% reduction in net debt and achieving a net income of approximately EUR 24 million. The 2009/10 season began with the proclamation of Florentino Perez as president. The President has initiated a recruitment drive to say the least faraoinica ", with the arrival of Cristiano Ronaldo, Kaka, Benzema, Xabi Alonso, Arbeloa, Albiol, Garay, and coach Manuel Pellegrini. Part of this recruitment drive had already exerted its effects on the previous budget, having been recorded some purchases before June 30, 2009. This recruitment drive is also the result of the project, Real Madrid, for the next few years. The Real Madrid, Florentino Perez as confirmed by the same, in his letter to shareholders, has become "the best club in the XXI century". Honesty, dedication, talent, the constant pursuit of perfection, as well as the pride and sacrifice are the key values \u200b\u200bof Real Madrid, both off the field and are the means that will consolidate the project to Madrid to make the club as the best in the XXI century.

From a sporting perspective was an unfortunate season. Real Madrid failed to win the title thirty-second in the league, Despite a year filled with the records of the club in its history. In fact, the Madrid club in La Liga, has achieved the highest number of games won by far (31/38), the largest number of games won at home (18/19), the highest number of away wins (13 / 19), the highest number of goals scored away from home (42) and has achieved the record of points, namely 96, Despite these record "historical", the Liga was won by Barcelona. The Champions League has not seen the Real Madrid reach the final in their own stadium, due to the elimination of the second round by Lyons. In the Copa del Rey Real Madrid suffered a humiliating elimination by dell'Alcorcon. Even in basketball season 2009/2010 has been full of changes. The team "blanca" took over as new coach Ettore Messina, one of the best coaches in the world, but there have not been successful in major events. Real Madrid is composed of a total membership of 91,526 members, of which 68,005 are adults, 17,550 are children and 5,971 are members of more than 65 years or older than 50 years of seniority of registration. In addition, 75,636 are men and 15,890 are women.

During the 2009/10 season, as in the last four seasons, social security contributions have remained unchanged:
- 68,005 adult members paid a contribution of 143 €.
- children from 4042 members 11 to 14 years have paid a contribution of 49 €.
- 2,843 members, including those with more than 65 years, pensioners and members with 25 years of enrollment in the Club, who paid a reduced fee of € 71.50.
- 3,118 members with over 50 years of service to join the Club have been exempted.
- 13,508 members Children under 11 are exempted.
During the period 1999-2010 the turnover of Real Madrid has grown at an average rate of 14%. In this decade, the structure of the sources of revenue has shown a balanced, because 40% of turnover was generated by revenues from the stadium, 34% from television rights and 26% from commercial activities. This diversification is judged positively to the economic stability of the club.

Consolidated revenues for the year 2009/2010 was a record sales, recording a figure of 442.3 million euro. With an increase of 9% over the previous year, that figure represents the highest revenue in the world in sports. This turnover is composed as follows:

-stage revenues and shares to 148.6 million, with an incidence of 33.6% of the total (+27.11% on 2008/09);

-income from international friendlies and competitions to 22.6 million, with an incidence of 5.1% (+45.44% on 2008/09);

-rights revenues television and radio for 136.1 million, with an incidence of 30.8% (-5.74% compared to 2008/09).

-marketing revenues to 135 million, with an incidence of 30.5% (+34.17% on 2008/09).

activities which have contributed most to growth in revenues in 2009/10 were marketing and stadium. Inside the stadium voice revenues include revenues derived from the organization of the Champions League final at the Santiago Bernabeu stadium. The

of € 148.6 million on revenues from the stadium and shares, accounting for 33.6% of total turnover, are composed as follows:

- 8.7 million € arising from shares, with an incidence of 1, 97% of sales;
34 million subscriptions, with an incidence dell'7, 70% of sales;

-17.5 million for the organization of Champions League final, with an incidence of 3.96% on turnover

-2.5 million for seats in the VIP area (1.7 million in 2008/09), representing 0.56% of turnover ;

€ -37.2 million boxes and boxes for sale, with a margin of 8, 41% of the total turnover

-48.7 for other ordinary income from the stadium with an incidence of 11 % of the total. The Austrian multinational

BWIN has expanded and improved the conditions of the existing sponsorship contract until 2013.

Personnel costs amounted to 192.3 million euro, an increase of 2.71% from 187.2 million the previous year, despite the arrival of samples with heavy engagements.

The impact of the cost of staff turnover is the most widely used indicator to measure the operational efficiency of football teams. This indicator is also used to understand the possibility of prospective profitability. The lower the value of this ratio, the more efficient the club.
In the case of Real Madrid, this ratio in 2009/10 was reduced 43% (46% in 2008/09), then, is below 50%, which is considered the threshold of excellence and well below 70%, which is the maximum level recommended by the European club (ECA).

But this is nothing new, in fact, for Real Madrid, the ratio of staff costs and turnover falls below 50% since 2005/06 and below 70% since 2003/04.

Operating income before calculating depreciation and extraordinary items and financial tests positive for 111.5 million. This result grew by 20% over the previous year and represents 25% of turnover, this means that for every € 100 of revenue they earn € 25 as surplus on operating expenditure (excluding depreciation and amortization, extraordinary charges and financial). The trend over the last decade of this indicator is growing, it was negative in 2000/01 to 24 million €.

Consolidated EBITDA, which is the result after depreciation and financial charges is positive for 145.6 million euro (105 in 2008/09) due to extraordinary income, which resulted in gains of approximately € 34 million.

Ordinary depreciation were up 34%, from 75.9 million to 101.7 million this year because of purchases.

Profit before tax is positive for 31 million euro and an increase of 24.9% compared to 2008/09.

profit after tax marks the 24 million euro, an increase of 11.5% compared to 2008/09.

The total assets, amounting to 879.6 million euro, essentially unchanged from 2008/09, registering an increase of 0.05% minimum.

also non-current assets, amounting to 687 million euro, an insignificant variation of 0.11% compared to 2008/09.

Within non-current intangible assets increased from 368.6 million net sport of 2008/09 to 2009/10 of 353.1 million, a decrease of 4.22%.

Tangible net, to 30/06/2010 amounted to € 281.8 million, an increase of 0.67%.

current activity marks the figure of 192.6 million with a small decrease of 0.15%.

Within current assets, cash and cash equivalents decreased by 16.92% from 111.6 million in the 2008/09 to 92.7 million in 2009/10.

Consolidated shareholders' equity, amounting to 219.7 million euro has increased by 12.17% compared to 2008/09, while non-current liabilities amounted to 285.4 million, was down 18.12% and current liabilities, marking 374.5 million, record an increase of 11, 89%.

in non-current liabilities outstanding amounts for the following items: due to the credit institutions to € 118.3 million (125.3 in 2008/09); long-term debt to buy players to 81.5 million (108.5 in 2008/09); long-term debt for the work of the stadium and the Ciudad Real Madrid for 34.5 million (47.9 in 2008/09), deferred taxes of € 32.6 million (38 in 2008/09) .

in current liabilities amounts greater concern: due to the credit institutions to € 48.2 million (24.4 in 2008/09), short-term debt to buy players to 94.4 million (120.1 in 2008 / 09), short-term debts for work the stadium and the Ciudad Real Madrid for 18.3 million (23.8 in 2008/09), due to personnel to EUR 55.9 million (50.4 in 2008/09); 85.4 million in trade payables (53.8 in 2008/09) to 69.1 million deferred income (49.6 in 2008/09).

be highlighted that the total debts to banks amounting to € 166.5 million increased by EUR 16.8 million.

The ratio of debts to employees and personnel costs, resulting equal to 0.29 would lead us to estimate a delay of about three months in the payment of salaries.

INVESTMENT

in 2009/10, the Club has invested an amount of EUR 126 million. Of this investment, about 13 million were used to improve facilities and 112 million to buy players. This figure includes the amount of € 46 million on acquisitions of new players for the 2010/11 season, most notably Di Maria and Pedro Leon (you do not like the new coach Mourinho, unlike the first). After the huge investments made in the previous year, the Club has further strengthened its pink players, reducing to just EUR 10 million negative balance between purchases and sales, with sales of players that have resulted in a total of 102 realizations million euro.

