Caseware UK (AP4) 2023.0.135 2023.0.135 2024-12-31 2025-05-13 2025-05-13 2024-12-31 2025-05-13 2024-01-01 true design and production of children’s novelty books 0 true true true true true true true false 0 01319909 2024-12-31 01319909 2024-01-01 2024-12-31 01319909 2023-01-01 2023-12-31 01319909 2023-12-31 01319909 2023-01-01 01319909 c:CompanySecretary1 2024-01-01 2024-12-31 01319909 c:Director1 2024-01-01 2024-12-31 01319909 c:Director2 2024-01-01 2024-12-31 01319909 c:Director3 2024-01-01 2024-12-31 01319909 c:RegisteredOffice 2024-01-01 2024-12-31 01319909 d:CurrentFinancialInstruments 2024-12-31 01319909 d:CurrentFinancialInstruments 2023-12-31 01319909 d:Non-currentFinancialInstruments 2024-12-31 01319909 d:Non-currentFinancialInstruments 2023-12-31 01319909 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 01319909 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 01319909 d:ReportableOperatingSegment1 2024-01-01 2024-12-31 01319909 d:ReportableOperatingSegment1 2023-01-01 2023-12-31 01319909 d:ReportableOperatingSegment2 2024-01-01 2024-12-31 01319909 d:ReportableOperatingSegment2 2023-01-01 2023-12-31 01319909 e:UnitedKingdom 2024-01-01 2024-12-31 01319909 e:UnitedKingdom 2023-01-01 2023-12-31 01319909 d:UKTax 2024-01-01 2024-12-31 01319909 d:UKTax 2023-01-01 2023-12-31 01319909 d:ShareCapital 2024-12-31 01319909 d:ShareCapital 2023-12-31 01319909 d:ShareCapital 2023-01-01 01319909 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 01319909 d:RetainedEarningsAccumulatedLosses 2024-12-31 01319909 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 01319909 d:RetainedEarningsAccumulatedLosses 2023-12-31 01319909 d:RetainedEarningsAccumulatedLosses 2023-01-01 01319909 c:OrdinaryShareClass1 2024-01-01 2024-12-31 01319909 c:OrdinaryShareClass1 2024-12-31 01319909 c:OrdinaryShareClass1 2023-12-31 01319909 c:FRS101 2024-01-01 2024-12-31 01319909 c:Audited 2024-01-01 2024-12-31 01319909 c:FullAccounts 2024-01-01 2024-12-31 01319909 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 01319909 6 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 01319909 VENTURA PUBLISHING LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
VENTURA PUBLISHING LIMITED COMPANY INFORMATION
Directors | Francesca Dow
| Mark Gardiner
| Thomas Weldon
Company secretary | Sinead Martin
Registered number | 01319909
Registered office | One Embassy Gardens
| 8 Viaduct Gardens
| London
| SW11 7BW
Independent auditor | Grant Thornton UK LLP
| Statutory Auditor & Chartered Accountants
| Victoria House
| 199 Avebury Boulevard
| Milton Keynes
| MK9 1AU
VENTURA PUBLISHING LIMITED CONTENTS
| Page
Strategic Report | 1 - 5
Directors' Report | 6 - 7
Directors' Responsibilities Statement | 8
Independent Auditor's Report | 9 - 13
Statement of Comprehensive Income | 14
Balance Sheet | 15
Statement of Changes in Equity | 16
Notes to the Financial Statements | 17 - 29
VENTURA PUBLISHING LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Introduction
The directors present their Strategic Report of Ventura Publishing Limited (the 'Company') for the year ended 31 December 2024.
Principal activities
The Company is a wholly owned subsidiary of Penguin Books Limited, which is a subsidiary of Penguin Random House Limited, a company registered in the United Kingdom. The Company is domiciled and registered in the United Kingdom. The principal activity of the Company continues to be the design and production of children’s novelty books as well as a wide range of illustrated leisure and general interest non- fiction books.
