Interim Results - Part 2
REED INTERNATIONAL PLC
ELSEVIER NV
5 August 1999
PART 2
Combined summarised balance sheet
As at 30 June 1999
As at As at As at
31 December 30 June 30 June
1998 £ million 1999 1998
3,598 Goodwill and intangible assets 3,641 2,595
399 Tangible assets 428 330
87 Investments 100 262
4,084 Fixed assets 4,169 3,187
101 Stocks 112 115
867 Debtors 793 850
708 Cash and short term investments 567 1,457
1,676 Current assets 1,472 2,422
Creditors: amounts falling due within
(2,791) one year (2,777) (2,328)
(1,115) Net current (liabilities)/assets (1,305) 94
2,969 Total assets less current liabilities 2,864 3,281
Creditors: amounts falling due after
(797) more than one year (680) (783)
(36) Provisions for liabilities and charges (22) (179)
(6) Minority interests (7) (5)
2,130 Net assets 2,155 2,314
2,130 Combined shareholders' funds 2,155 2,314
The interim combined financial statements were approved by the Boards of Reed
International P.L.C. and Elsevier NV on 4 August 1999.
Combined shareholders' funds reconciliation
For the six months ended 30 June 1999
Year ended Six months ended
31 December 30 June 30 June
1998 £ million 1999 1998
Combined shareholders' funds at the
1,692 beginning of the period 2,130 1,692
Profit attributable to parent companies'
772 shareholders 68 730
(349) Ordinary dividends paid and proposed (107) (110)
Issue of shares on exercise of options,
18 net of capital redemptions (1) 8
(3) Exchange translation differences 65 (6)
Combined shareholders' funds at the end
2,130 of the period 2,155 2,314
Combined statement of total recognised gains and losses
For the six months ended 30 June 1999
Year ended Six months ended
31 December 30 June 30 June
1998 £ million 1999 1998
Profit attributable to parent companies'
772 shareholders 68 730
(3) Exchange translation differences 65 (6)
Total recognised gains and losses for
769 the period 133 724
Notes to the combined financial statements
1 BASIS OF PREPARATION
The Reed Elsevier combined financial statements encompass the businesses of
Reed Elsevier plc and Elsevier Reed Finance BV and their respective
subsidiaries, joint ventures and associates, together with the two parent
companies Reed International P.L.C. and Elsevier NV ('Reed Elsevier' or 'the
Reed Elsevier combined businesses').
The interim combined financial statements, which have been prepared on the
basis of the accounting policies set out in the Reed Elsevier Annual Review
1998, are unaudited but have been reviewed by the auditors and their report to
the Boards of Reed International P.L.C.and Elsevier NV is set out below.
2 EXCHANGE TRANSLATION RATES
In preparing the financial statements the following exchange rates have been
applied:
Year ended Profit and loss Balance sheet
31 December 1998
Profit Balance 30June 30June 30June 30June
and loss sheet 1999 1998 1999 1998
3.28 3.13 Dutch guilders to sterling 3.28 3.36 3.36 3.39
1.66 1.66 US dollars to sterling 1.62 1.65 1.57 1.66
1.98 1.89 Dutch guilders to US dollars 2.02 2.04 2.14 2.04
3 EXCEPTIONAL ITEMS
Exceptional items comprise:
Year ended Six months ended
31 December 30 June 30 June
1998 £ million 1999 1998
(26) Acquisition related integration costs (10) (10)
(53) Year 2000 compliance costs (35) (17)
(79) Charged to operating profit (45) (27)
692 Net profit on sale of businesses - 692
(10) Merger expenses - (10)
603 Total exceptional (charge)/credit (45) 655
(70) Tax credit/(charge) 18 (93)
4 ADJUSTED EARNINGS FIGURES
The adjusted earnings figures, which exclude exceptional items and the
amortisation of goodwill and intangible assets and related tax effects, are
derived as follows:
Year ended Six months ended
31 December 30 June 30 June
1998 £ million 1999 1998
1,044 Profit before tax 145 929
Adjustments:
(603) Exceptional items 45 (655)
Amortisation of goodwill and intangible
332 assets 181 139
773 Adjusted profit before tax 371 413
