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96 Group Financial Statements Notes Customer-Specifi c Production Contracts To the extent that they meet the requirements of IAS 11, customer-specifi c contracts are reported using the percentage-ofcompletion method. In this method, revenues and gains on customer-specifi c contracts are recognized on the basis of the stage of completion of the respective project concerned. Th e percentage of comple- Deferred Taxes In accordance with IAS 12, deferred tax assets and liabilities are recognized for temporary diff erences between the tax base and the carrying amount shown on the IFRS consolidated balance sheet, and for as yet unused tax loss carryforwards and tax credits. Deferred tax assets are only reported in the amount in Other Comprehensive Income Th e other comprehensive income taken directly to equity in accordance with IAS 39 includes foreign exchange gains and losses as well as unrealized gains and losses from the fair value measurement of available-for-sale securities and derivatives used in cash fl ow hedges or hedges of net investments in Provisions Provisions for pensions and similar obligations are calculated using the projected unit credit method within the meaning of IAS 19. Th is method involves the use of biometric calculation tables, current long-term market interest rates and current estimates of future increases in salaries and pensions. Th e interest portion of pension expense and the expected return on plan assets are reported under net fi nancial expense. tion is calculated as the ratio of the contract costs incurred up to the end of the year to the total estimated project cost (costto-cost method). Irrespective of the extent to which a project has been completed, losses resulting from customer-specifi c contracts are immediately recognized in full in the period in which the loss is identifi ed. which they can be subsequently utilized. Th e tax rates applied for computation are those expected as of the date of reversal of temporary diff erences and use of tax loss carryforwards, respectively. foreign operations. Actuarial gains and losses under defi ned benefi t pension plans are also taken directly to equity in full in the year in which they arise in accordance with IAS 19.93A. Deferred taxes on the aforementioned items are also recognized directly in equity. With the exception of the other personnel-related provisions calculated according to IAS 19, all of the other provisions are formed based on IAS 37 to the extent that there is a legal or constructive obligation to a third party, the outfl ow of resources is probable and it is possible to reliably determine the amount of the obligation. Provisions are measured in the amount of the most probable extent of the benefi t obligations. Long-term provisions are discounted. 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 Liabilities Trade payables and other originated fi nancial liabilities are carried at amortized cost, non-current liabilities are discounted. Liabilities in foreign currencies are translated at the exchange rate on the balance sheet date. Th e Bertelsmann Group has not yet exercised the option of classifying fi nancial liabilities initially recognized at fair value through profi t or loss. Derivative Financial Instruments As set out in IAS 39, all derivative fi nancial instruments are recognized at fair value on the balance sheet. Derivative fi nancial instruments are recognized as of the transaction date. When a contract involving a derivative is entered into, it is initially determined whether that contract is intended to serve as a fair value hedge or as a cash fl ow hedge. However, some derivatives do not meet the requirements included in IAS 39 for recognition as hedges despite this being their economic purpose. Changes in the fair values of derivatives are recorded as follows: 1. Fair-value hedge: Changes in the fair value of these derivatives, which are used to hedge assets or liabilities, are recognized in profi t or loss, the corresponding gain or loss on the change in fair value of the underlying balance sheet item is also directly included in the income statement. 2. Cash-fl ow hedge: Th e eff ective portion of the changes in the fair value of derivatives used to hedge future cash fl ows is recognized directly in equity under other comprehensive income. Th e amounts recognized in equity are then reversed to profi t or loss when the hedged item is recognized in profi t or loss. Th e ineff ective portion of the changes in the fair value of the hedging instrument is recognized in profi t or loss. 3. Hedge of a net investment in a foreign operation: For this hedge type, the eff ective portion of the gains and losses on changes in the fair value of the hedging instrument is taken Bertelsmann Annual Report 2009 Finance lease liabilities, which are also reported in fi nancial liabilities, are carried at their present value in accordance with IAS 17. directly to equity. Th e ineff ective portion is recognized in profi t or loss. On disposal of the investment, the changes in the fair value of the hedging instruments that are contained in equity are recognized in profi t or loss. 4. Stand-alone derivatives (no hedge relationship): Changes in the fair value of derivatives that do not meet the criteria for recognition as hedges are recognized in profi t or loss in accordance with the held-for-trading category and are therefore classifi ed as at fair value through profi t and loss. If the trade date and the settlement date are diff erent, the settlement date is applied for the purposes of initial recognition of derivatives. Measurement at fair value: In the case of derivatives (held for trading and derivatives with a hedge relationship) 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). 97
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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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26 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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34 The Group Corporate Responsibili
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36 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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- 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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1 3 imprints have enough to do? How
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F all 1973. The Middle East oil cri
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M umbai, summer 2007: Torsten-Jörn
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trigued by the articles about forei
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C an a person create 27 magazines i
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C ologne Cathedral towers majestica
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Instead, the company began holding
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A home-made antenna on the roof of
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D üsseldorf, February 11, 2003, 4:
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O n March 18, 2003, readers of the
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146 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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