| All figures in £ millions | Notes | 2010 | 2009 |
|---|---|---|---|
| Assets | |||
| Non-current assets | |||
| Property, plant and equipment | 10 | 366 | 388 |
| Intangible assets | 11 | 5,467 | 5,129 |
| Investments in joint ventures and associates | 12 | 71 | 30 |
| Deferred income tax assets | 13 | 276 | 387 |
| Financial assets – Derivative financial instruments | 16 | 134 | 112 |
| Other financial assets | 15 | 58 | 62 |
| Trade and other receivables | 22 | 129 | 112 |
| 6,501 | 6,220 | ||
| Current assets | |||
| Intangible assets – Pre-publication | 20 | 647 | 650 |
| Inventories | 21 | 429 | 445 |
| Trade and other receivables | 22 | 1,337 | 1,284 |
| Financial assets – Derivative financial instruments | 16 | 6 | – |
| Financial assets – Marketable securities | 14 | 12 | 63 |
| Cash and cash equivalents (excluding overdrafts) | 17 | 1,736 | 750 |
| 4,167 | 3,192 | ||
| Total assets | 10,668 | 9,412 | |
| Liabilities | |||
| Non-current liabilities | |||
| Financial liabilities – Borrowings | 18 | (1,908) | (1,934) |
| Financial liabilities – Derivative financial instruments | 16 | (6) | (2) |
| Deferred income tax liabilities | 13 | (471) | (473) |
| Retirement benefit obligations | 25 | (148) | (339) |
| Provisions for other liabilities and charges | 23 | (42) | (50) |
| Other liabilities | 24 | (246) | (253) |
| (2,821) | (3,051) | ||
| Current liabilities | |||
| Trade and other liabilities | 24 | (1,605) | (1,467) |
| Financial liabilities – Borrowings | 18 | (404) | (74) |
| Financial liabilities – Derivative financial instruments | 16 | – | (7) |
| Current income tax liabilities | (215) | (159) | |
| Provisions for other liabilities and charges | 23 | (18) | (18) |
| (2,242) | (1,725) | ||
| Total liabilities | (5,063) | (4,776) | |
| Net assets | 5,605 | 4,636 | |
| Equity | |||
| Share capital | 27 | 203 | 203 |
| Share premium | 27 | 2,524 | 2,512 |
| Treasury shares | 28 | (137) | (226) |
| Translation reserve | 402 | 227 | |
| Retained earnings | 2,546 | 1,629 | |
| Total equity attributable to equity holders of the company | 5,538 | 4,345 | |
| Non-controlling interest | 67 | 291 | |
| Total equity | 5,605 | 4,636 |
These financial statements have been approved for issue by the board of directors on 7 March 2011 and signed on its behalf by
Robin Freestone
Chief financial officer