HSV achieves annual surplus of 1 million euros

The 2021/22 financial year ends with a positive annual result and confirms the path taken before Corona - increase in sales of almost 60 percent thanks to sporting development and the re-admission of spectators, reduction of net financial liabilities by 17.5 million euros.

HSV Fußball AG closed the 2021/22 financial year with a net profit of €1 million and reduced liabilities by a substantial amount as at the reporting date of 30 June 2022. The pleasing figures were presented by CEO Jonas Boldt and CFO Dr. Eric Huwer to the supervisory board at the end of October, which approved the annual financial statements. BDO AG Wirtschaftsprüfungsgesellschaft, the auditing company commissioned by HSV, issued an unqualified audit certificate for the annual financial statements and the management report.

A compact overview of the most important figures: HSV Fußball AG closed the 2021/22 financial year with a net profit of € 1.0 million (previous year: € -4.7 million). The total revenue of € 89.0 million (previous year: € 55.8 million) achieved in the 2021/22 financial year represents a 60% increase in revenue compared to the previous year. This result was achieved despite the fact that only 40% of HSV Corona's home matches were attended. Second division top matches against FC St. Pauli and Werder Bremen took place with the spectators largely excluded. Due to participation in the DFB Cup semi-finals, revenues from match operations nevertheless reached a respectable € 22.6 million. With the exception of revenues from media exploitation rights, all revenue items, consisting of match operations, advertising, transfers, merchandising and catering as well as other, increased compared to the previous year. EBITDA - earnings before interest, taxes, depreciation and amortisation - which are relevant for corporate management, amounted to € 12.4 million (previous year: € 12.5 million).

The increased equity of HSV Fußball AG amounts to € 35.0 million as at 30 June 2022 (previous year: € 31.8 million). With total assets reduced by €10.0 million to €115.8 million, this results in an improved equity ratio of 30.3% (previous year: 25.2%).

Financial liabilities are reduced by 10.0 million euros to 41.2 million euros (previous year: 51.2 million euros). Net financial liabilities remaining after offsetting available cash and cash equivalents amounted to €31.4 million as at the reporting date and were reduced by around €17.5 million, mainly due to the scheduled repayments of the promissory note loan issued in 2016, another loan and the first-time pro rata repayment of the HSV bond 2019|26. Liabilities totalled €54.1 million (previous year: €69.4 million), while cash and cash equivalents amounted to €9.8 million (previous year: €2.3 million).

"HSV Fußball AG is proving profitability even under Corona influence and ongoing second division affiliation," says COO Dr. Eric Huwer in the interview: "These annual figures are the result of continuous work, perseverance and early introduction of selected measures since 2019. They are a joint result of our organisation and have been positively influenced to a large extent by the sporting development and the associated effects."

The detailed annual financial statement is available here.