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Thread: Real Madrid

  1. #16996
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    Quote Originally Posted by Barcilliant View Post
    Apparently Benzema is his favorite.
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    Man simply loves a good roast.

    It would make a bit of sense if this happened short after a Clasico loss.
    Last edited by Horatio; 14th July 2021 at 02:18 PM.

  3. #16998
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    In the middle of all the nonsense about Perez, Real just released a financial summary after 2020/21

    https://twitter.com/realmadrid/statu...88277629128705
    https://www.realmadrid.com/noticias/...e-874000-euros

    Club records a profit of 874k
    Net debt fell from 240 to 46 million
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  4. #16999
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    Quote Originally Posted by El Gato View Post
    In the middle of all the nonsense about Perez, Real just released a financial summary after 2020/21

    https://twitter.com/realmadrid/statu...88277629128705
    https://www.realmadrid.com/noticias/...e-874000-euros

    Club records a profit of 874k
    Net debt fell from 240 to 46 million
    Business genius Florentino Perez is, again.

    I haven't read the whole thing but how did you guys manage to get a profit of 874K with a reduction of revenue of 300m? That means you reduced your expenses by more than 300m? How did they do it?
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    Depends what you choose to look at. This summary doesn't include stadium refurb costs.

    Looks like club saved ~240M from shedding James, selling Hakimi, Reguilon etc, salary cuts, not paying out the 30M liga win bonus to players + took out a 155M long-term loan.
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    I have read real Madrid’s announcement, several questions linger:

    (1) If I read it correctly, their revenue for the 20/21 season was 653m, despite losing almost 300m due to COVID. So without COVID they would have achieved a revenue of 950m or so for 20/21, which I found suspiciously high, considering they had never gone over 800m prior to COVID (their highest so far was 757m from the 18/19 season, and 692m for the 19/20 season). What gives?

    (2) The 295m cost savings they were able to achieve, 175m of which were on players being shed (not including wage cuts on existing players, which saved them 58m in two seasons). That figure only includes player wages and amortization saved, not transfer fees obtained, as far as I know. How the heck did Madrid get a wage + amortization saving of 175m? Most of the players they sold were not on high wages and players like Hakimi and Reguilon etc. should have zero amortization since they came straight out of La Fabrica, right? How did they get to this 175m saving? Also, what is the rationale of lumping savings from the 19/20 season under the 20/21 season?

    (3) How did Real Madrid manage to reduce their net debt by a whopping 195m last season, in the middle of a pandemic, with a 300m reduction in revenue? Their announcement mentioned they continued to borrow, but it seemed those were long-term debt. Does net debt factor in short term debt only?
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    Quote Originally Posted by Luftstalag14 View Post
    So without COVID they would have achieved a revenue of 950m or so for 20/21, which I found suspiciously high, considering they had never gone over 800m prior to COVID (their highest so far was 757m from the 18/19 season, and 692m for the 19/20 season). What gives?
    That argument can be applied to every season prior. Revenue increases each year for over 20 years now.

    (2) The 295m cost savings they were able to achieve, 175m of which were on players being shed (not including wage cuts on existing players, which saved them 58m in two seasons). That figure only includes player wages and amortization saved, not transfer fees obtained, as far as I know. How the heck did Madrid get a wage + amortization saving of 175m? Most of the players they sold were not on high wages and players like Hakimi and Reguilon etc. should have zero amortization since they came straight out of La Fabrica, right? How did they get to this 175m saving? Also, what is the rationale of lumping savings from the 19/20 season under the 20/21 season?
    It does include transfer fees.
    Hakimi, Reguilon and Oscar Rodriguez will have been owed around 5-10M gross salary each.
    Bale gross salary probably in the range of, what, 30-40M? So 20M saved there.
    Then you also have the rest of the loan army.
    Amortization obviously refers to players who it applies to.
    They didn't lump savings from 19/20 under 20/21. They're separated rather clearly.
    And then La Liga win bonus of 30M waived.
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  8. #17003
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    Quote Originally Posted by El Gato View Post
    That argument can be applied to every season prior. Revenue increases each year for over 20 years now.
    Yes Madrid's revenue has been increasing steadily for years, but all of sudden a huge increase of revenue of potentially 258m (950m - 692m) from the 19/20 season, which is roughly 37% YOY? That is too steep of a rise, again in the middle of a pandemic. What were the drivers of this huge revenue increase? It is not like your new Bernabeu has been completed already and is adding additional 150m to 200m a year of revenue. I for one find that number hard to believe.