Profit attributable to parent companies'
772 shareholders 68 730
Adjustments:
(533) Exceptional items 27 (562)
Amortisation of goodwill and intangible
332 assets 181 139
Adjusted profit attributable to parent
571 companies' shareholders 276 307
5 COMBINED CASH FLOW STATEMENT
Reconciliation of operating profit to net cash inflow from operating
activities
Year ended Six months ended
31 December 30 June 30 June
1998 £ million 1999 1998
393 Operating profit before joint ventures 181 245
79 Exceptional charges to operating profit 45 27
472 Operating profit before exceptional items 226 272
323 Amortisation of goodwill and intangible assets 179 134
97 Depreciation 55 45
(4) Net SSAP24 pension credit (2) (2)
416 Total non cash items 232 177
49 Movement in working capital (149) (93)
Net cash inflow from operating activities
937 before exceptional items 309 356
Payments relating to exceptional items
(258) charged to operating profit (67) (147)
679 Net cash inflow from operating activities 242 209
Reconciliation of net borrowings
Six months ended 30 June 1999
Short
Term
£ million Cash Investments Borrowings Total
Net borrowings at the beginning of the period 26 682 (1,670) (962)
Increase in cash 9 - - 9
Decrease in short term investments - (143) - (143)
Increase in borrowings - - (50) (50)
Change in net borrowings resulting from
cash flows 9 (143) (50) (184)
Inception of finance leases - - (5) (5)
Exchange translation differences (1) (6) (89) (96)
Net borrowings at the end of the period 34 533 (1,814) (1,247)
Year ended Six months ended
31 December 30 June 1998
1998 £ million
(630) Net borrowings at the beginning of the period (630)
(84) Decrease in cash (75)
(63) (Decrease)/increase in short term investments 698
(174) Increase in borrowings (107)
(321) Change in net borrowings resulting from cash flows 516
(10) Inception of finance leases -
(1) Exchange translation differences (9)
(962) Net borrowings at the end of the period (123)
6 SEGMENT ANALYSIS
Turnover Adjusted operating profit
Six months ended Six months ended
30 June 30 June 30 June 30 June
£ million 1999 1998 1999 1998
Geographical origin
North America 927 820 182 201
United Kingdom 340 351 99 97
The Netherlands 203 193 70 70
Rest of Europe 155 141 50 42
Asia/Pacific 71 64 7 9
Continuing operations 1,696 1,569 408 419
Discontinued operations - 19 - (1)
Total 1,696 1,588 408 418
Geographical market
North America 951 847
United Kingdom 241 246
The Netherlands 113 107
Rest of Europe 217 203
Asia/Pacific 174 166
Continuing operations 1,696 1,569
Discontinued operations - 19
Total 1,696 1,588
Year ended 31 December 1998
£ million Turnover Adjusted
operating
Geographical origin profit
North America 1,663 390
United Kingdom 692 204
The Netherlands 383 128
Rest of Europe 293 76
Asia/Pacific 132 15
Continuing operations 3,163 813
Discontinued operations 28 -
Total 3,191 813
Geographical market
North America 1,726
United Kingdom 483
The Netherlands 222
Rest of Europe 407
Asia/Pacific 325
Continuing operations 3,163
Discontinued operations 28
Total 3,191
Independent review report
Independent review report to the Directors of Reed International P.L.C. and to
the Members of the Supervisory and Executive Boards of Elsevier NV
Introduction
On the instruction of the Boards of Reed International P.L.C. and Elsevier NV,
we have reviewed the combined financial information of Reed International
P.L.C., Elsevier NV, Reed Elsevier plc and Elsevier Reed Finance BV and their
respective subsidiaries (together'the Reed Elsevier combined businesses'), and
the financial information of Reed International P.L.C. and Elsevier NV for the
six months ended 30 June 1999 set out herein, and we have read the other
information contained in the Reed Elsevier Interim Statement and considered
whether it contains any apparent misstatement or material inconsistencies with
the financial information.
