Key Financials of the Bertelsmann Group

Key Figures (IFRS)
in € millions	2022	2021	2020	2019	2018
Business Development
Group revenues	20,245	18,696	17,289	18,023	17,673
Operating EBITDA	3,192	3,241	3,143	2,887	2,586
EBITDA margin in percent1)	15.8	17.3	18.2	16.0	14.6
Bertelsmann Value Added (BVA)2)	109	474	355	89	121
Group profit	1,052	2,310	1,459	1,091	1,104
Investments3)	1,672	1,954	920	1,240	1,434
Consolidated Balance Sheet
Equity	15,036	13,606	10,725	10,445	9,838
Equity ratio in percent	45.8	42.8	36.1	38.2	38.8
Total assets	32,818	31,769	29,704	27,340	25,343
Net financial debt	2,249	959	2,055	3,364	3,932
Economic debt4)	4,785	3,475	5,207	6,511	6,619
Leverage factor	1.8	1.3	1.9	2.6	2.7
Dividends to Bertelsmann shareholders	220	180	–	180	180
Distribution on profit participation certificates	44	44	44	44	44
Employee profit sharing	63	89	88	96	116

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. Bertelsmann Value Added has been calculated excluding the venture capital organization of the Bertelsmann Investments division.
3) Taking into account the financial debt assumed, investments amounted to €1,981 million (2021: €1,961 million).
4) Net financial debt less the short-term liquidable investments in a special fund plus pension provisions, profit participation capital and lease liabilities (up to and including the financial year 2021 less 50 percent of the par value of the hybrid bonds).