TD Bank 2003 Annual Report Download - page 59

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TD BANK FINANCIAL GROUP ANNUAL REPORT 2003 • Financial Results 57
For the years ended October 31
(millions of dollars) 2003 2002 2001
Preferred shares (Note 12)
Balance at beginning of year $ 1,485 $ 1,492 $ 1,251
Proceeds from share issues 550 – 225
Translation adjustment on shares issued in a foreign currency (23) (7) 16
Share redemptions (477) ––
Balance at end of year 1,535 1,485 1,492
Common shares (Note 12)
Balance at beginning of year 2,846 2,259 2,060
Issued on acquisition of subsidiaries –– 181
Proceeds from shares issued for cash –400 –
Proceeds from shares issued on exercise of options 47 13 18
Proceeds from shares issued as a result of dividend reinvestment plan 286 174 –
Balance at end of year 3,179 2,846 2,259
Contributed surplus
Balance at beginning of year –––
Stock option expense (Note 1) 9––
Balance at end of year 9––
Foreign currency translation adjustments
Balance at beginning of year 418 450 279
Foreign exchange gains (losses) from investments in subsidiaries
and other items (1,595) (112) 458
Foreign exchange gains (losses) from hedging activities 1,528 145 (478)
(Provision for) benefit of income taxes (Note 15) (481) (65) 191
Balance at end of year (130) 418 450
Retained earnings
Balance at beginning of year 8,292 9,203 8,760
Net income (loss) 1,076 (67) 1,392
Preferred dividends (87) (93) (92)
Common dividends (754) (718) (684)
Stock options settled in cash, net of income taxes –(25) (39)
Obligations arising from adoption of accounting standard
for employee future benefits, net of income taxes (Note 1) –– (132)
Other (9) (8) (2)
Balance at end of year 8,518 8,292 9,203
Total common equity 11,576 11,556 11,912
Total shareholders’ equity $13,111 $13,041 $13,404
See Notes to Consolidated Financial Statements
Consolidated Statement of Changes in Shareholders’ Equity