DOCSLIB.ORG

CECONOMY AG 13 September 2019 Update to Credit Analysis

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
CECONOMY AG 13 September 2019 Update to Credit Analysis CORPORATES CREDIT OPINION CECONOMY AG 13 September 2019 Update to credit analysis Update Summary The negative outlook on CECONOMY AG's (Ceconomy) Baa3 rating reflects the uncertainty that currently exists over the execution of the company’s transformation programme and its ability to return to previous levels of underlying profitability. In addition, the rating is constrained by (1) the highly competitive, value-driven consumer electronics market; (2) the RATINGS discretionary and very seasonal nature of demand for large parts of the company’s product CECONOMY AG range; and (3) its relatively high reliance on its home market of Germany, thin profit margins Domicile Dusseldorf, Germany and limited scope for revenue growth. Long Term Rating Baa3 Type LT Issuer Rating More positively, the rating reflects Ceconomy’s (1) position as Europe’s largest electronics Outlook Negative retailer, with geographically well-diversified operations across 14 countries, including leadership positions in several large markets; (2) strong distribution network and improving Please see the ratings section at the end of this report for more information. The ratings and outlook shown multichannel capabilities; (3) conservative financial profile, supported by low-funded debt reflect information as of the publication date. and short lease commitments; and (4) its equity stake in French peer FNAC DARTY SA (Ba2 stable) and the potential long-term benefits it can bring. Contacts Exhibit 1 High leverage owing to a decline in profitability and restructuring expenses but expected to Jeanine Arnold +49.69.70730.789 improve as strategic initiatives kick in Associate Managing Director Moody's-adjusted gross debt/EBITDA [email protected] Debt / EBITDA Downward tirgger Guillaume Leglise +33.1.5330.5979 4.5x AVP-Analyst [email protected] 4.0x 3.5x CLIENT SERVICES Americas 1-212-553-1653 3.0x Asia Pacific 852-3551-3077 2.5x 30/09/2014 30/09/2015 30/09/2016 30/09/2017 30/09/2018 LTM Q3 2019 30/09/2019 (F) 30-09-2020 (F) 30-09-2021 (F) Japan 81-3-5408-4100 Forecast leverage represents Moody's forward-looking view, not the view of the issuer. EMEA 44-20-7772-5454 Source: Moody's Financial Metrics™ Credit strengths » Largest European consumer electronics retailer, with geographically well-diversified operations across 14 countries » Leading market positions, including the large markets of Germany, Spain, Italy and Netherlands, supported by a strong brand recognition » Strong distribution network and improving multichannel capabilities MOODY'S INVESTORS SERVICE CORPORATES » Financial profile is supported by low-funded debt and short lease commitments Credit challenges » Execution risks around the recently announced transformation programme and uncertainty over the company's ability to turn around profitability » Seasonal and discretionary demand for a large part of Ceconomy's product range » Highly competitive market, with consumers focused on value » Still reliant on the home market of Germany, despite a wide geographical reach, » Limited scope for revenue growth and thin profit margins » Joint and several liability stipulated by the German Transformations Act to only hurt Ceconomy's rating if METRO AG's (Metro, Ba1, under review for downgrade) credit quality deteriorates materially Rating outlook The negative outlook reflects Ceconomy's recent decline in profitability and its high leverage for the rating category. The outlook also captures the uncertainties around the successful execution of Ceconomy’s restructuring programme launched in April 2019, and in turn, over the company's ability to recover its earnings and margins. Factors that could lead to an upgrade We could stabilise Ceconomy's ratings outlook if the company returns to sustainable growth in profitability, with more