2012/2013 Internazionale’s financial statement will struggle to meet FFP requirements: even if Nerazzurri’s management reduced consistently operating costs, the club will register a EBT of -E70m Euro. The main reason of the loss is the relevant absence of CL’s revenues (minus E25m ca on UEFA revenues).
Analyzing overall aggregates, revenues will be E210m, while operating expenses will be E273,5m. For these reasons EBIT will be in loss for E63m, and will reach E69,8 million when becoming EBT.
Chart 2 shows reclassified Income Statement consistently with FFP principles:
The absence of UEFA Champions League revenues will have a strong impact both on matchday revenues (minus E3,5m) and broadcast revenues (minus E27m).
Marketing revenues will increase for a couple of millions, whereas other revenues will be steady.
Net players' transfer profits will face a reduction of about E5,5m even if Nerazzurri got some important profits from Coutinho, Sneijder and Livaja on the winter market.
Cost will be reduced as well as revenues, thanks to the strong reduction of payroll: after Julio Cesar, Lucio, Maicon and Cordoba leave in the summer market and Sneijder in the winter one, salaries will go down for E28m.
Depreciation will increase for E2,5m, mainly due to new investments made on the winter transfer market.
Other operating expenses will be reduced for E10 millions, thanks to non-recurring operations in 2012. Financial expenses are supposed to be steady.
The net effect on EBT will show a reduction of E6m, if compared to 2012 P&L (from 76 million up to 70 ca).
Thanks to Paolillo’s clause, Internazionale will show an aggregate loss of E75m for the two-year period 2011-12 and 2012-13, which is however not sufficient to meet FFP requirements (E45m of aggregate loss).
In my opinion, however, UEFA won’t give Internazionale FC a severe punishment, taking into consideration the management’s effort to reduce consistently salaries expenses.