QUARTERLY FINANCIAL REPORT

Transcription

1 QUARTERLY FINANCIAL REPORT Q3 2012/2013 Real Love.

2 CONTENT 3 BUSINESS DEVELOPMENT 3 OVERVIEW OF THE THIRD QUARTER OF THE FISCAL YEAR 2012/ DEVELOPMENT OF THE MARKET AND COMPETITIVE ENVIRONMENT IN GERMAN PROFESSIONAL FOOTBALL, With reference to the third quarter of the fiscal year 2012/ CORPORATE STRUCTURE AND BUSINESS ACTIVITY 9 THE SHARE of Borussia Dortmund GmbH & Co. KGaA (partnership limited by shares) 13 SITUATION OF THE GROUP 13 PROFIT SITUATION 13 PROFIT DEVELOPMENT 15 DEVELOPMENT OF THE CORE OPERATIVE EXPENSES 16 ASSETS AND FINANCIAL POSITION 16 CAPITAL STRUCTURE ANALYSIS 16 INVESTMENT ANALYSIS 16 LIQUIDITY ANALYSIS 17 OPPORTUNITIES AND RISKS 17 PROGNOSIS REPORT 17 EXPECTED DEVELOPMENT OF THE GROUP 17 EXPECTED ECONOMIC FRAMEWORK CONDITIONS 17 OVERALL STATEMENT CONCERNING EXPECTED DEVELOPMENT 18 SUPPLEMENTARY REPORT 18 DISCLAIMER 19 CONDENSED INTERIM CONSOLIDATED ACCOUNTS 19 CONSOLIDATED BALANCE SHEET 20 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 21 CASH FLOW STATEMENT 22 CHANGE IN GROUP EQUITY 23 EXPLANATORY NOTES for the third quater of the fiscal year 2012/ AFFIRMATION BY THE LEGAL REPRESENTATIVES 30 FINANCIAL CALENDAR 30 LEGAL DETAILS 2

3 Interim management report of Borussia Dortmund GmbH & Co. partnership limited by shares (hereinafter: Borussia Dortmund or Group ) BUSINESS DEVELOPMENT OVERVIEW OF THE THIRD QUARTER OF THE FISCAL YEAR 2012/2013 ATHLETIC DEVELOPMENT In the football Bundesliga, Borussia Dortmund consistently and successfully worked to reach the seasonal objective defined in summer 2012 Champions League Qualification. The start into the return round with a 5:0 victory over SV Werder Bremen underscored the ambitions of Borussia Dortmund. Due to a spectacular 3:2 over the direct competitor Bayer Leverkusen, Borussia Dortmund managed to replace the Bayer team in second place in the table. By 31 March, BVB won seven of the ten Bundesliga matches in 2013 (goal difference 30:12), fulfilling the expectations of Jürgen Klopp to gain more points in the return round that in the first round of the season. However, BVB was not able to make their dream of another DFB cup final in sequence come true. The lot, drawn by former national player Olaf Thon, brought up the final constellation of the previous year FC Bayern Munich versus Borussia Dortmund for the round of sixteen on 27 February. An average of million TV spectators (34.4 percent market share of ARD) followed the match played in the Allianz Arena. Arjen Robben decided it for the hosts in the 43rd minute with a left kick. It was the only goal scored that evening. In the profitable UEFA Champions League, Borussia Dortmund again surpassed all expectations in the first quarter of the calendar year. The Ukrainian serial champion Shakhtar Donetsk lost in the round of sixteen to the young BVB team that played 2:2 in the away match and won triumphantly 3:0 (goals Santana, Götze, Blaszczykowski) at the SIGNAL IDUNA PARK. For the quarter final, the lot subsequently assigned Borussia Dortmund to the Spanish representative FC Malaga, a competitor to be met at eye level. Outside the play field, the management of Borussia Dortmund successfully worked to tie the core of the Borussia team to Borussia long-term. The Europe-wide coveted defensive specialists Neven Subotic (until 2016), Sven Bender (until 2016) and Marcel Schmelzer (until 2017) extended their contracts. The home-grown Nuri Sahin who led the BVB to the championship 2010/2011, Borussia Dortmund borrowed a European top player from Real Madrid. The Croatian player Ivan Perisic who was unhappy in Dortmund with his participation in matches was transferred to the Bundesliga competitor VfL Worlfsburg. The same applied for outside defender Chris Löwe who joined the second league team 1. FC Kaiserslautern. ZUM INHALT 3

4 ECONOMIC DEVELOPMENT Financial key figures Borussia Dortmund GmbH & Co. partnership limited by shares (HGB) Q /2013 Q /2012 in keur Equity 147, ,827 Investments 23,286 17,303 Overall result 159, ,036 Result of operative business activity (EBIT) 18,257 16,332 Financial result (share and interest result) 2,245 1,232 Result 17,942 15,486 Result before interest, taxes, depreciation and amortization (EBITDA) 29,147 24,882 Cash flow from operative activity 5,857 13,956 Number of shares (in k) 61,425 61,425 Result per share (in ) ZUM INHALT 4

