COMBINED FINANCIAL STATEMENTS > NOTES TO THE COMBINED FINANCIAL STATEMENTS Adjusted figures 10 2003 2002 2003 2002 £m £m € m € m Operating profit including joint ventures 661 507 958 806 Adjustments: Amortisation of goodwill and intangible assets (including joint ventures) 445 527 645 838 Reorganisation costs 23 42 33 67 Acquisition related costs 49 57 72 90 Adjusted operating profit 1,178 1,133 1,708 1,801 Profit before tax 519 289 752 460 Adjustments: Amortisation of goodwill and intangible assets (including joint ventures) 445 527 645 838 Reorganisation costs 23 42 33 67 Acquisition related costs 49 57 72 90 Net (profit)/loss on disposal of businesses and fixed asset investments (26) 12 (37) 19 Adjusted profit before tax 1,010 927 1,465 1,474 Profit attributable to parent companies’ shareholders 334 181 484 288 Adjustments: Amortisation of goodwill and intangible assets (including joint ventures) 448 512 649 814 Reorganisation costs 17 32 24 51 Acquisition related costs 32 43 47 68 Net profit on disposal of businesses and fixed asset investments (87) (86) (125) (137) Adjusted profit attributable to parent companies’ shareholders 744 682 1,079 1,084 Net cash inflow from operating activities 1,065 1,035 1,544 1,645 Dividends received from joint ventures 14 13 20 21 Purchase of tangible fixed assets (155) (163) (225) (259) Proceeds from sale of tangible fixed assets 6 6 10 9 Payments in relation to exceptional items charged to operating profit 98 119 142 190 Adjusted operating cash flow 1,028 1,010 1,491 1,606 Adjusted profit and cash flow figures are used by the Reed Elsevier businesses as additional performance measures. The adjusted figures are stated before the amortisation of goodwill and intangible assets, exceptional items and related tax effects, and are derived as follows: REED ELSEVIER ANNUAL REPORTS & FINANCIAL STATEMENTS 2003 55