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PEARSON

(PSON GB0006776081 GBX)

Value 1,183.000

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Updated08/02 16:35

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PROFILE

Registered Number	53723
Registered Address	80 Strand London WC2R 0RL
Phone Number	+44 (0) 207 0102000
Fax Number
Website	http://www.pearson.com
Activities	Provides education and publishing services
Country of Register	GB
Currency	GBX
Short Name	PEARSON
First Day Traded	24/11/2003
Industrial Sector	Publishing
Number of shares	813m

Key People

Marjorie Scardino	Chief Executive Officer
Rona Fairhead	Director
Susan Fuhrman	Non Executive Director
Terry Burns	Non Executive Director
William Ethridge	Director
Robin Freestone	Financial Director
Patrick Cescau	Non Executive Director
John Makinson	Director
Joshua Lewis	Non Executive Director
Ken Hydon	Non Executive Director
David Arculus	Non Executive Director

Major Shareholders

Legal & General Investment Management Ltd.	3.97%
Libyan Investment Authority (Investment Management)	3.26%

Director Deals

Director	Date	Buy/Sell	Quantity	Price
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Income Statements £1K

	AR 2006	AR 2007	AR 2008	AR 2009	AR 2010
Fiscal Year End	31/12/2006	31/12/2007	31/12/2008	31/12/2009	31/12/2010
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Sales/Revenue	4,137	4,162	4,811	5,624	5,663
Cost of Goods Sold (COGS) incl. D&A	2,014	1,910	2,353	2,754	2,796
COGS excluding D&A	1,685	1,580	1,913	2,215	2,225
Depreciation & Amortization Expense	329	330	440	539	571
Depreciation	71	68	80	85	69
Amortization of Intangibles	48	70	116	147	152
Amortization of Deferred Charges	210	192	244	307	350
Gross Income	2,123	2,252	2,458	2,870	2,867
Selling, General & Administrative Expense	1,706	1,802	1,909	2,265	2,280
Research & Development	0	0	0	0	0
Other Selling, General & Administrative	1,706	1,802	1,909	2,265	2,280
Other Operating Expense	0	0	0	0	0
Non Operating Income/Expense	119	91	105	107	115
Non-Operating Interest Income	23	19	17	7	9
Equity in Affiliates (Pretax)	0	0	0	0	0
EBIT	0	0	0	0	0
Unusual Expense	0	1	5	-3	0
EBIT after Unusual Expense	0	0	0	0	0
Interest Expense	117	114	106	92	82
Gross Interest Expense	117	114	106	92	82
Interest Capitalized	0	0	0	0	0
Pretax Income	442	445	560	630	629
Income Tax	11	131	172	198	146
Income Tax - Current Domestic	30	44	79	147	69
Income Tax - Current Foreign	0	0	0	0	0
Income Tax - Deferred Domestic	-19	87	93	51	77
Income Tax - Deferred Foreign	0	0	0	0	0
Income Tax Credits	0	0	0	0	0
Minority Interest Expense	23	26	31	37	-5
Equity in Affiliates	24	23	25	30	41
Other After Tax Income (Expense)	0	0	0	0	0
Net Income	432	311	382	425	529
Extraordinaries & Discontinued Operations	14	-54	-90	0	768
Extra Items & Gain/Loss Sale Of Assets	0	-27	-90	0	731
Cumulative Effect - Accounting Chg	0	0	0	0	0
Discontinued Operations	14	-27	0	0	37
Net Income After Extraordinaries	446	257	292	425	1,297
Preferred Dividends	0	0	0	0	0
Net Income available to Common	432	311	382	425	529
Operational EPS	54.01	39.06	48.34	52.86	65.88
EPS (basic)	55.90	39.00	47.90	53.20	70.64
EPS (diluted)	54.01	38.97	47.90	53.12	65.88
EBITDA	746	780	989	1,144	1,158
EBIT	0	0	0	0	0
+Depreciation & Amortization Expense	329	330	440	539	571