5 Borussia Dortmund GmbH & Co. partnership limited by shares (IFRS) Q /2013 Q /2012 in keur Equity 105,391 93,455 Investments 23,994 18,080 Overall result 183, ,466 Result of operative business activity (EBIT) 22,755 19,145 Financial result (share and interest result) -3,541-3,644 Annual surplus of the group 16,323 12,804 Result before interest, taxes, depreciation and amortization (EBITDA) 39,559 33,381 Cash flow from operative activity 9,553 18,116 Number of shares (in k) 61,425 61,425 Result per share (in ) Below, the financial figures of the period from 01 July 2012 to 31 March 2013 of Borussia Dortmund GmbH & Co. KGaA (hereinafter Borussia Dortmund) according to section 37y in combination with section 37x Securities Trading Act (WpHG) are explained: The overall performance of the group increased in the first three quarters of the current fiscal year by keur 40,472 to keur 183,938. The financial result of the group improved by keur 4,128 to keur 15,742. The financial result improved by keur 103 to keur -3,541. At keur 22,755, the EBIT surpassed the figure of the previous year by keur 3,610. ZUM INHALT 5

6 DEVELOPMENT OF THE MARKET AND COMPETITIVE ENVIRONMENT IN GERMAN PROFESSIONAL FOOTBALL, With reference to the third quarter of the fiscal year 2012/2013 BUNDESLIGA-REPORT 2013 According to the Bundesliga report 2013, in national and international comparison the football Bundesliga has again achieved a very positive standing. According to Dr. Reinhard Rauball, the president of the Association, the basis for the productive efficiency of football is a healthy financial foundation. The economic framework conditions are examined every year and evidenced in the report of the respective year. In all areas, the Bundesliga occupies the best places in international comparison; in spectator development it is even in the first place. No other association is able to have such a high and constant spectator average as the Bundesliga. On average, there were 44,293 spectators per match in the 2011/2012 season. These are record numbers that even increased by 5.2 percent in comparison to the previous season. In the current season, the expected average number of spectators is again expected to be more than 42,000. Economically, in international comparison with regard to sales volume the Bundesliga occupies only the second place. However, clubs in Germany have a more financially sound standing than the clubs of other European associations. One reason is the strict licensing procedure of the DFL which focuses in particular on a stable financial framework especially with regard to future developments. In spite of the slightly shaky overall economic situation, the Bundesliga continues to produce record numbers. The 18 clubs achieved sales volumes in the amount of 2 billion Euro, which in comparison to the excellent figures of the previous year means another increase of about 140 million Euro. Increases were recorded in all categories of earning (earnings from advertising, media and player revenues). The strength and stability of German football are also evident when the Bundesliga is considered as an employer. 3,474 new positions were created in relation with German professional football in the 2011/2012 season. A total of 44,284 persons are directly or indirectly employed by the 36 clubs of the Bundesliga and the second-bundesliga. ZUM INHALT 6

7 Spectator development As in the previous year, Borussia Dortmund welcomed the millionth spectator on the 26 th match day in their home match against SC Freiburg. By 31 March 2013, an average of about 79,900 spectators came to see the home games of Borussia Dortmund. In the first round of the 2012/2013 season, 6,330,740 spectators had come to the 153 matches of the first Bundesliga. This is a decrease of 6.7 percent. The average number of spectators in the preliminary round was 41,377, so that the record number of the previous year of 44,000 per match was not reached in the current season. With about 79,900 spectators, Borussia Dortmund was favoured by spectators over FC Bayern Munich (71,100) and FC Schalke 04 (60,900). In the second-bundesliga, the spectator interest is slightly declining by 6 percent, so that only an average of 16,083 spectators per match was reached. THE BVB BRAND In comparison to all the other clubs, Borussia Dortmund has the strongest brand. This is the result of a study of the Hamburg-based market research company mafo.de GmbH. According to this, Borussia Dortmund is perceived as more likeable, more natural and less complicated than comparable clubs. This is a strength that has major effects on other, even economically significant areas. ZUM INHALT 7

8 CORPORATE STRUCTURE AND BUSINESS ACTIVITY The quarterly financial report of the third quarter of the fiscal year 2012/2013 refers to the unchanged consolidation circle of Borussia Dortmund GmbH & Co. KGaA. Apart from their core business of football and marketing of the SIGNAL IDUNA PARK, Borussia Dortmund engages in business fields related to football. Domicile Capital stock Share Equity Result keur % keur keur BVB Stadionmanagement GmbH* Dortmund BVB Stadion Holding GmbH* Dortmund ,700-9 besttravel dortmund GmbH Dortmund BVB Merchandising GmbH* Dortmund ,881 3,139 Sports & Bytes GmbH Dortmund , BVB Stadion GmbH* Dortmund , BVB Beteiligungs-GmbH* Dortmund ,704-6 Orthomed Medizinisches Leistungs- Dortmund und Rehabilitationszentrum GmbH** * Profit transfer contracts exist. Result of the group before transfer of profits to the parent company. ** Inclusion into the consolidated accounts with the result at 31 December 2011 as associated company. ZUM INHALT 8

