| Notes | 2021 €m | 20201 €m | |
| Revenue | 5.1. | 6,637 | 6,017 |
| Other operating income | 5.2. | 88 | 37 |
| Consumption of current programme rights | (2,512) | (2,070) | |
| Depreciation, amortisation and impairment | (209) | (238) | |
| Other operating expenses | 5.3. | (3,055) | (2,960) |
| Impairment of goodwill and amortisation and impairment of fair value adjustments on acquisitions of subsidiaries | (19) | (25) | |
| Gain/(loss) from sale of subsidiaries, other investments and re-measurement to fair value of pre-existing interest in acquiree | 4.3. | 949 | 172 |
| Profit from operating activities | 1,879 | 933 | |
| Share of results of investments accounted for using the equity method | 6.5. | 27 | 32 |
| Impairment and reversals of investments accounted for using the equity method | 6.5. | 2 | (62) |
| Earnings before interest and taxes (EBIT) | 1,908 | 903 | |
| Interest income | 5.4. | 5 | 4 |
| Interest expense | 5.4. | (18) | (22) |
| Other financial income | 5.5. | 19 | 12 |
| Other financial expense | 5.5. | (33) | (22) |
| Financial result | (27) | (28) | |
| Profit before tax | 1,881 | 875 | |
| Income tax expense | 5.6. | (427) | (250) |
| Group profit | 1,454 | 625 | |
| Attributable to: | |||
| RTL Group shareholders | 1,301 | 492 | |
| Non-controlling interests | 153 | 133 | |
| Earnings per share (in €) | |||
| Basic | 5.7. | 8.41 | 3.20 |
| Diluted | 5.7. | 8.41 | 3.20 |
| 1 The figures from the previous year have been adjusted (see note 1.30.) | |||
Notes | 2021 €m | 2020 €m | |
| Group profit | 1,454 | 625 | |
| Other comprehensive income (OCI): | |||
| Items that will not be reclassified to profit or loss: | |||
| Re-measurement of post-employment benefit obligations | 6.15. | 18 | 8 |
| Income tax | 6.7. | (2) | – |
| 16 | 8 | ||
| Equity investments at FVOCI – change in fair value | 6.6. | 1 | 2 |
| Income tax | 6.7. | – | (1) |
| 1 | 1 | ||
| 17 | 9 | ||
| Items that may be reclassified subsequently to profit or loss: | |||
| Foreign currency translation differences | 33 | (52) | |
| Effective portion of changes in fair value of cash flow hedges | 6.16.4. | 14 | (20) |
| Income tax | 6.7. | (5) | 6 |
| 9 | (14) | ||
| Recycling of cash flow hedge reserve | 6.16.4. | – | – |
| Income tax | 6.7. | – | – |
| – | – | ||
| 42 | (66) | ||
| Other comprehensive income/(loss), net of income tax | 59 | (57) | |
| Total comprehensive income | 1,513 | 568 | |
| Attributable to: | |||
| RTL Group shareholders | 1,358 | 434 | |
| Non-controlling interests | 155 | 134 |
| Notes | 31 December 2021 €m | 31 December 2020 €m | |
| Non-current assets | |||
| Programme and other rights | 6.1. | 74 | 54 |
| Goodwill | 6.1. 6.2. | 3,043 | 2,871 |
| Other intangible assets | 6.1. | 437 | 313 |
| Property, plant and equipment | 6.3. | 264 | 291 |
| Right-of-use assets | 6.4. | 283 | 329 |
| Investments accounted for using the equity method | 6.5. | 366 | 384 |
| Loans and other financial assets | 6.6. | 117 | 139 |
| Deferred tax assets | 6.7. | 322 | 333 |
| 4,906 | 4,714 | ||
| Current assets | |||
| Programme rights | 6.8. | 1,298 | 1,211 |
| Other inventories | 15 | 8 | |
| Income tax receivable | 24 | 24 | |
| Accounts receivable and other financial assets | 6.9. | 3,502 | 2,248 |
| Cash and cash equivalents | 6.10. | 547 | 436 |
| 5,386 | 3,927 | ||
| Assets held for sale | 6.11. | 196 | 429 |
| Current liabilities | |||
| Loans and bank overdrafts | 6.12. | 49 | 124 |
| Lease liabilities | 6.12. | 59 | 60 |
| Income tax payable | 41 | 24 | |
| Accounts payable | 6.13. | 2,762 | 2,201 |
| Contract liabilities | 5.1. | 449 | 328 |
| Provisions | 6.14. | 131 | 144 |
| 3,491 | 2,881 | ||
| Liabilities related to assets held for sale | 6.11. | 113 | 234 |
| Net current assets | 1,978 | 1,241 | |
| Non-current liabilities | |||