Balance Sheet £1K

	AR 2006	AR 2007	AR 2008	AR 2009	AR 2010
Fiscal Year End	31/12/2006	31/12/2007	31/12/2008	31/12/2009	31/12/2010
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Cash & Short Term Investments	667	628	742	813	1,754
Cash Only	592	560	685	750	1,736
Short-Term Investments	75	68	57	63	18
Total Accounts Receivable	919	898	1,280	1,110	1,149
Accounts Receivables, Net	768	750	1,030	989	1,028
Accounts Receivables, Gross	1,052	1,039	1,102	1,065	1,111
Bad Debt/Doubtful Accounts	-284	-289	-72	-76	-83
Other Receivables	151	148	250	121	121
Inventories	354	368	501	445	429
Finished Goods	300	314	441	390	376
Work in Progress	28	30	29	23	19
Raw Materials	26	24	31	32	34
Progress Payments & Other	0	0	0	0	0
Other Current Assets	436	498	757	824	835
Prepaid Expenses	0	0	0	99	111
Miscellaneous Current Assets	436	498	757	725	724
Total Current Assets	2,376	2,392	3,280	3,192	4,167
Net Property, Plant & Equipment	348	355	423	388	366
Property, Plant & Equipment - Gross	955	936	1,201	1,166	1,012
Buildings	313	298	355	348	336
Land & Improvements	0	0	0	0	0
Machinery & Equipment	631	622	839	811	665
Construction in Progress	11	16	7	7	11
Leases	0	0	0	0	0
Computer Software and Equipment	0	0	0	0	0
Leased Property	0	0	0	0	0
Transportation Equipment	0	0	0	0	0
Other Property, Plant & Equipment	0	0	0	0	0
Accumulated Depreciation	607	581	778	778	646
Buildings	128	126	170	174	166
Land & Improvements	0	0	0	0	0
Machinery & Equipment	479	455	608	604	480
Construction in Progress	0	0	0	0	0
Leases	0	0	0	0	0
Computer Software and Equipment	0	0	0	0	0
Leased Property	0	0	0	0	0
Transportation Equipment	0	0	0	0	0
Other Property, Plant & Equipment	0	0	0	0	0
Total Investments and Advances	73	95	267	204	263
LT Investment - Affiliate Companies	20	20	23	30	71
Other Long-Term Investments	53	75	244	174	192
Long-Term Note Receivable	124	129	152	112	129
Intangible Assets	3,581	3,814	5,353	5,129	5,467
Net Goodwill	3,271	3,343	4,570	4,346	4,568
Net Other Intangibles	310	471	783	783	899
Other Assets	294	179	49	0	0
Deferred Charges	0	62	49	0	0
Tangible Other Assets	294	117	0	0	0
Total Assets	7,213	7,292	9,896	9,412	10,668
ST Debt & Curr. Portion LT Debt	595	559	344	74	404
Short Term Debt	594	549	96	70	73
Current Portion of Long Term Debt	1	10	248	4	331
Accounts Payable	343	342	450	461	470
Income Tax Payable	74	96	136	159	215
Other Current Liabilities	678	731	1,040	1,031	1,153
Dividends Payable	0	12	0	0	0
Accrued Payroll	0	0	0	0	0
Miscellaneous Current Liabilities	678	719	1,040	1,031	1,153
Total Current Liabilities	1,690	1,728	1,970	1,725	2,242
Long-Term Debt	1,148	1,049	2,019	1,934	1,908
Long-Term Debt excl. Capitalized Leases	1,145	1,045	2,016	1,923	1,901
Non-Convertible Debt	1,145	1,045	2,016	1,923	1,901
Convertible Debt	0	0	0	0	0
Capitalized Lease Obligations	3	4	3	11	7
Provision for Risks & Charges	279	139	200	389	190
Deferred Taxes	-172	-41	75	86	195
Deferred Taxes - Credit	245	287	447	473	471
Deferred Taxes - Debit	-417	-328	-372	-387	-276
Accumulated Minority Interest	168	179	274	291	67
Other Liabilities	207	215	236	255	252
Deferred Tax Liability-Untaxed Reserves	0	0	0	0	0
Other Liabilities (excl. Deferred Income)	136	127	149	139	132
Deferred Income	71	88	87	116	120
Total Liabilities	3,569	3,418	4,872	4,776	5,063
Non-Equity Reserves	0	0	0	0	0
Preferred Stock (Carrying Value)	0	0	0	0	0
Redeemable Preferred Stock	0	0	0	0	0
Non-Redeemable Preferred Stock	0	0	0	0	0
Preferred Stock issues for ESOP	0	0	0	0	0
ESOP Guarantees - Preferred Stock	0	0	0	0	0
Common Equity (total)	3,476	3,695	4,750	4,345	5,538
Common Stock Par/Carry Value	202	202	202	203	203
Additional Paid-In Capital/Capital Surplus	2,487	2,499	2,505	2,512	2,524
Retained Earnings	1,568	1,724	1,679	1,629	2,546
ESOP Debt Guarantee	0	0	0	-96	-137
Cumulative Translation Adjustment/Unrealized For. Exch. Gain	-592	-514	586	227	402
Unrealized Gain/Loss Marketable Securities	0	0	0	0	0
Revaluation Reserves	0	0	0	0	0
Other Appropriated Reserves	0	0	0	0	0
Unappropriated Reserves	0	0	0	0	0
Treasury Stock	-189	-216	-222	-130	0
Total Shareholders' Equity	3,476	3,695	4,750	4,345	5,538
Liabilities & Shareholders' Equity	7,213	7,292	9,896	9,412	10,668

