GROUP MANAGEMENT REPORT Overall assessment of expected performance The COVID-19 crisis continues to overshadow the them. This will shape economic planning for some economic activities of German companies, forcing time to come. Borussia Dortmund will persevere them to confront the major challenge of having to through these still difficult times thanks to the operate in a highly uncertain environment. economically sound foundation it has built up and Borussia Dortmund also expects to face significant the specific countermeasures it has taken. There economic restrictions in the coming period. Even is a high forecasting risk stemming from the if infection rates in Germany are currently at a strong dependence on political decisions and the stable low level and progress is being made in the further course of the COVID-19 pandemic. Thus, vaccination campaign, there remains an any statements regarding the future performance ever-present risk that infections will flare up and of the Company remain subject to a high degree tougher restrictions will be imposed to control of uncertainty. EXPECTED RESULTS OF OPERATIONS Expected earnings trend The club traditionally pursues a more conservative The ongoing COVID-19 pandemic continues to pose approach when factoring success on the pitch and major challenges for Germany and the world. The any associated earnings contributions into the number one priority is containing the spread of the forecast. COVID-19 virus in all facets of life. Professional football must also play its part in overcoming the In light of the high degree of uncertainty related to crisis. Borussia Dortmund GmbH & Co. KGaA also all streams of revenue, the management currently remains heavily affected. Therefore, the expectation expects to generate a net loss of between EUR is of further severe adverse effects on the earnings 12,000 thousand and EUR 17,000 thousand in the trend in financial year 2021/2022. coming 2021/2022 financial year. The projection is that matches will be played to In this planning scenario, the result from operating limited spectator numbers in the first half of the activities (EBIT) will exceed the forecast net loss for new season, with the second half seeing a return the year by the financial result and tax expense of to full capacity. As a result of the measures to approximately EUR 2,000 thousand. The operating contain the pandemic, only a limited number of result (EBITDA) would be around EUR 107,000 tickets will initially be made available per match, thousand higher than the result from operating which will continue to weigh heavily on income from activities (EBIT) due to depreciation and match operations and public catering. amortisation and would probably amount to Despite the economic uncertainties and a more between EUR 88,000 thousand and EUR 93,000 subdued transfer market, Borussia Dortmund thousand. expects there to be some very lucrative transfer deals in the offing, setting up net transfer income as a significant earnings driver. 169