visibility around the quality of its earnings. A stable outlook would also require: » Ceconomy’s gross leverage to remain below 3.5x on a sustained basis; » Retained cash flow (RCF)/net debt to rise above 20% on a sustained basis; and » the company to maintain a good liquidity profile Factors that could lead to a downgrade Conversely, a downgrade of the company’s ratings would likely occur if: » Ceconomy’s gross leverage is expected to remain above 3.5x on a sustained basis » its RCF/net debt remains below 20% on a sustained basis A further deterioration in profitability for the fiscal year ended 30 September 2019 (fiscal 2019) or a deterioration in the company’s liquidity profile could also result in a rating downgrade. This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history. 2 13 September 2019 CECONOMY AG: Update to credit analysis MOODY'S INVESTORS SERVICE CORPORATES Key indicators Exhibit 2 Key indicators Ceconomy AG 9/30/2015 9/30/2016 9/30/2017 9/30/2018 6/30/2019(L) 12-to-18 month view Revenue (EUR Million) 21,738 21,870 21,605 21,418 21,412 21,400 - 21,600 EBIT / Interest Expense 2.2x 2.8x 3.1x 2.9x 2.3x 2.5x - 3.0x RCF / Net Debt 25.8% 26.0% 23.2% 24.6% 27.3% 25% - 35% Debt / EBITDA 3.6x 3.0x 3.4x 3.2x 3.5x 3.2x - 3.7x All ratios are based on 'Adjusted' financial data and incorporate Moody's Global Standard Adjustments for Non-Financial Corporations This represents Moody's forward view, not the view of the issuer, and unless noted in the text, does not incorporate significant acquisitions and divestitures. Source: Moody's Financial Metrics™ Profile Headquartered in Düsseldorf, Germany, Ceconomy is Europe's largest consumer electronics retailer, operating two brands: Media-Markt and Saturn. The company generated revenue of €21.4 billion in the last 12 months ended 30 June 2019, is listed on the Frankfurt Stock Exchange and has a current market capitalisation of around €1.6 billion. The company has four anchor shareholders: Haniel, Meridian Stiftung, Beisheim and, since summer 2018, freenet AG. In aggregate, these shareholders own around 53% of Ceconomy’s voting shares. The company was created by the demerger of the former METRO Group, whose shareholders agreed in June 2017 to split the operations between Ceconomy and Metro Wholesale & Food Specialist. The latter covers the wholesale and retail food operations and was renamed Metro AG. As part of the demerger agreement, Ceconomy retained a 10% stake in Metro AG, of which 9% were sold to EP Global Commerce in September 2018 and June 2019 while 1% will be held, for tax reasons, until at least September 2023. Ceconomy owns a 24.33% stake in French consumer electronics retailer FNAC DARTY SA. Ceconomy includes its proportion of FNAC DARTY SA's earnings in its reported EBITDA and EBIT. However, in accordance with our standard practices, we remove this income out of Moody's-adjusted calculations of profitability and relevant credit metrics. Exhibit 3 Exhibit 4 Diversified revenue and earnings in Europe... … but with some concentration in Germany Revenue breakdown for the 12 months ended 30 June 2019 Breakdown of EBITDA before special items for the 12 months ended 30 June 2019 Eastern Europe Eastern Europe 7% 6% Western & Southern Europe Western & 29% Southern Europe 33% Germany, Germany, Austria, Austria, Switzerland, Switzerland, Hungary Hungary 60% 65% Excluding segment ”Other” Excluding segment ”Other”. Source: Ceconomy's quarterly statements, 2018 annual accounts Sources: Ceconomy's quarterly statements, 2018 annual accounts 3 13 September 2019 CECONOMY AG: Update to credit analysis MOODY'S INVESTORS SERVICE CORPORATES Detailed credit considerations Weak metrics for the rating category, but earnings should improve over the next 18 months owing to new management's transformation programme Ceconomy is currently weakly positioned in its rating category, as reflected in the negative outlook assigned in October 2018, following several profit warnings