Income statement
For the year ended 31 December 2007
| |
Note |
2007 £m |
2006 £m |
|---|---|---|---|
| Income | |||
| Dividends received from subsidiaries | 2,568 | 865 | |
| Interest receivable from Group companies | 158 | 219 | |
| Profit on disposal of subsidiary | – | 94 | |
| Net investment income | 4 | 34 | |
| 2,730 | 1,212 | ||
| Expenses | |||
| Operating expenses | B | (193) | (201) |
| Interest payable to Group companies | (944) | (1,341) | |
| Interest payable on borrowings | (232) | (215) | |
| (1,369) | (1,757) | ||
| Profit/(loss) before tax | 1,361 | (545) | |
| Tax credit | C | 356 | 521 |
| Profit/(loss) after tax | 1,717 | (24) |
Where applicable, the accounting policies of the Company are the same as those of the Group. The notes (identified alphabetically) are an integral part of these separate financial statements. Where the same items appear in the Group financial statements, reference is made to the notes (identified numerically).