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Fútbol Club Barcelona in red recapitalize
Luca Marotta Wednesday, November 24, 2010 0:19
The budget for the year ended June 30, 2010 Barcelona has been the subject of dispute and controversy between the Board of Directors outgoing, led by Joan Laporta i Estruch and the successor. On September 22, 2010, the new Board of Directors, chaired by Sandro Rosell i Feliu, has "reintroduced" the budget taking into account the findings and observations made by auditors Deloitte to the first draft of it, prepared by the "Junta Directiva" of Laporta.
In the first version, that of Laporta, is exposing a pre-tax profit of € 8.99 million, while in the "revised" by the "Junta" Rosell's budget shows a significant loss of € 79.6 million and a net loss of 59.1 million .
The analysis of changes made between the two versions of the budget can help us understand how the budget of a company, changing only some criteria for evaluating a limited number of places, both situations can be "quiet" situations "troubling" or even "alarming." The findings from Deloitte
objected to the first version resulted in a negative impact of € 91.6 million. The highest point about some provisions for liabilities not carried out according to the criteria of prudence, as the provision for litigation with the company Sogecable, for the transfer of the proceeds from Uefa on certain seasons. The provision made by the junta Rosell, for this litigation amounted to € 35.1 million plus 2.6 million in interest payments. Another dispute, on what the player Jose Raul Baena Urdiales, for breach of contract, has seen the player to succumb and be sentenced to a reimbursement of € 3.5 million of this amount to the Club, however, recorded as income in the first draft budget, according to the auditors had doubts about the collection. Another adjustment made by the "Junta" Rosell concerns the sale of land in Sant Joan Despi (a suburb of Barcelona), for which Laporta had recorded a gain of 14.9 million € in the absence of the final contract of sale. Another surprise was the free transfer of Thierry Henry, who in the first draft of the budget was "neutral", while in the second draft saw a record € 6.9 million for losses and 1.3 million for contractual obligations. According to Deloitte auditors, in the first draft of the budget of the value of land Viladecans (Barcelona), allocated in "Investment Property", was not estimated in accordance with auditing standards. The evaluation according to the accounting of such land has resulted in a decrease of € 11.5 million. In the second draft of the budget were recalculated properly deferred income relating to particular "bonus" for broadcasting rights, since June 9, 2010 the Catalan club had signed a new contract Mediaproducción SL, expanded and improved the previous year. The negative impact of this incorrect charge, compared to the previous year was 12 million euro. The "bad luck" was also wanted on 16 June 2010, Mediaproducción SL has asked the Bankruptcy Court of Barcelona of being subjected to voluntary bankruptcy proceedings and that the application has been granted June 22, 2010. The reformulation of the budget has forced administrators to record a provision of 3,250 thousand euro, due to the estimate of potential loss arising from the bankruptcy proceedings. Faced with this "detail" is not negligible, the Board wrote that, according to the information available at the time of drafting the budget, it can be assumed that the bankruptcy of the operator will have no effect on future revenue from the contract. On the latter claim, however, auditors Deloitte, in relation to the second budget, have written that you can not say objectively whether the provision made is adequate or not, nor is can be said with certainty that the bankruptcy will not affect future revenues of the Catalan club.
On the balance sheet at June 30, 2010 weigh heavy investments for the purchase of players registered between 1 July 2009 and June 30, 2010. Among these purchases arise in the order: Zlatan Ibrahimovic for 69.8 million euro, 38.9 million for David Villa, Dmytro Chygrynskiy 24.7 million and Keirrison de Souza, to 15.5 million euro. Unfortunately, some of these investments were subject to alienation, which led to the losses that will have a major impact on the 2010/11 budget. In fact, after 30 June 2010, the Board of Directors of Barcelona decided to sell some players including Dmytro Chygrynskiy, Yaya Toure and Zlatan Ibrahimovic. These three assignments will involve a total loss of 56.4 million euro, of which only 33.4 million for Zlatan Ibrahimovic. In the footnotes of financial statements is explained that the transfer Ibrahimovic, which occurred August 28, 2010, provides an option to purchase "irrevocable", valid from 1 July 2011.
summarize the information contained in the budget for the operation of Ibrahimovic, it appears that the player has cost € 69,884,000, which, at June 30, 2010, Inter was a creditor for € 36,759,000, of which 24.4 million € within the next year and 12.4 million in subsequent years, that the loss operation will be registered in 2010/11 to 33.4 million euro. This has been linked to the sale of Eto'o, for which the club Inter, to 30/06/2010, still had to pay € 9,461,000 (of which 6.9 million by next year). He added that October 2, 2009 Samuel Eto'o has sued the Catalan club to claim three million, equivalent to 15% of the selling price of its card. Among other things, the purchase of Ibrahimovic has also raised debt against the Swedish club Malmö Fotbollförening to € 1.2 million and from the Dutch club AFC Ajax NV for € 597 000. Ultimately, the exchange-Ibrahimovic Eto'o, as of June 30 2010, resulted in a credit balance in favor of the interaction of € 26,298,000. The balance in favor of Inter increases to 26.5 million € if we consider also the residue that Barcelona has to Inter for Maxwell. Given the figures, from the standpoint of economic and financial, arise about how to do at least some doubt.
