| Notes | 2022 €m | 2021 €m | |
| Revenue | 5.1 | 7,224 | 6,637 |
| Other operating income | 5.2 | 84 | 88 |
| Consumption of current programme rights | (2,894) | (2,512) | |
| Depreciation, amortisation and impairment | (240) | (209) | |
| Other operating expenses | 5.3 | (3,257) | (3,055) |
| Impairment of goodwill and amortisation and impairment of fair value adjustments on acquisitions of subsidiaries | (46) | (19) | |
| Gain/(loss) from sale of subsidiaries, other investments and re-measurement to fair value of pre-existing interest in acquiree | 4.3 | 107 | 949 |
| Profit from operating activities | 978 | 1,879 | |
| Share of results of investments accounted for using the equity method | 6.5 | 14 | 27 |
| Impairment and reversals of investments accounted for using the equity method | 6.5 | (5) | 2 |
| Earnings before interest and taxes (EBIT) | 978 | 1,908 | |
| Interest income | 5.4 | 5 | 5 |
| Interest expense | 5.4 | (18) | (18) |
| Other financial income | 5.5 | 6 | 19 |
| Other financial expense | 5.5 | (48) | (33) |
| Financial result | (55) | (27) | |
| Profit before tax | 932 | 1,881 | |
| Income tax expense | 5.6 | (166) | (427) |
| Group profit | 766 | 1,454 | |
| Attributable to: | |||
| RTL Group shareholders | 673 | 1,301 | |
| Non-controlling interests | 93 | 153 | |
| Earnings per share (in €) | |||
| Basic | 5.7 | 4.35 | 8.41 |
| Diluted | 5.7 | 4.35 | 8.41 |
Notes | 2022 €m | 2021 €m | |
| Group profit | 766 | 1,454 | |
| Other comprehensive income (OCI): | |||
| Items that will not be reclassified to profit or loss: | |||
| Re-measurement of post-employment benefit obligations | 6.15 | 108 | 18 |
| Income tax | 6.7 | (29) | (2) |
| 79 | 16 | ||
| Equity instruments at FVOCI – change in fair value | 6.6 | (5) | 1 |
| Income tax | 6.7 | 2 | – |
| (3) | 1 | ||
| Share of other comprehensive income of investments accounted for using the equity method | 6.5 | 23 | – |
| Income tax | – | – | |
| 23 | – | ||
| 99 | 17 | ||
| Items that may be reclassified subsequently to profit or loss: | |||
| Foreign currency translation differences | 22 | 33 | |
| Effective portion of changes in fair value of cash flow hedges | 6.16.4. | 14 | 14 |
| Income tax | 6.7 | (2) | (5) |
| 12 | 9 | ||
| Recycling of cash flow hedge reserve | 6.16.4. | – | – |
| Income tax | 6.7 | – | – |
| – | – | ||
| Share of other comprehensive income of investments accounted for using the equity method | 2 | – | |
| Income tax | – | – | |
| 2 | – | ||
| 36 | 42 | ||
| Other comprehensive income/(loss), net of income tax | 135 | 59 | |
| Total comprehensive income | 901 | 1,513 | |
| Attributable to: | |||
| RTL Group shareholders | 802 | 1,358 | |
| Non-controlling interests | 99 | 155 |
| Notes | 31 December 2022 €m | 31 December 2021 €m | |
| Non-current assets | |||
| Programme and other rights | 6.1 | 73 | 74 |
| Goodwill | 6.1 6.2 | 3,327 | 3,010 |
| Other intangible assets | 6.1 | 571 | 525 |
| Property, plant and equipment | 6.3 | 272 | 264 |
| Right-of-use assets | 6.4 | 342 | 283 |
| Investments accounted for using the equity method | 6.5 | 376 | 366 |
| Loans and other non-current assets | 6.6 | 113 | 117 |
| Deferred tax assets | 6.7 | 318 | 322 |
| 5,392 | 4,961 | ||
| Current assets | |||
| Programme rights | 6.8 | 1,579 | 1,298 |
| Other inventories | 18 | 15 | |
| Income tax receivable | 51 | 24 | |
