Legal & General Group Plc L&G FY 2014 results -4-
04 März 2015 - 8:01AM
UK Regulatory
Consolidated Statement of Changes in Equity
Employee Capital
scheme redemption Non-
Share Share treasury and other Retained controlling Total
capital premium shares reserves earnings Total interests equity
For the year ended GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
31 December 2014
As at 1 January 2014 148 959 (39) 57 4,517 5,642 265 5,907
Profit for the year - - - - 985 985 7 992
Exchange differences
on translation of
overseas operations - - - 12 - 12 - 12
Actuarial losses on
defined benefit
pension schemes - - - - (94) (94) - (94)
Actuarial losses on
defined benefit
pension schemes transferred
to
unallocated divisible
surplus - - - - 38 38 - 38
Net change in financial
investments
designated as available-for-sale - - - 26 - 26 - 26
Total comprehensive
income
for the year - - - 38 929 967 7 974
Options exercised under
share option schemes:
- Executive share option - - - - - - - -
schemes
- Savings related share
option scheme 1 10 - - - 11 - 11
Shares purchased - - (7) - - (7) - (7)
Shares vested - - 9 (17) - (8) - (8)
Employee scheme treasury
shares:
- Value of employee
services - - - 20 - 20 - 20
Share scheme transfers
to retained earnings - - - - (17) (17) - (17)
Dividends - - - - (580) (580) - (580)
Movement in third party
interests - - - - - - 3 3
Currency translation
differences - - - 19 (19) - - -
As at 31 December 2014 149 969 (37) 117 4,830 6,028 275 6,303
IFRS and Cash 38
Consolidated Statement of Changes in Equity (continued)
Employee Capital
scheme redemption Non-
Share Share treasury and other Retained controlling Total
capital premium shares reserves earnings Total interests equity
For the year ended GBPm GBPm GBPm GBPm GBPm GBPm GBPm(1) GBPm
31 December 2013
As at 1 January 2013 148 956 (43) 153 4,227 5,441 178 5,619
Profit for the year - - - - 893 893 13 906
Exchange differences
on translation of
overseas operations - - - (16) - (16) - (16)
Actuarial losses on
defined benefit
pension schemes - - - - (145) (145) - (145)
Actuarial losses on
defined benefit
pension schemes transferred
to
unallocated divisible
surplus - - - - 49 49 - 49
Net change in financial
investments
designated as available-for-sale - - - (88) - (88) - (88)
Total comprehensive
income/(expense)
for the year - - - (104) 797 693 13 706
Options exercised under
share option schemes:
- Executive share option
schemes - 1 - - - 1 - 1
- Savings related share
option scheme - 2 - - - 2 - 2
Shares purchased - - (12) - - (12) - (12)
Shares vested - - 16 (19) - (3) - (3)
Employee scheme treasury
shares:
- Value of employee
services - - - 28 - 28 - 28
Share scheme transfers
to retained earnings - - - - (29) (29) - (29)
Dividends - - - - (479) (479) - (479)
Movement in third party
interests - - - - - - 74 74
Currency translation
differences - - - (1) 1 - - -
As at 31 December 2013 148 959 (39) 57 4,517 5,642 265 5,907
1. The Consolidated Statement of Changes in Equity has been restated
to reflect the adoption by the Group of IFRS 10, 'Consolidated Financial
Statements'. Further details are contained in Note 2.24. The impact
is to increase the total equity by GBP207m for 2013.
IFRS and Cash 39
Consolidated Cash Flow Statement
For the year ended 31 December 2014
2014 2013 (1)
GBPm GBPm
Cash flows from operating activities
Profit for the year 992 906
Adjustments for non cash movements in net profit
for the year
Realised and unrealised gains on financial
investments and investment properties (30,851) (21,456)
Investment income (9,205) (9,504)
Interest expense 183 166
Tax expense 421 419
Other adjustments 87 98
Net (increase)/decrease in operational assets
Investments held for trading or designated
as fair value through profit or loss 5,931 1,952
Investments designated as available-for-sale 225 60
Other assets (151) 547
Net increase/(decrease) in operational liabilities
Insurance contracts 9,228 1,384
Transfer (from)/to unallocated divisible surplus (222) 63
Investment contracts 10,156 13,835
Value of in-force non-participating contracts 40 (6)
Other liabilities 9,811 3,883
Cash generated used in operations (3,355) (7,653)
Interest paid (203) (169)
Interest received 4,857 4,981
Tax paid(2) (76) (287)
Dividends received 4,264 4,497
Net cash flows generated from operating activities 5,487 1,369
Cash flows from investing activities
Net acquisition of plant, equipment and intangibles (80) (48)
Acquisitions (net of cash acquired)(3) (38) (97)
Disposal of subsidiaries 56 -
Investment in joint ventures (77) (68)
Net cash flows from investing activities (139) (213)
Cash flows from financing activities
Dividend distributions to ordinary equity holders
of the Company during the year (580) (479)
Proceeds from issue of ordinary share capital 11 3
Purchase of employee scheme shares (2) (4)
Proceeds from borrowings 674 1,231
Repayment of borrowings (181) (1,115)
Net cash flows used in financing activities (78) (364)
Net increase in cash and cash equivalents 5,270 792
Exchange losses on cash and cash equivalents (15) -
Cash and cash equivalents at 1 January 17,454 16,662
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