RBS 2013 Annual Report Download - page 502
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Parent company financial statements and notes
500
Cash flow statement for the year ended 31 December 2013
2013 2012 2011
Note £m £m £m
Operating activities
Operating profit/(loss) before tax 998 (529) (34)
A
djustments for:
Profit on disposal of investments in subsidiaries (676) (157) —
Write-down of investment in subsidiaries — 1,785 570
Interest on subordinated liabilities 619 486 419
(Recoveries)/impairment of loans to Group entities (44) 1,409 —
Elimination of foreign exchange differences (118) (194) (4)
Other non-cash items (723) (1) (5)
Net cash flows from trading activities 56 2,799 946
Changes in operating assets and liabilities (2,735) (3,725) 2,964
Net cash flows from operating activities before tax (2,679) (926) 3,910
Income taxes paid (186) (58) (95)
Net cash flows from operating activities 12 (2,865) (984) 3,815
Investing activities
Investment in subsidiaries — (2,900) (4,568)
Disposal of subsidiaries and associates 1,206 892 —
Net cash flows from investing activities 1,206 (2,008) (4,568)
Financing activities
Issue of ordinary shares 264 120 2
Issue of subordinated liabilities 2,216 2,747 940
Issue of exchangeable bonds 600 — —
Repayment of subordinated liabilities — — (193)
Dividends paid (379) (288) —
Interest on subordinated liabilities (708) (423) (415)
Net cash flows from financing activities 1,993 2,156 334
Effects of exchange rate changes on cash and cash equivalents 14 (50) (55)
Net increase/(decrease) in cash and cash equivalents 348 (886) (474)
Cash and cash equivalents at 1 January 997 1,883 2,357
Cash and cash equivalents at 31 December 15 1,345 997 1,883
The accompanying notes on pages 501 to 507 form an integral part of these financial statements.