Pamplona (Monday, April 22, 2024) - Osasuna reached the halfway point of the 2023-2024 season with a €1 million loss. As of December 31, 2023, the midyear audit report shows a loss of €1,088,521 after tax. The figure is somewhat better than initially expected since, at the last Ordinary Assembly, the budget presented an anticipated loss of 3.1 million euros by the end of the year, which would have meant a loss of an additional 1.55 million euros by December.

The result does not consider the winter transfer market, highlighting the transfers of forward Chimy Ávila for a fixed 4 million euros and defender Adama Boiro for 2 million euros. These transfers will undoubtedly bring the 2023-2024 financial year back to the profits path in June, putting an end to two negative seasons (2021-2022 and 2022-2023) and recovering the positive years that have brought total profits of 25 million during Luis Sabalza's terms of office.

Revenues align with the club's forecasts, with a turnover of 37.3 million. Members, TV, and advertising are behaving as expected. The extraordinary income from transfers will probably raise the figure to over 80 million euros, a new record in the club's history.

On the expenditure side, personnel costs are 2% higher than expected, but the departure of players in January will enable us to meet our forecasts. Operating expenses are 7% above forecast, and depreciation and financial expenses align with the plan.

The December audit highlights the improvement in working capital by €7.3 million. However, it remains negative and puts the club's net debt at €67.1 million by December 31, 2023, an increase of €5.5 million over the June 2023 figures. The reason behind this is the 12.9 million euros the club received from LaLiga Impulso (CVC) between June and December, which increased the long-term debt. At the same time as this increase, the club has been reducing its short-term indebtedness with banks and other entities by 7.4 million, which results in a balance of 5.5 million more net debt.

It is worth noting that between January and June, there will be no new collections from LaLiga Impulso (CVC), and bank debt will continue to be reduced as planned, so there will be a decrease in net debt in June. In the 2024-2025 season, the club will receive the last 12.9 million from the LaLiga Impulso (CVC) between July and December, most of which will be used to construct Tajonar, which will again increase the debt.

Audit Report 31-12-23