RBS 2005 Annual Report Download - page 150
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148
Cash flow statements
Group Company
2005 2004 2005 2004
Note £m £m £m £m
Operating activities
Operating profit before tax 7,936 7,284 1,932 2,890
Adjustments for:
Depreciation and amortisation 1,825 1,674 ——
Interest on subordinated liabilities 1,271 681 583 318
Charge for defined benefit pension schemes 462 397 ——
Cash contribution to defined benefit pension schemes (452) (1,146) ——
Other non-cash items 338 (767) (16) 1
Net cash inflow from trading activities 11,380 8,123 2,499 3,209
Changes in operating assets and liabilities (519) (4,264) 2,050 (148)
Net cash flows from operating activities before tax 10,861 3,859 4,549 3,061
Income taxes (paid)/received (1,911) (1,366) (18) 36
Net cash flows from operating activities 36 8,950 2,493 4,531 3,097
Investing activities
Sale and maturity of securities 39,472 43,022 ——
Purchase of securities (39,196) (41,790) ——
Investment in subsidiaries — —(2,961) (6,342)
Sale of property, plant and equipment 2,220 1,921 ——
Purchase of property, plant and equipment (4,812) (4,583) ——
Net investment in business interests and intangible assets 37 (296) (7,968) ——
Loans to subsidiaries — —(337) (350)
Repayments to subsidiaries — —1,183 40
Net cash flows from investing activities (2,612) (9,398) (2,115) (6,652)
Financing activities
Issue of ordinary shares 163 2,845 163 2,845
Issue of equity preference shares 1,649 1,358 1,649 1,358
Issue of subordinated liabilities 1,234 4,624 337 1,424
Proceeds of minority interests acquired 1,264 1,260 ——
Costs of minority interests redeemed (121) (2) ——
Repayments of subordinated liabilities (1,553) (718) (1,183) (40)
Dividends paid (2,007) (1,635) (1,912) (1,488)
Interest on subordinated liabilities (1,332) (613) (577) (318)
Net cash flows from financing activities (703) 7,119 (1,523) 3,781
Effects of exchange rate changes on cash and cash equivalents (3,107) 1,686 (76) —
Net increase in cash and cash equivalents 2,528 1,900 817 226
Cash and cash equivalents 1 January 50,021 48,121 309 83
Cash and cash equivalents 31 December 52,549 50,021 1,126 309
Cash flow statements
for the year ended 31 December 2005