DOCSLIB.ORG

Doing Business in China Key Success Factors for Building a Sustainable Presence in the Chinese Market

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Doing Business in China Key Success Factors for Building a Sustainable Presence in the Chinese Market STOCKHOLM SCHOOL OF ECONOMICS BUSINESS AND ECONOMICS - SPECIALIZATION IN MANAGEMENT MASTER THESIS MAY 2011 Doing Business in China Key Success Factors for Building a Sustainable Presence in the Chinese Market Abstract International expansion has become more and more important for companies in search of growth. China, especially, as a large and fast growing country, has become an increasingly popular target for such expansion. Sweden and its companies, being export dependent and with an ever increasing volume of exports to China, have a strong interest in understanding the question ‘What are the key success factors for a Swedish MNE for building a sustainable market presence in China?’ A single in-depth case study has been chosen to analyze such a complex question. The internationalization process can be broken down into four phases - exporting, licensing, JV and WOFE - and seen as a longitudinal process. For each phase, this thesis examines various factors and breaks them down into three categories believed to be important for the internationalization process: (i) Partner Interaction; (ii) Control and Protection and (iii) Product and Management. The literature identifies success factors for each phase and our findings support this. Overall five overarching success factors could be observed within the phases and categories. In line with the theory of internationalization, experiential learning plays an important role and is seen as vital to succeed in the Chinese market. The study also provides evidence to support and add to the network theory arguing that, rather than having a strong and extensive network, having the right network and listening to the network contacts are of utmost importance. Continuity and endurance for the development of trust; protection of technology; and becoming a local actor were identified as the three final key success factors for building a sustainable market presence in China. The finding that continuity is vital in the Chinese market is particularly interesting as it adds to Yang’s (2010) theoretical addition about social networks in China. The idea, however, that clear-cut golden rules exist for building a sustainable market presence in China was not supported; neither within the phases nor overarching the phases. Authors: Niklas Holming (40072) and Fabian Weber (40060) Supervisor: Dr. Andreas Werr, Associate Professor, Department of Management and Organization Presentation: 25th of May, 2011 Acknowledgements ii Acknowledgements We would like to thank: Andreas Werr, for your valuable comments and guidance. Peter Lennhag, for your precious inputs and for connecting us with Atlas Copco. Atlas Copco, for taking part in this study and for taking the time to provide us with valuable information. In particular, we would like to thank Ronnie Leten and Magnus Gyllö for valuable input and for arranging interviews. We would also like to thank Hans Sandberg and Leif Boll for their contributions. Additionally, we would like to thank all the people who participated in our interviews. Finally, we would like to thank our families for all the support. Niklas Holming & Fabian Weber Stockholm School of Economics Table of content iii Table of content Acknowledgements .................................................................................................................. ii Table of content ...................................................................................................................... iii Abbreviations ......................................................................................................................... vii 1 Introduction .......................................................................................................................... 1 1.1 Growth and market expansion ........................................................................................ 1 1.2 Purpose and research question ....................................................................................... 2 1.3 Organization of the thesis ................................................................................................ 3 2 Theoretical Overview ............................................................................................................ 4 2.1 Overview of theories ....................................................................................................... 4 2.1.1 Theory of Internalization .......................................................................................... 4 2.1.2 Eclectic Theory ......................................................................................................... 5 2.1.3 Theory of Internationalization (Uppsala Model) ........................................................ 6 2.1.4 Network Theory ........................................................................................................ 7 2.1.5 Phases of internationalization ................................................................................... 8 2.2 Holistic framework for Chinese market entry ................................................................. 10 2.2.1 China specific aspects on market entry process ...................................................... 10 2.2.2 The holistic framework for the Chinese market entry.............................................. 11 2.2.3 Key factors in each phase of the holistic framework for Chinese market entry ........ 12 2.2.3.1 Phase 1: Exporting ........................................................................................... 