Summary financial statements

Reed Elsevier NV
Summary balance sheet

as at 31 December 2002		 2002
 Eurom		 2001
Eurom


Fixed asset investment in joint ventures

    


2,195

  


2,506

    


Current assets

Creditors: amounts falling due within one year

    
71

(167) 		 
119

(169)		    


Net current liabilities

    


(96)

  


(50)

    


Total assets less current liabilities

Creditors: amounts falling due after more than one year

Provisions

   
2,099

(6)

(59)		  
2,456

(5)

(59)		    

Shareholders’ funds		    
2,034		  
2,392		    

The balance sheet of Reed Elsevier NV reflects its shareholders’ 50% economic interest in the net assets of the Reed Elsevier combined businesses.

Approved by the combined board, 19 February 2003.

M Tabaksblat
Chairman		          MH Armour
Chief Financial Officer
     
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© 2003 Reed Elsevier | Forward looking statements | www.reedelsevier.com