Consolidated Cash Flow Statement
for the year ended 31 December 2004
| £m | |||
| Notes | Year to 31 December 2004 |
Year to 31 December 2003 |
|
| Operating activities | |||
| Net cash inflow from insurance and other operating activities | 47 |
952 |
916 |
| Net cash outflow from banking operating activities | 47 |
(412) |
(679) |
| Net cash inflow from operating activities | 540 |
237 |
|
| Net cash outflow from returns on investments and servicing of finance | 47(a) |
(113) |
(128) |
| Total tax paid | 47(a) |
(293) |
(174) |
| Net cash (outflow)/inflow from capital expenditure and financial investment | 47(a) |
(2) |
227 |
| Net cash (outflow)/inflow from acquisitions and disposals | 47(a) |
(31) |
83 |
| Equity dividends paid | (181) |
(178) |
|
| Net cash (outflow)/inflow before financing activities | (80) |
67 |
|
| Net cash inflow from financing activities | 47(a) |
284 |
231 |
| Net cash inflow of the Group excluding long term business | 204 |
298 |
|
| Cash flows relating to insurance and other activities were invested as follows: | |||
| (Decrease)/increase in cash holdings | 47(b),(c) |
(157) |
36 |
| Increase in net portfolio investments | 47(b),(c) |
546 |
616 |
389 |
652 |
||
| Cash flows relating to banking activities were invested as follows: | |||
| Decrease in cash and balances at central banks | 47(d) |
(185) |
(354) |
| Net cash inflow of the Group excluding long term business | 204 |
298 |
The cash flows presented in this statement exclude all cash flows relating to policyholders’ funds for the long term business.
