2011 GROUPINTERIMREPORTASAT31.MARCH

2

CONTENT

1. 03 KEYGROUPFIGURES

2. 04 FOREWORDBYTHEMANAGEMENTBOARD

3. 06 CTSSHARES

4. 08 INTERIMMANAGEMENTREPORTFORTHEGROUP

5. 17 INTERIMCONSOLIDATEDFINANCIALSTATEMENTSASAT31MARCH2011 17 Consolidatedbalancesheet 19 Consolidatedincomestatement 20 Consolidatedstatementofcomprehensiveincome 21 Consolidatedcashflowstatement(short-form) 22 Consolidatedstatementofchangesinshareholders’equity 23 Selectednotestotheconsolidatedfinancialstatements

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1Cf.page9foradetailedstatementofnon-recurringitems2Purchase price allocation of Ticketcorner Holding AG und See Tickets Germany GmbH;cf.AnnualReport2010page25“CorporateManagement”forfurtherinformation

3Numberofshares:24million4Numberofemployeesatendofyear(activeworkforce)

01.01.2011 - 31.03.2011

01.01.2010- 31.03.2010

Change

EUR‘000 EUR‘000 [in %]

Revenue 101,030 127,846 -21.0%EBITDA 20,164 25,080 -19.6%EBIT 14,458 22,665 -36.2%

NormalisedEBITDA 23,554 25,600 -8.0%NormalisedEBITbeforeamortisationresultingfrompurchasepriceallocation 20,695 23,422 -11.6%NormalisedEBITDAmargin 23,3% 20,0% 3.3ppNormalisedEBITmarginbeforeamortisationresultingfrompurchasepriceallocation 20,5% 18,3% 2.2ppNon-recurringitems1 3,390 520 551.9%Amortisationresultingfrompurchasepriceallocation2 2,847 237 1101.3%

Earningsbeforetax(EBT) 14,071 22,852 -38.4%Netincomeafterminorityinterest 8,448 12,151 -30.5%Cashflow 14,247 18,039 -21.0%

[EUR] [EUR]

Earningspershare3,undiluted(=diluted) 0.35 0.51

[Qty.] [Qty.]

Numberofemployees4 1,428 1,169Ofwhichtemporary (136) (133)

KEYGROUPFIGURES1.

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LadiesandGentlemen,

In the period under review (1 January to 31March2011),CTSEVENTIMAG reinforcedandextendeditspositionasEurope’sleadingticketingcompany.Newmarketsharesarebeingcontinu-ouslyaddedbymakingsmartacquisitions.Revenue in theTicketingsegment rosesubstantially,partlyduetoafurtherincreaseinhigh-marginticketsalesviatheInternet.Thefactorsthathavemadeussosuccessfulovertheyearsarediversification,creativity,commitmentandinnovation.

To understand our success in the ticketing field, all one needs to do is attend a pop or classical music concert, or a cultural or sports event.AlookatthescheduleofeventsforthemonthofMayalonedeliversproofoftheenormousrangeofeventsweoffer:HerbertGrönemeyerisputtinginthegraftonhisnew‘Schiffsverkehr’tour,ShakiraisdrivingaudiencescrazyinMannheimandMönchengladbach,theBlackEyedPeasareplayingtheironeandonlyconcert inGermanyinDüsseldorf,Yusuf Islam (CatStevens) isbackonstageat lastafteranabsenceof35years,Goethe’sFaustisbeingperformedinSchauspielhausBochum,theDeutscheTheaterinBerlinisplayingBüchner’s‘Woyzeck’andtheGermanfootballleaguechampionsBorussiaDortmundplayedthelastmatchoftheseasonagainstFrankfurterEintracht–withticketsforalltheseeventscomingfromCTSEVENTIM.

Wehavealwaysdistributedthefruitsofourlabourstoourshareholders–theAnnualShareholdersMeetingon13May2011passedaresolutiontopayadividendofEUR0.87pershare,comparedtoEUR0.83pershareayearbefore.Inotherwords,thedividendpolicyoperatedtodateisbeingrigorouslycontinued.

The key financial figures for first-quarter performance in the Ticketing segment are good.Organicgrowth in thecoreEuropeanmarketsandanumberofsuccessfulacquisitions resultedinasubstantial35.9%year-on-yearincreaseinrevenuetoEUR54.8millionbeforeconsolidationbetweenthesegments.Operatingprofit intheTicketingsegmentistemporarilyreducedbywork-forcerestructuringcostsinrespectofSeeTicketsGermanyGmbH(acquiredin2010)andbylegalconsultancycostsrelatinginconnecetionwiththearbitrationproceedingsagainstLiveNation,butafteradjustmentforthesenon-recurringitems,thenormalisedEBITDAcametoEUR18.6million(+27.6%year-on-year).

TheTicketingsegmentprofitedaboveallfromhigh-marginticketsalesviatheInternet.Around4.8millionticketsweresoldonlineinthereportingperiod,ayear-on-yearincreaseofaround24%.Inthefirstthreemonthsoftheyear,theGroup’sonlineportalsloggedaround106millionvisitors–yetanotherrecord.

The Live Entertainment segment, incontrast,wasunabletobeat therecordset thepreviousyear,alsoduetothescheduledreductioninrevenuefollowingthedeconsolidationoftheFKPScor-pioGroupsince1July2010,andrecordedadeclineinrevenueandEBITDA.Themainreasonsfortheunusualsuccessofthesegmentlastyearwerethelargenumberofhighlysuccessfultoursandevents.First-quarterrevenueintheLiveEntertainmentsegmentwasEUR48.2million(Q1/2010:EUR89.1million; -45.9%), lower than the average revenue rangeestablished in recent years.EBITDAcameinatEUR4.9million(Q1/2010:EUR11.0million,-55.3%).

FOREWORDBYTHEMANAGEMENTBOARD

Klaus-PeterSchulenbergChiefExecutiveOfficer

2.

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European expansion still has high priority–Iwouldliketopointoutinthisregardthat,attheendofMarchthisyear,theFederalCartelOfficefinallydroppedthedecartelisationproceedingsiniti-atedagainstCTSEVENTIMAGinAugust2010.Insaidproceedings,theCartelOfficeconductedaretrospectivereviewtodeterminewhethertheremightbeanyobligationundermergercontrolregu-lationstonotifytheOfficeofthetakeoverofSeeTicketsGermanyGmbHinJuly2010.Initsdecisiontodropthecase,theFederalCartelOfficeexplicitlyestablishedthattheconditionsfordecartelisa-tionarenotmet.Thismeansthereisnothingstandinginthewayofimplementingthemergeronapermanentbasis–whichisexcellentnewsforourcompany.Intheyearsahead,wewillcontinuetomakesystematicacquisitionswhereveritmakessensefortheGrouptodoso.

I also want to highlight our successful partnerships in the sports field, which were consist-ently expanded during the reporting period.TheproductsmarketedbyCTSEVENTIMSportsGmbHarealreadybeingusedbymorethan80clubsandassociationsinmorethan20differentdisciplines.ThelatestadditionistheSCFreiburgfootballclub,whichhasjustconcludedamultiyearcontracttousetheCTSsystems.IntheGermanfirst-divisionfootballleague,almosttwo-thirdsoftheclubsnowuseCTSEVENTIMproductsandservices.HockenheimGmbHhasalsoreneweditspartnershipwithourcompany–whichshowsthatpromotersofworld-classsportseventshaveconfidenceintheefficiencyofourinnovativeproducts.

Spectator figures for the ‘Waldbühne Berlin’ are also very encouraging:followingthetakeo-verbyCTSEVENTIMAGinearly2009,Europa’smostbeautifulopen-airarenahasregaineditspreviousstrengthasavenue.Recordticketsalesareexpectedforthe2011summerseason.Thisyear’sprogrammecontainsnofewerthan15majorevents,includingKingsofLeon,PeterMaffayandJoeCocker, tonamejust three.Asearlyasthe2010summerseason, the ‘Waldbühne’pre-sentedworld-renownedstarssuchasPink,PrinceandLeonardCohen.Morethan115,000visitorswereabletoexperiencetheuniqueatmosphereofthisfamousBerlinarena.

You, the shareholders andpotential shareholders inCTSEVENTIMAG,arewarmly invited toaccompanytheGroupasitcontinuestoimplementitssuccessfulgrowthstrategy.

