REED ELSEVIER NV > NOTES TO THE FINANCIAL STATEMENTS Debenture loans comprise four convertible personnel debenture loans with a weighted average interest rate of 5.2%. Depending on the conversion terms, the surrender of  € 227 or  € 200 par value debenture loans qualifies for the acquisition of 20-50 Reed Elsevier NV ordinary shares. 100 REED ELSEVIER ANNUAL REPORTS & FINANCIAL STATEMENTS 2003 2003 2002 € m € m Debenture loans 7 6 Taxation 58 58 Other creditors – 1 Total 65 65 Creditors: amounts falling due after more than one year 15 2003 2002 € m € m Proposed dividend 162 156 Taxation 9 10 Other creditors 3 1 Total 174 167 2003 2002 € m € m Joint ventures 50 50 Other accounts receivable 6 6 Total 56 56 2003 2002 € m € m Investment in joint ventures 2,161 2,161 Fixed asset investments – parent company 12 Debtors 13 Creditors: amounts falling due within one year 14 Amounts falling due after more than one year are  € nil (2002:  € nil). 