ACF Fiorentina Spa is a subsidiary to 97% by the company Diego Della Valle & CSAP. In turn, ACF Fiorentina SpA operates three 100% owned, namely: Florence Viola Ltd.; Campus Ltd and Promises Viola Viola Viola Firenze Srl Company Ltd. owns 2% of ACF Fiorentina and Spa is the owner of the trademark "Fiorentina" and trophy of the failed AC Fiorentina Firenze Viola Spa Ltd has granted the exclusive use, the company ACF Fiorentina Spa use the trademark "Fiorentina" in the face of an annual fee of Euro 600,000. However, there is also a sub-license between ACF Fiorentina El'azar. The Violone Ltd., a subsidiary of Diego Della Valle & C. Sapa, per l’utilizzo del marchio a fronte di un corrispettivo annuo di Euro 12.500. La società Campus Viola srl, con sede in Sant’Elpidio a Mare (AP), ha per oggetto lo sviluppo di un centro sportivo nel Comune di Incisa in Valdarno. La società Promesse Viola srl si occupa del settore giovanile. Nella nota integrativa al bilancio di esercizio chiuso al 31 dicembre 2009 è specificato che ACF Fiorentina redige il bilancio consolidato “ai soli fini del soddisfacimento della normativa FIGC”.
L’esercizio chiuso il 31 dicembre 2009, oltre ad evidenziare un utile di 4.442.803 euro segna un punto di svolta nella gestione finanziaria dell’ACF Fiorentina Spa, per il quale si esprime soddisfazione nella relazione sulla gestione. Infatti, secondo gli amministratori della società, durante l’esercizio 2009, si è registrato il definitivo consolidamento dell’equilibrio finanziario e si sono avviate attività che, se adeguatamente implementate, possono consentire una vera e propria autonomia finanziaria della società. In particolare, il saldo della campagna trasferimenti dell’estate 2009, ha permesso di riequilibrare l’esposizione finanziaria formatasi nella precedente sessione estiva. La cessione più importante è stata quella di Felipe Melo per 25 milioni di euro, pagabile in tre rate annuali da 8,5 milioni. Questa cessione, che ha generato una plusvalenza di 17,7 milioni di euro, was partially offset by the purchase of 4.5 million Marchionni and Cristiano Zanetti for 2 million. The balance of the transfer campaign to 31/08/2009 was positive for 3.6 million, compared to 31/08/2008 was negative for 49.7 million. The same administrators emphasize that the choices made by the company are in line with the recommendations of UEFA and FIFA about football and sustainable financial fair play. In fact, the equity is positive, there is no debt, there was an operating profit, salaries are paid in time, but we should also point out that the formation of the 2009 has had a significant capital gain realized on the sale of Felipe Melo to Juventus. Also, consider the year ended December 31, 2008 ended with a loss of 9.2 million and the exercise ended December 31, 2007 ended with a loss of EUR 3.7 million.
Regarding the financial statements, year ended 31 December 2009, auditors Deloitte found that the Company maintained, in previous years, significant economic losses, which have been systematically ripianate by members. According to the same reviewers, the members continued to provide the necessary financial support and investment in particular, during 2009 payments were made in cash for future capital increase and coverage of losses for 10 million euro. In any case, to meet liquidity requirements, due to the dynamics of cash flows, the company signed in February 2010 a loan agreement with its parent company Diego Della Valle & C. Sapa, for a line of credit interest bearing.
Obviously, the positive data of the 2009 budget are also influenced by the positive results of the 2008/09 season, which ended with a fourth place in the league and the achievement of the sixteenth edition of the UEFA Cup 2008/09, as well as the brilliant participation in the Champions League 2009 / 10, with the passage of the preliminary round and reached the top spot in the group stage, ahead of Lyon and Liverpool. The value
production, 31 December 2009 increased to € 140,040,713 to € 108,521,983, an increase of 31.5 million or 29.04%.
Revenues from ticket sales and subscriptions amounted to 14.5 million, while in the previous year amounted to 16.8 million, a decrease of 13.76%. One reason for this reduction in revenue is attributed to the rules that have introduced more restrictions on access to the stadium, for reasons of public order. In addition, the match schedule has provided the home games with the best teams in the second round. The international matches played in 2009 were 5, while in 2008 they were 8. Administrators note che, nonostante il ridotto “bacino d’utenza”, a causa delle dimensioni del territorio comunale, la Fiorentina si pone immediatamente a ridosso, come incassi da botteghino, delle squadre delle più grandi città d’Italia. Un altro dato interessante evidenziato è il numero dei telespettatori che, per quanto riguarda il campionato 2008/09, registra un dato medio di circa 350 mila spettatori, collocando la Fiorentina dopo le milanesi, le romane, il Napoli e la Juventus.
