Aviva 2007 Annual Report Download - page 23
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Please find page 23 of the 2007 Aviva annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.Balance sheet and cash flow
Summarised group consolidated balance sheet
As at 31 December 2007
IFRS basis EEV basis
Restated Restated
2007 2006 2007 2006
£m £m £m £m
Assets
Goodwill 3,082 2,910 3,082 2,910
Acquired value of in-force
business and intangible assets 3,197 2,728 3,197 2,728
Additional value of in-force
long-term business ––7,982 6,794
Investment properties, properties
and equipment 16,019 16,027 16,019 16,027
Interests in and loans to joint ventures
and associates 3,782 3,690 3,782 3,690
Financial investments 215,368 204,278 215,368 204,278
Other assets 62,498 52,101 62,498 52,101
Cash and cash equivalents 15,774 13,117 15,774 13,117
Total assets 319,720 294,851 327,702 301,645
Equity
Capital and reserves 12,849 11,176 12,559 10,714
Additional retained profit on
an EEV basis ––7,694 6,817
Equity attributable to shareholders
of Aviva plc 12,849 11,176 20,253 17,531
Preference shares and direct
capital instrument 1,190 1,190 1,190 1,190
Minority interests 2,553 1,698 3,131 2,137
Total equity 16,592 14,064 24,574 20,858
Liabilities
Gross liability for insurance and
investment contracts 251,284 232,588 251,284 232,588
Unallocated divisible surplus 6,785 9,465 6,785 9,465
Net asset value attributable
to unitholders 3,980 3,810 3,980 3,810
Borrowings 12,657 12,137 12,657 12,137
Other liabilities 28,422 22,787 28,422 22,787
Total liabilities 303,128 280,787 303,128 280,787
Total equity and liabilities 319,720 294,851 327,702 301,645
During 2007, the equity attributable to our ordinary
shareholders on an IFRS basis increased by 15% to
£12,849 million (2006: £11,176 million) primarily
reflecting the growth in retained earnings. On an EEV
basis, the equity attributable to our ordinary shareholders
was £20,253 million (2006: £17,531 million).
At 31 December 2007, our total assets on an IFRS
basis were £320 billion (restated 2006: £295 billion).
Under EEV principles, our total assets are £328 million
higher (restated 2006: £302 million), the difference relates
to the recognition as an asset under EEV of internally
generated additional value of in-force (AVIF) long-term
business. The growth in assets was substantially driven by
an increase in financial investment of £11 billion following
strong new business sales and effective management of
the active equity portfolio minimising the exposure to the
downturn in the equity markets.
Increase in other assets of £10 billion to £62,498 million
(restated 2006: £52,101 million) was primarily driven by
an increase in loans of £7 billion resulting from the
restatement of stock lending collateral.
Summary consolidated cash flow statement –
IFRS basis
Non
Long- long- Restated
term term Total Total
business business Full year Full year
operations operations 2007 2006
£m £m £m £m
Net cash from operating
activities 2,792 1,240 4,032 1,879
Net cash from investing
activities (407) (228) (635) (1,574)
Net cash flow from
financing activities (536) (638) (1,174) 659
Net increase in cash and
cash equivalents 1,849 374 2,223 964
Cash and cash equivalents
at 1 January 9,388 3,033 12,421 11,623
Effect of exchange rates 464 141 605 (166)
Cash and cash equivalents
at 31 December 11,701 3,548 15,249 12,421
Cash flows from operating activities were £4,032 million
(2006: £1,879 million). Investing activities generated
a cash outflow of £635 million (2006: £1,574 million).
Financing activities generated a cash outflow of
£1,174 million (2006: £659 million inflow) primarily
driven by interest paid on borrowings.
Aviva plc
Annual Report and
Accounts 2007
19
Business
review