to Dig InConsolidated Cash Flows
| For the years ended December 31 ($Cdn thousands) |
Note | 2013 | (Revised – note 3) 2012 |
|---|---|---|---|
| See accompanying notes to consolidated financial statements. | |||
| Operating activities | |||
| Net earnings | $317,687 | $251,756 | |
| Adjustments for: | |||
| Depreciation and amortization | 282,756 | 217,381 | |
| Deferred charges | 48,041 | (2,910) | |
| Unrealized losses (gains) on derivatives | 39,059 | (24,117) | |
| Share-based compensation | 25 | 19,008 | 17,550 |
| Loss (gain) on sale of assets | 6,766 | (1,660) | |
| Finance costs | 20 | 62,121 | 67,654 |
| Finance income | (6,967) | (13,934) | |
| Share of earnings from BPLP | (109,553) | (157,846) | |
| Share of loss from equity-accounted investees | 12 | 10,867 | 5,896 |
| Impairment charge on non-producing property | 9 | 70,159 | 168,000 |
| Other expense (income) | 21 | 18,326 | (4,796) |
| Income tax recovery | 22 | (89,758) | (50,641) |
| Interest received | 6,089 | 15,517 | |
| Income taxes paid | (107,350) | (54,475) | |
| Income taxes refunded | 10,993 | 18,569 | |
| BPLP net distributions | 91,166 | 114,392 | |
| Other operating items | 24 | (139,526) | 13,116 |
| Net cash provided by operations | 529,884 | 579,452 | |
| Investing activities | |||
| Additions to property, plant and equipment | 9 | (645,651) | (671,530) |
| Acquisitions, net of cash | 6 | (133,924) | (576,408) |
| Repayment of debt acquired on acquisition of business | (118,068) | – | |
| Decrease in short-term investments | 49,535 | 754,434 | |
| Increase in long-term receivables, investments and other | (6,373) | (26,145) | |
| Proceeds from sale of property, plant and equipment | 67 | 3,315 | |
| Net cash used in investing | (854,414) | (516,334) | |
| Financing activities | |||
| Increase in debt | 14,655 | 521,570 | |
| Decrease in debt | (33,114) | (35,629) | |
| Interest paid | (65,908) | (43,521) | |
| Proceeds from issuance of shares, stock option plan | 2,475 | 7,033 | |
| Dividends paid | (158,165) | (158,066) | |
| Net cash provided by (used in) financing | (240,057) | 291,387 | |
| Increase (decrease) in cash and cash equivalents net of bank overdraft, during the year | (564,587) | 354,505 | |
| Exchange rate changes on foreign currency cash balances | 2,997 | (558) | |
| Cash and cash equivalents net of bank overdraft, beginning of year | 749,499 | 395,552 | |
| Cash and cash equivalents net of bank overdraft at end of year | $187,909 | $749,499 | |
| Cash and cash equivalents is comprised of: | |||
| Cash | $59,183 | $204,369 | |
| Cash equivalents | 169,952 | 545,130 | |
| Cash and cash equivalents | $229,135 | $749,499 | |
| Bank overdraft | (41,226) | – | |
| Cash and cash equivalents and bank overdraft | $187,909 | $749,499 | |