| Loans | 6.12. | 635 | 641 |
| Lease liabilities | 6.12. | 273 | 324 |
| Accounts payable | 6.13. | 372 | 347 |
| Contract liabilities | 5.1. | 2 | 4 |
| Provisions | 6.14. | 276 | 238 |
| Deferred tax liabilities | 6.7. | 54 | 48 |
| 1,612 | 1,602 | ||
| Net assets | 5,272 | 4,353 | |
| Equity attributable to RTL Group shareholders | 4,538 | 3,706 | |
| Equity attributable to non-controlling interests | 6.16.8. | 734 | 647 |
| Equity | 6.16. | 5,272 | 4,353 |
Share capital €m | Treasury shares €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 2020 | 192 | (41) | (129) | 7 | 66 | 3,197 | 3,292 | 533 | 3,825 |
| Total comprehensive income: | |||||||||
| Group profit | – | – | – | – | – | 492 | 492 | 133 | 625 |
| Re-measurement of post-employment benefit obligations, net of tax | – | – | – | – | – | 7 | 7 | 1 | 8 |
| Equity investments at FVOCI – change in fair value, net of tax | – | – | – | – | 1 | – | 1 | – | 1 |
| Foreign currency translation differences | – | – | (52) | – | – | – | (52) | – | (52) |
| Effective portion of changes in fair value of cash flow hedges, net of tax | – | – | – | (14) | – | – | (14) | – | (14) |
| Recycling of cash flow hedge reserve, net of tax | – | – | – | – | – | – | – | – | – |
| – | – | (52) | (14) | 1 | 499 | 434 | 134 | 568 | |
| Capital transactions with owners: | |||||||||
| Dividends | – | – | – | – | – | – | – | (5) | (5) |
| Equity-settled transactions, net of tax | – | – | – | – | – | 2 | 2 | 3 | 5 |
| Transactions on non-controlling interests without a change in control | – | 41 | – | – | – | (64) | (23) | (35) | (58) |
| Transactions on non-controlling interests with a change in control | – | – | – | – | – | – | – | 16 | 16 |
| Other changes | – | – | – | – | – | 1 | 1 | 1 | 2 |
| – | 41 | – | – | – | (61) | (20) | (20) | (40) | |
| Balance at 31 December 2020 | 192 | – | (181) | (7) | 67 | 3,635 | 3,706 | 647 | 4,353 |
| Balance at 1 January 2021 | 192 | – | (181) | (7) | 67 | 3,635 | 3,706 | 647 | 4,353 |
| Total comprehensive income: | |||||||||
| Group profit | – | – | – | – | – | 1,301 | 1,301 | 153 | 1,454 |
| Re-measurement of post-employment benefit obligations, net of tax | – | – | – | – | – | 15 | 15 | 1 | 16 |
| Equity investments at FVOCI – change in fair value, net of tax | – | – | – | – | 1 | – | 1 | – | 1 |
| Foreign currency translation differences | – | – | 32 | – | – | – | 32 | 1 | 33 |
| Effective portion of changes in fair value of cash flow hedges, net of tax | – | – | – | 9 | – | – | 9 | – | 9 |
| Recycling of cash flow hedge reserve, net of tax | – | – | – | – | – | – | – | – | – |
| – | – | 32 | 9 | 1 | 1,316 | 1,358 | 155 | 1,513 | |
| Capital transactions with owners: | |||||||||
| Dividends | – | – | – | – | – | (464) | (464) | (100) | (564) |
| Equity-settled transactions, net of tax | – | – | – | – | – | 3 | 3 | 3 | 6 |
| Transactions on non-controlling interests without a change in control | – | – | – | – | – | (60) | (60) | 10 | (50) |
| Transactions on non-controlling interests with a change in control | – | – | – | – | – | – | – | 19 | 19 |
| Other changes | – | – | – | 3 | – | (8) | (5) | – | (5) |
| – | – | – | 3 | – | (529) | (526) | (68) | (594) | |
| Balance at 31 December 2021 | 192 | – | (149) | 5 | 68 | 4,422 | 4,538 | 734 | 5,272 |
Notes | 2021 €m | 2020 €m | |
| Cash flows from operating activities | |||
| Profit before tax | 1,881 | 875 | |
| Adjustments for: | |||
| Depreciation, amortisation and impairment | 228 | 263 | |
| Share-based payments expenses | 6 | 5 | |
| Re-measurement of earn-out arrangements | – | 1 | |
| Fair value measurement of investments | 115 | – | |
| Gain/(loss) from sale of subsidiaries, other investments and re-measurement to fair value of pre-existing interest in acquiree | (949) | (172) | |
