RBS 2012 Annual Report Download - page 361

RBS GROUP 2012
359
Note
2012
£m
2011
£m
2010
£m
Operating activities
Operating loss before tax (5,165) (1,190)(154)
Operating (loss)/profit before tax on discontinued operations (111)482 (786)
Adjustments for:
Depreciation and amortisation 1,854 1,875 2,220
Write-down of goodwill and other intangible assets 518 91 10
Interest on subordinated liabilities 841 740 500
Charge for defined benefit pension schemes 446 349 540
Pension scheme curtailment and settlement gains (41)— (78)
Cash contribution to defined benefit pension schemes (977) (1,059) (832)
Gain on redemption of own debt (454) (255) (553)
Provisions for impairment losses 5,283 8,709 9,298
Loans and advances written-off net of recoveries (3,925) (4,000) (5,631)
Elimination of foreign exchange differences 7,140 2,702 (691)
Other non-cash items (1,491)(1,491)(2,212)
Net cash flows from trading activities 3,918 6,953 1,631
Changes in operating assets and liabilities (48,736) (3,444) 17,095
Net cash flows from operating activities before tax (44,818) 3,509 18,726
Income taxes (paid)/received (295) (184) 565
Net cash flows from operating activities 33 (45,113) 3,325 19,291
Investing activities
Sale and maturity of securities 49,079 80,093 47,604
Purchase of securities (22,987) (77,019) (43,485)
Sale of property, plant and equipment 2,215 1,840 2,011
Purchase of property, plant and equipment (1,484) (3,472)(2,113)
Net investment in business interests and intangible assets 34 352 (1,428) 3,446
Transfer out of discontinued operations — — (4,112)
Net cash flows from investing activities 27,175 14 3,351
Financing activities
Issue of ordinary shares 120 2 1
Issue of subordinated liabilities 2,093 — —
Proceeds of non-controlling interests issued 889 — 559
Redemption of paid-in equity — — (132)
Redemption of preference shares — — (2,359)
Redemption of non-controlling interests (23) (382) (5,282)
Disposal/(purchase) of own shares 243 20 (700)
Repayment of subordinated liabilities (258) (627) (1,588)
Dividends paid (301)(40)(4,240)
Interest on subordinated liabilities (746) (714) (639)
Net cash flows from financing activities 2,017 (1,741)(14,380)
Effects of exchange rate changes on cash and cash equivalents (3,893) (1,473) 82
Net (decrease)/increase in cash and cash equivalents (19,814) 125 8,344
Cash and cash equivalents at 1 January 152,655 152,530 144,186
Cash and cash equivalents at 31 December 37 132,841 152,655 152,530
The accompanying notes on pages 373 to 474, the accounting policies on pages 360 to 371 and the audited sections of the Business review: Risk and
balance sheet management on pages 107 to 293 form an integral part of these financial statements.
Consolidated cash flow statement for the year ended 31 December 2012