Bertelsmann says it is well prepared to emerge from coronavirus crisis

RTL SA

24/03/2020 07:37

BERLIN, March 24 (Reuters) - German publishing group
Bertelsmann  BTGGg.F  said on Tuesday it was well prepared to
"emerge safely" from the coronavirus pandemic thanks to its
broadly diversified interests that span television, books and
music publishing.
    Bertelsmann, which started out in 1835 as a Bible publisher
and remains privately controlled, reported a slight increase in
2019 revenues to 18 billion euros ($19.5 billion). 
    Digital businesses contributed more than half of overall
revenues for the first time, while expansion projects achieved
growth of 7% and accounted for 36% of the business, the company
said.
    "Bertelsmann is well prepared financially. We are
profitable, have high liquidity, a comfortable equity ratio, and
ratings continue unchanged in the investment-grade category,"
CEO Thomas Rabe said in a statement.
    "The broad setup of our businesses makes us less susceptible
to economic fluctuations and allows us to continue investing in
our future without compromising the substance of our business,"
added Rabe.
    Listed TV unit RTL  RRTL.DE , also headed by Rabe, has said
it was seeing first cancellations of advertising bookings and
delays to productions due to coronavirus, but vowed to press on
with investments in its streaming services.  urn:newsml:reuters.com:*:nL8N2B6195
    Core profits at Bertelsmann rose to 2.9 billion euros from
2.6 billion in 2019, lifted by services subsidiary Arvato and
the Bertelsmann Education Group.
 ($1 = 0.9238 euros)

 (Reporting by Douglas Busvine
Editing by Michelle Martin)
 ((douglas.busvine@tr.com; +49 30 2888 5084; Reuters Messaging:
douglas.busvine.thomsonreuters.com@reuters.net))