CTS Eventim : Annual financial report 2021 (PDF)

Annual Report 2021

KEY GROUP FIGURES

		2021		2020	2019 1	2018
		[EUR'000]
			[EUR'000]			[EUR'000]		[EUR'000]
Revenue		407,821		256,840			1,443,125		1,241,689
EBITDA2		203,082		-7,116			284,278		225,166
EBITDA margin	49.8%		-2.8%			19.7%		18.1%
EBIT		147,581		-62,933			230,194		187,691
EBIT margin	36.2%		-24.5%			16.0%		15.1%
	207,982
Normalised EBITDA		-2,940	286,489	228,061
Normalised EBIT before amortisation and impairment
from purchase price allocation	164,566		-46,185			242,928		202,552
Normalised EBITDA margin	51.0%		-1.1%	19.9%	18.4%
Normalised EBIT margin before amortisation and
impairment­	from purchase price allocation	40.4%		-18.0%			16.8%		16.3%
Non-recurring items 3	4,899		4,175	2,211	2,896
Amortisation and impairment resulting from purchase
price allocation	12,085		12,573	10,522	11,965
		141,104
Earnings before taxes (EBT)		-102,028			224,018		192,904
Net result attributable to shareholders of CTS KGaA	87,909		-82,259			132,900		118,504
		[EUR]		[EUR]			[EUR]		[EUR]
	0.92
Earnings per share 4, undiluted (= diluted)		-0.86	1.38	1.23
		[Qty.]		[Qty.]			[Qty.]		[Qty.]
Number of employees 5	2,813		2,409			3,202		3,063
Of which temporary	(250)		(153)	(502)	(473)

1. The Group applied IFRS 16 as of 1 January 2019 for the first time using the modified retrospective method. When applying this method, the comparative information for fiscal year 2018 were not adjusted. Effect of IFRS 16: normalised EBITDA/EBITDA EUR +18,635 thousand, normalised EBIT/EBIT EUR +870 thousand
2. EBITDA: Earnings before financial result, taxes, depreciation and amortisation, impairment and reversals
3. Cf. page 36 for non-recurring items for the years 2021 and 2020
4. Number of shares: 96 million

5 Number of employees at end of year (active workforce)

CONTENT

1.																									LETTER TO THE SHAREHOLDERS	2
2.																									REPORT OF THE SUPERVISORY BOARD	6
3.																									CTS EVENTIM SHARES	10
4.																									COMBINED MANAGEMENT REPORT	14
1.																									Preliminary statements	14
2.																									Explanation of corporate and organisational structure of CTS KGaA	14
3.																								Business and macroenvironment	15
3.1																							Business operations and corporate structure	15
3.2																						Corporate management	23
3.3																					Research and development	24
3.4																				Overview of the course of business	25
4.																			CTS Group: Earnings performance, financial position and cash flow	33
4.1																		Earnings performance	33
4.2																		Financial position	45
4.3																	Cash flow	52
5.																CTS KGaA: Earnings performance, financial position and cash flow	54
5.1															Earnings performance	54
5.2														Financial position	58
5.3													Cash flow	61
6.												Appropriation of earnings by CTS KGaA	63
7.											Dependency report for CTS KGaA	63
8.										Risk and opportunity report	64
8.1										Structure and operation of the risk management system	65
8.2									Major risk areas	67
8.3									Opportunity management	81
8.4								Assessment of the Group's opportunity and risk exposure	84
9.							Internal accounting control system	84
10.						Outlook	86
10.1					Future macroeconomic environment	86
10.2					Expected business performance	87
10.3				Expected cash flow	88
10.4				General assessment of the prospective development of the Group and CTS KGaA	88
11.			Disclosures required under takeover law	90
12.			Remuneration report	94
13.		Corporate Governance declaration	103

Content

5.	CONSOLIDATED FINANCIAL STATEMENTS 2021	104
	Consolidated balance sheet	104
	Consolidated income statement	106
	Consolidated statement of comprehensive income	107
	Consolidated statement of changes in equity	108
	Consolidated cash flow statement	109
	Notes to the consolidated financial statements	111
6.	INDEPENDENT AUDITOR'S REPORT FOR THE GROUP	212
7.	FINANCIAL STATEMENTS OF CTS KGaA 2021	226
	Balance sheet of CTS KGaA	226
	Income statement of CTS KGaA	228
	Notes to the financial statements for the 2021 financial year	229
8.	INDEPENDENT AUDITOR'S REPORT FOR CTS KGaA	254
	Forward-looking statements	268
	Contact	271

Content