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CLUB RECORDS DROP IN TURNOVER

FC St. Pauli closed the last financial year with the first consolidated loss in nine years as a result of the Covid-19 pandemic.

The consolidated financial statements showed operating earnings (EBIT) of €0.43m, compared with €4.02m in the previous year, against a turnover of €53.36m (previous year: €55.1m), resulting in a consolidated loss for the financial year of €0.56m, compared with an operating profit of €1.56m in the previous year). 

That the overall loss was relatively small is largely thanks to the solidarity of the club's fans and partners, many of whom waived refund rights, the salary waiver of the players and executives, an effective cost-cutting programme, the use of short-time working, and a profit on transfers.

As of 30 June 2020, consolidated equity stood at €13.5m (22 per cent).

The current 2020/21 financial year represents a major challenge and the club expects to record a pandemic-related fall in turnover of more than €10m. This is largely the result of a drop in revenue due to home games being played without spectators to the end of 2020, an expected average home attendance of just 5,000 in 2021, the loss of the club’s event business until at least spring 2021, and a drop in revenue from the club shops and the Little Rascals football school.

It will be possible to mitigate this loss of income only to a limited extent by cost-saving measures such as salary waivers by the professional squad and senior management, short-time working, and the re-evaluation of projects and budgeted costs. For this reason, the club expects to record a loss of more than €5m euros for the 2020/21 financial year.

To prepare for this eventuality and ensure the necessary liquidity, the club made provision for the current financial year by arranging additional financing in April.

Club vice-president Carsten Höltkemeyer said: "Like many other businesses, FC St. Pauli has been affected by the Covid-19 pandemic and posted a consolidated loss for the first time in nine years. The financial situation remains tense for the current business year, and a major effort is needed if we are to continue offsetting the negative impact of the pandemic."

 

Photos: Witters

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