| Notes | 2023 €m | 2022 €m | |
| Continuing operations | |||
| Revenue | 5.1 | 6,234 | 6,589 |
| Other operating income | 5.2 | 102 | 83 |
| Consumption of current programme rights | (2,566) | (2,657) | |
| Depreciation, amortisation and impairment | (239) | (231) | |
| Other operating expenses | 5.3 | (2,969) | (3,025) |
| Impairment of goodwill and amortisation and impairment of fair value adjustments on acquisitions of subsidiaries | (43) | (46) | |
| Gain/(loss) from sale of subsidiaries, other investments and re-measurement to fair value of pre-existing interest in acquiree | 4.3 6.5 | 40 | 107 |
| Profit from operating activities | 559 | 820 | |
| Share of results of investments accounted for using the equity method | 6.5 | 61 | 13 |
| Impairment and reversals of investments accounted for using the equity method | 6.5 | – | (5) |
| Earnings before interest and taxes (EBIT) | 620 | 828 | |
| Interest income | 5.4 | 13 | 5 |
| Interest expense | 5.4 | (36) | (18) |
| Other financial income | 5.5 | 44 | 5 |
| Other financial expense | 5.5 | (34) | (48) |
| Financial result | (13) | (56) | |
| Profit before tax from continuing operations | 607 | 772 | |
| Income tax expense | 5.6 | (124) | (130) |
| Group profit from continuing operations | 483 | 642 | |
| Discontinued operations | |||
| Group profit from discontinued operations | 6.11 | 115 | 124 |
| Total Group profit | 598 | 766 | |
| Attributable to: | |||
| RTL Group shareholders | 467 | 673 | |
| – Continuing operations | 352 | 549 | |
| – Discontinued operations | 115 | 124 | |
| Non-controlling interests | 131 | 93 | |
| – Continuing operations | 131 | 93 | |
| – Discontinued operations | – | – | |
| Earnings per share (in €) | 5.7 | ||
| Basic earnings per share | 3.02 | 4.35 | |
| – Continuing operations | 2.27 | 3.55 | |
| – Discontinued operations | 0.74 | 0.80 | |
| Diluted earnings per share | 3.02 | 4.35 | |
| – Continuing operations | 2.27 | 3.55 | |
| – Discontinued operations | 0.74 | 0.80 | |
| The figures from the previous year have been adjusted due to discontinued operations (see note 1.30). | |||
Notes | 2023 €m | 2022 €m | |
| Total Group profit | 598 | 766 | |
| Other comprehensive income (OCI): | |||
| Items that will not be reclassified to profit or loss: | |||
| Re-measurement of post-employment benefit obligations | 6.15 | (13) | 108 |
| Income tax | 6.7 | 3 | (29) |
| (10) | 79 | ||
| Equity instruments at FVOCI – change in fair value | 6.6 | 3 | (5) |
| Income tax | 6.7 | (1) | 2 |
| 2 | (3) | ||
| Share of other comprehensive income of investments accounted for using the equity method | 6.5 | (1) | 23 |
| Income tax | – | – | |
| (1) | 23 | ||
| (9) | 99 | ||
| Items that may be reclassified subsequently to profit or loss: | |||
| Foreign currency translation differences | (22) | 22 | |
| Effective portion of changes in fair value of cash flow hedges | 6.16.4. | (10) | 14 |
| Income tax | 6.7 | 3 | (2) |
| (7) | 12 | ||
| Recycling of cash flow hedge reserve | 6.16.4. | 1 | – |
| Income tax | 6.7 | – | – |
| 1 | – | ||
| Share of other comprehensive income of investments accounted for using the equity method | – | 2 | |
| Income tax | – | – | |
| – | 2 | ||
| (28) | 36 | ||
| Other comprehensive income/(loss), net of income tax | (37) | 135 | |
| Total comprehensive income | 561 | 901 | |
| Attributable to: | |||
| RTL Group shareholders | 432 | 802 | |
| Non-controlling interests | 129 | 99 | |
| Total comprehensive income attributable to RTL Group shareholders | 432 | 802 | |
| – Continuing operations | 318 | 679 | |
| – Discontinued operations | 114 | 123 |
