| Head office functions and other operations | ||
| 2005 | 2004 | |
| £m | £m | |
| Total income | (194) | (47) |
| Impairment charge(c) | 9 | (1) |
| Operating expenses | (347) | (189) |
| Associates and joint ventures(d) | — | 2 |
| Loss before tax | (532) | (235) |
Head office functions and other operations loss before tax increased to £532m (2004: £235m). This was driven by accounting adjustments to eliminate inter-segment transactions of £204m (2004: £69m) and non-recurring costs of £165m (2004: £32m) including the costs of head office relocation and write-off of capitalised IT-related assets.
Notes
- Economic profit is defined in the Chairman's statement.
- Total income net of insurance claims.
- Includes other credit provisions.
- Share of post-tax results of associates and joint ventures (together with profit on disposal of associates and joint ventures, where relevant).
- Profit before tax.
- Operating expenses compared to total income net of insurance claims.
- Absa has changed its financial year-end to 31st December to conform with Barclays, the comparable period comprises unaudited results for the nine months ended 31st December 2004.
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