Values

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Report Statements Supervisory
Board
Maturity Structure of Financial Debt in € millions
5,000
4,000
3,000
2,000
1,000
0
2009
275
4,388
215
120
3,647
122
2010 2011
Lines of Credit
Bertelsmann has access to both variable and fi xed-rate fi nancing
through various lines of credit. A syndicated line of credit
has been in place since October 2004, which was last extended
in 2005 and expires in 2012. Bertelsmann AG and its foreign
fi nancing company Bertelsmann U.S. Finance LLC can utilize
these to draw down up to €1.2 billion of revolving funds in euros,
U.S. dollars and pounds sterling. Th ere are also bilateral credit
agreements with major international banks. Th ese lines of credit
ensure Bertelsmann a total fi nancial reserve of approximately
€1.5 billion that can be used for general business purposes. As
of December 31, 2009, Bertelsmann had not utilized the existing
lines of credit as in the previous year.
Bertelsmann Annual Report 2009
119
3,547
98
54
3,048
86
51
2,910
75
2012 2013 2014
1
1,628
68
Liabilities to financial
institutions/other
Bonds and promissory notes
Finance leases
Cash Flow Statement
EBIT is the starting parameter for the Bertelsmann cash fl ow
statement. In the period under review, Bertelsmann generated
net cash from operating activities of €1,777 million (previous
year: €1,789 million). Th e Group’s sustainable operating
free cash fl ow adjusted for non-recurring items was €1,771
(previous year: €1,624), resulting in a cash conversion rate
of 125 percent compared with 105 percent for the previous
year (see the section entitled “Controlling Systems” above
for a defi nition). Th e higher cash conversion rate results from
a strict cash orientation in business activities in 2009 and is
helped along by the reduction in operational investments.
Cash fl ow from investments was €-545 million (previous year:
€-416 million). One reason for this change is the cautious investment
policy in all businesses. Another reason is that the
previous year fi gure included proceeds from the sale of the
50-percent share in Sony BMG.
Cash Flow Statement (Summary)
in € millions 2009 2008
Cash fl ow from operating activities 1,777 1,789
Cash fl ow from investing activities (545) (416)
Cash fl ow from fi nancing activities (741) (917)
Change in cash and cash equivalents 491 456
Currency effects and other changes in cash and cash equivalents 11 (4)
Cash and cash equivalents at the beginning of the year 1,583 1,131
Cash and cash equivalents at the end of the year 2,085 1,583
61