Bvb Annual Report 2008
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CONTENTS KEY FIGURES AT A GLANCE 2 PROLOGUE 3 MANAGEMENT'S GREETING 13 REPORT OF THE SUPERVISORY BOARD 14 GOVERNING BODIES AND CORPORATE STRUCTURE 19 THE BVB SHARE 20 SHARE PRICE PERFORMANCE SHAREHOLDER STRUCTURE 22 SHAREHOLDINGS BY MEMBERS OF GOVERNING BODIES INVESTOR RELATIONS CORPORATE GOVERNANCE REPORT 24 THE DFB CUP – BIRTH OF A BVB LEGEND 34 THE 2007/2008 SEASON 38 THE DFB CUP – EMOTION PURE 40 GROUP MANAGEMENT REPORT BUSINESS AND FRAMEWORK CONDITIONS 44 FINANCIAL YEAR 2007/2008 IN REVIEW DEVELOPMENT OF THE MARKET AND COMPETITIVE ENVIRONMENT IN GERMAN PROFESSIONAL FOOTBALL 46 GROUP STRUCTURE AND BUSINESS 49 ORGANISATION OF MANAGEMENT AND CONTROL 53 INTERNAL MANAGEMENT SYSTEM 56 CORPORATE STRATEGY 57 POSITION OF THE GROUP 59 RESULTS OF OPERATIONS SALES DEVELOPMENT 60 Development of significant operating expenses FINANCIAL CONDITION 64 Analysis of capital structure / Analysis of investments / Analysis of liquidity NET ASSETS 65 OVERALL SUMMARY OF RESULTS OF OPERATIONS, FINANCIAL CONDITION AND NET ASSETS THE DFB CUP – MERCHANDISING LEAVING ITS (TRADE)MARK 66 Tradition • Passion • Success COMPENSATION REPORT 70 RISK REPORT 71 Tradition • Passion • Success RISK MANAGEMENT SPECIFIC RISKS 72 Strategic risks / Personnel risks / Competitive risks / Sales risks / Financial risks / Risks jeopardising performance and continued existence THE RISK SITUATION IN SUMMARY 74 REPORT ON EXPECTED DEVELOPMENTS 75 ANTICIPATED DEVELOPMENT OF THE COMPANY EXPECTED GENERAL ECONOMIC ENVIRONMENT RESULTS OF OPERATIONS Anticipated earnings development / Anticipated development of revenues Anticipated development of significant operating expenses / Expected dividends EXPECTED FINANCIAL CONDITION 76 Financial planning / Capital expenditure planning / Anticipated development of liquidity OPPORTUNITIES 77 DEVELOPMENT FORECAST IN SUMMARY THE DFB CUP – SPONSOR ADVERTISING 78 REPORT ON POST BALANCE SHEET DATE EVENTS 82 OTHER DISCLOSURES 83 THE DFB CUP – AN EYE ON DORTMUND… 86 CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED BALANCE SHEET 92 CONSOLIDATED INCOME STATEMENT 93 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 94 STATEMENT OF CHANGES IN NON-CURRENT ASSETS CONSOLIDATED CASH FLOW STATEMENT 96 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 97 BASIC PRINCIPLES NOTES TO THE CONSOLIDATED BALANCE SHEET 106 NOTES TO THE CONSOLIDATED INCOME STATEMENT 115 OTHER DISCLOSURES 119 THE DFB CUP – WINNING OVER HEARTS 124 AUDITORS’ REPORT 128 EDITORIAL INFORMATION / FINANCIAL CALENDAR 129 EPILOGUE 130 Business Report Borussia Dortmund, July 2007 - June 2008 2007 - June Dortmund, July Business Report Borussia Business Report Borussia Dortmund, July 2007 – June 2008 INHALT KEY FIGURES AT A GLANCE 2 PROLOGUE 3 MANAGEMENT'S GREETING 13 REPORT OF THE SUPERVISORY BOARD 14 GOVERNING BODIES AND CORPORATE STRUCTURE 19 THE BVB SHARE 20 SHARE PRICE PERFORMANCE SHAREHOLDER STRUCTURE 22 SHAREHOLDINGS BY MEMBERS OF GOVERNING BODIES INVESTOR RELATIONS CORPORATE GOVERNANCE REPORT 24 THE DFB CUP – BIRTH OF A BVB LEGEND 34 THE 2007/2008 SEASON 38 THE DFB CUP – EMOTION PURE 40 GROUP MANAGEMENT REPORT BUSINESS AND FRAMEWORK CONDITIONS 44 FINANCIAL