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162 Responsibility Statement Responsibility Statement To the best of our knowledge, and in accordance with the applicable reporting principles, the consolidated fi nancial statements give a true and fair view of the assets, liabilities, fi nancial position and profi t or loss of the Group, and the Group Gütersloh, March 9, 2010 Bertelsmann AG Th e Executive Board Ostrowski Buch Dr. Buchholz Dohle Dr. Rabe Zeiler management report includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group. Bertelsmann Annual Report 2009
Company | Group Management | Group Financial | Corporate Governance | Report of the | Boards/Mandates Additional Information Report Statements Supervisory Board Selected Terms at a Glance Bertelsmann Value Added (BVA) A central performance indicator for assessing the profi tability of operations and return on invested capital. Th e BVA is the diff erence between Net Operating Profi t After Tax (NOPAT), defi ned as Operating EBIT adjusted for a uniform tax rate of 33 percent, and cost of capital. Cost of capital is the product of the weighted average cost of capital (a uniform 8 percent after taxes) and invested capital (operating assets less non-interestbearing operating liabilities). Business Process Outsourcing Business Process Outsourcing refers to the outsourcing of entire business processes to a third-party company. Cash Conversion Rate (CCR) Indicator for assessing cash fl ow generated by operations. CCR is calculated based on the ratio of Operating Free Cash Flow to Operating EBIT. Contractual Trust Arrangement (CTA) Concept of funding and insolvency protection of pension obligations by transfer of assets into a structure similar to a trust. Assets are classifi ed as plan assets under IFRS and netted against the company’s pension liabilities. Coverage Ratio Th e (interest) Coverage Ratio is an important fi nancing target. It represents the ratio of Operating EBITDA to fi nancial result. Amounts reported in the annual fi nancial statements are modifi ed in calculating the coverage ratio. IFRS International Financial Reporting Standards. Accounting standards intended to ensure internationally comparable accounting and reporting. Bertelsmann Annual Report 2009 Selected Terms at a Glance Financial Calendar/Contact Production Credits Impairment Write-down of assets to their recoverable amount. Leverage Factor The Leverage Factor is the ratio of economic debt to Operating EBITDA. In calculating the leverage factor, modifications are made to the balance sheet figures to better refl ect the Group’s actual fi nancial strength from an economic viewpoint. Operating EBIT Earnings before interest, taxes and special items. Operating EBITDA Earnings before interest, taxes, depreciation, amortization and special items. Rating Expression of creditworthiness of a creditor or fi nancial instrument by an agency specialized in creditworthiness analysis. Special Items Income and expense items which are distinguished by their nature, amount or frequency of occurrence and disclosure of which is relevant for assessing the earnings power of the entity or its segments in the period aff ected. IFRS requires these items to be separately disclosed. Th ey include, for example, restructuring measures, impairments and gains or losses on disposals of participations. Syndicated Credit Line Syndicated loan facility involving a consortium of banks. 163
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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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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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64 Group Management Report Corporat
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66 Group Management Report Gruner +
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68 Group Management Report Direct G
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70 Group Management Report Bertelsm
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72 Group Management Report Risk Rep
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74 Group Management Report Strategi
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76 Group Management Report Bertelsm
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78 Group Financial Statements State
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80 Group Financial Statements Cash
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82 Group Financial Statements Notes
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