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Group Interim Management Report

Bertelsmann has recorded a successful first half of 2015 and has continued its transformation into a faster-growing, more digital and more international Group. The implementation of strategic measures had a positive effect on business development in the reporting period. Consolidated revenues increased by 2.5 percent to €8.0 billion. The book-publishing business in the United States achieved strong revenue growth, benefiting from solid bestseller performance and positive exchange rate effects. Other contributors to growth were the German TV operations, the continued expansion of the digital businesses and the music business and the expansion of the education business. Offsetting this was the planned withdrawal from structurally declining businesses. At €1,063 million, operating EBITDA was 4.4 percent above the previous year’s high figure. The increase in earnings was primarily due to a greater contribution from the US book-publishing business as well as positive developments in the German television business, services businesses, the e-learning provider Relias Learning and BMG. This was counteracted by start-up losses for new businesses. Group profit increased from €257 million to €398 million. This significant improvement compared to the previous year’s figure is attributable to the higher operating earnings, lower charges from special items and a lower tax expense. For 2015, Bertelsmann anticipates continued positive business performance.

Revenues in € billions1)

Revenues <span>in € billions<sup>1)</sup></span>
  • Revenue growth of 2.5 percent
  • Revenue growth in core businesses and through expansion of the digital businesses and growth platforms
  • Withdrawal from structurally declining businesses

Operating EBITDA in € millions1)

Operating EBITDA <span>in € millions<sup>1)</sup></span>
  • Increase in operating EBITDA of 4.4 percent to €1,063 million
  • Earnings growth primarily in the US book-publishing business and in the German television business
  • EBITDA margin of 13.2 percent, from 13.0 percent in the same period in the previous year

Group Profit in € millions1)

Group Profit <span>in € millions<sup>1)</sup></span>
  • Significant increase in Group profit to €398 million
  • Improvement compared to previous year’s figure due to higher operating earnings, lower charges from special items and lower tax expense

1) Figures adjusted for H1 2014.