Aviva 2006 Annual Report Download - page 123

Overview Business review Governance Financial statements Other information
Aviva plc
Annual Report and Accounts 2006 119
Consolidated cash flow statement
For the year ended 31 December 2006
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-term
business business
operations operations Total Total
2006 2006 2006 2005
Note £m £m £m £m
Cash flows from operating activities
Cash generated from operations 48a 1,985 470 2,455 2,784
Tax paid (512) (83) (595) (375)
Net cash from operating activities 1,473 387 1,860 2,409
Cash flows from investing activities
Acquisitions of subsidiaries, joint ventures and associates, net of cash acquired 48b (96) (1,793) (1,889) (1,423)
Disposals of subsidiaries, joint ventures and associates, net of cash transferred 48c 102 514 616 464
Net loans to joint ventures and associates 17a & 18a (113) 9 (104) (128)
Purchases of property and equipment 19 (55) (240) (295) (206)
Proceeds on sale of property and equipment 10 146 156 50
Purchases of intangible assets (10) (48) (58) (60)
Net cash used in investing activities (162) (1,412) (1,574) (1,303)
Cash flows from financing activities
Proceeds from issue of ordinary shares, net of transaction costs 27b – 935 935 59
Net drawdown of borrowings 43c (466) 1,367 901 856
Interest paid on borrowings (367) (458) (825) (609)
Preference dividends paid –(17) (17) (17)
Ordinary dividends paid –(490) (490) (498)
Coupon payments on direct capital instrument –(52) (52) (42)
Finance lease payments –(22) (22) (8)
Capital contributions from minority shareholders 295 9 304 212
Dividends paid to minority interests of subsidiaries (53) (22) (75) (70)
Non-trading cash flows between operations (288) 288 – –
Net cash from financing activities (879) 1,538 659 (117)
Net increase in cash and cash equivalents 432 513 945 989
Cash and cash equivalents at 1 January 48d 10,107 2,960 13,067 12,126
Effect of exchange rate changes on cash and cash equivalents (119) (47) (166) (48)
Cash and cash equivalents at 31 December 48d 10,420 3,426 13,846 13,067
Of the total cash and cash equivalents shown for 2005, £25 million was classified as held for sale (see note 3d).
The accounting policies (identified alphabetically) on pages 104 to 113 and notes (identified numerically) on pages 120 to 210 arean integral part of these financial statements.