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108 Group Financial Statements Notes 11 Goodwill Goodwill is attributable to the following cash-generating units: Goodwill and Other Intangible Assets with Indefi nite Useful Life Broken Down by Cash-Generating Unit Goodwill Other intangible assets with indefi nite useful life in € millions 12/31/2009 12/31/2008 12/31/2009 12/31/2008 RTL 4,784 4,942 121 121 Content 938 899 – – Television Germany 869 869 – – Television France 415 418 120 120 Other, accounted at RTL Group 439 639 1 1 Other, accounted at Corporate 2,123 2,117 – – Random House 346 352 – – Random House North America 218 223 – – Random House UK 81 75 – – Random House Germany 42 42 – – Other 5 12 – – Gruner + Jahr 456 485 107 108 Gruner + Jahr Germany 230 230 50 51 Gruner + Jahr Austria 92 97 2 2 Gruner + Jahr Spain 30 51 3 3 Gruner + Jahr China 34 35 27 28 Other 70 72 25 24 Arvato 389 453 – – Arvato Print Ibérica – 26 – – Infoscore 242 247 – – Arvato Services France 27 26 – – Qualytel – 34 – – Other 120 120 – – Direct Group 149 145 4 4 Direct Group Portugal – – 3 3 Direct Group France 143 135 1 1 Other 6 10 – – 6,124 6,377 232 233 The figures of the previous year were adjusted due to completion of the Alpha Media Group business combination. Intangible assets with an indefi nite useful life are primarily M6 trademark rights (€120 million), MPS trademark rights in France and Germany (€58 million) and advertising marketing rights (€27 million). For the purpose of impairment testing (IAS 36), goodwill acquired in a business combination is allocated to the cash-generating groups that are expected to benefi t from the synergies of the business combination. Goodwill is tested for impairment at least once per year and whenever there is an indication for impairment as outlined in the section “Accounting Policies” and in the following illustrated approach. An impairment is needed when the recoverable amount of a cash-generating unit has fallen below its carrying amount. Th e recoverable amount is the higher of fair value less cost to sell or value in use; fair value less cost to sell is always calculated fi rst. If the result is above the carrying amount, value in use is generally not computed. Only fair value less cost to sell is applied as a yardstick to as- 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 sets held for sale. Th e internal value in use was chosen as the recoverable amount for RTL Group goodwill recognized at Corporate. As long as an active market exists, the market price or the price in the most recent comparable transactions is used in determining fair value. If there is no active market, fair value less cost to sell is generally calculated using the discounted cash fl ow method. Cash fl ows are projected based on internal estimates for three planning periods plus two additional planning periods. For periods beyond this detailed horizon, a perpetual annuity is recognized, taking into account individual business-specifi c growth rates of generally 0 to 4 percent. Growth rate in % per year Discount rate in % per year RTL Content 3.0 8.60 Television Germany 2.5 8.20 Television France 3.0 8.20 Other, accounted at RTL Group 2.5–3.0 8.2–13.8 Other, accounted at Corporate Random House 1.0 8.29 Random House North America 1.5 7.45 Random House UK 1.0 7.69 Random House Germany 1.0 7.69 Other Gruner + Jahr 1.0 7.45–7.69 Gruner + Jahr Germany 0.0 7.69 Gruner + Jahr Austria 0.0 7.69 Gruner + Jahr Spain (0.5) 8.06 Gruner + Jahr China 4.0 7.69 Other Arvato 0.0–2.0 7.21–8.83 Arvato Print Ibérica 0.0 7.21 Infoscore 1.0 7.69 Arvato Services France 1.0 7.69 Qualytel 1.0 11.77 Other Direct Group 0.0–1.0 7.21–7.69 Direct Group Portugal 0.0 7.69 Direct Group France 0.0 8.04 Other 0.0 7.69 Bertelsmann Annual Report 2009 Discounting is always based on the weighted average cost of capital (WACC) using the average after-tax cost of capital. Management estimates of cash fl ow are based on factors including assumptions of economic trends and the associated risks, the regulatory environment, the competitive environment, market share, investments and growth rates. Th e fi gures obtained using the respective discount rates refl ect the short- to medium-term market outlook for the cash-generating units. Material changes in the market or competitive environment may therefore impair the value of cash-generating units. Net present values were calculated using the following discount rates and segment-specifi c growth rates: 109
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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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Annabelle Long is astonished. The y
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wants to start reading the third, t
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1835 1921 1950 1967
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52 Group Management Report Group Ma
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54 Group Management Report Controll
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56 Group Management Report Regulato
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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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