For the year ended 31 December 2004 |
||
| Year ended 31 December 2004 £m | Year ended 31 December 2003 £m | |
|---|---|---|
| Profit/(loss) for the financial year | 94 | (219) |
| Exchange differences on the retranslation of net investments | ||
| (net of £1 million tax (2003: £7 million)) | (39) | 15 |
| Total recognised gains and losses relating to the financial year | 55 | (204) |