Directors' responsibilities
The Reed Elsevier Interim Statement, including the financial information
contained therein, is the responsibility of, and has been approved by, the
Directors of Reed International P.L.C. and Elsevier NV. The Listings Rules of
the London Stock Exchange and Generally Accepted Accounting Principles in
the UK and the Netherlands require that the accounting policies and
presentation applied to the interim figures should be consistent with those
applied in preparing the preceding annual accounts except where any changes,
and the reasons for them, are disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin
1999/4 issued by the UK Auditing Practices Board. A review consists
principally of making enquiries of the managements of the Reed Elsevier
combined businesses and applying analytical procedures to the underlying
financial data and, based thereon, assessing whether the accounting policies
and presentation have been consistently applied unless otherwise disclosed. A
review excludes audit procedures such as tests of controls and verification of
assets, liabilities and transactions. It is substantially less in scope than
an audit performed in accordance with Auditing Standards and therefore
provides a lower level of assurance than an audit. Accordingly, we do not
express an audit opinion on the financial information.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 June 1999.
Deloitte & Touche Deloitte & Touche
Chartered Accountants Registeraccountants
London Amsterdam
4 August 1999 4 August 1999
Year 2000 compliance programme
The Reed Elsevier Year 2000 compliance programme has progressed well. The
remediation and testing work on business critical systems is now substantially
complete. The state of readiness of key business partners is under continuous
review. Comprehensive contingency plans designed to minimise the impact on key
business activities of any failures in systems, either within the business
or at business partners, are almost finalised. The main focus of activity
during the remainder of the year is on maintaining the compliance status of
remediated business systems, the completion and rigorous testing of the
contingency arrangements and continual assurance work in respect of business
partners. The compliance programme continues to receive the highest priority
within Reed Elsevier.
Compliance programme costs, which are separately categorised as exceptional
items, during the first half of 1999 amounted to £35 million bringing the
cumulative profit and loss expense of the programme to 30 June 1999 to £99
million. The total expense is expected to be up to £120 million. This is some
£15 million higher than the estimate given in the Reed Elsevier Annual Review
1998 due to additional remediation activity, the continuous testing programme,
as well as the scale of the resourcing and deployment of contingency
arrangements.
The Year 2000 compliance programme and contingency plans are designed to
minimise the risk of disruption to Reed Elsevier arising from the millennium
date change. There can, however, be no assurance that the businesses will not
be impacted by unforeseen internal and external Year 2000 issues and risks.
Elsevier NV summary financial information
1 BASIS OF PREPARATION
The results for the six months ended 30 June 1999 reflect Elsevier NV's 50%
share of the Reed Elsevier combined businesses accounted for on an equity
basis.
The interim figures for the six months ended 30 June 1999 and the comparative
amounts to 30 June 1998 are unaudited but have been reviewed by the auditors
and their report to the Boards of Elsevier NV is set out above. The financial
information for the year ended 31 December 1998 has been abridged from the
statutory accounts of Elsevier NV for that year and the auditors, Deloitte &
Touche, have confirmed that 'our opinion on such statutory accounts was
unqualified'.
