Consolidated Statements of Cash Flows

For the years ended December 31
($Cdn thousands)
Note 2015  2014 
See accompanying notes to consolidated financial statements.
Operating activities      
Net earnings   $63,362  $183,413 
Adjustments for:      
Depreciation and amortization   312,518  338,983 
Deferred charges   5,834  61,869 
Unrealized losses on derivatives   92,166  40,569 
Share-based compensation 25 16,853  15,808 
Loss on sale of assets   2,326  44,762 
Finance costs 20 103,615  111,853 
Finance income   (5,417) (7,402)
Share of loss from equity-accounted investees   758  17,141 
Impairment charge 9,12 215,488  326,693 
Other income 21 (54,409) (35,353)
Discontinued operation 6 —  (127,243)
Income tax recovery 22 (142,630) (175,268)
Interest received   3,922  5,935 
Income taxes paid   (92,758) (233,716)
Other operating items 24 (71,618) (87,862)
Net cash provided by operations   450,010  480,182 
Investing activities      
Additions to property, plant and equipment   (358,562) (480,108)
Increase in long-term receivables, investments and other   17,557  11,569 
Proceeds from sale of property, plant and equipment   198  701 
Net cash used in investing (continuing operations)   (340,807) (467,838)
Net cash provided by investing (discontinued operation) 6 —  447,096
Net cash used in investing   (340,807) (20,742)
Financing activities      
Increase in debt   —  496,476 
Decrease in debt   (10) (351,046)
Interest paid   (69,507) (78,144)
Proceeds from issuance of shares, stock option plan   —  6,228 
Contributions from non-controlling interest   —  794 
Dividends paid   (158,313) (158,200)
Net cash used in financing   (227,830) (83,892)
Increase (decrease) in cash and cash equivalents, during the year   (118,627) 375,548 
Exchange rate changes on foreign currency cash balances   10,648  3,126 
Cash and cash equivalents, beginning of year   566,583  187,909 
Cash and cash equivalents, end of year   $458,604  $566,583 
Cash and cash equivalents is comprised of:      
Cash   $240,603  $86,664 
Cash equivalents   218,001  479,919 
Cash and cash equivalents   $458,604  $566,583