    Quote Originally Posted by El Gato View Post
    It does include transfer fees.
    Hakimi, Reguilon and Oscar Rodriguez will have been owed around 5-10M gross salary each.
    Bale gross salary probably in the range of, what, 30-40M? So 20M saved there.
    Then you also have the rest of the loan army.
    Amortization obviously refers to players who it applies to.
    They didn't lump savings from 19/20 under 20/21. They're separated rather clearly.
    And then La Liga win bonus of 30M waived.
    I think you might be right that Madrid did include transfer fees as part of savings achieved. Why though, I wonder? You include transfer fee as part of revenue/income as it was money received, you wouldn't include in the amount of money you saved. It is like selling a car, let's say you sold a car for $10000, your total revenue or income increases by $10000. In the savings column, why would you add $10000 to it? You don't, you would only count the cost of fuel, maintenance, repairs, taxes and insurance and perhaps car loan payments, all of which you don't have to pay anymore, as savings. Unless of course it is amortizations that we are talking about, but again, those players you guys sold have almost zero amortization as they are either your own cantera players or you have paid off the transfer fees altogether already, no?

    Yes they did lump savings from 19/20 together with 20/21 savings to come to the total of 295m savings. Which I assume was the total amount saved to mitigate the 300m loss to achieve the profit of 874k, no?


    Last edited by Luftstalag14; 14th July 2021 at 11:43 PM.
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    Quote Originally Posted by Luftstalag14 View Post
    (950m - 692m) from the 19/20 season, which is roughly 37% YOY? That is too steep of a rise, again in the middle of a pandemic. What were the drivers of this huge revenue increase? It is not like your new Bernabeu has been completed already and is adding additional 150m to 200m a year of revenue. I for one find that number hard to believe.
    ??
    Revenue in 19/20 was 715, not 692. Projected to have been around 800, lost 106 due to Covid. Which considering revenue in 18/19 was 757 it makes perfect sense.
    https://www.realmadrid.com/en/news/2...sult-of-313000

    Overall the projected YOY w/o Covid would be more around 16%

    I think you might be right that Madrid did include transfer fees as part of savings achieved. Why though, I wonder? You include transfer fee as part of revenue/income as it was money received, you wouldn't include in the amount of money you saved. It is like selling a car, let's say you sold a car for $10000, your total revenue or income increases by $10000. In the savings column, why would you add $10000 to it?
    You're asking the strangest questions. For the sake of just asking them it seems.
    It's obvious why. The whole section deals with 'money saved' as funds that were redirected to offset impact of Covid on the books. Basically transfer money was used in its entirety to plug the hole in revenue stream. Nothing more.

    Yes they did lump savings from 19/20 together with 20/21 savings to come to the total of 295m savings.
    No they didn't, they're separated very clearly, year per year.
    The final column is to show you, again, how much overall the club has raised from a given source to go towards remediation of Covid impact.
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  10. #17005
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    Quote Originally Posted by El Gato View Post
    ??
    Revenue in 19/20 was 715, not 692. Projected to have been around 800, lost 106 due to Covid. Which considering revenue in 18/19 was 757 it makes perfect sense.
    https://www.realmadrid.com/en/news/2...sult-of-313000

    Overall the projected YOY w/o Covid would be more around 16%
    Real Madrid's revenue from 19/20 was 692m, according to Deloitte Money League. I don't trust the numbers reported by the clubs as different clubs have different ways of accounting and measuring, for example our 19/20 revenue was 855m according to the club but only 715m according to Deloitte. So I am using Deloitte's numbers for accuracy and consistency. By the way, Real Madrid's revenue figures prior to 19/20 on your official club site do match those of Deloitte's, just for some reason the 19/20 number did not.

