HSV Fussball AG generates an operating profit of €7.8 Million

The long-term oriented meticulous work and the sporting development paid off. This can clearly be seen in the annual report of the 2022/23 season. HSV manages to generate an operating profit of €7.8 million – the best annual result since the spin-off of the HSV FUSSBALL AG in 2014. Compared to the previous year (€89 million), there was an increase in turnover with a total of €113.8 million. With a total of €24.4 million, the earnings before interest, tax and amortisation exceed both the previous year (€12.4 million) and the prediction. “This annual result is very satisfying,” says Dr. Eric Huwer, Chief Financial Officer. Accordingly, “it confirms the rightness and efficiency of our current path. The economic turnaround has been fulfilled. After a phase of consistent recovery, we have now reached a new stage of stability. We see the result as a confirmation for a successful balance between a maximum focus on professional football while also considering financial soundness. This appears to be welcomed and supported by the fans and our partners.”

Furthermore, you can see it in many impressive numbers. Equity has been strenghtened and the net financial liabilities were reduced to a minimum value of €14.0 million by June 30th, 2023 (compared to €31.4 million in the previous year). Last season, there were eleven sold-out home games at Volksparkstadion and an average of 53,564 spectators over 17 home games. This puts them in 14th place compared to all European clubs and top divisions, as well as at an occupancy rate of 94 percent. “The enthusiasm for sports through our team, the extraordinary matchday experience combined with a unique fan atmosphere that carries us, too, during the season, as well as the consistent adherence to our strategic orientation and the loyalty of our fans and partners are certainly the main causes for these numbers,” says Huwer.

This statement can be verified by further evidence. Accordingly, HSV was able to significantly increase the sales of jerseys compared to the previous season and therefore, positively impact the overall field of merchandise. The own collections, too, generated a real hype among the fans. Overall, the field of merchandising reached the best result in the history of the club – a record that even exceeds the turnover figures of times when international stars such as Ruud van Nistelrooy played for the club. 

The business segment of partnerships also registered a high demand. Exclusive partner “HanseMerkur” became kit partner. New exclusive partnerships were sealed in or even expanded, such as the partnerships with Adidas and Hapag-Lloyd. 

Furthermore, a clear position and a value-driven orientation significantly strengthened HSV as a brand. “The brand HSV is popular than ever and many shared and positive stories can be told,” says Huwer. The CFO adds that “The Volksparkstation generates unforgettable emotional experiences on a frequent basis.” Huwer says that “identity constructing actions like the honouring of Uwe Seeler, the special kit for the 30-year-anniversary of the HSV Supporters Club or the conscious investment in our young target audience are exemplary for the positive development that also contributes to our annual report.”

The management of the HSV Fussball AG was also able to secure the funding of the modernisation of the stadium with the support of the partners from Hamburg in a short period of time and in a particularly sustainable manner. Modernisation works still proceed in accordance with the temporal and budgetary plan. 

Even though the annual report appears to be positive and satisfying, Huwer remains realistic and forward-looking in its evaluation. He notes that “We know where we come from and we did not forget the nine negative results of the previous ten years.” Additionally, “the extensive modernisations of our stadium, the sustainable strengthening of our roster and the further intensive challenges have an impact on the contemporary financial year of 2023/24, and they also remind us to keep utilising our resources efficiently. However, in the name of the management board, I still would like to emphasise the tremendous effort of our front office. For us, the maintenance of a hard-work mentality and a culture of excellence on and off the pitch while not losing sight of our most important fields of action are of continuous importance. We know our challenges. And we know what we are doing,” says Huwer. 

Complete Annual Report here.

Interview with CFO Dr. Eric Huwer here.