As regards investment, over the past ten years, has peaked in the exercise 2008/09 by 314 million euro, while the minimum was reached during the 2002/03, with only 88 million euro invested.
However, during the decade the club has devoted a significant part of investments in addition to players, even in the construction and improvement of its facilities:
- € 184 million were used to modernize the facilities of the stadium and improve its quality and functionality in order to offer services that enable greater commercial exploitation of the same, which generates a significant return on investment annually.
- € 134 million has been invested for the construction of the Ciudad Real Madrid, "which is regarded as the greatest sports center ever built by a team of football, with a total area of \u200b\u200b120 hectares, 10 times larger than the previous sports city.

NET FINANCIAL DEBT
Net debt, ie the difference between liabilities and financial activities, decreased by € 82 million, representing a reduction of 25%. Therefore, at June 30, 2010, net debt amounted to 245 million. Real Madrid
administrators emphasize an indicator used to assess the sustainability of debt, the ratio of net debt to EBITDA, which in this case is 1.7. Debt relief and EBITDA growth, has led to an improvement of this indicator, which was reduced from 3.1 to 1.7. Usually this ratio is judged positively if it is less than 2. Instead, when it exceeds 3, we must question the sustainability of debt, because it means that the debt is 3 times the value added, defined as revenues net of costs and operating expenses. However, we could argue that if we consider the ratio of debt to equity, this ratio was 1.11, which is slightly above the threshold value and as a result should be carefully observed the level of indebtedness through gestione.Anche not sound very good results the index of current liquidity, which is equal to 51%, this means that every € 51 of cash and receivables of € 100 are short-term debts. According to the directors of Real Madrid, considering the amount of cash to 30/06/2010 amounted to approximately € 93 million and cash flow that will be generated in 2010/11, there will be a situation that will comfortably meet its obligations Payment should be made during the 2010/11. The budget approved for the 2010/11 forecasts a turnover of € 450 million and a profit before tax amounted to EUR 19 million.

Luca Marotta

jstargio@gmail.com

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Manchester United: obligations to resolve the debt of 820 million stadium revenues

SOURCE: THE BALL IN CONFUSION

http://marcoliguori.blogspot.com/2010/02/manchester-united-obbligazioni-per.html

Tuesday, February 23, 2010

Manchester United: obligations to resolve debt of 820 million

The "Red Football Shareholder Limited, a holding company that controls the company of English football, has issued a loan of 500 million pounds for savers: they are placed JP Morgan, Bank of America, Merrill Lynch , Deutsche Bank, Goldman Sachs International, Royal Bank of Scotland and KKR

reading for the year to June 30, 2009 the group that controls the football club Professional Manchester United, headed by the holding company Red Football Shareholder Limited, positive data emerge as the increase in turnover and the presence of an operating profit with an EBIT (earnings before taxes) of 90 million pounds (about 103 million euro), while as a loss immediately struck by the huge net financial debt amounted to 716.6 million pounds (about 819 million euro), with its enormous weight in terms of financial burdens, Additionally, it also raises a concern for the lending of £ 10 million granted to the Glazer family. On closer analysis it is clear that the presence of net income is due to capital gains the sale of rights to benefits of sports players, including that relating to the sale of Cristiano Ronaldo to Real Madrid, which has partially mitigated the debt, generating an explosive increase in cash.
The sale of Cristiano Ronaldo is an operation that can compare to what he does when a family decides to pay his debts, or resort to selling the "family jewels". In this case would have been two other "jewels": Rooney and the stadium Old Trafford. " The solution to the problem found Glazer the enormous debt was to pay the banks with the money of savers, who return to our memories untoward events related to financial homegrown, a sign that the financial world nothing is created, but everything changes. In summary, the Glazer family has asked banks to borrow money to buy Manchester United, he transferred his debt to the club, plus it has asked the club to borrow money to allocate to its members, and now asks to borrow money savers . Unfortunately, this family is to manage a club, which according to a survey conducted in 2007 by TNS Sport, the world can count 133 million fans and 333 million sympathizers and / or interest in the affairs of the club.
When reading the data we have considered a rate of 1 € EUR £ 0.8743.

BALANCE SHEET The consolidated balance sheet June 30, 2009, shows assets for 752,677 thousand pounds (860.8 million euro), a working capital to 204,959 thousand pounds (234.4 million euro), consolidated liabilities and liabilities for a total of 917,344 thousand pounds (1.0492 billion euro) and equity for 40,292 thousand pounds (46 million euro). The Consolidated Balance Sheet at 30 June 2008 at a glance showed fixed assets of 774,976 thousand pounds (886.3 million euro), a working capital for thousands of pounds 102,975 (€ 117.7 million), liabilities Long-term and short- for a total of 841,862 thousand pounds (962.8 million euro) and equity for 36,089 thousand pounds (41.2 million euro). From 30/06/2008 to 30/06/2009
liabilities, both short and long term loans, rose by about 75 million pounds (about +8.97%). As at 30 June 2008, the liabilities in the medium to long accounted for 83% of debt at June 30, 2009, but increases the incidence of the liabilities that the debt go from 17% to 20% of total debts, signal deadlines are approaching.
Among the intangible assets has always displayed a substantial goodwill amounting to 386,065 thousand pounds (441.5 million euro) in 2008 amounted to 421,453 thousand pounds (482 million euro). Goodwill exposed is due to the difference between valuation at "fair value" and the value of purchase of subsidiaries. This difference is amortized over 15 years and the gross value at which it was calculated the depreciation amounts to 530,822 thousand pounds (607 million euro), and the related accumulated depreciation as of June 30, 2009 reached the figure of 144,757 thousand pounds (165.5 million euro).
Intangible assets relating to the net amount players rose to about 113,406 thousand pounds (about 129.7 million euro) in 2008 amounted to 92,739 thousand pounds sterling (about € 106 million), an increase of 22.29 %. At 30/06/2009, the historical cost of the Rose players turns out to be £ 222.3 million (2008: 201.4) the value of the related accumulated depreciation amounts to £ 108.9 million (2008: 108.7). Been invested in the players rose to 61,802 thousand pounds (70.6 million euro) and mobilized players who had a historical cost thousands of pounds to 40,908 (46, 7 million euro).
Tangible assets amounted to 253,206 thousand pounds (289.6 million euro) in 2008 amounted to 260,784 thousand pounds.
receivables within one year are exposed to 41,500 thousand pounds (47.4 million euro) in 2008 were 42,487 thousand pounds, those with longer duration exercise amounted to approximately 12,650 thousand pounds (about 14.4 million euro) in 2008 were 10,460 thousand pounds.
Among the claims are included those owed to other clubs for the transfer of players, which amounted to 10.293 thousand pounds (11.7 million euro).
Other long-term receivables show a credit for 10 million pounds (11.4 million euro) in relation to "directors". In the explanatory note of the budget, specifically that concerning relations with related parties, specifying that the group that controls the Manchester United has made a loan of 10 million pounds to six members of the Glazer family (1,667 thousand pounds each). This amount is not due for at least 5 years and earn interest at 5.5% per year.
Cash and cash equivalents amounted to approximately 150,530 thousand pounds in 2008 were 49,745 thousand pounds, scored an explosive increase of 100.7 million pounds (115.2 million euro) over the previous year. This explosion is due to the cash payment of Cristiano Ronaldo, which was funded by English banks.
the liabilities are established, an increase of 2.38%, the debt with longer duration exercise for a total of 712,136 thousand pounds (814.5 million euro) in 2008 was 695,566 thousand pounds ( 795.5 million euro). These debts include bank loans privileged Long-term 499,649 thousand pounds (511,630 thousand pounds in 2008), a mezzanine debt (loan payment in kind ") to 202,094 thousand pounds ($ 175,787 thousand pounds in 2008), other financial debt for 5 million pounds ; trade payables 4,209 thousand pounds, other debt security for thousands of pounds 1,184.
Among the liabilities, debts due in less exercise increased from 72,186 thousand pounds in 2008 (82.5 million euro) 74,412 thousand pounds in 2009 (EUR 85.1 million), an increase of 3.08%. This option is the debt falls for the acquisition of players amounting to 28.9 million pounds (21.7 million pounds in 2008). The article about the deferred revenue for anticipated an increase of 54.83% from 72,424 thousand pounds (82.8 million euro) 112,137 thousand pounds (128.2 million euro). In particular, the anticipated revenues for commercial activities (sponsorship) spend thousands of pounds from 13,456 to 57,579 thousand pounds.

