Update: Game changer
The newly-announced rights issue, potentially raising c €114m (gross), ie four for 11 at €4.66 per share, is welcome in terms of cash and the scope for a step change in profit. Binding undertakings from key sponsors Puma, Evonik and SIGNAL IDUNA, covering c €82m of the issue, recognise management’s creation of a sustainable business with underlying profit growth. This was shown by record pre-transfer EBITDA in FY14, which confirmed that the Wembley-led comparative was not as good as it gets. We will review fully our forecasts on completion of the capital increase and release of the annual report.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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