and some uncertainty over its earnings recovery prospects. Since then, the company has embarked on an ambitious transformation programme (called Reorganization & Efficiency Program), announced by the new management team in April 2019. The plan includes some short-term restructuring initiatives which aim to reduce the complexity of Ceconomy’s decentralised model and reduce its cost structure. The company targets annual run-rate savings of €110 million-€130 million, with a full year impact from fiscal 2020. The company aims to reorganize its central functions and optimize its portfolio of operating entities. The implementation of this restructuring programme will translate into cash costs of around €200 million, which will be fully expensed this year, but with a cash impact split between this year and the next. While these costs will weigh significantly on the company's reported earnings in 2019, in line with our accounting practices, we do not consider these restructuring costs as exceptional items, and as a result, credit metrics will deteriorate materially in fiscal 2019. Over the longer-term, the plan also strives to accelerate the shift towards online sales and improve its supply chain efficiency towards a more customer-focused approach. Exhibit 5 We expect earnings to reach a low point in fiscal 2019, but restructuring initiatives should support profit recovery from 2020 EBIT as reported by the company, excluding FNAC DARTY SA's contribution Reported EBIT Restructuring charges Savings EBIT margin % (RHS) 600 2.5% 500 400 2.0% 300 1.5% 200 100 1.0% In In euro millions 0 -100 0.5% -200 -300 0.0% FY2017 FY2018 LTM June-19 FY2019E FY2020E Fiscal 2017 excludes Russia. Sources: Moody's Investors Service, company's financial reports While this major transformation programme seems well on track today, as illustrated by the recent agreement with workers council, we believe the overall program still present some execution risks, and as such, there is downside risk to our base case for the 2019-20 period.
Load more

Recommended publications
  • Capital Markets Day 2016 Disclaimer and Notes
    Capital Markets Day 2016 Disclaimer and Notes By accessing this presentation you agree to the following restrictions: This document and the presentation to which is relates is intended for information only, does not constitute a prospectus or similar document and should not be treated as investment advice. It is not intended and should not be construed as an offer for sale, or as a solicitation of an offer to purchase or subscribe to, any securities in any jurisdiction. Neither this presentation nor anything contained therein shall form the basis of, or be relied upon in connection with, any commitment or contract whatsoever. This presentation may not, at any time, be reproduced, distributed or published (in whole or in part) without prior written consent of CECONOMY AG (“CECONOMY”). Historical financial or operative information contained in this presentation, if not taken or derived from our accounting records or our management reporting or unless otherwise stated, is taken or derived from the unaudited combined financial statements of CECONOMY for the respective period and not from the consolidated financial statements of the METRO Group. The combined financial statements of CECONOMY have not been audited and may also deviate substantially from (segmental or other) information in the consolidated financial statements of the METRO Group and, thus, may not be fully comparable to such financial statements. In addition, the historical financial and operative information included in this presentation does not necessarily fully reflect changes that will occur when we, the prospective CECONOMY business, operate as a separate company. Accordingly, such information is not necessarily indicative for the future consolidated results of operations, financial position or cash flows of the prospective CECONOMY business on a stand-alone basis.
