Vasco has a surplus in the first half and reveals a debt of R$ 26 million with Salgado | Vasco

90 minutes before the start of the game between Vasco and Brasil de Pelotas, by Serie B, the club released the balance sheet for the first half of 2021. The most relevant factor was the registered surplus of R$ 18 million (see this detail at the end of the article). The sale of Talles Magno to Grupo City in May, which yielded R$ 42 million, was fundamental for the positive result – R$ 32 million net entered the club’s coffers.

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In the 61-page document distributed to the press and members, the club’s debt to President Jorge Salgado for loans was also disclosed: R$ 26.6 million. The liability with the president was R$ 8 million until the previous year. In addition, Vasco reported having raised R$ 28 million in working capital at rates well below those practiced in the market.

The club explained the conditions of the loans made by Salgado:

“Jorge Salgado agreed to renegotiate the loan agreements in favor of CRVG, for payment until January 10, 2023, with interest of 7.5% pa (seven and a half percent) and without any monetary correction until maturity. In the first half of 2021, other loan operations were carried out at the cost of 7.5% pa without monetary correction, with the same guarantees already existing in previous contracts, with due presentation and approval by the Club’s Board of Directors.”

Vasco released the half-yearly balance sheet this Friday — Photo: Disclosure

Vasco celebrates the 51% reduction in personnel expenses, from R$10.7 million per month to R$5.3 million. He also celebrated the fact of having stabilized the debt at R$831 million – he took over the club with a debt of R$832 million.

The positive assessment was made with the following words: “This debt stabilization gains importance when it is observed that it increased by R$ 187 million only in the year 2020 and continued to show an increase in its balance in the 1st quarter of 2021, when it reached the amount of R$ 849 million, since the cost reduction actions could only be effectively implemented as of April, since the current Administration only took over at the end of January and was fully focused on actions aimed at preventing the downgrade of the Club to Series B of the Brazilian Championship, not to cause ruptures in the current structure that, in a way, could harm the cast”.

The club also stated that, based on the result obtained in the first six months of 2021, the tendency is for the debt to start falling in the next semester.

“The Club is renegotiating the terms of its entire tax debt with the Attorney General of the National Treasury – PGFN, aiming to adjust the amount, term and amortization curve of this indebtedness to the actual capacity of its cash generation, and intends to commit to honor its commitments from now on, as current taxes, as a commitment to society”

Observe the Vasco surplus in the table below:

Vasco showed a surplus in the first semester — Photo: Reproduction

ERRATUM: Unlike what was published at 6:17 pm, the debt to Jorge Salgado is not R$ 8 million, but R$ 26.6 million. The debt of R$ 8 million was related to the year 2020. The president injected another R$ 19 million in the club in 2021. The note was updated at 6:41 pm.

Banner Vasco — Photo: Disclosure