Consolidated statement of total recognised gains and losses
| Year ended | Year ended | ||
| 31 December | 31 December | ||
| 2003 | 2002 | ||
| £m | £m | ||
| (Loss)/profit for the financial year | (219) | 113 | |
| Exchange differences on the retranslation of net investments and | |||
| related borrowings (net of £7 million tax (2002: £10 million)) | 15 | (42) | |
| Share of recognised loss of associated undertaking | – | (1) | |
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| Total recognised gains and losses relating to the financial year | (204) | 70 | |
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