Consolidated Financial Statements
| Consolidated Balance Sheet | Consolidated Statement of Income | Consolidated Statement of Comprehensive Income and Consolidated Statement of Changes in Shareholders’ Equity | Consolidated Statement of Cash Flows |
Consolidated Statement of Comprehensive Income
| For the Year Ended October 31 (Canadian $ in millions) | 2007 | 2006 | 2005 | |||
|---|---|---|---|---|---|---|
| Net income | $ | 2,131 | $ | 2,663 | $ | 2,396 |
| Other Comprehensive Income | ||||||
| Net change in unrealized gains on available-for-sale securities |
32 | – | – | |||
| Net change in unrealized losses on cash flow hedges | (115) | – | – | |||
| Net loss on translation of net foreign operations | (613) | (177) | (115) | |||
Total Comprehensive Income |
$ | 1,435 | $ | 2,486 | $ | 2,281 |
Consolidated Statement of Changes
in Shareholders’ Equity
| For the Year Ended October 31 (Canadian $ in millions, except as noted) | 2007 | 2006 | 2005 | ||||||
|---|---|---|---|---|---|---|---|---|---|
Preferred Shares(Note 21 PDF) |
Restated (see Note 22 PDF) | ||||||||
| Balance at beginning of year | $ | 596 | $ | 596 | $ | 596 | |||
| Issued during the year | 600 | – | – | ||||||
| Balance at End of Year | 1,196 | 596 | 596 | ||||||
| Number of Shares | |||||||||
| 2007 | 2006 | 2005 | |||||||
Common Shares(Note 21 PDF) |
|||||||||
| Balance at beginning of year | 500,726,079 | 500,219,068 | 500,896,857 | 4,231 | 4,022 | 3,857 | |||
| Issued under the Shareholder Dividend Reinvestment and Share Purchase Plan (Note 21 PDF) | 1,626,374 | 1,378,328 | 1,258,463 | 113 | 89 | 71 | |||
| Issued under the Stock Option Plan (Note 22 PDF) | 3,774,644 | 5,014,557 | 4,736,826 | 132 | 169 | 146 | |||
| Issued on the exchange of shares of a subsidiary corporation (Note 21 PDF) | 57,205 | 33,526 | 284,722 | 1 | – | 2 | |||
| Repurchased for cancellation (Note 21 PDF) | (7,621,600) | (5,919,400) | (6,957,800) | (66) | (49) | (54) | |||
| Balance at End of Year | 498,562,702 | 500,726,079 | 500,219,068 | 4,411 | 4,231 | 4,022 | |||
Contributed Surplus |
|||||||||
| Balance at beginning of year | 49 | 35 | 22 | ||||||
| Stock option expense (Note 22 PDF) | 9 | 14 | 13 | ||||||
| Balance at End of Year | 58 | 49 | 35 | ||||||
Retained Earnings |
|||||||||
| Balance at beginning of year | 10,974 | 9,801 | 8,738 | ||||||
| Cumulative impact of adopting new accounting requirements for financial instruments (net of income taxes of $39) (Note 1 PDF) | (71) | – | – | ||||||
| Cumulative impact of adopting new accounting requirements for Variable Interest Entities (net of income taxes) (Note 8 PDF) | – | – | (42) | ||||||
| Net income | 2,131 | 2,663 | 2,396 | ||||||
| Dividends | |||||||||
| – Preferred shares (Note 21 PDF) | (43) | (30) | (30) | ||||||
| – Common shares (Note 21 PDF) | (1,353) | (1,133) | (925) | ||||||
| Common shares repurchased for cancellation (Note 21 PDF) | (458) | (327) | (336) | ||||||
| Share issue expense | (14) | – | – | ||||||
| Balance at End of Year | 11,166 | 10,974 | 9,801 | ||||||
Accumulated Other Comprehensive Income on Available-for-Sale Securities |
|||||||||
| Balance at beginning of year | – | – | – | ||||||
| Impact of remeasuring available-for-sale securities to market value on November 1, 2006 (net of income taxes of $1) | 3 | – | – | ||||||
| Unrealized gains on available-for-sale securities arising during the year (net of income taxes of $6) | 15 | – | – | ||||||
| Reclassification to earnings of realized losses in the year (net of income taxes of $12) | 17 | – | – | ||||||
| Balance at End of Year | 35 | – | – | ||||||
Accumulated Other Comprehensive Loss on Cash Flow Hedges |
|||||||||
| Balance at beginning of year | – | – | – | ||||||
| Impact of adopting new cash flow hedge accounting rules on November 1, 2006 (net of income taxes of $28) | (51) | – | – | ||||||
| Losses on cash flow hedges arising during the year (net of income taxes of $64) | (128) | – | – | ||||||
| Reclassification to earnings of losses on cash flow hedges (net of income taxes of $6) | 13 | – | – | ||||||
| Balance at End of Year | (166) | – | – | ||||||
Accumulated Other Comprehensive Loss on Translation of Net Foreign Operations |
|||||||||
| Balance at beginning of year | (789) | (612) | (497) | ||||||
| Unrealized loss on translation of net foreign operations | (1,697) | (472) | (311) | ||||||
| Impact of hedging unrealized loss on translation gains of net foreign operations (net of income taxes of $575, $156 and $101) | 1,084 | 295 | 196 | ||||||
| Balance at End of Year | (1,402) | (789) | (612) | ||||||
| Total Accumulated Other Comprehensive Loss | (1,533) | (789) | (612) | ||||||
Total Shareholders’ Equity |
$ | 15,298 | $ | 15,061 | $ | 13,842 | |||
|
The accompanying notes to consolidated financial statements (PDF, 465 KB) are an integral part of these statements. Certain comparative figures have been reclassified to conform with the current year’s presentation. |
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