SPORTTOTAL AG / Key word(s): Strategic Company Decision/Forecast
SPORTTOTAL and Porsche: no renewal of the Porsche Experience cooperation as from 2023
Cologne, 12 September 2022. As from 1 January 2023, SPORTTOTAL will no longer be organising the Porsche Experience: Dr. Ing. h. c. F. Porsche AG and SPORTTOTAL EVENT GmbH, a wholly-owned subsidiary of SPORTTOTAL AG, have reached an agreement on not extending their cooperation which began in 2014. The parties will allow the existing contract to expire on 31 December 2022. By deliberately not renewing the contract, SPORTTOTAL EVENT GmbH has made a conscious decision to forego annual revenue in a volume of around €15 million. The company substantiates this decision with reference to the growing discrepancy of low margins measured against a steady increase in the risk profile of organising international events.
SPORTTOTAL AG has decided to focus its business model more intensively on its growth segments: sporttotal.tv as a scalable digital streaming platform for live sports events and its leading technological position in the field of fully automated cameras. As early as 2023, the company’s positive overall development is expected to more than compensate for foregoing the low-margin revenue generated by the Porsche Experience. In this context, strong and also sustained growth stimulus emanates in particular from the distribution cooperation signed with Telecom Deutschland for the fully automated SPORTTOTAL camera system based on artificial intelligence. Forty10 GmbH constitutes another key area in the DIGITAL segment: As a media company, Forty10 GmbH provides moving image production for MagentaTV, Telecom Deutschland’s streaming platform, thereby experiencing dynamic growth.
SPORTTOTAL affirms its guidance for the financial year 2022 and anticipates that it will be able to raise consolidated revenue by at least 75% compared with the previous year (revenue 2021: €24.947 million). At the same time, the loss is expected to be pared down considerably (EBIT 2021: €-10.718 million). Underpinned by a significantly upbeat development in the VENUES segment, SPORTTOTAL anticipates further revenue growth in the financial year 2023. Against this backdrop, the Group is aiming to deliver a positive operating result (EBITDA) in 2023.
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12-Sep-2022 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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