REED ELSEVIER NV > NOTES TO THE FINANCIAL STATEMENTS Cash flow statement 10 Fixed asset investments – group 11 Included within share of current assets and creditors are cash and short term investments of  € 446m (2002:  € 421m) and borrowings of  € 2,130m (2002: € 2,520m) respectively. 2003 2002 € m € m Operating loss (3) (3) Net movement in debtors and creditors 1 3 Net cash flow from operating activities (2) – € m At 1 January 2003 50 Cash flow – At 31 December 2003 50 2003 2002 Note € m € m Share of operating profit 482 406 Share of non operating exceptional items 19 (9) Share of net interest payable (129) (171) Share of profit before tax 372 226 Share of taxation (133) (84) Share of profit after tax 239 142 Dividends received (200) (150) Increase in shares held in treasury (13) (1) Exchange translation differences (310) (303) Equalisation adjustments 8 – Net movement in the year (276) (312) At 1 January  2,180 2,492 Before prior year adjustment 2,195 2,506 Prior year adjustment 20 (15) (14) At 31 December 1,904 2,180 2003 2002 € m € m Fixed assets 4,073 4,910 Current assets 1,732 1,699 Creditors: amounts falling due within one year (2,343) (2,609) Creditors: amounts falling due after more than one year (1,430) (1,731) Provisions (120) (84) Minority interests (8) (5) Total 1,904 2,180 The investment in joint ventures comprises the group share at the following amounts of: Gross equity accounted investments in joint ventures Reconciliation of net funding balances with joint ventures Reconciliation of operating loss to net cash outflow from operating activities REED ELSEVIER ANNUAL REPORTS & FINANCIAL STATEMENTS 2003 99