Consolidated Statements of Cash Flows

Operating Activities

Earnings

707.1

622.3

562.9

Depreciation and amortization

596.9

587.4

575.3

Unrealized losses on derivative instruments

32.3

-

-

Equity earnings less than/(in excess of) cash distributions

(35.2)

(54.2)

63.3

Gain on reduction of ownership interest

(33.9)

-

(29.0)

Future income taxes

40.8

(21.0)

108.1

Non-controlling interests

45.9

54.7

27.6

Other

4.1

(18.2)

(7.3)

Investing Activities

Acquisitions (Note 5)

-

(101.4)

(88.6)

Long-term investments

(20.3)

(362.3)

(89.9)

Additions to property, plant and equipment

(2,299.2)

(1,185.3)

(724.1)

Affiliate loans, net

15.6

28.0

0.7

Financing Activities

Net change in short-term borrowings and short-term debt

74.5

(78.7)

(125.1)

Net change in non-recourse credit facilities

43.1

57.7

11.0

Long-term debt issues

1,342.2

1,125.0

1,020.1

Long-term debt repayments

(634.5)

(400.0)

(536.9)

Non-recourse long-term debt issues

14.4

2.8

6.8

Non-recourse long-term debt repayments

(58.8)

(60.5)

(85.1)

Contributions from/(distributions to) non-controlling interests

(18.2)

(31.3)

1.4

Common shares issued

600.7

63.1

53.7

Preferred share dividends

(6.9)

(6.9)

(6.9)

Increase/(Decrease) in Cash and Cash Equivalents

27.0

(14.2)

48.4