Balance Sheet RTL Group S.A.

Equities

RRTL

LU0061462528

Broadcasting

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Jan. 23	ProSiebenSat.1 in demand - Analyst: Surprising start to the year	DP
Jan. 15	New alliance: Amazon series to be shown on RTL streaming service for first time	DP

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Published financial data: RTL GROUP S.A.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	6.65B	6.02B	6.64B	7.22B	6.23B
Total Revenues	6.65B	6.02B	6.64B	7.22B	6.23B
Cost of Goods Sold, Total	2.31B	2.14B	2.64B	3.05B	2.72B
Gross Profit	4.34B	3.87B	4B	4.17B	3.52B
Selling General & Admin Expenses, Total	202M	167M	189M	222M	213M
Stock-Based Compensation (IS)	8M	5M	6M	5M	4M
Depreciation & Amortization - (IS)	264M	245M	209M	240M	239M
Other Operating Expenses	2.78B	2.66B	2.5B	2.66B	2.47B
Other Operating Expenses, Total	3.26B	3.08B	2.91B	3.12B	2.93B
Operating Income	1.08B	790M	1.09B	1.05B	590M
Interest Expense, Total	-37M	-33M	-24M	-24M	-43M
Interest And Investment Income	5M	4M	5M	5M	13M
Net Interest Expenses	-32M	-29M	-19M	-19M	-30M
Income (Loss) On Equity Invest.	14M	32M	27M	14M	61M
Currency Exchange Gains (Loss)	-	-	-10M	-19M	-
Other Non Operating Income (Expenses)	27M	1M	3M	-13M	23M
EBT, Excl. Unusual Items	1.09B	794M	1.09B	1.01B	644M
Restructuring Charges	-	-	-28M	-23M	-
Merger & Related Restructuring Charges	-	-	-	-2M	-
Impairment of Goodwill	-15M	-25M	-19M	-46M	-43M
Gain (Loss) On Sale Of Investments	-	-62M	-113M	-113M	-25M
Gain (Loss) On Sale Of Assets	86M	172M	949M	107M	40M
Asset Writedown	-3M	-3M	-	-	-
Other Unusual Items	1M	-1M	-	-	-9M
EBT, Incl. Unusual Items	1.16B	875M	1.88B	932M	607M
Income Tax Expense	292M	250M	427M	166M	124M
Earnings From Continuing Operations	864M	625M	1.45B	766M	483M
Earnings Of Discontinued Operations	-	-	-	-	115M
Net Income to Company	864M	625M	1.45B	766M	598M
Minority Interest	-110M	-133M	-153M	-93M	-131M
Net Income - (IS)	754M	492M	1.3B	673M	467M
Net Income to Common Incl Extra Items	754M	492M	1.3B	673M	467M
Net Income to Common Excl. Extra Items	754M	492M	1.3B	673M	352M
Per Share Items
Net EPS - Basic	4.91	3.2	8.41	4.35	3.02
Basic EPS - Continuing Operations	4.91	3.2	8.41	4.35	2.27
Basic Weighted Average Shares Outstanding	154M	154M	155M	155M	155M
Net EPS - Diluted	4.91	3.2	8.41	4.35	3.01
Diluted EPS - Continuing Operations	4.91	3.2	8.41	4.35	2.27
Diluted Weighted Average Shares Outstanding	154M	154M	155M	155M	155M
Normalized Basic EPS	3.71	2.37	3.42	3.47	1.75
Normalized Diluted EPS	3.71	2.37	3.42	3.47	1.75
Dividend Per Share	-	2.5	3.5	3.5	2.75
Payout Ratio	71.35	-	37.82	116.49	132.76
American Depositary Receipts Ratio (ADR)	0.1	0.1	0.1	0.1	0.1
Supplemental Items
EBITDA	1.18B	900M	1.2B	1.18B	739M
EBITA	1.12B	839M	1.14B	1.12B	677M
EBIT	1.08B	790M	1.09B	1.05B	590M
EBITDAR	1.22B	925M	1.22B	1.22B	782M
Effective Tax Rate - (Ratio)	25.26	28.57	22.7	17.81	20.43
Total Current Taxes	276M	242M	421M	177M	113M
Total Deferred Taxes	16M	8M	6M	-11M	11M
Normalized Net Income	569M	363M	530M	538M	272M
Interest on Long-Term Debt	24.9M	24.2M	21.2M	21.2M	39M
Non-Cash Pension Expense	-1M	1M	2M	5M	-1M
Supplemental Operating Expense Items
Marketing Expenses	166M	142M	161M	180M	164M
Selling and Marketing Expenses	166M	142M	161M	180M	164M
Net Rental Expense, Total	36M	25M	27M	38M	43M
Imputed Operating Lease Interest Expense	10.08M	5.57M	4.79M	7M	12.79M
