Cash Statement
Consolidated Statements of
Cash Flows
(Unaudited)
(In Thousands)
| |
Three Months
Ended |
Year
Ended |
| |
Dec 31/02 |
Dec 31/01 |
Dec 31/02 |
Dec 31/01 |
|
| Operating activities |
|
|
|
|
| |
Net Earnings |
$24,424 |
|
$30,161 |
|
$55,460 |
|
$65,221 |
|
| |
Items not requiring (providing)
cash: |
|
|
|
|
|
|
|
|
| |
|
Depreciation, depletion
and reclamation |
28,036 |
|
54,039 |
|
112,755 |
|
129,387 |
|
| |
|
Provision for future taxes |
20,869 |
|
22,487 |
|
38,602 |
|
32,757 |
|
| |
|
Deferred
charges (revenue) recognized |
983 |
|
(3,139) |
|
1,375 |
|
(10,373) |
|
| |
|
Earnings
from Bruce Power |
(8,156) |
|
459 |
|
(15,769) |
|
(12,167) |
|
| |
|
Equity
in (earnings) loss from associated companies |
1,083 |
|
- |
|
1,083 |
|
- |
|
| |
|
Gain
on property interests |
- |
|
- |
|
(2,670) |
|
- |
|
| |
|
Minority
interest |
(871) |
|
- |
|
(871) |
|
- |
|
| |
Other operating
items |
(52,095) |
|
(41,427) |
|
60,877 |
|
(88,578) |
|
|
| Cash provided by operations |
14,273 |
|
62,580 |
|
250,842 |
|
116,247 |
|
|
| |
|
|
|
|
| Investing activities |
|
|
|
|
| |
Additions to property, plant
and equipment |
(35,361) |
|
(18,277) |
|
(90,226) |
|
(58,275) |
|
| |
Increase in long-term receivables,
investments and other |
(13,588) |
|
(8,120) |
|
(42,597) |
|
(94,808) |
|
| |
Decrease in long-term receivables,
investments and other |
6,618 |
|
11,254 |
|
58,296 |
|
21,963 |
|
| |
Proceeds on sale of property,
plant and equipment |
101 |
|
(10,449) |
|
101 |
|
403 |
|
|
| Cash used in investing |
(42,230) |
|
(25,592) |
|
(74,426) |
|
(130,717) |
|
|
| |
|
|
|
|
| Financing activities |
|
|
|
|
| |
Decrease in debt |
(74,270) |
|
(23,217) |
|
(130,295) |
|
(25,485) |
|
| |
Increase in debt |
- |
|
- |
|
1,379 |
|
79,932 |
|
| |
Restricted cash |
11,138 |
|
409 |
|
11,138 |
|
409 |
|
| |
Issue of shares, net of issue
costs |
(315) |
|
555 |
|
10,903 |
|
5,208 |
|
| |
Preferred securities charges |
(4,291) |
|
(4,370) |
|
(17,238) |
|
(17,268) |
|
| |
Dividends |
(6,998) |
|
(6,983) |
|
(27,944) |
|
(27,720) |
|
|
| Cash provided by (used in)
financing |
(74,736) |
|
(33,606) |
|
(152,057) |
|
15,076 |
|
|
| |
Increase (decrease) in cash
during the period |
(102,693) |
|
3,382 |
|
24,359 |
|
606 |
|
| |
Cash at beginning of period |
160,789 |
|
30,355 |
|
33,737 |
|
33,131 |
|
|
| Cash at end of period |
$58,096 |
|
$33,737 |
|
$58,096 |
|
$33,737 |
|
|
| |
|
|
|
|
|
| Supplemental cash flow disclosure |
|
|
|
|
| |
Interest paid |
$4,262 |
|
$5,782 |
|
$16,572 |
|
$22,860 |
|
| |
Income taxes paid |
$2,689 |
|
$3,307 |
|
$5,309 |
|
$3,916 |
|
| |
|
|
|
|
|
| See accompanying notes
to consolidated financial statements |
