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ots Ad hoc-Service: Dt. Entertainment AG
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Berlin (ots Ad hoc-Service) - DEAG doubles profit 1999 again a record year/e Berlin, February 3, 2000 According to the provisional annual accounts for the business year 1999, DEAG (Deutsche Entertainment AG) will double its profit. Whilst an EBITDA of DM 7.1 million and an EBIT of DM 5.1 million were generated in 1998, the results could be increased by 100 % in 1999. The provisional EBITDA amounts to approx. DM 14 million, with an EBIT of more than DM 10 million. Sales revenues rose by more than 20 % from DM 141.0 million in 1998 to more than DM 172 million in 1999. This increase in sales takes into account that two acquisitions made in 1999 were consolidated at a later stage than originally planned. An inclusion of these acquisitions over a full twelve month period in 1999 would result in sales revenues of more than DM 200 million or a more than 40 % rise over 1998.
Hence DEAG again met its targets or even outperformed with the second annual accounts after its IPO on 14 September 1998. This successful corporate development was driven by a combination of internal and external growth.
In the tour business DEAG proved that it is able to continue the success story of the business years 1997 and 1998 and can provide the market time and again with new highlights. Whilst the "Bridges to Babylon" tour of the Rolling Stones, staged by DEAG, was the absolute top tour event in 1998, DEAG could present in 1999 Marius Müller-Westernhagen to an enthused audience of 650,000 and is involved this year with Marshall Arts in the Millennium Tour of Tina Turner. Furthermore, DEAG organised tours for other absolute top acts including Aerosmith, Beastie Boys, Boyzone, Cher, Joe Cocker, the Kelly Family, KISS, Meat Loaf, Metallica, Modern Talking and again the Rolling Stones as well as many other artists. The business operations involving the three variety theatres were just as successful. They could increase again their capacity utilisation against the previous year. In this segment a structure has been created which will allow rapid expansion by other locations.
The external growth of DEAG was essentially marked by the acquisition of a shareholding in the London-based Marshall Arts, one of the world's leading tour agencies with excellent, long-standing relationships with the "Who's Who" of the rock/pop business. With this strategically significant extension of the value added chain, DEAG has again improved its access to highly attractive international content. On the other hand, the majority shareholding in North-Rhine Westphalia's leading entertainment security service provider, Special Security Services, the acquisition of Jahrhunderthalle Frankfurt and the joint venture for urban entertainment center management with the Hamburg-based Freizeit-Immobilien- und Unternehmensberatung Wenzel Consulting AG, the market position on the downstream value added levels could likewise be successfully strengthened.
Comment by DEAG CEO Peter Schwenkow: This external growth and the earnings generated by it testify to the considerable reinforcement of the market position of Germany's leading live entertainment service provider in 1999. This excellent image also increasingly beefs up DEAG's operations in the business-to-business field, which take the form of, for instance, consultancy services for the industry and co-operation with branded article manufacturers or media. Consequently, we are confident that we will be able to continue this growth successfully in the next millennium, too."
This Ad hoc Announcement and further information can be accessed in the DEAG News Archives under www.deag.de/ir. Please direct inquiries to Dr. Martin Fabel, Tel. 030-810750.
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