Business review
The Company’s turnover for the year was £2,405,580, which was a 12.90% increase compared to the prior year (2023: £2,130,762) mainly driven by an increase in co-edition sales. The gross profit margin fell slightly year on year to 70.28% (2023: 73.28%) however operating profit for the year increased to £1,140,832. This was a 21.13% increase on the prior year (2023: £941,840), which was largely as a result of reducing or maintaining cost levels across most lines whilst generating higher levels of turnover. The Company saw a 16.03% (2023: 19.88%) increase in profit for the financial year on the prior year. The Company's profit for the financial year was £919,461 (2023: £792,435).
Key performance indicators ('KPIs')
The Company monitors progress and performance during the year and historical trend data which is set out in the following KPIs:
|  | 2024 | 2023
|  | £ | £
| Revenue | 2,405,580 | 2,130,762
| Gross profit margin | 70.28% | 73.28%
| Operating profit | 1,140,832 | 941,840
The KPIs are in line with forecast expectations. Detailed explanations for the year on year movements are included in the business review section. Page 1
VENTURA PUBLISHING LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Principal risks and uncertainties
The Company's operations expose it to a variety of commercial and financial risks. The Company is subject to risk management procedures and an annual risk assessment implemented by the ultimate parent company, Bertelsmann SE & Co KGaA. The Company has procedures in place to make the directors aware of the various risks to the Company’s business. The risks are monitored and reported to management. Commercial risk The changing book market and particularly the transition to digital is creating both challenges and opportunities for the Company, notably regarding the latter in terms of new markets and sales channels. The Company is facing increased pressure on margins. Other risks arise from the entry of non-traditional publishers into the market, the decline in retail space in high street bookshops and economic uncertainty. The continuing uncertainty in the global economy and high level of inflation in the UK presents ongoing pressure on costs and margins. The Company actively monitors market trends and these are incorporated into the detailed commercial plans of the business. Price risk The Company is exposed to commodity price risk as a result of its operations. The directors regularly review the appropriateness of commodity purchasing policies, particularly in the event of changes to the size or nature of the Company's operations in an attempt to mitigate the risk. Credit risk The Company may offer credit terms to its customers which allow payment of the debt after delivery of the goods. The Company is at risk to the extent that a customer may be unable to pay the debt on the specified due date. The Company has mitigated this risk of payment default by implementing policies which ensure that appropriate checks on potential customers are performed before credit terms are granted. Where a customer or group of customers is assessed to have a higher risk profile, these are included within the Company's credit insurance programme. Liquidity and cash flow risk The objective of the Company in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The Company expects to meet its financial obligations through operating cash flows. The Company’s results, including cash flows, are reviewed by the Board on a monthly basis. Risks are further mitigated by the cash pooling arrangements in place across the Bertelsmann group, which ensures funds are available to the Company to meet all liabilities as and when they fall due. Page 2
VENTURA PUBLISHING LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Directors' section 172 statement
The Directors of the Company must act in accordance with a set of general duties, as detailed in section 172 of the UK Companies Act 2006, summarised as follows: A Director of a company must act in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its shareholders as a whole and, in doing so have regard (amongst other matters) to: • the likely consequences of any decisions in the long-term; • the interest of the Company’s employees; • the need to foster the Company’s business relationships with suppliers, customers and others; • the impact of the Company’s operations on the community and environment; • the desirability of the Company maintaining a reputation for high standards of business conduct; and • the need to act fairly as between the shareholders of the Company. Examples of how the Directors have oversight of these stakeholder matters are included throughout the Strategic and Director’s report as well as set out specifically below. Long- term decision making The Board operates a structured governance model which supports the Group in ensuring that decisions are considered, documented and reported upon, and in alignment with our strategic plans. Detailed budgets and forecasts are prepared which enable the Board to track performance and ensure that it is as expected, or that mitigation steps are taken to deliver performance in line with, or close to, expectations. The Board and senior management personnel operate within this structure, with the aim of promoting the success of the Company and delivering long- term shareholder value. The Board is presented with regular board packs and other information that it needs to fulfil its responsibilities. During the period at board meetings the Board have discussed and made decisions on a number of specific issues including business priorities and strategy, capital investment and the ongoing management of the current economic situation. The interest of the Company’s employees