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76 Group Management Report Bertelsmann’s planning for fi scal year 2010 is characterized by lingering uncertainties in the market. At this time, economic conditions are expected to begin stabilizing in 2010, leading to a slight revenue and earnings recovery compared to fi scal year 2009. If the economic expectations for an uncertain and irregular picture in the fi rst months of this year persist, Bertelsmann assumes that Group revenues and operating EBIT will post comparatively moderate overall growth in fi scal years 2010 and 2011 and, based on a return on sales of 9.3 percent in fi scal year 2009, a gradual movement toward the profi tability level of 10 percent. Irrespective of the anticipated market environment, the objective of an average Group-level return on sales of 10 percent throughout the economic cycle remains. Acquisitions are not anticipated to contribute signifi cantly to revenues, as no major investments or acquisitions are planned for 2010 given the continued uncertain situation. Th e Executive Board’s top priority remains actively safeguarding and strengthening the company following the rapid cooling-off of the economy in 2009. Existing businesses are undergoing continuous review to identify further optimization potential, and cost structures are likewise being optimized and brought into alignment with business expectations. Target fi nancial parameters remain unchanged – in particular the maximum leverage factor of 3.0. Bertelsmann expects to move closer to this internal target in fi scal year 2010. Depending on how the economy develops, Bertelsmann does not currently anticipate interest rate changes to have any material impact on the average fi nancing costs of the company’s medium- to long-term fi nancing. It is anticipated that individual divisions will be impacted to varying degrees by the expected economic developments. Th e following business estimates for 2010 and 2011 are in relation to fi scal year 2009 fi gures. Th is means above all that they are adjusted for portfolio and exchange rate eff ects: RTL Group expects TV advertising markets in the core countries to decline further or remain stable in 2010. RTL Group assumes a stable revenue and earnings trend. Random House expects book markets to be largely stable and revenues and earnings to rise slightly in fi scal years 2010 and 2011. Gruner + Jahr expects a slowing downward trend in the magazine advertising market in fi scal year 2010. A continued stabilization of the revenue and earnings trend can be expected in 2010 and 2011. Th e focus in the print business will remain on a cautious investment policy and further cost savings. Arvato expects a slight recovery in its businesses in fi scal years 2010 and 2011, although no such trend is discernible at present. Arvato is anticipating a moderate increase in revenues. Th e expected rise in earnings can be attributed in part to the cost-cutting measures introduced in fi scal year 2009, the full eff ect of which will be felt in 2010. Direct Group expects the business environment to remain diffi cult and revenues to further decline in 2010 and 2011. Th e expected improvements in earnings can be attributed to an improved costs structure and the continued restructuring of businesses, especially among the clubs. Th ese forecasts are based on Bertelsmann’s current business strategy as outlined in the “Business and Economic Conditions” section. In general, the forecasts refl ect a careful consideration of risks and opportunities and are based on operational planning and the medium-term outlook for the corporate divisions. Th e severity of the economic impact resulting from the economic crisis on Bertelsmann businesses cannot be reliably assessed at this time. All statements regarding potential economic developments represent opinions advanced on the basis of information currently available. Should underlying suppositions fail to apply and/or further risks arise, actual results may diff er from those expected. Accordingly, no assurances can be provided concerning the accuracy of such statements. Bertelsmann Annual Report 2009
Company | Group Management Group Financial | Corporate Governance | Report of the | Boards/Mandates | Additional Information Report Statements Supervisory Group Income Statement Bertelsmann Annual Report 2009 Income Statement Statement of Comprehensive Income Balance Sheet Cash Flow Statement Statement of Changes in Equity Notes Board Group Financial Statements in € millions Notes 2009 2008 Revenues 1 15,364 16,249 Other operating income 2 490 609 Change in inventories (83) (74) Own costs capitalized 241 262 Cost of materials (4,965) (5,469) Royalty and license fees (781) (750) Personnel costs 3 (4,406) (4,480) Amortization of intangible assets and depreciation of property, plant and equipment 4 (579) (563) Other operating expenses 5 (3,894) (4,267) Results from investments accounted for using the equity method 6 27 47 Income from other participations 6 10 11 Special items 7 (730) (676) EBIT (earnings before interest and taxes) 694 899 Interest income 62 95 Interest expenses (318) (325) Other fi nancial income 8 104 112 Other fi nancial expenses 8 (272) (311) Financial result (424) (429) Earnings before taxes from continuing operations 270 470 Income taxes 9 (235) (54) Earnings after taxes from continuing operations 35 416 Earnings after taxes from discontinued operations – (146) Group profi t or loss 35 270 attributable to: Bertelsmann shareholders (82) 142 Minority interest 117 128 The previous year’s figures have been adjusted according to IFRS 5.36 for the amounts resulting from businesses, which were classified as discontinued operations before. The adjustment amounts are detailed on page 89 of the notes in the section “Discontinued operations” 77
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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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8 175 Years of Bertelsmann The Lega
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10 175 Years of Bertelsmann 1835 -
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22 175 Years of Bertelsmann Future
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24 The Management Letter from the C
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28 The Management Executive Board B
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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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40 Divisions RTL Group RTL Group is
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42 Divisions Random House Random Ho
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46 Divisions Arvato Arvato is one o
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48 Divisions Direct Group Direct Gr
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50 Spirit 175 Years Entrepreneurshi
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- 2 - 1 | Bertelsmann Corporate Cen
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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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126 Group Financial Statements Note
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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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