Interim Results-Part 1
Lloyds TSB Group PLC
28 July 2000
PART 1
LLOYDS TSB GROUP 2000 INTERIM RESULTS
PRESENTATION OF RESULTS
On 3 March 2000 the Group completed the acquisition of Scottish
Widows and, as a result, the investments now held to support the
with-profits business of the Group's life companies are much
more significant than in previous years. In accordance with
generally accepted accounting practice amongst listed insurance
companies in the UK, the results of the Group's life and
pensions business have been separately analysed between an
operating profit, which includes investment earnings calculated
using longer-term investment rates of return, and a profit
before tax, separately identifying the short-term fluctuations
in investment returns (page 36, note 7).
Other items are also having a significant impact on the Group's
2000 results: changes in the economic assumptions applied to our
long-term assurance business (page 36, note 8) and exceptional
restructuring costs (page 37, note 9). In the second half of
1999, the impact of a provision for redress to past purchasers
of pension policies ('pension provision') and the sale and
closure of businesses was also significant (page 12). To
facilitate comparisons of the results, certain financial
information and commentaries have been presented excluding the
effect of these items.
Results - statutory basis
Highlights
Profit before tax up 12 per cent to £2,068 million from
£1,853 million.
Income up 8 per cent to £4,266 million.
Economic profit increased by 11 per cent to £1,064 million.
Earnings per share increased by 11 per cent to 26.8p.
Shareholders' funds up by 16 per cent to £9,651 million.
Post-tax return on average shareholders' equity 32.7 per
cent.
Total capital ratio 9.5 per cent, tier 1 capital ratio 9.3
per cent.
Interim dividend increased by 15 per cent to 9.3p per
share.
Half-year to Increase Half-year
30 June (Decrease) to 31
% December
2000 1999 1999
Results £m £m £m
Total income 4,266 3,950 8 3,978
Operating expenses 1,876 1,694 11 1,723
Trading surplus 2,390 2,256 6 2,255
Provisions for bad and
doubtful debts 247 315 (22) 273
Profit before tax 2,068 1,853 12 1,768
Profit attributable to
shareholders 1,469 1,315 12 1,199
Economic profit (page 34,
note 2) 1,064 962 11 810
Earnings per share (pence) 26.8 24.2 11 22.0
Post-tax return on average
shareholders'equity (%) 32.7 33.5 27.7
Shareholder value
Closing market price per share 624p 860p (27) 774p
Total market value of
shareholders' equity £34.3bn £46.8bn (27) £42.4bn
Dividends per share 9.3p 8.1p 15 18.5p
Balance sheet £m £m £m
Shareholders' equity 9,651 8,305 16 8,581
Total assets 210,037 173,249 21 175,979
Net assets per share (pence) 173 151 15 155
Risk asset ratios % % %
Total capital 9.5 12.1 15.0
Tier 1 capital 9.3 9.8 9.9
Page 1 of 39
Results - excluding the impact of short-term fluctuations in
investment returns, changes in the economic assumptions applied
to our long-term assurance business and exceptional
restructuring costs in the first half of 2000, and other one-off
items in the second half of 1999 (page 12)
Highlights
Total revenue increased by 7 per cent to £4,198 million.
Operating profit up 13 per cent to £2,074 million from
£1,841 million.
Efficiency ratio improved to 42.9 per cent from 43.0 per
cent in the first half of 1999.
Earnings per share increased by 12 per cent to 26.9p.
Post-tax return on average shareholders' equity 32.6 per
cent.
UK Retail Financial Services profit up £206 million, or 17
per cent, to £1,432 million.
Customer lending grew by 8 per cent to £107 billion and
customer deposits increased by 3 per cent to £97 billion.
Nearly 500,000 internet banking customers; on target for 1
million by the end of 2000.
10.7 per cent estimated market share of net new mortgage
lending.
Funds under management throughout the Group now total £126
billion.
Half-year to Increase Half-year
30 June (Decrease) to 31
% December
2000 1999 1999
Results £m £m £m
Total income 4,198 3,938 7 4,064
Operating expenses 1,802 1,694 6 1,723
Trading surplus 2,396 2,244 7 2,341
Provisions for bad and
doubtful debts 247 315 (22) 273
Operating profit 2,074 1,841 13 1,980
Profit attributable to
shareholders 1,473 1,307 13 1,384
Economic profit (page 34,
note 2) 1,066 954 12 995
Earnings per share (pence) 26.9 24.1 12 25.3
Post-tax return on average
shareholders'equity (%) 32.6 33.4 32.0
Commenting on the results Lloyds TSB Group chairman, Sir Brian
Pitman, said:-
'I am pleased to report both record half-year profits and
earnings per share. At the same time, we are investing heavily
in e-commerce and restructuring to enhance future earnings.
