Consolidated Balance Sheet

as at 28th September, 2008

	Note	2008 £m	2007 £m
ASSETS
Non-current assets
Goodwill	17	873.5	887.4
Other intangible assets	18	630.0	592.7
Property, plant and equipment	19	501.9	520.7
Investments
Joint ventures	20	22.0	19.2
Associates	20	10.6	64.7
		32.6	83.9
Available-for-sale investments	21	11.3	52.3
Trade and other receivables	23	8.3	4.8
Derivative financial assets	30	0.9	14.4
Retirement benefit assets	31	2.5	82.0
Deferred tax assets	33	31.1	8.0
		2,092.1	2,246.2
Current assets
Inventories	22	27.6	25.5
Trade and other receivables	23	456.9	429.5
Derivative financial assets	30	13.6	16.1
Cash and cash equivalents	25	45.3	70.4
		543.4	541.5
Total assets		2,635.5	2,787.7
LIABILITIES
Current liabilities
Trade and other payables	26	(650.2)	(621.0)
Current tax payable	27	(119.2)	(157.4)
Acquisition put option commitments	28	(29.5)	(21.8)
Borrowings	29	(26.0)	(43.2)
Derivative financial liabilities	30	(33.8)	(4.8)
Provisions	32	(27.4)	(22.7)
		(886.1)	(870.9)
Non-current liabilities
Trade and other payables	26	(1.1)	(0.7)
Acquisition put option commitments	28	(7.6)	(18.8)
Borrowings	29	(1,004.2)	(982.7)
Derivative financial liabilities	30	(38.6)	(8.1)
Retirement benefit obligations	31	(43.7)	(1.4)
Provisions	32	(31.6)	(49.0)
Deferred tax liabilities	33	(74.0)	(135.6)
		(1,200.8)	(1,196.3)
Total liabilities		(2,086.9)	(2,067.2)
Net assets		548.6	720.5
	Note	2008 £m	2007 £m
SHAREHOLDERS’ EQUITY
Called up share capital	34	49.1	49.4
Share premium account	35	12.4	12.4
Share capital		61.5	61.8
Capital redemption reserve	35	1.1	0.8
Revaluation reserve	35	39.5	46.0
Shares held in treasury	35	(93.5)	(44.4)
Translation reserve	35	22.2	27.0
Retained earnings	35	479.1	601.7
Equity shareholders’ funds		509.9	692.9
Equity minority interests	36	38.7	27.6
		548.6	720.5

The Consolidated Financial Statements were approved by the Directors and authorised for issue on 26th November, 2008. They were signed on their behalf by:

Rothermere
M.W.H. Morgan
Directors

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