REPUBLIC BANK LIMITED
54
ConsolidatedStatement of CashFlows
For the year ended September 30, 2014. Expressed in thousands of Trinidad and Tobago dollars ($’000)
Notes
2014
2013
(Restated)
Operating activities
Net profit before taxation
1,568,696
1,554,942
Adjustments for:
Depreciation
7
150,789
154,209
Loan impairment expense, net of recoveries
4(b)(ii)
119,883
57,052
Goodwill impairment expense
8
185,000
–
Investment securities impairment expense
4,094
53,044
Translation difference
(10,228)
2,032
Losses on sale of premises and equipment
5,278
3,099
Realised (gain)/loss on investment securities
(228,898)
25,598
Share of net (profits)/loss of associated companies
6
(49,135)
60,324
Stock option expense
16
8,150
6,538
Increase in employee benefits
118,853
24,560
Increase in advances
(1,979,773)
(1,975,370)
Increase in customers’ deposits and other fund raising instruments
1,625,309
5,721,383
Increase in statutory deposits with Central Banks
(501,856)
(359,789)
Increase in other assets and investment interest receivable
(183,636)
(94,791)
Increase in other liabilities and accrued interest payable
55,783
130,584
Taxes paid, net of refund
(444,918)
(324,992)
Cash provided by operating activities
443,391
5,038,423
Investing activities
Purchase of investment securities
(4,281,629
)
(3,275,502)
Redemption of investment securities
4,126,002
2,871,561
Net cash outflow from the purchase of interest in
associated companies
–
(297,767)
Acquisition of non-controlling interest
–
(529,645)
Dividends from associated companies
6
9,740
3,305
Additions to premises and equipment
7
(202,825)
(201,686)
Proceeds from sale of premises and equipment
50,459
4,760
Cash used in investing activities
(298,253)
(1,424,974)
Financing activities
Decrease in balances due to other banks
(3,392)
(11,157)
Repayment of debt securities
(162,256)
(11,489)
Proceeds from share issue
16
46,789
15,244
Shares purchased for profit sharing scheme
17
(71,050)
–
Allocation of shares to profit sharing plan
17
52,185
47,754
Dividends paid to shareholders of the parent
27
(685,251)
(683,028)
Dividends paid to non-controlling shareholders of the subsidiaries
(15,589)
(26,032)
Cash used in financing activities
(838,564)
(668,708)
The accompanying notes form an integral part of these consolidated financial statements.