    OK, you lost 106m in 19/20 due to COVID? So you would have had 692+106 = 798m of revenue in 19/20 had COVID not occurred, agreed? For the 20/21 season that we are discussing here, taking that 300m loss in mind, without it your revenue for the the season would have been 653m + 300m = 953m, right? In that case, 953m would be a 19% YOY increase from 798m from 19/20, which amounts to roughly 155m. When was the last time you guys had an increase of revenue of this magnitude, 150m between one season to another?

    Quote Originally Posted by El Gato View Post
    You're asking the strangest questions. For the sake of just asking them it seems.
    It's obvious why. The whole section deals with 'money saved' as funds that were redirected to offset impact of Covid on the books. Basically transfer money was used in its entirety to plug the hole in revenue stream. Nothing more.
    What strangest questions? Who in this world counts money received from selling something as money saved? Transfer money is being double-dipped, counted both in your revenue (653m) and savings (295m) column. Very fishy to me.

    Quote Originally Posted by El Gato View Post
    No they didn't, they're separated very clearly, year per year.
    The final column is to show you, again, how much overall the club has raised from a given source to go towards remediation of Covid impact.
    OK, I think I get this part now. The 300m lost due to COVID figure includes both the 19/20 and 20/21 season. Since you lost roughly 100m from the 19/20 season, then you must have lost about 200m in the 20/21 season. So the saving of 235m you had which included money received from transfers would return you a profit, right?

    Still have questions about how their total revenue, how they count their savings and their net debt.
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    Wolfe, I think I answered my own question on the revenue part, if we agree that the 300m loss figure includes losses from both 19/20 and 20/21. In that case, your revenue for the 20/21 season without COVID would have been 653m+200m =853m, which makes sense.
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    Quote Originally Posted by Luftstalag14 View Post
    When was the last time you guys had an increase of revenue of this magnitude, 150m between one season to another?
    16/17 to 17/18 was 11% YOY rise of 80m

    What strangest questions? Who in this world counts money received from selling something as money saved? Transfer money is being double-dipped, counted both in your revenue (653m) and savings (295m) column. Very fishy to me.
    They haven't published a breakdown of revenue in this summary so don't know where you're getting double dipping.
    Again, as above, 'money saved' is lingo for 'money raised'. It's not presented as an expense that was prevented in this context, which would include salaries that were cut or dumped out the club.
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    Quote Originally Posted by El Gato View Post
    16/17 to 17/18 was 11% YOY rise of 80m
    Yes, an increase of 55m (presumed 20/21 revenue without COVID of 853m - presumed 19/20 revenue without COVID of 798m) makes sense and is in line with your revenue increases over the years. Again, this is all assuming the 300m loss figure spans from 19/20 through 20/21.

    Quote Originally Posted by El Gato View Post
    They haven't published a breakdown of revenue in this summary so don't know where you're getting double dipping.
    Again, as above, 'money saved' is lingo for 'money raised'. It's not presented as an expense that was prevented in this context, which would include salaries that were cut or dumped out the club.
    I don't speak Spanish but from that little table on your official site, it does seem to confirm what you said earlier, that transfer money is counted in the savings (Impacto global incluyendo resultado traspasos, ingresos cesiones, ahorro gastos personal y amortizaci?n), which I fundamentally disagree. Salaries or wages cut would definitely be part of the saving, no question about it. But yeah, I will wait for your official annual report.
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    Quote Originally Posted by Luftstalag14 View Post
    Again, this is all assuming the 300m loss figure spans from 19/20 through 20/21.
    Well that number was budgeted way back and published in the summary published in Feb 2020

    REVENUES OF ?617 MILLION ARE BUDGETED IN 2020/21, AROUND ?300 MILLION LESS THAN IF THERE HAD BEEN INCOME GROWTH AS IN YEARS PRIOR TO THE PANDEMIC
    which I fundamentally disagree. Salaries or wages cut would definitely be part of the saving, no question about it..
    It's informal way of telling you where club found money to replace lost income. I suspect.
    If it were formal communication theyd split that 175 number and tell us exactly where the money was raised. Which I suspect they will in the report, more or less without disclosing salaries.
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