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Notes to Financial Statements - Guinness Peat Group plc

Profit and Loss AccountGPG FINANCE PLC9Year ended 31 December 2005 2004Notes NZ$ NZ$Interest receivable 3 45,208,455 45,207,865Interest payable 4 (44,326,802) (44,335,355)881,653 872,510Other operating expenses 5 (381,777) (264,178)Operating profit and profit on ordinary activities before taxation 499,876 608,332Tax on profit on ordinary activities 6 (339,185) –RETAINED PROFIT FOR THE FINANCIAL YEAR 160,691 608,332Continuing operationsThe Company was incorporated on 2 July 2001, for the specific purpose of issuing NZ$250 million fixed interest Capital Notesand lending the proceeds to its parent company, GPGUKH, under the terms of a subordinated loan agreement. During 2003 theCompany issued a further NZ$215 million Capital Notes, which have an initial term of five years and may also be converted intoordinary shares in the ultimate holding company, GPG. See notes 9 and 10 on pages 13 and 14.All results are derived from continuing operations.Statement of total recognised gains and lossesThe Company has no recognised gains or losses in the current or prior financial year other than the profit for those years.The movements in reserves are disclosed in note 12 to the financial statements.The notes on pages 12 to 17 form part of these financial statements.

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