|
Consolidated Statements of Cash Flows
(Unaudited)
(In Thousands)
 | | | | | | |
| |
Three Months Ended |
Six Months Ended |
| |
Jun 30/06 |
Jun 30/05 |
Jun 30/06 |
Jun 30/05 |
 |
| |
| Operating activities |
| |
Net earnings |
$148,670 |
$32,434 |
$266,119 |
$58,724 |
| |
Items not requiring (providing) cash: |
| |
Depreciation, depletion and reclamation |
44,005 |
45,291 |
94,573 |
82,361 |
| |
Provision for future taxes [note 7] |
(97,283) |
(365) |
(115,380) |
2,970 |
| |
Deferred revenue recognized |
(20,034) |
(11,386) |
(25,802) |
(18,748) |
| |
Unrealized (gains) losses on derivatives |
(2,547) |
2,961 |
(2,715) |
2,602 |
| |
Stock-based compensation [note 9] |
4,303 |
4,043 |
8,421 |
6,834 |
| |
Gain on sale of assets |
(1,727) |
(114) |
(1,961) |
(1,315) |
| |
Earnings from Bruce Power [note 2] |
- |
(14,022) |
- |
(43,458) |
| |
Equity in (earnings) loss from associated companies |
1,513 |
(739) |
3,912 |
1,001 |
| |
Minority interest |
16,595 |
10,121 |
27,367 |
18,335 |
| |
Other operating items [note 11] |
(53,562) |
(113,691) |
71,013 |
(70,953) |
|
| Cash provided by (used in) operations |
39,933 |
(45,467) |
325,547 |
38,353 |
|
| Investing activities |
| |
Acquisition of net business assets, net of cash acquired |
(39) |
- |
(83,856) |
- |
| |
Additions to property, plant and equipment |
(103,898) |
(54,676) |
(199,331) |
(101,164) |
| |
Increase in long-term receivables, investments and other |
(11,168) |
(1,802) |
(25,450) |
(4,426) |
| |
Proceeds on sale of property, plant and equipment |
1,384 |
66 |
1,575 |
1,183 |
|
| Cash used in investing |
(113,721) |
(56,412) |
(307,062) |
(104,407) |
|
| Financing activities |
| |
Decrease in debt |
(1,700) |
- |
(153,300) |
- |
| |
Increase in debt |
- |
128,532 |
9,500 |
154,364 |
| |
Short-term financing |
- |
- |
- |
(14,544) |
| |
Issue of shares |
3,949 |
8,182 |
17,904 |
14,879 |
| |
Dividends |
(14,037) |
(10,410) |
(24,524) |
(19,056) |
|
| Cash provided by (used in) financing |
(11,788) |
126,304 |
(150,420) |
135,643 |
|
| |
Increase (decrease) in cash during the period |
(85,576) |
24,425 |
(131,935) |
69,589 |
| |
Exchange rate changes on foreign currency cash balances |
(10,930) |
1,705 |
(10,561) |
1,525 |
| |
Cash at beginning of period |
577,203 |
234,516 |
623,193 |
189,532 |
|
| Cash at end of period |
$480,697 |
$260,646 |
$480,697 |
$260,646 |
|
| |
| Supplemental cash flow disclosure |
| |
Interest paid |
$9,695 |
$7,441 |
$22,147 |
$13,562 |
| |
Income taxes paid |
$14,512 |
$9,019 |
$54,993 |
$34,399 |
|
| |
| See accompanying notes to consolidated financial statements |
| |
|
