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
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