Section 5 Financial Statements 113 Financial Statements .

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Section 5 Financial statements113Financial statements: contentsNotes to the consolidated financial statementscontinuedIndependent auditors’ report to the membersof Pearson plc11426 Share-based payments184Consolidated income statement12227 Share capital and share premium18628 Treasury shares18612329 Other comprehensive income187Consolidated balance sheet12430 Business combinations188Consolidated statement of changes in equity12631 Disposals including business closures189Consolidated cash flow statement12732 Held for sale19033 Purchase of non-controlling interest190Notes to the consolidated financial statements12834 Cash generated from operations1912Segment information13535 Contingencies1923Discontinued operations13936 Commitments1924Operating expenses13937 Related party transactions1935Employee information14138 Events after the balance sheet date1936Net finance costs14239 Accounts and audit exemptions1947Income tax143Company financial statements8Earnings per share145Company balance sheet9Dividends147Company statement of changes in equity19710 Property, plant and equipment148Company cash flow statement19811 Intangible assets150Notes to the company financial statements19912 Investments in joint ventures and associates154Principal subsidiaries20513 Deferred income tax157Five-year summary20614 Classification of financial instruments159Corporate and operating measures20815 Other financial assets161Shareholder information21116 Derivative financial instruments16117 Cash and cash equivalents(excluding overdrafts)16318 Financial liabilities – borrowings16419 Financial risk management16720 Intangible assets – pre-publication17321 Inventories17317423 Provisions for other liabilities and charges17524 Trade and other liabilities17625 Retirement benefit and other postretirement obligations176Fin a n c ia l s tatem ent s22 Trade and other receivables196Gov er N aN c eAccounting policiesO ur Soc i a l i m pac t1O ur per f or m a n c eConsolidated statement ofcomprehensive incomeO U R B U S I N ES SConsolidated financial statements

114Pearson plc Annual report and accounts 2014Independent auditors’ report to the members of Pearson plcIn our opinion, the consolidated financial statementscomply with IFRSs as issued by the IASB.Report on the financial statementsOur opinionIn our opinion:› Pearson plc’s consolidated financial statements andcompany financial statements (the ‘financial statements’)give a true and fair view of the state of the Group’s and ofthe company’s affairs as at 31 December 2014 and of theGroup’s profit and the Group’s and the company’s cashflows for the year then ended› The consolidated financial statements have beenproperly prepared in accordance with InternationalFinancial Reporting Standards (IFRSs) as adopted bythe European Union› The company financial statements have been properlyprepared in accordance with IFRSs as adopted by theEuropean Union and as applied in accordance with theprovisions of the Companies Act 2006› The financial statements have been prepared inaccordance with the requirements of the CompaniesAct 2006 and, as regards the consolidated financialstatements, Article 4 of the IAS Regulation.Separate opinion in relation to IFRSs as issued bythe IASBAs explained in note 1 to the financial statements, theGroup, in addition to applying IFRSs as adopted by theEuropean Union, has also applied IFRSs as issued by theInternational Accounting Standards Board (IASB).What we have auditedPearson plc’s financial statements comprise:› The consolidated and company balance sheets as at31 December 2014› The consolidated income statement and consolidatedstatement of comprehensive income for the yearthen ended› The consolidated and company statements of changes inequity and cash flow statements for the year then ended› The notes to the financial statements, which include asummary of significant accounting policies and otherexplanatory information.Certain required disclosures have been presentedelsewhere in the Annual report and accounts (the‘Annual report’) rather than in the notes to the financialstatements. These are cross-referenced from thefinancial statements and are identified as audited.The financial reporting framework that has beenapplied in the preparation of the financial statements isapplicable law and IFRSs as adopted by the EuropeanUnion and, as regards the company financial statements,as applied in accordance with the provisions of theCompanies Act 2006.Our audit approachOverviewMaterialityAudit scopeAreas offocus› Overall Group materiality: 26m, which represents 4% of adjusted profitbefore tax as disclosed in note 8. Refer to page 119 for further details.› We conducted work in five key territories: US, UK, Brazil, China and SouthAfrica. In addition we obtained an audit opinion on the financial informationreported by the associate Penguin Random House (PRH)› The territories where we conducted audit procedures, together with workperformed at corporate functions, shared service centres and consolidatedGroup level, accounted for approximately: 68% of the Group’s revenue; 74%of the Group’s statutory profit before tax; and 65% of the Group’s adjustedprofit before tax.› We focused on:– Revenue recognition for multiple element and long-term revenue contracts– Goodwill and intangible assets impairment reviews– Provision for uncertain tax liabilities– Returns provisions– Recoverability of pre-publication assets and inventories– Acquisitions and disposals.

