Consolidated balance sheet
As at 31 December 2009

All figures in £ millions	Notes	2009	2008
Assets
Non-current assets
Property, plant and equipment	10	388	423
Intangible assets	11	5,129	5,353
Investments in joint ventures and associates	12	30	23
Deferred income tax assets	13	387	372
Financial assets – Derivative financial instruments	16	112	181
Retirement benefit assets	25	–	49
Other financial assets	15	62	63
Other receivables	22	112	152
		6,220	6,616
Current assets
Intangible assets – Pre-publication	20	650	695
Inventories	21	445	501
Trade and other receivables	22	1,284	1,342
Financial assets – Derivative financial instruments	16	–	3
Financial assets – Marketable securities	14	63	54
Cash and cash equivalents (excluding overdrafts)	17	750	685
		3,192	3,280
Total assets		9,412	9,896
Liabilities
Non-current liabilities
Financial liabilities – Borrowings	18	(1,934)	(2,019)
Financial liabilities – Derivative financial instruments	16	(2)	(15)
Deferred income tax liabilities	13	(473)	(447)
Retirement benefit obligations	25	(339)	(167)
Provisions for other liabilities and charges	23	(50)	(33)
Other liabilities	24	(253)	(221)
		(3,051)	(2,902)
Current liabilities
Trade and other liabilities	24	(1,467)	(1,429)
Financial liabilities – Borrowings	18	(74)	(344)
Financial liabilities – Derivative financial instruments	16	(7)	(5)
Current income tax liabilities		(159)	(136)
Provisions for other liabilities and charges	23	(18)	(56)
		(1,725)	(1,970)
Total liabilities		(4,776)	(4,872)
Net assets		4,636	5,024
Equity
Share capital	27	203	202
Share premium	27	2,512	2,505
Treasury shares	28	(226)	(222)
Translation reserve		227	586
Retained earnings		1,629	1,679
Total equity attributable to equity holders of the company		4,345	4,750
Minority interest		291	274
Total equity		4,636	5,024

These financial statements have been approved for issue by the board of directors on 10 March 2010 and signed on its behalf by

Robin Freestone Chief financial officer