The impact was particularly noticeable in the larger and lower-margin ticketing segment: Despite the cost-cutting measures that were initiated and the issue of vouchers instead of reimbursements, an EBITDA loss of EUR 3.3 million was incurred. Sales slumped 40% to EUR 108.6 million.
CEO Klaus-Peter Schulenberg, who had already cashed in the outlook for 2020, referred to the good liquidity situation of the Hamburgers. But March alone reduced equity by EUR 106 million to EUR 684.5 million; the equity ratio deteriorated by 3.4 percentage points to a still solid 38.2%. The cancellation of the dividend announced at the beginning of May, which would have cost the group a good EUR 66 million according to our calculations at EUR 0.69 per share (EUR 33.00; DE0005470306), helped.
The status as king of dividends has now moved far, after the ticket and concert organizer previously increased the payout eleven times in a row. In addition, the securely believed dividend yield of 2.1% is just as passé for investors as the previously attractive valuation. We expect profits to plummet in 2020, but we also expect a fairly high P / E ratio of 30 in 2021.
The time to return to CTS Eventim is not yet ripe. We are watching the title for now.
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