Section 5 Financial statementsArea of focusO ur per f or m a n c eWe designed our audit by determining materialityand assessing the risks of material misstatement inthe consolidated and company financial statements.In particular, we looked at where management madesubjective judgements, for example in respect ofsignificant accounting estimates that involved makingassumptions and considering future events that areinherently uncertain. As in all of our audits, we alsoaddressed the risk of management override of internalcontrols, including evaluating whether there wasevidence of bias that represented a risk of materialmisstatement due to fraud.The risks of material misstatement that had the greatesteffect on our audit, including the allocation of ourresources and effort, are identified as areas of focus inthe table below. We have also set out how we tailoredour audit to address these specific areas in order toprovide an opinion on the consolidated and companyfinancial statements as a whole. Any comments wemake on the results of our procedures should be readin this context. For each area of focus below, to theextent relevant, we evaluated the design and tested theoperating effectiveness of key internal controls overfinancial reporting set in place by management, includingtesting the operation of IT systems from which financialinformation is generated. Each of the areas of focusbelow are also referred to in the audit committeereport on pages 74 to 75 and in the accounting policieson pages 128 to 135. This is not a complete list of all risksidentified by our audit.O U R B U S I N ES SThe scope of our audit and our areas of focusWe conducted our audit in accordance withInternational Standards on Auditing (UK and Ireland)(ISAs (UK & Ireland)).115How our audit addressed the area of focusRevenue recognition for multiple element and long-term revenue contracts› Certain long-term contracts that span year end, whererevenue is recognised using estimated percentage ofcompletion based on costs. These include contracts todesign, develop and deliver testing and accreditationand contracts to secure students and support theonline delivery of their teaching.Our testing showed that revenue recognition practicesare in accordance with Group policies with appropriatemethods for calculating the revenue recognised.Fin a n c ia l s tatem ent sThese complex contracts generate material deferredrevenue and accrued income balances and are areaswhere misstatements in the underlying assumptions orestimation calculations could have a material effect onthe financial statements.For a selection of the larger, more judgemental andmore recent long-term contacts, covering both testingactivities and online delivery of teaching, we read thecontracts and assessed the accounting policy andmethodologies being applied to calculate the proportionof revenue being recognised. We also tested costsincurred to date and management’s estimates offorecast costs and revenues by reference to historicalexperience and current contract status, includingexamining correspondence where contracts areexperiencing disputes.Gov er N aN c e› Multiple element arrangements, such as the sale ofphysical textbooks accompanied by digital contentor supplementary workbooks, where revenue isrecognised for each element as if it were an individualcontractual arrangement requiring the estimation ofits fair valueWhere books are sold together with workbooksdelivered later or companion digital materials availableonline we assessed the basis for allocation of thepurchase price between each element and then testedthe detailed calculations supporting these revenuedeferrals. We used our knowledge of the Group and itsindustry to assess the completeness of identification ofsuch arrangements. We found the revenue deferralsto be based on reasonable estimates of the relativefair value of each element and the methods usedto calculate the deferrals properly calculated andconsistently applied.O ur Soc i a l i m pac tRefer to note 1 to the consolidated financialstatements There are two types of complex contractsthat require significant judgements and estimates,which could be subject to either accidental errorsor deliberate fraud:

