Interim results - 6 months ended 30 June 2007
Summarised consolidated cash flow statement - IFRS basis
For the six months to 30 June 2007
The cash flows presented in this statement cover all the Group's activities and include flows from policyholder and shareholder activities.
| 6 months 2007 | 6 months 2006 | Full year 2006 | |||
|---|---|---|---|---|---|
| Long-term business operations £m | Non-long-term business operations £m | Group £m | Group £m | Group £m | |
| Cash flows from operating activities | |||||
| Cash generated from operations | 859 | 680 | 1,539 | 2,465 | 2,455 |
| Tax paid | (232) | (68) | (300) | (363) | (595) |
| Net cash from operating activities | 627 | 612 | 1,239 | 2,102 | 1,860 |
| Cash flows from investing activities: | |||||
| Acquisition of subsidiaries, joint ventures and associates, net of cash acquired | (283) | (76) | (359) | (205) | (1,889) |
| Disposal of subsidiaries, joint ventures and associates, net of cash transferred | 256 | 16 | 272 | 480 | 616 |
| Net loans to joint ventures and associates | 184 | - | 184 | - | (104) |
| Purchases of property and equipment | (13) | (59) | (72) | (106) | (295) |
| Proceeds on sale of property and equipment | 2 | 37 | 39 | 25 | 156 |
| Purchases of intangible assets | (3) | (26) | (29) | (24) | (58) |
| Net cash (used in) / from investing activities | 143 | (108) | 35 | 170 | (1,574) |
| Cash flows from investing activities: | |||||
| Proceeds from issue of ordinary shares, net of transaction costs | - | 30 | 30 | 47 | 935 |
| Net drawdown of borrowings | 27 | 180 | 207 | 66 | 901 |
| Interest paid on borrowings | (165) | (281) | (446) | (384) | (825) |
| Preference dividends paid | - | (9) | (9) | (9) | (17) |
| Ordinary dividends paid | - | (340) | (340) | (341) | (490) |
| Coupon payments on direct capital instrument | - | - | - | - | (52) |
| Finance lease payments | - | (1) | (1) | (4) | (22) |
| Capital contributions from minority shareholders | 75 | - | 75 | 35 | 304 |
| Dividends paid to minority interests of subsidiaries | (53) | (10) | (63) | (57) | (75) |
| Non-trading cash flows between operations | (412) | (412) | - | - | - |
| Net cash from / (used in) financing activities | (528) | (19) | (547) | (647) | 659 |
| Net increase in cash and cash equivalents | 242 | 485 | 727 | 1,625 | 945 |
| Cash and cash equivalents at 1 January | 10,420 | 3,426 | 13,846 | 13,067 | 13,067 |
| Effect of exchange rate changes on cash and cash equivalents | (13) | 12 | (1) | 7 | (166) |
| Cash and cash equivalents at 30 June / 31 December | 10,649 | 3,923 | 14,572 | 14,699 | 13,846 |
| Cash and cash equivalents at 30 June / 31 December comprised: | |||||
| Cash at bank and in hand | 3,215 | 1,602 | 4,817 | 3,853 | 4,087 |
| Cash equivalents | 7,637 | 2,744 | 10,381 | 11,532 | 10,455 |
| 10,852 | 4,346 | 15,198 | 15,385 | 14,542 | |
| Bank overdrafts | (203) | (423) | (626) | (686) | (696) |
| 10,649 | 3,923 | 14,572 | 14,699 | 13,846 | |
