Consolidated Financial Statements

Selected chapters from the Bertelsmann Financial Statements 2019 can be found here in digital form.
The complete Annual Report 2019 can be found here as a PDF flip catalog.

Consolidated Income Statement

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in € millionsNotes20192018
Revenues118,02317,673
Other operating income2455473
Cost of materials13(5,663)(5,535)
Royalty and license fees(1,580)(1,593)
Personnel costs3(5,645)(5,658)
Amortization/depreciation, impairment and reversals on intangible assets, property,
plant and equipment and right-of-use assets
4(1,051)(847)
Other operating expenses5(2,877)(2,954)
Results from investments accounted for using the equity method1112457
Impairment and reversals on investments accounted for using the equity method11(51)(2)
Results from disposals of investments906
EBIT (earnings before interest and taxes)1,8251,620
 
Interest income61315
Interest expenses6(117)(115)
Other financial income72427
Other financial expenses7(229)(143)
Financial result(309)(216)
 
Earnings before taxes from continuing operations1,5161,404
Income tax expense8(426)(301)
Earnings after taxes from continuing operations1,0901,103
 
Earnings after taxes from discontinued operations11
 
Group profit or loss1,0911,104
 
attributable to:
Bertelsmann shareholders
Earnings from continuing operations728752
Earnings from discontinued operations11
Earnings attributable to Bertelsmann shareholders729753
 
Non-controlling interests 
Earnings from continuing operations 362351
Earnings from discontinued operations 
Earnings attributable to non-controlling interests362351

Consolidated Statement of Comprehensive Income

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in € millionsNotes20192018
Group profit or loss1,0911,104
 
Items that will not be reclassified subsequently to profit or loss
Remeasurement component of defined benefit plans(224)(60)
Changes in fair value of equity instruments (2)3
Share of other comprehensive income of investments accounted for using the equity method(1)
 
Items that will be reclassified subsequently to profit or loss when specific conditions are met
Exchange differences
– changes recognized in other comprehensive income7894
– reclassification adjustments to profit or loss620
Cash flow hedges
– changes in fair value recognized in other comprehensive income823
– reclassification adjustments to profit or loss(3)2
Share of other comprehensive income of investments accounted for using the equity method(4)(2)
 
Other comprehensive income net of tax17(142)80
 
Group total comprehensive income9491,184
 
attributable to:
Bertelsmann shareholders602816
Non-controlling interests347368

Consolidated Balance Sheet

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in € millionsNotes12/31/201912/31/2018 (adjusted)
Assets
Non-current assets
Goodwill98,5378,427
Other intangible assets92,4362,590
Property, plant and equipment and right-of-use assets102,9351,670
Investments accounted for using the equity method11652658
Minority stakes and other financial assets121,3201,143
Trade and other receivables148959
Other non-financial assets15922851
Deferred tax assets81,0871,051
17,97816,449
Current assets
Inventories131,7451,735
Trade and other receivables144,5234,443
Other financial assets126371
Other non-financial assets151,0921,002
Current income tax receivables178156
Cash and cash equivalents161,6361,405
9,2378,812
Assets held for sale10282
27,31725,343
 
Equity and liabilities
Equity17
Subscribed capital1,0001,000
Capital reserve2,3452,345
Retained earnings5,5095,129
Bertelsmann shareholders’ equity8,8548,474
Non-controlling interests1,5911,364
10,4459,838
Non-current liabilities
Provisions for pensions and similar obligations181,9671,738
Other provisions19178135
Deferred tax liabilities895127
Profit participation capital20413413
Financial debt214,6124,638
Lease liabilities221,11632
Trade and other payables23363353
Other non-financial liabilities23379395
9,1237,831
Current liabilities
Other provisions19214299
Financial debt21388660
Lease liabilities222767
Trade and other payables234,8404,718
Other non-financial liabilities231,9081,839
Current income tax payables7888
7,7047,611
Liabilities related to assets held for sale4563
27,31725,343

