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Bertelsmann Annual Report 2018 (Financial Information)

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Bertelsmann Annual Report 2018 (Financial Information) Annual Report 2018 At a Glance 2018 Key Figures (IFRS) in € millions 2018 2017 2016 2015 2014 Business Development Group revenues 17,673 17,190 16,950 17,141 16,675 Operating EBITDA 2,586 2,636 2,568 2,485 2,374 EBITDA margin in percent1) 14.6 15.3 15.2 14.5 14.2 Bertelsmann Value Added (BVA)2) 121 163 180 180 211 Group profit 1,104 1,198 1,137 1,108 572 Investments3) 1,434 1,103 1,240 1,259 1,578 Consolidated Balance Sheet Equity 9,838 9,127 9,895 9,434 8,380 Equity ratio in percent 38.8 38.5 41.6 41.2 38.9 Total assets 25,343 23,713 23,794 22,908 21,560 Net financial debt 3,932 3,479 2,625 2,765 1,689 Economic debt4) 6,619 6,213 5,913 5,609 6,039 Leverage factor 2.7 2.5 2.5 2.4 2.7 Dividends to Bertelsmann shareholders 180 180 180 180 180 Distribution on profit participation certificates 44 44 44 44 44 Employee profit sharing 116 105 105 95 85 As of January 1, 2018, the new accounting standards IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers were applied for the first time. In accordance with the transitional provisions of IFRS 9 and IFRS 15, prior year comparatives have not been adjusted. Further details are presented in the section “Impact of New Financial Reporting Standards.” 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. 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. From financial year 2018 onward, Bertelsmann Value Added is determined without taking into account the Bertelsmann Investments division. 3) Taking into account the financial debt assumed, investments amounted to €1,461 million (2017: €1,117 million). 4) Net financial debt less 50 percent of the par value of the hybrid bonds plus pension provisions, profit participation capital and the present value of operating leases. 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 117,000 employees and generated revenues of €17.7 billion in the 2018 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. www.bertelsmann.com Interactive Online Report The Bertelsmann Annual Report can also be accessed online at: ar2018.bertelsmann.com 2 Financial Information Financial Information 4 Combined Management Report 45 Consolidated Financial Statements 45 Consolidated Income Statement Fundamental Information about the Group 46 Consolidated Statement of Comprehensive Income 47 Consolidated Balance Sheet 5 Corporate Profile 48 Consolidated Cash Flow Statement 6 Strategy 49 Consolidated Statement of Changes in Equity 7 Value-Oriented Management System 50 Notes 8 Non-Financial Performance Indicators 132 Responsibility Statement Report on Economic Position 133 Auditor’s Report 10 Corporate Environment 11 Significant Events in the Financial Year 140 Corporate Governance 11 Results of Operations 14 Net Assets and Financial Position 143 Report of the Supervisory Board 18 Performance of the Group Divisions 26 General Statement by Company Management 148 Boards / Mandates on the Economic Situation 148 Supervisory Board 26 Alternative Performance Measures 151 Executive Board 29 Significant Events after the Balance Sheet Date 29 Risks and Opportunities 152 Additional Information 36 Outlook 152 Selected Terms at a Glance 38 Notes to the Financial Statements of 154 Financial Calendar / Contact/ Bertelsmann SE & Co. KGaA (in accordance Production Credits with HGB, German Commercial Code) 40 Combined Non-Financial Statement Bertelsmann Annual Report 2018 3 Combined Management Report Financial Year 2018 in Review Bertelsmann can look back on a successful year in 2018. Group revenues rose by 2.8 percent to €17.7 billion (previous year: €17.2 billion). Organic growth increased to 2.7 percent (previous year: 1.7 percent) due to growth at RTL Group, Penguin Random House, BMG, Arvato and the Bertelsmann Education Group. The revenue share generated by the strategic growth businesses increased to 34 percent (previous year: 32 percent). At €2,586 million, operating EBITDA was once again at a high level. Operating EBITDA in the previous year was €2,636 million and included substantial capital gains from real estate transactions. Earnings growth at Penguin Random House, BMG, Arvato and the Bertelsmann Education Group was offset by declining earnings at Bertelsmann Printing Group in particular. The EBITDA margin went down from 15.3 percent in the previous year to 14.6 percent. Group profit was once again high, at €1,104 million, compared with €1,198 million in the same period in the previous year. For 2019, Bertelsmann again expects positive