Summarised consolidated cash flow statement - IFRS basis
For the six months ended 30 June 2005
The cash flows presented in this statement cover all the Group’s activities and include flows from policyholder and shareholder activities.
| 6 months 2005 | |||||
|---|---|---|---|---|---|
| Long-term business operations £m |
Non-long-term business operations £m |
Total 6 months 2005 £m |
Total 6 months 2004 £m |
Total Full year 2004 £m |
|
| Cash flows from operating activities | |||||
| Cash generated from operations | 3,586 | 1,630 | 5,216 | 4,670 | 14,568 |
| Tax (paid)/ received | (155) | 138 | (17) | (48) | (290) |
| Net cash from operating activities | 3,431 | 1,768 | 5,199 | 4,622 | 14,278 |
| Cash flow from investing activities: | |||||
| Acquisition of subsidiaries, joint ventures and associates, net of cash acquired |
(77) | (623) | (700) | - | (294) |
| Disposal of subsidiaries, joint ventures and associates, net of cash transferred | - | 192 | 192 | 174 | 308 |
| Net purchases of property and equipment | (10) | (34) | (44) | (99) | (61) |
| Net purchases of other financial investments | (1,814) | (544) | (2,358) | (4,474) | (12,806) |
| Net loans granted to joint ventures and associates | - | - | - | - | (129) |
| Dividends received from associates and joint ventures | 16 | - | 16 | 41 | 52 |
| Net cash from investing activities | (1,885) | (1,009) | (2,894) | (4,358) | (12,930) |
| Cash flow from financing activities: | |||||
| Proceeds from issue of shares, net of transaction costs | - | 27 | 27 | 3 | 3 |
| Proceeds from issue of Direct Capital Instrument, net of transaction costs | - | - | - | - | 981 |
| Dividends and appropriations paid to group equity capital holders |
- | (373) | (373) | (351) | (467) |
| Dividends paid to minority interests of subsidiaries | (20) | (16) | (36) | (41) | (41) |
| Movement in shares held by employee trusts | - | - | - | 1 | 1 |
| Interest paid on borrowings | (118) | (159) | (277) | (209) | (445) |
| Net drawdown/(repayment) of borrowings | (365) | 420 | 55 | 714 | 1,713 |
| Finance lease payments | - | (5) | (5) | (6) | (26) |
| Non-trading cash flows between operations | (58) | 58 | - | - | - |
| Capital contributions from minority shareholders | 93 | - | 93 | - | 4 |
| Net cash from financing activities | (468) | (48) | (516) | 111 | 1,723 |
| Total cash flow | 1,078 | 711 | 1,789 | 375 | 3,071 |
| Net increase in cash and cash equivalents | 1,078 | 711 | 1,789 | 375 | 3,071 |
| Cash and cash equivalents at 1 January | 9,086 | 3,040 | 12,126 | 9,023 | 9,023 |
| Effect of exchange rate changes on cash and cash equivalents | (214) | (118) | (332) | (87) | 32 |
| Cash and cash equivalents at 30 June/31 December | 9,950 | 3,633 | 13,583 | 9,311 | 12,126 |
| Cash and cash equivalents at 30 June/31 December comprised: | |||||
| Cash at bank and in hand | 2,709 | 1,388 | 4,097 | 1,626 | 1,631 |
| Cash equivalents | 7,623 | 2,685 | 10,308 | 8,376 | 11,148 |
| 10,332 | 4,073 | 14,405 | 10,002 | 12,779 | |
| Bank overdrafts | (382) | (440) | (822) | (691) | (653) |
| 9,950 | 3,633 | 13,583 | 9,311 | 12,126 | |
