Gross margin Gross margin increased $307 million, or 15%, to $2.3 billion in 2001 from $2.0 billion in 2000.
Gross margin as a percentage of revenues decreased to 25% in 2000 from 26% in 2001.
The increase in gross margin is due to acquisition of new businesses and new operations from greenfield projects offset by lower market prices in the United Kingdom.
The decrease in gross margin as a percentage of revenues is due to a decline in the competitive supply and contract generation gross margin percentages offset slightly by increased gross margin percentages from large utilities and growth distribution.
Excluding businesses acquired or that commenced commercial operations in 2001 or 2000, gross margin decreased 2% to $1.8 billion in 2001.
## Table 0 ##
Contract generation gross margin increased $60 million, or 8%, to $827 million in 2001 from $767 million in 2000.
Excluding businesses acquired or that commenced commercial operations during 2001 and 2000, contract generation gross margin decreased 6% to $710 million in 2001.
Contract generation gross margin increased in all geographic regions except for Asia.
The contract generation gross margin as a percentage of revenues decreased to 33% in 2001 from 44% in 2000.
In South America, contract generation gross margin increased $17 million and was 27% of revenues.
The increase is due to the acquisition of Gener offset by a decline at Tiete from the rationing of electricity in Brazil.
In North America, contract generation gross margin increased $8 million and was 50% of revenues.
The increase is due to improvements at Southland and Beaver Valley partially offset by a decrease at Thames from the contract buydown (see footnote 13 to the Company’s consolidated financial statements).
In Europe/ Africa, contract generation gross margin increased $44 million and was 30% of revenues.
The increase is due primarily to our additional ownership interest in Kilroot and the acquisition of Ebute in Nigeria.
In Asia, contract generation gross margin decreased $22 million and was 29% of revenues.
The decrease is due mainly to additional bad debt provisions at Jiaozuo, Hefei and Aixi in China that were partially offset by the start of commercial operations at Haripur.
The decrease in contract generation gross margin as a percentage of revenue is due to the acquisition of generation businesses with overall gross margin percentages, which are lower than the overall portfolio of generation businesses.
As a percentage of sales, contract generation gross margin declined in South America and Asia, was relatively flat in North America and increased in Europe/Africa and the Caribbean.
The competitive supply gross margin decreased $119 million, or 21%, to $440 million in 2001 from $559 million in 2000.
Excluding businesses acquired or that commenced commercial operations during 2001 and 2000, competitive supply gross margin decreased 26% to $408 million in 2001.
The overall decrease is due to declines in Europe/Africa and South America that were partially offset by slight increases in North America, the Caribbean and Asia.
The competitive supply gross margin as a percentage of revenues decreased to 16% in 2001 from 23% in 2000.
In South America, competitive supply segment gross margin decreased $61 million and was 1% of revenues due to declines at our businesses in Argentina.
In Europe/Africa, competitive supply segment gross margin decreased $95 million and was 22% of revenues.
The decrease is due primarily to declines at Drax, Barry and Fifoots from the lower market prices in the U. K.  In North America, competitive supply segment gross margin increased $14 million and was 11% of revenues.
The increase was due to an expanded customer base at New Energy and was partially offset by decreases at Somerset in New York and Deepwater in Texas.
In the Caribbean (which includes Colombia), the competitive supply gross margin increased $15 million and was 29% of revenues.
The increase is due primarily to the acquisition of Chivor.
As a percentage
Operating Revenues and Net Revenues The main categories of revenues, and the dollar and percentage change between the periods, are as follows:
## Table 1 ##
Operating revenues increased by 32.7% in 2010 to $3,487.7 million (year ended December 31, 2009: $2,627.3 million).
Net revenues increased by 31.1% in 2010 to $2,602.2 million (year ended December 31, 2009: $1,984.6 million).
Net revenues are operating revenues less third-party distribution, service and advisory expenses, plus our proportional share of net revenues from joint venture arrangements.
See “Schedule of Non-GAAP Information” for additional important disclosures regarding the use of net revenues.
A significant portion of our business and managed AUM are based outside of the U. S.  The income statements of foreign currency subsidiaries are translated into U. S.  dollars, the reporting currency of the company, using average foreign exchange rates.
