Consolidated cash flow statement |
| for the year to 31 March 2004 |
| |
| |
Notes |
2004
£ m |
2003
£ m |
| Operating activities |
|
|
|
Interest received and similar income arising from debt securities and
other fixed income securities held as financial fixed asset investments |
|
66 |
75 |
| Other interest received and similar income |
|
35 |
31 |
| Interest paid on borrowings |
|
(59) |
(58) |
| Dividends received from equity shares |
|
93 |
102 |
| Fees and other net cash receipts |
|
41 |
46 |
| Operating and administrative costs paid |
|
(86) |
(68) |
| Net cash inflow from operating activities |
43 |
90 |
128 |
| |
|
|
|
| Taxation (paid)/received |
|
(2) |
4 |
| |
|
|
|
| Capital expenditure and financial investment |
|
|
|
| Investment in equity shares, fixed income shares and loans |
|
(756) |
(673) |
| Investment in equity shares and loans acquired from joint ventures |
|
– |
(17) |
| Sale, repayment or redemption of equity shares, fixed income shares and loan investments |
|
913 |
975 |
| Fees intrinsic to acquisition or disposal of investments |
|
5 |
10 |
| Investment interest paid |
|
(42) |
(53) |
| Investment administrative expenses |
|
(91) |
(94) |
| Investment in joint ventures |
|
(25) |
(54) |
| Divestment or repayment of interests in joint ventures |
|
25 |
19 |
| Purchase of tangible fixed assets |
|
(2) |
(5) |
| Sale of tangible fixed assets |
|
1 |
1 |
| Net cash flow from capital expenditure and financial investment |
|
28 |
109 |
| |
|
|
|
| |
|
|
|
| Equity dividends paid |
|
(83) |
(78) |
| |
|
|
|
| Management of liquid resources |
47 |
(15) |
15 |
| |
|
|
|
| Net cash flow before financing |
|
18 |
178 |
| |
|
|
|
| Financing |
|
|
|
| Debt due within one year |
46 |
(232) |
(104) |
| Debt due after more than one year |
46 |
200 |
(32) |
| Issues of shares |
44 |
12 |
7 |
| Net cash flow from financing |
|
(20) |
(129) |
| |
|
|
|
| (Decrease)/increase in cash |
46 |
(2) |
49 |
