Luca Marotta Friday 31 December 2010 00:01
Despite the occurrence of "exceptional", the balance sheet at June 30, 2010 FC Internazionale Milano SpA is colored in red again, the relevant figure of 69 million €. Certainly not new, since, by the year 1998/1999 to 2009/2010 season, the total amount of loss breaks through the roof of one billion euro, reaching a € 1,044,266,563.
The events of "exceptional" or even "unique", there were those sports, but a gain of 53.6 million, adjusted for the sale of Ibrahimovic and the windfall of 16.1 million recorded for the termination of the contract Mourinho. According to Massimo Moratti, the loss occurred at the June 30, 2010 finds its justification in having wanted to keep the first team to be excellent world. In fact, production costs remained high due to the salaries of the players and coaching staff, and the amortization of the entitlements to the players. The new budget approved last
FC Internazionale Milano SpA is represented by the fact that the Milan-based company has expressed its willingness to match, as soon as the new system called "financial fair play" through a "new" policy of containment of costs related to the first team and by increasing revenues. According to the Milanese company, cost containment will be implemented trying to save on salary and also "through the sale of key players."
Among the indicators, considered by UEFA regulations on "financial fair play", takes on considerable importance that the principle of continuity. This "indicator" must keep track in audit reports attached to the budget. Regarding the recent budget Inter, the supervisory board, the recall of information, to the effect of the presence of "significant losses", stated that the Management Report and in the notes, the directors have confirmed that "the reference member expressed the usual commitment to support in the future, if necessary, economically and financially the company and on this basis has been written this financial statements on a going business. " This fact is easily verifiable by the fact that the Assembly of 26 October 2009 resolved a capital increase of 70 million. As of June 30, 2010, this increase was signed but not fully paid, in fact, the budget was presented a claim for payments due from shareholders amounted to € 28.8 million. On July 12, 2010 and 5,000,000 were paid on July 29, 2010 another 15 million have been paid. As for the amount remaining in the Management Report is written "the capital increase approved by the shareholders' meeting of October 26, 2009 will be completed by October 2010." During the year 2009-2010, the sale of "high" Ibrahimovic was offset by the purchase of players as "important."
The importance of the players acquired is an objective fact. In fact, the last budget, the registration rights to the performance of players amounted to € 171,758,412 (158,445,336 in 2008/09), an increase of 8, 40%. The most important purchases were 27.9 million for Samuel Eto'o, Sneijder for 18 million, 11.2 million for Thiago Motta, Mariga 10 million, and Lucio Biabiany 8.4 million to 7.8 million. The most important assignment, that of Ibrahimovic, occurred at 69.5 million, resulted in the reversal of a net book value of 15.9 million. The amortization of intangible assets, amounting to 64,846,192, an increase of 29.86% over the previous year.
Another fact that demonstrates the importance of these players is the cost of personnel. Personnel costs amounted to € 234,019,967 and € 205,082,722 compared to the June 30, 2009, an increase of 14.11%. The ratio of personnel costs and production value is 72.34%, remember that financial fair play to the relationship between personnel costs and total revenue should not exceed 70%.
Another relevant indicator of "financial fair play" is the existence of negative equity. In the case of Inter, shareholders' equity at June 30, 2010 was negative for € 7,365,451, while, at June 30, 2009, was negative for € 28,319,647. At June 30, 2010, with this negative equity the company was in the situation under Article 2447 of the Civil Code, namely "reduction of the share capital below the legal limit." However, with the approval of the balance sheet of August 31, 2010, the company came to be in the condition of Article 2446 of the Civil Code, namely "reduction of more than one third of the capital." The situation on August 31, 2010, showed total revenues of € 76,338,675 and expenses totaling € 66,534,110 with a net income of € 9,804,565, being mainly determined by the capital gains amounting to € 44,059,770 from the transfer MIPs for the rights to football players, among which Mario Balotelli (21.8 million) and Nicolas Burdisso (7.6 million). In this way, the company's equity, returns to being positive for more than 2.4 million €. This practice is also known as "use of profits for the year to cover operating losses," and is the subject of "debate" by case law and legal expert in commercial law.
The general assembly of FC Internazionale Milano SpA has been asked to reduce the share capital from € 118,145,178 to € 2,439,114, to cover the losses of previous years not yet covered, together with the loss for the year 2009/10. The same meeting approved a capital increase to € 40 million, due before December 31, 2011. To weigh the presence of negative equity, plus the presence of a negative net working capital. Net working capital as determined by the difference between current assets and short-short-term debt, was negative for 279 million euro. In the previous year, this indicator was also negative for 270.9 million. It deteriorated by 2.98%. The working capital amounted to 115,522,646 (66,421,097 in 2008/09, +73.92%). Outstanding receivables within current assets to € 115.1 million. The amount is even greater for loans to institutions of the sector for 65.7 million euro (29.8 in 2008/09). Barcelona is the debtor to EUR 27.3 million Inter, Genoa to 11.5 million, 10.8 million for the Parma, the Ternana of 7.6 million, 4.5 per Piacenza, Newcastle for 3 million, € 400 000 for Malaga. At June 30, 2010, are claims against the sponsor Pirelli for € 650,000 and from Nike to thousands of € 2974. Loans to subsidiaries amounting to EUR 2.4 million, relates to a service contract with Inter Brand srl. The amount due from the parent for € 2 million relates to claims arising in relation to tax consolidation. Cash and cash equivalents amounted to € 385,899.
