Update: Fresh start
While the simultaneous loss of key players Hummels, Mkhitaryan and Gündogan necessarily invites caution, coach Tuchel’s record of player development and the availability of significant funds for reinvestment make for exciting opportunity. Understandably, given squad rebuilding, financial implications are uncertain. However, assuming maintained positive sporting prospects and further c €40m player spend, we still look for a doubling in pre-transfer EBITDA (our key metric) in FY17, albeit from a reduced base in the face of inflationary wage pressure (we are lowering EBITDA forecasts by €6m for FY16 and by €13m for the year just started).Borussia Dortmund has two reportable segments, which are responsible for the main activites of the overall Group. The first segment consists of Borussia Dortmund GmbH & Co. KGaA, which operates a professional football club including professional football squad and leverages the associated revenue potential arising from the the transfer of players, catering, TV marketing, sponsorship and ticketing. The second segment consists of the separate merchandising business, which is carried out by BVB Merchandising GmbH. In addition, Co. assumes all the marketing activities for the stadium, including the event areas, on non-match days and includes activities such as stadium tours.
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