Annual report and accounts 2008Annual report and accounts 2008

Other information
Five year summary


All figures in £ millions 2004 2005 2006 2007 2008
Sales
North American Education 1,402 1,576 1,679 1,667 2,002
International Education 484 559 640 735 866
Professional 164 177 211 226 244
Education 2,050 2,312 2,530 2,628 3,112
FT Publishing 235 249 280 344 390
Interactive Data 269 297 332 344 406
FT Group 504 546 612 688 796
Penguin 786 804 848 846 903
Continuing 3,340 3,662 3,990 4,162 4,811
Discontinued 546 461 433 167 8
Total sales 3,886 4,123 4,423 4,329 4,819
 
Adjusted operating profit
North American Education 216 260 280 273 303
International Education 27 51 73 92 135
Professional (5) 2 17 27 36
Education 238 313 370 392 474
FT Publishing (2) 17 27 56 74
Interactive Data 67 80 89 97 121
FT Group 65 97 116 153 195
Penguin 52 60 66 74 93
Continuing 355 470 552 619 762
Discontinued 71 36 40 15 —
Total adjusted operating profit 426 506 592 634 762
 
Operating margin — continuing 10.6% 12.8% 13.8% 14.9% 15.8%
 
Adjusted earnings
Total adjusted operating profit 426 506 592 634 762
Net finance costs (76) (84) (90) (85) (88)
Income tax* (108) (128) (130) (145) (178)
Minority interest (23) (22) (28) (32) (36)
Adjusted earnings* 219 272 344 372 460
Weighted average number of shares (millions) 795.6 797.9 798.4 796.8 797.0
Adjusted earnings per share* 27.5p 34.1p 43.1p 46.7p 57.7p
 
Cash flow
Operating cash flow 418 570 575 684 796
Operating cash conversion 98% 113% 97% 108% 104%
Operating free cash flow 278 440 434 533 631
Operating free cash flow per share 34.9p 55.1p 54.4p 66.9p 79.2p
Total free cash flow 284 431 433 407 631
Total free cash flow per share 35.7p 54.0p 54.2p 51.1p 79.2p
 
Net assets 3,014 3,733 3,644 3,874 5,024
           
Net debt 1,221 996 1,059 973 1,460
 
Return on invested capital (re-stated)          
Total adjusted operating profit 426 506 592 634 762
Cash tax paid (55) (65) (59) (61) (89)
Return 371 441 533 573 673
Average invested capital 5,847 6,060 6,553 6,423 7,337
Return on invested capital 6.3% 7.3% 8.1% 8.9% 9.2%
 
Dividend per share 25.4p 27.0p 29.3p 31.6p 33.8p

*2004 and 2005 not restated for tax deductibility of goodwill and intangible amortisation

The return on invested capital (ROIC) calculation has been re-stated for all years to reflect the updated methodology used internally by management. The return is calculated as adjusted operating profit less actual operating cash tax paid in each year (rather than a notional 15% cash tax deduction) and the invested capital is the average monthly amount throughout the year rather than the year end balance.