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## Acquisitions 12 

During the year a number of acquisitions were made for a total consideration amounting to £226m/ € 328m, including £3m/ € 5m deferred to future years, and after taking account of net cash acquired of £9m/ € 13m. The most significant acquisitions were the Holtzbrinck STM business in Germany, and, in the US, Applied Discovery Inc and the public records business of Dolan Media Company. 

The net assets of the businesses acquired are incorporated at their fair value to the combined businesses. The fair values of the consideration given and the assets and liabilities acquired are summarised below: 

<img src='content_image/50420.jpg'>

The fair value adjustments in relation to the acquisitions made in 2003 relate principally to the valuation of intangible assets to conform with Reed Elsevier accounting policies. Goodwill represents the excess of the consideration over the net tangible and intangible assets acquired. The businesses acquired in 2003 contributed £80m/ € 116m to turnover, £16m/ € 25m to adjusted operating profit, before the amortisation of goodwill and intangible assets and exceptional items, and £15m/ € 22m to net cash inflow from operating activities for the part year under Reed Elsevier ownership. 

