1、| 1 DEAG Deutsche Entertainment AG | Annual Financial Report 2019 ANNUAL FINANCIAL REPORT DEAG Deutsche Entertainment Aktiengesellschaft 20 19 DEAG OVERVIEW DEAGS CORE MARKETS COMPANY PROFILE DEAG Deutsche Entertainment Aktiengesellschaft (DEAG) is a leading entertainment service compa- ny and a pro
2、vider of Live Entertainment in Europe. With its Group companies, DEAG has been active in the areas of planning, organisation, marketing and holding of live events at 11 locations in its core markets of Germany, the United Kingdom and Swit- zerland for more than 40 years. DEAG produces and profitably
3、 organises a broad range of events and concerts. As a Live Entertain- ment service company with an integrated business model, DEAG has extensive expertise in the organi- sation, marketing and holding of events, as well as in ticket sales via its own ticketing platforms MyTi- cket and G for its own a
4、nd third-party content. The highly scalable business model of My- Ticket strengthens DEAG on its way to increasing profitability. DEAG promotes over 4,000 concerts and events a year and currently sells more than five million tickets a steadily increasing share via ist high-turnover ticketing platfor
5、m MyTicket. Founded in Berlin in 1978 and listed since 1998, DEAGs core businesses include Rock/Pop, Classics accordingly, a detailed forecast for 2020 is currently not possible. We had originally planned double-digit increases in reve- nue and EBITDA for the current year. In light of the crisis, th
6、is planning can at least be a clear indicati- on that DEAG is well positioned and we are convin- ced that we will be able to continue our profitable growth course once the situation improves and eventually returns to normal. We would be plea- sed if you would accompany us on our journey. Sincerely y
7、ours, Prof. Peter L.H. Schwenkow 6 | Letter to the shareholders | 7 DEAG Deutsche Entertainment AG | Annual Financial Report 2019 Image: PMSG Andr Stiebitz Image: PMSG Andr Stiebitz | 7 DEAG Deutsche Entertainment AG | Annual Financial Report 2019 DEAG ON THE CAPITAL MARKET 1.2 SHARE PRICE DEVELOPME
8、NT OF THE DEAG SHARE 1.1 KEY SHARE DATA 1 The DEAG share (WKN: A0Z23G, ISIN: DE- 000A0Z23G6, stock symbol: LOUD) performed extremely positively in financial year 2019. After closing at EUR 3.11 at the end of 2018, the share price stood at EUR 4.38 on 30 December 2019. The share price thus increased
9、by 41% over the course of 2019. In the period under review, the DEAG share thus performed significantly better than the DAX and SDAX indices, which rose by around 23% and 31% respectively in 2019. The DEAG share was priced at EUR 3.10 at the beginning of the year. Shortly thereafter, on 4 January 20
10、19, the share recorded its lowest price for the reporting period at EUR 2.99. A clear and continuous upward trend followed from January to December 2019. The share reached its high for the reporting period of ISINDE000A0Z23G6 WKNA0Z23G Market segmentPrime Standard Average number of shares traded per
11、 day 26,461 Number of outstanding shares (31 Dec. 2019)19,625,976 Year-end price (30 Dec. 2019)EUR 4.38 High (1 Jan. 31 Dec. 2019)EUR 4.80 Low (1 Jan. 31 Dec. 2019)EUR 2.99 Market capitalisation (31 Dec. 2019)EUR 85.96 Mio. Designated sponsorsHauck both based in Le Grand- Saconnex, Switzerland, Glob
12、al Concerts (Munich), Concert Concept (Berlin), the sub-group C2 CONCERTS (Stuttgart), Grandezza Entertainment (Berlin), River Concerts (Berlin) and Elbklassik (Hamburg), handwer- ker promotion (Unna), LiveGeist Entertainment (Frankfurt/Main), Kultur- und Kongresszentrum Jahrhun- derthalle (Frankfur
13、t/Main), FOH Rhein Main Concerts (Frankfurt/Main) as well as mytic myticket (Berlin) and Kultur im Park (Berlin). In the year under review, changes in the scope of consolidation mainly related to the domestic subsidia- ries C2 CONCERTS GmbH (since 1 June 2019), I-Motion GmbH Events both based in Le
14、Grand- Saconnex, Switzerland, Global Concerts (Munich), Concert Concept (Berlin), the sub-group C2 CONCERTS (Stuttgart), Grandezza Entertainment (Berlin), River Concerts (Berlin) and Elbklassik (Hamburg), handwer- ker promotion (Unna), LiveGeist Entertainment (Frankfurt/Main), Kultur- und Kongressze
15、ntrum Jahrhun- derthalle (Frankfurt/Main), FOH Rhein Main Concerts (Frankfurt/Main) as well as mytic myticket (Berlin) and Kultur im Park (Berlin). 36 | Combined Management Report and Group Management Report Business development of the segments Sales in EUR millions 20192018 Change from the previous
16、 year Live Touring118.1131.6-13.5 Entertainment Services78.979.0-0.1 Operating result (EBITDA) in EUR millions 20192018 Change from the previous year Live Touring14.116.3-2.2 Entertainment Services5.93.6+2.3 Live Touring At EUR 118.1 million, sales in the Live Touring segment were down year-on-year
17、in the financial year under review. The decline mainly pertains to a reduced number of concerts performed by Ed Sheeran (around EUR 22 million); the previous year also included a sales contribution of EUR 6.5 million from Raymond Gubbay Ltd. In the Rock/Pop division, DEAG focused on selected profita
