Frank Guennemann, Hawaii
I was born and raised in Marl (in the Recklinghausen area), right in the heart of 'the Pot'; and I will turn 25 this Friday. I lost my heart to Borussia a good 12 years ago, even my first visit to 'the Temple' couldn't scare me away (a 0:4 loss against Stuttgart). Instead I had the urge to come back every other week and finally bought a season ticket, which I possessed for 10 years, until recently.These facts made it all the more difficult for me to stay objective on the matter on hand and to make a negative recommendation. From 2000 to 2003 I studied International Business Administration at INTERMAS Malente and also spent one semester at Pfeiffer University Charlotte, NC, USA. After graduation I worked for some time as Assistant to General Management until I decided to get an MBA at Hawaii Pacific University (HPU) in 2004. The paper was a project for my Accounting class. We had to choose a company, analyse it with regards to the current annual report (balance sheet, income statement, and cash flow statement) and make a recommendation to the chosen target audience (potential investors). However, it was limited to only 5 pages, so that I really had to focus solely on the facts and numbers given in the AR of 2003, neglecting current news and developments. Still, it was interesting to read 'between the lines'; regarding the AR being 'a bit' optimistic, in the end it cannot hide the facts of Borussia's true financial position. Maybe Freddie was right after all...?!?
Geschrieben von Frank Guennemann
