QUARTERLY FINANCIAL REPORT Q3 2012/2013 Real Love. CONTENT 3 BUSINESS DEVELOPMENT 3 OVERVIEW OF THE THIRD QUARTER OF THE FISCAL YEAR 2012/2013 6 DEVELOPMENT OF THE MARKET AND COMPETITIVE ENVIRONMENT IN GERMAN PROFESSIONAL FOOTBALL, With reference to the third quarter of the fiscal year 2012/2013 8 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 2012/2013 29 AFFIRMATION BY THE LEGAL REPRESENTATIVES 30 FINANCIAL CALENDAR 30 LEGAL DETAILS 2 QUARTERLY FINANCIAL REPORT Q3 2012/2013 BORUSSIA DORTMUND QUARTERLY FINANCIAL REPORT From 01 January to 31 March 2013 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 Dort- mund 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) , fulfil- ling 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 11.45 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, Borus- sia 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 defen- der Chris Löwe who joined the second league team 1. FC Kaiserslautern. ZUM INHALT 3 QUARTERLY FINANCIAL REPORT Q3 2012/2013 BORUSSIA DORTMUND QUARTERLY FINANCIAL REPORT From 01 January to 31 March 2013 ECONOMIC DEVELOPMENT Financial key figures Borussia Dortmund GmbH & Co. partnership limited by shares (HGB) Q1-3 2012/2013 Q1-3 2011/2012 in kEUR 31.03.2013 30.06.2012 Equity 147,087 132,827 Investments 23,286 17,303 Overall result 159,823 127,036 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 €) 0.29 0.25 ZUM INHALT 4 QUARTERLY FINANCIAL REPORT Q3 2012/2013 BORUSSIA DORTMUND QUARTERLY FINANCIAL REPORT From 01 January to 31 March 2013 Borussia Dortmund GmbH & Co. partnership limited by shares (IFRS) Q1-3 2012/2013 Q1-3 2011/2012 in kEUR 31.03.2013 30.06.2012 Equity 105,391 93,455 Investments 23,994 18,080 Overall result 183,938 143,466 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 €) 0.27 0.21 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 QUARTERLY FINANCIAL REPORT Q3 2012/2013 BORUSSIA DORTMUND QUARTERLY FINANCIAL REPORT From 01 January to 31 March 2013 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 focu- ses 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 QUARTERLY FINANCIAL REPORT Q3 2012/2013 BORUSSIA DORTMUND QUARTERLY FINANCIAL REPORT From 01 January to 31 March 2013 Spectator development As in the previous year, Borussia Dortmund welcomed the millionth spectator on the 26th 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.