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28.03.2024 17:46:59 - dpa-AFX: EQS-News: DEAG fully on track with very good organic business development in 2023 - Detlef Kornett named sole CEO of DEAG (english)
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
* Targets for 2023 clearly achieved and positive outlook for 2024
* Very strong ticketing with over 10 million tickets sold
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.
In the fourth quarter of 2023, DEAG generated revenue of around EUR 100
million and EBITDA was around EUR 13 million, compared to around EUR 90
million and approx. EUR 11.0 million the previous year. The good performance
in the fourth quarter was driven in particular by a strong ticketing and
Christmas business as well as successful in-house productions. The service
business, which includes various services such as production set-up,
security and catering, also developed very well as an addition to the value
chain in Live Entertainment.
DEAG now generates approx. half of its consolidated revenue with its own
event formats, for which the majority of tickets are sold via the Group's
own ticketing platforms myticket.de, myticket.at, myticket.co.uk,
gigantic.com and tickets.ie. DEAG also achieved its forecast target of over
10 million tickets sold in 2023, after 9 million in 2022. For the current
financial year 2024, DEAG expects an increase in tickets sold to around 11.5
million. Ticketing is one of DEAG's growth drivers and is already making a
significant contribution to the overall result. At the same time, it is
increasingly profitable itself.
DEAG successfully continued its buy and build strategy in the reporting
period and increased its stake in its subsidiary I-Motion from 50.1% to
100%. The objective of this strategy is to systematically reduce minority
interests following the successful business development of its investments.
DEAG also continued its international expansion and entered the Spanish
Rock/Pop market. The company has also further strengthened its good market
position in the UK by opening a new office in Wales.
DEAG is also reorganising its Executive Board: The company founder and CEO
of DEAG, Prof. Peter L.H. Schwenkow, has informed the Supervisory Board of
DEAG that he will step down as Chairman of the Executive Board on 31 March
2024. After 46 years as CEO, Prof. Schwenkow is thus handing over the
leadership role in the Group to Detlef Kornett as planned on his 70th
birthday. The former Co-CEO and long-standing member of the DEAG Executive
Board will then lead the company as sole CEO with the existing
well-established Executive Board team. Peter Schwenkow will be available to
the company as "Founder & Senior Advisor" from 1 April 2024 and will
continue to be linked with DEAG as a shareholder.
With Detlef Kornett (CEO), Christian Diekmann (COO), Moritz Schwenkow (CTTO)
and David Reinecke (CFO), DEAG has an experienced Executive Board that will
be able to draw on the expertise and network of Prof. Schwenkow as an
advisor even after he has stepped down from the Board.
Prof. Peter L.H. Schwenkow, CEO and founder of DEAG: "We are once again very
pleased with our development in 2023. DEAG has grown into a new dimension
over the past two years and will continue on its successful path in an
exciting and attractive market. I am proud to be able to continue to
accompany its development as a relevant shareholder and advisor in the
coming years. The captain is leaving the bridge, but not the ship!"
Detlef Kornett, future CEO of DEAG: "We are growing organically and with our
buy and build strategy, the success of which we have already impressively
demonstrated in recent years. Our ticketing is a dynamic driver of our
growth. We are selling a steadily increasing number of tickets via our
strong platforms and generating high margins. Accordingly, further sales
growth and high profitability are our declared goals."
DEAG plans to publish its Annual Financial Report for 2023 on 8 April 2024.
About DEAG
DEAG Deutsche Entertainment Aktiengesellschaft (DEAG), a leading
entertainment service company and live entertainment provider, produces and
promotes live events of all genres and sizes in Europe. With its group
companies, DEAG has been present at 22 locations in its core markets of
Germany, Great Britain, Switzerland, Ireland, Denmark and Spain. As a live
entertainment service provider with an integrated business model, DEAG has
extensive expertise in the conception, organisation, promotion and
production of live events.
Founded in Berlin in 1978, DEAG's core business areas today include
Rock/Pop, Classics & Jazz, Family Entertainment, Spoken Word & Literary
Events, Arts+Exhibitions, Ticketing and Entertainment Services. Live
Entertainment for all generations, including Arts+Exhibitions, are important
building blocks for the further development of DEAG's own content.
For around 6,000 events, more than 10 million tickets are sold annually for
DEAG's own and third-party content - a steadily growing share of these are
sold via the Group's own ticketing platforms myticket.de, myticket.at,
myticket.co.uk, gigantic.com and tickets.ie
DEAG is thus excellently positioned for further growth.
Investor & Public Relations
Axel Mühlhaus, edicto GmbH
Eschersheimer Landstraße 42
60322 Frankfurt/Main
Phone: 0049 69 905505-52
e-mail: deag@edicto.de
---------------------------------------------------------------------------
28.03.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
---------------------------------------------------------------------------
End of News EQS News Service
---------------------------------------------------------------------------
1870265 28.03.2024 CET/CEST
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.
