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Inter's record of losses

The authoritative Swiss Ramble reviews Inter’s latest accounts.   The pre-tax loss widened from €97m to €239m (post-tax €246m), despite revenue increasing €51m (17%) to €354m, as profit on player sales fell €61m to just €246k.   Unsurprisingly, Inter ‘s €246m post-tax loss is the highest in Italy in 2020/21, comfortably ahead of by Juventus €210m, Roma €185m and Milan €96m.

In fact, the €246m loss is the highest ever registered in Italy, as COVID has exacerbated underlying financial issues.   It was only exceeded in Europe in 2020/21 by Barcelona’s horrific €481m loss. It is worth noting that Inter are responsible for nine of the 20 worst losses in Serie A.

In fact, the big four Italian clubs have lost a staggering €1.3 bn in the last 2 seasons (€591m in 2019/20 and €737m in 2020/21). Inter were second worst in this period with their €348m deficit only surpassed by Roma €389m, but higher than Juventus €300m and Milan €291m.

The club have lost an amazing €724m in the last 10 years (pre-tax), including €403m in the 5 years under Suning’s control. They have only reported a profit once in that period (€33m in 2014). The club expects another loss in 2021/22, though “significantly reduced”.

Like many clubs, Inter have become increasingly reliant on player sales, averaging €49m in the four years up to 2020, but no profits in 2021. This season will be a different story following the big money sales of Romelu Lukaku to Chelsea €113m and Achraf Hakimi to PSG €67m.

Player trading was an area that needed to improve, as they have lagged behind: in five years to 2020 their €226m profit was far below Juve €563m, Roma €372m & Napoli €325m. In fact, only two players sold for a profit above €10m since 2017: Icardi €47m & Pinamonti €19m.

The €354m revenue remains second highest in Italy, though still around €100m less than Juventus €450m. On the other hand, there is also clear water between Inter and the other challengers: Milan €241m, Roma €197m and Napoli €179m.

I t is imperative that Inter qualify for Europe to boost broadcasting income, as TV rights in Serie A are relatively low. England €3.6 bn and Spain €2.0 bn saw big increases in 2019, while Italy was unchanged at €1.3 bnn. In fact, the new 2021-24 deal will be lower.

Inter earned around €50m from the Champions League, even though they did not get out of the group. This was less than prior season’s €61m: €44m after finishing 3rd in Champions League group plus €17m for reaching Europa League final, though some money deferred to 20/21.

The club have received €171m from Europe in last five years, almost all from 2019 to 2021. This is miles below Juventus €454m and also less than Napoli €243m and Roma €209m, but way ahead of Milan €46m. This also has an impact on the UEFA coefficient ranking.

The €142m commercial income is still the second highest in Italy, albeit a fair way below Juve’s €194m. Their growth in this important revenue stream in the last 5 years has only been outpaced by the Bianconeri, but leaves them well ahead of Milan, Roma and Napoli.

 

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