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CSKA and CSKA-1948 (the parent company) published their annual financial statements for 2019. It is clear from these that the Group’s revenue amounts to BGN 19,680,000, which is almost BGN 4.5 million more than 2018.
The most important revenue, BGN 10.69 billion, is recorded in the “other” column. In second place are those of the transfer and sale of players and services: BGN 4,865,000.
Expenses also increased: BGN 23,688,000 compared to BGN 20,642,000 the previous year. The pre-tax loss is just over BGN 4 million.
As for CSKA alone, the revenue for 2019 is BGN 19,509,000 and the expenses – BGN 22,433,000, leading to a loss of just under BGN 3 million, writes Sportal.
The largest funds are spent on salaries: 10,418,000 BGN. The increase in this item compared to the previous year is almost one million lev. In second place are the costs of external services: 8,800,000 BGN. Of the amount in question, 2,717,000 BGN were used to pay service commissions, which is a significant increase compared to 2018, when 266,000 BGN were spent.
Fines from the Bulgarian Football Union amount to BGN 128 thousand compared to BGN 251 thousand the previous year.
The debts announced by the Group amount to BGN 46,198,000. The owners of CSKA and CSKA-1948 specify that BGN 40,432,000 of them are for related parties and only BGN 5,766,000 are for third parties.
Accounts receivable from subsidiaries also represent a significant amount: BGN 14,658,000.
This is what is written in the annual financial statements of the companies with respect to the Group’s debts:
“As of December 31, 2019, the total value of the capital stock of the parent company exceeds the net assets in the consolidated financial statements. The Group’s equity is negative for a value of BGN 24,835 thousand.
The Group’s current liabilities exceed current assets by BGN 28,833 thousand.
These circumstances give rise to an uncertainty that may raise significant doubts about the Group’s ability to continue as a going concern without the support of its shareholders.
Management has developed a Group capitalization plan and considers that there are no risks of insolvency.
The total current liabilities at the Group level amount to BGN 46,198 thousand, of which BGN 40,432. BGN are for related parties and only 5,766 thousand BGN are for third parties whose liabilities are covered by sufficient current assets. However, as a result of the possible adverse effects of the announced uncorrected event related to the Covid-19 pandemic, complications and unforeseen situations may arise that give rise to uncertainty that may raise significant doubts about the Group’s ability to continue as going concern.
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