    [Show full text]
  • An N U Al R Ep O R T 2018 Annual Report
    ANNUAL REPORT 2018 ANNUAL REPORT The Annual Report in English is a translation of the French Document de référence provided for information purposes. This translation is qualified in its entirety by reference to the Document de référence. The Annual Report is available on the Company’s website www.vivendi.com II –— VIVENDI –— ANNUAL REPORT 2018 –— –— VIVENDI –— ANNUAL REPORT 2018 –— 01 Content QUESTIONS FOR YANNICK BOLLORÉ AND ARNAUD DE PUYFONTAINE 02 PROFILE OF THE GROUP — STRATEGY AND VALUE CREATION — BUSINESSES, FINANCIAL COMMUNICATION, TAX POLICY AND REGULATORY ENVIRONMENT — NON-FINANCIAL PERFORMANCE 04 1. Profile of the Group 06 1 2. Strategy and Value Creation 12 3. Businesses – Financial Communication – Tax Policy and Regulatory Environment 24 4. Non-financial Performance 48 RISK FACTORS — INTERNAL CONTROL AND RISK MANAGEMENT — COMPLIANCE POLICY 96 1. Risk Factors 98 2. Internal Control and Risk Management 102 2 3. Compliance Policy 108 CORPORATE GOVERNANCE OF VIVENDI — COMPENSATION OF CORPORATE OFFICERS OF VIVENDI — GENERAL INFORMATION ABOUT THE COMPANY 112 1. Corporate Governance of Vivendi 114 2. Compensation of Corporate Officers of Vivendi 150 3 3. General Information about the Company 184 FINANCIAL REPORT — STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS — CONSOLIDATED FINANCIAL STATEMENTS — STATUTORY AUDITORS’ REPORT ON THE FINANCIAL STATEMENTS — STATUTORY FINANCIAL STATEMENTS 196 Key Consolidated Financial Data for the last five years 198 4 I – 2018 Financial Report 199 II – Appendix to the Financial Report 222 III – Audited Consolidated Financial Statements for the year ended December 31, 2018 223 IV – 2018 Statutory Financial Statements 319 RECENT EVENTS — OUTLOOK 358 1. Recent Events 360 5 2. Outlook 361 RESPONSIBILITY FOR AUDITING THE FINANCIAL STATEMENTS 362 1.
    [Show full text]
  • Rubric 5-13, Paragraph 2(B)
    CBUS.0002.0001.0065 Rubric 5-13, Paragraph 2(b) Table A: Shareholding of United Super in Unlisted Entities Shareholdings Number of shares held NSW Ports Pty Limited 545 (5%) Concession Investment Holding LLC 2.9 (3%) Utilities of Australia Pty Ltd 1 (2%) ISPT Pty Ltd 1 (4%) Frontier Advisors Pty Ltd 124 (31%) Industry Super Holdings Pty Ltd 150,941,198 (18%) Members Equity Bank Pty Ltd 2,085,878 (19%) CBUS.0002.0001.0066 2 Table B: Shareholding of United Super in Listed Entities as at 31 May 2018 Holdings Inst. Type SEOOL Asset Name Holdings Date 31/05/2018 Equity Security 6215035 COMMONWEALTH BANK OF AUSTRAUA 8,861,462 31/05/2018 Equity Security 6144690 BHP BIL UTON LTD 17,897,041 31/05/2018 Equity Security 6076146 WESTPAC BANKING CORP 19,557,658 31/05/2018 Equity Security 6065586 AUSTRAUA & NEW ZEALAND BANKING GRP LTD 16,273,481 31/05/2018 Equity Security 6185495 CSL LTD 2,364,963 31/05/2018 Equity Security B28YTC2 MACQUARIE GROUP LTD 2,975,477 31/05/2018 Equity Security 6624608 NATIONALAUSTRAUA BAN K LTD 12,088,937 31/05/2018 Equity Security 6981239 WOOLWORTHS GROUP LTD 8,970,427 31/05/2018 Equity Security 6979728 WOODSIDE PETROLEUM LTD 7,288,335 31/05/2018 Equity Security 6214861 ORIGIN ENERGY LTD 22,887,663 31/05/2018 Equity Security 6220103 RIO TINTO LIMITED 2,610,105 31/05/2018 Equity Security 6948836 WESFARMERS LTD 4,532,369 31/05/2018 Equity Security 2000019 AMAZON .COM INC 84,107 31/05/2018 Equity Security B7TL820 FACEBOOK INC 631,954 31/05/2018 Equity Security B61JC67 TREASURY WINE ESTATES LTD 9,220,720 31/05/2018 Equity Security