| Notes | 31 December 2023 €m | 31 December 2022 €m | |
| Non-current assets | |||
| Programme and other rights | 6.1 | 68 | 73 |
| Goodwill | 6.2 | 3,148 | 3,331 |
| Other intangible assets | 6.2 | 557 | 591 |
| Property, plant and equipment | 6.3 | 257 | 272 |
| Right-of-use assets | 6.4 | 270 | 342 |
| Investments accounted for using the equity method | 6.5 | 405 | 376 |
| Loans and other non-current assets | 6.6 | 114 | 113 |
| Deferred tax assets | 6.7 | 302 | 316 |
| 5,121 | 5,414 | ||
| Current assets | |||
| Programme rights | 6.8 | 1,562 | 1,574 |
| Other inventories | 9 | 18 | |
| Income tax receivable | 34 | 51 | |
| Accounts receivable and other financial assets | 6.9 | 1,950 | 2,503 |
| Cash and cash equivalents | 6.10 | 575 | 589 |
| 4,130 | 4,735 | ||
| Assets held for sale | 6.11 | 416 | – |
| Current liabilities | |||
| Loans and bank overdrafts | 6.12 | 253 | 547 |
| Lease liabilities | 6.12 | 76 | 85 |
| Income tax payable | 18 | 24 | |
| Accounts payable and other liabilities | 6.13 | 1,714 | 2,324 |
| Contract liabilities | 5.1 | 481 | 590 |
| Provisions | 6.14 | 88 | 111 |
| 2,630 | 3,681 | ||
| Liabilities related to assets held for sale | 6.11 | 227 | – |
| Net current assets | 1,689 | 1,054 | |
| Non-current liabilities | |||
| Loans | 6.12 | 689 | 138 |
| Lease liabilities | 6.12 | 225 | 300 |
| Accounts payable and other liabilities | 6.13 | 498 | 508 |
| Contract liabilities | 5.1 | 6 | 5 |
| Provisions | 6.14 | 223 | 218 |
| Deferred tax liabilities | 6.7 | 69 | 79 |
| 1,710 | 1,248 | ||
| Net assets | 5,100 | 5,220 | |
| Equity attributable to RTL Group shareholders | 4,250 | 4,422 | |
| Equity attributable to non-controlling interests | 6.16.8. | 850 | 798 |
| Equity | 6.16 | 5,100 | 5,220 |
| The figures from the previous year have been adjusted (see note 1.30). | |||
Share capital €m | Currency translation reserve €m | Hedging reserve €m | Revaluation reserve €m | Reserves and retained earnings €m | Equity attributable to RTL Group shareholders €m | Equity attributable to non- controlling interests €m | Total equity €m | |
| Balance at 1 January 2022 | 192 | (149) | 5 | 68 | 4,422 | 4,538 | 766 | 5,304 |
| Total comprehensive income: | ||||||||
| Total Group profit | – | – | – | – | 673 | 673 | 93 | 766 |
| Other comprehensive income (OCI) | – | 23 | 13 | 20 | 73 | 129 | 6 | 135 |
| – | 23 | 13 | 20 | 746 | 802 | 99 | 901 | |
| Capital transactions with owners: | ||||||||
| Dividends | – | – | – | – | (774) | (774) | (76) | (850) |
| Equity-settled transactions, net of tax | – | – | – | – | 3 | 3 | 3 | 6 |
| Transactions on non-controlling interests without a change in control | – | – | – | – | (134) | (134) | (23) | (157) |
| Transactions on non-controlling interests with a change in control | – | – | – | – | – | – | 28 | 28 |
| Other changes | – | – | (7) | (1) | (5) | (13) | 1 | (12) |
| – | – | (7) | (1) | (910) | (918) | (67) | (985) | |
| Balance at 31 December 2022 | 192 | (126) | 11 | 87 | 4,258 | 4,422 | 798 | 5,220 |
| Balance at 1 January 2023 | 192 | (126) | 11 | 87 | 4,258 | 4,422 | 798 | 5,220 |
| Total comprehensive income: | ||||||||
| Group profit | – | – | – | – | 467 | 467 | 131 | 598 |
| Other comprehensive income (OCI) | – | (22) | (6) | 1 | (8) | (35) | (2) | (37) |
| – | (22) | (6) | 1 | 459 | 432 | 129 | 561 | |
| Capital transactions with owners: | ||||||||
| Dividends | – | – | – | – | (619) | (619) | (76) | (695) |
| Equity-settled transactions, net of tax | – | – | – | – | 2 | 2 | 2 | 4 |
| Transactions on non-controlling interests without a change in control | – | – | – | – | (2) | (2) | (3) | (5) |