The three Italian clubs are indebted to Barcelona: AC Milan SpA, FC Internazionale Milano SpA and AS Roma spa. AC Milan is one million euro for Ronaldinho and Zambrotta to 666 000 €. The Roma, however, has yet to € 400 000 for Ludovic Giuly. Inter, in addition to debts incurred for Eto'o, has 31 000 € for Quaresma. The
"Fútbol Club Barcelona" boasts of being the club with more associates, in fact, during the 2009/10 season, Barcelona have been able to count on the support of 173,071 members. Regarding their distribution, 132,707 are men (76%) and 40,994 are women (24%). Members under 18 years are 40,500 (24%). The total turnover
"typical" for the 2009/10 season, was 371.5 million euro. It has registered an increase of 8, 31% over the previous year. The shares contributed € 18.9 million, with an incidence of 5.08% on total and an increase of 6.71% over the previous year. Revenues from the sale of broadcasting rights amounted to 157.5 million, with an incidence of 42.41% of the total and an increase of 16.21%. Commercial revenues amounted to € 116.2 million. Their impact on sales was 31.28%, while they increased by 3.81% over 2008/09. If the turnover
add other operating income, the figure rises to 398 million euro (366.7 million in 2008/09), as the volume of operating revenues.
As for the cost of personnel is the figure of 234.8 million euro, an increase of 16.64% over the previous year. It is noted that the variable cost of staff was recorded a premium of 13.8 million euro for the Champions League, while the corresponding revenue will be booked in 2010/11. The increase in personnel costs was € 33.5 million. The incidence of this cost on net sales of 63.20%, while if we consider the total operating revenue, the incidence drops 58.99%. The amount that the Catalan club pays the players and coaches for image rights is recorded separately from the cost of staff and is included in item "cost of services" and amounts to approximately € 17 million, an increase of '8, 83%.
With regard to the balance sheet at June 30, 2010, total assets amounted to 489.5 million euro and total liabilities amounted to 548.6 million resulting in a negative equity of € 59.1 million. In the 2008/09 budget, the net worth was positive for 20.8 million. Non-current assets amounted to 379.6 million euro (350.1 in 2008/09). The most important item is represented by a non-current intangible assets Sports Net, which amounted to 213.2 million euro (122.9 in 2008/09). The increase in this item amounted to 73.50%. In fact, the gross amount of the Rose players rose from 219.4 million to 347 million, an increase of 127.6 million. Non-current liabilities amounted to 114.2 million (129.4 in 2008/09). Current liabilities amounted to 434.4 million euro (359.9 in 2008/09). Among these outstanding liabilities to the amount and growth in bank loans, which rose from 29.8 million on 30 June 2009 to 114.2 million in June 30, 2010, an increase of 283.35%. This amount is comprised of 34.7 million of bank overdrafts, from 79.1 million received from a loan from a syndicate of banks and € 400 000 for accrued interest expense. The debt to the staff, amounting to 60.7 million euro (60.4 in 2008/09), compared to the cost of personnel, we estimate about three months ago the late payment of wages.
The Catalan club is preparing a plan for restore a positive net worth within three years. For the following season (2010/11), it is expected a substantial improvement of this situation, because, as mentioned above, including losses resulting from the sale of Zlatan Ibrahimovic, while the 2011/12 season is expected to turnaround . In fact, in the budget estimates for 2010/11 is still expected a loss before tax amounted to 21.4 million, despite operating revenues were estimated at 420.2 million euro. The club azulgrana
debt is too high for the cash flow generated by the club. And it is too high if you look at the total gross debt, and if you consider the debt net. Ultimately, the "Fútbol Club Barcelona" needs a robust recapitalization.
In fact, the total gross liabilities increased from 489.3 million to 548.6 million, an increase of 12.12%. Financial liabilities increased from 320.3 million to 410.2 million, an increase of 28.03%. Net debt fell from 225.7 million to 379.6 million euro, an increase of 68.16%. Despite these debtors, "Junta Directiva" led by Rosell gives the impression of rocking on the fact that the Club has available lines of credit, which can be used to meet its obligations.
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