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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

DGAP-News: DEAG Deutsche Entertainment Aktiengesellschaft / Key word(s): Quarter Results DEAG Deutsche Entertainment Aktiengesellschaft: DEAG remains strong during the COVID crisis and gets off to a profitable start to financial year 2021 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.