| Transactions on non-controlling interests with a change in control | – | – | – | – | – | – | (1) | (1) |
| Other changes | – | – | (4) | – | 19 | 15 | 1 | (16) |
| – | – | (4) | – | (600) | (604) | (77) | (681) | |
| Balance at 31 December 2023 | 192 | (148) | 1 | 88 | 4,117 | 4,250 | 850 | 5,100 |
| The figures from the previous year have been adjusted (see note 1.30). | ||||||||
Notes | 2023 €m | 2022 €m | |
| Cash flows from operating activities | |||
| Group profit before tax | 752 | 932 | |
| Adjustments for: | |||
| Depreciation, amortisation and impairment | 248 | 240 | |
| Impairment of goodwill and amortisation and impairment of fair value adjustments on acquisitions of subsidiaries | 43 | 46 | |
| Impairment and reversals on other financial assets at amortised cost | 2 | 30 | |
| Share-based payments expenses | 4 | 5 | |
| Re-measurement of earn-out arrangements | 9 | – | |
| Fair value measurement of investments | 23 | 78 | |
| (Gain)/loss from sale of subsidiaries, other investments and re-measurement to fair value of pre-existing interest in acquiree | (40) | (107) | |
| Financial results including net interest expense and share of results of in vestments accounted for using the equity method | (23) | 132 | |
| Change of provisions | 6.14 | (5) | (97) |
| Working capital changes | (316) | (503) | |
| Income tax paid | (162) | (293) | |
| Other changes from operating activities | 2 | – | |
| Net cash from operating activities | 537 | 463 | |
| Thereof discontinued operations | 6.11 | 77 | 140 |
| Cash flows from investing activities | |||
| Acquisitions of: | |||
| Programme and other rights | (57) | (68) | |
| Subsidiaries, net of cash acquired | 4.2 | (44) | (113) |
| Companies under common control, net of cash acquired | 4.2 | – | 166 |
| Other intangible and tangible assets | (120) | (133) | |
| Other investments and financial assets | (37) | (48) | |
| Proceeds from the sale of intangible and tangible assets | 1 | 1 | |
| Disposal of other subsidiaries, net of cash disposed of | 4.3 | 32 | 194 |
| Proceeds from the sale of investments accounted for using the equity method, other investments and financial assets | 31 | 105 | |
| Interest received | 21 | 10 | |
| Current deposits with shareholder and its subsidiaries | 10.1 | 199 | 544 |
| Net cash from/(used in) investing activities | 26 | 658 | |
| Thereof discontinued operations | 6.11 | (5) | (3) |
| Cash flows from financing activities | |||
| Interest paid | (34) | (24) | |
| Transactions on non-controlling interests | 6.16.8. | (7) | (67) |
| Proceeds from loans | 6.12 | 293 | 35 |
| Repayment of loans | 6.12 | (41) | (79) |
| Payment of lease liabilities | 6.12 | (86) | (81) |
| Dividends paid | (696) | (860) | |
| Other changes from financing activities | (7) | (16) | |
| Net cash used in financing activities | (578) | (1,092) | |
| Thereof discontinued operations | 6.11 | (72) | (137) |
| Net increase/(decrease) in cash and cash equivalents | (15) | 29 | |
| Exchange rate effects and other changes in cash and cash equivalents | – | (11) | |
| Cash and cash equivalents and bank overdrafts at the beginning of the year | 6.10 | 588 | 570 |
| Cash and cash equivalents and bank overdrafts at the end of the year | 573 | 588 | |
| Less cash and cash equivalents included within assets held for sale | 6.11 | – | – |
| Cash and cash equivalents and bank overdrafts at the end of the year (without assets held for sale) | 6.10 | 573 | 588 |
| RTL Deutschland | Groupe M6 | Fremantle | RTL Nederland (discontinued operations)1 | Other segments2 | Eliminations | Total Group | |||||||||||
