Bayern Munich's turnover for the fiscal year 2020-21 was just over 640 million euros ($717 million), a sharp decrease from the pre-COVID-19 levels of more than 750 million euros, the club said on Thursday.

German Bundesliga champions for the last nine seasons, Bayern won six major titles in 2020, and although the COVID-19 pandemic affected their finances from March 2020, the annual turnover was 643.9 million euros, with EBITDA at 98.4 million.

Bayern’s turnover for 2018-19, the last fiscal year not to have been affected by the pandemic, had topped 750 million euros.

Bayern president Herbert Hainer told the club's annual general meeting the champions were in strong financial shape.

"We have no cent of debt, we own the Allianz Arena and the Bayern campus (training centre)," Hainer told the meeting.

"We are independent, going our own way, with our own strength. We are not being swept by this craziness out there," he said.

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"Look at what happens at some other clubs. Barcelona have over 1.3 bln euros in debt. Juventus also recently published shocking financial figures."

Barcelona, who had to let club great Lionel Messi leave due to "financial and structural obstacles" have a debt of more than 1.35 billion euros.

Italian club Juventus posted a loss of more than 200 million for 2020-21.

"Bayern on the other hand are internationally competitive. We set standards, and you, the members, can be proud of that," Hainer said.

"I am certain that the pandemic with all the damages it causes can also offer chances. If we still stick to our values we will come out of it as winners."

Bayern is leading this season's Bundesliga title race and has qualified for the Champions League knockout stages.