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HSBC HOLDINGS PLC

Financial Statements (continued)

194

Consolidated cash flow statement for the year ended 31 December 2002

2002 2001 2000

ote US$m US$

US$

Net cash inflow from operating activities 41 16,426 12,915 15,223

Dividends received from associates 114 113 88

Returns on investments and servicing of finance:

Interest paid on finance leases and similar hire purchase

contracts .............................................................................. (29 ) (27)(26)

Interest paid on subordinated loan capital............................... (870) (1,116) (1,217)

Dividends paid to minority interests:

– equit

................................................................................... (480) (472) (443)

– non-equit

........................................................................... (357) (599) (105)

Net cash (outflow) from returns on investments

and servicing of finance .................................................... (1,736) (2,214) (1,791)

Taxation paid ........................................................................ (1,371) (2,106) (2,290)

Capital expenditure and financial investments:

Purchase of investment securities ........................................... (130,171) (148,826) (175,176)

Proceeds from sale and maturities of investment securities 122,559 145,361 180,044

Purchase of tangible fixed assets ............................................ (1,723) (1,873) (1,663)

Proceeds from sale of tangible fixed assets............................. 328 557 383

Net cash (outflow)/inflow from capital expenditure and

financial investments......................................................... (9,007) (4,781)3,588

Acquisitions and disposals:

Net cash inflow/(outflow) from acquisition of and increase

in stake in subsidiary undertakings...................................... 264 (834) 687

et cash inflow from disposal of subsidiary undertakings ..... –26 333

Payment to Republic and Safra Republic shareholders –

–

(9,733)

Purchase of interest in associated undertakings and other

articipating interests .......................................................... (649) (154)(54)

Proceeds from disposal of associated undertakings

and other participating interests........................................... 341 79 138

Net cash (outflow) from acquisitions and disposals ........... (44) (883) (8,629)

Equity dividends paid........................................................... (3,609) (3,528) (2,193)

Net cash inflow/(outflow) before financing ......................... 773 (484)3,996

Financing:

Issue of ordinary share capital ................................................ 337 112 164

Issue of perpetual preferred securities..................................... –

–

3,626

Own shares acquired by employee share ownership trus

....... –

–

(556)

Redemption of preference share capital (50) (825)

–

Subordinated loan capital issued............................................. 4,105 456 948

Subordinated loan capital repaid............................................. (1,923) (965) (708)

Net cash inflow/(outflow) from financing ........................... 42 2,469 (1,222)3,474

Increase/(decrease) in cash................................................... 43 3,242 (1,706)7,470

The accompanying notes are an integral part of the Consolidated Financial Statements