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24.08.2000 – 08:25

DEAG Deutsche Entertainment AG

ots Ad hoc-Service: Dt. Entertainment AG Sharp rise in predictions for sales and earnings in 2001
DEAG confirms positive operational developments in the 1st half-year of 2000

The sender is solely responsible for the contents of this announcement. -----------------------------------------------------

    Berlin (ots Ad hoc-Service) -  

    In the first half of this financial year, DEAG (WKN 551 390) has increased its turnover by 33% to DM 125.0 million, in confirmation of the published preliminary figures from 17th July 2000. The consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) were DM 3.4 million and thus no less than 48% above the first half-year of the previous year, again in accordance with the preliminary announcement.

    Earnings per share (IAS 33) of -0.67 euro confirmed planning expectations. The major reasons for the change in comparison with the same period of the previous year (1999: 0.06 euro) are that the tour business for 2000 is primarily in the second half of the year, and secondly that amortisation and depreciation in the first six months of this year was DM 9.7 million, which represents a considerable increase over that period last year (1999: DM 1.7 million). Of this total, the musical subsidiary accounted for DM 7.3 million, which is attributable to the extremely short amortisation period of only four years for the musical productions. This takes account of the planned shorter product life-cycles, but also means that STELLA will have much greater financial freedom for its programming policies in future than it has had in the past. In the coming days, the STELLA management will announce key steps towards a new programming policy.

    The dynamic growth of DEAG is reflected in the balance sheet. Corrected for the activities of STELLA, the liabilities of the DEAG Group on 30th June 2000 amounted to DM 103.7 million, while on the other hand the assets were DM 122.4 million. In its core activities DEAG was therefore able to further reduce its needs for external funds.

    The results for the first half-year are fully in accordance with the expectations of the Board of Management, strengthening their confidence in the plans for the financial year 2000 as a whole, with forecast sales of approximately DM 500 million and an EBITDA of DM 29 million, or more than double the figure for 1999.

    Furthermore, in view of the continued positive development, the Board of Management has revised predictions for sales in 2001 upwards to DM 600 million with an EBITDA of DM 40 million. Thus the expectations for 2001, barely two years after the flotation of DEAG, are some four times higher than the figures published at the time of the IPO.

    End of message ----------------------------------------------------- Internet: http://recherche.newsaktuell.de

Original-Content von: DEAG Deutsche Entertainment AG, übermittelt durch news aktuell

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