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

MANAGEMENT REPORT
However, financial and business development is
largely dependent on sporting success. Since sporting
success can only be planned to a very limited
degree, the best management can do is to create a
foundation for success. Investments, particularly in
the professional squad, are therefore a necessary
prerequisite for achieving sporting objectives, such
as qualifying for the UEFA Cup. However, in order
to meet financial goals, planned investments and
decisions must under certain circumstances be postponed
to the extent these would only be possible by
incurring new debt. Moreover, a player may be sold
based on financial considerations in cases where this
would not have happened had the decision been
made based solely on sporting criteria.
goals. In such cases, management weighs up the
opportunities and risks to find a solution that is
broadly in line with our strategic objectives from a
medium-term point of view.
We plan to further increase gross revenue in the
medium term. The first steps in bringing us closer to
this goal have been taken with the marketing of the
stadium name, the new main sponsor agreement
with RAG and the conclusion of the new TV agreement
by DFL. Moreover, further significant revenue
potential is available, especially by qualifying
for international competitions, which would have a
positive effect on all Borussia Dortmund's revenue
sources.
A conflict, or a situation where sporting considerations
and financial considerations affect each other
adversely, therefore arises between the pursuit of
financial interests and sporting interests, particularly
if the club continually falls short of its sporting
Positive operating results and moderate investments,
mainly in the professional squad, depending
on those results, are expected to enable Borussia
Dortmund GmbH & Co. KGaA to achieve stable,
positive cash flows over the long term.
17 th Round
17 December 2006
BVB 1:2 Leverkusen
18 th Round
26 January 2007
BVB 3:2 FC Bayern
Two of the three goal scorers in one picture:
Amedick, who had bad luck in hitting
the post, in a duel with Voronin.
Even van Bommel could not stop an outstanding
Frei that evening. Pienaar watches
on the left.
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