REED ELSEVIER PLC Balance sheets As at 31 December 2003 Consolidated Company 2003 2002 2003 2002 Note £m £m £m £m Fixed assets Investment in joint ventures: 12 Share of gross assets 4,370 4,656 – – Share of gross liabilities (3,511) (3,683) – – Share of net assets 859 973 – – Investments 13 – – 1,411 1,411 859 973 1,411 1,411 Current assets Debtors 14 584 573 584 573 584 573 584 573 Creditors: amounts falling due within one year 15 (119) (113) (196) (190) Net current assets 465 460 388 383 Total assets less current liabilities 1,324 1,433 1,799 1,794 Creditors: amounts falling due after more than one year 16 (36) (36) (36) (36) Net assets 1,288 1,397 1,763 1,758 Capital and reserves Called up share capital 17 159 159 159 159 Share premium account 19 963 951 963 951 Shares held in treasury 19 (20) (10) – – Capital redemption reserve 19 4 4 4 4 Profit and loss reserve 19 182 293 637 644 Shareholders’ funds 1,288 1,397 1,763 1,758 The financial statements were approved by the board of directors, 18 February 2004. M Tabaksblat Chairman MH Armour Chief Financial Officer REED ELSEVIER ANNUAL REPORTS & FINANCIAL STATEMENTS 2003 79