REG - Pearson PLC - Half-year Report <Origin Href="QuoteRef">PSON.L</Origin> - Part 2
04/08/2017 07:08
- Part 2: For the preceding part double click ID:nRSD0925Na
tax assets 432 282 451
Financial assets - Derivative financial instruments 125 200 171
Retirement benefit assets 321 446 158
Other financial assets 86 59 65
Trade and other receivables 120 120 104
Non-current assets 5,307 8,254 5,981
Intangible assets - Pre-publication 985 945 1,024
Inventories 238 274 235
Trade and other receivables 1,234 1,343 1,357
Financial assets - Derivative financial instruments 6 - -
Financial assets - Marketable securities 11 31 10
Cash and cash equivalents (excluding overdrafts) 458 980 1,459
Current assets 2,932 3,573 4,085
Assets classified as held for sale 10 608 - -
Total assets 8,847 11,827 10,066
Financial liabilities - Borrowings (1,816) (2,324) (2,424)
Financial liabilities - Derivative financial instruments (175) (190) (264)
Deferred income tax liabilities (470) (548) (466)
Retirement benefit obligations (140) (144) (139)
Provisions for other liabilities and charges (67) (73) (79)
Other liabilities 12 (373) (370) (422)
Non-current liabilities (3,041) (3,649) (3,794)
Trade and other liabilities 12 (1,331) (1,463) (1,629)
Financial liabilities - Borrowings (266) (115) (44)
Financial liabilities - Derivative financial instruments (1) (8) -
Current income tax liabilities (182) (102) (224)
Provisions for other liabilities and charges (27) (30) (27)
Current liabilities (1,807) (1,718) (1,924)
Liabilities classified as held for sale 10 (37) - -
Total liabilities (4,885) (5,367) (5,718)
Net assets 3,962 6,460 4,348
Share capital 206 205 205
Share premium 2,600 2,594 2,597
Treasury shares (76) (69) (79)
Reserves 1,227 3,727 1,621
Total equity attributable to equity holders of the company 3,957 6,457 4,344
Non-controlling interest 5 3 4
Total equity 3,962 6,460 4,348
The condensed consolidated financial statements were approved by the Board on 3 August 2017.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the period ended 30 June 2017
Equity attributable to the equity holders of the company Non-controlling interest Total equity
all figures in £ millions Share capital Share Premium Treasury Shares Translation reserve Fair value reserve Retained earnings Total
2017 half year
At 1 January 2017 205 2,597 (79) 905 - 716 4,344 4 4,348
Loss for the period - - - - - (17) (17) 1 (16)
Other comprehensive income - - - (116) 21 (21) (116) - (116)
Total comprehensive income - - - (116) 21 (38) (133) 1 (132)
Equity-settled transactions - - - - - 19 19 - 19
Tax on equity-settled transactions - - - - - - - - -
Issue of ordinary shares under share option schemes 1 3 - - - - 4 - 4
Purchase of treasury shares - - - - - - - - -
Release of treasury shares - - 3 - - (3) - - -
Changes in non-controlling interest - - - - - - - - -
Dividends - - - - - (277) (277) - (277)
At 30 June 2017 206 2,600 (76) 789 21 417 3,957 5 3,962
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY continued
for the period ended 30 June 2017
Equity attributable to the equity holders of the company Non-controlling interest Total equity
all figures in £ millions Share capital Share premium Treasury shares Translation reserve Fair value reserve Retained earnings Total
2016 half year
At 1 January 2016 205 2,590 (72) (7) - 3,698 6,414 4 6,418
Loss for the period - - - - - (221) (221) 1 (220)
Other comprehensive income - - - 523 - (2) 521 1 522
Total comprehensive income - - - 523 - (223) 300 2 302
Equity-settled transactions - - - - - 16 16 - 16
Tax on equity-settled transactions - - - - - - - - -
Issue of ordinary shares under share option schemes - 4 - - - - 4 - 4
Purchase of treasury shares - - - - - - - - -
Release of treasury shares - - 3 - - (3) - - -
Changes in non-controlling interest - - - - - - - (3) (3)
Dividends - - - - - (277) (277) - (277)
At 30 June 2016 205 2,594 (69) 516 - 3,211 6,457 3 6,460
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY continued