116Pearson plc Annual report and accounts 2014Independent auditors’ report to the members of Pearson plc continuedArea of focusHow our audit addressed the area of focusGoodwill and intangible assets impairment reviewsRefer to note 11 to the consolidated financialstatements At year end the Group has 5,030m ofgoodwill and 1,280m of other intangible assetsincluding software, acquired customer lists, contractsand relationships, acquired trademarks and brands andacquired publishing rights.The carrying values of goodwill and intangible assets arecontingent on future cash flows and there is risk that, ifthese cash flows do not meet the Group’s expectations,the assets might be impaired. The impairment reviewsperformed by management contain a number ofsignificant judgements and estimates including cashgenerating unit (CGU) identification, revenue growth,profit margins and discount rate.As part of the Group restructuring during the year,management identified a new set of aggregated CGUsand reallocated goodwill accordingly. These changesincluded a new North America aggregated CGU andthe disaggregation of the Growth segment into its mainconstituent countries (refer to note 11 for details).For the larger aggregated CGUs management’s modelidentified significant headroom. In respect of the IndiaCGU management recorded an impairment chargeof 77m.We evaluated and challenged management’sidentification and aggregation of CGUs in light of the newGroup structure and tested the allocation of goodwillto these aggregated CGUs. In our view management’sdecision to disaggregate the Growth segment into itsmain constituent countries appropriately reflects therelative independence of these operations. For theaggregated CGUs in North America and Core markets,management demonstrated reasonable bases for theaggregations, reflecting their relatively high levels ofintegration and synergies.We tested the mathematical integrity of the forecastsand carrying values in management’s impairment model.We obtained board approved cash flow forecasts toagree them to management’s impairment analysis andchallenged key judgements and estimates within them.We assessed the discount rates applied to eachaggregated CGU by comparison to third-party dataand to the Group’s cost of capital and relevant riskfactors. We compared short and long-term growthrates, including cash conversion, to historical trendsand expectations. We also considered the accuracyof prior period forecasts.We performed sensitivity analyses around thesekey assumptions to ascertain the extent of changeeither individually or collectively that would indicateimpairment. We considered the likelihood of such amovement and the adequacy of the disclosures maderegarding the assumptions and sensitivities.For CGUs where headroom was limited we assessedmanagement’s sensitivity disclosures to check thesewere appropriate.We checked for additional impairment triggers byreading board minutes, holding regular discussionswith Group and local management, and examining theperformance of recently acquired businesses to identifyunderperforming operations. We did not identify anyfurther impairments.

Section 5 Financial statementsHow our audit addressed the area of focusProvision for uncertain tax liabilitiesRefer to notes 7 and 13 to the consolidated financialstatements The Group is subject to several tax regimesdue to the geographical diversity of its businesses.Changes in assumptions about the views that might betaken by tax authorities can materially impact the level ofprovisions recorded in the financial statements and thereare significant judgements in estimating the amount ofany provision required.We then evaluated key underlying assumptions abouttax authority views on the Group’s tax arrangements,particularly in the US and in territories with new crossborder tax structures. In doing this we considered thestatus of recent and current tax authority audits andenquiries, the outturn of previous claims, judgementalpositions taken in tax returns and current yearestimates, and developments in the tax environment.Returns provisionsThere are material, judgemental provisions foranticipated book returns on the balance sheet as at31 December 2014, particularly in US Higher Education.We tested the calculation of the provisions, assessingjudgements for reasonableness against historicalexperience and the impact on returns of the ongoingbusiness transition from print to digital.We also performed detailed testing of shipment andreturns provisioning. This included checking cut-off atyear end and evaluating whether any changes in shippingvolumes around year end might increase the risk ofreturns. No misstatements were identified.Gov er N aN c eAs the Group transitions from print to digital the returnsprofile might change to either decrease (as less booksare shipped) or increase (if bookstores underestimatethe speed of digital change and over-order traditionaltextbooks).We performed testing over returns provisions in anumber of locations, including US Higher Education.O ur Soc i a l i m pac tWe were satisfied that management’s provisionestimates for uncertain tax positions were consistentwith our own assessment of the related risks andcorrespondence with the relevant tax authorities.O ur per f or m a n c eThe directors are required to exercise significantjudgement in determining the appropriate amount toprovide in respect of potential tax exposures anduncertain tax provisions. The most significant of theserelate to US tax.We obtained an understanding of the Group’s taxstrategy to identify tax risks relating to business andlegislative developments. To assess the adequacy ofthe Group’s tax provisions we first recalculated thevaluation of tax provisions and determined whetherthe treatments adopted were in line with the Group’stax policies and had been applied consistently.O U R B U S I N ES SArea of focus117We evaluated changes in estimates to check they werenot indicators of management bias. We found theestimates used by management in the determinationof the returns provisions to appropriately reflect bothpast experience and changes in the business.Fin a n c ia l s tatem ent s

