TD Bank 2014 Annual Report Download - page 128

TD BANK GROUP ANNUAL REPORT 2014 FINANCIAL RESULTS126
Consolidated Statement of Cash Flows
For the years ended October 31
(millions of Canadian dollars) 2014 2013 2012
Cash flows from (used in) operating activities
Net income before income taxes $ 9,395 $ 7,775 $ 7,545
Adjustments to determine net cash flows from (used in) operating activities
Provision for credit losses (Note 8) 1,557 1,631 1,795
Depreciation (Note 15) 542 512 494
Amortization of other intangibles 598 521 477
Net securities losses (gains) (Note 7) (173) (304) (373)
Equity in net income of an investment in associate (Note 12) (320) (272) (234)
Deferred taxes (Note 27) 31 (370) 105
Changes in operating assets and liabilities
Interest receivable and payable (Notes 16, 18) (204) (425) (236)
Securities sold short (2,364) 8,391 9,818
Trading loans and securities 767 (7,409) (21,178)
Loans net of securitization and sales (33,717) (33,820) (27,836)
Deposits 72,059 64,449 47,487
Derivatives (4,597) (4,068) 2,208
Financial assets and liabilities designated at fair value through profit or loss 1,783 (364) (1,952)
Securitization liabilities (11,394) (3,962) (2,265)
Other (7,996) (4,600) (2,790)
Net cash from (used in) operating activities 25,967 27,685 13,065
Cash flows from (used in) financing activities
Change in securities sold under repurchase agreements 11,173 (4,402) 12,825
Repayment of subordinated notes and debentures (Note 19) (150) (3,400) (201)
Translation adjustment on subordinated notes and debentures issued in a foreign
currency and other (45) (407) (35)
Common shares issued (Note 21) 168 247 206
Preferred shares issued (Note 21) 989 – –
Repurchase of common shares (Note 21) (220) (780) –
Redemption of preferred shares (Note 21) (2,195) – –
Sale of treasury shares (Note 21) 4,491 3,655 3,211
Purchase of treasury shares (Note 21) (4,351) (3,638) (3,252)
Dividends paid (3,188) (2,647) (1,870)
Distributions to non-controlling interests in subsidiaries (107) (105) (104)
Net cash from (used in) financing activities 6,565 (11,477) 10,780
Cash flows from (used in) investing activities
Interest-bearing deposits with banks (15,190) (7,075) (676)
Activities in available-for-sale securities (Note 7)
Purchases (38,887) (58,102) (65,338)
Proceeds from maturities 30,032 39,468 40,223
Proceeds from sales 6,403 18,189 20,707
Activities in held-to-maturity securities (Note 7)
Purchases (9,258) (11,352) –
Proceeds from maturities 6,542 2,873 –
Activities in debt securities classified as loans
Purchases (37) (489) (286)
Proceeds from maturities 1,263 1,399 1,568
Proceeds from sales 10 1,030 162
Net purchases of land, buildings, equipment, and other depreciable assets (837) (745) (813)
Changes in securities purchased (sold) under reverse repurchase agreements (10,748) 4,915 (12,217)
Net cash acquired from (paid for) divestitures, acquisitions, and the sale of
TD Ameritrade shares (Notes 12, 13) (2,768) (6,211) (6,839)
Net cash from (used in) investing activities (33,475) (16,100) (23,509)
Effect of exchange rate changes on cash and due from banks 143 37 4
Net increase (decrease) in cash and due from banks (800) 145 340
Cash and due from banks at beginning of year 3,581 3,436 3,096
Cash and due from banks at end of year $ 2,781 $ 3,581 $ 3,436
Supplementary disclosure of cash flow information
Amount of income taxes paid (refunded) during the year $ 1,241 $ 869 $ 1,296
Amount of interest paid during the year 6,478 6,931 7,368
Amount of interest received during the year 22,685 21,532 21,218
Amount of dividends received during the year 1,179 1,018 925
Certain comparative amounts have been restated to conform with the presentation
adopted in the current period.
The accompanying Notes are an integral part of these Consolidated Financial Statements.