Notes to the Consolidated Financial Statements

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for the year to 31 December 2007

33. Retained earnings

£m
Balance at 1 January 2006 1,006.8
Dividends paid (79.7)
Transfers to share premium account 0.7
Share-based payment credit 6.1
Cash cost of satisfying share options (8.0)
Actuarial losses net of deferred tax (1.1)
Net profit for the year 289.5
Balance at 31 December 2006 1,214.3
Dividends paid (117.3)
Transfers to share premium account 0.7
Share-based payment credit 0.6
Cash cost of satisfying share options (8.9)
Actuarial gain net of deferred tax 61.7
Transfer from revaluation reserve 1.0
Replacement options granted on acquisition of George Wimpey Plc 2.9
Net loss for the year (197.9)
Balance at 31 December 2007 957.1