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| Note | Year ended 31 December 1998 | 1998 £m | 1997 £m |
| |
| Operations |
| 26 | Net cash inflow from operations | 245 | 235 |
| |
| Servicing of finance |
| Interest paid | (85) | (75) |
| |
| Tax |
| Tax paid | (138) | (32) |
| |
| Financial investment |
| Investment in long-term business operation of Scottish Amicable Life plc | – | (100) |
| |
| Acquisitions and disposals |
| 26 | Net cash inflow (outflow) from acquisitions and disposals of subsidiary undertakings | 345 | (522) |
| Additional purchase of investment in associated undertaking | – | (35) |
| |
| | 345 | (557) |
| |
| Equity dividends |
| Equity dividends paid | (382) | (345) |
| |
| Financing |
| 20 | Issue of debenture loan | 300 | – |
| Bank loans raised | 98 | 389 |
| 20 | Repayment of debenture loan | (84) | (114) |
| Issues of ordinary share capital (net of related transfer to share ownership trust) | 15 | 44 |
| |
| Net cash inflow from financing | 329 | 319 |
| |
| Net cash inflow (outflow) | 314 | (555) |
| |
| The net cash inflow (outflow) was invested as follows: |
| Portfolio investments |
| Purchases: |
| | Ordinary shares | 40 | 37 |
| | Fixed income securities | 1,733 | 1,758 |
| |
| | 1,773 | 1,795 |
| |
| Sales: |
| | Ordinary shares | (22) | (107) |
| | Fixed income securities | (1,675) | (126) |
| | Land and buildings | – | (20) |
| |
| | (1,697) | (253) |
| |
| 26 | Net purchases of portfolio investments | 76 | 1,542 |
| 26 | Increase (decrease) in cash and short-term deposits | 238 | (2,097) |
| |
| | 314 | (555) |
| |
| | In accordance with FRS 1, this statement shows only the cash flows of general business and shareholders’ funds. |