INCOME The income statement at 30 June 2009 shows a turnover, up 8, 68%, amounting to 278,476 thousand pounds (318.5 million euro), in fact, to June 30, 2008 showed a turnover (excluding joint ventures) amounted to 256,239 thousand pounds (about 293 million euro). The composition of
sales, in thousands of pounds, is as follows:
- Revenues from 108,799 races (101.468 in 2008), with an incidence of 39.07% of the total (39.62% in 2008), an increase of 7.22% ;
- Medium Income from 99,735 (90,723 in 2008), with an incidence of 35.81% of the total (35.4% in 2008), an increase of 9.93%;
- Revenues from operating activities for 69,942 (64,048 in 2008), with an incidence of 25.12% (24.98% in 2008), an increase of 9.20%. Since June 2010, Aon Corporation (Aon) happen to AIG as a sponsor with a contract expiring at the end of season 2013/14.
The total operating expenses is an increase of 5.41% and amounted to 269,126 thousand pounds (307.8 million euro) in 2008 amounted to 255,313 thousand pounds (about 292 million euro). Among the items of operating expenditure with a higher incidence, as it is obvious, since the football budgets, we find the cost of staff. The cost of staff, June 30, 2009, amounted to 123,120 thousands of pounds equal to 44.21% of sales in 2008 amounted to 121,080 that cost thousands of pounds (138.4 million euro), with a percentage turnover of 45.75%. Another major item of operating expenditure consists of the amortization of the players rose to 37,641 thousand pounds (43 million euro) in 2008 amounted to 35,481 thousand pounds (40.5 million euro). Amortisation of goodwill is exposed to 35,388 thousand pounds (40.4 million euro) in 2008 amounted to 35,258 thousand pounds (40.3 million euro), while the depreciation on fixed assets is shown to 8875 thousands of pounds (10.1 million euro) in 2008 amounted to 8,720 thousand pounds (9.9 million euro). At 30 June 2009, the group's workforce is made up of 591 units including 62 players, 30 June 2008, however, was composed of 544 units including 68 players.
Staff costs and depreciation account for approximately 76.18% of total operating expenses.
The excess of capital gains on transfer of players' contracts amounted to 80,724 thousand pounds (92.3 million euro) in 2008 was 21,831 thousand pounds (around 24.9 million euro).
EBIT, ie net income before interest and taxes was a profit of 90,074 thousand pounds (103 million euro) in 2008 were positive for thousands of 24,059 pounds ($ 27.5 million € ), an increase mainly due to capital gains.
Net financial expenses amounted to 68,504 thousand pounds (around 78.3 million euro) in 2008 amounted to 68,839 thousand pounds (around 78.7 million euro).
The result for the year is positive thousands of pounds for 6341 (EUR 7.2 million), while the June 30, 2008 was a loss of 42,966 thousand pounds (around 49.1 million euro).
DEBT GROUP
The financial position as at 30 June 2009 shows a net debt of approximately 716,586 thousand pounds (about 819.6 million euro) increased by 2.49% compared to 699,174 thousands of pounds in the previous year (about 799.5 million euro).
preferential bank loans totaled 509.492 million pounds (582.7 million euro), down 1, 77% compared to 518,695,000 pounds ($ 593.2 million Euros) in 2008. These loans include capitalized borrowing costs. Among the privileged
bank loans, 501,707,000 pounds (about € 567 million) relate to the debt issued by Red Football Limited, for the acquisition of Manchester United. This debt involves incurring a financial burden with an interest rate based on Libor plus a margin ranging between 2.125% and 5.00%. Under an agreement dated 16 August 2006, two subsidiaries of Manchester United and Manchester United Football Club Limited Limited yet secured debt to the tune of 557 million pounds. With regard to maturity are deadlines ranging from 2013 to 2016. Among the privileged bank
presititi addition, we also find a bank loan of 7,785,000 pounds contract with The Royal Bank of Scotland plc and headed Alderley Urban Investments Limited, a subsidiary of Manchester United Limited. This loan relates to a contract that provides for the application of the interest rate Libor plus 1%. 3,586,000 of these loans are repayable in quarterly installments through July 2018 and the balance of £ 4,199,000 to be repaid July 9, 2018.
addition there is a preferential bank loans unsecured loan in the amount of 5,000,000 pounds, the contract for the minority stake in MUTV (Manchester United, a subsidiary of Limited). The mezzanine debt contract on August 16, 2006, in the form of PIK, a problem. At June 30, 2009, it grew to 202.094 million pounds, while the June 30, 2008 was 175,479,000 pounds. This increase occurred due to the capitalization of interest that have accrued at a fixed rate to the extent of 14.25% per annum. The expected duration of the loan is 11 years from August 16, 2006. This debt relates Red Football Joint Venture Limited.
THE SOLUTION: The bond issue
The solution to the problem of the enormous debt caused by the acquisition of the club, was found by Glazer (or the banks?) In the transfer of debt by banks to savers. As history teaches us, without the help of the banks are unable to place between individual investors bonds. From the prospectus relating to the bond, it is stated that the banks involved in the transaction are: JP Morgan, Bank of America, Merrill Lynch, Deutsche Bank, Goldman Sachs International, Royal Bank of Scotland and KKR.
The amount of the issue is 500,000,000 pounds. The issue is both in dollars and in sterling due 2017. As a broadcaster has chosen to create a new society MU Finance Plc, established November 26, 2009, with headquarters at the Old Trafford. Guarantors of the loan are to be Red Football Limited (sub-group holding company) and its subsidiaries: Junior Red Football Limited, Manchester United Limited and Manchester United Football Club Limited. In the statement specified that the bonds will be guaranteed "substantially" with all the assets of the guarantors.
The 500 million bond issue, together with £ 30 million of existing cash, will be used as follows: 507 million pounds will be used to pay existing debt, for 8 million and 15 million interest payment to pay the cost placement. Luca Marotta

jstargio@gmail.com

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property in Europe? Derived from business

SOURCE: WWW.PIANETAGENOA1893.NET

http://www.pianetagenoa1893.net/?action=read&idnotizia=4833


EXCLUSIVE EXCLUSIVE
PIANETAGENOA1893 - INVESTIGATION: The revenues of the stadiums in property in Europe? Derived from business

E 'that the result of the financial statements of 11 major football clubs: it is true that the TV rights are balanced against other items, the money from sales are still lower than box office


build new stadiums to increase revenue seems to be the new watchword of Italian football. Increase revenues from the stadium will not be a simple undertaking. There are different sets of issues to be addressed. Pianetagenoa1893.net this in its sole inquiry cites only three, limited to those structural, financial and socio-cultural, involving the application of long-term strategies to resolve.
The structural issues ranging from design to manufacturing plant, passing through the various master plans and infrastructure works, will certainly require more than a few years to be resolved. Think of the stadium project at Juventus, it's been ten years since its inception.
The financial problems are no different. From what sources of financing to draw the money to build? By ad hoc increases in capital? Contracting of loans, increasing debt of the companies? Building and selling agricultural land, making the apartments can be built? And who pays for the infrastructure costs of these new zones (if even new small towns) often located outside the village without roads? Revenues generated from the investment will be able to pay it back?
The socio-cultural, assume that you trigger in the minds of fans a new way to experience the stadium as a place to meet and socialize and not as a place of confrontation. New stadiums, especially with the most welcoming and diverse attractions that can be taken down from the armchair fan TV subscribers to pay-TV.
successfully solved these issues it is possible that the stadium attendance will increase, generating "new" revenues, intended use and as full of "capacity production "of the stadium, as well as new forms of revenue from ancillary activities (restaurants, hotels, shops).
can simply be defined as "revenues from the stadium" those items of income or income derived from activities that take place in the stadium or in its vicinity. To give a correct definition of "proceeds from stadium should be a priori defined" stage "in the activity that it is intended to perform, in consideration of who is the owner. By defining the stage as a real estate instrumental to house sporting events and other items such as musical concerts, we deduce that the main source of stage can produce an income that is the sale of tickets for these events. To generate additional revenues from such business property, which insist on large areas, should ensure the presence of restaurants, bars, shops, the museum of the team that will play and if there were more building land available, should also be present and shopping centers hotels, mostly in data management to third parties (from which to derive rents) or special purpose company formed.
The presence of shopping malls, restaurants, museums and shops used to create revenue streams of admissions and days without even sporting events. However, it is undeniable that the bulk of income comes from ticket sales. We must therefore ensure that modern stadiums, comfortable and safe.
The attempt to try to increase the "capacity" of the stadium must be seen in the key of diversification of revenue sources, so as not to depend exclusively on TV rights.
The following table shows an overview of the revenues of some European clubs. For companies that prepare their financial statements in pounds it was considered the change to 0.90 pounds for 1 euro. Borussia Dortmund