9 THE SHARE OF BORUSSIA DORTMUND GMBH & CO. KGaA (PARTNERSHIP LIMITED BY SHARES) (hereinafter: the Share ) DEVELOPMENT OF THE SHARE PRICE IN THE THIRD QUARTER OF THE FISCAL YEAR 2012/2013 In the reporting period of the third quarter of the fiscal year 2012/2013 from 01 January to 31 March 2013 the development of the share price was mainly characterized by positive athletic and economic company reports. Due to the good results in the Bundesliga in the reporting period, Borussia Dortmund was able to establish itself in the second place of the table which entitles to a direct qualification for the group stage of the UEFA Champions League in season 2013/2014 and qualified after two exciting round-of sixteen matches against FC Shakhtar Donetsk for the quarter final of the UEFA Champions League in the current season 2012/2013. In addition, the company reported another record sales volume of EUR mil. at the end of the half year. (Unless marked otherwise, the share-price data listed below refer to the XETRA trade of the BVB share, the second decimal digit may be rounded up). The share started at EUR 2.72 on 02 January 2013 into the new calendar year Before the beginning of the return round of the Bundesliga with the away match in Bremen, the share price was recorded at EUR 2.90 on 18 January After the impressive away victory, the share price increased on the following trading day, 21 January 2013, to EUR 2.96 and passed the EUR 3.00 mark on 25 January In the following time of the reporting period, the share price did not fall below this benchmark; the share price continues to develop positively. After the away victory over Bayer 04 Leverkusen on 02 February 2013, the share price was recorded at EUR 3.06 on the following trading day, 04 February Even the surprising home defeat against Hamburger SV on 09 February 2013 did not stop this upward trend. On 12 February 2013 the share price was recorded at EUR 3.10; after the tie in the first match of the round of sixteen of the UEFA Champions League with FC Shakhtar Donetsk on 13 February 2013 the share price first stabilized on this level, but increased again after the home victory over Eintracht Frankfurt 16 February 2013 to EUR 3.21 on the following trading day, 18 February On 20 February 2013, the share was recorded at EUR On the date of publishing the half-yearly figures on 25 February 2013 (cf. ad-hoc message of the same date), the share price was recorded at EUR In spite of the very positive figures, e.g. a half-yearly record sales volume of EUR mil. (previous half year EUR mil.) and a result before taxes in the amount of EUR 17.5 mil. (previous half year EUR 16.7 mil.) in the individual financial statement, the general market environment and windfall gains were responsible for a decline of the share price albeit short-terms to EUR 3.06 on 26 February On , the share was recorded at EUR On the same day, Borussia Dortmund dropped out of the quarter final of the DFB cup against Bayern Munich; this had no effect on the share price. On the following trading day, the share closed at EUR 3.10; after the home victory against Hannover 96 on 02 March 2013 the share price increased to EUR 3.17 on 04 March On 05 March 2013 Borussia Dortmund qualified for the quarter final of the UEFA Champions League after a home ZUM INHALT 9

10 victory in the return match of the round of sixteen against FC Shakhtar Donetsk; on 06 March 2013 the share price was therefore recorded positively, closing the trading day at EUR The positive basic tendency then characterized the rest of the month of March. On 14 March 2013, the share price decreased again to EUR 3.18, but was recorded at EUR 3.25 on the following day. On 27 March 2013 the share price reached its peak in the reporting period at EUR On 28 March 2013, the share concluded the reporting period at a share price of EUR Share price development January March 2013 (EURO) /1/2013 1/2/13 1/3/13 28/3/13 Sales volume January March 2013 (units) 500, , , , , /1/13 1/2/13 1/3/13 28/3/13 ZUM INHALT 10

11 CAPITAL STOCK AND SHAREHOLDER STRUCTRURE The capital stock of Borussia Dortmund GmbH & Co. KGaA is EUR 61,425,000 EUR which is divided in as many non-par registered shares. On the basis of the voting rights announcement available on 31 March 2013, the shareholder structure of Borussia Dortmund GmbH & Co. KGaA is as follows: Bernd Geske: 11.71% BV. Borussia 09 e.v. Dortmund: 7.24% Widespread shareholding: 81.05% SHAREHOLDINGS OF BODIES By 31 March 2013, one member of the company management owned 7,045 registered shares of our company. The members of the Supervisory Board at the same time owned a total of 7,197,363 registered shares. The (total) ownership of shares by members of the company management and the Supervisory Board is 7,204,408 registered shares and thus more than 1% of the shares issued by Borussia Dortmund GmbH & Co. KGaA. INVESTOR RELATIONS The objective of investor relations of our group is adequate assessment of the share by the capital market. The basis for this is continuous and open communication with all market participants. In this sense, investor relations presents the ideal interface between institutional investors, financial analysts and private investors. The group wants to justify the trust of investors and of the public by prompt and transparent publication of their financial figures, business procedures, strategies as well as risks and opportunities. We feel committed to the communication principles of openness, continuity, equal treatment and credibility so as to build a trustful and long-term relation to the market participants and to present a correct image of the company (true and fair view). Communication focuses on the online medium; it presents the best conditions in terms of equal chances and currentness of information. Due to this relevance, Borussia Dortmund completely revised and re-structured its investor relations (IR) website at the beginning of the fiscal year 2012/2013 and made it publicly accessible at and As previously, all business reports and current financial reports will also be published as down - load version on the new IR website BVB Aktie. ZUM INHALT 11

