CONSOLIDATED STATEMENTS OF CASH FLOWS Years Ended December 31 2011 2010 Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization Amortization of net premium (discounts) on investments Change in fair value of swaps and other noncash items Minority interest Gain on sales of available-for-sale investment securities, net Provision for loan losses Change in other assets and liabilities: Increase in interest receivable Increase in receivable and other assets Increase (decrease) in accounts payable Increase (decrease) in accrued liabilities Increase in accrued interest payable Net cash provided by operating activities
$
21,438,617
$ 17,253,680
49,924 529,865 10,886,940 170 (1,479,029) 2,350,000
55,455 360,000 1,070,234 114 (5,513,905) 900,000
(1,547,682) (4,048,387) 3,474,478 7,320 844,259 32,506,475
(3,952,716) (382,465) (289,811) (357,002) 4,519,377 13,662,961
(18,436) 123,390,271 (80,346,865) (3,120,000) (404,699,587) 3,727,000 327,274,389 (33,793,228)
(23,410) 12,783,553 (172,272,929) (55,887,371) (430,630,650) 6,036,000 381,019,605 (258,975,202)
Cash flows from financing activities: Proceeds from note issuance Grant funds from the Environmental Protection Agency (EPA) Grant disbursements – EPA Grant activity – U.S. Domestic Program Net cash (used in) provided by financing activities
– 18,400,526 (18,400,792) (583,605) (583,871)
249,347,500 25,738,814 (25,742,547) (2,340,433) 247,003,334
Net (decrease) increase in cash and cash equivalents Cash and cash equivalents at January 1, 2011 and 2010 Cash and cash equivalents at December 31, 2011 and 2010
$
(1,870,624) 1,691,093 43,156,304 41,465,211 41,285,680 $ 43,156,304
Supplemental cash information: Cash paid during the year for interest
$
10,937,500
Significant noncash transactions: Foreign currency translation adjustment Change in fair value of cross-currency interest rate swaps Change in fair value of available-for-sale investments, net
$ (26,850,206) $ 16,391,288 $ 45,376,673 $ (25,881,374) $ (15,968) $ (4,489,044)
Cash flows from lending, investing, and development activities: Capital expenditures Loan principal repayments Loan disbursements Purchase of held-to-maturity investments Purchase of available-for-sale investments Proceeds from maturities of held-to-maturity investments Proceeds from sales and maturities of available-for-sale investments Net cash used in lending, investing, and development activities
The accompanying notes are an integral part of these consolidated financial statements.
North American Development Bank 34
$
5,468,750