Cameco Annual Report 2011

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