During the reporting period for the 2020/2021 financial year (1 July 2020 to 30 June 2021), the performance of BVB shares was adversely influenced primarily by the ongoing effects of the SARS-CoV-2 (COVID-19) pandemic, which could not be adequately offset by the Company’s positive sport-related and business announcements (unless indicated otherwise, the following data is based on the closing price of shares in XETRA trading in shares of Borussia Dortmund; 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 2020/2021 financial year at EUR 5.97 on 1 July 2020 (previous year: EUR 8.61) and fluctuated between EUR 5.55 and EUR 6.07 throughout the month of July 2020. On 4 August 2020, the Company announced that the Bundesliga had adopted an initial uniform set of guidelines to allow a limited number of fans back into stadiums in the 2020/2021 season. On that day, the shares were trading at EUR 5.70. On 17 August 2020, the Company announced the preliminary figures for the 2019/2020 financial year (see ad hoc disclosure from the same date) and consolidated total operating proceeds (revenue plus gross transfer proceeds generated) of EUR 486.9 million (previous year: EUR 489.5 million). In the financial year ended, the consolidated net loss amounted to EUR 44.0 million (previous year: profit of EUR 17.4 million). The Company had already issued an earnings outlook on 29 June 2020 (see ad hoc disclosure from the same date) and as such the news did not adversely affect the share price, which closed at EUR 5.70 on 17 August 2020. It lost ground slightly thereafter. The shares traded at EUR 5.61 on 31 August 2020. The share price recovered in the first half of September. BVB shares traded at EUR 5.72 on 1 September 2020, EUR 5.84 on 7 September 2020, EUR 5.85 on 15 September 2020 and EUR 6.28 on 16 September 2020. This was mainly due to the opening win in the DFB Cup and the prospect of some fans returning to matches (see corporate news dated 15 September 2020). However, initial reports that the pandemic was worsening then led to adverse market developments in general and a slide in Borussia Dortmund’s share price in particular. BVB shares traded at EUR 5.70 on 21 September 2020, EUR 5.55 on 24 September 2020, EUR 5.42 on 28 September 2020 and EUR 5.13 on 30 September 2020.
This pandemic-induced trend then continued. BVB shares traded at EUR 5.03 on 1 October 2020, EUR 4.76 on 14 October 2020, EUR 4.42 on 16 October 2020 and EUR 4.39 on 20 October 2020. Four Bundesliga wins and two wins (as well as a loss) in the UEFA Champions League did little to reverse this trend. On 30 October 2020, BVB shares were listed at EUR 4.21 and on 2 November 2020 at EUR 4.33. The share price then began to recover slightly. On 6 November 2020, Borussia Dortmund GmbH & Co. KGaA released the preliminary first quarter figures for financial year 2020/2021 (see ad hoc disclosure from the same date). Shares in BVB traded at EUR 4.66 on the same date, EUR 5.17 on 9 November 2020, EUR 5.31 on 16 November 2020, EUR 5.38 on 19 November 2020, the day of the virtual 2020 Annual General Meeting, EUR 5.68 on 23 November 2020 and EUR 5.95 on 27 November 2020. The team then produced inconsistent performances on the pitch in the month of December 2020. While in the end the team remained in the running across all competitions going into the winter break, unsatisfactory results in the Bundesliga, including the unexpected and resounding 1:5 defeat to VfB Stuttgart, unfortunately led to head coach Lucien Favre being released on 13 December 2020 and replaced by his assistant coach Edin Terzic. Shares traded at EUR 5.71 on 1 December 2020, EUR 5.88 on 9 December 2020 after the team advanced to the round of 16 of the UEFA Champions League, EUR 5.62 on 11 December 2020, EUR 5.47 on 14 December 2020, the day after head coach Lucien Favre was released, EUR 5.36 on 21 December 2020 and EUR 5.46 on 23 December 2020 after the team advanced to the round of 16 of the DFB Cup. The BVB shares ultimately closed out the 2020 calendar year at EUR 5.44 on 30 December 2020.
