Deutsche Entertainment AG (DEAG) has been criticised by Germany’s Financial Reporting Enforcement Panel (FREP) for allegedly misrepresenting its financial strength in its 2014 full-year and 2015 half-year fiscal reports. According to German business weekly WirtschaftsWoche, FREP took issue with DEAG’s 2014 financial report describing “very good presales” for its three new festivals, Rock im Revier, Rockavaria and Rock in Vienna – when, in fact, less than a month before the festivals were due to kick off, “not even half of their costs were covered by ticket sales”. The launch of the new festivals led to a €17.8m million loss in 2015, which on Friday was revised retroactively to -€26.2m as a result of FREP’s investigation. Only Rock in Vienna remains following the cancellations of Rock im Revier and Rockavaria.
More on IQ here https://www.iq-mag.net/2017/05/deag-substantially-overstated-financial-success-frep/#.WQmx69ryuM9
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