Key Financials of the Bertelsmann Group

Key Figures (IFRS)          
in € millions 2019 2018 2017 2016 2015
Business Development          
Group revenues 18,023 17,673 17,190 16,950 17,141
Operating EBITDA 2,909 2,586 2,636 2,568 2,485
EBITDA margin in percent1) 16.1 14.6 15.3 15.2 14.5
Bertelsmann Value Added (BVA)2) 89 121 163 180 180
Group profit 1,091 1,104 1,198 1,137 1,108
Investments3) 1,270 1,434 1,103 1,240 1,259
           
Consolidated Balance Sheet          
Equity 10,445 9,838 9,127 9,895 9,434
Equity ratio in percent 38.2 38.8 38.5 41.6 41.2
Total assets 27,317 25,343 23,713 23,794 22,908
Net financial debt 3,364 3,932 3,479 2,625 2,765
Economic debt4) 6,511 6,619 6,213 5,913 5,609
Leverage factor 2.6 2.7 2.5 2.5 2.4
           
Dividends to Bertelsmann shareholders 180 180 180 180 180
Distribution on profit participation certificates 44 44 44 44 44
Employee profit sharing 96 116 105 105 95


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.