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The WACC

When we try to make a slightly finer appreciation to pull the hand out the window to see if it rains, a great way to reach a defensible result is to undertake a discount cash flows that the firm produce in coming years. "Discounting" is the moment to bring monetary profit company that believes in the future, ie the "box" pure and continues to be generated and able to repay debt providers, whether a shareholder or debtors.

The problem is what discount rate used for this exercise ... Is the interest rate? Does the CPI? Does the IRR of a company like this? ... Indeed, the most appropriate rate to discount cash flows of a company with structural debt is the weighted average cost of resources, or WACC in English. The WACC is obtained by applying to each provider of debt the rate at which it expects to be paid by the business, that is, in the case of financial institutions, the cost of debt and, in the case of shareholders and a somewhat crude, the cost these down as indispensable to enter the business ...

For example, if a company has 20 million euros in structural debt, which pays 5% interest and 30 million in capital plus reserves for which the shareholder expects a yield of 9%, similar to similar ventures that obtained in the same market, the WACC is:

9% x (30 / 50) + 5% x (20/50) = 7.4%

The WACC is the tool used by valuation professionals to calculate the capital cost of an investment or project and its use is justified when flows obtained by operating a business is financed, in most cases, both third-party debt as equity. If we were to have structural debt companies without resorting to cash flow than free cash flow discount rates and more related to the cost of equity.

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REJECTION OF OFFICERS OF THE MINISTRY OF CULTURE IN TIWANAKU NAKED IN THE MANAGEMENT WITH DISABILITIES CIVIL SOCIETY

A review committee comprised of officials from the Ministry of Culture, the Cultural Foundation SIARB and the Central Bank of Bolivia were rejected after trying nstalling an assessment mission in museums Tiwanaku stone and ceramic. The event was preceded by a demagogic delivery overall site management to local authorities and the public declaration of a series of actions that the commission was made in the town of Tiwanaku since 26 March this. Apparently these actions had not been cleared by public authorities and community in the region, which is why the communal and municipal authorities rejected Tiwanaku, sending it first and then joining fee to the museum grounds.

The public rating of "cowardly" the Director of Cultural Affairs City of Tiwanaku by any members of the commission does not do more for the deteriorating relationship for several years held the Ministry of Culture with the authorities of Tiwanaku. Unfortunately

current staff of the Heritage does not take into account the lessons learned through the relationship with the city of Tiwanaku (something paradoxical in Archaeology), or properly collected local demands and to develop a smart strategy for action be efficiently and effectively. On the contrary, it tries to impose actions on a commission formed - arbitrarily and unilaterally by the Ministry of Culture - by institutions that have little to do with the problem raised Tiwanaku.

is worth remembering that the technical responsibility of this archaeological site is unique to the Ministry of Culture and second order of the Municipal Government of Tiwanaku

We must also remember that the current authorities of the Directorate of Heritage in the past have played roles unfortunate for the archaeological site, which is part of the distrust that local authorities have regard to the performance which is likely to solve the problem.

Salguero Minister faces this way an initial disruption from this point that significantly affect their public image and bare its shortcomings in the management of cultural policies about heritage archaeological and cultural development. The questions are: Why does every time you change an authority all the issues they face from scratch? The Ministry of Culture is an instance in which ministers and technical novice and inexperienced (in governance) should commence first weapons? Why continue to act with the method of trial and error "or the painful" killing you learn?.

Newspaper articles: http://www.fmbolivia.tv/2011/03/en-tiwanaku-se-inicia-la-conservacion-del-patrimonio/

http://www .laprensa.com.bo/noticias/27-3-2011/noticias/27-03-2011_13703.php

http://www.fmbolivia.net/noticia22844-misin-tcnica-es-resistida-en-tiwanaku.html

http://www.prensa-latina.cu/index.php?option = com_content & task = view & id = 274934 & Itemid = 1

http://www.la-razon.com/version.php?ArticleId=127571&EditionId=2480

Carlos Lemuz

http://arqueobolivia.blogspot.com

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commercial paper

Hello everyone.

Due perhaps to the unfortunate ( for now ...) commercial paper issued by New Rumasa is it up to recall the nature of this investment vehicle. Basically, this is debt securities issued at a discount so its profitability is obtained as the difference between purchase price and the nominal value of the note is received on the redemption date. During its lifetime, will be paid a pre-agreed interest and manipulated, in most cases, a quarterly coupon . Typically many commercial paper are instrumentalized as perpetual income so that we will be "graceful" to profitability as long as we agreed the note holders.