The Board recognises that employees are central to the long-term success of the Company. The Company systematically provides employees with information on matters of concern to them, consulting them or their representatives regularly, and providing forums and communication routes so that their views can be taken into account when making decisions that are likely to affect their interests. Employee involvement in the Company is encouraged, as achieving a common awareness on the part of all employees of the financial and economic factors affecting the Company, plays a major role in maintaining its prosperity. The Company also regularly informs staff and staff representatives of company updates and activities to keep them informed of the Company’s progress and performance. The Company is committed to employment policies, which follow best practice, based on equal opportunities for all employees, irrespective of sex, race, colour, disability or sexual orientation as well as providing various employee networks to support the diverse and inclusive culture of the Company. All staff receive regular performance reviews as well as opportunity for learning to support the development of all employees’ careers. This includes training programs and secondment opportunities for staff. Engagement with customers, suppliers and other stakeholders The Directors appreciate the importance of fostering business relationships with key stakeholders, such as customers and suppliers, and focus on the maintenance and growth of these relationships in their decision making and strategic planning. The Company employs dedicated relationship managers to foster these relationships which also ensures the Board has a high degree of visibility to take stakeholder considerations into Page 3
VENTURA PUBLISHING LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 account. Community impact and customer relations The Board ensures significant consideration is given to the impact of the Company’s operations on the community and their customers in their decision-making. The Company’s approach is to use its position of strength to ensure it is an asset to the communities and people with which it interacts. The Company aims to provide everyone equal access to books, working with a range of organisations to allow the opportunity to read as many books as possible. As part of this, the Company actively invest in young people, partnering with schools and local community projects to nurture and create readers for the future. The Company continues to make books for everyone ensuring the creators of books, including authors and illustrators, represent the society we live in. In the year, we have continued our ‘WriteNow’ programme which seeks and nurtures writers from under-represented communities as well as providing books in formats to support visually impaired readers. The Company continually strive to print and produce diverse, relevant, and accessible content for all customers. Environmental sustainability The Company’s leadership team ensure environmental issues are managed effectively and considered in the strategic decisions of the Company. The Company strives to create positive change in reducing the environmental impact of its businesses whilst maintaining effective and continuing business practices. The Company is key in the collaboration of the publishing industry in tackling climate action as part of their role within ‘Publishing Declares’. The Company consider sustainability, ethical and environmental issues when sourcing core material for use in the printing of their books using the books created to provide a positive leverage for behaviour change of our consumers. As part of the environmental strategy, the Company aims to be climate neutral by 2030. High standards of business conduct The Company has a Code of Conduct setting out the behaviours and values expected of all of our employees, which is communicated to all colleagues. Company processes ensure the Board and management are continually updated on the operation of the code and an independent whistleblowing service enables employees and third parties to anonymously raise concerns. Through its oversight and monitoring role, the Board requires all of our people to work to the highest standards of business conduct.
Shareholders
The Board recognises the importance of regular and open dialogue with the shareholders and the need to ensure the strategy and goals of the Company are effectively communicated to them. Feedback on these plans and objectives is welcomed by the Directors and major business decisions are made closely and with the approval of the shareholders.
General
The Company is presenting the financial statements in accordance with Financial Reporting Standard 101, ‘Reduced Disclosure Framework’ (FRS 101). Page 4
VENTURA PUBLISHING LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 This report was approved by the board and signed on its behalf.
................................................ Mark Gardiner Director
Date: 13 May 2025
Page 5
VENTURA PUBLISHING LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Directors present their report and the financial statements for the year ended 31 December 2024.
Results and dividends
The profit for the year, after taxation, amounted to £919,461 (2023 - £792,435). Dividends of £1,000,000 were paid during the year (2023: £1,000,000).
Directors
The Directors who served during the year were:
Francesca Dow
Mark Gardiner
Thomas Weldon
Future developments
The Company will continue to design and produce high quality children’s novelty books as well as a wide range of illustrated leisure and general interest non-fiction books. The Directors do not anticipate any significant changes in the activities of the Company.
