Bertelsmann
Interim Results 2023
Investor Conference Call
August 30, 2023
Rolf Hellermann, CFO of Bertelsmann
Interim Results H1 2023 -
Highlights and key topics
- Solid business performance | Revenues increased to €9.7 billion | Operating EBITDA of €1.3 billion at high level | Group profit down
- Sound financial position | Leverage factor at 2.3x | High equity ratio of 46 percent | Commitment to prudent financial policy
- Comfortable liquidity position | Improved Operating Free Cash Flow | Cash Flow impacted by Boost initiatives
- Strategy | National media champions | Global content | Global services | Education | Investment portfolio
- Outlook | Market uncertainties | Robust portfolio | Moderate revenue growth | Stable EBITDA on comparable basis
1 | August 30, 2023 · Bertelsmann · Interim Results 2023 Investor Conference Call |
Group key figures -
Revenues up to €9.7 billion, Operating EBITDA and Group profit below previous year
Revenues, in € billions
Reported | +4.5% | |
Organic | +2.3% | |
9.3 | 9.7 | |
H1 2022 | H1 2023 |
Operating EBITDA, in € millions
Before streaming1)
1,495 1,347
1,429 | |
1,275 | |
H1 2022 | H1 2023 |
Group profit, in € millions
492 | |
260 | |
H1 2022 | H1 2023 |
1) Start-up losses streaming RTL Group (RTL+ GER, Videoland, RTL+ HUN, Salto and Bedrock)
2 | August 30, 2023 · Bertelsmann · Interim Results 2023 Investor Conference Call |
Divisions - Revenue and earnings growth at Penguin Random House, Arvato Group,
BMG and Education Group, RTL Group impacted by TV advertising markets
Revenues | 3.3 | 3.1 | ||
in € billions | ||||
1.9 | 2.1 | |||
Operating | ||||
EBITDA | 610 | |||
in € millions | 257 | 258 | ||
376 | 0.4 | 0.4 | ||
73 | 90 |
EBITDA | 19% | 12% | 13% | 12% | 20% | 22% |
margin |
H1 2022 | H1 2023 | ||||||
2.6 | 2.9 | ||||||
446 | 473 | ||||||
0.8 | 0.7 | ||||||
0.4 | |||||||
14 | 0.2 | 0.2 | 0.2 | ||||
8 | 141 | ||||||
74 | |||||||
23 | 7 | ||||||
1) | |||||||
17% | 16% | 2% | 1% | 32% | 33% | 11% | 3% |
- Business development of venture capital business of BI determined primarily on the basis of EBIT, EBIT of BI amounted to €-36 million (H1 2022: €29 million)
3 | August 30, 2023 · Bertelsmann · Interim Results 2023 Investor Conference Call |
Group profit - Below previous year due to challenging TV advertising markets and higher restructuring costs; partly compensated by lower tax expense
in € millions | H1 2022 | H1 2023 | Change | Comment |
Challenging TV advertising markets especially in Germany; | ||||
Operating EBITDA | 1,429 | 1,275 | -154 | positive development of music, services and education |
businesses | ||||
Depreciation and amortization | -486 | -563 | -77 | |
Mainly restructuring costs at RTL (realignment publishing | ||||
Restructuring/other adjustments | -90 | -216 | -126 | unit), PRH US (structural reorganization), Bertelsmann |
Marketing Services (closure of gravure printing locations) | ||||
Impairments/reversals | 2 | -4 | -6 | |
Capital gains/losses and FV | ||||
-15 | 17 | +32 | ||
remeasurements | ||||
∑ Special items | -103 | -203 | -100 | |
EBIT | 840 | 509 | -331 | |
Financial result | -161 | -158 | +3 | |
Income tax expense | -187 | -91 | +96 Mainly attributable to lower earnings before tax | |
Group profit | 492 | 260 | -232 | |
4 | August 30, 2023 · Bertelsmann · Interim Results 2023 Investor Conference Call |
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Bertelsmann SE & Co KGaA published this content on 29 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 August 2023 20:23:04 UTC.