13 2.2.3.2 Phase 2: Licensing ............................................................................................ 14 2.2.3.3 Phase 3: Joint Venture (JV) ............................................................................... 16 2.2.3.4 Phase 4: Wholly Owned Foreign Enterprise (WOFE) ......................................... 17 2.2.3.5 Summary of key success factors mentioned in literature .................................. 21 2.2.4 Overall key success factors of the holistic framework for Chinese market entry ...... 21 2.2.4.1 Learning and experience .................................................................................. 21 2.2.4.2 Networks ......................................................................................................... 22 3 Methodology ....................................................................................................................... 23 3.1 Choice of perspective .................................................................................................... 23 3.2 Choice of method .......................................................................................................... 23 3.3 Choice of organization and interviewees ....................................................................... 25 3.3.1 Choice of organization ............................................................................................ 25 3.3.2 Choice of interviewees............................................................................................ 26 3.4 Data collection .............................................................................................................. 27 Niklas Holming & Fabian Weber Stockholm School of Economics Table of content iv 3.4.1 Interview format..................................................................................................... 28 3.4.2 Interview guide design ............................................................................................ 29 3.5 Data analysis ................................................................................................................. 29 3.6 Validity .......................................................................................................................... 30 3.6.1 Internal validity....................................................................................................... 30 3.6.2 External validity ...................................................................................................... 31 3.7 Reliability ...................................................................................................................... 32 3.7.1 Internal reliability ................................................................................................... 32 3.7.2 External reliability ................................................................................................... 32 4 Empirical Data ..................................................................................................................... 34 4.1 Background information China ...................................................................................... 34 4.1.1 History and legal development of China .................................................................. 34 4.1.2 China’s importance for global companies................................................................ 35 4.1.2.1 China’s economy growth in the past years ....................................................... 35 4.1.2.2 Market size of China ........................................................................................ 36 4.1.2.3 China growth outlook ...................................................................................... 36 4.1.3 Main reasons for expanding to China ...................................................................... 37 4.1.3.1 Low-cost production .......................................................................................
Load more

Recommended publications
  • Curriculum Vitae Claus Hecking
    Curriculum Vitae Claus Hecking Personal Profile • Dedicated journalist with a nose for exclusive news and a passion for op-eds and non-mainstream feature stories. • Eleven years experience as a staff writer and author for leading print and digital media such as Die Zeit, Spiegel Online and Financial Times Germany. Main topics: EU politics and policy, international finance and global economics. • Experience as a Brussels correspondent and as a Frankfurt correspondent who knows how to explain complex topics to a broad audience and who speaks several languages fluently. • Multimedia storyteller who writes stories, takes pictures, videos and audios. Experience Economics Correspondent , Die Zeit / Zeit.de, Hamburg (January 2015 to present) • Covering European and global economy, EU, finance, energy, environment, aviation. • Created “Countdown für das Klima” (“countdown for the climate”), a 13 week-long series of articles about the UN climate conference in Paris. Contracted Author , Spiegel Online, Hamburg & Freelancer, Die Zeit (2013 to 2014) • Covering European and global economy, EU, finance, energy, environment, creation of multimedia features (video, photo, audio, infographics, text) , • Created “Was wurde aus=?6 (3What happened to=?61, a series of articles about persons/events/places/topics that once made headline news and have disappeared from the public radar in the last years. • 2.14: 8omination for the German- rench ,ournalist Prize and one shortlist nomination for the German ,ournalist Prize. Blogger , Total Global, www.total-global.info (2.14 to present1 • Private blog about international economy, globalization and the EU. International Correspondent , 2apital, Berlin (2.12 to 2.141 • 2overing European : global economy, EU, energy, finance, aviation.
