41 Property and equipment
| Leasehold land and buildings £m |
Freehold land and buildings £m |
Total £m |
|
Cost |
|||
At 1 January 2008 |
1.9 | – | 1.9 |
Additions |
– | 4.1 | 4.1 |
Disposal |
(1.9) | – | (1.9) |
At 31 December 2008 |
– | 4.1 | 4.1 |
Accumulated depreciation |
|||
At 1 January 2008 |
0.2 | – | 0.2 |
Charge for the year |
– | 0.2 | 0.2 |
Disposal |
(0.2) | – | (0.2) |
At 31 December 2008 |
– | 0.2 | 0.2 |
Net book value |
|||
At 31 December 2008 |
– | 3.9 | 3.9 |
At 31 December 2007 |
1.7 | – | 1.7 |
42 Trade and other payables and deferred income
| 2008 £m |
2007 £m |
|
Trade payables and accrued expenses |
2.4 | 4.2 |
Social security and other tax payables |
0.2 | – |
Issued redeemable non-cumulative preference shares (note 22) |
1.2 | 120.4 |
| 3.8 | 124.6 | |
| 2008 £m |
2007 £m |
|
Current portion |
3.8 | 124.6 |
42 Trade and other payables and deferred income
| 2008 £m |
2007 £m |
|
Trade payables and accrued expenses |
2.4 | 4.2 |
Social security and other tax payables |
0.2 | – |
Issued redeemable non-cumulative preference shares (note 22) |
1.2 | 120.4 |
| 3.8 | 124.6 | |
| 2008 £m |
2007 £m |
|
Current portion |
3.8 | 124.6 |
43 Financial Liabilities – Borrowings
| 2008 £m |
2007 £m |
|
Subordinated debt |
295.9 | 277.4 |
| 2008 £m |
2007 £m |
|
Non-current portion |
295.9 | 277.4 |
For details of the Company borrowings refer to note 26 in the notes to the Group accounts.
44 Dividends
The amounts recognised as distributions to equity holders are as follows:
| 2008 £m |
2007 £m |
|
Final dividend for the year ended: |
||
– 31 December 2007 of 10.0 pence per ordinary share |
47.6 | – |
– 31 December 2006 of 7.8 pence per ordinary share |
– | 41.7 |
Interim dividend for the year ended: |
||
– 31 December 2008 of 6.0 pence per ordinary share |
28.0 | – |
– 31 December 2007 of 5.0 pence per ordinary share |
– | 26.7 |
Special dividend for the year ended: |
||
– 31 December 2006 of 8.0 pence per ordinary share |
– | 42.7 |
| 75.6 | 111.1 |
The final dividend of 11.0 pence per ordinary share for 2008, amounting to £51.5 million, payable in cash was approved by the Board on 27 February 2008 and have not been included as a liability as at 31 December 2008.
45 Cash generated from operations
| 2008 £m |
2007 £m |
|
Profit on ordinary activities before taxation |
110.3 | 88.5 |
Adjustments for: |
||
Depreciation charge |
– | – |
Finance costs |
20.9 | 20.0 |
Interest income |
(4.4) | – |
Unrealised gains on investments |
(6.7) | 0.6 |
Foreign exchange losses on revaluation |
16.0 | (0.8) |
Dividends received |
(148.6) | – |
Net sales of financial investments |
38.6 | (97.8) |
Decrease in intercompany debtors |
299.5 | 2.2 |
Decrease in intercompany creditors |
(42.2) | – |
(Decrease)/increase in trade and other payables |
(0.4) | 170.8 |
Other non-cash movements |
0.4 | 0.7 |
Cash generated from operations |
283.4 | 184.2 |
46 Related party disclosure
Full details of related party transactions are provided in note 34 to the consolidated financial statements.
47 Share based payments
Full details of share based payment plans are provided in note 23 to the consolidated financial statements.
Top