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Annual Report 2018 Key Group Figures

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Annual Report 2018 Key Group Figures ANNUAL REPORT 2018 KEY GROUP FIGURES 2018 2017 2016 2015 [EUR’000] [EUR’000] [EUR’000] [EUR’000] Revenue 1,241,689 1,033,980 829,906 834,227 EBITDA 228,240 201,626 193,589 180,502 EBITDA margin 18.4% 19.5% 23.3% 21.6% EBIT 190,765 165,730 161,973 150,204 EBIT margin 15.4% 16.0% 19.5% 18.0% Normalised EBITDA 231,135 204,741 194,451 180,996 Normalised EBIT before amortisation from purchase price allocation 205,627 181,542 174,060 161,741 Normalised EBITDA margin 18.6% 19.8% 23.4% 21.7% Normalised EBIT margin before amortisation from pur- chase price allocation 16.6% 17.6% 21.0% 19.4% Non-recurring items 1 2,896 3,115 861 494 Amortisation resulting from purchase price allocation 11,965 12,698 11,226 11,043 Earnings before tax (EBT) 192,904 170,792 155,475 145,357 Net income attributable to shareholders 118,504 112,808 94,560 89,029 [EUR] [EUR] [EUR] [EUR] Earnings per share 2, undiluted (= diluted) 1.23 1.18 0.99 0.93 [Qty.] [Qty.] [Qty.] [Qty.] Number of employees 3 3,141 3,020 2,384 2,215 Of which temporary (521) (580) (427) (426) 1 Cf. page 33 for non-recurring items for the years 2018 and 2017 2 Number of shares: 96 million 3 Number of employees at end of year (active workforce) CONTENT 1. LETTER TO THE SHAREHOLDERS 2 2. REPORT BY THE SUPERVISORY BOARD 6 3. CTS EVENTIM SHARES 10 4. CORPORATE GOVERNANCE REPORT OF CTS EVENTIM AG & Co. KGaA 12 5. COMBINED MANAGEMENT REPORT 14 1. Preliminary statements 14 2. Explanation of corporate and organisational structure of CTS KGaA 15 3. Business and macroenvironment 15 3.1 Business operations and corporate structure 15 3.2 Corporate management 22 3.3 Research and development 23 3.4 Overview of the course of business 24 4. CTS Group: Earnings performance, financial position and cash flow 30 4.1 Earnings performance 30 4.2 Financial position 39 4.3 Cash flow 46 5. CTS KGaA: Earnings performance, financial position and cash flow 48 5.1 Earnings performance 48 5.2 Financial position 52 5.3 Cash flow 55 6. Appropriation of earnings by CTS KGaA 56 7. Dependency report for CTS KGaA 57 8. Risk and opportunities report 57 8.1 Structure and operation of the risk management system 58 8.2 Major risk areas 60 8.3 Opportunity management 69 8.4 Assessment of the Group’s opportunities and risk exposure 71 9. Internal accounting control system 71 10. Report on expected future development 73 10.1 Future macroeconomic environment 73 10.2 Expected earnings performance 74 10.3 Expected cash flow 79 10.4 General assessment of the Group’s prospective development 79 11. Disclosures required under takeover law 80 12. Compensation report 83 13. Corporate governance declaration 85 Content 6. CONSOLIDATED FINANCIAL STATEMENTS 2018 86 Consolidated balance sheet 86 Consolidated income statement 88 Consolidated statement of comprehensive income 89 Consolidated statement of changes in equity 90 Consolidated cash flow statement 91 Notes to the consolidated financial statements 94 7. AUDITOR’S REPORT FOR THE GROUP 184 8. FINANCIAL STATEMENTS OF CTS KGaA 2018 194 Balance sheet of CTS KGaA 194 Income statement of CTS KGaA 196 Notes to the financial statements for the 2018 financial year 197 9. AUDITOR’S REPORT FOR CTS KGaA 218 Forward-looking statements 226 Contact 229 Content 1. LETTER TO THE SHAREHOLDERS Klaus-Peter Schulenberg Chief Exectutive Officer Ladies and Gentlemen, CTS EVENTIM looks back on an eventful and extraordinarily successful business year. In 2018, we again achieved records for sales and earnings: Our Group revenues increased by 20.1% to EUR 1.242 billion and our normalised EBITDA by 12.9% to EUR 231.1 million. Both our ticketing and live entertainment segments contributed to these devel- opments. On this basis, we once again created value during the year under review: for around 250 million ticket buyers, numerous artists and promoters around the world, and not least for you, our valued shareholders. The excellent performance of our ticketing business was due to a significant increase in our online ticket volume. We improved this by more than ten percent in 2018, and for the first time sold more than 50 million tickets via our web shops. In all, revenue in the Ticketing segment increased by 6.9% to EUR 447.1 million; normalised EBITDA rose disproportionately by 9.6% to EUR 195.8 million. We achieved these gratifying increases solely with our existing busi- nesses. Our Live Entertainment segment significantly exceeded the business figures of the previous year. While revenue rose by 29.7% to EUR 812.5 million, normalised EBITDA increased by 35.4% to EUR 35.3 million. Many promoters from our existing portfolio contributed to this increase, most notably FKP Scorpio and Semmel Concerts. The new ‘Holiday on Ice’ tour, various music festivals – including the second edition of ‘New Horizons’, which attracted 30 percent more visitors to the Nürburgring than the debut in 2017 – and another successful season at Cologne’s LANXESS arena also had a positive impact. 