YEAR 2007/2008 IN REVIEW DEVELOPMENT OF THE MARKET AND COMPETITIVE ENVIRONMENT IN GERMAN PROFESSIONAL FOOTBALL 46 GROUP STRUCTURE AND BUSINESS 49 ORGANISATION OF MANAGEMENT AND CONTROL 53 INTERNAL MANAGEMENT SYSTEM 56 CORPORATE STRATEGY 57 POSITION OF THE GROUP 59 RESULTS OF OPERATIONS SALES DEVELOPMENT 60 Development of significant operating expenses FINANCIAL CONDITION 64 Analysis of capital structure / Analysis of investments / Analysis of liquidity NET ASSETS 65 OVERALL SUMMARY OF RESULTS OF OPERATIONS, FINANCIAL CONDITION AND NET ASSETS THE DFB CUP – MERCHANDISING LEAVING ITS (TRADE)MARK 66 COMPENSATION REPORT 70 RISK REPORT 71 RISK MANAGEMENT SPECIFIC RISKS 72 Strategic risks / Personnel risks / Competitive risks / Sales risks / Financial risks / Risks jeopardising performance and continued existence THE RISK SITUATION IN SUMMARY 74 REPORT ON EXPECTED DEVELOPMENTS 75 ANTICIPATED DEVELOPMENT OF THE COMPANY EXPECTED GENERAL ECONOMIC ENVIRONMENT RESULTS OF OPERATIONS Anticipated earnings development / Anticipated development of revenues Anticipated development of significant operating expenses / Expected dividends EXPECTED FINANCIAL CONDITION 76 Financial planning / Capital expenditure planning / Anticipated development of liquidity OPPORTUNITIES 77 DEVELOPMENT FORECAST IN SUMMARY THE DFB CUP – SPONSOR ADVERTISING 78 REPORT ON POST BALANCE SHEET DATE EVENTS 82 OTHER DISCLOSURES 83 THE DFB CUP – AN EYE ON DORTMUND… 86 CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED BALANCE SHEET 92 CONSOLIDATED INCOME STATEMENT 93 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 94 STATEMENT OF CHANGES IN NON-CURRENT ASSETS CONSOLIDATED CASH FLOW STATEMENT 96 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 97 BASIC PRINCIPLES NOTES TO THE CONSOLIDATED BALANCE SHEET 106 NOTES TO THE CONSOLIDATED INCOME STATEMENT 115 OTHER DISCLOSURES 119 THE DFB CUP – WINNING OVER HEARTS 124 AUDITORS’ REPORT 128 EDITORIAL INFORMATION / FINANCIAL CALENDAR 129 EPILOGUE 130 2 Borussia Dortmund GmbH & Co. KGaA KEY FIGURES AT A GLANCE 2007/2008 2006/2007 EUR millions 30 June 2008 30 June 2007 Equity 80.8 86.5 Investments 4.8 16.3 Gross revenue 116.3 106.0 Operating profit/loss (EBIT) 5.4 15.6 Financial result (investment income and net interest expense) -10.1 -8.5 Net profit/loss for the period -3.9 10.1 Earnings before interest, taxes, depreciation and amortisation (EBITDA) 20.9 29.1 Cash flows from operating activities 56.6 12.1 Number of shares (in thousands) 61,425 61,425 Earnings per share (in EUR) -0.07 0.17 2 THE DFB CUP – MORE THAN A COMPETITION 3 4 PROLOGUE A packed Olympic Stadium in Berlin during a match – albeit without players. Front cover of BVB's Spieltag match day programme, 26 February 2008. Ausgabe 2 I 26. Februar 2008 I 0,50 E SPIELTAG Die letzten Infos vor dem Anpfiff DFB-POKAL BVB – HOFFENHEIM BERLIN, TSG Hoffenheim Von der A-Klasse in die zweite Liga BERLIN, wir träumen von BERLIN! Interview: Philipp Laux „Tolle Zeiten bei Borussia!“ Historie Der BVB und die Pokal-Endspiele DFB-POKAL 2007/2008: ZAHLEN DATEN FAKTEN 5 6 PROLOGUE The empty Olympic Stadium before a DFB Cup final match, under a yellow sky. Front cover of BVB's Spieltag match day programme, 18 March 2008. Ausgabe 3 I 18. März 2008 I 0,50 E SPIELTAG Die letzten Infos vor dem Anpfiff DFB-POKAL BVB – JENA Noch 90MINUTEN bis FC Carl Zeiss Jena Verein mit einer großen Tradition BERLIN Interview: Michael Zorc „Chance nicht nehmen lassen!