| 2023 €m | 2022 €m | 2023 €m | 2022 €m | 2023 €m | 2022 €m | 2023 €m | 2022 €m | 2023 €m | 2022 €m | 2023 €m | 2022 €m | 2023 €m | 2022 €m | ||||
| Revenue from external customers | 2,600 | 2,766 | 1,315 | 1,352 | 2,040 | 2,147 | 620 | 635 | 279 | 324 | – | – | 6,854 | 7,224 | |||
| Inter-segment revenue | 20 | – | 1 | 5 | 226 | 200 | – | 1 | 71 | 87 | (318) | (293) | – | – | |||
| Total revenue | 2,620 | 2,766 | 1,316 | 1,357 | 2,266 | 2,347 | 620 | 636 | 350 | 411 | (318) | (293) | 6,854 | 7,224 | |||
| Depreciation, amortisation and impairment including on goodwill and on fair value adjustments on acquisitions of subsidiaries | (90) | (76) | (88) | (105) | (70) | (62) | (9) | (9) | (34) | (34) | – | – | (291) | (286) | |||
| Share of results of investments accounted for using the equity method | 19 | 25 | 10 | (34) | – | 1 | 1 | – | 32 | 22 | – | – | 62 | 14 | |||
| Impairment and reversals of investments accounted for using the equity method | – | (5) | – | – | – | – | – | – | – | – | – | – | – | (5) | |||
| Adjusted EBITDA | 403 | 525 | 387 | 394 | 184 | 203 | 154 | 170 | 44 | 23 | 1 | 8 | 1,173 | 1,323 | |||
| Adjusted EBITA | 321 | 459 | 311 | 304 | 139 | 162 | 145 | 161 | 11 | (12) | – | 9 | 927 | 1,083 | |||
| Adjusted EBITA margin (in %) | 12.3 | 16.6 | 23.6 | 22.4 | 6.1 | 6.9 | 23.4 | 25.3 | 3.1 | (2.9) | n/a | n/a | 13.5 | 15.0 | |||
| Invested capital | 1,542 | 1,464 | 1,441 | 1,419 | 2,067 | 1,980 | 202 | 167 | 435 | 390 | 6 | 5 | 5,693 | 5,425 | |||
| 1 The operating segment RTL Nederland was classified as held for sale and presented as a discontinued operation in the consolidated financial statements 2023. Further information is presented in note 6.11.
2 Other segments include the Adjusted EBITA loss of €-2 million generated by Group Corporate Centre (2022: €-31 million). | |||||||||||||||||
The following table shows the reconciliation of segment information to the consolidated financial statements.
| 2023 €m |
2022 €m |
|
| Adjusted EBITDA3 | 1,019 | 1,153 |
| Depreciation, amortisation and impairment4 | (237) | (231) |
| Adjusted EBITA | 782 | 922 |
| Impairment of goodwill of subsidiaries | – | – |
| Amortisation and impairment of fair value adjustments on acquisitions of subsidiaries | (43) | (46) |
| Impairment and reversals of investments accounted for using the equity method | – | (5) |
| Impairment and reversals on other financial assets at amortised cost | (2) | (30) |
| Re-measurement of earn-out arrangements | (9) | – |
| Fair value measurement of investments | (23) | (78) |
| Gain/(loss) from sale of subsidiaries, other investments and re-measurement to fair value of pre-existing interest in acquiree |
40 | 107 |
| Significant special items | (125) | (42) |
| Earnings before interest and taxes (EBIT) | 620 | 828 |
| Financial result | (13) | (56) |
| Profit before tax from continuing operations | 607 | 772 |
| Income tax expense | (124) | (130) |
| Group profit from continuing operations | 483 | 642 |
In 2023, ‘Significant special items’ amount to €-125 million, reflecting mainly restructuring measures at RTL Deutschland (€-87 million) and personnel cost-efficiency measures at Fremantle (€-26 million). The remaining amount is attributable to expenses in connection with strategic portfolio measures and to the transformation project relating to a new Enterprise Resource Planning (ERP) solution where implementation costs were expensed as incurred. In 2022, ‘Significant special items’ reflected restructuring and integration costs in Germany (€-33 million) following the Gruner + Jahr transaction as well as the impact of expenses in connection with strategic portfolio management (€-11 million).
