EQS-News

DEAG fully on track with very good organic business development in 2023 – Detlef Kornett named sole CEO of DEAG

EQS-News: DEAG Deutsche Entertainment Aktiengesellschaft / Key word(s): Preliminary Results/Personnel DEAG fully on track with very good organic business development in 2023 – Detlef Kornett named sole CEO of DEAG 28.03.2024 / 17:46 CET/CEST The issuer is solely responsible for the content of this announcement. Corporate News

DEAG fully on track with very good organic business development in 2023 – Detlef Kornett named sole CEO of DEAG

• Revenue of approx.  EUR 313 million and EBITDA adjusted for non-recurring effects of approx.  EUR 31 million
• Targets for 2023 clearly achieved and positive outlook for 2024
• Very strong ticketing with over 10 million tickets sold
• Successful execution of buy-and-build strategy, set to remain integral to future growth
• Detlef Kornett appointed sole CEO effective April 2024 – DEAG founder Prof. Peter L.H. Schwenkow to continue to advise the company and remain a shareholder

 

Berlin, 28 March 2024 – DEAG Deutsche Entertainment Aktiengesellschaft (“DEAG”) recorded a strong financial performance for the financial year 2023 and – as announced previously – affirming its position at a post-pandemic revenue level surpassing EUR 300 million. The company's growth trajectory has been marked by sustained high profitability, resembling levels seen in the previous year. The positive business performance was achieved organically and without any significant catch-up effects as a result of the coronavirus pandemic, as in the previous year. This development was primarily driven by a strong ticketing business with an increasing share of recurring, predictable revenue as well as the expansion of DEAG’s own event formats and the successful implementation of the buy and build strategy.

Preliminary figures for the financial year 2023 indicate revenue of approximately EUR 313 million, compared to EUR 324.8 million in the preceding year and EUR 185.2 million in the pre-pandemic year of 2019.Consolidated revenue before consolidation amounted to approx. EUR 334 million in financial year 2023, compared to approx. EUR 352 million the previous year and around EUR 197 million in financial year 2019. Earnings before interest, taxes, depreciation and amortisation (EBITDA) adjusted for non-recurring expenses amounted to around EUR 31 million. These non-recurring expenses of around EUR 5 million consist of expenses for the EBITDA bonus programme for DEAG executives and employees, which expired at the end of 2023, certain expenses for the successful placement of the new corporate bond 2023/2026, individual items for the preparation of the planned re-listing as well as expenses in connection with the reorganisation of DEAG’s Executive Board. The EBITDA figure of EUR 31 million mirrors that of the previous year, with both years displaying significant improvement over the 2019 figure of EUR 14.1 million. Notably, the key financial figures for 2022 were still affected by catch-up effects from the coronavirus pandemic and funding from coronavirus aid programmes. Looking ahead to financial year 2024, DEAG expects revenue to continue to develop positively, exceeding the forecasts for the growth in percent  of the global live entertainment market and a disproportionately high improvement in EBITDA.