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Shareholder Review

Annual Report

Notice of Meeting

 

TOWER Australia Group Limited STATEMENTS OF CASH FLOWS For the year ended 30 September 2008 Group Company 2008 2007 2008 2007 Note $000 $000 $000 $000 Cash flows from operating activities Premiums received 1 920,641 922,001 – – Reinsurance paid (215,139) (213,101) – – Non-life company fee income 8,322 16,577 2,031 2,608 Claims expenses 1 (699,889) (736,391) – – Reinsurance recoveries received 189,427 149,739 – – Payments to suppliers and employees (378,891) (301,431) (367) (4,178) Interest paid (8,190) (7,853) – – Income taxation paid (93,744) (28,958) 4,643 (790) Net cash (outflow)/inflow from operating activities 9(b) (277,463) (199,417) 6,307 (2,360) Cash flows from investing activities Payments for financial assets (328,190) (4,154,000) – – Proceeds from sale of financial assets 482,879 3,829,359 11,683 1,274 Interest received 19,960 63,362 – – Dividends received 212,707 212,862 16,200 – Investment income – 8,047 – – Payment for purchase of plant and equipment (1,379) (2,427) – – Loans repaid – 65,648 – – Payment for purchase of controlled entities, net of cash acquired 39 – (68,280) – – Net cash inflow/(outflow) from investing activities 385,977 (45,429) 27,883 1,274 Cash flows from financing activities Payment of dividends (13,370) – (13,370) – Repayment of borrowings – (155,445) – – Proceeds from issue of shares 7,043 153,564 7,043 – Net cash outflow from financing activities (6,327) (1,881) (6,327) – Net increase/(decrease) in cash and cash equivalents 102,187 (246,727) 27,863 (1,086) Cash and cash equivalents at beginning of year 63,554 310,281 4,361 5,447 Cash and cash equivalents at end of year 165,741 63,554 32,224 4,361 Note: 1 Premiums received and claims paid include amounts received and paid in respect of investment contracts The above cash flow statements should be read in conjunction with the accompanying notes.

 

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