Annual-Press-Conference

Figures under pressure from COVID-19

Borussia Dortmund GmbH & Co. KGaA generated consolidated total operating proceeds of EUR 486.9 million in financial year 2019/20. The consolidated net loss amounted to EUR 43.9 million.

"The past decade was a complete success, both on the pitch and financially," declared Chief Executive Officer Mr Hans-Joachim Watzke at Monday's Annual Press Conference on the preliminary figures for financial year 2019/20. Referring to the club twice being crowned Bundesliga champions, its two DFB Cup titles and its three victories in the DFL Super Cup between 2011 and 2019, he added: "We always turned a solid profit in these years too. Then came coronavirus."

From mid-March 2020, income and earnings were shaped by the severe restrictions on public life imposed in response to the COVID-19 pandemic and the massive impact this has had on the economy. Consequently, the consolidated revenue growth of 6.3% generated by the Company in the first nine months was wiped out in the final three months of the 2019/2020 financial year as revenue declined by more than 25% compared to the prior-year quarter, accompanied by a major drop in earnings. "COVID-19 has hit football clubs a lot harder than DAX companies, which saw declines averaging 13% in this fourth quarter," explained managing director Thomas Treß.

Five of the past 17 Bundesliga home fixtures of the season had to be played behind closed doors. In addition, the shortfalls in sponsoring, income from TV marketing and in particular transfer income had a massive impact.

In the 2019/2020 financial year (1 July 2019 to 30 June 2020), Borussia Dortmund generated consolidated total operating proceeds (revenue plus gross transfer proceeds generated) of EUR 486.9 million (previous year: EUR 489.5 million). Borussia Dortmund's consolidated revenue remained virtually level at EUR 370.2 million (previous year: EUR 370.3 million). In the financial year ended, the consolidated net loss amounted to EUR 44.0 million (previous year: profit of EUR 17.4 million). Consolidated earnings before taxes (EBT) amounted to EUR -46.6 million (previous year: EUR 21.8 million); consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to EUR 63.0 million (previous year: EUR 116.0 million).

Consolidated revenue amounted to EUR 370.2 million (previous year: EUR 370.3 million), of which EUR 32.5 million (previous year: EUR 44.7 million) from match operations, EUR 169.8 million (previous year: EUR 167.3 million) from TV marketing, EUR 98.0 million (previous year: EUR 96.8 million) from advertising, EUR 36.7 million (previous year: EUR 31.5 million) from conference, catering and miscellaneous, and EUR 33.3 million (previous year: EUR 30.0 million) from merchandising.

Net transfer income, which comprises gross transfer proceeds less residual carrying amounts and selling costs, amounted to EUR 40.2 million (previous year: EUR 82.9 million).

The Group's personnel expenses increased by EUR 10.1 million from EUR 205.1 million to EUR 215.2 million in the financial year ended. Depreciation, amortisation and write-downs within the Group rose by EUR 13.6 million from EUR 92.5 million to EUR 106.1 million. The Group's other operating expenses were up EUR 0.5 million year on year from EUR 118.5 million to EUR 119.0 million. The consolidated financial result declined by EUR 1.7 million from EUR -1.7 million to EUR -3.4 million.

In light of this earnings situation, it is not possible to propose a dividend distribution to the Annual General Meeting.

Referring to the current financial year (1 July 2020 to 30 June 2021), Hans-Joachim Watzke stated: "We will only return to making a healthy profit when there are no restrictions on spectators. But we must be patient. It is extremely difficult to imagine football without fans. We have to stick it out. We will stick it out."

Presentation at Annual Press Conference (German version only)