Yourssincerely,

Klaus-PeterSchulenbergChiefExecutiveOfficer

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CTSEVENTIMAGsharesshowedhorizontalpricemovementparalleltotheSDAXindexduringthe reportingperiod (1January–31March2011).At theendof the reportingperiod, thesharepricerosesharplyfollowingannouncementofthefiguresfor2010andadividendofEUR0,87pershare–thehighestdividendsincetheIPOelevenyearsago.CTSshareshavesubsequentlyout-performedtheSDAXindex.AttheendofApril,sharesreachedanall-timehighofjustunderEUR51.AnalystsatHSBCrecentlyraisedtheirpricetargettoEUR55.InaresearchreportontheInternet/eCommerceindustry,HSBCassessesthebusinesspotentialofCTSEVENTIMasverypositiveandrecommendsthesharewithan‘Overweight’rating.

CTSshareshavebeenfollowedbyvariousanalystsforsomeconsiderabletimealready:Analy-sesofCTSsharesareproducednotonlybytheDesignatedSponsors–ICFKursmaklerAGonbehalfofDZBankandCommerzbankAG–butalsobyBerenbergBank,CréditAgricoleCheuvreux,DeutscheBank,MacquarieSecuritiesGroup,BankofAmericaMerrillLynch,M.M.WarburgandNordLB.

CTSSHARES3.

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THECTSSHAREPRICE(01.01.2011TO20.05.2011–INDEXED)

Jan11 Apr11Mar11Feb11 May11

115%

110%

105%

90%

100%

95%

SDAX CTS

NUMBER OF SHARES HELD BY MEMBERS OF EXECUTIVE ORGANS AS AT 31 MARCH 2011:Number of

shares Share

[Qty.] [in %]

Members of the Management Board:Klaus-PeterSchulenberg(ChiefExecutiveOfficer) 12,016,000 50.067%VolkerBischoff 0 0.000%AlexanderRuoff 2,000 0.008%

Members of the Supervisory Board:EdmundHug(Chairman) 3,650 0.015%Prof.JobstW.Plog 650 0.003%Dr.BerndKundrum 0 0.000%

31.03.2011

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1. EARNINGSPERFORMANCE,FINANCIALPOSITIONANDCASHFLOW

EARNINGSPERFORMANCE

INTERIMMANAGEMENTREPORTFORTHEGROUP

4.

01.01.2011 - 31.03.2011

01.01.2010- 31.03.2010

Change

[EUR‘000] [EUR‘000] [EUR‘000] [in %]

Revenue 101,030 127,846 -26,816 -21.0%Grossprofit 37,804 37,069 735 2.0%EBITDA 20,164 25,080 -4,916 -19.6%EBIT 14,458 22,665 -8,207 -36.2%

Non-recurring items:

Acquisitions/Workforcerestructuring 775 520 255 49.0%LegalconsultancycostinconnectionwiththearbitrationproceedingsagainstLiveNation 2,615 0 2,615 –

3,390 520 2,870 551.9%

Amortisation resulting from purchase price allocation 1 2,847 237 2,610 1101.3%

NormalisedEBITDA 23,554 25,600 -2,046 -8.0%NormalisedEBITbeforeamortisationresultingfrompurchasepriceallocation 20,695 23,422 -2,727 -11.6%

1PurchasepriceallocationofTicketcornerHoldingAGundSeeTicketsGermanyGmbH;cf.AnnualReport2010page25“CorporateManagement”forfurtherinformation

REVENUE

TheCTSGroupgeneratedEUR101.030millioninrevenueintheperiodunderreview,comparedtoEUR127.846million inQ1/2010 (-21%).Revenue (before consolidationbetween segments)breaksdownintoEUR54.773millionintheTicketingsegment(Q1/2010:EUR40.298million)andEUR48.228millionintheLiveEntertainmentsegment(Q1/2010:EUR89.062million).

IntheTicketingsegment,organicgrowthinthecoreEuropeanmarketsandanumberofsuccess-fulacquisitionsresultedinasubstantialincreaseinrevenueinthefirstthreemonthsof2011.Therevenuegeneratedbythecompaniesnewlyacquiredin2010over-compensatedfortherevenueshortfallcausedbytheterminationofthepartnershipbyLiveNationinJune2010.Revenueinthissegmentrose36%fromEUR40.298milliontoEUR54.773million.Theshareofrevenuegeneratedbyforeigncompaniesdecreasedinthe2011reportingperiodto39%(Q1/2010:45%)asexpectedduetothelackofrevenuefromtheLiveNationpartnership,andtoadditionalrevenueresultingfromtheacquisitionofSeeTicketsGermanyGmbH/TicketOnlineGroupinGermany.

Asat31March2011,106millionmusicandeventfansvisitedtheGroup’sInternetportals,buy-ingaround4.8millionticketsintotal(Q1/2010:3.9million).ThisequatestopercentagegrowthinInternetticketingofaround24%.

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Asexpected,revenuesintheLiveEntertainmentsegmentwerelower,atEUR48.228million,thanthe recordEUR89.062million achieved inQ1/2010 (-46%).Revenue inQ1/2010wasboostedbyalargenumberofunusuallysuccessfultoursandevents,suchastheDepecheModetour,the‘Dinosaurs–intheRealmoftheGiants’exhibition,theCirqueduSoleilShow‘Saltimbanco’andthe‘Elisabeth’musical.DeconsolidationofFKPScorpioKonzertproduktionenGmbHanditssubsidiar-iesasat1July2010alsohadanegativeimpactonrevenue,asanticipated.

GROSSPROFIT

Inthefirstthreemonthsof2011,thegrossprofitoftheGroupincreasedslightlyby2%EUR37.804million.DuetotheincreasingpercentageshareoftotalGroupearningsnowgeneratedbythehigh-marginTicketingsegment,thegrossmarginfortheGroupasawholeimprovedyear-on-yearfrom29.0%to37.4%.

IntheTicketingsegment,thegrossmarginfellslightlyfrom55.4%inQ1/2010to54.8%inQ1/2011,due,amongotherfactors,tothebroaderscopeofcompaniesincludedinconsolidation.IntheLiveEntertainmentsegment,thegrossmarginwasrelativelyunchangedat16.1%,comparedto16.4%inQ1/2010.

NON-RECURRINGITEMS

Asinthesameperiodlastyear,Groupearningsinthereportingperiodweretemporarilyburdenedbynon-recurringitemsintheTicketingsegment.Thesenon-recurringitemswerenormalisedinbothreportingperiodsandarecomprisedasfollows:

•Inthefirstquarter2011,profitswerereducedbyeffectstotallingEUR775thousand;theseresultedfromacquisitions/workforcerestructuringofthenewly-acquiredfirmofSeeTicketsGermanyGmbH,andweremainlyforsettlementsandforbenefitspaidtointerimemploy-ment(‘transfer’)companies.InQ1/2010,EUR520thousandinacquisitioncostsforTicket-cornerHoldingAGwererecognised.

•Inthefirstquarterof2011,EUR2.615millioninlegalconsultancycostswereincurredinconnectionwiththearbitrationproceedingsagainstLiveNation.

NORMALISEDEBITDA/EBITDA

NormalisedGroupEBITDAdecreasedbyEUR2.046millionor8%toEUR23.554million.ThenormalisedEBITDAmarginwas23.3%(Q1/2010:20.0%).ThislowerEBITDAismainlyattributabletotheLiveEntertainmentsegment,which,asexpected,wasunableinthereportingperiodtoattainthe record-breaking figureachieved in the first quarter of 2010.Foreign subsidiariesaccountedforaround24%ofnormalisedGroupEBITDA,slightlylessthaninQ1/2010(28%).GroupEBITDAamountedtoEUR20.164million(Q1/2010:EUR25.080million).

IntheTicketingsegment,thenormalisedEBITDAfigurerosesignificantlybyEUR4.035millionor28%toEUR18.645million.ThenormalisedEBITDAmargindecreasedto34.0%(Q1/2010:36.3%)due,amongotherfactors,tothebroaderscopeofcompaniesincludedinconsolidation.Themaindrivers for improvedprofits in theTicketingsegmentwerecontinuedgrowth in Internet ticketing

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volume,inbothexistingandinnewmarkets,andtheprofitcontributionsofthecompaniesnewlyacquired in the2010financialyear.Theprofitsgeneratedbycompaniesnewlyacquired in2010over-compensatedfortheshortfallinprofitcontributionscausedbyterminationofthepartnershipwithLiveNationinJune2010.TheshareofnormalisedTicketingsegmentEBITDAattributabletoforeigncompaniesdeclined,asexpected,from34%inQ1/2010to22%intheperiodunderreview,mainlydue to theacquisitionofSeeTicketsGermanyGmbH/TicketOnlineGroup inGermany.TheEBITDAfigurerose8%fromEUR14.090millioninQ1/2010toEUR15.255millioninQ1/2011.

