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.