| Accounts receivable and other financial assets | 6.9 | 2,503 | 3,502 |
| Cash and cash equivalents | 6.10 | 589 | 547 |
| 4,740 | 5,386 | ||
| Assets held for sale | 6.11 | – | 196 |
| Current liabilities | |||
| Loans and bank overdrafts | 6.12 | 547 | 49 |
| Lease liabilities | 6.12 | 85 | 59 |
| Income tax payable | 24 | 41 | |
| Accounts payable and other liabilities | 6.13 | 2,312 | 2,762 |
| Contract liabilities | 5.1 | 596 | 449 |
| Provisions | 6.14 | 111 | 131 |
| 3,675 | 3,491 | ||
| Liabilities related to assets held for sale | 6.11 | – | 113 |
| Net current assets | 1,065 | 1,978 | |
| Non-current liabilities | |||
| Loans | 6.12 | 138 | 635 |
| Lease liabilities | 6.12 | 300 | 273 |
| Accounts payable and other liabilities | 6.13 | 508 | 372 |
| Contract liabilities | 5.1 | 5 | 2 |
| Provisions | 6.14 | 218 | 276 |
| Deferred tax liabilities | 6.7 | 75 | 77 |
| 1,244 | 1,635 | ||
| Net assets | 5,213 | 5,304 | |
| Equity attributable to RTL Group shareholders | 4,422 | 4,538 | |
| Equity attributable to non-controlling interests | 6.16.8. | 791 | 766 |
| Equity | 6.16 | 5,213 | 5,304 |
| 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 2021 | 192 | (181) | (7) | 67 | 3,635 | 3,706 | 647 | 4,353 |
| Total comprehensive income: | ||||||||
| Group profit | – | – | – | – | 1,301 | 1,301 | 153 | 1,454 |
| Other comprehensive income (OCI) | – | 32 | 9 | 1 | 15 | 57 | 2 | 59 |
| 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 | – | – | – | – | – | – | 51 | 51 |
| Other changes | – | – | 3 | – | (8) | (5) | – | (5) |
| – | – | 3 | – | (529) | (526) | (36) | (562) | |
| Balance at 31 December 2021 | 192 | (149) | 5 | 68 | 4,422 | 4,538 | 766 | 5,304 |
| Balance at 1 January 2022 | 192 | (149) | 5 | 68 | 4,422 | 4,538 | 766 | 5,304 |
| Total comprehensive income: | ||||||||
| 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 | – | – | – | – | – | – | 21 | 21 |
| Other changes | – | – | (7) | (1) | (5) | (13) | 1 | (12) |
| – | – | (7) | (1) | (910) | (918) | (74) | (992) | |
| Balance at 31 December 2022 | 192 | (126) | 11 | 87 | 4,258 | 4,422 | 791 | 5,213 |
| The figures from the previous year have been adjusted (see note 1.30). | ||||||||
Notes | 2022 €m | 2021 €m | |
| Cash flows from operating activities | |||
| Profit before tax | 932 | 1,881 | |
| Adjustments for: | |||
| Depreciation, amortisation and impairment | 286 | 228 | |
| Impairment and reversals on other financial assets at amortised cost | 30 | – | |
| Share-based payments expenses | 5 | 6 | |
| Re-measurement of earn-out arrangements | – | – | |
| Fair value measurement of investments | 78 | 115 | |
| (Gain)/loss from sale of subsidiaries, other investments and re-measurement to fair value of pre-existing interest in acquiree | (107) | (949) | |
| Financial results including net interest expense and share of results of in vestments accounted for using the equity method | 132 | 40 | |
| Change of provisions | 6.14 | (97) | 46 |
| Working capital changes | (503) | 2 | |
| Income tax paid | (293) | (437) | |
| Net cash from operating activities | 463 | 932 | |
| Cash flows from investing activities | |||
| Acquisitions of: | |||
| Programme and other rights | (68) | (88) | |
| Subsidiaries, net of cash acquired | 4.2 | (113) | (136) |
| Companies under common control, net of cash acquired | 4.2 | 166 | (217) |