“ BVB im Halbfinale Zu Hause hat es immer geklappt! DFB-POKAL 2007/2008: ZAHLEN DATEN FAKTEN 7 8 PROLOGUE Tinga after his goal for a 3:0 victory over Jena, qualifying the team for the final in the DFB Cup. Front cover of “BORUSSIA aktuell” stadium magazine, 22 March 2008. 9 PROLOGUE Following a 19-year absence, Borussia Dort- Next to the football Bundesliga, the DFB Cup is mund again made it to the national Cup finals in the second national competition in which pro- April 2008, where it fought a close match with fessional clubs participate. And from an athlet- FC Bayern Munich only to lose 1:2 in overtime. ic point of view, it is the shortest path to qualifi- However, the team's automatic 2008/2009 UEFA cation for play at the international level. Just Cup qualification made this defeat more palat- five wins could be enough to send the team to able. The listed football Bundesliga team's the UEFA Cup. return to the international scene goes hand-in- hand with sporting prestige, as well as with In the editorial section of this annual report, lucrative financial returns that will also be Borussia Dortmund takes a look back on the reflected in the financial statements for the competitive cup which has time and again tak- 2008/2009 financial year. en the team on a journey down just that path. 10 THE DFB CUP THE DFB CUP – BIRTH OF A BVB LEGEND Page 34 THE DFB CUP – EMOTION PURE Page 40 THE DFB CUP – MERCHANDISING LEAVES ITS (TRADE)MARK Page 66 THE DFB CUP – SPONSOR ADVERTISING Page 78 THE DFB CUP – AN EYE ON BERLIN, … DORTMUND Page 86 THE DFB CUP – ... WINNING OVER HEARTS Page 124 EPILOGUE Page 130 11 12 GREETING Hans-Joachim Watzke Thomas Treß Managing Director (Chairman) Managing Director Dear Shareholders, Today the Borussia Dortmund Group presents proven accurate, and we are posting an operat- you this report on financial year 2007/2008 with ing profit for this financial year. the knowledge that our financial restructuring has been brought to completion. Together with Jürgen Klopp, our new head coach we signed at the end of the financial year, we will Three and a half years after facing the very real strive for athletic development that emphasises threat of insolvency, Borussia Dortmund has “sustainability before speed”. Given the outlook regained a solid economic foothold and is so that our financial flexibility is going to increase sound that we no longer need to worry about significantly in the coming years, we are opti- financial problems, not to mention problems that mistic about our potential. would threaten our continued existence. Undoubtedly, the most important step taken in We are confident that with your patient support that direction last year was the repayment of our and your enduring faith in us, we can achieve our loan from Morgan Stanley. We also successfully goals. extended a number of key agreements to lay an even broader foundation for our future plans. We are pleased that our economic forecast has Yours faithfully, Hans-Joachim Watzke Thomas Treß Managing Director