As we see, this is a financial resource that companies try to raise funds short term and with some haste, so that compensation of this investment product can be well above that offered, for example, the typical bank deposit ... and it is logical: Generally these notes often do not have any warranty so that, ultimately, are only guaranteed by the good name of the issuer or the rating more or less solvent in any entity " rating, circumstances that have influenced more by the time we want to get rid of the note, if the issuer has made an explicit commitment to repurchase ...

me explain: if, say, gave us notes Telefónica to 5% return for five years, will enjoy free use of the quarterly coupon and we will repurchase the note issuer to a value agreed at the end of that time. If, for example, need the money before that date, it is easy, taking into account the creditworthiness of the issuer, we may alienate the secondary market (which is where these instruments are traded) lost little or nothing to investment as "no turn around" interest rates. But if the note is from a company that makes puddings and yogurts and, God forbid, fall into preconcursal situation, besides the predictable difficulties in collecting the coupon, our last note to be worth almost nothing ...

should therefore, be scrupulous when undertaking an investment that has as its object and eligible commercial paper issuers only for recognized reliability. In addition, the nominal value of each of these investment instruments means that, for the average investor, it is difficult to enter and obstruct further diversification of investment, one of the commandments of good investor header.

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ROI (Return on Investment)

The ROI is one of the most used indicators when assessing the profitability of a business or investment, and assesses how efficiently is the expense are doing or that we set to start. Simply, is calculated by placing in the numerator of a fraction of the result of subtracting spending the proceeds paid to obtain and, in the denominator, again the expenses incurred in order to:

ROI = (Revenue - from the investment costs) / costs from the investment.

As we see, the value of ROI is a ratio that to know the return on investment, you need to express it in percentage terms, for example, to generate an income of € 4,000 have been incurred in costs of 3,000 €, the resultant ROI (4000-3000) / 3.000 = 0.33 x 100 = 33% return on investment. Basically

no longer an old account: if the value of ROI is positive, make money and if not, we lose. This simplicity makes it more appropriate to compare similar investments and identify the highest ROI as the most attractive ...

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Control Plan for 2011 tax

Hello everyone.

On February 2, 2011 was published in the BOE a resolution of the Directorate General of Tax Administration which approved the basic guidelines of Tax Control Plan for 2011 . In short, the AEAT estimates that in the new economic and social impacts of the current economic crisis, we must deal differently and, above all, more active globalization of the activity and the introduction of new technologies . Indeed, the reality is that the administration wants to exhaust all avenues to collect taxes to obtain the necessary resources to finance public expenditure and flourish, as far as possible, part of the country's economy.

These "intentions" are reflected in a series of concrete measures which the first, is the control taxpayers more tax risk professionals. In relation to these, there will be new ways to prove income, such as external signs of wealth, will discuss the assets appearing on behalf of individuals and, if you are not able to justify an adequate correlation between income and expenditure tax inspection will be slightly less than automatic. Finally, with regard to these professionals, especially the outsourcing monitored to prevent execution of certain work or services are undertaken with entities formed for the sole purpose of issuing false invoices.

As regards non-residents, are investigate a bank account holders and non-resident in Spain to clarify any relationship they may have with business based in Spain and detect and income derived in our territory.

The "shadow economy" is, of course, the star of the new plan. Not only will investigate fraud at the Inland Revenue but also affecting Social Security, working together to identify false self-employed workers or those individuals who do not declare the income received and at the same time, may be receiving Social Security benefits either on welfare or in the form of unemployment benefits. Specifically will audit the electric energy consumption of households (not kidding ....), to monitor for POS terminals in private homes or control the importation of goods from Asian countries real headache for the English tax authorities and niche - is believed - 25% of tax fraud in this country ...

For companies, the actions focus on the so-called transfer pricing , as is well known, especially internationally, is frequently cited abuse of transfer pricing, which involved driving at will and not the real price correlation the goods or services in an open market.

