Summary financial statements

Reed Elsevier combined businesses

Summary combined profit and loss account

for the year ended 31 December 2002		 2002
 £m		 2001
£m		   2002
 Eurom		 2001
Eurom

Turnover 		   
5,020		  
4,560
          
7,982		  
7,342		  


Adjusted operating profit (including £20m/Euro32m
(2001: £15m/Euro24m) share of joint ventures)

Amortisation (including £3m/Euro5m (2001: £3m/Euro4m) share of joint ventures)

Exceptional items

   



1,133

(527)

(99)

  



990

(501)

(98)

          



1,801

(838)

(157)

  



1,594

(806)

(158)

  


Operating profit (including £17m/Euro27m
(2001: £12m/Euro20m) share of joint ventures)

Non operating exceptional items

   

507

(12)		  

391

26		          

806

(19)		  



630

41

  


Profit on ordinary activities before interest

Net interest expense

   
495

(206)
  
417

(142)		          
787

(327)		  


671

(229)

  


Profit on ordinary activities before taxation

Tax on profit on ordinary activities
(including £122m/Euro194m (2001: £81m/Euro130m) exceptional credit)

   
289


(107)		  
275


(148)		          
460


(171)		  


442


(238)

  


Profit on ordinary activities after taxation

Minority interests

   
182

(1)		  
127

(1)		          
289

(1)		  


204

(2)

  


Profit attributable to parent companies’ shareholders

Equity dividends paid and proposed

   
181

(282)		  
126

(269)		          
288

(448)		  


202

(432)

  

Retained loss taken to combined reserves 		   
(101)		  
(143)		          
(160)		  
(230)		  

Adjusted profit before tax 		   
927		  
848		          
1,474		  
1,365		  

Adjusted profit attributable to parent companies’ shareholders
    
682		  
624		          
1,084		  
1,005		  
   
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