12 Notifications obligatory under the provisions of capital market law, e.g. ad-hoc notifications, corporate news, directors dealings and/or preliminary notifications are published here in real time. At the same time, our service provider Deutsche Gesellschaft für ad-hoc-publizität mbh, Munich (DGAP) ensures Europe-wide publication. Further extensive information, e.g. investor presentation or detailed information concerning implementation of the recommendations of the German Corporate Governance Code is available on our homepage. The information is provided in German and for the most part also in English. Sustainable capital market communication exceeding mandatory reporting will be maintained in the fiscal year 2012/2013. Beyond the reporting period, Borussia Dortmund GmbH & Co. KGaA will be represented with a company presentation at the Spring Conference 2013 (previously: Entry & General Standard Konferenz ) of the group Deutsche Börse AG in Frankfurt/Main on 06 May In addition, the company will be on a road show in other European countries. The first fixed date is the 22 May 2013 in London (UK). Ongoing and sustainable capital market assessment has always been our concern. Currently, our group enjoys a research coverage by Bankhaus Lampe KG, Düsseldorf, that in their research update of 20 June 2012 again recommended Hold. Furthermore, in the reporting period Edison Research Investment Ltd., London (UK) published a research update on 28 February 2013; GSC Research GmbH, Düsseldorf published their research update on 08 March While Edison Research Investment Ltd. as a rule never makes recommendations for investment, GSC Research GmbH recommended Buy for the first time in their latest update. Designated sponsor of our group in the reporting period was Close Brothers Seydler AG, Frankfurt/Main. ZUM INHALT 12

13 SITUATION OF THE GROUP PROFIT SITUATION The third quarter of the fiscal year 2012/2013 was characterized by participation in the round of sixteen and qualification for the quarter final of the UEFA Champions League and the quarter final against FC Bayern Munich in the national cup championship. The group closed the third quarter with a group profit of keur 2,102, which is equivalent to an increase of keur 2,105 compared to the period of the previous year. From 01 July 2012 to 31 March 2013 the group profit increased by keur 3,519 to keur 16,323. Borussia Dortmund concluded the reporting period from 01 July 2012 to 31 March 2013 with a result before taxes in the amount of keur 19,214 (previous year keur 15,501). At keur 2,323, the result of the operative business activity EBIT in the third quarter was above that of the previous year (keur 1,423). The sales revenues in the third quarter were keur 55,676 (previous year keur 39,044), in the overall reporting period they were keur 179,791 (previous year 140,416). PROFIT DEVELOPMENT In the third quarter of the fiscal year 2012/2013 Borussia Dortmund was able to increase profits again, achieving in these three months a sales volume in the amount of keur 55,676, which is equivalent to an increase in the amount of percent compared to the same quarter in the previous year. Mainly based on the participation in the round of sixteen of the UEFA Champions League, the profits from match operation were increased by percent, from advertising by percent and from TV marketing even by percent. Profits also includes sales volume generated by ticket sales as well as the match premium distributed by UEFA and the success-dependent premiums of advertising partners for qualifying for the next round in the UEFA champions League. ZUM INHALT 13

14 The merchandising sales volume also increased in the third quarter of the fiscal year 2012/2013 by keur 1,314 and amounts at keur 5,396. The transfers of Ivan Perisic to VfL Wolfsburg and Chris Löwe to 1. FC Kaiserslautern generated transfer profits in the third quarter in the amount of keur 7,340 (previous year keur 984). The overall performance in the reporting period was keur 56,322 (previous year keur 39,700). Sales revenues in keur 60,000 50,000 7,340 9,324 40, ,000 13,125 7,263 9,794 20,000 15,245 12,294 10,000 10,642 8,709 0 Q3 2012/2013 Q3 2011/2012 Transfer Trade, catering licenses, other TV marketing Advertising Match operations ZUM INHALT 14

15 DEVELOPMENT OF THE CORE OPERATIVE EXPENSES COST OF MATERIALS The cost of materials, increased by keur 826 to keur 2,882 is mainly a result of the additional profits from the sale of merchandising articles. STAFF COSTS In the third quarter of the season 2012/2013, the costs for staff were keur 22,885, which means keur 4,556 above the level of the previous year. The largest increase was here license area, in particular due to the athletic success and the resulting payments of premiums. DEPRECIATION Depreciation increased in the reporting period in comparison to the quarter of the previous year by keur 707 to keur 5,414. The increase resulted from investments in the licensed team as well as in tangible fixed assets. OTHER OPERATING EXPENSES Other operating expenses in the reporting period amount to keur 21,395; the previous year recorded keur 13,185. Apart from the expenses for the seasonal operation that increased by keur 3,300 and which included maintenance and modernizing measures carried out at the SIGNAL IDUNA PARK and activities to improve security with regard to the seasonal operation, transfer expenses, due to divestiture of book values concerning the transfer rights of Perisic and Löwe, showed the most distinct increase at keur 4,101. FINANCIAL RESULT In the third quarter, the financial result improved by keur 28 to keur -1,188. TAX BALANCE The tax balance in the reporting period was keur -456 (previous year keur -210). ZUM INHALT 15