The impact of foreign exchange rate movements accounted for $18.0 million (2.1%) of the increase in operating revenues, and was 0.5% of total operating revenues, during the year ended December 31, 2010 when compared to the year ended December 31, 2009.
Additionally, our revenues are directly influenced by the level and composition of our AUM as more fully discussed below.
Movements in global capital market levels, net new business inflows (or outflows) and changes in the mix of investment products between asset classes and geographies may materially affect our revenues from period to period.
As discussed in the company’s Form 10-Q filings for the June 30, 2010 and September 30, 2010 periods, the company acquired Morgan Stanley’s retail asset management business, including Van Kampen Investments (the “acquired business” or the “acquisition”) on June 1, 2010.
The acquisition had a significant impact on our results for the 2010 period.
The operating results for the year ended December 31, 2010 include the operating results of the acquired business from the purchase date of June 1, 2010 through December 31, 2010.
The integration of the acquired business is largely complete; as such, accurate segregated expense information for the acquired business is not available.
Prior to any significant product mergers, revenues associated with the acquired business can be separately identified, and as a result, the impact can be estimated.
Operating revenues of the acquired business for the year ended December 31, 2010 were approximately $468 million, which represents the incremental impact of the acquired business and does not represent the stand-alone results of the acquired business.
Investment Management Fees Investment management fees are derived from providing professional services to manage client accounts and include fees earned from retail mutual funds, unit trusts, investment companies with variable capital (ICVCs), exchange-traded funds, investment trusts and institutional and private wealth management advisory contracts.
Investment management fees for products offered in the retail distribution channel are generally calculated as a percentage of the daily average asset balances and therefore vary as the levels of AUM change resulting from inflows, outflows and market movements.
Investment management fees for products offered in the institutional and private wealth management distribution channels are calculated in accordance with the underlying investment management contracts and also vary over contractually determined periods in relation to the level of client assets managed.
Investment management fees increased by $600.7 million (28.3%) in the year ended December 31, 2010, to $2,720.9 million (year ended December 31, 2009: $2,120.2 million) due to the acquisition, increases in average AUM, primarily retail AUM, changes in the mix of AUM between asset classes and foreign exchange rate movement.
The acquisition contributed to the increase in investment management fees with an estimated $257 million in these fees during the year ended December 31, 2010.
Average long-term AUM, which generally earn higher fee rates than money market AUM, increased 41.0% to $463.5 billion for the year ended December 31, 2010 from $328.8 billion for the year ended December 31, 2009, while average institutional money market AUM decreased 20.9% to $68.8 billion for the year ended December 31, 2010 from $87.0 billion for the year ended December 31, 2009.
The increase in average
Operating Revenues and Net Revenues The main categories of revenues, and the dollar and percentage change between the periods, were as follows:
## Table 2 ##
Operating revenues decreased by 20.6% in 2009 to $2,627.3 million (2008: $3,307.6 million).
Net revenues decreased by 20.3% in 2009 to $1,984.6 million (2008: $2,490.6 million).
Net revenues are operating revenues less third-party distribution, service and advisory expenses, plus our proportional share of net revenues from joint venture arrangements, plus management fees earned from, less other revenue recorded by, consolidated investment products.
See “Schedule of Non-GAAP Information” for additional important disclosures regarding the use of net revenues.
A significant portion of our business and managed AUM are based outside of the U. S.  The income statements of foreign currency subsidiaries are translated into U. S.  dollars, the reporting currency of the company, using average foreign exchange rates.
The impact of foreign exchange rate movements accounted for $152.0 million (22.3%) of the decline in operating revenues during the year ended December 31, 2009.
Additionally, our revenues are directly influenced by the level and composition of our AUM as more fully discussed in “Assets Under Management.
” Movements in global capital market levels, net new business inflows (or outflows) and changes in the mix of investment products between asset classes and geographies may materially affect our revenues from period to period.
Investment Management Fees Investment management fees decreased by $497.6 million (19.0%) in the year ended December 31, 2009, to $2,120.2 million (year ended December 31, 2008: $2,617.8 million) due a decrease in average AUM, changes in the mix of AUM between asset classes, and the impact of foreign exchange rate movement.
Average AUM for the year ended December 31, 2009 were $415.8 billion, down $53.1 billion (11.3%) from $468.9 billion for 2008.
