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94 Group Financial Statements Notes Financial Assets Financial assets are broken down into the following categories and sub-categories: • Held-to-maturity investments • Available-for-sale fi nancial assets • Recognized in income at fair value - Non-derivative and derivative fi nancial assets held for trading - Financial assets initially recognized at fair value through profi t or loss - Derivative fi nancial assets used in hedging relationships • Loans and receivables - Originated loans and trade account receivables (loans and receivables) - Cash and cash equivalents (loans and receivables) If the trade date and the settlement date are diff erent, the settlement date is applied for the purposes of initial recognition. Held-to-maturity investments: If the Company intends to hold fi nancial instruments to maturity, they are measured at amortized cost using the eff ective interest method. Available-for-sale fi nancial assets: Th e available-for-sale category primarily includes current and non-current securities and equity investments not classifi ed as held-to-maturity investments or at fair value through profi t or loss. In accordance with IAS 39, available-for-sale securities are measured at their fair value at the balance sheet date to the extent this can be reliably measured. Otherwise these are carried at amortized cost. Th e resulting unrealized gains and losses, including deferred taxes, are taken directly to equity. However, permanent impairment losses are recognized in profi t or loss. Th e unrealized gains and losses taken directly to equity are recycled in profi t or loss when the respective assets are sold. If fair value cannot be measured, the corresponding equity investments and securities are either carried at cost or measured on the basis of estimated discounted cash fl ows. Non-derivative and derivative fi nancial assets held for trading: As a rule, this category includes derivatives that do not meet the formal requirements of IAS 39 for hedge accounting. Th ey are measured at their fair value. Gains or losses from changes to the fair values are recognized in income. Financial assets initially recognized at fair value through profi t or loss: Th is category contains fi nancial assets that were classifi ed as initially recognized at fair value through profi t or loss. Th ese are fi nancial instruments that include one or several embedded derivatives that cannot be valued separately. Changes in fair value are recognized in the other fi nancial result. Derivative fi nancial assets used in hedging relationships: Th is category comprises all derivatives that fulfi ll the formal requirements of IAS 39 for hedge accounting. Th ey are carried at their fair value. Originated loans and trade account receivables: Originated loans and trade account receivables are recognized at their nominal amount or, where appropriate, at fair value. Long-term loans and receivables are discounted. Foreign-currency items are translated at the exchange rate at the closing date. Valuation allowances are recognized for probable credit risks using allowance accounts. Cash and cash equivalents: Cash and cash equivalents include bank balances, cash on hand and securities with a term to maturity on acquisition of a maximum three months. Foreign-currency items are translated at the exchange rate at the balance sheet date. Measurement at fair value: In the case of fi nancial assets measured at fair value, the valuation method applied depends on the respective valuation parameters present in each case. If listed prices can be identifi ed on active markets, these are used for valuation (phase 1). If this is not possible, the fair values of comparable market transactions are applied and fi nancial methods based on observable market data are used (phase 2). If the fair values are not based on observable market data, they are to be identifi ed with the aid of recognized fi nancial methods (phase 3). Impairment losses on fi nancial assets: Th e carrying amounts of fi nancial assets not recognized at fair value through profi t or loss are examined at each balance sheet date in order to determine whether there is substantial evidence of impairment. If the fair value of a fi nancial asset is lower than its carrying amount, a corresponding impairment loss is recognized in profi t or loss. If it is established that the fair value has increased at a later measurement date, the impairment loss previously recognized is reversed up to a maximum of amortized cost. Impairment losses are not reversed in the case of unlisted equity instruments that are classifi ed as available-for-sale assets and carried at cost. Th e fair value of available-for-sale assets carried at cost is calculated as the present value of the future cash fl ows discounted using the risk-adjusted interest rate. 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 Inventories Inventories, including raw materials and supplies, fi nished goods and work in progress as well as merchandise, are recognized at the lower of historical cost and net realizable value at the end of the year. Similar inventories are reported at average cost less cost to sell or using the FIFO (fi rst-in, fi rst-out) method. Inventories originating from intragroup suppliers are adjusted to eliminate intercompany profi ts and are measured at the Group’s manufacturing cost. Inventories carried at cost are reviewed for possible writedowns at the end of the year. Net realizable value is applied for this purpose as of the balance sheet date. Net realizable value is defi ned as the estimated sales price less expected costs to complete and estimated selling expenses. A write-down is recognized if the net realizable value of an item of inventories is lower than its historical cost. Write-downs are reversed if the circumstances causing their recognition no longer apply. Th e new carrying amount then represents the lower of historical cost and adjusted net realizable value. Th e consumption of inventories is reported in the income statement in the cost of materials or changes in inventories. In addition to raw materials and supplies, fi nished goods, work in progress and merchandise, inventories include all short-term fi lm, television and similar rights that are intend- Bertelsmann Annual Report 2009 ed for broadcast or sale within the Group’s normal operating cycle (i. e., one year). In particular, this includes fi lms and TV shows currently in production, co-productions and acquired broadcasting rights. Th e carrying amount of such items at the balance sheet date is as a rule the lower of historical cost or net realizable value. Th e amortization of fi lm and television rights starts from the date of initial broadcast and depends either on the number of planned broadcasts or the expected revenues. Th e broadcastbased amortization of fi lm and television rights is performed as follows: • Entertainment programs, such as soap operas, documentaries and sports, quiz or music programs are written off in full at the initial broadcast date; • 50 percent of the carrying amount of children’s programs and cartoons is written off at each of the fi rst two broadcast dates; • Th e consumption of cinema productions, TV feature fi lms and series also spans a maximum of two broadcasts: 67 percent of the value is consumed upon the fi rst broadcast, the remaining 33 percent upon the second broadcast. For in-house productions, consumption is reported in the income statement under changes in inventories, while the consumption of acquired rights is reported in the cost of materials. 95
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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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24 The Management Letter from the C
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30 The Group Bertelsmann Essentials
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32 The Group Bertelsmann Essentials
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34 The Group Corporate Responsibili
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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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44 Divisions Gruner + Jahr Th e pri
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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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1 | Portrait, 1971 2 | In New York,
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1 3 imprints have enough to do? How
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F all 1973. The Middle East oil cri
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trigued by the articles about forei
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Instead, the company began holding
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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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