CAPÍTULO IV.RÉGIMEN DE INVERSIONES DE LOS FONDOS DE PENSIONES
Artículo 72. Criterios de diversificación, dispersión y congruencia de las inversiones
During the financial years ended 30 June 2015 and 2014, the movement in ‘Players’ registrations’ as well as depreciation and accumulated impairment losses, was as follows:
Acquisitions
The main acquisitions made in the year ended 30 June 2015, in amount, can be resumed as follow: Industrial
property Others Total
Gross cost
Opening balance (30.06.2013) 2,344,848 227,432 2,572,280
Additions 120,749 - 120,749
Closing balance (30.06.2014) 2,465,597 227,432 2,693,029
Accumulated depreciation and impairment losses
Opening balance (30.06.2013) 668,603 155,124 823,727
Depreciation 36,476 68,698 105,174
Closing balance (30.06.2014) 705,079 223,822 928,901
Carrying amount 1,760,518 3,610 1,764,128
Other intangible assets 30.06.2014 30.06.2015 30.06.2014 Gross Cost Opening balance 117,698,516 120,789,429 Acquisitions 53,372,782 18,789,708 Sales (46,285,529) (20,827,879) Transfers (Note 9) (250,000) (8,599) Disposals (Note 27) (4,326,192) (1,044,143) Closing balance 120,209,577 117,698,516 Accumulated depreciation and impairment losses
Opening balance 56,192,875 44,630,531
Depreciation (Note 27) 30,227,292 26,379,179
Impairment losses for the year (Note 27) 1,146,645 563,333
Sales (29,955,014) (14,524,217) Disposals (Note 27) (3,311,935) (855,951) Closing balance 54,299,863 56,192,875 Carrying amount 65,909,714 61,505,641 Intangible Assets - Player's registrations
Consolidated Accounting Report 2014/2015
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The caption “Additional expenses” refers to expenses related to the purchase of players’ registrations, namely charges for intermediation services, legal services, signing-on fees paid directly to the players, etc.
It should be noted that in situations where the registration is less than 100%, although the Company is entitled to full use of the player’s registration, it has entered into an associated financial interests contract with a third party, which consists of an investment partnership in the registration rights, resulting in the proportional sharing of the inherent results in a future transaction of these rights, if it happens.
The main acquisitions made in the year ended 30 June 2014, in amount, can be resumed as follow:
The charges for intermediation services related with the purchase of players’ registrations in the years ended 30 June 2015 and 2014 referred above, as well as with the negotiation and renegotiation of labour contracts with players, amounted to 6,863,545 Euro and 4,829,328 Euro, respectively.
In the financial year ended 30 June 2015 these services were provided by Gespro Sport, SL, Bahía Atlántica S.L., Japer Sport, S.R.L., Eurogol – Consultoria e Marketing Esportivo, Ltda, Gesdek – Gestão Desportiva, Lda., RAMP – Managment Group International, A.R.B. Sport Asesores SL, Idub Servicios Desportivos, SL, Idoloasis – Soc. Unipessoal, Lda., Termford Managment Limited, SP International Management GMBH, Northfields Sports B.V, Tramontin Advogados, Foot2Foot – Gestão de Carreiras Desportivas, Lda., Prestige Sports Managment Limited, FootInvest, SA, D.L. Soccer Service SAS, JOD - Gestão de carreiras desportivas, Lda., Vela Managment Limited and Unifoot – Gestão e Eventos de carreiras de profissionais desportivos, S.A., Nescar Sports, S.L. and by the agents Maxime Nana, Luis Pompeo, Graham Heydorn and José Caldeira.