18、ble formats and long-term, exclusive relation- ships with renowned artists and once again organised top-class events and concerts, for example, And- reas Gabalier (more than 75,000 visitors in the Munich Olympic Stadium) and Ed Sheeran, who delighted audiences in Leeds and Ipswich. Furthermore, ther
19、e were concerts by Kiss, Nena or Limp Bizkit. In ad- dition, DEAGs strength in the music business was underscored by the three successful open-air events “Belladrum,” “Nature One” and “Sion sous les toiles.” In the Classics the amount of the financial assets corresponds to the maximum default risk.
20、To the extent that there are default risks in the case of financial assets, these risks are recorded through valuation adjustments. 4.2.6 Tax Risks DEAG has established a risk management system for the holding company and its major subsidiaries. This includes measures for the recording, valuation an
21、d reduction of potential tax risks. Experts are consulted on special topics. Their findings are reviewed at headquarters and the results are then taken into account accordingly. In the case of sufficiently concrete, assessable tax risks that are likely to occur, existing tax credits have been reduce
22、d or corresponding provisions have been passivated. In addition, other operating obligations could result from future operating audits, the amount of which cannot currently be reliably estimated. 4.2.7 Litigation and Lawsuits The Group currently carries out both active and passive legal proceedings.
23、 Where risks are discernible, these risks are generally recognised in the annual financial statements on the one hand by making va- luation adjustments on the assets and on the other by way of provisions. Only procedural costs were recorded in the reporting year. There are no individual contingent l
24、iabilities arising from passive pro- ceedings. Potential assets in connection with court claims for damages and contract fulfilment have not been recognised as of the balance sheet date. Please refer to our comments in Note 47 of the Notes to the Consolidated Financial Statements for more informatio
25、n on the amount of the resulting contingent assets and liabilities. 4.2.8 Holding Structure The company itself has nearly no operating business, but acts as the holding company of the DEAG Group. At the present time, the companys assets are largely made up of the shares in its operating subsidiaries
26、 and receivables from these subsidiaries. With these, the company is partly linked by control and profit transfer agreements. The company itself is therefore dependent on the fact that the operating compa- | 51 DEAG Deutsche Entertainment AG | Annual Financial Report 2019 nies of the DEAG Group are
27、able to generate and transfer profits. On the other hand, the company is obli- ged to compensate for any losses that may be incurred against the parties involved in control and profit transfer agreements. This may have a materially adverse effect on the companys net assets, financial position and re
28、sults of operations. In order to avoid or minimise these risks, the company operates a risk management system at Group level in which all subsidiaries are involved (see 4.1 Internal Monitoring and Risk Management System). Through this risk management system, the opportunities and risks at the Group
29、level are recorded and assessed, control measures are defined and monitored and the uniform Group accounting process is ensured. 4.3 OPPORTUNITIES REPORT Given the good internal and external growth opportunities, the DEAG Group expects a successful busi- ness performance in 2020 and beyond. Followin
30、g the issue of the 2018/2023 bond with a total volume of EUR 25 million, the company is solidly financed in the long term. External growth opportunities: DEAG pursues a consistent buy previous year: EUR -1,519 thousand) 2 Release of capital reserve to offset losses 3 Stock option programme (+26) 64
31、| Consolidated Financial Statements | 65 DEAG Deutsche Entertainment AG | Annual Financial Report 2019 Retained earnings Cumulative deficit Cumulative other income Attributable to DEAG shareholders Attributable to non- controllingEquity -466-54,0786386,9985,15412,152 -3,4909254,4153,0817,496 - -373-
32、373 -2,808-2,808 -1,519 1 -1,519-1,519 -466-52,1071,5639,8945,05414,948 -1,1871353-1,0521,745693 -4,300-4,300 -1,055-1,055 -6,2706,270 - 16,799 1, 2 -8585- -466-36,4951,69813,05712,09925,156 66 | Notes To The Consolidated Financial Statements NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ACCOUNTING
33、 PRINCIPLES DEAG Deutsche Entertainment Aktiengesellschaft (DEAG) is an Aktiengesellschaft (stock corporation un- der German law) founded in Germany with its registered office in Germany, 10785 Berlin, Potsdamer Strae 58. The company is registered in the Commercial Register of the Charlottenburg Dis
