Values

26
The Management
Letter from the CEO
We have reduced costs as never before, while maintaining or even strengthening our market
positions. We have enhanced our processes and productivity. Within only a few months we
achieved savings of around one billion euros, which will continue to have a lasting eff ect
beyond 2009. At the same time we further increased our digital revenues – closely synchronized
with the respective businesses, in line with our strategy and our company’s structure.
Th us all corporate divisions had a role in this achievement. Th e bottom line is that, despite
the economic and commercial crisis, Bertelsmann ended fi scal 2009 in the black and posted
consolidated profi ts of 35 million euros. Our net fi nancial debt was reduced by 652 million
euros, to 2.8 billion euros. Th e release of funds from the operative business was well above
that of the previous year. I say all this, dear readers, with pride. Bertelsmann performed well
in a diffi cult year. During the crisis our company proved extremely adaptable and robust – as
did the entire media industry.
In recent weeks I have often heard it said that “2009 was a tough year.” Th at is clearly true.
But, frankly, every year requires our full commitment. Entrepreneurial courage, drive and
confi dence are always essential.
Th ese are the characteristics that have enabled Bertelsmann to continue to grow throughout
its history, from a mid-sized company into a major corporation, from a Christian publishing
company into a comprehensive media and services company, and have allowed it to expand
from the region of eastern Westphalia to more than 50 countries around the world.
Bertelsmann’s development is closely connected to Reinhard Mohn. His death last October
has left a gap that can never be fi lled. But his legacy – Bertelsmann and its unique corporate
culture – leaves us with a mandate that goes far beyond the anniversary year of 2010.
Despite the death of Reinhard Mohn, the continuity of our company is assured as it was
before. Going back 175 years, Bertelsmann is one of the oldest media and service companies
in the world. Th is alone is reason enough for us to celebrate this extraordinary anniversary
with pride and confi dence, and especially the past six decades, the period during which
Reinhard Mohn carried out his life’s work.
Bertelsmann was successful
in a diffi cult year
Bertelsmann Annual Report 2009