Going concern
In preparing these financial statements, the Directors have assessed the ability of the Company to continue to operate for a period of at least twelve months from the date of signing the financial statements. The Company has undertaken a risk assessment and forecasting exercise to assess the Company’s liquidity position. The forecast for the going concern period has been prepared using the three year plan approved by the Board and takes account of prior trends and expected titles to be published in the future and key cost drivers such as commodity prices and inflation. For the purposes of the Company’s going concern assessment, the Directors have performed sensitivity analysis on cashflows based on unforeseen changes in demand and the potential impact of increased inflationary pressures. In addition, reverse stress testing has been performed to establish the levels of performance where cash availability would be breached. The results of the analysis demonstrated that there was sufficient cash availability within the current intra group cash pooling facility to deal with all of the identified plausible scenarios. Based on the Company’s current trading performance, the sensitivity and reverse stress testing scenarios performed, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being a period of no less than twelve months from the date of approval of these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Matters covered in the Strategic Report
Details on engagement with customers, suppliers and other stakeholders, and financial risk management policy sections are not included within the Directors Report as they are considered to be of strategic importance to the Company and, as permitted under the Companies Act 2006 s.414C(11), they have instead been included in the Strategic Report. Page 6
VENTURA PUBLISHING LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Streamlined energy and carbon reporting (SECR)
The Company has not disclosed information in respect of greenhouse gas emissions and energy consumption as it satisfies the thresholds for exemption and its energy consumption in the United Kingdom is less than 40,000kWh for the year.
Disclosure of information to auditor
Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Auditor
The auditor, Grant Thornton UK LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
................................................ Mark Gardiner Director
Date: 13 May 2025
One Embassy Gardens
8 Viaduct Gardens
London
SW11 7BW
Page 7
VENTURA PUBLISHING LIMITED DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to: ∙select suitable accounting policies and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 8
VENTURA PUBLISHING LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF VENTURA PUBLISHING LIMITED
Opinion
We have audited the financial statements of Ventura Publishing Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice). In our opinion: ∙the financial statements give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended; ∙the financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 'Auditor's responsibilities for the audit of the financial statements' section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard,and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Page 9
VENTURA PUBLISHING LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF VENTURA PUBLISHING LIMITED (CONTINUED)
Conclusions relating to going concern
We are responsible for concluding on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the Company to cease to continue as a going concern. In our evaluation of the directors’ conclusions, we considered the inherent risks associated with the Company's business model including effects arising from macro-economic uncertainties such as the cost of living crisis and the impact of the war in Ukraine, we assessed and challenged the reasonableness of estimates made by the directors and the related disclosures and analysed how those risks might affect the Company's financial resources or ability to continue operations over the going concern period. In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Annual report and financial statements, other than the financial statements and our auditor's report thereon. The Directors are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Page 10
VENTURA PUBLISHING LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF VENTURA PUBLISHING LIMITED (CONTINUED)
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matter on which we are required to report under the Companies Act 2006
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of Directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 8, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 11
VENTURA PUBLISHING LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF VENTURA PUBLISHING LIMITED (CONTINUED)