for the period ended 30 June 2017
Equity attributable to the equity holders of the company Non-controlling interest Total equity
all figures in £ millions Share capital Share premium Treasury shares Translation reserve Fair value reserve Retained earning Total
2016 full year
At 1 January 2016 205 2,590 (72) (7) - 3,698 6,414 4 6,418
Loss for the period - - - - - (2,337) (2,337) 2 (2,335)
Other comprehensive income - - - 912 - (223) 689 1 690
Total comprehensive income - - - 912 - (2,560) (1,648) 3 (1,645)
Equity-settled transactions - - - - - 22 22 - 22
Tax on equity-settled transactions - - - - - - - - -
Issue of ordinary shares under share option schemes - 7 - - - - 7 - 7
Purchase of treasury shares - - (27) - - - (27) - (27)
Release of treasury shares - - 20 - - (20) - - -
Changes in non-controlling interest - - - - - - - (3) (3)
Dividends - - - - - (424) (424) - (424)
At 31 December 2016 205 2,597 (79) 905 - 716 4,344 4 4,348
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
for the period ended 30 June 2017
2017 2016 2016
all figures in £ millions note half year half year full year
Cash flows from operating activities
Net cash (used in) / generated from operations 16 (219) (266) 522
Interest paid (48) (22) (67)
Tax paid (33) (35) (45)
Net cash (used in) / generated from operating activities (300) (323) 410
Cash flows from investing activities
Acquisition of subsidiaries, net of cash acquired 13 (12) (12) (15)
Purchase of investments (3) (3) (6)
Purchase of property, plant and equipment (32) (45) (88)
Purchase of intangible assets (79) (67) (157)
Disposal of subsidiaries, net of cash disposed (6) (37) (54)
Proceeds from sale of joint ventures and associates - - 4
Proceeds from sale of investments - 92 92
Proceeds from sale of property, plant and equipment 3 - 4
Proceeds from sale of liquid resources 11 14 42
Loans (advanced) / repaid by related parties (5) 27 14
Investment in liquid resources (13) (18) (24)
Interest received 9 4 16
Dividends received from joint ventures and associates 60 24 131
Net cash used in investing activities (67) (21) (41)
Cash flows from financing activities
Proceeds from issue of ordinary shares 4 4 7
Purchase of treasury shares - - (27)
Proceeds from borrowings 150 - 4
Repayment of borrowings (459) (245) (249)
Finance lease principal payments (3) (1) (6)
Transactions with non-controlling interests - - (2)
Dividends paid to company's shareholders (277) (277) (424)
Net cash used in financing activities (585) (519) (697)
Effects of exchange rate changes on cash and cash equivalents (13) 69 81
Net decrease in cash and cash equivalents (965) (794) (247)
Cash and cash equivalents at beginning of period 1,424 1,671 1,671
Cash and cash equivalents at end of period 459 877 1,424
1,424
For the purposes of the cash flow statement, cash and cash equivalents are presented net of overdrafts repayable on demand.
These overdrafts amount to £24m in 2017 (2016 half year: £103m, 2016 full year: £35m) and are excluded from cash and cash
equivalents disclosed on the balance sheet. In 2017, cash and cash equivalents also includes £25m of cash classified as
held for sale.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the period ended 30 June 2017
1. Basis of preparation
The condensed consolidated financial statements have been prepared in accordance with the Disclosure and Transparency Rules
of the Financial Conduct Authority and in accordance with IAS 34 'Interim Financial Reporting' as adopted by the European
Union (EU). The condensed consolidated financial statements should be read in conjunction with the annual financial
statements for the year ended 31 December 2016 which have been prepared in accordance with International Financial
Reporting Standards (IFRS) and IFRS Interpretations Committee interpretations as adopted by the EU. In respect of
accounting standards applicable to the Group in the current period there is no difference between EU-adopted IFRS and
International Accounting Standards Board (IASB)-adopted IFRS.
