Consolidated Cash Flow Statement.

 

(XLS:) Consolidated Cash Flow Statement

For the year ended 31 December 2012

Notes

2012

£m

2011
Restated
£m

1.

Tax comprises UK corporation tax paid of £60m (2011: £80m), overseas corporate taxes of £8m (2011: £8m) and withholding tax of £125m (2011: £105m).

2.

Net cash flows from acquisitions include total net identifiable assets acquired of £33m (2011: £15m) less cash and cash equivalents acquired of £6m (2011: £4m).

Cash flows from operating activities

 

 

 

 

 

 

 

Profit for the year

 

801

721

 

 

 

 

Adjustments for non cash movements in net profit for the year

 

 

 

Realised and unrealised gains on financial investments and investment properties

 

(18,429)

(3,014)

Investment income

 

(9,470)

(8,971)

Interest expense

 

165

165

Tax expense

 

409

54

Other adjustments

 

67

68

 

 

 

 

Net (increase)/decrease in operational assets

 

 

 

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

 

(1,118)

3,736

Investments designated as available-for-sale

 

30

(29)

Other assets

 

(3,008)

(1,678)

 

 

 

 

Net increase in operational liabilities

 

 

 

Insurance contracts

 

3,221

2,075

Transfer to/(from) unallocated divisible surplus

 

115

(431)

Investment contracts

 

13,795

(2,068)

Value of in-force non-participating contracts

 

135

Other liabilities

 

7,026

2,258

Cash used in operations

 

(6,396)

(6,979)

Interest paid

 

(164)

(164)

Interest received

 

5,013

5,021

Tax paid1

 

(193)

(193)

Dividends received

 

4,539

3,872

Net cash flows from operating activities

 

2,799

1,557

 

 

 

 

Cash flows from investing activities

 

 

 

Net acquisition of plant, equipment and intangibles

 

(59)

(41)

Acquisitions (net of cash acquired)2

38

(27)

(11)

Capital injection into overseas joint ventures

53

(5)

Net cash flows from investing activities

 

(86)

(57)

 

 

 

 

Cash flows from financing activities

 

 

 

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

 

(394)

(298)

Proceeds from issue of ordinary share capital

 

16

3

Purchase of employee scheme shares

 

(3)

(15)

Proceeds from borrowings

 

1,318

1,327

Repayment of borrowings

 

(1,105)

(1,428)

Net cash flows from financing activities

 

(168)

(411)

 

 

 

 

Net increase in cash and cash equivalents

 

2,545

1,089

Exchange (losses) on cash and cash equivalents

 

(6)

(12)

Cash and cash equivalents at 1 January

 

14,113

13,036

Cash and cash equivalents at 31 December

12

16,652

14,113

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