Cash Flow £1K

	AR 2006	AR 2007	AR 2008	AR 2009	AR 2010
Fiscal Year End	31/12/2006	31/12/2007	31/12/2008	31/12/2009	31/12/2010
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Net Income before Extraordinaries	469	310	323	462	1,300
Depreciation, Depletion & Amortization	338	330	440	232	246
Depreciation and Depletion	77	68	80	85	82
Amortization of Intangible Assets	261	262	360	147	164
Deferred Taxes & Investment Tax Credit	0	0	0	0	0
Deferred Taxes	0	0	0	0	0
Investment Tax Credit	0	0	0	0	0
Other Funds	-260	-74	14	101	-563
Funds from Operations	547	566	777	795	983
Extraordinaries	0	0	0	0	0
Changes in Working Capital	-22	-52	-25	49	56
Receivables	-60	-5	-81	-14	-82
Inventories	-16	-1	-12	32	37
Accounts Payable	54	80	82	103	165
Income Taxes Payable	0	0	0	0	0
Other Accruals	0	0	0	0	0
Other Assets/Liabilities	0	-126	-14	-72	-64
Net Operating Cash Flow	525	514	752	844	1,039
Capital Expenditures	97	119	120	120	132
Capital Expenditures (Fixed Assets)	68	86	75	62	76
Capital Expenditures (Other Assets)	29	33	45	58	56
Net Assets from Acquisitions	-363	-472	-395	-208	-535
Sale of Fixed Assets & Businesses	18	483	113	15	984
Purchase/Sale of Investments	-4	-4	-1	-24	-29
Purchase of Investments	-4	-4	-6	-24	-29
Sale/Maturity of Investments	0	0	5	0	0
Other Uses	0	0	0	0	-250
Other Sources	0	0	0	0	0
Net Investing Cash Flow	-446	-112	-403	-337	38
Cash Dividends Paid - Total	-220	-238	-257	-273	-292
Common Dividends	-220	-238	-257	-273	-292
Preferred Dividends	0	0	0	0	0
Change in Capital Stock	-25	-60	-41	-25	-65
Repurchase of Common & Preferred Stk.	-36	-72	-47	-33	-77
Sale of Common & Preferred Stock	11	12	6	8	12
Proceeds from Stock Options	11	12	0	0	12
Other Proceeds from Sale of Stock	0	0	6	8	0
Issuance/Reduction of Debt, Net	-64	-121	177	-49	225
Change in Current Debt	0	0	0	0	0
Change in Long-Term Debt	-64	-121	177	-49	225
Issuance of Long-Term Debt	84	272	455	296	241
Reduction in Long-Term Debt	-148	-393	-278	-345	-16
Other Funds	-39	-25	-28	-33	40
Other Uses	-39	-25	-28	-33	-13
Other Sources	0	0	0	0	53
Net Financing Cash Flow	-348	-444	-149	-380	-92
Exchange Rate Effect	-44	3	-103	-36	-1
Miscellaneous Funds	0	0	0	0	0
Net Change in Cash	-313	-39	97	91	984
Free Cash Flow	237	190	420	509	671

