Salomon Swapco Inc
Statement of Cash Flows
(Unaudited)
Dollars in thousands
Quarter ended March 31,
1996
1995
Cash flows from operating activities:
Net income adjusted for noncash items -
Net income
$11,688
$ 5,123
Amortization of intermediation, guarantee and sales fees, net
(9,024)
(4,450)
Total cash items included in net income
2,664
673
(Increase)/decrease in operating assets -
Securities purchased under agreements to resell
(69,264)
145,316
Investment securities and related hedge swaps
191
(4,511)
Customer derivative receivables
530,874
220,195
SBHC derivative receivables
135,870
Other assets
(7,631)
(2,666)
Total decrease in operating assets
454,170
494,204
Increase/(decrease) in operating liabilities -
Customer derivative payables
(65,725)
(404,665)
SBHC derivative payables
38,205
Deferred revenue
27,502
20,197
Other liabilities
(3,224)
244
Total (decrease) in operating liabilities
(3,242
(384,224)
Cash provided by operating activities
453,592
110,653
Cash flows from financing activities:
Capital contributions
50,000
Dividends paid
(500,000)
(15,000)
Cash (used in) financing activities
(450,000)
(15,000)
Cash flows from investing activities:
Proceeds from -
Sale of investment securities
13,660
Termination of hedge swaps on investment securities
3,055
Payments for -
Investment securities
(111,392)
Termination of hedge swaps on investment securities
(3,664)
(979)
Cash (used in) investing activities
(3,664)
(95,656)
(Decrease) in cash
(72)
(3)
Cash at beginning of period
82
21
Cash at end of period
$ 10
$ 18
The accompanying summary of Accounting Policies and Notes to Financial Statements are integral parts of this
statement.
10
11
