31. Disposals

In March 2018, the Group completed the sale of its Wall Street English language teaching business (WSE) resulting in a pre-tax profit on sale of £207m. Tax on the disposal is estimated at £6m. WSE was classified as held for sale on the balance sheet at 31 December 2017 (see note 32). In May 2018 the Group disposed of the equity interest in UTEL, the online University partnership in Mexico realising a gain of £19m before tax of £2m.


			2018												2017			2016
All figures in £ millions	Notes		WSE			UTEL			Other			Total			Total			Total
Disposal of subsidiaries and associates
Property, plant and equipment				(17	)		—			—			(17	)		(7	)		(3	)
Intangible assets				(15	)		—			(2	)		(17	)		(9	)		—
Investments in joint ventures and associates				—			(3	)		—			(3	)		(352	)		—
Net deferred income tax assets				—			—			—			—			(3	)		(10	)
Intangible assets – pre-publication				(8	)		—			—			(8	)		(1	)		(4	)
Inventories				(1	)		—			—			(1	)		(2	)		—
Trade and other receivables				(30	)		—			—			(30	)		(16	)		(6	)
Current income tax receivable				—			—			—			—			(5	)		—
Cash and cash equivalents (excluding overdrafts)				(119	)		—			—			(119	)		(13	)		(9	)
Net deferred income tax liabilities				16			—			—			16			—			—
Trade and other liabilities				171			—			1			172			34			21
Provisions for other liabilities and charges		23		—			—			1			1			—			—
Cumulative currency translation adjustment		29		4			—			—			4			51			—

Net (assets)/liabilities disposed				1			(3	)		—			(2	)		(323	)		(11	)
Cash received				212			22			9			243			468			7
Deferred proceeds				—			—			2			2			—			—
Fair value of financial asset acquired				—			—			3			3			—			—
Costs				(6	)		—			(10	)		(16	)		(17	)		(16	)

Gain on disposal				207			19			4			230			128			(20	)


All figures in £ millions	2018			2017			2016
Cash flow from disposals
Cash – current year disposals		243			468			11
Cash and cash equivalents disposed		(119	)		(13	)		(9	)
Costs and other disposal liabilities paid		(23	)		(25	)		(52	)

Net cash inflow		101			430			(50	)

Analysed as:
Cash inflow/ from sale of subsidiaries		83			19			(54	)
Cash inflow from sale of joint ventures and associates		18			411			4