Analysis Data

	2006	2007	2008	2009	2010
Fiscal Year End	2006-12-31	2007-12-31	2008-12-31	2009-12-31	2010-12-31
Valuation
Market Capitalisation	6,219.13	5,914.77	5,187.46	7,130.80	8,191.78
Price/Earnings	13.80	18.77	13.38	16.75	14.27
Price/Sales	1.49	1.40	1.06	1.27	1.43
Price/Book Value	1.79	1.60	1.09	1.64	1.48
Price/Cash Flow	11.75	11.37	6.80	8.45	7.79
Enterprise Value/EBIT	17.78	15.56	12.76	14.24	14.85
Enterprise Value/EBITDA	9.94	8.98	7.08	7.53	7.53
Enterprise Value/Sales	1.79	1.68	1.46	1.53	1.54
Total Debt/Enterprise Value	0.24	0.23	0.34	0.23	0.27
Total Debt/EBITDA	2.34	2.06	2.39	1.76	2.00
EPS (basic)	55.90	39.00	47.90	53.20	70.64
EPS (diluted) as stated	54.01	38.97	47.90	53.12	65.88
Profitability
Gross Margin (%)	51.32	54.11	51.09	51.03	50.63
Operating Margin (%)	10.08	10.81	11.41	10.76	10.37
Pretax Margin (%)	10.68	10.69	11.64	11.20	11.11
Net Margin (%)	10.44	7.47	7.94	7.56	9.34
Return on Assets (%)	5.83	4.29	4.44	4.40	5.27
Return on Equity (%)	12.27	8.67	9.05	9.35	10.71
Return on Avg. Total Capital (%)	8.04	5.91	6.15	6.31	7.45
Return on Avg. Invested Capital (%)	8.74	6.64	6.64	6.51	7.71
Efficiency
Revenue/Employee	0.12	0.13	0.14	0.15	0.16
Receivables Turnover	4.33	4.58	4.42	4.71	5.01
Days of Sales Outstanding (DSO) (%)	84.35	79.67	82.62	77.56	72.80
Inventory Turnover	5.54	5.29	5.42	5.82	6.40
Days of Inventory on Hand (DIO)	65.88	68.99	67.40	62.69	57.05
Total Asset Turnover	0.56	0.57	0.56	0.58	0.56
Working Capital Turnover	6.03	6.27	3.67	3.83	2.94
Liquidity
Current Ratio	1.41	1.38	1.66	1.85	1.86
Quick Ratio	1.20	1.17	1.41	1.59	1.67
Capital Structure
Debt-to-Total Equity (%)	50.14	43.52	49.75	46.21	41.75
Debt-to-Total Capital (%)	33.40	30.32	33.22	31.61	29.45
Debt-to-Total Assets (%)	24.16	22.05	23.88	21.33	21.67
Interest Coverage	3.56	3.95	5.18	6.58	7.16

Market data

Name	Latest	Var
FTSE 100	5,875.93(c)	-0.24%
FTSE 250	11,161.88(c)	-0.28%
DOW INDUSTRIALS	12,883.95(c)	+0.04%
HONG KONG HANG SENG INDIC	21,018.46	+0.00%
Nikkei 225	8,831.93(c)	-2.04%

Name	Latest	Var
RECKITT BEN. GP	3,479.00(c)	+2.87%
ESSAR ENERGY WI	135.80(c)	+2.34%
AMEC	1,071.00(c)	+2.29%
ASHMORE	390.40(c)	+1.85%
SMITHS GROUP	1,015.00(c)	+1.81%

Name	Latest	Var
WEIR GRP.	1,984.00(c)	-3.22%
INTL POWER	333.00(c)	-2.83%
CENTRICA	294.50(c)	-2.71%
SAGE GRP.	295.60(c)	-2.70%
BHP BILLITON	2,130.00(c)	-2.29%

Buys

Name	Latest	Var
LLOYDS GRP.	35.78(c)	+1.47%
GULF KEYSTONE	316.25(c)	+1.69%
VODAFONE GRP.	173.60(c)	-0.77%
GLAXOSMITHKLINE	1,392.50(c)	-0.96%
BARCLAYS	233.60(c)	-1.35%

Sells

Name	Latest	Var
BARCLAYS	233.60(c)	-1.35%
LLOYDS GRP.	35.78(c)	+1.47%
COSALT	1.40(c)	+64.71%
BP	489.75(c)	+0.67%
MOTIVE TV	0.21(c)	+2.44%

Selftrade is a trading name and Selftrade® a registered trademark of Talos Securities Limited, which is authorised and regulated by the Financial Services Authority (FSA Register number 208271) and is a member of the London Stock Exchange and PLUS Markets. Talos Securities Ltd is incorporated in England and Wales (Registration No. 4196325, Registered Address: Boatman's House, 2 Selsdon Way, London E14 9LA). VAT No. 629 2807 22.

Data: include Bondscape, Dow Jones, Factset, FTSE, Morningstar. Conditions may apply.

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PEARSON

PROFILE

Key People

Major Shareholders

Director Deals

Income Statements £1K

Balance Sheet £1K

Cash Flow £1K

Analysis Data

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