Average long-term AUM, which generally earn higher fee rates than money market AUM, for the year ended December 31, 2009 decreased 25.4% to $328.8 billion from $440.6 billion for the year ended December 31, 2008, while average institutional money market AUM decreased 3.1% to $87.0 billion for the year ended December 31, 2009, from $79.8 billion for the year ended December 31, 2008.
See the company’s disclosures regarding the changes in AUM during the year ended December 31, 2009 in the “Assets Under Management” section above for additional information regarding the movements in AUM.
Foreign exchange rate movements led to a decrease in investment management fees of $124.8 million during the year ended December 31, 2009, compared to the year ended December 31, 2008.
Service and Distribution Fees In 2009, service and distribution fees decreased 19.5% to $412.6 million (2008: $512.5 million) primarily due to decreases in average AUM during the year.
Included in the decline in service and distribution fees in the three months ended December 31, 2009, was a reduction of $5.4 million reflecting the full-year impact of a reduction in transfer agency and administrative revenues in Canada, as certain fund expense recovery limits were reached.
Performance Fees Of our $459.5 billion in AUM at December 31, 2009, only approximately $30.0 billion, or 6.5%, could potentially earn performance fees.
In 2009, performance fees decreased 60.1% to $30.0 million (2008: $75.1 million).
The performance fees generated in 2009 arose primarily due to products managed by the Invesco Global Strategies group ($2.4 million), Invesco Perpetual ($13.4 million), and
decreased 31.5% to $565.6 million in 2009 from $826.1 million in 2008.
Adjusted operating margin was 28.5% in 2009, down from 33.2% in 2008.
See “Schedule of Non-GAAP Information” for a reconciliation of operating revenues to net revenues, a reconciliation of operating income to adjusted operating income, and additional important disclosures regarding net revenues, adjusted operating income and adjusted operating margin.
Other Income and Expenses The main categories of other income and expenses, and the dollar and percentage changes between periods are as follows:
## Table 3 ##
Equity in earnings of unconsolidated affiliates Equity in earnings of unconsolidated affiliates decreased by $19.8 million (42.3%) to $27.0 million in the year ended December 31, 2009 (December 31, 2008: $46.8 million), due primarily from declines in our share of the pre-tax earnings of our joint venture investments in China of $11.9 million, as well as, net losses in certain of our partnership investments of $7.8 million.
Interest and dividend income and interest expense Interest and dividend income decreased by $27.4 million to $9.8 million in 2009 (2008: $37.2 million), as a result of the combination of lower interest rates and lower average cash and cash equivalents balances in 2009.
The decrease in yields was consistent with market movement from 2008 to 2009.
Interest expense decreased 16.1% to $64.5 million in 2009 from $76.9 million in 2008 due to decreases in the average debt balance in 2009.
Gains and losses of consolidated investment products Included in other income and expenses are net realized and unrealized gains of consolidated investment products.
In 2009, the net losses of consolidated investment products were $106.9 million, compared to net losses of $58.0 million in 2008, reflecting the changes in market values of the investments held by consolidated investment products.
Invesco invests in only a small equity portion of these products, and as a result these losses are offset by noncontrolling interests of $113.2 million.
Other gains and losses, net Other gains and losses, net were a net gain of $7.8 million in 2009, compared to a net loss of $39.9 million in 2008.
Included in the 2009 net gain is a gross gain generated upon a debt tender offer of $4.3 million ($3.3 million net of related expenses) and net gains of $4.3 million realized upon the disposal of other investments (2008: $7.4 million gain on maturity of a CLO investment, offset by a loss of $4.1 million realized upon the disposal of a private equity investment).
The 2009 net gain also included $5.2 million in otherthan-temporary impairment charges related to the valuations of investments in certain of our CLO products (2008: $22.7 million) and $3.0 million in other-than-temporary impairment charges related to other seed money in affiliated funds (2008: $8.5 million).
The CLO impairments arose principally from adverse changes in the timing of estimated cash flows used in the valuation models.
In the year ended December 31, 2009, we also benefited from $8.4 million in net foreign exchange gains whereas in 2008, we incurred $13.0 million in net foreign exchange losses.
See Item 8, Financial Statements and Supplementary Data — Note 15, “Other Gains and Losses, Net,” for additional details related to other gains and losses.
Invesco Ltd.  Consolidated Statements of Changes in Equity (continued)
## Table 4 ##
Equity Attributable to Common Shareholders
## Table 5 ##
See accompanying notes.

