TD Bank 2001 Annual Report Download - page 47

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45
FINANCIAL RESULTS
For the years ended October 31
(millions of dollars) 2001 2000 1999
Cash flows from (used in) operating activities
Net income $ 1,383 $ 1,025 $ 2,981
Adjustments to determine net cash flows
Provision for credit losses 920 480 275
Restructuring costs 239 475 –
Depreciation 317 260 201
Amortization of goodwill and intangible assets
from business combinations 1,490 1,345 53
Gains on sale of investment real estate (350) ––
Gain on sale of TD Waterhouse Group, Inc. –– (1,122)
Net investment securities gains (216) (382) (1,079)
Changes in operating assets and liabilities
Future income taxes (1,210) (831) 134
Current income taxes payable (78) (233) 382
Interest receivable and payable (249) 288 300
Trading securities (7,887) (7,233) (13,857)
Unrealized gains and amounts receivable on derivatives contracts (7,177) (4,607) 3,247
Unrealized losses and amounts payable on derivatives contracts 8,968 4,329 (3,759)
Other (982) (828) 2,435
Net cash from (used in) operating activities (4,832) (5,912) (9,809)
Cash flows from (used in) financing activities
Deposits 8,103 4,008 19,709
Securities sold under repurchase agreements 5,782 (11,484) 10,820
Securities sold short 2,415 3,733 2,010
Debt of subsidiaries (501) 135 49
Issuance of subordinated notes and debentures 809 1,252 6
Repayment of subordinated notes and debentures (857) (5) (286)
Common shares issued for cash, net of expenses –– 688
Common shares issued on exercise of options 18 13 5
Common stock options settled in cash, net of income taxes (39) (41) (37)
Issuance of preferred shares 225 410 –
Dividends paid on – preferred shares (83) (56) (43)
– common shares (684) (572) (433)
Proceeds on issuance of subsidiary shares –900 1,457
Other –(12) (41)
Net cash from (used in) financing activities 15,188 (1,719) 33,904
Cash flows from (used in) investing activities
Interest-bearing deposits (1,318) 2,097 (3,062)
Activity in investment securities
Purchases (15,098) (69,754) (44,520)
Proceeds from maturities 3,751 63,223 34,081
Proceeds from sales 7,985 11,935 6,001
Loans (1,232) (11,750) (7,095)
Proceeds from loan securitizations 1,528 6,345 4,275
Land, buildings and equipment 994 (193) (273)
Securities purchased under resale agreements (6,231) 12,953 (13,417)
Acquisitions less cash and cash equivalents acquired (Note 18) (296) (7,167) –
Net cash from (used in) investing activities (9,917) 7,689 (24,010)
Net changes in cash and cash equivalents 439 58 85
Cash and cash equivalents at beginning of year 1,522 1,464 1,379
Cash and cash equivalents at end of year represented
by cash, deposits with Bank of Canada and
non-interest-bearing deposits with other banks $ 1,961 $ 1,522 $ 1,464
Supplementary disclosure of cash flow information
Amount of interest paid during the year $ 10,447 $ 9,063 $ 8,049
Amount of income taxes paid during the year 834 1,314 619
See Notes to consolidated financial statements page 46
Consolidated statement of cash flows