REED ELSEVIER PLC > NOTES TO THE FINANCIAL STATEMENTS Fixed asset investments – company 13 84 REED ELSEVIER ANNUAL REPORTS & FINANCIAL STATEMENTS 2003 2003 2002 £m £m Share of operating profit  343 262 Share of non operating exceptional items 14 (6) Share of net interest payable  (92) (112) Share of profit before tax 265 144 Share of taxation  (97) (56) Share of profit after tax 168 88 Dividends received  (144) (135) Increase in shares held in treasury (10) (1) Exchange translation differences (123) (98) Equalisation adjustments (5) – Net movement in the year (114) (146) At 1 January 973 1,119 As originally reported 983 1,128 Prior year adjustment (note 21) (10) (9) At 31 December 859 973 Fixed asset investments – consolidated investment in joint ventures 12 Included within share of current assets and creditors are cash and short term investments of £338m (2002: £302m) and borrowings of £1,592m (2002: £1,747m) respectively. 2003 2002 £m £m Fixed assets 3,034 3,396 Current assets 1,336 1,260 Creditors: amounts falling due within one year (2,303) (2,380) Creditors: amounts falling due after more than one year (1,114) (1,201) Provisions (89) (99) Minority interests (5) (3) Total 859 973 The investment in joint ventures comprises the group’s share at the following amounts of: Subsidiary Joint undertakings ventures Total £m £m £m At 1 January and 31 December 2003 303 1,108 1,411 Consolidated Company 2003 2002 2003 2002 £m £m £m £m Amounts owed by Reed Elsevier Group plc group 584 573 584 573 Debtors 14 Amounts falling due after more than one year are £40m (2002: £40m). These amounts are denominated in sterling and earn interest at a fixed rate of 9.8% (2002: 9.8%) for a remaining duration of four years (2002: five years). At 31 December 2003 these amounts had a fair value of £47m (2002: £49m). Consolidated Company 2003 2002 2003 2002 £m £m £m £m Other creditors 1 1 1 1 Proposed dividend 110 102 110 102 Taxation 8 10 8 10 Amounts owed to group undertakings – – 77 77 Total 119 113 196 190 Creditors: amounts falling due within one year 15