140 | Just Group PLC | Annual Report and Accounts 2023
CONSOLIDATED STATEMENT OF CASH FLOWS for the year ended 31 December 2023
Year ended 31 December 2022 (restated) £m
Year ended 31 December 2023 £m
Note
Cash flows from operating activities Profit/(loss) before tax
172
(494)
– 2
Property revaluation loss
17 17
1 4 3 2 –
Depreciation of property and equipment
14
Share of results from associates Amortisation of intangible assets Impairment of intangible assets
3 3 1
16 16
Share-based payments
(3)
(1,104)
Interest income Interest expense
5 8
(638)
122
57
(6,068)
Net (increase)/decrease in financial investments
3,063
(363)
Increase in net reinsurance contracts
(105)
(1)
Increase in prepayments and accrued income Decrease/(increase) in other receivables Increase/(decrease) in insurance contract liabilities Increase/(decrease) in investment contract liabilities Increase in accruals, provisions and deferred income Increase in net derivative liabilities and financial liabilities
(5)
3
(13)
4,484
(3,439)
2
(1)
16
1
1,849
1,340
(75)
(Decrease)/increase in other payables
10
1,075
Interest received Taxation received
402
6
16
Net cash inflow from operating activities Cash flows from investing activities Additions to internally generated intangible assets
141
201
–
16 17 17
(4) (4)
(3)
Acquisition of property and equipment
1 –
Disposal of property
3
Acquisition of subsidiaries
(197) (202)
Net cash outflow from investing activities Cash flows from financing activities Decrease in borrowings (net of costs)
(2)
(26) (19) (16) (48)
28 15 15
(76) (15) (17) (57)
Dividends paid
Coupon paid on Tier 1 notes Interest paid on borrowings
(1)
Payment of lease liabilities – principal Net cash outflow from financing activities
(3)
(110)
(168) (169)
Net increase/(decrease) in cash and cash equivalents Foreign exchange differences on cash balances
29
2
4
1,656 1,687
Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December
1,821 1,656
546
Cash available on demand Units in liquidity funds
482
1,141 1,687
1,174 1,656
Cash and cash equivalents at 31 December
22
The Consolidated Statement of Cash Flows for year ended 2022 includes corrections to the restatements previously included within the interim financial statements.
The notes are an integral part of these financial statements.
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