PSH-Annual-Report

Annual Report Years Ended December 31, 2014 and December 31, 2013Statement of Cash Flows(Stated in United States Dollars)Notes 2014 2013Cash flows from operating activitiesProfit for the year attributable to equity, non-equityand management shareholders (4),(5),(6) $ 1,123,453,194 $ 210,526,678Adjustments to reconcile changes in profit for theyear to net cash flows:(Increase)/decrease in operating assets:Due from brokers (207,765,417) 274,371,914Trade and other receivables 9 (1,414,884) (3,279,862)Investments in securities 6 (3,880,056,852) (163,767,159)Derivative financial instruments 6 56,244,827 (295,215,873)Increase/(decrease) in operating liabilities:Due to brokers (12,703,261) 73,405,746Trade and other payables 9 79,401,755 25,333,072Securities sold, not yet purchased 6 119,425,506 109,094,449Derivative financial instruments 6 (64,604,808) 83,798,814Net cash (used in)/from operating activities (2,788,019,940) 314,267,779Cash flows from financing activitiesProceeds from issuance of equity shares (13) 11 2,959,367,742 -Proceeds from issuance of management shares (10) 11 128,573,665 -Proceeds from issuance of non-equity shares 11 161,747,500 220,714,337Payment on redemption of non-equity shares 11 (285,515,685) (148,825,485)Net cash from financing activities 2,964,173,222 71,888,852Net change in cash and cash equivalents 176,153,282 386,156,631Cash and cash equivalents at beginning of year 389,656,631 3,500,000Cash and cash equivalents at end of year 10 $ 565,809,913 $ 389,656,631Supplemental disclosure of cash flow informationCash paid during the year for interest $ 5,739,427 $ 10,343,013Cash received during the year for interest $ 38,126 $ 33,141Cash paid during the year for dividends $ 844,628 $ 5,591,905Cash received during the year for dividends $ 18,601,146 $ 25,698,145Cash deducted during the year for withholding taxes $ 5,219,077 $ 7,198,889The accompanying notes form an integral part of these financial statements.PERSHING SQUARE HOLDINGS, LTD. 43