Values

100
Group Financial Statements
Notes
Changes to estimates
Random House determines the amount of the provision for
returns by multiplying the gross revenues for the last twelve
months, taking a return curve into account, with the average
return rate. Th e proportion of the returns estimated but not yet
received to gross revenues for each of the past twelve months
is estimated by means the return curve.
In 2009, Random House U.S. performed extensive investigations
to ascertain whether the assumed twelve-month return
curve is reasonable. Th e analyses were based on improved information
on inventories at customers and on reviews within
the division and customer surveys with regard to changes to
return behavior. Based on these analyses, Random House North
America cut the period for the return curve used in the calcula-
tion from twelve to nine months. Th e change in the estimate
led to an increase in EBIT of €23 million. Th is eff ect is carried
under the item “Special items”.
When determining the interest rate for discounting pension
and similar obligations in the euro zone, corporate bonds
with a long term were once again included as of December
31, 2009, by the actuary. Th ese bonds had been disregarded as
of December 31, 2008, due to the turbulence on the fi nancial
markets. Th ereby, the applied interest rate increases. Without
these eff ects, the actuarial gains in 2009 would have been
€129 million lower.
Bertelsmann Annual Report 2009