Cost of materials
Cost of materials increased by EUR 1,119 thousand to EUR 22,392 thousand.
This figure included the cost of goods sold for both BVB Event & Catering GmbH and BVB Merchandising GmbH. The rise is due mainly to BVB Merchandising GmbH's increase in revenue. BVB Event & Catering GmbH's cost of materials declined on account of the prohibition on events imposed in mid-March.
Personnel expenses
In financial year 2019/2020, personnel expenses amounted to EUR 215,157 thousand (previous year: EUR 205,104 thousand).
Personnel expenses for the professional squad increased by 3.65% year on year. The increase in the base salaries amounted to EUR 9,340 thousand. Performance-based bonuses amounted to EUR 29,363 thousand and comprised annual bonuses and performance-based bonuses for playing in the group stage of the UEFA Champions League, reaching the round of 16 and automatically qualifying for the group stage of the competition in the 2020/2021 season.
In the reporting period, personnel expenses related to the retail and administration areas increased by EUR 1,012 thousand year on year to EUR 29,937 thousand.
Personnel expenses in relation to amateur and youth football amounted to EUR 12,144 thousand during the current 2019/2020 financial year (previous year: EUR 9,200 thousand).
Depreciation, amortisation and write-downs
Depreciation, amortisation and write-downs rose by EUR 13,648 thousand to EUR 106,130 thousand in the reporting period.
During the period from 1 July 2019 to 30 June 2020, intangible assets – which consist primarily of Borussia Dortmund's player registrations – were amortised in the amount of EUR 88,285 thousand (previous year: EUR 65,850 thousand).
Furthermore, EUR 3,903 thousand in write-downs of intangible assets to their fair values were recorded (previous year: EUR 13,809 thousand).
Depreciation and write-downs of property, plant and equipment rose from EUR 12,823 thousand to EUR 13,942 thousand. The increase in depreciation and write-downs of property, plant and equipment was attributable primarily to investments in SIGNAL IDUNA PARK as well as the modernisation and renovation of existing areas at the training ground.
Other operating expenses
Other operating expenses increased by EUR 487 thousand from EUR 118,523 thousand in the previous year to EUR 119,010 thousand in the reporting period.
Expenses from match operations decreased by EUR 107 thousand to EUR 47,211 thousand (previous year: EUR 47,318 thousand). The five home matches held behind closed doors at SIGNAL IDUNA PARK led to a decline in expenses for cash desks, stewards and emergency medical services, catering on match days and football association dues, which are dependent on match operations. By contrast, an increase was recorded in travel expenses – due also in part to DFL Deutsche Fußball Liga GmbH's hygiene concept – and scouting-related expenses.
Advertising expenses also rose, by EUR 1,316 thousand. The rise in advertising income, especially the year-on-year increase in virtual advertising, led to an increase in commissions paid to SPORTFIVE Germany GmbH. Other advertising measures also increased.
Transfer expenses declined by EUR 2,571 thousand to EUR 4,654 thousand. These expenses primarily include loan and training compensation.
Administrative expenses decreased by EUR 849 thousand to EUR 25,352 thousand in the financial year ended. This decline was due primarily to the year-on-year decrease in cost and profit allocations and lower other travel expenses. By contrast, legal and consulting fees as well as the IT expenses increased in the past financial year.
Other expenses increased by EUR 2,216 thousand to EUR 8,341 thousand. These primarily include valuation allowances and losses on disposals of non-current assets.
Financial result
The financial result for financial year 2019/2020 amounted to EUR -3,445 thousand (previous year: EUR -1,692 thousand) and breaks down as follows:
The investment income amounted to EUR -1 thousand (previous year: EUR 13 thousand).
Interest income amounted to EUR 287 thousand (previous year: EUR 427 thousand) and related primarily to compounding and restatements relating to subsequent measurement in accordance with IFRS 9.
Interest expenses amounted to EUR 3,731 thousand (previous year: EUR 2,132 thousand) and comprised mainly financing charges of EUR 1,452 thousand, discounting effects of EUR 1,263 thousand and EUR 281 thousand in restatements connected with remeasurements in accordance with IFRS 9.
Tax expense
Taxes on income amounted to EUR 2,630 thousand in the current financial year (previous year: EUR -4,418 thousand).
These related primarily to gains on the recognition of unutilised loss carryforwards.
In the previous year, the tax expense included EUR 1,742 thousand in tax expenses relating to the 2018/2019 financial year and expenses of EUR 2,942 thousand in respect of changes in deferred taxes.