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

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

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

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

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

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