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Five Year Summary

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All figures in millions 2003 2004 2005 2006 2007
Sales          
Continuing operations 3,510 3,340 3,662 3,990 4,162
Discontinued businesses included in adjusted sales* 73 66 63 61 56
Adjusted sales* 3,583 3,406 3,725 4,051 4,218
Discontinued businesses excluded from adjusted sales* 436 480 398 372 111
Total sales* 4,019 3,886 4,123 4,423 4,329
Adjusted sales - continuing as reported** 3,850 3,696 4,096 4,051 4,218
School 1,149 1,087 1,295 1,455 1,537
Higher Education 770 729 779 795 793
Professional* 318 300 301 341 354
Education* 2,237 2,116 2,375 2,591 2,684
FT Publishing 233 235 249 280 344
Interactive Data 273 269 297 332 344
FT Group 506 504 546 612 688
Penguin 840 786 804 848 846
Continuing* 3,583 3,406 3,725 4,051 4,218
Discontinued 436 480 398 372 111
Total sales 4,019 3,886 4,123 4,423 4,329
Adjusted operating profit          
School 116 108 147 184 203
Higher Education 142 129 156 161 161
Professional* 33 18 25 38 40
Education* 291 255 328 383 404
FT Publishing (31) (2) 17 27 56
Interactive Data 70 67 80 89 97
FT Group 39 65 97 116 153
Penguin 83 52 60 66 74
Continuing* 413 372 485 565 631
Discontinued 34 54 21 27 3
Total adjusted operating profit 447 426 506 592 634
Adjusted operating profit - continuing as reported** 416 400 509 565 631
Operating margin - continuing as reported** 10.8% 10.8% 12.4% 13.9% 15.0%
Adjusted earnings          
Total adjusted operating profit 447 426 506 592 634
Interest (90) (76) (84) (90) (85)
Tax*** (116) (108) (128) (130) (145)
Minorities (22) (23) (22) (28) (32)
Adjusted earnings*** 219 219 272 344 372
Weighted average shares 794.4 795.6 797.9 798.4 796.8
Adjusted earnings per share** 27.6p 27.5p 34.1p 43.1p 46.7p
Operating cash flow 318 418 570 575 684
Operating cash conversion 71% 98% 113% 97% 108%
Operating free cash flow 208 278 440 434 533
Operating free cash flow pre share 26.2p 34.9p 55.1p 54.4p 66.9p
Free cash flow 190 284 431 433 407
Free cash flow per share 23.9p 35.7p 54.0p 54.2p 51.1p
Net assets 3,161 3,014 3,733 3,644 3,874
Net debt 1,376 1,221 996 1,059 973
Return on invested capital          
Total adjusted operating profit 447 426 506 592 634
Cash tax (15%) (67) (64) (76) (89) (95)
Return 380 362 430 503 539
Invested capital 6,315 5,879 6,454 6,280 6,592
Return on invested capital 6.0% 6.2% 6.7% 8.0% 8.2%
Dividend per share 24.2p 25.4p 27.0p 29.3p 31.6p

* Includes Data Management business classified as discontinued for statutory purposes
** Includes Governement Solutions and Les Echos in continuing for 2003 and 2005
*** 2006 and 2007 restated for tax deductability of goodwill and intangible amortisation (2003, 2004 and 2005 not restated)

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