Player Economic rights percentage Acquisition date Vendor Contract end date Acquisition cost Additional expenses Total acquisition cost
Adrian Lopez 60% jul-14 Club Atlético de Madrid jun-19 11,000,000 - 11,000,000 Martins Indi 100% jul-14 Feyenoord Rotterdam N.V. jun-18 7,700,000 600,000 8,300,000 Brahimi 100% jul-14 Granada Club de Futbol jun-19 6,500,000 361,620 6,861,620 Quintero 50% dez-14 Delfino Pescara 1936 SRL jun-17 4,500,000 - 4,500,000 Aboubakar 30% ago-14 Football Club Lorient jun-18 3,000,000 580,000 3,580,000 Marcano 100% ago-14 Football Club Rubin jun-18 2,650,000 640,000 3,290,000 Hernani 75% fev-15 Vitória Sport Clube - Futebol, SAD jun-19 2,900,000 120,000 3,020,000 Otávio 33% ago-14 Coimbra Esporte Clube Ltda. jun-19 2,500,000 400,000 2,900,000
Evandro 100% jul-14 Estoril Praia, SAD jun-18 2,350,000 500,000 2,850,000
Outros 4,492,963
50,794,583 Efeito atualização financeira 2,578,199 Valor líquido 53,372,782 Player Economic rights percentage Acquisition date Vendor Contract end date Acquisition cost Additional expenses Total acquisition cost
Quintero 50% jul-13 Delfino Pescara 1936 SRL jun-17 5,000,000 800,000 5,800,000
Ghilas 50% jul-13 Moreirense jun-17 3,800,000 - 3,800,000
Kayembe 85% jun-14 Danubio GmbH jun-19 2,615,000 61,587 2,676,587
Igor Lichnovski 100% jun-14 Universidade do Chile jun-18 1,837,000 100,000 1,937,000
Outros 5,050,444
19,264,031 Efeito actualização financeira (474,323)
Consolidated Accounting Report 2014/2015
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In the financial year ended 30 June 2014 these services were provided by Pearl Design Holding Limited, Edenresults, Danubio GmbH, DNN Lda., Idolasis, Soc. Unipessoal, Lda., Onsoccer, Gestão de Carreiras Desportivas S.A., Foot Expande, Lda., RAMP Managment Group International, DL Soccer Service SAS, Unifoot – Gestão e Eventos de Carreiras de Profissionais Desportivas, SA, Asesorias e Inversiones Aim Futbol Limitada, C.B. Nafricatalentsport, Lda., SportConsult and Pacheco & Teixeira, Lda. And by the agent Ricardo Calleri.
The amounts of players registrations’ purchases in the years ended as of June 30, 2015 and 2014, consider the effect of discounting future payments to its present value, where applicable, in the amounts of, approximately, 2,578,199 Euro and 798,204 Euro, respectively. These amounts refer to the long term account payables balances related with the acquisition of the registrations of players, namely Adrian Lopez, Brahimi, Evandro, Martins Indi, Octávio, Hernâni, Sérgio Oliveira and Quintero (30 June 2015) and Ghilas, Quintero, Kayembe, Opare and Igor Lichnovski (30 June 2014).
Sales
Sales made during the financial year ended 30 June 2015 generated capital gains of 86,470,297 Euro (Note 27) which result mainly from:
a) sale of the registration rights of Mangala to Manchester, by the amount of 30,503,590 Euro, generating capital gains of 22,806,942 Euro after the deduction global values of 11,073,331 Euro relative to (i) the effect of discounting future medium term receipts and payments to its present value arising from these transactions; (ii) responsibilities with the solidarity mechanism; (iii) intermediation service costs provided by Gestifute – Gestão de carreiras de Profissionais Desportivos, S.A and (iv) amounts payable to the player as termination compensation; (v) the carrying amount of the player’s registration on the date of sale. Additionally, the buying club assumed the obligation to pay directly to Doyen the proportion that this entity held on the economic rights of the player for the liability recognized in the caption "Other creditors" on June 30, 2014, in the amount of 3,376,684 Euro, which was reversed and recognized in the computation of the capital gain;
b) Sale of registration rights of Defour to Anderlecht by the amount of 6,000,000 Euros, generating a capital gains of 2,683,593 Euro, after deducting the total amount of 3,316,407 Euro relating to: (i) solidarity costs, (ii) liabilities relating to the solidarity mechanism; (iii) the proportional sale value of the registration player’s owned by third parties (10%); (iv) annulment of amounts payable to the player; and (v) the carrying amount of the player’s registration on the date of sale;
c) Sale of registration rights of the player Danilo to Real Madrid by the amount of 31,500,000 Euro, generating capital gains of 23,101,403 Euro, after deducting the total amount of 8,398,597 Euros relating to: (i) the effect of discounting future medium term receipts and payments to its present value arising from these transactions; (ii) proportion of the capital gain attributable to Santos Football Club; (iii) intermediation service costs provided by Elenka B2F Sports LTDA; and (iv) the
carrying amount of the player’s registration on the date of sale;
d) Sale of registration rights of the player Jackson Martinez to Atletico Madrid for the amount of
35,000,000 Euro, which generated a capital gain of 26,633,515 Euro, after deducting the total amount 8,366,485 Euro relating to: (i) the proportional sale value of the registration player’s owned by third parties (5%), (ii) the proportion of the capital gain attributable to Northfields
Consolidated Accounting Report 2014/2015
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Sports BV, (iii) compensation for the termination of the player’s sports employment contract; and (iv) the carrying amount of the player’s registration on the date of sale.