In the fourth quarter of 2023, DEAG generated revenue of around EUR 100
million and EBITDA was around EUR 13 million, compared to around EUR 90
million and approx. EUR 11.0 million the previous year. The good performance
in the fourth quarter was driven in particular by a strong ticketing and
Christmas business as well as successful in-house productions. The service
business, which includes various services such as production set-up,
security and catering, also developed very well as an addition to the value
chain in Live Entertainment.
DEAG now generates approx. half of its consolidated revenue with its own
event formats, for which the majority of tickets are sold via the Group's
own ticketing platforms myticket.de, myticket.at, myticket.co.uk,
gigantic.com and tickets.ie. DEAG also achieved its forecast target of over
10 million tickets sold in 2023, after 9 million in 2022. For the current
financial year 2024, DEAG expects an increase in tickets sold to around 11.5
million. Ticketing is one of DEAG's growth drivers and is already making a
significant contribution to the overall result. At the same time, it is
increasingly profitable itself.
DEAG successfully continued its buy and build strategy in the reporting
period and increased its stake in its subsidiary I-Motion from 50.1% to
100%. The objective of this strategy is to systematically reduce minority
interests following the successful business development of its investments.
DEAG also continued its international expansion and entered the Spanish
Rock/Pop market. The company has also further strengthened its good market
position in the UK by opening a new office in Wales.
DEAG is also reorganising its Executive Board: The company founder and CEO
of DEAG, Prof. Peter L.H. Schwenkow, has informed the Supervisory Board of
DEAG that he will step down as Chairman of the Executive Board on 31 March
2024. After 46 years as CEO, Prof. Schwenkow is thus handing over the
leadership role in the Group to Detlef Kornett as planned on his 70th
birthday. The former Co-CEO and long-standing member of the DEAG Executive
Board will then lead the company as sole CEO with the existing
well-established Executive Board team. Peter Schwenkow will be available to
the company as "Founder & Senior Advisor" from 1 April 2024 and will
continue to be linked with DEAG as a shareholder.
With Detlef Kornett (CEO), Christian Diekmann (COO), Moritz Schwenkow (CTTO)
and David Reinecke (CFO), DEAG has an experienced Executive Board that will
be able to draw on the expertise and network of Prof. Schwenkow as an
advisor even after he has stepped down from the Board.
Prof. Peter L.H. Schwenkow, CEO and founder of DEAG: "We are once again very
pleased with our development in 2023. DEAG has grown into a new dimension
over the past two years and will continue on its successful path in an
exciting and attractive market. I am proud to be able to continue to
accompany its development as a relevant shareholder and advisor in the
coming years. The captain is leaving the bridge, but not the ship!"
Detlef Kornett, future CEO of DEAG: "We are growing organically and with our
buy and build strategy, the success of which we have already impressively
demonstrated in recent years. Our ticketing is a dynamic driver of our
growth. We are selling a steadily increasing number of tickets via our
strong platforms and generating high margins. Accordingly, further sales
growth and high profitability are our declared goals."
DEAG plans to publish its Annual Financial Report for 2023 on 8 April 2024.
About DEAG
DEAG Deutsche Entertainment Aktiengesellschaft (DEAG), a leading
entertainment service company and live entertainment provider, produces and
promotes live events of all genres and sizes in Europe. With its group
companies, DEAG has been present at 22 locations in its core markets of
Germany, Great Britain, Switzerland, Ireland, Denmark and Spain. As a live
entertainment service provider with an integrated business model, DEAG has
extensive expertise in the conception, organisation, promotion and
production of live events.
Founded in Berlin in 1978, DEAG's core business areas today include
Rock/Pop, Classics & Jazz, Family Entertainment, Spoken Word & Literary
Events, Arts+Exhibitions, Ticketing and Entertainment Services. Live
Entertainment for all generations, including Arts+Exhibitions, are important
building blocks for the further development of DEAG's own content.
For around 6,000 events, more than 10 million tickets are sold annually for
DEAG's own and third-party content - a steadily growing share of these are
sold via the Group's own ticketing platforms myticket.de, myticket.at,
myticket.co.uk, gigantic.com and tickets.ie
DEAG is thus excellently positioned for further growth.
Investor & Public Relations
Axel Mühlhaus, edicto GmbH
Eschersheimer Landstraße 42
60322 Frankfurt/Main
Phone: 0049 69 905505-52
e-mail: deag@edicto.de
---------------------------------------------------------------------------
28.03.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
---------------------------------------------------------------------------
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: NO0012487596
WKN: A351VB
Listed: Regulated Unofficial Market in Berlin, Dusseldorf,
Frankfurt, Hamburg, Hanover, Stuttgart, Tradegate
Exchange
EQS News ID: 1870265
End of News EQS News Service
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1870265 28.03.2024 CET/CEST
