Salomon Swapco Inc
Statement of Cash Flows
(Unaudited)
Dollars in thousands
Quarter ended March 31,
1997
1996
Cash flows from operating activities:
Net income adjusted for noncash items -
Net income
$ 17,048
$ 11,688
Amortization of intermediation, guarantee and sales fees, net
(26,723)
(9,024)
Total cash items included in net income
(9,675)
2,664
(Increase)/decrease in operating assets -
Securities purchased under agreements to resell
(83,448)
(69,264)
Investment securities and related hedge swaps
522
191
Customer derivative receivables
156,345
530,874
SBHC derivative receivables
(51,165)
Other assets
(9,944)
(7,631)
Total decrease in operating assets
12,310
454,170
Increase/(decrease) in operating liabilities -
Customer derivative payables
(85,661)
(65,725)
SBHC derivative payables
38,205
Deferred revenue
29,457
27,502
Other liabilities
80,884
(3,224)
Total increase/(decrease) in operating liabilities
24,680
(3,242)
Cash provided by operating activities
27,315
453,592
Cash flows from financing activities:
Capital contributions
5,000
50,000
Dividends paid
(40,000)
(500,000)
Cash (used in) financing activities
(35,000)
(450,000)
Cash flows from investing activities:
Proceeds from -
Sale of investment securities
130,249
Termination of hedge swaps on investment securities
244
Payments for -
Investment securities
(80,549)
Termination of hedge swaps on investment securities
(2,441)
(3,664)
Cash provided by/(used in) investing activities
47,503
(3,664)
(Decrease) in cash
39,818
(72)
Cash at beginning of period
266
82
Cash at end of period
$ 40,084
$ 10
The accompanying summary of Accounting Policies and Notes to Financial Statements are integral parts of this statement.
10
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