RBS 2003 Annual Report Download - page 146
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144
Consolidated cash flow statement
for the year ended 31 December 2003
2003 2003 2002 2002 2001 2001
Note £m £m £m £m £m £m
Net cash inflow from operating activities 43 19,708 13,737 7,287
Dividends received from associated undertakings 911
Returns on investments and servicing of finance
Preference dividends paid (269) (317) (353)
Additional Value Shares dividend paid (1,463) (798) (399)
Dividends paid to minority shareholders in
subsidiary undertakings (130) (112) (43)
Interest paid on subordinated liabilities (557) (674) (652)
Net cash outflow from returns on investments
and servicing of finance (2,419) (1,901) (1,447)
Taxation
UK tax paid (933) (833) (790)
Overseas tax paid (521) (274) (419)
Net cash outflow from taxation (1,454) (1,107) (1,209)
Capital expenditure and financial investment
Purchase of investment securities (44,861) (32,701) (27,537)
Sale and maturity of investment securities 41,805 26,072 20,578
Purchase of tangible fixed assets (5,017) (3,367) (4,245)
Sale of tangible fixed assets 1,108 811 867
Net cash outflow from capital expenditure
and financial investment (6,965) (9,185) (10,337)
Acquisitions and disposals
Purchase of businesses and subsidiary undertakings
(net of cash acquired) 44 (1,748) (308) (1,614)
Investment in associated undertakings 16 (2) (2) (47)
Sale of subsidiary and associated undertakings
(net of cash sold) 45 179 29 8
Net cash outflow from acquisitions and disposals (1,571) (281) (1,653)
Ordinary equity dividends paid (772) (729) (653)
Net cash inflow/(outflow) before financing 6,536 535 (8,011)
Financing
Proceeds from issue of ordinary share capital 184 85 2,131
Proceeds from issue of preference share capital — — 281
Proceeds from issue of trust preferred securities 883 1,242 —
Redemption of preference share capital (364) (600) —
Issue of subordinated liabilities 3,817 2,157 2,705
Repayment of subordinated liabilities (336) (202) (693)
(Decrease)/increase in minority interests (56) 29 (13)
Net cash inflow from financing 4,128 2,711 4,411
Increase/(decrease) in cash 48 10,664 3,246 (3,600)
Consolidated cash flow statement