REED ELSEVIER NV > NOTES TO THE FINANCIAL STATEMENTS Operating loss 1 Auditors' remuneration 3 Directors’ emoluments 4 REED ELSEVIER ANNUAL REPORTS & FINANCIAL STATEMENTS 2003 97 Dutch corporation tax has been provided at 34.5%. The share of tax arising in joint ventures as a proportion of the share of profit before tax is increased due to non tax-deductible amortisation and reduced due to exceptional tax credits. Information on directors' remuneration, share options, longer term incentive plans, pension contributions and entitlements is set out in the Directors' Remuneration Report on pages 29 to 38. Audit fees payable for the company were  € 44,000 (2002:  € 43,000). Operating loss is stated after the gross remuneration for present and former directors of Reed Elsevier NV in respect of services rendered to Reed Elsevier NV and the combined businesses. Fees for members of the supervisory board of Reed Elsevier NV of  € 0.2m (2002:  € 0.1m) are included in gross remuneration. In so far as gross remuneration is related to services rendered to Reed Elsevier Group plc and Elsevier Reed Finance BV, it is borne by these companies. 2003 2002 € m € m Share of operating profit before amortisation and exceptional items 855 901 Administrative expenses reported within Reed Elsevier NV group 3 3 Total 858 904 Income from interests in joint ventures 2 2003 2002 € m € m Interest receivable and similar income Interest on receivables from joint ventures 3 3 Other interest 4 4 Net interest income 7 7 Net interest 5 2003 2002 € m € m Dutch corporation tax 1 2 Share of tax arising in joint ventures Before amortisation and exceptional items 192 193 On amortisation and exceptional items (59) (109) Total 134 86 Tax on profit on ordinary activities 6 2003 2002 2003 2002 € € € m € m Ordinary shares of  € 0.06 each Interim 0.08 0.09  59 65 Final (2003 proposed) 0.22 0.21  162 156 R-shares of  € 0.60 each – – – – Total 0.30 0.30  221 221 Dividends 7