Business Report 2.0 Bastei Lübbe AG 2015/2016 at a Glance
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Business report 2.0 Bastei Lübbe AG 2015/2016 At a glance Key figures (IFRS) 2015/2016 2014/2015 Change in % Business development in € million Group turnover 104.9 110.2 -4.8% EBITDA 6.7 10.4 -35.3% EBITDA margin in % 6.4 9.5 -32.0 Consolidated earnings -0.3 3.0 -109.4% Financial and assets position in € million Balance sheet total 111.8 117.2 -4.6% Equity 49.7 53.4 -7.0% Equity ratio in % 44.4 45.6 2.5 Share-related indicators in € Earnings per share (in €) * -0.04 0.25 -116.0% Dividend per share (in €) ** 0.10 0.30 -66.7% Year-end price (in €) 7.31 7.90 -7.5% Number of employees as of 31 March 413 420 -23.1% * Incl. equity capital shares of non-controlling shareholders ** See consolidated financial statement, Note No. 15 for calculation *** Proposal, given that the Annual General Meeting has yet to decide on the dividends Turnover 2015/16 by EBITDA 2015/16 by segment in % segment in % 21.2 28.3 32.4 46.1 20.7 16.2 25.8 9.4 Book digital non-book novel booklets and puzzle magazines 002 At a glance Bastei Lübbe AG is a media company in the form of Blue Sky Tech Ventures in the sense of IFRS 10 a publishing house. Within the scope of its business according to two prior audits conducted without activities, Bastei Lübbe publishes books, audio books, objection. eBooks and other digital products in the genres of For this reason, the companies shall be fully fiction and popular science, as well as periodicals consolidated as before, despite the sale of 55 per cent including novel booklets and puzzle magazines. The of shares in oolipo AG as at 31 March 2015 and 3 per business activities of Bastei Lübbe furthermore include cent of shares in Daedalic Entertainment GmbH as at the licensing of rights and the development, production 17 September 2015, and the re-evaluation of the shares and sale of gifts and decorations. conducted in each case as a result of the sale shall be Daedalic Entertainment GmbH, BookRix GmbH & reversed. As fully-consolidated companies, Daedalic Co. KG, BEAM Shop GmbH, oolipo AG, Bastei Media Entertainment GmbH, oolipo AG, BookRix GmbH & GmbH, HPR Bild & Ton GmbH, and several other Co. KG and BEAM Shop GmbH shall be included in the smaller companies, are part of the Bastei Lübbe group consolidated annual financial statement. In the financial (hereinafter “Bastei Lübbe”). year 2015/16, Bastei Lübbe achieved turnover of € 104.9 In agreement with the auditing company KMPG, we million and stands in particular for the innovation and have amended the group of consolidated companies as development of new forms of entertainment. Customers of 31 March 2015. KPMG had come to the conclusion both in Germany and also increasingly world-wide have that Bastei Lübbe has control of the British company been fans of our products for many years. * NB: The subsidiaries Daedalic Entertainment GmbH, oolipo AG, BookRix GmbH & Co. KG and BEAM Shop GmbH shall be fully consolidated. The investment company Blue Sky Tech Ventures Ltd. shall also be fully consolidated on the grounds of control in the sense of IFRS 10 based on the authority to give directives and reservation of approval which Bastei Lübbe has secured with the sale of 55 per cent of shares in oolipo AG and 3 per cent of shares in Daedalic Entertainment GmbH. The companies Bastei Media GmbH, Siebter Himmel GmbH, HPR Bild & Ton GmbH, Bastei International Limited, Bastei LLC and the Czech company Moravská Bastei MOBA shall not be consolidated. At a glance 003 The corporate divisions of Bastei Lübbe AG Books The first novel booklets were developed by Bastei The book segment is the core of Bastei Lübbe’s Lübbe more than 60 years ago. The novel booklet and business and includes all printed products. The puzzle magazines sector continues to represent constant products are distributed under the labels “Bastei Lübbe and solid business today. Hardcover”, “Bastei Lübbe Taschenbuch”, “Eichborn”, “Quadriga”. The portfolio also includes the children’s in EUR million 2015/16 2014/15 and young adults’ brands Baumhaus and Boje as well as the all-age imprint ONE. Turnover 9.8 10.5 Unlike other traditional publishers, Bastei Lübbe not only purchases the rights to the content but also develops EBITDA 1.7 1.9 its own content, to which the Company holds all world and territorial rights. in EUR million 2015/16 2014/15 Turnover 48.3 56.5 EBITDA 2.2 1.1 Non-book The gifts and home accessories which are distributed under the “Räder” label are listed in the non-book segment. Synergies between book products and book- related products are to be created through the “non- book” business segment. Until the sale in September 2015, the “non-book” segment also included the 50 per cent participation in Präsenta Promotion International GmbH. in EUR million 2015/16 2014/15 Novel booklets and puzzle magazines Turnover 17.0 14.5 The novel booklet and puzzle magazine segment includes novel booklets such as the cult series “Jerry Cotton” and EBITDA 1.4 1.9 “John Sinclair” as well as puzzle magazines such as “Mein großer Rätselspaß”, “Kreuzwort Nr. 1”, “Rätsel Sterne”. 