The tax rates in the income statement of 31.6 per cent in 2011 and 28.4 per cent in 2010 are affected by the inclusion of the share of associates’ post-tax profit in the Group’s pre-tax results and by adjusting items.

The underlying tax rate for subsidiaries reflected in the adjusted earnings per share below was 31.2 per cent in 2011 and 30.2 per cent in 2010. The increase is the result of a change in the mix of profits.