BORUSSIA DORTMUNDGmbH & Co. Kommanditgesellschaft auf Aktien, Dortmund Borussia Dortmund uses the summer break each which is why sinkholes and similar subsidence year to invest in SIGNAL IDUNA PARK as well as cannot be ruled out. An additional expert opinion for construction work and refurbishments. The has been obtained, which states that there is stadium has been expanded three times since merely a risk of the subsoil subsiding, not of opening in 1974 with a capacity of 54,000. The collapse. This will likely result in lower costs being continual repair and maintenance work – the incurred in the course of the survey and paramount focus of which is always structural reinforcement, since it may be that geogrids will integrity and safety – ensures that the stadium no longer be necessary and fill dirt will instead be meets the latest standards in terms of safety, compressed into the ground to achieve the requisite security and comfort. Compared to many other stability. The construction work is already Bundesliga stadiums that were constructed for underway and will likely be completed in the the 2006 World Cup, SIGNAL IDUNA PARK is one summer of 2021. of the Bundesliga's oldest stadiums in use. Given that Borussia Dortmund regularly invests large Category 5 – liquidity risk sums in SIGNAL IDUNA PARK and in light of the Liquidity risks include all risks in connection with increasing requirements applicable to stadiums, cash flows and financial burdens. including with respect to spectator safety, the club has classified capital expenditures needed This category includes four high-priority risks: for SIGNAL IDUNA PARK as a high-priority risk. The ongoing COVID-19 pandemic and the The loss of significant financial backers and associated economic consequences mean that sponsors due to insolvency could also have a only essential investments are currently being material adverse effect on Borussia Dortmund's made in the stadium. liquidity in the future. Attention continues to be placed on the potential loss of significant financial The risk of consequential damage arising from backers and sponsors and the introduction of mining, which also affects SIGNAL IDUNA PARK, corresponding countermeasures precisely because represents another high-priority risk. Coal mining of the ongoing COVID-19 crisis and the associated has ceased in Germany. While the memories adverse economic consequences for the German remain, so do the pitfalls, because the effects of and global economy. Borussia Dortmund mining never fully disappear. Hardly any other continuously revises its longstanding accounts federal state is faced with as many sinkholes as receivable management system in line with the North Rhine-Westphalia. The state has some prevailing conditions and increasing globalisation. 60,000 abandoned mining shafts and tunnels. The The club also reviewed and implemented other risk exact number is not known because mining in the mitigation measures such as introducing upfront region dates back to the Middle Ages. Only half of payments or changing payment terms. Borussia all pits and tunnels have been recorded. Dortmund is also in close contact with its customers Borussia Dortmund uses the properties adjacent and partners and its sponsoring marketing firm to SIGNAL IDUNA PARK for car parks or to store SPORTFIVE Germany GmbH, and is maintaining a products and equipment needed for match close and trusting relationship with them. This is operations. The southwest container and logistics also evident from the individual solutions that area is located on land with uncertain topography, Borussia Dortmund has found with its partners to 74