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> CONSOLIDATED FINANCIAL STATEMENTS
<br />Cortsolidated Statement of Cash Flows
<br />kH1225 dlld tU5e5) O( (dth tOWS
<br />for the year ended October 31 (4 millions)
<br />Cash flows from operating activities
<br />Net income
<br />Atljustments to net income to determine cash flows:
<br />Depreciation and amortization
<br />Provision for credit losses
<br />Future income taxes
<br />Net gain on investment securities
<br />Loss on disposal of subsidiary operations Mote 23)
<br />Net accrued interest receivable and payable
<br />7radmg secunties
<br />Trading derivatives' market valuation, net
<br />Other, net
<br />Cash flows from financing activities
<br />Deposits
<br />Obligations related to securities sold under repurchase a9reem
<br />Obligations related to securities sold short
<br />Subordinated debenture redemptionshepayments
<br />Capital stock issued
<br />Capital stock redeemed/purchased for cancellation
<br />Cash dividends paid
<br />Other, net
<br />Cash flaws from investing activities
<br />Interest-bearing deposits with hanks
<br />loans, excluding securitizations
<br />• Loan securitizations
<br />Investment securities:
<br />Purchases
<br />Maturities
<br />Sales
<br />land, buildings and equipment, net of disposals
<br />Other, neN"
<br />Effect of exchange rate changes on cash and cash equivalentr
<br />Nat dtanga in cash and cash nquivalents°
<br />Cash and cash equivalents at beginning of year
<br />sash and ash equfvalBncs a[ end of year
<br /> - 21141 ~ 200.3 2002
<br />
<br /> f 2,931 $ 2,477 f 1,797
<br />
<br /> 216 237 271
<br /> 390 893 2,029
<br /> (87) (108) 104
<br /> (477) (159) (179)
<br /> - - 237
<br /> (103) 406 (147)
<br /> (7,514) (10,218) (7,402)
<br /> 350 (375) 105
<br /> (728) (263) 136
<br /> 978 ~ (7,110) (3,049)
<br />
<br /> 8,106 10,941 14,846
<br />enis (8,011) 722 2,671
<br /> (1,528) 653 2,314
<br /> - (7,059) (1,421)
<br /> 114 163 101
<br /> (579) (720) (673)
<br /> (7,139) (901) (837)
<br /> (230) (415) 1,199
<br /> (3,267) ~ 9,384 18,200
<br />
<br /> 3,483 (2,061) (117)
<br /> (7,998) (903) (20,244)
<br /> 3,514 2,443 2,247
<br />
<br /> (24,477) (26,566) (29,434)
<br /> 14,742 10,685 10,665
<br /> 14,384 15,168 21,302
<br /> (228) (735) (38)
<br /> (59) {449) 198'
<br />Represented by:
<br />Cash and non-interest-bearing deposits with banks
<br />Cheques and other items in transit, net liabilitym
<br />Cash and cash equivalents at end of year
<br />897 589
<br />f 1,921 ~ S 1,373 $ 1,664
<br />Cash dabursements made for:
<br />Interest f 6,477 S 6,971 f 8,332
<br />Income taxes f 758 f 421 f 817
<br />(1) Indudes: investments b subsidiaries of 459 (2003 - fa82; 2002 - fbl), kss cash and cash equivalents at the date al acquisition of nil (2003 - 438: 2002 - 415);
<br />eliminatbn of the net iabiliry for cash and cash equivalents on disposal of subsidiary operatiom A nil (2003 -nil; 2002 - f 1pB); and net prpcceds hom dispositions of
<br />business ands of nil (2003 - nd; 2002 -4138).
<br />(2) h the fourth quarter d 2004, the Bank prospectively charged the balance sheet presentation of certain types of cheques and other items b trarrsit. These items are
<br />mmrded gross in different asset ant liahi6ry categories, whereas previ0usy Mese Gems were recorded net in d~eques and other items in rcanst in onto IiahiNties in the
<br />Consolidated Balance Sheet This dlange in balance sheet presentaton also rewBed in certain types of cheques and other items in transit no brger being daszifietl as
<br />part of cash and cash equivalents and had the effect of increasing the 2004 net change in cash and cash equivalents bl 4519. These changes resulted from a new
<br />Canadian Institute of Chartered Accountants' standard for finarxiat reporting, whidi eliminated'mdustry practice as a sane of generaYy aaepted a¢ounting prmdpks.
<br />• Tfie accwnpanying rptes are an integralpvt oflhee consofid3ted firuncef#aternen6.
<br />88 2004 Scotiabank Annual Report
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