It follows a translator and former musician called Lucas, who is living in Barcelona.
This novel by Welshman Richard Gwyn is one more book set in Barcelona.
As with most romantic stories, I’m pretty sure, that’s exactly when things start to get complicated, he meets a girl called Nuria. Like the author, it tells the story of 18 year old Andrea who, leaves the Canary Islands for war ravaged Barcelona. There she studies at the university and begins to find and define herself. Novel was described as Spain’s equivalent to The Catcher in the Rye as it covers many similar themes like the adolescent search for an identity in the adult world. Nada is regarded as the most important novels to come out of Spain and is praised around the globe. Whenever, two serious financial problems shown in this report is that the tal club expenses from sports related salaries represent 73 of the club’s income excluding transfers and asset sales.
The variable costs were particularly high this season due to sporting success.
If we only consider the football section the ratio is 66percent, that is within the recommended levels. Now this figure includes salaries of players and coaching staff, title bonuses, image rights, sports agents, social security and amortization of player contracts. Spending grew by 109 million. Diari Ara reports that the figure for this was approximately 10 million, being that the midfielder had another year left on his deal. Then the sporting variables associated with this amounted to 53 million. Then again, the most important part of the increase came from things associated with winning the treble. Consequently, the fact that costs grew by more than income led to a decrease in the EBITDA from 134 million to 105 million. There were also contract renewals and the bonus paid to Xavi right after his contract. Now look. That means that unless most of us are aware that there is an unexpected increase in income Barça will most certainly not sign anyone until this fiscal year is over on June 30th.
So a transfer made in January would increase the forecast debt and decrease the EBITDA, that means that there’s not much room for maneuver at this moment. If the new player’s salary is 5 million that means that the debt can be a maximum of 296 dot 25 million which means that the transfer fee will have to be around 6 million. Among the attractions were the tropical island’s clean air compared to much of mainland China, the government’s determination to boost Haikou’s presence compared to the more popular beach city of Sanya in Hainan’s south, and Mission Hills’ own burgeoning expansion plans. Usually, this offset the negative effect of not playing the Spanish Supercup, that had been part of 20132014’s revenue.
There was also a noteworthy increase in the money generated by the club’s Museum and stadium tour. Whenever coming from the extra semifinal and final rounds of Champions League, and from the participation and organization of the Copa del Rey final, there was also a significant increase in ticketing revenue.
While as pointed out by China’s National Tourism Administration, hainan welcomed 53 million urists in 2015, up from 15 million in As well as Barca’s initial plans to grab a certain amount that urist spend, longterm they envisage a club themed hotel, theme park, sports science centre and a ‘Barca University’. For example, while having rejected a few potential partnerships since Barca set up its Asia branch in 2013, a former player with Barca’s handball team, said he was working on the Mission Hills deal for over a year.
Another area that going to be highlighted is the exploitation of Barça TV.
TV rights, 13 dot 3 million for operating in Latin America and 9 million for Barça TV.
Telefónica is paying the club 15 dot 6 million for this in the course of the current season and the next three. With that said, this means that this season the Spanish company should be paying FC Barcelona a tal of 157 dot 2 million. Of course, personally, To be honest I would expect signings to be made after July 1st as long as that must be in the 2016 2017 season, that will bring a brand new and improved shirt sponsorship contract, that should help alleviate both of these critical situations. There were other severance packages that were paid last season.
In accordance with very similar report from Ara, eusebio Sacristán was sacked as coach of Barça B in mid season, the sports management team was fired in January with Andoni Zubizarreta and his two assistants Narcís Julia and Albert Valentin being paid a tal of 5 million. Paper also states that the compensation for coaches and players who left the first team cost 4 million. Barca will open what Asensi says gonna be the world’s largest football academy, a FCB museum and a megastore selling merchandise in the massive resort that occupies about very similar percentage of land as Haikou city itself. We have to be very prudent when doing this as long as we have a ratio to comply with.
Monje said, when asked about the club being active in the winter transfer window.
With a progressive decrease from the time the statuses were approved until 2018, article 67 states that by the end of the ‘20172018’ financial year, therefore this ratio has to be less than 2.
Now this brings us to the second financial problem the club has at this point. Now look, the ratio Monje refers to is the maximum net debt to EBITDA ratio specified in article 67 of the club’s bylaws, that were approved in 2013 at the suggestion of the board. It’s crucial to note that this debt that we’re talking about is not entirely bank debt. Now pay attention please. As long as the increased expenditure with transfers, the club refinanced the loan and will pay it off by the end of this season, the club actually only owes 52 million to banks from a syndicate loan that was taken in This amount was supposed to be paid last season.
By the way, the club owes Liverpool 36 million for Luis Suárez this season and another 18 million in long time debt.
Whenever as indicated by Ara, barça hopes to get 36 million more from sponsorships this season than the last one.
