Salomon Swapco Inc
Statement of Cash Flows
(Unaudited)
Dollars in thousands
Six months ended June 30,
1997
1996
Cash flows from operating activities:
Net income adjusted for noncash items -
Net income
$ 26,560
$ 20,566
Amortization of intermediation, guarantee and sales fees, net
(40,880)
(19,857)
Total cash items included in net income
(14,320)
709
(Increase)/decrease in operating assets -
Securities purchased under agreements to resell
(34,919)
(35,525)
Investment securities and related hedge swaps
860
18
Customer derivative receivables
(16,030)
677,281
SBHC derivative receivables
17,653
(58,098)
Other assets
(18,424)
(5,612)
Total (increase)/decrease in operating assets
(50,860)
578,064
Increase/(decrease) in operating liabilities -
Customer derivative payables
282
(343)
SBHC derivative payables
(121,128)
Deferred revenue
64,676
47,893
Other liabilities
(473)
(3,522)
Total increase/(decrease) in operating liabilities
64,485
(77,100)
Cash (used in)/provided by operating activities
(695)
501,673
Cash flows from financing activities:
Capital contributions
5,000
50,000
Dividends paid
(50,000)
(550,000)
Cash (used in) financing activities
(45,000)
(500,000)
Cash flows from investing activities:
Proceeds from -
Sale of investment securities
167,205
Termination of hedge swaps on investment securities
451
2,014
Payments for -
Investment securities
(114,669)
Termination of hedge swaps on investment securities
(2,971)
(3,759)
Cash provided by/(used in) investing activities
50,016
(1,745)
Increase/(decrease) in cash
4,321
(72)
Cash at beginning of period
266
82
Cash at end of period
$ 4,587
$ 10
The accompanying summary of Accounting Policies and Notes to Financial Statements are integral parts of this statement.
10
11
