DGAP-News: CTS Eventim AG & Co. KGaA
/ Key word(s): 9 Month figures
Munich, 19 November 2020. New technologies, robust partnerships, strong leadership - CTS EVENTIM, one of the leading international providers of ticketing services and live entertainment, has used the first nine months of 2020 to rigorously reinforce its future viability, in the midst of the coronavirus crisis. 'We have been convinced since the outbreak of the pandemic that the stresses imposed on our company must be seen as a trial of our strengths. That is the basis on which we act. There is no such thing as standstill', said Klaus-Peter Schulenberg, the CEO of CTS EVENTIM, on presentation of the performance figures for the first nine months of the 2020 financial year.
These show that Group revenues for the January to September 2020 period fell 78.7 percent year-on-year to EUR 228.7 million (Q1-3/2019: EUR 1.074 billion). Thanks to strict cost management and income from insurance compensation, the normalised EBITDA figure came in at EUR -17.7 million (Q1-3/2019: EUR 177.0 million). Group revenues in the third quarter of 2020 were 92.0 percent lower year-on-year, at EUR 30.2 million (Q3/2019: EUR 378.0 million). Normalised EBITDA amounted to EUR -15.0 million (Q3/2019: EUR 65.2 million).
Revenue in the Ticketing segment for the first nine months of 2020 was 65.1 percent lower year-on-year, at EUR 107.2 million (Q1-3/2019: EUR 306.9 million). Normalised EBITDA fell year-on-year from EUR 119.2 million to EUR -12.7 million. In the third quarter of 2020, revenue fell 82.4 percent from EUR 106.6 million to EUR 18.7 million, while normalised EBITDA came in at EUR -11.3 million (Q3/2019: EUR 44.8 million).
In the Live Entertainment segment, revenue in the first nine months of 2020 was 83.7 percent lower year-on-year, at EUR 127,3 million (Q1-3/2019: EUR 781.4 million). Normalised EBITDA amounted to EUR -5.1 million (Q1-3/2019: EUR 57.8 million). This includes EUR 43.3 million in income from insurance compensation. In the third quarter of 2020, revenues fell 95.5 percent from EUR 276.9 million to EUR 12.4 million. Normalised EBITDA was EUR -3.7 million (Q3/2019: EUR 20.4 million).
CTS EVENTIM responded promptly to the pandemic by adjusting its cost structure and boosting its efficiency to save a double-digit million figure. Investments were also reduced to a minimum. In key European markets, CTS EVENTIM is safeguarding further liquidity by implementing promoter voucher schemes. As per 30 September 2020, total cash and cash equivalents amounted to EUR 798.7 million.
In spring 2020, bans and conditions imposed by government authorities largely put a stop to live entertainment in Germany and on all international markets. It is currently unforeseeable when major events can restart to a normal degree.
'In the midst of this crisis, especially, we continue to bank on our strengths, namely technology and industry know-how. This is how we continue to convince our customers both new and existing', Klaus-Peter Schulenberg emphasises.
As an example, CTS EVENTIM and the European Handball Federation (EHF) concluded a far-reaching strategic partnership that makes CTS EVENTIM the official ticketing partner for the 2022 and 2024 European Handball Championships. Following Europe-wide competitive bidding, technologies, marketing strength and expertise were the decisive factors for awarding the contract. For the EHF, the partnership marks another milestone in its digitalisation strategy.
EVENTIM Sports, the specialist for the sports market, also inked long-term partnership deals for ticketing and other services with two traditional football clubs - Werder Bremen and Hannover 96. For their ticket sales, both clubs have put their faith in EVENTIM.Tixx, the intuitive software platform that can also be used on the move. These long-term partnerships also include extensive integration of ticketing into the IT systems of first- and second-division Bundesliga clubs.
With its powerful and efficient software solutions, CTS EVENTIM also supports event promoters and audiences in the battle against the coronavirus. Specially engineered functions help users comply with statutory requirements at events and protect the health of visitors. Maintaining minimum distancing and logging visitor data are the prime focus.
As from January 2021, Matt Schwarz, former Chief Operating Officer and Managing Director of Live Nation GSA, and CTS EVENTIM will be joining forces. Schwarz will then take command of eventimpresents (formerly the Marek Lieberberg Konzertagentur), the organiser of the long-established 'Rock am Ring' and 'Rock im Park' festivals. For EVENTIM LIVE, CTS EVENTIM's unified promoter network, Matt Schwarz will focus in particular on acquiring attractive national and international tours and shows.
Outlook for 2020
The quarterly Group report on business performance in the first nine months of 2020 will be available on the Internet for download at corporate.eventim.de when this press release is published.
Head of Corporate Communications:
19.11.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Company:||CTS Eventim AG & Co. KGaA|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1149240|
|End of News||DGAP News Service|