The German club Borussia Dortmund is part of a group company of Borussia Dortmund GmbH & Co. KGaA. Borussia Dortmund was the first German football club to be listed on the Frankfurt stock exchange October 31, 2000. The group owner of the stadium is named: "Signal Iduna Park." This name was adopted on 1 December 2005, previously called "Westfalenstadion. The stadium was named the company "Signal-Iduna, operating in the insurance and finance. Since 2003, this stadium can seat 81,264 spectators.
Consolidated revenues for the 2008/2009 financial year was 114,730 against 112,984 thousand € thousand € 2007/2008.Nel of retail sales will be in:
- Revenues from ticket of € 22.2 million (previous year : EUR 22.6 million);
- Revenues from sponsorship of € 39.1 million (previous year EUR 39.3 million);
- TV rights to € 22.4 million (previous year: EUR 26.0 million);
- transfers of € 11.2 million (5.3 million in 2007/2008)
- Merchandising, catering, licensing of € 17.5 million (17.7 million € in 2007/2008);
- Other revenues of € 2.1 million (1.9 million € in 2007/2008)
Excluding revenues transfers revenues would drop to 103,478 thousand euro, the share of ticket revenues would be 21.43%, the share of revenues from sponsors would be 37.89%, the share of revenues from TV rights would be 21.67%, the share of revenue from merchandising, catering, licensing would be 16.95%, while the incidence of other revenues would be 2.06%.
In Germany, the negotiation of TV rights is central.


Osasuna Osasuna Pamplona in the stage play called "Reyno de Navarra" can seat 19.800 spectators. This stage until 2006 was called "El Sadar.
The name change represents an operation of "spatial marketing" as the result of a sponsorship agreement with the Government of Navarre, whereby renaming the stadium, the club received € 1.5 million in three years, with the purpose of promoting tourism in Navarra.
For the financial year 2007/2008 the characteristic turnover was $ 25,280,802.50, while the net value of production was € 28,881,199.68. The composition of turnover characteristic
year 2007/2008 were as follows:
-TV rights equal to 12,948,965.44 € 10,782,634.42 against the euro in 2006/2007, with an incidence of 51.22 %
-advertising amounting to € 5,498,509.45 € 5,169,323.00 against the 2006/2007, with an incidence of 21.75%;
-sports competitions amounted to € 817,259.00 against 4206. € 417.02 in 2006/2007, with an incidence of 3.23%;
-Subscribers and shareholders amounted to € 6,016,068.61 € 5,859,171.93 against the 2006/2007, with an incidence of 23.80%;
Given the small capacity of the stadium, we can consider the high rate of fan loyalty, which helps in addition to the annual fee with your subscription.
Among other items of income or the balance sheet at June 30, 2008 are exposed, "Increases in fixed assets for internal work" which is the work done by the company for its property amounted to € 2.400.000.00.
"other income" are on display:
Other revenues from € 2,238,431.43 € 1,160,397.18 against the 2006/2007;
contributions to € 40,000.00 42,499.77 against the euro in 2006 / 2007.



The Real Madrid Real Madrid Madrid play in the stadium called "Santiago Bernabeu" able to accommodate 87,000 spectators. For the group that controls the Real Madrid, the total revenue for the year ended June 30, 2008, totaled 365.8 million as at 30 June 2007 amounted to 350.9 million, the increase was 4.25 %.
Operating revenues consist of:
-stadium revenue and shareholders for € 115.9 million (94.4 in 2007), with an incidence rate of 31.7%;
-friendly and revenues from international competitions for € 17.2 million (17.5 in 2007), impact on total revenues of 4.7%;
-TV rights for the € 118.5 million (114.8 in 2007) with an incidence of 32.4%;
-Income from marketing to € 114.2 million (124.2 million in 2007), with an incidence of 31.2%.



Barcelona FC Barcelona play in the stadium property referred to as "Camp Nou", capable of seating 98,772 spectators.
Revenue for the year 2007/2008 the figure rises to 308.8 million, an increase of € 18.7 million compared to € 290.1 \u200b\u200bmillion euro in 2006/2007, ie an increase of 6.45%.
sources that have generated revenues of 308.8 million euro are the following:
-income members to EUR 17.1 million with a margin 5.54%;
-stadium revenues to € 87.6 million with an incidence of 28.38%;
-Media-TV for € 116.2 million with an incidence of 37.64%;
-Marketing for € 85.9 million with an incidence of 27.83%;
-Other revenues of € 1.9 million with an incidence of 0.62%.
If we consider together with income from membership fees and income from subscriptions amounted to € 32.2 million, their impact on the total turnover amounted to about 16%, demonstrating the high level of loyalty of the supporters club . During the 2007/2008 season the Futbol Club Barcelona has reached a record 163,000 members.
Revenues from stadium includes the proceeds from the management of the museum and galleries.



West Ham United West Ham United Plc is the parent company of the group is part of the professional football club West Ham Untited, who played in the Premier League, currently coached by Gianfranco Zola.
West Ham United played in London in the stadium of his own called "Boleyn Ground, capable of seating 35,595 spectators.
Consolidated revenues for the year ended May 28, 2008 was 81,543 thousand pounds (around 90.6 million euro) 57,302 thousand pounds sterling (about € 63.7 million) for the year ended May 31 2007
The analysis of turnover by class of activity shows that:
-Revenues from events and activities related to football 18 337 thousand pounds (around 20.4 million euro) for the year ended May 28, 2008, 16,967 thousand pounds (about 18.8 million euro) for the year ended May 31, 2007. In 2008, the percentage of the proceeds of the total turnover was approximately 22.5%.
-TV rights and sponsorship centralized 40,790 thousand pounds sterling (about € 45.3 million) for the year ended May 28, 2008, 23,911 thousand pounds sterling (about € 26.5 million) for the year ended 31 May 2007. In 2008, the percentage of the proceeds of the total turnover was around 50%. Businesses
-12 504 thousand pounds (around 13.9 million euro) for the year ended May 28, 2008, 8549 thousands of pounds (about € 9.5 million) for the year ended May 31, 2007. In 2008, the percentage of the proceeds of the total turnover was about 15.3%.
-retail merchandising and thousands of pounds 5,357 (about € 5.9 million) for the year ended May 28, 2008, 3,155 thousand pounds (around 3.5 million euro) for the year ended 31 May 2007. In 2008, the percentage of the proceeds of the total turnover was about 6.6%. Catering and hospitality
-4555 thousands of pounds (about EUR 5 million) for the year ended May 28, 2008, 4720 thousands of pounds (about € 5.2 million) for the year ended May 31, 2007. In 2008, the percentage of the proceeds of the total turnover was about 5.6%. The total turnover was produced in the United Kingdom. Despite these excellent results in sales West Ham United Plc closed the consolidated balance sheet as at 28 May 2008 with a loss of 37,373 thousand pounds (around 41.5 million euro), mainly due to extraordinary items. In the previous year closed as of May 31 2007 was the loss of 19,614 thousand pounds (around 21.8 million euro). However, the equity is still positive to 32,557 thousand pounds (around 36.1 million euro).



