BORUSSIA DORTMUNDGmbH & Co. Kommanditgesellschaft auf Aktien, Dortmund approximately EUR 2,000 thousand. The operating Expected trend for significant result (EBITDA) would be around EUR 107,000 operating expenses thousand higher than the result from operating Cost management continues to be Borussia activities (EBIT) due to depreciation and Dortmund's highest priority. Operating cost-effectively amortisation and would probably amount to makes a material contribution to earnings, and between EUR 86,000 thousand and EUR 91,000 Borussia Dortmund is unwavering in its efforts to thousand. achieve further optimisation. Personnel expenses account for approximately half Expected sales trend of all operating expenditure. Portions of these In the past financial year, Borussia Dortmund personnel expenses are also dependent upon the generated sales of EUR 323,497 thousand. Sales club's sporting success, because the professional are expected to increase to approximately EUR squad is compensated on the basis of its 484,000 thousand in the coming reporting period, performance, meaning that these expenditures are due primarily to growing transfer income. However, always commensurate with the club's success, which the measures to contain the ongoing COVID-19 itself is a source of income. pandemic will continue to impact nearly all of The other operating expenses are also partly dependent Borussia Dortmund GmbH & Co. KGaA's sales on the number of matches and the club's success on categories. the pitch. Any efforts at cost optimisation aside, there may therefore be an increase in operating expenses that goes hand-in-hand with a material increase in income and corresponding contribution to earnings. EXPECTED DIVIDEND In light of the fact that the Company reports a net loss to propose to the Annual General Meeting any dividend for the financial year, the management does not intend distribution for financial year 2020/2021. EXPECTED FINANCIAL POSITION Capital expenditure and Expected liquidity trend financial planning Due to the assumptions made, Borussia Dortmund The highest priorities for developing the club's core expects cash flows from operating activities in business will be making the club more competitive financial year 2021/2022 to amount to approximately and improving its infrastructure. EUR 58,000 thousand. This figure is subject to change Due to the adverse economic consequences of the due in particular to transfer deals or if actual events ongoing COVID-19 pandemic, Borussia Dortmund differ from the forward-looking statements in the is currently pursuing a rather passive transfer forecast concerning the club's sporting success or policy and is focusing on sensible ways to reinvest on account of the effects of the COVID-19 pandemic. transfer fees already received. Even non-essential Free cash flow is expected to amount to investments in SIGNAL IDUNA PARK are being approximately EUR -31,000 thousand. postponed until further notice. In order to mitigate and avoid financial risk, Borussia Dortmund in principle pursues a conservative and extremely prudent capital expenditure strategy and will not count on any uncertain sporting successes. 82