Bank of Montreal 2007 Annual Report Download - page 99

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Consolidated Statement of Cash Flows
Consolidated Financial Statements
For the Year Ended October 31 (Canadian $ in millions) 2007 2006 2005
Restated
Cash Flows from Operating Activities (see Notes 3 and 22)
Net income $ 2,131 $ 2,663 $ 2,396
Adjustments to determine net cash flows provided by (used in) operating activities
Write-down of securities, other than trading 18 911
Net gain on securities, other than trading (264) (154) (176)
Net (increase) in trading securities (23,028) (8,565) (9,848)
Provision for credit losses 353 176 179
Gain on sale of securitized loans (202) (69) (82)
Change in derivative instruments –(Increase) decrease in derivative asset (4,991) 238 (6,862)
–Increase in derivative liability 6,127 3,328 5,681
Amortization of premises and equipment 390 360 377
Amortization of intangible assets 46 44 94
Net increase (decrease) in future income taxes (176) (153) 91
Net increase (decrease) in current income taxes (800) 144 (367)
Change in accrued interest –(Increase) in interest receivable (129) (468) (255)
–Increase in interest payable 537 303 162
Changes in other items and accruals, net 6,051 2,595 1,423
Gain on sale of Harrisdirect LLC (Note 12)
––
(49)
Gain on sale of land and buildings (Note 10) (6)
–
(29)
Net Cash Provided by (Used in) Operating Activities (13,943) 451 (7,254)
Cash Flows from Financing Activities
Net increase in deposits 45,222 13,108 20,643
Net increase (decrease) in securities sold but not yet purchased 10,328 (708) 5,701
Net increase in securities lent or sold under repurchase agreements 2,325 9,987 1,737
Net increase (decrease) in liabilities of subsidiaries 335 (94) (195)
Proceeds from issuance of securities of a subsidiary
––
447
Repayment of subordinated debt (Note 18) (483) (425) (899)
Proceeds from issuance of subordinated debt (Note 18) 1,200 700 1,000
Redemption of preferred share liability (Note 21) (200)
––
Proceeds from issuance of preferred shares (Note 21) 600
––
Proceeds from issuance of common shares 245 258 217
Share issue expense (14)
––
Common shares repurchased for cancellation (Note 21) (524) (376) (390)
Dividends paid (1,396) (1,163) (955)
Net Cash Provided by Financing Activities 57,638 21,287 27,306
Cash Flows from Investing Activities
Net (increase) decrease in interest bearing deposits with banks (5,709) 901 (3,901)
Purchases of securities, other than trading (50,366) (20,433) (14,827)
Maturities of securities, other than trading 24,635 9,494 8,402
Proceeds from sales of securities, other than trading 11,824 7,920 8,294
Net (increase) in loans, customers’ liability under acceptances and loan substitute securities (14,570) (20,184) (16,191)
Proceeds from securitization of loans 3,330 4,994 3,130
Net (increase) in securities borrowed or purchased under resale agreements (8,280) (3,723) (5,900)
Proceeds from sales of land and buildings (Note 10) 45
–
347
Premises and equipment –net purchases (420) (583) (487)
Acquisitions (Note 11) (386) (76) (194)
Proceeds from sale of Harrisdirect LLC (Note 12)
––
827
Net Cash Used in Investing Activities (39,897) (21,690) (20,500)
Effect of Exchange Rate Changes on Cash and Cash Equivalents (2,606) (2) 254
Net Increase (Decrease) in Cash and Cash Equivalents 1,192 46 (194)
Cash and Cash Equivalents at Beginning of Year 2,458 2,412 2,606
Cash and Cash Equivalents at End of Year $ 3,650 $ 2,458 $ 2,412
Represented by:
Cash and non-interest bearing deposits with Bank of Canada and other banks $ 2,264 $ 1,154 $ 1,309
Cheques and other items in transit, net 1,386 1,304 1,103
$ 3,650 $ 2,458 $ 2,412
Supplemental Disclosure of Cash Flow Information
Amount of interest paid in the year $ 11,447 $ 7,873 $ 5,222
Amount of income taxes paid in the year $ 940 $ 630 $ 1,065
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.
BMO Financial Group 190th Annual Report 2007 95