You "general" measures are complemented by two dozen or more specific measures such as control flag that a ship is registered to demand the fee, to detect false insolvent with high economic capacity derived from business behalf of others or revise statements of assets of those deemed "Rentier" made prior to that the tax was quenched with 100% of quota.

is not clear what may be the level of success of this hodgepodge of measures, some of them difficult to implement (for example, in the case of temporary taxes ...) but it seems that in 2010, the AEAT drove no less than 10.043 million Euros more than the revenue in 2009. What is clear is that this "salad" of rules or sanctions are not associated with any type of bonus or financial incentive for those who want to volunteer status emerge as the Administration has chosen only the "stick" and renounced the "carrot" ... Only the future will clarify whether it has served a purpose.

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Documentary credit

Hello everyone.

For those importers / exporters of goods who want a higher level of security in their billing and payment cycle, the documentary credit could make an extremely valid. There is more than an order that the exporter sends your financial institution to proceed with the payment of an operation at the time the bank exporter to submit supporting documentation that the goods have been sent in accordance with established agreements. If so, the bank will face importer to pay the transaction regardless of the final amount with or without balance ... Thus, the financial institution guarantees collection and also, in many cases, finances.

Logically, the transaction documentation to be extremely accurate and include all documents establishing that the goods and sending them meet the standards agreed. Therefore, any error both substantive and procedural, may involve the issuing bank refuses to pay proceed with what should be wary.

documentary credit can be revocable or irrevocable to the extent that before he paid, the importer may or may not cancel the operation to free will. Additionally it can be confirmed , when a third bank, usually with a strong international vocation of foreign trade operations and responds guarantees payment in case of default by the importer's bank. It is therefore an additional guarantee, of course, increases the costs of operation. Finally, the letter of credit may be in sight or term to the extent that there is a specific due date for making the payment.

This tool is useful ... and expensive. Their costs can reach five times the international transfer fee pure and simple we have negotiated with the bank but on the other hand, we can sleep easier if we have any particular difficulty with a supplier or started working with another for which there doubts about its solvency ... and sleep peacefully is priceless ...

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Becoming a stupid Taxation of Financial

Hello everyone.

Acquire any kind of knowledge costs ... There are two ways to do: invest money (call it also make good contacts ) or spend time (l effort also lick), none of which we guarantee a priori a high level of knowledge as this is also our unique ability to sacrifice certain things at times but given that at least gives us a chance to stake our life with our own cards ... that is not small.

Like all knowledge, finance, offers good returns to its holder, a good (maybe ) to be economically viable to enjoy a different life and who knows better or good (safe ) emotional return becomes a curious mixture of feelings such as knowing that we are masters of our own destiny, sleep soundly and not create stomach ulcers early. But beware ... we can also experience a false sense of knowledge derived from a pair of economic successes due more to chance than to any well thought out decision and prosperous environment in which it is difficult to lose money ... even on purpose. That euphoria resulting in a perception of ourselves too virtuous is called in psychology Syndrome "fool" or "stupid syndrome" and its consequences can be ( have been done ... ) disastrous. Let's see together, if you like, what are the symptoms, to correct them and try to avert a financial meltdown that we can malcondicionar life ...

The first is a terrible overconfidence that leads to thoughts like "there is nothing to fear ..." or "very unlikely to happen ..." Financially we are aware that sooner or later the price will drop or prick the bubble but we ( who knows why .. .) Is still much for that to happen. The remedy for this is to always be alert ... is not the same as having fear: fear us collapses, is blocking and damage our reasoning but valuing risks to be alert and try to get solutions in advance ... In short, carefully weighed by any scenario that seems remote and you doubt everything that you offered a financial institution now remember, their interests tend to be far away from yours.

The second symptom is the delusion ; people continually deceive us ... almost say that it is perhaps self-defense mechanism to balance our environment and our expectations. But financial self-deception can be disastrous. When Terra was 150 € the action, its capitalization exceeded that of a large English bank and Terra at the time billed anything and just losing money hand over fist, when you tried to discuss the expectations created around be tagged as uninformed and just huge part of deception just to not feel out of the majority opinion. The remedy is simple: increase our confidence and try to draw conclusions for yourself using, if not our financial knowledge, it is often common sense does not fail and we have almost everyone.

The third symptom is derived from the two previous could be called "reverse logic" and happens to almost everyone when the time to take a decision is wrong, and instead of trying to fix their situation opt for self-justification logic behavior utliizando backwards ... Starting from the negative fact try to develop a complete theory of justification. To avoid it, we do an exercise, above all, lack of pride ... in order to devote our efforts to try to flip the situation.

