Highlights second quarter 2020

Q2 Revenue declined by 4% to 15,253 tEUR (Q2 2019: 15,834 tEUR). Organic revenue decline was 24%. The development was impacted by the complete halt of all major sports events from mid-March through April and May before a gradual re-start late May and in June. Positive revenue growth returned in June with 20% growth, of which 7% was organic, even though some major markets, like the US and LATAM, were still affected by sports closedowns.

Q2 EBITA before special items declined 7% to 6,305 tEUR (Q2 2019: 6,789 tEUR). The EBITA-margin before special items was 41%. The EBITA-margin remained in line with the financial target as the cost base was lowered significantly following the cost reduction program implemented from April 1, which reduced the cost base in Q2 2020 by approximately 3 mEUR compared to Q1 2020.

Cash Flow from operations before special items was 10,363 tEUR (Q2 2019: 6,601 tEUR), an increase of 57%. The cash conversion was 154%. End of Q2, capital reserves stood at 65.1 mEUR consisting of cash of 19.5 mEUR and unused bank credit facilities of 45.7 mEUR.