We at Bertelsmann are resolutely staying our course of systematically building our business. The continuity of our company is secure.

229

During the first half of the year, Bertelsmann established the foundations for continued future growth, ... I am very pleased at our improved return on sales.

190

Our major acquisitions and joint ventures ... will be shown on the books for the second half of the year.

182

We are prepared for an IPO. Bertelsmann has developed strongly in the last years and increased its profits considerably.

171

We expect revenues and earnings to grow considerably for the full fiscal year 2005.

154

We have made the necessary efforts in the last years to prepare for a possible IPO.

141

The deal is based on a 50-50 valuation of the two assets, and there will be no cash payment, ... We have combined our assets with Sony's because we believe music will remain one of our core businesses.

118

While other global media companies are struggling with transition and the search for strategic and structural reorientation, the cornerstone of our traditional strategy has once again proven its worth.

113