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Annual Reports and Financial Statements 2004 153556 Reed Report cover 3/3/05 5:48 pm Page 1 Indispensable Global Information Reed Elsevier Annual Reports and Financial Statements 2004 Annual Reports and Financial Statements > Annual Reports and Financial Statements 2004 For the Reed Elsevier Combined Businesses, Reed Elsevier PLC and Reed Elsevier NV 153556 Reed Report cover 3/3/05 5:49 pm Page 2 Annual Reports and Financial Statements 2004 Contents Financial highlights >01 Operating and financial review >03 Structure and corporate governance >22 Report of the audit committees >28 Directors’ remuneration report >31 Reed Elsevier combined financial statements Accounting policies >44 Combined financial statements >46 Notes to the combined financial statements >50 Independent auditors’ report >74 Reed Elsevier PLC annual report and financial statements Financial highlights >76 Directors’ report >77 Accounting policies >80 Financial statements >81 Notes to the financial statements >85 Independent auditors’ report >92 Reed Elsevier NV annual report and financial statements Financial highlights >94 The Supervisory Board’s report >95 The Executive Board’s report >95 Accounting policies >96 Financial statements >98 Notes to the financial statements >101 Independent auditors’ report >109 Other information >109 Adoption of International Financial Reporting Standards Adoption of IFRS >112 Reed Elsevier combined businesses >115 Reed Elsevier PLC >134 This document contains Annual Reports Reed Elsevier NV >137 information and the Financial Statements in respect of the Reed Elsevier combined businesses and the two parent companies, Additional information for US investors Reed Elsevier PLC and Reed Elsevier NV. Reed Elsevier combined businesses >142 This, together with the separate summary document Reed Elsevier Annual Review and Reed Elsevier PLC >147 Summary Financial Statements 2004, forms Reed Elsevier NV >149 the Annual Reports and Financial Statements of Reed Elsevier PLC and Reed Elsevier NV for the year ended 31 December 2004 and the Principal operating locations >151 two documents should be read together. 153556 pg001_21 report 3/3/05 5:51 pm Page 01 Reed Elsevier Annual Reports and Financial Statements 2004 01 Financial highlights For the year ended 31 December 2004 Reed Elsevier combined businesses £ € % Change 2004 2003 2004 2003 at constant £m £m €m €mcurrencies Reported figures Turnover 4,812 4,925 7,074 7,141 +5% Operating profit 697 661 1,024 958 +10% Profit before taxation 562 519 826 752 +12% Net borrowings 2,532 2,372 3,570 3,368 Adjusted figures Operating profit 1,159 1,178 1,704 1,708 +5% Profit before taxation 1,027 1,010 1,510 1,465 +8% Operating cash flow 1,050 1,028 1,544 1,491 +9% Operating margin 24% 24% 24% 24% 0.2pts Operating cash flow conversion 91% 87% 91% 87% Interest cover (times) 8.8 7.0 8.8 7.0 Parent companies £ € % Reed Elsevier PLC Reed Elsevier NV Change 2004 2003 % 2004 2003 % at constant £m £m change €m €m change currencies Reported profit attributable 152 169 -10% 223 242 -8% Adjusted profit attributable 402 394 +2% 559 540 +4% +8% Average US$: £/€ exchange rate 1.83 1.63 1.24 1.12 Reported earnings per share 12.0p 13.4p -10% €0.28 €0.31 -10% Adjusted earnings per share 31.8p 31.2p +2% €0.71 €0.69 +3% +8% Dividend per share 13.0p 12.0p +8% €0.33 €0.30 +10% The Reed Elsevier combined businesses encompass the businesses of Reed Elsevier Group plc and Elsevier Reed Finance BV, together with their two parent companies, Reed Elsevier PLC and Reed Elsevier NV (the “Reed Elsevier combined businesses”). The results of Reed Elsevier PLC reflect its shareholders’ 52.9% economic interest in the Reed Elsevier combined businesses. The results of Reed Elsevier NV reflect its shareholders’ 50% economic interest in the Reed Elsevier combined businesses. The respective economic interests of the Reed Elsevier PLC and Reed Elsevier NV shareholders take account of Reed Elsevier PLC’s 5.8% interest in Reed Elsevier NV. The financial highlights presented refer to “adjusted” profit and cash flow figures. These figures are used by the Reed Elsevier businesses as additional performance measures and are stated before the amortisation of goodwill and intangible assets, exceptional items and related tax effects. Reconciliations between the reported and adjusted figures are provided in the notes to the financial statements. The percentage change at constant currencies refers to the movements at constant exchange rates, using 2003 full year average rates. 