This continuing good performance enabled the board to increase
the interim dividend by 15 per cent.
We expect further progress in the second half of the year'.
Page 2 of 39
LLOYDS TSB GROUP
GROUP CHIEF EXECUTIVE'S STATEMENT
Our statutory results for the first half of 2000 were good, with
an 8 per cent growth in income, profit before tax up 12 per
cent, customer lending up 8 per cent, and customer deposits up
by 3 per cent. Our efficiency ratio remained low at 44.0 per
cent despite an increase in investment expenditure, asset
quality improved and we maintained our strong position in all
our core markets. We are delighted to welcome Scottish Widows
to the Group; they bring to us a powerful and leading brand,
expertise, and access to the important Independent Financial
Adviser market.
But the financial services sector in the UK, as in many other
parts of the world, is at a watershed created by a rapid change
in technology, principally driven by the internet, a dramatic
increase in competition, and the increasing requirements of
consumers who are rightly becoming more aware and more
demanding. We believe that the organisations which will survive
and prosper in this changed environment will be those which
maximise shareholder value by creating real value for their
customers. Our vision is to create an organisation that
understands and looks after our customers so well that they give
us the privilege of looking after all their financial affairs.
So, our Governing Objective to maximise shareholder value over
time remains unchanged, and our strategy to deliver real value
to our customers will be achieved by meeting our three strategic
aims of being a leader in our chosen markets, being first choice
for our customers by better understanding and meeting their
needs, and by driving down our day-to-day operating costs so
that we have greater scope for investment in better products,
superior service and multi-channel distribution. We have made
good progress on a number of fronts, but must press on with a
great sense of urgency to meet all our strategic aims.
Essentially we need to grow quality income and continue to
reduce unit costs. On the income side we are focusing on three
key areas. First, the further development and implementation of
a segmented, relationship driven, approach to customers.
Second, developing and implementing an improved wealth
management strategy and, third, maximising the competitive
advantage of our brand and distribution capability, including e-
commerce.
On segmentation, we have increased the number of customers in
our higher value personal choice portfolio to over 650,000, with
a further 200,000 increase planned for the second half. In the
first half, total product holdings increased by a net 325,000,
and we expect this rate of growth to be exceeded in the second
half, taking us towards our commitment to increase our total
product holdings by a net 3 million by the end of 2002. We are
also experiencing success with the segmentation of our non-
personal businesses where we have a range of offers from which
our commercial customers can choose. In terms of Customer
Relationship Management (CRM), we have been further developing
this vital component of our future income growth strategy. CRM
is about bringing all customer information that we hold as a
Group together so that we can build on our relationship with
individual customers by providing them with products, service
and access suited to their individual requirements. We are
already piloting an enhanced model of CRM which has increased
the volume and quality of leads, and demonstrated a greater
awareness of individual customer needs.
Segmentation also features strongly in our new wealth management
strategy which represents a significant revenue growth
opportunity for us. We currently make some £300 million per
annum pre-tax
Page 3 of 39
LLOYDS TSB GROUP
profit from wealth management and believe that this contribution
can be doubled within 4 years. We will capitalise on this
market by investing in improved products and service, launching
a new wealth management offer towards the end of 2000 that will
include a sophisticated cash management account, a financial
hypermarket offering products manufactured within the Lloyds TSB
stable and complemented by others manufactured elsewhere, a
dedicated service centre and highly trained personal managers to
deal professionally with the high net worth market.
The third way by which we will capitalise on our competitive
strength in order to maximise quality income is to leverage our
distribution capability. Lloyds TSB has one of the most
powerful brands in the UK and excellent distribution capability,
including e-commerce. We have a comprehensive network of
branches together with the largest telephone banking business in
the UK with 1.8 million customers, and we are a market leader in
internet banking, with nearly 500,000 customers rising to 1
million by the end of the year, giving us an estimated 20 per
cent market share. Distribution over the internet will also
generate additional revenue in the important business to
business market, and we are engaged in a number of areas of
trade facilitation. Our overall distribution capability will
also be much improved within the next 12 months as we complete
our IT integration as planned, giving us online real time
technology for our retail banking customers, a facility offered
by no other bank of our size, and a facility which will become
increasingly important in the internet world.
