Consolidated Cash Flows

For the years ended December 31 ($Cdn thousands)	Note	2012	(Recast – note 6) 2011
See accompanying notes to consolidated financial statements.
Operating activities
Net earnings		$264,583	$449,844
Adjustments for:
Depreciation and amortization		293,429	274,663
Deferred charges		(2,910)	(7,869)
Unrealized losses (gains) on derivatives		(22,057)	60,558
Share-based compensation	27	17,550	19,492
Loss (gain) on sale of assets		(1,660)	7,602
Finance costs	22	80,349	73,668
Finance income		(20,745)	(24,547)
Share of loss from equity-accounted investees	13	6,005	7,233
Impairment charge on non-producing property	10	168,000	–
Other income	23	(4,796)	(4,920)
Income tax expense (recovery)	24	(46,376)	11,755
Interest received		21,964	23,718
Income taxes paid		(54,475)	(60,744)
Income taxes refunded		18,569	30,128
Other operating items	26	(73,518)	(115,719)
Net cash provided by operations		643,912	744,862
Investing activities
Additions to property, plant and equipment	10	(733,648)	(647,137)
Acquisitions	37	(576,408)	–
Decrease in short-term investments		754,434	79,228
Decrease (increase) in long-term receivables, investments and other		(26,294)	39,890
Proceeds from sale of property, plant and equipment		3,315	62
Net cash used in investing		(578,601)	(527,957)
Financing activities
Increase in debt		527,606	12,105
Decrease in debt		(35,629)	(14,713)
Interest paid		(53,956)	(60,533)
Proceeds from issuance of shares, stock option plan		7,033	7,339
Dividends paid		(158,066)	(146,017)
Net cash provided by (used in) financing		286,988	201,819
Increase in cash during the period		352,299	15,086
Exchange rate changes on foreign currency cash balances		(559)	7,618
Cash and cash equivalents at beginning of period		398,084	375,380
Cash and cash equivalents at end of period		$749,824	$398,084
Cash and cash equivalents is comprised of:
Cash		$204,694	$48,353
Cash equivalents		545,130	349,731
		$749,824	$398,084