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Fortis Inc. Consolidated Statements of Cash Flows (Unaudited) For the periods ended December 31 (in millions of Canadian dollars) Quarter Ended Year Ended 2012 2011 2012 2011--------------------------------------------------------------------------------------------------------------------------------------------------------Operating activitiesNet earnings $ 102 $ 96 $ 371 $ 366Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation - utility capital assets and income producing properties 108 97 424 381 Amortization - intangible assets 11 11 44 38 Amortization - other - (1) 2 (3) Deferred income taxes 9 1 17 4 Accrued employee future benefits 14 5 10 18 Equity component of allowance for funds used during construction (3) (3) (7) (13) Other 9 (5) (1) (1)Change in long-term regulatory assets and liabilities 63 35 38 26Change in non-cash operating working capital (141) (6) 78 99 ------------------------------------ 172 230 976 915 ------------------------------------Investing activitiesChange in other assets and other liabilities (2) (46) - (45)Capital expenditures - utility capital assets (316) (338) (1,053) (1,083)Capital expenditures - income producing properties (11) (10) (35) (30)Capital expenditures - intangible assets (9) (19) (42) (58)Contributions in aid of construction 23 26 68 75Proceeds on sale of utility capital assets and income producing properties 3 45 3 51Business acquisitions, net of cash acquired (7) (25) (21) (25) ------------------------------------ (319) (367) (1,080) (1,115) ------------------------------------Financing activitiesChange in short-term borrowings 39 (84) (22) (198)Proceeds from long-term debt, net of issue costs 124 304 124 343Repayments of long-term debt and capital lease and finance obligations (31) (13) (88) (40)Net (repayments) borrowings under committed credit facilities (150) (40) 71 (145)Advances from non-controlling interests 23 4 106 81Subscription Receipts issue costs - - (13) -Issue of common shares, net of costs and dividends reinvested 12 4 24 345Issue of preference shares, net of costs 194 - 194 -Dividends Common shares, net of dividends reinvested (42) (42) (170) (151) Preference shares (12) (12) (46) (46) Subsidiary dividends paid to non- controlling interests (3) (3) (9) (9) ------------------------------------ 154 118 171 180 ------------------------------------Change in cash and cash equivalents 7 (19) 67 (20)Cash and cash equivalents, beginning of period 147 106 87 107 ------------------------------------Cash and cash equivalents, end of period $ 154 $ 87 $ 154 $ 87-------------------------------------------------------------------------------------------------------------------------------------------------------- Fortis Inc. Consolidated Statements of Changes in Equity (Unaudited) For the periods ended December 31 (in millions of Canadian dollars)