Turning from income generation to cost management, we are
confident of achieving major efficiency improvements by applying
internet and intranet technology throughout our own business.
In addition, our restructuring programme, which we announced
earlier this year, is now making strong progress, with further
centralisation of processing achieved and consolidation of IT
centres underway. We are also accelerating the expansion of
lower cost delivery channels which will involve greater use of
telephony, with more telephone calls taken out of our branches
into dedicated call centres, allowing the branches to
concentrate on face-to-face contact.
Going forward, the thrust of our strategy is about organic
revenue growth through customer relationship management,
leveraging the strength of our brand and our multi-channel
distribution capability, reducing our day-to-day unit costs and
driving forward our e-commerce strategy. We continue to develop
new strategies which will use our distribution capability, our
enhanced understanding of what our customers want, and our cost
advantage to deliver greater value to customers. We also intend
to participate in the further consolidation of financial
services, both in the UK and overseas, where our focus remains
in Europe and the USA.
The implementation of our strategies will ensure that, through
profitable top line revenue growth and a strong grip on our day-
to-day costs, the Group can continue to deliver a strong and
sustainable return on equity, together with robust growth in
equity and economic profit. The future for the financial
services sector will undoubtedly be more challenging than it has
been in the past, but we believe we are equipped with the
strategy, the competence and the determination to continue to
succeed even more in the future than we have in the past.
Peter Ellwood
Group Chief Executive
Page 4 of 39
LLOYDS TSB GROUP
REVIEW OF FINANCIAL PERFORMANCE
Profit before tax on a statutory basis rose by £215 million, or
12 per cent, to £2,068 million from £1,853 million in the first
half of 1999. Economic profit increased by 11 per cent to
£1,064 million, earnings per share increased by 11 per cent to
26.8p, shareholders' equity increased by 16 per cent and the
post-tax return on average shareholders' equity was 32.7 per
cent.
2000 figures however contain a number of items which have a
significant impact on the Group's results; short-term
fluctuations in investment returns (page 36, note 7), changes in
the economic assumptions applied to our long-term assurance
business (page 36, note 8) and exceptional restructuring costs
(page 37, note 9). Excluding the impact of these items, profit
before tax rose by £233 million, or 13 per cent, to £2,074
million from £1,841 million in the first half of 1999. Total
income increased by 7 per cent, operating expenses increased by
6 per cent and there was a 7 per cent increase in the trading
surplus. Customer lending and deposits continued to grow,
however the net interest margin decreased by 29 basis points to
3.58 per cent, partly as a result of the impact of the funding
cost of the purchase of Scottish Widows and lower interest rates
in Latin America reducing the contribution of interest-free
liabilities. The efficiency ratio was 42.9 per cent compared
with 43.0 per cent in the first half of 1999.
Profit attributable to shareholders increased by 13 per cent,
earnings per share increased by 12 per cent to 26.9p and
economic profit increased by 12 per cent. The post-tax return
on average shareholders' equity was 32.6 per cent, compared with
33.4 per cent in the first half of 1999. The post-tax return on
average assets increased to 1.92 per cent from 1.80 per cent in
the first half of 1999, and the post-tax return on average risk-
weighted assets increased to 3.51 per cent from 3.17 per cent.
The transfer of Scottish Widows' business to the Lloyds TSB
Group was completed on 3 March 2000 and the results of the
Scottish Widows' business have been consolidated in full with
effect from that date. The impact on Group figures of Scottish
Widows' incorporation has been to reduce net interest income by
£76 million, as a result of the funding cost of the acquisition,
increase other income by £112 million, increase operating
expenses by £45 million and decrease profit before tax by £9
million. These include adverse short-term fluctuations in
investment returns of £51 million and restructuring costs of
£28 million, £15 million of which relate to Scottish Widows
integration costs. Excluding these two issues Scottish Widows
contributed £70 million since 3 March 2000, after taking into
account funding costs of £80 million.
