Eventim Keeps Shareholders Sweet
Whatever problems Bremen-based CTS Eventim has with Live Nation in the US and Europe, it’s certainly keeping its shareholders sweet by dishing out its biggest dividends since the company went public in February 2000.
The euro 19.9 million ($26.9 million) handout comes on the back of a year that saw the international ticket company pull in record-breaking revenues of euro 446.7 million ($604 million) and a record-breaking pre-tax (EBIT) profit of euro 71.3 million ($96.4 million). The dividend is expected to be ratified at a board meeting May 12.
As Eventim chief exec Klaus-Peter Schulenberg owns just more than half of the company, he should be due a dividend payment of close to euro 10 million – about 83 euro cents (or $1.12) for each of his roughly 12 million shares.
He’s also had the little extra bonus of seeing the value of his stock rise 1.53 percent. News of the dividend came March 31 and within a matter of hours Eventim shares edged above the euro 38 mark on the Frankfurt exchange.
In the six months since Eventim first got embroiled in a fight with Live Nation over the US-based international promoter’s planned merger with Ticketmaster, its share price has risen by nearly 20 percent (euro 7/ $9.5).
The company predicts 2010 will bring further growth, although several Live Nation UK execs may question Eventim’s claim to have “successfully launched” its British operation in February.