FC Barcelona

Consolidated accounts of Futbol Club Barcelona and subsidiaries (Barça Licensing & Merchandising, Sudburylane, Barça Innovation Hub, FCB HK, FCB North America by full consolidation; Barça Produccions by the equity method, stake raised from 53.4% to 63.14%). Clean opinion with an emphasis paragraph on going concern (note 2.5). The English income statement (p259) mislabels the three lines below "FINANCIAL RESULTS": the (1,334) line is the equity-method share, the (13,572) line is profit before tax and "FINANCIAL RESULTS Note 15.4 (4,203)" is corporate tax. PBT is therefore cited from the cash flow statement (p261) and TAX from Annex II (p340), where the captions are correct; the arithmetic 49,616 - 61,854 - 1,334 = -13,572 and -13,572 - 4,203 = -17,775 confirms it. EBIT plus net finance differs from PBT by that -1,334 equity-method share, so PL-003 warns. Revenue is net turnover; player sales sit in "Profit from sports intangible assets" inside the operating result. No economic-lever gains this year. Financial income includes 77,194 "Other financial income and expenses" (note 7) and financial expenses of 114,226 include 86,201 of effective interest on the Espai Barça financing (note 14). BORROWINGS = Senior Secured Notes + bank loans + "Other financial liabilities", which note 14.1 says hold the Espai Barça financing drawn through the securitisation fund (1,238 million drawn). The balance-sheet page (p258) is printed sideways, so captions and numbers sit on separate text lines; values were matched to captions with the column totals and notes 14 and 14.1. EBITDA is the club's own figure from the directors' report ("operating profit before depreciation, impairment and provisions"); the report does not say how player-trading gains are treated, so the flag is left unset.