24.08.2008 17:55

Final accounts approved

www.fcbarcelona.cat

Delegate members have approved the balance sheets for the financial year 2007/08 by 757 votes to 111, with 59 blank votes.

The second point in the order of business at the General Assembly was approving the balance sheets for the end of the 2007/08 financial year. The new financial vice-president, Joan Boix, was responsible for presenting the year’s accounts, which were approved by the delegates by 757 votes (81.6%) to 111 (12%), with 59 (6.4%) blank votes.

The board, who said they would carry out their job with “maximum strictness and prudence”, singled out five main points: growth in profit and revenue for the fifth year in a row, control over expenses, reducing the club’s debt, increasing their own funds and strengthening the club’s assets.

Solid economic ground

According to Boix, “FC Barcelona’s economic situation is very solid. Revenue has increased for the fifth year in a row and we have made a profit again”. The financial vice-president has described the financial year’s final accounts as “excellent”. Revenue grew for the fifth year in a row and currently sits at 308.8 million euro, while expenses account for 297.6 million euro. In other words, the financial year 2007/08 closed 16.1 million euro in the black with a profit of 10.1 million euro.

Boix pointed out two areas in which revenue had grown most significantly: the media (increase of 9.5 million euro) and the stadium (increase of 7.3 million euro). He also said revenue from club members had increased by one million euro, with 6,365 new members. “Ours is a sustained growth”, he said.

Control over expenses

With regard to expenses, which came to 292.6 million euro, Joan Boix said that “once again expenses were controlled and followed parameters as set out in last year’s budget”. The most significant increases came in two areas: amortization of players, with an increase of 5 million euro, and players’ salaries, which increased by 14.3 million euro. The club sets aside 52% of income for players’ salaries. “We are still below recommended parameters within the footballing industry”, pointed out Boix.

End to bank debt and more club funds

In relation to the accounts, the financial vice-president wanted to point out two things: the reduction of debts, both bank and in general, and an increase in the club’s own funds. On the first point, Boix revealed that during last season FC Barcelona paid back 26 million euro, reducing the debt from 39.8 million to 13.6 million and that “the bank debt will be wiped clear on 30 October”.

The other aspect which has affected the books is an increase in the club’s own funds. “We now have 12.7 million euro of our own funds. In the five years of this administration’s management, we have generated a total of 88 million euro, going from 75.3 million euro in the red to 12.7 million euro in the black”. And he added: “They are figures which endorse the effort of all those involved during the last five years”.

Increase in assets

Before finishing his first presentation to the Assembly, Joan Boix referred to the development of the club’s property assets. According to him, “today Barça has more assets with more value than ever before in its history. It owns 1,133,408 square metres. They have invested 80.6 million in property during these years”.

Finally, Boix called for a favourable vote on the figures presented, figures which he said “consolidated the board’s management as self-financing and sustainable”.