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Bertelsmann Annual Report 2020 (Financial Information)

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Bertelsmann Annual Report 2020 (Financial Information) next Annual Report 2020 At a Glance 2020 Key Figures (IFRS) in € millions 2020 2019 2018 2017 2016 Business Development Group revenues 17,289 18,023 17,673 17,190 16,950 Operating EBITDA 3,143 2,887 2,586 2,636 2,568 EBITDA margin in percent1) 18.2 16.0 14.6 15.3 15.2 Bertelsmann Value Added (BVA)2) 355 89 121 163 180 Group profit 1,459 1,091 1,104 1,198 1,137 Investments3) 920 1,240 1,434 1,103 1,240 Consolidated Balance Sheet Equity 10,725 10,445 9,838 9,127 9,895 Equity ratio in percent 36.1 38.2 38.8 38.5 41.6 Total assets 29,704 27,340 25,343 23,713 23,794 Net financial debt 2,055 3,364 3,932 3,479 2,625 Economic debt4) 5,207 6,511 6,619 6,213 5,913 Leverage factor 1.9 2.6 2.7 2.5 2.5 Dividends to Bertelsmann shareholders – 180 180 180 180 Distribution on profit participation certificates 44 44 44 44 44 Employee profit sharing 88 96 116 105 105 The figures shown in the table are, in some cases, so-called Alternative Performance Measures (APM), which are neither defined nor described in IFRS. Details are presented in the section “Alternative Performance Measures” in the Combined Management Report. Rounding may result in minor variations in the calculation of percentages. The prior-year comparatives have been adjusted. Further details are presented in the section “Prior-Year Information.” 1) Operating EBITDA as a percentage of revenues. 2) Bertelsmann uses BVA as a strictly defined key performance indicator to evaluate the profitability of the operating business and return on investment. Since the financial year 2018, Bertelsmann Value Added has been calculated excluding the Bertelsmann Investments division. 3) Taking into account the financial debt assumed and payments from transactions with non-controlling interests without a change of control, investments amounted to €1,717 million (2019: €1,314 million). 4) Net financial debt less 50 percent of the par value of the hybrid bonds plus pension provisions, profit participation capital and lease liabilities. Bertelsmann is a media, services and education company that operates in about 50 countries around the world. It includes the broadcaster RTL Group, the trade book publisher Penguin Random House, the magazine publisher Gruner + Jahr, the music company BMG, the service provider Arvato, the Bertelsmann Printing Group, the Bertelsmann Education Group and Bertelsmann Investments, an international network of funds. The company has around 130,000 employees and generated revenues of €17.3 billion in the 2020 financial year. Bertelsmann stands for creativity and entrepreneurship. This combination promotes first-class media content and innovative service solutions that inspire customers around the world. Bertelsmann aspires to achieve climate neutrality by 2030. In 2021, Bertelsmann commemorates the 100th birthday of Reinhard Mohn, the Group's late post-war founder and longtime Chairman and CEO. www.bertelsmann.com Interactive Online Report The Bertelsmann Annual Report can also be accessed online at: ar2020.bertelsmann.com As well as company information and an extensive financial section, the online report offers many extra features, including several videos, podcasts, extracts and additional web links. 2 Financial Information Financial Information 4 Combined Management Report 51 Consolidated Financial Statements 51 Consolidated Income Statement Fundamental Information about the Group 52 Consolidated Statement of Comprehensive Income 53 Consolidated Balance Sheet 5 Corporate Profile 54 Consolidated Cash Flow Statement 6 Strategy 55 Consolidated Statement of Changes in Equity 8 Value-Oriented Management System 56 Notes 8 Non-Financial Performance Indicators 140 Responsibility Statement Report on Economic Position 141 Auditor’s Report 11 Corporate Environment 11 Significant Events in the Financial Year 149 Corporate Governance 12 Results of Operations 15 Net Assets and Financial Position 152 Report of the Supervisory Board 20 Performance of the Group Divisions 28 General Statement by Company Management 158 Boards / Mandates on the Economic Situation 158 Supervisory Board 28 Alternative Performance Measures 161 Executive Board 31 Significant Events after the Balance Sheet Date 31 Risks and Opportunities 162 Additional Information 40 Outlook 162 Selected Terms at a Glance 41 Notes to the Financial Statements of 164 Financial Calendar / Contact/ Bertelsmann SE & Co. KGaA (in accordance Production Credits with HGB, German Commercial Code) 44 Combined Non-Financial Statement Bertelsmann Annual Report 2020 3 Combined Management Report Financial Year 2020 in Review Bertelsmann successfully countered the economic effects of the coronavirus pandemic in the financial year 2020, as it benefited from the quality of its business portfolio and the high proportion of revenues from digital business models. Group revenues fell by 4.1 percent to €17.3 billion (previous year: €18.0 billion), and organic revenue decreased by 1.7 percent. This revenue decline, primarily in the