Values

66
Group Management Report
Gruner + Jahr
Th e leading European magazine publisher Gruner + Jahr recorded
a year-on-year decline in revenues and operating EBIT
in 2009 as a result of a major slump in advertising and extensive
structural changes, but was largely able to cushion the impact
of the declining markets. Revenues came in at €2.5 billion, some
9.4 percent lower than the previous year (€2.8 billion), while
operating EBIT was down 9.8 percent to €203 million (previous
year: €225 million). Return on sales amounted to 8.1 percent
(previous year: 8.1 percent). Gruner + Jahr had 13,571 employees
at year’s end (December 31, 2008: 14,941).
On January 6, 2009, Bernd Buchholz took over as CEO of
Gruner + Jahr. His main focus was to implement swift and targeted
cost control measures as well as restructuring measures
designed to take eff ect in the medium term and to expand new
growth segments.
In 2009 the performance of the brand business at Gruner + Jahr
was largely characterized by the weakened global economy. Th e
advertising markets in the core countries of Germany, France
and Austria declined by 15 to 20 percent while the Spanish
market recorded even greater losses. Th e countermeasures
that were introduced took eff ect and were largely able to off set
this development.
Th e circulation revenues had a stabilizing eff ect during the
economic crisis. While the sales environment for businesses
in Germany, France and Austria was relatively intact, Spain
was also adversely aff ected in this respect.
In the period under review the new business segments performed
well with the expansion of the client business in advertising
and circulation, digital marketing and gaining new
corporate publishing customers.
Th e German publishing business was driven by strong brands
such as “Stern”, “Brigitte”, “Gala”, “Auto Motor Sport” and “Geo”,
even though their advertising revenues also fell. Th e ad marketing
in the period under review was optimized by a restructuring
at G+J Media Sales and the business media editorial offi ces
(“Financial Times Deutschland”, “Börse Online”, “Capital” and
“Impulse”) were merged. Th e editorial offi ces for the Living
titles were also restructured. Gruner + Jahr launched several
magazines, such as “Nido”, “Geomini”, “Gala for Men”, “Business
Punk” and “Beef!”. Th e titles “Emotion” and “Healthy Living”
were sold or brought into a joint venture respectively.
Revenue Breakdown
3.0
2.0
1.0
0
€2.8 billion
(0.1) %
0.3 %
(9.6) %
Exchange rates Portfolioand
other
effects
Organic growth
€2.5 billion
2008 Change
2009
Th e performance of the Gruner + Jahr International businesses
was highly varied: In China, the continued positive development
of the publishing subsidiary Boda was reinforced
by a successful expansion of the portfolio of titles. In France,
Prisma Presse steered a successful path through the crisis in the
advertising and circulation market and gained market share;
meanwhile, there was a management change at the French
subsidiary during the period under review. In Spain, comprehensive
restructuring measures were implemented, while
Gruner + Jahr pulled out of the Russian market due to a lack
of future prospects.
Th e revenues and operating EBIT of key Gruner + Jahr holdings
were signifi cantly reduced as a result of the economic crisis.
Th e declining order volumes made it necessary to implement
a signifi cant impairment on property, plant and equipment at
Prinovis. Meanwhile, the U.S. print shop Brown Printing proved
to be comparatively crisis-proof and the Dresdner Druck- und
Verlagshaus even managed to improve its operating EBIT yearon-year.
In Germany and in other countries, G+J journalists again won
many prizes for their work in 2009.
Revenues by Region in percent*
10.3 U.S.
41.4 Other
European countries
* Without intercompany revenues
2.7 Other countries
45.6 Germany
Bertelsmann Annual Report 2009