    [Show full text]
  • Wilmington Funds Holdings Template DRAFT
    Wilmington Global Alpha Equities Fund as of 5/31/2021 (Portfolio composition is subject to change) ISSUER NAME % OF ASSETS USD/CAD FWD 20210616 00050 3.16% DREYFUS GOVT CASH MGMT-I 2.91% MORGAN STANLEY FUTURE USD SECURED - TOTAL EQUITY 2.81% USD/EUR FWD 20210616 00050 1.69% MICROSOFT CORP 1.62% USD/GBP FWD 20210616 49 1.40% USD/JPY FWD 20210616 00050 1.34% APPLE INC 1.25% AMAZON.COM INC 1.20% ALPHABET INC 1.03% CANADIAN NATIONAL RAILWAY CO 0.99% AIA GROUP LTD 0.98% NOVARTIS AG 0.98% TENCENT HOLDINGS LTD 0.91% INTACT FINANCIAL CORP 0.91% CHARLES SCHWAB CORP/THE 0.91% FACEBOOK INC 0.84% FORTIVE CORP 0.81% BRENNTAG SE 0.77% COPART INC 0.75% CONSTELLATION SOFTWARE INC/CANADA 0.70% UNITEDHEALTH GROUP INC 0.70% AXA SA 0.63% FIDELITY NATIONAL INFORMATION SERVICES INC 0.63% BERKSHIRE HATHAWAY INC 0.62% PFIZER INC 0.62% TOTAL SE 0.61% MEDICAL PROPERTIES TRUST INC 0.61% VINCI SA 0.60% COMPASS GROUP PLC 0.60% KDDI CORP 0.60% BAE SYSTEMS PLC 0.57% MOTOROLA SOLUTIONS INC 0.57% NATIONAL GRID PLC 0.56% PUBLIC STORAGE 0.56% NVR INC 0.53% AMERICAN TOWER CORP 0.53% MEDTRONIC PLC 0.51% PROGRESSIVE CORP/THE 0.50% DANAHER CORP 0.50% MARKEL CORP 0.49% JOHNSON & JOHNSON 0.48% BUREAU VERITAS SA 0.48% NESTLE SA 0.47% MARSH & MCLENNAN COS INC 0.46% ALIBABA GROUP HOLDING LTD 0.45% LOCKHEED MARTIN CORP 0.45% ALPHABET INC 0.44% MERCK & CO INC 0.43% CINTAS CORP 0.42% EXPEDITORS INTERNATIONAL OF WASHINGTON INC 0.41% MCDONALD'S CORP 0.41% RIO TINTO PLC 0.41% IDEX CORP 0.40% DIAGEO PLC 0.40% LENNOX INTERNATIONAL INC 0.40% PNC FINANCIAL SERVICES GROUP INC/THE 0.40% ACCENTURE
    [Show full text]
  • Agenda Cultural Fnac Maig El Triangle
    canta al seu poble i busca la llum. Un àlbum concebut per tal de mostrar- Agenda Cultural EXPOSICIÓN se nua, sincera i compromesa amb TRIANGLE MAIG MAYO 2018 HASTA EL 31 DE MAYO el moment que viu. FLAMINGO TOURS “Lucha libre” Jueves 3 19:00h “ESTAMOS TODAS BIEN” Este nuevo álbum de Flamingo Tours De Ana Penyas. Premio tiene pocas concesiones a la inocen- Internacional Fnac-Salamandra cia, transitando por las venas profun- Graphic de Novela Gráfica y das del rock‘n’roll con cara de mujer, los pantanos del blues, el soul viejo, Premio Autor Revelación del DAVID OTERO la cocina tex-mex y un poquito de sa- Saló del Cómic de Barcelona. “1980” tanspell y de rhythm & blues. Raíces En palabras de Ana Penyas (Valencia, Dimarts 22 19:00h americanas, amor hillbilly, desiertos de 1987): “En ningún momento de los tres El nuevo álbum de David Otero no solo Nuevo Mejico y las fronteras de la piel. años que me ha llevado este proyecto ha viajado en el tiempo sino que tam- pensé que iba a exponer los originales. bién en el espacio. Nació en Portugal, “MANHATTAN” Lo que sí que he tenido tiempo de pensar creció en Marruecos y fue grabado De Diego Ojeda es en todo lo que me ha aportado: sentir a caballo entre Madrid y Barcelona. Jueves 24 19:00h el pasado, empatizar con mis abuelas, Mezclado en Toronto por Gabe Ga- Hace más de un año, el cantautor y poeta canario, precursor del movimiento poético actual, empezó a trabajar comprender su mundo, etc.
