Surge in consolidated revenue during the first quarter thanks to healthy growth in the Ticketing and Live Entertainment segments
Normalised EBITDA of the Group back comfortably in positive territory
Ticket sales in April/May well above the record level seen in 2019
CEO Klaus-Peter Schulenberg: "Robust start to the year makes us optimistic about a resurgence of live entertainment"
The CTS Group, one of the leading international providers of ticketing services and live entertainment, made a strong start to 2022. Coronavirus-related restrictions on events were lifted in the core markets, which meant that revenue in the Ticketing and Live Entertainment segments was up substantially in the first quarter of 2022 compared with the prior-year period. "Concert and festival venues are finally coming back to life. The strong start to 2022 makes us all optimistic that live entertainment will make a robust comeback this year," said the CEO of CTS EVENTIM, Klaus-Peter Schulenberg, when the results for the first quarter were presented.
These results show that the Group's revenue improved to EUR 139.2 million in the first quarter of 2022 (previous year: EUR 19.6 million). Normalised EBITDA came to EUR 23.7 million (previous year: EUR -19.6 million).
In the Ticketing segment, revenue rose to EUR 76.5 million in the first three months of 2022 (previous year: EUR 13.5 million). Normalised EBITDA was back comfortably in positive territory at EUR 27.2 million (previous year: EUR -13.4 million).
Revenue in the Live Entertainment segment improved year on year to reach EUR 65.1 million in the first quarter of 2022 (previous year: EUR 6.8 million). Normalised EBITDA amounted to EUR -3.5 million (previous year: EUR -6.2 million).
"We are delighted that ticket sales in April and so far in May too have been well above the level seen in the same period of 2019, which had been a record year. This underpins the hope that the live entertainment sector will really bounce back after an enforced two-year break due to coronavirus," explained Klaus-Peter Schulenberg. "The live entertainment business ramped up again in our European markets and overseas much sooner than in Germany, where corona- virus restrictions were lifted relatively late."
There was positive news in the first quarter of 2022, when an arbitration tribunal decided that autoTicket GmbH - a joint venture between CTS KGaA and Kapsch TrafficCom AG - is entitled to claim for compensation and reimbursement of expenses from the Federal Republic of Germany. The tribunal confirmed the merits of the claims for compensation for the gross enterprise value and for reimbursement of the costs incurred in connection with fulfilment of the operator agreement. The first phase of the two-stage arbitration proceedings is therefore complete. The claim amount will be ruled upon in the next phase. After the operator agreement concerning the collection of the car toll in Germany was terminated, autoTicket GmbH brought claims for compensation of around EUR 560 million against the Federal Republic of Germany.
1 Group Quarterly Statement
CTS KGaA has teamed up with France Billet SAS, Paris, to provide ticketing software and related services for the 2024 Olympic and Paralympic Games in Paris. The agreement was signed in April 2022. The Group expects the contribution to revenue to be in the double-digit millions.
2 Group Quarterly Statement
OVERVIEW OF KEY GROUP FIGURES
1 Jan 2022
1 Jan 2021
-31 Mar 2022
-31 Mar 2021
Normalised EBITDA margin
Depreciation, amortisation and impairment
Normalised EBIT before amortisation
and impairment from purchase price allocation
Normalised EBIT margin
Earnings before taxes (EBT)
Net result for the period attributable
to shareholders of CTS KGaA
Earnings per share 1, undiluted (= diluted)
Internet ticket volume (in million)
Number of shares: 96 million
Number of employees at end of year (active workforce)
3 Group Quarterly Statement
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CTS Eventim AG & Co. KGaA published this content on 24 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 May 2022 05:37:06 UTC.