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below: ∙We obtained an understanding of the legal and regulatory frameworks applicable to the Company and industry in which it operates through our general commercial and sector experience, discussions with management and review of board minutes. We determined that the following laws and regulations were most significant: United Kingdom Accounting Standards, including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice), the Companies Act 2006 and the relevant tax compliance regulations in the UK. In addition, we concluded that there are certain laws and regulations that may have an effect on the determination of the amounts and disclosures in the financial statements such as health and safety and employee matters. ∙We enquired of management concerning the Company’s policies and procedures relating to: ∙the identification, evaluation and compliance with laws and regulations; ∙the detection and response to the risks of fraud; and ∙the establishment of internal controls to mitigate risks related to fraud or non-compliance with laws and regulations. ∙We enquired of management and those charged with governance, whether they were aware of any instances of non-compliance with laws and regulations or whether they had any knowledge of actual, suspected of alleged fraud. ∙We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur and the risk of management override of controls. Audit procedures are performed by the engagement team included: ∙identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; ∙challenging assumptions and judgements made by management in its significant accounting estimates; ∙identifying and testing journal entries, in particular journal entries posted with unusual account combinations that increased revenues or that reduced costs in the Profit and loss account; and ∙assessing the extent of compliance with the relevant laws and regulations as part of our procedures on the related financial statement item. ∙In addition, we completed audit procedures to conclude on the compliance of disclosures in the Annual report and financial statements with applicable financial reporting requirements. ∙These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more Page 12
VENTURA PUBLISHING LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF VENTURA PUBLISHING LIMITED (CONTINUED) difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it; ∙The assessment of the appropriateness of the collective competence and capabilities of the engagement team including consideration of the engagement team’s: ∙understanding of, and practical experience with audit engagements of a similar nature and complexity through appropriate training and participation; ∙knowledge of the industry in which the client operates; and ∙understanding of the legal and regulatory requirements specific to the entity including, the provisions of the applicable legislation and the applicable statutory provision. ∙We communicated relevant laws and regulations and potential fraud risks to all engagement team members. We remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Abigail Towers Senior Statutory Auditor for and on behalf of Grant Thornton UK LLP Statutory Auditor, Chartered Accountants Milton Keynes Date: 13 May 2025 Page 13
VENTURA PUBLISHING LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023
Note | £ | £
Revenue | 4 | 2,405,580 | 2,130,762
Cost of sales |  | (715,054) | (569,253)
Gross profit |  | 1,690,526 | 1,561,509
Administrative expenses |  | (549,694) | (619,669)
Operating profit | 5 | 1,140,832 | 941,840
Interest receivable and similar income | 8 | 85,117 | 94,023
Profit before tax |  | 1,225,949 | 1,035,863
Tax on profit | 9 | (306,488) | (243,428)
Profit for the financial year |  | 919,461 | 792,435
Other comprehensive income |  | - | -
Total comprehensive income for the year |  | 919,461 | 792,435
There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income. All activities derive from continuing operations.
The notes on pages 17 to 29 form part of these financial statements.
Page 14
VENTURA PUBLISHING LIMITED REGISTERED NUMBER: 01319909 BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 11 | 1,826,282 |  | 1,843,758 |
|  | 1,826,282 |  | 1,843,758 |
Creditors: amounts falling due within one year | 12 | (306,488) |  | (243,425) |
Net current assets |  |  | 1,519,794 |  | 1,600,333
Total assets less current liabilities |  |  | 1,519,794 |  | 1,600,333
Net assets |  |  | 1,519,794 |  | 1,600,333
Capital and reserves |  |  |  |  |
Called up share capital | 13 |  | 300 |  | 300
Profit and loss account | 14 |  | 1,519,494 |  | 1,600,033
|  |  | 1,519,794 |  | 1,600,333
The notes on pages 17 to 29 form part of these financial statements. The financial statements were approved and authorised for issue by the Board and were signed on its behalf by:
................................................ Mark Gardiner
Director
Date: 13 May 2025
Page 15
VENTURA PUBLISHING LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2023 | 300 | 1,807,598 | 1,807,898
Profit for the year | - | 792,435 | 792,435
Contributions by and distributions to owners |  |  |
Dividends: Equity capital | - | (1,000,000) | (1,000,000)
At 1st January 2024 | 300 | 1,600,033 | 1,600,333
Profit for the year | - | 919,461 | 919,461
Dividends: Equity capital | - | (1,000,000) | (1,000,000)
At 31 December 2024 | 300 | 1,519,494 | 1,519,794
| The notes on pages 17 to 29 form part of these financial statements.
