Commonwealth Bank - Report to Shareholders 2003 - Statement of Cash Flows for the year ended 30 June 2003
 

Statement of Cash Flows for the year ended 30 June 2003

 
Group
2003
$M
Group
2002
$M

Cash Flows From Operating Activities
Interest received
11,452
10,683
Dividends received
4
5
Interest paid
(6,455)
(5,805)
Other operating income received
3,135
3,706
Expenses paid
(5,438)
(5,366)
Income taxes paid
(1,258)
(926)
Net decrease (increase) in trading securities
(2,484)
(1,159)
Life insurance:
   Investment income
644
870
   Premiums received
4,130
5,689
   Policy payments
(5,855)
(5,704)

Net Cash provided by/(used in) operating activities
(2,125)
1,993

Cash Flows from Investing Activities
Payments for acquisition of entities and management rights
(173)
(57)
Proceeds from disposal of entities and businesses
33
314
Net movement in investment securities:
   Purchases
(18,055)
(23,488)
   Proceeds from sale
23
295
   Proceeds at or close to maturity
17,719
22,192
Withdrawal (lodgement) of deposits with regulatory authorities
66
(28)
Net increase in loans, advances and other receivables
(13,577)
(11,702)
Proceeds from sale of property, plant and equipment
72
109
Purchase of property, plant and equipment
(143)
(164)
Net decrease (increase) in receivables due from other financial institutions not at call
513
(855)
Net decrease (increase) in securities purchased under agreements to resell
50
(1,376)
Net decrease (increase) in other assets
301
(241)
Life insurance:
   Purchases of investment securities
(13,091)
(13,926)
   Proceeds from sale/maturity of investment securities
14,628
14,618

Net Cash used in Investing Activities
(11,634)
(14,309)

Cash Flows from Financing Activities
Proceeds from issue of shares (net of costs)
13
39
Proceeds from issue of preference shares to outside equity interests
182
-
Net increase (decrease) in deposits and other borrowings
5,129
15,135
Net movement in debt issues
7,054
(967)
Dividends paid (including DRP buyback of shares)
(1,933)
(1,661)
Net movements in other liabilities
(926)
1,809
Net increase (decrease) in payables due to other financial institutions not at call
(796)
211
Net increase (decrease) in securities sold under agreements to repurchase
3,046
310
Issue of loan capital
901
-
Other
19
(100)

Net Cash provided by Financing Activities
12,689
14,776

Net Increase (Decrease) in Cash and Cash Equivalents
(1,070)
2,460
Cash and Cash Equivalents at beginning of period
2,498
38

Cash and Cash Equivalents at end of period
1,428
2,498

For further information, refer full Annual Report – 2003 Financial Statements.

The cash flow statement highlights the net growth from Investing Activities of $11.6 billion including Lending Assets of $13.6 billion, financed by Deposits growth of $5.1 billion and debt issues of $7.0 billion. Operating Activities used $2.1 billion in cash for the year.

It should be noted that the Bank does not use this accounting Statement of Cash Flows in the internal management of its liquidity positions.