Bahamas - FirstCaribbean International Bank

FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITEDConsolidated Statement of Cash Flows(expressed in thousands of Bahamian dollars)Period endedOctober 31,2002$Year endedDecember 31,2001$Cash flows from (used in) operating activitiesNet income 11,519 17,222Adjustments to reconcile net incomeProvision for credit losses 3,882 6,885Depreciation (net) 2,332 1,798Pension related expenses – 999Amortisation of goodwill 616 –Operating income before changes in operating assets and liabilities 18,349 26,904Increase in securities, net of disposals (76,541) (379)(Increase) / decrease in loans, net of repayments (32,711) 20,885Decrease in other assets and liabilities, net 17,595 1,270Decrease in deposits, net of withdrawals (48,866) (391,633)Net cash used in operating activities (122,174) (342,953)Cash flows used in financing activitiesRemittances to head office – (16,075)Net cash used in financing activities – (16,075)Cash flows used in investing activitiesIncrease in fixed assets, net of disposals (900) (1,346)Net cash used in investing activities (900) (1,346)Net decrease in cash and cash equivalents for the period (123,074) (360,374)Cash and cash equivalents acquired as a result ofbusiness combination 230,782 –Cash and cash equivalents, beginning of period 969,974 1,330,348Cash and cash equivalents, end of period 1,077,682 969,974The accompanying notes are an integral part of these consolidated financial statements.52