Values

114
Group Financial Statements
Notes
In accordance with IAS 39, available-for-sale investments and
securities are measured at fair value or, if the fair value cannot
be determined, at amortized cost or at amounts based on estimated
discounted cash fl ows. Impairment losses on availablefor-sale
investments come to €-16 million in the year under
review.
Securities initially recognized at fair value through profi t
or loss are carried at fair value in accordance with IAS 39. Th e
16 Inventories
in € millions 12/31/2009 12/31/2008
Program rights 993 1,004
Raw materials and supplies 142 169
Work in progress 92 110
Finished goods and merchandise 395 409
Advance payments 155 135
1,777 1,827
Valuation allowances on inventories of €-159 million (previous
year: €-124 million) were recognized in the period under review,
of this total €-22 million is due to the TV series purchased
from the U.S. for the U.K. station Five. Inventories are written
up again when the reason for recognizing valuation allowances
17 Receivables and Other Assets
Th e other non-current receivables and other assets of €311 million
are made up primarily of advance payments for royalties
and licenses of €181 million. Advance payments for fees and
royalties are generally written off if no future related income is
short-term securities of this category of €384 million (previous
year: €363 million), reported under the long-term securities of
the category “initial recognition at fair value through profi t or
loss,” are for the interest of M6 in Canal Plus, in which Vivendi
Universal and TF1 also hold stakes.
Th e fair value measurement of securities initially recognized
at fair value through profi t or loss resulted in a total gain of
€44 million (previous year: €18 million).
no longer applies. Write-ups on inventories in the amount of
€96 million (previous year: €73 million) were recognized in the
year under review; of this total €27 million were for the French
RTL Group subsidiary M6.
in € millions 12/31/2009 12/31/2008
Non-current
Trade accounts receivable 8 7
Other accounts receivable and other assets 311 366
Current
Trade accounts receivable 2,480 2,684
Accounts receivable from royalties and licenses 1 1
Trade accounts receivable 2,481 2,685
Accounts receivable from participations 32 28
Advance payments for royalties and licenses 447 477
Other tax receivables 66 80
Marketable securities available-for-sale 17 9
Derivative fi nancial instruments 46 173
Prepaid expenses 180 143
Other receivables 337 390
Other accounts receivable and other assets 1,125 1,300
expected. Th ese expectations are based on management estimates
of future sales volumes and price changes using historical
data.
Bertelsmann Annual Report 2009