Consolidated Statements of Cash Flows
(Unaudited)
(In Thousands)
| |
Three Months Ended |
| |
Mar 31/06 |
Mar 31/05 |
 |
| |
| Operating activities |
| |
Net earnings |
$117,448 |
$26,289 |
| |
Items not requiring (providing) cash: |
| |
|
Depreciation, depletion and reclamation |
50,567 |
37,070 |
| |
Provision for future taxes [note 7] |
(18,097) |
3,335 |
| |
Deferred charges (revenue) recognized |
10,106 |
(7,362) |
| |
Unrealized gains on derivatives |
(168) |
(359) |
| |
Stock-based compensation [note 9] |
4,118 |
2,791 |
| |
Gain on sale of assets |
(233) |
(1,201) |
| |
Earnings from Bruce Power [note 2] |
- |
(29,436) |
| |
Equity in loss from associated companies |
2,400 |
1,740 |
| |
Minority interest |
10,771 |
8,214 |
| |
Other operating items [note 11] |
108,702 |
42,739 |
|
| Cash provided by operations |
285,614 |
83,820 |
|
| Investing activities |
| |
Acquisition of net business assets, net of cash acquired |
(83,817) |
- |
| |
Additions to property, plant and equipment |
(95,433) |
(46,488) |
| |
Increase in long-term receivables, investments and other |
(14,282) |
(2,624) |
| |
Proceeds on sale of property, plant and equipment |
191 |
1,117 |
|
| Cash used in investing |
(193,341) |
(47,995) |
|
| Financing activities |
| |
Decrease in debt |
(151,600) |
- |
| |
Increase in debt |
9,500 |
25,832 |
| |
Short-term financing |
- |
(14,544) |
| |
Issue of shares |
13,955 |
6,697 |
| |
Dividends |
(10,487) |
(8,646) |
|
| Cash provided by (used in) financing |
(138,632) |
9,339 |
|
| |
Increase (decrease) in cash during the period |
(46,359) |
45,164 |
| |
Exchange rate changes on foreign currency cash balances |
369 |
(180) |
| |
Cash at beginning of period |
623,193 |
189,532 |
|
| Cash at end of period |
$577,203 |
$234,516 |
|
| |
| Supplemental cash flow disclosure |
| |
Interest paid |
$12,452 |
$6,121 |
| |
Income taxes paid |
$40,481 |
$25,380 |
|
| |
| See accompanying notes to consolidated financial statements |
| |
|
