Real Madrid

Real Madrid closed the 2011/12 fiscal year with income totalling 514 million Euros, 7% more than in the previous period. This is the highest figure earned by an international sports institution and makes the white team club the first one to surpass the 500 million Euros barrier in the sports industry. Members’ contribution from both annual membership and tickets accounts for 9,5% over the total income.

Millions of €	2010/11	2011/12	Variation
Income (before profit/loss from disposal of fixed assets)	480,2	514	7,0 %
EBITDA (before profit/loss from disposal of fixed assets)	147,7	133,8	-9,4 %
EBITDA	151,1	153,9	+1,9 %
Operating income	46,5	43,9	-5,6 %
Profit/loss before tax	46,8	32,3	-31,1 %
Net result	31,6	24,2	-23,3 %
Equity as at 30 June	251,1	275,2	+9,6 %
Financial debt as at 30 June	169,7	124,7	-26,5 %
Debt/EBITDA ratio	1,1	0,8	-
Debt/Equity ratio	0,7	0,5	-
Staff expenses/income efficiency ratio	45,0 %	45,5 %	-

Operating income after the disposal of fixed assets (EBITDA) has increased by 1,9% reaching the amount of 153,9 million Euros.

Net earnings total 24,2 million Euros, i.e. 23,3% less than in the previous period. This variation is due to increased costs arising from securities premiums, changes in tax regulations, hedging of contingencies and risks derived from the evolution of the economic context, and increased amortisation expenses from investments made. It is noteworthy that the financial result of the previous year included a non-recurrent tax financial income.

Equity rose by 9,6% reaching 275,2 million Euros.

Net debt fell by 26,5% totalling 124,7 million Euros, i.e. 45 million Euros less than in the previous period.

The net debt/operating income ratio (EBITDA) shifted from 1,1 times to 0,8 times. Likewise, the net debt/equity ratio shifted from 0,7 to 0,5.

2012/13 Budget
Estimated income for the 2012/13 season is 516,6 million Euros with net earnings in the amount of 24,4 million Euros.