118Pearson plc Annual report and accounts 2014Independent auditors’ report to the members of Pearson plc continuedArea of focusHow our audit addressed the area of focusRecoverability of pre-publication assets and inventoriesRefer to notes 20 and 21 to the consolidated financialstatements The Group has 820m of pre-publicationassets and 224m of inventories at 31 December 2014.Pre-publication assets represent direct costs incurredin the development of education programmes and titlesprior to their publication and inventories are unsoldstock, usually physical textbooks.Judgement is required to assess the recoverability ofthese assets; this is further complicated by the transitionto digital as the Group invests in new, less proven, digitalcontent and platforms.We first selected a sample of costs deferred to thebalance sheet as pre-publication assets or inventories totest their appropriateness and magnitude.We then assessed the amortisation profiles of prepublication assets against cash flows to test that theexisting amortisation profiles remained appropriate inlight of the transition towards digital products.We challenged the carrying value of certain prepublication assets and inventories where sales have beenlower than originally anticipated. We assessed forecastcash flows against historical experience and obtainedsupporting evidence for management’s explanations.We found the Group’s policies to be appropriate andconsistently applied. While the carrying value of someassets depends on management’s expectation of growthin future sales from them, overall we considered thecarrying values of pre-publication assets and inventoriesto be reasonable.Acquisitions and disposalsRefer to notes 30 and 31 to the consolidated financialstatements In February 2014 the Group acquiredGrupo Multi for 437m, recognising 240m of goodwilland 254m of intangible assets. This is a significanttransaction requiring judgement to identify and valuethe intangible assets and assess their subsequentrecoverability.As part of the Penguin Random House transaction theGroup recorded an estimated 59m provision in 2013for the cost of transferring the pension liability guaranteefor Penguin employees to Bertelsmann. It was concludedduring 2014 that Pearson would retain responsibility forthis pension liability. The provision has been releasedwithin discontinued operations in the current year.In February 2014 the Group sold Mergermarket for 375m, resulting in a gain on disposal of 245m pre-taxand judgemental classification as discontinuedoperations.The Group engagement team visited Brazil and metwith local management of Grupo Multi to gain anunderstanding of the business.We performed detailed testing over the acquisitionaccounting, including fair value adjustments such asidentification and valuation of intangible assets. Postacquisition performance and forecasts were assessedto identify potential impairment triggers.We obtained the communication between Pearsonand Bertelsmann confirming that Pearson will retainresponsibility for the pension liability of the legacyPenguin employees. We tested the appropriate reversalof the provision within discontinued operations.We tested the gain on disposal for Mergermarket byagreeing the consideration to sales documents andcash received and agreed the net assets disposed tounderlying records. We also evaluated its presentationin the Annual report.No material misstatements were identified by ourtesting and we found that relevant disclosures wereincluded in the Annual report.