Manchester United Manchester United is part of a group controlled by the company Red Fooftball Shareholder Limited. The stadium in which he plays is his property and is called "Old Trafford", capable of seating 76,612 spectators in the city of Manchester.
The consolidated income statement at 30 June 2008 showed a turnover (excluding joint ventures) amounted to 256,239 thousand pounds (284.7 million euro), while at 30 June 2007 showed a turnover (excluding joint ventures) amounted to 210,081 thousand pounds ($ 233.4 million Euros) with an increase of 21.97% over the previous year. The
256.2 million pounds, come from three sources of revenue:
- Gare 101.5 million pounds ($ 112.7 million Euros) for the year ended June 30, 2008 (92.5 million pounds in 2007), with a value of 39.62% (44.05% in 2007)
- Media TV to 90.7 million pounds ($ 100.7 million €) for the year ended June 30, 2008 , (61.5 million pounds in 2007), with an incidence of 35.40% of the total (29.28% in 2007)
- business for 64 million pounds (Approximately € 71.1 million) for the year ended June 30, 2008, (56 million pounds in 2007), with an incidence of 24.98% (26.67% in 2007).


Everton
The group that is part of the Everton football team is made up of three companies: Everton Football Club Company Limited, the parent holding company; Goodison Park Stadium Limited, a 100% subsidiary, which manages the stadium; Everton Investments Limited, a 100% subsidiary, which deals with the financial asset.
Everton play Liverpool in the stadium named: "Goodison Park", which opened in 1892, and has plans to build a new one. The Goodison Park can accommodate 40,157 spectators.
Turnover for 2008 amounted to 75.7 million pounds (about 84 million €, whereas a change to 0.90 euro) in 2007 was 51.4 million pounds (about 57 million €) therefore there was an increase of 47.14%, due mainly to the increase of broadcasting rights, in fact, the composition of revenue is determined by the following items:
- Revenues from thousands of ticket for 20,460 pounds ($ 22.7 million euro), an increase of 19.72% compared to 2007;
- Revenues from broadcasting rights for thousands of pounds 46,637 (about EUR 51.8 million), an increase of 69.82% compared to 2007;
- Sponsorship, advertising and merchandising for thousands of pounds 5,465 (about € 6 million), an increase of 18.80% compared to 2007;
- Catering for 880 thousand pounds (around 1 million euro), a decrease of 18, 67% compared to 2007;
- Other companies thousands of pounds for 2208 (about EUR 2.4 million), an increase of 87, 44% compared to 2007.
Increased percentage of total revenue is held by the broadcasting rights for the 61.65% in 2007, this percentage was lower and precisely equal to 53.42%. The increase in television rights is due to the new three-year contract starting from the 2007/08 season in fifth place finish in the standings and the increasing number of games shown.



Tottenham Hotspur Tottenham in London stage play called "White Hart Lane can accommodate 36,236 spectators. At June 30, 2008 the turnover amounted to 114,788 thousand pounds (about 127.5 million euro), an increase of approximately 11% compared to June 30, 2007.
The composition of turnover, measured in thousands of pounds, is as follows:
-Premier League revenues 18,274 (approximately € 20.3 million, incidence of 15.92% of total)
-10 341 proceeds from the cups (about 11 5 million euro, incidence of 1.9% of total)
-sponsor revenues 27,778 (about 30.8 million €, incidence of 24.20% of total)
-media revenue from TV and 40,329 (approximately € 44.8 million, incidence of 35.13% of total)
-merchandising revenues from 9723 (around 10.8 million €, incidence of 8.47% of total)
-Other revenues 8,343 (about € 9.2 million, incidence of 7.07% of total)
Compared to 2007, were the revenues from TV rights recorded the largest increase in absolute value, in fact, in the presentation of financial results states that there has been a substantial increase in revenues from broadcast TV and 20% settling at around 40.3 million pounds (in 2007 were 33.7 million). Remember that the sale in England TV rights is central. If you consider all the positive components of income as financial income and extraordinary items such as capital gains from the sale of "tags", the share of income from TV rights on the positive components of income would drop to 30.33%.



Arsenal Arsenal dispute his races in London in the new stadium called "Emirates Stadium can accommodate 64,355 spectators.
Group revenues excluding the revenues of the joint venture Arsenal Broadband Limited and revenues arising from the management of players' contracts, amounted to 222,498 thousand pounds (+11.08% over 2007) and corresponds to approximately 247.2 million euro. The composition of turnover is as follows:
-ticket races by 94,580 thousand pounds sterling (approximately EUR 105 million), with an incidence rate of 42.51% of the total;
-TV rights to 68,360 thousand pounds (equal approximately € 75.9 million), with an incidence rate of 30.72% of the total;
-merchandisng 13,052 thousand pounds sterling (approximately 14.5 million euro), with an incidence rate of 5, 87% of the total;
-sponsor thousands of pounds 31,259 (approximately € 34.7 million), with an incidence rate of 14.05% of total revenues from property-
15,247 thousand pounds (equivalent to approximately € 16.9 million), with incidence rate of 6.85% of the total.
Regarding the revenues of real estate, it must be said that they resented the fact that in the previous year there had been a major sales in the residential complex of Drayton Park. Arsenal has abandoned its old stadium Highbury, where apartments have been built. Despite the sale of apartments Arsenal has had to borrow to cope with the construction of the new stadium.


Chelsea Chelsea
Company Limited is the parent of the group in which the consolidation is part of the professional football club called Chelsea Football Club Limited. Ultimately, the controller Chelsea Limited appears to be Roman Abramovich.
Chelsea played in London at the stadium Stamford Bridge, Fulham in the district, which accommodates 42,055 spectators.
On 13 February 2009 the group published a statement on the loan Chelseafc.com, today announced the financial results relating to the management 2007/2008. At 30 June 2008, the Group's turnover registered an increase of '11.9%, reaching 213.1 million in pounds sterling (about € 237 million) compared to 190.5 million pounds of the season 2006 / 07. The football-related revenue rose to 189.8 million pounds (about 210.9 million euro), an increase of 14.8% from the previous season. In football-related revenue includes the revenue generated by the sector average, which amounted to 77.6 million pounds ($ 86.22 million euro), with an incidence of 36.33% and an increase of 30 , 2% compared to 2006/2007. The other segments of turnover include: hotel management and catering, merchandising, services, leisure, property management, parking and other events. As for the hotel business and catering service recorded revenues of 8.9 million pounds (about 9.9 million euro) with an incidence of 4.17%, the merchandising revenues obtained for 9.6 million pounds (about 10.6 million €) with an incidence of 4.49%, while other activities produced revenues of £ 5.3 million (about EUR 5.9 million) with an incidence of 2.48%.


