TD Bank 2003 Annual Report Download - page 60

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For the years ended October 31
(millions of dollars) 2003 2002 2001
Cash flows from (used in) operating activities
Net income (loss) $ 1,076 $ (67) $ 1,392
Adjustments to determine net cash flows
Provision for credit losses 186 2,925 920
Gains on sale of investment real estate –– (350)
Gain on sale of mutual fund record keeping and custody business –(40) –
Depreciation 318 312 317
Amortization of intangible assets 772 998 1,292
Amortization of goodwill –– 198
Goodwill impairment 624 ––
Restructuring costs 98 – 239
Stock option expense 9––
Write down of investment in joint ventures 39 ––
Net investment securities gains (23) (26) (216)
Changes in operating assets and liabilities
Future income taxes (74) (1,017) (1,210)
Current income taxes payable 669 249 (78)
Interest receivable and payable 145 (422) (249)
Trading securities (1,495) 12,789 (7,887)
Unrealized gains and amounts receivable on derivatives contracts (2,712) (4,304) (7,177)
Unrealized losses and amounts payable on derivatives contracts 2,046 4,184 8,968
Other 3,475 (1,628) (1,030)
Net cash from (used in) operating activities 5,153 13,953 (4,871)
Cash flows from (used in) financing activities
Deposits (6,310) (4,724) 8,103
Securities sold under repurchase agreements (810) (5,982) 5,782
Securities sold short (1,712) (4,378) 2,415
Debt of subsidiaries –– (501)
Issuance of subordinated notes and debentures 1,904 557 809
Repayment of subordinated notes and debentures (360) (1,106) (857)
Common shares issued for cash, net of expenses –392 –
Common shares issued on exercise of options 47 13 18
Common shares issued as a result of dividend reinvestment plan 286 174 –
Common stock options settled in cash, net of income taxes –(25) (39)
Issuance of preferred shares 550 – 225
Redemption of preferred shares (477) ––
Dividends paid on – preferred shares (87) (93) (92)
– common shares (754) (718) (684)
Proceeds on issuance of subsidiary shares –350 –
Other (23) (7) 16
Net cash from (used in) financing activities (7,746) (15,547) 15,195
Cash flows from (used in) investing activities
Interest-bearing deposits (1,615) (652) (1,318)
Activity in investment securities
Purchases (25,199) (16,620) (15,098)
Proceeds from maturities 9,110 7,024 3,751
Proceeds from sales 20,139 11,830 7,985
Loans (3,221) (6,396) (1,232)
Proceeds from loan securitizations 7,604 517 1,528
Land, buildings and equipment (101) (114) 994
Securities purchased under resale agreements (4,415) 7,145 (6,231)
Acquisitions and dispositions less cash and cash
equivalents acquired (Note 22) –(1,194) (296)
Net cash from (used in) investing activities 2,302 1,540 (9,917)
Effect of exchange rate changes on cash and cash equivalents (143) (5) 32
Net changes in cash and cash equivalents (434) (59) 439
Cash and cash equivalents at beginning of year 1,902 1,961 1,522
Cash and cash equivalents at end of year represented by cash
and non-interest-bearing deposits with other banks $ 1,468 $ 1,902 $ 1,961
Supplementary disclosure of cash flow information
Amount of interest paid during the year $ 5,861 $ 6,962 $ 10,447
Amount of income taxes paid during the year 306 565 834
Dividends per common share $1.16 $ 1.12 $ 1.09
See Notes to Consolidated Financial Statements
TD BANK FINANCIAL GROUP ANNUAL REPORT 2003 • Financial Results58
Consolidated Statement of Cash Flows