Close Brothers Seydler Research AG - BVB Aktie - Borussia Dortmund

Borussia Dortmund GmbH & CO KGaA
Appendix
Profit and loss account
IFRS EURm 09/10 10/11 11/12 12/13E 13/14E 14/15E
Sales 110.14 151.48 215.24 289.37 240.21 254.42
YoY grow th - 37.5% 42.1% 34.4% -17.0% 5.9%
Cost of materials -4.68 -7.66 -12.48 -17.11 -14.41 -15.27
as % of sales -4.3% -5.1% -5.8% -5.9% -6.0% -6.0%
Personnel costs -47.96 -61.54 -79.92 -94.80 -93.68 -96.68
as % of sales -43.5% -40.6% -37.1% -32.8% -39.0% -38.0%
Other operating income 2.08 4.31 7.63 4.92 7.50 5.50
as % of sales 1.9% 3.9% 6.9% 4.5% 6.8% 5.0%
Other operating expenses -42.93 -54.14 -70.49 -89.93 -78.07 -80.14
as % of sales -39.0% -35.7% -32.7% -31.1% -32.5% -31.5%
EBITDA 16.65 32.44 59.98 92.46 61.55 67.83
as % of sales 15.1% 21.4% 27.9% 32.0% 25.6% 26.7%
Depreciation and amortisation (incl.
PPA depreciation)
-17.16 -17.53 -18.59 -17.94 -24.33 -27.97
as % of sales -15.6% -11.6% -8.6% -6.2% -10.1% -11.0%
EBIT (reported) -0.51 14.91 41.39 74.51 37.22 39.86
as % of sales -0.5% 9.8% 19.2% 25.7% 15.5% 15.7%
Net financial results -5.74 -5.44 -4.86 -4.74 -2.59 -2.60
EBT (Earnings before income taxes) -6.18 9.50 36.59 69.77 34.63 37.26
as % of sales -5.6% 6.3% 17.0% 24.1% 14.4% 14.6%
Income taxes (incl. other taxes) 0.03 -4.10 -9.06 -18.89 -9.70 -10.43
as % of EBT -0.5% -43.1% -24.8% -27.1% -28.0% -28.0%
Net income -6.15 5.40 27.53 50.88 24.93 26.82
Minorities 0.04 -0.09 -0.12 -0.21 -0.25 -0.30
Net income attributable to shareholders -6.19 5.31 27.41 50.67 24.68 26.52
as % of sales -5.6% 3.5% 12.7% 17.5% 10.3% 10.4%
Shares outstanding (in m) 61.4 61.4 61.4 61.4 61.4 61.4
Basic earnings per share (EUR) -0.10 0.09 0.45 0.82 0.40 0.43
Source: Borussia Dortmund GmbH & Co. KGaA, CBS Research AG
www.cbseydlerresearch.ag Close Brothers Seydler Research AG | 51