2 Letter to the shareholders Additional impetus came from the acquisitions we made in the past two years in Italy (D’Alessandro e Galli, Friends & Partners, Vertigo and Vivo Concerti) and Spain (Doctor Music). In Italy, we have very quickly risen to become the market leader with our network of promoters. Acquisitions like these are part of our strategy of viewing the European markets holistically rather than in isolation from each other. Because more and more artists expect us to offer them international performance opportunities (and ticketing solutions as well), we will keep expanding our portfolio and offering additional services that create tangible value-add for fans and artists around the world. Incidentally, at the moment this also includes realising Eros Ramaz- zotti’s world tour. In 2019, he will perform in more than 30 countries and on four continents, organised by one of our promoters – Vertigo. All signs point to growth in CTS EVENTIM’s venue business as well. Besides the LANXESS arena, the EVENTIM Apollo in London and the Waldbühne Berlin also achieved record revenues and earnings in 2018. We built a new, mod- ern backstage area in the Waldbühne under the direction of the renowned architect Max Dudler. And recently another top-class, historic venue was added to our venue portfolio: the K.B. Hallen in Copenhagen, which opened just a few weeks ago. At the same time, we are keen to play a key role in shaping the other developments in our industry as well. Take the secondary market, for example: We are working with concert promoters all across Europe to make the sec- ondary ticketing market as fair as possible. Our fanSALE portal was certified by Google AdWords for ad placements right at the beginning of the year. In the future, we want to establish fanSALE not only as one of the leading secondary ticketing market platforms, but also as the fairest in the market. Or Big Data: Five years ago, we set up our Information Science department. Since then, we have systematically gen- erated insights from data. And based on these insights, we develop business. We are getting better and better at this. Because our database is particularly valuable, as our web shops generate high gross transaction value. Or sponsorship: In the first half of 2018, we launched EVENTIM BRAND CONNECT, a new business unit. It pools sponsoring offers that were previously managed in a decentralised manner. This lets us offer existing and new partners a whole new form of advertising campaigns across borders – with access to tens of thousands of live events in ten countries. So we not only bridge the gap between online and offline, but also offer campaign opportunities along the entire fan connection. All this progress brings us closer to our goal of gradually developing CTS EVENTIM from an event portal into a leisure portal. Because we believe that in the future we will be able to sell not ‘just’ a ticket, but a variety of offers tying into it. Today we give our customers access to great events that last two, three, sometimes four hours. In the long term, we want to be the gateway for millions of people to a world of experiences that offers them much more: a comprehensive range of leisure activities. Letter to the shareholders 3 The fact that CTS EVENTIM is in a position to advance into new lines of business areas became clear at the end of the year. On 30 December 2018, we were commissioned – together with the Austrian company Kapsch TrafficCom – to collect the German passenger-car toll. The revenue volume of the cooperation, which is scheduled for at least twelve years, is around two billion euros. This makes it the largest single order in the history of CTS EVENTIM. We have established a joint operating company with Kapsch, in which each party holds 50 percent of the shares. In particular, we will contribute to this project our extensive experience in managing relationships with customers, from addressing them on all relevant channels to modern customer services and secure payment processing – often across borders. I am very confident that services such as collecting the passenger-car toll represent an attractive growth area for our company long-term. At the same time, this order changes nothing about our identity as a Ticketing and Live Entertainment company. We want to make the passenger-car toll a success story while also continuing the dynamic further development of our core businesses.
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