Approved budget: reduced costs, gains ...

It ended a few minutes the Assembly, ordinary and extraordinary, FC Internazionale Milano SpA at the Hall of Columns of Banca Popolare di Milano.

The balance sheet at June 30, 2011, the revenues, which were sustained at good levels, corresponding to about 270 million euros, equivalent to 51 million gain. The costs, which have had a significant reduction of 50 million euros, remained elevated for the fees to the players and technical staff and for the amortization of players' rights to benefits budgeted for 57 million euros. The losses, equivalent to 86 million, are already fully covered by the Company.

It has been confirmed, the Board of Directors, with Dr. Massimo Moratti, President, and was also confirmed the Board of Auditors for the period 2011-2014.

As for the extraordinary session, it was determined an increase of capital of 40 million.

http://www.fcinternews.it/?action=read&idnotizia=62450
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Ok, this is made lo stile our friends in Juve section, can anyone give it proper translate?
It says Inter made gain of 51 then it say it was a loss of 86? Da fak, can anyone clear this up, im really interested in this...

It basically says Inter brought in approx. 270 million euro in total revuene, with capital gains of 51 million euro. Costs were reduced by approx. 50 million euros, although they remained elevated because of player, staff and amortization costs budgeted at 57 million euros. Total losses equaled 86 million euros, which have been fully covered by the club.

Capital gains of 51mil and reduced costs of 50mil, yet the total losses are 86mil? Google+Gigi's translation makes no sense.

Anyone who knows better italian? Italianfool maybe?

InterMalia wrote:Capital gains of 51mil and reduced costs of 50mil, yet the total losses are 86mil? Google+Gigi's translation makes no sense.

Anyone who knows better italian? Italianfool maybe?

My translation is the literal translation. You will need to find someone who knows Italian finance to figure out what the capital gains means. In Canada, you can receive capital gains from selling stock, real estate, etc, but I do not know how that affects profit at a football club and how that relates to the losses.

capital gains are gains recieved from selling assets such as players, and they are a part of the total revenues. so basically we made 270 millions (including player sales) and spent 356 millions (270+86)

it should be noted that these loses are not all cash losses since a huge part of it is players amortization (player value/number of years on contract) for example Mota+Milito cost 7.5m in amortization + their wages, while chivu costs us 4m amortization + 4m in wages

if anyone can find the financial statements we can make a better assesment of our finances

zizzle wrote:capital gains are gains recieved from selling assets such as players, and they are a part of the total revenues. so basically we made 270 millions (including player sales) and spent 356 millions (270+86)

it should be noted that these loses are not all cash losses since a huge part of it is players amortization (player value/number of years on contract) for example Mota+Milito cost 7.5m in amortization + their wages, while chivu costs us 4m amortization + 4m in wages

if anyone can find the financial statements we can make a better assesment of our finances

Thanks for the financial interpretation. I was wondering how the capital gains works with a football club. I guess the losses can be written off somehow against that 51 million in capital gains and then you save money by paying less taxes on the revenue. That's how it works in Canada. But it is interesting the nuances of how football clubs get revenue and how gains and losses are calculated regarding players's salaries, selling players, etc.