Borussia Dortmund: Plenty In Reserve
Edison | Oct 05, 2017 01:35AM ET
Borussia Dortmund GmbH (SIX:BVB) enters the international break in good heart as wire-to-wire leaders of the Bundesliga after a record start to the season (19 points after seven games). It is early days but confirmation of a favorable reaction to new coach Peter Bosz and key player signings even if found wanting at the highest level in recent Champions League. A positive annual report and the remarkable sale of Dembélé to Barcelona further prompt us to raise substantially our current-year forecast. For FY19 we are confident that Dortmund’s conspicuously successful development record and transfer policy as well as initial benefits from Champions League reform should generate another strong outturn, even if Dembélé makes FY18 a hard act to follow.
Q417: Dortmund shows how to finish
The quarter to June was notable for 21% pre-transfer revenue growth, reflecting favourable UEFA comparatives (continuing involvement in Champions rather than Europa League) and DFB Cup triumph, all the more satisfying so soon after the team bus attack. Progress was across the board, driven by double-digit increases in broadcasting and merchandising and a boost to advertising from year-end sporting bonuses. On-field success came inevitably at a price with labour costs up almost 40%. Finances were again disciplined with net cash unchanged at €30m.
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