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Pearson Annual report and accounts 2009 Learn more about how we educate, entertain and inform at pearson.com and pearson.com/pearsonville Annual report and accounts 2009 Always learning Principal offices worldwide Pearson is a world-leading ‘education’ company, in the broadest Pearson (UK) Financial Times Group sense of that word. We have a very simple goal: to help people 80 Strand, London WC2R 0RL, UK Number One Southwark Bridge, get on in their lives through education. We aim to serve the citizens T +44 (0)20 7010 2000 London SE1 9HL, UK F +44 (0)20 7010 6060 T +44 (0)20 7873 3000 of our brain-based global economy wherever and whenever they [email protected] F +44 (0)20 7873 3076 are learning – old or young, at home or school or work, in any www.pearson.com [email protected] www.ft.com pursuit, anywhere. Pearson (US) 1330 Avenue of the Americas, The Penguin Group (UK) New York City, NY 10019, USA 80 Strand, London WC2R 0RL, UK T +1 212 641 2400 T +44 (0)20 7010 2000 F +1 212 641 2500 F +44 (0)20 7010 6060 [email protected] [email protected] www.pearson.com www.penguin.co.uk Pearson Education The Penguin Group (US) One Lake Street, 375 Hudson Street, New York City, Upper Saddle River, NY 10014, USA NJ 07458, USA T +1 212 366 2000 T +1 201 236 7000 F +1 212 366 2666 F +1 201 236 3222 [email protected] [email protected] us.penguingroup.com www.pearsoned.com Pearson plc Registered number 53723 (England) Have you tried learning about Pearson online? Visit the all-new www.pearson.com 1 Browse, download or print our interactive online annual report at 2 www.pearson.com/investor/ar2009 3 Take a virtual tour at www.pearson.com/pearsonville Notes Reliance on this document trends in results of operations, margins, growth rates, overall Our Business Review on pages 8 to 43 has been prepared market trends, the impact of interest or exchange rates, in accordance with the Directors’ Report Business Review the availability of financing, anticipated costs savings Requirements of section 417 of the Companies Act 2006. and synergies and the execution of Pearson’s strategy, are It also incorporates much of the guidance set out in the forward-looking statements. By their nature, forward-looking Accounting Standards Board’s Reporting Statement on statements involve risks and uncertainties because they the Operating and Financial Review. relate to events and depend on circumstances that will occur in the future. There are a number of factors which could The intention of this document is to provide information to cause actual results and developments to differ materially Design and Production: Radley Yeldar (London) ry.com shareholders and is not designed to be relied upon by any from those expressed or implied by these forward-looking Print: Beacon Press other party or for any other purpose. statements, including a number of factors outside Pearson’s Pearson has supported the planting of 1,750m2 of new native woodland with the Woodland Trust, helping to capture and store control. Any forward-looking statements speak only as of the Forward-looking statements 70 tonnes of carbon dioxide emissions generated by the production of this report. This document contains forward-looking statements which date they are made, and Pearson gives no undertaking to are made by the directors in good faith based on information update forward-looking statements to reflect any changes The cover of this report has been printed on Cocoon Silk 100 which is FSC certified and contains 100% recycled de-inked waste available to them at the time of approval of this report. In in its expectations with regard thereto or any changes to paper. The text pages are printed on Cocoon Offset which is also made from 100% recycled fibres. This report was printed using particular, all statements that express forecasts, expectations events, conditions or circumstances on which any such vegetable oil based inks and 100% renewable energy by a CarbonNeutral® printer certified to ISO 14001 environmental and projections with respect to future matters, including statement is based. management system and registered to EMAS the Eco Management Audit Scheme. Pearson plc Annual report and accounts 2009 Section 1 Introduction 01 What’s inside this report? Introduction 02 Pearson at a glance Introduction 04 Financial highlights A summary of who we are and what we do, 06 Chairman’s statement 1 including highlights of the operating and financial performance for the year. Our strategy Our strategy 08 Chief Executive’s strategic overview An analysis of our business strategy and 2 the key areas of investment and focus. Our performance 14 Our performance Our performance 16 Education North America An in-depth analysis of how we performed International 3 in 2009. Also looks at the outlook for 2010 Professional and the principal risks and uncertainties 24 FT Group FT Publishing affecting our businesses. Interactive Data 28 Penguin Business review Business 30 Other financial information 33 Principal risks and uncertainties Our impact on society Our impact 36 Introduction Our impact on society 36 Product quality and impact Directors’ Directors’ report Explains what corporate responsibility 38 Valuing our people 4 means at Pearson, giving a summary of 39 Sustainable business practice our work in 2009 and our plans for 2010. 