Bank of baroda

(Rs. in million)
Fiscal 2003
Fiscal 2004
Fiscal 2005
Six months
Six months
ended
ended
September 30,
September 30,
2004
2004
Cash Flow from Operations
(16,813.36)
6,270.20
24,495.71
24,266.27
6,558.59
Cash Flow from Investment
Activities
(1,062.78)
(1,096.17)
(1,279.09)
(183.74)
(1,558.97)
Cash Flow Financing Activities
(3,426.97)
(676.93)
(3,342.72)
(838.97)
6,852.33
Net Changes in Cash and Cash
Equivalents
(21,303.10)
4,497.10
19,873.91
23,243.56
11,851.95
Cash Flows from Operations
Our net cash from operating activities was Rs. (16,813.36) million, Rs. 6,270.20 million and Rs. 24,495.71 million, in fiscal
2003, 2004 and 2005, respectively, and Rs. 24,266.27 million and Rs. 6558.59 million in the six months ended September
30, 2004 and 2005, respectively.
Our net cash from operating activities reflects interest received during the period from advances and investments and
other income and non-cash charges such as depreciation and provisions (mainly for non-performing and standard
assets) made during the period, as well as adjustments for cash charges. In addition, our net cash from operating
activities reflects changes in operating assets and liabilities, including investments, advances, deposits and borrowings,
as well as other assets and liabilities. Change in borrowings reflects only short-term borrowings and not Tier II Bonds,
which are included in financing activities. The table below sets cash flows from cash profits, deposits, investments and
advances for the periods indicated. These line items are the most material in terms of changes in our cash flow from
operations.

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