Page 16
VENTURA PUBLISHING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Ventura Publishing Limited (the 'Company') is a book publisher. The principal activity of the Company continues to be the design and production of children’s novelty books as well as a wide range of illustrated leisure and general interest non-fiction books. The Company is a private company limited by shares and is incorporated in the United Kingdom. The address of its registered office is One Embassy Gardens, 8 Viaduct Gardens, London, SW11 7BW. The registered number is 01319909. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework' and the Companies Act 2006. In preparing these financial statements, the Company applies the recognition, measurement and disclosure requirements of UK-adopted international accounting standards (“UK-adopted IFRS”), but makes amendments where necessary in order to comply with Companies Act 2006 and has set out below where advantage of the FRS 101 disclosure exemptions has been taken. The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 3. The following principal accounting policies have been applied: Page 17
VENTURA PUBLISHING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.2 | Financial Reporting Standard 101 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions under FRS 101: ∙the requirements of IFRS 7 Financial Instruments: Disclosures ∙the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement ∙the requirements of the following paragraphs of IAS 1, 'Presentation of financial statements': - 10(d) statement of cash flows; - 10(f) statement of financial position as at the beginning of the preceding period when retrospective restatement or reclassifications apply; - 16 statement of compliance with all IFRS; - 38A requirement for minimum of two primary financial statements, including cash flow statements; - 38B, 38C, 38D additional comparative information; - 40A, 40B, 40C, 40D requirements to provide additional statements in respect of retrospective restatements and reclassifications; - 111 statement of cash flows information; and - 134 - 136 capital management disclosures. ∙the requirements of IAS 7 Statement of Cash Flows ∙the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors ∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures ∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member This information is included in the consolidated financial statements of Bertelsmann SE & Co. KGaA as at 2024 and these financial statements may be obtained from Bertelsmann SE & Co KGaA Corporate Communications, Carl Bertelsmann Strasse 270, 33311 Gütersloh, Germany.
| 2.3 | Exemption from preparing consolidated financial statements
The Company is a parent Company that is also a subsidiary included in the consolidated financial statements of its ultimate parent undertaking established under the law of an EEA state and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006. The consolidated financial statements of the Company's ultimate parent company, Bertelsmann SE & Co KGaA, are available from: Bertelsmann SE & Co KGaA, Carl Bertelsmann Strasse 270, Postfach 111, D-33311 Gütersloh, Germany. Page 18
VENTURA PUBLISHING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.4 | Going concern
In preparing these financial statements, the Directors have assessed the ability of the Company to continue to operate for a period of at least twelve months from the date of signing the financial statements. The Company has undertaken a risk assessment and forecasting exercise to assess the Company’s liquidity position. The forecast for the going concern period has been prepared using the three year plan approved by the Board and takes account of prior trends and expected titles to be published in the future and key cost drivers such as commodity prices and inflation. For the purposes of the Company’s going concern assessment, the Directors have performed sensitivity analysis on cashflows based on unforeseen changes in demand and the potential impact of increased inflationary pressures. In addition, reverse stress testing has been performed to establish the levels of performance where cash availability would be breached. The results of the analysis demonstrated that there was sufficient cash availability within the current intra group cash pooling facility to deal with all of the identified plausible scenarios. Based on the Company’s current trading performance, the sensitivity and reverse stress testing scenarios performed, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being a period of no less than twelve months from the date of approval of these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. Page 19
VENTURA PUBLISHING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.5 | Revenue
Revenue is measured at the fair value of the consideration received or receivable, and represents amounts receivable for goods supplied, stated net of discounts, returns and value added taxes. The Company recognises revenue when performance obligations have been satisfied and for the Company this is when the goods (books) have transferred to the customer and the customer has control of these. The Company’s activities are described in detail below. The Company bases its estimate of return on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement. Sale of books Revenue from the sale of books is recognised at the point in time when title passes. This is generally at the point of delivery when title passes to the customer and a present right to payment occurs. A liability for anticipated returns is made based primarily on historical return rates. If these estimates do not reflect actual returns in future periods, then revenue could be understated or overstated for a particular period. This estimate of anticipated returns is recognised in creditors in the balance sheet. Principal v agent considerations The Company may enter contracts with another party in addition to the customer in the arrangement. The related good or service under such contracts are assessed prior to the transfer to the end customer to determine if the revenue should be recognised on a gross or net basis. Where the Company acts as agent, revenue represents any commissions and fees receivable for such services rendered. Any third-party costs incurred on behalf of the principal that are rechargeable under the contractual arrangement are included in turnover with a corresponding expense recognised in the income statement. Income from subrights Revenue from licensing and subrights, including film, overseas and electronic, is recognised when the performance obligation under the agreement has been satisfied. This is at the point in time when the associated material is transferred. An assessment is made on each contract as to the relevant performance obligations to assess whether the customer receives a right to access or use the Company’s intellectual property. Where the performance obligation is deemed over time, an appropriate recognition framework is created based on the consumption and provision of the goods or service in question. For related sales-based royalties of license of Company’s intellectual property, the income is recognised as the subsequent sale occurs. Where information is not readily available at the reporting date, an estimation is made based on sales growth and historical income collection. If these estimates do not reflect the income subsequently received, then revenue could be understated or overstated for a particular period. Page 20
VENTURA PUBLISHING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.6 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Items included in the financial statements are measured using the currency of the primary economic environment in which the entity operates. The financial statements are presented in pound sterling, which is also the functional currency of the Company. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income/operating expenses'.
