In balance, Vasco SAF records record revenue of R$364 million and loss of R$123 million in 2023 | Vasco

Vasco’s SAF published this Tuesday its second financial statement – the first referring to a full year, in this case 2023. The report points to an increase in gross revenues, which total R$364 millionIt is loss of R$123 million in exercise.

Bruno Murito brings information about Vasco straight from Fortaleza

A gross revenue increased by 170% It is the largest recorded in the historical series, which began in 2016, and is more than twice as large as the balance sheet for the year 2022 (R$135 million).

The loss is due to the increase in operating expenses, which directly reflect the investments made in the squad, with more costs and personnel expenses, such as payment for image rights, benefits, maintenance and services necessary for the club’s operation.

Of the debt of around R$700 million that SAF assumed from the club, R$210 million was paid so far – R$90 million in 2022 and R$120 million last year. Considering updates and corrections recorded in the company’s financial results, the net debt reduction is R$60 million. One of the main challenges is to reduce the cost of this debt. This means renegotiating to obtain discounts, interest reduction and extension.

The document also points out that the relationship “between amounts payable and amounts receivable” presented the lowest index in the historical series. In other words, Vasco increased its ability to pay what it owes, advancing in the search for financial stability.

– The situation is still far from comfortable. No matter how much the indicators have improved, Vasco will start 2024 with short-term liabilities 3 times greater than its short-term assets. This difference must be covered by the capital injection and the generation of new revenues – considers the document.

The uncovered liabilities went from R$594 million in 2022 to R$601 million in 2023. The number is the result of the inheritance of the debts assumed by the associative club and the accumulated loss.

The company aims to break the vicious cycle and move towards a virtuous cycle. To this end, it aims to increase Vasco’s revenue and financial capacity in search of self-sustainability.

This self-sustainability involves three pillars that SAF believes are being well met: increased revenue, rationalization of costs (having control over finances – how much comes in, how much goes out -, which did not exist before) and debt reduction.

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