Olympique Lyonnais Olympique Lyonnais
is part of a team and played in the Stade Municipal de Gerland Lyon, capable of seating 41,044 spectators. E 'plans to build a new stadium.
At 30 June 2008, the consolidated income statement showed the revenue for a total of 211,642 thousand euro compared with 214,077 thousand euro a year earlier. Excluding the revenue from the sale of players' contracts, operating revenues amounted to 155,712 thousand euro (140,553 thousand euro in 2007).
Revenues from tickets to sporting events. The sale of tickets for matches in 2007/2008, has reached an amount of € 21.8 million, which represents the highest level in the history of the group and the best result of all the French clubs. These revenues represent 14% of operating revenues excluding sales of players' contracts.
TV rights. Revenues from television rights is the sum of the amounts received by way of redistribution of broadcasting rights at the national level: the Ligue Football Professionnel for Ligue 1 and the League Cup, the Federation Football Française from the French Cup, the UEFA Champion's League. Television rights received from 'OL Groupe have increased and have reached 75 million, of which 27.5 from international competitions. These revenues represent 48.2% of operating revenues excluding sales of players' contracts.
Sponsor and advertising. Revenues from sponsorship, advertising and partnership from the sale of advertising space, sponsorship and services of "hospitality". More than 500 companies are partners in the Group. In 2007/2008, the net proceeds from this activity have reached $ 20.4 million, an increase of 12.9%. These revenues represent 13.1% of operating revenues excluding sales of players' contracts.
revenues from exploitation of the mark. Revenues "Branded" Among other things, the marketing of products such as shirts and various gadgets, production and distribution of images, operating licenses, travel, signing fees and more. These revenues have grown positively (+ 7.5 M) to 38.5 million, an increase of 24.1%. These revenues represent 24.7% of operating revenues excluding sales of players' contracts.
The marketing of sports products and the like with the colors of the Olympique Lyonnais has produced revenues of € 12.7 million. In September 2007, OL Group has signed for a period of 10 years from date of delivery of the new stadium, a contract with Sportfive on the grant of exclusive rights marketing rights of "hospitality", advertising inside the stadium, the rights of the media itself and of the same name ("naming rights"). Given this contractual obligation Sports will pay by way of rights ("droit d'entrée" or "signing fee") the figure of 28 million €, to be divided in four annual installments of 7,000,000, from December 2007 to December 2010. Note that Sportfive is the same company that has signed an agreement with Juventus for Jean-Claude Blanc. In June 2008, has concluded a catering contract with Sodexo. Sodexo has paid 3.5 million euro. Revenue generated by "OL Images" amounted to 4.6 million in revenues amounted to 2007/2008.Altri 10.34 million euro.
THE EXAMPLE OF LIGUE 1
Given that in the accounts of French football, the exchange of players is regarded as falling within the ordinary course and participate in the determination of operating income. From
aggregate income, excluding transfers players, for the financial year 2007/2008 the club of the "Ligue 1" of France, prepared by the Commission de Contrôle des Clubs Professionnels, out of total revenues amounted to 988,588,000 euro, concluded that the impact of broadcasting rights is 56% (556,737 thousand euro).
revenues from sponsors and advertising have an incidence of 20% (191,832 thousand euro). The revenues from competitions
account for the 14% (136,971 thousand euro).
Other revenues, including merchandising, have an incidence of '8% (82,283 thousand euro, of which € 15,072 thousand for Merchandising).
grants and contributions from local authorities have an incidence of 2% (20,765 thousand euro).
The incidence of TV rights of the total revenue fell 50% for those clubs that bill more than 55 million €, while the other rooms. In particular clubs that bill less than € 30.45 million of this incidence rises to 63.5%.



CONCLUSION From this review of data on turnover of some foreign football club, united by the fact who are owners of the stadium where they play, we can assume that a stadium that works, or with high levels of production capacity is able to reduce the dependencies of these clubs from television rights.

Luca Marotta
jstargio@gmail.com

Whitty Wedding Messages

That rose Manchester City which cost much

SOURCE: THE BALL IN CONFUSION

http://marcoliguori.blogspot.com/search/label/manchester% 20city

Saturday, July 31, 2010
That rose Manchester City which cost much

The analysis of the budget 31 May 2009, closed with a loss of 89.7 million pounds, the company of Sheikh Mansour reports that the cost of players' salaries, depreciation and amortization totaled 122 million against a turnover of 87 million

One companies will have to deal with the "Fair Play" is without doubt the financial UEFA Manchester City, which shows a strong structural imbalance in the economic point of view: compared with a turnover of 87 million pounds, the players rose costs £ 122 million in wages and depreciation. Manchester City Football Club Limited is a company which deals with the management eponymous English professional football club. On May 31, 2009, it appeared that the ultimate controller of the company was Abu Dhabi United Group Investment & Development, a company registered in Abu Dhabi and headed by Sheikh Mansour. The company included Manchester City Limited as a holding mid-term, parent company of Manchester City Football Club Limited. Among the subsidiaries of the latter were: Manchester City Investments Limited operates as a holding company and Manchester City Property Limited operates in real estate.

From the financial statements of Manchester City Football Club Limited, relating to the 2008/2009 season, as mentioned above, shows a structural imbalance main loss record, which led to negative equity for 42 million pounds, or approximately 50 million (euro exchange rate: 1 EUR = 0.8414 GBP). On 31 May 2009, the loss recorded was 89.7 million pounds (106.6 million euro), while the previous year the loss was 29.7 million pounds (35.2 million euro).

administrators argued the year ended May 31, 2009 marked the beginning of a period of significant investment provided in all areas of club activities, namely: the football team, the Academy, infrastructure, technology services and web site for the fans. And these had a significant impact on the financial results for the year in question and will continue, to exert their effects even in the years to follow. The goal that we propose is to achieve success in the field and off the field.

turnover to May 31, 2009 increased by 5.76% by adjusting the amount of 87.0 million pounds ($ 103.4 million €), in fact, in 2008 the turnover was 82.3 million pounds (97 , € 8 million).

revenues from TV rights, which representing 55.45% of total revenues, increased by 11.57% to the figure of 48.3 million pounds (57.3 million euro), partly because of the proceeds from the UEFA Cup, which offset the slight decrease in income from TV rights to Premier League.

revenues from commercial activities, which account for 26.8% of total revenues, decreased by 8%, recording a figure of 23.3 million pounds (27.7 million euro). This decrease is mainly due to a reduction in revenues from "events", because, year 2007/2008, have been organized events like the UEFA Cup final, music concerts and a great event for boxing. Against the decrease in revenues from events there have been increases in other components of that item of income. The revenues from competitions have increased by 13.2% from 13.6 million pounds (16.1 million euro) to 15.4 million pounds (18.2 million euro). The average attendance of spectators at matches played at home was 42,890 an increase of 1, 92% of the average of 42,081 the previous season. The increase in revenues from ticket of 1.8 million pounds, mainly due to UEFA Cup competitions. Other revenues amounted to 95 thousand pounds affect only 0.11% of total turnover.

increase in sales is offset by a significant increase in the 44.5% of operating costs, which reached the figure of 121.2 million pounds (144.1 million euro), compared to 83.9 million pounds (99.7 million euro) in 2008. The main cause is due to the increase of personnel expenses.

The cost of staff marks the figure of 82.6 million pounds (98.2 million euro) with an incidence of about 95% of sales. In 2008 these costs amounted to 54.2 million pounds (64.4 million euro) and had an incidence of 65.89% of sales. The increase was 52.40%. From the numerical point of view, the staff increased from 258 units in 2008 to 302 units in 2009.

Costs related to the amortization of players' contracts have increased during the year. This increase resulted reaching the figure of 39.4 million pounds (46.8 million euro) against 25.4 million pounds (30.2 million euro) last year and again reflects the costs for the construction "from scratch" in the team.

financial charges amounting to 14.4 million pounds (17.2 million euro) increased significantly over the previous year, registering an increase of 87, 79%, due to the higher level of shareholder loans to activities during the year. In fact, the interest payable to banks totaling £ 1.6 million an increase of 17.35%, while interest on other loans amounting to 12.6 million pounds are increased by 102.27%.

The total assets has increased by 35.25%, from 248.5000000 to 336.1000000 pounds, supported by a strong increase in net gross of 63.62%.

Intangible assets, net amounted to 131.8 million pounds (156.6 million euro). Compared to the previous year registering an increase of 188.02%. Sign of the strong investment made in the squad players.

Net tangible fixed assets amounted to 175.3 million pounds mark a decrease of 2.86%. They consist of: full ownership of land and buildings for £ 3.5 million, leasing land and buildings in the short to 516 000 pounds, land and buildings in long-term lease for 162.8 million pounds, construction in progress payments to account for 1.2 million pounds and furniture and equipment for 7.2 million pounds. On August 5, 2003 the old stadium "Maine Road" was mistaken for a Lease for 250 years the stadium of Manchester City. " The contract was designed like a finance lease, with a particular mechanism is also based on the average appreciation of the audience. Current assets amounted to 29 million pounds (34.5 million €). Among these activities predominate in cash for 18.6 million pounds (22.2 million euro).

On the liabilities side there is a negative equity for 42 million pounds debt by 365 million pounds (434.5 million euro) and deferred income for 12.5 million pounds. During the year 380,315 ordinary shares of £ 1 was issued at a price of 119.19 pounds per share. The total consideration was £ 45,329,000 and the prize of 44,949,000 was included in the share premium account.

debts as said marking an increase of 63.62% over the previous year, which marked the figure of 223.4 million pounds (265.6 million euro). Among the debts with less than year, amounting to 282.7 million pounds (336 million euro), outstanding payables to shareholders for 194.4 million pounds (231 million euro). The partners have increased their funding to the club of 141.5 million pounds (168.2 million euro). The long-term debt, amounting to 82.9 million pounds (98.5 million euro), are essentially unchanged from the previous year (83.6 million pounds). Among these debts outstanding payables to the leasing of the stadium of Manchester City "for the amount of 43 million pounds (51 million euro). The amount of 414 thousand pounds of that debt is shown between the short-term debt: the total amount is 43.4 million pounds. I deferred to anticipated revenues amounted to 12.5 million pounds (14.9 million euro, marking a decrease of 14%.