| 2.7 | Current taxation
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.
| 2.8 | Investments
Investments in subsidiaries are measured at cost less accumulated impairment. At each balance sheet date, management review the investments in order to determine whether there is any objective evidence present that in accordance with IAS 36 would lead to an impairment being charged. Prior impairments of non-financial assets (other than goodwill) are reviewed for possible reversals at each reporting date, where a favourable event or change in circumstance has materialised that would indicate the impairment loss no longer exists or has decreased in size. Page 21
VENTURA PUBLISHING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.9 | Financial assets
The Company classifies it's financial assets in the following categories: - Amortised cost - Fair value through profit or loss (FVTPL) - Fair value through other comprehensive income (FVOCI) The classification depends on the purpose for which the financial assets were acquired i.e. the entity’s business model for managing the financial assets and/or the contractual cash flow characteristics of the financial asset. Financial assets are not reclassified subsequent to their initial recognition unless the Company changes its business model for managing financial assets in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Subsequent to initial recognition these are measured at amortised cost using the effective interest method. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other (expenses)/income together with foreign exchange gains and losses. Impairment losses are presented as a separate line item in the profit or loss under ‘net impairment losses on financial and contract assets’. On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment’s fair value in OCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. The Company does not have any assets classified at FVOCI nor FVTPL. The Company assesses at the end of each reporting period whether there is objective evidence that one or more event has occurred which has impacted on the estimated cash flows of the financial asset. Financial assets are impaired and impairment losses are incurred only if such objective evidence of impairment can be reliably measured.
| 2.10 | Impairment of financial assets
The Company assesses at the end of each reporting period whether there is objective evidence that financial assets are impaired. Financial assets are impaired and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events occurring (“loss event”) which has an impact on the estimated future cash flows of the financial assets that can be reliably measured. Page 22
VENTURA PUBLISHING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.11 | Trade debtors and amounts owed by group undertakings
Trade debtors and amounts owed by group undertakings are stated at amortised cost after provision for bad and doubtful debts. The Company applies IFRS 9 when using the expected credit loss model. Management adopts the “simplified approach” to determine an amount equal to the lifetime expected credit losses for insignificant trade debtors and a risk score on an individual basis for significant trade debtors. To measure the expected credit losses, trade debtors are grouped based on shared credit risk characteristics and the balance of uninsured debt across the Company.
| 2.12 | Creditors including group undertakings
Trade and other creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Trade and other creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers or a commitment to provide goods and services where monies have been receipted.
| 2.13 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
In the application of the Company’s accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates, underlying assumptions and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable and relevant under the circumstances, however, there are no significant accounting judgements and estimates applicable to this entity. Page 23
VENTURA PUBLISHING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | Revenue
| An analysis of revenue by class of business is as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Co-edition sales | 1,513,558 | 1,001,983
| Income from subrights | 892,022 | 1,128,779
|  | 2,405,580 | 2,130,762
Analysis of revenue by country of destination:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| United Kingdom | 2,405,580 | 2,130,762
|  | 2,405,580 | 2,130,762
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Auditors remuneration: Audit services | 12,360 | 12,000
6. | Employees
The Company has no employees. Staff costs relate exclusively to an allocation of Director's remuneration charged to the Company from the entity who contractually employs them. See note 7 for further detail. Page 24
VENTURA PUBLISHING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
7. | Directors remuneration
| Although the Directors of the Company have service contracts with Penguin Books Limited and The Random House Group Limited, a proportion of their emoluments are allocated to the Company based on the amount of time and effort spent on the affairs of the Company.