business performance. Revenues in € billions Operating EBITDA in € millions Group Profit in € millions 20 17.0 17.2 17.7 3,000 2,568 2,636 2,586 1,200 1,137 1,198 1,104 15 2,250 900 10 1,500 600 5 750 300 0 0 0 2016 2017 2018 2016 2017 2018 2016 2017 2018 • Revenue growth of 2.8 percent, • Decrease in operating EBITDA by • Group profit exceeds billion-euro organic growth of 2.7 percent 1.9 percent to €2,586 million mark for the fourth consecutive year • Revenue increases at RTL Group, • Previous-year figure included capital • Decline due to the lower operating Penguin Random House, BMG, gains from real estate transactions result and greater impacts from Arvato and Bertelsmann Education • Decline in EBITDA margin to special items Group 14.6 percent compared with • Lower tax expense • Organic revenue growth in growth 15.3 percent in the same period in businesses the previous year 4 Financial Information Combined Management Report Fundamental Information about the Group In this Management Report, the Group is using the option over 300 YouTube channels. Furthermore, RTL Group owns to combine the Group Management Report and the SpotX, a programmatic video advertising platform. The Manage ment Report of Bertelsmann SE & Co. KGaA. This publicly traded RTL Group S.A. is listed on the German MDAX Combined Manage ment Report outlines the business perfor- index. mance, including the business result and the position of the Bertelsmann Group and Bertelsmann SE & Co. KGaA. Infor- Penguin Random House is, based on revenue, the world’s larg- mation about Bertelsmann SE & Co. KGaA in accordance est trade book publisher, with nearly 275 imprints across six with the German Commercial Code (HGB) will be detailed in a continents. Its well-known book brands include Doubleday, separate section. The Combined Management Report will be Viking and Alfred A. Knopf (United States); Ebury, Hamish published instead of the Group Management Report within Hamilton and Jonathan Cape (United Kingdom); Plaza & Janés the Bertelsmann Annual Report. and Alfaguara (Spain); Sudamericana ( Argentina); and the inter- national imprint DK. Germany’s Verlagsgruppe Random House, which includes illustrious publishing houses such as Goldmann and Heyne, is not part of Penguin Random House from a legal Corporate Profile point of view, but is under the same corporate management and is part of the Penguin Random House division. Each year Bertelsmann operates in the core business fields of media, Penguin Random House publishes about 15,000 new titles and services and education in around 50 countries worldwide. sells around 600 million print books, e-books and audiobooks. The geographic core markets are Western Europe – in particular, Germany, France and the United Kingdom – and Gruner + Jahr is one of Europe’s leading premium maga- the United States. In addition, Bertelsmann is strengthening zine publishers. Its magazine portfolio includes established its involvement in growth markets such as Brazil, India and brands such as “Stern,” “Brigitte” and “Geo”; young brands China. The Bertelsmann divisions are RTL Group (television), like “Barbara,” “Guido” and “Chefkoch”; and the French maga- Penguin Random House (books), Gruner + Jahr (magazines), zine publisher Prisma Media. It also has products and licenses BMG (music), Arvato (services), Bertelsmann Printing Group such as the “Schöner Wohnen” furniture collection and digital (printing), Bertelsmann Education Group (education) and offerings in all publishing segments. In digital marketing G+J Bertelsmann Investments (funds). operates international platforms such as AppLike. Territory, Germany’s largest communication agency for brand content, Bertelsmann SE & Co. KGaA is a publicly traded but unlisted is also part of G+J. In addition, G+J holds majority stakes in partnership limited by shares. As a Group holding company, it Motor Presse Stuttgart and in DDV Mediengruppe in Saxony, exercises central corporate functions such as the specification and holds a stake in Spiegel-Gruppe. and development of the Group’s strategy, capital allocation, financing and management development. Internal corporate BMG is an international music company with 15 offices in management and reporting follow the Group’s organizational 12 music markets, now representing more than three mil- structure, which consists of the operating divisions and lion songs and recordings, including the catalogs of Alberts Corporate. Music, Broken Bow Music Group, Bug, Cherry Lane, Chrysalis, Mute, Primary Wave, Sanctuary and Trojan, RTL Group is, based on revenue, one of the leading television among others.
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