16 ASSETS AND FINANCIAL POSITION The total assets of the group increased by keur 12,931 to keur 261,637 by 31 March CAPITAL STRUCTURE ANALYSIS On 31 March 2013, the capital stock of the group was unchanged at keur 61,425. With consideration of the overall result of the group for the period from 01 July 2012 to 31 March 2013 as well as the first-time distribution of dividends in November 2012, the equity capital of the group was keur 105,391, which is equivalent of an commercial equity quota of percent (30 June 2012: percent). On 31 March 2013, Borussia Dortmund evidenced debts in the amount of keur 156,246. On 30 June 2012, the debt was at keur 155,251. The overall increase of debts by keur 995 can be derived as follows: Liabilities from deliveries and services increased on account of the reporting date by keur 302 to now keur 9,938, income tax liabilities were keur 958 which is equivalent to a decrease in the amount of keur 2,868. Financial liabilities increased on the reporting date by keur 4,842, the liabilities from finance lease were reduced by keur 970. Other financial liabilities decreased by keur 2,450 and were keur 21,699 on the balancing date of 31 March Deferred income increased by keur 2,139 to now keur 50,105. INVESTMENT ANALYSIS In the first nine months of the current fiscal year, Borussia Dortmund invested keur 23,994; keur 20,162 concerned investments in intangible assets. This amount was almost exclusively assigned to player assets. Over the same period, keur 3,730 were invested in tangible fixed assets; these were mainly construction work in the SIGNAL IDUNA PARK. LIQUIDITY ANALYSIS On 31 March 2013, Borussia Dortmund has keur 12,098 liquid funds; in addition, an agreed overdraft in the amount of keur 15,000 is available, which was not used on the reporting date. The development of liquidity is included in the cash flow statement. ZUM INHALT 16

17 OPPORTUNITIES AND RISKS In its corporate activities, Borussia Dortmund is always exposed to risks that may influence business processes negatively. It is the task of the risk management used in the company to recognize these risks, to assess and control them. This ensures the continuation of the company and, at the same time, indicates risky developments in time, so that the necessary countering measures can be taken to correct them. The general management supervises the risk management and reports regularly to the supervisory board. We refer mainly to further descriptions of opportunities and risks in the business report for the past fiscal year 2011/2012. Risks that endanger the continuation of Borussia Dortmund do not exist. PROGNOSIS REPORT EXPECTED DEVELOPMENT OF THE GROUP The athletic starting position with a position in the top group of the Bundesliga and successful results in the UEFA Champions League may cause further growth effects in all income areas for the overall fiscal year. In spite of the new conditions, Borussia Dortmund holds to the principle of designing its athletic road with a stable and solid equity basis and by avoiding incalculable financial risks. EXPECTED ECONOMIC FRAMEWORK CONDITIONS Awarding of medial exploitation rights by DFL Deutsche Fussball Liga GmbH will present the clubs of the Bundesliga with record income from national TV revenues in the future. In the four seasons 2013/2014 to 2016/2017 around 2.5 billion Euro from national marketing are expected. This is 628 million Euro as an average income per season, a record figure in the 50-year history of the Bundesliga. OVERALL STATEMENT CONCERNING EXPECTED DEVELOPMENT The effects of the successes of the previous seasons and the impressive appearance of the team on the European stage in the current fiscal year brought the group into a good economic starting position for the current season. With sustainable investments in the infrastructure and reasonable investments in the licensed team, Borussia Dortmund is standing on a solid foundation for the future. ZUM INHALT 17

18 SUPPLEMENTARY REPORT On 06 April 2013, the 28 th match day of the football Bundesliga, Borussia Dortmund met the FC Augsburg in the SIGNAL IDUNA PARK and won 4:2. This was the second time in the current season that Jonas Hofmann was part of the professional time, playing over 90 minutes for the first time. After a six-week compulsory break due to an injury of his ankle joint, Mats Hummels came back on the 29 th match day when the team played against SpVgg Greuther Fürth. The match was won with a 6:0 victory. On the 30 th match day, playing against 1. FSV Mainz 05, Borussia Dortmund achieved a clear 2:0. With 10 changed positions, the team entered the play field in Düsseldorf on 27 April 2013, which was the 31st match day. Mitch Langerak was able to continue his positive series and therefore the match ended 2:1 for the team in second place on the table. The 03 April 2013 was characterized by international football for the ninth time in this season. Jürgen Klopp's team faced Málaga CF in the quarter finals of the UEFA Champions League. The first round in La Rosaleda finished in a 0:0 tie. The return game took place on 09 April 2013 at the SIGNAL IDUNA PARK. After 90 minutes, Borussia Dortmund was behind with 2:1 but managed to win, scoring two lucky goals in the additional time, winning 3:2. Therefore, Borussia Dortmund entered a UEFA Champions League semi-final for the 8 th time. The lot drawn on 12 April 2013 in Nyon gave Borussia Dortmund Real Madrid to play in the semifinal of the UEFA Champions League. On 24 April 2013, the team played the first round of the semi-final of the UEFA Champions League. After 90 minutes in the SIGNAL IDUNA PARK and four goals scored by Robert Lewandowski, Borussia Dortmund won a good starting position for the return game on 20 April 2013 with 4: million spectators followed the match on TV. In the return match in the sold-out Estadio Santiago Bernabéu, the teams played a match at eye level. In spite of the 0:2 defeat, Borussia Dortmund was able to enter the final of the UEFA Champions League at Wembley Stadium on 25 May Apart from the athletic success, Borussia Dortmund was able to find a new long-term premium partner in the Turkish Airlines; they will place advertising in the stadium and fly the team to international away matches in the future. In addition, the Deutsche Fussball Liga GmbH (DFL) announced their decision concerning the DFL licensing procedure for the 2013/2014 season on 18 April The licence was awarded without conditions and/or terms attached. Due to a contractually agreed exit clause, Mario Götze will transfer early to FC Bayern Munich on 01 July 2013 for a fixed transfer fee. DISCLAIMER The management report contains statements that refer to the future. They are based on current assessments and, as a matter of course, are subject to risks and uncertainties. Actual events may deviate from formulated statements. ZUM INHALT 18

