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In financial terms, Pearson's goal is to achieve sustainable growth on three key financial goals - earnings, cash and return on invested capital, and reliable cash returns to our investors through healthy and growing dividends. Over the past five years we have produced, on average, 15% growth in earnings and 11% in cash flow. And we have sustained our growth even in the face of very tough economic and market conditions in recent years.

  2011 £m 2010 £m Headline growth CER growth Underlying growth
Business performance          
Sales 5,862 5,663 4% 6% 1%
Adjusted operating profit 942 857 10% 12% 7%
Adjusted profit before tax 890 853 4%    
Adjusted earnings per share 86.5p 77.5p 12%    
Operating cash flow 983 1,057 (7)%    
Total free cash flow 772 904 (15)%    
Total free cash flow per share 96.5p 112.8p (14)%    
Return on invested capital 9.1% 10.3% (1.2)% pts    
Net debt (499) (430) (16)%    
Statutory results          
Operating profit 1,226 743 65%    
Profit before tax 1,155 670 72%    
Basic earnings per share 119.6p 161.9p (26)%    
Cash generated from operations 1,093 1,169 (7)%    
Dividend per share 42.0p 38.7p 9%    

Notes Throughout this document:

a) Growth rates are stated on a constant exchange rate (CER) basis unless otherwise stated. Where quoted, underlying growth rates exclude both currency movements and portfolio changes.
b) Interactive Data was treated as a discontinued business in 2010 and sales and operating profit are stated on a continuing business basis, excluding Interactive Data from 2010. Until its sale on 29 July 2010, Interactive Data contributed 2010 revenues of £296m and 2010 adjusted operating profit of £81m.
c) The 'business performance' measures are non‑GAAP measures and reconciliations to the equivalent statutory heading under IFRS are included in notes 2, 8 and 33 to the annual report.

2011 Sales £5.9bn +6%

2011 Adjusted operating profit £942m +12%

Our five-year record

Average annual growth in headline terms, 2006-2011

Adjusted earnings per share +15%

Sales £m

Operating cash flow +11%

Adjusted operating profit £m