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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