Total profit before tax, excluding short-term fluctuations in
investment returns, changes in the economic assumptions applied
to our long-term assurance business and exceptional
restructuring costs, from UK Retail Financial Services
which encompasses UK Retail Banking, Mortgages, and Insurance
and Investments, increased by £206 million, or 17 per cent, to
£1,432 million from £1,226 million in the first half of 1999.
Pre-tax profit from UK Retail Banking rose by £23 million,
or 6 per cent, to £391 million. Total income increased by
4 per cent, costs increased by 5 per cent largely as a result
of e-commerce investment costs, and there was a reduction of
2 per cent in bad debt provisions.
Page 5 of 39
LLOYDS TSB GROUP
Competition in the mortgage market was evident throughout
the half-year leading, as anticipated, to a lower net interest
margin which resulted in pre-tax profit from Mortgages
decreasing by £16 million, or 4 per cent, to £429 million from
the first half of 1999, but increasing by £6 million, or 1 per
cent, compared to the second half of 1999. In comparison to
the second half of last year margins were stable. Gross new
lending increased by 15 per cent to £5.4 billion, compared
with £4.7 billion a year ago, and net new lending was
£2.1 billion, significantly higher than £1.1 billion in the
first half of last year. This represented an estimated market
share of net new lending of 10.7 per cent, higher than our
9.7 per cent share of mortgages outstanding. The Group
continues to be one of the most efficient mortgage providers
in the United Kingdom.
Operating profit, including investment returns based on
long-term rates of investment return, from Insurance and
Investments increased by 48 per cent to £612 million from
£413 million, largely as a result of the inclusion, since 3
March 2000, of Scottish Widows within our life and pensions
business. Pre-tax profit from general insurance operations,
comprising underwriting and broking, rose by £71 million, or
33 per cent, to £289 million, mainly as a result of continued
strong revenue growth and an improvement in our claims
experience. The Group has maintained its position as the
leading distributor of personal lines insurance in the United
Kingdom.
Wholesale Markets pre-tax profit increased by £24 million, or 7
per cent, to £380 million. Provisions for bad and doubtful
debts fell by £16 million to £34 million. Total assets were
flat and risk-weighted assets grew by 2 per cent.
International Banking pre-tax profit was £40 million higher at
£263 million compared with the first half of 1999. Profits from
New Zealand in local currency terms increased by 19 per cent.
International private banking and the Group's offshore banking
operations both showed improvements over the first half of 1999.
Our consumer finance business in Brazil, Losango Consumer
Finance, made a pre-tax profit of £22 million, compared with a
profit of £13 million in the first half of 1999.
The total Group charge for bad and doubtful debts was 22 per
cent lower at £247 million, compared with £315 million
in the first half of 1999. The domestic charge decreased to
£231 million from £260 million, and provisions overseas
decreased to £16 million from £55 million mainly as a result of
a lower provisions charge from the Losango consumer finance
business in Brazil and higher Emerging Market Debt provision
releases. The Group's charge for bad and doubtful debts,
expressed as a percentage of average lending, was 0.46 per cent
compared to 0.63 per cent in the first half of 1999. At the end
of the half-year specific provisions for bad and doubtful debts
for the Group totalled £1,839 million, representing over 160 per
cent of non-performing loans (1999 first half: 160 per cent).
The total capital ratio was 9.5 per cent and the tier 1 capital
ratio was 9.3 per cent. Balance sheet assets increased by £34
billion, or 19 per cent, to £210 billion from £176 billion at
the end of 1999. £23 billion of this growth was represented by
an increase in long-term assurance liabilities to policyholders
following the acquisition of Scottish Widows. Over the last 12
months, loans and advances to customers increased by £8 billion,
or 8 per cent. Risk-weighted assets increased by 5 per cent to
£87.0 billion from £82.9 billion at the end of June 1999.
