Real Madrid

Real Madrid closed out the 2009/10 fiscal year with gross revenue of 442.3 million euros, an 8.6% increase from last year.

Euros (millions)	2008/2009	2009/2010	Variation
Earnings before player transfers	407.3	442.3	+8.6%
EBITDA before player transfers	93.1	111.6	+19.8%
EBITDA	105.0	145.6	+38.7%
Efficiency ratio of Personnel Expenditures/Earnings	46%	43%	-
Earnings after amortization	29.1	43.9	+50.9%
Earnings before taxes	24.9	31.0	+24.2%
Net profit	21.5	24.0	+11.5%
Net assets on 30 June	195.9	219.7	+12.2%
Net debt on 30 June	326.7	244.6	-25.1%
Debt/EBITDA ratio	3.1	1.7	-
Debt/net assets ratio	1.7	1.1	-

Earnings before the transfer of players increased 19.8% and reached 111.6 million euros. Additionally, earnings after the transfer of players increased 38.7% to reach 145.6 million euros.

Earnings after amortization increased 50.9% and reached 43.9 million euros. Earnings before taxes increased 24.2% and reached 31 million euros. Net profit increased 11.5% and reached 24 million euros.

Net assets increased 12.2% and reached 219.7 million euros.

Net debt decreased 25.1% and reached 244.6 million euros, 82.1 million euros less than the previous fiscal year.

The Net debt ratio over earnings decreased from 3.1 to 1.7, while with respect to net assets it decreased from 1.7 to 1.1. This substantial improvement of solvency indicators gives Real Madrid a higher credit rating.