CTS Eventim AG & Co. KGaA: CTS Group: Successful course of business over nine months 2016
Preliminary Interim report 1.1. - 30.9.2016
CTS Group: Successful course of business over nine months 2016
Continued growth trend in Ticketing with double-digit volume and revenue growth / Live Entertainment with a moderate business performance still above expectations versus record year 2015 / Normalised group EBITDA slightly above last years' level / Temporary earnings pressure from the expansion in the number of consolidated companies and new business in South America
Munich, 22 November 2016. CTS EVENTIM AG & Co. KGaA, listed in the MDAX segment (ISIN DE0005470306), continued to deliver strong organic performance in online ticketing. Live Entertaiment remains slightly above expectations versus record year 2015.
The Ticketing segment delivered again an unchanged growth momentum. In the first nine months of fiscal year 2016 online ticket volume increased organically by 12.5% to almost 25 million tickets. Due to the expansion in South America and Scandinavia total online ticket volume grew by 19.7% to 26.5 million. With double-digit revenue growth of 11.6% to EUR 240.3 million the Ticketing segment remains fully in line with expectations. Normalised EBITDA improved by 8.9% to EUR 82.3 million. Despite a disproportionate earnings contribution from organic growth in online ticketing, EBITDA growth was subdued by temporary earnings pressure, totalling at EUR 2.6 million, due to ongoing business integration and the expansion into South America. Furthermore, previous years' earnings level was supported by foreign exchange gains of EUR 1.8 million versus the current year. On a pro-forma basis (adjusted for foreign exchange effects and temporary dilution from international expansion) revenue growth would have been at 10.0% and normalised EBITDA growth at 14.8% versus the first nine months in fiscal year 2015.
Against record year 2015 the Live Entertainment segment continued to perform slightly better than expected. For the first nine months of fiscal year 2016, revenue declined by 7.1% to EUR 340.3 million (previous year: EUR 366.4 million). The current performance in revenue is due to a lower number of major tours in comparison to the previous year. Based on this development and temporary earnings dilution from the expansion in the number of consolidated companies EBITDA decreased by 19.6% to EUR 25.4 million. Earnings development in Live Entertainment thus remains above the originally expected trend of a 30% decline in fiscal year 2016.
The business performance of the Ticketing segment and Live Entertainment segment over the first nine months in 2016 resulted in almost stable CTS Group revenue of EUR 576.2 million versus EUR 577.5 million in previous years period. Despite temporary earnings pressure and a guided decline in Live Entertainment EBITDA, normalised Group EBITDA slightly increased to EUR 107.7 million (previous year: EUR 107.2 million) due to an undisputed growth dynamic in online ticketing.
The CTS Management continues to expect a solid business development in fiscal year 2016. On the back of continuous product and service expansions, ongoing internationalisation and consequent execution of the E-commerce strategy, CTS Group is perfectly positioned to take advantage of given opportunities in order to realise mid- and long-term profitable growth.
The Interim report for the first nine months of fiscal year 2016 will be published on 24 November 2016 and will be available in German and English for download on www.eventim.de.
For further information: Marco Haeckermann, Vice President Corporate Development & Strategy, CTS EVENTIM AG & Co. KGaA, +49 421 3666 270
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Language: English Company: CTS Eventim AG & Co. KGaA Rablstr. 26 81669 München Germany Phone: 0421/ 3666-233 Fax: 0421/ 3666-290 E-mail: firstname.lastname@example.org Internet: www.eventim.de ISIN: DE0005470306 WKN: 547030 Indices: MDAX Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange End of News DGAP News Service