Key Financials of the Bertelsmann Group

Key Figures (IFRS)
in € millions	2020	2019	2018	2017	2016
Business Development
Group revenues	17,289	18,023	17,673	17,190	16,950
Operating EBITDA	3,143	2,887	2,586	2,636	2,568
EBITDA margin in percent1)	18.2	16.0	14.6	15.3	15.2
Bertelsmann Value Added (BVA)2)	355	89	121	163	180
Group profit	1,459	1,091	1,104	1,198	1,137
Investments3)	920	1,240	1,434	1,103	1,240
Consolidated Balance Sheet
Equity	10,725	10,445	9,838	9,127	9,895
Equity ratio in percent	36.1	38.2	38.8	38.5	41.6
Total assets	29,704	27,340	25,343	23,713	23,794
Net financial debt	2,055	3,364	3,932	3,479	2,625
Economic debt4)	5,207	6,511	6,619	6,213	5,913
Leverage factor	1.9	2.6	2.7	2.5	2.5
Dividends to Bertelsmann shareholders	–	180	180	180	180
Distribution on profit participation certificates	44	44	44	44	44
Employee profit sharing	88	96	116	105	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 onward, Bertelsmann Value Added has been calculated excluding the Bertelsmann Investments division.
3) Taking into account the financial debt assumed and payments from transactions with non-controlling interests without a change of control, investments amounted to €1,717 million (2019: €1,314 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.