Thursday, 28 April 2016
DEAG posts loss for 2015
Deutsche Entertainment AG (DEAG)’s financial results for 2015 were heavily impacted by the one-off expenses incurred by the launch of three new music festivals, according to its just-published 2015 annual report. The Berlin-based concert promoter reported an increase of revenue of 16 per cent, up from €172.6 million to €200.4 million. However, earnings before interest and taxes (EBIT) decreased from €9.1m to a loss of €17.8m. The launch of the three festivals – Rock im Revier in the Ruhr district, Rockavaria in Munich and Rock in Vienna, headlined by Metallica, Muse and Kiss – amounted to around €23m in non-recurring expenditure.