Consolidated Statements of Cash Flows
| For the years ended December 31 ($Cdn thousands) |
Note | 2014 | (Revised – note 6) 2013 |
|---|---|---|---|
| See accompanying notes to consolidated financial statements. | |||
| Operating activities | |||
| Net earnings | $183,413 | $317,687 | |
| Adjustments for: | |||
| Depreciation and amortization | 338,983 | 282,756 | |
| Deferred charges | 61,869 | 48,041 | |
| Unrealized losses on derivatives | 40,569 | 39,059 | |
| Share-based compensation | 26 | 15,808 | 19,008 |
| Loss on disposal of assets | 44,762 | 6,766 | |
| Finance costs | 21 | 77,122 | 62,121 |
| Finance income | (7,402) | (6,967) | |
| Share of loss from equity-accounted investees | 13 | 17,141 | 14,107 |
| Impairment charges | 10,12,13 | 326,693 | 70,159 |
| Other expense (income) | 22 | (622) | 18,326 |
| Discontinued operation | 6 | (127,243) | — |
| Income tax recovery | 23 | (175,268) | (117,230) |
| Interest received | 5,935 | 6,089 | |
| Income taxes paid | (233,716) | (107,350) | |
| Income taxes refunded | — | 10,993 | |
| Other operating items | 25 | (87,862) | (139,526) |
| Net cash provided by continuing operations | 480,182 | 524,039 | |
| Net cash provided by discontinued operation | 6 | — | 5,845 |
| Net cash provided by operations | 480,182 | 529,884 | |
| Investing activities | |||
| Additions to property, plant and equipment | 10 | (480,108) | (645,651) |
| Acquisitions, net of cash | 7 | — | (133,924) |
| Repayment of debt acquired on acquisition of business | 7 | — | (118,068) |
| Decrease in short-term investments | — | 49,535 | |
| Decrease (increase) in long-term receivables, investments and other | 11,569 | (6,373) | |
| Proceeds from sale of property, plant and equipment | 701 | 67 | |
| Net cash used in investing (continuing operations) | (467,838) | (854,414) | |
| Net cash provided by investing (discontinued operation) | 6 | 447,096 | — |
| Net cash used in investing | (20,742) | (854,414) | |
| Financing activities | |||
| Increase in debt | 16 | 496,476 | 14,655 |
| Decrease in debt | 15,16 | (351,046) | (33,114) |
| Interest paid | (78,144) | (65,908) | |
| Contributions from non-controlling interest | 794 | — | |
| Proceeds from issuance of shares, stock option plan | 6,228 | 2,475 | |
| Dividends paid | (158,200) | (158,165) | |
| Net cash used in financing | (83,892) | (240,057) | |
| Increase (decrease) in cash and cash equivalents net of bank overdraft, during the year | 375,548 | (564,587) | |
| Exchange rate changes on foreign currency cash balances | 3,126 | 2,997 | |
| Cash and cash equivalents, net of bank overdraft, beginning of year | 187,909 | 749,499 | |
| Cash and cash equivalents, net of bank overdraft, end of year | $566,583 | $187,909 | |
| Cash and cash equivalents is comprised of: | |||
| Cash | $86,664 | $59,183 | |
| Cash equivalents | 479,919 | 169,952 | |
| Cash and cash equivalents | $566,583 | $229,135 | |
| Bank overdraft | — | (41,226) | |
| Cash and cash equivalents and bank overdraft | $566,583 | $187,909 | |