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Statement of Total
Recognised Gains and Losses
year ended 31 December 2004
| All figures in £ millions | Note | 2004 | 2003 |
|---|---|---|---|
| Profit for the financial year | 88 | 55 | |
| Other net gains and losses recognised in reserves | |||
| Exchange differences | (181) | (254) | |
| Taxation on exchange differences | 5 | - | |
| Total recognised gains and losses relating to the year | (88) | (199) | |
| Prior year adjustment - UITF 38 | 24 | 37 | - |
| Total recognised gains and losses | (51) | (199) | |
Included within profit for the financial year is a loss of £7m (2003: loss of £10m) relating to joint ventures and a profit of £15m (2003: profit of £13m) relating to associates.