Consolidated Cash Flow Statement

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in € millions20192018
Group earnings before interest and taxes1,8251,621
Taxes paid(424)(534)
Depreciation and write-ups of non-current assets1,118855
Results from disposals of investments(90)(7)
Gains/losses from disposals of non-current assets(3)(62)
Change in provisions for pensions and similar obligations(95)(113)
Change in other provisions(3)(20)
Change in net working capital(34)(178)
Fair value measurement of investments(143)(157)
Other effects(61)32
Cash flow from operating activities2,0901,437
– thereof discontinued operations
Investments in:
– intangible assets(313)(295)
– property, plant and equipment(323)(325)
– financial assets(317)(258)
– purchase prices for consolidated investments (net of acquired cash)(317)(556)
Disposals of subsidiaries and other business units228113
Disposals of other fixed assets330191
Cash flow from investing activities(712)(1,130)
– thereof discontinued operations11
Issues of bonds and promissory notes75942
Redemption of bonds and promissory notes(309)(400)
Proceeds from/redemption of other financial debt(67)(160)
Redemption of lease liabilities1)(247)(8)
Interest paid(260)(196)
Interest received2527
Dividends to Bertelsmann shareholders(180)(180)
Dividends to non-controlling interests and payments to partners in partnerships (IAS 32.18(b))(263)(356)
Change in equity81(59)
Other effects1718
Cash flow from financing activities(1,128)(372)
– thereof discontinued operations
Change in cash and cash equivalents250(65)
Exchange rate effects and other changes in cash and cash equivalents(12)28
Cash and cash equivalents on 1/11,4051,442
Cash and cash equivalents on 12/311,6431,405
Less cash and cash equivalents included within assets held for sale(7)
Cash and cash equivalents on 12/31 (according to the consolidated balance sheet)1,6361,405

Changes in Net Liabilities Arising from Financing Activities

in € millions20192018
Net liabilities arising from financing activities on 1/1 1)(5,262)(3,479)
Cash flow from operating activities2,0901,437
Cash flow from investing activities(712)(1,130)
Interest, dividends and changes in equity, additional payments (IAS 32.18(b))(597)(764)
Exchange rate effects and other changes in net liabilities arising from financing activities(275)4
Net liabilities arising from financing activities on 12/31(4,756)(3,932)

Consolidated Statement of Changes in Equity

 

Subscribed
capital
capital
reserve 1)
Retained earnings Bertels-
mann
share-
holders’
equity
Non
con
trolling
interests
Total
  Other
retained
earnings
Accumulated other comprehensive income 2)
in € millions Exchange
differences
Available-
for-sale
financial
assets
Fair value
reserve
Cash
Flow
hedges
Share of
other
com-
prehensive
income of
investments
accounted
for using
the equity
method
Balance on 1/1/2018 1,000 2,345 4,631 (196) 69 n/a (22) 15 7,842 1,285 9,127
Adjustment 59 (69) 10 (8) (8) (3) (11)
Balance on 1/1/2018 3) 1,000 2,345 4,690 (196) n/a 10 (22) 7 7,834 1,282 9,116
Group profit or loss 753 n/a 753 351 1,104
Other comprehensive income (67) 110 n/a 3 19 (2) 63 17 80
Group total comprehensive income 686 110 n/a 3 19 (2) 816 368 1,184
Dividend distributions (180) n/a (180) (293) (473)
Changes in ownership interests in subsidiaries that do not result in a loss of control 6 1 n/a 7 (8) (1)
Equity transactions with shareholders (174) 1 n/a (173) (301) (474)
Other changes (2) n/a (1) (3) 15 12
Balance on 12/31/2018 1,000 2,345 5,200 (85) n/a 12 (3) 5 8,474 1,364 9,838
 