    [Show full text]
  • Drucksache 19/22675 19
    Deutscher Bundestag Drucksache 19/22675 19. Wahlperiode 18.09.2020 Schriftliche Fragen mit den in der Woche vom 14. September 2020 eingegangenen Antworten der Bundesregierung Verzeichnis der Fragenden Abgeordnete Nummer Abgeordnete Nummer der Frage der Frage Achelwilm, Doris (DIE LINKE.) ...................1 Fricke, Otto (FDP) ............................47, 97 Akbulut, Gökay (DIE LINKE.) .................. 31 Gastel, Matthias Alt, Renata (FDP) ............................... 111 (BÜNDNIS 90/DIE GRÜNEN) .................. 98 Amtsberg, Luise Göring-Eckardt, Katrin (BÜNDNIS 90/DIE GRÜNEN) .................. 16 (BÜNDNIS 90/DIE GRÜNEN) .................. 65 Bartsch, Dietmar, Dr. (DIE LINKE.) ............. 82 Gohlke, Nicole (DIE LINKE.) .............. 18, 113 Bauer, Nicole (FDP) ..........................76, 77 Hahn, André, Dr. (DIE LINKE.) ................. 71 Bause, Margarete Hanke, Reginald (FDP) .......................54, 83 (BÜNDNIS 90/DIE GRÜNEN) .................. 32 Held, Marcus (SPD) ........................ 99, 100 Bayaz, Danyal, Dr. Helling-Plahr, Katrin (FDP) ...................... 55 (BÜNDNIS 90/DIE GRÜNEN) .................2, 3 Hemmelgarn, Udo Theodor (AfD) .......... 66, 101 Bayram, Canan Herbrand, Markus (FDP) ........................7, 8 (BÜNDNIS 90/DIE GRÜNEN) ...............53, 80 Hess, Martin (AfD) ...................19, 20, 21, 56 Brantner, Franziska, Dr. (BÜNDNIS 90/DIE GRÜNEN) ...........17, 33, 34 Hessel, Katja (FDP) ................................9 Buchholz, Christine (DIE LINKE.) ............35, 36 Höchst, Nicole
    [Show full text]
  • Pictures and Stories Since 1957 from Our Lives 12.2018 Since 1847
    PICTURES AND STORIES SINCE 1957 FROM OUR LIVES 12.2018 SINCE 1847 Our brand is growing AWARD FOR EDITORIAL BEST BRAND The seventh coup in 2018: LIQUI MOLY voted Dear LIQUI MOLY Friends, the best lubricant brand by sporty drivers, too SUPERLIQUI? WONDERMOLY? ... What name would you give to our heroic unit right now? What our LIQUI MOLY family worldwide is currently accomplishing as we move into the finishing straight of 2018 is nothing short of superhuman. Yet it is precisely the human component that sets us apart from the rest and makes us The readers of "sport auto" capable of such an impressive final sprint. We stick together, we fight together and we have voted: for some 75 % win together! Our sales of EUR 53.8 million in the month of October – an absolute record of survey participants in the history of the company, the outstanding online campaign with more than 1.6 billion we are once again adverts worldwide and being voted Best Brand by readers of the magazine “sport auto” – the best oil brand! an amazing seventh award this year: these are just three examples of how our unique Many thanks for this winner mentality has borne fruit. impressive result! But don’t forget to take a closer look: it’s not just the big numbers and awards that regularly catapult us up front in terms of consumer preference. There are also lots of ways in which we collect bonus points on a small scale all round the globe. A blue, white and red garage sign on a busy road, a useful piece of advice given on our friendly Technical Hotline, a container delivery organized in the face of a mountain of difficulties – there are more than enough opportunities to demonstrate our superhuman powers.
    [Show full text]
  • Zeitschriftenmarkt: WAZ- Derzeit Bilden 1 536 Periodika Das Sortiment Der Weniger IVW- Publikumspresse (Stand: Ende März 2010; Vgl