The fourth is the eternal confusion between value and price ; Trias de Bes explains phenomenal in his book "The man who changed his home for a tulip : Day of Sant Jordi in Catalonia, Rosas receive 6 million. The current executive buys first morning a rose to his secretary that costs, say, twelve Euros. It's a high price, but is paying priority and excess demand. Later, when the executive goes home and buys his wife a rose on the way home, it pays for only 3 euros because there is almost no demand and the florist at all costs try to liquidate their excess stock. Beyond the paradox between the secretary and the wife and the executive who wants more must be clear that a good way to assess whether something is expensive or cheap is to calculate the implied yield . For example, say that 2,006 m2 of housing in the center of Madrid cost around € 4,600. However, the m2 rental in the same area was around 8 € per month. This means that if we bought a flat of 100 square meters and immediately put it on rent would be getting a € 9,600 annual returns derived from a capital of 460,000 € ... or 2% per year ... less than a simple risk-free deposit was giving so ... Then the floor, objectively, was expensive.

And fifth and final point is the delay in taking losses . People who know this business, which invests in underlying risk, always speculated what they call a "Stop loss" or a low enough level that, if they force us to make the investment and take the loss . Not a bad thing. is always preferable to take a small loss in mind that a huge future and thinking "... I leave it there and hope to come up" can not be more stupid. With a slight loss selling is a way to have a second chance to achieve a goal that almost always can be achieved with a capital of 100 or 95 after taking ... but certainly not the 50 or 40 that we can be if we play to that of the turn the tables ...

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Jewellery operations funded out of balance

Hello everyone.

activities and costume jewelry are an important part of global economic activity and have some special tax, especially VAT, which deserve careful study.

As for jewelry, usually made of precious metals and stones, retailers engaged in sale must apply the equivalence charge provided that they are individuals or legal allocation scheme income or retail marketing any product is not excluded from this scheme. However, there are certain exceptions, and among the most important is that which specifies that the surcharge equivalence does not apply in the case of sales of jewelry, jewelry and articles made of gold or platinum in part unless your content has a thickness less than 35 microns are or larger pieces for the so-called "Gold of investment." For example, if a trader sells us a gold men's watch with a thickness exceeding 35 microns, not apply the special charge of equivalence and whether the regime of VAT.

Similarly, the type gemstones diamond, ruby, sapphire and another is expressly excluded from application of the special arrangements of charge equivalence.

What is the penalty of equivalence? Well, no is more than a levy of VAT is determined by applying the tax base a particular type that is generally 4%, 1% for transactions in the VAT are taxed at 8% and 0.5% for those goods or services that are taxed at 4% VAT. Liquidation or for any amounts arising from the implementation of this surcharge is made jointly with the VAT.

As for antiques, art and collectibles , there are exceptions. Under the VAT Law, the special regime is applicable to resellers of the above mentioned articles provided they meet certain requirements, as they are tangible, having sustainable use or have been used previously by a third party, such as the sale of a pearl necklace for a retailer could fall within this regime used its status and the absence of platinum, gold or precious stones composition but instead the transmission of a bar of platinum jewelry by a third party, acquired before an individual can not enter this course to specifically exclude the acquisition of Platinum. On the other hand, to implement special arrangements need not only participate in reselling used goods but must have been originally acquired by a person who is not a businessman or professional status or businessmen and professionals entitled to exemption.

Another curiosity of these operations is that transactions where VAT applies, it is settled by the profit margin and not by global seller has received the operation . Thus, if a seller sells a sapphire for 4,000 euros previously cost him 2,500 euros, it is assumed that the benefit of 1,500 euros, so you get the "tax base" of 1,500, ie 1,271 euros and above that amount be settled on 18%.

still there are some exceptions, some of them important and affects mostly jewelry, tapestries and engravings but I hope I have helped some jewelers do not lose your head ... they have enough problems ...

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off-balance sheet financing refers to transactions which obligations arising not covered in the corporate balance sheets, for example, a company may decide to grant its top executives a number of company cars and can decide to finance these costs through an operating lease (Operating leasing) and promising, therefore, a series of future payments, but without that commitment to appear as debt on the balance of society ( yes, however, memory ... which of course almost no one reads ...)

