Annual report and accounts 2008Annual report and accounts 2008

Consolidated balance sheet
At 31 December 2008


All figures in £ millions Notes 2008 2007
Assets      
Non-current assets      
Property, plant and equipment 10 423 355
Intangible assets 11 5,353 3,814
Investments in joint ventures and associates 12 23 20
Deferred income tax assets 13 372 328
Financial assets — Derivative financial instruments 16 181 23
Retirement benefit assets 25 49 62
Other financial assets 15 63 52
Other receivables 22 152 129
    6,616 4,783
Current assets      
Intangible assets — Pre-publication 20 695 450
Inventories 21 501 368
Trade and other receivables 22 1,342 946
Financial assets — Derivative financial instruments 16 3 28
Financial assets — Marketable securities 14 54 40
Cash and cash equivalents (excluding overdrafts) 17 685 560
    3,280 2,392
Non-current assets classified as held for sale 31 — 117
    3,280 2,509
Total assets   9,896 7,292
Liabilities      
Non-current liabilities      
Financial liabilities — Borrowings 18 (2,019) (1,049)
Financial liabilities — Derivative financial instruments 16 (15) (16)
Deferred income tax liabilities 13 (447) (287)
Retirement benefit obligations 25 (167) (95)
Provisions for other liabilities and charges 23 (33) (44)
Other liabilities 24 (221) (190)
    (2,902) (1,681)
Current liabilities      
Trade and other liabilities 24 (1,429) (1,050)
Financial liabilities — Borrowings 18 (344) (559)
Financial liabilities — Derivative financial instruments 16 (5) —
Current income tax liabilities   (136) (96)
Provisions for other liabilities and charges 23 (56) (23)
    (1,970) (1,728)
Liabilities directly associated with non-current assets classified as held for sale 31 — (9)
Total liabilities   (4,872) (3,418)
Net assets   5,024 3,874
Equity      
Share capital 27 202 202
Share premium 27 2,505 2,499
Treasury shares 28 (222) (216)
Other reserves 29 586 (514)
Retained earnings 29 1,679 1,724
Total equity attributable to equity holders of the company   4,750 3,695
Minority interest   274 179
Total equity   5,024 3,874

These financial statements have been approved for issue by the board of directors on 6 March 2009 and signed on its behalf by

Robin Freestone
Chief financial officer