Aviva 2013 Annual Report Download - page 213

Strategic report Governance IFRS Financial statements Other information
Aviva plc
Annual report and accounts 2013
211
Notes to the consolidated financial statements continued
50 – Borrowings continued
(e) Movements during the year
Movements in borrowings during the year were:
2013
Restated1
2012
Core
Structural
£m
Operational
£m
Total
£m
Core
Structural
£m
Operational
£m
Total
£m
New borrowings drawn down, including commercial paper, net of expenses 2,137 184 2,321 2,200 452 2,652
Repayment of borrowings, including commercial paper (2,179) (347) (2,526) (2,295) (347) (2,642)
Net cash (outflow)/inflow (42) (163) (205) (95) 105 10
Impact of the adoption of IFRS 101 — — — — (15) (15)
Foreign exchange rate movements 24 (42) (18) (54) (130) (184)
Loans repaid for non-cash consideration2 — (183) (183) — — —
Fair value movements — (4) (4) — 43 43
Amortisation of discounts and other non-cash items 5 (21) (16) 1 (13) (12)
Movements in debt held by Group companies3 (1) (49) (50) 32 — 32
Movements in the year (14) (462) (476) (116) (10) (126)
Balance at 1 January 5,139 3,185 8,324 5,255 3,195 8,450
Balance at 31 December 5,125 2,723 7,848 5,139 3,185 8,324
1 Comprises the impact of adoption of IFRS 10 on prior year comparatives and the resulting consolidation and deconsolidation of entities based on the revised definition and criteria of control outlined in accounting Policy (D). See note
1 for further details
2 Includes borrowings disposed of / repaid as part of the disposal of the US business in 2013 of £179 million.
3 Certain subsidiary companies have purchased issued subordinated notes and securitised loan notes as part of their investment portfolios. In the consolidated statement of financial position, borrowings are shown net of these holdings
but movements in such holdings over the year are reflected in the tables above.
All movements in fair value in 2012 and 2013 on securitised mortgage loan notes designated as fair value through profit or loss
were attributable to changes in market conditions.
(f) Undrawn borrowings
The Group and Company have the following undrawn committed central borrowing facilities available to them, of which £750
million (2012: £750 million) is used to support the commercial paper programme:
2013
£m
2012
£m
Expiring within one year 400 420
Expiring beyond one year 1,100 1,725
1,500 2,145
51 – Payables and other financial liabilities
This note analyses our payables and other financial liabilities at the end of the year.
2013
£m
Restated1
2012
£m
Payables arising out of direct insurance 1,115 1,234
Payables arising out of reinsurance operations 398 426
Deposits and advances received from reinsurers 145 318
Bank overdrafts 493 566
Derivative liabilities 1,188 1,751
Amounts due to brokers for investment purchases 164 135
Obligations for repayment of cash collateral received (notes 27(d) (i) & 59(c)) 3,958 4,460
Other financial liabilities 1,747 1,616
Total 9,208 10,506
Less: Amounts classified as held for sale (14) (1,108)
9,194 9,398
Expected to be settled within one year 8,579 8,582
Expected to be settled in more than one year 615 816
9,194 9,398
1 Restated for the adoption of IFRS10. See note 1 for further details.
Bank overdrafts amount to £77 million (2012: £194 million) in life business operations and £416 million (2012: £372 million) in
general insurance business and other operations.
All payables and other financial liabilities are carried at cost, which approximates to fair value, except for derivative liabilities,
which are carried at their fair values.