The condensed consolidated financial statements have also been prepared in accordance with the accounting policies set out
in the 2016 Annual Report and have been prepared under the historical cost convention as modified by the revaluation of
certain financial assets and liabilities (including derivative financial instruments) at fair value.
The 2016 Annual Report refers to new standards that the Group will adopt in future periods but that are not yet effective
in 2017. The Group is currently in the process of assessing the impact of these new standards and will provide more
information on their impact in due course.
The Group's forecasts and projections, taking account of reasonably possible changes in trading performance, seasonal
working capital requirements and potential acquisition activity, show that the Group should be able to operate within the
level of its current committed borrowing facilities. The directors have confirmed that they have a reasonable expectation
that the Group has adequate resources to continue in operational existence. The condensed consolidated financial statements
have therefore been prepared on a going concern basis.
The preparation of condensed consolidated financial statements requires the use of certain critical accounting assumptions.
It also requires management to exercise its judgement in the process of applying the Group's accounting policies. The
areas requiring a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the
condensed consolidated financial statements have been set out in the 2016 Annual Report.
The financial information for the year ended 31 December 2016 does not constitute statutory accounts as defined in section
434 of the Companies Act 2006. A copy of the statutory accounts for that year has been delivered to the Registrar of
Companies. The independent auditors' report on the full financial statements for the year ended 31 December 2016 was
unqualified and did not contain an emphasis of matter paragraph or any statement under section 498 of the Companies Act
2006.
The condensed consolidated financial statements and related notes for the six months to 30 June 2017 have been reviewed by
the auditors and their review opinion is included at the end of these statements.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued
for the period ended 30 June 2017
2. Segment information
The reportable segments are Geographies (North America, Core and Growth). In addition, the Group separately discloses the
results from the Penguin Random House associate (PRH).
2017 2016 2016
all figures in £ millions half year half year full year
Sales by Geography
North America 1,285 1,164 2,981
Core 384 370 803
Growth 378 332 768
Total sales 2,047 1,866 4,552
Adjusted operating profit by Geography
North America 43 2 420
Core 10 (7) 57
Growth 8 (12) 29
PRH 46 32 129
Adjusted operating profit 107 15 635
There were no material inter-segment sales.
Adjusted operating profit is one of Pearson's key business performance measures; it includes the operating profit from the
total business including the results of discontinued operations when relevant.
In January 2016, Pearson announced that it was embarking on a restructuring programme to simplify the business, reduce
costs and position the company for growth in its major markets. The costs of this programme in 2016 were significant enough
to exclude in our adjusted operating profit measure so as to better highlight the underlying performance. Further
restructuring, announced in May 2017, will occur in the second half of 2017 but no significant costs were incurred in the
period to 30 June 2017.
Other net gains and losses that represent profits and losses on the sale of subsidiaries, joint ventures, associates and
other financial assets are excluded from adjusted operating profit as they distort the performance of the Group. There were
no other gains and losses in 2017 and in the first half of 2016, the losses in the Core segment mainly relate to the
closure of our English language schools in Germany and additionally in the second half of 2016 there were losses in the
North America segment relating to the sale of the Pearson English Business Solutions business.
Charges relating to acquired intangibles, acquisition costs and movements in contingent acquisition consideration are also
excluded from adjusted operating profit when relevant as these items reflect past acquisition activity and don't
necessarily reflect the current year performance of the Group. In the second half of 2016, intangible charges included an
impairment of goodwill in our North American business of £2,548m.
Corporate costs are allocated to business segments on an appropriate basis depending on the nature of the cost and
therefore the total segment result is equal to the Group operating profit.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued
for the period ended 30 June 2017
2. Segment information continued
The following table reconciles adjusted operating profit to operating profit for each of our reportable segments.
