During the reporting period for the 2021/2022 financial year (1 July 2021 to 30 June 2022), the performance of BVB shares was influenced by the effects of the SARS-CoV-2 (COVID-19) pandemic, by missing out on sporting success in domestic (DFB) and international (UEFA) cup competitions, and from the third quarter of the financial year was also heavily impacted by the war in Ukraine and the universal reaction this caused on the stock markets. (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.)
The shares of Borussia Dortmund GmbH & Co. KGaA kicked off the new 2021/2022 financial year at EUR 6.24 on 1 July 2021 (previous year: EUR 5.97). On the same day, the Company announced the imminent transfer of the player Jadon Sancho to Manchester United and reported that the realisation of this transfer deal was expected to have a positive effect on key earnings figures (EBITDA, EBIT) of around EUR 56.0 million for the 2021/2022 financial year (see ad hoc disclosure from the same date). On 2 July 2021, BVB shares were listed at EUR 6.13 and on 7 July 2021 at EUR 6.03. During the remainder of July 2021, the price of BVB shares fluctuated between EUR 5.80 and EUR 6.05 BVB shares traded at EUR 6.22 at the start of the season on 6 August 2021. On 9 August 2021, the Company announced the preliminary figures for the 2020/2021 financial year (see ad hoc disclosure from the same date) and consolidated total operating proceeds (revenue plus gross transfer proceeds generated) of EUR 358.6 million (previous year: EUR 486.9 million). In the financial year ended, the consolidated net loss amounted to EUR 72.8 million (previous year: loss of EUR 44.0 million). Consolidated earnings before taxes (EBT) amounted to EUR -73.2 million (previous year: EUR -46.6 million); consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to EUR 39.0 million (previous year: EUR 63.0 million). On that same date, BVB shares closed at EUR 6.33 and lost ground on the following day, slipping to EUR 6.27. The share price then rebounded on the heels of the team’s positive performances on the pitch. On 12 August 2021, BVB shares were listed at EUR 6.36 and reached their high for the reporting period of EUR 6.70 on 16 August 2021. The share price slipped to EUR 5.82 on 23 August 2021 following two consecutive losses, before stabilising at around EUR 6.00 in early September 2021. BVB shares traded at EUR 5.98 on 15 September 2021. On 16 September 2021, the Company announced that it had resolved to increase its capital by utilising the existing authorised capital. Accordingly, the Company’s share capital would be increased by EUR 18,396,220.00 from EUR 92,000,000.00 to EUR 110,396,220.00 by issuing 18,396,220 new no-par value ordinary bearer shares against cash contributions. The issue price per new share amounted to EUR 4.70. The subscription ratio was set at 5:1. The Company also announced that it expected the capital increase to generate gross issue proceeds of approximately EUR 86.5 million (see ad hoc disclosure from the same date). On this date, BVB shares closed the trading day at EUR 5.27. During the remainder of September 2021, the share price then trended towards the issue price. This trend then continued. On 1 October 2021, BVB shares were listed at EUR 4.91 and on 5 October 2021 at EUR 4.90. On this date the Company announced the successful implementation of the capital increase by means of a rights issue (see corporate news from the same date) and on the following day BVB shares traded at EUR 4.78. Two clear-cut losses against Ajax Amsterdam in the group stage of the UEFA Champions League on 19 October and 3 November 2021 diminished the club’s chances of advancing to the round of 16 in the UEFA Champions League, which impacted the share price performance accordingly. On 20 October 2021, BVB shares closed at EUR 4.83 and on 4 November 2021 at EUR 4.81. On 5 November 2021, Borussia Dortmund GmbH & Co. KGaA released the preliminary first quarter figures for financial year 2021/2022 (see ad hoc disclosure from the same date). The capital market reacted positively to the news. On that day, BVB shares closed at EUR 4.92. The share price then dipped again following further losses in the Bundesliga and in the UEFA Champions League, a trend that would continue until the end of the reporting period. BVB shares traded at EUR 4.84 on 8 November 2021, EUR 4.65 on 12 November 2021, EUR 4.49 on 24 November 2021, EUR 4.36 on 25 November 2021 and EUR 4.12 on 30 November 2021. On 2 December 2021, the day of the virtual Annual General Meeting, BVB shares traded at EUR 4.19, and the share price then slipped on the news that limits would once again be placed on the number of spectators allowed into stadiums due to the pandemic (see corporate news from the same date). However, the share price began to climb again after Borussia Dortmund won its last match of the group stage of the UEFA Champions League, thereby finishing third in the group and qualifying for the UEFA Europa League, despite being eliminated from the UEFA Champions League. BVB shares traded at EUR 4.42 on 7 December 2021. The team’s inconsistent performances in the Bundesliga thereafter led to a brief period of volatility in the share price performance. BVB shares traded at EUR 4.30 on 15 December 2021, EUR 4.42 on 17 December 2021 and EUR 4.30 on 20 December 2021. The 2021 calendar year ended with BVB shares trading at EUR 4.34 on 30 December 2021 (previous year: EUR 5.44).
