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82 COGECO CABLE INC. 2013 Consolidated financial statements
Under the ISU Plan, the following ISUs were granted by the Corporation and are outstanding at August 31:
Years ended August 31, 2013 2012
Outstanding, beginning of the year 149,802 105,064
Granted 112,347 60,479
Distributed (44,141) (2,000)
Cancelled (8,400) (13,741)
Outstanding, end of the year 209,608 149,802
DSU plan
The Corporation also offers a DSU Plan for members of the Board of Directors to assist in the attraction and retention of qualified individuals
to serve on the Board of Directors (“Board”) of the Corporation. Each existing or new member of the Board may elect to be paid a percentage
of the annual retainer in the form of deferred share units (“DSUs”) with the balance, if any, being paid in cash. The number of DSUs that a
member is entitled to receive is based on the average closing price of the subordinate shares on the Toronto Stock Exchange for the twenty
consecutive trading days immediately preceding the date preceding by one day the date of grant. Dividend equivalents are awarded with
respect to DSUs in a member's account on the same basis as if the member was a shareholder of record of subordinate shares on the relevant
record date, and the dividend equivalents are credited to the individual's account as additional DSUs. DSUs are redeemable upon an individual
ceasing to be a member of the Board or in the event of the death of the member. For the year ended August 31, 2013, the Corporation issued
5,573 deferred share units (“DSUs”) (4,446 in 2012) to the participants in connection with the DSU Plan. A compensation expense of $421,000
(a reduction of expense of $65,000 in 2012) was recorded for the year ended August 31, 2013 for the liability related to this plan.
Under the DSU Plan, the following DSUs were issued by the Corporation and are outstanding at August 31:
Years ended August 31, 2013 2012
Outstanding, beginning of the year 20,491 15,608
Issued 5,573 4,446
Redeemed (2,868) —
Dividend equivalents 549 437
Outstanding, end of the year 23,745 20,491
17. ACCUMULATED OTHER COMPREHENSIVE INCOME
During fiscal 2013 and 2012, accumulated other comprehensive income variations were as follows:
Years ended August 31, 2013 and 2012 Cash flow hedge
reserve Foreign currency
translation Total
(In thousands of Canadian dollars) $$$
Balance at September 1, 2011 1,992 20,562 22,554
Other comprehensive income (loss) 1,113 (20,562) (19,449)
Balance at August 31, 2012 3,105 — 3,105
Other comprehensive income (loss) (497) 17,646 17,149
Balance at August 31, 2013 2,608 17,646 20,254
18. STATEMENTS OF CASH FLOWS
A) CHANGES IN NON-CASH OPERATING ACTIVITIES
At August 31, 2013 2012
$$
Trade and other receivables (4,533) (1,927)
Prepaid expenses and other 4,184 (2,268)
Trade and other payables (28,117) 12,954
Provisions (732) (4,203)
Deferred and prepaid revenue and other liabilities 5,867 (1,063)
(23,331) 3,493