RBS 2004 Annual Report Download - page 148
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146
Consolidated cash flow statement
Consolidated cash flow statement
for the year ended 31 December 2004
2004 2004 2003 2003 2002 2002
Note £m £m £m £m £m £m
Net cash inflow from operating activities 43 6,307 19,708 13,737
Dividends received from associated undertakings 991
Returns on investments and servicing of finance
Preference dividends paid (253) (269) (317)
Additional Value Shares dividend paid — (1,463) (798)
Dividends paid to minority shareholders in
subsidiary undertakings (204) (130) (112)
Interest paid on subordinated liabilities (613) (557) (674)
Net cash outflow from returns on investments
and servicing of finance (1,070) (2,419) (1,901)
Taxation
UK tax paid (812) (933) (833)
Overseas tax paid (582) (521) (274)
Net cash outflow from taxation (1,394) (1,454) (1,107)
Capital expenditure and financial investment
Purchase of investment securities (41,790) (44,861) (32,701)
Sale and maturity of investment securities 43,022 41,805 26,072
Purchase of tangible fixed assets (4,354) (5,017) (3,367)
Sale of tangible fixed assets 1,596 1,108 811
Net cash outflow from capital expenditure
and financial investment (1,526) (6,965) (9,185)
Acquisitions and disposals
Purchase of businesses and subsidiary undertakings
(net of cash acquired) 44 (7,648) (1,748) (308)
Investment in associated undertakings (48) (2) (2)
Sale of subsidiary and associated undertakings
(net of cash sold) 45 22 179 29
Net cash outflow from acquisitions and disposals (7,674) (1,571) (281)
Ordinary equity dividends paid (1,235) (772) (729)
Net cash (outflow)/inflow before financing (6,583) 6,536 535
Financing
Proceeds from issue of ordinary share capital 2,845 184 85
Proceeds from issue of preference share capital 1,358 ——
Proceeds from issue of trust preferred securities 1,075 883 1,242
Redemption of preference share capital — (364) (600)
Issue of subordinated liabilities 4,624 3,817 2,157
Repayment of subordinated liabilities (718) (336) (202)
Increase/(decrease) in minority interests 185 (56) 29
Net cash inflow from financing 9,369 4,128 2,711
Increase in cash 48 2,786 10,664 3,246