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Consolidated Balance Sheet
As at 31 December 2006

All figures in millions Notes 2007 2006
Assets
Non-current assets
Property, plant and equipment 10 355 348
Intangible assets 11 3,814 3,581
Investments in joint ventures and associates 12 20 20
Deferred income tax assets 13 328 417
Financial assets – Derivative financial instruments 16 23 36
Retirement benefit assets 24 62
Other financial assets 15 52 17
Other receivables 19 129 124
4,783 4,543
Current assets
Intangible assets – Pre-publication 17 450 402
Inventories 18 368 354
Trade and other receivables 19 946 953
Financial assets – Derivative financial instruments 16 28 50
Financial assets – Marketable securities 40 25
Cash and cash equivalents (excluding overdrafts) 20 560 592
2,392 2,376
Non-current assets classified as held for sale 30 117 294
2,509 2,670
Total assets 7,292 7,213
Liabilities
Non-current liabilities
Financial liabilities – Borrowings 21 (1,049) (1,148)
Financial liabilities – Derivative financial instruments 16 (16) (19)
Deferred income tax liabilities 13 (287) (245)
Retirement benefit obligations 24 (95) (250)
Provisions for other liabilities and charges 22 (44) (29)
Other liabilities 23 (190) (162)
(1,681) (1,853)
Current liabilities
Trade and other liabilities 23 (1,050) (998)
Financial liabilities – Borrowings 21 (559) (595)
Current income tax liabilities (96) (74)
Provisions for other liabilities and charges 22 (23) (23)
(1,728) (1,690)
Liabilities directly associated with non-current assets classified as held for sale 30 (9) (26)
Total liabilities (3,418) (3,569)
Net assets 3,874 3,644
Equity
Share capital 26 202 202
Share premium 26 2,499 2,487
Treasury shares 27 (216) (189)
Other reserves 28 (514) (592)
Retained earnings 28 1,724 1,568
Total equity attributable to equity holders of the Company 3,695 3,476
Minority interest 179 168
Total equity 3,874 3,644

These financial statements have been approved for issue by the board of directors on 13 March 2008 and signed on its behalf by

Robin Freestone, Chief financial officer

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