As expected, theEBITDA in the LiveEntertainment segment is lower, at EUR4.908million(Q1/2010:EUR10.990million), than the figure achieved in the record-breaking quarter a yearearlier.Besidestheabove-averageprofitcontributionsgeneratedbytoursandevents inthefirstquarterof2010,anotherfactorbehindthisprofitdeclinewasthedeconsolidationofFKPScorpioKonzertproduktionenGmbHanditssubsidiariesasat1July2010.TheEBITDAmarginis10.2%(Q1/2010:12.3%).

NORMALISEDEBITBEFOREAMORTISATIONFROMPURCHASEPRICEALLOCATION/EBIT

Inthefirstthreemonthsof2011,normalisedGroupEBITbeforeamortisationfrompurchasepriceallocationfellby12%fromEUR23.422milliontoEUR20.695million.ThenormalisedEBITmargin,beforeamortisationfrompurchasepriceallocation,increasedto20.5%(Q1/2010:18.3%),duetodisproportionatelystrongergrowthintheTicketingsegment.TheEBITfigure,atEUR14.458mil-lion,is36%loweryear-on-year(Q1/2010:EUR22.665million).TotaldepreciationandamortisationwithintheGroupincreasedfromEUR2.415milliontoEUR5.706millionandincludeEUR2.847millioninamortisationfrompurchasepriceallocationinrespectoftheTicketingsegmentcompaniesacquiredinthe2010financialyear(Q1/2010:EUR237thousand).

IntheTicketingsegment,normalisedEBITbeforeamortisationfrompurchasepriceallocationrosesubstantiallyby25%fromEUR13.019milliontoEUR16.284million.ThenormalisedEBITmargin,beforeamortisationfrompurchasepriceallocation,was29.7%(Q1/2010:32.3%).TheEBITfigure,atEUR10.047million,wasloweryear-on-year(Q1/2010:EUR12.262million;-18%).

TheLiveEntertainmentsegmentachievedanEBITofEUR4.411millionafterEUR10.404millioninQ1/2010(-58%).TheEBITmarginwas9.2%,comparedto11.7%inQ1/2010.

FINANCIALRESULT

Thefinancialresult,atEUR-387thousand(Q1/2010:EUR+187thousand)includesEUR1thou-sandinincomefromparticipations(Q1/2010:EUR2thousand),EUR574thousandinincomefrominvestments inassociates (Q1/2010:EUR13 thousand),EUR707 thousand in financial income(Q1/2010:EUR580thousand)andEUR1.669million infinancialexpenses(Q1/2010:EUR408thousand).

The decrease in financial result ismainly due to higher borrowing costs (especially interestexpense)tofinancetheacquisitionsmadeduringthe2010financialyear.

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EARNINGSBEFORETAX(EBT)ANDNETINCOMEAFTERNON-CONTROLLINGINTEREST

Asat31March2011,earningsbeforetax(EBT)decreasedfromEUR22.852millioninQ1/2010toEUR14.071million.Afterdeductionoftaxexpensesandnon-controllinginterest,consolidatednetincomeamountedtoEUR8.448million(Q1/2010:EUR12.151million).First-quarterearningspershare(EPS)amountedtoEUR0.35,comparedtoEUR0.51inQ1/2010.

PERSONNEL

Onaverageovertheyeartodate,thecompaniesintheCTSGrouphadatotalof1,422employ-eesontheirpayroll,including137part-timeworkers(Q1/2010:1,205including119part-timers).Ofthattotal,1,229areemployedintheTicketingsegment(Q1/2010:845employees)and318intheLiveEntertainmentsegment(Q1/2010:360employees).ThemainreasonforthisincreaseinthenumberofemployeesintheTicketingsegmentwasthegreaterscopeofconsolidation,whereasthereductioninthenumberofemployeesintheLiveEntertainmentsegmentwasprincipallyduetothedeconsolidationofFKPScorpioanditssubsidiariesasat1July2010.

Duetolargerworkforces,personnelexpensesincreasedyear-on-yearbyEUR4.662millionfromEUR12.717milliontoEUR17.379million.This increase inpersonnelexpensesstemsfromtheTicketingsegment (EUR+6.618million),whereaspersonnelexpenses in theLiveEntertainmentsegmentwerereducedbyEUR1.956million.TheincreasedpersonnelexpensesintheTicketingsegmentresultedprimarilyfrombusinessexpansionthroughacquisitions.Thereductioninperson-nelexpensesintheLiveEntertainmentsegmentresultedprimarilyfromthedeconsolidationofFKPScorpioanditssubsidiariesasat1July2010.

FINANCIALPOSITION

Ontheassetsside,themainincreaseswereincashandcashequivalents(EUR+18.465million),inventories(EUR+5.183million)andincometaxreceivables(EUR+2.671million).Theseincreaseswereoffsetbyadeclineintradereceivables(EUR-4.755million),intangibleassets(EUR-3.928million)andgoodwill(EUR-2.194million,takingcurrencytranslationintoaccount).

TheEUR+18.465millionchangeincashandcashequivalentswithintheGroupresultedprimarilyfromthepositivenet income for theperiod, fromhigheradvancepayments received in theLiveEntertainmentsegmentforeventsheldinsubsequentquarters,andintheTicketingsegmentfromseasonalreductionsinliabilitiesforticketmoniesnotyetinvoiced.Cashandcashequivalents,atEUR196.501million(31.12.2010:EUR178.036million)includeticketrevenuefrompre-salesforeventsinsubsequentquarters(ticketmoniesnotyetinvoicedintheTicketingsegment),whicharereportedunderotherliabilitiesatEUR99.273million(31.12.10:EUR116.767million).Otherassetsalso include receivables relating to ticketmonies frompre-sales in theTicketingsegment (EUR19.713million;31.12.2010:EUR19.512million).

TheEUR5.183millionincreaseininventoriesmainlyrelatestoadvancepaymentsmadeintheLiveEntertainmentsegmentforeventsinsubsequentquarters.

TheEUR+2.671millionchangeinincometaxreceivablesresultsprimarilyfromincreasedamountsoftaxpre-payments.

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TradereceivablesdecreasedbyEUR4.755millioninthecontextofongoingbusinessoperations,especiallyintheTicketingsegment.

TheEUR3.928milliondecreaseinintangibleassetsisattributableabovealltosystematicamor-tisationfrompurchasepriceallocation(trademark,customerbaseandsoftware)ofthecompaniesacquiredin2010.

Thedecreaseingoodwillwaspurelyduetocurrencytranslationeffects(EUR-2.194million)result-ingfromthemeasurementofgoodwillinforeigncurrenciesasattheclosingdate.

Ontheliabilitiesside,currentfinancialliabilitiesincreasedbyEUR3.489million,andadvancepay-mentsreceivedbyEUR28.986million.Theseincreaseswereoffsetbyareductioninotherliabilities(EUR-21.114million)andinmedium-andlong-termfinancialliabilities(EUR-4.932million).

TheEUR3.489millionincreaseincurrentfinancialliabilitiesaroseprimarilyfromreallocationofmedium-andlong-termfinancialliabilitiesasshort-termfinancialliabilities.

AdvancepaymentsreceivedintheLiveEntertainmentsegment(EUR+28.986million)increasedprimarilybecauseoftheticketmoniesreceivedinthefirstquarterfrompre-salesoffestivalsandtoursthatwilltakeplaceinthesecondandthirdquarterof2011(includingtheRockimParkandRockamRingfestivals,aswellastheHerbertGrönemeyerandMetallicaevents).Advancepay-mentsreceivedintheLiveEntertainmentsegmentaretransferredtorevenuewhentherespectiveeventshavetakenplace.

TheEUR21.114milliondecrease in other liabilities is predominantly due to lower liabilities inrespectofticketmoniesnotyetinvoiced.Duetothestrongfourthquarterattheendofeachyear,thereisseasonallyalargeamountofliabilitiesforticketmoniesnotyetinvoiced,whichisthendis-mantledinthefirsthalfofthefollowingyearwhentheeventsareinvoiced.

TheEUR4.932milliondecreaseinmedium-andlong-termfinancialliabilitiesaroseprimarilyfromreclassificationofsuchfinancialliabilitiesasshort-termfinancialliabilities.

Asat31March2011,shareholders‘equityrosebyEUR10.368milliontoEUR168.476million,mainlybecauseofthepositiveEUR8.448millionGroupresultforthe2011reportingperiodtodate,anddue to increasednon-controlling interest (EUR+2.228million)ensuing fromnon-controllinginterestincurrentprofitsintheLiveEntertainmentsegment.