Balance on 1/1/2019 1,000 2,345 5,200 (85) n/a 12 (3) 5 8,474 1,364 9,838
Adjustment (38) n/a (38) (12) (50)
Balance on 1/1/2019 4) 1,000 2,345 5,162 (85) n/a 12 (3) 5 8,436 1,352 9,788
Group profit or loss 729 n/a 729 362 1,091
Other comprehensive income (205) 80 n/a (2) 4 (4) (127) (15) (142)
Group total comprehensive income 524 80 n/a (2) 4 (4) 602 347 949
Dividend distributions (180) n/a (180) (254) (434)
Changes in ownership interests in subsidiaries that do not result in a loss of control (13) 8 n/a (5) 126 121
Equity transactions with shareholders (193) 8 n/a (185) (128) (313)
Other changes 3 n/a -2 1 20 21
Balance on 12/31/2019 1,000 2,345 5,496 3 n/a 8 1 1 8,854 1,591 10,445

Segment Information (Continuing Operations)

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RTL GroupPenguin Random
House
Gruner + JahrBMGArvatoBertelsmann
Printing Group
Bertelsmann
Education Group
Bertelsmann
Investments2)
Total divisionsCorporateConsolidationContinuing
operations
in € millions201920182019201820192018201920182019201820192018201920182019201820192018201920182019201820192018
Revenues from external customers6,5866,4943,6363,4241,3191,4205975424,1124,0331,4051,468333257131218,00117,650222318,02317,673
Intersegment revenues6511362033636716317113302733432(364)(305)
Divisional revenues6,6516,5053,6363,4241,3551,4406005454,1754,1001,5681,639333258131218,33117,9235655(364)(305)18,02317,673
 
Operating EBITDA1,4391,40256152815714013812254937768858437-1-32,9952,688(86)(95)(7)2,9092,586
 
EBITDA margin 1)21.6%21.5%15.4%15.4%11.6%9.7%23.0%22.5%13.2%9.2%4.4%5.2%25.2%14.5%-4.6%-25.8%16.3%15.0%n/an/an/an/a16.1%14.6%
 
Impairment (-)/reversals (+) on intangible
assets, property, plant and equipment
and right-of-use assets
(3)(105)(1)(46)(9)(6)(14)(3)(101)(25)(128)(185)-12(129)(183)
 
Results from investments accounted for
using the equity method
64582(2)10910739(5)(10)12557-112457
 
Invested capital6,7356,4382,5822,3706196671,9271,8851,8941,6191061871,2921,4221,05989916,21415,4871361242(21)16,35215,590

Reconciliation to Operating EBITDA (Continuing Operations)

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in € millions20192018
EBIT from continuing operations1,8251,620
Special items
– impairment on goodwill and other intangible assets with indefinite useful life as well as gains from business combinations27173
– adjustment to carrying amounts on assets held for sale76
– impairment (+)/reversals (-) on other financial assets at amortized cost9
– impairment (+)/reversals (-) on investments accounted for using the equity method512
– results from disposals of investments(90)(6)
– fair value measurement of investments(143)(157)
– restructuring and other special items293278
Amortization/depreciation, impairment and reversals on intangible assets, property, plant and equipment and right-of-use assets1,051847
Adjustments on amortization/depreciation, impairment and reversals on intangible assets, property, plant and equipment and right-of-use assets included in special items(121)(177)
Operating EBITDA from continuing operations2,9092,586

Information by Geographical Areas (Continuing Operations)

 

GermanyFranceUnited KingdomOther European
countries
USAOther countriesContinuing
operations
in € millions20192018201920182019201820192018201920182019201820192018
Revenues
from external
customers
5,8065,8592,2132,3361,1801,1523,4133,3364,2113,8961,2001,09418,02317,673
Non-current
assets 1)
3,4613,2201,3371,0921,3621,3013,4813,2673,8413,53042627713,90812,687

Information on Revenue Sources (Continuing Operations)

 

Own products and
merchandise
ServicesAdvertisingRights and licensesContinuing
operations
in € millions2019201820192018201920182019201820192018
Revenues from
external customers
4,3854,3496,5086,3754,0434,0613,0872,88818,02317,673