Consolidated statement of recognised income and expense
| For the year ended 31 December 2008 |
Notes |
2008 £m |
2007 £m |
2006 £m |
|---|---|---|---|---|
| Profit for the year | 513.9 | 515.1 | 482.6 | |
| Exchange adjustments on foreign currency net investments | (i) | 1,379.2 | 68.7 | (352.3) |
| (Loss)/gain on revaluation of available for sale investments | (51.3) | 108.1 | 9.5 | |
| Actuarial (loss)/gain on defined benefit pension schemes | (ii) | (82.2) | 30.0 | 11.3 |
| Deferred tax credit/(charge) on defined benefit pension schemes | 0.7 | (9.9) | 5.3 | |
| Net income/(expense) recognised directly in equity | 1,246.4 | 196.9 | (326.2) | |
| Total recognised income and expense relating to the year | 1,760.3 | 712.0 | 156.4 | |
| Attributable to: | ||||
| Equity holders of the parent | 1,685.5 | 662.8 | 109.6 | |
| Minority interests | 74.8 | 49.2 | 46.8 | |
| 1,760.3 | 712.0 | 156.4 | ||
Notes
- The accompanying notes form an integral part of this statement of recognised income and expense.
- (i)
- Exchange adjustments on foreign currency net investments of £1,379.2 million in the year ended 31 December 2008 (2007: £68.7 million, 2006: £(352.3) million) largely arises from the retranslation at year-end exchange rates of the Group’s opening, non-sterling assets and liabilities. During 2008 the US dollar and the euro strengthened against sterling by over 26% and 23% respectively. This had a significant impact on the Group’s balance sheet and the amount taken into equity in respect of the retranslation of net assets.
- (ii)
- The actuarial loss on defined benefit pension schemes of £82.2 million for the year ended 31 December 2008 (2007: gain of £30.0 million, 2006: gain of £11.3 million) was largely due to a decrease in pension scheme asset values in 2008 and reflects the deterioration in the global economic environment during the year. Approximately £58.0 million or 70% of this actuarial loss arose on the Group’s pension plans in North America.