COMBINED FINANCIAL STATEMENTS > NOTES TO THE COMBINED FINANCIAL STATEMENTS Goodwill and intangible assets Intangible Intangible Goodwill assets Total Goodwill assets Total £m £m £m € m € m € m Cost At 1 January 2003 4,527 4,311 8,838 6,926 6,596 13,522 Acquisitions 93 136 229 135 197 332 Disposal of businesses (62) (74) (136) (90) (107) (197) Exchange translation differences (308) (282) (590) (936) (877) (1,813) At 31 December 2003 4,250 4,091 8,341 6,035 5,809 11,844 Accumulated amortisation At 1 January 2003 1,717 1,307 3,024 2,627 2,000 4,627 Disposal of businesses (53) (48) (101) (77) (69) (146) Charge for the year 257 185 442 373 268 641 Exchange translation differences (108) (69) (177) (349) (246) (595) At 31 December 2003 1,813 1,375 3,188 2,574 1,953 4,527 Net book amount At 1 January 2003 2,810 3,004 5,814 4,299 4,596 8,895 At 31 December 2003 2,437 2,716 5,153 3,461 3,856 7,317 13 Tangible fixed assets Computer Computer systems, systems, Land and plant and Land and plant and buildings equipment Total buildings equipment Total £m £m £m € m € m € m Cost At 1 January 2003 206 1,018 1,224 315 1,558 1,873 Acquisitions – 3 3 – 4 4 Capital expenditure 3 165 168 4 240 244 Disposals  (13) (46) (59) (19) (67) (86) Exchange translation differences (11) (55) (66) (37) (195) (232) At 31 December 2003 185 1,085 1,270 263 1,540 1,803 Accumulated depreciation At 1 January 2003 77 663 740 118 1,014 1,132 Disposals (7) (36) (43) (10) (52) (62) Charge for the year 7 127 134 10 184 194 Exchange translation differences (5) (38) (43) (15) (130) (145) At 31 December 2003 72 716 788 103 1,016 1,119 Net book amount At 1 January 2003 129 355 484 197 544 741 At 31 December 2003 113 369 482 160 524 684 14 At 31 December 2003 and 2002, all assets were included at cost. No depreciation was provided on freehold land. The net book amount of tangible fixed assets includes £29m/ € 41m (2002: £24m/ € 37m) in respect of assets held under finance leases. At 31 December 2003, the weighted average remaining estimated useful life of goodwill and intangible assets was 24 years (2002: 25 years). REED ELSEVIER ANNUAL REPORTS & FINANCIAL STATEMENTS 2003 59