BVB shares kicked off the new 2022 calendar year at EUR 4.39 on 3 January 2022, and buoyed by two Bundesliga wins maintained this level until mid-January 2022. BVB was unexpectedly knocked out of the DFB Cup after losing to FC St. Pauli on 18 January 2022. The shares traded at EUR 4.28 on 19 January 2022 and EUR 3.90 on 24 January 2022. The share price then staged a rally into mid-February 2022 on the back of positive news about the easing of regional COVID-19 restrictions and the potential return of spectators to the stands. BVB shares traded at EUR 4.06 on 25 January 2022, EUR 4.24 on 27 January 2022, EUR 4.30 on 1 February 2022, EUR 4.41 on 8 February 2022 and EUR 4.47 on 10 February 2022. In the midst of this positive news came the announcement on 7 February 2022 that Germany international Niklas Süle was signing with BVB on a free transfer from FC Bayern Munich. As the season progressed, however, the chance to build on this upward price trend was missed as BVB suffered an unexpected loss in the first leg of its UEFA Europa League tie against Glasgow Rangers on 17 February 2022. The positive business news on the next trading day, 18 February 2022, when the Company published its preliminary semi-annual figures (see ad hoc disclosure from the same date) did little to buoy the share price. Instead, the prospect of being eliminated from the UEFA Europa League and missing out on the additional revenue from cup competitions caused the share price to trend downward in the period that followed. On 18 February 2022, BVB shares closed at EUR 4.20 and on 21 February 2022 at EUR 4.13. The share price continued to lose ground in the days that followed. On the evening of 24 February 2022, BVB was eliminated from the UEFA Europa League following a draw in the return leg. The next day, 25 February 2022, the Company published amended guidance in response (see the ad hoc disclosure from the same date), announcing that the forecast of a consolidated net loss of EUR 12,000–17,000 thousand for the 2021/2022 financial year, as published in the Group management report as at 30 June 2021, could no longer be achieved due to the team’s elimination in the play-off round of the UEFA Europa League. Instead, Borussia Dortmund now forecast a consolidated net loss of EUR 17,000–24,000 thousand for the 2021/2022 financial year. On that day, BVB shares closed at EUR 4.05. The club’s news was overshadowed by the outbreak of war in Ukraine. BVB shares were caught up in the general reaction on the stock markets and their price dropped considerably in the days that followed. BVB shares traded at EUR 3.98 on 1 March 2022, EUR 3.71 on 3 March 2022, EUR 3.42 on 4 March 2022 and EUR 3.29 on 7 March 2022. Buoyed by draws and victories in the Bundesliga, Borussia Dortmund began to increase its chances of qualifying for the 2022/2023 season of the UEFA Champions League. This caused the share price to recover in what was a difficult market environment caused by the war in Ukraine. BVB shares traded at EUR 3.43 on 8 March 2022, EUR 3.70 on 11 March 2022, EUR 3.78 on 15 March 2022, EUR 4.03 on 18 March 2022, and EUR 4.05 on 31 March 2022.
The share price performance remained volatile in April. BVB shares traded at EUR 4.00 on 1 April 2022, EUR 3.73 on 6 April 2022, EUR 3.90 on 11 April 2022, EUR 3.85 on 19 April 2022, EUR 3.97 on 21 April 2022, and EUR 3.74 on 29 April 2022. On 6 May 2022, the Company announced its preliminary figures for the third quarter (see ad hoc disclosure from the same date). On that day, BVB shares were listed at EUR 3.71 and on 9 May 2022 at EUR 3.50. On 10 May 2022, the Company announced the imminent transfer of Erling Haaland to Manchester City (see ad hoc disclosure from the same date). On that day, BVB shares were listed at EUR 3.74 and on the following day at EUR 3.91. The share price did not recover for long, however, despite the team securing second place in the Bundesliga and direct qualification for the group stage of the lucrative UEFA Champions League in the 2022/2023 season. On 16 May 2022, the first trading day following the end of the 2021/2022 Bundesliga season, BVB shares traded at EUR 3.66.
On 20 May 2022, the Company announced that it was parting ways with head coach Marco Rose (see corporate news from the same date). On that date, BVB shares closed the trading day at EUR 3.70. On 23 May 2022, the Company announced that Edin Terzić would be appointed the new head coach at Borussia Dortmund (see corporate news from the same date). On that date, BVB shares closed the trading day at EUR 3.85. The share price staged a further recovery in the period that followed. BVB shares traded at EUR 3.94 on 26 May 2022, EUR 4.03 on 31 May 2022 and EUR 4.12 on 1 June 2022. The next day, 2 June 2022, the Company published amended guidance (see the ad hoc disclosure from the same date), announcing that the forecast of a consolidated net loss of EUR 17,000–24,000 thousand for the 2021/2022 financial year, as published on 25 February 2022, could no longer be achieved due to the early departure of head coach Marco Rose and his coaching staff. Instead, Borussia Dortmund now forecast a consolidated net loss of EUR 25,000–29,000 thousand for the 2021/2022 financial year. On that day, BVB shares closed at EUR 4.21 and on the following day at EUR 4.16. The share price then lost ground progressively until the end of the reporting period on the back of the general market environment and the macroeconomic consequences of factors including the ongoing war in Ukraine, rising inflation and changes in interest rate policy. BVB shares traded at EUR 4.08 on 8 June 2022, EUR 3.84 on 10 June 2022, EUR 3.64 on 13 June 2022, EUR 3.53 on 16 June 2022, EUR 3.70 on 21 June 2022, and EUR 3.63 on 27 June 2022. The reporting period ended with the BVB shares trading at EUR 3.58 on 30 June 2022 (previous year: EUR 6.22).