40 Active citizenship 41 Progress and plans Governance 44 Board of directors Governance 46 Board governance Provides details of the board, its policies 56 Report on directors’ remuneration 5 and procedures and the report on directors’ remuneration. Financial statements Financial 79 Group accounts Financial statements 84 Independent auditors’ report Detailed financial statements for both the 148 Parent company accounts Group and the parent company, including 157 Principal subsidiaries 6 an analysis of the key measures used by the 158 Five year summary Group in its management of the business. 160 Corporate and operating measures 163 Shareholder information ibc Principal offices worldwide 02 Pearson plc Annual report and accounts 2009 Pearson at a glance Pearson is an international company with market-leading businesses in education, business information and consumer publishing. We are 37,000 people in more than 60 countries, helping children and adults to learn, business people to make informed decisions and readers of all ages to wind down or wise up with a good book. Overview People Proportion of Pearson revenue Education 27,000 Pearson is the world’s leading education company. We provide learning materials, US 16,400 technologies, assessments and services to teachers and students of all ages and UK 3,000 67% in more than 60 countries. North America £2,470m RoW 7,600 International £1,035m Professional £275m Business information The FT Group provides news, data, 4,800 comment and analysis to the international business community. It is known around US 1,900 the world for its independent and 15% authoritative information. UK 2,000 FT Publishing £358m RoW 900 Interactive Data £484m Consumer publishing Penguin publishes more than 4,000 4,200 fiction and non-fiction books each year – US 1,900 on paper, on screens and in audio formats – for readers of all ages. It is one of the UK 800 world’s leading consumer publishing RoW 1,500 18% businesses and an iconic global brand. Penguin £1,002m Section 1 Introduction 03 i Learn more at Introduction www.pearson.com/aboutus Our strategy Businesses Markets We are a leading provider of educational For some years, Pearson has been material and learning technologies. a leader in education, with leading We provide test development, processing positions in large developed markets and scoring services to educational and local publishing centres in more institutions, corporations and professional than 30 countries. More recently we have bodies around the world. We publish across significantly accelerated our international Our performance the curriculum under a range of respected expansion, investing in new education imprints including: Scott Foresman, operations in countries including China, Prentice Hall, Addison-Wesley, Allyn and India, Southern Africa and Latin America. Bacon, Benjamin Cummings and Longman. i See more on page 16 and at pearsoned.com Our impact on society Our impact FT Publishing includes: the Financial Times The Financial Times has a network of and FT.com; a range of specialist financial approximately 600 journalists in 40 magazines and online services; and countries and a unique model of producing Mergermarket. distinctive newspaper editions for Europe, the UK, the US, Asia and the Middle East. Interactive Data is Pearson’s 61%-owned FT.com, with nine million unique users provider of specialist financial data to and 1.8 million registered users around financial institutions and retail investors. the world, makes the FT even more widely The FT Group also has a stake in a number available. of joint ventures, including those with FTSE International, Vedomosti in Russia, BDFM Governance in South Africa and a 50% stake in The Economist Group. i See more on page 24 and at ft.com Penguin operates around the world through Penguin combines a longstanding a series of connected national publishing commitment to local publishing with houses. It publishes under a number of well- a determination to benefit from its known imprints including Putnam, Viking, worldwide scale, a globally recognised Allen Lane, Hamish Hamilton, Berkley, the brand and growing demand for books statements Financial Penguin Press, Puffin and Dorling Kindersley. in emerging markets. Its largest businesses are in the US, the UK, Australia, Canada, Ireland, India, South Africa and New Zealand. i See more on page 28 and at penguin.com 04 Pearson plc Annual report and accounts 2009 Financial highlights In financial terms, Pearson’s goal is to achieve sustainable growth on three key financial goals – earnings, cash 2009 Sales and return on invested capital – and reliable cash returns to our investors through healthy and growing dividends.
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