FWIW just some data
I finally cared enough to do a bit of a deep dive on our 21/22 balance sheet, available here:
You can see on page 17 and 18 the overall income and cost structure for the group - revenue in 21/22 (not the deloitte definition, just to be clear, which doesnt include exceptionals) was 440mil euros, of which 105mil was from plusvalenza on Hakimi and Lukaku. Our TV revenue decreased 40mil (I assume this is because of the spillover of Serie A matches maybe but could also just be general depreciation of TV rights in Italy). We have a big bucket of 'other revenues' which isnt clear to me, but I suspect that's something around insurance as in 21 it gave us 75mil euros and then in 22 it was down to 44mil (e.g. the match day revenue insurance we all discussed)
Costs - we spent 218mil euros on wages for players, and then theres another 125mil in amortisation. It'll be interesting to see what the 22/23 books look like whenever they come out.
Costs, in general, decreased a bit - in 20/21 we spent 568mil euros on an income of 364mil euros, in 21/22 we spent 528mil on an income of 440mil. What is NOT included in those fixugres is cost of financing - so, e.g., interest. That took our 20/21 result to -246m euros, and 21/22 to -140mil euros.
With these numbers in mind, its quite possible that 22/23 becomes dominated by interest. I suspect - but we'll have to see - that interest alone wont be the thing that swings profit/loss for us, but I think it will probably be the majority of the loss. We'll have to see.
As ever, no sign of any dividend/etc out from the club to our ownership. To stress the point, Inter loses money hand over fist and requires significant ongoing financing from ownership to operate, otherwise we'd go bankrupt very quickly.
It's also worth being aware (pg1, 4th paragraph) that there were 75mil cash injection from Zhang (presumably out of Oaktree loan) in 2021, which 15mil of was converted into equity on 31st May 21. I suspect when the next books come out we'll see a bit more d2e conversion, but in general, the repayment of those loans is probably what gives Zhang some ability to repay Oaktree.
edit
One thing I didnt notice first time round - our write downs are a significant part as well. We all know that we used the summer of 22 and 21 to try to offload players we didnt want (like JM, Nainggolan, etc), and we also wrote off sponsorship money that was never received, but accrued in the balance sheet
Write downs for 20-21 amounted to 56mil euros, and for 21-22, they amouned to 41mil euros.
Player salaries arent broken out separately here, but, our personnel costs + amortisation of 341m euros per year is 78% of our revenue - and that's massively skewed because of Lukaku/Hakimi plusvalenza. If you took that away, we'd be at 102% which is in breach of the new FFP regulations - I think we need to be down at 70% within the next 3 or so seasons, fyi.
Basically this club spends SO MUCH MORE THAN IT MAKES that we need to plusvalenza a Lukaku and Hakimi every year to be FFP compliant. Of course that's overly simplistic - our wages and amortisation is dropping rapidly at the moment (386m in 21, 341m in 22, I'd expect it to be about 320-340m in 23, and this summer will have decreased significantly)
