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DEAG Deutsche Entertainment Aktiengesellschaft: DEAG remains strong during the COVID crisis and gets off to a profitable start to financial year 2021

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DGAP-News: DEAG Deutsche Entertainment Aktiengesellschaft / Key word(s): Quarter Results
27.05.2021 / 12:55
The issuer is solely responsible for the content of this announcement.

Corporate News

 

DEAG remains strong during the COVID crisis and gets off to a profitable start to financial year 2021

- EBITDA in the first quarter at EUR 2.4 million - sales at EUR 4.0 million

- Solid financial base with EUR 82 million in liquidity

- Further company growth planned

- Significant increase in sales and EBITDA expected for financial year 2021

Berlin, 27 May 2021 - DEAG Deutsche Entertainment Aktiengesellschaft ("DEAG") continued to show resilience to the pandemic and the related decline in sales in the first quarter of financial year 2021. Group sales amounted to EUR 4.0 million after three months, down from EUR 26.2 million in the same quarter of 2020, which was only marginally affected by the COVID-19 pandemic. Earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to EUR 2.4 million in the first quarter (previous year: EUR 1.2 million). The solid result is primarily due to DEAG's comprehensive insurance coverage and the extremely broad cost-cutting programme in the Group. In addition, DEAG has taken advantage of subsidy programmes in all national markets and intends to submit further applications, some of which could not yet be submitted due to the complex subsidy conditions. The Group's liquidity reserves, including agreed bank lines, currently total around EUR 82 million.

Despite continuing restrictions for the entire live entertainment industry, DEAG succeeded in continuing its international expansion course and setting important strategic pillars for the long-term growth of the company. In January 2021, DEAG acquired 75% of the shares in the Danish promoter and producer CSB Island Entertainment and is now also present in Scandinavia. DEAG expects positive synergy effects and growth impulses especially in the live entertainment business and for the ticketing business in Scandinavia.

DEAG announced its plans to withdraw from the stock exchange on 11 January 2021. The delisting of the DEAG share, for which the company received the support of its single largest shareholder, among other investors, became effective after the end of the reporting period on 9 April 2021. The 6.00% corporate bond 2018/2023 in the amount of EUR 25 million with a term until 31 October 2023, which is traded on the Open Market (Freiverkehr) of the Frankfurt Stock Exchange, remains unaffected by the delisting.

Furthermore, DEAG successfully placed a cash capital increase after the end of the reporting period, in May 2021. The company thereby received EUR 6.06 million in fresh funds. The company's share capital increased by 1,962,597 shares to 21,588,573 shares as a result of the capital increase. The capital increase was subscribed to by DEAG's single largest shareholder, Apeiron Investment Group Ltd, which now holds 27.1% of the shares in the company. The proceeds accruing to DEAG are to be used to expand its M&A activities.

DEAG, which continues to view financial year 2021 as a transition year due to the COVID-19 pandemic, expects to achieve significant increases in sales and operating EBITDA in 2021 compared to 2020. In view of the vaccination situation that is developing positively in its core markets, DEAG anticipates an increasing recovery in business activity in Germany from the fourth quarter of 2021 on. In the UK, the company's most important secondary market, the company anticipates an increasing recovery in business activity as early as the third quarter of 2021 and in Switzerland as of the fourth quarter of 2021. DEAG expects to see its business activity return to a nearly normal level in 2022, also because the company succeeded in retaining nearly all of its employees during the pandemic.

The complete Quarterly Financial Statement will be available for download on the company's website during the day on 28 May 2021.

About DEAG

DEAG Deutsche Entertainment AG (DEAG) is a leading entertainment service company and provider of live entertainment in Europe. DEAG is present with its Group companies in 13 locations in its core markets of Germany, the UK, Switzerland, Ireland and Denmark. As a live entertainment service provider with an integrated business model, DEAG has extensive expertise in the conception, organization, marketing and holding of events.

Founded in Berlin in 1978, DEAG's core businesses today include Rock/Pop, Classics & Jazz, Family Entertainment, Arts+Exhibitions and Ticketing. Family Entertainment and Arts+Exhibitions in particular are of great importance to the further development of DEAG's own content.

In 2019, more than 5 million tickets were sold for over 4,000 events - a continuously growing proportion of which were sold via the group's own e-commerce platforms "MyTicket" and "Gigantic.com" for its own and third-party content.

With its strong partner network, DEAG is excellently positioned in the market as an internationally active Live Entertainment service company.

Investor & Public Relations
Axel Mühlhaus, edicto GmbH
Phone: 0049 69 905505-52
email: deag@edicto.de


27.05.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language:

English

Company:

DEAG Deutsche Entertainment Aktiengesellschaft

Potsdamer Straße 58

10785 Berlin

Germany

Phone:

+49-30-810 75-0

Fax:

+49-30-810 75-519

E-mail:

deag@edicto.de

Internet:

www.deag.de

ISIN:

DE000A2NBF25, DE000A0Z23G6

WKN:

A2NBF2, A0Z23G

Listed:

Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt, Hamburg, Hanover, Stuttgart, Tradegate Exchange

EQS News ID:

1201535


 

End of News

DGAP News Service

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