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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