Borussia Dortmund - Managing the costs
Borussia Dortmund’s FY21 preliminary results are slightly above management’s expectations at the EBITDA level and testimony to how well the cost base has been managed given the on-off expectations through the season about the return of fans to the stadium. The challenging year has led to an increase in the company’s net debt position, unusual for a club that is conservatively run from a financial perspective, but recent transfer activity and higher match attendance should lead to an improved financial position through FY22. Our FY22 forecasts are unchanged ahead of the publication of the full financial statements on 28 September 2021.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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