CASHFLOW

Theamountofcashandcashequivalentsshowninthecashflowstatementcorrespondstothecashandcashequivalentsstatedinthebalancesheet.Comparedtothereportingdateof31March2010,cashandcashequivalentsdecreasedbyEUR34.752milliontoEUR196.501million.ThisEUR -34.752million change includesoutflowsof cashamounting toEUR51.757millionduringthe2010financialyear(especiallyduetothereductionofliabilitiesandtopaymentsforincreasingshareholdingsinsubsidiaries)aswellasEUR17.005millionincashinflowsinthefirstquarterof2011relativetoQ1/2010.

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Cash flow from operating activities increasedyear-on-yearbyEUR16.437millionfromEUR4.423milliontoEUR20.860million.This increaseincashflowrelativetoQ1/2010ismainlytheresultofthechangeinliabilities(EUR+39.396million).Negativecashfloweffectsensuefromlowerconsolidatednet income(EUR-3.703million), thechange in inventories (EUR-8.786million; inparticularinpaymentsonaccount),inreceivablesandotherassets(EUR-4.383million)andfromhigherpaymentsofincometaxes(EUR-1.858million).

TheEUR+39.496millioninpositivecashfloweffectfromthechangeinliabilitiesismainlyattrib-utabletotheadvancepaymentsreceivedintheLiveEntertainmentsegment.Themanysuccess-fuleventsheldduringthefirstquarterof2010 ledtoareduction inadvancepaymentsreceived,whereasinthefirstquarterof2011,thevolumeofadvancepaymentsreceivedwasincreasedbyticketmoniesfrompre-salesforfestivalsandtoursthatwillbeheldinthesecondandthirdquartersof2011.Inaddition,fewereventswereinvoicedinthefirstquarterof2011thaninthesameperiodin2010,duetoalowervolumeofevents.

In theLiveEntertainment segment, a larger volumeof future events producedan increase ininventories(particularlyinpaymentsonaccount)inthefirstquarterof2011.Inthefirstquarterof2010, inventoriesdecreasedrelativeto31December2009, leadingtoatotalnegativecashfloweffectofEUR-8.786millionfromthechangeininventories.

ThenegativecashfloweffectofEUR-4.383millionderivingfromchangesinreceivablesandotherassetsisprimarilyduetoalowervolumeofticketmoneyreceivablesbeingsettledbytheclosingdatethaninthepreviousyear.Receivablesfromticketmoniesincludecurrentticketmoneyreceiva-blesduefromcreditcardanddirectdebitpayments.

TheEUR1.858millionincreaseinpaidincometaxesisprincipallyduetohigherprepaymentsforthe2011financialyear.

Cash outflow for investing activities fellEUR35.265million toEUR2.035million.ThehighvolumeofcashoutflowinQ1/2010resultedmainlyfrompaymentsfortheacquisitionofsharesintheTicketcornerGroup.

Cash flow from financing activitiesdecreasedyear-on-yearbyEUR35.030milliontoEUR-695thousand.InQ1/2010,cashflowfromfinancingactivitieswasmainlyinfluencedbyexternalborrow-ingtofinancetheacquisitionoftheTickercornerGroup.

With its current funds, theGroup isable tomeet its financial commitmentsatall timesand tofinanceitsplannedinvestmentsandongoingbusinessoperationsfromitsownfunds.

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2. EVENTSAFTERTHEBALANCESHEETDATE

Thefollowingspecialeventshaveoccuredsincethebalancesheetdate:

InMay2011themergerofTSCEVENTIMTicket&Tourist-Servie-CenterGmbHandCTSAGwasfiledforregistrationinthecommercialregister.

RESOLUTIONSOFTHE2011SHAREHOLDERS’MEETING

AttheAnnualShareholders’Meetingofthecompany,heldon13May2011inBremen,thefollow-ingresolutionswereadopted:

Of theEUR69.417million inbalancesheetprofit ofCTSAG in the financial year2010,EUR20.878millionshallbeusedtodistributeadividendofEUR0.87pereligibleshare,EUR2.579mil-lionshallbeallocatedtoearningsreserveandtheremainingEUR45.960millionshallbecarriedforwardtothenewaccount.

FormalapprovalwasgivenattheShareholders’MeetingtotheactivitiesoftheSupervisoryBoardandManagementBoardmembersduringthe2010businessyear.

PricewaterhouseCoopersWirtschaftsprüfungsgesellschaftAG,Osnabrück,waselectedasauditorforthecompanyanditsGroupforthe2011financialyear.

Dr.BerndKundrun,managingshareholderofStart2VenturesGmbH,waselectedamemberoftheSupervisoryBoardofCTSAGuntiltheendoftheAnnualShareholders’MeetingthatformallyapprovestheactivitiesoftheSupervisoryBoardinthe2012financialyear.

The share capital shall be increased out of retained earnings byEUR24,000,000 fromEUR24,000,000toEUR48,000,000,bytransferringatotalofEUR24,000,000fromreservestoshare-holders’equity.Theamountsconvertedtoshareholders’equitycompriseEUR21,420,894oftheEUR23,820,894incapitalreservesrecognisedinthebalancesheetasat31December2010,plustheEUR2,579,106addedtoearningsreservefromtheEUR69,417,123balancesheetprofitstatedinthebalancesheetasat31December2010.Thesharecapitalincreaseshallbeeffectedbyissu-ing24,000,000newbearershareseachrepresentinganarithmeticEUR1.00ofthesharecapital.Thenewsharesshallbeallocatedtotheshareholdersinproportiontothenumberofsharestheyhold;onenewshareshallbeallocatedforeachexistingshareheld.Thenewsharesshallentitlethebearertoashareinprofitsasfrom1January2011.Thisresolution isbasedontheformallyapprovedbalancesheetofthecompanyasat31December2010bearingtheunqualifiedauditor’sreportbyPricewaterhouseCoopersWirtschaftsprüfungsgesellschaftAG,Osnabrück.TheManage-mentBoardisauthorised,subjecttoapprovalbytheSupervisoryBoard,tospecifythefurtherdetailsofthesharecapitalincrease.

ApprovalisgiventotheprofittransferagreementconcludedbyandbetweenCTSAGandSeeTicketsGermanyGmbHon4April2011.

ThefullGermanwordingofeachresolutionisidenticaltotheproposalsbytheManagementandSupervisoryBoards,whichcanbefoundonthecompanywebsiteinthenoticeconveningthe2011AnnualShareholders’Meeting.Foreachresolution,themajorityrequiredbylawandbytheArticlesofAssociationwasreached.

Sincethebalancesheetdate,therehavebeennoothereventsrequiringdisclosure.

15

3. CORPORATEGOVERNANCEDECLARATION

TheexecutivebodiesofCTSAGareguidedintheiractionsbytheprinciplesofresponsibleandgoodcorporategovernance.TheManagementBoardsubmitsareportoncorporategovernanceinadeclarationofcompliance,inaccordancewith§289a(1)HGB.Thecurrentandallpreviousdec-larationsofcompliancearepermanentlyavailableontheInternetatthewww.eventim.dewebsite.

4. OUTLOOK

In2011,theGroupwillremainfocusedonthecontinuousgrowthofInternetticketingoperations,oninternationalexpansionandonintegratingthenewlyacquiredcompanies.

Inthemediumterm,theGroupaimstosellmorethan150millionticketsayearandtobepresentwithitsticketingsoftwarethroughoutEurope.

IntheTicketingsegment,high-marginticketsalesviatheInternetwillcontinuetobeamajorfac-torfuellingcontinuedgrowth.TheCTSGroupexpectsadisproportionateincreaseinonlinesales.ComparedtoGreatBritainandtheUSA,however,thereisstillaconsiderableamountofcatchinguptodoasfarastheproportionofInternetbookingsisconcerned.

TheCTSGroupisalsothetechnologyleaderintheticketingfield,notleastonaccountofitsinno-vativesoftware,whichisbeingcontinuouslyimprovedandadvanced.TheGrouphassetstandardsin the industrywith itsexclusivepre-sales service, reservationof specific seats via the Internet,ticketsalesbyMobileShopandtheiPhoneApp,cross-sellingandupselling,promotions,VIPpack-agedeals, ticket resaleplatform, special businessoffers,print-at-homesolutionsand itsmobileaccesscontrolsystem,eventim.accessmobile.Internetservicesofferingvalue-addedtoweb-savvytargetgroupswillbecontinuouslyimprovedbyconcludedpartnershipsinthefieldofsocialmedia.