Section 5 Financial statements 26m (2013: 32m)How wedetermined it4% of adjusted profit before taxof 658mRationale forNote 8 explains that the Group’sbenchmark applied principal measure of performanceis adjusted operating profit( 722m), which excludes one-offgains and losses and acquiredintangible asset amortisation,in order to present results fromoperating activities on a consistentbasis. From adjusted operatingprofit we deducted net financecosts of 64m (see note 8) becausethese reflect recurring financecharges. To the resulting adjustedprofit before tax we then applied4% (rather than the usual 5%) asour materiality calculation wasbased on this adjusted measureWe agreed with the audit committee that we wouldreport to them misstatements identified during our auditabove 2m (2013: 2m) as well as misstatements belowthat amount that, in our view, warranted reporting forqualitative reasons.Fin a n c ia l s tatem ent sWe identified two reporting units in the US and UK thatrequired an audit of their complete financial informationdue to size alone, plus a further 13 reporting units in theUS, UK, Brazil, China and South Africa that requiredeither an audit or specified procedures on certaintransactions and balances. We also obtained an auditopinion on the financial information of the associatePenguin Random House. The Group consolidation,financial statement disclosures and corporate functionswere audited by the Group engagement team. Thisincluded our work over derivative financial instruments,hedge accounting, goodwill and intangible assetsimpairment reviews, litigation, pensions and sharebased payments.Overall groupmaterialityGov er N aN c eDuring the year the Group engagement team visitedeach of the US, Brazilian, Chinese and South Africancomponent audit teams; held a planning meetingattended by partners from the Group engagement teamand our UK and US component teams; and had regulardialogue with component teams throughout the year.Based on our professional judgement, we determinedmateriality for the financial statements as a wholeas follows:O ur Soc i a l i m pac tIn establishing the overall approach to the Group audit,we determined the type of work that needed to beperformed at the reporting units by us, as the Groupengagement team, or component auditors withinPwC UK and from other PwC network firms operatingunder our instruction. Where the work was performedby component auditors, we determined the level ofinvolvement we needed to have in the audit work atthose reporting units to be able to conclude whethersufficient appropriate audit evidence had been obtainedas a basis for our opinion on the consolidated financialstatements as a whole.Materiality The scope of our audit was influenced by ourapplication of materiality. We set certain quantitativethresholds for materiality. These, together withqualitative considerations, helped us to determine thescope of our audit and the nature, timing and extentof our audit procedures and to evaluate the effect ofmisstatements, both individually and on the financialstatements as a whole.O ur per f or m a n c eThe Group is organised into three reportable segments,being North America, Core and Growth, plus theinvestment in associate Penguin Random House.Each segment comprises a number of reporting units.The consolidated financial statements comprise thesereporting units plus the Group’s centralised functions.The reporting units where we performed audit work,together with work performed at corporate functions,shared service centres and consolidated Group level,accounted for approximately 74% of the Group’sstatutory profit before tax and 65% of adjusted profitbefore tax. This provided the evidence we needed forour opinion on the consolidated financial statementstaken as a whole.O U R B U S I N ES SHow we tailored our audit scopeWe tailored our audit scope to ensure that weperformed enough work to be able to give an opinion onthe financial statements as a whole, taking into accountthe geographic structure of the Group, the accountingprocesses and controls, and the industry in which theGroup operates.119