    media perspektiven 6/2010 x296 ................................................................................................................................................................ wie vor gilt: Publikumszeitschriften müssen zuerst Daten zum Markt und zur Konzentration der und aus sich heraus ihre Leser überzeugen. Darauf Publikumspresse in Deutschland im I. Quartal 2010 sind ihre Konzepte auszurichten. U Zeitschriftenmarkt: WAZ- Derzeit bilden 1 536 Periodika das Sortiment der Weniger IVW- Publikumspresse (Stand: Ende März 2010; vgl. Ta- gemeldete Titel, mehr Gruppe schließt zu dominie- belle 2). Titel, die mindestens 14-täglich erscheinen, Sonderpublikationen haben hierunter einen Anteil von knapp 9 Prozent. und Extra-Reihen renden Konzernen auf Diese Zeitschriften sind zu rund 78 Prozent der Von Andreas Vogel* IVW-Auflagenkontrolle gemeldet. Die Zahl der sel- tener erscheinenden Hefte nahm auch in den letz- Publikumspresse Auch im Jahr 16 des öffentlichen WWW zeigt sich ten beiden Jahren weiter zu. Weil aber die Zahl der nach wie vor die deutsche Publikumspresse quicklebendig. Weder IVW-gemeldeten Titel erstmals im Zweijahresver- mit breitem gab es im Sortiment das prognostizierte Massen- gleich stagniert, sinkt ihre Meldequote auf knapp Titelsortiment sterben der Titel – selbst von Bereinigungen im 32 Prozent. Die deutschen Verlage experimentieren Markt kann man nicht ernsthaft sprechen – noch verstärkt mit Sonderheften und Extra-Reihen rund bleiben die Neugründungen aus. Im Gegenteil: Der um ihre Stammobjekte. Die Verkaufsauflagen die- Trend zum immer breiteren Angebot hält unver- ser Publikationen können durch die IVW generell mindert an. Einige Fachbeobachter sehen 2010 gar nicht erfasst werden. Insofern leidet die Transpa- eine Renaissance der Zeitschriftengründungen. Doch renz des Gesamtmarktes im Jahr 2010 doppelt: das trifft nicht zu – seit 1990 finden jedes Jahr unter der rückläufigen Bereitschaft zur IVW-An- durchschnittlich 130 neue Periodika den Weg an meldung und unter der Flut von nichtperiodischen die Kioske.
    [Show full text]
  • B E RT E LS MA N N Media Worldwide
    Information Memorandum Borsenzulassungsprospekt (gemal3 0 44 BorsZulV) B E RT E LS MA N N media worldwide Bertelsmann AG (Gutersloh, Federal Republic of Germany) as Issuer and, in respect of Notes issued by Bertelsmann Capital Corporation N.V. or Bertelsmann U. S. Finance, Inc., as Guarantor Bertelsmann Capital Corporation N. V. (Amsterdam, The Netherlands) as Issuer Bertelsmann U. S. Finance, Inc. (Wilmington, Delaware,U. SA.) as Issuer Euro 3,000,000,000 Debt lssua nce Programme The notes (the "Notes") to be issued under the Euro 3,000,000,000 Debt Issuance Programme (the "Programme") are admitted for official quotation on the Frankfurt Stock Exchange and application has been made to list Notes issued under the Programme on the Luxembourg Stock Exchange. Notes issued under the Programme may also be listed on an alternative stock exchange or may not be listed at all. The payments of all amounts due in respect of Notes issued by Bertelsmann Capital Corporation N.V. and Bertelsmann U. S. Finance, Inc. will be unconditionally and irrevocably guaranteed by Bertels- mann AG. Arranger Deutsche Bank Dealers ABN AMRO Commerzbank Securities Credit Suisse First Boston Deutsche Bank Dresdner Kleinwort Wasserstein JPMorgan Merrill Lynch International Schroder Salomon Smith Barney UBS Warburg The date of this Information Memorandum (which for purposes of a listing of Notes on the Frankfurt Stock Exchange serves as "Borsenzulassungsprospekt") is 6 June 2002. The Information Memoran- dum is valid for one year from such date. Bertelsmann AG ("Bertelsmann" and together with all of its affiliated companies within the meaning of the German Stock Corporation Act (Aktiengeserz), the "Bertelsmann Group"), Bertelsmann Capital Corporation N.V.