Among the events that occurred after May 31, 2009, are reported as the purchase of various players Roque Santa Cruz (Blackburn Rovers), Gareth Barry (Aston Villa), Emmanuel Adebayor (Arsenal) Carlos Tevez (Manchester United), Kolo Toure (Arsenal) Joleon Lescott (Everton) and the supply of Elano Blumer (Galatasaray), Ricahrd Dunne (Aston Villa), Tal Ben-Haim (Portsmouth), Gelson Fernandes (Saint Etienne). The amount net investment was 117 million pounds (139 million euro).

Luca Marotta

jstargio@gmail.com

Can Redwine Cause Tachycardia

Manchester United Merchandising Limited: a deal worth 24 million

SOURCE: THE BALL IN CONFUSION

http://marcoliguori.blogspot.com/2010/06/manchester-united-merchandising-limited.html

Thursday, June 10 2010

Manchester United Merchandising Limited: a deal worth 24 million

The company that controls the merchandising of the famous English club, run by Nike, won the May 31, 2009 an increase of 14% of sales.

Nike has provided 93 million pounds to Manchester United for the period from 1 July 2006 to June 30, 2010. Nike as well as being the same sponsor, manages the merchandising, licensing and retail operations, through the company Manchester United Merchandising Limited, which has granted a sublicense in respect of such rights. Manchester United Merchandising Limited is a company based in the United Kingdom, a subsidiary of U.S. company Nike Inc.

Manchester United Merchandising Limited is engaged in three main activities, namely: the retail sale of products in the United Kingdom under the brand name Manchester United, the grant licenses for the production, distribution and sale of goods in any manner and management, always in the world, Manchester United Soccer Schools.

the wake of a record year of sales, in 2008, the company has continued to grow, achieving another record sales in 2009. Obviously, the success of Manchester United were the "key" in order to achieve these important results.

Revenue for the year ended May 31, 2009 was 20.1 million pounds, which, assuming an exchange rate of one euro to 0.8271 pounds, equivalent to about 24.3 million €. In the previous year's turnover was EUR 17.6 million pounds (approximately 21.3 million euro). The increase was of 13.86%. From the geographical point of view revenue is divided as follows: 18.5 million pounds in the UK (+ 11.9% compared to 2008); 1.6 million pounds in the rest of the world (+42.59% over 2008 ).

From the perspective of the "business areas" the revenue is divided into three main areas: Retail, Licensing; Soccer Schools.

The retail sector, ie retail, with sales of 13.6 million pounds, equivalent to 16.4 million euro. This sector, in the previous year, reported the figure of 12.1 million pounds of 14.7 million euro. The increase was 11, 82%. The Licensing

sector, namely the granting of licenses for the use of the mark, marks a turnover of 4.8 million pounds, equivalent to 5.8 million euro. This sector, to May 31, 2008, recorded a figure of £ 4 million of 4.8 million euro. The increase was dell'18, 67%. The sector

Soccer Schools, namely the management of the schools football team Manchester United, reported a turnover of £ 1.7 million, 2.1 million euro. This sector, in 2008, has recorded a figure of £ 1.5 million of 1.8 million euro. The increase was dell'17, 59%.

Personnel costs amounted to 2.1 million pounds of around 2.5 million euro. This represents a cost increase of 12.46%. The units used fell from 46 to 50. During the home games of Manchester United a further 88 units were engaged with occasional performance contracts (2008: 66 units) and in the same way as "poor" were hired 32 coaches for football schools (30 in 2008) .

Gross profit before tax of 0.8 million pounds (1 million euro), a decrease of 16.16% over the previous year, when the result was equal to 1 million of approximately £ 1.2 million euro.

The balance sheet shows a surplus of 11.7 million pounds (14.2 million euro), with 0.4 million pounds relating to fixed assets, 0.9 million pounds relating to inventories, 10 million pounds credits and 0.4 million pounds of cash. The short-term debt liabilities exposed to 7.9 million pounds. Shareholders' equity amounted to 3.8 million pounds (4.6 million euro) and is an increase of 20.64%. Be noted that the credits include 7.5 million pounds (9.1 million euro) of loans to group companies.

Luca Marotta

jstargio@gmail.com

How Do I Feel My Cervix

Arsenal role model

Source: the ball into confusion

http://marcoliguori.blogspot.com/2010/10/arsenal-modello-da-imitare.html

Monday October 18, 2010

Arsenal, role model

The holding company of the Gunners in the last five years has produced profits for 152 million euro. In the year ended May 31 last year stands out the drastic reduction of 54.4% of net debt

