Financial Reports

København Håndbold has reported on the fiscal year 21/22. The report shows a deficit just short of 5 million Dkk

You can find the entire report here
https://datacvr.virk.dk/enhed/virksomhed/35031499

Not strictly speaking a financial report. but the most important points from an article explaining the trouble in Silkborg

"Vi står i en svær situation, der især skyldes corona-nedlukningen. Vi arbejder fortsat på at løse de her ting, og vi har ikke truffet en beslutning endnu. Vi har været ude og se, om vi kan finde nogen, der har interesse i at hjælpe. Vi kigger efter folk, som vil komme med ansvarlig lånekapital eller donationer. Det kan både være 200.000 kroner eller 50.000 kroner, siger Mogens Steffensen."

"Bestyrelsen har skruet en redningsplan sammen. Den kræver fem millioner kroner, hvoraf de to millioner kroner skal være ansvarlig lånekapital og donationer. Derudover skal der skaffes ny omsætning for én million kroner. En del af planen er også, at medarbejderne skal gå ned i løn."

We have talked about this multiple times and Aarhus teams are and have certainly not been anywhere close to perfect in terms of the financial aspect of handball.

BUT I would just love if people in and around handball in Denmark would understand that you cannot function above your means. There is not a lot of money to share in Handball-Denmark and all teams still pay big wages and have big, big cost of transportation to matches.

Everyone need to wake up. It's irresponsible to promise a salary and a job to players when the economy is in the shitter. Scale down.

If we need to be a country with 2-3 great teams and a bunch of part-time players, I actually do think that's a better starting point than having teams go bankrupt practically every season.

couldn't agree more, I just don't see anyway to encourage this, besides some pretty hefty point deductions for bad financial reports.
Clubs like Cph and vhk have for years been the main culprits in keeping salary levels at a unsustainable level, and who suffers. the smaller teams outside the top4 who try to have a decent economy but can't get the players they need to try and move into the top6, because some clubs are paying beyond their means

Even though the Team Esbjerg report is not out yet, there is some news. They expect a 1.5mill deficit. Citing higher travel expenses, corona related expenses and the Polman  debacle. I must say I'm very disappointed in this result, and they have to get their shit together. This kind of result CANNOT become a recurring thing.


Edit. 28-11-2022. The Financial report is now online and in the end it  shows a 1.6 mill deficit
the full report can be found here https://datacvr.virk.dk/enhed/virksomhed/27982867?fritekst=Team%2520Esbjerg&sideIndex=0&size=10

lol how did that work for Copenhagen. They still have like 5 mill in deficit

Odense Håndbold has published their financial report, shows a small profit of around 60k. Well done.
It would appear that Odense took their big corona hit i 2020, while Esbjerg is taking a hit this year

more can be found here
https://datacvr.virk.dk/enhed/virksomhed/35395008?fritekst=odense%2520h%25C3%25A5ndbold&sideIndex=0&size=10

Viborg HK join Esbjerg in having a terrible fiscal year
https://sport.tv2.dk/haandbold/2022-11-28-viborg-har-stort-underskud-og-mangler-millionbeloeb

the TL;DR Viborg has to find quite a bit of money

Silkeborg Voel's financial report is also out today.
It can be found here. https://datacvr.virk.dk/enhed/virksomhed/39669250?fritekst=Silkeborg%2520Voel%2520kfum&sideIndex=0&size=10

the TL;DR is a deficit of a little over 1.6mill dkk and that it's managements opinion that they have secured sufficients fund to play the rest of the season

That is obviously good news. But I just hope that it's not just because that the players are still playing on reduced wages as they agreed to back in may 2020.
And if they are still playing on reduced salaries, Ikast håndbold better honor their promise to compensate the players in case of a positive financial report

It would appear that there is only one thing that is worse than Horsens' performance on court, and that is their performance off court. The financial report shows a deficit just shy of 4 million dkk

more can be found here
https://datacvr.virk.dk/enhed/virksomhed/35842330?fritekst=hh%2520elite&sideIndex=0&size=10

Also NFH (Guldborgsund Håndbold Aps) have published their financial report. It shows a small deficit of a 121K Dkk.

