Philippine National Bank and Subsidiaries

Statement of Cash Flows

2004
CASH FLOWS FROM OPERATING ACTIVITIES
Income before income tax 461,823
Adjustments for :
Interest Income (7,229,388)
Interest Expense 5,695,188
Provision for probable losses 416,543
Depreciation and amortization 436,794
Impairment loss on bank premises 97,987
Equity in net earnings of investees 74,774
Dividends Received 709,373
Gain on Sale of investments in subsidiaries
Gain on Sale of ROPOA (261,469)
Changes in Operationg Resources and Liabilities:
Decrease(increase) in amount of:
Financial assets at fair value through Profit 488,267
or loss /Trading account securities
Loans and Recievables 4,219,111
Othr Resources (4,992,045)
Increase (decrease) in amounts of
Deposit Liabilities 11,171,835
Due to Banko Sentral ng Pilipinas (12,940)
Margin Deposits and Cash Letters of credit 135,452
Manager's Checks and demand drafts outstanding 330,087
Accrued taxes, interest and other expenses 62,945
Other Liabilities 77,092
Proceeds from sale of ROPOA 2,412,488
Net Cash Generated from operations 14,293,917
Interest Received 7,239,895
Income taxes paid (4,282,731)
Income Taxes Paid (437,467)
Net Cash Provided by operating activities 16,813,614
CASH FLOWS FROM INVESTING ACTIVITIES
Decrease (increase in the amounts of:
Interbank loans recievables (764,453)
Available- for- sale Investments (4,651,987)
Investments in Subsidiaries and an associate 48,157
Proceeds from sale of investment property 100
Net Acquisition of bank premises, furniture, fixtures,
equipment and leasehold improvements (175,682)
Net cash provided by(used in) financing activities (5,543,865)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from settlement of bills and acceptances payable 202,619
Net cash provided by (used in) financing activities 11,472,368
NET INCREASE IN CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
Cash and other cash items 2,581,027
Due from Banko Sentral ng Pilipinas 3,313,537
Due from other banks 5,695,544
Interbank loans recievables 4,442,817
Securities held under agreements to resell 1,100,000
17,132,925

Philippine National Bank and Subsidiaries

Statement of Cash Flows

CASH AND CASH EQUIVALENTS AT END OF YEAR

Cash and other cash items 3,205,026
Due from Banko Sentral ng Pilipinas 1,115,502
Due from other banks 5,142,524
Interbank loans recievables 13,742,241
Securities held under agreements to resell 5,400,000
28,605,293
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