2 REED ELSEVIER ANNUAL REPORTS & FINANCIAL STATEMENTS 2003 Reed Elsevier combined businesses Reed Elsevier PLC Reed Elsevier NV £5,020m 03 £3,768m 01 £4,560m 02 £3,390m 00 99 £1,133m 03 £793m 01 £990m 02 £792m 00 99 £1,010m 03 £775m 01 £1,006m 02 £780m 00 99 £927m 03 £690m 01 £848m 02 £710m 00 99 € 7,982m 03 € 6,180m 01 € 7,342m 02 € 5,153m 00 99 03 € 1,594m 01 € 1,801m 02 € 1,301m 00 € 1,204m 99 03 € 1,620m 01 € 1,606m 02 € 1,271m 00 € 1,186m 99 03 € 1,365m 01 € 1,474m 02 € 1,132m 00 € 1,079m 99 Turnover Adjusted  operating  profit Adjusted  operating  cash flow Adjusted  pre-tax profit £ sterling €  euro £4,925m £1,178m £1,028m £1,010m € 1,465m € 1,708m € 7,141m € 1,491m € 0.69 03 € 0.64 01 € 0.69 02 € 0.59 00 € 0.57 99 € 0.30 03 € 0.30 01 € 0.30 02 € 0.28 00 € 0.27 99 Adjusted  earnings  per share Full year  dividend 31.2p 03 26.1p 01 28.5p 02 23.3p 00 24.4p 99 12.0p 03 10.5p 01 11.2p 02 10.0p 00 10.0p 99 Adjusted  earnings  per share Full year  dividend