The existence of this debt off balance is a result of the slow evolution of accounting standards to the development of IFRS and the growing importance of assets intangibles and related forms of financing bank to buy assets, not home too with traditional concepts of assets and debt. Most of these contracts separate the legal ownership (which remains the financial institution) of economic (that is, to some extent, who is exposed to fluctuations in the price of an asset and who always supports share final) and this fact is readily usable for altering a balance, for example, if the previous company, the cars, is committed to maintaining the lease of these over the next five years and also to purchase them after the fifth by agreed residual value, the economic owner of the property is the company that uses and should be considered as liable for what is signed, in essence, a lease and not operational.

If the first economic substance of transactions on the legal form, the corporate balance sheets appear more credible and clear but it would require deeper work the auditor based his interpretation . The need for change in net debt balance often be determined by the appropriateness of content suppliers and lenders to, among other things, ensure that the company CIRBE not leave mother ... and to "fight" the next loan ...

there are several ways to hide it: Altering the current before the close of the annual accounts via billing late or forcing the heavily discounted fee, to cover the credit facilities on 31 and return to empty them on 1, not factoring the account customers to bank debt does not appear (or do so through factoring to use ...) or grow via operating lease assets and not do it by loan or lease (as we have seen ...).

Other options are more exquisite: Many hotel operators sell part of its assets to third parties productive and I rented these immediately to continue operating. Accounting, strengthen its liquidity and it may proceed to cancel their debt ratios improved immediately, but in many cases the obligations created by this lease long term are not recognized immediately as a liability. The absolute specialist in this area is the hotel chain Accord, which has excellent credit ratings on its balance sheet strength to sell nearly all its resorts and give no answer to payment obligations, in cases where, extend for forty years or more ...

So how we detect the presence of a strong balance sheet debt is not recognized as such? Well common sense, reading and looking for contingencies in the memory, looking for the maturity of operating leases and purchase options, reviewing the asset turnover ratios to verify that correspond to the evolution of income and, especially, capitalizing interest expense accounts to bring out the total amount that should be considered as debt.

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Here comes the CoCo!

the unstoppable desire of man to create, on this occasion, complex financial instruments, is home to some extent the current crisis. To keep stumbling over the same stone, the market has recently delivered a new form of equity for banks to improve their ratios and raise funds. These are called CoCos, how nice to call the "contingent convertible ."

The CoCos are essentially debt, but, like the "Gremlins" became much worse when they are wet, CoCos become the capital to certain contingencies, especially if the numbers of solvency of the issuer falls below a certain level.

In Spain, the figure has not come as such but a kind of parental adaptation is all the rage with the capital requirements of the Bank of Spain: mandatorily convertible obligations, a kind of the English CoCos whose establishment has been forced, as so often, the Santander . Booty bank, moved to its sales force to place their customers 7,000 million mandatorily convertible bonds in 2007 for the purpose of addressing the huge capital needs that generated the flood of purchases was facing outside. The key is that mandatory convertible bonds are securities pay interest while they are bonds that come a moment ... oh, surprise ... they become actions in certain conditions ... with all that that entails .

The fact is that competitors Santander ridiculed the instrument at the time but now almost all have chosen the same path as BBVA, Popular, Sabadell Bankinter has launched a fever of mandatory convertible bonds into shares, each with its peculiarities and several wrongs. For banks, the CoCos fear they are ... because account as principal and can overcome the bar of 8% set by the Bank of Spain to the financial institutions listed. Given the scatter of this type of security, law recapitalization of the financial sector means that those already reported simply that the terms of engagement have been made to convert into ordinary shares before December 31, 2014 but for the new issue conditions are much more stringent and must be converted into shares on or before December 31, 2014 or "before that date in case of reorganization or restructuring of the entity or group. " That is the co ntingencia which co CoCos nvertibles to early English and can assume that, ultimately derived from its coupon bond condition is replaced by a dividend to be charged you know if as and when ... Therefore, the possibility of runs to be part of the shareholders of a bank inadvertently or because they give the contingency provided or because they reach the time limit laid down, investors should be aware that what they are buying are more bonds and shares rather than risk assessment based on this .

is not afraid to risk, but to recognize, assess and be able to sleep with him soundly.

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creative accounting "at Real Madrid?

