## Contents 

01 Financial highlights 

03 Operating and financial review 

22 Structure and corporate governance 

27 Report of the audit committees 

29 Directors’ remuneration report 

## Reed Elsevier combined financial statements 

40 Accounting policies 

42 Combined financial statements 

46 Notes to the combined financial statements 

70 Independent auditors’ report 

## Reed Elsevier PLC annual report and financial statements 

72 Financial highlights 

73 Directors’ report 

76 Accounting policies 

77 Financial statements 

81 Notes to the financial statements 

88 Independent auditors’ report 

## Reed Elsevier NV annual report and financial statements 

90 Financial highlights 

91 The Supervisory Board’s report 

91 The Executive Board’s report 

92 Accounting policies 

94 Financial statements 

97 Notes to the financial statements 

104 Independent auditors’ report 

104 Other information 

## Additional information for US investors 

106 Reed Elsevier combined businesses 

111 Reed Elsevier PLC 

113 Reed Elsevier NV 

115 Principal operating locations 

This document contains Annual Reports information and the Financial Statements in respect of the Reed Elsevier combined businesses and the two parent companies, Reed Elsevier PLC and Reed Elsevier NV. This, together with the separate summary document Reed Elsevier Annual Review and Summary Financial Statements 2003, forms the Annual Reports and Financial Statements of Reed Elsevier PLC and Reed Elsevier NV for the year ended 31 December 2003 and the two documents should be read together. 