The disposals for the year ended June 30, 2014, which generated capital gains in the amount of 22,397,504 Euro (Note 27) resulted primarily from:
a) sale of the registration rights of Atsu to Chelsea, by the amount of 3,000,000 Euro, generating capital gains of 1,991,667 Euro after the deduction of (i) the effect of discounting future medium term receipts and payments to its present value arising from these transactions; (ii) the proportional sale value of the registration player’s owned by third parties (25%); (iii) intermediation service costs provided by Energy Soccer and (iv) the carrying amount of the player’s registration on the date of sale, in the global amount of 1,008,333 Euro;
b) sale of the registration rights of Otamendi to Valencia, by the amount of 12,000,000 Euro, generating capital gains of 7,980,195 Euro, after deduction of: (i) the effect of discounting future medium term receipts and payments to its present value arising from these transactions; (ii) the proportional sale value of the registration player’s owned by third parties; (iii) intermediation service costs provided by Vela Management Limited; and (iv) the carrying amount of the player’s registration on the date of sale in the global amount of 4,026,000 Euro. Additionally this agreement foresees the payment of a variable remuneration, payable upon the achievement of certain sport objectives by the athlete, so the global amount receivable could rise up to 15,000,000 Euro; c) sale of the registration rights of André Castro to Kasimpasa, by the amount of 2,058,000 Euro,
generating capital gains of, approximately, 1,654,000 Euro, net of: (i) the effect of discounting future medium term receipts and payments to its present value arising from these transactions; (ii) intermediation service costs provided by Pacheco & Teixeira, Ltd.; (iii) the proportional sale value of the registration player’s owned by third parties (5%); (iv) liabilities relating to the ‘solidarity mechanism’, and (v) the carrying amount of the player’s registration on the date of sale in the global amount of approximately 404,000 Euro;
d) sale of the registration rights of Fernando to Hellas Manchester City, by the amount of 15,000,000 Euro, generating capital gains of, approximately, 5,298,000 Euro, net of: (i) the effect of discounting future medium term receipts and payments to its present value arising from these transactions; (ii) intermediation service costs provided by Onsoccer Internacional Career Gestão de Carreiras, SA; (iii) the proportional sale value of the registration player’s owned by third parties (20%); (iv) amounts payable to the player as indemnity; and (v) the carrying amount of the player’s registration on the date of sale in the global amount of approximately 9,702,000 Euro;
e) sale of the registration rights of Iturbe to Hellas Verona Football Club, by the amount of 15,000,000 Euro, generating capital gains of, approximately, 4,736,000 Euro, net of: (i) intermediation service costs provided by IG Teams & Players, SA; (ii) the proportional sale value of the registration player’s owned by third parties (55%); and (iii) the carrying amount of the player’s registration on the date of sale in the global amount of approximately 10,264,000 Euro;
Consolidated Accounting Report 2014/2015
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Impairment losses for the year
During the year ended June 30, 2015 impairment losses were recorded amounting 1,146,645 Euro
were recorded related with the registration of the players Djalma, Opare and Quinones, because FCP
SAD terminated the labour contract with this player during the season 2015/16.