Under thecooperationagreementconcluded inOctober2009betweentheOrganisingCommit-tee(OC)oftheGermanFootballAssociation(DFB)andCTSAG,furtherticketsalesfortheFIFAWomen’sWorldCuptobeheldinGermanyin2011willcontinueduringthesecondquarterof2011.

TheCTSGroupisalsowellpositionedintheLiveEntertainmentsegment.Whateverthecategory,beitpop,rock,GermanSchlagermusik,festivalsormusicals–theCTSGroupoffersitscustomersanextraordinarilywiderangeofevents.Inthemonthsahead,theCTSGroupwillthrillaudienceswithtopperformerssuchasHerbertGrönemeyer,Roxette,Rihanna,EltonJohnandBlackEyedPeas,andwiththe‘RockimPark’and‘RockamRing’festivals.

TheManagementBoardexpectstheGrouptoachievefurtherbusinessgrowthinthe2011busi-nessyearaswellasafurtherimprovementinrevenueandearnings.

16

5. RISKSANDOPPORTUNITIES

TheriskmanagementsystemnowinplacemeansthattherisksfacingtheCTSGrouparelimitedandcontrollable.Therearenodiscernible risks thatmight jeopardise thecontinuedexistenceoftheGroupasagoingconcern.Thestatementsmadeintheriskreportincludedinthe2010AnnualReportremainvalid.

6. RELATEDPARTYDISCLOSURES

Fordisclosuresofimportanttransactionswithrelatedparties,referenceismadetoitem7intheselectednotes.

FORWARD-LOOKINGSTATEMENTS

Inadditiontohistoricalfinancialdata,thisReportmaycontainforward-lookingstatementsusingtermssuchas‘believe’,‘assume’,‘expect’andthelike.Suchstatementsmaydeviate,bytheirverynature,fromactualfutureeventsordevelopments.

Bremen,26May2011CTSEVENTIMAktiengesellschaftTheManagementBoard

17

INTERIMCONSOLIDATEDFINANCIALSTATEMENTSASAT31MARCH2011

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2011 (IFRS)

5.

ASSETS 31.03.2011 31.12.2010 Change

[EUR] [EUR] [EUR]

Current assetsCashandcashequivalents 196,501,094 178,036,473 18,464,621Tradereceivables 27,138,639 31,893,172 -4,754,533Receivablesfromaffiliatedandassociatedcompanies 6,694,664 6,978,834 -284,170Inventories 24,497,884 19,314,956 5,182,928Receivablesfromincometax 13,184,410 10,513,476 2,670,934Otherassets 42,066,976 41,380,839 686,137Total current assets 310,083,667 288,117,750 21,965,917

Non-current assetsProperty,plantandequipment 14,863,146 15,356,589 -493,443Intangibleassets 87,469,146 91,397,408 -3,928,262Investments 1,960,322 2,035,092 -74,770Investmentsinassociates 2,567,308 1,992,660 574,648Loans 474,169 533,814 -59,645Tradereceivables 646,314 211,603 434,711Otherassets 52,831 201,304 -148,473Goodwill 252,064,894 254,259,379 -2,194,485Deferredtaxassets 3,831,860 2,363,852 1,468,008Total non-current assets 363,929,990 368,351,701 -4,421,711

Total assets 674,013,657 656,469,451 17,544,206

18

SHAREHOLDERS’ EQUITY AND LIABILITIES 31.03.2011 31.12.2010 Change

[EUR] [EUR] [EUR]

Current liabilitiesShort-termfinancialliabilitiesandcurrentportionoflong-termfinancialliabilities 10,056,558 6,567,412 3,489,146Tradepayables 37,246,511 38,743,409 -1,496,898Payablestoaffiliatedandassociatedcompanies 3,610,416 2,919,716 690,700Advancepaymentsreceived 93,536,517 64,550,219 28,986,298Otherprovisions 4,883,959 4,384,600 499,359Taxprovisions 10,466,740 8,359,099 2,107,641Otherliabilities 129,264,922 150,379,083 -21,114,161Total current liabilities 289,065,623 275,903,538 13,162,085

Non-current liabilitiesMedium-andlong-termfinancialliabilities 194,858,631 199,790,947 -4,932,316Otherliabilities 282,332 320,337 -38,005Pensionprovisions 4,183,732 4,417,210 -233,478Deferredtaxliabilities 17,147,342 17,929,786 -782,444Total non-current liabilities 216,472,037 222,458,280 -5,986,243

Shareholders' equitySharecapital 24,000,000 24,000,000 0Capitalreserve 23,310,940 23,310,940 0Retainedearnings 106,483,369 98,035,415 8,447,954Treasurystock -52,070 -52,070 0Non-controllinginterest 13,659,610 11,431,304 2,228,306Totalcomprehensiveincome 53,205 21,842 31,363Currencydifferences 1,020,943 1,360,202 -339,259Total shareholders' equity 168,475,997 158,107,633 10,368,364

Total shareholders’ equity and liabilities 674,013,657 656,469,451 17,544,206

19

CONSOLIDATED INCOME STATEMENT FOR THE PERIOD FROM 1 JANUARY TO 31 MARCH 2011 (IFRS)

01.01.2011 - 31.03.2011

01.01.2010 - 31.03.2010 Change

[EUR] [EUR] [EUR]

Revenue 101,030,338 127,846,373 -26,816,035Costofsales -63,226,513 -90,777,318 27,550,805Gross profit 37,803,825 37,069,055 734,770

Sellingexpenses -11,764,351 -9,584,390 -2,179,961Generaladministrativeexpenses -7,770,122 -5,941,928 -1,828,194Otheroperatingincome 2,678,598 2,697,825 -19,227Otheroperatingexpenses -6,490,137 -1,575,223 -4,914,914Operating profit (EBIT) 14,457,813 22,665,339 -8,207,526

Income/expensesfromparticipations 621 1,881 -1,260Income/expensesfrominvestmentsinassociates 574,648 12,457 562,191Financialincome 706,685 580,416 126,269Financialexpenses -1,668,656 -408,094 -1,260,562Income before tax (EBT) 14,071,111 22,851,999 -8,780,888

Taxes -3,199,891 -6,332,245 3,132,354Net income before non-controlling interest 10,871,220 16,519,754 -5,648,534

Non-controllinginterest -2,423,266 -4,368,801 1,945,535Net income after non-controlling interest 8,447,954 12,150,953 -3,702,999

Earningspershare(inEUR);undiluted(=diluted) 0.35 0.51Averagenumberofsharesincirculation;undiluted(=diluted) 24,000,000 24,000,000

20

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD FROM 1 JANUARY TO 31 MARCH 2011 (IFRS)

01.01.2011 - 31.03.2011

01.01.2010 - 31.03.2010 Change

[EUR] [EUR] [EUR]

Net income before non-controlling interest 10,871,220 16,519,754 -5,648,534Exchangedifferencesontranslatingforeignsubsidiaries -339,259 426,665 -765,924Available-for-salefinancialassets 31,363 41,314 -9,951Other results -307,896 467,979 -775,875Total comprehensive income 10,563,324 16,987,733 -6,424,409Total comprehensive income attributable to

ShareholdersofCTSAG 8,142,922 12,611,343Non-controllinginterest 2,420,402 4,376,390

InaccordancewithIAS1,astatementofcomprehensiveincomemustbepresented,showingnotonlytheincomeandexpenserecognisedintheincomestatement,butalsothecomponentsofothercomprehensiveincomerecognisedinequity,notthroughprofitandloss.

