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85BMO Financial Group Annual Report 2004 85
Consolidated Statement of Changes in Shareholders’ Equity
For the Year Ended October 31 (Canadian $ in millions, except as noted) 2004 2003 2002
Preferred Shares (Note 18)
Balance at beginning of year $ 1,446 $ 1,517 $ 1,050
Issued during the year
––
478
Redeemed during the year (400)
––
Translation adjustment on shares issued in a foreign currency
–
(71) (11)
Balance at End of Year 1,046 1,446 1,517
Number of Shares
2004 2003 2002
Common Shares (Note 18)
Balance at beginning of year 499,632,368 492,504,878 489,084,527 3,662 3,459 3,375
Issued under the Shareholder Dividend
Reinvestment and Share Purchase Plan (Note 18) 1,120,931 1,101,305 1,204,820 60 46 44
Issued under the Stock Option Plan (Note 19) 6,239,301 5,325,916 1,923,115 180 129 37
Issued on the exchange of shares of
subsidiary corporations (Note 18) 124,757 348,518 292,416 233
Issued on the acquisition of a business (Note 11)
–
634,551
––
27
–
Repurchased for cancellation (Note 18) (6,220,500) (282,800)
–
(47) (2)
–
Balance at End of Year 500,896,857 499,632,368 492,504,878 3,857 3,662 3,459
Contributed Surplus
Balance at beginning of year 3
––
Stock option expense (Note 19) 73
–
Gain on treasury shares, net of applicable income taxes (Note 1) 15
––
Common shares repurchased for cancellation (Note 18) (15)
––
Balance at End of Year 10 3
–
Net Unrealized Foreign Exchange Gain (Loss)
Balance at beginning of year (195) 419 500
Unrealized loss on translation of net investments in foreign operations (758) (1,674) (200)
Hedging gain 710 1,661 200
Income taxes (254) (601) (81)
Balance at End of Year (497) (195) 419
Retained Earnings
Balance at beginning of year 7,566 6,499 5,757
Net income 2,351 1,825 1,417
Dividends
–
Preferred shares (Note 18) (76) (82) (79)
–
Common shares (797) (666) (589)
Common shares repurchased for cancellation (Note 18) (271) (10)
–
Share issue expense, net of applicable income taxes
– –
(7)
Balance at End of Year 8,773 7,566 6,499
Total Shareholders’ Equity $ 13,189 $ 12,482 $ 11,894
The accompanying notes to consolidated financial statements are an integral part of these statements.
Certain comparative figures have been reclassified to conform with the current year’s presentation.
Consolidated Financial Statements