During the financial year ended 30 June 2014, impairment losses amounting 563,333 Euro were recorded related with the registration of the players Stefanovic because FCP SAD terminated the labour contract with this player during the season 2014/15 and Izmailov, by the fact of the player has been lent during the season 2014/15 being this the last season with labour contract.
Additionally, during the year ended June 30, 2014, player registrations with a net value of 188,192 Euro were write-offed, related to the players Lucho Gonzalez and Thibaut Vion by the fact that FCP SAD terminated the labour contract with this players during the season.
Player’s registration
On June 30, 2015 and 2014, the aggregation of players by range of its’ registration net book value is as follows:
As of 30 June 2015 and 2014, in the carrying amount of players’ registrations are included the following players:
30.06.2015 30.06.2014
Carrying amount of Number of Number of
players registrations players Amount players Amount
Greather than 2 million Euro 12 46,152,407 10 42,003,228
Between 1 and 2 million Euro 5 7,860,617 7 9,979,852
Less than 1 million Euro 40 11,896,690 28 9,522,561
Consolidated Accounting Report 2014/2015
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a) Player loaned to another club or sports entity in the season 2015/16, whose loan period is not beyond June 30, 2016; b) Players whose percentage of economic rights evidenced is deduced, as of June 30, 2014, the share of 50% (Walter
da Silva) and 50% (Brahimi) transferred to third parties by associated financial interests contracts; c) Player whose registration rights was sold to another club or sports entity during the 2014/15 sports season; d) Player loaned to another club or sports entity in sports season 2015/16, but which the loan period is not beyond
December 31, 2015;
e) Player whose registration rights was sold to another club or sports entity during the 2015/16 sports season; f) Player which terminated the employment contract in the beginning of the season 2015/16.
The registrations’ percentages presented above take into consideration the sharing of economic rights made on the acquisition date of each player’s registration, or its sale at a later date, as well as the percentages assigned by FCPorto SAD to third parties related with the sharing of the amount resulting from a future sale of these rights.
In addition, commitments were established with third parties, including clubs and sports agents, in order to share the amount of future capital gains that may be obtained through FC Porto SAD players registration rights’ sale, upon verification of specific contractual conditions.
30.06.2015 30.06.2014
Players' End of Players' End of
Player registration (%) Contract registration (%) Contract
Adrian Lopez (a) 60.0% jun/19 - -
Quintero (a) 100.0% jun/17 50.0% jun/17
Martins Indi 100.0% jun/18 - -
Brahimi (b)
50.0% jun/19 - -
Herrera 80.0% jun/17 80.0% jun/17
Hernâni(a) 75.0% jun/19 - -
Aboubakar 30.0% jun/18 - -
Diego Reyes(a) 47.5% jun/18 47.5% jun/18
Marcano 100.0% jun/18 - -
Alex Sandro(e) 100.0% jun/16 100.0% jun/16
Otavio(a) 32.5% jun/19 - -
Evandro 100.0% jun/18 - -
Kayembe(a) 85.0% jun/19 85.0% jun/19
Ghilas(a) 50.0% jun/17 50.0% jun/17
Andrés Fernandez(a) 90.0% jun/18 - -
Gudiño 85.0% jun/18 - -
Ricardo Pereira(a) 80.0% Jun-19 80.0% Jun-18
Kléber(e) 70.0% jun/16 70.0% jun/16
Licá(a) 60.0% Jun-17 60.0% Jun-17
Kelvin(a) 75.0% jun/18 75.0% jun/16
Igor Lichnovsky 55.0% Jun-18 55.0% Jun-18
Walter da Silva (b) (d) 15.0% jun/17 15.0% jun/17
Hector Quiñones(f) 100.0% jun/16 100.0% jun/16
Defour (c) - - 56.7% jun/16
Mangala (c) - - 56.7% jun/16
Danilo (c) - - 100.0% jun/16
Consolidated Accounting Report 2014/2015
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As of 30 June 2015, FCP SAD kept player’s registrations that had been pledged as security for loans, as follow:
Additionally, buy and sale option rights contracts regarding players’ economic rights were established with third parties, namely clubs and sports agents, exercisable for periods and amounts contractually established.