CTS EVENTIM AG / Preliminary Results
21.08.2008
Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Ad hoc Announcement
Preliminary figures for first half of 2008
CTS EVENTIM: Strong growth in Ticketing
Ticketing revenue up 33% in first half of year / Internet ticket volume
grows 32% / Live Entertainment below previous year's record as expected /
Group revenue at EUR 209.0 million, EBIT at EUR 24.4 million and EBITDA at
EUR 27.9 million / EPS rises to EUR 0.54 (prior year: EUR 0.51) / Plans to
intensify foreign expansion through acquisitions and partnership with Live
Nation / Management Board expects 2008 profits to be higher than in prior
year
Munich, 21.08.2008. Ticketing continues to be the major growth driver for
the CTS EVENTIM Group. In the first half of 2008, the Ticketing segment
boosted revenue by 33.0% and the EBIT figure by 29.9% year-on-year.
Internet ticketing was very successful, with year-on-year volume growth of
32%. As expected, the Live Entertainment segment was unable to reach the
record revenue and profit figures achieved the year before. This was due to
a smaller number of concerts and tours. For the 2008 business year as a
whole (31.12), the Management Board expects the Group to progress well and
anticipates an improvement in earnings relative to the previous year, in
which an EBIT of EUR 47 million was achieved.
In the first half of 2008, CTS EVENTIM generated EUR 209.0 million in
revenue (HY1/2007: EUR 213.6 million, down 2.2%), an EBIT of EUR 24.4
million (HY1/2007: EUR 27.1 million, down 9.9%) and an EBITDA of EUR 27.9
million (HY1/2007: EUR 30.0 million, down 7.1%). Earnings per share were
EUR 0.54 in the first half-year, compared to EUR 0.51 in HY1/2007. Cash
flow in reporting period was EUR 21.7 million (HY1/2007: EUR 21.0 million).
The higher revenue and earnings achieved by the Ticketing segment was
mainly attributable to high-margin ticket sales via the Internet. Between 1
January and 30 June 2008, the CTS Group sold around 3.7 million tickets via
the Internet, an increase year-on-year of around 32% (HY1/2007: 2.8
million). More than 94 million visitors were logged by the online portals
operated by the Group (HY1/2007: 77 million). With revenue at EUR 47.9
million before consolidation of segments (HY1/2007: EUR 36.0 million, up
33.0%), an EBIT of EUR 11.2 million was generated. This figure is 29.9%
higher than the EUR 8.6 million achieved in HY1/2007. EBITDA, at EUR 13.8
million, was up 25.9% year-on-year (HY1/2007: EUR 11.0 million). In the
first half of 2008, the additional companies included in consolidation and
expenses for implementing the partnership with Live Nation led to reduced
earnings and margins.
The Live Entertainment segment generated EUR 162.6 million in revenue in
HY1 2008 (HY1/2007: EUR 180.3 million, down 9.8%). EBIT came in at EUR 13.2
million (HY1/2007: EUR 18.4 million, down 28.5%), while EBITDA amounted to
EUR 14.1 million (HY1/2007: EUR 19.0 million, down 26.1%). This means the
segment achieved its second-best earnings in the history of the company,
but was unable, as expected, to match the record figures produced in 2007.
Preproduction costs for new types of events were an additional factor that
reduced earnings in the first half of the year by EUR 2 million.
The Management Board is satisfied with the financial statements for the
first half-year and is optimistic about the Groups progress in the current
business year. The fourth quarter is traditionally the strongest,
especially in the Ticketing segment. Efforts will be focused during the
current business year on intensifying Internet ticketing operations,
expanding to other countries by making further acquisitions and on
implementing the long-term cooperation agreement concluded with Live Nation
in December 2007.
The full interim report will be available on the Internet at www.eventim.de
in both German and English, in an online version and in download form, as
from 28 August 2008.
For further information contact:
Volker Bischoff, CFO, CTS Eventim AG, +49 (0)421-3666-233
DGAP 21.08.2008
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Language: English
Issuer: CTS EVENTIM AG
Contrescarpe 75 A
28195 Bremen
Deutschland
Phone: +49 (0)421-36 66-233
Fax: +49 (0)421-36 66-290
E-mail: investor@eventim.de
Internet: www.eventim.de
ISIN: DE0005470306
WKN: 547030
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Hannover, München, Hamburg, Düsseldorf, Stuttgart
End of News DGAP News-Service
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DGAP-Adhoc: CTS EVENTIM: Strong growth in Ticketing
| Source: EQS Group AG