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| All figures in £ millions | Notes | 2006 | 2005 |
|---|---|---|---|
| Assets | |||
| Non-current assets | |||
| Property, plant and equipment | 11 | 348 | 384 |
| Intangible assets | 12 | 3,581 | 3,854 |
| Investments in joint ventures and associates | 13 | 20 | 36 |
| Deferred income tax assets | 14 | 417 | 385 |
| Financial assets – Derivative financial instruments | 16 | 36 | 79 |
| Other financial assets | 15 | 17 | 18 |
| Other receivables | 19 | 124 | 108 |
| 4,543 | 4,864 | ||
| Current assets | |||
| Intangible assets – Pre-publication | 17 | 402 | 426 |
| Inventories | 18 | 354 | 373 |
| Trade and other receivables | 19 | 953 | 1,031 |
| Financial assets – Derivative financial instruments | 16 | 50 | 4 |
| Financial assets – Marketable securities | 25 | – | |
| Cash and cash equivalents (excluding overdrafts) | 20 | 592 | 902 |
| 2,376 | 2,736 | ||
| Non-current assets classified as held for sale | 29 | 294 | – |
| 2,670 | 2,736 | ||
| Total assets | 7,213 | 7,600 | |
| Liabilities | |||
| Non-current liabilities | |||
| Financial liabilities – Borrowings | 21 | (1,148) | (1,703) |
| Financial liabilities – Derivative financial instruments | 16 | (19) | (22) |
| Deferred income tax liabilities | 14 | (245) | (204) |
| Retirement benefit obligations | 24 | (250) | (389) |
| Provisions for other liabilities and charges | 22 | (29) | (31) |
| Other liabilities | 23 | (162) | (151) |
| (1,853) | (2,500) | ||
| Current liabilities | |||
| Trade and other liabilities | 23 | (998) | (974) |
| Financial liabilities – Borrowings | 21 | (595) | (256) |
| Current income tax liabilities | (74) | (104) | |
| Provisions for other liabilities and charges | 22 | (23) | (33) |
| (1,690) | (1,367) | ||
| Liabilities directly associated with non-current assets classified as held for sale | 29 | (26) | – |
| Total liabilities | (3,569) | (3,867) | |
| Net assets | 3,644 | 3,733 | |
| Equity | |||
| Share capital | 25 | 202 | 201 |
| Share premium | 25 | 2,487 | 2,477 |
| Treasury shares | 26 | (189) | (153) |
| Other reserves | 27 | (592) | (175) |
| Retained earnings | 27 | 1,568 | 1,214 |
| Total equity attributable to equity holders of the Company | 3,476 | 3,564 | |
| Minority interest | 168 | 169 | |
| Total equity | 3,644 | 3,733 |
These financial statements have been approved for issue by the board of directors on 9 March 2007 and signed on its behalf by
Robin Freestone, Chief financial officer