REED ELSEVIER NV

CIK:0000929872|SEC Filings

Consolidated Income Statement - GBP (£) £ in Millions	12 Months Ended
Consolidated Income Statement - GBP (£) £ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenue	£ 7,355	£ 6,895	£ 5,971
Cost of sales	(2,631)	(2,488)	(2,129)
Gross profit	4,724	4,407	3,842
Selling and distribution costs	(1,163)	(1,109)	(965)
Administration and other expenses	(1,693)	(1,627)	(1,444)
Share of results of joint ventures	37	37	64
Operating profit	1,905	1,708	1,497
Finance income	4	8	3
Finance costs	(186)	(203)	(177)
Net finance costs	(182)	(195)	(174)
Disposals and other non-operating items	11	(40)	(11)
Profit before tax	1,734	1,473	1,312
Current tax	(439)	(374)	(370)
Deferred tax	372	70	72
Tax expense	(67)	(304)	(298)
Net profit for the year	1,667	1,169	1,014
Attributable to:
RELX PLC and RELX NV shareholders	1,659	1,161	1,008
Non-controlling interests	8	8	6
Net profit for the year	£ 1,667	£ 1,169	£ 1,014
RELX PLC [member]
Basic earnings per share
Basic earnings per share	£ 0.822	£ 0.563	£ 0.464
Diluted earnings per share
Diluted earnings per share	0.815	0.558	0.460
RELX NV [member]
Basic earnings per share
Basic earnings per share	0.822	0.563	0.494
Diluted earnings per share
Diluted earnings per share	£ 0.815	£ 0.558	£ 0.489

Consolidated Statement of Cash Flows - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities
Cash generated from operations	£ 2,445	£ 2,236	£ 1,882
Interest paid	(152)	(160)	(140)
Interest received	4	8	8
Tax paid (net)	(449)	(402)	(343)
Net cash from operating activities	1,848	1,682	1,407
Cash flows from investing activities
Acquisitions	(131)	(361)	(191)
Purchases of property, plant and equipment	(51)	(51)	(65)
Expenditure on internally developed intangible assets	(303)	(282)	(242)
Purchase of investments	(10)	(6)	(16)
Proceeds from disposals of property, plant and equipment	1	1	1
Gross proceeds from business disposals	84	18	75
Payments on business disposals	(50)	(31)	(41)
Dividends received from joint ventures	38	44	57
Net cash used in investing activities	(422)	(668)	(422)
Cash flows from financing activities
Dividends paid to shareholders of RELX PLC and RELX NV	(762)	(683)	(583)
Distributions to non-controlling interests	(10)	(9)	(8)
(Decrease)/increase in short-term bank loans, overdrafts and commercial paper	(148)	271	(339)
Issuance of term debt	873	603	500
Repayment of term debt	(712)	(474)	(186)
Repayment of finance leases	(5)	(7)	(9)
Repurchase of ordinary shares	(700)	(700)	(500)
Purchase of shares by Employee Benefit Trust	(39)	(29)	(23)
Proceeds on issue of ordinary shares	32	23	24
Net cash used in financing activities	(1,471)	(1,005)	(1,124)
(Decrease)/increase in cash and cash equivalents	(45)	9	(139)
Movement in cash and cash equivalents
At start of year	162	122	276
(Decrease)/increase in cash and cash equivalents	(45)	9	(139)
Exchange translation differences	(6)	31	(15)
At end of year	£ 111	£ 162	£ 122

Consolidated Statement of Financial Position - GBP (£) £ in Millions	Dec. 31, 2017	Dec. 31, 2016
Non-current assets
Goodwill	£ 5,965	£ 6,392
Intangible assets	3,194	3,604
Investments in joint ventures	102	102
Other investments	141	137
Property, plant and equipment	209	242
Deferred tax assets	405	444
Net pension assets	22
Derivative financial instruments	86	49
Non-current assets	10,124	10,970
Current assets
Inventories and pre-publication costs	197	209
Trade and other receivables	1,822	1,956
Derivative financial instruments	29	20
Cash and cash equivalents	111	162
Current assets	2,159	2,347
Assets held for sale		6
Total assets	12,283	13,323
Current liabilities
Trade and other payables	3,237	3,425
Derivative financial instruments	32	85
Borrowings	678	1,159
Taxation	560	612
Provisions	19	23
Current liabilities	4,526	5,304
Non-current liabilities
Derivative financial instruments	25	110
Borrowings	4,208	3,684
Deferred tax liabilities	738	1,137
Net pension obligations	350	636
Provisions	62	89
Non-current liabilities	5,383	5,656
Liabilities associated with assets held for sale		5
Total liabilities	9,909	10,965
Net assets	2,374	2,358
Capital and reserves
Share capital	224	226
Share premium	3,104	3,003
Shares held in treasury	(1,631)	(1,471)
Translation reserve	169	727
Other reserves	487	(165)
Shareholders' equity	2,353	2,320
Non-controlling interests	21	38
Total equity	£ 2,374	£ 2,358