Borussia Dortmund publishes preliminary figures for the third quarter (Q3) of the 2019/2020 financial year

Despite the strict restrictions on public life imposed in mid-March 2020 due to the COVID-19 pandemic and the resulting severe impact on the economy and thus also on Borussia Dortmund's operating business, the Company generated a consolidated net profit of EUR 1.1 million in the third quarter of the financial year (prior-year quarter: EUR 29.4 million). The consolidated net profit after taxes amounted to EUR 4.1 million in the period from 1 July 2019 to 31 March 2020 (prior-year period: EUR 47.1 million). The year-on-year decline is due primarily to the decrease of EUR 38.2 million in net transfer income to EUR 39.0 million (prior-year period: EUR 77.2 million).

The progression of the COVID-19 pandemic and its impact on public life as a result of any future orders imposed by the federal and state governments will be of great significance to Borussia Dortmund's financial performance going forward. Despite the possibility that the 2019/2020 Bundesliga season will soon resume in May 2020 (see corporate news dated 6 May and 7 May 2020), the currently unforeseeable further course of the COVID-19 pandemic means that the coming weeks and months by-and-large remain fraught with uncertainty. All of Borussia Dortmund's revenue streams have been adversely affected by the present COVID-19 pandemic and may be strained further, particularly by the impact that any matches held "behind closed doors" might have (see corporate news dated 9 May 2020). In light of this and the generally unforeseeable nature of the impact on Borussia Dortmund's revenue streams and cash flows in this situation, management therefore remains unable to issue a new, detailed earnings forecast for the 2019/2020 financial year. However, management currently does not expect to generate a consolidated net profit for the full 2019/2020 financial year.

The preliminary figures for the "Q3" quarterly report period as at 31 March 2020 are as follows.

Borussia Dortmund generated consolidated total operating proceeds (revenue plus gross transfer proceeds generated) of EUR 134.4 million in the third quarter of financial year 2019/2020 (Q3 previous year: EUR 153.2 million) and EUR 431.8 million on a cumulative basis over the first three quarters (prior-year period: EUR 409.2 million). Borussia Dortmund recorded an increase of EUR 18.8 million, or 6.3%, in consolidated revenue to EUR 316.4 million in the first three quarters of the year (prior-year period: EUR 297.6 million). Consolidated revenue amounted to EUR 79.8 million in the third quarter of the financial year (prior-year period: EUR 83.7 million).

In the first three quarters, consolidated earnings before taxes (EBT) amounted to EUR 5.6 million (prior-year period: EUR 53.2 million) and consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to EUR 83.2 million (prior-year period: EUR 110.9 million).

Consolidated revenue amounted to EUR 79.8 million in the third quarter of the financial year (prior-year quarter: EUR 83.7 million), of which EUR 9.9 million (prior-year quarter: EUR 11.9 million) in income from match operations, EUR 33.0 million (prior-year quarter: EUR 36.0 million) in income from TV marketing, EUR 24.2 million (prior-year quarter: EUR 22.9 million) in advertising income, EUR 6.8 million (prior-year quarter: EUR 6.7 million) in conference, catering and miscellaneous income, and EUR 5.9 million (prior-year quarter: EUR 6.2 million) in merchandising income.

While cumulative personnel expenses increased to EUR 161.6 million (prior-year period: EUR 153.3 million), Q3 personnel expenses decreased by EUR 1.9 million to EUR 50.1 million (prior-year period: EUR 52.1 million). Cumulative depreciation, amortisation and write-downs amounted to EUR 75.8 million (prior-year period: EUR 56.6 million), while depreciation, amortisation and write-downs in the third quarter amounted to EUR 26.6 million (Q3 previous year: EUR 19.7 million). Other operating expenses amounted to EUR 95.7 million in the first three quarters (prior-year period: EUR 98.6 million). In the third quarter, they decreased by EUR 5.4 million to EUR 25.1 million (Q3 previous year: EUR 30.5 million). The cumulative financial result amounted to EUR -1.8 million (prior-year period: EUR -1.1 million); the tax expense amounted to EUR -1.5 million (prior-year period: EUR -6.1 million).

The above information relates to key figures from the consolidated financial statements of Borussia Dortmund calculated in accordance with the International Financial Reporting Standards (IFRSs).

The full Q3 2019/2020 quarterly financial report will be available for download from 15 May 2020 under the rubric "publications" at http://aktie.bvb.de/eng.

Dortmund, May 8th, 2020

Borussia Dortmund GmbH & Co. KGaA
Borussia Dortmund Geschäftsführungs-GmbH