When it comes to accounts of Arsenal, we must always speak in positive terms: we might even dare define the Arsenal as a model to imitate. Over the past five years, from 2006 to 2010, the Group has produced net profits to 132.7 million pounds (about 152 million euro, at an exchange rate: 1 EUR = 0.8731 GBP), with a turnover of 1.2 billion pounds (1.37 billion euro). The football team in recent years it has always ranked among the top four in the Premier League and for the Uefa Champions League, as well as compete in the final in 2006, in other years it has reached the semifinals once and the quarterfinals twice. Not to mention the fact that, in these five years, the operation is coming on stage again. On May 31, 2010, the debt to build the Emirates Stadium residual 239.3 million pounds (256 million euro) and the debt represents 43.4% of all debts of the group and has an average of about 20 years.
"This club is for his fans," said Gazidis, CEO of Arsenal Holdings Plc. For this reason we have launched a campaign called "Arsenalisation" in order to retain more fans enriching the new stadium of Arsenal's old symbols (the 'spirit of Highbury "), such as the introduction of the clock on the south roof of the stadium, customization of subscriptions, enter the name of 13,000 fans in Armoury Square. Also according to Gazidis, Arsenal is able to meet the new standards of financial fair play UEFA. According
Wisely, CFO of Arsenal Holdings plc, the financial results for the year 2009/10 were excellent and have allowed a significant reduction in the level of indebtedness of the Group. And certainly one can not blame him. Net debt at year end fell to 135.6 million pounds (€ 155.3 million) from 297.7 million (€ 341 million) of 31 May 2009. The significant reduction of 54.4% is mainly due to the repayment made in the year, loans and related charges of £ 135.2 million (€ 154.8 million) and an increase in cash for about 27.9 million pounds (31.9 million €), the result of good management.
The total turnover on both the sports management that real estate has increased from 313.3 million pounds (€ 358.8 million) to 379.9 million (€ 435.1 million), marking an increase of 21.23%.
Revenue for the sports sector was 222.9 million pounds (255.3 million euro). It is slightly down from 225 million (€ 257.7 million) last year. The turnover of the real estate industry has exploded, increasing by 77.73% to 156.9 million pounds (179.7 euro) from 88.3 million (€ 101.1 in) 2009. During the year ended on 31/05/2010, 362 apartments were sold (in 2009 - 208) of the complex Highbury Square residential. This sale generated a turnover of 133.6 million pounds (153 euro).
The total number of apartments sold to 31/05/2010 rises to 570 of 655 built. The profit margin for the sale of Highbury Square apartments has increased, and the loan contract for the building project has been extinguished, so sales of the remaining apartments will represent only revenue generating liquidity.
As for the residential complex of Queensland Road (south street that runs alongside the Emirates Stadium), for housing, the turnover was 23.2 million pounds (26.6 EUR). The company was sold to the purchaser during the month of February 2010 Newlon Housing Trust, who also made a payment in cash for 11,900,000 pounds, in view of the fact that you have agreed to cover the costs of demolition and remediation of the entire site, including any necessary works to move the road south. In accounting terms, this sale did not result in gains or losses, but has allowed a group company, the Ashburton Trading Limited, to repay in full its loan to the bank, clearing its debts.
The cancellation of the debt means that, as with Highbury Square, any future sales activity will lead to excess liquidity.
More specifically, the turnover of the football industry is composed as follows: Sales
Tickets: £ 93.9 million (100.1 in 2009), with an incidence of 42.13% of total area;
-media rights: 84.6 million pounds (73.2 in 2009), with an incidence of 37.94% of total industry;
-Retail Sales: 12.6 million pounds (13.8 in 2009), with an incidence of 5.66% of total area;
- Business activity: 31.4 million pounds (34.3 in 2009), with an incidence of 14.07% of total area;
-Other revenue: 0.4 million pounds (3.5 in 2009) with an incidence of 0.21% of total area. The decrease
larger in absolute value (-6.2 million pounds) was recorded at the level of ticket sales, due in less than 5 games played at home.
Operating expenses increased from 274.8 million pounds (314.7 euro) to 344.3 million (394.3 EUR) with an increase of 25.28%. The ratio of operating expenses and revenues rose by 87, 71% to 90.64%, this means that for every 100 pounds in the previous year's sales there were 87.71 pounds in operating costs, while the year ended May 31 2010 90.64 pounds have occurred to generate the same revenue.
The operating expenses of the real estate sector amounted to 141.6 million pounds (€ 162.2 million) and show an increase of 77.73%.
The operating expenses of the sports sector, however, the record figure of 202.7 million pounds (€ 232.2 million), showing an increase of 3.99%.
The impact of operating expenses of the sports division of revenues in the same sector is 90.91%.
As usual, the most important item in the operating expenses of the sports sector in the cost of personnel, amounting to 110.7 million pounds (126.8 million €). This cost represents an increase of 6.50%. An indicator of the quality of economic management of a football club is the ratio of staff costs and turnover. In this case, the impact of the cost of staff turnover of sports management is 49.67%, which can be judged positively, even in view of the average number of units used, which increased from 384 in 2009 to 416.
Amortisation of players rose 25 million pounds (23.8 in 2009), approximately 28.6 million €.
If we add this item to the cost of personnel, the incidence of both cost of sales rose to 60.90%.
The excess of capital gains on the sale of players has increased significantly, from 23.2 million pounds (26.6 million €) to 38.1 million (43.6 million €). The increase of 14.9 million pounds was equal to 64.55% and the most important supplies that have certain capital gains have been those of Emmanuel Adebayor and Kolo Toure.
Net financial expenses increased from 16.6 million pounds (19 million €) to 18.2 million (20.8 million €).
Gross profit marks a sharp increase. On 31/05/2010, recording a profit before tax of approximately 55.9 million pounds (64 million €), an increase of 22.97%, while net profit of 60.9 million is exposed pounds (69.8 million €) higher than 25.7 million (29.4 million €) from the previous year. We can say that the increase in gross profit for the year is mainly due to the excess of capital gains on the sale of players.
Gross profit generated by the real estate sector was 15 million pounds.
The mechanism of calculating the tax resulted in a profit of 5 million pounds (5.7 million €), this result was negative in the previous year to 10.3 million (11.8).
In particular, between taxes on income, 31 May 2010, has shown a positive amount of 18.6 million pounds (€ 21.3 million) for adjustment of taxes for previous years.
Good news for English clubs due to the fact that the budget for the year 2010 (Finance Act 2010) provides for the reduction of the "corporation tax "(our IRES) from 28% to 27% with effect from 1 April 2011. In terms of this deferred tax reduction will generate positive adjustments to deferred taxes, already calculated, to about 1.3 million pounds (1.5 mln €).
Net fixed assets decreased by 509.5 million pounds (€ 583.6 million) to 496.2 million (€ 568.3 million), a decrease of 2.62%.
The gross value Rose-players amounted to 143.9 million pounds (€ 164.8 million), while net depreciation is carried on the balance sheet has a value of 60.6 million pounds (68.4 in 2009), approximately 69 , € 4 million, which represents 12.22% of the value of fixed assets Net balance sheet. A balance sheet value, the Arsenal of the rose, which allow you to record more gains, just think of Cesc Fabregas.
Current assets decreased by 323.8 million pounds to 240.5 million, mainly due to reduction in inventory is allocated where the value of the property market, ie those intended for resale. Due to a significant sale of the same, the balances relating to real estate goods rose from 167 million pounds (€ 191.3 million) to 45.8 million (52.5 million €), a decrease of 72.60%. The properties for resale are stated at lower of cost and net realizable value. Administrators Arsenal Holdings Plc consider that in their case, the net realizable value of these inventories is higher than their book value.
Both short-term credit that increases the cash register. The short-term loans increased from 45.9 million pounds (52.6 million €) to 62.3 million (71.3 million €), while the cash mark the figure of 127.6 million pounds (146.1 mln €), showing an increase of 28.10% over the previous year. Among the accounts receivable are exposed to 13.9 million pounds (15.9 million €) for Corporation Tax and 17.9 million pounds (20.5 million €) for loans to other clubs from the transfer of players. The change
of cash was positive for 27.9 million pounds (31.9 million €). Under the conditions of release on bond, the group is required to maintain certain amounts in bank deposits guarantee against future payments of interest and principal.
The short-term debt is in sharp decline, from 314 million pounds (€ 359.6 million) to 154.8 million (€ 177.3 million), a decrease of 50.7%. Among the positive notes should be pointed out the disappearance of short-term bank debt secured during the preceding year amounted to 129.2 million pounds (148 million €). The amount of fixed rate bonds to be repaid within one year following amounts to 5.2 million pounds (5.9 million €). The voice that has higher incidence among the short-term debt relates to deferred income to 110.8 million pounds ($ 121.1 in 2009), or approximately € 126.9 million.
The long-term debt amounted to 283.8 million pounds (292.7 in 2009), approximately 325 million euro. They are composed of fixed rate bonds for 178.4 million pounds (€ 204.3 million), variable rate bonds for 53.1 million (60.8 million €), debentures for 26.4 million (30.2 m €), other debts of 6.9 million (7.9 million €), other financing to 4.3 million (4.9 million €) long-term deferred income for 14.7 million (16.8 million €).
Among the unsecured loans find bonds with a nominal value of 14,438,000 pounds (16.5 million €), which are redeemable at par, after 132 years without interest and we also find another bond with a nominal value of 10,224,000 pounds (11.7 m €) repayable on demand in 18 years at a rate of 2.75% per year.
The fixed rate bonds were acquired at a rate of 5.1418%.
The floating rate bonds have been contracted at a rate composed of the 3-month LIBOR with a spread of 0.22%. Of course, to protect themselves from interest rate risk were entered into derivative contracts.
The payment of installments of fixed rate bonds and floating rate notes are guaranteed by some members of the Group and Ambac Assurance UK Limited. As for Ambac Assurance UK Limited, issue guaranty policies with annual premiums calculated on the outstanding principal to be repaid at a rate of 0.50% for fixed rate bonds and 0.65% for variable rate bonds. In addition, these bonds are secured by mortgages on real property and facilities of the Group, time deposits with banks for 46.5 million sterline.La average duration of fixed-rate bonds is 19 years, that of variable rate bonds is 20 years.
Provisions record figure of 42.6 million pounds (32.2 in 2009). The higher case of deferred tax of £ 35.2 million (40.3 million €).
The equity in addition to being positive is increasing. In fact, increased from 194.3 million pounds (€ 222.5 million) to 255.3 million (€ 292.4 million), an increase of 31.39%.
Equity represents 34.66% of the capital and 51.45% in non-current. Luca Marotta

jstargio@gmail.com

Do I Need To Shave For For A Pap

PRESENTATION OF THE BOOK "THE MAN OF MONTEVECCHIO"

Friday, October 15, 2010, at 17:00 at the headquarters of the Society of Mutual Aid Brotherhood working in Via G. No Vaquer 8 Arbus, presentation of the book "The Man of MONTEVECCHIO" Professor Paolo Fadda.


Man Montevecchio
The public and private life of Giovanni Antonio Sanna, the most important mining industry of the nineteenth
(Sassari 1819 - Rome 1875)
Paul Fadda
Carlo Delfino Editore
pp. 239, Euro 40.00



Short article on Joseph Ceretti ilSole24Ore.com:
http://www.ilsole24ore.com/art/cultura/2010-05-15/libri-montevecchio-081900.shtml