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Statement of Cash Flows
1999-12-31
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)

 

  1999

  1998

 

(US$ million)

OPERATING ACTIVITIES

Net profit for the period

112 

25 

Items not involving cash flow:

     Loan loss provisions

97 

229 

     Depreciation

25 

25 

Items considered separately:

     Gains less losses on investment securities

(7)

(51)

Changes in operating assets and liabilities:

     Trading securities

266 

(88)

     Placements with banks and other financial institutions

1481 

40 

     Loans and advances

(386)

(562)

     Other assets

(261)

47 

     Deposits from customers

327 

(253)

     Deposits from banks and other financial institutions

(1141)

2106 

     Other liabilities

288 

(14)

Other non-cash movements

100 

(819)


Net cash inflow (outflow) from operating activities

901 

685 


INVESTING ACTIVITIES  

Purchase of investment securities

(1574)

(3068)

Sale of investment securities

1163 

2414 

Purchase of investments

(33)

(50)

Sale of investments

34 

38 

Acquisition of subsidiary

(47)

Purchase of premises and equipment

(33)

(59)

Sale of premises and equipment

32 

64 


Net cash (outflow) inflow  from investing activities

(458)

(661)


FINANCING ACTIVITIES

(Repayment) issue of certificates of deposit - net

35 

38  

Issue of term notes, bonds and other term financing

297 

401 

Repayment of term notes, bonds and other term financing

(460)

(438)

Dividend paid

(60)


Net cash (outflow) inflow  from financing activities

(128)

(59)


(Decrease) increase in liquid funds

315 

(35)

Foreign exchange translation differences

(23)

13 

Liquid funds at beginning of the year *

295 

317 


Liquid funds at end of the period *

587 

295 


* Liquid funds comprise cash, nostro balances and balances with central banks.

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