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

MANAGEMENT REPORT
The capital increase resolved by the General
Shareholders' Meeting of Borussia Dortmund GmbH
& Co. KGaA on 15 August 2006 for a nominal amount
of up to EUR 17,550,000 to EUR 61,425,000 was fully
placed. The indirect subscription right for a total
of 7,567,585 new shares was exercised by the
Company's limited liability shareholders. Morgan
Stanley & Co. International Limited, London,
England (“MSIL”) subscribed for an additional
9,982,415 new shares in accordance with the resolution
authorising the capital increase dated 15 August
2006. MSIL paid in its non-cash contribution by
assigning to the Company a partial claim held by its
sister company, Morgan Stanley Bank International
Limited, against the Company for a nominal amount
of EUR 21,961,313.
The capital increase was entered in the commercial
register of the Local Court of Dortmund on 19 Sep -
tember 2006. Thus, the Company's share capital is
EUR 61,425,000 (previously EUR 43,875,000) and is
divided into the same amount of no-par value shares.
Management used EUR 10 million of the new cash
funds generated from the capital increase (approximately
EUR 15.1 million in total) to finance working
capital and put the remainder toward reducing existing
liabilities.
The restructuring of the liability side of the balance
sheet, with the aim of strengthening equity resources,
achieving a more manageable debt maturity structure
and improving interest rate terms, has now been fully
implemented.
Key financial indicators
Key financial figures Borussia Dortmund GmbH & Co. KGaA
2006/2007 2005/2006
EUR millions 30.06.2007 30.06.2006
Equity 100.2 52.9
Investments 16.0 11.3
Gross revenue 99.7 90.0
Operating profit/loss (EBIT) 15.8 -12.0
Financial result (investment income and net interest expense) -5.5 -1.0
Extraordinary income 0 10.2
Net profit/loss for the period 10.3 -3.9
Earnings before interest, taxes, depreciation and
amortisation (EBITDA) 22.7 -4.3
Cash flows from operating activities 11.9 -5.5
Number of shares (in thousands) 61,425 43,875
Earnings per share (in EUR) 0.17 -0.09
3 rd Round
26 August 2006
VfB Stuttgart 1:3 BVB
DFB Cup
9 September 2006
Thannhausen 0:3 BVB
Frei, Brzenska and Kringe celebrate
the victory in Stuttgart with their fans.
TSG Thannhausen brought about many
opportunities, but BVB won 3:0.
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