<table><tr><td></td><td>2001</td><td>2000</td><td>% Change</td></tr><tr><td>Contract generation</td><td>$827 million</td><td>$767 million</td><td>8%</td></tr><tr><td>Competitive supply</td><td>$440 million</td><td>$559 million</td><td>-21%</td></tr><tr><td>Large utilities</td><td>$739 million</td><td>$538 million</td><td>37%</td></tr><tr><td>Growth distribution</td><td>$296 million</td><td>$131 million</td><td>126%</td></tr></table>
<table><tr><td> $ in millions</td><td> 2010</td><td> 2009</td><td> $ Change</td><td> % Change</td></tr><tr><td>Investment management fees</td><td>2,720.9</td><td>2,120.2</td><td>600.7</td><td>28.3%</td></tr><tr><td>Service and distribution fees</td><td>645.5</td><td>412.6</td><td>232.9</td><td>56.4%</td></tr><tr><td>Performance fees</td><td>26.1</td><td>30.0</td><td>-3.9</td><td>-13.0%</td></tr><tr><td>Other</td><td>95.2</td><td>64.5</td><td>30.7</td><td>47.6%</td></tr><tr><td>Total operating revenues</td><td>3,487.7</td><td>2,627.3</td><td>860.4</td><td>32.7%</td></tr><tr><td>Third-party distribution, service and advisory expenses</td><td>-972.7</td><td>-693.4</td><td>279.3</td><td>40.3%</td></tr><tr><td>Proportional share of revenues, net of third-partydistribution expenses, from joint venture investments</td><td>42.2</td><td>44.7</td><td>-2.5</td><td>-5.6%</td></tr><tr><td>Management fees earned from consolidated investment products</td><td>45.3</td><td>8.0</td><td>37.3</td><td>N/A</td></tr><tr><td>Other revenues recorded by consolidated investment products</td><td>-0.3</td><td>-2.0</td><td>1.7</td><td>85.0%</td></tr><tr><td>Net revenues</td><td>2,602.2</td><td>1,984.6</td><td>617.6</td><td>31.1%</td></tr></table>
<table><tr><td></td><td colspan="2"> Year ended  December 31,</td><td></td><td></td></tr><tr><td> $ in millions</td><td> 2009</td><td> 2008</td><td> $ Change</td><td> % Change</td></tr><tr><td>Investment management fees</td><td>2,120.2</td><td>2,617.8</td><td>-497.6</td><td>-19.0%</td></tr><tr><td>Service and distribution fees</td><td>412.6</td><td>512.5</td><td>-99.9</td><td>-19.5%</td></tr><tr><td>Performance fees</td><td>30.0</td><td>75.1</td><td>-45.1</td><td>-60.1%</td></tr><tr><td>Other</td><td>64.5</td><td>102.2</td><td>-37.7</td><td>-36.9%</td></tr><tr><td>Total operating revenues</td><td>2,627.3</td><td>3,307.6</td><td>-680.3</td><td>-20.6%</td></tr><tr><td>Third-party distribution, service and advisory expenses</td><td>-693.4</td><td>-875.5</td><td>182.1</td><td>-20.8%</td></tr><tr><td>Proportional share of revenues, net of third-partydistribution expenses, from joint venture investments</td><td>44.7</td><td>57.3</td><td>-12.6</td><td>-22.0%</td></tr><tr><td>Management fees earned from consolidated investment products</td><td>8.0</td><td>6.2</td><td>1.8</td><td>29.0%</td></tr><tr><td>Other revenues recorded by consolidated investment products</td><td>-2.0</td><td>-5.4</td><td>3.4</td><td>-63.0%</td></tr><tr><td>Net revenues</td><td>1,984.6</td><td>2,490.2</td><td>-505.6</td><td>-20.3%</td></tr></table>
<table><tr><td></td><td colspan="2"> Year ended  December 31,</td><td></td><td></td></tr><tr><td> $ in millions</td><td> 2009</td><td> 2008</td><td> $ Change</td><td> % Change</td></tr><tr><td>Equity in earnings of unconsolidated affiliates</td><td>27.0</td><td>46.8</td><td>-19.8</td><td>-42.3%</td></tr><tr><td>Interest and dividend income</td><td>9.8</td><td>37.2</td><td>-27.4</td><td>-73.7%</td></tr><tr><td>Gains/(losses) of consolidated investment products, net</td><td>-106.9</td><td>-58.0</td><td>-48.9</td><td>84.3%</td></tr><tr><td>Interest expense</td><td>-64.5</td><td>-76.9</td><td>12.4</td><td>-16.1%</td></tr><tr><td>Other gains and losses, net</td><td>7.8</td><td>-39.9</td><td>47.7</td><td>N/A</td></tr><tr><td>Total other income and expenses</td><td>-126.8</td><td>-90.8</td><td>-36.0</td><td>39.6%</td></tr></table>
