MILLIONS OF € 2014/15 2015/16 Variation Revenue (before results of fixed asset disposals) 577.7 620.1 +7.4% EBITDA (before results of fixed asset disposals) 135.0 163.2 +20.9% Income/loss before tax 55.9 43.3 -22.5% Net income/loss 42.0 30.3 -27.9% Net Worth on the 30th of June 412.1 442.2 +30.1 Liquid assets on the 30th of June 108.9 211.5 +102.6 Net Debt on the 30th of June 95.8 -13.1 -108.9 Debt/ebitda ratio 0.5x 0.0x - Debt/net worth ratio 0.2x 0.0x - Efficiency of Personnel Expenses/Revenue ratio 50.1% 49.5% -



The Real Madrid C. F. Board of Directors have agreed to call an Ordinary General Assembly for the 23rd of October 2016. The corresponding results for the 2015-2016 season which will be submitted for approval are as follows:



Operating revenues for the financial year 2015/16, without taking into account capital gains obtained as a result of player transfers, have topped 600 million euros for the first time, reaching a figure of 620.1 million euros, a 7.4% increase on the previous financial year.



The operating result before repayments and player transfers (“recurring EBITDA”) has risen to 163.2 million euros, which is the highest figure ever reached by the club, representing a 26.3% increase on revenue figures and a rise of 20.9% on the previous financial year. This improvement in profitability is due to an increase in revenues having subtracted operating expenses and provisions corresponding to risks and contingencies.



A pre-tax profit of 43.3 million euros has been recorded, which is 22.5% less than the previous financial year. This is due to the non-recurrent effect of player transfers, despite the operating improvements recorded. After achieving a net profit (after tax) of 30.3 million euros, net worth has risen to 442.2 million euros.



The cash balance has risen by 102.6 million euros to reach a figure of 211.5 million euros, thanks to higher cash flow generated by operations and restraints on investments.



As a result of the increase in liquid assets and the reduction of creditor balances by investments, the net debt has fallen by 108.9 million euros to sit at a figure of -13.1 million euros, which in reality represents, not a debt but rather a net liquidity position. Therefore, multiples of debt over EBITDA and net worth have been reduced to zero, indicating a position of maximum solvency.