Real Oviedo has called an Ordinary and Extraordinary General Shareholders Meeting, to be held on 20th December 2017. The order of business features the approval of the Annual Accounts for the financial year 2016/17, the proposal for the designation of profits, the approval (if necessary) of the budget for income and expenditure for the current season, a capital increase campaign and consequent statutory modification, as well as requests and questions.
With respect to the accounts which have been submitted for approval at the aforementioned Ordinary and Extraordinary Shareholders Meeting, one particular figure for activity between 2016 and 2017 stands out. Income from advertising more than doubled, from €890,124 in 2015/16 to more than €2,082,265 in 2016/17. As such, the profit and loss balance for the financial year 2016/17 closed with a loss of €182,806. This owes to sporting objectives not being completed, as the team failed to reach the playoffs and was rapidly eliminated from the Copa del Rey.
The budget to be submitted for approval for the current season estimates total income at €13.6 million, allowing for a surplus of €197,184, with first team spending totalling €6,895,719.
It is worth also noting that, regarding the repayment of debt owed to Public Administrations, the total has been reduced by €12.4 million since Grupo Carso became a shareholder in the club. It is estimated that the repayment total will stand at €2.3 million at the end of the financial year
2017/18, meaning a reduction of 85% since Carso first became involved in the club. As such the club continues to scrupulously comply with the fees established in the agreement with Agencia Tributaria (Inland Revenue) and Social Security which was renewed in 2014. €600,000 was paid in July, as was another €750,000 in September, and the plan is that December will see the final payment of 2017, with a value of €172,000. The next payment scheduled will be €750,000 in March. Following this schedule, on the 30th June 2018 and looking forward to the next financial year, a total of €2.3 million will remain to be paid to the Public Administrations.
The Board of Directors will outline the Annual Accounts and Budget for the current season at the Ordinary and Extraordinary General Shareholders Meeting, as well as the details and reasons for the capital increase campaign found in the order of business. The previous share campaign aimed to raise more than €7 million, but in the end only €3,300,000 was raised. Due to the lack of investment within the set time period, the possibility of a new campaign to increase the time period and what said injection of capital could achieve will be explained in the Shareholders Meeting.
All of the details will be explained at the coming Shareholders Meeting. All the information can be found from today in the offices at the Carlos Tartiere, and is available for the club’s shareholders.