debts amounted to € 462,995,411 and an increase of 7.29% over the previous year. Amounts due to banks amounted to 71,302,047, marking an increase of 47.58% over the previous year. Debts to other financial liabilities relate to Barclays Bank amounting to € 8.6 million for the sale with recourse of remaining credit owed Barcelona, \u200b\u200band due to the Credit Institute for Sports 372 000 €. Amounts due from subsidiaries amounted to 97.1 million (113.1 in 2008/09), of which 96 are related to the license fees for use of trademarks. Among the tax debts, amounting to 22.3 million, has highlighted the personal income tax on income from employment for 14 million euro, IRAP and VAT for 4.8 million to 3.5 million. Amounts payable to entities in the sector specific amounted to € 88.5 million. These liabilities decreased by EUR 10.2 million. Among the clubs with which FC Internazionale Milano Spa is debt outstanding: 23.1 million for the Genoa, Parma 21.4 million, the Ternana 5.7 million, 4.5 million for the Piacenza, Roma for 4 , 3 million, 2 million to Cagliari. "Other debts", which constitute the most significant amounts, totaled 101.5 million (71.6 in 2008/09) and liabilities relating to employees to 61.1 million (31.2 in 2008/09), debt for loans sold with recourse to 40 million and other payables 373 000 € for. The liability for loans sold with recourse relating to the supply of credit relative to the corresponding of television rights. The ratio of debts to employees and the cost of staff leads to estimate a delay of about three months in the payment of salaries, to the extent allowed by the "financial fair play".
Accrued expenses amounted to 272 000 €, while deferred for consideration in advance amounted to € 26.5 million (18.4 in 2008/09). In the notes specify that the Nerazzurri have considered it unnecessary to impose capital gains tax for IRAP from the sale of the rights of long-term performance of professional athletes, following the interpretation given by the Football League and supported by authoritative opinions professional. Because of this "interpretation", whose guidance has also been followed in previous budgets, there are numerous disputes following the discovery of the tax, which cover virtually all the financial years 2001/2002 to 2006/2007. The production value of the last budget recorded a record $ 323.5 million, corresponding to an increase of 39% compared with 232.6 million of 2008/09. Revenues from the race amounted to € 41.6 million and represent 12.9% of production value. For this item, the increase over the previous year was 30.5%. Revenues from television rights are set to the tune of 156.2 million euro, equal to 48.3% the value of production 2009/10. The increase over the previous year was of 16.98%, due largely to television revenue from UEFA competitions, which rose from 28.3 million to 48.8 million euro. Revenues from sponsorship and advertising amounted to € 34.5 million, with an incidence of 10.7% of production value. These revenues mark a decrease of 15.25%, mainly due to the sponsorship item. Gains from the sale of rights to benefits of sports players amounted to € 72.9 million and account for 22.5% of production value. In the previous year amounted to 11.1 million. The explosive growth is due to the gain on the sale of Zlatan Ibrahimovic, who alone has given an amount of € 53.6 million. The capitalization of the costs of the nursery, which is essentially a transfer of costs, amounted to EUR 3.4 million and accounts for 1% of production value. The previous year was EUR 3.1 million. The highlight of this mail is to defer the cost over time in youth, which are considered to be a long-term investment. Contributions for operating expenses amounted to € 2.6 million and have an impact on the production value of 0.8%. The increase over the previous year was of 69.29%. This applies to federal payments disbursed by the Football League. Revenues from hiring players rose from € 460 000 in 2008/2009 to 1.1 million euro. The item "other income" shows the figure of 11.2 million euro, marking an increase of 8, 67%. In other revenues are included: services subsidiary for 4.5 million euro, and reversal of contingent liabilities in respect of 5.3 million, € 789 thousand active commissions, compensation insurance for 51 000 euro, revenues for stage coaches and schools for football 119 000 € and other revenues 482 000 €. Financial income from interest income amounted to € 3,296. Income from partnerships amounted to € 5.7 million, of which Jimenez and 1.7 to 3.1 per 800 thousand euro for Biabiany Mariga. Extraordinary income amounted to 16.1 million and relate to consensual resolution of the contract of Mourinho.
Management Report, concerning the performance of subsidiaries and affiliates, is confirmed the well-established business relationship exists with RCS Sport SpA, which, as part of promotion and advertising, has signed a partnership agreement for the next four years with Inter Brand srl. RCS Sport SpA will handle the management and development of sponsorship and branding Inter. It is said that the two companies has led to a "strategic partnership to pursue the common goal which seeks to attract, Inter orbit, more and more selective and qualified partner companies. "Again in terms of brand it is reported that between prepayments amounting to € 90,821,266 (108,475,048 in 2008 / 09, -16.27%), include prepaid multi-year license to use the mark of 88 million €. This amount covers the fees for the contract for the use of the mark, with its subsidiary Inter Brands Inc., for the period from 1 July 2007 to December 31, 2015. Amounts due within one year is 16 million €. Among the memorandum accounts highlighted the pledge in favor of Banca Antonveneta, for 'amount 40 million, 100% of the shares of Inter Brand Ltd to guarantee the loan obtained by the subsidiary. Moreover, of the costs for leases amounting to 22.2 million euro (21.9 in 2008/09), includes 16 million for license fees to use the brand. Finally, among the financial assets, its total interest in Inter Brands Inc., owner of the mark entirely, the figure for the amount of EUR 40 million.
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