TD Bank 2006 Annual Report Download - page 80

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TD BANK FINANCIAL GROUP ANNUAL REPORT 2006 Financial Results
76
For the years ended October 31
(millions of Canadian dollars) 2006 2005 2004
Cash flows from (used in) operating activities
Net income $ 4,603 $ 2,229 $ 2,232
Adjustments to determine net cash from (used in) operating activities
Provision for (reversal of) credit losses 409 55 (386)
Restructuring costs 50 43 (7)
Depreciation (Note 7) 343 322 294
Amortization of other intangibles 505 546 626
Stock option 26 20 11
Dilution gain, net (1,559) ––
Net investment securities gains (305) (242) (192)
Net gain on securitizations (119) (166) (134)
Equity in net income of associated company (134) ––
Non-controlling interests 184 132 –
Future income taxes (Note 16) (17) (261) 128
Changes in operating assets and liabilities
Current income taxes payable 88 2 (440)
Interest receivable and payable (Note 9, 10) (146) 588 (141)
Trading securities (11,707) 1,118 (12,003)
Unrealized gains and amounts receivable on derivatives contracts 5,806 46 (5,246)
Unrealized losses and amounts payable on derivatives contracts (4,161) (375) 5,873
Other (252) 1,205 377
Net cash from (used in) operating activities (6,386) 5,262 (9,008)
Cash flows from (used in) financing activities
Change in deposits 9,246 11,169 24,013
Securities sold under repurchase agreements 6,665 1,438 2,001
Securities sold short 2,707 5,305 2,325
Issue of subordinated notes and debentures 2,341 270 3
Repayment of subordinated notes and debentures (978) (1,419) (158)
Subordinated notes and debentures (acquired) sold in Wholesale Banking 8(3) (26)
Liability for preferred shares and capital trust securities (1) (765) (225)
Translation adjustment on subordinated notes and debentures
issued in aforeign currency (45) (24)(62)
Common shares issued on exercise of options 119 125 99
Common shares (acquired) sold in Wholesale Banking (20) 6 (41)
Repurchase of common shares (35) – (38)
Dividends paid in cash on common shares (950) (718) (716)
Premium paid on common shares (229) –(312)
Issuance of preferred shares 425 ––
Dividends paid on preferred shares (22) ––
Net cash from financing activities 19,231 15,384 26,863
Cash flows from (used in) investing activities
Interest-bearing deposits with banks 2,982 (4,111) (1,383)
Activity in investment securities
Purchases (132,903) (211,782) (227,774)
Proceeds from maturities 112,962 193,415 201,585
Proceeds from sales 18,599 14,010 19,769
Activity in lending activities
Origination and acquisitions (132,864) (78,655) (77,827)
Proceeds from maturities 113,477 62,956 63,457
Proceeds from sales 2,691 4,541 3,326
Proceeds from loan securitizations (Note 4) 9,939 7,365 5,564
Land, buildings and equipment (494) (814) (207)
Securities purchased under reverse repurchase agreements (4,578) (4,487) (4,413)
TD Banknorth share repurchase program (Note 25) (290) (603) –
Acquisitions and dispositions less cash and cash equivalents acquired (Note 25) (1,980) (2,184) –
Net cash used in investing activities (12,459) (20,349) (17,903)
Effect of exchange rate changes on cash and cash equivalents (40) (28) (16)
Net increase (decrease) in cash and cash equivalents 346 269 (64)
Cash and cash equivalents at beginning of year 1,673 1,404 1,468
Cash and cash equivalents at end of year, represented by cash
and due from banks $ 2,019 $ 1,673 $ 1,404
Supplementary disclosure of cash flow information
Amount of interest paid during the year $ 9,085 6,433 $ 5,468
Amount of income taxes paid during the year 968 968 1,509
The accompanying Notes are an integral part of these Consolidated Financial Statements.
Consolidated Statement of Cash Flows