Key Financials of the Bertelsmann Group

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.