Annual Report 2006/2007 KGaA/Group - BVB Aktie - Borussia ...

Borussia Dortmund
catering income in the circulation areas at SIGNAL
IDUNA PARK, which were able to achieve an
increase of EUR 0.20 in spending per head thanks to
a wider range of items offered. Income in this area
will also participate in the general upward trend in
future as a result of the construction of the
Conference Center, a state-of-the-art conference
facility, and the letting of the Center by Stadionlive
GmbH, which has been marketing and organising the
other events successfully since 2005.
Despite an unconvincing season from a sporting
point of view, BVB Merchandising GmbH, which
was spun off from Borussia Dortmund GmbH & Co.
KGaA on 1 July 2005, was able to benefit from the
positive trend of interest in and loyalty to BVB, and
the associated demand, and to increase its revenues
accordingly.
Other operating income achieved growth of around
EUR 5.3 million to EUR 8.9 million in the most
recent financial year. This item included receipts
from distributions and allocations of profit from the
FIFA 2006 World Cup, which alone accounted for
income of EUR 4.6 million.
DEVELOPMENT OF SIGNIFICANT
OPERATING EXPENSES
Personnel expenses
A further reduction of EUR 2.8 million was achieved
in personnel expenses which amounted to EUR 37.0
million compared with EUR 39.8 million in the
2005/2006 financial year. A reduction in expenses of
around EUR 2.2 million was once again achieved in
the professional match operations area alone, despite
several changes of coach.
Depreciation and amortisation
Depreciation and amortisation fell as planned by
EUR 0.7 million compared with the previous year to
EUR 13.5 million.
Other operating expenses
Other operating expenses amounted to EUR 36.6
million in the 2006/2007 financial year compared with
EUR 46.3 million in the previous year. The decline
mainly reflected the fall in transfer expenses, lower
legal and advisory costs and a reduction in valuation
allowances on receivables. This was offset principally
by higher marketing commissions.
FINANCIAL CONDITION
ANALYSIS OF CAPITAL STRUCTURE
With the capital increase resolved by the extraordinary
General Shareholders' Meeting on 15 August 2006, the
share capital of Borussia Dortmund GmbH & Co.
KGaA (previously EUR 43.875 million) rose by EUR
17.550 million to EUR 61.425 million, while equity,
after taking into account the net profit for the year,
increased to EUR 86.536 million compared with EUR
37.624 million in the previous year. The equity ratio
therefore improved from 13.6% to 33.5% as planned.
The funds generated by the capital increases in the
previous and current financial years have been used
31 st Round
28 April 2007
BVB 2:0 Frankfurt
32 nd Round
5 May 2007
VfL Wolfsburg 0:2 BVB
122
Alexander Frei – here against Chris – “shot
down” Eintracht almost by himself with two
attractive free kicks.
In the third last round, Valdez scored
the longed-for first goal for BVB. Van
der Leegte cannot stop him.