Aviva 2014 Annual Report Download - page 140

Aviva plc Annual report and accounts 2014
The accounting policies (identified alphabetically) on pages 117 to 129 and notes (identified numerically on pages 137 to 237 are
an integral part of the financial statements.
Consolidated financial statements continued
136
Consolidated statement of cash flows
For the year ended 31 December 2014
The cash flows presented in this statement cover all the Group’s activities and include flows from both policyholder and
shareholder activities. All cash and cash equivalents are available for use by the Group.
Note
2014
£m
Restated2
2013
£m
Cash flows from operating activities
Cash (used in)/generated from continuing operations 56a (87) 2,562
Tax paid (457) (463)
Net cash (used in)/from operating activities
–
continuing operations (544) 2,099
Net cash from operating activities
–
discontinued operations1
—
1,919
Total net cash (used in)/from operating activities (544) 4,018
Cash flows from investing activities
Acquisitions of, and additions to, subsidiaries, joint ventures and associates, net of cash acquired 56b (79) (29)
Disposals of subsidiaries, joint ventures and associates, net of cash transferred 56c 110 377
New loans to joint ventures and associates 19a(i) (73) (6)
Repayment of loans to joint ventures and associates 19 & 20 33 25
Net new loans to joint ventures and associates (40) 19
Purchases of property and equipment 21 (116) (30)
Proceeds on sale of property and equipment 21 19 56
Other cash flow related to intangible assets (122) (59)
Net cash (used in)/from investing activities
–
continuing operations (228) 334
Net cash (used in)/from investing activities
–
discontinued operations1 (20) (1,588)
Total net cash (used in)/from investing activities (248) (1,254)
Cash flows from financing activities
Redemption of direct capital instrument (547)
—
Proceeds from issue of ordinary shares 8
—
Treasury shares purchased for employee trusts
—
(32)
New borrowings drawn down, net of expenses 2,383 2,201
Repayment of borrowings (2,442) (2,441)
Net repayment of borrowings 50e (59) (240)
Interest paid on borrowings (527) (605)
Preference dividends paid 16 (17) (17)
Ordinary dividends paid3 16 (447) (429)
Coupon payments on direct capital instruments and fixed rate tier 1 notes 16 (88) (92)
Capital contributions from non-controlling interests of subsidiaries 39
—
1
Dividends paid to non-controlling interests of subsidiaries 39 (189) (134)
Changes in controlling interest in subsidiaries4 (89)
—
Net cash used in financing activities – continuing operations (1,955) (1,548)
Net cash from financing activities – discontinued operations1 —19
Total net cash used in financing activities (1,955) (1,529)
Total net (decrease)/increase in cash and cash equivalents (2,747) 1,235
Cash and cash equivalents at 1 January 25,989 24,564
Effect of exchange rate changes on cash and cash equivalents (678) 190
Cash and cash equivalents at 31 December 56d 22,564 25,989
1 Discontinued operations represent the results of the US life and related internal asset management businesses (US Life) until the date of disposal (2 October 2013). See note 4 for further details.
2 The statement of cash flows has been restated following the adoption of amendments to IAS 32 ‘Financial Instruments: Presentation’ – see note 1 for details.
3 Ordinary dividends paid amounted to £449 million. £2 million of unclaimed and waived dividends has been set off against this above. See Note 16 for further detail.
4 Changes in controlling interests in subsidiaries primarily relate to Italy where we increased our ownership interest in certain existing subsidiaries during 2014.
136 | Aviva plc Annual report and accounts 2014