Salomon Swapco Inc
Statement of Cash Flows
(Unaudited)
Dollars in thousands
Nine months ended September 30,
1997
1996
Cash flows from operating activities:
Net income adjusted for noncash items -
Net income
$ 38,324
$ 28,324
Amortization of intermediation, guarantee and sales fees, net
(58,451)
(29,159)
Total cash items included in net income
(20,127)
(835)
(Increase)/decrease in operating assets -
Securities purchased under agreements to resell
(6,457)
84,473
Investment securities and related hedge swaps
1,138
6,339
Customer derivative receivables
(253,444)
579,791
SBHC derivative receivables
19,152
(232,977)
Other assets
277
(7,437)
Total (increase)/decrease in operating assets
(239,334)
430,189
Increase/(decrease) in operating liabilities -
Customer derivative payables
156,945
104,938
SBHC derivative payables
(121,128)
Deferred revenue
102,022
66,687
Other liabilities
(519)
(4,610)
Total increase in operating liabilities
258,448
45,887
Cash (used in)/provided by operating activities
(1,013)
475,241
Cash flows from financing activities:
Capital contributions
5,000
50,000
Dividends paid
(61,000)
(558,000)
Cash (used in) financing activities
(56,000)
(508,000)
Cash flows from investing activities:
Proceeds from -
Sale of investment securities
175,897
48,504
Termination of hedge swaps on investment securities
509
3,244
Payments for -
Investment securities
(114,669)
(12,098)
Termination of hedge swaps on investment securities
(4,940)
(6,960)
Cash provided by investing activities
56,797
32,690
(Decrease) in cash
(216)
(69)
Cash at beginning of period
266
82
Cash at end of period
$ 50
$ 13
The accompanying summary of Accounting Policies and Notes to Financial Statements are integral parts of this statement.
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