During the reporting period of the 2019/2020 financial year (1 July 2019 to 30 June 2020), the performance of BVB shares was at first influenced by positive business and sport-related announcements by the Company before being impacted by the effects of the SARS-CoV-2 (COVID-19) pandemic (unless indicated otherwise, the following data is based on the closing price of shares in XETRA trading in BVB shares; where necessary, figures have been rounded up to the nearest hundredth).
Share price performance (in EUR)
The shares in Borussia Dortmund GmbH & Co. KGaA kicked off the new 2019/2020 financial year at EUR 8.61 on 2 July 2019 (previous year: EUR 5.36) and reached the EUR 9.10 mark at the end of July 2019. Although this was still during the Bundesliga's summer break, one reason for the rising share price was the successful preseason preparations (including the club's 2019 US tour, which was a sporting and financial success). The share price continued to rise in August 2019 on the heels of the euphoria at the beginning of the season, the team's win against FC Bayern Munich in the DFL Super Cup and positive financial news. On 1 August 2019, BVB shares were listed at EUR 9.12 and on 6 August 2019 at EUR 9.38. The team's win in the first round of the DFB Cup was the start of an upswing. The shares traded at EUR 9.68 on 9 August 2019 and at EUR 9.76 on 12 August 2019. However, this was followed by dividend distributions. Shares in Borussia Dortmund then traded at EUR 9.40 on 13 August 2019. On this date the Company published the preliminary figures for financial year 2018/2019 (see ad hoc disclosure from the same date), reporting record consolidated revenue (adjusted for transfers) and an eight-figure net profit for the year. The consolidated net profit after taxes amounted to EUR 17.4 million in the financial year ended. The capital market took a positive view of this report and the announcement of an intended dividend payment. Shares in Borussia Dortmund traded at EUR 9.49 on 14 August 2019, at EUR 9.57 on 19 August 2019 following the team's opening match win in the Bundesliga, and at EUR 9.80 on 30 August 2019. The team's performances on the pitch were not always convincing and this led to a volatile share price in the month of September 2019. Shares traded at EUR 9.31 on 2 September 2019 and EUR 9.51 on 16 September 2019, before reaching their high for the reporting period of EUR 9.93 on 18 September 2019. However, two consecutive draws in the Bundesliga caused the share price to slide again. Borussia Dortmund GmbH & Co. KGaA shares traded at EUR 9.80 on 20 September 2019, at EUR 9.48 on 23 September 2019, EUR 9.43 on 27 September 2019 and at EUR 9.23 on 30 September 2019.
Shares in Borussia Dortmund then traded at EUR 9.34 on 1 October 2019. Thereafter the share price performance was influenced by the team's inconsistent performances on the pitch. The shares traded at EUR 9.57 on 4 October 2019 and EUR 9.41 on 17 October 2019. The share price fell to EUR 8.63 on 23 October 2019 and EUR 8.53 on 30 October 2019 as certain capital market participants quite clearly believed that it was unlikely the club would advance to the round of 16 and thus remain in the UEFA Champions League over the winter break following the team's loss to Inter Milan. On 8 November 2019, Borussia Dortmund GmbH & Co. KGaA released the preliminary first quarter figures for financial year 2019/2020 (see ad hoc disclosure from the same date), highlighting positive economic developments such as the significant increases in revenue, including revenue figures adjusted for transfers. On this date, shares in Borussia Dortmund GmbH & Co. KGaA traded at EUR 8.52; however, a resounding defeat in Munich on the following day then saw the share price decline. Shares in Borussia Dortmund GmbH & Co. KGaA traded at EUR 8.38 on 11 November 2019, EUR 8.18 on 14 November 2019 and EUR 8.38 on 25 November 2019, the day of the Annual General Meeting (previous year: EUR 8.66). On that same day, the Annual General Meeting resolved a dividend distribution of EUR 0.06 per share. The shares traded at EUR 8.48 on the following day (26 November 2019). The share price initially recovered in December 2019 as Borussia Dortmund's results on the pitch improved and the team remained in the running across all competitions going into the winter break. However, the share price then dropped slightly, which it normally does after a dividend is paid out at the end of the year. Shares traded at EUR 8.45 on 2 December 2019, EUR 9.04 on 11 December 2019 after the team advanced to the round of 16 of the UEFA Champions League, EUR 8.69 on 12 December 2019, EUR 8.48 on 23 December 2019 and EUR 8.49 on 27 December 2019. The 2019 calendar year ended with BVB shares trading at EUR 8.80 on 30 December 2019 (previous year: EUR 7.97).
