Page 132
Consolidated cash flow statement
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Note |
2007 £m |
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2006 £m |
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| Cash flows from operating activities |
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| Profit before tax from continuing operations |
|
1,185 |
|
2,221 |
| Profit (loss) before tax from discontinued operations (including profit on sale) |
J1 |
222 |
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(150) |
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| Total profit before tax* |
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1,407 |
|
2,071 |
| Changes in operating assets and liabilities: |
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| Investments |
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(11,730) |
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(13,748) |
| Banking customer accounts |
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(9) |
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(276) |
| Other non-investment and non-cash assets |
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(817) |
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(232) |
| Policyholder liabilities (including unallocated surplus) |
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12,017 |
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13,540 |
| Other liabilities (including operational borrowings) |
|
962 |
|
1,136 |
| Interest income and expense and dividend income included in profit before tax |
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(8,201) |
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(10,056) |
| Other non-cash items |
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(140) |
|
198 |
| Operating cash items: |
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| Interest receipts |
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5,541 |
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6,466 |
| Dividend receipts |
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2,732 |
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3,633 |
| Tax paid |
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(624) |
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(523) |
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| Net cash flows from operating activities |
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1,138 |
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2,209 |
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| Cash flows from investing activities |
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| Purchases of property, plant and equipment |
H6 |
(231) |
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(174) |
| Proceeds from disposal of property, plant and equipment |
|
61 |
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34 |
| Costs incurred on purchase of Egg minority interests |
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– |
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(6) |
| Acquisition of subsidiaries, net of cash balances |
I6(iv) |
(77) |
|
(70) |
| Disposal of Egg, net of cash balances |
I6(iii) |
(538) |
|
– |
| Disposal of other subsidiaries, net of cash balances |
I6(v) |
157 |
|
114 |
| Deconsolidation of investment subsidiaries |
I6(v) |
(91) |
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– |
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| Net cash flows from investing activities |
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(719) |
|
(102) |
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| Cash flows from financing activities |
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| Structural borrowings of the Group: |
I8 |
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| Shareholder-financed operations: |
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| Issue |
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– |
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– |
| Redemption |
|
(150) |
|
(1) |
| Interest paid |
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(171) |
|
(204) |
| With-profits operations: |
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|
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| Interest paid |
|
(9) |
|
(9) |
| Equity capital: |
|
|
|
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| Issues of ordinary share capital |
H11 |
6 |
|
15 |
| Dividends paid |
B3 |
(255) |
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(323) |
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|
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|
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| Net cash flows from financing activities |
|
(579) |
|
(522) |
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| Net (decrease) increase in cash and cash equivalents |
|
(160) |
|
1,585 |
| Cash and cash equivalents at beginning of year |
|
5,071 |
|
3,586 |
| Effect of exchange rate changes on cash and cash equivalents |
|
40 |
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(100) |
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| Cash and cash equivalents at end of year |
H10 |
4,951 |
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5,071 |
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*Profit before tax represents income net of post-tax transfers to unallocated surplus of with-profits funds, before tax attributable to policyholders and unallocated surplus of with-profits funds, unit-linked policies and shareholders’ profits. It does not represent profit before tax attributable to shareholders.
