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120 Group Financial Statements Notes Th e fair value of services received in exchange for the stock options granted is measured as the fair value of stock options granted. Th e fair value of services received is estimated using a Fair <strong>Values</strong> of Stock Options (M6) Stock option plans Free share plans Total Grant date 4/28/2004 6/2/2005 6/6/2006 5/2/2007 5/6/2008 6/6/2006 5/2/2007 5/6/2008 7/28/2009 12/23/2009 Share price €24.97 €20.17 €24.63 €26.55 €15.22 €24.63 €26.55 €15.22 €13.00 €18.02 Strike price €24.97 €19.94 €24.60 €27.52 €14.73 Volatility 52.30% 41.80% 43.10% 37.80% 40.00% Risk-free interest rate 3.32% 3.24% 4.02% 4.40% 4.39% 4.02% 4.40% 4.39% 2.49% 1.42% Expected return 4.34% 5.24% 3.81% 3.99% 6.30% 3.81% 3.99% 6.30% 4.90% 4.01% Liquidity discount 15% 15% 15% 15% 15% 0% 15% 15% 15% 15% Option life 6 years 6 years 6 years 6 years 6 years 2 years 2 years 2 years 2 years 2 years Personnel costs in € millions 2009 – 0.2 0.9 1.3 0.6 – (0.6) 1.4 0.8 – 4.6 2008 (0.8) 0.4 1.1 1.3 0.4 1.7 1.7 1.1 – – 6.9 Minority Interests Minority interests in the equity of consolidated subsidiaries consist primarily of minority interests in RTL Group. binomial model. Free shares are valued at the share price on the issue date less discounted dividends, which employees are not entitled to receive during the vesting period. 20 Provisions for Pensions and Similar Obligations in € millions 12/31/2009 12/31/2008 Defi ned benefi t plans 1,281 1,277 Obligations similar to pensions 125 132 1,406 1,409 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 Th e Bertelsmann Group operates various pension plans for current and former employees and their surviving dependents. Th e model of such plans varies according to the legal, fi scal and economic environment of the country concerned. Th ese company pension plans include both defi ned contribution and defi ned benefi t plans. In the case of defi ned contribution plans, the company makes payments into an external pension fund or another welfare fund through a statutory, contractual or voluntary model. Th e company has no obligation to provide further benefi ts once it has made these payments, so no provisions are recognized. Expenses for defi ned contribution plans in the amount of €23 million were recognized in the year under review (previous year: €33 million). All other pension plans are defi ned benefi t plans. Some are fi nanced through an external investment fund (plan assets), Actuarial Assumptions Bertelsmann Annual Report 2009 while others are unfunded. Provisions are recognized for these pension plans, most of which are fi nal salary-type plans. Th e provisions are calculated using actuarial formulas in accordance with IAS 19. Th e amount of provisions depends on employees’ length of service with the company and their pensionable salary. Provisions are computed using the projected unit credit method, in which increasing salary costs are assumed over the period of service, in contrast to the entry-age normal method. Th e computation also involves using biometric calculations, prevailing long-term capital market interest rates and assumptions about future salary and pension increases. In Germany, the biometric calculations are based on the 2005 G mortality tables issued by Prof. Klaus Heubeck. Th e following actuarial assumed weightings have been applied: 12/31/2009 Germany 12/31/2009 Foreign 12/31/2008 Germany 12/31/2008 Foreign Discount rate 5.99% 5.62% 6.00% 5.78% Expected return on plan assets 3.57% 6.08% 5.41% 5.82% Rate of salary increase 1.92% 3.80% 2.50% 4.18% Rate of pension increase 1.74% 1.11% 1.90% 0.89% Fluctuation Experience values Experience values Projected returns on plan assets are based exclusively on projections for the respective asset classes held. Historical data, economic forecasts, the interest rate outlook, infl ation rates and stock market expectations are factored into expected plan returns. Th e majority of plan assets are managed by Bertelsmann Pension Trust e. V. under a contractual trust arrangement (CTA) for pension commitments of Bertelsmann AG and some German subsidiaries. Projected CTA plan returns are determined on the basis of the strategic asset allocation maintained in diff erent asset classes. Projected plan returns are determined applying a risk-free rate of return for total plan assets based on current long-term government bond yields. A risk premium return is also calculated for each asset class based on historical market returns and economic forecasting. Th e market indices applied refl ect the plan assets classifi ed by region, asset class and industry. Projected plan returns are reviewed regularly – annually at a minimum – and factor in projected contributions and distributions of plan assets. 121
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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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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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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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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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46 Divisions Arvato Arvato is one o
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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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M umbai, summer 2007: Torsten-Jörn
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trigued by the articles about forei
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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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58 Group Management Report Revenue
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60 Group Management Report Financia
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62 Group Management Report Bonds, P
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66 Group Management Report Gruner +
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68 Group Management Report Direct G
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