The Company's forward-looking statements, and forward looking statements with respect to the Fund, are subject to risks and uncertainties pertaining to operating performance, regulatory parameters, project approval and support, weather, economic conditions, exchange rates, interest rates and commodity prices, including but not limited to those risks and uncertainties discussed in this News Release and in the Company's and the Fund's other filings with Canadian securities regulators. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent and the Company's and the Fund's future course of action depends on management's assessment of all information available at the relevant time. Except to the extent required by law, the Company and the Fund assume no obligation to publicly update or revise any forward-looking statements made in this News Release or otherwise, whether as a result of new information, future events or otherwise. All subsequent forward-looking statements whether written or oral, attributable to the Company or the Fund or persons acting on the Company's or the Fund's behalf, are expressly qualified in their entirety by these cautionary statements.
NON-GAAP MEASURES
This News Release contains references to the Fund's cash available for distribution. Cash available for distribution represents the Fund's cash available to fund distributions on Trust Units and ECT Preferred Units as well as for debt repayments and reserves. This measure is important to shareholders as the Company's objective is to provide a predictable flow of dividends to shareholders and the Company's cash flows are derived from its investment in the Fund. Cash available for distribution is not a measure that has standardized meaning prescribed by United States Generally Accepted Accounting Principles (U.S.GAAP) and is not considered a GAAP measure. Therefore, this measure may not be comparable with similar measures presented by other issuers. The Fund's Cash Available for Distribution reconciliation is as follows:
Three months ended Year ended December 31, December 31, -------------------------------------------- -------------------------------------------- 2012 2011 2012 2011----------------------------------------------------------------------------(millions of Canadian dollars)Cash provided by operating activities(1) 58.3 102.8 266.7 338.5 Add/(deduct): Retrospective pre-Acquisition cash flows(1) (13.2) (22.5) (82.4) (189.7) Green Power maintenance capital expenditures - - (0.2) (0.2) Green Power joint ventures cash distributed/(retained) (1.1) (0.4) 0.2 (1.3) Liquids Transportation and Storage maintenance capital expenditures (5.1) (2.3) (12.1) (5.4) Change in operating assets and liabilities in the period 4.9 (27.2) 23.4 (7.6)----------------------------------------------------------------------------Cash available for distribution 43.8 50.4 195.6 134.3--------------------------------------------------------------------------------------------------------------------------------------------------------(1) In accordance with U.S. GAAP, cash provided by operating activities for all 2012 and 2011 periods has been retrospectively adjusted to furnish comparative information related to the 2012 Acquisition and the 2011 Acquisition. The impact of the retrospective adjustments has been eliminated from CAFD as these cash flows were not available to distribute to unitholders.
