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The accompanying notes to the financial statements are an integral component of the financial statements.
Consolidated Statements of Cash Flows
(Expressed in thousands of Canadian Dollars)
For the three months For the year ended December 31, ended December 31, 2012 2011 2012 2011----------------------------------------------------------------------------Cash provided by (used for):Operating ActivitiesNet earnings 4,124 6,031 42,804 33,562Adjustments for: Amortization 17,796 16,401 62,509 62,856 Income taxes provision (Note 10) 706 2,578 11,208 14,187 Income taxes paid (188) (1,514) (231) (1,809) Stock-based compensation expense (Note 9) 4,455 3,003 8,955 6,084 Finance charges 5,840 8,505 26,796 28,191 Embedded derivative gain (Note 17) (602) - (13,439) - Finance charges paid (10,343) (9,502) (22,075) (20,083) Other 515 (150) 89 (213)----------------------------------------------------------------------------Funds from Operations 22,303 25,352 116,616 122,775Decrease (increase) in non-cash working capital (Note 20) 26,772 27,749 (15,883) (14,856)Decommissioning costs incurred (1,683) (1,711) (3,554) (3,356)----------------------------------------------------------------------------Cash from Operating Activities 47,392 51,390 97,179 104,563----------------------------------------------------------------------------Investing Activities Additions to property, plant and equipment (Note 4) (48,616) (46,786) (157,669) (117,143) Proceeds on sale of property, plant, and equipment 1,925 1,023 2,573 1,220 Other - - 100 (5,757)----------------------------------------------------------------------------Cash used in Investing Activities (46,691) (45,763) (154,996) (121,680)----------------------------------------------------------------------------Financing Activities Issuance of shares 73,920 - 74,562 1,249 Issuance of senior unsecured debentures - 122,557 - 122,557 Redemption of convertible debentures - (115,000) - (115,000) (Decrease) increase in senior secured debt (71,000) (12,755) 7,496 16,154 Increase (decrease) in bank indebtedness - 3,384 (6,168) 5,999 Decrease in note receivable 70 75 264 240 Dividends paid (Note 15) (4,870) (3,888) (17,382) (14,082)----------------------------------------------------------------------------Cash from Financing Activities (1,880) (5,627) 58,772 17,117---------------------------------------------------------------------------- Effect of foreign exchange on cash 311 - (546) -----------------------------------------------------------------------------Change in cash (868) - 409 -Cash, beginning of year 1,277 - - -----------------------------------------------------------------------------Cash, end of year 409 - 409 -----------------------------------------------------------------------------
