Borussia Dortmund GmbH & Co. KGaA

Transcription

1 N O I T A T N E S E R P R O T S E INV Year Fiscal / Borussia Dortmund GmbH & Co. KGaA

2 Disclaimer This presentation contains statements representing forecasts for the future. Such projections are based on certain assumptions and expectations established at the time of the first compilation of this presentation. As such, they are linked with risks and unknowns and the actual results could deviate significantly from those described in these future forecasts. Many of these risks and unknowns are affected by factors over which BORUSSIA DORTMUND GmbH & Co. KGaA has no influence and which additionally cannot be gauged with certainty at present. These include future market conditions and economic developments, the conduct of other market participants, the emergence of unanticipated synergy effects as well as legal and political decisions. BORUSSIA DORTMUND GmbH & Co. KGaA sees no obligation to publish corrections of these future-related forecasts to reflect events or circumstances arising after the publication date of this material. This presentation only serves informational purposes. It does not constitute either an offer for sale or an invitation to purchase or for the subscription of securities in any country, including the USA. This presentation contains no public offering of shares; a sales brochure will not be published. This presentation is not permitted to be reproduced, distributed or published without the express prior consent of BORUSSIA DORTMUND GmbH & Co. KGaA. Page November 2012 Borussia Dortmund GmbH & Co. KGaA

3 AGENDA EXECUTIVE SUMMARY INVESTMENT HIGHLIGHTS COMPANY & MARKET OVERVIEW FINANCIAL OVERVIEW STRATEGY & UPSIDE POTENTIALS Page November 2012 Borussia Dortmund GmbH & Co. KGaA

4 EXECUTIVE SUMMARY German Champion and German Cup Winner of the 2011/2012 season This is the first double in the club s 103-year history and simultaneously the qualification for the 2012/2013 season UEFA Champions League group phase. New turnover record of EUR million for the group and for the individual financial statements in the 2011/2012 fiscal year; contractually secured mediumterm and long-term sales revenues through premium sponsors, in particular EVONIK, SIGNAL IDUNA, PUMA, OPEL, BRINKHOFF S, SPARDA-BANK, SPREHE, WILO, HANKOOK, YANMAR, FLYERALARM and WESTLOTTO. The transfer policy generates significant hidden reserves in player values. With a capacity for 80,645 spectators, the SIGNAL IDUNA PARK is Germany s largest football stadium and the company s most valuable asset aside from the team itself; we have repeatedly enjoyed the highest average attendance figures in Germany, and for the 2011/2012 season we also achieved the highest average attendance figures throughout Europe (just ahead of FC Barcelona). Upside potentials are found in our lasting sporting success and the resulting additional marketing revenues. Page November 2012 Borussia Dortmund GmbH & Co. KGaA

5 INVESTMENT HIGHLIGHTS SIGNAL IDUNA PARK 80,645 seats and as such the largest football stadium in Germany. Average 90 % occupancy in the last 10 years; England s The Times also calls it the most beautiful football stadium in the world. Outstanding fan base Average number of spectators in 2011/2012: 80,552 and therefore No. 1 in Germany ahead of Bayern Munich (69,000) and also for the first time No. 1 in Europe (!) edging out both FC Barcelona (78,340) and Manchester United (75,115) (Source: ,000 season tickets alone for 2011/2012. A new all-time record has been established for the 2012/2013 season with 54,000 season tickets sold. According to the latest Football Study 2012 conducted by the University of Braunschweig Institute of Technology, Borussia Dortmund is the strongest sporting club brand in Germany. Merchandising The merchandising business in the 2011/2012 fiscal year was able to be significantly expanded by some EUR 7.8 million from approximately EUR 14.2 million in the previous year up to approximately EUR 22 million, an increase of 55.4 %. Page November 2012 Borussia Dortmund GmbH & Co. KGaA

6 INVESTMENT HIGHLIGHTS Transfer revenues Transfer revenues were at approximately EUR 26.1 million (Previous year EUR 13.0 million), most significantly affected by the transfers of Shinji Kagawa to Manchester United and Lucas Barrios to Guangzhou Evergrande FC. Player values Hidden reserves Our transfer policy of signing and/or developing young, talented players generates significant hidden reserves in the player values; noteworthy in this context are the players Leonardo Bittencourt (18 years old); Moritz Leitner (19 years old), Mario Götze (20 years old), Ilkay Gündogan (21 years old), Sven Bender (23 years old), Ivan Perisic (23 years old), Neven Subotic (23 years old), Mats Hummels (23 years old), Julian Schieber (23 years old), Marco Reus (23 years old), Robert Lewandowski (24 years old) Marcel Schmelzer (24 years old) or Kevin Großkreutz (24 years old). BVB Academy Founded in 2011, the BVB Academy represents yet another milestone for the targeted, comprehensive development of young, talented players between 19 and 23 years of age. Page November 2012 Borussia Dortmund GmbH & Co. KGaA

