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| All figures in £ millions | Treasury shares | Translation reserve | Fair value reserve | Total other reserves | Retained earnings |
|---|---|---|---|---|---|
| At 1 January 2003 | (121) | - | - | (121) | 644 |
| Net exchange differences on translation of foreign operations |
- | (288) | - | (288) | - |
| Purchase of treasury shares | (1) | - | - | (1) | - |
| Profit for the year attributable to equity holders of the parent |
- | - | - | - | 252 |
| Dividends paid | - | - | - | - | (188) |
| Equity settled transactions | - | - | - | - | 29 |
| Actuarial gains and losses on defined benefit schemes |
- | - | - | - | (28) |
| Taxation on items taken directly to equity |
- | - | - | - | - |
| At 31 December 2003 | (122) | (288) | - | (410) | 709 |
| Net exchange differences on translation of foreign operations |
- | (203) | - | (203) | - |
| Purchase of treasury shares | (10) | - | - | (10) | - |
| Profit for the year attributable to equity holders of the parent |
- | - | - | - | 262 |
| Dividends paid | - | - | - | - | (195) |
| Equity settled transactions | - | - | - | - | 25 |
| Actuarial gains and losses on defined benefit schemes |
- | - | - | - | (61) |
| Taxation on items taken directly to equity |
- | - | - | - | 9 |
| At 31 December 2004 | (132) | (491) | - | (623) | 749 |
| Net exchange differences on translation of foreign operations |
- | 327 | - | 327 | - |
| Cumulative translation adjustment disposed |
- | (14) | - | (14) | - |
| Purchase of treasury shares | (21) | - | - | (21) | - |
| Profit for the year attributable to equity holders of the parent |
- | - | - | - | 624 |
| Dividends paid | - | - | - | - | (205) |
| Equity settled transactions | - | - | - | - | 23 |
| Actuarial gains and losses on defined benefit schemes |
- | - | - | - | 26 |
| Taxation on items taken directly to equity |
- | - | - | - | 12 |
| Transition adjustment on adoption of IAS 39 (note 34) |
- | 3 | - | 3 | (15) |
| At 31 December 2005 | (153) | (175) | - | (328) | 1,214 |
The translation reserve includes exchange differences arising from the translation of the net investment in foreign entities, and of borrowings and other currency instruments designated as hedges of such investments.
