tailieunhanh - Annual Reports and Financial Statements 2011

The second phase of this financial crisis is less uncommon except that the severity of the macroeconomic downturn confronting countries around the world is the worst since the Great Depression of the 1930s. The financial crisis soon spread to real sectors to negatively affect whole economies, production, firms, investors, and households. Many of these countries, particularly those with emerging and developing markets, have been pulled down by the ever widening flight of capital from their economies and by falling exports and commodity prices. In these cases, governments have turned to traditional monetary and fiscal policies to deal with recessionary economic. | Annual Reports and Financial Statements 2011 GLReed Elsevier Reed Elsevier is a world leading provider of professional information solutions. We leverage deep customer understanding to deliver demonstrably improved outcomes to our professional customers. We do this by combining content and data with analytics and technology in global platforms sharing institutional skills assets and resources across Reed Elsevier. Contents 1 Overview 1 Chairman s statement 2 2011 highlights 4 Chief Executive Officer s report 7 Business review 8 Reed Elsevier 10 Elsevier 14 LexisNexis Risk Solutions 18 LexisNexis Legal Professional 22 Reed Exhibitions 26 Reed Business Information 29 Corporate responsibility 39 Financial review 40 Chief Financial Officer s report 48 Principal risks 51 Governance 52 Board Directors 54 Chairman s introduction to corporate governance 55 Structure and corporate governance 62 Report of the Nominations Committee 63 Directors remuneration report 80 Report of the Audit Committees 83 Financial statements and other information 84 Combined financial statements 123 Summary combined financial information in euros 137 Reed Elsevier PLC Annual Report and Financial Statements 161 Reed Elsevier NV Annual Report and Financial Statements 185 Additional information for US investors 190 Shareholder information 194 Principal operating locations o Full report online THE REED ELSEVIER ANNUAL REPORTS AND FINANCIAL STATEMENTS 2011 ARE AVAILABLE TO VIEW ONLINE AR11 Forward looking statements The Reed Elsevier Annual Reports and Financial Statements 2011 contain forward-looking statements within the meaning of Section 27A of the US Securities Act of 1933 as amended and Section 21E of the US Securities Exchange Act of 1934 as amended. These statements are subject to a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those currently being anticipated. The terms estimate project plan intend expect .