120Pearson plc Annual report and accounts 2014Independent auditors’ report to the members of Pearson plc continuedGoing concern Under the Listing Rules we are requiredto review the directors’ statement, set out on page 107,in relation to going concern. We have nothing to reporthaving performed our review.As noted in the directors’ statement, the directors haveconcluded that it is appropriate to prepare the financialstatements using the going concern basis of accounting.The going concern basis presumes that the Groupand company have adequate resources to remain inoperation, and that the directors intend them to doso, for at least one year from the date the financialstatements were signed. As part of our audit we haveconcluded that the directors’ use of the going concernbasis is appropriate.However, because not all future events or conditions canbe predicted, these statements are not a guarantee asto the Group’s and company’s ability to continue as agoing concern.Other required reportingConsistency of other informationCompanies Act 2006 opinion In our opinion, the information given in the strategic report and the directors’ reportfor the financial year for which the financial statements are prepared is consistent with the financial statements.ISAs (UK & Ireland) reportingUnder ISAs (UK & Ireland) we are required to report to you if, in our opinion:› Information in the Annual report is:– materially inconsistent with the information in the auditedfinancial statements– apparently materially incorrect based on, or materially inconsistent with,our knowledge of the group and company acquired in the course ofperforming our audit– otherwise misleading.› The statement given by the directors on page 108, in accordance withprovision C.1.1 of the UK Corporate Governance Code (the ‘Code’), thatthey consider the Annual report taken as a whole to be fair, balanced andunderstandable and provides the information necessary for members toassess the Group’s and company’s performance, business model and strategyis materially inconsistent with our knowledge of the Group and companyacquired in the course of performing our audit.› The section of the Annual report on pages 74 and 75, as required by provisionC.3.8 of the Code, describing the work of the audit committee does notappropriately address matters communicated by us to the audit committee.Adequacy of accounting records and information andexplanations receivedUnder the Companies Act 2006 we are required toreport to you if, in our opinion:› We have not received all the information andexplanations we require for our audit› Adequate accounting records have not been kept bythe company, or returns adequate for our audit havenot been received from branches not visited by usWe have no exceptions to reportarising from this responsibility.We have no exceptions to reportarising from this responsibility.We have no exceptions to reportarising from this responsibility.› The company financial statements and the part of thedirectors’ remuneration report to be audited are not inagreement with the accounting records and returns.We have no exceptions to report arising fromthis responsibility.

Section 5 Financial statementsOther Companies Act 2006 reporting Under theCompanies Act 2006 we are required to report toyou if, in our opinion, certain disclosures of directors’remuneration specified by law are not made. We haveno exceptions to report arising from this responsibility.Responsibilities for the financial statements andthe auditOur responsibility is to audit and express an opinion onthe financial statements in accordance with applicablelaw and ISAs (UK & Ireland). Those standards requireus to comply with the Auditing Practices Board’s EthicalStandards for Auditors.› The overall presentation of the financial statements.We primarily focus our work in these areas by assessingthe directors’ judgements against available evidence,forming our own judgements, and evaluating thedisclosures in the financial statements.We test and examine information, using sampling andother auditing techniques, to the extent we considernecessary, to provide a reasonable basis for us to drawconclusions. We obtain audit evidence through testingthe effectiveness of controls, substantive procedures ora combination of both.In addition, we read all the financial and non financialinformation in the Annual report to identify materialinconsistencies with the audited financial statements andto identify any information that is apparently materiallyincorrect based on, or materially inconsistent with, theknowledge acquired by us in the course of performingthe audit. If we become aware of any apparent materialmisstatements or inconsistencies we consider theimplications for our report.Gov er N aN c eThis report, including the opinions, has been preparedfor and only for the company’s members as a body inaccordance with Chapter 3 of Part 16 of the CompaniesAct 2006 and for no other purpose. We do not, in givingthese opinions, accept or assume responsibility for anyother purpose or to any other person to whom thisreport is shown or into whose hands it may come savewhere expressly agreed by our prior consent in writing.› The reasonableness of significant accounting estimatesmade by the directorsO ur Soc i a l i m pac tOur responsibilities and those of the directorsAs explained more fully in the statement of directors’responsibilities set out on page 109, the directorsare responsible for the preparation of the financialstatements and for being satisfied that they give a trueand fair view.› Whether the accounting policies are appropriate to thegroup’s and the company’s circumstances and have beenconsistently applied and adequately disclosedO ur per f or m a n c eCorporate governance statementUnder the Listing Rules we are required to review thepart of the corporate governance statement relating tothe company’s compliance with ten provisions of theCode. We have nothing to report having performedour review.What an audit of financial statements involvesAn audit involves obtaining evidence about the amountsand disclosures in the financial statements sufficient togive reasonable assurance that the financial statementsare free from material misstatement, whether causedby fraud or error. This includes an assessment of:O U R B U S I N ES SDirectors’ remunerationDirectors’ remuneration report – Companies Act2006 opinion In our opinion, the part of the directors’remunerat

financial statements and are identified as audited. The financial reporting framework that has been applied in the preparation of the financial statements is applicable law and IFRSs as adopted by the European Union and, as regards the company financial statements, as applied in

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