PEARSON PLC | CIK:0000938323 | 3

  • Filed: 4/4/2018
  • Entity registrant name: PEARSON PLC (CIK: 0000938323)
  • Generator: Donnelley Financial Solutions
  • SEC filing page: http://www.sec.gov/Archives/edgar/data/938323/000119312518106891/0001193125-18-106891-index.htm
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  • ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory

    31. Disposals including business closures

    In August 2017, the Group completed the sale of the test preparation business in China (GEDU) and in October 2017 the sale of a 22% share in Penguin Random House, retaining a 25% share (see note 12).

     

         Notes      2017     2016     2015  

    All figures in £ millions

          GEDU     Penguin
    Random
    House
        Other     Total     Total     FT Group     PowerSchool     Other     Total  

    Disposal of subsidiaries and associates

                         

    Property, plant and equipment

         10        (7                 (7     (3     (15     (2           (17

    Intangible assets

         11        (2           (7     (9           (46     (19     (5     (70

    Investments in joint ventures and associates

                  (352           (352           (7                 (7

    Other financial assets

                                          92                   92  

    Net deferred income tax (assets)/liabilities

         13        (1     (2           (3     (10     (2           3       1  

    Intangible assets – pre-publication

         20                    (1     (1     (4           (64           (64

    Inventories

            (1           (1     (2           (1                 (1

    Trade and other receivables

            (16                 (16     (6     (72     (16     (6     (94

    Current income tax (receivable)/payable

                  (5           (5           1                   1  

    Cash and cash equivalents (excluding overdrafts)

            (13                 (13     (9     (29           (4     (33

    Trade and other liabilities

            33             1       34       21       113       35       6       154  

    Retirement benefit obligations

                                          7                   7  

    Provision for other liabilities and charges

                                          2                   2  

    Attributable goodwill

                                          (50     (119     (6     (175

    Cumulative currency translation adjustment

         29        3       48             51             4       6         10  
         

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Net assets disposed

            (4     (311     (8     (323     (11     (3     (179     (12     (194

    Cash received

            54       413       1       468       7       1,235       222       11       1,468  

    Costs

            (6     (6     (5     (17     (16     (47     (13     (9     (69
         

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Gain/(loss) on disposal

            44       96       (12     128       (20     1,185       30       (10     1,205  
         

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    The amount included as other financial assets in 2015 related to an 11% share in the Economist which was retained and held at fair value within other financial assets on the balance sheet.

     

     

    All figures in £ millions

       2017     2016     2015  

    Cash flow from disposals

          

    Cash – current year disposals

         468       11       1,468  

    Cash and cash equivalents disposed

         (13     (9     (33

    Costs and other disposal liabilities paid

         (25     (52     (26
      

     

     

       

     

     

       

     

     

     

    Net cash inflow/(outflow)

         430       (50     1,409  
      

     

     

       

     

     

       

     

     

     

    Analysed as:

          

    Cash inflow/(outflow) from sale of subsidiaries

         19       (54     1,030  

    Cash inflow from sale of associates

         411       4       379