https://datacvr.virk.dk/enhed/virksomhed/30692063?fritekst=guldborgsund%2520h%25C3%25A5ndbold&sideIndex=0&size=10

The financial report of Viborg HK is now available online https://datacvr.virk.dk/enhed/virksomhed/36722088?fritekst=viborg+hk&sideIndex=0&size=10

To me the most interesting part is that the report states that they need to find at least 5million dkk to get through the season and not 3.25million as stated in this article https://viborg-folkeblad.dk/artikel/viborg-hk-formand-om-alvorlig-%C3%B8konomisk-situation-de-her-penge-skal-findes-hvis-vi-skal-forts%C3%A6tte
Though the report does state that at the time of approving the report they had received "tilsagn" of 2million dkk

The article was published one day earlier than the financial report was approved by the board.

Also the board as broken the law by not keeping a record of its meeting and what is decided at those meetings. Doesn't seem all that professional.

Another quite worrying statement in the report is that VHK expect a deficit  between 2.2 and 2.8 million for the next season!!!

As expected, Aarhus United is now a profitable business

maz wrote:As expected, Aarhus United is now a profitable business

That is great news indeed. though its status as a profitable business can be questioned.  It can be questioned because they only made a profit on account of a four fold increase in "Andre finansielle indtægtet".
And what are these "Andre Finansielle Indtægter" you ask? Well in Note 1 you can see that it is forgiven debt. That is such a dramatic increase that I doubt that they can generate that year over year. So unfortunately I suspect that we will be back to seing a deficit from Aarhus United again next year. Though I hope I am wrong.

Anol wrote:

maz wrote:As expected, Aarhus United is now a profitable business

That is great news indeed. though its status as a profitable business can be questioned.  It can be questioned because they only made a profit on account of a four fold increase in "Andre finansielle indtægtet".
And what are these "Andre Finansielle Indtægter" you ask? Well in Note 1 you can see that it is forgiven debt. That is such a dramatic increase that I doubt that they can generate that year over year. So unfortunately I suspect that we will be back to seing a deficit from Aarhus United again next year. Though I hope I am wrong.

In this day and age we can only be happy for the financial report we have right now because they might not get the sponsors they are expecting for the upcoming season, and then it would surely be a small deficit, but they are very, very confident it will break even or at least very close to breaking even next year and that is probably the realistic aim for a team like Aarhus.

But I completely agree with your point!

Even a small deficit is a good financial report in my opinion

https://index.hu/sport/kezilabda/2023/06/13/noi-kezilabda-bajnokok-ligaja-sportgazdasag-ferencvaros-gyori-audi-eto-kc-vipers-kristiansand/

This is very shocking reading. "Something is rotten in the state of Hungary"

Gojira wrote:https://index.hu/sport/kezilabda/2023/06/13/noi-kezilabda-bajnokok-ligaja-sportgazdasag-ferencvaros-gyori-audi-eto-kc-vipers-kristiansand/

This is very shocking reading. "Something is rotten in the state of Hungary"

I don't understand the numbers in this graph. Could you explain what it means? 1 000 000 what? Sidenote, looking at the financial statement of Vipers, I'm a little suspecious of the wages that are stated there

1 000 000 means 1 000 000 000 Ft. And these are supposed to be the wages in forint (also in the case of Vipers, the article gives the exchange rate used)..

I didn't check the given links, we are told that the data are from them.

These numbers don't add up at all. I don't see anyway that they could reach the conclusion of 1.2 billion HUF in wages. It is quite simply not what is stated on the norwegian website.

Though that doesn't make it better for the hungarians though, cos what it says is that Vipers in the 2022 report have wages that amount to 864.617.600 HUF(using the conversion rate that the article uses for 2022) So significantly lower wages than the article stipulates. Add to that, that those wages likely are not only the player wages, but includes coaches and adminitrative staff too.
In short I wouldn't trust the numbers in this article as far as I could throw the author. They clearly made some mistakes with the norwegian numbers, god knows what kind of mistake they have made with the hungarian ones.

It is quite possible that the numbers are in error. I don't think, however, that the basic fact is wrong: we pay much more than Vipers without proper results.