<table><tr><td></td><td colspan="6">Equity Attributable to Common Shareholders</td><td colspan="2"></td></tr><tr><td> $ in millions</td><td> Common  Shares</td><td>Additional Paid-in- Capital</td><td>Treasury Shares</td><td>Retained Earnings</td><td>Accumulated Other Comprehensive Income/(Loss)</td><td>Total Equity Attributable to Common Shareholders</td><td>Non-controlling Interests in Consolidated Entities</td><td>Total Equity</td></tr><tr><td>January 1, 2009</td><td>85.3</td><td>5,352.6</td><td>-1,128.9</td><td>1,476.3</td><td>-95.8</td><td>5,689.5</td><td>906.7</td><td>6,596.2</td></tr><tr><td>Net income/(loss), including gains and losses attributable to noncontrolling interests</td><td>—</td><td>—</td><td>—</td><td>322.5</td><td>—</td><td>322.5</td><td>-113.2</td><td>209.3</td></tr><tr><td>Other comprehensive income:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Currency translation differences on investments in overseas subsidiaries</td><td>—</td><td>—</td><td>—</td><td>—</td><td>488.3</td><td>488.3</td><td>—</td><td>488.3</td></tr><tr><td>Change in accumulated OCI related to employee benefit plans</td><td>—</td><td>—</td><td>—</td><td>—</td><td>-15.1</td><td>-15.1</td><td>—</td><td>-15.1</td></tr><tr><td>Change in net unrealized gains on available-for-sale investments</td><td>—</td><td>—</td><td>—</td><td>—</td><td>14.6</td><td>14.6</td><td>—</td><td>14.6</td></tr><tr><td>Adoption of guidance now encompassed in ASC Topic 320</td><td>—</td><td>—</td><td>—</td><td>—</td><td>-1.5</td><td>-1.5</td><td>—</td><td>-1.5</td></tr><tr><td>Tax impacts of changes in accumulated other comprehensive income balances</td><td>—</td><td>—</td><td>—</td><td>—</td><td>3.1</td><td>3.1</td><td>—</td><td>3.1</td></tr><tr><td>Total comprehensive income</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>811.9</td><td>-113.2</td><td>698.7</td></tr><tr><td>Adoption of guidance now encompassed in ASC Topic 320</td><td>—</td><td>—</td><td>—</td><td>1.5</td><td>—</td><td>1.5</td><td>—</td><td>1.5</td></tr><tr><td>Change in noncontrolling interests in consolidated entities, net</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>-84.2</td><td>-84.2</td></tr><tr><td>Issuance of new shares</td><td>6.6</td><td>435.2</td><td>—</td><td>—</td><td>—</td><td>441.8</td><td>—</td><td>441.8</td></tr><tr><td>Dividends</td><td>—</td><td>—</td><td>—</td><td>-168.9</td><td>—</td><td>-168.9</td><td>—</td><td>-168.9</td></tr><tr><td>Employee share plans:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Share-based compensation</td><td>—</td><td>90.8</td><td></td><td>—</td><td>—</td><td>90.8</td><td>—</td><td>90.8</td></tr><tr><td>Vested shares</td><td>—</td><td>-127.6</td><td>127.6</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Exercise of options</td><td>—</td><td>-51.5</td><td>131.8</td><td>—</td><td>—</td><td>80.3</td><td>—</td><td>80.3</td></tr><tr><td>Tax impact of share-based payment</td><td>—</td><td>9.4</td><td>—</td><td>—</td><td>—</td><td>9.4</td><td>—</td><td>9.4</td></tr><tr><td>Modification of share-based payment