19 BORUSSIA DORTMUND QUARTERLY STATEMENT OF THE GROUP CONDENSED INTERIM CONSOLIDATED ACCOUNTS CONSOLIDATED BALANCE SHEET of Borussia Dortmund GmbH & Co. partnership limited by shares in keur ASSETS Long-term assets Intangible assets 32,984 25,749 Tangible assets 178, ,602 Financial assets balanced according to the equity method Financial assets Deferred tax claims 1,669 1,669 Accrued items , ,404 Short-term assets Stocks 6,802 5,808 Trade debtors without and other debtors 20,437 24,534 Liquid funds and liquid funds equivalents 12,098 5,271 Accrued items 8,067 2,689 47,404 38, , ,706 LIABILITIES Equity Issued capital 61,425 61,425 Reserves 43,725 31,805 Own shares Capital entitled to owners of the parent company 105,030 93,108 Minority shares ,391 93,455 Long-term liabilities Financial liabilities 41,652 41,268 Liabilities from finance lease 20,097 21,149 Trade creditors 63 0 Other financial liabilities 2,972 2,141 Deferred income 25,562 28,747 90,346 93,305 Short-term liabilities Financial liabilities 10,432 5,974 Liabilities from finance lease 1,365 1,283 Trade creditors 9,875 9,636 Other financial liabilities 18,727 22,008 Income tax liabilities 958 3,826 Deferred income 24,543 19,219 65,900 61, , ,706 ZUM INHALT 19

20 BORUSSIA DORTMUND QUARTERLY STATEMENT OF THE GROUP CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME of Borussia Dortmund GmbH & Co. partnership limited by shares in keur Q /2013 Q /2012 Q3 2012/2013 Q3 2011/2012 Sales revenues 179, ,416 55,676 39,044 Other operating income 4,147 3, Cost of materials -12,785-8,405-2,882-2,056 Staff costs -67,339-52,294-22,885-18,329 Depreciation -16,804-14,236-5,414-4,707 Other operating expenses -64,255-49,386-21,395-13,185 Result of operative business activity 22,755 19,145 3,746 1,423 Financial income Financial expenses -3,599-3,747-1,204-1,222 Financial result -3,541-3,644-1,188-1,216 Result before income taxes 19,214 15,501 2, Income taxes -2,891-2, Annual surplus of the group 16,323 12,804 2,102-3 Other comprehensive income Items that can subsequently re-allocated into profit or loss: Hedging of future cash flows , Other comprehensive income of the period after taxes , Overall result of the group 15,742 11,614 2, To be added from the annual surplus of the group: - To investors of the parent company: 16,181 12,735 2, To minority shareholders: To be added from the overall result of the group: - To investors of the parent company: 15,601 11,547 2, To minority shareholders: Result per share (undiluted/diluted) ZUM INHALT 20

21 BORUSSIA DORTMUND QUARTERLY STATEMENT OF THE GROUP CASH FLOW STATEMENT of Borussia Dortmund GmbH & Co. partnership limited by shares Q1 3 Q1 3 in keur 2012/ /2012 Result before income taxes +19, ,501 Depreciation on long-term assets +16, ,236 Result from divestiture of objects of the fixed assets -4, Other non-cash income -2,983-2,961 Interest income Interest expenses +3,599 +3,747 Changes of the other assets that are not allocated to investment or financing activity -16,578-12,372 Changes of the other liabilities that are not allocated to investment or financing activity +2,774 +5,400 Interest received Interest paid -3,599-3,767 Income tax paid -5,525-1,145 Cash flow from operative activity +9, ,116 Payment for intangible assets -20,162-12,217 Deposits from divestitures of intangible assets +21, ,142 Payments for fixed assets -3,730-5,842 Deposits from financial assets Payment for financial assets Cash flow from investment activity -2,735-6,832 Deposits from sale of won shares Distribution to minority shareholders Deposits from assumption of financial liabilities +8, Payments for redemption of financial liabilities -3,762-9,288 Payment of dividends -3, Payment for redemption of finance lease liabilities Cash flow from financing activity +9-10,198 Cash-effective change of the funds for financial purposes +6,827 +1,086 Funds for financial purposes at the beginning of the term +5,271-1,159 Funds for financial purposes at the end of the term +12, ZUM INHALT 21

