Values

62
Group Management Report
Bonds, Promissory Notes, U.S. Private Placements
Nominal interest, issuer, due date Type Effective interest Issue volume
rate in %
in millions
4.69 % Bertelsmann U.S. Finance LLC 03/10 U.S. private placement 4.83 USD 100
4.625 % Bertelsmann U.S. Finance LLC 03/10 Bond 4.70 EUR 750
5.65 % Bertelsmann AG 08/11 Promissory note 5.79 EUR 100
4.375 % Bertelsmann AG 06/12 Bond 4.47 EUR 500
5.23 % Bertelsmann U.S. Finance LLC 03/13 U.S. private placement 5.38 USD 200
7.875 % Bertelsmann AG 09/14 Bond 7.72 EUR 750
5.05 % Bertelsmann AG 08/14 Promissory note 5.17 EUR 500
6.00 % Bertelsmann AG 09/14 Promissory note 6.00 EUR 30
5.33 % Bertelsmann U.S. Finance LLC 03/15 U.S. private placement 5.46 USD 200
3.625 % Bertelsmann AG 05/15 Bond 3.74 EUR 500
4.75 % Bertelsmann AG 06/16 Bond 4.89 EUR 1,000
Additional payments resulting from the disposal were
€-18 million (previous year: €608 million). Th ese proceeds were
off set by purchase price payments for the acquisition of consolidated
investments (net of acquired cash and cash equivalents)
totaling €-157 million (previous year: €-310 million).
Th e cash fl ow from fi nancing activities came to an outfl ow of
€-741 million in the period under review (previous year:
€-917 million). Dividends totaling €-270 million were paid to
Bertelsmann AG shareholders and minority shareholders of
consolidated subsidiaries (previous year: €-288 million). As of
December 31, 2009, the Bertelsmann Group had cash and cash
equivalents of €2,085 million (previous year: €1,583 million).
Off-Balance Sheet Liabilities
Th e volume of off -balance sheet liabilities increased slightly
compared to the previous year. Th ese include contingent
liabilities and other fi nancial commitments, almost all of which
result from operating activities conducted by the divisions.
Investments
in € millions 2009 2008
RTL Group 287 415
Random House 22 30
Gruner + Jahr 38 138
Arvato 198 314
Direct Group 47 63
Corporate/Other 70 108
Continuing operations 662 1,068
Discontinued operations 0 27
Total 662 1,095
Investments
According to the cash fl ow statement, total investments of
€662 million during fi scal 2009 were down from last year (previous
year: €1,095 million). Th is trend is attributable primarily
to the low number of acquisitions in fi scal year 2009. As in
previous years, the majority of the €249 million investment in
property, plant and equipment (previous year: €389 million)
stemmed from Arvato. An amount of €199 million was invested
in intangible assets (previous year: €238 million). Th is resulted
primarily from RTL Group and involved investments in fi lm
rights. An amount of €57 million was invested in fi nancial assets
(previous year: €158 million). Purchase price payments
for consolidated investments (less cash and cash equivalents)
decreased signifi cantly from €310 million in the previous year
to €157 million in the period under review and were distributed
across virtually all divisions.
Consolidated Balance Sheet
Total assets came to €19.4 billion as of December 31, 2009
(December 31, 2008: €20.1 billion). Th e eff ects of the economic
crisis and the measures undertaken in response resulted only
in slight changes to the balance sheet structure. Equity fell from
€6.2 billion to €6.0 billion due to the decline in operating EBIT
and special items, in particular goodwill impairments. Th is
constitutes an equity ratio of 30.9 percent (previous year:
31.0 percent). Equity attributable to Bertelsmann AG shareholders
was €4.9 billion (previous year: €5.1 billion). Provisions
for pensions decreased slightly from €1,409 million to
€1,406 million.
Bertelsmann Annual Report 2009