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84 Group Financial Statements Notes General Principles Th e Bertelsmann AG consolidated fi nancial statements as of December 31, 2009, were prepared in accordance with International Financial Reporting Standards (IFRS) applicable in the European Union. Th e supplementary requirements set out in section 315a of the German Commercial Code (HGB) are met. Th e consolidated fi nancial statements are prepared in euros; all amounts are stated in millions of euros (€ millions). For the Effects of Applying New Accounting Standards Th e following pronouncements by the International Accounting Standards Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC) were applicable in the Bertelsmann Group for the fi rst time in fi scal year 2009: • Improvements to IFRS • Amendments to IAS 1: Presentation of Financial Statements: A Revised Presentation • Amendments to IAS 23: Borrowing Costs • Amendments to IAS 32 and IAS 1: Puttable Financial Instruments and Obligations Arising on Liquidation • Amendments to IAS 39: Reclassifi cation of Financial Assets: Eff ective Date and Transition • Amendments to IFRS 1 and IAS 27: Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate • Amendments to IFRS 2: Share-Based Payment: Vesting Conditions and Cancellations • Amendments to IFRS 7: Improving Disclosures about Financial Instruments • IFRS 8: Operating Segments • IFRIC 13: Customer Loyalty Programs • IFRIC 14: IAS 19 – Th e Limit on a Defi ned Benefi t Asset, Minimum Funding Requirements and their Interaction sake of clarity, certain items in the income statement and balance sheet are combined. Th ese items are disclosed in greater detail and explained in the notes. Bertelsmann AG is a stock corporation domiciled in Gütersloh, Germany. Th e address of the company’s registered headquarters is: Carl-Bertelsmann-Strasse 270, 33311 Gütersloh. Th e main activities of Bertelsmann AG and its subsidiaries are presented in detail in the Management Report. Application of the revised IAS 1 means that the consolidated fi nancial statements include the consolidated income statement as well as a separate statement of recognized income and expense, which includes the earnings for the period as well as all changes taken directly to equity that are not based on transactions with shareholders. As a result of the fi rst-time application of IFRIC 13 as of January 1, 2009, customer loyalty programs for which loyalty award credits are issued are carried as multi-component transactions. Th e impact of fi rst-time application was not material. Application of the amendments to IFRS 7 resulted in more extensive information on fair value of fi nancial instruments and liquidity risk. First-time application of IFRS 8 did not result in any changes with regard to segment delimitation, as the segments had already been delimited in the past using the management approach. However, fi rst-time application led to the inclusion of operating leases in segment assets and increased information in the notes. Th e eff ects of the fi rst-time application of the amendments to IAS 23, IAS 32 and IAS 1, IAS 39, IFRS 1 and IAS 27, IFRS 2, IFRIC 14 and the improvements to IFRS are not material for the Group. Bertelsmann Annual Report 2009
Company | Group Management Group Financial | Corporate Governance | Report of the | Boards/Mandates | Additional Information Report Statements Supervisory Board Income Statement Statement of Comprehensive Income Balance Sheet Cash Flow Statement Statement of Changes in Equity Notes Effects from the Future Compulsory Application of Accounting Standards Th e IASB and the IFRIC have issued the following new or amended accounting standards and interpretations, the application of which is not yet compulsory for Bertelsmann’s consolidated fi nancial statements for fi scal year 2009. • Improvements to IFRS • Revised version of IAS 24: Related Party Disclosures • Amendments to IAS 27: Consolidated and Separate Financial Statements • Amendments to IAS 32: Classifi cation of Rights Issues • Amendments to IAS 39: Financial Instruments: Recognition and Measurement: Eligible Hedge Items • Amendments to IFRIC 9 and IAS 39: Embedded Derivatives • Amendments to IFRS 2: Group Cash-Settled Share-Based Payment Transactions • Revised version of IFRS 1: First-Time Adoption of IFRS • Amendments to IFRS 1: Additional Exemptions for First- Time Adopters • Revised version of IFRS 3: Business Combinations • IFRS 9: Financial Instruments • IFRIC 12: Service Concession Arrangements • Amendments to IFRIC 14: Prepayments of a Minimum Funding Requirement • IFRIC 15: Agreements for the Construction of Real Estate •IFRIC 16: Hedges of a Net Investment in a Foreign Operation •IFRIC 17: Distributions of Non-Cash Assets to Owners •IFRIC 18: Transfers of Assets from Customers • IFRIC 19: Extinguishing Financial Liabilities with Equity Instruments Th ere is no early adoption of these standards and interpretations. Recognition of the following accounting