Our current plan is to continue to prepare our team for this season, and we will provide the update at an appropriate time as the year progresses. Given the significant uncertainties relating to the scope, duration and impact of the COVID-19, we are not able to provide 2020 guidance at this point. Private Securities Litigation Reform Act of 1995. Additional information will be made available in our annual report on Form 20-F for the year ended December 31, 2019 and other filings that we make from time to time with the SEC. Wanda Sport Group’s full-service platform creates value for its partners and clients as well as other stakeholders in the sports ecosystem, from rights owners, to brands and advertisers, and to fans and athletes. We also launched Serie A Esports competition for Lega Serie A, who governs the Italian club football. Any forward-looking statements that we make on this call are based on assumptions as of today and we do not undertake any obligation to update these statements except as required under applicable law. The gross margin increase is primarily driven by higher margin Mass Participation events due to the quarter. Jason, your line is now open. Next, I'd like to come to our DPSS business. I think that if you break that down in any given contract, you might have media rights, production rights, marketing and hospitality and my question is if an event occurs but there are no participants there, is it just the hospitality sort of revenue that disappears or is there does it spill over into marketing as well? Unless otherwise indicated, the financial statement line items and non-IFRS financial measures are reported on a continuing operation basis. from 8 AM - 9 PM ET, Copyright © 2020 PR Newswire Association LLC. And so in conclusion, our diversified portfolio and long-term client relations have enabled us to achieve a solid financial basis in the first half of 2020 despite the postponements and cancellations of most events as evidenced by our prolongation and new business wins. I was wondering if you have some sort of a backlog number, what your total contract future revenue stands, the backlogs. Privacy Notice and
Thank you, Hengming. As for the highlights for our Spectator Sports business, several delayed football events were successfully completed after a relatively long period of lockdown, including the return of German Bundesliga, the semi finals and the final of DFB-Pokal, which is a German cup, as well as the Lega Serie A matches with the Coppa Italia Coca Cola final. Having said that, I do realize the difficulties in projection, especially given the current environment, so I would like to share with you on slide number 17 that we expected to use a part of our proceeds from the sale of The IRONMAN Group to repay some of our debt, as a result, we expected our total indebtedness to largely reduce to EUR473 million from EUR931 million and our associated net interest expenses are expected to be reduced by more than 40% comparable -- comparative to 2019. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. Thank you. But I think good thing is that ticketing and the hospitality is actually very small portion of our portfolio in our rights. ‘I feel very bitter’: My sister was my late father’s power of attorney. Market data powered by FactSet and Web Financial Group. Thanks, to you both. The -- these were outstanding team efforts and demonstrated our ability in this new virtual world to bring together the best marketing intelligence, media strategy, creativity and advanced technology for our clients. We believe this provides us with a solid cash position and sustainable operations in the current environment. Hello, everyone. And also the, we have to highlight that we're diversified portfolios. So from an accounting perspective, it was reclassified to short-term loan, but we are planning to have a refi starting this -- later this year. The Badminton World Federation World Tour finals and Women's European Handball Federation EURO championship 2020 are also tentatively expected to take place in December of this year. DPSS revenue was EUR 13.1 million, a decrease of 76% year over year. Our first quarter capex from continuing operations was EUR3 million, similar to the corresponding quarter in 2019. All Rights Reserved. And the government approval slowdown a little bit in the Europe country because of the pandemic. There is one country which we're still waiting for and we expect to get that clearance any time from now to end of June, could be early July. Hello, everyone. This generally results in some volatility of our financials, which we experienced in the first quarter of 2020, in addition to the partial impact from COVID-19 during the quarter. While we continue to focus on our long-term strategy in building a leading global sports events, media and marketing platform, I would like to provide some updates since our last call our near to some midterm initiatives related to facing the pandemic crisis. So less than 12 months. I don't believe you count this, right?
The question is regarding the sale of The IRONMAN, I was wondering what are the -- you said the timing is the second quarter. Let me just follow up on Bryan's question a little bit on the net debt. Sorry. But I think to some extent, it will be impacted and in 2020, it could actually maybe some of the residual impact may happen in 2020 as well. For more information, please visit http://investor.wsg.cn/investor-relations. Today's discussion will contain forward-looking statements. Fortunately, media rights [Inaudible] media production is coming up. And the big difference between June 30th and July 31st, of course, is the sale of IRONMAN and I thought that was about a EUR 360 million proceeds. Wanda Sport Group’s full-service platform creates value for its partners and clients as well as other stakeholders in the sports ecosystem, from rights owners, to brands and advertisers, and to fans and athletes. To purchase medical protective gears for workers on the frontline as well as in restoring main role [Phonetic] and unifying people on the disaster crisis. For our China business, unfortunately, almost all sports events were cancelled or postponed across the country in the first quarter as a result of the pandemic disruption. Holders of Wanda Sports' securities may also request a printed copy free of charge by emailing ir@wsg.cn. The primary reason for the margin enhancement is the increased revenue contribution from the commission-based model for our football business. Are there any hurdles remaining to have that deal sold, is there any change in the price. Hello, everyone. So net debt at June 30th was EUR 518 million and July 31st, pro forma, is EUR 264 million.
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