34 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.

Principal rates of exchange used for translation are:

(XLS:) Foreign exchange and exchange rates

Year end exchange rates

At 31.12.12

At 31.12.11

United States Dollar

1.63

1.55

Euro

1.23

1.20

 

 

 

Average exchange rates

01.01.12
-31.12.12

01.01.11
-31.12.11

United States Dollar

1.58

1.60

Euro

1.23

1.15