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Reed Elsevier
combined businesses

Revenue

£m€m
FinancialHighlights_RE_CBusiness_Pound_Revenue.jpg
FinancialHighlights_RE_CBusiness_Euro_Revenue.jpg

Adjusted operating profit

£m€m
FinancialHighlights_RE_CBusiness_Pound_Adjusted_operating_profit.jpg
FinancialHighlights_RE_CBusiness_Euro_Adjusted_operating_profit.jpg

Adjusted profit before tax

£m€m
FinancialHighlights_RE_CBusiness_Pound_Adjusted_profit_before_tax.jpg
FinancialHighlights_RE_CBusiness_Euro_Adjusted_profit_before_tax.jpg
Parent companies

Reed Elsevier PLC :
Adjusted EPS  Dividend

pencepence
FinancialHighlights_RE_CBusiness_Pound_PLC_Adjusted_EPS.jpg
FinancialHighlights_RE_CBusiness_Pound_PLC_Dividend.jpg

Reed Elsevier NV:
Adjusted EPS    Dividend

€   €
FinancialHighlights_RE_CBusiness_Euro_NV_Adjusted_EPS.jpg
FinancialHighlights_RE_CBusiness_Euro_NV_Dividend.jpg

2010 highlights

Improved trading performance and good business progress

  • Revenue growth of 2% underlying against 6% decline in 2009
  • Adjusted operating margin 0.2% pts lower at 25.7%
  • Good progress on business unit specific priorities
    • New content and information solutions launched
    • Increased product development and sales & marketing
    • Focus on cost efficiency and process innovation
    • Portfolio actions taken
  • Strong cash generation

Prospects encouraging; recovery will be gradual

Reed Elsevier combined businesses

£€Change at
2010200920102009constantChange
For the year ended 31 December£m£mChange€m€mChangecurrenciesunderlying
Reported figures
Revenue6,0556,0710%7,0846,800+4%-1%+2%
Operating profit1,090787+39%1,275881+45%+37%
Profit before tax768435+77%898487+84%+74%
Net profit642391+64%751438+71%+61%
Net borrowings3,4553,9314,0434,402
£€Change at
2010200920102009constantChange
For the year ended 31 December£m£mChange€m€mChangecurrenciesunderlying
Adjusted figures
Operating profit1,5551,570-1%1,8191,758+3%-2%-1%
Operating margin25.7%25.9%25.7%25.9%
Profit before tax1,2791,2790%1,4961,432+4%-1%
Net profit9839820%1,1501,099+5%-1%
Operating cash flow1,5191,558-3%1,7771,745+2%-3%
Operating cash flow conversion98%99%98%99%
Parent companies
Change at
Reed Elsevier PLCReed Elsevier NVconstant
20102009Change20102009Changecurrencies
Adjusted earnings per share43.4p45.9p-5%€0.78€0.79-1%-6%
Reported earnings per share27.3p17.2p+58%€0.51€0.32+62%
Ordinary dividend per share20.4p20.4p0%€0.412€0.400+3%

 

The Reed Elsevier combined businesses encompass the businesses of Reed Elsevier Group plc and Elsevier Reed Finance BV, together with their two parent companies, Reed Elsevier PLC and Reed Elsevier NV (the “Reed Elsevier combined businesses”). The results of Reed Elsevier PLC reflect its shareholders’ 52.9% economic interest in the Reed Elsevier combined businesses. The results of Reed Elsevier NV reflect its shareholders’ 50% economic interest in the Reed Elsevier combined businesses. The respective economic interests of the Reed Elsevier PLC and Reed Elsevier NV shareholders take account of Reed Elsevier PLC’s 5.8% indirect interest in Reed Elsevier NV.

Adjusted figures are additional performance measures used by management and are reconciled to the reported figures in note 10 to the combined financial statements and note 9 to the respective parent company financial statements.

The percentage change at constant currencies refers to the movements at constant exchange rates, using 2009 full year average and hedge rates. Underlying change excludes the results of acquisitions and disposals made both in the year and in the prior year.

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