    [Show full text]
  • Digitale Verarbeitungslizenzen Für MMO
    Digitale Verarbeitungslizenzen für MMO - Verfügbare Quellen - QUELLEN- ## QUELLENNAME GATTUNG VERLAG / LIEFERANT KÜRZEL 1 ELFR 11 Freunde Zeitschrift/Magazin Gruner + Jahr GmbH 2 ELFS 11 Freunde Spezial Zeitschrift/Magazin Gruner + Jahr GmbH 3 ZMB 20 Minuten Basel Tageszeitung Tamedia Publikationen Deutschschweiz AG 4 ZMBE 20 Minuten Bern Tageszeitung Tamedia Publikationen Deutschschweiz AG 5 ZML 20 Minuten Luzern Tageszeitung Tamedia Publikationen Deutschschweiz AG 6 ZMS 20 Minuten St. Gallen Tageszeitung Tamedia Publikationen Deutschschweiz AG 7 ZMZ 20 Minuten Zürich Tageszeitung Tamedia Publikationen Deutschschweiz AG 8 ZMG 20 minutes Genève Tageszeitung Tamedia Publikationen Deutschschweiz AG 9 ZMLA 20 minutes Lausanne Tageszeitung Tamedia Publikationen Deutschschweiz AG 10 VENIN 20 minuti Tageszeitung Tamedia Publikationen Deutschschweiz AG 11 ZWANO 20min.ch (20 Minuten) Online News Tamedia Publikationen Deutschschweiz AG 12 TFHL 24 heures Lausanne Tageszeitung Tamedia Publikationen Deutschschweiz AG 13 TFHR 24 heures Régions Tageszeitung Tamedia Publikationen Deutschschweiz AG 14 TFHO 24heures.ch Online News Tamedia Publikationen Deutschschweiz AG 15 WLRZ 24vest.de Online News Medienhaus Bauer GmbH & Co. KG 16 INVE 4investors.de Online News Stoffels & Barck GbR 17 AANRN Aachener Nachrichten Nord Tageszeitung Medienhaus Aachen GmbH 18 AANRS Aachener Nachrichten Stadt Tageszeitung Medienhaus Aachen GmbH 19 AAZGN Aachener Zeitung Nord Tageszeitung Medienhaus Aachen GmbH 20 AAZGS Aachener Zeitung Stadt Tageszeitung Medienhaus Aachen
    [Show full text]
  • The German Supervisory Board
    The German Supervisory Board: A Practical Introduction for US Public Company Directors The German Supervisory Board: | A Practical Introduction for US Public Company Directors The German Supervisory Board: | A Practical Introduction for US Public Company Directors Contents Foreword Foreword 03 As the world’s economy globalizes, there is often an expectation that business practices will Executive Summary 04 harmonize along with it. This is an expectation The German Supervisory Board: Characteristics and Context 05 that we will see a kind of convergence of corporate The German Supervisory Board in Action: Regular Order, M&A, Crisis 14 governance forms and practices, where boards the world over resemble each other, perhaps Conclusion 15 with a large majority of independent directors, an Endnotes 17 audit committee, a separate chair and CEO, and so on. A lot of this reflects a certain familiarity Claus Buhleier with the Anglo-Saxon board model among Partner, Center for Corporate institutional investors in London and New York. Governance Deloitte Germany [email protected] The reality, however, is quite different. Despite real advances in globalization in other areas, differences in what boards look like and how they work in practice persist across countries. This publication brings to light the differences between the predominant Anglo Saxon, one-tier corporate governance model on the one hand, and the still influential Germanic two-tier-model on the other. The authors, Yvonne Schlaeppi and Michael Marquardt, both experienced corporate directors Kai Bruehl who have served on European company boards, Director, Risk Advisory Deloitte highlight the main characteristics of the German Germany [email protected] supervisory board model and how it demands accountability from its members, despite looking rather different than the combined board model.
    [Show full text]
  • Rate Card No. 47 (Valid from 01.01.2021) RATES and 1 FORMATS
    Rate Card No. 47 (valid from 01.01.2021) RATES AND 1 FORMATS Formats on single pages Format Format additions Ad placement Bleed format Mono/Multi colour (width x height in mm) 1/1 normal inner 200 x 264 33,500 1/1 normal inside front cover 200 x 264 40,200 1/1 normal outside back cover 200 x 264 41,200 1/1 normal rechte Seite neben Inhalt 200 x 264 38,900 1/1 normal 1st left-hand ad page after 200 x 264 38,900 OpenSpread 1/1 normal 1st right-hand page in Name 200 x 264 38,900 and News 1/1 normal left next to Contents 200 x 264 38,900 2/3 vertical inner 128 x 264 24,300 1/3 vertical inner 71 x 264 14,500 1/3 vertical next to Editorial 71 x 264 17,100 1/3 horizontal inner 200 x 86 14,500 1/4 horizontal inner 200 x 71 12,100 3/6 vertical Junior Page 128 x 169 24,800 Formats on double pages Format Format additions Ad placement Bleed format Mono/Multi colour (width x height in mm) 2/1 normal inner 400 x 264 67,000 2/1 normal inside front cover + page 3 400 x 264 97,300 2/1 normal double page before Contents 400 x 264 77,700 2/1 normal double page before Names and 400 x 264 73,700 News Orders received from more than one advertiser are subject to a surcharge on the basic rate. Double page (inside front cover + page 3): Please note that differing paper qualities and sheet allocation can lead to differences in tone and register which will not be recognized for complaints.
