Financial statements
Cash flow statement
for the year to 31 March 2007
| Group 2007 £m |
Group 2006 £m |
Company 2007 £m |
Company 2006 £m |
|
|---|---|---|---|---|
| Cash flow from operating activities | ||||
| Purchase of investments | (1,503) | (1,068) | (1,693) | (873) |
| Proceeds from investments | 2,364 | 2,213 | 2,458 | 1,949 |
| Interest received | 68 | 67 | 47 | 42 |
| Dividends received | 66 | 76 | 30 | 70 |
| Portfolio fees received | 17 | 22 | – | 13 |
| Fees received from external funds | 37 | 24 | – | – |
| Carried interest received | 76 | 9 | 76 | 9 |
| Carried interest paid | (58) | (30) | – | – |
| Operating expenses | (202) | (216) | (114) | (182) |
| Income tax paid | (8) | (8) | – | (5) |
| Net cash flow from operations | 857 | 1,089 | 804 | 1,023 |
| Cash flow from financing activities | ||||
| Proceeds from issues of share capital | 18 | 13 | 18 | 13 |
| Buy-back of ordinary shares | (74) | (222) | (74) | (222) |
| Purchase of own shares | (20) | – | – | – |
| Disposal of own shares | 8 | – | – | – |
| Repurchase of B shares | (689) | – | (689) | – |
| Dividend paid | (79) | (331) | (79) | (331) |
| Interest received | 80 | 50 | 73 | 46 |
| Interest paid | (101) | (60) | (81) | (38) |
| Proceeds from long-term borrowings | 1 | 69 | – | 92 |
| Repayment of long-term borrowings | (2) | (54) | – | – |
| Net cash flow from short-term borrowings | 211 | 188 | 213 | 156 |
| Net cash flow from deposits | (560) | (223) | (616) | (261) |
| Net cash flow from financing activities | (1,207) | (570) | (1,235) | (545) |
| Cash flow from investing activities | ||||
| Purchases of property, plant and equipment | (9) | (15) | – | – |
| Sales of property, plant and equipment | 2 | 24 | 1 | 17 |
| Divestment from joint venture | – | 2 | – | 2 |
| Net cash flow from investing activities | (7) | 11 | 1 | 19 |
| Change in cash and cash equivalents | (357) | 530 | (430) | 497 |
| Cash and cash equivalents at start of year | 847 | 314 | 776 | 279 |
| Effect of exchange rate fluctuations | (4) | 3 | – | – |
| Cash and cash equivalents at end of year | 486 | 847 | 346 | 776 |