Imputed Operating Lease Depreciation	25.92M	19.43M	22.21M	31M	30.21M
Maintenance & Repair Expenses, Total	70M	75M	125M	160M	150M
Stock-Based Comp., Other (Total)	8M	5M	6M	5M	4M
Total Stock-Based Compensation	8M	5M	6M	5M	4M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	377M	436M	547M	589M	575M
Short Term Investments	2M	5M	19M	6M	9M
Trading Asset Securities, Total	-	-	274M	127M	101M
Total Cash And Short Term Investments	379M	441M	840M	722M	685M
Accounts Receivable, Total	1.94B	1.41B	1.89B	1.64B	1.29B
Other Receivables	211M	157M	441M	159M	122M
Notes Receivable	3M	1M	3M	-	1M
Total Receivables	2.15B	1.57B	2.34B	1.79B	1.41B
Inventory	13M	8M	15M	18M	9M
Prepaid Expenses	99M	120M	80M	93M	102M
Other Current Assets, Total	1.37B	2.22B	2.31B	2.11B	2.34B
Total Current Assets	4.01B	4.36B	5.58B	4.74B	4.55B
Gross Property Plant And Equipment	1.39B	1.33B	1.22B	1.28B	1.2B
Accumulated Depreciation	-697M	-709M	-672M	-670M	-669M
Net Property Plant And Equipment	695M	620M	547M	614M	527M
Long-term Investments	388M	423M	409M	414M	453M
Goodwill	3.09B	2.87B	3.04B	3.33B	3.15B
Other Intangibles, Total	295M	349M	479M	607M	574M
Accounts Receivable Long-Term	45M	33M	41M	46M	48M
Loans Receivable Long-Term	28M	37M	25M	13M	12M
Deferred Tax Assets Long-Term	332M	333M	322M	318M	302M
Other Long-Term Assets, Total	69M	48M	40M	53M	57M
Total Assets	8.96B	9.07B	10.49B	10.13B	9.67B
Liabilities
Accounts Payable, Total	1.81B	1.6B	1.69B	1.37B	1.25B
Accrued Expenses, Total	332M	248M	324M	470M	354M
Short-term Borrowings	58M	59M	17M	23M	58M
Current Portion of Long-Term Debt	99M	65M	32M	524M	195M
Current Portion of Leases	59M	60M	59M	85M	76M
Current Income Taxes Payable	24M	24M	41M	24M	18M
Unearned Revenue Current, Total	301M	335M	457M	599M	502M
Other Current Liabilities	774M	723M	988M	582M	407M
Total Current Liabilities	3.46B	3.12B	3.6B	3.68B	2.86B
Long-Term Debt	631M	641M	635M	138M	689M
Long-Term Leases	373M	324M	273M	300M	225M
Unearned Revenue Non Current	6M	4M	2M	5M	7M
Pension & Other Post Retirement Benefits	489M	297M	287M	287M	318M
Deferred Tax Liability Non Current	20M	48M	54M	75M	69M
Other Non Current Liabilities	156M	288M	361M	439M	402M
Total Liabilities	5.13B	4.72B	5.22B	4.92B	4.57B
Common Stock, Total	192M	192M	192M	192M	192M
Treasury Stock	-41M	-	-	-	-
Comprehensive Income and Other	3.14B	3.51B	4.35B	4.23B	4.06B
Total Common Equity	3.29B	3.71B	4.54B	4.42B	4.25B
Minority Interest	533M	647M	734M	791M	850M
Total Equity	3.82B	4.35B	5.27B	5.21B	5.1B
Total Liabilities And Equity	8.96B	9.07B	10.49B	10.13B	9.67B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	154M	155M	155M	155M	155M
ECS Total Common Shares Outstanding	154M	155M	155M	155M	155M
Book Value / Share	21.45	23.95	29.33	28.58	27.46
Tangible Book Value	-96M	486M	1.02B	488M	528M
Tangible Book Value Per Share	-0.63	3.14	6.57	3.15	3.41
Total Debt	1.22B	1.15B	1.02B	1.07B	1.24B
Net Debt	841M	708M	176M	348M	558M
Debt Equivalent of Unfunded Proj. Benefit Obligation	190M	184M	168M	154M	162M
Debt Equivalent Oper. Leases	288M	200M	216M	304M	344M
Minority Interest, Total (Incl. Fin. Div)	533M	647M	734M	791M	850M
Equity Method Investments, Total	352M	384M	366M	376M	405M
Account Code - Inventory Valuation	3	3	3	3	3
Film Contract & Broadcasting Rights - Long-Term, Total	2.22B	2.02B	2.1B	2.15B	2.16B
Land - (BS)	395M	393M	386M	399M	394M
Machinery, Total	351M	362M	313M	298M	290M
Full Time Employees	16.26K	15.96K	17.65K	18.62K	17.73K

