Richemont is one of the world's leading luxury - Alle jaarverslagen

10. Taxation continuedThe taxation charge on the Group’s profit before tax differs from the amount that arises using the statutory tax rates applicable to profitsof the consolidated companies as follows:2009 2008re-presented€ m € mProfit before taxation from continuing operations 884 1 166Less: share of post-tax profit of associated undertakings (3) (1)Profit before taxation from discontinued operations 325 592Less: share of post-tax profit of associated undertakings (355) (609)Adjusted profit before taxation 851 1 148Tax on adjusted profit calculated at statutory tax rate 179 242Difference in tax rates (68) (65)Non-taxable income (3) (3)Non-deductible expenses 11 6Utilisation and recognition of prior year tax losses (11) (10)Non-recognition of current year tax losses 15 4Withholding and other taxes 8 15Prior year adjustments 2 5Taxation charge 133 194The statutory tax rate applied reflects the rate applicable to the principal Swiss-based trading company.11. Financial assets held at fair value through profit or loss2009 2008€ m € mInvestments in listed undertakings 131 –Investments in unlisted undertakings 12 68143 68All of the above assets were designated as held at fair value through profit or loss on initial recognition. These assets, comprising listedinvestments held to hedge the Group’s obligations in respect of options granted to executives over the listed equities and unlisted investmentsacquired through the Group’s venture capital/investment fund entities, are managed and their performance is evaluated on a fair value basis.Management reviews performance and valuation of these investments on a regular basis.There are no other non-current or current financial assets that were designated as held at fair value through profit or loss on initial recognition.Commitments for future investments have been disclosed in note 31.The movement on the fair value of listed investments during the year can be summarised:Book value of investments received at time of de-twinning of Richemont units (note 17.3) 164Initial uplift to fair value recognised through equity 19Fair value movements (23)Disposals (37)Exchange adjustments 82009€ m131Richemont Annual Report and Accounts 2009 79Consolidated financial statements