Page 6 of 39
LLOYDS TSB GROUP
CONSOLIDATED PROFIT AND LOSS ACCOUNT (Unaudited)
Half-year to 30 June
Group Scottish
(excl. Widows
Scottish (from 3
Widows) March)* Total
2000 2000 2000
£m £m £m
Interest receivable:
Interest receivable and similar
income arising from
debt securities 240 - 240
Other interest receivable and
similar income 5,099 17 5,116
Interest payable 2,952 93 3,045
Net interest income 2,387 (76) 2,311
Other income
Fees and commissions receivable 1,324 24 1,348
Fees and commissions payable (215) (8) (223)
Dealing profits (before expenses) 97 3 100
Income from long-term assurance
business 278 93 371
General insurance premium income 200 - 200
Other operating income 159 - 159
1,843 112 1,955
Total income 4,230 36 4,266
Operating expenses
Administrative expenses 1,583 17 1,600
Exceptional restructuring costs 46 28 74
E-commerce investment costs 42 - 42
Total administrative expenses 1,671 45 1,716
Depreciation 154 - 154
Amortisation of goodwill 6 - 6
Depreciation and amortisation 160 - 160
Total operating expenses 1,831 45 1,876
Trading surplus (deficit) 2,399 (9) 2,390
General insurance claims 71 - 71
Provisions for bad and doubtful debts
Specific 246 - 246
General 1 - 1
247 - 247
Amounts written off fixed asset
investments 4 - 4
Profit (loss) on ordinary activities
before tax 2,077 (9) 2,068
Tax on profit on ordinary activities 577
Profit on ordinary activities after
tax 1,491
Minority interests - equity 6
- non-equity 16
Profit for the period attributable
to shareholders 1,469
Dividends 511
Retained profit 958
* including funding costs of £80 million, adverse short-term
fluctuations in investment returns of £51 million and
exceptional restructuring costs of £28 million.
Page 7 of 39
LLOYDS TSB GROUP
CONSOLIDATED PROFIT AND LOSS ACCOUNT (Unaudited)
Half-year to Half-year to
30 June 31 December
2000 1999 1999
£m £m £m
Interest receivable:
Interest receivable and similar
income arising from debt
securities 240 217 213
Other interest receivable and
similar income 5,116 5,231 4,791
Interest payable 3,045 3,093 2,576
Net interest income 2,311 2,355 2,428
Other income
Fees and commissions receivable 1,348 1,237 1,260
Fees and commissions payable (223) (214) (212)
Dealing profits (before expenses) 100 107 108
Income from long-term assurance
business:
Income before pension provision 371 161 168
Pension provision - - (102)
General insurance premium income 200 190 200
Other operating income 159 114 128
1,955 1,595 1,550
Total income 4,266 3,950 3,978
Operating expenses
Administrative expenses 1,600 1,561 1,579
Exceptional restructuring costs 74 - -
E-commerce investment costs 42 - -
Total administrative expenses 1,716 1,561 1,579
Depreciation 154 127 138
Amortisation of goodwill 6 6 6
Depreciation and amortisation 160 133 144
Total operating expenses 1,876 1,694 1,723
Trading surplus 2,390 2,256 2,255
General insurance claims 71 84 85
Provisions for bad and doubtful debts
Specific 246 315 273
General 1 - -
247 315 273
Amounts written off fixed asset 4 4 3
investments
Operating profit 2,068 1,853 1,894
Loss on sale and closure of businesses - - 126
Profit on ordinary activities
before tax 2,068 1,853 1,768
Tax on profit on ordinary
activities 577 536 565
Profit on ordinary activities
after tax 1,491 1,317 1,203
Minority interests - equity 6 2 4
- non-equity 16 - -
Profit for the period attributable
to shareholders 1,469 1,315 1,199
Dividends 511 437 1,014
Retained profit 958 878 185
Earnings per share 26.8p 24.2p 22.0p
Page 8 of 39
LLOYDS TSB GROUP
CONSOLIDATED BALANCE SHEET (Unaudited)
30 June 30 June 31 December
2000 1999* 1999*
Assets £m £m £m
Cash and balances at central
banks 729 689 1,276
Items in course of collection
from banks 2,021 2,111 1,743
Treasury bills and other
eligible bills 1,876 1,776 2,065
Loans and advances to banks 16,265 21,508 16,963
Loans and advances to customers 106,876 99,296 102,149
Debt securities 14,886 11,999 14,184
Equity shares 201 216 213
Intangible assets 2,082 233 231
Tangible fixed assets 2,155 1,829 2,035
Own shares 29 11 35
Other assets 3,129 3,661 3,641
Prepayments and accrued income 3,271 2,523 2,628
Long-term assurance business
attributable to shareholders 6,607 2,317 2,274
160,127 148,169 149,437
Long-term assurance assets
