| (millions of Canadian dollars) |
|
|
|
|
|
| Year ended December 31, |
2006 |
|
2005 |
|
2004 |
| Cash Provided By Operating Activities |
|
|
|
|
|
| Earnings |
622.3 |
|
562.9 |
|
652.2 |
| Depreciation and amortization |
587.4 |
|
575.3 |
|
525.0 |
| Equity earnings less than/(in excess of) cash distributions |
(54.2) |
|
63.3 |
|
(39.2) |
| Gain on reduction of ownership interest |
– |
|
(29.0) |
|
(29.6) |
| Gain on disposal of investment in AltaGas Income Trust |
– |
|
– |
|
(121.5) |
| Future income taxes |
(21.0) |
|
108.1 |
|
12.7 |
| Other |
36.5 |
|
20.3 |
|
28.2 |
| Changes in operating assets and liabilities (Note 21) |
126.7 |
|
(353.9) |
|
(141.1) |
| |
1,297.7 |
|
947.0 |
|
886.7 |
| Investing Activities |
|
|
|
|
|
| Acquisitions (Note 5) |
(101.4) |
|
(88.6) |
|
(833.9) |
| Long-term investments |
(362.3) |
|
(89.9) |
|
(16.6) |
| Additions to property, plant and equipment (Note 5) |
(1,185.3) |
|
(724.1) |
|
(496.4) |
| Disposal of investment in AltaGas Income Trust |
– |
|
– |
|
346.7 |
| Affiliate loans |
28.0 |
|
0.7 |
|
– |
| Change in construction payable |
41.0 |
|
25.4 |
|
0.5 |
| |
(1,580.0) |
|
(876.5) |
|
(999.7) |
| Financing Activities |
|
|
|
|
|
| Net change in short-term borrowings and short-term debt |
(78.7) |
|
(125.1) |
|
738.0 |
| Net change in non-recourse credit facilities |
57.7 |
|
11.0 |
|
– |
| Long-term debt issues |
1,125.0 |
|
1,020.1 |
|
500.0 |
| Long-term debt repayments |
(400.0) |
|
(536.9) |
|
(450.0) |
| Non-recourse long-term debt issues |
2.8 |
|
6.8 |
|
– |
| Non-recourse long-term debt repayments |
(60.5) |
|
(85.1) |
|
(42.9) |
| (Distributions to)/contributions from non-controlling interests |
(31.3) |
|
1.4 |
|
(2.4) |
| Preferred securities redeemed |
– |
|
– |
|
(350.0) |
| Common shares issued |
63.1 |
|
53.7 |
|
44.4 |
| Preferred share dividends |
(6.9) |
|
(6.9) |
|
(6.9) |
| Common share dividends |
(403.1) |
|
(361.1) |
|
(315.8) |
| |
268.1 |
|
(22.1) |
|
114.4 |
| (Decrease)/Increase in Cash and Cash Equivalents |
(14.2) |
|
48.4 |
|
1.4 |
| Cash and Cash Equivalents at Beginning of Year |
153.9 |
|
105.5 |
|
104.1 |
| Cash and Cash Equivalents at End of Year |
139.7 |
|
153.9 |
|
105.5 |
| The accompanying notes are an integral part of these consolidated financial statements. |
