Consolidated Cash Flow Statement.

Consolidated Cash Flow Statement.
(XLS:) Consolidated Cash Flow Statement

For the year ended 31 December 2013

2013
£m

20121
£m

1.

The Consolidated Cash Flow Statement has been restated to reflect the adoption by the Group of amendments to IAS 19, ‘Employee Benefits’. Further details are contained in Note 1. The impact is to reduce profit for the year by £3m for the year ended 31 December 2012, offset by corresponding changes to net cash flows from operating activities.

2.

Tax comprises UK corporation tax paid of £133m (2012: £60m), overseas corporate taxes of £6m (2012: £8m) and overseas withholding tax of £148m (2012: £125m).

3.

Net cash flows from acquisitions includes cash paid of £286m (2012: £33m) less cash and cash equivalents acquired of £190m (2012: £6m).

Cash flows from operating activities

 

 

Profit for the year

896

798

Adjustments for non cash movements in net profit for the year

 

 

Realised and unrealised gains on financial investments and investment properties

(21,443)

(18,429)

Investment income

(9,504)

(9,464)

Interest expense

163

165

Tax expense

419

409

Other adjustments

98

67

Net decrease/(increase) in operational assets

 

 

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

3,571

(1,118)

Investments designated as available-for-sale

60

30

Other assets

553

(3,008)

Net increase/(decrease) in operational liabilities

 

 

Insurance contracts

1,384

3,221

Transfer from unallocated divisible surplus

63

112

Investment contracts

13,835

13,795

Value of in-force non-participating contracts

(6)

Other liabilities

2,221

7,026

Cash used in operations

(7,690)

(6,396)

Interest paid

(169)

(164)

Interest received

4,981

5,013

Tax paid2

(287)

(193)

Dividends received

4,497

4,539

Net cash flows from operating activities

1,332

2,799

 

 

 

Cash flows from investing activities

 

 

Net acquisition of plant, equipment and intangibles

(48)

(59)

Acquisitions (net of cash acquired)3

(97)

(27)

Acquisition of joint ventures

(68)

Net cash flows from investing activities

(213)

(86)

 

 

 

Cash flows from financing activities

 

 

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

(479)

(394)

Proceeds from issue of ordinary share capital

3

16

Purchase of employee scheme shares

(4)

(3)

Proceeds from borrowings

1,231

1,318

Repayment of borrowings

(1,115)

(1,105)

Net cash flows from financing activities

(364)

(168)

 

 

 

Net increase in cash and cash equivalents

755

2,545

Exchange gains/(losses) on cash and cash equivalents

(6)

Cash and cash equivalents at 1 January

16,652

14,113

Cash and cash equivalents at 31 December

17,407

16,652

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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