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Consolidated cash flow statement
for the year ended 31 December 2007
| Note | 2007 £ million |
2006 £ million |
||||||
|---|---|---|---|---|---|---|---|---|
| Profit before tax | 4,000 | 4,248 | ||||||
| Adjustments for: | ||||||||
| Change in operating assets | 49(a) | (16,982) | (31,995) | |||||
| Change in operating liabilities | 49(b) | 21,541 | 33,069 | |||||
| Non-cash and other items | 49(c) | 2,784 | 1,555 | |||||
| Tax paid | (859) | (798) | ||||||
| Net cash provided by operating activities | 10,484 | 6,079 | ||||||
| Cash flows from investing activities | ||||||||
| Purchase of available-for-sale financial assets | (21,667) | (23,448) | ||||||
| Proceeds from sale and maturity of available-for-sale financial assets | 19,468 | 18,106 | ||||||
| Purchase of fixed assets | (1,334) | (1,724) | ||||||
| Proceeds from sale of fixed assets | 982 | 1,257 | ||||||
| Acquisition of businesses, net of cash acquired | 49(f) | (8) | (20) | |||||
| Disposal of businesses, net of cash disposed | 49(g) | 1,476 | 936 | |||||
| Net cash used in investing activities | (1,083) | (4,893) | ||||||
| Cash flows from financing activities | ||||||||
| Dividends paid to equity shareholders | (1,957) | (1,919) | ||||||
| Dividends paid to minority interests | 49(e) | (19) | (32) | |||||
| Interest paid on subordinated liabilities | (709) | (713) | ||||||
| Proceeds from issue of subordinated liabilities | 49(e) | – | 1,116 | |||||
| Proceeds from issue of ordinary shares | 49(e) | 35 | 105 | |||||
| Repayment of subordinated liabilities | 49(e) | (300) | (759) | |||||
| Repayment of capital to minority shareholders | 49(e) | (80) | (151) | |||||
| Net cash used in financing activities | (3,030) | (2,353) | ||||||
| Effects of exchange rate changes on cash and cash equivalents | 82 | (148) | ||||||
| Change in cash and cash equivalents | 6,453 | (1,315) | ||||||
| Cash and cash equivalents at beginning of year | 25,438 | 26,753 | ||||||
| Cash and cash equivalents at end of year | 49(d) | 31,891 | 25,438 |
The accompanying notes are an integral part of the consolidated financial statements.