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Aviva plc
Annual Report and
Accounts 2007
241
Financial
statements
D – Reserves
Investment Equity
Merger valuation compensation Retained
reserve reserve reserve earnings
£m £m £m £m
Balance at 1 January 2006 735 13,322 43 1,690
Arising in the year:
Loss for the year – – – (24)
Fair value gains on investments in subsidiaries – 4,075 – –
Fair value gains transferred to income statement – (94) – –
Actuarial losses on pension schemes – – – (4)
Dividends and appropriations – – – (762)
Reserves credit for equity compensation plans – – 48 –
Shares issued in lieu of dividends – – – 203
Issue of share capital under equity compensation scheme – – (18) 18
Merger relief on acquisition of AmerUs 871 – – –
Transfer to retained earnings on realisation of merger reserve (871) – – 871
Aggregate tax effect – – – 15
Other movements – – – (2)
Balance at 31 December 2006 735 17,303 73 2,005
Arising in the year:
Profit for the year – – – 1,717
Fair value losses on investments in subsidiaries – (3,420) – –
Actuarial gains on pension schemes – – – 5
Dividends and appropriations – – – (871)
Reserves credit for equity compensation plans – – 50 –
Shares issued in lieu of dividends – – – 301
Issue of share capital under equity compensation scheme – – (34) 34
Aggregate tax effect – – – 16
Balance at 31 December 2007 735 13,883 89 3,207
E – Borrowings
The Company’s borrowings comprise:
2007 2006
£m £m
Subordinated debt 3,054 2,937
9.5% guaranteed bonds 2016 198 198
Commercial paper 918 733
Total 4,170 3,868
Maturity analysis of contractual undiscounted cash flows:
2007 2006
Principal Interest Total Principal Interest Total
£m £m £m £m £m £m
Within 1 year 932 235 1,167 733 222 955
1 to 5 years – 799 799 – 773 773
5 to 10 years 351 998 1,349 200 966 1,166
10 to 15 years 588 867 1,455 692 834 1,526
Over 15 years 2,344 206 2,550 2,275 260 2,535
Total contractual undiscounted cash flows 4,215 3,105 7,320 3,900 3,055 6,955
Where subordinated debt is undated, the interest payments have not been included beyond 15 years. Annual interest
payments for these borrowings are £70 million (2006: £68 million).
The fair value of the subordinated debt at 31 December 2007 was £3,006 million (2006: £3,076 million). The fair value
of the 9.5% guaranteed bonds 2016 at 31 December 2007 was £249 million (2006: £275 million). The fair value of the
commercial paper is considered to be the same as its carrying value.
Further details of these borrowings can be found in note 47.