In 2000, Florentino Perez, one of the greatest entrepreneurs and president of the English construction company ACS, he was elected president of Real Madrid football club. Despite recent successes in sporting competitions both nationally and in the Champions League, merengue voters gave a clear protest vote against the economic policy conducted by the former white rulers, politics that in addition to leave the club coffers increasingly deteriorating, threatening to force their conversion to the legal form of sporting society. Florentino Pérez , thanks to a highly aggressive marketing policy, the signings of the brightest stars the football world and certainly the confluence of some fortunate circumstances as renegotiating the rise in television contracts and the disposal of the Sports City, managed to change the general perception about the economic situation of the entity, but " This sudden improvement was more illusion than reality? and were equally aggressive "accounting procedures to reflect the time of his assets? To test this, we will try to get closer to reality book club, through its financial statements since 1999, immediately prior to the start of the new president, until 2002, for many, final vesting date of the new economic model.

and finance Football

Analyze account income in particular is not too many secrets, or give income to cover expenses or income phagocytose; from hence, adding or subtracting you get the result, whether we speak of a sports club or a hairdresser. In 1999, Real Madrid was unable to get this result showed positive. In addition, the entity "enjoyed" about exceptionally low capital, a large debt and deferred income almost entirely willing , difficulties in accessing bank credit is beginning to show clear and so the suppliers have replaced banks as the main source of funding. However, just three seasons later, the club forced the world in the pursuit of sports titles proclaimed proudly, that the debt had almost disappeared, which had boosted income - ordinary and extraordinary - and that almost miraculously, the net cash position would sign a one or even two of the best players in the world each year. Not bad for those who solo unos años antes no podía pagar a tiempo las fichas de sus jugadores…

El problema de los ingresos… ¿resuelto al fin?

Los ingresos ordinarios del fútbol son limitados y no evolucionan precisamente al alza. Dichos ingresos son, a saber, el taquillaje, los derechos de televisión y la publicidad, y el Madrid ingresó por dichos conceptos en 2002 unos 152 millones de Euros . Dos años antes ascendieron a 164 millones . Los gestores del club, avisados de esta circunstancia, eran plenamente conscientes de que los incrementos esperados no daban para sanear la situación economic and turned her head to other sources of revenue hitherto considered extraordinary: merchandising revenue . In 2000, this item was simply 0 Euros, but in 2001 already amounted to some 12 million Euros and a year later, reached 16 million direct result of the acquisition policy emblematic players . This hiring effort led to an exponential rise in staff costs and tremendous cuts in other items but also must set up a new interest in stroke many new lines of business based, in my opinion, investing in "staff costs", in expensive and wages that enable chips to maximize the active sports in which they invest and, ultimately, make extraordinary income in the most ordinary of income.

Vitamins "accounting?

We can not here present a full account of the results but, in short, the seasons 1999 - 2002 are at least economically hazardous. In 1999, operating income reached 116 million while costs were above the 130 million . It is rather difficult to find companies whose current business is paid in this way regularly and manage to stay alive. Staff costs and depreciation of the "intangible assets" - euphemism you want to mention the white players - almost completely ate revenue and expenditure items related to overall finish with them. The result thus further deteriorating because of the expense and balanced only making use of the extraordinary desperate that ultimately were able to produce a result after tax 2.94 million, a mere 2.53% operating income (... and an associated ROI of less than 1%).

In 2000, the trend described above not only corrected but not worse because of rising overhead and sheets of some of the allegedly best players in the world. When you see how they managed to redirect the Ebitda , surprised by the presence of an operating income amounting to 34.7 million Euros received by the white club for the sale of a preferential claim on the assignment of future rights television for a period of 5 years and fully accounted for as income . The meteoric rise in operating income was overshadowed, however, because more than 13 million euros in financial expense. This made the current result of this season was a paltry 657,000 Euros .

In 2001, already in full command Florentino Perez, revenue fell further, and operating expenses led to impressive heights - up to 224 million Euros - As a result, for 100 euros Florentino joined Madrid in first year, spent $ 162, the majority - nearly 86% - to pay the tabs on the first team. Recurrent expenditure also went up because of the brutal increase in amortization of intangible assets. Examining all these items, it seems free hesitation about the goodness of the administration by the President of ACS. It seems that the situation not only has not improved but has clearly been worse, that the expenditure side goes completely oversized and that the results are saved based on extra income and undisputedly highly unusual strange ...

