The objective of our Company's Investor Relations organisation is to obtain an appropriate valuation of Borussia Dortmund shares on the capital market. This is achieved by pursuing ongoing and open communication with all market participants. Investor Relations forms an ideal interface between institutional investors, financial analysts and private investors. The Company seeks to justify the confidence placed in it by investors and the public through immediate and transparent communication of its financial results, business transactions, strategy, and risks and opportunities. We are committed to communications principles such as openness, continuity, equal treatment and credibility, which make it possible to develop a long-term rapport based on trust with market participants and to ensure a true and fair view of the Company.
We therefore use online communication as our main form of communications, as this offers the best basis for providing all interested parties with equal access to up-to-date information. Because this information is highly pertinent, Borussia Dortmund maintains an investor relations webpage, "BVB Share" which is available online at aktie.bvb.de/eng. All annual and interim financial reports are available for download at this site. Mandatory disclosures and announcements under capital market law, such as ad hoc disclosures, corporate news, and manager transactions (formerly directors' dealings) are published here in a timely manner. At the same time, our service provider, EQS Group AG (DGAP), Munich, ensures that these notices are distributed throughout Europe. Further detailed information, such as investor presentations and in-depth information on implementing the recommendations of the German Corporate Governance Code, is provided on our website. The information is available in German and, for the most part, in English as well.
Another objective of ours in financial year 2018/2019 was to continue to foster communication with the capital markets. The Annual Press Conference on the preliminary figures of the 2017/2018 financial year was held in Dortmund on 24 August 2018. The Company also held an analyst conference on the same day in Frankfurt am Main. Borussia Dortmund also gave a company presentation and held several one-on-one meetings at the German Equity Forum in Frankfurt am Main on 27 November 2018. Lastly, the Company held group and one-on-one meetings, including conference calls, with capital market representatives during the reporting period and held roadshows on 13 November 2018 in London, United Kingdom, on 12 and 13 March 2019 in New York, USA, on 4 June 2019 in Zurich, Switzerland, on 17 June 2019 in Frankfurt am Main, Germany, and on 18 June 2019 in London, United Kingdom.
The Company is also pleased to be included in the research coverage of the following firms:
- Edison Research Investment Ltd., London, UK
Most recent research update: 17 June 2019, Recommendation: "n/a"
- Frankfurt Main Research AG, Frankfurt am Main
Initial research study: 24 May 2019, Recommendation: "Buy"
- GSC Research GmbH, Düsseldorf
Most recent research update: 16 May 2019, Recommendation: "Buy" (previously: "Hold")
- Bankhaus Lampe KG, Düsseldorf
Most recent research update: 25 February 2019, Recommendation: "Buy" (previously: "Buy")
Individual studies and research updates that our Company is entitled to publish are available online at aktie.bvb.de/eng under "BVB Share", sub-heading "Capital Market View".
ODDO SEYDLER BANK AG, Frankfurt am Main, was our Company's designated sponsor during the reporting period.
Two key indicators are assessed to shape Borussia Dortmund's dividend policy.
On the one hand, the net profit or loss for the year is assessed. In the past few financial years, Borussia Dortmund has continuously reported a net profit for the year.
On the other hand, free cash flow is used to ensure that cash flows from operating activities are sufficient to cover investments.
In order to remain competitive, Borussia Dortmund intends to use its net income for the year and cash and cash equivalents primarily for investments. The primary focus is on strengthening the professional squad, modernising SIGNAL IDUNA PARK and expanding the training ground in Dortmund-Brackel. Despite these investments, it is Borussia Dortmund's aim to continue distributing a dividend to its shareholders every year.