PARENT COMPANY EARNINGS AND DIVIDENDS
For the parent companies, Reed Elsevier PLC and Reed Elsevier NV, the adjusted earnings per share were up 9% at 28.5p and up 8% at 0.69 respectively. At constant exchange rates this represents an increase of 11%. The reported earnings per share, including the amortisation of goodwill and intangible assets and exceptional items, was for Reed Elsevier PLC shareholders 7.0p (2001: 4.8p) and for Reed Elsevier NV shareholders 0.18 (2001: 0.13).

The proposed Reed Elsevier PLC final dividend is 8.0p per share which, together with the interim dividend of 3.2p, gives a total dividend of 11.2p, up 7% on the prior year. The Reed Elsevier NV dividend under the equalisation arrangements is 0.21 per share which, together with the interim dividend of 0.09, gives a total Reed Elsevier NV dividend unchanged at 0.30. The difference in dividend growth rates reflects the impact of currency movements since the prior year dividend declaration dates.