    [Show full text]
  • ESG Viewpoint
    Responsible Investment Solutions ESG Viewpoint Living wage in the retail sector February 2021 2020 update As retailers dealt with the devastating consequences of Covid-19, from widespread furloughing and redundancies to employee safety concerns, the case for improved employee benefits continued to grow momentum. Tim Bonds Tenisha Elliott We broadened engagements with our Living Wage focus companies Associate, Senior Associate, to understand how they were operating through the pandemic, with Responsible Responsible a particular focus on employee welfare. Investment Investment While we saw many instants of positive change, such as temporary wage increases and one-time bonuses, we continue to encourage companies to make these changes permanent. During the year ahead, as well as engaging on wages and improved disclosure thereof, we will look to expand into topics such as freedom of association and collective bargaining. Nina Roth Director, Responsible Investment Responsible Investment Solutions Page 2 Overview 2020 was a catastrophic year for many retailers as Despite differing economic fortunes, one common Covid-19 restrictions tightened in a bid to temper the theme rose to the fore across all sectors during spread of the virus. However, the knock-on effects felt 2020: labour standards and particularly the duty by the retail sector were not uniform. Essential shops of care/responsibility that every company has remained open, with food retailers even recording a to its workforce. We have long believed that boost in revenue, while the rest of the high-street felt strong labour standards can positively impact the brunt of an economic downturn as non-essential corporate performance: enhanced employee shops were forced to shut.
    [Show full text]
  • Global Powers of Retailing 2019 Contents
    Global Powers of Retailing 2019 Contents Top 250 quick statistics 4 Global economic outlook 5 Top 10 highlights 8 Global Powers of Retailing Top 250 11 Geographic analysis 19 Product sector analysis 23 New entrants 27 Fastest 50 30 Study methodology and data sources 35 Endnotes 39 Contacts 41 Welcome to the 22nd edition of Global Powers of Retailing. The report identifies the 250 largest retailers around the world based on publicly available data for FY2017 (fiscal years ended through June 2018), and analyzes their performance across geographies and product sectors. It also provides a global economic outlook, looks at the 50 fastest-growing retailers, and highlights new entrants to the Top 250. Top 250 quick statistics, FY2017 Minimum retail US$4.53 US$18.1 revenue required to be trillion billion among Top 250 Aggregate Average size US$3.7 retail revenue of Top 250 of Top 250 (retail revenue) billion 5-year retail Composite 5.7% revenue growth net profit margin 5.0% Composite (CAGR from Composite year-over-year retail FY2012-201 2.3% return on assets revenue growth 3.3% Top 250 retailers with foreign 23.6% 10 operations Share of Top 250 Average number aggregate retail revenue of countries where 65.6% from foreign companies have operations retail operations Source: Deloitte Touche Tohmatsu Limited. Global Powers of Retailing 2019. Analysis of financial performance and operations for fiscal years ended through June 2018 using company annual reports, Supermarket News, Forbes America’s largest private companies and other sources. 4 Global economic outlook 5 Global Powers of Retailing 2019 | Global economic outlook The global economy is currently at a turning point.