34、trict Court under the commercial register number HRB 69474 B. DEAG is a leading entertainment service provider and provider of live entertainment in Europe and is pre- sent in its core markets with Group companies. DEAG produces and organises a wide range of profitable events and concerts. As a live
35、 entertainment service provider with an integrated business model, DEAG has extensive expertise in the organisation, marketing and holding of events and in ticket sales via its own ticketing platform “MyTicket” for its own and third-party content. MyTickets highly scalable business model strengthens
36、 DEAG on its path to increasing profitability. DEAG organises around 4,000 concerts and events each year and currently sells more than 5 million tickets - of which a steadily growing share is via the profitable ticketing platforms of MyTicket as well as the British company G since December 2019. DEA
37、Gs core business areas include Rock/Pop, Classics this is the case if the strategic finan- cial and business policy associated with the business activity of the joint venture requires the consent of all parties involved in the joint control. Shares in joint ventures are reported at equity. The Conso
38、lidated Statement of Income includes the part of the Group in the income and expenditure as well as in equity changes of the investments valued at equity. If the Groups share in the loss of the joint venture exceeds the share valued at equity, this share is written down to zero. Other losses are not
39、 reported unless the Group has a contractual obligation or has made payments for the benefit of the joint venture. Unrealised profits or losses from transactions of affiliated entities with the joint venture are eliminated against the investment value of the joint venture (losses not exceeding the a
40、mount of the investment value). Inventories are valued at acquisition cost. Appropriate value adjustments are made if net sales proceeds on the balance sheet date are less than the cost of acquisition. Advance payments are prepaid costs relating to events after the balance sheet date and are deferre
41、d accordingly. Advance payments received from customers for future performance obligations are recognised as con- tract liabilities in accordance with IFRS 15. Provisions are valued at the amount sound business judgment deems necessary on the balance sheet date to cover future payment obligations, d
42、iscernible risks and uncertain commitments. Long-term re- serves are being discounted in accordance with IAS 37. If the discounting effect is material, reserves are recorded at the cash value of the expected future cash flows. Pursuant to IAS 12, tax deferrals are calculated on the basis of differen
43、t valuations of assets and liabilities in the commercial and tax balance sheets, on circumstances within the scope of commercial balance sheet II, on consolidation processes and on realisable losses carried forward. Deferred tax assets on los- ses carried forward are recognised to the extent that th
44、ey will be used up within a period of 5 years. Other deferred tax assets on losses carried forward are only recognised to the extent that they are offset by deferred tax liabilities. Deferred tax assets and deferred tax liabilities are netted in the balance sheet to the extent that they can be offse
45、t with the same tax authorities. | 77 DEAG Deutsche Entertainment AG | Annual Financial Report 2019 The defined benefit obligations are calculated in accordance with IAS 19 based on the Projected Unit Cre- dit method. This is based on the number of service years on the respective calculation date an
46、d takes into account future developments by including discounting, wage development and probability of resignation before the commencement of the payment of the benefits as well as pension indexing for the years after the first-time payment of recurring benefits. Actuarial profits and losses are imm
47、ediately recognised in other income with no effect on the result. The Groups financial instruments essentially comprise cash and cash equivalents, trade receivables, ot- her non-current financial receivables, other intangible assets and investments, trade payables, liabilities to banks and other fin
48、ancial liabilities. On initial recognition, trade receivables are carried at the transaction price, all other financial assets and liabilities at fair value. Transaction costs are included if the financial assets and liabilities are subsequently measured at amortised cost. Otherwise, they must be ex
49、pensed immediately. The first-time recognition and disposal of sales and purchases of financial assets in line with market con- ditions is made on the settlement date. IFRS 9 provides for the following three measurement categories for classification and subsequent measurement: At amortised cost At fair value with no effect on income At fair value through profit or loss If an asset is held to collect contractually agreed principal and interest payments, it is subsequently mea- sured at amortised cost using the effective interest
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