Revenue (Shares)
The shares of Borussia Dortmund KGaA kicked off the new 2020 calendar year at EUR 8.69 on 3 January 2020. BVB started off the second half of the season on 18 January 2020 with a win and key goals from its winter signing, Erling Braut Haaland, giving the shares of Borussia Dortmund a boost that was reinforced in the near term as additional wins followed. The shares traded at EUR 8.63 on 17 January 2020, EUR 8.97 on 20 January 2020 and EUR 9.16 on 24 January 2020. The team then lost two matches, causing the share price to dip. Borussia Dortmund was eliminated from the DFB Cup after losing to SV Werder Bremen on the evening of 4 February 2020. Shares in Borussia Dortmund then lost considerable ground, trading at EUR 8.68 on 5 February 2020. On 8 February 2020, Borussia Dortmund lost its Bundesliga match-up against Bayer 04 Leverkusen. Shares in Borussia Dortmund then traded at EUR 8.65 on 10 February 2020. The share price subsequently recovered following two consecutive wins. On the evening of 18 February 2020, BVB won the first leg of its UEFA Champions League round of 16 tie against Paris Saint-Germain. On the following day, 19 February 2020, BVB shares traded at EUR 8.99 and at EUR 9.04 on 20 February 2020. On 21 February 2020, the Company published the preliminary semi-annual figures (see ad hoc disclosure from the same date), announcing that it had generated consolidated total operating proceeds of EUR 297.4 million (first half of the previous year: EUR 256.0 million), increased consolidated revenue to EUR 236.6 million (first half of the previous year: EUR 213.8 million) and generated net profit of EUR 3.0 million for the first half of the year (first half of the previous year: EUR 17.6 million). The market responded positively to the semi-annual figures, and on the same trading day the shares closed at EUR 9.49. Thereafter, the Company and the shares of Borussia Dortmund GmbH were unexpectedly and adversely impacted by the initial effects of the global COVID-19 pandemic, which continued beyond the reporting period. This downward trend mirrored the negative developments on the overall market. The shares traded at EUR 9.11 on 26 February 2020, EUR 8.54 on 27 February 2020 and EUR 7.69 on 28 February 2020. The shares traded at EUR 6.82 on 11 March 2020. After the team was eliminated from the UEFA Champions League following its loss in the second leg of the round of 16 tie that evening (BVB's first match played behind closed doors on account of the COVID-19 pandemic), shares in Borussia Dortmund traded at EUR 5.71 on the following day, 12 March 2020. On 16 March 2020, the Members' Meeting of DFL e.V. took the decision to suspend match operations on account of the COVID-19 pandemic. On the same day, the Company withdrew its profit forecast and was unable to issue a new forecast on account of the existing uncertainties. However, at the same the Company stressed that its business operations for the current 2019/2020 financial year were assured and that there was no existential threat to the Company (see ad hoc disclosure from the same date). On this trading day, shares in Borussia Dortmund then closed at EUR 4.61. Thereafter, the share price recovered slightly and stabilised as a modicum of confidence returned to the market by the end of the reporting period. BVB shares traded at EUR 4.56 on 18 March 2020, EUR 4.72 on 19 March 2020, EUR 4.95 on 20 March 2020, EUR 5.16 on 25 March 2020, and EUR 5.44 on 31 March 2020. On this day, the DFL announced that it would extend the suspension of match operations until 30 April 2020 but confirmed the intention of all 36 clubs of the first and second Bundesliga divisions to finish the 2019/2020 season and, if necessary, to resume match operations behind closed doors – as soon as legally possible and justifiable from a health standpoint.
The COVID-19 pandemic then dominated the rest of the financial year, as BVB, the DFL and the 36 professional clubs took every effort to resume special match operations and play out the remainder of the 2019/2020 season behind closed doors in an attempt to avoid incurring even greater economic harm, in particular due to the partial loss of TV income that could have materialised. In its day-to-day operations from there on out, the Company had to comply with new statutory requirements such as North Rhine-Westphalia's Corona Protection Regulation (Coronaschutzverordnung), which was updated on a rolling basis, and the various hygiene concepts formulated by the DFL for training sessions and match operations. The share price in April 2020 was marked by the uncertainty as to whether and how the season could be resumed, and was initially volatile as a result. BVB shares traded at EUR 5.32 on 1 April 2019, EUR 5.61 on 2 April 2020, EUR 6.25 on 8 April 2020, EUR 5.99 on 15 April 2020, and EUR 6.42 on 17 April 2020. On 23 April 2020, the DFL announced that it and all 36 professional clubs were ready to resume the season (see corporate news from the same date). This was preceded by a complex process of political deliberation and decision-making. Shares traded at EUR 6.43 on 23 April 2020, EUR 6.25 on 27 April 2020, the day on which the DFL granted the Company the licence for the 2020/2021 season without any requirements (see corporate news from the same date), and EUR 6.58 on 29 April 2020. On 7 May 2020, the DFL announced that the Bundesliga would resume special match operations behind closed doors on 16 May 2020 (see corporate news from the same date). The share price then briefly recovered on the heels of this announcement and the quarterly results, which were positive despite the COVID-19 pandemic (see ad hoc disclosure dated 8 May 2020). The shares traded at EUR 6.74 on 6 May 2020, EUR 6.75 on 8 May 2020 and EUR 6.79 on 11 May 2020. Thereafter, the team's performances on the pitch once again increasingly influenced the share price. Prior to the restart, BVB still had its sights on its theoretical chances of winning the Bundesliga. However, the objective was to at least finish the Bundesliga season in a qualifying spot for the group stage of the UEFA Champions League in the 2020/2021 season. Unfortunately, the team failed to achieve the first objective after narrowly losing to FC Bayern Munich on 26 May 2020. As expected, however, it did accomplish the latter objective by securing its status as runners-up on the second-to-last match day on 20 June 2020. The share price performance from mid-May until the end of June 2020 reflected this development. BVB shares traded at EUR 6.34 on 18 May 2020, EUR 6.40 on 21 May 2020, EUR 6.42 on 27 May 2020, EUR 6.72 on 8 June 2020, EUR 6.46 on 10 June 2020, EUR 6.15 on 12 June 2020, EUR 6.31 on 17 June 2020, EUR 6.21 on 22 June 2020, EUR 6.10 on 24 June 2020 and EUR 6.00 on 26 June 2020. After the Bundesliga season was completed under the special conditions governing the special match operations, the Company on 29 June 2020 published an outlook of the key earnings figures for the 2019/2020 financial year on the basis of the information available at that time and announced, among other things, that Borussia Dortmund expected to report consolidated EBITDA of approximately EUR 62 million and a consolidated net loss of approximately EUR 45 million for the overall 2019/2020 financial year (see ad-hoc disclosure from the same date). Shares in Borussia Dortmund traded at EUR 5.92 on the same date. The reporting period ended with the shares trading at EUR 5.78 on 30 June 2020 (previous year: EUR 8.28).