Munich, 13 November 2008. CTS EVENTIM AG, listed on the SDAX exchange (ISIN DE0005470306), achieved continued and consistent growth in the first nine months of 2008 despite difficult market conditions and also expects a significant year-on-year increase in the fourth quarter. In the Ticketing segment especially, the Group is seemingly unaffected by the weak economic climate. Internet ticketing is booming, the ticket volume growth rate amounts up to 30% hitherto. CTS expects a new record for what is traditionally a strong fourth quarter: in October and November, total ticketing volume has already increased significantly. Internet sales, in particular, are exceeding expectations. The Management Board reiterates its forecast that results for 2008 as a whole will show a further year-on-year increase. In 2007, CTS produced an EBIT figure of EUR 47 million.
In the period from 1 January to 30 September 2008, the Group generated EUR 292.0 million in revenue (Q1-3/2007: EUR 281.5 million, up 3.7%), an EBIT of EUR 30.8 million (Q1-3/2007: EUR 32.4 million, down 4.8%) and an EBITDA of EUR 36.3 million (Q1-3/2007: EUR 37.4 million, down 3.0%). The cash flow for the reporting period was EUR 28.3 million (Q1- 3/2007: EUR 26.5 million). Group earnings amounted to EUR 16.4 million (Q1-3/2007: EUR 15.5 million), equivalent to earnings per share of EUR 0.68 (Q1-3/2007: EUR 0.65).
Ticketing: revenue increased by 29.5% and EBIT by 28.5%
The significantly higher revenue and earnings achieved by the Ticketing segment were mainly attributable to high-margin ticket sales via the Internet. With revenue at EUR 71.1 million before consolidation of segments (Q1-3/2007: EUR 54.9 million, up 29.5%), a strongly improved EBIT figure of EUR 16.7 million was achieved (Q1-3/2007: EUR 13.0 million, up 28.5%). EBITDA, at EUR 20.7 million, was up 22.9% from EUR 16.8 million in Q1-3/2007. Internet ticket sales rose in volume to 5.6 million tickets sold (Q1-3/2007: 4.3 million). The websites of the CTS Group, especially the online portals at www.eventim.de and www.getgo.de, logged more than 139 million users in the first three quarters of 2008. A significant year-on-year increase is expected for the fourth quarter. In the first nine months of 2008, the additional companies included in consolidation and expenses for implementing the partnership with Live Nation led as expected to reduced earnings margins.
Live Entertainment: slight 3.0% decline in revenue confirms strong position following record year
As expected, the Live Entertainment segment was unable to reach the record figures achieved the year before. This was due to a slightly smaller number of concerts and tours. In the first nine months of 2008, revenue amounted to EUR 223.1 million (Q1-3/2007: EUR 230.0 million, down 3.0%), while the EBIT came in at EUR 14.1 million (Q1-3/2007: EUR 19.4 million, down 27.0%) and EBITDA at EUR 15.6 million (Q1-3/2007: EUR 20.5 million, down 24.2%). Preproduction costs for new types of event reduced earnings over the reporting period by EUR 2.0 million.
The Management Board is satisfied with the Group’s progress in the first nine months of the year and is optimistic about the total figures for 2008 as a whole. Significant growth rates are expected for the traditionally strong fourth quarter. Efforts remain focused on further growth in Internet ticketing, on implementing the long-term partnership with Live Nation and on international expansion. As recently as September, CTS AG took over Lippupiste OY, the Finnish ticketing company.
The full interim report will be available on the Internet at www.eventim.de in both German and English, in an online version and in download form, as from 25 November 2008.