| Financial results including net interest expense and share of results of in vestments accounted for using the equity method | 40 | 93 | |
| Change of provisions | 6.14. | 46 | 38 |
| Working capital changes | 2 | 78 | |
| Income tax paid | (437) | (248) | |
| Net cash from operating activities | 932 | 933 | |
| Cash flows from investing activities | |||
| Acquisitions of: | |||
| Programme and other rights | (88) | (60) | |
| Subsidiaries, net of cash acquired | 4.2. | (353) | (10) |
| Other intangible and tangible assets | (107) | (118) | |
| Other investments and financial assets | (48) | (22) | |
| Proceeds from the sale of intangible and tangible assets | 6.1. 6.3. | 2 | 2 |
| Disposal of other subsidiaries, net of cash disposed of | 4.3. | 665 | 113 |
| Proceeds from the sale of investments accounted for using the equity method, other investments and financial assets | 29 | 9 | |
| Interest received | 4 | 3 | |
| Current deposits with shareholder and its subsidiaries | 10.1. | (218) | (536) |
| Net cash used in investing activities | (114) | (619) | |
| Cash flows from financing activities | |||
| Interest paid | (26) | (28) | |
| Transactions on non-controlling interests | 6.16.8. | (37) | (63) |
| Proceeds from loans | 6.12. | 56 | 251 |
| Repayment of loans | 6.12. | (113) | (271) |
| Payment of lease liabilities | 6.12. | (63) | (59) |
| Dividends paid | (569) | (4) | |
| Other changes from financing activities | (7) | – | |
| Net cash used in financing activities | (759) | (174) | |
| Net increase/(decrease) in cash and cash equivalents | 59 | 140 | |
| Exchange rate effects and other changes in cash and cash equivalents | 4 | (16) | |
| Cash and cash equivalents and bank overdrafts at the beginning of the year | 6.10. | 507 | 383 |
| Cash and cash equivalents and bank overdrafts at the end of the year | 570 | 507 | |
| Less cash and cash equivalents included within assets held for sale | 6.11. | (23) | (72) |
| Cash and cash equivalents and bank overdrafts at the end of the year (without assets held for sale) | 6.10. | 547 | 435 |
Zoom table
| RTL Deutschland | Groupe M6 | Fremantle | RTL Nederland | Other segments1 | Eliminations | Total Group | |||||||||||
| 2021 €m | 2020 €m | 2021 €m | 2020 €m | 2021 €m | 2020 €m | 2021 €m | 2020 €m | 2021 €m | 2020 €m | 2021 €m | 2020 €m | 2021 €m | 2020 €m | ||||
| Revenue from external customers | 2,422 | 2,124 | 1,379 | 1,263 | 1,727 | 1,346 | 577 | 473 | 532 | 811 | – | – | 6,637 | 6,017 | |||
| Inter-segment revenue | 3 | 3 | 11 | 10 | 199 | 191 | (2) | 3 | 72 | 62 | (283) | (269) | – | – | |||
| Total revenue | 2,425 | 2,127 | 1,390 | 1,273 | 1,926 | 1,537 | 575 | 476 | 604 | 873 | (283) | (269) | 6,637 | 6,017 | |||
| Depreciation, amortisation and impairment including on goodwill and on fair value adjustments on acquisitions of subsidiaries | (43) | (38) | (95) | (100) | (43) | (43) | (9) | (10) | (38) | (61) | – | – | (228) | (252) | |||
| Impairment and reversals of investments accounted for using the equity method | – | – | 2 | (2) | – | – | – | – | – | (60) | – | – | 2 | (62) | |||
| Share of results of investments accounted for using the equity method | 32 | 35 | (26) | (5) | 2 | 2 | – | 1 | 19 | (1) | – | – | 27 | 32 | |||
| Adjusted EBITA | 541 | 467 | 329 | 266 | 141 | 87 | 107 | 58 | 33 | (25) | 1 | – | 1,152 | 853 | |||
| Adjusted EBITA margin | 22.3% | 22.0% | 23.7% | 20.9% | 7.3% | 5.7% | 18.6% | 12.2% | 5.5% | (2.9)% | n/a | n/a | 17.4% | 14.2% | |||
| Invested capital | 963 | 907 | 1,370 | 1,403 | 1,610 | 1,464 | 165 | 203 | 623 | 450 | (3) | (2) | 4,728 | 4,425 | |||
| 1 Other segments include the Adjusted EBITA loss of € –34 million generated by Group Corporate Centre (2020: € –47 million) | |||||||||||||||||
The following table shows the reconciliation of segment information to the consolidated financial statements.
