CTS Eventim losses just €17.7m in 2020
The German ticketing and promotion giant is weathering the coronavirus crisis better than most, losing under €2m a month in Qs 1–3
News By IQ | 19 November 2020
Thanks to insurance compensation, the introduction of ticket vouchers in key markets and tens of millions of euros’ worth of cost cutting, CTS Eventim has lost just €17.7 million this year, the company’s latest financial figures reveal.
The Munich-based, pan-European live entertainment giant released its fiscal results for the first nine months of 2020 today (19 November), with the headline figure a 79% decline in turnover, to €228.7m, in financial quarters one to three.
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However, showing earnings before interest, taxes, depreciation and amortisation (ebitda) at a modest -€17.7m – and assets of nearly €800m in cash and cash equivalents – the report illustrates the relative strength of CTS Eventim’s financial position as the business heads into an uncertain winter.
Commenting on the figures, CTS Eventim CEO Klaus-Peter Schulenberg…
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