Florentino management yields data just as interesting in the chapter on sports personnel. Specifically, the number of managers grew so big that if one compares the total of these workers, it seems much for so little army general. In season 2001, the ratio must have been so indefensible, that the auditor agreed to when making the calculation of the average workforce, including all types of directors, officers and board members , presumably to lower the rate of average pay per employee.

Fortunately, a set of accounting rules - Malabar worked miracles in the results provided by Florentino at the end of the 2001 season. On that date, sold to Real Madrid and Caja Madrid Sogecable certain percentages of the rights of the majority of the proceeds from merchandising, image player, Internet presence ... worth more than 117 million euros ! These revenues covered a period of 11 years but were counted in full this season and finished motivating a profit before tax of about 31.5 million Euros Where did the early correlation of income and expenses? And the accrual? ... In any case, the accounting irregularity appears manifest, first because the transfer of rights could be an operation loan as a sale pure and simple, and second, because even accepting the entry, it should have been recognized on a multiannual basis.

Selling City Sports

Without doubt, the 2002 season was a milestone in sports because the achievement of the ninth Champions League. In this exercise was carried out when selling City Sports , transforming it into an urban development over 150,000 meters square soil tertiary use. The sale earned him a special benefit to Madrid more than 379 million Euros although provisioned, as extraordinary, the net book value of the facilities that the club ceased to be used, for an amount of about 15 million Euros . This sale allowed to close the year 2002 with net income of 9.3 million Euros . This data, at first glance innocuous, indicates that at Madrid he returned to save the extraordinary.

Not all patrimonial consequences of this alienation are negative or questionable with the results of the sports club canceled all bank loans had, ending their historic debt, mostly a result of the refurbishment work on the Santiago Bernabeu stadium, construction dating from the times of the late Ramon Mendoza. And thanks to the eligibility for the special exemption for the sale of assets are managed differ for many years the tax effects resulting from the operation. In summary, the Madrid happened in four years, living strangled by a huge amount of short-term liabilities to enjoy a more than bearable debt with the public finances ... thanks to a brilliant operation and completely legal.

Amortizing, which is gerund

Still in the year 2002, the ordinary income reach 152 million Euros but operating costs reach 471 million . In addition, Madrid decided to offset the benefit possible effect of the gain on the sale of the Sports City and profit to repay to the single euro of the existing investment in rights to acquire players, specifically, for a total amount Euros 283 million ... The problem? Well, the club board decided to radically change the accounting policy in force until that time and went to pay off the players at the end of the year in which it was acquired, in contravention of a ministerial order requiring companies to write off sports assets depending on the duration of the contract for each of them. Such amortization allowed to completely offset the gains generated during the year and prepare an economic outlook for the coming years where you just have to write off the investment that is generated. The perversion of the system can reach its zenith in transposition exercise club Ronaldo Da Lima , ultimately, the only player from the first template, accounting, had some value. The following year, the accounting cost of production machinery, namely the players, who in the end are those who give economic content and sporty at the club, will be zero.

treatment investment

If we move along the path of sports intangible assets, in essence, the legs of the players proves unstoppable growth, and in 1999 was based on Gross investment 91 million euros but became 334 million in late 2002. In the case of equipment merengue, such investments were not reflected in an increase in the balance sheet items but rather to the contrary, because of the depreciation policy explained above. In 2002 year the asset is not already almost any item for gamers. The only important input, the "other tangible" results from an accounting move made long ago: In its day, the club sold the merchandising rights, bars and sports facilities, posting good gains recorded in your account results. However, four days before the end of 1998 the repurchased by about 80 million euros What is the genius of the play? Well, for anyone to recognize goodwill, there must be a transfer by onerous . Through the acquisition, the club got the price of the transaction were to become a part of tangible assets in the balance perfectly and fully amortizing. To top it off, while later he got back to sell some of these rights ... through a limited partnership Caja Madrid! at exorbitant prices. Seems like it gets to produce the usual miracle of the loaves and fishes ...