7 COMPANY & MARKET OVERVIEW Borussia Dortmund GmbH & Co. KGaA 100% 100% BVB Stadion Holding GmbH BVB Stadionmanagement GmbH 94.90% 94.90% BVB Stadion GmbH 5.10% BVB Beteiligungs-GmbH 5.10% BV. Borussia 09 e.v. Dortmund 100% BVB Merchandising GmbH Consolidated tax group 100% Sports & Bytes GmbH 51.00% besttravel dortmund GmbH 49.00% Hogg Robinson Germany GmbH & Co. KG 33.33% Orthomed GmbH 66.67% Orthomed Management Page November 2012 Borussia Dortmund GmbH & Co. KGaA

8 COMPANY & MARKET OVERVIEW Executive Management Supervisory Board Gerd Pieper (Chairman) Harald Heinze (Vice Chairman) Bernd Geske Christian Kullmann Friedrich Merz Peer Steinbrück Hans-Joachim Watzke Thomas Treß Dipl.-Kaufm. Dipl.-Kaufm. CEO CFO Page November 2012 Borussia Dortmund GmbH & Co. KGaA

9 COMPANY & MARKET OVERVIEW BVB shares Present market capitalisation stands at some EUR mio. (updated: 05 Nov. 2012). The share price is currently moving in a corridor between EUR. In comparison with other small caps, BVB shares demonstrate a high level of sales; Average XETRA volume per day: 4 weeks = 74,780; 52 weeks = 96,373 (updated: 05 Nov. 2012): The 12 Sep research report from Silvia Quandt Research GmbH, Frankfurt a.m., recommends Buy (previously Neutral ); The 20 June 2012 research report from Bankhaus Lampe KG, Düsseldorf, recommends Hold (previously also Hold ); Additional information can be downloaded at Capital Market Valuation on our IR page Page November 2012 Borussia Dortmund GmbH & Co. KGaA

10 COMPANY & MARKET OVERVIEW Shareholder structure The Borussia Dortmund GmbH & Co. KGaA share capital totals 61,425,000 EUR and is divided into the same number of no-par bearer shares. The Borussia Dortmund GmbH & Co. KGaA shareholder structure is depicted as follows on the basis of the current mandatory notifications : Bernd Geske: 11.55% BV. Borussia 09 e.v. Dortmund: 7.24% Free float: 81.21% Page November 2012 Borussia Dortmund GmbH & Co. KGaA

11 COMPANY & MARKET OVERVIEW The Equity Story Match Operations TV Marketing Advertising Commerce Transfers Page November 2012 Borussia Dortmund GmbH & Co. KGaA

12 COMPANY & MARKET OVERVIEW The Borussia Dortmund Group achieved 2011/12 fiscal year sales revenues of EUR million in the core business segments of TV Marketing, Advertising, Match Operations; Transfer and Commerce, Catering, Licences, Others. These sales revenues are divided up according to the percentages below: 14.59% 12.14% Transfer Retail, catering and licences including other income TV marketing Advertising Match operations 26.86% 18.35% 28.06% Transfer Page November 2012 Borussia Dortmund GmbH & Co. KGaA

13 COMPANY & MARKET OVERVIEW Increased turnover in all core business segments Match Operations: Revenues of approximately EUR 31.4 million (previous year approximately EUR 27.7 million); average 90% stadium occupancy in the last 10 years, in the expired fiscal year even up to 99%; 53,000 (65% of total capacity) season tickets. In the current 2012/2013 fiscal year, 54,000 season tickets have been sold a new All-Time Record for the Bundesliga. Advertising: Revenues of approximately EUR 57.8 million (previous year approximately EUR 50.0 million); the significant increase of approximately EUR 7.8 million is essentially the result of the additional expansion of sponsoring at the socalled BVB-Champion Partner level and an increase in occupancy of the VIP Hospitality areas to 100%. TV Marketing: Revenues of approximately EUR 60.4 million (previous year approximately EUR 32.1 million); this rise is essentially the result of the club s participation in the UEFA Champions League and the DFB Cup, as well as its successes in the Bundesliga. Page November 2012 Borussia Dortmund GmbH & Co. KGaA

