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European rating agency. Objective, transparent, independent.

Fußballclub Gelsenkirchen-Schalke 04 e.V. (Konzern)

Rating History

Rating Watch Outlook Decision Date Action Validity Date Maximum Validity
B+ Outlook NEG 28.07.2020 29.07.2020
BB- Watch NEW 24.03.2020 25.03.2020
BB- Outlook STA 09.07.2019 11.07.2019
BB- Outlook STA 04.07.2018 05.07.2018 11.07.2019
BB- Outlook STA 14.06.2017 19.06.2017 11.07.2019
BB- 04.05.2016 09.05.2016 11.07.2019
BB- Watch UNW 29.04.2016 02.05.2016 09.05.2016
BB- 10.04.2015 15.04.2015 09.05.2016
BB- 16.04.2014 16.04.2014 15.04.2015
BB- 24.04.2013 24.04.2013 23.04.2014
BB 03.05.2012 03.05.2012 02.05.2013

News

  • 29.07.2020
    Creditreform Rating has downgraded the SME Issuer Rating of Fußballclub Gelsenkirchen-Schalke 04 e.V. from BB- / Watch NEW to B+ with negative outlook. With the present rating FC Schalke 04 is attested to have a moderate level of creditworthiness. The downgrading of the rating is mainly due to the significant impairment of operating activities from the COVID-19 pandemic, which is an additional burden on FC Schalke 04's assets, financial and earnings position, which has already deteriorated in 2019. The Corona-related decline in sales and earnings has resulted in a noticeable need for liquidity, which has so far been compensated by cost-cutting measures and the use of existing credit lines. However, the financial room is very limited, especially since short-term liquidity foresees further borrowing, which contractual completion is nearing finalization. A deficiency guarantee required for this from the State of North Rhine-Westphalia was issued on 27 July 2020. The limited financial room and the fact that FC Schalke 04 failed to qualify for an international competition once again has a negative impact on its sporting outlook and thus also on its future business outlook. We have a particularly critical view of this considering the current and in the following years increasing debt, which derives from the investments in the infrastructure project Berger Feld II, whose investment budget was significantly increased at the end of 2019. Due to the continuing uncertainties with regard to the further development of the asset, financial and earnings position, we consider the outlook to be negative.
  • 25.03.2020
    Creditreform Rating has assigned the SME Issuer Rating of Fußballclub Gelsenkirchen-Schalke 04 e.V. (BB-) the addition "Watch NEW". The reason for this are the negative effects of the COVID-19 pandemic, which is spreading very dynamically and has already led to a three-week interruption of the Bundesliga until at least April 2, 2020. Based on current information, the Bundesliga is to be suspended until at least 30 April 2020. Since the date for a continuation of the 19/20 season - also in the form of matches without spectators - is currently not foreseeable, FC Schalke 04 is facing a significant impairment of its operating activities with corresponding consequences for its assets, liabilities, financial position, and profit or loss. The extent of these adverse effects cannot be adequately estimated at the moment and will depend on the duration and severity of the pandemic, but also on governmental and institutional guidelines and supportive measures.
  • 11.07.2019
    Creditreform Rating confirmed the SME Issuer Rating of Fußballclub Gelsenkirchen-Schalke 04 e.V. with BB-. The outlook is stable. Decisive factors for the long-standing stable risk assessment have been the good market and brand positioning, the continuing popularity of football and the good youth development, which forms the basis for a long-term stable development. The successful 2018 financial year led to a significant improvement of key financial figures as well as the financial and liquidity position and thus had a positive effect on the rating. However, the weak performance in the Bundesliga season 18/19 and the weak forecast for the current fiscal year dampened the rating assessment, especially as the increased volatility of the sporting and therefore economic development of FC Schalke 04 implies additional uncertainties.
  • 05.07.2018
    Creditreform Rating has confirmed the corporate rating of Fußballclub Gelsenkirchen-Schalke 04 e.V. at BB- with stable outlook. Despite a positive development of the major operative revenue sections, FC Schalke 04 registered a significant decline in revenue and a net loss in the financial year 2017. This was mainly caused by reduced transfer income and one-time effects in the course of the restructuring of the coaches and the team. Due to the simultaneous increase in debt, the financial ratios have deteriorated. The successful 2017/2018 season and the participation in the Champions League in the next season give reason to expect a positive business development in 2018, so that we take into consideration the leveling of the effects in the rating. In addition, the positive industry development and the good market and brand position of FC Schalke 04 have a stabilizing effect on the rating. The planned conversion of the club grounds (Berger Feld) with an investment volume of EUR 95m comes along with an increased financial liability which makes a stable sporting and economic development necessary.
  • 19.06.2017
    Creditreform Rating has confirmed the corporate rating of Fußballclub Gelsenkirchen Schalke 04 e.V. at BB-. The outlook is stable. With this, the positive annual result in 2016 and the reduction of the financial debt have been acknowledged. On the other hand, the negative equity and high indebtedness as well as the risks related to the business model have a dampening effect on the ratings. Due to these reasons and the fact that the club will not participate in any international competition in 2017/2018 it was not possible to improve the assessment.