content_image/45831.jpg content_image/45832.jpg content_image/45834.jpg
## Financial instruments 22 

Details of the objectives, policies and strategies pursued by Reed Elsevier in relation to financial instruments are set out in the Operating and Financial Review on pages 3 to 21. 

For the purpose of the disclosures which follow in this note, short term debtors and creditors have been excluded, as permitted under FRS13: Derivatives and Other Financial Instruments. 

## Currency and interest rate profile of financial liabilities 

The currency and interest rate profile of the aggregate financial liabilities of £3,074m/ € 4,365m (2002: £3,391m/ € 5,188m), after taking account of interest rate and currency derivatives, is set out below: 

<img src='content_image/45831.jpg'>

<img src='content_image/45832.jpg'>

Included within fixed rate financial liabilities as at 31 December 2003 are £nil/ € nil (2002: £78m/ € 119m) of US dollar term debt and £421m/ € 598m (2002: £281m/ € 430m) of interest rate swaps and options denominated principally in US dollars that mature within one year. 

## Currency and interest rate profile of financial assets 

The currency and interest rate profile of the aggregate financial assets of £702m/ € 997m (2002: £649m/ € 993m), after taking account of interest rate swaps, is set out below: 

<img src='content_image/45834.jpg'>

