COMBINED FINANCIAL STATEMENTS Combined balance sheet  2003 2002 2003 2002 Note £m £m € m € m Fixed assets Goodwill and intangible assets 13 5,153 5,814 7,317 8,895 Tangible fixed assets 14 482 484 684 741 Investments 15 101 121 144 185 Investments in joint ventures: Share of gross assets 118 132 168 202 Share of gross liabilities (58) (70) (83) (107) Share of net assets 60 62 85 95 Other investments 27 41 59 59 90 5,736 6,419 8,145 9,821 Current assets Inventories and pre-publication costs 16 526 500 747 765 Debtors – amounts falling due within one year 17 1,044 923 1,482 1,412 Debtors – amounts falling due after more than one year 18 249 321 354 491 Cash and short term investments 19 638 570 906 872 2,457 2,314 3,489 3,540 Creditors: amounts falling due within one year 20 (3,474) (3,629) (4,933) (5,552) Net current liabilities (1,017) (1,315) (1,444) (2,012) Total assets less current liabilities 4,719 5,104 6,701 7,809 Creditors: amounts falling due after more than one year 21 (2,105) (2,270) (2,989) (3,473) Provisions for liabilities and charges 24 (168) (187) (239) (286) Minority interests (12) (7) (17) (11) Net assets 2,434 2,640 3,456 4,039 Capital and reserves Combined share capitals 190 187 270 286 Combined share premium accounts 1,784 1,708 2,533 2,613 Combined shares held in treasury (37) (19) (53) (29) Combined reserves 497 764 706 1,169 Combined shareholders’ funds 26 2,434 2,640 3,456 4,039 As at 31 December 2003 Approved by the boards of Reed Elsevier PLC and Reed Elsevier NV, 18 February 2004. 44 REED ELSEVIER ANNUAL REPORTS & FINANCIAL STATEMENTS 2003