Disposals including business closures

12 Months Ended

Dec. 31, 2017

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Disposals including business closures

31. Disposals including business closures

In August 2017, the Group completed the sale of the test preparation business in China (GEDU) and in October 2017 the sale of a 22% share in Penguin Random House, retaining a 25% share (see note 12).

	Notes		2017												2016			2015
All figures in £ millions			GEDU			Penguin Random House			Other			Total			Total			FT Group			PowerSchool			Other			Total
Disposal of subsidiaries and associates
Property, plant and equipment		10		(7	)		—			—			(7	)		(3	)		(15	)		(2	)		—			(17	)
Intangible assets		11		(2	)		—			(7	)		(9	)		—			(46	)		(19	)		(5	)		(70	)
Investments in joint ventures and associates				—			(352	)		—			(352	)		—			(7	)		—			—			(7	)
Other financial assets				—			—			—			—			—			92			—			—			92
Net deferred income tax (assets)/liabilities		13		(1	)		(2	)		—			(3	)		(10	)		(2	)		—			3			1
Intangible assets – pre-publication		20		—			—			(1	)		(1	)		(4	)		—			(64	)		—			(64	)
Inventories				(1	)		—			(1	)		(2	)		—			(1	)		—			—			(1	)
Trade and other receivables				(16	)		—			—			(16	)		(6	)		(72	)		(16	)		(6	)		(94	)
Current income tax (receivable)/payable				—			(5	)		—			(5	)		—			1			—			—			1
Cash and cash equivalents (excluding overdrafts)				(13	)		—			—			(13	)		(9	)		(29	)		—			(4	)		(33	)
Trade and other liabilities				33			—			1			34			21			113			35			6			154
Retirement benefit obligations				—			—			—			—			—			7			—			—			7
Provision for other liabilities and charges				—			—			—			—			—			2			—			—			2
Attributable goodwill				—			—			—			—			—			(50	)		(119	)		(6	)		(175	)
Cumulative currency translation adjustment		29		3			48			—			51			—			4			6						10
Net assets disposed				(4	)		(311	)		(8	)		(323	)		(11	)		(3	)		(179	)		(12	)		(194	)
Cash received				54			413			1			468			7			1,235			222			11			1,468
Costs				(6	)		(6	)		(5	)		(17	)		(16	)		(47	)		(13	)		(9	)		(69	)
Gain/(loss) on disposal				44			96			(12	)		128			(20	)		1,185			30			(10	)		1,205

The amount included as other financial assets in 2015 related to an 11% share in the Economist which was retained and held at fair value within other financial assets on the balance sheet.

All figures in £ millions	2017			2016			2015
Cash flow from disposals
Cash – current year disposals		468			11			1,468
Cash and cash equivalents disposed		(13	)		(9	)		(33	)
Costs and other disposal liabilities paid		(25	)		(52	)		(26	)
Net cash inflow/(outflow)		430			(50	)		1,409
Analysed as:
Cash inflow/(outflow) from sale of subsidiaries		19			(54	)		1,030
Cash inflow from sale of associates		411			4			379