| Other intangible and tangible assets | (133) | (107) | |
| Other investments and financial assets | (48) | (48) | |
| Proceeds from the sale of intangible and tangible assets | 6.1 6.3 | 1 | 2 |
| Disposal of other subsidiaries, net of cash disposed of | 4.3 | 194 | 665 |
| Proceeds from the sale of investments accounted for using the equity method, other investments and financial assets | 105 | 29 | |
| Interest received | 10 | 4 | |
| Current deposits with shareholder and its subsidiaries | 10.1 | 544 | (218) |
| Net cash from/(used in) investing activities | 658 | (114) | |
| Cash flows from financing activities | |||
| Interest paid | (24) | (26) | |
| Transactions on non-controlling interests | 6.16.8. | (67) | (37) |
| Proceeds from loans | 6.12 | 35 | 56 |
| Repayment of loans | 6.12 | (79) | (113) |
| Payment of lease liabilities | 6.12 | (81) | (63) |
| Dividends paid | (860) | (569) | |
| Other changes from financing activities | (16) | (7) | |
| Net cash used in financing activities | (1,092) | (759) | |
| Net increase/(decrease) in cash and cash equivalents | 29 | 59 | |
| Exchange rate effects and other changes in cash and cash equivalents | (11) | 4 | |
| Cash and cash equivalents and bank overdrafts at the beginning of the year | 6.10 | 570 | 507 |
| Cash and cash equivalents and bank overdrafts at the end of the year | 588 | 570 | |
| Less cash and cash equivalents included within assets held for sale | 6.11 | – | (23) |
| Cash and cash equivalents and bank overdrafts at the end of the year (without assets held for sale) | 6.10 | 588 | 547 |
Zoom table
| RTL Deutschland | Groupe M6 | Fremantle | RTL Nederland | Other segments1 | Eliminations | Total Group | |||||||||||
| 2022 €m | 2021 €m | 2022 €m | 2021 €m | 2022 €m | 2021 €m | 2022 €m | 2021 €m | 2022 €m | 2021 €m | 2022 €m | 2021 €m | 2022 €m | 2021 €m | ||||
| Revenue from external customers | 2,766 | 2,422 | 1,352 | 1,379 | 2,147 | 1,727 | 635 | 577 | 324 | 532 | – | – | 7,224 | 6,637 | |||
| Inter-segment revenue | – | 3 | 5 | 11 | 200 | 199 | 1 | (2) | 87 | 72 | (293) | (283) | – | – | |||
| Total revenue | 2,766 | 2,425 | 1,357 | 1,390 | 2,347 | 1,926 | 636 | 575 | 411 | 604 | (293) | (283) | 7,224 | 6,637 | |||
| Depreciation, amortisation and impairment including on goodwill and on fair value adjustments on acquisitions of subsidiaries | (76) | (43) | (105) | (95) | (62) | (43) | (9) | (9) | (34) | (38) | – | – | (286) | (228) | |||
| Share of results of investments accounted for using the equity method | 25 | 32 | (34) | (26) | 1 | 2 | – | – | 22 | 19 | – | – | 14 | 27 | |||
| Impairment and reversals of investments accounted for using the equity method | (5) | – | – | 2 | – | – | – | – | – | – | – | – | (5) | 2 | |||
| Adjusted EBITA | 459 | 541 | 304 | 329 | 162 | 141 | 161 | 107 | (12) | 33 | 9 | 1 | 1,083 | 1,152 | |||
| Adjusted EBITA margin | 16.6% | 22.3% | 22.4% | 23.7% | 6.9% | 7.3% | 25.3% | 18.6% | (2.9)% | 5.5% | n/a | n/a | 15.0% | 17.4% | |||
| Invested capital | 1,464 | 963 | 1,419 | 1,370 | 1,980 | 1,610 | 167 | 165 | 390 | 623 | 5 | (3) | 5,425 | 4,728 | |||
| 1 Other segments include the Adjusted EBITA loss of €–31 million generated by Group Corporate Centre (2021: €–34 million) | |||||||||||||||||
The following table shows the reconciliation of segment information to the consolidated financial statements.
