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| for the year to 31 March 2003 |
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2003 |
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2002 |
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Note |
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£m |
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£m |
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| Operating activities |
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| Interest received and similar income arising
from debt securities and |
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| other
fixed income securities held as financial fixed asset investments |
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75 |
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102 |
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| Other interest received and similar income |
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31 |
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51 |
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| Interest paid on borrowings |
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(58 |
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(113 |
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| Dividends received from equity shares |
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102 |
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109 |
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| Fees and other net cash receipts |
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46 |
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62 |
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| Operating and administrative costs paid |
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(68 |
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(148 |
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| Net cash inflow from operating activities |
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42 |
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128 |
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63 |
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| Taxation received/(paid) |
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4 |
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(2 |
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| Capital expenditure and financial investment |
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| Investment in equity shares, fixed income shares
and loans |
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(673 |
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(804 |
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| Investment in equity shares and loans acquired
from joint ventures |
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(17 |
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(233 |
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| Sale, repayment or redemption of equity shares,
fixed income shares and loan investments |
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975 |
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1,123 |
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| Fees intrinsic to acquisition or disposal of
investments |
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10 |
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– |
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| Investment interest paid |
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(53 |
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(6 |
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| Investment administrative expenses |
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(94 |
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(59 |
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| Investment in joint ventures |
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(54 |
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(347 |
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| Divestment or repayment of interests in joint
ventures |
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19 |
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281 |
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| Disposal of investment properties |
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– |
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7 |
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| Purchase of tangible fixed assets |
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(5 |
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(7 |
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| Sale of tangible fixed assets |
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1 |
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1 |
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| Net cash flow from capital expenditure and
financial investment |
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109 |
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(44 |
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| Acquisitions |
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| Acquisition of subsidiary undertakings |
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43 |
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– |
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(51 |
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| Equity dividends paid |
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(78 |
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(78 |
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| Management of liquid resources |
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47 |
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15 |
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293 |
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| Net cash flow before financing |
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178 |
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181 |
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| Financing |
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| Debt due within one year |
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46 |
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(104 |
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(394 |
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| Debt due after more than one year |
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46 |
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(32 |
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165 |
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| Issues of shares |
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44 |
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7 |
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10 |
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| Net cash flow from financing |
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(129 |
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(219 |
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| Increase/(decrease) in cash |
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46 |
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49 |
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(38 |
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