I contributi in conto esercizio si sono azzerati, nel 2008 erano pari a 481.506 euro. I ricavi da sponsorizzazioni sono pari a 11,6 milioni (11,7 nel 2008). I ricavi pubblicitari ammontano a 4,9 milioni, mentre nel 2008 erano pari a 4 milioni. Proceeds from sales and royalties amounted to 738 000 €, a decrease of 123 thousand euro. Income from television rights sales amounted to 45.4 million (44.3 in 2008) and account for 32.45% of production value. The miscellaneous income amounted to 26.3 million (23.5 in 2008) with an incidence of 18.78% of production value. Revenues from hiring players recorded a figure of 2.3 million in 2008 were EUR 1.5 million. Gains on disposal of players' registration rights to benefits amounted to 33.6 million in 2008 were EUR 3.5 million. Their impact on the value of production was 24.02%. The most important gain has involved the sale of Felipe Melo at Juve and was equal to € 17,683,733. The gain on the sale of Pazzini at Sampdoria was 7.1 million, to € 5.7 million Kuzmanovic and that of Osvaldo amounted to EUR 2.2 million. Other income from operations amounted to 111 000 € players and revenues and other income amounted to 472 000 euro (1.7 million in 2008).
Note that in the paper include the miscellaneous income from participation in the European Cup for 22.4 million (19.2 in 2008).
Production costs amount to € 131,194,091, while in 2008 were EUR 117.7 million, an increase of 11, 45%. The most important items are represented by staff costs and depreciation, represent 73% of the cost of production.
The personnel costs rose to € 65,484,760 to 63,312,290, an increase of 3.43%. The ratio of personnel costs and production value is equal to 46.76%, well within the limits set by the regulation of financial fair play. This ratio in the previous year stood at 58.34%. However, it should be emphasized that, if escludessimo capital gains, the ratio of personnel costs and revenues would increase to 69.23%. Depreciation, amortization and impairment
passes 28.6000000-30.5000000, an increase of 6.57%. Specifically, the amortization of intangible assets amounted to € 28.6 million, with an increase 0.97% compared to 2008. Depreciation of tangible fixed assets amounted to 298 000 €. Were made for 1.3 million asset write-downs and write-downs of loans to 234 000 €.
Service costs amounted to 14.4 million, an increase of 14.06%.
Costs for the use of third party assets amounted to € 1,582,452, an increase of 18.40%. These costs include the rental of the stadium for 750 000 €, the cost for the right to use the mark for 500 000 €, rental of premises and other premises for € 31,800 and rents sports fields for youth teams to € 85,637 .
Provisions for liabilities amounted to 1,160,000 and are unchanged from the previous year.
The other operating expenses go 10.3000000-17.1000000 euro, an increase of 66.22%.
This item is recorded losses amounting to € 6 million. The most significant involved the sale of 3.3 million for Manuel Da Costa. The cost for acquiring temporary performance of the player of Juventus Almiron was € 219,394. Another important item is the mutual negative for 7 million TV rights.
Ebitda, or earnings before depreciation, amortization and interest charges is positive for 40.5 million, an increase of 21.1 million compared to 2008.
EBIT, which is the result before interest and taxes, it is good to 8,846,622, while in the previous year was negative by € 9,195,626.
The financial management was a positive 1.25 million. The positive result of the financial management is primarily due to partnerships art. 102 A NOIF to 1.19 million.
Extraordinary operations is a negative € 38 000, accounting for 779 000 Extraordinary income and extraordinary charges of € 817 000 €.
Profit before tax amounted to € 10,062,654, while in the previous year was negative by € 9,306,427.
The income taxes amounted to EUR 5.6 million.
's profit for the year is exposed to € 4,442,803. In 2008, however, showed a loss of € 9,179,484.
The total assets increased from € 171,220,970 to 173,675,641, an increase of 1, 43%.
Total net assets are exposed to € 83.3 million, a decrease of 25.64% compared to 2008. The multi-year rights to the performance of players amounted to € 72.6 million in the prior period were EUR 101.8 million. Their impact on total assets is significant and is equal to 41.8% (59.5% in 2008). Tangible fixed assets account for just 0.6%. Due to the suspension of the activity, has been devalued, 700 thousand € entitlement to benefits of Mutu. Financial fixed assets amounted to 7,074,000 and were up to 124 000 € compared to 2008. They relate to investments in subsidiaries 6,950,000 and € 124,000 for investments in other companies. The working capital increases
57.1000000-86.6000000 euro, with a variation of 51.59%.
Inventories, regarding the stock of sports equipment and merchandise, amounted to 188 thousand euro, with a decrease of 3.83%.
