Financial Statements
Consolidated Cashflow Statement for the year ended 31 December 2005
| Notes | 2005 £m |
2004 £m |
|
|---|---|---|---|
| Cash generated from continuing operations | 33 | (462) | (244) |
| Income tax paid | (65) | (52) | |
| Interest received/(paid) | 556 | 504 | |
| Dividends received | 2 | 5 | |
| Cashflows from discontinued operations | – | (797) | |
| Loss on disposal of discontinued operations | – | 107 | |
| Net cashflows from operating activities | 31 | (477) | |
| Proceeds from sales or maturities of: | |||
| Available for sale investments | 10,046 | 12,179 | |
| Investment property | 46 | 23 | |
| Property and equipment | 13 | 7 | |
| Intangible assets | 3 | 8 | |
| Investments in subsidiaries (net of cash disposed of) | 32 | 113 | 1,005 |
| Investments in associates | 5 | 107 | |
| Purchase of: | |||
| Available for sale investments | (10,058) | (15,906) | |
| Investment property | (31) | (42) | |
| Property and equipment | (60) | (111) | |
| Intangible assets | (144) | (123) | |
| Investments in subsidiaries (net of cash acquired) | 32 | (63) | (12) |
| Cashflows from discontinued operations | – | 940 | |
| Net cashflows from investing activities | (130) | (1,925) | |
| Proceeds from issue of share capital | 2 | – | |
| Purchase of treasury shares | (3) | – | |
| Dividends paid to ordinary shareholders | (116) | (107) | |
| Dividends paid to preference shareholders | (9) | (9) | |
| Interest on subordinated guaranteed perpetual notes | – | (10) | |
| Dividends paid to minority interests | (13) | (12) | |
| Proceeds from issuance of long term borrowings | – | 295 | |
| Net movement in other borrowings | (86) | (84) | |
| Net cashflows from financing activities | (225) | 73 | |
| Net decrease in cash and cash equivalents and bank overdrafts | (324) | (2,329) | |
| Cash and cash equivalents and bank overdrafts at beginning of the year | 1,864 | 4,254 | |
| Effect of exchange rate changes on cash and cash equivalents | 72 | (61) | |
| Cash and cash equivalents and bank overdrafts at end of the year | 17 | 1,612 | 1,864 |
The notes form an integral part of these consolidated financial statements. |
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