Consolidated cash flow statement - For the six months ended 30 June 2004
| 6 months 2004 |
6 months 2003 |
Full year 2003 |
|
|---|---|---|---|
| £m | £m | £m | |
| Net cash inflow from operating activities, excluding exceptional items* | 1,104 | 386 | 1,208 |
| Exceptional items* | - | (503) | (522) |
| Net cash outflow from servicing of finance | (99) | (84) | (256) |
| Corporation tax paid | (28) | (90) | (174) |
| Net purchases of tangible fixed assets | (48) | (36) | (101) |
| Acquisitions and disposals of subsidiary and associated undertakings** | 174 | 510 | 600 |
| Equity dividends paid | (341) | (321) | (523) |
| Proceeds from issue of subordinated debt | - | - | 1,567 |
| Net cash inflow from other financing activities: | |||
| Issue of share capital | 23 | 1 | 2 |
| Net drawdown of loans | 69 | 221 | 80 |
| Net cash flows | 854 | 84 | 1,881 |
| Cash flows were invested as follows: | |||
| Increase/(decrease) in cash holdings | 304 | (155) | (164) |
| Net purchases of investments | 544 | 437 | 2,262 |
| Non-trading cash inflow/(outflow) to long-term business operations | 6 | (198) | (217) |
| Net investment of cash flows | 854 | 84 | 1,881 |
| The cash flows presented in this statement
relate to non-long-term business transactions
only. Long-term business profits are included as net cash
inflows/(outflows) from operating activities
only to the extent that they have been remitted to shareholders
by way of dividends from life operations. * Included within the exceptional items in 2003 are payments to the Berkshire Hathaway Group for reinsurance purchased in December 2000 to secure protection against any adverse impact of the run-off of London Market claims reserves. The final instalment was paid on 2 January 2003. ** The six months to 30 June 2003 and full year 2003 include £651 million of consideration received in relation to the disposal of the Australia and New Zealand general insurance businesses. |
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