21

CONSOLIDATED CASH FLOW STATEMENT FOR THE PERIOD FROM 1 JANUARY TO 31 MARCH 2011 (IFRS) (SHORT FORM)

01.01.2011 - 31.03.2011 01.01.2010

- 31.03.2010 Change

[EUR] [EUR] [EUR]

Netincomeafternon-controllinginterest 8,447,954 12,150,953 -3,702,999Non-controllinginterest 2,423,266 4,368,801 -1,945,535Depreciationandamortisationonfixedassets 5,705,958 2,414,554 3,291,404Changesinpensionprovisions -185,159 263,288 -448,447Deferredtaxexpenses/income -2,145,468 -1,158,240 -987,228Cash flow 14,246,551 18,039,356 -3,792,805Othernon-cashexpenses/income -82,182 -297,785 215,603Bookprofit/lossfromdisposaloffixedassets 12,028 2,176 9,852Interestincome -684,225 -575,410 -108,815Interestexpenses 1,485,568 398,217 1,087,351Incometaxexpenses 5,345,359 7,490,485 -2,145,126Interestreceived 658,492 758,193 -99,701Interestpaid -1,052,334 -169,966 -882,368Incometaxpaid -6,008,818 -4,150,481 -1,858,337Increase(-)/decrease(+)ininventories(especiallypaymentsonaccount) -5,182,263 3,603,896 -8,786,159Increase(-)/decrease(+)inreceivablesandotherassets 3,822,406 8,205,842 -4,383,436Increase(+)/decrease(-)inprovisions -1,734,125 481,595 -2,215,720Increase(+)/decrease(-)inliabilities 10,033,401 -29,362,994 39,396,395Cash flow from operating activities 20,859,858 4,423,124 16,436,734Cash flow from investing activities -2,034,778 -37,299,375 35,264,597Cash flow from financing activities -694,959 34,335,065 -35,030,024Net increase / decrease in cash and cash equivalents 18,130,121 1,458,814 16,671,307

Netincrease/decreaseincashandcashequivalentsduecurrencytranslation 334,500 0 334,500Cashandcashequivalentsatbeginningofperiod 178,036,473 229,793,885 -51,757,412Cash and cash equivalents at end of period 196,501,094 231,252,699 -34,751,605

Composition of cash and cash equivalentsCashawndcashequivalents 196,501,094 231,252,699 -34,751,605Cash and cash equivalents at end of period 196,501,094 231,252,699 -34,751,605

Thefollowingcashflowstatementstatestheflowoffundsfromoperatingactivities,investingactiv-itiesandfinancingactivitiesoftheGroup,andtheresultantchangeincashandcashequivalents:

22

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY (IFRS)

Share capital Capital reserveRetained earnings Treasury stock

Non-controlling interest

Other comprehensive

incomeCurrency

differences

Total shareholders'

equity

[EUR] [EUR] [EUR] [EUR] [EUR] [EUR] [EUR] [EUR]

01.01.2010 24,000,000 23,310,940 97,868,776 -52,070 4,945,973 52,078 -261,967 149,863,730Changeinthescopeofconsolidation 0 0 -903,073 0 -9,891 0 0 -912,964Dividendstonon-controllinginterest 0 0 0 0 -669,766 0 0 -669,766Totalcomprehensiveincome 0 0 12,150,953 0 4,368,801 41,314 426,665 16,987,73331.03.2010 24,000,000 23,310,940 109,116,656 -52,070 8,635,117 93,392 164,698 165,268,733

01.01.2011 24,000,000 23,310,940 98,035,415 -52,070 11,431,304 21,842 1,360,202 158,107,633Dividendstonon-controllinginterest 0 0 0 0 -194,960 0 0 -194,960Totalcomprehensiveincome 0 0 8,447,954 0 2,423,266 31,363 -339,259 10,563,32431.03.2011 24,000,000 23,310,940 106,483,369 -52,070 13,659,610 53,205 1,020,943 168,475,997

23

SELECTEDNOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS

1. PRELIMINARYSTATEMENTS

CTSEVENTIMAG(hereinafter:‘CTSAG’)isacorporateenterpriselistedonthestockexchangeanddomiciledinMunich;itsheadofficeislocatedinBremen.Theconsolidatedfinancialstatementsforthefirstthreemonthsoffiscal2011,nowpresentedasaninterimreportforCTSAGanditssub-sidiaries,wasapprovedbytheManagementBoardforpublication,initsdecisionof26May2011.

2. BASISOFREPORTING

Thepresent,unauditedGroupInterimReportasat31March2011waspreparedincompliancewiththeInternationalFinancialReportingStandards(IFRS)forinterimfinancialreporting,astheyapplyintheEuropeanUnion(IAS34‘InterimFinancialReporting’),andinaccordancewiththeappli-cableregulationsintheSecuritiesTradingAct(Wertpapierhandelsgesetz–WpHG).AcondensedformofreportcomparedtotheAnnualReportasat31December2010waschosen,asprovidedforinIAS34.Theinterimfinancialstatementsshouldbereadinconjunctionwiththeconsolidatedfinancialstatementsasat31December2010.TheGroupInterimReportcontainsalltheinforma-tionrequiredtogiveatrueandfairviewoftheearningsperformanceandfinancialpositionofthecompany.ConsolidatedfinancialstatementsreflectingapplicableHGBprincipleswerenotprepared.

ThecomparativefiguresintheincomestatementrelatetotheinterimGroupreportasat31March2010,andthoseinthebalancesheettotheconsolidatedfinancialstatementsasat31December2010. In the interimconsolidated financial statements,all amountsaresubjected tocommercialrounding;thismayleadtominordeviationsonaddition.

Theaccountingpoliciesandconsolidationmethodsarethesameasthoseappliedintheconsoli-datedfinancialstatementsasat31December2010.Theaccountingstandardsapplicableforthefirsttimeinfiscal2011havenomaterialimpactsonthereportedearningsperformanceandfinancialpositionoftheCTSGroup.

Amongother aspects, purchasepriceobligations in relation to non-controlling interests issuedwithputoptionsarerecognisedinaccordancewithIAS32asliabilities,andcarriedatthepresentvalueofthepurchaseprice.Goodwillisrecognisedasthedifferencebetweenthepresentvalueoftheliabilitiesandthecarryingamountofnon-controllinginterest.Adetaileddescriptionofthemainaccountingprinciples ispublished in the2010AnnualReportunder item1.9of theNotes to theconsolidatedfinancialstatements.

TheamendmentstoIAS27andIFRS3asapplicablesincebeginningof2010financialyearledtochangesinthepresentationofbusinesscombinations.Changesininterestheldinsubsidiariesthatarealreadyfullyconsolidated,andwhichdonotleadtoalossofcontrol,arenolongertobereportedingoodwill,butinshareholders’equity.

24

3. BUSINESSCOMBINATIONSANDDISPOSALOFINTERESTSINSUBSIDIARIES

InadditiontoCTSAGasparentcompany,theconsolidatedfinancialstatementsalsoincludeallrelevantsubsidiaries.

3.1 BUSINESSCOMBINATIONSINTHETICKETINGSEGMENT3.1.1 CHANGESINTHESCOPEOFCONSOLIDATION

Thefollowingcompanieswereincludedinconsolidationduringthereportingperiodand/orinrela-tiontothecorrespondingperiodin2010.

InDecember2010,CTSAGestablishedCTSEVENTIMIsrael,TelAviv,withanothershareholder.CTSAGholds70%ofthesharesinsaidcompany.

Inacontractdated13September2010,TicketOneS.p.A.,Milan,acquired51%ofthesharesinTicketeriaS.r.l,Rome.TicketeriaS.r.l.mainlyoperatesinticketingforculturalevents.ThechangeofcompanynametoT.O.S.C.–TicketOneSistemiCulturaliS.r.l.wasenteredintheregisterofcom-panieson24November2010.

On6July2010,CTSAGacquired100%ofthesharesinSeeTicketsGermanyGmbH,domiciledinHamburg.SeeTicketsGermanywasasubsidiaryofSeeTicketsInternationalBVinAmsterdam;40%ofwhichisownedbyStageEntertainmentBVand60%byParcom,aprivate-equitygroup.ByacquiringSeeTicketsGermany,CTSAGsimultaneouslytookoverTicketOnlineSoftwareGmbH,TicketOnlineSales&ServiceCenterGmbHandTicketOnlinePolskaSpzooinPoland.A12-yearexclusiveticketingcontractwithStageEntertainmentGermanywasconcludedsimultaneouslywiththesharepurchaseagreement.

25

3.1.2 PURCHASEPRICEALLOCATION

ProvisionalpurchasepriceallocationforSeeTicketsGermany/TicketOnlineGroup

Basedontheprovisionalpurchasepriceallocation, thefollowingtableshowsthefairvaluesatthetimeofinitialconsolidationandthecarryingvaluesimmediatelybeforeacquisitionofSeeTicketGermany/TicketOnlineGroup:

Fair value at the time of

initial consolidation

Carrying value immediately

before acquisition

[EUR’000] [EUR’000]

Cashandcashequivalents 7,777 7,777Inventories 103 103Tradereceivables 2,489 2,489Otherassets 4,831 4,831Total current assets 15,200 15,200

Property,plantandequipment 2,566 2,566Intangibleassets 54,358 13,783Tradereceivables 242 242Deferredtaxassets 1,540 0Total non-current assets 58,706 16,591

Short-termfinancialliabilities 969 969Tradepayables 1,743 1,743Provisions 5,634 5,634Otherliabilities 8,810 8,810Total current liabilities 17,156 17,156

Medium-andlong-termfinancialliabilities 11,184 11,184Deferredtaxliabilities 16,390 1,754Total non-current liabilities 27,574 12,938

Total net assets 29,176 1,697

26

Asat 31March 2011, the purchaseprice allocation is still provisional because investigationsregardingtheintangibleassetsandtheassessmentoflegalaspectsarestillpending.Theremainingdifferenceisreportedasprovisionalgoodwillasat31March2011.

