|
2003 |
2002 | ||||
|
note |
£m |
£m |
£m |
£m | |
| Net cash inflow from operating activities |
|
86.4 |
|
91.1 | |
| Taxation |
|
|
|
|
|
Taxation (paid)/recovered |
|
|
(21.2) |
|
1.7 |
| Capital expenditure |
|
|
|
|
|
Purchase of fixed assets |
|
(7.0) |
|
(8.6) |
|
Sale of fixed assets |
|
2.1 |
|
2.5 |
|
| Net cash outflow from capital expenditure |
|
|
(4.9) |
|
(6.1) |
| Net cash inflow |
|
|
60.3 |
|
86.7 |
| Cash flows were invested as follows: |
|
|
|
|
|
| Increase in cash holding |
|
|
172.3 |
|
82.0 |
| Net movement in portfolio investment |
|
|
|
| |
Deposits |
|
(45.2) |
|
22.9 |
|
British government securities |
|
(35.0) |
|
65.4 |
|
Ordinary shares |
|
(49.4) |
|
(103.7) |
|
Other investments |
|
17.6 |
|
20.1 |
|
|
|
|
(112.0) |
|
4.7 | |
| Net investment of cash flow |
|
|
60.3 |
|
86.7 |
| Movement in opening and closing portfolio investments |
|
|
|
|
|
| (note C) |
|
2003 |
2002 | ||
|
|
£m |
£m |
£m |
£m | |
| Net cash inflow |
|
172.3 |
|
82.0 |
|
| Portfolio investment |
|
(112.0) |
|
4.7 |
|
| Movement arising from cashflow |
|
|
60.3 |
|
86.7 |
| Changes in market value |
|
|
34.5 |
|
(283.8) |
| Other non-cash changes |
|
|
47.9 |
|
31.6 |
|
|
|
142.7 |
|
(165.5) | |
| Portfolio investments at 1 January |
|
|
1,989.9 |
|
2,155.4 |
| Portfolio investments at 31 December |
|
|
2,132.6 |
|
1,989.9 |