TD Bank 2002 Annual Report Download - page 49

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47
FINANCIAL RESULTS
For the years ended October 31
(millions of dollars) 2002 2001 2000
Cash flows from (used in) operating activities
Net income (loss) $ (76) $ 1,383 $ 1,025
Adjustments to determine net cash flows
Provision for credit losses 2,925 920 480
Restructuring costs –239 475
Depreciation 312 317 260
Amortization of intangible assets 998 1,292 1,203
Amortization of goodwill –198 142
Gains on sale of investment real estate –(350) –
Gain on sale of mutual fund record keeping and custody business (40) ––
Net investment securities gains (26) (216) (382)
Changes in operating assets and liabilities
Future income taxes (1,017) (1,210) (831)
Current income taxes payable 249 (78) (233)
Interest receivable and payable (422) (249) 288
Trading securities 12,789 (7,887) (7,233)
Unrealized gains and amounts receivable on derivatives contracts (4,304) (7,177) (4,607)
Unrealized losses and amounts payable on derivatives contracts 4,184 8,968 4,329
Other (1,640) (982) (828)
Net cash from (used in) operating activities 13,932 (4,832) (5,912)
Cash flows from (used in) financing activities
Deposits (4,724) 8,103 4,008
Securities sold under repurchase agreements (5,982) 5,782 (11,484)
Securities sold short (4,378) 2,415 3,733
Debt of subsidiaries –(501) 135
Issuance of subordinated notes and debentures 557 809 1,252
Repayment of subordinated notes and debentures (1,106) (857) (5)
Common shares issued for cash, net of expenses 392 ––
Common shares issued on exercise of options 13 18 13
Common shares issued as a result of dividend reinvestment plan 174 ––
Common stock options settled in cash, net of income taxes (25) (39) (41)
Issuance of preferred shares –225 410
Dividends paid on – preferred shares (84) (83) (56)
– common shares (718) (684) (572)
Proceeds on issuance of subsidiary shares 350 – 900
Other –– (12)
Net cash from (used in) financing activities (15,531) 15,188 (1,719)
Cash flows from (used in) investing activities
Interest-bearing deposits (652) (1,318) 2,097
Activity in investment securities
Purchases (16,620) (15,098) (69,754)
Proceeds from maturities 7,024 3,751 63,223
Proceeds from sales 11,830 7,985 11,935
Loans (6,396) (1,232) (11,750)
Loan securitizations 517 1,528 6,345
Land, buildings and equipment (114) 994 (193)
Securities purchased under resale agreements 7,145 (6,231) 12,953
Acquisitions and dispositions less cash and cash
equivalents acquired (Note 19) (1,194) (296) (7,167)
Net cash from (used in) investing activities 1,540 (9,917) 7,689
Net changes in cash and cash equivalents (59) 439 58
Cash and cash equivalents at beginning of year 1,961 1,522 1,464
Cash and cash equivalents at end of year represented
by cash, deposits with Bank of Canada and
non-interest-bearing deposits with other banks $ 1,902 $ 1,961 $ 1,522
Supplementary disclosure of cash flow information
Amount of interest paid during the year $ 6,962 $ 10,447 $ 9,063
Amount of income taxes paid during the year 565 834 1,314
See Notes to consolidated financial statements page 48
Consolidated statement of cash flows