 |
CONSOLIDATED STATEMENTS OF CASH FLOWS
Download the Excel document (XLS 18 KB)
|
|
|
|
(IN THOUSANDS OF CANADIAN DOLLARS)
|
|
|
|
|
|
|
|
For the year ended
December 31, 2005 |
|
For the year ended
December 31, 2004 |
|
|
|
|
|
|
|
OPERATING ACTIVITIES
|
|
|
|
|
|
Net earnings
|
$241,833 |
|
$106,989 |
|
|
Items not affecting cash and cash equivalents:
|
|
|
|
|
|
Depreciation and amortization
|
228,071 |
|
252,396 |
|
|
Amortization and write-off of deferred financing costs
|
9,274 |
|
2,509 |
|
|
Non-controlling interest
|
— |
|
36,127 |
|
|
Non-cash derivative item
|
7,769 |
|
— |
|
|
Non-cash rent expense
|
4,764 |
|
4,690 |
|
|
Net benefit plans cost
|
9,401 |
|
2,195 |
|
|
Other non-cash items
|
467 |
|
(537 |
) |
|
Future income taxes (Note 11)
|
(43,196 |
) |
(35,075 |
) |
|
Change in operating assets and liabilities (Note 18)
|
38,989 |
|
(19,107 |
) |
|
|
|
497,372 |
|
350,187 |
|
|
|
|
|
|
INVESTING ACTIVITIES
|
|
|
|
|
|
Business acquisitions (Note 2)
|
(2,623,822 |
) |
— |
|
|
Acquisition of non-controlling interest
|
— |
|
(535,199 |
) |
|
Restricted cash
|
227,622 |
|
(178,400 |
) |
|
Acquisition of capital assets
|
(36,461 |
) |
(29,194 |
) |
|
Proceeds from lease inducements
|
1,036 |
|
9,824 |
|
|
Acquisition of intangibles
|
— |
|
(25 |
) |
|
|
|
(2,431,625 |
) |
(732,994 |
) |
|
|
|
|
|
FINANCING ACTIVITIES
|
|
|
|
|
|
Issuance of long-term debt
|
3,328,500 |
|
1,857,000 |
|
|
Repayment of long-term debt
|
(2,733,838 |
) |
(1,724,596 |
) |
|
Issuance of units, net
|
1,624,737 |
|
713,599 |
|
|
Distributions to unitholders
|
(407,823 |
) |
(263,398 |
) |
|
Distributions to non-controlling interest
|
— |
|
(46,884 |
) |
|
Proceeds from exercise of options (Note 2)
|
4,264 |
|
5,986 |
|
|
Purchase of restricted units (Note 17)
|
(1,362 |
) |
(1,257 |
) |
|
Purchase of forward start swaps (Note 21)
|
— |
|
(1,228 |
) |
|
Premium/proceeds received from derivatives, net (Note 21)
|
5,707 |
|
— |
|
|
Proceeds from reimbursement of employee unit purchase loans
|
— |
|
860 |
|
|
Deferred financing costs
|
(23,469 |
) |
(15,863 |
) |
|
|
|
1,796,716 |
|
524,219 |
|
|
|
|
|
|
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
|
(137,537 |
) |
141,412 |
|
|
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
|
186,957 |
|
45,545 |
|
|
|
CASH AND CASH EQUIVALENTS, END OF YEAR
|
$49,420 |
|
$186,957 |
|
|
|
Supplemental disclosure of cash flow information (Note 18)
|
|
|
|
|
|
|
|
