![]() 3) Taking into account the financial debt assumed, investments amounted to €1,276 million (2018: €1,461 million). Since the financial year 2018, Bertelsmann Value Added has been calculated excluding the Bertelsmann Investments division. ![]() 2) Bertelsmann uses BVA as a strictly defined key performance indicator to evaluate the profitability of the operating business and return on investment. ![]() 1) Operating EBITDA as a percentage of revenues. Rounding may result in minor variations in the calculation of percentages. Details are presented in the section “Alternative Performance Measures” in the Combined Management Report. Further details are presented in the section “Impact of New Financial Reporting Standards.” The figures shown in the table are, in some cases, so-called Alternative Performance Measures (APM), which are neither defined nor described in IFRS. In accordance with the transitional provisions of IFRS 16, prior-year comparatives have not been adjusted. ![]()
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