Geographical areas are based on where customers (revenue) and the Group’s non-current assets are located. Goodwill has been allocated to a geographical area based on whether the Group’s risks and returns are affected predominantly by the products and services it produces.
| Germany | France | United States | UK | Other regions | Total (continuing operations) |
|||||||||||
| 2023 €m |
2022 €m |
2023 €m |
2022 €m |
2023 €m |
2022 €m |
2023 €m |
2022 €m |
2023 €m |
2022 €m |
2023 €m |
2022 €m |
|||||
| Revenue from external customers | 2,413 | 2,593 | 1,318 | 1,367 | 1,015 | 1,002 | 301 | 313 | 1,187 | 1,314 | 6,234 | 6,589 | ||||
| Non-current assets 1 | 1,669 | 1,738 | 1,137 | 1,183 | 500 | 507 | 588 | 583 | 406 | 598 | 4,300 | 4,609 | ||||
| Assets held for sale | – | – | – | – | – | – | – | – | 416 | – | 416 | – | ||||
| Capital expenditure | 67 | 391 | 87 | 114 | 13 | 28 | 10 | 160 | 50 | 60 | 227 | 753 | ||||
| 1 Non-current assets comprise intangible assets (including goodwill), property, plant and equipment, and right-of-use assets | ||||||||||||||||
The revenue generated in Luxembourg amounts to €79 million (2022: €86 million). The total of non-current assets other than investments accounted for using the equity method, financial instruments, deferred tax assets and post-employment benefit assets located in Luxembourg amounts to €55 million (2022: €60 million).
| 2023 €m | 2022 €m | 2021 €m | 2020 €m | 2019 €m | |
| Revenue | 6,234 | 6,589 | 6,637 | 6,017 | 6,651 |
| Profit from operating activities | 559 | 820 | 1,879 | 933 | 1,147 |
| Earnings before interest and taxes (EBIT) | 620 | 828 | 1,908 | 903 | 1,161 |
| Profit before tax from continuing operations | 607 | 772 | 1,881 | 875 | 1,156 |
| Group profit from continuing operations | 483 | 642 | 1,454 | 625 | 864 |
| Group profit from discontinued operations | 115 | 124 | |||
| Total Group profit | 598 | 766 | 1,454 | 625 | 864 |
| Attributable to: | |||||
| RTL Group shareholders | 467 | 673 | 1,301 | 492 | 754 |
| – Continuing operations | 352 | 549 | 1,301 | 492 | 754 |
| – Discontinued operations | 115 | 124 | |||
| Non-controlling interests | 131 | 93 | 153 | 133 | 110 |
| – Continuing operations | 131 | 93 | 153 | 133 | 110 |
| – Discontinued operations | – | – | |||
| Adjusted EBITA | 782 | 922 | 1,152 | 853 | 1,156 |
| Basic earnings per share (in €) | 3.02 | 4.35 | 8.41 | 3.20 | 4.91 |
| – Continuing operations | 2.27 | 3.55 | 8.41 | 3.20 | 4.91 |
| – Discontinued operations | 0.74 | 0.80 | |||
| Final dividend per share (in €) | 2.75 | 4.00 | 5.00 | 3.00 | Nil* |
| Dividends paid1 | 426 | 619 | 774 | 464 | Nil* |
| Average number of full-time equivalent employees | 12,835 | 12,975 | 10,861 | 10,598 | 10,747 |
| Equity | 5,100 | 5,220 | 5,304 | 4,353 | 3,825 |
| Net (debt)/cash | (291) | 180 | 657 | 236 | (384) |
| The figures from the previous year have been adjusted (see note 1.30 to the consolidated financial statements). Figures prior to 2022 are as reported in the Annual Report 2022. * On 2 April 2020, RTL Group’s Board of Directors decided to withdraw its earlier proposal of a €4.00 per share dividend in respect of the fiscal year 2019, due to the Covid-19 outbreak | |||||
1 Dividends paid refers to the amounts paid for the respective financial years. All dividends were paid in May of the following year. The dividend of €2.75 per share for 2023 would be paid on 29 April 2024. | |||||