14 COMPANY & MARKET OVERVIEW Cost structure in the 2011/2012 fiscal year Personnel costs in the past fiscal year totalled approximately EUR 79.9 million (previous year approximately EUR 61.5 million) in the entire Borussia Dortmund Group; this increase is the result of the club s sporting success and the performance-related compensation system payout in the professional players segment, as well as the result of the reinforcement, respectively, the long-term obligation of the professional players squad and increased personnel costs in the Commerce and Administration segments. Depreciations only increased slightly in the past fiscal year from approximately EUR 18.6 million to approximately EUR 17.5 million. This is due to the new recruitments to and exits from the professional player squad. Other operational expenditures rose in comparison to the previous year from approximately EUR million to approximately EUR 70.5 million. The most important drivers of this increase were participation in the UEFA Champions League in the Match Operations segment, the direct reflex to significantly increased sales in the Advertising segment and the results of book value depreciations and the costs of player agents in the Transfers segment. Page November 2012 Borussia Dortmund GmbH & Co. KGaA

15 COMPANY & MARKET OVERVIEW Financial liabilities as of 30 June 2012 The net financial liabilities (financial liabilities less cash and cash equivalents) at the group level total 42.0 million EUR, sinking by 18 million EUR in comparison to the previous year (EUR 60.0 million). The gross financial liabilities as of totalling 47.2 million EUR are primarily related to State-backed loan for stadium expansion totalling 31.5 million EUR (30 June 2012), term to 2026; Credit agreement WIB totalling 11.7 million EUR (30 June 2012), term to The average weighted effective interest rate of the long-term financial liabilities is 5.5%. Page November 2012 Borussia Dortmund GmbH & Co. KGaA

16 COMPANY & MARKET OVERVIEW Sporting situation Our mission is to continue expanding the sporting substance of the professional player squad, thereby creating and developing increased financial value. Transfer policy/playing philosophy Using professional scouting focused on value development, transfers should create substantial earnings potentials and sustainable sporting competitiveness for the future. This transfer policy is ideally augmented by the playing philosophy of Trainer Jürgen Klopp, who focuses on young, fast player types such as Leonardo Bittencourt (18 years old), Moritz Leitner (19 years old), Mario Götze (20 years old) or Marco Reus (23 years old). Overriding everything else is the maxim of achieving maximum sporting success without taking on new debts. Experienced players provide the framework Players such as Sebastian Kehl (32 years old) or Roman Weidenfeller (32 years old) provide the team with the necessary experience. Page November 2012 Borussia Dortmund GmbH & Co. KGaA

17 COMPANY & MARKET OVERVIEW Work with up-and-coming players Intensive work with up-and-coming players enables us to focus on developing our own up-and-coming players and guide them to the professional squad. Some particular examples of this include Mario Götze (20 years old), Kevin Großkreutz (24 years old) or Marcel Schmelzer (24 years old), all of whom are now German National A-Team players; promising young talents such as U-17 National players Marvin Ducksch (18 years old) or Koray Günther (18 years old) are on the verge of moving up into the professional squad. Modern training centre/bvb Academy Borussia Dortmund s training centre and its infrastructural facilities unite the very latest training concepts and analyses such as computer-aided video systems, both for the professional team and for the amateur and youth teams. The BVB Academy uses tools such as all-day instructional programmes to optimise the transition from the up-and-coming segment to the mature player segment for players between the ages of 19 and 23. Page November 2012 Borussia Dortmund GmbH & Co. KGaA

18 Borussia Dortmund Group SALES REVENUE DEVELOPMENT KEUR 2011/ /2011 Delta Match Operations Advertising TV Marketing Transfers Catering/Licences/Misc Merchandising Revenue totals Page November 2012 Borussia Dortmund GmbH & Co. KGaA

19 Borussia Dortmund Group STATEMENT OF COMPREHENSIVE INCOME KEUR 2011/ /2011 Delta Sales revenues Other operational revenues = Total operating performance Material expenditures Personnel expenditures Depreciations Other operational expenditures Financial result = Pre-income tax result Income tax = Group net income/loss Page November 2012 Borussia Dortmund GmbH & Co. KGaA

20 Borussia Dortmund Group OTHER OPERATIONAL EXPENDITURES KEUR 2011/ /2011 Delta Match Operations Advertising Transfers Media, printed materials, postage and shipping Leasing Administration Misc Other operational expenditures total Page November 2012 Borussia Dortmund GmbH & Co. KGaA

21 Borussia Dortmund Group BALANCE SHEET ASSETS KEUR 2011/ /2011 Delta Non-current assets Intangible assets Tangible assets Financial assets accounted for using the equity method Financial assets Trade receivables and other financial receivables Deferred tax assets Prepaid expenses Current assets Reserves Trade receivables and other financial receivables Cash and cash equivalents Prepaid expenses Page November 2012 Borussia Dortmund GmbH & Co. KGaA

