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Consolidated Statement of Cash Flows
<br />Sources (uses) of cash flows
<br />For the year ended October 31 ($ millions) 2008 2007 2006
<br />Cash flows from operating activities
<br />Net income $ 3,140 $ 4,045 $ 3,579
<br />Adjustments to determine net cash flows from (used in) operating activities:
<br />Depreciation and amortization 291 267 230
<br />Provision for credit losses 630 270 216
<br />Future income taxes (367) (106) (178)
<br />Net gain (loss) on securities, other than trading(') 374 (488) (371)
<br />Net accrued interest receivable and payable 60 18 221
<br />Trading securities 13,721 334 (13,042)
<br />Derivative assets (15,292) (13,616) 222
<br />Derivative liabilities 11,202 14,548 446
<br />Other, net 6,353 (3,261) 2,713
<br /> 20,112 2,011 (5,964)
<br />Cash flows from financing activities
<br />Deposits 28,106 41,746 44,014
<br />Obligations related to securities sold under repurchase agreements 6,913 (3,858) 8,245
<br />Obligations related to securities sold short (5,020) 3,848 2,190
<br />Subordinated debentures issued 3,144 - -
<br />Subordinated debentures redemptions/repayments (691) (500) (300)
<br />Capital instrument liabilities redemptions/repayments - (250) -
<br />Preferred shares issued 1,225 1,035 -
<br />Common shares issued 234 112 118
<br />Common shares redeemed/purchased for cancellation (40) (629) (350)
<br />Cash dividends paid (2,003) (1,771) (1,513)
<br />Other, net (101) 3,391, 684
<br /> 31,767 43,124 53,088__
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<br />Cash flows from investing activities
<br />Interest-bearing deposits with banks (5,052) (7,087) . (1,664)
<br />Securities purchased under resale agreements 3,793 1,897 (5,633)
<br />Loans, excluding securitizations (47,483) (42,028) (31,978)
<br />Loan securitizations 5,121 3,756 2,514
<br />Securities, other than trading"'
<br />Purchases (41,444) (32,133) (41,326)
<br />Maturities 16,842 14,015 18,011
<br />Sales 19,346 17,267 15,146
<br />Land, buildings and equipment, net of disposals (464) (317) (256)
<br />Other, net(') (2,399) _ (390) (2,099)_
<br /> (51,740) (45,020) (47,2_85)
<br />Effect of exchange rate changes on cash and cash equivalents 297 _ (257) (60)
<br />Net change in cash and cash equivalents 436 (142) (221)
<br />Cash and cash equivalents at beginning of year 2,138 2,280
<br />- 2,501
<br />Cash and cash equivalents at end of year"' $ 2,574 $ 2,138 $ 2,280
<br />Cash disbursements made for:
<br />Interest $ 14,544 $ 13,625 $ 10,559
<br />Income taxes $ 1,212 $ 905 $ 1,012
<br />Certain comparative amounts have been reclassified to conform with current period presentation.
<br />(1) Prior to November 1, 2006, this related to securities classified as investment securities. Refer to Note 1 for further details.
<br />(2) Comprises investments in subsidiaries and business units, and the purchase of assets related to these investments, which are net of non-cash consideration consisting of
<br />common shares issued from treasury of nil (2007 - $36; 2006 - $1) and net of cash and cash equivalents at the date of acquisition of $37 (2007 - $6; 2006 - $167).
<br />(3) Represents cash and non-interest-bearing deposits with banks.
<br />The accompanying notes are an integral part of these consolidated financial statements.
<br />2008 Scotiabank Annual Report 109
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