North America Core Growth PRH Total
all figures in £ millions
2017 half year
Adjusted operating profit 43 10 8 46 107
Costs of major restructuring - - - - -
Other net gains and losses - - - - -
Intangible charges (46) (6) (24) (15) (91)
Operating profit / (loss) (3) 4 (16) 31 16
2016 half year
Adjusted operating profit / (loss) 2 (7) (12) 32 15
Costs of major restructuring (109) (20) (40) (2) (171)
Other net gains and losses - (18) - - (18)
Intangible charges (75) (6) (14) (17) (112)
Operating (loss) / profit (182) (51) (66) 13 (286)
2016 full year
Adjusted operating profit 420 57 29 129 635
Costs of major restructuring (172) (62) (95) (9) (338)
Other net gains and losses (12) (12) (1) - (25)
Intangible charges (2,684) (16) (33) (36) (2,769)
Operating (loss) / profit (2,448) (33) (100) 84 (2,497)
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued
for the period ended 30 June 2017
3. Net finance costs
2017 2016 2016
all figures in £ millions half year half year full year
Net interest payable (47) (27) (59)
Finance income in respect of retirement benefits 2 5 11
Finance costs associated with acquisitions (5) - -
Net foreign exchange gains / (losses) 19 (9) (20)
Derivatives not in a hedging relationship 5 11 8
Net finance costs (26) (20) (60)
Analysed as:
Finance costs (66) (51) (97)
Finance income 40 31 37
Net finance costs (26) (20) (60)
Analysed as:
Net interest payable (47) (27) (59)
Other net finance income / (costs) 21 7 (1)
Net finance costs (26) (20) (60)
Net finance costs classified as other net finance income / costs are excluded in the calculation of our adjusted earnings.
We have excluded finance income relating to retirement benefits as we believe the presentation does not reflect the
economic substance of the underlying assets and liabilities. We exclude finance costs relating to acquisition transactions
as these relate to future earn outs or acquisition expenses and are not part of the underlying financing.
Foreign exchange and other gains and losses on derivatives are also excluded as they represent short-term fluctuations in
market value and are subject to significant volatility. Other gains and losses may not be realised in due course as it is
normally the intention to hold the related instruments to maturity. In 2017 and 2016 the foreign exchange gains and losses
largely relate to foreign exchange differences on unhedged US dollar and Euro loans, cash and cash equivalents.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued
for the period ended 30 June 2017
4. Profit before tax
2017 2016 2016
all figures in £ millions note half year half year full year
Loss before tax (10) (306) (2,557)
Costs of major restructuring 2 - 171 338
Intangible charges 2 91 112 2,769
Other gains and losses 2 - 18 25
Other net finance (income) / costs 3 (21) (7) 1
Total adjusted profit / (loss) before tax 60 (12) 576
5. Income tax
2017 2016 2016
all figures in £ millions half year half year full year
Income tax (charge) / benefit (6) 86 222
Tax benefit on costs of major restructuring - (54) (84)
Tax benefit on intangible charges (25) (32) (255)
Tax charge / (benefit) on other gains and losses 10 - (14)
Tax charge on other net finance costs 5 1 -
Tax amortisation benefit on goodwill and intangibles 3 1 36
Total adjusted income tax (charge) / benefit (13) 2 (95)
Tax rate reflected in adjusted earnings 21.0% 19.0% 16.5%
19.0%
16.5%
The adjusted income tax charge excludes the tax benefit or charge on items that are excluded from the profit or loss before
tax (see note 4).
The tax benefit from tax deductible goodwill and intangibles is added to the adjusted income tax charge as this benefit
more accurately aligns the adjusted tax charge with the expected rate of cash tax payments.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued
for the period ended 30 June 2017
6. Earnings per share
Basic earnings per share is calculated by dividing the profit or loss attributable to equity shareholders of the Company
(earnings) by the weighted average number of ordinary shares in issue during the period, excluding ordinary shares
purchased by the Company and held as treasury shares. Diluted earnings per share is calculated by adjusting the weighted
average number of ordinary shares to take account of all dilutive potential ordinary shares and adjusting the profit
attributable, if applicable, to account for any tax consequences that might arise from conversion of those shares. A
dilution is not calculated for a loss.
