Consolidated Statements of Cash Flows

For the years ended December 31 ($Cdn thousands)	Note	2011	2010
See accompanying notes to consolidated financial statements.
Operating activities
Net earnings		$438,635	$506,039
Adjustments for:
Depreciation and amortization		274,835	238,308
Deferred charges		(7,869)	(33,369)
Unrealized losses on derivatives		60,558	25,561
Share-based compensation	27	19,492	16,086
Loss on disposal of assets		7,602	107
Finance costs	22	73,668	86,179
Finance income		(24,547)	(20,894)
Share of loss from equity-accounted investees	13	7,233	4,176
Other income	23	(4,920)	(4,388)
Income tax expense	24	11,755	3,427
Interest received		23,718	32,310
Income taxes paid		(60,744)	(74,827)
Income taxes refunded		30,128	11,601
Other operating items	26	(117,867)	(269,054)
Net cash provided by operations		731,677	521,262

Investing activities
Additions to property, plant and equipment	10	(647,210)	(430,582)
Decrease (increase) in short-term investments		79,228	(680,346)
Decrease in long-term receivables, investments and other		39,890	9,453
Proceeds from sale of property, plant and equipment		62	1,437
Net cash used in investing		(528,030)	(1,100,038)

Financing activities
Increase in debt		12,105	1,896
Decrease in debt		(14,713)	(11,629)
Interest paid		(60,533)	(53,859)
Contributions from non-controlling interest		13,212	9,811
Proceeds from issuance of shares, stock option plan		7,339	18,109
Dividends paid		(146,017)	(106,132)
Net cash used in financing		(188,607)	(141,804)

Increase (decrease) in cash during the period		15,040	(720,580)
Exchange rate changes on foreign currency cash balances		7,618	(4,028)
Cash and cash equivalents at beginning of period		376,621	1,101,229
Cash and cash equivalents at end of period		$399,279	$376,621

Cash and cash equivalents is comprised of:
Cash		$49,548	$100,752
Cash equivalents		349,731	275,869
		$399,279	$376,621