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CTS Eventim : Statement by CTS EVENTIM concerning the judgment handed down today by the Munich District Court

06/09/2021 | 01:05pm EDT

DGAP-Media / 09.06.2021 / 19:03

Press Release

Statement by CTS EVENTIM concerning the judgment handed down today by the Munich District Court

Munich, 9 June 2021. 'CTS EVENTIM welcomes the clarification provided in the judgment handed down today by the Munich District Court (case no: 37 O 5667/20) in the action brought by the consumer organisation for North-Rhine Westphalia (Verbraucherzentrale NRW), to the effect that in cases where events are postponed or cancelled, it is always the promoter who is the sole contracting partner of ticket buyers, and not CTS EVENTIM, for example.

In its decision, the court expressly emphasises that CTS EVENTIM itself is under no obligation to refund either the ticket price or the presales fee, but rather that any such claims must be directed against the promoter, at most. The judgment has not changed the legal position or situation for either ticket buyers, or for CTS EVENTIM, or for promoters, in cases where events are cancelled. Furthermore, the standard terms of business clause to which the court raised objections has not been used any longer by CTS EVENTIM since October 2020.

CTS EVENTIM has always insisted that the Verbraucherzentrale NRW brought the action against the wrong party. Any decision regarding an event - be it to reschedule it, to issue a voucher or to repay the cost of the ticket - is made solely by the promoter, not by CTS EVENTIM. As far as the event itself is concerned, the contracting partner of ticket buyers is not CTS EVENTIM, but rather the promoter.

CTS EVENTIM also welcomes the Munich District Court's dismissal of significant parts of the action brought by the consumer organisation in connection with reversals of ticket sales due to the coronavirus pandemic, after the claimant had already had to withdraw one of its petitions. This is seen by CTS EVENTIM as affirmation of its view that the accusations levelled by the consumer organisation are first and foremost a public relations stunt for the organisation's own ends.

CTS EVENTIM supports customers and consumers. By advocating the voucher scheme at the beginning of the pandemic, we helped numerous promoters to escape insolvency, which would otherwise have resulted in ticket holders ending up empty-handed. We continue to invest an enormous amount of resources on behalf of promoters to find solutions for ticket holders affected by the cancellation or rescheduling of tens of thousands of events because of the pandemic. Considering the millions of tickets that we were responsible for marketing, we are encouraged by the fact that we have received only very few complaints.'

CTS EVENTIM is one of the leading international providers of ticketing services and live entertainment. Before the outbreak of the coronavirus pandemic, around 250 million tickets per annum 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 a situation dominated by extensive bans and restrictions on events as a result of the coronavirus pandemic, the Group generated revenues totalling EUR 256.8 million in 21 countries in 2020, after more than EUR 1.4 billion the year before.

Head of Corporate Communications:
Frank Brandmaier
Tel.: +49 40 380788-7299
frank.brandmaier@eventim.de Investor Relations:

Marco Haeckermann
Vice President Corporate Development & Strategy
Tel.: +49 421 3666 270

End of Media Release

Issuer: CTS Eventim AG & Co. KGaA
Key word(s): Enterprise

09.06.2021 Dissemination of a Press Release, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language: English
Company: CTS Eventim AG & Co. KGaA
Rablstr. 26
81669 München
Phone: 0421/ 3666-0
Fax: 0421/ 3666-290
E-mail: info@eventim.de
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
EQS News ID: 1206288

End of News DGAP Media

1206288  09.06.2021 


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