2017 2016 2016
all figures in £ millions half year half year full year
Loss for the period from continuing operations (16) (220) (2,335)
Non-controlling interest (1) (1) (2)
Loss attributable to equity holders of the company (17) (221) (2,337)
Weighted average number of shares (millions) 815.0 815.0 814.8
Effect of dilutive share options (millions) - - -
Weighted average number of shares (millions) for diluted earnings 815.0 815.0 814.8
Loss per share
Basic (2.1)p (27.1)p (286.8)p
Diluted (2.1)p (27.1)p (286.8)p
7. Adjusted earnings per share
In order to show results from operating activities on a consistent basis, an adjusted earnings per share is presented.
Adjusted earnings is a non-GAAP financial measure and is included as it is a key financial measure used by management to
evaluate performance and allocate resources to business segments. The measure also enables our investors to more easily,
and consistently, track the underlying operational performance of the Group and its business segments by separating out
those items of income and expenditure relating to acquisition and disposal transactions, and major restructuring
programmes.
The adjusted earnings per share includes both continuing and discontinued businesses on an undiluted basis when relevant.
The Company's definition of adjusted earnings per share may not be comparable to other similarly titled measures reported
by other companies. A reconciliation of the adjusted measures to their corresponding statutory measures is shown in the
tables below and in the relevant notes.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued
for the period ended 30 June 2017
7. Adjusted earnings per share continued
Statutory income Costs of major restructuring Other net gains and losses Intangible charges Other net finance costs Tax amortisation benefit Adjusted income
all figures in £ millions note
2017 half year
Operating profit 2 16 - - 91 - - 107
Net finance costs 3 (26) - - - (21) - (47)
Profit / (loss) before tax 4 (10) - - 91 (21) - 60
Income tax 5 (6) - 10 (25) 5 3 (13)
Profit / (loss) for the period (16) - 10 66 (16) 3 47
Non - controlling interest (1) - - - - - (1)
Earnings / (Loss) (17) - 10 66 (16) 3 46
Weighted average number of shares (millions) 815.0
Weighted average number of shares (millions) for diluted earnings 815.0
Adjusted earnings per share (basic) 5.6p
Adjusted earnings per share (diluted) 5.6p
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued
for the period ended 30 June 2017
7. Adjusted earnings per share continued
Statutory income Costs of major restructuring Other net gains and losses Intangible charges Other net finance costs Tax amortisation benefit Adjusted income
all figures in £ millions note
2016 half year
Operating profit / (loss) 2 (286) 171 18 112 - - 15
Net finance costs 3 (20) - - - (7) - (27)
Loss before tax 4 (306) 171 18 112 (7) - (12)
Income tax 5 86 (54) - (32) 1 1 2
Loss for the period (220) 117 18 80 (6) 1 (10)
Non - controlling interest (1) - - - - - (1)
Loss (221) 117 18 80 (6) 1 (11)
Weighted average number of shares (millions) 815.0
Weighted average number of shares (millions) for diluted earnings 815.0
Adjusted loss per share (basic) (1.3)p
Adjusted loss per share (diluted) (1.3)p
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued
for the period ended 30 June 2017
7. Adjusted earnings per share continued
Statutory income Costs of major restructuring Other net gains and losses Intangible charges Other net finance costs Tax amortisation benefit Adjusted income
all figures in £ millions note
2016 full year
Operating profit / (loss) 2 (2,497) 338 25 2,769 - - 635
Net finance costs 3 (60) - - - 1 - (59)
Profit / (loss) before tax 4 (2,557) 338 25 2,769 1 - 576
Income tax 5 222 (84) (14) (255) - 36 (95)
Profit / (loss) for the period (2,335) 254 11 2,514 1 36 481
Non - controlling interest (2) - - - - - (2)
Earnings / (loss) (2,337) 254 11 2,514 1 36 479
Weighted average number of shares (millions) 814.8
Weighted average number of shares (millions) for diluted earnings 814.8
Adjusted earnings per share (basic) 58.8p
Adjusted earnings per share (diluted) 58.8p
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued
for the period ended 30 June 2017
8. Dividends
2017 2016 2016
all figures in £ millions half year half year full year
Amounts recognised as distributions to equity shareholders in the period 277 277 424
The directors are proposing an interim dividend of 5.0p per equity share, payable on 15 September 2017 to shareholders on
the register at the close of business on 18 August 2017. This interim dividend, which will absorb an estimated £41m of
shareholders' funds, has not been included as a liability as at 30 June 2017.
