TD Bank 2007 Annual Report Download - page 85

TD BANK FINANCIAL GROUP ANNUAL REPORT 2007 Financial Results 81
Consolidated Statement of Cash Flows
For the years ended October 31
(millions of Canadian dollars) 2007 2006 2005
Cash flows from (used in) operating activities
Net income $ 3,997 $ 4,603 $ 2,229
Adjustments to determine net cash from (used in) operating activities
Provision for credit losses 645 409 55
Restructuring costs 67 50 43
Depreciation (Note 7) 362 343 322
Amortization of other intangibles 499 505 546
Stock options 53 26 20
Dilution gain, net –(1,559) –
Net securities gains (326)(305)(242)
Net gain on securitizations (141)(119)(166)
Equity in net income of an associated company (284)(134) –
Non-controlling interests 95 184 132
Future income taxes (Note 20) 244 (17)(261)
Changes in operating assets and liabilities
Current income taxes payable 558 88 2
Interest receivable and payable (Note 8, 10) (296)(146)588
Trading securities (2,167)(11,707)1,118
Unrealized gains and amounts receivable on derivatives contracts (8,207)5,806 46
Unrealized losses and amounts payable on derivatives contracts 9,691 (4,161)(375)
Other (736)(252)1,205
Net cash from (used in) operating activities 4,054 (6,386)5,262
Cash flows from (used in) financing activities
Change in deposits 14,154 9,246 11,169
Securities sold under repurchase agreements (2,081)6,665 1,438
Securities sold short (2,918)2,707 5,305
Issue of subordinated notes and debentures 4,072 2,341 270
Repayment of subordinated notes and debentures (1,399)(978)(1,419)
Subordinated notes and debentures (acquired) sold in Wholesale Banking 4 8(3)
Liability for preferred shares and capital trust securities (345)(1)(765)
Translation adjustment on subordinated notes and debentures issued in
a foreign currency (128)(45)(24)
Common shares issued on exercise of options 173 119 125
Common shares (acquired) sold in Wholesale Banking 30 (20) 6
Repurchase of common shares (45)(35) –
Dividends paid in cash on common shares (1,432)(950)(718)
Premium paid on common shares repurchased (311)(229) –
Issuance of preferred shares – 425 –
Dividends paid on preferred shares (20)(22) –
Net cash from financing activities 9,754 19,231 15,384
Cash flows from (used in) investing activities
Interest-bearing deposits with banks (5,983)2,982 (4,111)
Activity in available-for-sale, held-to-maturity and investment securities:
Purchases (96,846)(132,903)(211,782)
Proceeds from maturities 92,880 112,962 193,415
Proceeds from sales 10,372 18,599 14,010
Activity in lending activities:
Origination and acquisitions (150,671)(132,864)(78,655)
Proceeds from maturities 122,509 113,477 62,956
Proceeds from sales 5,084 2,691 4,541
Proceeds from loan securitizations (Note 4) 9,937 9,939 7,365
Land, buildings and equipment (322)(494)(814)
Securities purchased under reverse repurchase agreements 3,313 (4,578)(4,487)
TD Banknorth share repurchase program (Note 28) –(290)(603)
Acquisitions and dispositions less cash and cash equivalents acquired (Note 28) (4,139)(1,980)(2,184)
Net cash used in investing activities (13,866)(12,459)(20,349)
Effect of exchange rate changes on cash and cash equivalents (171)(40)(28)
Net increase (decrease) in cash and cash equivalents (229)346 269
Cash and cash equivalents at beginning of year 2,019 1,673 1,404
Cash and cash equivalents at end of year, represented by cash
and due from banks $ 1,790 $ 2,019 $ 1,673
Supplementary disclosure of cash flow information
Amount of interest paid during the year $ 10,947 $ 9,085 $ 6,433
Amount of income taxes paid during the year 1,099 968 968
Certain comparative amounts have been reclassified to conform to the current period’s presentation.
The accompanying Notes are an integral part of these Consolidated Financial Statements.