Financial Statements

Selected chapters from the Bertelsmann Financial Statements 2020 can be found here in digital form.
The complete Annual Report 2020 can be found here as a PDF flip catalog.

Consolidated Income Statement

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in € millionsNotes20202019
Revenues117,28918,023
Other operating income2682455
Cost of materials13(5,133)(5,685)
Royalty and license fees(1,650)(1,580)
Personnel costs3(5,622)(5,645)
Amortization/depreciation, impairment and reversals on intangible assets, property,
plant and equipment and right-of-use assets
4(1,040)(1,029)
Other operating expenses5(2,684)(2,877)
Results from investments accounted for using the equity method1186124
Impairment and reversals on investments accounted for using the equity method11(62)(51)
Results from disposals of investments41090
EBIT (earnings before interest and taxes)2,2761,825
 
Interest income61013
Interest expenses6(155)(117)
Other financial income7824
Other financial expenses7(202)(229)
Financial result(339)(309)
 
Earnings before taxes from continuing operations1,9371,516
Income tax expense8(478)(426)
Earnings after taxes from continuing operations1,4591,090
 
Earnings after taxes from discontinued operations1
 
Group profit or loss1,4591,091
 
attributable to:
Bertelsmann shareholders
Earnings from continuing operations1,152728
Earnings from discontinued operations1
Earnings attributable to Bertelsmann shareholders1,152729
 
Non-controlling interests 
Earnings from continuing operations 307362
Earnings from discontinued operations 
Earnings attributable to non-controlling interests307362

Consolidated Statement of Comprehensive Income

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in € millionsNotes20202019
Group profit or loss1,4591,091
 
Items that will not be reclassified subsequently to profit or loss
Remeasurement component of defined benefit plans(98)(224)
Changes in fair value of equity instruments 1(2)
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 income(339)78
– reclassification adjustments to profit or loss(7)6
Cash flow hedges
– changes in fair value recognized in other comprehensive income(13)8
– reclassification adjustments to profit or loss(2)(3)
Share of other comprehensive income of investments accounted for using the equity method(3)(4)
 
Other comprehensive income net of tax17(461)(142)
 
Group total comprehensive income998949
 
attributable to:
Bertelsmann shareholders715602
Non-controlling interests283347

Consolidated Balance Sheet

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in € millionsNotes12/31/202012/31/2019
Assets
Non-current assets
Goodwill97,8688,470
Other intangible assets92,3082,500
Property, plant and equipment and right-of-use assets102,7172,935
Investments accounted for using the equity method11820652
Minority stakes and other financial assets121,1961,320
Trade and other receivables146989
Other non-financial assets15881922
Deferred tax assets81,1241,087
16,98317,975
Current assets
Inventories131,6581,771
Trade and other receivables144,5704,523
Other financial assets1217863
Other non-financial assets159921,092
Current income tax receivables56178
Cash and cash equivalents164,5711,636
12,0259,263
Assets held for sale696102
29,70427,340
 
Equity and liabilities
Equity17
Subscribed capital1,0001,000
Capital reserve2,3452,345
Retained earnings5,7515,509
Bertelsmann shareholders’ equity9,0968,854
Non-controlling interests1,6291,591
10,72510,445
Non-current liabilities
Provisions for pensions and similar obligations182,0091,967
Other provisions19136178
Deferred tax liabilities893118
Profit participation capital20413413
Financial debt215,9114,612
Lease liabilities221,0981,116
Trade and other payables23246363
Other non-financial liabilities23401379
10,3079,146
Current liabilities
Other provisions19352214
Financial debt21715388
Lease liabilities22257276
Trade and other payables234,8334,840
Other non-financial liabilities231,9261,908
Current income tax payables21678
8,2997,704
Liabilities related to assets held for sale37345
29,70427,340

Consolidated Cash Flow Statement

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in € millions20202019
Group earnings before interest and taxes2,2761,825
Taxes paid(214)(424)
Depreciation and write-ups of non-current assets1,1281,096
Results from disposals of investments(410)(90)
Gains/losses from disposals of non-current assets(234)(3)
Change in provisions for pensions and similar obligations(92)(95)
Change in other provisions94(3)
Change in net working capital486(42)
Fair value measurement of investments(59)(143)
Other effects19(61)
Cash flow from operating activities2,9942,060
– thereof discontinued operations
Investments in:
– intangible assets(313)(283)
– property, plant and equipment(350)(323)
– financial assets(216)(317)
– purchase prices for consolidated investments (net of acquired cash)(41)(317)
Disposals of subsidiaries and other business units337228
Disposals of other fixed assets320330
Cash flow from investing activities(263)(682)
– thereof discontinued operations1
Issues of bonds and promissory notes1,78575
Redemption of bonds and promissory notes(100)(309)
Proceeds from/redemption of other financial debt(116)(67)
Redemption of lease liabilities(276)(247)
Interest paid(298)(260)
Interest received4325
Dividends to Bertelsmann shareholders(180)
Dividends to non-controlling interests and payments to partners in partnerships (IAS 32.18(b))(10)(263)
Change in equity(736)81
Other effects3817
Cash flow from financing activities330(1,128)
– thereof discontinued operations
Change in cash and cash equivalents3,061250
Exchange rate effects and other changes in cash and cash equivalents(61)(12)
Cash and cash equivalents on 1/11,6431,405
Cash and cash equivalents on 12/314,6431,643
Less cash and cash equivalents included within assets held for sale(72)(7)
Cash and cash equivalents on 12/31 (according to the consolidated balance sheet)4,5711,636