The total loans was up by 33.84%, from 51.7000000 to 69.2000000 euro.
receivables consist of amounts due from customers 9.5 million, receivables from parent to 9.4 million (14.4 in 2008), tax credits for € 250 000, deferred tax assets for 2.9 million (€ 450,000 in 2008) relates to receivables for 47 million. In other receivables include receivables from sector-specific institutions 46.7 million, including 28.2 million in loans to clubs for active transfers. Of these, 11 million are due after one year. The debtor company for ACF Fiorentina SpA, which appears with the greatest amount Juventus FC SpA for 16.5 million, followed by Sampdoria with 6.3 million. The largest amount of loans to customers about Lotto Sport Italy SpA for € 1,080,715, in respect of invoices issued and 1,784,160 for Sky Italy €, with regard to the invoices to be issued. Loans to parent concern the amounts to be received under the Rules of the group in terms of fiscal consolidation.
Cash at large and were sharply increases from 5,194,192 to 17,164,369 €.
Prepayments and accrued income amounted to € 3,770,910, while in 2008 amounted to € 2,052,865. The higher concerns about deferred compensation for image rights amounting to EUR 1.7 million.
shareholders' equity is positive and amounts to € 92,690,451, an increase of 18.46% over the previous year. The change is due to payments of money on future capital increase covers losses of € 10 million and operating profit.
Provisions for risks and charges amounted to 7.4 million (1.3 in 2008) and are on the rise mainly due to increase of 5.1 million of deferred tax liabilities.
The severance pay amounts to € 96,461, an increase of 7.80%.
The total debt is reduced from 80,115,875 to € 63,981,803, a decrease of 20.14%.
Debts consist of: accounts payable amounted to 7.7 million (5.1 in 2008) to 4.4 million in tax liabilities (4.9 in 2008) due to pension and social security for 139 thousand euro; debt and sharing art. 102 A NOIF to 3.5 million, due to industry bodies specific 37.7 million (54.4 in 2008); other payables 10.5 million (12.1 in 2008). Amounts due after one year amounted to EUR 7.1 million. Among the accounts payable for bills receivable outstanding debt to the RCS Pubblicità SpA for € 302,000. Among the tax liabilities include debts for income tax to € 3.5 million relating to the remuneration of November and December 2009, paid regularly during the months of January and February 2010. The debt amounted to 874 000 € IRAP. Among the partnerships debts to the debt figure for Papa Waigo to Genoa for 2.1 million and the debt for one million to Ascoli for the heels. The amount owed to the clubs, due to transfers, amounted a 26,2 milioni, spiccano l’AC Milan con 5 milioni, la Juventus con 4,4 milioni, il Catania e la Lazio con 4 milioni. Nella voce altri debiti sono inclusi i debiti verso i tesserati per stipendi e premi ammontanti a 5,5 milioni, che riguardano la mensilità di dicembre 2009.
I ratei e risconti passivi passano da 11,4 a 9,5 milioni, con un decremento del 17,04%. L’importo più importante di questa voce riguarda i risconti passivi per abbonamenti della stagione sportiva 2009/10 pari a 4,2 milioni.
Tra i conti d’ordine nella voce “Beni di terzi presso l'impresa” figurano: 899.150 euro per la valorizzazione, al prezzo di listino, dell’intero parco automezzi, che lo sponsor principale Toyota has granted free loan; 150 000 € for the exploitation of Cups and Trophies of the bankrupt company AC Fiorentina Spa, owned by Florence Viola srl.
The positive opinion on the financial reached on an analysis of three indicators. The excess of current assets and current liabilities, amounting to € 12.9 million, demonstrates the financial stability achieved in the short term. The difference between equity and long-term applications, while being negative for 1.69 million, is still close to balance and is a clear improvement over the previous year (-35.2 million). The fact that the equity covering 98% of assets Non-current assets, according to administrators, testifies to the achievement of balance sheet. Shareholders' equity covers 53.37% of the assets in the prior period, however, covered the 45.70% and this fact demonstrates the improvement of the degree of financial independence.
to 31/12/09 The budget for ACF Fiorentina is broadly Co.Vi.So.C. parameters. The relationship between equity and multi-year rights to the performance of players is equal to 1.28 el'insussistenza of debt makes it impossible to calculate the ratio between production value and debt.
Regarding the issue stage, on January 25, 2010, was signed an agreement between ACF Fiorentina SpA and the Municipality of Florence. The City of Florence, from the 2010/11 season, has granted the exclusive use of the Stadio Artemio Franchi, Sports Centre and "The Campini", which is training the first team. ACF Fiorentina will operate independently and with the purpose of "business" these facilities, and organizing non-sporting events (concerts), dining and commercial space for interior merchandising. However, Fiorentina continues to consider the draft of the new stadium and the "Violet Citadel" a strategic priority and essential for future development of the Company.
Luca Marotta
Published on: www.ju29ro.it
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