Revenue (Shares)
The shares of Borussia Dortmund kicked off the new 2021 calendar year at EUR 5.39 on 4 January 2021 after the team won its first match in the second half of the Bundesliga season on 3 January 2021. Following another win, the share price climbed to EUR 5.80 on 12 January 2021. However, the shares traded at EUR 5.14 on 29 January 2021 following a draw and two losses. The share price recovered in February 2021 on the heels of a winning streak and the positive figures for the first half of the year. The BVB shares traded at EUR 5.18 on 1 February 2021. On 8 February 2021, the Company published the preliminary semi-annual figures (see ad hoc disclosure from the same date), announcing that it had generated positive earnings in the second quarter of the financial year despite the ongoing COVID-19 pandemic and the related lockdown measures. Consolidated total operating proceeds amounted to EUR 190.3 million in the first half of the financial year (previous year: EUR 297.4 million). In the first half of the financial year, the consolidated net loss amounted to EUR 26.3 million (previous year: profit of EUR 3.0 million). On this and the following trading day, BVB’s shares closed at EUR 5.14. On 15 February 2021, Borussia Dortmund announced that Marco Rose would be the new head coach beginning in the 2021/2022 season (see corporate news from the same date). The share price jumped on the heels of this news and continued to increase. BVB shares traded at EUR 5.23 on 12 February 2021, EUR 5.33 on 15 February 2021, EUR 5.38 on 22 February 2021 and EUR 5.52 on 26 February 2021. The share price initially rose significantly as the team advanced to the quarter-finals of the UEFA Champions League and the Company published positive business announcements at the end of the reporting period, before declining again in March 2021. BVB shares traded at EUR 5.64 on 1 March 2021, EUR 5.75 on 4 March 2021, EUR 6.00 on 9 March 2021, EUR 5.91 on 16 March 2021, EUR 5.80 on 19 March 2021 and EUR 5.53 on 22 March 2021. On 29 March 2021, the Company announced that the service agreements of the managing directors Hans-Joachim Watzke, Thomas Treß and Carsten Cramer had in each case been extended by three years (see ad hoc disclosure from the same date). The market responded positively to this announcement. On the same day, BVB shares traded at EUR 5.46, at EUR 5.56 on the following day, and at EUR 5.43 on 31 March 2021.
The BVB shares listed at EUR 5.48 on 1 April 2021. Following defeat at the hands of a direct Bundesliga rival in the battle to secure automatic qualification for the UEFA Champions League and with the team a sizeable seven points short of fourth place in the table, the share price dropped to EUR 5.27 on 6 April 2021 and EUR 5.19 on 7 April 2021. The share price then rebounded gradually as the club won the first of what turned out to be a run of victories culminating in the qualification for the UEFA Champions League. BVB shares traded at EUR 5.26 on 12 April 2021, EUR 5.42 on 15 April 2021, EUR 5.68 on 22 April 2021 and EUR 5.83 on 30 April 2021. This positive trend then continued into May 2021. The BVB shares traded at EUR 5.73 on 7 May 2021. On 10 May 2021, the Company announced its preliminary figures for the third quarter (see ad hoc disclosure from the same date), with BVB’s shares trading at EUR 5.96 that day. The BVB shares traded at EUR 5.96 on 13 May 2021. After winning the DFB Cup that evening, they then traded at EUR 6.33 the following day, 14 May 2021. After the Bundesliga season was completed under the special conditions governing the special match operations, the Company on 25 May 2021 published an outlook of the key earnings figures for the 2020/2021 financial year and announced, among other things, that Borussia Dortmund expected to report consolidated EBITDA of approximately EUR 33.0 million and a consolidated net loss of approximately EUR 75 million for the overall 2020/2021 financial year (see ad-hoc disclosure from the same date). On that day, the BVB shares traded at EUR 6.11. BVB shares traded at EUR 6.12 on 26 May 2021, EUR 6.01 on 1 June 2021, EUR 6.17 on 4 June 2021 and reached their high for the reporting period of EUR 6.54 on 10 June 2021. The reporting period ended with BVB’s shares trading at EUR 6.22 on 30 June 2021 (previous year: EUR 5.78).