Flash Banner?

I am in the process of creating a flash banner.

I have a flash banner which i would like to replicate.
Click here for the banner

I am wanting to know if this banner was created as one image in say Photoshop then exported to flash for the moving animation?

Or is it created and also sliced in Photoshop?

Are there other ways of efficiently creating this banner?

Hope someone can shed some light on this.

Thank you.