So contracts with Oppo and Lassa Tyres are a step forward for the club, that predicts an increase of the sponsorship contracts by 40 million while there should be a 4million loss from companies that have finished their contracts with Barça. Then again, interestingly, it might be next to the Chinese Football Association’s new dedicated winter training centre, though Asensi says no linkup is planned. Now pay attention please. While allowing mum and dad to drop junior off for training while they play golf or visit the spa, the football academy could be targeted at the children of holidaymakers. Furthermore, even if Monje noted that the effects of an increase in his salary my be neutralized by the fact that his amortization should be lowered since the duration of his contract must be increased, these numbers also don’t include a potential renewal of Neymar’s contract.
The actual question is. What conclusions can we draw from most of the numbers and graphs and ratios and fancy financial talk?
The first one my be that the club is stable and the income keeps growing.
As long as the situations about the sporting salary to income ratio and the debt to EBITDA ratio it’s highly unlikely that there might be any new players until this fiscal year is over unless So there’s some unexpected income that the club could use for this. During his presentation, Asensi stresses the club’s commitment to social problems, charity, education, and suchlike Barca’s previously whiterthanwhite brand had been tarnished in the eyes of some in recent years by accepting sponsorship from Qatar, plus massive tax fraud cases brought against some amount of their biggest stars including Leo Messi and Neymar.
Susana Monje said that she ain’t worried about this since by the time the final decision to start the project has to be made in 2017 she trusts that the debt should be within that range, despite the fact that it was always said that the Espai Barça project will only start if the club’s debt is below 200 million.
The growth in nonsporting salaries is about the restructuring of the executive structure, that cost 3 million, and to compensation for members who left the Executive Committee, a sum of 5 million conforming to Diari Ara.
Now look, the most important departure was that of the general director, Antoni Rossich. While reaching the Champions League quarterfinals and the Copa del Rey semifinals, these figures don’t include another potential 11 million in title variables, like almost any season, s proposed budget only counts on winning the Spanish league.
Like the initial deal reached by Javier Faus in June had stated, there could also be a 15million signing bonus for a tally new contract with Qatar Airways.
The key components of this growth might be the increase in revenue from the participation in the Champions League and the US ur last summer.
Club predicts that the income for the season 2015/2016 may be 633 million. As mentioned before, that said, this just includes potential bonuses on p of the ones already achieved for the European Supercup, la Liga and the Club World Cup while the ones already achieved for the European Supercup sporting salaries will decrease by 6 million. As a result, if Barça wins the Champions League again the bonuses paid for this should be an additional 32 million in total.
Ara reports that the fixed part of the sporting salaries has increased by 21 million since last season, as the renewals signed during 2014 2015″ come into full effect this season. Club legend Ronaldinho will visit Hainan, the island off the country’s south coast optimistically branded as ‘China’s Hawaii’, next week to announce a joint venture with Mission Hills Group, the largest private landowner in Haikou, the province’s capital city. It’s an interesting fact that the club also expects that the most of the payments And so it’s owed by other clubs for selling players should be extinguished this season. The main player signing that is listed for the 2015/2016 season is Arda Turan’ The 34 million owed to Atlético Madrid for him is covered by what Chelsea and Aston Villa owe the club for the transfers of Pedro and Adama Traore.
Management expenditures grew mostly due to ‘nonbudgeted’ expenses associated with participation in the Copa del Rey and Champions League finals, and title celebrations. Spending on legal services also grew from 4 million to 8 million. For accounting purposes, transfer fees are spread over the length of a player’s contract. He is amortized by a club in its accounts to the value of 10m per season, if you sign a player for a 50 million transfer fee to a ‘five year’ contract. What does amortization mean? Of course affecting the reviewed financial report that led to the lawsuit the club filed against Joan Laporta’s board, like the fact that on March 23rd, the Catalan paper Ara had access to a more detailed review of the club’s accounts and has reported a couple of curiosities marked as losses for the last year of Joan Laporta’s presidency. Now this allowed Barça to register that 2 million as new income this year. I’m sure that the defeat rankles with the managing director of the Spanish giants’ AsiaPacific arm as it should with any fan, and underlines for him the necessity of a venture he has led that will see the club try to capture the hearts -and wallets -of China’s growing middle class.
20142015″ season had a maximum ratio of 75.
Meeting the required limit, the club’s forecasted EBITDA for 20152016 is 120 million and they expect the debt to go down to 290 million, numbers that would give us a 41 ratio.
For 2015 2016, it’s 5, 25 for ‘2016 2017’ and from 2017 2018″ onwards it’s The fact that the board failed to meet this ratio for the previous season means that they now have two seasons to get back to the set ratios or they will have to resign. Asked if winning another treble could make this percentage go over the 70 threshold again, Monje assured that the bonuses paid for this will be covered by the bonuses received from sponsors and the increased revenue from UEFA.