Austria Wien have released key financial figures for the 2021/22 season. Purples are still showing a big downside, although the negative equity could be reduced a bit.
Wiener Austria released its current financial data on Tuesday. The liabilities of the violets decreased from 71.9 million euros to 64.4 million euros. The operating result after taxes shows a -7.1 million euro.
“By investing as an investor, we were able to reduce the negative equity backpack somewhat. The negative annual result is in particular due to the fact that we had to adjust the value of the contractually guaranteed services from Insignia,” says FAK board member Gerhard Krisch in a press release.
Krisch: “Changes that hurt in the short term”
Krisch continues: “In addition, we sent a clear signal against the Russian war of aggression in Ukraine and took Gazprom Export out of the bosom of the Young Violets. Due to the unrealized services, we had to make provisions, which also affects the annual result for 2021 /22 In addition, structural changes have been introduced throughout the club, which hurt and cost money in the short term, but will help us in the long term to put our Austria on an economically stable footing.”
They have a detailed financial plan that shows a way to achieve the turnaround in the “next few years”. “The plan was for us to achieve turnaround this 2022/23 season and achieve a positive annual result. We will not be able to do that, particularly due to the Ukrainian crisis. We are particularly impressed by our suspended sponsorship deal with Gazprom Export – in addition to the significant price increases in the energy sector and the economic crisis, which are affecting all companies and individuals, the associated increases in interest rates on loans are also hitting Austria particularly hard as a company with a large amount of capital exterior,” says Krisch.
