BORUSSIA DORTMUND 2 OVERVIEW OF FINANCIAL PERFORMANCE INDICATORS 6 INTRODUCTORY REMARKS 8 REPORT OF THE SUPERVISORY BOARD 14 EXECUTIVE BODIES AND CORPORATE STRUCTURE 16 THE SHARES 16 SHARE PRICE PERFORMANCE 20 SHARE CAPITAL AND SHAREHOLDER STRUCTURE SHAREHOLDINGS BY MEMBERS OF GOVERNING BODIES INVESTOR RELATIONS 22 CORPORATE GOVERNANCE REPORTING 32 MANAGEMENT REPORT 34 BUSINESS TREND LOOKING BACK ON FINANCIAL YEAR 2020/2021 35 PERFORMANCE INDICATORS 37 DEVELOPMENT OF THE MARKET AND COMPETITIVE ENVIRONMENT 41 GENERAL INFORMATION ABOUT THE COMPANY GROUP STRUCTURE AND BUSINESS OPERATIONS 42 ORGANISATION OF MANAGEMENT AND CONTROL 45 INTERNAL MANAGEMENT AND CONTROL SYSTEM 46 CORPORATE STRATEGY 50 POSITION OF THE COMPANY DEVELOPMENT OF PERFORMANCE INDICATORS 54 RESULTS OF OPERATIONS 55 SALES TREND 58 DEVELOPMENT OF SIGNIFICANT OPERATING EXPENSES 60 ANALYSIS OF CAPITAL STRUCTURE DEVELOPMENT AND PERFORMANCE OF THE BUSINESS 62 ANALYSIS OF CAPITAL EXPENDITURE 63 ANALYSIS OF LIQUIDITY NET ASSETS 64 OVERALL ASSESSMENT OF FINANCIAL POSITION AND PERFORMANCE AND BUSINESS DEVELOPMENT 64 REMUNERATION REPORT 65 THE INTERNAL CONTROL AND RISK MANAGEMENT SYSTEM AS IT RELATES TO THE ACCOUNTING PROCESS 66 OPPORTUNITY AND RISK REPORT RISK MANAGEMENT 76 OPPORTUNITIES 77 OVERALL ASSESSMENT OF THE RISKS AND OPPORTUNITIES 78 REPORT ON EXPECTED DEVELOPMENTS EXPECTED DEVELOPMENT OF THE COMPANY EXPECTED GENERAL ECONOMIC ENVIRONMENT 81 EXPECTED RESULTS OF OPERATIONS 82 EXPECTED DIVIDEND EXPECTED FINANCIAL POSITION 83 OVERALL ASSESSMENT OF EXPECTED PERFORMANCE 83 OTHER DISCLOSURES 85 DISCLAIMER 86 ANNUAL FINANCIAL STATEMENTS 88 BALANCE SHEET 90 INCOME STATEMENT 91 NOTES GENERAL DISCLOSURES TO THE ANNUAL FINANCIAL STATEMENTS ACCOUNTING POLICIES 93 NOTES TO THE BALANCE SHEET 94 FIXED ASSETS 100 NOTES TO THE INCOME STATEMENT 104 OTHER DISCLOSURES 109 INDEPENDENT AUDITOR’S REPORT 4