2 PROFIT AND LOSS ACCOUNT
Year ended Six months ended
31 December 30 June 30 June
1998 Dfl million 1999 1998 % change
Share of adjusted profit before tax from
1,268 the Reed Elsevier combined businesses 609 694 -12%
Share of amortisation of goodwill
(545) and intangible assets (297) (233)
989 Share of exceptional items before tax (73) 1,100
(446) Taxation (127) (334)
1,266 Profit attributable to shareholders 112 1,227
Allocation of profit:
581 Dividends paid and proposed 174 194
685 Transferred (from)/to reserves (62) 1,033
1,266 Profit attributable to shareholders 112 1,227
Dfl Elsevier NV earnings per share (EPS) Dfl Dfl
Share of earnings from the Reed Elsevier
1.79 combined businesses 0.16 1.73
Adjustments to arrive at Adjusted EPS:
(1.24) Share of exceptional items 0.06 (1.31)
Share of amortisation of goodwill
0.77 and intangible assets 0.42 0.31
1.32 Adjusted EPS 0.64 0.73 -12%
1.79 Diluted EPS 0.16 1.73
The Adjusted EPS is based upon Elsevier NV's 50% share of the adjusted profit
attributable of the Reed Elsevier combined businesses, which excludes
exceptional items and the amortisation of goodwill and intangible assets and
related tax effects.
3 DIVIDENDS
The Boards of Elsevier NV have declared an interim dividend of Dfl 0.26 (1998
interim: Dfl 0.29). Dividends paid to Reed International P.L.C. and Elsevier
NV shareholders are equalised at the gross level inclusive of the UK tax
credit (10% from 6 April 1999, previously 20%) received by certain Reed
International shareholders. In 1998 the full year dividend was Dfl 0.87. The
payment date for the 1999 interim dividend on the ordinary shares is 1
October.
The guilder:sterling exchange rate applied in the dividend equalisation
calculation, being the average rate for the five days commencing ten days
before the dividend declaration date, was Dfl 3.31:£1 (1998 interim: Dfl
3.31:£1).
4 RECONCILIATION OF SHAREHOLDERS' FUNDS
Year ended Six months ended
31 December 30 June 30 June
1998 Dfl million 1999 1998
2,826 Shareholders' funds as at the
beginning of the period 3,333 2,826
1,266 Profit attributable to shareholders 112 1,227
11 Increase in share capital and paid-in surplus 4 7
(189) Currency translation differences and equalisation 345 56
(581) Dividends paid and proposed (174) (194)
3,333 Shareholders' funds as at the end of the period 3,620 3,922
The balance sheet of Elsevier NV reflects its 50% share of the net assets of
the Reed Elsevier combined businesses. The shareholders' funds are largely
represented by the investments in Reed Elsevier.
5 SUMMARY FINANCIAL INFORMATION IN EUROS
The Elsevier summary financial information in euros is a simple translation of
the information from Dutch guilders into euros based on the fixed conversion
rate of one euro to 2.20371 Dutch guilders.
Profit and loss account
Year ended Six months ended
31 December 30 June 30 June
1998 Euro million 1999 1998 % change
Share of adjusted profit before tax
from the Reed Elsevier combined
575 businesses 276 315 -12%
Share of amortisation of goodwill
(247) and intangible assets (135) (106)
449 Share of exceptional items before tax (33) 500
(203) Taxation (57) (152)
574 Profit attributable to shareholders 51 557
Allocation of profit:
263 Dividends paid and proposed 79 88
311 Transferred (from)/to reserves (28) 469
574 Profit attributable to shareholders 51 557
Euro Elsevier NV earnings per share (EPS) Euro Euro
Share of earnings from the Reed Elsevier
0.81 combined businesses 0.07 0.79
Adjustments to arrive at Adjusted EPS:
(0.56) Share of exceptional items 0.03 (0.60)
Share of amortisation of goodwill
0.35 and intangible assets 0.19 0.14
0.60 Adjusted EPS 0.29 0.33 -12%
0.81 Diluted EPS 0.07 0.79
Reconciliation of shareholders' funds
Year ended Six months ended
31 December 30 June 30 June
1998 Euro million 1999 1998
Shareholders' funds as at the beginning
1,282 of the period 1,512 1,282
574 Profit attributable to shareholders 51 557
5 Increase in share capital and paid-in surplus 2 3
(86) Currency translation differences and equalisation 157 26
(263) Dividends paid and proposed (79) (88)
1,512 Shareholders' funds as at the end of the period 1,643 1,780
Reed International P.L.C. summary financial information
1 BASIS OF PREPARATION
The results for the six months ended 30 June 1999 reflect Reed International
P.L.C.'s 50% share of the Reed Elsevier combined businesses and a 5.8%
interest in Elsevier NV, both of which are accounted for on an equity basis.
