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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
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 of Reclassifi cation of Direct Group’s Businesses that were not sold on the Income Statement 2008 in € millions 2008 adjusted Bertelsmann Annual Report 2009 Adjustment 2008 Revenues 16,249 131 16,118 Other operating income 609 3 606 Change in inventories (74) 1 (75) Own costs capitalized 262 8 254 Cost of materials (5,469) (64) (5,405) Royalty and license fees (750) (4) (746) Personnel costs (4,480) (18) (4,462) Amortization of intangible assets and depreciation of property, plant and equipment (563) (1) (562) Other operating expenses (4,267) (49) (4,218) Results from investments accounted for using the equity method 47 – 47 Income from other participations 11 – 11 Special items (676) – (676) EBIT (earnings before interest and taxes) 899 7 892 Interest income 95 (2) 97 Interest expenses (325) – (325) Other fi nancial income 112 – 112 Other fi nancial expenses (311) – (311) Financial result (429) (2) (427) Earnings before taxes from continuing operations 470 5 465 Income taxes (54) (2) (52) Earnings after taxes from continuing operations 416 3 413 Earnings after taxes from discontinued operations (146) (3) (143) Group profi t or loss 270 – 270 attributable to: Bertelsmann shareholders 142 – 142 Minority interest 128 – 128 Ongoing earnings and the cash fl ows from the activities classifi ed as having been discontinued were disclosed separately according to IFRS 5. 89
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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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154 Report of the Supervisory Board
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156 Report of the Supervisory Board
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Future
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