Assetsanddebtswererecognisedatfairvalueintheprovisionalpurchasepriceallocation.Rec-ognitionofintangibleassetsatfairvalueledtoanincrease,particularlyinrespectofcustomerbaseandtrademarkrights.

Thepresentvalueoftradereceivables,atEUR2.731million,derivesfromthegrosscarryingvalueofreceivables,atEUR2.916million,andallowancesfordoubtfulaccountsamountingtoEUR185thousand.

DeferredtaxassetsofEUR1.540millionanddeferredtaxliabilitiesofEUR16.390millionwereformedonthetemporarydifferencesarisingfromtheremeasurementofintangibleassetsandobli-gations.

InaccordancewiththeamendedIFRS3,ancillarypurchaseexpenseswererecognisedasotheroperatingexpensesinincomestatementforfinancialyear2010.ThetotalamountofsuchexpenseswasEUR1.017million.

Thefairvalueoftheassetsanddebtswillbeconclusivelydeterminedwithinthefirsttwelvemonthsaftertheacquisition.

ThegoodwillisnottaxdeductibleinGermay.

Reconciliationofacquisitioncostasatthedateofacquisition(6July2010):

[EUR’000]

Acquisitioncost 133,209

Cashandcashequivalents 7,777Inventories 103Tradereceivables 2,731Otherassets 4,831Property,plantandequipment 2,566Intangibleassets 54,358Short-termfinancialliabilities -969Tradepayables -1,743Provisions -5,634Otherliabilities -8,810Medium-andlong-termfinancialliabilities -11,184Deferredtaxliabilities -14,850Total net assets 29,176Goodwill 104,033

133,209

27

Inthecourseof theacquisition,CTSAGacquired intercompany loanreceivables(EUR11.260million)fromtheformershareholdersagainsttheSeeTicketsGermany/TicketOnlineGroup;thesereceivablesarerecognisedunderthefinancialliabilitiesoftheSeeTicketsGermany/TicketOnlineGroup.Taking theacquisitioncostofEUR133.209million intoaccount,aswellas theacquiredintercompanyloanreceivables,resultsinatotalpurchasepriceofEUR144.469million.

TheresultantdifferencebetweentheacquisitioncostandtheremeasurednetassetsthatwereacquiredembodiessynergyandothergrowthpotentialandwasprovisionallyrecognisedasEUR104.033millioningoodwill.

PROVISIONALPURCHASEPRICEALLOCATIONFORT.O.S.C.–TICKETONESISTEMICULTURALIS.R.L.(FORMERLY:TICKETERIAS.R.L.)

Basedontheprovisionalpurchasepriceallocation,thefollowingtableshowsthefairvaluesatthetimeofinitialconsolidationandthecarryingvaluesimmediatelybeforeacquisitionofTicketeriaS.r.l.:

As at 31March 2011, the purchaseprice allocation is still provisional because investigationsregardingtheintangibleassetsandtheassessmentoflegalaspectsarestillpending.Theremainingdifferenceisreportedasprovisionalgoodwillasat31March2011.

Fair value at the time of initial

consolidation

Carrying value immediately

before acquisition

[EUR’000] [EUR’000]

Cashandcashequivalents 239 239Inventories 12 12Tradereceivables 285 285Otherassets 155 155Total current assets 691 691

Property,plantandequipment 48 48Intangibleassets 836 36Investments 105 105Deferredtaxassets 0 34Total non-current assets 989 223

Tradepayables 106 106Provisions 26 26Otherliabilities 537 537Total current liabilities 669 669

Pensionprovisions 39 39Deferredtaxliabilities 220 0Total non-current liabilities 259 39

Total net assets 752 206

28

Assetsanddebtswererecognisedatfairvalueintheprovisionalpurchasepriceallocation.Rec-ognitionofintangibleassetsatfairvalueledtoanincreaseofcustomerbase.

Thepresentvalueoftradereceivables,atEUR285thousand,correspondstothegrosscarryingvalueofreceivables.Noallowancesfordoubtfulaccountshavebeenmade.

DeferredtaxliabilitiesofEUR220thousandwereformedonthetemporarydifferencearisingfromtherevaluationofintangibleassets.

InaccordancewiththeamendedIFRS3,ancillarypurchaseexpenseswererecognisedasotheroperatingexpensesinincomestatementoffinancialyear2010.ThetotalamountofsuchexpenseswasEUR145thousand.

Thefairvalueoftheassetsanddebtswillbeconclusivelydeterminedwithinthefirsttwelvemonthsaftertheacquisition.

ThegoodwillisnottaxdeductibleinItaly.

Reconciliationofacquisitioncostasatthedateofacquisition(13September2010):

Theresultantdifferencebetweentheacquisitioncostandtheremeasurednetassetsthatwereacquired embodies synergy and other growth potential and was provisionally recognised asEUR599thousandingoodwill.

[EUR’000]

Acquisitioncost 1,000

Cashandcashequivalents 239Inventories 12Tradereceivables 285Otherassets 155Property,plantandequipment 48Intangibleassets 836Investments 105Tradepayables -106Provisions -26Otherliabilities -537Pensionprovisions -39Deferredtaxliabilities -220Total net assets 752Non-controllinginterest -351Goodwill 599

1,000

29

3.2 DISPOSALOFINTERESTSINTHELIVEENTERTAINMENTSEGMENT

Thefollowingcompaniesweredeconsolidatedduringthereportingperiodand/orinrelationtothecorrespondingperiodin2010.

Witheffectfrom30June2010,MEDUSAMusicGroupGmbH,Bremen(hereinafter:MEDUSA),sold5.2%ofthesharesinFKPScorpioKonzertproduktionenGmbH,Hamburg(hereinafter:FKPScorpio).ThismeansthatMEDUSAnowholdsonly45%ofthesharesinthatcompany.ThissaleofsharesledtolossofcontrolbyMEDUSA,withtheresultthatFKPScorpioanditssubsidiarieswerenolongerincludedinconsolidationandareaccountedforasassociates.

30

Thecorporatestructureasat31March2011isshowninthefollowingtable:

SeeTicketsGermanyGmbH,Hamburg

CTS EVENTIM AG, Munich

TicketOnlineSales&ServiceCenterGmbH,Parchim

TicketOnlineSoftwareGmbH,Hamburg

TicketOnlinePolskaSpolkaz.o.o.,Warsaw

CTSEventimSolutionsGmbH,Bremen CTSEventimNederlandB.V.,Amsterdam

TSCEVENTIMTicket&Tourist-Service-CenterGmbH,

Bremen

TicketExpressGesellschaftzurHerstel-lungundzumVertriebelektronischer

EintrittskartenmbH,Vienna

Ö-Ticket-Südost,GesellschaftzurHer-stellungundzumVertriebelektronischerEintrittskartenmbH,WienerNeustadt

Ö-TicketNordWestGmbH,Vienna

ÖTS,GesellschaftzumVertriebelektro-nischerEintrittskartenmbH,Stainz

Ö-Ticket-NordostEintrittskartenvertriebGmbH,Tulln

TicketExpressHungaryKft.,Budapest

getgoconsultingGmbH,Hamburg

eventimOnlineHoldingGmbH,Bremen

CTSEventimIsrael,TelAviv

CTSEventimRUo.o.o.,Moscow

LippupisteOy,Tampere

CTSEventimSwedenAB,Stockholm

EventimUKLimited,London

EventimCZs.r.o.,Prague

TEMPODOMEGmbH,Hamburg

CTSEventimSchweizAG,Basle

61.LydiaVermögensverwaltungs-gesellschaftmbH,Bremen

TEXHungaryKft.,Budapest

S.C.eventim.ros.r.l.,Bukarest

TicketcornerGmbH,Vienna

RP-EVENTIMGmbH,Düsseldorf

TicketcornerGmbH,BadHomburg

TicketoneS.p.A.,Milan

EventimCHAG,Zürich

TicketcornerHoldingAG,Rümlang

TicketcornerAG,Rümlang

T.O.S.T.,TicketoneSistemiTeatraliS.r.l.,Milan

T.O.S.C.–TicketOneSistemiCulturaliS.r.l,Rome

Ticketing Live Entertainment

MEDUSAMusicGroupGmbH,Bremen

EVENTIMPopkursHamburggemeinnützigeGmbH,Hamburg

MarekLieberbergKonzertagenturHoldingGmbH,Frankfurt/Main

DirkBeckerEntertainmentGmbH,Cologne

SemmelconcertsVeranstaltungsserviceGmbH,Bayreuth

ARGOKonzerteGmbH,Würzburg

ActEntertainmentAG,Basle

MarekLieberbergKonzertagenturGmbH&Co.KG,Frankfurt/Main

MarekLieberbergKonzertagenturVerwaltungsGmbH,Frankfurt/Main

LSKonzertagenturGmbH,Vienna

PGMPromotersGroupMunichKonzertagenturGmbH,Munich

PeterRiegerKonzertagenturHoldingGmbH,Cologne

PeterRiegerKonzertagenturGmbH&Co.KG,Cologne

PeterRiegerVerwaltungsGmbH,Cologne

Show-FactoryEntertainmentGmbH,Bregenz

GSOHoldingGmbH,Bremen

GSOGesellschaftfürSoftwareentwicklungundOrganisation

mbH&Co.KG,Bremen

GSOVerwaltungsgesellschaftmbH,Bremen

CTSEventimSportsGmbH,Hamburg

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4. SELECTEDNOTESTOTHECONSOLIDATEDBALANCESHEET

Themain changes in the consolidated balance sheet compared to 31 December 2010 areexplainedbelow.

