Aviva 2007 Annual Report Download - page 217
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52 – Cash flow statement
This note gives further detail behind the figures in the cash flow statement.
(a) The reconciliation of profit/(loss) before tax to the net cash inflow from operating activities is:
Restated
2007 2006
£m £m
Profit before tax 1,857 3,323
Adjustments for:
Share of losses/(profits) of joint ventures and associates 304 (485)
Dividends received from joint ventures and associates 32 71
Profit on sales of:
Investment property (105) (46)
Property and equipment (4) (2)
Subsidiaries, joint ventures and associates (49) (222)
Investments (5,464) (5,334)
(5,622) (5,604)
Fair value (gains)/losses on:
Investment property 745 (1,507)
Investments 6,171 790
Borrowings (268) (52)
6,648 (769)
Depreciation of property and equipment 129 122
Equity compensation plans, equity settled expense 50 48
Impairment of:
Goodwill on subsidiaries 10 94
Other investments and loans 58 (5)
Acquired value of in-force business and intangibles 426
Non-financial assets –5
72 120
Amortisation of:
Premium or discount on debt securities 32 278
Premium or discount on loans (7) –
Premium or discount on borrowings 25
Acquired value of in-force business and intangibles 266 130
293 413
Change in unallocated divisible surplus (2,922) 558
Interest expense on borrowings 1,208 825
Net finance income on pension schemes (99) (77)
Foreign currency exchange (gains) (45) (99)
Changes in working capital
Decrease in reinsurance assets 75 966
(Increase)/decrease in deferred acquisition costs (906) 51
Decrease in insurance liabilities and investment contracts 8,739 9,974
Decrease/ (Increase)in other assets and liabilities 7,395 (4,301)
15,303 6,690
Net purchases of operating assets
Purchases of investment property (1,671) (1,888)
Proceeds on sale of investment property 1,368 1,587
Net purchases of financial investments (12,072) (2,361)
(12,375) (2,662)
Cash generated from operations 4,833 2,474
Purchases and sales of investment property, loans and financial investments are included within operating cash flows as the
purchases are funded from cash flows associated with the origination of insurance and investment contracts, net of
payments of related benefits and claims.
Aviva plc
Annual Report and
Accounts 2007
213
Financial
statements