The evolution of white balance

merengue The balance for 1999 shows a certain weight of fixed assets, small reinforced by some fixed funds and deferred revenue, the liabilities side, a large amount of long-term liabilities and a negative working capital suggests that some strains of liquidity. The developments during the next year reinforces this tendency for the permanent resources of the white club do not give to fund all of its fixed assets but operations have been referred to favor a dramatic change: Having amortized completely immobilized sports equipment, fixed assets is deflated , while working capital becomes more important due to the sale of Sports City. Although equity still not desirable to make the grade book, the game has been produced with debt - to be concentrated in the heading of tax-deferred long-term - finally manages to turn the financial situation and encourage the emergence of a positive working capital.

quality passive

As we have seen, in the passive Real Madrid highlights its small capitalization. Possibly, this situation drag on earlier periods and respond to the need to take strong investment resorting to borrowing sports. Traditionally, income Deferred - a better game because they did not represent debt - have reinforced these scarce funds. It is undeniable that the management of this game for the Primera Liga club has managed to counter the force of the liability if required. Further, there was also change the quality of debt: is not the same duty a large sum of money to a bank, with financial costs that entails, which should the same or more to finance through the figure of deferred tax on profits, a 0% interest. However, the actions of the Finance Public also shed some dark clouds on the horizon because the club did not consider it appropriate to provide an allowance for the amount of inspection reports prepared by, signed under protest by the club and appealed for a whole about 48 million Euros .

subject to the audit file. Impact on the outcome

is concerned that under the first term accounts Florentino Perez has aroused suspicions of irregularities in the eyes of the ICAC, to the extent that he decided at the time to raise a record. Challenging an operation which in 2001 generated over 100 million euros profit and the possible conclusion that, in fact, it was a mere financial artifice, would lead to a reclassification of items that would make the accounting of the season pass, from 42.6 million euros benefit, possible loss of 73.6 million . A deficit of this magnitude would entail a much more pessimistic reading: equity of white club would be at that time below zero. However, Forbes repeatedly positioned Chamartin club in the top of its annual lists sports clubs, from the beginning of its publication in 2004. The EV / EBITDA result for Madrid is 0.03, far worse than the first in the list, Manchester United, who scored 0.07. Needless to say, if one were to reclassify the operations described above, this multiple would have negative value. Finally, interestingly, Forbes understands that if there is no debt merengue ... because it provides other than the bank!

No longer be trusted or Forbes ...

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Can Anyone Set Up A Reit Canada

Finance Act 2011 (I)

Hello everyone. As

at this stage of the year, the publication of the Budget Law for 2011 (hereinafter LPG) brings advances, legislative changes or actions with which the government seeks to influence economic activity. On this occasion, almost in tandem publication of LPG and Decree Law 13/2010 of measures in the tax and labor has resulted in some contradictions between the two standards that had to be resolved by a subsequent Decree, which makes it necessary, almost under compulsion, to study the impact of both rules separately.

In regard to Royal Decree, it should be mentioned first when I NCOME Company, insofar as it enshrines free asset amortization property, plant and equipment or real estate available to owners within of the tax periods that there are between the years 2011 and 2015, inclusive. This incentive is applicable also to the assets acquired through leasing contracts if they have a minimum duration of two years for personal property and ten for property and meet certain formal requirements such as maintaining employment. Finally, the financial burden is still considered as a deductible and financial burden that explicitly part of the cost of repossession. Clearly, the intention is to promote rejuvenation of assets in companies also serve to limit the impact of the final installment of the tax.

The second development is the Royal Decree referred to tax rate reduced by maintaining employment for entities that have a net turnover of less than five million euros and a workforce average of less than 25 employees. In this case the taxable amount subject to reduced rate rises 20% by 2011, to 300,000 euros.

The third major innovation refers to the one that has to do with the operations d OCUMENTATION related entities. As we know, already present a major formal charge to the institutions and the trend is slowly reducing irlas. Thus, it is exempt from these obligations to those entities or net amounts less than 10 million euros and provided that the market value of the transactions do not involve more than 100,000 euros per year and do not bring a result of activity among offshore .

Fourth link is broad the definition of "tax" of SME for all entities with turnover below 10 million euros and also extending the scheme for three consecutive years to all those entities that lose ... "The fiscal prize? ... reduced rate of levy estimated at 25% and raised base to 300,000 euros.

Changes in the income tax are less impressive: The Royal Decree states that employers or professional to determine your net income for the direct assessment scheme may be applied provided accelerated depreciation for income tax.

As for ITP and AJD is exempt from tax in the tax operations of incorporation, capital increase Members' shares are not implemented through a capital increase or move to Spain at the headquarters of the effective address of the registered office or from another EU country.

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