    [Show full text]
  • Unsere Wirtschaft Mediadaten 2020
    UNSERE WIRTSCHAFT MEDIADATEN 2020 MIT IHRER ANZEIGE IM MAGAZIN UNSERE WIRTSCHAFT ERREICHEN SIE MEHR ALS 23.000 EXISTENZGRÜNDER, KAUFKRÄFTIGE UNTERNEHMER, INHABER, VORSTÄNDE, GESCHÄFTSFÜHRER UND BETRIEBS- UND BEREICHSLEITER. INHALT 1 Fakten zu dem Medium IHK-Magazin 6 Themen und Termine 2 Kurzcharakteristik 7 Unsere Region – Online 3 Zielgruppe 8 Technische Anforderungen 4 Anzeigenformate 9 Verlagsangaben 5 Beilagen, Beihefter und Beikleber 10 Allgemeine Geschäftsbedingungen 1 4 FAKTEN ZU DEM MEDIUM IHK-MAGAZIN Quelle: Reichweitenstudie 2018 – IHK-Zeitschriften Reichweitenstudie Entscheider im Mittelstand 2018 Reichweitenergebnisse LpA (Basis: 3,96 Mio. Entscheider) Monatstitel Selbst die Spitzenreiter erreichen gemeinsam mit einer Ausgabe die 3 IHK-Zeitschriften 40,4% 1.601.000 Personen Entscheider im Mittelstand nicht so Manager Magazin 9,4% 374.000 Personen umfassend wie die IHK-Zeitschriften Capital 7,9% 311.000 Personen alleine. Handwerk Magazin 7,6% 301.000 Personen Höchste Reichweite der IHK-Magazine.Reichweitenstudie Entscheider im Mittelstand 2018 4 Markt und Mittelstand 6,3% 251.000 Personen Passgenaue Reichweitenergebnisse LpA (Basis: 3,96 Mio. Entscheider) Creditreform 6,0% 238.000 Personen Mit 40,4% haben die IHK- Wochenmagazine im Vergleich zu den IHK-Zeitschriften Zeitschriften mit bedeutendem Anzeigen- Brand Eins 5,3% 211.000 Personen Abstand die höchste Reichweite bei den Entscheidern im platzierung sichert Der Handel 4,7% 186.000 Personen Mittelstand. Das sind 1.601.000 Leser pro 1.601.000 Pers. Impulse 3,5% 141.000 Personen
    [Show full text]
  • Nation Europa!
    Marcus Koch Nation Europa! Edition Politik | Band 83 Die freie Verfügbarkeit der E-Book-Ausgabe dieser Publikation wurde er- möglicht durch den Fachinformationsdienst Politikwissenschaft POLLUX und ein Netzwerk wissenschaftlicher Bibliotheken zur Förderung von Open Access in den Sozial- und Geisteswissenschaften (transcript, Politikwissen- schaft 2019) Die Publikation beachtet die Qualitätsstandards für die Open-Access-Publika- tion von Büchern (Nationaler Open-Access-Kontaktpunkt et al. 2018), Phase 1 https://oa2020-de.org/blog/2018/07/31/empfehlungen_qualitätsstandards_ oabücher/ Bundesministerium der Verteidi- Weimar | Universitätsbibliothek der gung | Gottfried Wilhelm Leibniz FernUniversität Hagen | Universi- Bibliothek – Niedersächsische Lan- tätsbibliothek der Humboldt-Uni- desbibliothek | Harvard University versität zu Berlin | Universitätsbib- | Kommunikations-, Informations-, liothek der Justus-Liebig-Universität Medienzentrum (KIM) der Univer- Gießen | Universitätsbibliothek der sität Konstanz | Landesbibliothek Ruhr-Universität Bochum | Uni- Oldenburg | Max Planck Digital versitätsbibliothek der Technischen Library (MPDL) | Saarländische Universität Braunschweig | Univer- Universitäts- und Landesbiblio- sitätsbibliothek der Universität Kob- thek | Sächsische Landesbibliothek lenz Landau | Universitätsbibliothek Staats- und Universitätsbibliothek der Universität Potsdam | Universi- Dresden | Staats- und Universitätsbi- tätsbibliothek Duisburg-Essen | Uni- bliothek Bremen (POLLUX – Infor- versitätsbibliothek Erlangen-Nürn- mationsdienst
    [Show full text]