22 BORUSSIA DORTMUND QUARTERLY STATEMENT OF THE GROUP CHANGE IN GROUP EQUITY of Borussia Dortmund GmbH & Co. partnership limited by shares Reserves Equity entitled to Other owners of Issued Capital retained Cash flow Own the parent Minority Equity in keur capital Reserves earnings hedge shares company shares capital 1 July ,425 33,788-28, , ,626 Distribution to partners Sale of own shares Transactions with partners Annual surplus of the group , , ,804 Other comprehensive income of the period after taxes , , ,192 Overall result of the group ,735-1, , , March , ,790-15, , ,146 1 July ,425 33, , , ,455 Overall result of the group 0 0-3, , ,811 Sale of own shares Transactions with partners 0 3-3, , ,806 Annual surplus of the group , , ,323 Other comprehensive income of the period after taxes Overall result of the group , , , March , , ,891-1, , ,391 ZUM INHALT 22

23 BORUSSIA DORTMUND QUARTERLY STATEMENT OF THE GROUP EXPLANATORY NOTES for the third quarter of the fiscal year 2012/2013 of Borussia Dortmund GmbH & Co. partnership limited by shares GENERAL INFORMATION Borussia Dortmund GmbH & Co. KGaA (hereinafter Borussia Dortmund or Group) has its domicile in Dortmund, Rheinlanddamm These condensed interim consolidated accounts of Borussia Dortmund GmbH & Co. KGaA for the period of 01 July 2012 to 31 March 2013 comprises the parent company and the subsidiaries as well as investment in an associated company. ACCOUNTING AND EVALUATION METHODS The condensed interim consolidated accounts dated 31 March 2013 were compiled in compliance with the International Financial Reporting Standards (IFRS) for interim reporting as they are to be applied in the European Union (IAS 34). The accounting and assessment methods used in the preparation of these interim consolidated accounts are the same as those used in the most recent consolidated accounts dated 30 June Further information concerning the applied accounting and assessment methods are included in the explanatory notes dated 30 June All interpretations of the International Reporting Interpretation Committee (IFRIC) binding on 31 March 2013 are applied. In this fiscal year the change concerning IAS 1 Representation of the financial statement was applied for the first time; representation of the item Other comprehensive income was adjusted accordingly. CONSOLIDATION CIRCLE No changes were made with regard to the consolidation circle in comparison to the consolidated accounts dated 30 June EQUITY CAPITAL For development of equity capital, we refer to the change of group equity. The issued capital on 31 March 2013 is unchanged keur 61,425 and it is divided in the same number of registered shares with a calculative share of the capital stock in the amount of keur 1.00 per share. The Reserves are keur 43,725. ZUM INHALT 23

24 BORUSSIA DORTMUND QUARTERLY STATEMENT OF THE GROUP SEGMENT REPORTING The group has two segments to be reported that account for the major part of the overall group. One segment is Borussia Dortmund GmbH & Co. KGaA which is concerned with operating football including professional football and utilization of the connected income potentials such as transfer income, catering, TV marketing, advertising and match operations. The second segment concerns the separate merchandising business which is executed by the legally independent BVB Merchandising GmbH. Internal reporting is done on the basis of German Commercial Law (HGB). KGaA BVB Merchandising GmbH Total Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 in keur 2012/ / / / / /2012 External sales volumes 155, ,022 23,169 15, , ,954 Internal sales volumes , Segment result before income taxes *) 17,213 15,173 3,139 2,215 20,352 17,388 Segment assets 248, ,866 14,349 13, , ,915 *) Before profit transfer/receipt Reconciliation of the segment earnings to be reported Q 1-3 Q 1-3 in keur 2012/ /2012 Total of the segments 20,352 17,388 Other profits and losses Changes of results group -2,119-2,443 Group result before taxes 19,214 15,501 The changes of the result of the group in the reconciliation include mainly adjustments of the accounting standards to IFRS as well as elimination of in-group circumstances. The profits from national TV marketing in the amount of keur 21,538 (previous year keur 19,584) exceed the 10 percent margin stated by IFRS 8.34 with one customer, in the same way as with Champions League marketing in the amount of keur 37,046 (previous year keur 25,416). The background is the central marketing by DFL Deutsche Fussball Liga GmbH and UEFA. ZUM INHALT 24

25 BORUSSIA DORTMUND QUARTERLY STATEMENT OF THE GROUP CASH FLOW STATEMENT The cash flow statement of the group is compiled according to IAS 7 (Statements of Cash Flows). The liquid funds and cash equivalents evidenced in the balance sheet can be reconciled to the funds for financial purposes of the cash flow statement of the group as follows: Funds for financial purposes in keur Credit at banks 12,098 5,271 Used overdraft ,098 5,271 RELEVANT INVESTMENTS The payments for investments in intangible assets in the amount of keur 20,162 concerned almost exclusively investments in the licensed team, payments for investments in tangible assets were keur 3,730 which mainly concerned investments in and at the SIGNAL IDUNA PARK. FINANCE LEASE The financial assets to be activated in the scope of Finance Lease are assumed in the amount equal at the inception of the lease to the fair value of the lease property or, if lower, at the present value of the minimum lease payment. This value is reduced by cumulated depreciations and, if necessary, by impairments. The corresponding liabilities against the lease provider are evidenced with consideration of payments already made as short-term or long-term liabilities from finance lease. ZUM INHALT 25