22 Borussia Dortmund Group BALANCE SHEET LIABILITIES KEUR 2011/ /2011 Delta Equity Subscribed capital Reserves Treasury shares Equity attributable to the owners of the parent company Minority interests Non-current liabilities Financial liabilities Financial lease liabilities Other financial liabilities Deferred income Current liabilities Financial liabilities Financial lease liabilities Trade liabilities and other financial liabilities Income tax liabilities Deferred income Page November 2012 Borussia Dortmund GmbH & Co. KGaA

23 Borussia Dortmund Group CASH FLOW DEVELOPMENT KEUR 2011/ /2011 Delta Cash flow from operating activities Cash flow from investment activities Cash flow from financing activities Change in cash and cash equivalents Cash and cash equivalents at the start of the period Cash and cash equivalents at the end of the period Definition of the cash and cash equivalents Cash on hand and credit institution balances Less outstanding bank overdrafts Page November 2012 Borussia Dortmund GmbH & Co. KGaA

24 Borussia Dortmund OVERVIEW OF KEY FIGURES KEUR 2011/ /2011 KGaA Group KGaA Group Sales revenues Total operating performance EBITDA EBIT Annual result Cash flow from - operational activities investment activities financing activities Equity as of 30 June Earnings per share in Page November 2012 Borussia Dortmund GmbH & Co. KGaA

25 Bundesliga Sustainability Cause-linked TV earnings distribution Financial Fairplay Intensification of gaining & retaining fans Increased focus by the clubs decision-makers on increasing the brand s value Protection from the pursuit of economically wasteful individual interests (egoism & vanity) Protection from accumulation of excessive debt-loads in the clubs Fair financial competition, regardless of owner structures Promotion of financially reasonable business activities by the clubs National & International increase in the appeal of the Bundesliga Preservation & safeguarding of solidarity in the Bundesliga Preservation & improvement of financial stability Page November 2012 Borussia Dortmund GmbH & Co. KGaA

26 STRATEGY & UPSIDE POTENTIALS The present strategy can primarily be outlined as follows: Long-term realignment of the sporting perspectives/intensification of promoting up-and-coming players Investments in young players such as Leonardo Bittencourt (18 years old) or Julian Schieber (23 years old) and the signing of top performers such as Mario Götze (20 years old contract until 2016), Sven Bender (23 years old contract until 2016), Marco Reus (23 years old contract until 2017) or Mats Hummels (23 years old contract until 2017); new, uniform training concepts for all professional, amateur and youth teams (sporting directorship: Zorc / Klopp / Ricken). Involving fans through the expansion of fan services and fan participation in projects, the interactive Web 2.0 online platform meinbvb.de, social media platforms such as Facebook or Twitter, etc., the BVB Football School or TV club channel BVB Total!. Using the Borussia Dortmund brand through expansion of the licensing business and stringent branding. Page November 2012 Borussia Dortmund GmbH & Co. KGaA

27 STRATEGY & UPSIDE POTENTIALS The present strategy can primarily be framed as follows: Continued successive improvement of the financial structure The equity ratio is at 37.6 % and financial liabilities total 47.2 million EUR (primarily the result of stadium refinancing). The objective is to maximise the sporting success without taking on new debts. Sustainable capital market communication Such communication is to be accomplished through quarterly financial reports, road shows and company presentations, for instance at investor events at the SIGNAL IDUNA PARK, the German Equity Forum or the Entry & General Standard Conference. Page November 2012 Borussia Dortmund GmbH & Co. KGaA

28 STRATEGY & UPSIDE POTENTIALS The following upside potentials exist: Qualification (again) for the UEFA Europa League/UEFA Champions League Realisation of transfer revenues Success in the DFB Cup Hosting of national team matches at the SIGNAL IDUNA PARK Expansion of sponsoring/vip hospitality marketing Increasing merchandise sales Page November 2012 Borussia Dortmund GmbH & Co. KGaA

29 FINANCIAL CALENDER 14 Nov FINANCIAL REPORT 1 st Quarter (Q1) 2012/2013 fiscal year 14 Nov German Equity Forum Frankfurt a.m. Company presentation 26 Nov Annual General Shareholders Meeting Dortmund Page November 2012 Borussia Dortmund GmbH & Co. KGaA

30 INVESTOR RELATIONS CONTACT Borussia Dortmund GmbH & Co. KGaA Dr. jur. Robin Steden Rheinlanddamm Dortmund Tel: +49 (0) Fax: +49 (0) Page November 2012 Borussia Dortmund GmbH & Co. KGaA

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