|
Notes |
2004
£m |
|
2003
£m |
|
|
| Net cash inflow from operating activities |
28 |
243.6 |
|
289.2 |
|
|
| Servicing of finance |
|
|
|
|
|
| Interest paid on loan capital |
|
(0.9 |
) |
(0.4 |
) |
| Letter of credit charges |
|
(4.2 |
) |
(6.2 |
) |
|
|
|
(5.1 |
) |
(6.6 |
) |
|
| Taxation |
|
|
|
|
|
| Corporation tax paid |
|
(0.5 |
) |
- |
|
|
| Capital expenditure |
|
|
|
|
|
| Purchase of tangible assets |
|
(2.4 |
) |
(1.5 |
) |
|
| Acquisitions and disposals |
|
|
|
|
|
| Acquisition of subsidiary |
14 |
(3.2 |
) |
- |
|
| Net cash acquired on acquisition |
14 |
0.7 |
|
- |
|
|
|
|
(2.5 |
) |
- |
|
|
| Equity dividends paid |
|
(15.3 |
) |
(6.3 |
) |
|
| Financing |
|
|
|
|
|
| Issue of new shares net of issue costs |
|
3.2 |
|
1.2 |
|
| New loans |
25 |
30.0 |
|
3.4 |
|
| Proceeds from issue of debt |
26 |
25.6 |
|
- |
|
| Repayment of borrowings |
|
(7.3 |
) |
(3.5 |
) |
|
| Net cash inflow from financing activities |
|
51.5 |
|
1.1 |
|
|
| Net cash flows |
29 |
269.3 |
|
275.9 |
|
|
| Cash flows were invested as follows: |
|
|
|
|
|
| Decrease in cash holdings |
|
(4.3 |
) |
(5.2 |
) |
| Increase in deposits |
|
20.9 |
|
0.1 |
|
|
|
|
16.6 |
|
(5.1 |
) |
|
| Net portfolio investment |
|
|
|
|
|
| Purchase of investments |
|
2,507.4 |
|
2,015.5 |
|
| Sale of investments |
|
(2,254.7 |
) |
(1,734.5 |
) |
|
| Net purchases of investments |
|
252.7 |
|
281.0 |
|
|
| Net investment of cash flows |
29 |
269.3 |
|
275.9 |
|
|
Cash flows relating to non-aligned syndicate participations are included only to the extent that cash is transferred between the Premium Trust Funds
and the Group.
|
