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26 The Management Letter from the CEO We have reduced costs as never before, while maintaining or even strengthening our market positions. We have enhanced our processes and productivity. Within only a few months we achieved savings of around one billion euros, which will continue to have a lasting eff ect beyond 2009. At the same time we further increased our digital revenues – closely synchronized with the respective businesses, in line with our strategy and our company’s structure. Th us all corporate divisions had a role in this achievement. Th e bottom line is that, despite the economic and commercial crisis, Bertelsmann ended fi scal 2009 in the black and posted consolidated profi ts of 35 million euros. Our net fi nancial debt was reduced by 652 million euros, to 2.8 billion euros. Th e release of funds from the operative business was well above that of the previous year. I say all this, dear readers, with pride. Bertelsmann performed well in a diffi cult year. During the crisis our company proved extremely adaptable and robust – as did the entire media industry. In recent weeks I have often heard it said that “2009 was a tough year.” Th at is clearly true. But, frankly, every year requires our full commitment. Entrepreneurial courage, drive and confi dence are always essential. Th ese are the characteristics that have enabled Bertelsmann to continue to grow throughout its history, from a mid-sized company into a major corporation, from a Christian publishing company into a comprehensive media and services company, and have allowed it to expand from the region of eastern Westphalia to more than 50 countries around the world. Bertelsmann’s development is closely connected to Reinhard Mohn. His death last October has left a gap that can never be fi lled. But his legacy – Bertelsmann and its unique corporate culture – leaves us with a mandate that goes far beyond the anniversary year of 2010. Despite the death of Reinhard Mohn, the continuity of our company is assured as it was before. Going back 175 years, Bertelsmann is one of the oldest media and service companies in the world. Th is alone is reason enough for us to celebrate this extraordinary anniversary with pride and confi dence, and especially the past six decades, the period during which Reinhard Mohn carried out his life’s work. Bertelsmann was successful in a diffi cult year Bertelsmann Annual Report 2009
175 Years of Bertelsmann The Management | The Group | Divisions | Spirit | Financial Information 27 Bertelsmann Annual Report 2009 Letter from the CEO Executive Board Th is celebration is an opportunity to look back on an unparalleled business and cultural success story, which continues to form the basis for Bertelsmann’s self-image and structures. Moreover, the company’s 175 th anniversary inspires us to look ahead and defi ne our aspirations for the future. Bertelsmann is a company that has always embraced change, and will continue to do so. It has successfully overcome a wide variety of challenges. It will continue to be acutely aware that in its role as a media company, it helps to write history, and will aspire to shape the future in a creative and entrepreneurial way. Th ere are many examples of this. Some highlights from 2009 can be found in this report. During every phase of its history, Bertelsmann has pursued technological innovation and responded to shifts in consumer habits and to market changes, such as the current megatrends of digitization and fragmentation. In the past, we revolutionized book sales, helped to bring commercial television to Germany and were among the fi rst to introduce employee profi t participation. As we look back on this constant interplay of continuity and change, we are confi dent that we are well equipped to meet the challenges of the years ahead. Th e year 2010 will continue to be marked by the diffi cult macroeconomic environment, but we expect our revenues and operating profi ts to remain stable. We will continue to optimize our business and establish the necessary conditions for future growth. Accordingly, we are shifting the focus of our “2+5” program from cost and cash management to creating and utilizing growth potential, with an emphasis on the opportunities of digitization for all of the divisions, and gaining market share. Recent developments give me cause for confi dence in this respect. While 2009 was not an easy year, it too is part of the 175-year history of our company. We will embrace the opportunities and challenges of the future as we write another chapter in our legacy for the future.
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Future
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