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	754M	492M	1.3B	673M	467M
Depreciation & Amortization - CF	125M	125M	114M	134M	143M
Amortization of Goodwill and Intangible Assets - (CF)	40M	49M	46M	76M	87M
Depreciation & Amortization, Total	165M	174M	160M	210M	230M
Amortization of Deferred Charges, Total - (CF)	113M	72M	68M	76M	61M
(Gain) Loss From Sale Of Asset	-84M	-171M	-949M	-107M	-40M
(Gain) Loss on Sale of Investments - (CF)	-	-	115M	108M	25M
Asset Writedown & Restructuring Costs	35M	30M	16M	-33M	35M
Stock-Based Compensation (CF)	8M	5M	6M	5M	4M
Other Operating Activities, Total	100M	251M	213M	34M	71M
Change in Other Net Operating Assets	-6M	80M	2M	-503M	-316M
Cash from Operations	1.08B	933M	932M	463M	537M
Capital Expenditure	-107M	-118M	-107M	-133M	-120M
Sale of Property, Plant, and Equipment	4M	2M	2M	1M	1M
Cash Acquisitions	-235M	-10M	-353M	53M	-44M
Divestitures	102M	120M	665M	194M	32M
Sale (Purchase) of Intangible assets	-117M	-60M	-88M	-68M	-57M
Investment in Marketable and Equity Securities, Total	21M	-13M	-19M	57M	-6M
Other Investing Activities, Total	-23M	-533M	-214M	554M	220M
Cash from Investing	-355M	-612M	-114M	658M	26M
Long-Term Debt Issued, Total	134M	251M	56M	35M	293M
Total Debt Issued	134M	251M	56M	35M	293M
Long-Term Debt Repaid, Total	-298M	-330M	-176M	-160M	-127M
Total Debt Repaid	-298M	-330M	-176M	-160M	-127M
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-	-	-	-	-
Common Dividends Paid	-538M	-	-492M	-784M	-620M
Common & Preferred Stock Dividends Paid	-538M	-	-492M	-784M	-620M
Special Dividend Paid	-	-	-77M	-	-
Other Financing Activities, Total	-69M	-95M	-70M	-183M	-124M
Cash from Financing	-771M	-174M	-759M	-1.09B	-578M
Foreign Exchange Rate Adjustments	1M	-16M	4M	-11M	-
Miscellaneous Cash Flow Adjustments	-6M	-72M	-23M	-	-
Net Change in Cash	-46M	59M	40M	18M	-15M
Supplemental Items
Cash Interest Paid	27M	28M	26M	24M	34M
Cash Income Tax Paid (Refund)	334M	248M	437M	293M	162M
Levered Free Cash Flow	655M	-19.88M	444M	1B	90.88M
Unlevered Free Cash Flow	678M	750K	459M	1.01B	118M
Change In Net Working Capital	58M	566M	262M	-271M	369M
Net Debt Issued / Repaid	-164M	-79M	-120M	-125M	166M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	7.8	5.47	6.97	6.32	3.72
Return on Total Capital	14.2	9.36	11.57	10.37	5.84
Return On Equity %	23.42	15.28	30.21	14.57	9.36
Return on Common Equity	23.79	14.06	31.56	15.02	8.12
Margin Analysis
Gross Profit Margin %	65.21	64.35	60.27	57.72	56.43
SG&A Margin	3.04	2.78	2.85	3.07	3.42
EBITDA Margin %	17.82	14.96	18.01	16.33	11.85
EBITA Margin %	16.81	13.94	17.13	15.53	10.86
EBIT Margin %	16.21	13.13	16.44	14.48	9.46
Income From Continuing Operations Margin %	12.99	10.39	21.91	10.6	7.75
Net Income Margin %	11.34	8.18	19.6	9.32	7.49
Net Avail. For Common Margin %	11.34	8.18	19.6	9.32	5.65
Normalized Net Income Margin	8.56	6.04	7.98	7.44	4.36
Levered Free Cash Flow Margin	9.84	-0.33	6.69	13.84	1.46
Unlevered Free Cash Flow Margin	10.19	0.01	6.91	14.05	1.89
Asset Turnover
Asset Turnover	0.77	0.67	0.68	0.7	0.63
Fixed Assets Turnover	12.95	9.15	11.37	12.44	10.93
Receivables Turnover (Average Receivables)	3.55	3.59	4.01	4.09	4.27
Inventory Turnover (Average Inventory)	192.83	204.29	229.3	185.09	201.19
Short Term Liquidity
Current Ratio	1.16	1.4	1.55	1.29	1.59
Quick Ratio	0.73	0.65	0.88	0.68	0.73
Operating Cash Flow to Current Liabilities	0.31	0.3	0.26	0.13	0.19
Days Sales Outstanding (Average Receivables)	102.95	102.01	90.96	89.15	85.51
Days Outstanding Inventory (Average Inventory)	1.89	1.79	1.59	1.97	1.81
Average Days Payable Outstanding	278.64	291.69	226.88	169.25	176.3
Cash Conversion Cycle (Average Days)	-173.79	-187.89	-134.33	-78.12	-88.97
Long Term Solvency
Total Debt/Equity	31.9	26.4	19.27	20.53	24.37
Total Debt / Total Capital	24.18	20.88	16.16	17.03	19.6
LT Debt/Equity	26.25	22.17	17.22	8.4	17.92
Long-Term Debt / Total Capital	19.9	17.54	14.44	6.97	14.41
Total Liabilities / Total Assets	57.3	52.01	49.73	48.55	47.24
EBIT / Interest Expense	29.14	23.94