11 FOREIGN EXCHANGE AND EXCHANGE RATES.


Foreign exchange gains and losses are recognised in the income statement, except when recognised in equity as qualifying cash flow or net investment hedges.

Profit for the year includes foreign exchange losses of £3m (2010: loss of £8m) arising on the conversion of monetary assets and liabilities to these functional currencies.

Principal rates of exchange used for translation are:

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Year end exchange rates

2011

2010

United States Dollar

1.55

1.57

Euro

1.20

1.17

 

 

 

Average exchange rates

01.01.11
– 31.12.11

01.01.10
– 31.12.10

United States Dollar

1.60

1.55

Euro

1.15

1.17

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