Salomon Swapco Inc
Statement of Cash Flows
(Unaudited)
Dollars in thousands
Six months ended June 30,
1996
1995
Cash flows from operating activities:
Net income adjusted for noncash items -
Net income
$ 20,566
$ 12,866
Amortization of intermediation, guarantee and sales fees, net
(19,857)
(9,269)
Total cash items included in net income
709
3,597
(Increase)/decrease in operating assets -
Securities purchased under agreements to resell
(35,525)
151,064
Investment securities and related hedge swaps
18
(18,640)
Customer derivative receivables
677,281
223,210
SBHC derivative receivables
(58,098)
154,445
Other assets
(5,612)
(4,003)
Total decrease in operating assets
578,064
506,076
Increase/(decrease) in operating liabilities -
Customer derivative payables
(343)
(493,765)
SBHC derivative payables
121,128
19,091
Deferred revenue
47,893
32,699
Other liabilities
(3,522)
824
Total (decrease) in operating liabilities
(77,100)
(441,151)
Cash provided by operating activities
501,673
68,522
Cash flows from financing activities:
Capital contributions
50,000
445,000
Dividends paid
(550,000)
(430,000)
Cash (used in)/provided by financing activities
(500,000)
15,000
Cash flows from investing activities:
Proceeds from -
Sale of investment securities
49,507
Termination of hedge swaps on investment securities
2,014
3,093
Payments for -
Investment securities
(132,187)
Termination of hedge swaps on investment securities
(3,759)
(3,944)
Cash (used in) investing activities
(1,745)
(83,531)
(Decrease) in cash
(72)
(9)
Cash at beginning of period
82
21
Cash at end of period
$ 10
$ 12
The accompanying summary of Accounting Policies and Notes to Financial Statements are integral parts of this
statement.
10
11