attributable to policyholders 49,910 25,080 26,542
Total assets 210,037 173,249 175,979
Liabilities
Deposits by banks 13,385 15,606 17,694
Customer accounts 97,001 94,499 92,851
Items in course of transmission
to banks 547 902 757
Debt securities in issue 15,896 13,957 12,260
Other liabilities 10,964 5,731 5,526
Accruals and deferred income 3,302 3,223 3,309
Provisions for liabilities and
charges:
Deferred tax 1,529 1,261 1,459
Other provisions for
liabilities and charges 458 482 474
Subordinated liabilities:
Undated loan capital 3,389 1,577 3,294
Dated loan capital 3,456 2,584 3,199
Minority interests
Equity 33 42 33
Non-equity 516 - -
549 42 33
Called-up share capital 1,395 1,381 1,389
Share premium account 546 151 404
Merger reserve 343 343 343
Profit and loss account 7,367 6,430 6,445
Shareholders' funds (equity) 9,651 8,305 8,581
160,127 148,169 149,437
Long-term assurance liabilities
to policyholders 49,910 25,080 26,542
Total liabilities 210,037 173,249 175,979
* restated (page 34, note 1)
Page 9 of 39
LLOYDS TSB GROUP
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES (Unaudited)
Half-year to Half-year to
30 June 31 December
2000 1999 1999
£m £m £m
Profit attributable to shareholders 1,469 1,315 1,199
Currency translation differences on
foreign currency net investments (17) 12 (45)
Total recognised gains and losses
relating to the period 1,452 1,327 1,154
Prior period adjustment (page 34,
note 1) (112)
Total gains and losses recognised
during the period 1,340
HISTORICAL COST PROFITS AND LOSSES
There was no material difference between the results as reported
and the results that would have been reported on an unmodified
historical cost basis. Accordingly, no note of historical cost
profits and losses has been included.
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
Half-year to Half-year to
30 June 31 December
2000 1999 1999
£m £m £m
Profit attributable to shareholders 1,469 1,315 1,199
Dividends (511) (437) (1,014)
Retained profit 958 878 185
Currency translation differences on
foreign currency net investments (17) 12 (45)
Issue of shares 40 52 56
Goodwill written back on sale of
businesses 89 - 80
Net increase in shareholders' funds 1,070 942 276
Shareholders' funds at beginning of
period 8,581 7,475 8,305
Prior period adjustment (page 34,
note 1) - (112) -
Shareholders' funds at end of
period 9,651 8,305 8,581
Page 10 of 39
LLOYDS TSB GROUP
CONSOLIDATED CASH FLOW STATEMENT (Unaudited)
Half-year to Half-year to
30 June 31 December
2000 1999 1999
£m £m £m
Net cash inflow (outflow) from
operating activities 4,928 6,765 (5,504)
Returns on investments and
servicing of finance:
Dividends paid to equity
minority interests (6) (4) (7)
Payments made to non-equity
minority interests (16) - -
Interest paid on subordinated
liabilities (loan capital) (210) (142) (128)
Net cash outflow from returns
on investments and servicing
of finance (232) (146) (135)
Taxation:
UK corporation tax (194) (122) (548)
Overseas tax (63) (72) (65)
Total taxation (257) (194) (613)
Capital expenditure and
financial investment:
Additions to fixed asset
investments (12,811) (11,944) (11,203)
Disposals of fixed asset
investments 12,447 12,717 9,204
Additions to tangible fixed
assets (306) (168) (427)
Disposals of tangible fixed
assets 26 12 71
Capital injection to life fund - (220) -
Net cash (outflow) inflow from
capital expenditure and
financial investment (644) 397 (2,355)
Acquisitions and disposals:
Acquisition of group
undertakings (19) (11) (16)
Disposal of group undertakings
and businesses 80 3 -
Net cash inflow (outflow) from
acquisitions and disposals 61 (8) (16)
Equity dividends paid (1,011) (841) (444)
Net cash inflow (outflow) before
financing 2,845 5,973 (9,067)
Financing:
Issue of subordinated
liabilities (loan capital) 278 330 2,439
Issue of preferred securities by
subsidiary undertakings 509 - -
Issue of ordinary share capital
net of £105 million (1999:first
half £ nil; second half £205m)
contribution to the QUEST 40 52 56
Repayments of subordinated
liabilities (loan capital) (51) (228) -
Capital element of finance lease
rental payments (1) (1) (2)
Net cash inflow from financing 775 153 2,493
Increase (decrease) in cash 3,620 6,126 (6,574)
Page 11 of 39
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