| C o n s o l i d a t e d
B a l a n c e S h e e t s |
| As
at December 31 |
|
1997 |
|
1996 |
|
1995 |
|
|
|
(Thousands) |
|
| Assets |
|
|
|
|
|
|
| Current assets |
|
|
|
|
|
|
|
Cash |
|
$109,722 |
|
$14,603 |
|
$14,642 |
|
Accounts receivable [note 3] |
|
111,584 |
|
88,380 |
|
91,964 |
|
Inventories [note 4] |
|
298,708 |
|
227,598 |
|
220,205 |
|
Supplies and prepaid expenses |
|
37,785 |
|
24,553 |
|
18,990 |
|
|
|
|
|
557,799 |
|
355,134 |
|
345,801 |
| Property, plant and equipment [note
5] |
|
1,342,728 |
|
1,202,557 |
|
1,115,785 |
| Long-term receivables and investments [note
6] |
|
188,696 |
|
106,741 |
|
72,637 |
| Inventories [note 4] |
|
181,479 |
|
114,150 |
|
133,127 |
|
| Total assets |
|
$2,270,702 |
|
$1,778,582 |
|
$1,667,350 |
|
|
|
| Liabilities
and Shareholders' Equity |
|
|
|
|
|
|
| Current liabilities |
|
|
|
|
|
|
|
Short-term debt [note 7] |
|
$143,650 |
|
$-------- |
|
$-------- |
|
Accounts payable and accrued liabilities |
|
93,831 |
|
62,695 |
|
68,172 |
|
Dividends payable |
|
7,181 |
|
6,647 |
|
6,582 |
|
Current portion of long-term debt [note
8] |
|
14,016 |
|
- |
|
- |
|
Current portion of other liabilities [note
10] |
|
26,553 |
|
14,680 |
|
22,615 |
|
|
|
|
|
285,231 |
|
84,022 |
|
97,369 |
|
|
|
|
|
|
|
|
| Long-term debt [note 8] |
|
129,065 |
|
200,018 |
|
196,462 |
| Provision for reclamation [note
9] |
|
87,976 |
|
64,171 |
|
57,338 |
| Other liabilities [note
10] |
|
19,147 |
|
10,699 |
|
14,524 |
| Deferred income taxes |
|
57,050 |
|
- |
|
- |
|
|
|
|
|
578,469 |
|
358,910 |
|
365,693 |
| Shareholders' equity |
|
|
|
|
|
|
|
Share capital [note 11] |
|
684,792 |
|
482,721 |
|
475,781 |
|
Contributed surplus |
|
496,745 |
|
496,745 |
|
496,745 |
|
Retained earnings |
|
494,608 |
|
440,206 |
|
329,131 |
|
Cumulative translation adjustment [note
12] |
|
16,088 |
|
- |
|
- |
|
|
|
|
|
1,692,233 |
|
1,419,672 |
|
1,301,657 |
|
| Total liabilities and shareholders' equity |
|
$2,270,702 |
|
$1,778,582 |
|
$1,667,350 |
|
|
| Commitments and contingencies [note
22]
See accompanying notes to consolidated financial statements.
Approved by the board of directors
Original signed by Allan E. Blakeney and Richard B Baltzan
|
| C o n s o l i d a t e d
S t a t e m e n t s
o f C h a n g e s
i n C a s h R e s o u r c e s |
| For
the year ended December 31 |
|
1997 |
|
|
1996 |
|
|
1995 |
|
|
|
|
(Thousands) |
|
| Operating
activities |
|
|
|
|
|
|
|
|
|
|
Sale of products and services |
|
$642,148 |
|
|
$570,808 |
|
|
$377,400 |
|
|
Products and services purchased |
|
(396,068 |
) |
|
(331,319 |
) |
|
(202,202 |
) |
|
Administration and R&D |
|
(32,389 |
) |
|
(24,972 |
) |
|
(19,898 |
) |
|
Exploration |
|
(31,006 |
) |
|
(28,872 |
) |
|
(16,561 |
) |
|
Income taxes |
|
(6,425 |
) |
|
(4,802 |
) |
|
(3,586 |
) |
|
Interest |
|
(14,154 |
) |
|
(2,940 |
) |
|
(2,632 |
) |
|
| Cash provided by operations [notes 15,
24] |
|
162,106 |
|
|
177,903 |
|
|
132,521 |
|
|
| Investing
activities |
|
|
|
|
|
|
|
|
|
|
Additions to property, plant and equipment |
|
(126,143 |
) |
|
(168,141 |
) |
|
(175,212 |
) |
|
Additions to long-term receivables and investments |
|
(49,042 |
) |
|
(27,730 |
) |
|
(77,470 |
) |
|
Repayment of additional subordinated loan |
|
- |
|
|
31,591 |
|
|
- |
|
|
Acquisition of net business assets |
|
(155,975 |
) |
|
- |
|
|
- |
|
|
Proceeds on sale of property, plant and equipment |
|
6,315 |
|
|
2,227 |
|
|
200 |
|
|
| Cash used in investing |
|
(324,845 |
) |
|
(162,053 |
) |
|
(252,482 |
) |
|
| Financing
activities |
|
|
|
|
|
|
|
|
|
|
Increase in debt |
|
150,412 |
|
|
88,415 |
|
|
189,914 |
|
|
Repayment of debt |
|
(63,699 |
) |
|
(84,859 |
) |
|
(55,020 |
) |
|
Issue of shares, net of issue costs |
|
198,188 |
|
|
6,948 |
|
|
5,415 |
|
|
Dividends |
|
(27,043 |
) |
|
(26,393 |
) |
|
(26,166 |
) |
|
| Cash provided by (used in) financing |
|
257,858 |
|
|
(15,889 |
) |
|
114,143 |
|
|
|
Increase (decrease) in cash during the year |
|
95,119 |
|
|
(39 |
) |
|
(5,818 |
) |
|
Cash at beginning of year |
|
14,603 |
|
|
14,642 |
|
|
20,460 |
|
|
| Cash at end of year |
|
$109,722 |
|
|
$14,603 |
|
|
$14,642 |
|
|
| See accompanying notes to consolidated financial statements. |