The interim figures for the six months ended 30 June 1999 and the comparative
amounts to 30 June 1998 are unaudited but have been reviewed by the auditors
and their report to the Board of Reed International P.L.C. is set out above.
The financial information for the year ended 31 December 1998 has been
abridged from the financial statements for that year, which have been filed
with the UK Registrar of Companies and received an unqualified audit report.
2 PROFIT AND LOSS ACCOUNT
Year ended Six months ended
31 December 30 June 30 June
1998 £ million 1999 1998 % change
1,688 Share of combined turnover 897 840 +7%
Share of adjusted profit before tax:
387 Reed Elsevier combined businesses (50%) 186 206
22 Elsevier NV (5.8%) 10 12
409 196 218 -10%
Share of amortisation of goodwill and
(176) intangible assets (96) (74)
319 Share of exceptional items before tax (24) 347
Elsevier NV's share of UK tax credit
(12) on distributed earnings (3) (6)
540 Profit before tax 73 485
(144) Tax (40) (105)
Profit attributable after tax credit
396 equalisation 33 380
(172) Dividends paid and proposed (53) (53)
224 Retained (loss)/profit (20) 327
34.7p Statutory earnings per share 2.9p 33.3p
34.6p Diluted earnings per share 2.9p 33.2p
Reed International P.L.C. earnings per share (EPS)
34.7p Reed International P.L.C. statutory EPS 2.9p 33.3p
1.0p Effect of tax credit equalisation 0.2p 0.5p
Share of earnings from the Reed Elsevier
35.7p combined businesses 3.1p 33.8p
Adjustments to arrive at Adjusted EPS:
(24.7)p Share of exceptional items 1.3p (26.1)p
Share of amortisation of goodwill and
15.4p intangible assets 8.4p 6.5p
26.4p Adjusted EPS 12.8p 14.2p -10%
The Adjusted EPS is based upon the Reed International P.L.C. shareholders'
52.9% share of the adjusted profit attributable of the Reed Elsevier combined
businesses, which excludes exceptional items and the amortisation of goodwill
and intangible assets and related tax effects.
3 DIVIDENDS
The Board of Reed International P.L.C. has declared an interim dividend of
4.6p (1998 interim: 4.6p). In 1998 the full year dividend was 15.0p. The
record and payment dates in respect of the 1999 interim dividend on the
ordinary shares are 20 August and 1 October respectively.
4 UK TAX CREDIT ON DISTRIBUTED EARNINGS
Dividends paid to Reed International P.L.C. and Elsevier NV shareholders are
equalised at the gross level inclusive of the UK tax credit (10% from 6 April
1999, previously 20%) received by certain Reed International P.L.C.
shareholders. In the statutory accounts of Reed International P.L.C., an
adjustment is required to equalise the benefit of the tax credit between the
two sets of shareholders in accordance with the equalisation agreement. This
equalisation adjustment arises only on dividends paid by Reed International
P.L.C. to its shareholders and reduces the attributable earnings of the
company by 47.1% of the total amount of the tax credit.
5 RECONCILIATION OF SHAREHOLDERS' FUNDS
Year ended Six months ended
31 December 30 June 30 June
1998 £ million 1999 1998
Shareholders' funds as at the beginning
895 of the period 1,127 895
224 Retained (loss)/profit (20) 327
(Decrease)/increase in share capital and
14 share premium (2) 5
(6) Other items including exchange 35 (3)
1,127 Shareholders' funds as at the end of the period 1,140 1,224
The consolidated balance sheet of Reed International reflects its 52.9% share
of the net assets of the Reed Elsevier combined businesses. The shareholders'
funds are largely represented by the investments in Reed Elsevier.
