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8-K - JANUARY 2013 FORM 8-K - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/jan2013_8kcorrection.htm
EX-99.3 - EXHBIT 99.1 - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/exhibit99_3.htm
EX-99.1 - EXHBIT 99.1 - NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/exhibit99_1.htm
Exhibit 99.2
 
NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)

For the six months ended November 30, 2012

   
As filed
 
Adjustment
 
Corrected
CASH FLOWS FROM OPERATING ACTIVITIES:
           
Net income
$
 72,727
$
 -
$
72,727
Adjustments to reconcile net income to net cash provided by operating activities
         
Amortization of deferred income
 
(4,710)
 
  -
 
(4,710)
Amortization of bond issuance costs and deferred charges
 
3,842
 
  -
 
3,842
Depreciation
 
2,625
 
 -
 
 2,625
Provision for loan losses
 
5,305
 
 -
 
  5,305
Recovery of guarantee liability
 
 (101)
 
 -
 
  (101)
Results of operations of foreclosed assets
 
 5,674
 
 -
 
5,674
Derivative forward value
 
 (961)
 
  -
 
 (961)
Changes in operating assets and liabilities:
           
Accrued interest and other receivables
 
13,386
 
  -
 
13,386
Accrued interest payable
 
(6,329)
 
  -
 
(6,329)
Other
 
4,921
 
-
 
4,921
             
Net cash provided by operating activities
 
96,379
 
-
 
96,379
             
CASH FLOWS FROM INVESTING ACTIVITIES:
           
Advances made on loans
 
(2,584,296)
 
98,147
 
(2,486,149)
Principal collected on loans
 
2,300,104
 
-
 
2,300,104
Net investment in fixed assets
 
(2,961)
 
 -
 
(2,961)
Proceeds from foreclosed assets
 
29,110
 
-
 
29,110
Investments in foreclosed assets
 
(57,111)
 
-
 
(57,111)
Net proceeds from sale of loans
 
 98,147
 
(98,147)
 
-
Investments
 
 (250,000)
 
-
 
(250,000)
Change in restricted cash
 
  (955)
 
-
 
(955)
             
Net cash used in investing activities
 
 (467,962)
 
-
 
(467,962)
             
CASH FLOWS FROM FINANCING ACTIVITIES:
           
Proceeds from issuances of short-term debt, net
 
215,087
 
(124,234)
 
90,853
Proceeds from issuances of short-term debt with original maturity greater than 90 days
 
 -
 
322,406
 
322,406
Repayments of short-term debt with original maturity greater than 90 days
 
  -
 
(198,172)
 
(198,172)
Issuance costs for revolving bank lines of credit
 
(1,447)
 
-
 
(1,447)
Proceeds from issuance of long-term debt
 
1,254,167
 
-
 
1,254,167
Payments for retirement of long-term debt
 
(730,293)
 
-
 
(730,293)
Proceeds from issuance of members' subordinated certificates
 
 55,548
 
 -
 
55,548
Payments for retirement of members' subordinated certificates
 
 (6,066)
 
-
 
(6,066)
Payments for retirement of patronage capital
 
(33,991)
 
-
 
(33,991)
Cash paid portion of debt exchange premium
 
(133,406)
 
-
 
(133,406)
             
Net cash provided by financing activities
 
619,599
 
 -
 
619,599
             
NET INCREASE IN CASH AND CASH EQUIVALENTS
 
248,016
 
-
 
248,016
BEGINNING CASH AND CASH EQUIVALENTS
 
 191,167
 
 -
 
191,167
ENDING CASH AND CASH EQUIVALENTS
$
439,183
$
 -
$
439,183
 
 
 
 

 
NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION
 
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)

For the six months ended November 30, 2011

   
As filed
 
Adjustment
 
Corrected
CASH FLOWS FROM OPERATING ACTIVITIES:
           
Net loss
$
  (113,916)
$
  -
$
(113,916)
Adjustments to reconcile net loss to net cash provided by operating activities
         
Amortization of deferred income
 
(5,617)
 
  -
 
  (5,617)
Amortization of bond issuance costs and deferred charges
 
6,038
 
-
 
6,038
Depreciation
 
   1,719
 
   -
 
1,719
Recovery of loan losses
 
(12,125)
 
-
 
 (12,125)
Recovery of guarantee liability
 
 (72)
 
-
 
(72)
Results of operations of foreclosed assets
 
 16,466
 
  -
 
16,466
Derivative forward value
 
158,510
 
-
 
158,510
Changes in operating assets and liabilities:
           
Accrued interest and other receivables
 
7,238
 
  -
 
7,238
Accrued interest payable
 
(12,236)
 
-
 
(12,236)
Other
 
10,300
 
-
 
10,300
             
Net cash provided by operating activities
 
56,305
 
-
 
56,305
             
CASH FLOWS FROM INVESTING ACTIVITIES:
           
Advances made on loans
 
(3,260,727)
 
81,897
 
(3,178,830)
Principal collected on loans
 
4,187,593
 
-
 
4,187,593
Net investment in fixed assets
 
(11,432)
 
-
 
 (11,432)
Proceeds from foreclosed assets
 
18,849
 
-
 
18,849
Investments in foreclosed assets
 
(29,179)
 
  -
 
(29,179)
Net proceeds from sale of loans
 
 81,897
 
(81,897)
 
-
Change in restricted cash
 
  (955)
 
  -
 
(955)
             
Net cash provided by investing activities
 
986,046
 
-
 
  986,046
             
CASH FLOWS FROM FINANCING ACTIVITIES:
           
Repayments of issuances of short-term debt, net
 
(181,095)
 
135,869
 
(45,226)
Proceeds from issuances of short-term debt with original maturity greater than
   90 days
 
 -
 
221,960
 
221,960
Repayments of short-term debt with original maturity greater than 90 days
 
-
 
        (357,829)
 
 (357,829)
Issuance costs for revolving bank lines of credit
 
(3,626)
 
  -
 
(3,626)
Proceeds from issuance of long-term debt, net
 
299,132
 
-
 
299,132
Payments for retirement of long-term debt
 
(810,286)
 
-
 
 (810,286)
Proceeds from issuance of members' subordinated certificates
 
18,145
 
-
 
18,145
Payments for retirement of members' subordinated certificates
 
(54,892)
 
  -
 
(54,892)
Payments for retirement of patronage capital
 
(43,697)
 
  -
 
 (43,697)
             
Net cash used in financing activities
 
(776,319)
 
-
 
 (776,319)
             
NET INCREASE IN CASH AND CASH EQUIVALENTS
 
266,032
 
  -
 
  266,032
BEGINNING CASH AND CASH EQUIVALENTS
 
 293,615
 
   -
 
293,615
ENDING CASH AND CASH EQUIVALENTS
$
559,647
$
   -
$
559,647