ANNUAL REPORT 2001 - Prudential plc

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BALANCE SHEET OF THE COMPANY 31 DECEMBER 2001 2001 2000 Note £m £m Fixed assets Investments: Shares in subsidiary undertakings 28 5,179 4,972 Loans to subsidiary undertakings 28 2,920 1,673 8,099 6,645 Current assets Debtors: Amounts owed by subsidiary undertakings 185 307 Tax recoverable 9 – Other debtors 24 6 Cash at bank and in hand 16 35 234 348 Less liabilities: amounts falling due within one year Bank loans and overdrafts – (20) Commercial paper 31 (1,417) (160) Amounts owed to subsidiary undertakings (204) (260) Tax payable – (20) Final dividend (332) (322) Sundry creditors (31) – Accruals and deferred income (44) (47) (2,028) (829) Net current liabilities (1,794) (481) Total assets less current liabilities 6,305 6,164 Less liabilities: amounts falling due after more than one year Debenture loans 31 (1,698) (967) Amounts owed to subsidiary undertakings (2,729) (3,206) (4,427) (4,173) Total net assets 1,878 1,991 Capital and reserves Share capital 27 100 99 Share premium 27 533 458 Profit and loss account 29 1,245 1,434 Shareholders’ funds 1,878 1,991 The financial statements on pages 36 to 70 and the supplementary information on pages 75 to 84 were approved by the Board of directors on 14 March 2002. Sir Roger Hurn Chairman Jonathan Bloomer Group Chief Executive Philip Broadley Group Finance Director 42 Prudential plc Annual Report 2001
CONSOLIDATED CASH FLOW STATEMENT YEAR ENDED 31 DECEMBER 2001 2001 2000 Note £m £m Operations Net cash inflow from operations 33 51 398 Servicing of finance Interest paid on core structural shareholder borrowings (103) (119) Tax Tax (paid) recovered (44) 138 Acquisitions, disposals and similar items Net cash (outflow) inflow from: Acquisition of subsidiary undertakings 33 (182) (167) Merger break fee received 8 338 – Flotation of Egg and business disposals – 195 Net cash inflow from acquisitions, disposals and similar items 156 28 Equity dividends Equity dividends paid (494) (461) Net cash outflow before financing (434) (16) Financing Issue of debenture loans 31 649 – Redemption of loan notes 31 (9) (114) Movement on credit facility utilised by investment subsidiaries managed by US fund management operation 33 404 (31) Issues of ordinary share capital (net of expenses and related transfer to share ownership trust) 33 42 184 Net cash inflow from financing 1,086 39 Net cash inflow for the year 652 23 The net cash inflow was invested as follows: Portfolio investments Purchases: Ordinary shares 20 9 Fixed income securities 2,416 146 2,436 155 Sales: Ordinary shares (155) (71) Fixed income securities (504) (246) (659) (317) Net purchases (sales) of portfolio investments 33 1,777 (162) (Decrease) increase in cash and short-term deposits, net of overdrafts 33 (1,125) 185 In accordance with FRS 1, this statement shows only the cash flows of general business and shareholders’ funds. 652 23 43 Prudential plc Annual Report 2001
Page 1 and 2: PRUDENTIAL PLC ANNUAL REPORT 2001
Page 3 and 4: PRUDENTIAL AT A GLANCE PRUDENTIAL
Page 5 and 6: GROUP FINANCIAL HIGHLIGHTS 2001 200
Page 7 and 8: GROUP CHIEF EXECUTIVE’S REVIEW WE
Page 9 and 10: The fastest growing age group in th
Page 11 and 12: est growth prospects in the market
Page 13 and 14: Egg 2001 was another year of outsta
Page 15 and 16: Over the last five years, JNL has m
Page 17 and 18: equivalent (APE) basis were £434 m
Page 19 and 20: 69 per cent). The new business marg
Page 21 and 22: differences and other items. The in
Page 23 and 24: However, we have not been discussin
Page 25 and 26: CORPORATE SOCIAL RESPONSIBILITY REV
Page 27 and 28: Executive Directors 1. Jonathan Blo
Page 29 and 30: Nomination Committee Sir Roger Hurn
Page 31 and 32: REMUNERATION REPORT The Remuneratio
Page 33 and 34: Directors’ Long-term Incentive Pl
Page 35 and 36: Directors’ Share Options The Rest
Page 37 and 38: DIRECTORS’ REPORT Principal Activ
Page 39 and 40: SUMMARY OF STATUTORY BASIS RESULTS
Page 41 and 42: Restated † 2001 2000 Long-term Bu
Page 43 and 44: CONSOLIDATED STATEMENT OF TOTAL REC
Page 45: Restated † 2001 2000 Liabilities
Page 49 and 50: 3. Significant Accounting Policies
Page 51 and 52: Reinsurance In the normal course of
Page 53 and 54: Linked business funds Certain long-
Page 55 and 56: 5. Supplemental Earnings Informatio
Page 57 and 58: 7. Segmental Information - New Busi
Page 59 and 60: 9. Segmental Information - Net Asse
Page 61 and 62: 11. Jackson National Life - Additio
Page 63 and 64: 15. Investment Expenses and Charges
Page 65 and 66: 16. Tax continued 2001 2000 £m £m
Page 67 and 68: 21. Fees Payable to Auditors KPMG K
Page 69 and 70: 27. Share Capital and Share Premium
Page 71 and 72: 31. Borrowings continued 2001 2000
Page 73 and 74: 32. Contingencies and Related Oblig
Page 75 and 76: INDEPENDENT AUDITORS’ REPORT TO T
Page 77 and 78: 2001 2000 1999 1998 1997 Analysis b
Page 79 and 80: SUMMARISED CONSOLIDATED PROFIT AND
Page 81 and 82: NOTES ON THE ACHIEVED PROFITS BASIS
Page 83 and 84: 6. Cost of Capital On the achieved
Page 85 and 86: 10. Short-term Fluctuations in Inve
Page 87 and 88: 14. Reconciliation of Movement in S
Page 89 and 90: THE ACHIEVED PROFITS BASIS OF FINAN
Page 91 and 92: HOW TO CONTACT US Prudential plc La

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