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## Income from interests in joint ventures 1 

<img src='content_image/81547.jpg'>

Segmental analysis of the Reed Elsevier combined results is shown in the Reed Elsevier combined financial statements. 

## Effect of tax credit equalisation on distributed earnings 2 

The tax credit equalisation adjustment arises on dividends paid by Reed Elsevier PLC to its shareholders and reduces the earnings of the company by 47.1% of the total amount of the tax credit, as set out in the accounting policies on page 76. 

## Operating loss 3 

The operating loss comprises administrative expenses and includes £330,000 (2002: £318,000) paid in the year to Reed Elsevier Group plc under a contract for the services of directors and administrative support. The company has no employees (2002: nil). 

## Auditors’ remuneration 4 

Audit fees payable for the group were £23,000 (2002: £23,000). 

## Directors’ emoluments 5 

Information on directors’ remuneration, share options, longer term incentive plans, pension contributions and entitlements is set out in the Directors’ Remuneration Report on pages 29 to 38. 

## Net interest 6 

<img src='content_image/81558.jpg'>