Changes in Net Liabilities Arising from Financing Activities

in € millions20202019
Net liabilities arising from financing activities on 1/1(4,756)(5,262)
Cash flow from operating activities2,9942,060
Cash flow from investing activities(263)(682)
Interest, dividends and changes in equity, additional payments (IAS 32.18(b))(1,001)(597)
Exchange rate effects and other changes in net liabilities arising from financing activities(384)(275)
Net liabilities arising from financing activities on 12/31(3,410)(4,756)

Consolidated Statement of Changes in Equity

 

Subscribed
capital
Capital
reserve1)
Retained earnings Bertels-
mann
share-
holders’
equity
Non-
controlling
interests
Total
  Other
retained
earnings
Accumulated other
comprehensive income2)
in € millions Exchange
differences
Fair value
reserve
Cash
Flow
Hedges
Share of
other
com-
prehensive
income of
investments
accounted
for using
the equity
method
Balance as of 1/1/2019 1,000 2,345 5,200 (85) 12 (3) 5 8,474 1,364 9,838
Adjustment (38) (38) (12) (50)
Balance as of 1/1/20193) 1,000 2,345 5,162 (85) 12 (3) 5 8,436 1,352 9,788
Group profit or loss 729 729 362 1,091
Other comprehensive income (205) 80 (2) 4 (4) (127) (15) (142)
Group total comprehensive income 524 80 (2) 4 (4) 602 347 949
Dividend distributions (180) (180) (254) (434)
Changes in ownership interests in subsidiaries that do not result in a loss of control (13) 8 (5) 126 121
Equity transactions with shareholders (193) 8 (185) (128) (313)
Other changes 3 (2) 1 20 21
Balance as of 12/31/2019 1,000 2,345 5,496 3 8 1 1 8,854 1,591 10,445
    1 1
Balance as of 1/1/2020 1,000 2,345 5,496 3 8 8,854 1,591 10,445
Group profit or loss 1,152 (12) (3) 1,152 307 1,459
Other comprehensive income (96) (327) 1 (437) (24) (461)
Group total comprehensive income 1,056 (327) 1 (12) (3) 715 283 998
Dividend distributions (6) (6)
Changes in ownership interests in subsidiaries that do not result in a loss of control4) (465) (7) (472) (255) (727)
Equity transactions with shareholders (465) (7) (472) (261) (733)
Other changes (1) (1) 16 15
Balance as of 12/31/2020 1,000 2,345 6,086 (331) 9 (11) (2) 9,096 1,629 10,725

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 € millions202020192020201920202019202020192020201920202019202020192020201920202019202020192020201920202019
Revenues from external customers5,9396,5863,8013,6361,1021,3195995974,3154,1121,2131,40530133381317,27818,001112217,28918,023
Intersegment revenues78651333633676314916343353303234(367)(364)
Divisional revenues6,0176,6513,8023,6361,1351,3556026004,3824,1751,3621,568301333121317,61318,3314356(367)(364)17,28918,023
 
Operating EBITDA1,0971,41769156112715713713866254955688984(10)(1)2,8482,973298(86)(3)3,1432,887
 
EBITDA margin 1)18.2%21.3%18.2%15.4%11.2%11.6%22.7%23.0%15.1%13.2%4.0%4.4%29.5%25.2%82.2%-4.6%16.2%16.2%n/an/an/an/a18.2%16.0%
 
Impairment (-)/reversals (+) on intangible
assets, property, plant and equipment
and right-of-use assets
(16)(3)(77)(1)(1)(12)(9)(27)(14)(1)(101)(7)(141)(128)(1)(1)(142)(129)
 
Results from investments accounted for
using the equity method
3264224101110383987125(1)(1)86124
Impairment (-)/reversals (+) on investments
accounted for using the equity method
(62)(50)(1)(62)(51)(62)(51)
 
Invested capital6,5476,7352,3262,5824746191,8011,9271,7851,89461061,1391,2921,0251,05915,10316,214345136215,44816,352

Reconciliation to Operating EBITDA (Continuing Operations)

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in € millions20202019
EBIT from continuing operations2,2761,825
Special items
– impairment on goodwill and other intangible assets with indefinite useful life as well as gains from business combinations11627
– adjustment to carrying amounts on assets held for sale7
– impairment (+)/reversals (-) on other financial assets at amortized cost269
– impairment (+)/reversals (-) on investments accounted for using the equity method6251
– results from disposals of investments(410)(90)
– fair value measurement of investments(59)(143)
– restructuring and other special items214293
Amortization/depreciation, impairment and reversals on intangible assets, property, plant and equipment and right-of-use assets1,0401,029
Adjustments on amortization/depreciation, impairment and reversals on intangible assets, property, plant and equipment and right-of-use assets included in special items(122)(121)
Operating EBITDA from continuing operations3,1432,887

Information by Geographical Areas (Continuing Operations)

 

GermanyFranceUnited KingdomOther European
countries
United StatesOther countriesContinuing
operations
in € millions20202019202020192020201920202019202020192020201920202019
Revenues
from external
customers
5,3345,8062,0532,2131,1171,1803,3423,4134,2944,2111,1491,20017,28918,023
Non-current
assets 1)
3,2123,4611,2051,3601,2631,3623,4363,4553,4103,84136742612,89313,905

Information on Revenue Sources (Continuing Operations)

 

Own products and
merchandise
ServicesAdvertisingRights and licensesContinuing
operations
in € millions2020201920202019202020192020201920202019
Revenues from
external customers
4,3714,3856,4266,5083,6424,0432,8503,08717,28918,023