Bvb Business Report 2010/2011
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1U-U4 TITEL GB2011engl TRUE LOVE_RZ_K-werk 14.11.11 16:51 Seite 1 BUSINESS 2010/2011REPORT http://eng.borussia-aktie.de June 2011 June – © BORUSSIA DORTMUND 2011 Real Love. Report BorussiaBusiness 2010 July Dortmund Real Love. KEY FIGURES AT A GLANCE Borussia Dortmund KGaA (HGB) 2010/2011 2009/2010 EUR '000 30/06/2011 30/06/2010 Equity 98,533 89,002 Capital expenditure 10,917 14,434 Gross revenue 140,541 103,334 Operating profit/loss (EBIT) 12,426 -1,014 Net finance cost (investment income and net interest expense) -401 -1,644 Net profit/loss 9,539 -2,787 Earnings before interest, taxes, depreciation and amortisation (EBITDA) 23,049 9,325 Cash flows from operating activities 17,507 -2,954 Number of shares (in thousands) 61,425 61,425 Earnings per share (in €) 0.16 -0.05 Borussia Dortmund Group (IFRS) 2010/2011 2009/2010 EUR '000 30/06/2011 30/06/2010 Equity 67,626 62,025 Capital expenditure 11,320 14,354 Gross revenue 155,785 112,222 Operating profit/loss (EBIT) 14,908 -508 Net finance cost (investment income and net interest expense) -5,412 -5,669 Total comprehensive income 5,631 -6,149 Earnings before interest, taxes, depreciation and amortisation (EBITDA) 32,442 16,651 Cash flows from operating activities 21,717 2 Number of shares (in thousands) 61,425 61,425 Earnings per share (in €) 0.09 -0.10 2 BORUSSIA DORTMUND KEY FIGURES AT A GLANCE 2 LETTER TO SHAREHOLDERS 6 REPORT OF THE SUPERVISORY BOARD 8 GOVERNING BODIES AND CORPORATE STRUCTURE 11 BVB-SHARES 12 Share price performance ................................................................................................................................... 12 Shareholder structure ....................................................................................................................................... 14 Shareholdings by members of governing bodies .............................................................................................. 14 Investor Relations .............................................................................................................................................. 14 Corporate governance declaration .................................................................................................................... 15 CORPORATE GOVERNANCE REPORT 16 MANAGEMENT REPORT 24 BUSINESS TREND AND FRAMEWORK CONDITIONS 24 Looking back on financial year 2010/2011 ........................................................................................................ 24 Development of the market and competitive environment in German professional football .......................... 25 Group structure and business operations ......................................................................................................... 26 Organisation of management and control ......................................................................................................... 27 Internal management system ........................................................................................................................... 30 Corporate strategy ............................................................................................................................................. 30 MANAGEMENT REPORT OF BORUSSIA DORTMUND GmbH & Co. Kommanditgesellschaft auf Aktien 32 Results of operations ......................................................................................................................................... 32 Sales trend ......................................................................................................................................................... 33 Development of significant operating expenses ............................................................................................... 33 Financial position ............................................................................................................................................... 36 Net assets .......................................................................................................................................................... 36 Overall summary of financial position and performance .................................................................................. 37 REMUNERATION REPORT 37 OPPORTUNITY AND RISK REPORT 38 Risk management .............................................................................................................................................. 38 The internal control and risk management system as it relates to the accounting process ........................... 38 Specific risks ...................................................................................................................................................... 39 Financial risk ..................................................................................................................................................... 41 Overall assessment of risk position .................................................................................................................. 41 REPORT ON EXPECTED DEVELOPMENTS 42 Anticipated development of the Company ......................................................................................................... 42 Expected general economic environment ......................................................................................................... 42 Expected results of operations .......................................................................................................................... 43 Expected dividends ............................................................................................................................................ 43 Projected financial position ............................................................................................................................... 44 Opportunities ..................................................................................................................................................... 44 Overall assessment of anticipated performance .............................................................................................. 44 REPORT ON POST BALANCE SHEET DATE EVENTS 45 OTHER DISCLOSURES 46 ANNUAL FINANCIAL STATEMENTS 50 BALANCE SHEET 50 INCOME STATEMENT 52 NOTES 53 General disclosures to the annual financial statements .................................................................................. 53 Accounting policies ............................................................................................................................................ 53 Notes to the balance sheet ................................................................................................................................ 55 CHANGES IN FIXED ASSETS 56 Notes to the income statement ......................................................................................................................... 63 Other disclosures ............................................................................................................................................... 65 Executive bodies ................................................................................................................................................ 65 AUDITORS‘ REPORT 69 4 BUSINESS REPORT 2010/2011 GROUP MANAGEMENT REPORT 70 BUSINESS TREND AND FRAMEWORK CONDITIONS 70 Looking back on financial year 2010/2011 ........................................................................................................ 70 Development of the market and competitive environment in German professional football .......................... 71 Group structure and business operations ......................................................................................................... 73 Organisation of management and control ......................................................................................................... 74 Internal management system ........................................................................................................................... 78 Corporate strategy ............................................................................................................................................. 79 GROUP MANAGEMENT REPORT 81 Results of operations ......................................................................................................................................... 81 Revenue trend .................................................................................................................................................... 82 Changes in significant operating expenses ....................................................................................................... 85 Financial position ............................................................................................................................................... 86 Net assets .......................................................................................................................................................... 87 Overall summary of financial position and performance .................................................................................. 87 REMUNERATION REPORT 88 OPPORTUNITY AND RISK REPORT 89 Risk management .............................................................................................................................................. 89 The internal control and risk management system as it relates to