We won the Scudetto at the end of a very difficult season which, for its entire duration, was affected by the socio-economic impact caused by the pandemic. Our path towards sustainable growth and financial stability, mainly through increasing our revenues, was therefore hampered by the extraordinary events that engulfed the football industry as a whole – an industry that already had systemic problems and severe imbalance.
The pandemic struck our club at a time of expansion when huge investment had been made, thus generating an even bigger impact and slowing us down.
The consolidated financial statements include losses of €245.6 million, compared to €102.4 million in the previous year. Yearly revenues are €364.7 million, compared to €372.4 million the previous year. The 2020/21 financial results were significantly impacted by the pandemic, though this was partially offset by the deferment to the financial year being approved of a portion of revenues following the extension of the 2019/20 season to 31 August 2020.
The losses figure in our financial report, which was announced after the board meeting at the end of September, is very high, but when placed in the context of the last three years reflects the same curve as those of the four biggest Italian clubs, whose total losses amount to €1.6 billion.
Despite the difficulties created by the pandemic, the club believed it was essential to continue pursuing our strategy and provided the resources required to ensure the continuity of the most important projects. Besides winning the Scudetto, the 2020/21 season witnessed another important milestone: the launch of our new club crest and new visual identity.
The appeal of our new brand places us as a modern, global entertainment company open to partnerships with the biggest brands in fashion, design and innovation and enables us to develop new commercial agreements.
The club quickly initiated a rebalancing policy with two primary aims: to ensure financial stability in accordance with our owners' long-term strategy, and, as mentioned by our CEO Sport, maintaining a competitive team.
The actions undertaken to face this difficult period will produce clear results already in the financial report for the current season.
The positioning and appeal of the Inter brand to new targets, together with the global economic recovery, will ensure new sources of revenue from international markets.
The careful containment of costs will enable a more efficient, balanced management.
Developing facilities and in particular the realisation of the new Stadio San Siro will help lift Inter up to the level of Europe's biggest clubs.
Inter's main goal is to be a highly competitive, sustainable, modern club. The extraordinary circumstances witnessed have merely slowed our growth, which is built on solid foundations and a clear vision and will enable us to face the coming challenges with competence and determination.