CTS EVENTIM: Forecast For 2020 Financial Year Withdrawn Due to Corona Crisis
IndustryPress Releases April 3, 2020 TicketNews Staff
Due to the current uncertainties surrounding the further development of the Corona crisis and its impacts, the Management Board takes the view that it is currently not possible to issue a sufficiently reliable and specific new forecast for the 2020 financial year.
In the 2019 Annual Report published in March 2020, the Management Board was still expecting a further improvement in the business performance of the Ticketing segment due to continuous expansion of Internet ticketing operations and progressive internationalisation. However, the statements regarding the future outlook were made without considering the negative effects of the COVID-19 (“coronavirus”) epidemic on the future growth of the two segments and the CTS Group.
In many European countries, no events are currently being held due to government orders. From today’s perspective, the Management Board therefore expects a significant year-on-year decrease in revenues and earnings in the Ticketing and Live Entertainment segments for the 2020 financial year. However, that decrease cannot be quantified with any greater precision at present.
About CTS EVENTIM
CTS EVENTIM is one of the leading international providers of ticketing services and live entertainment. In 2019, around 250 million tickets were marketed using the company’s systems – be it through stationary box offices, online or from mobile terminals. Its online portals operate under brands such as eventim.de, oeticket.com, ticketcorner.ch, ticketone.it and entradas.com. The EVENTIM Group also includes many concert, tour and festival promoter companies for events like ‘Rock am Ring’, ‘Rock im Park’, ‘Hurricane’, ‘Southside’ and ‘Lucca Summer’. In addition, some of Europe’s most renowned venues are operated by CTS EVENTIM, for example the LANXESS Arena in Cologne, the K.B. Hallen in Copenhagen, the Waldbühne in Berlin and the EVENTIM Apollo in London. CTS EVENTIM AG & Co. KGaA (ISIN DE 0005470306) has been listed on the stock exchange since 2000 and is currently a member of the MDAX segment. In 2019, its 3,202-strong workforce generated more than 1.4 billion Euro in sales revenue in 21 countries.
Last Updated on April 3, 2020 by Olivia Perreault