BORUSSIA DORTMUND GMBH & CO. KOMMANDITGESELLSCHAFT AUF AKTIEN

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Quarterly Financial Report 1st Quarter 2021/2022

11/12/2021 | 03:17am EDT

QUARTERLY

REPORT FINANCIAL2021/2022 Q1

  • BUSINESS DEVELOPMENT
  • LOOKING BACK ON THE FIRST QUARTER OF FINANCIAL YEAR 2021/2022
  • DEVELOPMENT OF THE MARKET AND COMPETITIVE ENVIRONMENT
    9 GROUP STRUCTURE AND BUSINESS OPERATIONS

10 THE SHARES of Borussia Dortmund GmbH & Co. KGaA

14 POSITION OF THE COMPANY

  1. DEVELOPMENT OF FINANCIAL PERFORMANCE INDICATORS
  1. RESULTS OF OPERATIONS
  1. REVENUE TREND
  1. CHANGES IN SIGNIFICANT OPERATING EXPENSES

21 ANALYSIS OF CAPITAL STRUCTURE

  1. DEVELOPMENT AND PERFORMANCE OF THE BUSINESS
  1. ANALYSIS OF CAPITAL EXPENDITURE
  1. ANALYSIS OF LIQUIDITY
  1. OPPORTUNITIES AND RISKS
  2. REPORT ON EXPECTED DEVELOPMENTS

25 EXPECTED DEVELOPMENT OF THE COMPANY

25 EXPECTED GENERAL ECONOMIC ENVIRONMENT

28 OVERALL ASSESSMENT OF EXPECTED PERFORMANCE

  1. DISCLAIMER
  2. CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
  1. CONSOLIDATED STATEMENT OF FINANCIAL POSITION
  2. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
  3. CONSOLIDATED STATEMENT OF CASH FLOWS
  4. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
  5. NOTES to the consolidated financial statements for the first quarter of financial year 2021/2022
  1. RESPONSIBILITY STATEMENT
  2. FINANCIAL CALENDAR

43 PUBLICATION DETAILS

QUARTERLY FINANCIAL REPORT Q1 2021/2022 | 2

BORUSSIA DORTMUND QUARTERLY FINANCIAL REPORT

from 1 July to 30 September 2021

Interim Group Management Report for the period from 1 July to 30 September 2021 of Borussia Dortmund GmbH & Co. Kommanditgesellschaft auf Aktien, Dortmund (in the following: "Borussia Dortmund" or "Group")

BUSINESS DEVELOPMENT

LOOKING BACK ON THE FIRST QUARTER OF FINANCIAL YEAR 2021/2022

ATHLETIC PERFORMANCE

Preparations for the new season

For the eleventh time, Borussia Dortmund held its summer training camp in Bad Ragaz, Switzerland. Once again, however, due to the ongoing COVID-19 pandemic, none of the training sessions were open to the public. Borussia Dortmund played a total of four test matches, of which it won two.

DFL Super Cup

Normally, the DFL Super Cup is held prior to the start of the Bundesliga and not one match day in to the new season, as was the case again this year. On 17 August 2021, FC Bayern Munich and Borussia Dortmund faced off against one another for the eighth time in the competition's history. Borussia Dortmund lost to the Bundesliga champions 3:1.

Bundesliga

On 14 August 2021, Borussia Dortmund kicked off the 2021/2022 Bundesliga season with a 5:2 home win against Eintracht Frankfurt, and sits in fourth place with 12 points after match day six.

UEFA Champions League

Borussia Dortmund successfully launched its campaign in the UEFA Champions League with two wins in Group C against Besiktas Istanbul and Sporting Lisbon. The third opponent in the group stage is Ajax Amsterdam.

DFB Cup

A 0:3 away win against third-division club SV Wehen Wiesbaden in the first round of the DFB Cup saw head coach Marco Rose and his team advance to the next round, where they will face second-division club FC Ingolstadt 04 at SIGNAL IDUNA PARK on 26 October 2021.

ZUM INHALT 3

QUARTERLY FINANCIAL REPORT Q1 2021/2022 | 3

BORUSSIA DORTMUND QUARTERLY FINANCIAL REPORT

from 1 July to 30 September 2021

PERFORMANCE INDICATORS

Various financial and non-financial indicators are used to measure performance. Borussia Dortmund uses these internally-defined performance indicators to guide its entrepreneurial actions and to select the focus of its internal reporting.