TheEUR+18.465millionchangeincashandcashequivalentsresults,interalia,fromthepositivenetincomefortheperiodandfromanincreaseinadvancepaymentsreceivedintheLiveEntertain-mentsegment.TheseincreasesareoffsetbyaseasonaloutflowofticketmoniesintheTicketingsegment.

Thedecreaseinfixedassetsismainlyduetothesystematicamortisationofthetrademark,cus-tomerbaseandsoftware thatwerecapitalised in respectof thepurchasepriceallocationof theTicketcornerGroupandSeeTicketsGermany/TicketOnlineGroup.

TheEUR-2.194millionchangeingoodwillispurelyattributabletocurrencytranslationofgoodwillattheclosingdate(fromSwissFrancstoEuro).

Asatthe31March2011,advancepaymentsreceivedintheLiveEntertainmentsegmentincreasedbyEUR28.986million,primarilybecauseofticketmoniesreceivedinthefirstquarterfrompre-salesoffestivalsandtoursthatwilltakeplaceinthesecondandthirdquarterof2011(includingtheRockimParkandRockamRingfestivals,aswellastheHerbertGrönemeyerandMetallicaevents).

TheEUR21.114milliondecrease inother liabilitiesasat31March2011 ispredominantlyduetolowerliabilitiesinrespectofticketmoniesnotyetinvoicedintheTicketingsegment.Duetothestrongfourthquarterat theendofeachyear, there isseasonallya largeamountof liabilities forticketmoniesnotyetinvoiced,whichisthendismantledinthefirsthalfofthefollowingyearwhentheeventsareinvoiced.

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5. SELECTEDNOTESTOTHECONSOLIDATEDINCOMESTATEMENT

REALISATIONOFPROFITS

RevenueintheTicketingsegmentthatrelatestothesaleofticketstofinalcustomersisrealisedwhentherespectiveCTSticketingcompanydeliverstheticketstothefinalcustomer.IntheLiveEntertainmentsegment,ticketrevenuegeneratedinthepresalesperiodispostedbythepromoterontheliabilitiessideasadvancepaymentsreceived.Whentheeventissubsequentlyheld,theseadvancepaymentsaretransferredtorevenueandtheprofitsarerealised.

6. SEGMENTREPORTING

Theinternalandexternalrevenuesofthesegmentsareshowninthefollowingtable:

Ticketing Live Entertainment Total for segment

31.03.2011 31.03.2010 31.03.2011 31.03.2010 31.03.2011 31.03.2010

[EUR‘000] [EUR‘000] [EUR‘000] [EUR‘000] [EUR‘000] [EUR‘000]

Externalrevenue 53,710 39,339 47,321 88,508 101,031 127,847Internalrevenue 7,232 4,843 5,537 21,995 12,769 26,838Total revenue 60,942 44,182 52,858 110,503 113,800 154,685Consolidationwithinsegment -6,169 -3,884 -4,630 -21,441 -10,799 -25,325Revenue after consolidation within segment

54,773 40,298 48,228 89,062 103,001 129,360

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Reconciliationoftheoperatingprofit(EBIT)ofthesegmentswithGroupearnings:

*Disclosureofsegmentassetsbeforeconsolidationbetweensegments

**Adjusted prior-year figures due to the final purchase price allocation ofTicketcornerGroup;cf.AnnualReport2010,page79

Ticketing Live Entertainment Intersegment consolidation

Group

31.03.2011 31.03.2010 31.03.2011 31.03.2010 31.03.2011 31.03.2010 31.03.2011 31.03.2010

[EUR‘000] [EUR‘000] [EUR‘000] [EUR‘000] [EUR‘000] [EUR‘000] [EUR‘000] [EUR‘000]

Revenue 54,773 40,298 48,228 89,062 -1,971 -1,514 101,030 127,846EBITDA 15,255 14,090 4,908 10,990 0 0 20,164 25,080EBIT 10,047 12,262 4,411 10,404 0 0 14,458 22,665Depreciationandamortisation -5,208 -1,828 -498 -587 0 0 -5,706 -2,415Financialresult -387 187Earningsbeforetax(EBT) 14,071 22,852Taxes -3,200 -6,332

Netincomebeforenon-con-trollinginterest 10,871 16,520Non-controllinginterest -2,423 -4,369

Netincomeafternon-controllinginterest 8,448 12,151Averagenumberofemployees 1,229 845 193 360 1,422 1,205Segmentassets*/** 510,914 378,805 179,640 179,997

NormalisedEBITDA 18,645 14,610 4,908 10,990 0 0 23,554 25,600NormalisedEBITbeforeamortisa-tionresultingfrompurchasepriceallocation 16,284 13,019 4,411 10,404 0 0 20,695 23,422

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7. OTHERDISCLOSURES

APPROPRIATIONOFEARNINGS

Inthe2010financialyear,CTSAGgeneratednetincome(accordingtoHGBaccountingprinciples)ofEUR26.170million.TheShareholders’Meetingon13May2011adoptedaresolutiontodistributeEUR20.878million (EUR0.87pereligibleshare)of thebalance-sheetprofitofEUR69.417mil-lionasat31December2010toshareholders,andtotransferEUR2.579milliontootherearningsreserves.Thedistributionwascarriedouton16May2011,andtheremainingbalancesheetprofitofEUR45.960millionwascarriedforwardtothenewaccount.

FINANCIALOBLIGATIONS

Since31December2010,therehavebeennomaterialchangesincontingentliabilities.

35

AlexanderRuoffVolkerBischoffKlaus-PeterSchulenberg

Asfrom1July2010,thetransactionsbetweentheCTSGroupandFKPScorpioanditssubsidiar-iesmustbedisclosedasrelationshipswithassociates,duetothedeconsolidationofFKPScorpioanditssubsidiaries.

Bremen,26May2011

CTSEVENTIMAktiengesellschaft

31.03.2011 31.03.2010

[EUR‘000] [EUR‘000]

Goods and services supplied by the GroupSubsidiariesnotincludedinconsolidationduetoinsignificance 113 125Associatedcompanies 152 47Otherrelatedparties 208 1,917

473 2,089

31.03.2011 31.03.2010

[EUR‘000] [EUR‘000]

Goods and services received by the GroupSubsidiariesnotincludedinconsolidationduetoinsignificance 12 274Associatedcompanies 886 0Otherrelatedparties 3,899 3,478

4,797 3,752

RELATEDPARTYDISCLOSURES

ThetransactionsoftheCTSGroupwithrelatedpartiespertaintoreciprocalservicesandwerecon-cludedonlyatthearm’s-lengthconditionswhichnormallyapplybetweenthirdparties.ThemajorityshareholderofCTSAGisacontrollingshareholderofothercompaniesassociatedwiththeGroup.

Thecontractualrelationshipswithrelatedpartiesresultedinthefollowinggoodsandservicesbeingsoldtoandboughtfromrelatedpartiesinthe2011reportingperiod:

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CONTACT

CTSEventimAGContrescarpe75A28195BremenTel.: +49(0)421/3666-0Fax: +49(0)421/3666-290www.eventim.deinvestor@eventim.de

PUBLISHERS’NOTES

PUBLISHEDBY:

CTSEventimAG Contrescarpe75A 28195Bremen Phone.:+49(0)421/3666-0 Fax: +49(0)421/3666-290

EDITORIALOFFICE:

Engel&Zimmermann CTSEventimAG

ARTWORK:

SECHSBAELLE,Bremen