Values

88
Group Financial Statements
Notes
Fair value is primarily measured using the market price-oriented
method. In this method, assets and liabilities are measured at
prices observed in active markets. If measurement using the
market price-oriented method is not feasible, the capitalized
value-oriented method is to be applied. Th is measures fair value
of asset/liabilities as the present value of future net cash fl ows.
Sales proceeds of €-18 million after cash and fi nancial debt
transferred in the transaction were generated from disposals
and other disposals of equity interests.
Effects of Disposals
Th e disposals during the year under review had the following
impact on the Bertelsmann Group’s assets and liabilities at the
time of their deconsolidation:
in € millions
Non-current assets
2009
Goodwill 2
Other intangible assets 14
Property, plant and equipment 1
Other non-current assets
Current assets
13
Inventories 2
Other current assets 88
Cash and cash equivalents 24
Liabilities
Provision for pensions and similar obligations –
Financial debt 2
Other liabilities 7
Discontinued Operations
The music joint venture Sony BMG, the North American
direct-to-customer company Direct Group North America
and the Direct Group club businesses in China, Australia,
the United Kingdom, New Zealand, Poland, Russia, the
Czech Republic, Slovakia, the Netherlands and the Flemish
part of Belgium, were included as discontinued operations
in the consolidated financial statements of Bertelsmann
AG as of December 31, 2008. Two of these companies –
Bertelsmann’s interest in the Sony BMG joint venture and the
North American direct-to-customer company Direct Group –
were sold in the second half of fi scal year 2008. (For more
detailed information, please refer to the 2008 annual report,
Since initial consolidation, total new acquisitions contributed
a total €141 million to consolidated revenues and €19 million
to consolidated earnings. If consolidated as of January 1, 2009,
these would have contributed €170 million to consolidated
revenues and €13 million to consolidated earnings. Goodwill
arising from acquisitions refl ects latent synergy potential.
page 72 ff .). Th e Chinese club business is under liquidation and
was deconsolidated at the end of fi scal year 2008.
Th e club businesses in the United Kingdom (BCA) and Netherlands/Belgium
(ECI) were sold with eff ect from January 1,
2009.
Th e Direct Group club businesses that were not sold as a
result of changes to conditions on the market were reclassifi ed
back to continuing operations in these consolidated fi nancial
statements. Previous-year fi gures in the income and cash fl ow
statements have been adjusted accordingly. Th e following table
summarizes the adjustments in the previous year’s income
statement as a result of the reclassifi cations:
Bertelsmann Annual Report 2009