| 2021 €m | 2020 €m | |
| Adjusted EBITA | 1,152 | 853 |
| Impairment of goodwill of subsidiaries | – | (11) |
| Amortisation and impairment of fair value adjustments on acquisitions of subsidiaries | (19) | (14) |
| Impairment and reversals of investments accounted for using the equity method | 2 | (62) |
| Re-measurement of earn-out arrangements | – | (1) |
| Fair value measurement of investments | (115) | – |
| Gain/(loss) from sale of subsidiaries, other investments and re-measurement to fair value of pre-existing interest in acquiree | 949 | 172 |
| Significant special items | (61) | (34) |
| Earnings before interest and taxes (EBIT) | 1,908 | 903 |
| Financial result | (27) | (28) |
| Profit before tax | 1,881 | 875 |
| Income tax expense | (427) | (250) |
| Group profit | 1,454 | 625 |
In 2021 ‘Special items’ reflects the impact of restructuring expenses at RTL Deutschland (€–38 million), reversal of negative effects from onerous advertising sales contracts (€10 million) and the impact of expenses in connection with strategic portfolio management (€–33 million). In 2020 ‘Special items’ reflected the impact of a restructuring programme at RTL Deutschland (€–27 million) and onerous advertising sales contracts (€–10 million) as well as reversal of a provision at the Corporate Centre in Luxembourg (€3 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.
Zoom table| Germany | France | USA | The Netherlands | UK | Belgium | Other regions | Total | |||||||||
| 2021 €m | 2020 €m | 2021 €m | 2020 €m | 2021 €m | 2020 €m | 2021 €m | 2020 €m | 2021 €m | 2020 €m | 2021 € m | 2020 €m | 2021 €m | 2020 €m | 2021 €m | 2020 €m | |
| Revenue from external customers | 2,241 | 1,958 | 1,392 | 1,242 | 901 | 1,037 | 610 | 497 | 233 | 197 | 203 | 187 | 1,057 | 899 | 6,637 | 6,017 |
| Non-current assets | 1,465 | 1,254 | 1,138 | 1,073 | 481 | 439 | 338 | 339 | 435 | 435 | 2 | 75 | 242 | 243 | 4,101 | 3,858 |
| Assets held for sale1 | – | – | – | – | – | 427 | – | – | – | 2 | 164 | – | 32 | – | 196 | 429 |
| Capital expenditure | 256 | 52 | 173 | 104 | 53 | 17 | 10 | 8 | 5 | 18 | 6 | 11 | 77 | 33 | 580 | 243 |
| 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 €75 million (2020: €70 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 €66 million (2020: €74 million).
| 2021 €m | 2020 €m | 2019 €m | 2018 €m | 2017 €m | |
| Revenue | 6,637 | 6,017 | 6,651 | 6,505 | 6,373 |
| Profit from operating activities | 1,879 | 933 | 1,147 | 1,020 | 1,183 |
| Earnings before interest and taxes ("EBIT") | 1,908 | 903 | 1,161 | 1,076 | 1,246 |
| Profit before tax | 1,881 | 875 | 1,156 | 1,063 | 1,222 |
| Group profit | 1,454 | 625 | 864 | 785 | 837 |
| Attributable to: | |||||
| RTL Group shareholders | 1,301 | 492 | 754 | 668 | 739 |
| Non-controlling interests | 153 | 133 | 110 | 117 | 98 |
| Adjusted EBITA (€ million) | 1,152 | 853 | 1,156 | 1,171 | 1,248 |
| Basic earnings per share (in €) | 8.41 | 3.20 | 4.91 | 4.35 | 4.81 |
| Final dividend per share (in €) | 3.00 | – | – | 3.00 | 3.00 |
| Interim dividend per share (in €) | – | – | – | 1.00 | 1.00 |
| Dividends paid (€ million) | 464 | – | 461 | 614 | 614 |
| Average number of full-time equivalent employees | 10,861 | 10,598 | 10,747 | 10,809 | 11,011 |
| Net assets (€ million) | 5,272 | 4,353 | 3,825 | 3,553 | 3,432 |
| Net (debt)/cash (€ million) | 657 | 236 | (384) | (470) | (545) |