advertising and print businesses, was largely attributable to the pandemic, but was substantially compensated by organic growth in the book publishing and service businesses. Operating EBITDA of €3,143 million was well above the previous year’s high amount of €2,887 million, a new record. Growth in earnings was posted in particular by Penguin Random House and Arvato. Disposal proceeds from real estate transactions also boosted operating earnings. The EBITDA margin rose to 18.2 percent (previous year: 16.0 percent). In view of this positive operating business performance, Group profit increased noticeably to €1,459 million (previous year: €1,091 million). Despite the remaining uncertainties, Bertelsmann expects those businesses most strongly affected by the pandemic to continue to recover in 2021. Revenues in € billions Operating EBITDA in € millions1) Group Profit in € millions 17.7 18.0 17.3 1,104 1,091 1,459 20 4,000 2,586 2,887 3,143 1,600 15 3,000 1,200 10 2,000 800 5 1,000 400 0 0 0 2018 2019 2020 2018 2019 2020 2018 2019 2020 • Decline in revenues by • Increase in operating EBITDA • Increase in Group profit to 4.1 percent; organic growth to €3,143 million, attributable to €1,459 million at Penguin Random House, increased earnings at Penguin • Group profit also benefited BMG, Arvato and Relias Random House and Arvato as well from special items especially • Coronavirus-related declines in as to disposal proceeds from real from disposal of investments advertising-financed and print estate transactions businesses partially offset by • EBITDA margin of 18.2 percent, quality of business portfolio and compared to 16.0 percent during high proportion of revenues from the same period last year digital business models 1) As of January 1, 2019, the new financial reporting standard IFRS 16 Leases was applied for the first time. 4 Financial Information Combined Management Report Fundamental Information about the Group In this Management Report, the Group is using the producers and distributors of scripted and unscripted content option to combine the Group Management Report and in the world. RTL Group is active in the area of online video the Management Report of Bertelsmann SE & Co. KGaA. with the streaming services of its broadcasters (including This Combined Management Report outlines the business TV Now, 6play, Salto and Videoland); the digital video network performance, including the business result and the position Divimove; and Fremantle’s more than 360 YouTube channels. of the Bertelsmann Group and Bertelsmann SE & Co. KGaA. RTL Group also owns the ad-tech companies Smartclip and Information about Bertelsmann SE & Co. KGaA in accordance Yospace, as well as the streaming tech company Bedrock. with the German Commercial Code (HGB) will be detailed in a RTL AdConnect is RTL Group’s international sales house. separate section. The Combined Management Report will be RTL Group is a listed company and a member of the SDAX. published instead of the Group Management Report within the Bertelsmann Annual Report. Penguin Random House is, based on revenue, the world’s largest trade book publisher, with more than 300 imprints across six continents. Its well-known book brands include Doubleday, Riverhead, Viking and Alfred A. Knopf Corporate Profile (United States); Ebury, Hamish Hamilton and Jonathan Cape (United Kingdom); Goldmann and Heyne (Germany); Plaza & Bertelsmann operates in the core business fields of media, Janés and Alfaguara (Spain); Sudamericana (Argentina); services and education in around 50 countries worldwide. and the international imprint DK. Each year Penguin The geographic core markets are Western Europe – in Random House publishes about 15,000 new titles and sells particular, Germany, France and the United Kingdom – and around 600 million print books, e-books and audiobooks. the United States. In addition, Bertelsmann is strengthening its involvement in growth markets such as Brazil, India and Gruner + Jahr is a premium magazine publisher whose port- China. The Bertelsmann divisions are RTL Group (television), folio includes established brands such as “Stern,” “ Brigitte” Penguin Random House (books), Gruner + Jahr (magazines), and “Geo”; young brands like “Barbara,” “Guido” and BMG (music), Arvato (services), Bertelsmann Printing Group “Wohllebens Welt”; and digital products in all publishing (printing), Bertelsmann Education Group (education) and segments. It also markets products and licenses such as the Bertelsmann Investments (funds). “Schöner Wohnen” collection. In digital marketing, G+J oper- ates the international AppLike Group and has a stake in the Bertelsmann SE & Co. KGaA is a capital market-oriented global leader of native advertising, Outbrain. The G+J portfolio but unlisted company limited by shares. As a group holding includes Territory, one of the leading communication agencies company, it exercises key corporate functions such as the in Germany. In addition, G+J holds the majority stake in DDV definition and further development of group strategy, capital Mediengruppe in Saxony, and a stake in Spiegel-Gruppe. allocation, financing and management.
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