  • 2020 Financial Statements for Bertelsmann SE & Co. Kgaa
    Financial Statements and Combined Management Report Bertelsmann SE & Co. KGaA, Gütersloh December 31, 2020 Contents Balance sheet Income statement Notes to the financial statements Combined Management Report Responsibility Statement Auditor’s report 1 FINANCIAL STATEMENTS Assets as of December 31, 2020 in € millions Notes 12/31/2020 12/31/2019 Non-current assets Intangible assets Acquired industrial property rights and similar rights as well as licenses to such rights 1 9 8 9 8 Tangible assets Land, rights equivalent to land and buildings 1 306 311 Technical equipment and machinery 1 1 1 Other equipment, fixtures, furniture and office equipment 1 42 47 Advance payments and construction in progress 1 7 2 356 361 Financial assets Investments in affiliated companies 1 15,974 14,960 Loans to affiliated companies 1 230 712 Investments 1 - - Non-current securities 1 1,461 1,252 17,665 16,924 18,030 17,293 Current assets Receivables and other assets Accounts receivable from affiliated companies 2 4,893 4,392 Other assets 2 94 148 4,987 4,540 Securities Other securities - - Cash on hand and bank balances 3 2,476 513 7,463 5,053 Prepaid expenses and deferred charges 4 20 20 25,513 22,366 2 Equity and liabilities as of December 31, 2020 in € millions Notes 12/31/2020 12/31/2019 Equity Subscribed capital 5 1,000 1,000 Capital reserve 2,600 2,600 Retained earnings Legal reserve 100 100 Other retained earnings 6 5,685 5,485 5,785 5,585 Net retained profits 898 663 10,283 9,848 Provisions Provisions for pensions and similar obligations 7 377 357 Provision
    [Show full text]
  • 2013 Financial Statements for Bertelsmann SE & Co. Kgaa
    ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2013, AND MANAGEMENT REPORT BERTELSMANN SE & CO. KGaA, GÜTERSLOH (Translation – the German text is authorative) Annual financial statements 2013 Contents Balance sheet Income statement Notes “List of shareholdings” annex to the notes in accordance with HGB 285 (11) Management report Auditor’s report Responsibility statement 2 Annual financial statements 2013 Bertelsmann SE & Co. KGaA Balance sheet as of December 31, 2013 Assets 12/31/2013 Previous year Notes € € € millions Non-current assets Intangible assets (1) 844,280.30 1 Tangible assets (2) 291,216,329.92 237 Financial assets (3) 12,747,359,728.83 11,404 13,039,420,339.05 11,642 Current assets Receivables and other assets (4) 1,736,575,805.91 913 Securities 1.00 - Cash and cash equivalents (5) 1,425,121,750.94 1,612 3,161,697,557.85 2,525 Prepaid expenses and deferred charges (6) 12,218,335.49 15 16,213,336,232.39 14,182 Shareholders’ equity and liabilities 12/31/2013 Previous year Notes € € € millions Shareholders’ equity Subscribed capital (7) 1,000,000,000.00 1,000 Capital reserve 2,600,000,000.00 2,600 Retained earnings (8) 3,662,000,000.00 2,462 Unappropriated income 1,189,896,716.49 862 8,451,896,716.49 6,924 Provisions Pensions and similar obligations (9) 244,299,057.00 235 Other provisions (10) 117,124,440.50 99 361,423,497.50 334 Financial debt (11) 3,506,024,666.89 3,790 Other liabilities (12) 3,893,702,490.50 3,132 Deferred income (13) 288,861,01 2 16,213,336,232.39 14,182 3 Annual financial statements 2013 Bertelsmann SE & Co.
    [Show full text]