Additional information for US investors
SUMMARY OF THE PRINCIPAL DIFFERENCES BETWEEN UK AND DUTCH GAAP AND US GAAP
The combined financial statements are prepared in accordance with UK and Dutch
GAAP, which differs in certain significant respects from US GAAP. The
principal differences relate to the US GAAP requirements in respect of the
capitalisation and amortisation of goodwill and other intangibles and related
deferred tax effects. A more complete explanation of accounting policies used
by the combined businesses and the differences between UK and Dutch GAAP and
US GAAP is set out in the Reed Elsevier Annual Review 1998.
The US GAAP adjustments for amortisation of goodwill and other intangibles for
the six months ended 30 June 1998 and the year ended 31 December 1998
reflected a re-evaluation of remaining asset lives under US GAAP, to conform
with the asset lives adopted under UK and Dutch GAAP on introduction of the UK
Financial Reporting Standard FRS10: Goodwill and Intangible Assets, in the
1998 financial year.
The approximate effects on net income and combined shareholders' funds of
differences between UK and Dutch GAAP and US GAAP are set out below:
Year ended Six months ended
31 December 30 June 30 June
1998 £ million 1999 1998
772 Net income under UK and Dutch GAAP 68 730
US GAAP adjustments:
(477) Amortisation of goodwill and other intangibles (38) (437)
77 Deferred taxation 20 50
26 Other items 1 5
398 Net income under US GAAP 51 348
Analysed:
(122) Continuing operations 51 (163)
(1) Discontinued operations - income from operations - (6)
521 - gain on sales - 517
398 Net income under US GAAP 51 348
As at As at As at
31 December 30 June 30 June
1998 £ million 1999 1998
Combined shareholders' funds under UK
2,130 and Dutch GAAP 2,155 2,314
US GAAP adjustments:
637 Goodwill and other intangibles 612 481
(242) Deferred taxation (230) (82)
64 Other items 62 48
244 Ordinary dividends not declared in the period 107 110
2,833 Combined shareholders' funds under US GAAP 2,706 2,871
Summary combined financial information in US dollars
For the six months ended 30 June 1999
Highlights of the Reed Elsevier combined results in US dollars are given
below. This is a simple translation into US dollars at the average rates of
exchange and does not represent a restatement under US Generally Accepted
Accounting Principles (GAAP):
Year ended Six months ended
31 December 30 June 30 June
1998 US$ million 1999 1998 % change
Continuing operations
5,251 - Sales 2,748 2,589 +6%
1,350 - Adjusted operating profit 661 691 -4%
1,341 - Adjusted operating cash flow 395 497 -21%
Total operations
1,283 - Adjusted profit before tax 601 681 -12%
948 - Adjusted profit attributable 447 507 -12%
Adjusted earnings per American
$ Depositary Share (ADS) $ $
Reed International P.L.C. (Each ADS
1.75 comprises four ordinary shares) 0.83 0.94 -12%
Elsevier NV (Each ADS comprises two
1.34 ordinary shares) 0.63 0.72 -12%
Average exchange rates:
1.66 US dollar to sterling 1.62 1.65
1.98 Dutch guilders to US dollars 2.02 2.04
Summary combined financial information in Dutch guilders
For the six months ended 30 June 1999
Highlights of the Reed Elsevier combined results in Dutch guilders are given
below. This is a simple translation into Dutch guilders at the average rates
of exchange:
Year ended Six months ended
31 December 30 June 30 June
1998 Dfl million 1999 1998 % change
Continuing operations
10,375 - Sales 5,563 5,272 +6%
2,667 - Adjusted operating profit 1,338 1,408 -5%
2,650 - Adjusted operating cash flow 800 1,011 -21%
Total operations
2,535 - Adjusted profit before tax 1,217 1,387 -12%
1,873 - Adjusted profit attributable 905 1,032 -12%
Average exchange rates:
3.28 Dutch guilders to sterling 3.28 3.36
Summary combined financial information in euros
For the six months ended 30 June 1999
Highlights of the Reed Elsevier combined results in euros are given below.
