In the first half of 2014, Bertelsmann’s businesses recorded solid development. Significant progress was also made with the implementation of the Group strategy. In the reporting period, Group revenues increased significantly by 6.7 percent to €7.8 billion. Operating EBITDA, which contains start-up losses for new businesses of €-32 million and negative exchange-rate effects of €-13 million, again reached a high level at €1,015 million and was slightly above the previous year’s figure of €1,011 million. The EBITDA margin was 12.9 percent (H1 2013: 13.7 percent). The significant revenue growth was attributable to the transactions implemented since the previous year. These include the merger of Penguin and Random House, the takeover of the financial services provider Gothia and the e-commerce service provider Netrada by Arvato as well as the full takeover of the music rights company BMG. The Dutch and German television businesses, the book publishing business, some service businesses of Arvato and the music rights business positively impacted operating EBITDA. Weak market development in France had a negative impact on earnings, which overall resulted in a decline in operating EBITDA of €-33 million. In addition, the declining magazine businesses and a number of structurally declining businesses had a negative impact on operating EBITDA. Group profit, at €254 million, was lower than in the previous year (H1 2013: €419 million). The decline is attributable to an impairment loss in the Hungarian television business and the absence of positive special items from the previous year. Bertelsmann remains relatively optimistic about business development for the rest of the year and, despite uncertainty in the overall economic environment and the structurally declining businesses, expects solid business development to continue.
Revenues in € billions1) 
- Revenue growth of 6.7 percent
- Portfolio expansions will increase the growth profile in the long term
- Revenue losses due to structurally declining businesses and divestments
Operating EBITDA in € millions1)
- Operating EBITDA slightly above the previous year’s level
- Earnings reduced by weak market development in France, declining magazine businesses and structurally declining businesses
- EBITDA margin of 12.9 percent
Group Profit in € millions
- Group profit is down year on year
- Previous year’s figure benefited from positive special effects from revaluations
- Negative special items, in particular impairment losses in the Hungarian television business
1) Figures adjusted for H1 2013.