9. Exchange rates
Pearson earns a significant proportion of its sales and profits in overseas currencies, the most important being the US
dollar. The relevant rates are as follows:
2017 2016 2016
half year half year full year
Average rate for profits 1.27 1.41 1.33
Period end rate 1.30 1.34 1.23
1.23
10. Assets and liabilities classified as held for sale
On 11 July 2017, Pearson announced its agreement to sell a 22% stake in PRH to Bertelsmann and recapitalise the business.
The 22% stake in PRH has been classified as held for sale and this portion of the PRH investment of £563m has been shown
separately as a current asset on the balance sheet. Additionally following the announcement of the intention to sell the
China based English test preparation business, Global Education (GEDU), we have recorded the assets and liabilities of that
business as held for sale. At 30 June 2017 the assets of this business were £45m and liabilities were £37m.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued
for the period ended 30 June 2017
11. Non-current intangible assets
2017 2016 2016
all figures in £ millions half year half year full year
Goodwill 2,251 4,534 2,341
Other intangibles 1,015 1,082 1,101
Non-current intangible assets 3,266 5,616 3,442
3,442
At the end of 2016, following trading in the final quarter of the year, it became clear that underlying issues in the North
American higher education courseware market were more severe than had been previously anticipated. These issues related to
declining student enrolments, changes in buying patterns of students and correction of inventory levels by distributors and
bookshops. As a result of revisions to strategic plans and estimates for future cash flows we determined during the
goodwill impairment review that the fair value less costs of disposal of the North America cash generating unit (CGU) no
longer supported the carrying value of this goodwill and as a consequence impaired goodwill by £2,548m. There were no
impairments to goodwill or intangibles in the period to June 2017.
12. Trade and other liabilities
2017 2016 2016
all figures in £ millions half year half year full year
Trade payables (222) (224) (333)
Accruals (427) (542) (532)
Deferred income (802) (797) (883)
Other liabilities (253) (270) (303)
Trade and other liabilities (1,704) (1,833) (2,051)
Analysed as:
Trade and other liabilities - current (1,331) (1,463) (1,629)
Other liabilities - non-current (373) (370) (422)
Total trade and other liabilities (1,704) (1,833) (2,051)
Total trade and other liabilities
(1,704)
(1,833)
(2,051)
The deferred income balance comprises principally multi-year obligations to deliver workbooks to adoption customers in
school businesses; advance payments in assessment, testing and training businesses; subscription income in school and
college businesses; and obligations to deliver digital content in future periods.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS continued
for the period ended 30 June 2017
13. Business combinations
There were no significant acquisitions completed in the period and there were no material adjustments to prior year
acquisitions.
The net cash outflow relating to acquisitions in the period is shown in the table below:
Total
all figures in £ millions
Cash - Current period acquisitions -
Deferred payments for prior period acquisitions and other items (12)
Net cash outflow on acquisitions (12)
(12)
14. Net debt
2017 2016 2016
all figures in £ millions half year half year full year
Non-current assets
Derivative financial instruments 125 200 171
Current assets
Derivative financial instruments 6 - -
Marketable securities 11 31 10
Cash and cash equivalents (excluding overdrafts) 458 980 1,459
Non-current liabilities
Borrowings (1,816) (2,324) (2,424)
Derivative financial instruments (175) (190) (264)
Current liabilities
Borrowings (266) (115) (44)
Derivative financial instruments (1) (8) -
Net debt (1,658) (1,426) (1,092)
Net cash classified as held for sale 25 - -
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