Notes to accounts
For the year ended 31 December 2007
41 Property and equipment
Leasehold land and buildings £m |
|
Cost | |
At 1 January and 31 December 2007 | 1.9 |
Accumulated depreciation | |
At 1 January 2007 | 0.2 |
Charge for the year | – |
At 31 December 2007 | 0.2 |
Net book value | |
At 31 December 2007 | 1.7 |
At 31 December 2006 | 1.7 |
42 Borrowings
2007 £m |
2006 £m |
|
Subordinated debt |
277.4 | 277.9 |
2007 £m |
2006 £m |
|
Current portion | – | – |
Non-current portion | 277.4 | 277.9 |
277.4 | 277.9 |
For details of the Company borrowings refer to note 26 in the notes to the Group accounts.
43 Dividends
The amounts recognised as distributions to equity holders are as follows:
2007 £m |
2006 £m |
|
Final dividend for the year ended: | ||
– 31 December 2006 of 7.8 pence per ordinary share | 41.7 | – |
– 31 December 2005 of 6.2 pence per ordinary share | – | 25.0 |
Interim dividend for the year ended: | ||
– 31 December 2007 of 5.0 pence per ordinary share | 26.7 | – |
– 31 December 2006 of 4.2 pence per ordinary share | – | 22.4 |
Special dividend for the year ended: | ||
– 31 December 2006 of 8.0 pence per ordinary share | 42.7 | – |
111.1 | 47.4 |
The final dividend of 10.0 pence per ordinary share for 2007, amounting to £47.8 million, payable in cash was approved by the Board on 27 February 2008 and has not been included as a liability as at 31 December 2007.
44 Cash generated from operations
2007 £m |
2006 £m |
|
Profit on ordinary activities before taxation | 88.5 | 167.1 |
Adjustments for: | ||
Depreciation charge | – | 0.1 |
Finance costs | 20.0 | 24.7 |
Unrealised gains on investments | 0.6 | (0.3) |
Net purchases of financial investments | (97.8) | (7.5) |
Foreign exchange gain | (0.8) | (10.0) |
Increase in loans and receivables | 2.2 | (117.5) |
Increase in trade and other payables | 170.8 | 34.5 |
Other non-cash movements | 0.7 | 2.2 |
Cash generated from operations | 184.2 | 93.3 |
45 Related party transactions
Full details of related party transactions are provided in note 34 to the consolidated financial statements.
46 Share based payments
Full details of share based payment plans are provided in note 23 to the consolidated financial statements.