    [Show full text]
  • Summary of Investments by Type
    COMMON INVESTMENT FUNDS Schedule of Investments September 30, 2017 SUMMARY OF INVESTMENTS BY TYPE Cost Market Value Fixed Income Investments $ $ Short-term investments 27,855,310 27,855,310 Bonds 173,219,241 174,637,768 Mortgage-backed securities 29,167,382 28,915,537 Emerging markets debt 9,619,817 11,462,971 Bank loans - high income fund 23,871,833 23,908,105 Total Fixed Income Investments 263,733,583 266,779,691 Equity-Type Investments Mutual funds Domestic 9,284,694 13,089,028 International 18,849,681 21,226,647 Common stocks Domestic 149,981,978 192,057,988 International 225,506,795 259,856,181 Total Equity-Type Investments 403,623,148 486,229,844 Alternative Investments Funds of hedge funds 38,264,990 46,646,700 Real estate trust fund 6,945,440 10,204,969 Total Alternatives Investments 45,210,430 56,851,669 TOTAL INVESTMENTS 712,567,160 809,861,204 Page 1 of 34 COMMON INVESTMENT FUNDS Schedule of Investments September 30, 2017 SUMMARY OF INVESTMENTS BY FUND Cost Market Value Fixed Income Fund $ $ Short-term investments 6,967,313 6,967,313 Bonds 140,024,544 141,525,710 Mortgage-backed securities 27,878,101 27,642,277 Emerging markets debt 9,619,817 11,462,971 Bank loans - high income fund 23,871,833 23,908,105 208,361,608 211,506,377 Domestic Core Equity Fund Short-term investments 4,856,385 4,856,385 Common stocks 131,222,585 167,989,561 Futures - 19,895 Private placement 4,150 4,150 136,083,120 172,869,991 Small Cap Equity Fund Short-term investments 2,123,629 2,123,629 Mutual funds 9,284,694 13,089,028 Common stocks 18,755,243
    [Show full text]
  • FEAT Guide Round 3
    Stop Touting A Guide to Personalised Tickets in Europe Contents 1. Introduction 2. Foreword 3. Step by step guide to personalising tickets 4. Individual country overview 5. Further resources 6. About FEAT Welcome If you think secondary ticketing isn’t a problem, you’d be wrong. The market was valued at €1.66bn in 2020 for Europe despite Covid, and is predicted to grow to €2.29bn by 2023 (Intellectual Research Partners). This is money drained from the live business, negatively impacting future Navigating the rules and customs of Europe can be a mineeld, especially ticket sales, bar revenues and the sale of merchandise. It also aects your when it comes to secondary ticketing. But if you scratch the surface, you’ll reputation and the trust that fans put in you, and ultimately the artist nd that it takes just a few steps and some teamwork to make sure that they’ve tried desperately to see. your tickets end up in the hands of real fans and not touts. By following the easy steps outlined in this guide, we hope to make it That’s where this guide comes in. easier to understand the landscape across Europe and how to protect your inventory, and fans, from touts. “Stop Touting: A Guide to Personalised Tickets in Europe" outlines some easy steps that you can take minimise scalping and build a fair and reliable This guide is intended as purely a summary to show that personalisation resale system for your shows. can be done successfully, without putting your neck on the line or needing a degree in ticket resale.
