-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RyV47koN3r9tJtHMJbBmkhB27XOYVbp9I5QYYfWK3ZItcY12n1Veo/3/T8BuTW0E CrXayUWBrY7e5vH1Mgqw1g== 0001191638-05-000760.txt : 20050504 0001191638-05-000760.hdr.sgml : 20050504 20050504081129 ACCESSION NUMBER: 0001191638-05-000760 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20050504 FILED AS OF DATE: 20050504 DATE AS OF CHANGE: 20050504 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PEARSON PLC CENTRAL INDEX KEY: 0000938323 STANDARD INDUSTRIAL CLASSIFICATION: BOOKS: PUBLISHING OR PUBLISHING AND PRINTING [2731] IRS NUMBER: 000000000 STATE OF INCORPORATION: X0 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-16055 FILM NUMBER: 05796956 BUSINESS ADDRESS: STREET 1: 80 STRAND CITY: LONDON ENGLAND STATE: X0 ZIP: WC2R 0RL BUSINESS PHONE: 442070102000 MAIL ADDRESS: STREET 1: 80 STRAND CITY: LONDON ENGLAND STATE: X0 ZIP: WC2R 0RL 6-K 1 pson200505046k.txt IFRS BRIEFING UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 - -------------------------------------------------------------------------------- FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of May, 2005 PEARSON plc (Exact name of registrant as specified in its charter) N/A (Translation of registrant's name into English) 80 Strand London, England WC2R 0RL 44-20-7010-2000 (Address of principal executive office) Indicate by check mark whether the Registrant files or will file annual reports under cover of Form 20-F or Form 40-F: Form 20-F X Form 40-F Indicate by check mark whether the Registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934 Yes No X - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- This Report includes the following documents: 1. A press release from Pearson plc announcing IFRS Briefing 4 May 2005 Pearson: IFRS briefing Pearson is today publishing its financial statements for 2003 and 2004 under International Financial Reporting Standards (IFRS). For 2004, the primary changes to our reported results under IFRS are: * Reported operating profit increases from GBP231m to GBP404m and reported eps from 11.1p to 32.9p; * Adjusted operating profit decreases from GBP455m to GBP421m and adjusted eps from 30.0p to 27.3p; * Net assets increase from GBP2,816m to GBP3,014m. IFRS has no effect on cash generation, and a negligible effect on our reported cash flows. Reported sales are lower because revenues earned by our discontinued business Recoletos (2004 sales: GBP190m) are not reported under IFRS. We have also deconsolidated a subsidiary, Maskew Miller Longman, which we report under IFRS as a joint venture (2004 sales: GBP33m). For 2005, we expect the IFRS effect to be broadly similar to 2004. Our expectation of strong growth with further underlying progress on earnings, cash and return on invested capital is therefore unchanged. We are holding a conference call and webcast at 14.00 BST (09.00 EST) today with Rona Fairhead, CFO; Robin Freestone, Deputy CFO; and Michael Day, Group Treasurer. You can join this by calling +44 (0) 1296 480 180, passcode: 607291# or at www.pearson.com/ifrs.
Financial highlights GBP millions 2004 2004 2003 2003 - -------------------------- ------- ------- ------- ------- UK GAAP IFRS UK GAAP IFRS - -------------------------- ------- ------- ------- ------- Sales 3,919 3,696 4,048 3,850 - -------------------------- ------- ------- ------- ------- Statutory results - -------------------------- ------- ------- ------- ------- Operating profit 231 404 226 406 - -------------------------- ------- ------- ------- ------- Profit before tax 171 325 152 313 - -------------------------- ------- ------- ------- ------- Basic earnings per share 11.1p 32.9p 6.9p 31.7p - -------------------------- ------- ------- ------- ------- Business performance - -------------------------- ------- ------- ------- ------- Adjusted operating profit 455 421 490 443 - -------------------------- ------- ------- ------- ------- Adjusted profit before tax 386 345 410 353 - -------------------------- ------- ------- ------- ------- Adjusted earnings 239 217 254 217 - -------------------------- Adjusted earnings per share 30.0p 27.3p 32.0p 27.3p Free cash flow 288 282 192 190 Net borrowings 1,206 1,221 1,361 1,373 Return on invested capital 6.2% 6.1% 6.3% 6.0% - -------------------------- ------- ------- ------- -------
Summary consolidated balance sheet GBP millions 2004 2004 2003 2003 - -------------------------- ------- ------- ------- ------- UK GAAP IFRS UK GAAP IFRS - -------------------------- ------- ------- ------- ------- Goodwill and intangible assets 2,890 3,278 3,260 3,550 - -------------------------- ------- ------- ------- ------- Other fixed assets 538 878 553 929 - -------------------------- ------- ------- ------- ------- Current assets 2,558 2,064 2,523 2,257 - -------------------------- ------- ------- ------- ------- Non-current assets held for sale - 358 - - - -------------------------- ------- ------- ------- ------- Total assets 5,986 6,578 6,336 6,736 - -------------------------- ------- ------- ------- ------- Equity and reserves 2,816 3,014 3,088 3,161 - -------------------------- ------- ------- ------- ------- Current liabilities 1,275 1,080 1,704 1,593 - -------------------------- ------- ------- ------- ------- Non-current liabilities 1,895 2,403 1,544 1,982 - -------------------------- ------- ------- ------- ------- Non-current liabilities held for sale - 81 - - - -------------------------- ------- ------- ------- ------- Total equity and liabilities 5,986 6,578 6,336 6,736 - -------------------------- ------- ------- ------- -------
For more information: Luke Swanson / Robin Freestone / Charlotte Elston + 44 (0) 20 7010 2310 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. PEARSON plc Date: 4 May, 2005 By: /s/ STEPHEN JONES ----------------------- Stephen Jones Deputy Secretary -----END PRIVACY-ENHANCED MESSAGE-----