Content
Consolidated Statements of Cash Flows
| Year ended December 31, | 2008 | 2007 | 2006 | ||||||||
(millions of Canadian dollars) |
|||||||||||
| Operating Activities | |||||||||||
| Earnings | 1,327.7 | 707.1 | 622.3 | ||||||||
| Depreciation and amortization | 658.5 | 596.9 | 587.4 | ||||||||
| Unrealized (gains)/losses on derivative instruments | (120.3 | ) | 32.3 | – | |||||||
| Equity earnings in excess of cash distributions | (81.6 | ) | (35.2 | ) | (54.2 | ) | |||||
| Gain on reduction of ownership interest | (12.3 | ) | (33.9 | ) | – | ||||||
| Gain on sale of investment in CLH | (694.6 | ) | – | – | |||||||
| Gain on sale of investment in Inuvik Gas | (5.7 | ) | – | – | |||||||
| Future income taxes | 258.1 | 40.8 | (21.0 | ) | |||||||
| Goodwill and asset impairment losses | 22.7 | – | – | ||||||||
| Allowance for equity funds used during construction | (58.9 | ) | (15.1 | ) | (1.5 | ) | |||||
| Non-controlling interests | 55.7 | 45.9 | 54.7 | ||||||||
| Other | 48.7 | 19.2 | 3.9 | ||||||||
| Changes in operating assets and liabilities (Note 27) | (10.3 | ) | (6.4 | ) | 123.7 | ||||||
| 1,387.7 | 1,351.6 | 1,315.3 | |||||||||
| Investing Activities | |||||||||||
| Acquisitions (Note 5) | – | – | (101.4 | ) | |||||||
| Long-term investments | (659.3 | ) | (20.3 | ) | (362.3 | ) | |||||
| Sale of investment in CLH | 1,369.0 | – | – | ||||||||
| Sale of investment in Inuvik Gas | 13.5 | – | – | ||||||||
| Settlement of CLH hedges | (47.0 | ) | – | – | |||||||
| Additions to property, plant and equipment | (3,635.7 | ) | (2,299.2 | ) | (1,205.9 | ) | |||||
| Affiliate loans, net | – | 15.6 | 28.0 | ||||||||
| Change in construction payable | 106.6 | 75.1 | 44.0 | ||||||||
| (2,852.9 | ) | (2,228.8 | ) | (1,597.6 | ) | ||||||
| Financing Activities | |||||||||||
| Net change in short-term borrowings | 329.0 | (262.3 | ) | (266.9 | ) | ||||||
| Net change in commercial paper and credit facility draws | 750.8 | 336.8 | 188.2 | ||||||||
| Net change in non-recourse short-term debt | 31.6 | 43.1 | 57.7 | ||||||||
| Debenture and term note issues | 497.8 | 1,342.2 | 1,125.0 | ||||||||
| Debenture and term note repayments | (602.0 | ) | (634.5 | ) | (400.0 | ) | |||||
| Net change in Southern Lights project financing | 1,238.3 | – | – | ||||||||
| Non-recourse long-term debt issues | 6.4 | 14.4 | 2.8 | ||||||||
| Non-recourse long-term debt repayments | (65.1 | ) | (58.8 | ) | (60.5 | ) | |||||
| Distributions to non-controlling interests | (9.9 | ) | (18.2 | ) | (31.3 | ) | |||||
| Common shares issued | 29.4 | 583.8 | 63.1 | ||||||||
| Preferred share dividends | (6.9 | ) | (6.9 | ) | (6.9 | ) | |||||
| Common share dividends | (359.2 | ) | (435.4 | ) | (403.1 | ) | |||||
| 1,840.2 | 904.2 | 268.1 | |||||||||
| Increase/(Decrease) in Cash and Cash Equivalents | 375.0 | 27.0 | (14.2 | ) | |||||||
| Cash and Cash Equivalents at Beginning of Year | 166.7 | 139.7 | 153.9 | ||||||||
| Cash and Cash Equivalents at End of Year 1 | 541.7 | 166.7 | 139.7 | ||||||||
The accompanying notes are an integral part of these consolidated financial statements.
- Cash and cash equivalents consists of $67.5 million (2007 – $78.9 million; 2006 – $72.9 million) of cash and $474.2 million (2007 – $87.8 million; 2006 – $66.8 million) of short-term investments.