Real Madrid

Real Madrid closes 2010/11 fiscal year with 480.2 million euro turnover, representing an 8.6% increase over last year. It is the largest revenue obtained by any sports institution in the world.

€ (millions)	2009/10	2010/11	Variable
Turnover (before the transfer of players)	442.3	480.2	+8.6%
EBITDA (before the transfer of players)	111.6	147.7	+32.4%
EBITDA	145.6	151.1	+3.7%
Operating profit	43.9	46.5	+5.9%
Pre-tax profit	31	46.8	+51,2%
Net profit	24	31.6	+31.7%
Net wealth, 30 June	219.7	251.1	+14.3%
Financial debt, 30 June	244.6	169.7	-30.6%
Debt/EBITDA ratio	1.7	1.1	-
Debt/net wealth ratio	1.1	0.7	-
Staff expenses efficiency/turnover ratio	43.5%	45%	-

EBITDA results before the transfer of players has increased 32.4%, reaching a 147.7 million euro profit. The EBITDA results after the transfer of players has increased 3.7%, reaching 151.1 million euros, which equals 31.5% of total revenue.

Operating profit after amortizations has increased 5.9%, reaching 46.5 million euros. Pre-tax income was 46.8 million euros, 51.2% greater than in the previous fiscal year. Net profit was 31.6 million euros, 31.7% greater than the previous year.

Real Madrid's net worth increased 14.3%, reaching 251.1 million euros.

Net debt was reduced 30.6%, establishing itself in 169.7 million euros, 74.9 million less than at the end of the previous fiscal year.

The ratio of debt over EBITDA went down from 1.7 to 1.1. With regards to net worth, they decereased from 1.1 to 0.7. This considerable improvement in solvency places Real Madrid high in the ranking of overall credit quality.

OPERATING PROFIT (before the transfer of players)
This income derives from the club's line-of-business: stadium, television and marketing. It does not include the income derived from transferring players.

The contribution of the Club Members through annual dues or season ticket payments respresents 9.8% of total income.

Looking back at the 1999-2011 period, income has increased 14% annually on average.

COMPOSITION OF OPERATING PROFIT (before the transfer of players)
The club has managed to obtain a balanced structure of income sources, with a contribution that equals around a third of the total of each of the three great areas (stadium, television, marketing).

This diversification of recurring income sources confers social stability to the club, cushioning the impact of possible income oscillations motivated by differences in performance in sports and the evolution of financial activity.