 |
Consolidated Statements of Cash Flows
|
For the years ended December 31,
(in thousands of Canadian dollars) |
|
| |
2007 |
2006 |
|
| OPERATING ACTIVITIES |
| Net earnings |
$527,709 |
$431,933 |
| Items not affecting cash and cash equivalents: |
| Depreciation and amortization |
225,584 |
172,240 |
| Impairment of intangible assets |
- |
8,000 |
| Amortization and write-off of deferred financing costs |
5,824 |
4,478 |
| Accretion on Exchangeable Debentures |
2,233 |
1,043 |
| Net benefit plan costs |
11,387 |
10,007 |
| Non-cash derivative items |
(2,712) |
5,044 |
| Non-cash stock-based compensation expense |
9,841 |
5,756 |
| Other non-cash items |
(2,752) |
(187) |
| Future income taxes (Note 13) |
(39,901) |
(1,277) |
| Non-controlling interest |
588 |
- |
| Change in operating assets and liabilities (Note 20) |
(42,261) |
(35,674) |
|
| |
695,540 |
601,363 |
|
| INVESTING ACTIVITIES |
| Business acquisitions, net of cash acquired (Note 3) |
(341,648) |
(1,178,768) |
| Acquisition of capital assets |
(73,129) |
(57,944) |
| Proceeds from disposal of capital assets |
- |
225 |
| Proceeds from lease inducements |
5,840 |
1,538 |
| Acquisition of investment |
(5,003) |
- |
| Acquisition of intangibles |
(93) |
(2,460) |
|
| |
(414,033) |
(1,237,409) |
|
| FINANCING ACTIVITIES |
| Issuance of long-term debt |
72,000 |
1,034,969 |
| Repayment of long-term debt |
(246,747) |
(752,514) |
| Issuance of Exchangeable Debentures |
- |
300,000 |
| Distributions to Unitholders |
(580,104) |
(517,331) |
| Distributions to non-controlling interest |
(866) |
- |
| Issuance of units, net |
- |
600,501 |
| Issuance of warrants |
- |
6,250 |
| Issuance of Preferred shares |
500,000 |
- |
| Proceeds from exercise of options (Note 3) |
4,393 |
3,225 |
| Purchase of restricted units (Note 19) |
(17,718) |
(16,568) |
| Premium/proceeds received from derivatives, net (Note 23) |
- |
3,481 |
| Deferred financing costs and other |
(16,598) |
(17,979) |
|
| |
(285,640) |
644,034 |
|
| (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS |
(4,133) |
7,988 |
| CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR |
57,408 |
49,420 |
|
| CASH AND CASH EQUIVALENTS, END OF YEAR |
$53,275 |
$57,408 |
|
Supplemental disclosure of cash flow information (Note 20)
The accompanying notes are an integral part of these consolidated financial statements.
|
|