Financial performance indicators

From a wide range of possible financial indicators, Borussia Dortmund focuses on those specific indicators that in the past few years were primarily used to steer the Company.

First and foremost is revenue. Management uses this indicator to internally manage the Company, knowing full well that this indicator alone is not sufficiently meaningful. Nevertheless, it provides a clear indication of the Company's economic strength, especially when compared against that of competitors or when monitoring the Company's long-term revenue trend.

Another financial performance indicator is consolidated total operating proceeds, which is used to reflect the Group's earnings power and as a source of funding for ordinary activities.

Consolidated total operating proceeds are calculated as total revenue plus the gross transfer proceeds generated.

The result from operating activities (EBIT) and net profit or loss for the year are also used to manage the Company. These financial performance indicators play a key role in preparing the budget for the coming financial year(s), in interim controlling with respect to the earnings performance and when looking back on a particular financial year.

Another key performance indicator is the operating result (EBITDA). This is due to the considerable level of investment activity and the associated increase in depreciation, amortisation and write-downs. As a result, EBITDA (EBIT adjusted for depreciation, amortisation and write-downs) has been selected to better benchmark the Company's annual performance.

These indicators are rounded out by cash flows from operating activities and free cash flow, both of which the Company uses for internal planning purposes.

Free cash flow is defined as cash flows from operating activities plus cash flows from investing activities and is a key indicator used to ensure that cash flows from operating activities are sufficient to cover investments. Because Borussia Dortmund's strategic objective is to maximize sporting success without incurring new debt, free cash flow is a key indicator for the club. In light of steadily growing transfer sums, free cash flow is thus becoming increasingly important. Furthermore, it is an indicator used to determine whether Borussia Dortmund has sufficient funds to finance the steady dividend payments to its shareholders. Therefore, Borussia Dortmund strives to continuously optimise free cash flow.

ZUM INHALT 4

QUARTERLY FINANCIAL REPORT Q1 2021/2022 | 4

BORUSSIA DORTMUND QUARTERLY FINANCIAL REPORT

from 1 July to 30 September 2021

Non-financial performance indicators

Borussia Dortmund's only non-financial performance indicator is the reach of its brand.

While it is impossible to measure the reach of Borussia Dortmund's brand, it is determined by a number of criteria that, when taken together, are representative of the brand's reach.

Some of these criteria are measurable, while others are not. Nevertheless, they are a reflection of the company's appeal.

The number of criteria varies and they are thus exchangeable. While any one factor may be of relevance during a given season, this may not necessarily be the case in subsequent years. New media in particular constantly provides new value drivers: for instance, the number of Facebook fans or page impressions represent relevant indicators.

Measurable criteria include, for example, the number of season tickets sold, attendance figures and television broadcast hours.

Awards, surveys and studies represent possible criteria that cannot be measured quantitatively. Another "soft" criterion is the deliberate selection of sponsors whose products and brand images are aligned with the Borussia Dortmund brand.

Borussia Dortmund's decision-makers receive reports about all criteria on a regular basis. Furthermore, taken as a whole, these are an indicator of the success of the Company's strategic alignment.

ZUM INHALT 5

QUARTERLY FINANCIAL REPORT Q1 2021/2022 | 5

Disclaimer

BV Borussia Dortmund GmbH & Co. KGaA published this content on 10 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 November 2021 08:16:08 UTC.


© Publicnow 2021
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Financials
Sales 2022 354 M 373 M 373 M
Net income 2022 -15,4 M -16,2 M -16,2 M
Net cash 2022 2,97 M 3,13 M 3,13 M
P/E ratio 2022 -25,5x
Yield 2022 -
Capitalization 409 M 431 M 431 M
EV / Sales 2022 1,15x
EV / Sales 2023 0,87x
Nbr of Employees 819
Free-Float 59,8%
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Mean consensus BUY
Number of Analysts 3
Last Close Price 3,70 €
Average target price 5,70 €
Spread / Average Target 54,0%
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Managers and Directors
Hans-Joachim Watzke Chairman-Management Board & CEO
Reinhard Rauball President
Thomas Treß Chief Financial Officer
Christian Kullmann Chairman-Supervisory Board
Bernd Geske Member-Supervisory Board