26 BORUSSIA DORTMUND QUARTERLY STATEMENT OF THE GROUP DERIVATIVE FINANCIAL INSTRUMENTS To safeguard the favourable interest level medium- and long-term and to safeguard against the risk of changes in cash flow by interest changes, the general management has concluded six interest swap deals with German credit institutes for credits whose fixed interest rate expires in 2013 and 2016 respectively. In addition, an interest swap deal was concluded with a German credit institute for the purchase option for a rented administrative building with land upcoming in The amount of the nominal volume and the corresponding market value is evident in the following overview: Interest swaps in keur Nominal value Market value Fixt interest payer swaps 36,043-2,972 Interest swaps in keur Nominal value Market value Fixt interest payer swaps 36,043-2,141 The relative fair values of the derivatives are determined with prevailing evaluation methods with consideration of the market data available at the time of the assessment. Here, interest swaps are evaluated by discounting the future cash inflows and outflows by applying the market interest rates that are applied over the remaining period. For future underlying transactions, credit agreements of the banks with periods until 2021, 2026 and 2028 are already available. Evaluation of the interest swaps is done at the fair value by discounting the cash flows to be expected in the future. The evaluation is evidenced by calculations of the banks. Balancing of transactions to occur with high probability is done according to cash flow hedge accounting on the basis of micro hedges. The effective part of the market value changes of the derivative is recorded here not affecting net income in the other result (other equity items) after deduction of deferred taxes. The ineffective part is directly included in the profit and loss accounts. For future transactions that result in accounting a financial asset or a financial liability, changes of market value in the accounting periods of the securing instrument are transferred from equity capital to profit and loss accounts where the secured underlying transaction is captured in the profit and loss accounts. ZUM INHALT 26

27 BORUSSIA DORTMUND QUARTERLY STATEMENT OF THE GROUP The parameters of the securing instruments are tuned to occurrence of the future transactions. The derivatives used by Borussia Dortmund for securing purposes in the form of interest swap deals represent effective securing tools from an economic point of view. The changes of market value of the derivatives are balanced by secured by compensating value changes from the underlying transactions which are evidenced by effectiveness calculations. The ineffective portion in the reporting period was keur -80 (previous year keur -31). There are no transfers from other comprehensive income (OCI) into the overall result of the group in the reporting period. The effective part of the market value changes of the derivative (keur -580; previous year keur -1,190) is recorded here not affecting net income in the other result (other equity items) after deduction of deferred taxes (keur 187; previous year keur 383). DIVIDEND According to the decision of the General Assembly dated 26 November 2012, Borussia Dortmund GmbH & Co. KGaA distributed a dividend of EUR 0.06 from the balance profit of the fiscal year This is equivalent to a dividend total of EUR 3,684, for 61,404,771 shares entitled to dividend. The dividend was distributed from 28 November OTHER FINANCIAL OBLIGATIONS No changes occurred with regard to other financial obligations in comparison to the consolidated accounts dated 30 June NUMBER OF EMPLOYEES At group level in the first half year of the fiscal year 2012/2013 Borussia Dortmund employed an average of 533 employees, including 11 trainees, 175 employees in the area of sports and 347 administrative staff. (Previous half year: 454 employees, including 5 trainees, 149 in the area of sports and 300 administrative staff). CHANGES IN THE SUPERVISORY BOARD No changes occurred with regard to the structure of the supervisory board in comparison to the consolidated accounts dated 30 June ZUM INHALT 27

28 BORUSSIA DORTMUND QUARTERLY STATEMENT OF THE GROUP RELEVANT RESULTS AFTER ACCOUNTING DATE In terms of relevant events after accounting date we refer to the information in the supplementary report in the management report. Dortmund, 15 May 2013 Borussia Dortmund GmbH & Co. KGaA Borussia Dortmund Geschäftsführungs-GmbH Hans-Joachim Watzke Chairman of the General Management Thomas Treß Managing Director ZUM INHALT 28

29 BORUSSIA DORTMUND QUARTERLY STATEMENT OF THE GROUP AFFIRMATION BY THE LEGAL REPRESENTATIVES We hereby declare that to the best of our knowledge the interim consolidated accounts compiled in accordance with the applicable accounting principles for interim reporting present an account of the asset, financial and profit situation of the group and the interim consolidated accounts provide a fair review of the development and performance of the business and the position of the group, together with a description of the principal opportunities and risks associated with the expected development of the group for the remaining months of the fiscal year. Dortmund, 15 May 2013 Borussia Dortmund GmbH & Co. partnership limited by shares Borussia Dortmund Geschäftsführungs-GmbH Hans-Joachim Watzke Chairman of the General Management Thomas Treß Managing Director ZUM INHALT 29

30 FINANCIAL CALENDAR 15 May 2013 Publishing of the quarterly financial report - Q3 fiscal year 2012/ May 2013 Edison Roadshow London (UK) Company presentation LEGAL DETAILS Publisher: Borussia Dortmund GmbH & Co. KGaA Rheinlanddamm , Dortmund Internet: aktie@borussia-dortmund.de Responsible: Marcus Knipping Design/implementation: K-werk Kommunikationsdesign, Uwe Landskron Cover photos: Echopark/K-werk ZUM INHALT 30

31 BORUSSIA DORTMUND 2013 Real Love.