Bertelsmann is changing. From just printing and selling books decades ago it has become one of the world's most important providers of content (e.g. RTL Group, Random House, Gruner + Jahr), not only in printed or televised form. This dramatic change - and the dramatic change in world economy (including the "divorce" from Sony BMG Music) needs to be put in a straightforward annual report, that reflects strength, straightforwardness and gives an outlook on tomorrow's chances, especially in the digital market.

Take a deeper look behind it and you will see, what it's all about: not only flashy pictures but content.

It starts with the title page: it shows the way to go - up. And provides the hard facts at a glance with a fact sheet you can pull out.On the inside, it's all clear, simple and hands-on. With a letter of the CEO that is not just printed, but filled with hand-written annotations. With holes on pages, like windows, where you can get an outlook on tomorrow's content. And with an integrated magazine dedicated to the online revolution.

The puristic approach of the annual report has been highly appreciated by the financial community and the employees around the globe. It is self-confident, but not arrogant. It is reduced, but not weak. It is classy, but not posh. That's how the stakeholders feel about the report and feel about Bertelsmann. The need and the will for change has gained a high credibility, and people trust Bertelsmann that the company will manage their challenges and strengthen its positions in the market.