| 2022 €m | 2021 €m | |
| Adjusted EBITA | 1,083 | 1,152 |
| Impairment of goodwill of subsidiaries | – | – |
| Amortisation and impairment of fair value adjustments on acquisitions of subsidiaries | (46) | (19) |
| Impairment and reversals of investments accounted for using the equity method | (5) | 2 |
| Impairment and reversals on other financial assets at amortised cost | (30) | – |
| Re-measurement of earn-out arrangements | – | – |
| Fair value measurement of investments | (78) | (115) |
| Gain/(loss) from sale of subsidiaries, other investments and re-measurement to fair value of pre-existing interest in acquiree | 107 | 949 |
| Significant special items | (44) | (61) |
| Earnings before interest and taxes (EBIT) | 987 | 1,908 |
| Financial result | (55) | (27) |
| Profit before tax | 932 | 1,881 |
| Income tax expense | (166) | (427) |
| Group profit | 766 | 1,454 |
In 2022, ‘Significant special items’ reflects 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). In 2021, ‘Significant special items’ reflected 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).
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 | United States | The Netherlands | UK | Belgium | Other regions | Total | |||||||||
| 2022 €m | 2021 €m | 2022 €m | 2021 €m | 2022 €m | 2021 €m | 2022 €m | 2021 €m | 2022 €m | 2021 €m | 2022 € m | 2021 €m | 2022 €m | 2021 €m | 2022 €m | 2021 €m | |
| Revenue from external customers | 2,606 | 2,241 | 1,367 | 1,392 | 1,003 | 901 | 628 | 610 | 319 | 233 | 72 | 203 | 1,229 | 1,057 | 7,224 | 6,637 |
| Non-current assets1 | 1,738 | 1,465 | 1,183 | 1,193 | 507 | 481 | 336 | 338 | 559 | 435 | 2 | 2 | 260 | 242 | 4,585 | 4,156 |
| Assets held for sale | – | – | – | – | – | – | – | – | – | – | – | 164 | – | 32 | – | 196 |
| Capital expenditure | 391 | 256 | 114 | 173 | 28 | 53 | 7 | 10 | 136 | 5 | 2 | 6 | 57 | 77 | 735 | 580 |
| 1 Non-current assets comprise intangible assets (including goodwill), property, plantand equipment and right-of-use assets | ||||||||||||||||
The revenue generated in Luxembourg amounts to €91 million (2021: €75 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 €60 million (2021: €66 million).
| 2022 €m | 2021 €m | 2020 €m | 2019 €m | 2018 €m | |
| Revenue | 7,224 | 6,637 | 6,017 | 6,651 | 6,505 |
| Profit from operating activities | 978 | 1,879 | 933 | 1,147 | 1,020 |
| Earnings before interest and taxes ("EBIT") | 987 | 1,908 | 903 | 1,161 | 1,076 |
| Profit before tax | 932 | 1,881 | 875 | 1,156 | 1,063 |
| Group profit | 766 | 1,454 | 625 | 864 | 785 |
| Attributable to: | |||||
| RTL Group shareholders | 673 | 1,301 | 492 | 754 | 668 |
| Non-controlling interests | 93 | 153 | 133 | 110 | 117 |
| Adjusted EBITA (€ million) | 1,083 | 1,152 | 853 | 1,156 | 1,171 |
| Basic earnings per share (in €) | 4.35 | 8.41 | 3.20 | 4.91 | 4.35 |
| Final dividend per share (in €) | 4.00 | 5.00 | 3.00 | – | 3.00 |
| Interim dividend per share (in €) | – | – | – | – | 1.00 |
| Dividends paid (€ million)1 | 619 | 774 | 464 | – | 619 |
| Average number of full-time equivalent employees | 12,975 | 10,861 | 10,598 | 10,747 | 10,809 |
| Net assets (€ million) | 5,213 | 5,304 | 4,353 | 3,825 | 3,553 |
| Net (debt)/cash (€ million) | 180 | 657 | 236 | (384) | (470) |
| The 2021 comparatives have been adjusted due to the finalisation of the purchase price allocation for Stéphane Plaza Immobilier | |||||
1 Dividends paid refers to the amounts paid for the respective financial years. With the exception of interim dividends, all dividends were paid in May of the following year. | |||||
