COMBINED FINANCIAL STATEMENTS > NOTES TO THE COMBINED FINANCIAL STATEMENTS 2003 2002 2003 2002 £m £m € m € m Analysis of turnover by geographical market North America 2,921 3,152 4,235 5,012 United Kingdom 551 545 799 867 The Netherlands 207 207 300 329 Rest of Europe 695 611 1,008 971 Rest of world 551 505 799 803 Total 4,925 5,020 7,141 7,982 Segment analysis  (continued) 1 2003 2002 2003 2002 £m £m € m € m Reconciliation of capital employed to combined shareholders’ funds Capital employed 5,614 6,145 7,972 9,402 Taxation (549) (528) (780) (809) Dividends and net interest (247) (238) (351) (363) Net borrowings (2,372) (2,732) (3,368) (4,180) Minority interests (12) (7) (17) (11) Combined shareholders’ funds 2,434 2,640 3,456 4,039 Capital expenditure Depreciation Amortisation 2003 2002 2003 2002 2003 2002 £m £m £m £m £m £m Business segment Science & Medical 46 36 30 27 72 101 Legal 83 84 61 62 185 197 Education 14 20 13 13 63 71 Business 25 39 30 34 125 158 Total 168 179 134 136 445 527 Capital expenditure Depreciation Amortisation 2003 2002 2003 2002 2003 2002 € m € m € m € m € m € m Business segment Science & Medical 67 57 43 43 104 161 Legal 120 134 89 99 268 313 Education 20 32 19 21 91 113 Business 37 62 43 53 182 251 Total 244 285 194 216 645 838 REED ELSEVIER ANNUAL REPORTS & FINANCIAL STATEMENTS 2003 47