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<p class="MsoNormal"><span lang="EN-US" style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D;mso-fareast-language:EN-US">I am afraid that the 2014 numbers may be a bit misleading, as Elsevier has changed some of their accounting practices.
See p. 104 of the report. <o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D;mso-fareast-language:EN-US"><o:p> </o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D;mso-fareast-language:EN-US">The 2013 profit rate of 39 % originally reported in the 2013 report is here recalculated to 37.0 % according to the new
principles, and with the 2014 profit being 37.2 % this becomes a slight increase, not a decrease.<o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D;mso-fareast-language:EN-US"><o:p> </o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D;mso-fareast-language:EN-US">Best,<o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D;mso-fareast-language:EN-US">Jan Erik<o:p></o:p></span></p>
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<p class="MsoNormal"><span lang="EN-US" style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">Jan Erik Frantsvåg<o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">Open Access adviser<o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">The University Library<o:p></o:p></span></p>
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<p class="MsoNormal"><b><span lang="EN-US" style="font-size:11.0pt;font-family:"Calibri",sans-serif">From:</span></b><span lang="EN-US" style="font-size:11.0pt;font-family:"Calibri",sans-serif"> goal-bounces@eprints.org [mailto:goal-bounces@eprints.org]
<b>On Behalf Of </b>Heather Morrison<br>
<b>Sent:</b> 3. juli 2015 18:47<br>
<b>To:</b> Global Open Access List (Successor of AmSci)<br>
<b>Subject:</b> [GOAL] Reed Elsevier 2014 annual report: negative growth and changing business strategy<o:p></o:p></span></p>
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<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">The 2014 Reed Elsevier annual report is now available at: <o:p>
</o:p></p>
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<p class="MsoNormal"><a href="http://www.relx.com/investorcentre/reports%202007/Documents/2014/relxgroup_ar_2014.pdf">http://www.relx.com/investorcentre/reports%202007/Documents/2014/relxgroup_ar_2014.pdf</a><o:p></o:p></p>
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<p class="MsoNormal">Possibly of interest:<o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal">Revenue and profit decrease: before adjusting for currency, Elsevier is reporting a 4% decrease in revenue for Scientific, Technical and Medicine and a 3% decrease in profit. The numbers are a 2,048 GBP revenue, 762 GBP adjusted operating
profit, for a 37% profit rate (down from 39%). Elsevier is counting both revenue and profit as a slight increase after adjusting for currency (p. 12)<o:p></o:p></p>
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<p class="MsoNormal">(For 2013 39% profit rate see: <a href="http://poeticeconomics.blogspot.ca/2014/03/elsevier-stm-publishing-profits-rise-to.html">http://poeticeconomics.blogspot.ca/2014/03/elsevier-stm-publishing-profits-rise-to.html</a>)<o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal">Changing business strategy: "we are now primarily focused on driving the transition from electronic reference to electronic decision tools" (p. 5, 2014 progress)<o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal">best,<o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal"><span style="font-size:13.5pt;font-family:"Helvetica",sans-serif;color:black">-- <br>
Dr. Heather Morrison<br>
Assistant Professor<br>
École des sciences de l'information / School of Information Studies<br>
University of Ottawa<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:13.5pt;font-family:"Helvetica",sans-serif;color:black">Desmarais 111-02<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:13.5pt;font-family:"Helvetica",sans-serif;color:black">613-562-5800 ext. 7634<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:13.5pt;font-family:"Helvetica",sans-serif;color:black">Sustaining the Knowledge Commons: Open Access Scholarship<o:p></o:p></span></p>
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<p class="MsoNormal" style="margin-bottom:13.5pt"><span style="font-size:13.5pt;font-family:"Helvetica",sans-serif;color:black"><a href="http://sustainingknowledgecommons.org/">http://sustainingknowledgecommons.org/</a><br>
<a href="http://www.sis.uottawa.ca/faculty/hmorrison.html">http://www.sis.uottawa.ca/faculty/hmorrison.html</a><br>
<a href="mailto:Heather.Morrison@uottawa.ca">Heather.Morrison@uottawa.ca</a><o:p></o:p></span></p>
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