Bank of Montreal 2003 Annual Report Download - page 76

Download and view the complete annual report

Please find page 76 of the 2003 Bank of Montreal annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 110

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110

BMO Financial Group 186th Annual Report 200372
Consolidated Statement of Changes in Shareholders’ Equity
For the Year Ended October 31 (Canadian $ in millions) 2003 2002 2001
Preferred Shares (Note 17)
Balance at beginning of year $ 1,517 $ 1,050 $ 1,681
Issued during the year
–
478
–
Redeemed during the year
––
(633)
Translation adjustment on shares issued in a foreign currency (71) (11) 2
Balance at End of Year 1,446 1,517 1,050
Number of Shares
2003 2002 2001
Common Shares (Note 17)
Balance at beginning of year 492,504,878 489,084,527 522,583,894 3,459 3,375 3,173
Issued under the Shareholder Dividend
Reinvestment and Share Purchase Plans 1,101,305 1,204,820 903,186 46 44 35
Issued under the Stock Option Plan (Note 19) 5,325,916 1,923,115 6,177,235 129 37 114
Issued on the exchange of shares of
subsidiary corporations 348,518 292,416 1,134,765 337
Issued on the acquisition of businesses (Note 11) 634,551
–
10,285,447 27
–
400
Cancellation of stock options granted on acquisition
of an investment (Note 17)
–––––
(22)
Repurchased for cancellation (Note 17) (282,800)
–
(52,000,000) (2)
–
(332)
Balance at End of Year 499,632,368 492,504,878 489,084,527 3,662 3,459 3,375
Contributed Surplus
Balance at beginning of year
–––
Stock option expense (Note 19) 3
––
Balance at End of Year 3
––
Retained Earnings
Balance at beginning of year 6,918 6,257 7,087
Cumulative impact of adoption of Employee Future Benefits
standard, net of applicable income tax (Note 18)
––
(250)
6,918 6,257 6,837
Net income 1,825 1,417 1,471
Dividends
–
Preferred shares (82) (79) (80)
–
Common shares (666) (589) (568)
Net unrealized gain (loss) on translation
of net investments in foreign operations(1) (614) (81) 179
Recognition of unrealized translation losses on disposition
of an investment in a foreign operation (Note 3)
––
99
Gain on cancellation of stock options granted on acquisition
of an investment, net of applicable income tax (Note 17)
––
18
Common shares repurchased for cancellation (Note 17) (10)
–
(1,699)
Share issue expense, net of applicable income tax
–
(7)
–
Balance at End of Year 7,371 6,918 6,257
Total Shareholders’ Equity $ 12,482 $ 11,894 $ 10,682
(1) Supplemental Disclosure of Net Unrealized Gain (Loss)
on Translation of Net Investments in Foreign Operations
Unrealized gain (loss) on translation
of net investments in foreign operations $ (1,674) $ (200) $ 440
Hedging gain (loss) 1,661 200 (439)
Net income tax benefit (expense) (601) (81) 178
Net unrealized gain (loss) on translation
of net investments in foreign operations $ (614) $ (81) $ 179
The accompanying notes to consolidated financial statements are an integral part of this statement.