Close Brothers Seydler Research AG - BVB Aktie - Borussia Dortmund

Borussia Dortmund GmbH & CO KGaA
Market environment
Football is today, based on the number of members in associations, the most
practiced sport in Germany and Europe. In addition, each year millions of viewers
visit the stadiums (103m attendees in 2011/12) and organizer of football events are
also pleased about increasing number of spectators (the 2012 UEFA Champions
League final had a global live reach of over 300m viewers). Despite a background
of recession and economic turbulence people are continuing to enjoy football.
Football is one of the
biggest markets in
Europe
This raises the question of in which way/instance and through which sub-markets
professional clubs and leagues generate revenues and which are the determinants
to alter revenue streams. This chapter is divided into two segments: national/
German market and the international/European market. The clear focus lies on the
European region because in Europe football has always played the most important
role. Another focal point has been the inclusion of only the first division of the
national leagues. Particular subjects involved the development of revenues in
recent years, exploitation of broadcasting rights, number of attendees and
employees expenses.
National/ Germany
Professional football in Germany consists of the Erste and Zweite Bundesliga.
Generally, overviews in terms of revenues and revenue streams, EBITDA and
earnings development are only covered for the Erste Bundesliga.
Football in Germany
Note: Comparing the Social media activity (based on Facebook likes) of all 18
Bundesliga clubs you can see that all clubs are more popular than at the start of the
season. However, not many clubs are above League average and BVB even
managed to be on the top (based on Change in %) and hence remains on rank 2
behind FC Bayern München.
Facebook likes comparison
Facebook likes 01.08.2012 16.5.2013
Source: facebook.de, media.news.de, CBS Research AG
Change
in %
FC Bayern München 4,687,366 7,056,713 50.5%
Borussia Dortmund 1,418,137 2,556,321 80.3%
FC Schalke 04 575,259 674,454 17.2%
SV Werder Bremen 416,247 449,686 8.0%
Hamburger SV 368,285 407,963 10.8%
VfB Stuttgart 270,976 295,262 9.0%
Eintracht Frankfurt 194,781 228,326 17.2%
Borussia Mönchengladbach 178,039 221,010 24.1%
Hannover 96 169,509 193,034 13.9%
1. FC Nürnberg 148,389 163,107 9.9%
Bayer 04 Leverkusen 119,406 136,444 14.3%
Fortuna Düsseldorf 118,933 145,092 22.0%
VfL Wolfsburg 74,452 86,863 16.7%
Sport-Club Freiburg 62,695 83,786 33.6%
FC Augsburg 63,185 72,858 15.3%
1. FSV Mainz 05 59,051 67,908 15.0%
1899 Hoffenheim 55,597 62,283 12.0%
SpVgg Greuther Fürth 23,831 31,603 32.6%
Total 9,004,138 12,932,713 43.6%
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