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Aggregate emoluments | 21,821 | 16,900
| Company pension contributions | 128 | 1,751
|  | 21,949 | 18,651
| Retirement benefits are accruing to two Directors (2023: two) under a defined benefit pension scheme and to one Director (2023: one) under a money purchase scheme.
| Highest paid director
|  | 2024 | 2023
|  | £ | £
| Emoluments | 12,491 | 9,047
| Company pension contributions | 103 | 1,091
All Directors who have authority and responsibility for planning, directing and controlling the activities of the Company are considered to be key management personnel. Total remuneration in respect of these individuals was £21,949 (2023: £18,651).
8. | Interest receivable and similar income
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Interest receivable on cash pooling | 85,117 | 94,023
|  | 85,117 | 94,023
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VENTURA PUBLISHING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
9. | Tax on profit
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 306,488 | 243,428
| Total current tax | 306,488 | 243,428
| Factors affecting tax charge for the year
| The tax assessed for the year is the same as (2023 - the same as) the standard rate of corporation tax in the UK of 25% (2023 - 23.5%) as set out below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Profit before tax | 1,225,949 | 1,035,863
| Profit multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%) | 306,488 | 243,428
| Total tax charge for the year | 306,488 | 243,428
| Factors that may affect future tax charges
An increase in the UK corporation tax rate from 19% to 25% (effective 1 April 2023) was substantively enacted on 24 May 2021. Deferred taxes at the balance sheet date have been measured using this enacted rate. Page 26
VENTURA PUBLISHING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
10. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost |
| At 1 January 2024 | 6,667
| At 31 December 2024 | 6,667
| Impairment |
| At 1 January 2024 | 6,667
| At 31 December 2024 | 6,667
| Net book value |
| At 31 December 2024 | -
| At 31 December 2023 | -
| None of the Company's investments are publicly traded.
| Subsidiary undertakings
| Name | Registered office | Class of shares | Holding |
| Salspot Limited | One Embassy Gardens, 8 Viaduct Gardens, London, SW11 7BW | Ordinary | 85 | %
An impairment test was carried out in accordance with International Accounting Standard 36. The carrying amount and the recoverable amount of each investment were compared to ascertain if impairment is necessary. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. No further impairment was considered necessary. Page 27
VENTURA PUBLISHING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
11. | Debtors: amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Amounts owed by group undertakings | 1,826,282 | 1,843,758
|  | 1,826,282 | 1,843,758
| Amounts owed by group undertakings (excluding amounts owed by Bertelsmann UK Limited) are unsecured and repayable on demand. Included within this is £627,128 (2023: £1,204,683) owed from Bertelsmann UK Limited in respect of a cash pooling facility which has a maximum borrowing limit of £1,000,000. The facility is unsecured and has no fixed repayment date but can be terminated by either party with three days notice. An average interest rate of 6.55% was receivable on cash pooling balances due to the Company during the year (2023: 7.36%).
12. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Corporation tax | 306,488 | 243,425
|  | 306,488 | 243,425
13. | Called up share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 300 (2023 - 300) Ordinary shares of £1.00 each | 300 | 300
| There is a single class of ordinary shares. There are no restrictions on dividends and the repayment of capital.
14. | Reserves
Profit and loss account The profit and loss account reserve includes all current and prior period retained profits and losses. All reserves in respect of profit and loss are distributable reserves. Page 28
VENTURA PUBLISHING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
15. | Related party transactions
As the Company is a wholly owned subsidiary of Penguin Books Limited ("PBL"), who is a wholly owned subsidiary of Penguin Random House Limited ("PRHL"), the Company is exempt from the requirement, under International Accounting Standard 24 ‘Related party disclosures’, to disclose transactions with entities that are wholly owned by PRHL. The Company has taken advantage of this exemption.
16. | Controlling parties
| The Company's immediate parent undertaking is Penguin Books Limited (“PBL”). PBL is a wholly owned subsidiary of Penguin Random House Limited (“PRHL”). At the balance sheet date PRHL was wholly owned by Bertelsmann UK Limited. The Company’s ultimate parent undertaking and controlling party is Bertelsmann SE & Co KGaA, which is incorporated in Germany, copies of whose consolidated financial statements (the smallest and largest financial statements in which the Company is consolidated) can be obtained from: Bertelsmann SE & Co KGaA Corporate Communications Carl Bertelsmann Strasse 270 33311 Gütersloh, Germany
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