Christopher BarrettPan-European promoter, venue operator and ticketing conglomerate Deutsche Entertainment AG (DEAG) reported earnings before interest, taxes, depreciation, and amortisation (EBITDA) of €-0.3 million (£-0.26m) in the first half year, and a loss of €1.5m (£1.32) in Q2.
The company said it has €50m (£44.08m) in liquidity, and the EBITDA losses were lessened by a “massive” cost-cutting programme and it having extensive insurance coverage.
It said sales in the first half of the year amounted to €31.7m (£27.95m), down from €63.9m (£56.33m) during the equivalent period last year. In Q2 this year €5.6m (£4.94m) in sales revenue was achieved, compared to €38.4m (£33.85m) in the second quarter of 2019.
The Berlin-based company reported strong results from new show formats, including online electronic music festival Nature. It said high visitor numbers had led it to extend its BW-Bank Kulturwasen drive-in show series in Stuttgart until the end of September. A total attendance of 100,000 is expected.
Forthcoming DEAG events include its Christmas Garden series of festival shows at eleven locations across Europe.
DEAG CEO Prof Peter Schwenkow said he was satisfied with the results: “We are demonstrating operationally that DEAG can develop and implement successful events in any market environment, provided the regulatory framework allows it.
“Due to DEAG’s strong financial resources, the time scale of the crisis is not the main focus of our considerations. On the contrary, our dense calendar of events for 2021, many millions of tickets sold and already more than €100m [£88.16] in contracted revenues at the end of the first half of the year make us very optimistic.
“For the vast majority of these revenues in the coming year, we also have full insurance coverage again, including cancellation due to force majeure.”
DEAG increased its presence in the UK market in December when it acquired a 75% stake in Nottingham-based ticketing company Gigantic. It already owned MyTicket.co.uk, UK promoter Kilimanjaro Live, theatrical producer Flying Music Group, and Scotland’s 16,500-capacity Belladrum Tartan Heart Festival (pictured).