|
 |
|
|
|
|
|
|
CONSOLIDATED CASH FLOW
for the year ended 31 December 2003
|
Notes |
2003
£m |
|
2002
£m |
|
|
| Net cash inflow from operating activities |
28 |
289.2 |
|
214.2 |
|
|
| Servicing of finance |
|
|
|
|
|
| Interest paid on loan capital |
|
(0.4 |
) |
(0.5 |
) |
| Letter of credit charges |
|
(6.2 |
) |
(5.1 |
) |
|
|
|
(6.6 |
) |
(5.6 |
) |
| Taxation |
|
|
|
|
|
| Corporation tax received |
|
- |
|
0.9 |
|
|
| Capital expenditure |
|
|
|
|
|
| Purchase of tangible assets |
|
(1.5 |
) |
(0.9 |
) |
| Purchase of intangible assets |
|
- |
|
(46.0 |
) |
|
| Net purchases of tangible and intangible assets |
|
(1.5 |
) |
(46.9 |
) |
|
| Equity dividends paid |
|
(6.3 |
) |
(2.9 |
) |
|
| Financing |
|
|
|
|
|
| Issue of new shares net of issue costs |
|
1.2 |
|
135.8 |
|
| New loan |
29 |
3.4 |
|
- |
|
| Repayment of borrowings |
29 |
(3.5 |
) |
(1.1 |
) |
|
| Net cash inflow from financing activities |
|
1.1 |
|
134.7 |
|
|
| Net cash flows |
29 |
275.9 |
|
294.4 |
|
|
|
|
|
|
|
|
| Cash flows were invested as follows |
|
|
|
|
|
| (Decrease) increase in cash holdings |
|
(5.2 |
) |
7.7 |
|
| Increase in deposits |
|
0.1 |
|
2.4 |
|
|
|
|
(5.1 |
) |
10.1 |
|
|
| Net portfolio investment |
|
|
|
|
|
| Purchase of investments |
|
2,015.5 |
|
457.3 |
|
| Sale of investments |
|
(1,734.5 |
) |
(173.0 |
) |
|
| Net purchases of investments |
|
281.0 |
|
284.3 |
|
|
| Net investment of cash flows |
|
275.9 |
|
294.4 |
|
|
Cash flows relating to non-aligned syndicate participations are included only to the extent that cash is transferred between the Premium Trust Funds and the Group.
|
|
|
|
|
|