This is a simple translation from Dutch guilders at the fixed conversion rate
of 1 euro to 2.20371 Dutch guilders, established on the introduction of the
euro on 1 January 1999:
Year ended Six months ended
31 December 30 June 30 June
1998 Euro million 1999 1998 % change
Continuing operations
4,708 - Sales 2,524 2,392 +6%
1,210 - Adjusted operating profit 607 639 -5%
1,203 - Adjusted operating cash flow 363 459 -21%
Total operations
1,150 - Adjusted profit before tax 552 629 -12%
850 - Adjusted profit attributable 411 468 -12%
Adjusted figures exclude exceptional items and the amortisation of goodwill
and intangible assets and related tax effects.
Shareholder information
FINANCIAL DIARY FOR 1999
5 August Announcement of Interim Results for the six months to 30 June 1999
16 August Ordinary shares and ADSs in Reed International P.L.C. and Elsevier
NV go ex-dividend for interim dividend
18 August Record date - ADSs in Reed International P.L.C. and Elsevier NV
20 August Record date - Reed International P.L.C. ordinary shares
1 October Interim dividends for 1999 paid on Reed International P.L.C. and
Elsevier NV ordinary shares
8 October Interim dividends for 1999 paid on Reed International P.L.C. and
Elsevier NV ADSs
9 December Trading Update issued in relation to the 1999 financial year
FINANCIAL DIARY FOR 2000
16 March Announcement of Preliminary Results for the year ended
31 December 1999
26 April Elsevier NV Annual General Meeting
27 April Reed International P.L.C. Annual General Meeting
9 August Announcement of Interim Results for the six months to 30 June 2000
Reed Elsevier Annual Review 1999
The Boards of Reed International and Elsevier have decided to unify and
simplify their annual reporting documents with effect from the 1999 financial
year. The Report and Accounts of both companies, together with information on
the Reed Elsevier combined businesses, will be available in both summary and
long form versions. The summary version will consist of an Annual Review and
Summary Financial Statements which will provide an overview of the operations
and performance as well as abbreviated reports on remuneration and corporate
governance. The long form will consist of additional detailed Report and
Accounts information in respect of the Reed Elsevier combined businesses and
both parent companies, which together with the summary version, will meet the
formal reporting requirements of both Reed International and Elsevier. Both
versions will be offered to shareholders, although it is expected that many
shareholders will choose to receive only the summary version.
Notes to Editors
Reed Elsevier is a world leading publisher and information provider and its
principal operations are in North America and Europe. Its two parent companies
- Reed International P.L.C. ('Reed') and Elsevier NV ('Elsevier') - are listed
on the Amsterdam, London and New York Stock Exchanges and the returns to their
respective shareholders are equalised in terms of dividend and capital rights.
'Reed Elsevier' and 'the combined businesses' comprise Reed International and
Elsevier plus their two jointly owned companies, Reed Elsevier plc and
Elsevier Reed Finance BV and their respective subsidiaries and associates.
Reed Elsevier's businesses employ some 27,500 people.
The Reed Elsevier Interim Statement is being mailed to Reed International
shareholders on 6 August 1999 and will be available to shareholders of
Elsevier upon request. Copies are available to the public from the respective
companies:
Reed International P.L.C.
25 Victoria Street
London SW1H 0EX
Tel: +44 171 222 8420
Fax: +44 171 227 5799
Elsevier NV
Van de Sande Bakhuyzenstraat 4
1061 AG Amsterdam
The Netherlands
Tel: +31 20 515 9341
Fax: +31 20 683 2617
Additional information on Reed Elsevier and its businesses can be found on the
Reed Elsevier Home Page on the World Wide Web: www.reed-elsevier.com
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