Aviva 2005 Annual Report Download - page 94
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Financial statements continued
Consolidated cash flow statement
For the year ended 31 December 2005
The cash flows presented in this statement cover all the Group’s activities and include flows from both policyholder and
shareholder activities.
Long-term Non-long-
business term business
operations operations Total Total
2005 2005 2005 2004
Note £m £m £m £m
Cash flows from operating activities
Cash generated from operations 48a 1,717 1,067 2,784 2,050
Tax paid (352) (23) (375) (195)
Net cash from operating activities 1,365 1,044 2,409 1,855
Cash flows from investing activities
Acquisitions of subsidiaries, joint ventures and associates, net of cash acquired 48b (629) (794) (1,423) (540)
Disposals of subsidiaries, joint ventures and associates, net of cash transferred 48c 50 414 464 308
Loans to joint ventures and associates (128) – (128) –
Purchases of property and equipment (26) (180) (206) (127)
Proceeds on sale of property and equipment 41 9 50 122
Purchases of intangible assets (44) (16) (60) (5)
Net cash used in investing activities (736) (567) (1,303) (242)
Cash flows from financing activities
Proceeds from issue of ordinary shares, net of transaction costs 27b –5959 3
Proceeds from issue of direct capital instrument, net of transaction costs –––981
Net drawdown of borrowings 43c 150 706 856 1,526
Interest paid on borrowings (203) (406) (609) (522)
Preference dividends paid – (17) (17) (17)
Ordinary dividends paid – (498) (498) (450)
Coupon payments on direct capital instrument – (42) (42) –
Finance lease payments – (8) (8) (26)
Capital contributions from minority shareholders 204 8 212 4
Dividends paid to minority interests of subsidiaries – (70) (70) (41)
Non-trading cash flows between operations 302 (302) – –
Net cash from financing activities 453 (570) (117) 1,458
Net increase/(decrease) in cash and cash equivalents 1,082 (93) 989 3,071
Cash and cash equivalents at 1 January 48d 9,087 3,039 12,126 9,023
Effect of exchange rate changes on cash and cash equivalents (62) 14 (48) 32
Cash and cash equivalents at 31 December 48d 10,107 2,960 13,067 12,126
Of the total cash and cash equivalents shown above, £25 million has been classified as held for sale (see note 3c).
The accounting policies (identified alphabetically) on page 78 to 86 and notes (identified numerically) on pages 93 to 189 are an integral part of these financial statements.
Aviva plc 2005 Financial statements
92