Consolidated Statement of Changes in Equity

for the year ended 31 March

	Share capital € m	Participation reserve € m	Treasury units € m	Translation and other reserves € m	Retained earnings € m	Total unitholders' funds € m	Minority interests € m	Total
Balance at 1 April 2003	334	645	(487)	(129)	4 629	4 992	6	4998
Exchange adjustments	-	-	-	37	(59)	(22)	-	(22)
BAT
- prior year adjustment reported by BAT	-	-	-	-	(42)	(42)	-	(42)
- change in percentage holding	-	-	-	-	33	33	-	33
Cash flow and net investment hedges
- net fair value losses	-	-	-	(24)	-	(24)	-	(24)
- transfer to the income statement	-	-	-	(1)	-	(1)	-	(1)
Purchase of minority interests	-	-	-	-	-	-	(2)	(2)
Net profit	-	-	-	-	320	320	-	320
Goodwill set off against unitholders' funds	-	-	-	-	(3)	(3)	-	(3)
Net movement in treasury units	-	-	(103)	(8)	-	(111)	-	(111)
Release of unutilised restructuring provisions created on acquisition of subsidiary undertakings	-	-	-	-	2	2	-	2
Dividend paid on Richemont SA participation reserve	-	-	-	-	(176)	(176)	-	(176)
Balance at 31 March 2004	334	645	(590)	(125)	4 704	4 968	4	4972
Exchange adjustments	-	-	-	17	-	17	-	17
BAT
- gain on dilution in percentage holding on conversion of preference shares	-	-	-	-	90	90	-	90
- goodwill reinstated on sale of subsidiaries by associate	-	-	-	-	60	60	-	60
- change in percentage holding	-	-	-	-	(17)	(17)	-	(17)
Cash flow and net investment hedges
- net fair value gains	-	-	-	10	-	10	-	10
- transfer to the income statement	-	-	-	2	-	2	-	2
Net profit	-	-	-	-	985	985	2	987
Net movement in treasury units	-	-	30	(8)	34	56	-	56
Dividend paid on Richemont SA participation reserve	-	-	-	-	(219)	(219)	-	(219)
Balance at 31 March 2005	334	645	(560)	(104)	5 637	5 952	6	5958