awards</td><td>—</td><td>-13.0</td><td>—</td><td>—</td><td>—</td><td>-13.0</td><td>—</td><td>-13.0</td></tr><tr><td>Purchase of shares</td><td>—</td><td>—</td><td>-22.9</td><td>—</td><td>—</td><td>-22.9</td><td>—</td><td>-22.9</td></tr><tr><td>Acquisition of remaining noncontrolling interest in subsidiary</td><td>—</td><td>-7.5</td><td>—</td><td>—</td><td>—</td><td>-7.5</td><td>-1.4</td><td>-8.9</td></tr><tr><td> December 31, 2009</td><td>91.9</td><td>5,688.4</td><td>-892.4</td><td>1,631.4</td><td>393.6</td><td>6,912.9</td><td>707.9</td><td>7,620.8</td></tr></table>
<table><tr><td></td><td colspan="6">Equity Attributable to Common Shareholders</td><td colspan="2"></td></tr><tr><td> $ in millions</td><td> Common  Shares</td><td>Additional Paid-in- Capital</td><td>Treasury Shares</td><td>Retained Earnings</td><td>Accumulated Other Comprehensive Income/(Loss)</td><td>Total Equity Attributable to Common Shareholders</td><td>Non- controlling Interests in Consolidated Entities</td><td>Total Equity</td></tr><tr><td>January 1, 2008</td><td>84.9</td><td>5,306.3</td><td>-954.4</td><td>1,201.7</td><td>952.1</td><td>6,590.6</td><td>1,121.2</td><td>7,711.8</td></tr><tr><td>Net income, including gains and losses attributable to noncontrolling interests</td><td>—</td><td>—</td><td>—</td><td>481.7</td><td>—</td><td>481.7</td><td>-60.7</td><td>421.0</td></tr><tr><td>Other comprehensive income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Currency translation differences on investments in overseas subsidiaries</td><td>—</td><td>—</td><td>—</td><td>—</td><td>-1,034.2</td><td>-1,034.2</td><td>—</td><td>-1,034.2</td></tr><tr><td>Change in accumulated OCI related to employee benefit plans</td><td>—</td><td>—</td><td>—</td><td>—</td><td>-0.3</td><td>-0.3</td><td>—</td><td>-0.3</td></tr><tr><td>Change in net unrealized losses on available-for-sale investments</td><td>—</td><td>—</td><td>—</td><td>—</td><td>-9.3</td><td>-9.3</td><td>—</td><td>-9.3</td></tr><tr><td>Tax impacts of changes in accumulated OCI balances</td><td>—</td><td>—</td><td>—</td><td>—</td><td>-4.1</td><td>-4.1</td><td>—</td><td>-4.1</td></tr><tr><td>Total comprehensive income</td><td></td><td></td><td></td><td></td><td></td><td>-566.2</td><td>-60.7</td><td>-626.9</td></tr><tr><td>Change in noncontrolling interests in consolidated entities, net</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td></td><td>-153.8</td><td>-153.8</td></tr><tr><td>Dividends</td><td>—</td><td>—</td><td>—</td><td>-207.1</td><td>—</td><td>-207.1</td><td>—</td><td>-207.1</td></tr><tr><td>Employee share plans:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Share-based compensation</td><td>—</td><td>97.7</td><td>—</td><td>—</td><td>—</td><td>97.7</td><td>—</td><td>97.7</td></tr><tr><td>Vested shares</td><td>—</td><td>-55.7</td><td>55.7</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Exercise of options</td><td>0.4</td><td>-12.5</td><td>87.8</td><td>—</td><td>—</td><td>75.7</td><td>—</td><td>75.7</td></tr><tr><td>Tax impact of share-based payment</td><td>—</td><td>16.8</td><td>—</td><td>—</td><td>—</td><td>16.8</td><td>—</td><td>16.8</td></tr><tr><td>Purchase of shares</td><td>—</td><td>—</td><td>-318.0</td><td>—</td><td>—</td><td>-318.0</td><td>—</td><td>-318.0</td></tr><tr><td> December 31, 2008</td><td>85.3</td><td>5,352.6</td><td>-1,128.9</td><td>1,476.3</td><td>-95.8</td><td>5,689.5</td><td>906.7</td><td>6,596.2</td></tr></table>

Question: what is the highest total amount of Total comprehensive income? (in million)