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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 <br />