    [Show full text]
  • Full Instruments List
    Full Instruments List FOREX INDICES COMMODITIES CRYPTOCURRENCIES CASH INDICES SHARES & ETF's xopenhub.pro X Open Hub Sp. z o.o., a Polish limited liability company, organized and existing under the law of Poland whose registered office is at ul. Ogrodowa 58, 00- 876 Warsaw, entered into the register of entrepreneurs conducted by the District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under registration number KRS: 0000454027, REGON: 146583356, Tax Identification Number (NIP) 5272691601, with a fully paid up share capital in the amount of PLN 5.000,00. Instrument Full Instruments List for XOH Trader Below you will find a full list of instruments offered by X Open Hub Ltd. Please note that the figures below are purely for information purposes. If you have any questions, please contact us at [email protected] or phone: +44 (0) 20 3695 3088. Contents: 1. Forex 2. Indices 3. Commodities 4. Cryptocurrencies (on demand) 5. Cash Indices (on demand) 6. Others: XAUTRY, GAUTRY, USDSGD (on demand) 7. Equity CFDs: Belgium Czech Republic Denmark Finland France Germany Italy Netherlands Norway Poland Portugal Spain Sweden Switzerland UK UK Int US 8. ETF CFDs: EU US Instrument List (Basic, Standard, Pro) FOREX Minimum Instrument Nominal value of Size of one quotation Trading hours Instrument name Reference source symbol the lot pip step (in (CET) points) 24h from Sunday Australian Dollar to Interbank market price AUD 100 000 0,0001 0,00001 11:00pm to Friday AUDCAD Canadian Dollar from top-tier banks 10:00
    [Show full text]
  • How a Dinosaur Transformed Into an E-Commerce Giant the Digital
    The Digital Transformation of the Otto Group Casimir v. Borcke 152118365 How a Dinosaur transformed into an E-Commerce Giant The Digital Transformation of the Otto Group Casimir von Borcke 152118365 Dissertation written under the supervision of André Pinho Dissertation submitted in partial fulfilment of requirements for the MSc in Management, at the Universidade Católica Portuguesa, 04.01.2020. The Digital Transformation of the Otto Group Casimir v. Borcke 152118365 Acknowledgements This dissertation was written under the supervision of Professor André Pinho. I would like to thank him very much for his continuous and inspiring support. If he had not questioned my thoughts and ideas over and over again, this dissertation would not have become as it is now. I would also like to thank my five interview partners very much. Without the interesting insights I gained from Ingo Bertram, Holger Schneider, Nils Niercke, Tobias Krüger, and Andreas Frenkler, I would not have been able to formulate the teaching case on such well- founded information. Furthermore, I would like to express my sincere thanks to the Etzdorf Foundation and the Glinz Foundation for the support and scholarships I have received. These scholarships enabled me to study for my master’s degree at the Católica Lisbon School of Business & Economics. I would also like to thank my parents very much, who have always supported me in my ideas and ambitions during my educational path. Without their unconditional support, I would have never been able to do an apprenticeship in Hongkong, study at Maastricht University and University Carlos III de Madrid during my bachelor’s degree, and ultimately graduate from Católica Lisbon.
    [Show full text]
  • Muse Confirmed As the First Headline Group for the Nos Alive'15 Concert
    PRESS RELEASE 11 / 11 / 2014 MUSE CONFIRMED AS THE FIRST HEADLINE GROUP FOR THE NOS ALIVE’15 CONCERT LINE UP Muse is the first headline group confirmed for NOS Alive’15. The British group, considered to be one of the biggest rock bands at the moment and known for its impressive productions and live performances, will perform on the NOS stage on the 9 th of July. The band, made up by Matthew Bellamy (voice, guitar and piano), Christopher Wolstenholme (bass, voice and keyboard) and Dominic Howard (drums and percussion), have already published six albums of original songs, selling more than 20 million copies across the world. The group is currently working in the studio preparing their seventh LP whose launch is planned for 2015. Throughout their career, Muse has won numerous prizes, among which five “MTV Europe Music Awards”, six “NME Awards” and six “Q Awards”. They were also considered twice as the "Best British Live Act" at the Brit Awards, and were also nominated for five “Grammy Awards”, where they won “Best Rock Album”, with the disc “The Resistance”. The group began its last tour, presenting its sixth disc of original songs, in October 2012, performing for more than two million fans. Portugal was one of the countries visited with a single concert in the “Estádio do Dragão” (FC Porto’s football stadium). Confirmed artists: alt-J, Muse. Direção de Comunicação Corporativa & Sustentabilidade PRESS LINK Edifício Campo Grande, João Pinho Rua Ator António Silva, 9, Piso 6, Lisboa [email protected] T 217 824 700 | comunicaçã[email protected]
    [Show full text]