Key Financials of the Bertelsmann Group

Key Figures (IFRS)
in € millions	2021	2020	2019	2018	2017
Business Development
Group revenues	18,696	17,289	18,023	17,673	17,190
Operating EBITDA	3,241	3,143	2,887	2,586	2,636
EBITDA margin in percent1)	17.3	18.2	16.0	14.6	15.3
Bertelsmann Value Added (BVA)2)	474	355	89	121	163
Group profit	2,310	1,459	1,091	1,104	1,198
Investments3)	1,954	920	1,240	1,434	1,103
Consolidated Balance Sheet
Equity	13,574	10,725	10,445	9,838	9,127
Equity ratio in percent	42.8	36.1	38.2	38.8	38.5
Total assets	31,714	29,704	27,340	25,343	23,713
Net financial debt	959	2,055	3,364	3,932	3,479
Economic debt4)	3,475	5,207	6,511	6,619	6,213
Leverage factor	1.3	1.9	2.6	2.7	2.5
Dividends to Bertelsmann shareholders	180	–	180	180	180
Distribution on profit participation certificates	44	44	44	44	44
Employee profit sharing	89	88	96	116	105

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. Since the financial year 2018, Bertelsmann Value Added has been calculated excluding the Bertelsmann Investments division.
3) Taking into account the financial debt assumed, investments amounted to €1,961 million (2020: €974 million).
4) Net financial debt less 50 percent of the par value of the hybrid bonds and less the short-term liquidable investment in a special fund plus pension provisions, profit participation capital and the present value of operating leases.