CTS Eventim AG / Key word(s): Half Year Results
18.08.2011 09:32
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Ad hoc Announcement pursuant to Section 15 WpHG (Securities Trading Act)
Six-month report for the 2011 financial year (1.1. - 30.06.2011)
CTS EVENTIM: Double-digit ticketing growth maintained
Ticketing segment boosts revenue by 27.7% to EUR 104.1 million / Internet
ticketing volume up to 8.5 million tickets / Around 204 million visitors to
EVENTIM web portals / Revenue in Live Entertainment segment at EUR 162.9
million, lower than in record year 2010, as expected / Group achieves EUR
263.8 million in total revenue and a normalised EBITDA of EUR 47.1 million
/ Encouraging revenue and earnings outlook for year as a whole
Munich, 18.08.2011. CTS EVENTIM AG, listed in the SDAX index (ISIN
DE0005470306), continued to assert its unique position in the European
ticketing market in the first half of fiscal 2011. A substantial boost in
revenue was achieved by the Ticketing segment. The highly profitable
Internet business, especially, continues to grow at a double-digit rate. As
expected, revenue and earnings in the Live Entertainment segment declined.
The Management Board expects the Group to achieve further business growth
as well as further improvement in revenue and earnings in the current 2011
business year, above all in view of the traditionally strong fourth
quarter.
In the period from 1 January to 30 June 2011, the CTS Group generated EUR
263.8 million in revenue (HY1/2010: EUR 270.9 million, down 2.6%), a
normalised EBITDA of EUR 47.1 million (HY1/2010: EUR 46.7 million, up 0.9%)
and a normalised EBIT before amortisation from purchase price allocation
(Ticketcorner Holding AG and See Tickets Germany GmbH) of EUR 41.2 million
(HY1/2010: EUR 42.2 million, down 2.5%). The operating result is
temporarily burdened by various special effects, in particular the
once-only expenses for acquisitions, personnel restructuring at See Tickets
Germany / Ticket Online Group and legal consultancy expenses relating to
ongoing arbitration proceedings against Live Nation. After these
non-recurring items, the EBITDA figure amounts to EUR 41.2 million
(HY1/2010: EUR 43.6 million, down 5.4%), while EBIT amounts to EUR 30.1
million (HY1/2010: EUR 37.9 million, down 20.4%).
In the Ticketing segment, organic growth in the core European markets and a
number of successful acquisitions resulted in a significant increase in
revenue before consolidation between the segments, despite the absence of
revenue from the partnership agreement that was terminated by Live Nation
in June 2010. Revenues totalled EUR 104.1 million (HY1/2010: EUR 81.5
million, up 27.7%). The CTS Group sold 8.5 million tickets via the Internet
alone in the period under review - a year-on-year increase of around 16%
(HY1/2010: 7.4 million). Around 204 million visits to the Eventim web
portals were logged (HY1/2010: 160 million). The impacts of the
aforementioned non-recurring items were confined to the Ticketing segment.
The normalised EBITDA was up 27.3% at EUR 34.8 million (HY1/2010: EUR 27.3
million), while normalised EBIT before amortisation from purchase price
allocation was up 25.0% at EUR 29.9 million (HY1/2010: EUR 23.9 million).
After these non-recurring items, EBITDA was 19.4% higher at EUR 29.0
million (HY1/2010: EUR 24.3 million), while EBIT decreased 3.6% to EUR 18.9
million (HY1/2010: EUR 19.6 million).
As expected, it was not possible in the first half of 2011 to reach the
record figures achieved in the Live Entertainment segment in 2010. The main
reason - besides the deconsolidation of the FKP Scorpio Group as of 1 July
2010 - was the smaller number of major tours and events compared with the
previous year. Revenue in the first half of the year amounted to EUR 162.9
million (HY1/2010: EUR 192.8 million; down 15.5%). EBITDA was 36.6% lower
at EUR 12.3 million (HY1/2010: EUR 19.3 million), while EBIT fell 38.3% to
EUR 11.3 million (HY1/2010: EUR 18.3 million). After adjustment for
deconsolidation effects, the second quarter showed a positive trend -
year-on-year increases in both revenue and EBITDA are reported.
In the second half of 2011, the Group will be focusing primarily on
continuous growth of Internet ticketing operations, on international
expansion and on integrating the companies acquired to date. The first
hearing in the ongoing arbitration proceedings against Live Nation London
was held in London at the end of July.
For further information contact:
Marco Haeckermann, Director Investor Relations, CTS Eventim AG, + 49 421
3666 270
Volker Bischoff, CFO, CTS EVENTIM AG, +49 421 3666 250
18.08.2011 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------------
Language: English
Company: CTS Eventim AG
Dingolfinger Str. 6
81673 München
Germany
Phone: 0421/ 3666-233
Fax: 0421/ 3666-290
E-mail: claudia.aderhold@eventim.de
Internet: www.eventim.de
ISIN: DE0005470306
WKN: 547030
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, Hamburg, Hannover, München, Stuttgart
End of Announcement DGAP News-Service
---------------------------------------------------------------------------
DGAP-Adhoc: CTS Eventim AG: Double-digit ticketing growth maintained
| Source: EQS Group AG