Values

Company | Group Management | Group Financial | Corporate Governance | Report of the | Boards/Mandates | Additional Information
Report Statements Supervisory
Board
Balance Sheet
100
80
60
40
20
0
44.1%
12.7 %
38 %
5.2 %
Profi t Participation Capital
As of December 31, 2009, the nominal amount of the Group’s
profi t participation capital was unchanged year-on-year at
€516 million. Including the premium, profi t participation
capital on the balance sheet totaled €706 million, as in the
previous year. Th e 2001 profi t participation certifi cates (ISIN
DE0005229942) account for 97 percent of notional profi t participation
capital, while the 1992 profi t participation certifi cates
(ISIN DE0005229900) account for the remaining 3 percent.
Th e 2001 profi t participation certifi cates are offi cially listed
for trading on the Regulated Market of the Frankfurt and Düsseldorf
stock exchanges. Th eir price is listed as a percentage
of nominal value. Th e trading price of the profi t participation
certifi cates has been aff ected by general events on the capital
markets in 2009, which exhibited great volatility and increasing
risk premiums. In February 2009, the 2001 profi t participation
certifi cates closed at 115.30 percent, the lowest price since their
introduction in 2001. In fi scal year 2009, the highest closing
price in Frankfurt was 169.40 percent.
Under the terms and conditions of the 2001 profi t participation
certifi cates, the payout for each full fi scal year is 15 percent
of notional value, subject to the availability of consolidated
net income and net income at the level of Bertelsmann AG.
Th ese conditions were met in the past fi scal year. Accordingly,
a payout of 15 percent of the notional value of the 2001 profi t
participation certifi cates will be made for fi scal year 2009.
Bertelsmann Annual Report 2009
41.8 %
12.7 %
37.6 %
7.9 %
2007 2008
40.0 %
11.8 %
37.4 %
10.8 %
Intangible assets and financial assets
Assets Liabilities
Property, plant and equipment
Current assets
Cash and cash equivalents
2009
30.9 %
3.6 %
25.2 %
7.3 %
33.1 %
30.9 %
3.5 %
25 %
7 %
33.6 %
2009 2008
2007
Equity including minority interest
Profit participation capital
Financial debt
28.1 %
24.9 %
7.2 %
36.6 %
Provisions for pensions and similar obligations
Other provisions /other liabilities
3.2 %
For the 2001 profi t participation certifi cates, Bertelsmann had
adopted a resolution in August 2009 clarifying that the consolidated
net income used to assess the basis for a payout is to be
adjusted for goodwill impairments that reduce net income. Th is
specifi c regulation is in accordance with how the 1992 profi t
participation certifi cates are handled.
Th e 1992 profi t participation certifi cates, approved for trading
on the Regulated Market in Frankfurt, have only a limited
liquidity due to their low volume. Payouts on the 1992 profi t
participation certifi cates are based on the Group’s return on
total assets, which is not used as an internal performance indicator.
As the return on total assets for fi scal year 2009 was
2.97 percent (previous year: 4.12 percent), the payout on the
1992 profi t participation certifi cates for fi scal year 2009 will
be 3.97 percent of their notional value (previous year:
5.12 percent).
Th e payout distribution date for both profi t participation certifi
cates is expected to be May 18, 2010. Under the terms and
conditions of the profi t participation certifi cates, the auditors
appointed by Bertelsmann AG are responsible for verifying
whether amounts to be distributed have been calculated
correctly. Th e auditor of both profi t participation certifi cates
provides confi rmation of this.
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