153556 pg001_21report3/3/055:51pmPage02 Reed Elsevier combined businesses combined Reed Elsevier 02 Financialhighlights Reed Elsevier PLCReed Elsevier NV ReedElsevier € £ £ Adjusted Tu Tu earnings pershare rnover Adjusted 00 23.3p 00 €6,180m rnover00 Adjusted £3,768m 01 26.1p 01 €7,342m 01 £4,560m 02 28.5p 02 €7,982m 02 £5,020m 03 31.2p 03 €7,141m 03 £4,925m 04 31.8p 04 €7,074m 04 £4,812m operating profit operating Full dividend operating profit operating 00 10.0p 00 €1,301m 00 £793m y 01 10.5p ear 01 €1,594m 01 £990m 02 11.2p 02 €1,801m 02 £1,133m 03 12.0p 03 €1,708m 03 £1,178m 04 13.0p 04 €1,704m 04 £1,159m € earnings pershare operating cashflow operating Adjusted cashflow operating Adjusted Adjusted 00 €0.59 00 €1,271m 00 £775m 01 €0.64 01 €1,620m 01 £1,006m 02 €0.69 02 €1,606m 02 £1,010m 03 €0.69 03 €1,491m 03 £1,028m 04 €0.71 04 €1,544m 04 £1,050m pre-tax profit pre-tax Adjusted profit pre-tax Adjusted dividend Full 00 €0.28 00 €1,132m 00 £690m y 01 €0.30 ear 01 €1,365m 01 £848m 02 €0.30 02 €1,474m 02 £927m 03 €0.30 03 €1,465m 03 £1,010m 04 €0.33 04 €1,510m 04 £1,027m 153556 pg001_21 report 3/3/05 5:51 pm Page 03 Reed Elsevier Annual Reports and Financial Statements 2004 03 Operating and financial review delivering highly functional information based products and Description of business services that deliver greater productivity and success for our business and professional customers. Reed Elsevier Reed Elsevier is one of the world’s leading publishers and Our strategy to deliver strong top line growth is information providers. The principal operations are in North accompanied by continued commitment to outstanding America and Europe and include science and medical, execution built on strong management, organisational legal, education and business publishing. Total revenues effectiveness and tight cost control. for the year ended 31 December 2004 were £4,812 million/€7,074 million principally derived from We have established long term financial targets which are subscriptions, circulation and copy sales, advertising sales to achieve above market revenue growth and double digit and exhibition fees. adjusted earnings per share growth at constant currencies. The business is strongly cash generative. Reed Elsevier is well positioned in markets with attractive growth prospects and has a clear investment led growth Elsevier strategy focused on building revenue momentum across Elsevier comprises worldwide scientific, technical and all our businesses. medical publishing and communications businesses. Totalrevenues for the year ended 31 December 2004 were Long term growth in our markets is expected to be £1,363 million/€2,004 million. sustained by the continuing demand for professional information. The increasing levels of scientific, medical, Growth in the scientific information market is driven by legal and business activity as well as the commitment to ever increasing scientific research and discovery and the improved educational standards are generating more demands for greater efficiency and productivity in the demand for high quality, specialist information. Recently research process. In healthcare, advances in medical these markets have been impacted by the late cycle effects science and procedures and the demand for improved of global economic slowdown but are beginning to see medical outcomes give rise to the need for high quality improvement, with most sectors showing positive growth specialist information and associated online tools. trends. In addition, professionals are looking for significant improvements in productivity through access to highly The Science & Technology division of Elsevier supplies functional online services and associated workflow tools. scientific and technical information for libraries, scientists and professionals serving a wide range of research fields. Our strategy is aimed at delivering accelerated sales It is the leading global academic journal publisher and each growth in these markets with innovative products based on year publishes over 170,000 new research articles in some our content development skills and technology leadership 1,200 journals and over 1,000 new book titles. Elsevier also supported by strong sales and marketing capabilities. We publishes secondary material in the form of supporting expect to see sustainable growth in our core information bibliographic data, indexes and abstracts, and tertiary offerings and to develop these further in new geographical information in the form of review and reference works. and commercial markets. Additionally we are expanding Its flagship electronic product, ScienceDirect, is a full text through investment and acquisition into new and faster online research service holding 6.7 million scientific growing contiguous markets. Our commitment to our articles and 40 major reference works. The fully searchable ongoing major investment programmes is aimed at database is accessed by over 10 million users each year Forward looking statements The Reed Elsevier Annual Reports and Financial Statements 2004 contain forward looking statements within the meaning of Section 27A of the US Securities Act 1933, as amended, and Section 21E of the Securities Exchange Act 1934, as amended. These statements are subject to a number of risks and uncertainties and actual results and events could differ materially from those currently being anticipated as reflected in such forward looking statements.
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