004 At a glance Digital in EUR million 2015/16 2014/15 In order to take the growing significance of the digital industry into account, Bastei Lübbe introduced a new Turnover 29.7 28.8 segment at the beginning of the previous fiscal year. Alongside Bastei Lübbe AG’s digital revenues (eBooks and EBITDA 1.4 5.5 audios), the “digital” segment includes the participations in Daedalic Entertainment GmbH, oolipo AG, BookRix GmbH & Co. KG and BEAM Shop GmbH. The basic values of Bastei Lübbe Innovation and tradition we fulfil their wishes to the very best of our abilities. Our We focus on innovation and tradition. We combine authors know too that we’re not just competent but also 60 years of experience with the ability to set trends. work passionately to ensure that they are successful. We We recognise and create success stories, drawing on work efficiently to meet the challenges of the market, longstanding experience. We strive to share and perfect and can therefore deliver high quality at a fair price to our know-how in all areas. With us, the tried and trusted dealers and readers. goes hand in hand with the new: We have the courage to step off the well-trodden path and to set off into new, Partnership unexplored territory. We work together – with authors, business partners and colleagues – preferably on a long-term basis, with Creative drive mutual trust, honesty and respect. We value open We want to make a difference. We are therefore communication, even if that means having a difficult passionate about developing innovative ideas, inspiring discussion from time to time. We take all perspectives ourselves and others. This is how ideas become into consideration when trying to come up with ideas and successful products. Of course we know the environment solutions. We particularly value face-to-face discussions we are active in very well: We know the markets and the and close personal contact with our authors. We like to challenges they present – and accept those challenges make things clear from our perspective and want that resolutely and boldly. We accept responsibility, even if from our partners too so that a constructive exchange success does not always follow and mistakes are to be of ideas can take place. In this, we always feel a sense of recognised. responsibility towards our publishing company and our authors. We are not afraid to make tough decisions when Quality it comes to protecting these interests. We set standards. We entertain our readers very well This sense of responsibility is not limited to our own indeed. Since we understand what our customers want, individual duties, but rather involves the entire Company. At a glance 005 Contents 10 To Our Shareholders 10 Letter from the Executive Board to the Shareholders 16 Bastei Lübbe on the capital market 20 Group management report 20 Bastei Lübbe 22 Goals and strategies 25 Corporate steering 26 Overall and industry economic conditions 31 The earnings, assets and financial position 33 Employees 34 Social commitment 35 Responsibility across the value chain 35 Supplementary report 41 Risk and opportunity report 47 Forecast 52 Remuneration report Other disclosures under section 314(4) of the German Commercial Code 55 (HGB) 60 Corporate Governance 60 Supervisory Board report 65 Corporate governance report Declaration on management in accordance with Section 289a of the 66 Commercial Code 72 Consolidated financial statements as per 31 March 2016 80 Consolidated notes as of 31 March 2016 138 Supplementary information 138 Responsibility statement 138 Auditor’s opinion 139 Business calendar 2016/2017 139 Imprint To Our Shareholders Letter from the Executive Board to the Shareholders Dear Shareholders, Given the amendment to the group of consolidation companies, the participations in oolipo and Daedlic shall Bastei Lübbe possesses a clear set of values, which is be re-evaluated retrospectively according to the historical based on four pillars: tradition (and innovation), creative cost principle. The consolidated profit of Bastei Lübbe drive, quality and partnership. These are not empty words in the financial years 2014/2015 and 2015/2016 was for us - rather, they are the measuring stick and ideal for reduced by € 7.2 million and € 7.9 million respectively our company’s actions. solely from the loss of profits caused by the sale and Creative drive means “we want to achieve something”.