standards and interpretations by the EU is still outstanding: Improvements to IFRS, amendments to IFRS1, IFRS 2 and IFRIC 14 as well as IFRS 9, IFRIC 19 and the revised IAS 24. Consolidation Principles of Consolidation All subsidiaries that are controlled either directly or indirectly by Bertelsmann AG as defi ned by IAS 27 and conduct business operations are included in the consolidated fi nancial statements. Control exists when Bertelsmann AG has the possibility or the actual ability (de facto control), either directly or indirectly, to determine Bertelsmann Annual Report 2009 Th e application of IFRS 3 (revised 2008) and amendments to IAS 27 to the Bertelsmann consolidated fi nancial statements will be compulsory starting in 2010. Th ese rules have a major eff ect on the presentation of business combinations in the consolidated fi nancial statements. Th e key new features of the revised IFRS 3 relate to the valuation of minority interests, the recognition of successive acquisitions and the treatment of conditional purchase price components and incidental acquisition costs. In future, minority interests can be measured at their fair value (full goodwill method) or at the fair value of the proportionate identifi able net assets. In the case of successive company acquisitions, the revaluation and recognition in income of the interests held on the date control was transferred applies. In future, adjustments to conditional purchase price components have to be recognized in income. Incidental acquisition costs are recognized as expenses on the date these arise. Th e key changes in IAS 27 (2008) relate to accounting for reductions and increases in the interest without a loss of control. According to the new provisions, changes in equity interests that do not impact full consolidation may only be taken directly to equity in future (in line with acquisitions of treasury stock). Th e inclusion of hidden reserves and the adjustment to the goodwill already accounted for no longer applies. If control is lost, the remaining interests must be measured at fair value. In the case of minority interests, negative balances may be carried. Th is means that losses can be included in future to an unlimited extent in line with the proportionate equity interest. IFRS 9 is to be applied by 2013 and will replace IAS 39. Th is will have a far-reaching impact on the carrying amounts for and valuation of fi nancial instruments. Th e further amendments to IAS 24, IAS 32, IAS 39, IFRS 1, IFRS 2 and IFRIC 14 to be applied in the future, the improvements to IFRS and the interpretations IFRIC 12, IFRIC 15, IFRIC 16, IFRIC 17, IFRIC 18 and IFRIC 19 to be applied in the future relate in part to the Group’s transactions, though these are not expected to have a material impact. the fi nancial and business policy of an entity in such a way as to obtain benefi ts from its activities. Th e consolidation principles applied in the present consolidated fi nancial statements remain unchanged in comparison with the previous year. 85
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Annual Report 2009 Digitization Inn
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Bertelsmann at a Glance Key Figures
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Corporate Divisions at a Glance RTL
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Content 8 - 23 175 Years of Bertels
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30 The Group Bertelsmann Essentials
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32 The Group Bertelsmann Essentials
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38 40 RTL Group 42 Random House 44
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48 Divisions Direct Group Direct Gr
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50 Spirit 175 Years Entrepreneurshi
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1 | Portrait, 1971 2 | In New York,
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O n January 2, 1947, the fi rst wor
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1 3 imprints have enough to do? How
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F all 1973. The Middle East oil cri
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trigued by the articles about forei
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152 Corporate Governance Corporate
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154 Report of the Supervisory Board
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156 Report of the Supervisory Board
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158 Boards/Mandates Supervisory Boa
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160 Boards/Mandates Executive Board
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162 Responsibility Statement Respon
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164 Additional Information Financia
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Future
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