CONSOLIDATED CASH FLOW STATEMENT.

For the year ended 31 December 2011


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Notes

2011
£m

2010
£m

1.

Tax comprises UK corporation tax paid of £80m (2010: £59m) and overseas withholding tax of £113m (2010: £105m).

2.

Net cash flows from acquisitions include total net identifiable assets acquired of £15m (2010: £52m) less cash and cash equivalents acquired of £4m (2010: £8m).

Cash flows from operating activities

 

 

 

 

 

 

 

Profit for the year

 

723

820

 

 

 

 

Adjustments for non-cash movements in net profit for the year

 

 

 

Realised and unrealised gains on financial investments and investment properties

 

(3,014)

(23,673)

Investment income

 

(8,971)

(8,787)

Interest expense

 

165

168

Tax expense

 

55

487

Other adjustments

 

65

59

 

 

 

 

Net decrease/(increase) in operational assets

 

 

 

Investments held for trading or designated as fair value through profit or loss

 

3,736

(2,958)

Investments designated as available-for-sale

 

(29)

(39)

Other assets

 

(1,678)

(479)

 

 

 

 

Net increase in operational liabilities

 

 

 

Insurance contracts

 

2,075

2,746

Transfer (from)/to unallocated divisible surplus

 

(431)

186

Investment contracts

 

(2,068)

20,702

Value of in-force non-participating contracts

 

135

(10)

Other liabilities

 

2,243

4,968

Cash used in operations

 

(6,994)

(5,810)

Interest paid

 

(164)

(167)

Interest received

 

5,021

5,030

Tax paid1

 

(193)

(164)

Dividends received

 

3,872

3,818

Net cash flows from operating activities

 

1,542

2,707

 

 

 

 

Cash flows from investing activities

 

 

 

Net acquisition of plant and equipment

 

(26)

(17)

Acquisitions (net of cash acquired)2

17

(11)

(44)

Capital injection into overseas joint ventures

44

(5)

(8)

Net cash flows from investing activities

 

(42)

(69)

 

 

 

 

Cash flows from financing activities

 

 

 

Dividend distributions to ordinary equity holders of the Company during the year

 

(298)

(238)

Proceeds from issue of ordinary share capital

 

3

2

Purchase of employee scheme shares

 

(15)

(11)

Proceeds from borrowings

 

1,327

750

Repayment of borrowings

 

(1,428)

(758)

Net cash flows from financing activities

 

(411)

(255)

 

 

 

 

Net increase in cash and cash equivalents

 

1,089

2,383

Exchange (losses)/gains on cash and cash equivalents

 

(12)

3

Cash and cash equivalents at 1 January

 

13,036

10,650

Cash and cash equivalents at 31 December

27

14,113

13,036

The Group’s consolidated cash flow statement includes all cash and cash equivalent flows, including those relating to the UK long term fund policyholders.

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